Document:

Exhibit 10.6

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(“Agreement”) is made and entered into as of May 5, 2017 (the “Effective Date”), by and between
LiveXLive Tickets, Inc. (the “Company”), a Delaware corporation and a wholly owned subsidiary of Loton, Corp,
a Nevada corporation (“Loton”), and Richard Blakeley (“Executive”).

 

WHEREAS, in
connection with the Company’s intended acquisition of all or substantially all of the assets of Wantickets RDM, LLC, a Delaware
limited liability company (the “WT Acquisition”), pursuant to the Asset Purchase Agreement, dated as of the
Effective Date, entered into by and among the Company, Loton, Wantickets RDM, LLC, a Delaware
limited liability company (the “WT”), Danco Enterprises, LLC, a New York limited liability company and
the managing member of Gamwant LLC, a Delaware limited liability company and the ultimate parent company of WT, Executive and Gamtix,
LLC, a New York limited liability company (the “Purchase Agreement”), the Company desires to retain the employment
of Executive, and Executive desires to be employed by the Company, under the terms of this Agreement; and

 

WHEREAS, Loton
is currently in the process of filing its Registration Statement on Form S-1 for an underwritten public offering of its common
stock and related uplisting to The Nasdaq Capital Market (collectively, the “Financing”).

 

NOW,
THEREFORE, in consideration of the promises and mutual covenants herein contained and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

1.           Employment.
The Company hereby agrees to employ Executive subject to the conditions and terms of this Agreement, commencing on the date
hereof as the Chief Financial Officer of the Company. Executive shall be subject to the overall supervision of, and shall have
such authority as is delegated to the Executive by, the Board of Directors of the Company (the “Board”) and,
to the extent lawful and reasonable, shall perform all duties and responsibilities as the Board shall from time to time reasonably
assign to Executive. Executive shall comply with all standards, policies and procedures that now exist or that may hereafter be
established by the Board, the Company and the industry from time to time, and obey all rules, regulations, special instructions
and applicable laws that now exist or that may hereafter be adopted.

 

2.           Compensation.

 

2.1           Base
Salary; Share Grant.  Executive shall be paid annual compensation of (x) $160,000.00 in cash (“Base Salary”),
subject to standard and required deductions and payable in accordance with the Company’s normal payroll practices, and (y)
$15,000 in shares of Loton’s common stock (the “Shares”) based on the fair market value of Loton’s
common stock at the time of such issuance. The Shares will be evidenced by and be subject to the terms and conditions of a separate
Notice of Grant and Restricted Stock Agreement. The Base Salary shall be subject to annual review by the Board at its discretion
to ensure that the Base Salary remains competitive compared with senior executives at comparable companies and based on the revenues
and profits being generated by the Company.

 

    	 	-1-	 

     

    

 

The Shares shall vest
on the first anniversary of the Effective Date and shall be subject a one-year lock-up period after the vesting date. The Shares
shall be otherwise subject to the same lock-up requirement that other senior executives of the Company and Loton are required to
agree to at the time of such issuance, including any lock-up conditions required by the underwriters in connection with the Financing.
Executive agrees that he will not transfer, assign, hypothecate, or in any way dispose of any of the Shares, or any right or interest
therein, whether voluntarily or by operation of law, or by gift or otherwise, until the vesting and lock-up conditions are satisfied.
Any purported transfer in violation of any provision of this Agreement or the Notice of Grant and Restricted Stock Agreement shall
be void and ineffectual, and shall not operate to transfer any interest or title to the purported transferee.

 

2.2           [Intentionally
Deleted].

 

2.3           Vacation.
Executive shall be entitled to vacation in accordance with the Company’s vacation policy, and shall accrue four (4) weeks
of paid vacation per year.

 

2.4           Benefit
Programs. Executive shall be eligible to participate in the Company’s medical, retirement, equity incentive, and other
benefit plans to the same extent as other similarly situated executives of the Company, which may be amended and modified from
time to time by the Board (the “Benefits”). Executive shall be bound by
all of the rules, policies and procedures relating to Benefits established by the Board from time to time.

 

2.5           Expenses.
Executive shall be reimbursed for reasonable documented business expenses (including, without limitation, travel and entertainment
expenses) incurred by him directly in connection with the performance of his duties hereunder, subject to and in accordance with
the policies and procedures adopted by the Board from time to time.

 

2.6           Withholding.
All salary, bonus and other compensation payable to Executive shall be subject to applicable withholding and reporting for taxes.

 

3.           Standard
of Performance. Executive recognizes and acknowledges that during the period of the Executive’s employment hereunder,
Executive owes to the Company the duties of loyalty, care, fidelity and obedience in all matters pertaining to such employment.
Executive agrees to serve the Company diligently and faithfully, to perform in good faith all duties to the best of Executive’s
ability, and to devote all of Executive’s working time, attention and skills to the conduct of the business of the Company
and its affiliates. 

 

4.           Term.
The initial term of this Agreement shall be from the Effective Date until May 5, 2019 (the “Initial Term”),
unless sooner terminated in accordance with the provisions of this Section 4. After the end of the Initial Term, this
Agreement shall continue for successive periods of one (1) year, upon terms agreed to by the Company and Executive (the “Extended
Term” and together with the Initial Term, the “Term”), unless either Executive or the Company provides
written notice that the Initial Term or any extended term will not be further renewed at least sixty (60) days prior to the end
of the applicable term or unless sooner terminated in accordance with the provisions of this
Section 4.

 

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4.1           Termination
of Employment; Compensation Due Upon Employment Termination. Executive or the Company may terminate this Agreement and the
employment relationship created hereunder at any time for any reason or for no reason at all in accordance with the terms set forth
in this Section 4. Executive’s employment relationship with the Company and right to compensation for periods after the date
of his employment shall be determined only in accordance with the provisions set forth in Sections 4.2 through 4.8 below, subject
to the post-employment restrictions and covenants set forth in this Agreement including such restrictions and covenants set forth
in Sections 6 through 11.

