Document:

Exhibit 4.2

 

THE OFFER AND SALE OF THIS SECURITY AND
THE SECURITIES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, THIS SECURITY AND THE SECURITIES ISSUABLE HEREUNDER MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED
BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.
THIS SECURITY AND THE SECURITIES ISSUABLE HEREUNDER MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN
WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR
OTHER LOAN SECURED BY SUCH SECURITIES.

 

Original Issue Date: September 15, 2020

 

$10,503,965

 

8.5% SENIOR
SECURED CONVERTIBLE NOTE

DUE SEPTEMBER 15, 2022

 

THIS 8.5% SENIOR SECURED
CONVERTIBLE NOTE of LiveXLive Media, Inc., a Delaware corporation, (the “Company”), having its principal place
of business at 9200 Sunset Boulevard, Suite #1201, West Hollywood, California 90069 (this note, as amended, restated, supplemented
or otherwise modified from time to time, the “Note”) and is issued pursuant to the Purchase Agreement (as defined
below).

 

FOR VALUE RECEIVED,
the Company promises to pay in cash to Harvest Small Cap Partners Master, Ltd., a company organized under the laws of Cayman Islands,
or its registered assigns (the “Holder”), or shall have paid pursuant to the terms hereunder, the principal
sum of $10,503,965 on September 15, 2022 (the “Maturity Date”) or such earlier date as this Note is required
or permitted to be repaid as provided hereunder, and to pay interest to the Holder on the aggregate then outstanding principal
amount of this Note in accordance with the provisions hereof. This Note is subject to the following additional provisions:

 

Section 1.Definitions.
For the purposes hereof, in addition to the terms defined elsewhere in this Note, (a) capitalized terms not otherwise defined herein
shall have the meanings set forth in the Purchase Agreement and (b) the following terms shall have the following meanings:

 

“Account
Control Agreement(s)” means any agreement entered into by and among Holder, Company or any Subsidiary and a third party
bank or other institution (including a securities intermediary) in which Company or any Subsidiary maintains a deposit account
or an account holding investment property and which grants Holder a perfected security interest in the subject account or accounts.

 

    

     

    

 

“Applicable
Interest Rate” means an annual rate equal to 8.5%; provided, however, following the occurrence and during the continuance
of an Event of Default, the “Applicable Interest Rate” shall automatically, without notice or any other action
required by Holder, mean an annual rate equal to 11.5%.

 

“Bad
Boy Conduct” shall have the meaning set forth in Section 8(k).

 

“Bankruptcy
Event” means any of the following events: (a) the Company or any Significant Subsidiary thereof commences a case or other
proceeding under any bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or
liquidation or similar law of any jurisdiction relating to the Company or any Significant Subsidiary thereof (b) there is commenced
against the Company or any Significant Subsidiary thereof any such case or proceeding that is not dismissed within 60 days after
commencement, (c) the Company or any Significant Subsidiary thereof is adjudicated insolvent or bankrupt or any order of relief
or other order approving any such case or proceeding is entered, (d) the Company or any Significant Subsidiary thereof suffers
any appointment of any custodian or the like for it or any substantial part of its property that is not discharged or stayed within
60 calendar days after such appointment, (e) the Company or any Significant Subsidiary thereof makes a general assignment for the
benefit of creditors, (f) the Company or any Significant Subsidiary thereof calls a meeting of its creditors with a view to arranging
a composition, adjustment or restructuring of its debts, (g) the Company or any Significant Subsidiary thereof, by any act or failure
to act, expressly indicates its consent to, approval of or acquiescence in any of the foregoing or takes any corporate or other
action for the purpose of effecting any of the foregoing, or (h) the Company or any Significant Subsidiary admits in writing its
inability, or is otherwise unable, to pay its debts generally as they become due.

 

“Beneficial
Ownership Limitation” shall have the meaning set forth in Section 4(i).

 

“Bloomberg”
means Bloomberg, L.P.

 

“Broker
Undertaking” shall have the meaning set forth in Section 6(b).

 

“Buy-In”
shall have the meaning set forth in Section 4(f).

 

“Capital
Stock” of any Person means any and all shares of, interests in, rights to purchase, warrants or options for, participations
in, or other equivalents of, in each case however designated, the equity of such Person, but excluding any debt securities convertible
into such equity.

 

    2

     

    

 

“Change
of Control Transaction” means the occurrence after the date hereof of any of (a) an acquisition after the date hereof
by an individual or legal entity or “group” (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) (other
than a Permitted Holder) of effective control (whether through legal or beneficial ownership of Capital Stock of the Company, by
contract or otherwise) of in excess of 50% of the voting securities of the Company (other than by means of conversion or exercise
of the Note), (b) the Company merges into or consolidates with any other Person, or any Person merges into or consolidates with
the Company and, after giving effect to such transaction, the stockholders of the Company immediately prior to such transaction
and Permitted Holders own less than 50% of the aggregate voting power of the Company or the successor entity of such transaction,
or (c) the Company Disposes of all or substantially all of its assets to another Person other than a direct or indirect wholly-owned
Domestic Subsidiary that is Guarantor and has executed a joinder to the Security Agreement at the time of such Disposition or that
becomes a Guarantor and executes a joinder to the Security Agreement concurrently with such disposition and, in any case, the Holder
has been given 10 Business Days prior written notice of such Disposition.

 

“Close
of Business” means 5:00 p.m., New York City time.

 

“Collateral”
shall have the meaning given such term in the Security Agreement.

 

“Commission”
means the U.S. Securities Exchange Commission.

 

“Common
Stock Change Event” shall have the meaning set forth in Section 5(g).

 

“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Stock.

 

“Company
Counsel” means Foley Shechter Ablovatskiy LLP, 1359 Broadway, 20th Floor, Suite 2001, New York, NY 10018.

 

“Company
Non-Compliance Notice” shall have the meaning set forth in Section 6(b).

 

“Conversion
Date” shall have the meaning set forth in Section 4(b)(i).

 

“Conversion
Price” shall have the meaning set forth in Section 4(b)(ii).

 

“Conversion
Share Delivery Date” shall have the meaning set forth in Section 4(b)(iii).

 

“Conversion
Shares” means, collectively, the shares of Common Stock issuable upon conversion of this Note pursuant to Section
4(b).

 

“Delivery
Date” means with respect to Conversion Shares, the applicable Conversion Share Delivery Date.

 

“Delivery
Failure” has the meaning set forth Section 4(e).

 

    3

     

    

 

“Dispose”
and “Disposition” means the sale, transfer, license, lease or other disposition (including any sale and leaseback
transaction or by way of a merger) of any assets or property by any Person, including, without limitation, any sale, assignment,
transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith,
in each case, whether or not the consideration therefor consists of cash, securities or other assets owned by the acquiring Person,
excluding any sales of inventory in the ordinary course of business on ordinary business terms.

 

“Disqualified
Stock” shall mean, with respect to any person, any Equity Interests of such Person that, by its terms (or by the terms
of any security or other Equity Interests into which it is convertible or for which it is exchangeable) or upon the happening of
any event or condition (a) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (except as
a result of a Change of Control Transaction so long as any rights of the holders thereof upon the occurrence of a Change of Control
Transaction shall be subject to the prior repayment in full of the Note), (b) is redeemable at the option of the holder thereof,
in whole or in part, (c) provides for the scheduled payments of dividends in cash, or (d) is or becomes convertible into or exchangeable
for Indebtedness or any other Equity Interests that would constitute Disqualified Stock.

