Document:

Exhibit 10.2

 

ALLIED
ESPORTS ENTERTAINMENT, INC.

Restricted Stock UNIT Agreement

 

THIS RESTRICTED
STOCK UNIT AGREEMENT (the “Agreement”), made effective as of January 19, 2021 is by and between Allied Esports
Entertainment, Inc., a Delaware corporation (the “Company”), and Frank Ng (the “Employee”).

 

Background

 

A. The Company has adopted
the Allied Esports Entertainment, Inc. 2019 Equity Incentive Plan (the “Plan”), to enable the Company to offer
to employees, officers, and directors of, and consultants to, the Company and its subsidiaries whose past, present and/or potential
future contributions to the Company and its subsidiaries have been, are or will be important to the success of the Company, an
opportunity to share monetarily in the success of and/or acquire an equity interest in the Company.

 

B. The Compensation Committee
of the Board of Directors of the Company (the “Committee”) believes that entering into this Agreement with
Employee is consistent with the stated purposes for which the Plan was adopted.

 

C. The Company desires
to grant restricted stock units to the Employee, and the Employee desires to accept such restricted stock units, on the terms
and conditions set forth herein and in the Plan.

 

D. The terms of this
Agreement are intended to be exempt from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”) as a “short-term deferral” of compensation. Code Section 409A and the Treasury Regulations
issued thereunder are referred to in this Agreement as “Section 409A.”

 

AGREEMENT

 

NOW, THEREFORE,
it is agreed as follows:

 

1. Grant
of Restricted Stock Units. Subject to Section 2 below, the Company hereby grants to Employee restricted stock units (collectively,
the “Units”) having a stated value equal to $1,000,000.00 (the “Stated Value”), which collectively
represent the right to receive the Stated Value or a portion thereof, payable in accordance with and subject to the terms and provisions
of this Agreement and the Plan.

 

2. Vesting and Forfeiture
of Units.

 

(a) Generally.
All Units shall become vested on the two year anniversary of the closing date (the “Closing Date”) of the sale
of the outstanding common stock of Club Services, Inc. (“CSI”) to Element Partners, LLC (“Buyer”),
pursuant to the terns and conditions of that certain Stock Purchase Agreement dated the date hereof by and among the Company,
Buyer, CSI and Allied Esports Media, Inc. (the “Vesting Date”), provided that the Employee remains continuously
employed by the Company through the Vesting Date.

 

(b) Termination
Without Cause. In the event Employee’s employment with the Company is terminated on or after the Closing Date, but before
the Vesting Date by the Company without Cause (as defined below), the Employee shall become 100% vested in the Units.

 

(c) Forfeiture.
Upon termination of Employee’s employment with the Company prior to the Vesting Date (which term shall also apply to the
date on which the vesting of Units accelerates pursuant to subsection 2(b)) for any reason other than termination of employment
by the Company without Cause, the Employee will forfeit to the Company all Units granted under this Agreement (including the entire
Stated Value thereof).

 

     

    

    

 

(d) Definitions.
For purposes of this Agreement, “Cause” shall have the meaning ascribed to such term in Employee’s written
employment agreement with the Company, provided, however, if at any time Employee has no written employment agreement
with the Company, “Cause” shall mean any of the following:

 

(A) Employee
engages in willful misconduct or fails to follow the reasonable and lawful instructions of the Board, if such conduct is not cured
within thirty (30) calendar days after Company sends notice to the Employee of the alleged Cause;

 

(B) Employee
embezzles or misappropriates assets of Company or any of its subsidiaries;

 

(C) Employee’s
violation of Employee’s obligations in this Agreement, if such conduct is not cured within thirty (30) calendar days after
Company sends written notice to the Employee of the alleged Cause;

 

(D) Breach
of the Nondisclosure Agreement or any other agreement be-tween Employee and Company or to which Company and Employee are parties,
or a breach by Employee of a fiduciary duty or responsibility to Company;

 

(E) The commission
by Employee of fraud or other willful conduct that adversely affects the business or reputation of Company, as determined in the
Board’s sole discretion; or

 

(F) The Company
has a reasonable belief Employee engaged in some form of harassment or other improper conduct prohibited by Company policy or
law.