 

4.2           Voluntary
Termination: Resignation By Executive. Executive may terminate his employment at any time upon thirty (30) days prior written
notice to the Company. In the event that Executive terminates employment other than for Good Reason (as defined below), the Company
shall have no obligation to (i) make payments to Executive in accordance with the provisions of Section 2 except for the payment
of Executive’s Base Salary earned, but unpaid, through the date of Executive’s separation, or (ii) except as otherwise
required by applicable law or the terms of any Benefits plan, to provide the benefits described in Section 2 for periods after
the date on which Executive’s employment with the Company terminates.

 

4.3           Termination
of Employment on Death or Disability. If Executive’s employment terminates as a result of Executive becoming Disabled
(as defined below), Executive’s Base Salary will continue for three (3) months after termination. Executive shall be considered
to be “Disabled” if Executive is suffering from a medically determinable condition that prevents him, with reasonable
accommodation, from performing the essential duties of his employment for a continuous period of ninety (90) days or for more than
one hundred twenty (120) non-consecutive days in any twelve (12) month period. The Performance Bonus shall be paid on a pro-rata
basis for the period of time beginning on the date specified in Section 2.2 above until the date of Disability. A determination
of a Disability within the meaning of this Section 4.3 shall be made by a physician reasonably satisfactory to both Executive and
the Company; provided, however, that if Executive and the Company do not agree on a physician, Executive and the Company shall
each select a physician and those two physicians together shall select a third physician, whose determination as to the existence
of a Disability shall be binding on all parties; provided, further, that Executive and the Company shall equally split the costs
and expenses of the physician determining if a Disability has occurred. Executive’s
employment hereunder shall terminate upon the death of Executive. The Company shall have no obligation to make payments to Executive
in accordance with the provisions of Section 2, or, except as otherwise required by law or the terms of any applicable Benefits
plan, to provide the benefits described in Section 2 for periods after the date of Executive’s death except for then applicable
Base Salary earned, but unpaid, through the date of death (and, if applicable, compensation required under applicable state law
to be paid upon employment termination), payable to Executive’s beneficiary, as Executive shall have indicated in writing
to the Company (or if no such beneficiary has been designated, to Executive’s estate).

 

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4.4           Termination
for Cause. The Board may terminate the employment of Executive at any time, upon written notice, for Cause (as defined below),
and upon such termination, Executive will have no further right to any compensation or Benefits under Section 2 other than
any such amounts of Executive’s Base Salary and vacation benefits that have accrued but have not been paid at the date of
termination, but shall not include any Performance Bonus or any other bonuses or benefits. The term “Cause”
means (a) Executive’s conviction of, or guilty or nolo contendere plea by, the Executive to (x) any felony or (y) any crime
involving dishonesty or moral turpitude; (b) Executive’s material violation of any of the confidentiality provisions or the
restrictive covenants contained herein; (c) the Executive’s engaging in any embezzlement, fraud, misappropriation of funds,
gross negligence, theft, breach of fiduciary duty or any other similar and material act of dishonesty or violation committed to
the material detriment of the Company or Loton; (d) any act or omission that constitutes a material breach by Executive of any
of his obligations under this Agreement; (e) the willful and continued failure or refusal of Executive to satisfactorily perform
the duties reasonably required of him by the Board as an employee of the Company, unless such directions are, in the written reasonable
opinion of legal counsel, illegal or in violation of applicable regulations; or (f) a material violation by Executive of the laws,
rules or regulations of any governmental or regulatory body or agency applicable to the Company or Loton, or Executive’s
material breach of a written standard, policy or procedure of the Company that reasonably applies to all senior executives of the
Company or Loton, unless such standard, policy or procedure is, in the written reasonable opinion of legal counsel, illegal or
in violation of applicable regulations; provided, however, that no act, omission, failure, refusal, breach or violation
described in clauses (d), (e) or (f) shall constitute Cause unless the Company first provides Executive with notice describing
in reasonable detail the nature of the act, omission, failure, refusal, breach or violation, and such act, omission, failure, refusal,
breach or violation continues for more than twenty (20) days; provided, further, that the Company shall have no obligation
to provide Executive with such notice and opportunity to cure more than two (2) times in any 12 month period.

 

4.5           Termination
without Cause. The Company, by action of the Board, may terminate the employment of Executive upon thirty (30) days prior written
notice to Executive. If the Company terminates the employment of Executive without Cause, and provided that Executive shall not
be in material breach of Sections 6 through 11 of this Agreement, the Company shall continue to pay Executive’s Base
Salary for a period of twelve (12) months beginning on the date of termination, payable in accordance with normal payroll practices,
and any Benefits set forth under Section 2.4 of this Agreement shall also continue for the same period. The Performance Bonus
shall be paid on a pro-rata basis for the period of time beginning on the date specified in Section 2.2 above until the date
of termination. If, following a termination of Executive without Cause, Executive is adjudged to have breached any of the provisions
of Sections 6 through 11, the Executive shall not be eligible to receive any payments and benefits (other than the payments
and benefits, if any, required under Section 4.2), and any and all obligations and agreements of the Company with respect to such
payments and benefits shall thereupon cease.

 

4.6           Termination
for Good Reason. Executive may terminate his employment with the Company, at any time, upon written notice, for Good Reason
(as defined below). If Executive terminates his employment with the Company for Good Reason, and provided that Executive shall
not be in material breach of Sections 6 through 11 of this Agreement, the Company shall continue to pay Executive’s Base
Salary for a period of twelve (12) months beginning on the date of termination, payable in accordance with normal Company payroll
practices, and any Benefits set forth under Section 2.4 of this Agreement shall also continue for the same period. The Performance
Bonus shall be paid on a pro-rata basis for the period of time beginning on the date specified in Section 2.2 above until the date
of termination. Except as provided in this Section, Executive shall have no further rights under this Agreement or otherwise to
receive any other compensation or benefits after such termination for Good Reason. The term “Good Reason” means,
without Executive’s express written consent, the occurrence of any one or more of the following during the term of this Agreement:
(a) the assignment to Executive of duties that are significantly different from, and that result in a substantial diminution of,
the duties that were most recently assigned to Executive; (b) a reduction by the Company of Executive’s Base Salary, unless
said reduction is pari passu with other senior executives of the Company and Loton; (c) a material reduction by the Company of
Executive’s aggregate welfare benefits, as such benefits and opportunities exist on the Effective Date, or as such benefits
may be increased after the Effective Date, unless said reduction is pari passu with other senior executives of the Company and
Loton; or (d) Executive’s principal office is relocated to a location that is more than fifty (50) miles from Executive’s
principal office as of the date of this Agreement, which the parties acknowledge is located at 2657 Clarendon Ct., Valparaiso,
Indiana 46385 as of the date of this Agreement.