 

“Dollar
Volume Limitation” means 15% of the aggregate dollar trading volume of the Common Stock on the Principal Market (or other
applicable Trading Market) over the 20 consecutive Trading Day period ending on the Trading Day immediately preceding the commencement
of any Interest Notice Period. For the purposes of this definition, the term “dollar trading volume” for any VWAP Trading
Day shall be determined by multiplying the VWAP by the volume as reported on Bloomberg for such VWAP Trading Day.

 

“Domestic
Subsidiary” means any Subsidiary that is incorporated or organized under the laws of any state of the United States or
the District of Columbia, other than any such Subsidiary owned directly or indirectly by a Foreign Subsidiary.

 

“DTC”
means the Depository Trust Company.

 

“Equity
Conditions” means, during the period in question, (a) the Company shall not have failed to duly honor any conversions
scheduled to occur or occurring by virtue of one or more Notices of Conversion (b) the Company shall have paid all liquidated damages
and other amounts owing to the Holder in respect of this Note, (c) all of the shares of Common Stock issued, issuable or required
to be issued pursuant to the Transaction Documents are Freely Transferrable, (d) the Common Stock is trading on a Trading Market
and all shares of Common Stock issued, issuable or required to be issued pursuant to Section 2(a) of this Note are listed
or quoted (or approved for such listing or quotation, subject to notice of issuance) for trading on such Trading Market (and the
Company believes, in good faith, that trading of the Common Stock on a Trading Market will continue uninterrupted for the foreseeable
future) and the issuance of such shares of Common Stock pursuant to the Transaction Documents would not violate the rules and regulations
of any such Trading Market, (e) there is a sufficient number of authorized but unissued and otherwise unreserved shares of Common
Stock for the issuance of all of the shares then issuable pursuant to the Transaction Documents, (f) there is no existing Event
of Default and no existing event which, with the expiration of a cure period or the giving of notice, would constitute an Event
of Default, (g) the issuance of the shares of Common Stock in question to the Holder would not violate the limitations set forth
in Section 4(i), (h) there has been no public announcement of a pending or proposed Fundamental Transaction or Change of
Control Transaction that has not been consummated, (i) the applicable Holder is not in possession of any information provided by
or on behalf of the Company that constitutes, or may constitute, material non-public information, (j) the VWAP of the Common Stock
is at least $1.50 per share (proportionately adjusted for any stock split, stock dividend, stock combination or other similar transaction)
on each Trading Day, and (k) the Common Stock is DTC eligible (and not subject to “chill”) and the Company’s
transfer agent is participating in DTC’s Fast Automated Securities Transfer Program.

 

    4

     

    

 

“Equity
Interests” means, with respect to any Person, all of the shares of Capital Stock of (or other ownership or profit interests
in) such Person, all Common Stock Equivalents, all of the warrants, options or other rights for the purchase or acquisition from
such Person of shares of Capital Stock of (or other ownership or profit interests in) such Person, all of the securities convertible
into or exchangeable for shares of Capital Stock of (or other ownership or profit interests in) such Person or warrants, rights
or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other ownership
or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and
whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination.

 

“Event
of Default” shall have the meaning set forth in Section 7(a).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Ex-Dividend
Date” means, with respect to an issuance, dividend or distribution on the Common Stock, the first date on which shares
of Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such issuance,
dividend or distribution (including pursuant to due bills or similar arrangements required by the relevant stock exchange). For
the avoidance of doubt, any alternative trading convention on the applicable exchange or market in respect of the Common Stock
under a separate ticker symbol or CUSIP number will not be considered “regular way” for this purpose.

 

“Foreign
Subsidiary” means any Subsidiary that is not a Domestic Subsidiary.

 

“Free
Cash” means unencumbered, unrestricted cash of the Company or any Guarantor (other than encumbrances or restrictions
arising under the Transaction Documents) on deposit in one or more bank accounts subject to Account Control Agreements.

 

    5

     

    

 

“Freely
Transferrable” means, with respect to any Note Shares issued or issuable to the Holder, that either:

 

(a) such
Note Shares may be resold by the Holder pursuant to Rule 144 without volume or manner-of-sale restrictions (each as provided in
Rule 144) as reasonably determined by Company Counsel; provided, however, this clause (a) shall not be deemed satisfied during
(1) any period that the Company is not in compliance with the current public information requirements under Rule 144(c) or any
information requirements of paragraph (i) of Rule 144, in each case if applicable, or (2) any Rule 12b-25 extension period with
respect to any quarterly or annual report of the Company that is not filed by the prescribed due date therefor (for the avoidance
of doubt, without giving effect to such extension period); or

 

(b) a
“resale” registration statement under the Securities Act, in customary form, is effective under the Securities Act,
registering the resale of such Note Shares by Holder and names Holder as a selling security holder thereunder, and such “resale”
registration statement is reasonably acceptable to the Holder.

 

“Fundamental
Transaction” means (a) the Company, directly or indirectly, in one or more related transactions effects any merger or
consolidation of the Company with or into another Person, (b) the Company, directly or indirectly, effects any sale, lease, exclusive
license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of
related transactions, (c) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another
Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other
securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (d) the Company,
directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of
the Common Stock (but, for the avoidance of doubt, excluding any transaction, event or occurrence covered by Section 5(a))
or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities,
cash or property, (e) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase
agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme
of arrangement) with another Person whereby such other Person acquires more than 50% of the outstanding shares of Common Stock
(not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or Affiliated
with the other Persons making or party to, such stock or share purchase agreement or other business combination).

 

“Governmental
Authority” means any national, supranational, federal, state, county, provincial, local, municipal or other government
or political subdivision thereof (including any Regulatory Authority), whether domestic or foreign, and any agency, authority,
commission, ministry, instrumentality, regulatory body, court, tribunal, arbitrator, central bank or other Person exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to any such government.

 

    6

     

    

 

“Guarantor”
means any Subsidiary that has guaranteed the Company’s obligations hereunder and granted to the Holder a security interest
in substantially all of the assets of such Subsidiary.

 

“Indebtedness”
of a Person shall include (a) all obligations for borrowed money or the deferred purchase price of property or services (excluding
trade credit or accounts payable incurred in the ordinary course of business that are not more than 60 days past due), (b) all
obligations evidenced by bonds, debentures, notes, or other similar instruments and all reimbursement or other obligations in respect
of letters of credit, surety bonds, bankers acceptances, current swap agreements, interest rate hedging agreements, interest rate
swaps or other financial products, (c) all capital lease obligations, (d) all obligations or liabilities secured by a Lien on any
asset of such Person, irrespective of whether such obligation or liability is assumed by such Person, (e) any obligation arising
with respect to any other transaction that is the functional equivalent of borrowing but which does not constitute a liability
on the balance sheets of such Person, (f) Disqualified Stock, and (g) any obligation guaranteeing or intended to guarantee (whether
directly or indirectly guaranteed, endorsed, co-made, discounted or sold with recourse) any of the foregoing obligations of any
other Person.

 

“Interest
Notice Period” means, with respect to each Interest Payment Date, the 20 consecutive Trading Days immediately preceding
such Interest Payment Date.

 

“Interest
Payment Date” shall have the meaning set forth in Section 2(a).

 

“Interest
Share Amount” shall have the meaning set forth in Section 2(a).

