Document:

Exhibit 10.16

 

 

 

December 17, 2018

 

Joel Agena

Sent via Email: jagena@phoenixlawgroup.com

 

Dear Joel:

 

We couldn't be more excited by the prospect of you joining
our team. While our plans for PLAY STUDIOS have been, and still are, ambitious, we're confident that
with the right people, we will achieve our full potential.

 

As you consider joining us on this journey, I thought
it would be appropriate to outline the basic terms of our partnership. I’ve included an outline that I feel addresses the key questions.
Let me know if we need to discuss or further clarify any of the terms.

 

Given the aggressive nature of
our plans, and the significance of your role, we're hoping you reach a decision, sign and return this offer by December 21st.
I look forward to hearing from you.

 

Andrew Pascal

CEO

PLAYSTUDIOS, Inc.

 

PLAYSTUDIOS, Inc. 10150 Covington Cross Drive, Las Vegas, NV 89144

 

     

     

    

 

 

 

		1.	Position and Duties
	 	 	 

		a.	Position – VP Legal Counsel
	 	 	 

		b.	Duties
	 	 	 

		i.	Provide expert and strategic legal guidance and risk assessment to the board of directors, senior management
and executives on all matters that affect the Company
	 	 	 

		ii.	Work with the CEO, President and CFO and others as necessary to manage compliance with the various regulatory,
business and other aspects of our business and limit risk exposure
	 	 	 

		iii.	Provide direct legal services to product groups
	 	 	 

		iv.	Engage and oversee use of outside counsel as needed for specific needs (eg DLA, labor, trademark, etc),
but attempt to minimize outside legal costs
	 	 	 

		v.	Draft agreements as needed (or coordinate their drafting) for all Company operation, financing, investing
and other activities
	 	 	 

		vi.	Work with the CFO to continually update and enhance the Company’s legal and financial framework
to ensure compliance, controls and risk mitigation as well as on annual budgets.
	 	 	 

		vii.	Travel to Burlingame, Las Vegas, Austin as requested/needed and be available for additional travel
	 	 	 

		viii.	Additional duties from time to time as determined by the CEO
	 	 	 

		2.	Terms of Employment
	 	 	 

		a.	Employment will start on January 1, 2019, will be for no specified term, and may be terminated by you
or the Company at any time, with or without cause.
	 	 	 

		b.	Compensation
	 	 	 

		i.	Salary – $200,000 annually; to be paid bi-weekly in accordance with the Company's normal payroll
cycle.
	 	 	 

		ii.	Bonus – You will be eligible to participate in the Company’s bonus program for a target bonus
of up to 15% of your base salary, subject to the qualifying criteria applicable to your position.
	 	 	 

		iii.	Vacation – You will be eligible for a minimum of 4 weeks of vacation per year

 

PLAYSTUDIOS, Inc. 10150 Covington Cross Drive, Las Vegas, NV 89144

 

     

     

    

 

 

 

		iv.	Benefits – You will be included in the Company's medical, disability and other group insurance
plans, which include:
	 	 	 

		a)	100% of benefit premiums for Medical, Dental and Vision
	 	 	 

		b)	100% of dependent premiums
	 	 	 

		c)	100% of Basic Life and Accident insurance
	 	 	 

		d)	Short-term and Long-term Disability protection
	 	 	 

		e)	Immediate coverage upon the start of employment
	 	 	 

		v.	Equity
	 	 	 

		a)	You will be issued 200,000 shares of PLAYSTUDIOS incentive stock options (the 'Stock Options') pursuant
to the PLAYSTUDIOS 2011 Stock and Incentive Plan ("the Plan") at a price per share to be determined by an independent evaluation
of the company's common equity. The 200,000 share quantity is before the contemplated stock split. If the shares are split
prior to your award being granted, your # of shares will increase accordingly (eg, if there is a 2:1 split you will receive 400,000 shares
and the split adjusted exercise price). Both the number of shares and the share price are subject to final approval by the Board
of Directors. Your options will contain a double trigger (50% at COC, 50% at involuntary termination). We will further amend your existing
options to include double trigger.
	 	 	 

		b)	The Stock Options will vest pursuant to the Plan as follows:
	 	 	 

		i)	1/48th will vest per month over 48 months, with the first vest on February 1, 2019 (one month after
your hire date of January 1, 2019
	 	 	 

		ii)	ln the event of a Termination, you will be entitled to purchase all of the shares that have vested up
to the time of your separation.
	 	 	 

		iii)	AII Stock Options issued pursuant to the Plan vest in the same manner.
	 	 	 

		vi.	Employment is At Will, but you will receive 6 months of severance pay unless terminated for cause1
	 	 	 

		vii.	Office Space – PLAYSTUDIOS will either pay Phoenix Law Group (PLG) or reimburse you for (estimated)
$1,000 / month in order to sublease of PLG office space to establish AZ presence for legal practice licensing – includes use of
assistant, office supplies, internet, phone, office equipment

 

PLAYSTUDIOS, Inc. 10150 Covington Cross Drive, Las Vegas, NV 8914

 

     

     

    

 

 

 

		3.	Confidential & Proprietary Information
	 	 	 

		a.	You will execute standard Confidentiality and Assignment of Inventions Agreements as required by the
Company and prospective investors. Drafts of these agreements will be provided to you.