 

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4.7           Resignation
from Directorships and Officerships. The termination of Executive’s employment for any reason will constitute Executive’s
resignation from (a) any director, officer or employee position Executive has with the Company, Loton or any of their Affiliates,
and (b) all fiduciary positions (including as a trustee) Executive holds with respect to any employee benefit plans or trusts
established by the Company or Loton. Executive agrees that this Agreement shall serve as written notice of resignation in this
circumstance, unless otherwise required by any plan or applicable law.

 

4.8           Survival
of Agreement. Except as specifically provided herein, upon termination of this Agreement, all obligations and provisions of
this Agreement shall terminate except for the provisions of Section 6 through 12 hereof.

 

5.           Work
Product.

 

5.1           All
right, title and interest in and to all Subject Ideas and Inventions (as defined below), including but not limited to all registrable
and patent rights which may subsist therein, shall be held and owned solely by the Company, and where applicable, all Subject Ideas
and Inventions shall be considered works made for hire. Executive agrees to mark all Subject Ideas and Inventions with the Company’s
copyright or other proprietary notice as directed by the Company and shall take all actions deemed necessary by the Company to
protect the Company’s rights therein. In the event that the Subject Ideas and Inventions shall be deemed not to constitute
works made for hire, or in the event that Executive should otherwise, by operation of law, be deemed to retain any rights (whether
moral rights or otherwise) to any Subject Ideas and Inventions, Executive agrees to assign to the Company, without further consideration,
its entire right, title and interest in and to each and every such Subject Idea and Invention.

 

5.2           The
term “Subject Ideas or Inventions” includes any and all ideas, processes, trademarks, service marks, inventions,
designs, technologies, computer hardware or software, original works of authorship, formulas, discoveries, patents, copyrights,
copyrightable works products, marketing and business ideas and all improvements, know-how, data, rights, media content concepts
and ideas, and claims related to the foregoing, whether or not patentable, which are conceived, developed or created which: (a)
relate to Loton’s or the Company’s current or demonstrably contemplated business or activities (the “Business”),
where such Business has been disclosed to Executive either formally or was likely to have been deduced by Executive through access
to the work of the Company or Loton; (b) relate to Loton’s or the Company’s actual or demonstrably anticipated research
or development; (c) result from any work performed by Executive for Loton or the Company; (d) involve the use of Loton’s
or the Company’s equipment, technology, supplies, facilities or trade secrets; (e) result from or are suggested by any work
done by Loton or the Company or at Loton’s or the Company’s request, or any projects specifically assigned to Executive;
or (f) result from Executive’s access to any of Loton’s or the Company’s memoranda, notes, records, drawings,
sketches, models, maps, artist, customer or vendor lists, research results, data, electronic codes, formulae, specifications, inventions,
processes, technology, equipment or other materials (collectively, “Company Materials”).

 

    	 	-5-	 

     

    

 

5.3           Executive
agrees to keep and maintain adequate and current written records of all Subject Ideas and Inventions and their development made
by Executive (solely or jointly with others) during the term of Executive’s employment with or service to the Company. These
records will be in the form of notes, sketches, drawings and any other format that may be specified by the Company. These records
will be available to the Company and the Board on request and remain the sole property of the Company at all times.

 

5.4           Executive
further agrees that all information and records pertaining to any idea, process, trademark, service mark, invention, technology,
computer hardware or software, electronic codes, original work of authorship, design, formula, discovery, patent, copyright, product
and all improvements, know-how, rights and claims related to the Business (“Intellectual Property”), that Executive
does not believe to be a Subject Idea or Invention, but that is conceived, developed or reduced to practice by the Company (alone
by Executive or with others) during the Restricted Period, shall be disclosed promptly by Executive to the Company and the Board
(such disclosure to be received in confidence). The Company shall examine such information to determine if in fact the Intellectual
Property is a Subject Idea or Invention subject to this Agreement.

 

5.5           Because
of the difficulty of establishing when any Subject Ideas or Inventions are first conceived by Executive, or whether they result
from Executive’s access to Confidential Information or Company Materials, Executive agrees that any Subject Idea and Invention
shall, among other circumstances, be deemed to have resulted from Executive’s access to Company Materials if: (i) it grew
out of or resulted from Executive’s work with the Company during the Term or is related to the Business at the time of conception
and extensions or derivatives thereof, and (ii) it is made, used, sold, exploited or reduced to practice, or an application for
patent, trademark, copyright or other proprietary protection is filed thereon, by Executive or with his significant aid, during
the Restricted Period.

 

5.6           For
the greater of a period of seven (7) years after termination of employment or the expiration of the last patent or other legal
recognition of intellectual property related to the Business, Executive furthers agree to assist the Company to the extent commercially
reasonable (but at the Company’s expense which shall include Executive’s normal and customary rates for such services
and for which Executive shall make reasonable efforts to provide) to obtain and from time to time enforce patents, copyrights or
other rights or registrations on said Subject Ideas and Inventions in any and all countries, and to that end will execute all documents
necessary (i) to apply for, obtain and vest in the name of the Company alone (unless the Company otherwise directs) letters patent,
copyrights or other analogous protection in any country throughout the world and when so obtained or vested to renew and restore
the same; (ii) to defend any opposition proceedings in respect of such applications and any opposition proceedings or petitions
or applications for revocation of such letters patent, copyright or other analogous protection; and (iii) to cooperate with the
Company (but at the Company's expense, including legal fees for independent counsel of Executive’s choice) in any enforcement
or infringement proceeding on such letters patent, copyright or other analogous protection.