 

“Investments”
means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase
or other acquisition (including by merger) of Equity Interests of another Person, (b) a loan, advance or capital contribution to,
guarantee or assumption of debt of, or purchase or other acquisition of any other debt or interest in, another Person, or (c) the
purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person that constitute a business
unit or all or a substantial part of the business of, such Person.

 

“Last
Reported Sale Price” of the Common Stock for any Trading Day means the closing sale price per share (or, if no closing
sale price is reported, the average of the last bid price and the last ask price per share or, if more than one in either case,
the average of the average last bid prices and the average last ask prices per share) of Common Stock on such Trading Day as reported
in composite transactions for the Principal Market. If the Common Stock is not listed on a U.S. national or regional securities
exchange on such Trading Day, then the Last Reported Sale Price will be the last quoted bid price per share of Common Stock on
such Trading Day in the over-the-counter market as reported by OTC Markets Group Inc. or a similar organization. If the Common
Stock is not so quoted on such Trading Day, then the Last Reported Sale Price will be the average of the mid-point of the last
bid price and the last ask price per share of Common Stock on such Trading Day from a nationally recognized independent investment
banking firm selected by (and at the cost of) the Company; provided such firm shall be reasonably acceptable to the Holder.

 

    7

     

    

 

“Lien”
means any mortgage, deed of trust, pledge, hypothecation, assignment for security, security interest, encumbrance, levy, lien or
charge of any kind, whether voluntarily incurred or arising by operation of law or otherwise, against any property, any conditional
sale or other title retention agreement, and any lease in the nature of a security interest.

 

“Market
Disruption Event” means, with respect to any date, the occurrence or existence, during the one-half hour period ending
at the scheduled close of trading on such date on the Principal Market, of any material suspension or limitation imposed on trading
(by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Common Stock or in any
options, contracts or futures contracts relating to the Common Stock.

 

“Note
Register” shall have the meaning set forth in Section 2(c).

 

“Note
Shares” means all Conversion Shares.

 

“Notice
of Conversion” shall have the meaning set forth in Section 4(b)(i).

 

“Open
of Business” means 9:00 a.m., New York City time.

 

“Original
Issue Date” means September 15, 2020, regardless of any transfers of the Note or amendments to the Note and regardless
of the number of instruments which may be issued to evidence the Note.

 

“Permitted
Holder” means (a) Robert S. Ellin, (b) any Affiliate of Robert S. Ellin, provided, that such Robert S. Ellin is the record
and beneficial owner of at least 67% of the voting securities of such Affiliate, (c) the parents, spouse or lineal descendants
of Robert S. Ellin (it being understood that lineal descendants include children by adoption) and/or (d) any trust, the beneficiaries
of which include only Robert S. Ellin or the persons identified in clause (c).

 

“Permitted
Lien” means the individual and collective reference to the following: (a) Liens for taxes, assessments and other governmental
charges or levies not yet due or Liens for taxes, assessments and other governmental charges or levies being contested in good
faith and by appropriate proceedings for which adequate reserves (in the good faith judgment of the management of the Company)
have been established in accordance with GAAP, (b) Liens imposed by law which were incurred in the ordinary course of the Company’s
business, such as carriers’, warehousemen’s, materialmen’s and mechanics’ Liens, statutory landlords’
Liens, and other similar Liens arising in the ordinary course of the Company’s business, and which (x) do not individually
or in the aggregate materially detract from the value of the property or assets subject to such Lien or materially impair the use
thereof in the operation of the business of the Company and its consolidated Subsidiaries or (y) are being contested in good faith
by appropriate proceedings, which proceedings have the effect of preventing for the foreseeable future the forfeiture or sale of
the property or asset subject to such Lien, (c) Liens in favor of the Holder, (d) Liens for reasonable and customary banking fees
granted to banks or other financial institutions in the ordinary course of business in connection with, and which solely encumber,
deposit, disbursement or concentration accounts (other than in connection with borrowed money) maintained with such banks or financial
institutions that do not exceed $50,000 in the aggregate, (e) Liens in connection with Indebtedness incurred by lease obligations
and purchase money indebtedness, incurred in connection with the acquisition of capital assets and lease obligations with respect
to newly acquired or leased assets, provided that such lease obligations and purchase money indebtedness are only recourse to the
assets being acquired or leased, (f) Liens consisting of deposits or pledges made in the ordinary course of business in connection
with workers’ compensation, unemployment, social security and similar laws, (g) Liens in favor of any existing lenders in
connection with any Subsidiary acquired after the Original Issuance Date, provided that such Lien only encumbers the assets of
such after acquired Subsidiary, (h) Liens existing on the Original Issuance Date which are disclosed on Schedule A, and
(i) Liens which the Holder has consented to in writing.

 

    8

     

    

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Principal
Market” means the Nasdaq Capital Market or such other Trading Market where the Common Stock is then listed or quoted.

 

“Public
Information Failure” shall have the meaning set forth in the Purchase Agreement.

 

“Purchase
Agreement” means the Securities Purchase Agreement, dated as of July 2, 2020, among the Company and Holder, as amended,
modified or supplemented from time to time in accordance with its terms.

 

“Reference
Property” shall have the meaning set forth in Section 5(g).

 

“Reference
Property Unit” shall have the meaning set forth in Section 5(g).

 

“Requisite
Stockholder Approval” means any and all stockholder approvals that would be required under the listing standards of the
Nasdaq Capital Market to permit the Company to settle interest on this Note in shares of Common Stock pursuant to Section 2.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Significant
Subsidiary” shall have the meaning set forth in Rule 1-02(w) of Regulation S-X, but shall exclude LiveXLive Tickets,
Inc.

 

“Spin-Off”
shall have the meaning set forth in Section 5(c)(ii).

 

“Spin-Off
Valuation Period” shall have the meaning set forth in Section 5(c)(ii).

 

    9

     

    

 

“Stock
Payment Price” means, with respect to the Interest Shares Advance Date or Interest Payment Date in question, the lesser
of (a) 90% of the average of the 3 lowest VWAPs during the 20 consecutive VWAP Trading Day period immediately preceding such date
and (b) the Conversion Price in effect on such date; provided, however, that the Stock Payment Price will in no event be less than
$1.00 per share (proportionately adjusted for any stock split, stock dividend, stock combination or other similar transaction).

 

“Subsidiary”
means an entity, whether corporate, partnership, limited liability company, joint venture or otherwise, in which the Company owns
or controls 25% or more of the outstanding voting securities, including each entity listed on Schedule B hereto.

 

“Successor
Entity” shall have the meaning set forth in Section 5(g).

 

“Tender/Exchange
Offer Expiration Date” shall have the meaning set forth in Section 5(e).

 

“Tender/Exchange
Offer Expiration Time” shall have the meaning set forth in Section 5(e).

 

“Tender/Exchange
Offer Valuation Period” shall have the meaning set forth in Section 5(e).

 

“Trading
Day” means any day on which (a) trading in the Common Stock generally occurs on the principal Trading Market; and (b)
there is no Market Disruption Event. If the Common Stock is not so listed or traded, then “Trading Day” means a Business
Day.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE American, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange
or the Principal Market (or any successors to any of the foregoing).