 

		4.	Non-Solicitation & Interference
	 	 	 

		a.	ln the event of a termination without cause1
                                            you will agree not to solicit employees from the Company for a period of 18 months.
	 	 	 

		b.	You represent that there are no outstanding agreements to which you are a party that would prevent
you from accepting employment with the Company and carrying out the duties and responsibilities of your position.

 

ACKNOWLEDGED AND ACCEPTED

 

	/s/ Joel Agena	 	 
	Joel Agena	 	 

 

	Date: 	December 19, 2018	 

 

 

 

 

1 “Cause”
shall mean (i) gross negligence or willful misconduct in the performance of the Maker’s duties to the Holder where such gross negligence
or willful misconduct has resulted or is likely to result in substantial and material damage to the Holder, (ii) failure or inability
to perform any assigned duties after written notice from the Holder to Maker of, and a reasonable opportunity to cure, such failure or
inability,

(iii) commission of any act of fraud with respect to
the Holder or any of its affiliates causing material harm to the business, assets or reputation of the Holder or any of its affiliates,
(iv) conviction (including any plea of no contest) of a felony or a crime involving moral turpitude or (v) Maker’s unauthorized
use or disclosure of the confidential information or trade secrets of the Holder or any of its affiliates which use causes material harm
to the Holder or any of its affiliates.

 

PLAYSTUDIOS, Inc. 10150 Covington Cross Drive, Las Vegas, NV 89144Exhibit 10.17

 

Acies Acquisition LLC

1219 Morningside Drive, Suite 1100

Manhattan Beach, CA 90266

Daniel Fetters; Edward King

 

February 1, 2021

 

Andrew Pascal

c/o PLAYSTUDIOS, Inc.

10150 Covington Cross Drive

Las Vegas, NV 89144

 

Re: Acies Interest Forfeiture

 

Ladies and Gentlemen:

 

Reference
is made to that certain Agreement and Plan of Merger (the “Merger Agreement”), dated as of the date hereof,
and entered into by and among PlayStudios, Inc., a Delaware corporation (the “Company”), Acies Acquisition
Corp., a Cayman Islands exempted company (“Acies”), Catalyst Merger Sub I, Inc., a Delaware corporation,
and Catalyst Merger Sub II, LLC, a Delaware limited liability company. Capitalized terms used but not otherwise defined herein
shall have the meanings ascribed to such terms in the Merger Agreement or the Amended and Restated Limited Liability Company Operating
Agreement of Acies Acquisition LLC, a Delaware limited liability company (the “Sponsor”), dated October 27,
2020 (the “LLCA”), among the Company and the members named therein, as applicable.

 

In connection with
the Merger Agreement, the Sponsor entered into the Sponsor Agreement, dated as of the date hereof (the “Sponsor Agreement”),
among the Sponsor and the Company, whereby the Sponsor has agreed, among other things, to forfeit certain of its Acies Class B
Ordinary Shares and Acies Warrants for no consideration (the “Forfeiture”). Based on your capital contribution
to the Sponsor, you currently have a right to 522,843 Acies Class B Ordinary Shares and 449,129 Acies Warrants (collectively,
your “Acies Interest”). In connection with the Forfeiture and pursuant to Section 3.05 of the LLCA, you
and the Sponsor agree that the Forfeiture will not be allocated pro rata among the members of the Sponsor. Instead, you and the
Sponsor agree that the Forfeiture will first be allocated to your Acies Interest, such that, as a result of the Forfeiture, you
will have no right to Acies Class B Ordinary Shares or Acies Warrants (such forfeiture, your “Acies Interest Forfeiture”).
For clarification, the Acies Interest Forfeiture will not be effectuated until the Forfeiture occurs pursuant to the Sponsor Agreement
and is subject to the Closing. If either the Merger Agreement or the Sponsor Agreement is terminated before the Closing occurs,
the Acies Interest Forfeiture will be deemed not to have occurred and be null and void, and this letter agreement shall also automatically
terminate.

 

This letter agreement
constitutes a valid and binding obligation of the parties hereto, enforceable against each of them in accordance with its terms.
Article X of the of the LLC Agreement is incorporated herein by reference, mutatis mutandis.

 

[remainder of the page intentionally
left blank – signature page follows]

 

     

     

    

 

 

	 	Sincerely,
	 	 
	 	ACIES ACQUISITION LLC

 

	 	By: 	/s/ Daniel Fetters

	 	Name:   Daniel Fetters
	 	Title:     Managing Member
	 	 
	 	By: 	/s/ Edward King

	 	Name:   Edward King
	 	Title:     Managing Member

 

Signature Page to Letter Agreement

 

     

     

    

 

Agreed to and accepted:

 

Andrew pascal

 

	/s/ Andrew Pascal	 

 

Signature Page to Letter Agreement

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