 

    	 	-6-	 

     

    

 

6.           Confidential
Information. The Company owns and has developed and compiled, and will develop and compile, certain trade secrets, proprietary
techniques and other Confidential Information (as hereinafter defined) which have great value to the Business. This Confidential
Information includes not only information disclosed by the Company to Executive, but also information developed or learned by Executive
during the course of Executive’s employment with the Company.

 

6.1           It
is expressly understood that Executive, using prudent business judgment, has the ability to determine what Company information
is considered “Confidential Information”. Executive will not, directly or indirectly, use, make available, sell, disclose
or otherwise communicate to any third party, other than in Executive’s assigned duties and for the benefit of the Company
(or as otherwise required to be permitted to be disclosed by applicable law), any of the Company’s Confidential Information,
either during or after Executive’s employment with the Company. Executive acknowledges that he is aware that the unauthorized
disclosure of Confidential Information of the Company may be highly prejudicial to its interests, an invasion of privacy and an
improper disclosure of trade secrets.

 

6.2           Upon
request or when Executive’s employment with or service to the Company terminates, if so requested, Executive will immediately
deliver to the Company or the Board all copies of any and all materials and writings received from, created for, or belonging to
the Company including, but not limited to, those which relate to or contain Confidential Information.

 

6.3           Executive
acknowledges that the Company has received and in the future will receive from third parties their confidential information subject
to a duty on the Company's part to maintain the confidentiality of such information and to use it only for certain limited purposes.
Executive agrees that, during the Term and thereafter, Executive will hold all such confidential information in the strictest confidence
and not to disclose or use it, except as necessary to perform Executive’s obligations hereunder and as is consistent with
the Company's agreement with such third parties.

 

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6.4           “Confidential
Information” is all information and any idea in whatever form, tangible or intangible, pertaining in any manner to the
Company or its Business, or its employees, shareholders, clients, consultants or business associates, which was produced by any
employee or consultant of the Company in the course of his employment or consulting relationship or otherwise produced or acquired
by or on behalf of the Company in relation to or potentially applicable to the Business. All proprietary information not generally
known outside of the Company’s organization, and all proprietary Information so known only through improper means, shall
be deemed “Confidential Information” for the greater of a period of seven (7) years after termination of employment
or the expiration of the last patent or other legal recognition of intellectual property related to the Business. By example and
without limiting the foregoing definition, Confidential Information shall include, but not be limited to: (i) formulas, research
and development techniques, processes, trade secrets, computer programs, software, electronic codes, mask works, inventions, innovations,
patents, patent applications, discoveries, improvements, data, know-how, formats, test results and research projects; (ii) information
about costs, profits, markets, sales, contracts and lists of customers, vendors and distributors; (iii) business, marketing and
strategic plans; (iv) concepts and ideas for media content for distribution by any means in any market; (v) forecasts, unpublished
financial information, budgets, projections and customer identities, characteristics and agreements; and (vi) employee personnel
files and compensation information. Confidential Information is to be broadly defined, and includes all information that has or
could have commercial value or other utility in the business in which the Company is engaged or contemplates engaging, and all
information of which the unauthorized disclosure could be detrimental to the interests of the Company, whether or not such information
is identified as Confidential Information by the Company.

 

7.           Noncompetition
Obligations. For purposes of this Agreement, the term “Restricted Period” shall mean the period beginning
on the date of this Agreement and ending upon the later of (a) termination of Executive’s employment with the Company under
this Agreement or (b) the date of the last payment of Executive’s Base Salary under Section 4.5 or 4.6; provided, that if
Employee is terminated for Cause, “Restricted Period” shall mean the period beginning on the date of this Agreement
and ending on the date that is twelve (12) months from the date of termination of Executive’s employment with the Company.
Executive expressly covenants and agrees that during the Restricted Period, Executive will not, directly or indirectly, on behalf
of any other person, firm, limited liability company, partnership or corporation, as owner, employee, creditor, consultant or otherwise,
engage in any aspect of the ticketing business as intended to be operated by the Company pursuant to the WT Acquisition in the
United States or other locations where the Company may then be conducting its business (the “Territory”); provided,
however, the beneficial ownership of less than five percent (5%) of the shares of stock of any publicly traded entity shall
not be deemed to constitute a violation of this provision.

 

8.           Customer
Non-Solicitation. Executive expressly covenants and agrees that during the Restricted Period, Executive will not solicit, divert,
take away, or attempt to solicit, divert or take away, any of the Company’s customers or the business or patronage of any
such customers, either for herself or on behalf of any other person, firm, partnership, limited liability company or corporation
within the Territory.

 

9.           Executive
Non-Solicitation. Executive expressly covenants and agrees that during the Restricted Period, Executive will not solicit, recruit
or hire any other employee of the Company, either for herself or on behalf of any other person, firm, partnership, limited liability
company or corporation.

 

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10.         Non-Disparagement.
Executive will not make any statement or take any action that is, or that is intended to be, slanderous, libelous, derogatory,
harmful, damaging, detrimental or otherwise adverse to the Company, Loton or any of their affiliates or their respective officers,
directors, managers, members, consultants, agents, representatives or employees or their respective businesses, operations, prospects,
affairs or reputations among their respective customers, affiliated websites, advertisers, vendors, suppliers, shareholders, investors,
analysts, competitors, employees, agents, consultants, contractors and representatives; provided, however, that the foregoing
is not (a) intended to limit Executive’s ability to answer truthfully any questions of fact (as opposed to questions as to
Executive’s opinion or belief) that may be put to Executive under oath in any litigation, arbitration or governmental investigative
proceeding or (b) to limit the creation and distribution of editorial content by the Company under Executive’s direction
which evaluates the products, services, and/or performance of any company doing business with the public.