 

“VWAP”
means, for any VWAP Trading Day, the price determined by the first of the following clauses that applies: (a) if the Common Stock
is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such VWAP Trading
Day (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported under
the heading “Bloomberg VWAP” on Bloomberg page “LIVX <EQUITY> AQR” (or, if such page is not available,
its equivalent successor page), in respect of the period from 9:30 a.m. (local time in New York City, New York) to 4:00 p.m. (local
time in New York City, New York) or (b) if such volume-weighted average price is unavailable, the fair market value of a share
of Common Stock as of such VWAP Trading Day as determined by a nationally recognized independent investment banking firm selected
by (and at the cost of) the Company.

 

“VWAP
Market Disruption Event” means, with respect to any date, (a) the failure by a principal Trading Market to open for trading
during its regular trading session on such date; or (b) the occurrence or existence, for more than one half hour period in the
aggregate, of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the
relevant exchange or otherwise) in the Common Stock or in any options, contracts or futures contracts relating to the Common Stock,
and such suspension or limitation occurs or exists at any time before 1:00 p.m., New York City time, on such date.

 

    10

     

    

 

“VWAP
Trading Day” means a day on which (a) there is no VWAP Market Disruption Event; and (b) trading in the Common Stock generally
occurs on the principal Trading Market.

 

Section 2.Interest;
No Prepayment.

 

(a) Payment
of Interest in Cash. The Company shall pay interest to the Holder on the aggregate then outstanding principal amount of this
Note at the Applicable Interest Rate, payable quarterly in arrears as of the last Trading Day of each fiscal quarter (beginning
with the fiscal quarter ending September 30, 2020) and on the Maturity Date (each such date, an “Interest Payment Date”),
in cash . The Note shall not be prepaid without written consent of Holder.

 

(b) [Intentionally
Deleted]

 

(c) Interest
Calculations. Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months, and shall accrue
daily (but without compounding) commencing on the Original Issue Date until payment in full of the outstanding principal (including,
for the avoidance of doubt, any original issue discount), together with all accrued and unpaid interest, liquidated damages and
other amounts which may become due hereunder, has been made. Interest hereunder will be paid to the Person in whose name this Note
is registered on the records of the Company regarding registration and transfers of this Note (the “Note Register”)
or such Person’s designee identified to the Company in writing

 

Section 3.Registration
of Transfers and Exchanges.

 

(a) Different
Denominations. This Note is exchangeable for an equal aggregate principal amount of Notes of different authorized denominations,
as requested by the Holder surrendering the same. No service charge will be payable for such registration of transfer or exchange.

 

(b) Investment
Representations. This Note has been issued subject to certain investment representations of the original Holder set forth in
the Purchase Agreement and may be transferred or exchanged only in compliance with the Purchase Agreement and applicable federal
and state securities laws and regulations.

 

(c) Reliance
on Note Register. Prior to due presentment for transfer to the Company of this Note, the Company and any agent of the Company
may treat the Person in whose name this Note is duly registered on the Note Register as the owner hereof for the purpose of receiving
payment as herein provided and for all other purposes, whether or not this Note is overdue, and neither the Company nor any such
agent shall be affected by notice to the contrary.

 

    11

     

    

 

Section 4.Voluntary
Conversion; Delivery of Note Shares.

 

(a) Intentionally
Omitted.

 

(b) Voluntary
Conversion.

 

(i) Voluntary
Conversion. Commencing on the Original Issue Date, and thereafter from time to time until this Note is no longer outstanding,
this Note shall be convertible, in whole or in part having a principal amount that is an integral multiple of $1,000 (or such lesser
principal amount of this Note as may then be outstanding), into shares of Common Stock at the option of the Holder, subject to
the conversion limitations set forth in Section 4(i). The Holder shall effect conversions by delivering to the Company a
Notice of Conversion, the form of which is attached hereto as Annex A (each, a “Notice of Conversion”),
specifying therein the principal amount of this Note to be converted. The date such Notice of Conversion is deemed delivered hereunder
will be deemed to be the “Conversion Date.” No ink-original Notice of Conversion shall be required, nor shall
any medallion guarantee (or other type of guarantee or notarization) of any Notice of Conversion form be required. To effect conversions
hereunder, the Holder shall not be required to physically surrender this Note to the Company unless the entire principal amount
of this Note, plus all accrued and unpaid interest thereon, has been so converted. Conversions hereunder shall have the effect
of lowering the outstanding principal amount of this Note in an amount equal to the applicable conversion. The Holder and the Company
shall maintain records showing the principal amount(s) converted and the date of such conversion(s). In the event of any dispute
or discrepancy, the records of the Holder shall be controlling and determinative in the absence of manifest error. The Holder,
and any assignee by acceptance of this Note, acknowledge and agree that, by reason of the provisions of this paragraph, following
conversion of a portion of this Note, the unpaid and unconverted principal amount of this Note may be less than the amount stated
on the face hereof.

 

(ii) Conversion
Price. The conversion price in effect on any Conversion Date shall be equal to $4.50, subject to adjustment as provided herein
(the “Conversion Price”).

 

(iii) Conversion
Shares Issuable Upon Conversion of Principal Amount; Delivery Date. The number of Conversion Shares issuable upon a conversion
hereunder shall be determined by the quotient obtained by dividing (x) the outstanding principal amount of this Note to be converted
(plus, to extent the Company so elects pursuant to the immediately following sentence, accrued and unpaid interest thereon to,
but excluding, the applicable Conversion Date) by (y) the Conversion Price in effect on the applicable Conversion Date. Upon conversion
of any portion of this Note, accrued and unpaid interest on such converted portion to, but excluding, the applicable Conversion
Date will be paid, at the Company’s election, either (A) in cash to be delivered on or before the related Conversion Share
Delivery Date or (B) by adding such accrued and unpaid interest to the amount referred to in clause (x) above; provided, however,
that the Company will not have the right to, and will not, elect to pay such accrued and unpaid interest in the manner provided
in clause (B) above if such election is not then permitted by the listing standards of the Principal Market. The Company shall
deliver all Conversion Shares to the Holder within two (2) Trading Days after the date of the applicable Notice of Conversion (the
date by which such delivery must be made, subject to Sections 5(c)(ii), 5(e) and 5(f)(ii), the “Conversion
Share Delivery Date”).

 

    12

     

    

 

(c) Intentionally
Omitted.

 

(d) Delivery
of Certificate for Conversion Shares. The Company shall deliver to the Holder a certificate or certificates for the full number
of Note Shares required to be delivered by the applicable Delivery Date; provided, however, that following the 6 month anniversary
of the Original Issue Date (and provided, without limiting any rights of the Holder under this Note or the other Transaction Documents,
that the Company is compliance with the public information requirements of Rule 144(c), if applicable, and all information requirements
of Rule 144(i)), the Company shall deliver any Note Shares required to be issued by the Company electronically through DTC without
restrictive legends or trading restrictions of any kind not later than the applicable Delivery Date. The Company shall, at its
own expense, cause there to be issued one or more legal opinions, if any, required to issue Note Shares without any restrictive
legends or trading restrictions of any kind. If Conversion Shares are not delivered to or as directed by the applicable Delivery
Date, the Holder shall, in addition to, and not in limitation of, its other rights and remedies under this Note and the other Transaction
Documents, be entitled to elect by written notice to the Company at any time on or before its receipt of such Conversion Shares,
to rescind the applicable Notice of Conversion.