 

3. Form and
Timing of Payment. As soon as administratively practicable following the Vesting Date (which term shall also apply
to the date on which the vesting of Units accelerates pursuant to subsection 2(b) of this Agreement), but no later than
thirty (30) days thereafter, the Company shall pay to the Employee (or his estate, if applicable) the Stated Value. The
Company, in its sole discretion, may elect to pay the Stated Value in cash or by issuing shares of common stock, par value
$0.0001 per share, of the Company (the “Common Stock”) having a Fair Market Value (as defined in the Plan) equal
to the Stated Value on the Vesting Date, or any combination thereof. To the extent paid in shares of Common Stock, any
fractional share shall be rounded up to the nearest full share.

 

4. No Right to Continuation
of Employment or Corporate Assets. Nothing contained in this Agreement shall be deemed to grant Employee any right to continue
in the employ of the Company for any period of time or to any right to continue his or her present or any other rate of compensation,
nor shall this Agreement be construed as giving Employee, Employee’s beneficiaries or any other person any equity or interests
of any kind in the assets of the Company or creating a trust of any kind or a fiduciary relationship of any kind between the Company
and any such person.

 

5. Withholding of
Tax. To the extent that the receipt of Units, cash or Common Stock results in income to Employee for federal or state income
tax purposes, Employee shall pay the applicable withholding tax, which may be paid by any method permitted under the Plan.

 

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6. No Assignment of
Units or Rights to Shares. Neither Employee nor any beneficiary shall have any right to assign, pledge or otherwise transfer
any Units or any right to receive cash or shares of Common Stock under this Agreement, except to the limited extent permitted
under the Plan. No creditor of Employee (or of any beneficiary) shall have any right to garnish or otherwise attach any Units
or any right to receive cash or shares of Common Stock under this Agreement. In the event of any attempted assignment, pledge
or other transfer, or attempted garnishment or attachment by a creditor, the Company shall have no further liability under this
Agreement.

 

7. Rights of Employee.
The Employee shall not have any of the rights of a shareholder with respect to the Units.

 

8. The Plan; Administration.
The Units are granted pursuant to the Plan and is governed by the terms thereof, which are incorporated herein by reference. The
Committee shall have the sole and complete discretion with respect to all matters reserved to it by the Plan and decisions of
the Committee with respect thereto and to this Agreement shall be final and binding upon the Employee. In the event of any conflict
between the terms and conditions of this Agreement and the Plan, the provisions of the Plan shall govern and control. By the execution
of this Agreement, Employee acknowledges receipt of a copy of the Plan.

 

9. Section
280G.

 

(a) Notwithstanding
any other provision of this Agreement or any other plan, arrangement or agreement to the contrary, if any of the payments or benefits
provided or to be provided by the Company or its affiliates to the Employee or for the Employee’s benefit pursuant to the
terms of this Agreement or otherwise ("Covered Payments") constitute "parachute payments" within the
meaning of Section 280G of the Code and would, but for this Section 9, be subject to the excise tax imposed under Section 4999
of the Code (or any successor provision thereto) or any similar tax imposed by state or local law or any interest or penalties
with respect to such taxes (collectively, the "Excise Tax"), then the Covered Payments shall be reduced (but not below
zero) to the minimum extent necessary to ensure that no portion of the Covered Payments is subject to the Excise Tax. Any such
reduction shall be made by the Company in its sole discretion consistent with the requirements of Section 409A.

 

(b) If, notwithstanding
the initial application of this Section 9, the Internal Revenue Service determines that any Covered Payment constitutes an excess
parachute payment (as defined by Section 280G(b) of the Code), this Section 9 will be reapplied based on the Internal Revenue
Service's determination, and the Employee will be required to promptly repay the portion of the Covered Payments required to avoid
imposition of the Excise Tax together with interest at the applicable federal rate (as defined in Section 7872(f)(2)(A) of the
Code) from the date of the Employee’s receipt of the excess payments until the date of repayment).

 

(c) Any determination
required under this Section 9, including whether any payments or benefits are parachute payments, shall be made by the Company
in its sole discretion. The Employee shall provide the Company with such information and documents as the Company may reasonably
request in order to make a determination under this Section 9. The Company’s determinations shall be final and binding on
the Company and the Employee.

 

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10. General.