 

11.         Enforcement.

 

11.1         Reasonableness
of Restrictions. Executive acknowledges that compliance with this Agreement, including but not limited to Sections 6 through
11, is reasonable and necessary to protect the Company’s legitimate business interests, including but not limited to, the
Company’s goodwill and maintaining the confidentiality of the Company’s Confidential Information.

 

11.2         Irreparable
Harm. Executive acknowledges that a breach of Executive’s obligations under this Agreement will result in great, irreparable
and continuing harm and damage to the Company for which there is no adequate remedy at law.

 

11.3         Injunctive
Relief. Executive agrees that in the event Executive breaches this Agreement, the Company shall be entitled to seek, from any
court of competent jurisdiction, preliminary and permanent injunctive relief to enforce the terms of this Agreement, in addition
to any and all monetary damages allowed by law, against Executive.

 

11.4         Judicial
Modification. The parties expressly agree that the character, duration and geographical scope of such provisions in this Agreement
are reasonable in light of the circumstances as they exist on the date upon which this Agreement has been executed. The parties
have attempted to limit the Executive’s right to compete only to the extent necessary to protect the Company’s goodwill,
proprietary and/or Confidential Information, and other business interests. The parties recognize, however, that reasonable
people may differ in making such a determination. Consequently, the parties hereby agree that a court having jurisdiction over
the enforcement of this Agreement shall exercise its power and authority to reform Executive’s covenants under Sections 6
through 11 above to the extent necessary to cause the limitations contained therein as to time, geographic area and scope of activity
to be restrained to be reasonable and to impose a restraint that is not greater than necessary to protect the Company’s goodwill,
Confidential Information, and other business interests.

 

11.5         Legal
Fees. In the event of any action in law or in equity for the purposes of enforcing any of the provisions of this Agreement,
the prevailing party as determined by the trier of fact shall be entitled to recover its reasonable attorney fees, plus court costs
and expenses, from the other party, to the extent permitted by applicable law.

 

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12.         Miscellaneous.

 

12.1         Waiver;
Amendment. This Agreement may be amended, superseded, canceled, renewed or extended, and the terms hereof or thereof may be
waived, only by a written instrument signed by each of the parties hereto or, in the case of a waiver, by the party waiving compliance.
The failure of a party to insist, in any one or more instances, upon performance of the terms or conditions of this Agreement shall
not be construed as a waiver or relinquishment of any right granted hereunder or of the future performance of any such term, covenant
or condition. No waiver on the part of any party of any right, power or privilege, nor any single or partial exercise of any such
right, power or privilege, shall preclude any further exercise thereof or the exercise of any other such right, power or privilege.

 

12.2         Agreement
Binding. This Agreement shall be binding upon and inure to the benefit of the Company, the Company’s successors, legal
representatives and assigns; Executive and Executive’s heirs, executors, administrators and legal representatives.

 

12.3         Governing
Law. This Agreement is made and entered into in the State of New York and concerns employment situated in said state. This
Agreement shall be interpreted and construed in accordance with the laws of the State of New York.

 

12.4         Entire
Agreement. This Agreement contains all the understandings and agreements between the parties concerning matters set forth in
this Agreement. The terms of this Agreement supersede any and all prior statements, representations and agreements by or between
the Company and Executive, or either of them, concerning the matters set forth in this Agreement.

 

12.5         Counterparts.
This Agreement may be executed in one (1) or more counterparts, which when so executed shall constitute one (1) and the same agreement.
Facsimile or .pdf signatures attached to this Agreement shall be as valid and binding as original signatures. The headings herein
are for reference only and shall not affect the interpretation of this Agreement.

 

12.6         Voluntary
Execution; Representations. Executive acknowledges that (a) he has consulted with or has had the opportunity to consult with
independent counsel of his own choosing concerning this Agreement, and (b) he has read and understands this Agreement, is competent
to execute this Agreement, is fully aware of the legal effect of this Agreement, and has entered into it freely based on his own
judgment and without duress. The Company represents and warrants that it is fully authorized, by any person or body whose authorization
is required, to enter into this Agreement and to perform its obligations hereunder. Executive hereby represents that Executive’s
entry into this Agreement and performance of the services hereunder will not violate the terms or conditions of any other agreement
to which Executive is a party. 

 

12.7         Notices.
Any notice or communication required or permitted by this Agreement shall be deemed sufficiently given if in writing and, if delivered
personally, when it is delivered or, if delivered in another manner, the earlier of when it is actually received by the party to
whom it is directed or when the period set forth below expires (whether or not it is actually received): (i) if deposited with
the U.S. Postal Service, postage prepaid, and addressed to the party to receive it as set forth below, forty-eight (48) hours after
such deposit as registered or certified mail; or (ii) if accepted by Federal Express or a similar delivery service in general usage
for delivery to the address of the party to receive it as set forth next below, twenty-four (24) hours after the delivery time
promised by the delivery service. Notices should be addressed as follows, or to such other address or to the attention of such
other person as the recipient party will have specified by prior written notice to the sending party:

 

    	 	-10-	 

     

    

 

To the Company:

 

LiveXLive
Tickets, Inc.

269 South
Beverly Drive

Beverly Hills,
CA 90212

Attn: Robert
S. Ellin, Executive Chairman

Email: rob@livexlive.com

Tel: (310)
601-2500

 

With a copy
to (which shall not constitute notice):

 

Foley Shechter
LLP

211 East 43rd
Street, Suite 609

New York,
NY 10017

Attn: Sasha
Ablovatskiy, Esq.