 

(e) Obligation
Absolute; Partial Liquidated Damages. The Company’s obligations to issue and deliver Note Shares in accordance with the
terms hereof are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver
or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same,
or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder or any other
Person of any obligation to the Company or any violation or alleged violation of law by the Holder or any other Person, and irrespective
of any other circumstance which might otherwise limit such obligation of the Company to the Holder in connection with the issuance
of Note Shares; provided, however, that such delivery shall not operate as a waiver by the Company of any such action the Company
may have against the Holder. The Company may not refuse to issue any Note Shares required to be issued hereunder based on any claim
that the Holder or anyone associated or Affiliated with the Holder has been engaged in any violation of law, agreement or for any
other reason, unless an injunction from a court, on notice to Holder, shall have been sought and obtained, and the Company posts
a surety bond for the benefit of the Holder in the amount of 150% of the outstanding principal amount of this Note, which is subject
to the injunction, which bond shall remain in effect until the completion of litigation of the underlying dispute and the proceeds
of which shall be payable to the Holder to the extent it obtains judgment. In the absence of such injunction, the Company shall
issue Note Shares required to be issued hereunder in accordance with the terms hereof. If the Company fails for any reason to deliver
to the Holder Note Shares required to be issued pursuant to any provision of this Note by the second Trading Day following the
applicable Delivery Date (a “Delivery Failure”), the Company shall pay to the Holder, in cash, as partial liquidated
damages and not as a penalty, for each $1,000 of principal amount being redeemed or converted, as applicable, $1.25 per Trading
Day for each Trading Day after the second Trading Day following such Delivery Date until such Note Shares are delivered or the
Holder rescinds such conversion. Nothing herein shall limit a Holder’s right to pursue actual damages or declare an Event
of Default pursuant to Section 7 hereof for the Company’s failure to deliver Note Shares within the applicable period
specified in this Note and the Holder shall have the right to pursue all remedies available to it hereunder, at law or in equity
including, without limitation, a decree of specific performance and/or injunctive relief. The exercise of any such rights shall
not prohibit the Holder from seeking to enforce damages pursuant to any other Section hereof or under applicable law. Without limiting
the foregoing, the Company acknowledges that to the extent that the Company does not honor, or indicates to the Holder that it
will not honor, Conversion Notices (a “Repudiation”) the Holder’s damages, in addition to out-of-pocket
expenses and other damages, shall include Holder’s entire lost profit resulting from its inability to receive Note Shares,
which lost profit shall be calculated as the maximum number of Note Shares that the Holder would have been able to receive pursuant
to any provision of this Note at or following the time of such Repudiation multiplied by any reported trading price of the Common
Stock from and after the time of the Repudiation selected by the Holder (whether or not the Holder has actually tendered Conversion
Notices for such maximum number of Note Shares).

 

    13

     

    

 

(f) Compensation
for Buy-In on Failure to Timely Deliver Certificates. If the Company shall fail for any reason, or for no reason, on or prior
to the applicable Delivery Date to deliver share certificates or credit the Holder’s or its broker’s DTC account (whichever
is required pursuant to Section 4(d)), for such number of Note Shares to which the Holder is entitled under this Note (a
“Delivery Failure”) and if on or after such Delivery Date the Holder purchases (in an open market transaction
or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of shares of Common Stock issuable pursuant
to this Note that the Holder anticipated receiving from the Company (a “Buy-In”), then, in addition to all other
remedies available to the Holder, the Company shall, within three (3) Trading Days after the Holder’s request and in the Holder’s
discretion, either (i) pay cash to the Holder in an amount equal to the Holder’s total purchase price (including brokerage commissions
and other reasonable out-of-pocket expenses, if any) for the shares of Common Stock so purchased (the “Buy-In Price”),
at which point the Company’s obligation to credit such Holder’s or its broker’s DTC account for such Note Shares shall terminate,
or (ii) promptly honor its obligation to deliver such share certificates or credit such Holder’s or its broker’s DTC account,
as applicable, and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A)
such number of Note Shares, times (B) any trading price of the shares of Common Stock selected by the Holder in writing as in effect
at any time during the period beginning on the Interest Shares Advance Date, Interest Payment Date or Conversion Share Delivery,
as applicable, and ending on the applicable Delivery Date. Nothing shall limit the Holder’s right to pursue any other remedies
available to it hereunder, at law or in equity, including, without limitation, a decree of specific performance and/or injunctive
relief with respect to the Company’s failure to timely deliver Note Shares pursuant to the terms hereof. Notwithstanding anything
to the contrary herein, any cash payment paid pursuant to this Section 4(f) will reduce any amounts that may be due to the
Holder on account of the Delivery Failure pursuant to Section 4(e).

 

(g) Fractional
Shares. No fractional shares or scrip representing fractional shares shall be issued under this Note. As to any fraction of
a share which the Holder would otherwise be entitled, the Company shall pay a cash amount equal to the product of the VWAP on the
applicable Conversion Date and such fraction.

 

(h) Transfer
Taxes and Expenses. The issuance of Note Shares shall be made without charge to the Holder hereof for any documentary stamp
or similar taxes that may be payable in respect of the issue or delivery of such Note Shares, other than any tax that may be payable
as a result of any Holder requesting any Note Share to be issued to or registered in the name of a person other than such Holder.
The Company shall pay all Transfer Agent fees required for processing of any issuance of Note Shares and all fees to DTC (or another
established clearing corporation performing similar functions) required for same-day electronic delivery of Note Shares.

 

    14

     

    

 

(i) Beneficial
Ownership Limitation. Notwithstanding anything to the contrary set forth in this Note, at no time may the Company issue to
the Holder Note Shares to the extent that after giving effect to such issuance, the Holder (together with the Holder’s Affiliates,
and any Persons acting as a group together with the Holder or any of the Holder’s Affiliates) would beneficially own in excess
of the Beneficial Ownership Limitation (as defined below).  For purposes of this Section 4(i), beneficial ownership shall
be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. To the
extent that the limitation contained in this Section 4(i) applies, the determination of whether shares of Common Stock may be issued
pursuant to this Note (in relation to other securities owned by the Holder together with any Affiliates) shall be in the sole discretion
of the Holder, and the submission of a Notice of Conversion shall be deemed to be the Holder’s determination of whether shares
of Common Stock may be issued pursuant to this Note (in relation to other securities owned by the Holder together with any Affiliates)
subject to the Beneficial Ownership Limitation. In addition, the Holder may notify the Company that the issuance of any Note Shares
would cause the Holder to exceed the Beneficial Ownership Limitation, in which case, the Company shall only issue to the Holder
such number of shares of Common Stock that would not cause the Holder to exceed the Beneficial Ownership (as determined by the
Holder in accordance with this Section 4(i)). In addition, a determination as to any group status as contemplated above shall be
determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes
of this Section 4(i), in determining the number of outstanding shares of Common Stock, the Holder may rely on the number of outstanding
shares of Common Stock as stated in the most recent of the following: (i) the Company’s most recent periodic or annual report
filed with the Commission, as the case may be, (ii) a more recent public announcement by the Company, or (iii) a more recent written
notice by the Company or the Company’s Transfer Agent setting forth the number of shares of Common Stock outstanding. 
Upon the written or oral request of a Holder, the Company shall within two (2) Trading Days confirm orally and in writing to the
Holder the number of shares of Common Stock then actually outstanding. For purposes of determining beneficial ownership pursuant
to this Section 4(i), the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion
or exercise of securities of the Company by the Holder or its Affiliates since the date as of which such number of outstanding
shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.9% of the number of shares
of the Common Stock outstanding immediately after giving effect to the applicable issuance of shares of Common Stock pursuant to
this Note held by the Holder. The Holder, upon not less than 61 days’ prior notice to the Company, may increase or decrease
the Beneficial Ownership Limitation provisions of this Section 4(i), provided that the Beneficial Ownership Limitation in no event
exceeds 9.9% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares
of Common Stock pursuant to the terms of this Note and the Beneficial Ownership Limitation provisions of this Section 4(i) shall
continue to apply. Any such increase or decrease will not be effective until the sixty-first day after such notice is delivered
to the Company. The Beneficial Ownership Limitation provisions of this paragraph shall be construed and implemented in a manner
otherwise than in strict conformity with the terms of this Section 4(i) to correct this paragraph (or any portion hereof) which
may be defective or inconsistent with the intended Beneficial Ownership Limitation contained herein or to make changes or supplements
necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a
successor holder of this Note.