 

(a) This Agreement
may be amended only by a written agreement executed by the Company and the Employee.

 

(b) This Agreement
and the Plan embody the entire agreement made between the parties hereto with respect to matters covered herein; and this Agreement
shall not be modified except by a writing signed by the parties, except as otherwise provided in the Plan.

 

(c) Nothing
herein expressed or implied is intended or shall be construed as conferring upon or giving to any person, firm, or corporation
other than the parties hereto, any rights or benefits under or by reason of this Agreement.

 

(d) Each party
hereto agrees to execute such further documents as may be necessary or desirable to effect the purposes of this Agreement.

 

(e) This Agreement
may be executed in any number of counterparts, each of which shall be deemed an original, but all of which shall constitute one
and the same agreement.

 

(f) This Agreement
shall be governed by and construed in accordance with the laws of the State of California. The venue for any action relating to
this Agreement shall be the federal or state courts located in Orange County, California, to which venue each party hereby submits.

 

Signature Page follows.

 

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IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be executed effective as of the day and year first written above.

 

	 	ALLIED ESPORTS ENTERTAINMENT, INC.
	 	 	 
	 	By:	/s/ Adam Pliska
	 	Name:	Adam Pliska
	 	Title:	President
	 	 	 
	 	 	/s/ Frank Ng
	 	 	Frank Ng

 

 

5Exhibit
10.3

 

CHANGE
IN CONTROL AGREEMENT

 

THIS
AGREEMENT is made as of December 31, 2020, by and among Allied Esports Entertainment, Inc., a Delaware corporation (“AESE”),
WPT Enterprises, Inc., a Nevada corporation and wholly owned subsidiary of AESE (“WPT,” and together with AESE,
collectively, the “Company”), and Adam Pliska ("Executive").

 

RECITALS

 

WHEREAS,
Executive is employed as the President of AESE and the President and Chief Executive Officer of WPT;

 

WHEREAS,
Executive desires, and the Company desires to provide to Executive, a level of comfort and certainty in connection with any pending
or threatened Change in Control (as defined herein) of WPT;

 

WHEREAS,
Executive acknowledges and agrees that Executive’s employment with the Company may be terminated at any time, with or without
cause, and Executive understands that this Agreement does not provide Executive any guaranteed employment, or other relationship
with the Company; and

 

NOW,
THEREFORE, in consideration of the foregoing premises which are hereby made a part of this Agreement and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Executive hereby agree
as follows:

 

1.
Definitions. The following terms as used herein shall have the following meanings:

 

(a)
A “Change in Control” shall be deemed to have occurred if:

 

(i)
Any Person, other than an Excluded Person, becomes a beneficial owner, directly or indirectly, of securities of WPT representing
50% or more of the voting power of WPT’s then-outstanding securities; or

 

(ii)
the sale of all, or substantially all, of the business or assets of WPT to any Person (other than an Excluded Person) or the liquidation
or dissolution of WPT.

 

(b)
 “Code” means the Internal Revenue Code of 1986, as amended.

 

(c)
“Excluded Person” means AESE, any current stockholder of AESE owning 30% or more of the outstanding common
stock of AESE, any employee benefit plan of WPT or AESE, or any employee stock ownership plan or similar plan of AESE or WPT.

 

(d)
“Person” or “Persons” has the meaning used in Section 2(a)(2) of the Securities Act
of 1933, as amended.

 

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2.
Benefits Payable Upon a Change in Control. In the event of a Change in Control, the following provisions shall apply:

 

(a)
Benefits. If Executive is and remains employed by the Company until the occurrence of any Change in Control, the Company
shall pay to Executive a success bonus equal to $419,326.72. Any amounts due under this Section shall be paid to the Executive
in cash as a lump sum upon the occurrence of the Change of Control, subject to the Company’s receipt of a waiver and release
agreement in form acceptable to the Company, effective as of the date of a Change of Control. In the event of any Change of Control,
no other amounts shall be due from the Company to Executive as a result of the Change of Control, whether under this Agreement,
any employment agreement or otherwise.

 

(b)
Withholding. Notwithstanding anything to the contrary herein, the Company shall withhold from all benefits payable
hereunder the sum of federal, state and local taxes and other amounts that the Company is required by law or believes appropriate
to withhold.