Facsimile:
917-688-4092

Email: sablovatskiy@foleyshechter.com

 

To Executive:

 

Richard Blakeley

2757 Clarendon
Ct.

Valparaiso,
IN 46385

Email: rblakeley@wantickets.com

Tel: 219-405-2483

 

With a copy
to (which shall not constitute notice):

 

___________________

___________________

___________________

Attn:

Email:

Tel:

 

12.8         409A
Compliance.     (a) This Agreement will be interpreted and administered in accordance with the applicable
requirements of, and exemptions from, Code § 409A in a manner consistent with Treas. Reg. § 1.409A-1 et seq. To the extent
payments and benefits are subject to Code § 409A, this Agreement shall be interpreted, construed and administered in a manner
that satisfies the requirements of (i) Code § 409A(a)(2), (3) and (4), (ii) Treas. Reg. § 1.409A-1 et seq., and (iii)
other applicable authority issued by the Internal Revenue Service and the U.S. Department of the Treasury (collectively “Section
409A”).

 

    	 	-11-	 

     

    

 

(b)          Where
the term “termination of employment” or “termination” or similar words and phrases describing termination
of employment are used in this Agreement, such terms are to be read as satisfying the definition of a “separation from service”
in Section 409A. It is understood that “separation from service” shall be defined as referenced under Treas. Reg. §
1.409A-1(h). Neither Executive nor the Company has the right to accelerate or defer the delivery of any severance benefits or other
benefits except to the extent specifically permitted or required by Section 409A.

 

(c)          All
reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements
of Section 409A to the extent that such reimbursements or in-kind benefits are subject to Section 409A. All expenses or other reimbursements
paid pursuant to this Agreement that are taxable to Executive shall in no event be paid later than the end of the calendar year
following the calendar year in which Executive incurs such expense or pays the related tax. With regard to any provision in this
Agreement for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A, the right to reimbursement
or in-kind benefits shall not be subject to liquidation or exchange for another benefit and the amount of expenses eligible for
reimbursement or in-kind benefits provided during any taxable year shall not affect the expenses eligible for reimbursement or
in-kind benefits to be provided in any other taxable year.

 

12.9         Public
Company Obligations; Litigation and Regulatory Cooperation; Indemnification.

 

(a)         Executive
acknowledges that the Company is a wholly owned subsidiary of Loton, a public company shares of whose common stock are quoted on
the OTC Pink marketplace, and whose common stock will be registered under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), in connection with the Financing, and that this Agreement will be subject to the public filing
requirements of the Exchange Act. In addition, both parties acknowledge that Executive’s compensation and perquisites (each
as determined by the rules of the US Securities and Exchange Commission (the “SEC”) or any other regulatory
body or exchange having jurisdiction) (which may include benefits or regular or occasional aid/assistance, such as recreation,
club memberships, meals, education for his family, vehicle, lodging or clothing, occasional bonuses or anything else he receives,
during the Term, in cash or in kind) paid or payable or received or receivable under this Agreement or otherwise, and his transactions
and other dealings with the Company, may be required to be publicly disclosed.

 

(b)         Executive
acknowledges and agrees that the applicable insider trading rules, transaction reporting rules, limitations on disclosure of non-public
information and other requirements set forth in the Securities Act of 1933, as amended, the Exchange Act and rules and regulations
promulgated by the SEC may apply to this Agreement and Executive’s employment with the Company.

 

    	 	-12-	 

     

    

 

(c)         During
and after the Term, Executive shall reasonably cooperate with the Company in the defense or prosecution of any claims now in existence
or which may be brought in the future against or on behalf of the Company, Loton or any of their affiliates that relate to events
or occurrences that transpired while the Executive was employed by the Company or any Affiliates; provided, however, that such
cooperation shall not materially and adversely affect Executive or expose Executive to an increased probability of civil or criminal
litigation. Executive’s cooperation in connection with such claims or actions shall include, but not be limited to, being
available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company, Loton or any
of their affiliates at mutually convenient times. During and after the Term, Executive also shall cooperate fully with the Company
to the extent commercially reasonable in connection with any investigation or review of any federal, state or local regulatory
authority as any such investigation or review relates to events or occurrences that transpired while Executive was employed by
the Company or any of its affiliates. The Company shall reimburse Executive for his reasonable out-of-pocket costs and expenses
incurred directly in connection with Executive’s performance under this Section 12.9, including, but not limited to, reasonable
attorneys’ fees and costs.

 

[Signatures on next page]

 

    	 	-13-	 

     

    

 

IN WITNESS WHEREOF,
the parties have set their hands as of the date first above written, and Executive acknowledges that he has read and understands
the entire contents of this Agreement and that he has received a copy of this Agreement.

 

	 	LIVEXLIVE TICKETS, INC.
	 	 	 
	 	By: 	/s/ Robert S. Ellin
	 	Name: 	Robert S. Ellin
	 	Title: 	Executive Chairman
	 	 	 
	 	“EXECUTIVE”
	 	 
	 	/s/ Richard Blakeley
	 	Richard Blakeley

 

    	 	-14-Exhibit 10.7

 

LOTON, CORP

RESTRICTED STOCK AGREEMENT

 

THIS RESTRICTED STOCK
AGREEMENT (this “Agreement”) is dated May 5, 2017 (the “Effective
Date”), by and between Loton, Corp, a Nevada corporation (the “Company”), and Richard Blakeley
(the “Grantee”).

 

RECITALS

 

WHEREAS, the Grantee
is an employee of LiveXLive, a Delaware corporation and a wholly owned subsidiary of the Company (“LiveXLive Tickets”);

 

WHEREAS, the Company
desires to issue shares of the Company’s common stock, $0.001 par value per share (the “Common Stock”),
to Grantee pursuant to that certain Employment Agreement, dated as of the Effective Date (the “Employment Agreement”),
between LiveXLive Tickets and Grantee; and

 

WHEREAS, the parties
hereto desire to memorialize grant of shares of Common Stock for the reasons set forth above.

 

NOW, THEREFORE, for
good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows:

 

1.           Grant
of Shares.

 

(a)          Upon
the execution of this Agreement and the Employment Agreement, the Company shall issue to the Grantee $15,000 worth of restricted
shares of Common Stock (the “Shares”) based on the fair market value of Common Stock at the time of such issuance,
which shares shall vest on the first anniversary of the Effective Date (the “Vesting Date”), shall be subject
a one-year lock-up period after the Vesting Date (the “Lock-Up Period”) and shall be subject to the terms and
conditions of the Employment Agreement. The Shares shall be otherwise also subject to any lock-up conditions required by the underwriters
in connection with the Financing (as defined in the Employment Agreement).