 

    15

     

    

 

Section 5.Certain
Adjustments.

 

(a) Stock
Dividends, Splits and Combinations. If the Company issues solely shares of Common Stock as a dividend or distribution on all
or substantially all shares of the Common Stock, or if the Company effects a stock split or a stock combination of the Common Stock
(in each case excluding an issuance solely pursuant to a Common Stock Change Event, as to which Section 5(g) will apply),
then the Conversion Price will be adjusted based on the following formula:

 

	CP1 = CP0 × 	OS0
	OS1

 

where:

 

	 	CP0	= 	the Conversion Price in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution, or immediately before the Open of Business on the effective date of such stock split or stock combination, as applicable;
	 	 	 	 
	 	CP1	= 	the Conversion Price in effect immediately after the Open of Business on such Ex-Dividend Date or the Open of Business on such effective date, as applicable;
	 	 	 	 
	 	OS0	= 	the number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date or effective date, as applicable, without giving effect to such dividend, distribution, stock split or stock combination; and
	 	 	 	 
	 	OS1	=	the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, stock split or stock combination.

 

If any dividend,
distribution, stock split or stock combination of the type described in this Section 5(a) is declared or announced, but
not so paid or made, then the Conversion Price will be readjusted, effective as of the date the Company determines not to pay such
dividend or distribution or to effect such stock split or stock combination, to the Conversion Price that would then be in effect
had such dividend, distribution, stock split or stock combination not been declared or announced.

 

    16

     

    

 

(b) Rights,
Options and Warrants. If the Company distributes, to all or substantially all holders of Common Stock, rights, options or warrants
(other than rights issued or otherwise distributed pursuant to a stockholder rights plan, as to which the provisions set forth
in Sections 5(c)(i) and 5(f)(iii) will apply) entitling such holders, for a period of not more than 60 calendar days
after the record date of such distribution, to subscribe for or purchase shares of Common Stock at a price per share that is less
than the average of the Last Reported Sale Prices per share of Common Stock for the 10 consecutive Trading Days ending on, and
including, the Trading Day immediately before the date such distribution is announced, then the Conversion Price will be based
on the following formula:

 

	CP1 = CP0 × 	OS + Y
	OS + X

 

where:

 

	 	CP0	= 	the Conversion Price in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution;
	 	 	 	 
	 	CP1	= 	the Conversion Price in effect immediately after the Open of Business on such Ex-Dividend Date;
	 	 	 	 
	 	OS	= 	the number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date;
	 	 	 	 
	 	X	= 	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and
	 	 	 	 
	 	Y	=	a number of shares of Common Stock obtained by dividing (x) the aggregate price payable to exercise such rights, options or warrants by (y) the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced.

 

To the extent
that shares of Common Stock are not delivered after the expiration of such rights, options or warrants (including as a result of
such rights, options or warrants not being exercised), the Conversion Price will be readjusted to the Conversion Price that would
then be in effect had the decrease to the Conversion Price for such distribution been made on the basis of delivery of only the
number of shares of Common Stock actually delivered upon exercise of such rights, option or warrants. To the extent such rights,
options or warrants are not so distributed, the Conversion Price will be readjusted to the Conversion Price that would then be
in effect had the Ex-Dividend Date for the distribution of such rights, options or warrants not occurred.

 

For purposes
of this Section 5(b), in determining whether any rights, options or warrants entitle holders of Common Stock to subscribe
for or purchase shares of Common Stock at a price per share that is less than the average of the Last Reported Sale Prices per
share of Common Stock for the 10 consecutive Trading Days ending on, and including, the Trading Day immediately before the date
of the distribution of such rights, options or warrants is announced, and in determining the aggregate price payable to exercise
such rights, options or warrants, there will be taken into account any consideration the Company receives for such rights, options
or warrants and any amount payable on exercise thereof, with the value of such consideration, if not cash, to be determined by
the Company in good faith.

 

    17

     

    

 

(c) Spin-Offs
and Other Distributed Property.

 

(i) Distributions
Other than Spin-Offs. If the Company distributes shares of its Capital Stock, evidences of its indebtedness or other assets
or property of the Company, or rights, options or warrants to acquire Capital Stock of the Company or other securities, to all
or substantially all holders of the Common Stock, excluding:

 

	 	(1)	dividends, distributions, rights, options or warrants for which an adjustment to the Conversion Price is required (or would be required without regard to Section 5(f)(iv)) pursuant to Section 5(a) or Section 5(b);
	 	 	 
	 	(2)	dividends or distributions paid exclusively in cash for which an adjustment to the Conversion Price is required (or would be required without regard to Section 5(f)(iv)) pursuant to Section 5(d);
	 	 	 
	 	(3)	rights issued or otherwise distributed pursuant to a stockholder rights plan, except to the extent provided in Section 5(f)(iii); or
	 	 	 
	 	(4)	Spin-Offs for which an adjustment to the Conversion Price is required (or would be required without regard to Section 5(f)(iv)) pursuant to Section 5(c)(ii); and
	 	 	 
	 	(5)	a distribution solely pursuant to a Common Stock Change Event, as to which Section 5(g) will apply,

 

then the Conversion Price
will be decreased based on the following formula:

 

	CP1 = CP0 × 	SP – FMV
	SP

 

where:

 

	 	CP0	=	the Conversion Price in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution;
	 	 	 	 
	 	CP1	= 	the Conversion Price in effect immediately after the Open of Business on such Ex-Dividend Date;
	 	 	 	 
	 	SP	= 	the average of the Last Reported Sale Prices per share of Common Stock for the 10 consecutive Trading Days ending on, and including, the Trading Day immediately before such Ex-Dividend Date; and
	 	 	 	 
	 	FMV	= 	the fair market value (as determined by the Company in good faith), as of such Ex-Dividend Date, of the shares of Capital Stock, evidences of indebtedness, assets, property, rights, options or warrants distributed per share of Common Stock pursuant to such distribution;

 

    18

     

    

 

provided,
however, that if FMV is equal to or greater than SP, then, in lieu of the foregoing adjustment to the Conversion
Price, the Holder will participate in such distribution, at the same time and on the same terms as holders of Common Stock and
without converting any Notes, as if the Holder held, on the record date for such distribution, a number of Conversion Shares that
would have been issuable upon conversion of the total outstanding principal amount of Notes held by such Holder as of such record
date assuming such outstanding principal amount were converted with a Conversion Date occurring on such record date.