 

3.
No Funding of Payments. Nothing contained in this Agreement or otherwise shall require the Company to segregate, earmark
or otherwise set aside any funds or other assets to provide for any payments required to be made under this Agreement, and the
rights of Executive to any benefits hereunder shall be solely those of a general, unsecured creditor of the Company.

 

4.
Severability. Should any covenant, term or condition contained in this Agreement become or be declared invalid or unenforceable,
if applicable, a court of competent jurisdiction, the parties agree that the court shall be requested to judicially modify such
unenforceable provision consistent with the intent of this Agreement so that it shall be enforceable to the fullest extent possible.

 

5.
Applicable Law; Jurisdiction. This Agreement shall be construed, interpreted and enforced according to the laws of the
State of California without regard to conflict of law provisions. Executive hereby submits to the jurisdiction of, and waives
any venue objections against, the State of California and the federal courts of the United States located in such state in respect
of all actions arising out of or in connection with the interpretation or enforcement of this Agreement, and Executive consents
to the personal jurisdiction of such courts for such purposes. Any such action shall be filed in the County of Orange.

 

6.
409A. The intent of the parties is that payments and benefits under this Agreement comply with or be exempt from Section
409A (“Section 409A”) of the Code and the regulations and guidance thereunder and, accordingly, to the maximum
extent permitted the Agreement shall be interpreted to be in compliance therewith or exempt therefrom. Notwithstanding any contrary
provisions of this Agreement, in order to avoid the imposition of a Section 409A tax, this Agreement shall be administered and
interpreted in a manner intended to comply with any applicable requirements of Section 409A, the Treasury Regulations thereunder
and subsequent guidance issued under Section 409A.

 

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7.
Amendments; Waivers. This Agreement may be amended, modified, superseded or cancelled, and the terms or covenants waived,
only by a written instrument executed by both of the parties hereto or, in the case of a waiver, by the Company.

 

8.
Term of Agreement. This Agreement will terminate on the date that Executive’s employment with the Company terminates.

 

9.
Notices. Any notice required to be given under this Agreement shall be considered as duly given or served if personally
delivered, or sent by first class, certified or registered mail, return receipt requested, postage prepaid, to Company at its
principal office or to Executive’s last known address as shown on the records of Company.

 

10.
No Guarantee of Employment or Continued Engagement. EXECUTIVE ACKNOWLEDGES AND AGREES THAT EXECUTIVE’S ENGAGEMENT
WITH THE COMPANY CAN BE TERMINATED AT ANY TIME, WITH OR WITHOUT CAUSE, SUBJECT TO THE TERMS OF ANY EMPLOYMENT AGREEMENT, AND THAT
EXECUTIVE UNDERSTANDS THAT THIS AGREEMENT DOES NOT PROVIDE EXECUTIVE ANY LONG TERM EMPLOYMENT, INDEPENDENT CONTRACTOR, OR OTHER
RELATIONSHIP WITH THE COMPANY.

 

11.
Construction. Paragraph headings are for convenience only and shall not be considered as part of the terms and provisions
of the Agreement.

 

12.
Counterparts and Delivery. This Agreement may be executed in any number of counterparts, all of which taken together shall
constitute one agreement binding on the parties. Signatures delivered by means of electronic transmission shall be valid and binding
to the same extent as the delivery of original signatures.

 

[Signature
Page follows]

 

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IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the day and year first above written.

 

	EMPLOYEE:	 
	 	 	 
	/s/
    Adam Pliska	 
	Adam
    Pliska, Individually	 
	 	 	 
	AESE:	 
	 	 	 
	ALLIED
    ESPORTS ENTERTAINMENT, INC.	 
	 	 	 
	/s/
    Frank Ng	 
	Name:	Frank Ng	 
	Its:	Chief Executive
    Officer	 
	 	 	 
	WPT:	 
	 	 	 
	WPT
    ENTERPRISES, INC.	 
	 	 	 
	/s/
    Deborah Frazzetta	 
	Name:	Deborah Frazzetta	 
	Its:	VP Finance	 
	 	 	 
	WPT
    ENTERPRISES, INC.	 
	 	 	 
	/s/
    David Polgreen	 
	Name:	David Polgreen	 
	Its:	General Counsel	 

 

 

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