 

(b)          Following
the Effective Date, the Company shall deliver to the Grantee a share certificate registered in his name for the Shares to be issued
hereunder.

 

2.           Restriction
Against Transfer.

 

(a)          Restrictions
Imposed by this Agreement. The Grantee agrees that he will not transfer, assign, hypothecate, or in any way dispose of any
of the Shares, or any right or interest therein, whether voluntarily or by operation of law, or by gift or otherwise, until the
end of the Lock-Up Period. Any purported transfer in violation of any provision of this Agreement shall be void and ineffectual,
and shall not operate to transfer any interest or title to the purported transferee.

 

(b)          Federal
Law Restrictions on Transfer. The Grantee hereby acknowledges that in addition to the restrictions imposed by subsection 2(a),
above, the following restrictions also apply with respect to the Shares:

 

     

     

    

 

(i)          The
Shares held by the Grantee must be held indefinitely unless registered under the Securities Act of 1933, as amended (the “Act”),
or unless, in the opinion of counsel of the Company, an exemption from such registration is available;

 

(ii)         Only
the Company may file a registration statement with the Securities and Exchange Commission (the “SEC”) and the
Company is under no obligation to do so with respect to the Shares;

 

(iii)        Exemption
from registration may not be available or may not permit the Grantee to transfer Shares in the amounts or at the times proposed
by the Grantee;

 

(iv)        The
Grantee has been advised that Rule 144 promulgated by the SEC under the Act (“Rule 144”), which provides for
certain limited, routine sales of unregistered securities through brokers, is not presently available with respect to the Shares
and may never be available, and in any event, requires that the Shares be held and fully paid for within the meaning of Rule 144
for a minimum of one (1) year, and possibly longer, before they may be resold under Rule 144;

 

(v)         The
Company is under no obligation to file any disclosure statement with the SEC or to furnish the Grantee with information to sell
any of the Shares under Rule 144; and

 

(vi)        In
reliance upon the representations of the Grantee set forth in Section 3 below, the Company has not registered the Shares with
the SEC under the Act.

 

(c)          Representation
by Transferee. The Grantee agrees that it will not transfer, assign, hypothecate, or in any way dispose of any of the Shares
to a transferee until such transferee executes a written consent to be bound by the terms and conditions of this Agreement in form
and substance satisfactory to the Company.

 

3.           Representations
of the Acquiror. The Grantee represents and warrants to the Company that:

 

(a)          It
is acquiring the Shares for its own account for investment only and not with a view to, or for sale in connection with, a distribution
of the Shares within the meaning of the Act;

 

(b)          It
has no present intention of selling or otherwise disposing of all or any portion of the Shares, and no other person has any beneficial
ownership in the Shares;

 

(c)          It
has had access to all information regarding the Company and its present and prospective business, assets, liabilities and financial
condition;

 

(d)          It
has had ample opportunity to ask questions of and receive answers from the Company’s representatives concerning this investment
and to obtain any and all documents requested in order to supplement or verify any of the information supplied; and

 

(e)          It
recognizes (i) the lack of liquidity of the Shares and restrictions upon transferability thereof (e.g., that the undersigned may
not be able to sell or dispose of them or use them as collateral for loans), and (ii) the qualifications and backgrounds of the
principals of the Company, among other matters.

 

    	 	2	 

     

    

 

4.           Notices.
All notices required or desired to be given pursuant to this Agreement shall be in writing and shall be personally served (including
by commercial delivery or courier service) or given by mail or facsimile. Any notice given by mail shall be deemed to have been
given and received when seventy-two (72) hours have elapsed from the time such notice was deposited in the United States mails,
certified or registered and first-class postage prepaid, addressed, if intended to a party to this Agreement, at the address set
forth below its signature or to such other address as such party may have designated by like written notice to each of the other
parties from time to time.

 

5.           Refusal
to Transfer. The Company shall not be required:

 

(a)          To
transfer on its books any Shares that have been sold, given away, or otherwise transferred in violation of any provision set forth
in this Agreement; or

 

(b)          To
treat as owner of such Shares or to accord the right to receive dividends to any purchaser, donee, or other transferee to whom
such Shares shall have been so transferred.

 

6.           Restriction
on Certificates.

 

(a)          Legends.
The Company and the Grantee agree that all certificates representing all Shares of the Company which at any time are subject to
the provisions of this Agreement shall have endorsed upon them legends substantially similar to the following:

 

THESE SHARES
HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR THE SECURITIES LAWS OF THE VARIOUS STATES, AND HAVE BEEN ISSUED AND SOLD PURSUANT TO AN EXEMPTION FROM THE ACT, AND MAY NOT
BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED BY THE HOLDER THEREOF AT ANY TIME, EXCEPT (1) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT, FILED UNDER THE ACT COVERING THE SHARES, OR (2) UPON DELIVERY TO THE COMPANY OF AN OPINION OF COUNSEL SATISFACTORY
TO THE COMPANY THAT THE SHARES MAY BE TRANSFERRED WITHOUT REGISTRATION.

 

THESE SHARES
HAVE NOT BEEN QUALIFIED UNDER ANY STATE SECURITIES LAWS AND MAY ALSO BE RESTRICTED UNDER THE PROVISIONS OF SUCH LAWS. THESE SHARES
MUST BE HELD INDEFINITELY UNLESS THEY ARE SUBSEQUENTLY QUALIFIED OR ARE OTHERWISE EXEMPT FROM QUALIFICATION UNDER SUCH LAWS.

 

THE SHARES
REPRESENTED BY THIS CERTIFICATE MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF THAT CERTAIN RESTRICTED STOCK AGREEMENT,
BETWEEN THE COMPANY AND THE HOLDER HEREOF, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.