 

To the extent
such distribution is not so paid or made, or such rights, options or warrants are not exercised before their expiration (including
as a result of being redeemed or terminated), the Conversion Price will be readjusted to the Conversion Price that would then be
in effect had the adjustment been made on the basis of only the distribution, if any, actually made or paid or on the basis of
the distribution of only such rights, options or warrants, if any, that were actually exercised, if at all.

 

(ii) Spin-Offs.
If the Company distributes or dividends shares of Capital Stock of any class or series, or similar equity interest, of or relating
to an Affiliate, a Subsidiary or other business unit of the Company to all or substantially all holders of the Common Stock (other
than solely pursuant to a Common Stock Change Event, as to which Section 5(g) will apply), and such Capital Stock or equity
interest is listed or quoted (or will be listed or quoted upon the consummation of the transaction) on a U.S. national securities
exchange (a “Spin-Off”), then the Conversion Price will be decreased based on the following formula:

 

	EP1 = EP0 × 	SP
	FMV + SP

 

where:

 

	 	CP0	=	the Conversion Price in effect immediately before the Open of Business on the Ex-Dividend Date for such Spin-Off;
	 	 	 	 
	 	CP1	= 	the Conversion Price in effect immediately after the Open of Business on such Ex-Dividend Date;
	 	 	 	 
	 	FMV	=	the product of (x) the average of the Last Reported Sale Prices per share or unit of the Capital Stock or equity interests distributed in such Spin-Off over the 10 consecutive Trading Day period (the “Spin-Off Valuation Period”) beginning on, and including, such Ex-Dividend Date (such average to be determined as if references to Common Stock in the definitions of Last Reported Sale Price and Trading Day were instead references to such Capital Stock or equity interests); and (y) the number of shares or units of such Capital Stock or equity interests distributed per share of Common Stock in such Spin-Off; and
	 	 	 	 
	 	SP	=	the average of the Last Reported Sale Prices per share of Common Stock for each Trading Day in the Spin-Off Valuation Period.

 

    19

     

    

 

The adjustment
to the Conversion Price pursuant to this Section 5(c)(ii) will be calculated as of the Close of Business on the last Trading
Day of the Spin-Off Valuation Period but will be given effect immediately after the Open of Business on the Ex-Dividend Date for
the Spin-Off, with retroactive effect. If this Note is exercised and the Conversion Date occurs during the Spin-Off Valuation Period,
then, notwithstanding anything to the contrary in this Note, the Company will, if necessary, delay the settlement of such exercise
until the third Trading Day after the last day of the Spin-Off Valuation Period.

 

To the extent
any dividend or distribution of the type set forth in this Section 5(c)(ii) is declared but not made or paid, the Conversion
Price will be readjusted to the Conversion Price that would then be in effect had the adjustment been made on the basis of only
the dividend or distribution, if any, actually made or paid.

 

(d) Cash
Dividends or Distributions. If any cash dividend or distribution is made to all or substantially all holders of Common Stock,
then the Conversion Price will be decreased based on the following formula:

 

	EP1 = EP0 × 	SP – D
	SP

 

where:

 

	 	CP0	= 	the Conversion Price in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution;
	 	 	 	 
	 	CP1	= 	the Conversion Price in effect immediately after the Open of Business on such Ex-Dividend Date;
	 	 	 	 
	 	SP	= 	the Last Reported Sale Price per share of Common Stock on the Trading Day immediately before such Ex-Dividend Date; and
	 	 	 	 
	 	D	=	the cash amount distributed per share of Common Stock in such dividend or distribution;

 

provided,
however, that if D is equal to or greater than SP, then, in lieu of the foregoing adjustment to the Conversion
Price, the Holder will participate in such dividend or distribution, at the same time and on the same terms as holders of Common
Stock and without converting the Note, as if the Holder held, on the record date for such dividend or distribution, a number of
Conversion Shares that would have been issuable upon conversion of the total outstanding principal amount of the Note held by Holder
as of such record date assuming such outstanding principal amount were converted with a Conversion Date occurring on such record
date.

 

    20

     

    

 

To the extent
such dividend or distribution is declared but not made or paid, the Conversion Price will be readjusted to the Conversion Price
that would then be in effect had the adjustment been made on the basis of only the dividend or distribution, if any, actually made
or paid.

 

(e) Tender
Offers or Exchange Offers. If the Company or any of its Subsidiaries makes a payment in respect of a tender offer or exchange
offer for shares of Common Stock, and the value (determined as of the Tender/Exchange Offer Expiration Time by the Company in good
faith) of the cash and other consideration paid per share of Common Stock in such tender or exchange offer exceeds the Last Reported
Sale Price per share of Common Stock on the Trading Day immediately after the last date (the “Tender/Exchange Offer Expiration
Date”) on which tenders or exchanges may be made pursuant to such tender or exchange offer (as it may be amended), then
the Conversion Price will be decreased based on the following formula:

 

	EP1 = EP0 × 	OS0 × SP
	AC + (SP × OS1)

 

where:

 

	 	CP0	= 	the Conversion Price in effect immediately before the time (the “Tender/Exchange Offer Expiration Time”) such tender or exchange offer expires;
	 	 	 	 
	 	CP1	= 	the Conversion Price in effect immediately after the Tender/Exchange Offer Expiration Time;
	 	 	 	 
	 	AC	= 	the aggregate value (determined as of the Tender/Exchange Offer Expiration Time by the Company in good faith) of all cash and other consideration paid for shares of Common Stock purchased in such tender or exchange offer;
	 	 	 	 
	 	OS0	= 	the number of shares of Common Stock outstanding immediately before the Tender/Exchange Offer Expiration Time (before giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer);
	 	 	 	 
	 	OS1	=	the number of shares of Common Stock outstanding immediately after the Tender/Exchange Offer Expiration Time (excluding all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); and
	 	 	 	 
	 	SP	= 	the average of the Last Reported Sale Prices per of Common Stock over the 10 consecutive Trading Day period (the “Tender/Exchange Offer Valuation Period”) beginning on, and including, the Trading Day immediately after the Tender/Exchange Offer Expiration Date;

 

    21

     

    

 

provided,
however, that the Conversion Price will in no event be adjusted upwards pursuant to this Section 5(e), except to
the extent provided in the immediately following paragraph. The adjustment to the Conversion Price pursuant to this Section
5(e) will be calculated as of the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period but
will be given effect immediately after the Tender/Exchange Offer Expiration Time, with retroactive effect. If this Note is converted
and the Conversion Date occurs during the Tender/Exchange Offer Valuation Period, then, notwithstanding anything to the contrary
in this Note, the Company will, if necessary, delay the settlement of such exercise until the third Trading Day after the last
day of the Tender/Exchange Offer Valuation Period.

 

To the extent
such tender or exchange offer is announced but not consummated (including as a result of the Company being precluded from consummating
such tender or exchange offer under applicable law), or any purchases or exchanges of shares of Common Stock in such tender or
exchange offer are rescinded, the Conversion Price will be readjusted to the Conversion Price that would then be in effect had
the adjustment been made on the basis of only the purchases or exchanges of shares of Common Stock, if any, actually made, and
not rescinded, in such tender or exchange offer.

 

(f) No
Adjustment in Certain Cases.