 

(b)          Stop
Transfer Instructions. The Grantee agrees that in order to ensure compliance with the restrictions referred to herein, the
Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, with respect to such certificates
or instruments and, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own
records.

 

    	 	3	 

     

    

 

7.           Code
Section 83(b) Election. Grantee acknowledges that he has been informed and is aware of the following income tax consequences
resulting from the receipt and vesting of the Shares:

 

(a)          Grantee
will be taxed on the fair market value of the Shares as and when the restrictions lapse in accordance with the provisions of this
Agreement and any related agreement (such fair market value determined on such vesting dates), unless Grantee files an election
pursuant to Section 83(b) of the Code (and any similar state tax provisions if applicable). If such an election is made, Grantee
will be taxed currently on the full fair market value of the Shares on the Effective Date. Any such election must be filed by Grantee
with the Internal Revenue Service and, if necessary, the proper state taxing authorities, within 30 days of the receipt of
the Shares. A form of Election under Section 83(b) is attached hereto. GRANTEE ACKNOWLEDGES THAT IT IS HIS OR HER SOLE
RESPONSIBILITY AND NOT THE COMPANY’S (i) TO DETERMINE WHETHER OR NOT TO MAKE ANY ELECTION UNDER SECTION 83(b) OF THE CODE,
AND (ii) IF GRANTEE DETERMINES TO MAKE ANY SUCH ELECTION, TO TIMELY FILE SUCH ELECTION UNDER SECTION 83(b) OF THE CODE, EVEN IF
GRANTEE ASKS THE COMPANY OR ITS REPRESENTATIVE TO MAKE THIS FILING ON HIS OR HER BEHALF. Grantee must obtain its own counsel
to determine whether Grantee is eligible to make an 83(b) election and Grantee’s compliance with all tax reporting obligations
relating to the Agreement, and the Company makes no representations with regard to any reporting obligations of the Grantee including
the filing of an 83(b) election or the form attached hereto.

 

(b)          Grantee
shall notify the Company immediately in writing in the event Grantee makes an election under Section 83(b) of the Code (or any
successor provision) or corresponding provisions of state or local tax laws with respect to the Shares.

 

8.           General
Provisions.

 

(a)          Severability.
In the event that any of the provisions of this Agreement are held to be unenforceable or invalid by any court of competent jurisdiction,
the validity and enforceability of the remaining provisions shall not be affected thereby.

 

(b)          Construction.
All pronouns used in this Agreement shall be deemed to refer to the masculine, feminine, neuter, singular or plural as identification
of the person or persons, firm or firms, corporation or corporations may require.

 

(c)          Governing
Law. This Agreement shall be governed by the laws of the State of Nevada, without regard to its conflicts of laws rules or
provisions.

 

(d)          Amendment.
No amendment or variation of the terms of this Agreement, with or without consideration, shall be valid unless made in writing
and signed by all of the parties to this Agreement at the time of such amendment.

 

(e)          Inurement.
Subject to the restrictions against transfer or assignment contained herein, the provisions of this Agreement shall inure to the
benefit of and shall be binding upon the assigns, successors in interest, personal representatives, estates, heirs, and legatees
of each of the parties. The Grantee agrees that it will not hypothecate or otherwise create or suffer to exist any lien, claim,
or encumbrance upon any of its Shares at any time subject hereto, other than an encumbrance created or permitted by this Agreement.

 

    	 	4	 

     

    

 

(f)          Entire
Agreement. This Agreement and the Employment Agreement contain the entire understanding between the parties concerning the
subject matter contained herein. There are no representations, agreements, arrangements, or understandings, oral or written, between
or among the parties, relating to the subject matter of this Agreement and the Employment Agreement which are not fully expressed
herein or therein.

 

(g)          Further
Instruments. The parties agree to execute such further instruments and to take such further action as may be reasonably necessary
to carry out the purposes and intent of this Agreement.

 

(h)          Counterparts;
Originals. This Agreement may be executed in one or more counterparts and by .pdf or facsimile, each of which shall be deemed
an original and all of which together shall constitute one instrument.

 

* * * *

 

    	 	5	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement on the date and year first above written.

 

	 	COMPANY:
	 	 
	 	LOTON, CORP

 

	 	By:	/s/ Robert Ellin
	 	Name:	Robert Ellin
	 	Title:	Executive Chairman and President

 

	 	GRANTEE:

 

	 	/s/ Richard Blakeley
	 	Name:  Richard Blakeley

 

    	 	6	 

     

    

 

SECTION 83(b) TAX ELECTION

 

This statement is being made under Section
83(b) of the Internal Revenue Code, pursuant to Treas. Reg. Section 1.83-2.

 

		(1)	Name: ______________________________________________________________

 

Address: ___________________________________________________________

 

		 	___________________________________________________________

 

Social Security No.: __________________

 

		(2)	The property with respect to which the election is being made is ______________ shares of the common
stock of Loton, Corp., a Nevada corporation (“Shares”).

 

		(3)	The date on which the Shares were acquired is __________________, 2017.

 

		(4)	The taxable year in which the election is being made is the calendar year 2017.

 

		(5)	The property is subject to surrender and cancellation if for any reason the taxpayer ceases to
be an employee the issuer prior to specified vesting dates. This restriction lapses in accordance with the terms of an agreement
between the company and taxpayer.

 

		(6)	The fair market value at the time of transfer (determined without regard to any restriction other
than a restriction which by its terms will never lapse) is $________ per share.

 

		(7)	The amount paid for such property is $  0     per share.

 

		(8)	A copy of this statement was furnished to Loton, Corp., for whom taxpayer rendered the services
underlying the transfer of property.

 

		(9)	This statement is executed as of _________________, 2017.

 

	Signature:	 	 
	 	Taxpayer	 

 

	 	 	 
	 	Taxpayer’s Spouse, if any	 

 

NOTE:                To
make the election, this form must be filed with the Internal Revenue Service Center with which taxpayer files his/her Federal income
tax returns. The filing must be made within thirty (30) days after the Effective Date of the Restricted Stock Agreement.

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