 

(i) Where
Holders Participate in the Transaction or Event Without Conversion. Notwithstanding anything to the contrary in Section
5, the Company will not be obligated to adjust the Conversion Price on account of a transaction or other event otherwise requiring
an adjustment pursuant to clauses (b) through (d) of this Section 5 if the Holder participates, at the same time and on
the same terms as holders of Common Stock, in such transaction or event without having to convert Holder’s Note, as if the
Holder held, on the record date for such transaction or event, a number of Conversion Shares that would have been issuable upon
conversion of the total outstanding principal amount of the Note held by Holder as of such record date assuming such outstanding
principal amount were converted with a Conversion Date occurring on such record date.

 

(ii) Conversion
Rate Adjustments where Converting Holders Participate in the Relevant Transaction or Event. Notwithstanding anything
to the contrary, if (1) a Conversion Price adjustment for any dividend or distribution becomes effective on any Ex-Dividend Date
pursuant to clauses (a) through (e) of this Section 5; (2) any portion of this Note is to be converted; (3) the Conversion
Date for such conversion occurs on or after such Ex-Dividend Date and on or before the related record date; (4) the Conversion
Shares due upon such conversion are calculated based on a Conversion Price that is adjusted for such dividend or distribution;
and (5) such shares would be entitled to participate in such dividend or distribution (including pursuant to Section 5(h)),
then (x) such Conversion Price adjustment will not be given effect for such conversion; and (y) the Conversion Shares issuable
upon such conversion based on such unadjusted Conversion Price will be entitled to participate in such dividend or distribution.

 

    22

     

    

 

(iii) Stockholder
Rights Plans. If any Conversion Shares are to be issued upon conversion of this Note and, at the time of such conversion, the
Company has in effect any stockholder rights plan, then the Holder will be entitled to receive, in addition to, and concurrently
with the delivery of, the Conversion Shares otherwise payable hereunder upon such conversion, the rights set forth in such stockholder
rights plan, unless such rights have separated from the Common Stock at such time, in which case, and only in such case, the Conversion
Price will be adjusted pursuant to Section 5(c)(i) on account of such separation as if, at the time of such separation,
the Company had made a distribution of the type referred to in such Section to all holders of the Common Stock, subject to readjustment
in accordance with such Section if such rights expire, terminate or are redeemed.

 

(iv) Adjustment
Deferral. If an adjustment to the Conversion Rate otherwise required by clauses (b) through (d) of this Section 5 would
result in a change of less than one percent (1%) to the Conversion Price, then, notwithstanding anything to the contrary, the Company
may, at its election, defer such adjustment, except that all such deferred adjustments must be given effect immediately upon the
earliest of the following: (i) when all such deferred adjustments would result in a change of at least one percent (1%) to the
Conversion Price; and (ii) the Conversion Date of any portion of this Note.

 

(g) Fundamental
Transaction. If, at any time while this Note is outstanding, the Company effects a Fundamental Transaction pursuant to which
the Common Stock is exchanged for, converted into, or represents solely the right to receive any other securities, cash or other
property (such transaction, a “Common Stock Change Event,” and such other securities, cash or property, the
“Reference Property,” and the amount and kind of Reference Property that a holder of one share of Common Stock
would be entitled to receive on account of such Fundamental Transaction (without giving effect to any arrangement not to issue
or deliver a fractional portion of any security or other property), a “Reference Property Unit”), then, notwithstanding
anything herein to the contrary, upon any conversion of this Note on or after the effective date of such Fundamental Transaction,
each Note Share issuable hereunder will be payable hereunder in Reference Property determined in the same manner as if each reference
to any number of shares of Common Stock herein (including in any definitions) were instead a reference to the same number of Reference
Property Units. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental
Transaction, then the composition of the Reference Property Unit will be deemed to be the types and amounts of consideration actually
received, per share of Common Stock, by the holders of Common Stock. The Company shall, if applicable, cause any successor entity
in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in
writing all of the obligations of the Company under this Note in accordance with the provisions of this Section 5(e) pursuant
to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable
delay) prior to such Fundamental Transaction and shall, at the option of the Holder of this Note, deliver to the Holder in exchange
for this Note a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance
to this Note which is convertible for a corresponding number of Reference Property Units within five (5) Business Days of such
Fundamental Transaction. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall, if applicable, succeed
to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Note and the
other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise
every right and power of the Company and shall assume all of the obligations of the Company under this Note and the other Transaction
Documents with the same effect as if such Successor Entity had been named as the Company herein. For the avoidance of doubt, nothing
in this Section 5(g) shall be deemed implied consent to any Fundamental Transaction otherwise prohibited by the Transaction
Documents.

 

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(h) Holder
of Record of Conversion Shares. The Person in whose name any Conversion Share is issuable upon conversion of this Note will
be deemed to become the holder of record of such share as of the Close of Business on the Conversion Date for such conversion.

 

(i) Calculations.
All calculations under this Section 5 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may
be. For purposes of this Section 5, the number of shares of Common Stock deemed to be issued and outstanding as of a given
date shall be the sum of the number of shares of Common Stock (excluding any treasury shares of the Company) issued and outstanding.

 

(j) Notice
to the Holder.

 

(i) Adjustment
to Conversion Price. Whenever the Conversion Price is adjusted pursuant to any provision of this Section 5, the Company
shall promptly deliver to the Holder a notice setting forth the Conversion Price after such adjustment and setting forth a brief
statement of the facts requiring such adjustment.

 

(ii) Notice
to Allow Conversion by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on
the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C)
the Company shall authorize the granting to all holders of the Common Stock of rights or warrants to subscribe for or purchase
any shares of Capital Stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required
in connection with any reclassification of the Common Stock, any Fundamental Transaction, Change of Control, consolidation or merger
to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory
share exchange whereby the Common Stock is converted into other securities, cash or property or (E) the Company shall authorize
the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company
shall cause to be filed at each office or agency maintained for the purpose of conversion of this Note, and shall cause to be delivered
to the Holder at its last address as it shall appear upon the Note Register, at least 20 calendar days prior to the applicable
record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose
of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders
of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined
or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective
or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their
shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger,
sale, transfer or share exchange, provided that the failure to deliver such notice or any defect therein or in the delivery thereof
shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided
hereunder constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company
shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K filed with the Commission. The
Holder shall remain entitled to convert this Note during the 20-day period commencing on the date of such notice through the effective
date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

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(k) No
Implied Consent. The provisions of this Section 5 shall not be deemed to be implied consent to any transaction or other
thing otherwise prohibited by the terms and conditions of this Note and the other Transaction Documents.

 

Section 6.Covenants.

 

(a) As
long as any portion of this Note remains outstanding, and unless the Holder shall have otherwise given prior written consent, the
Company shall not, and shall not permit any of the Subsidiaries to, directly or indirectly:

 

(i) issue
Disqualified Stock;

 

(ii) amend
its charter documents, including, without limitation, its certificate of incorporation and bylaws, in any manner that adversely
affects any rights of the Holder under the Transaction Documents in any material respects;

 

(iii) repay,
repurchase or offer to repay, repurchase or otherwise acquire any of its Equity Interests, other than repurchases of Common Stock
or Common Stock Equivalents of departing officers, directors, and employees of the Company, provided that such repurchases shall
not exceed an aggregate of $250,000 for all officers, directors, and employees during the term of this Note;

 

(iv) pay
or make dividends or distributions on any of its Equity Interests, except that any Subsidiary may, directly or indirectly, pay
or make any dividend or distribution to the Company;

 

(v) create
any new Domestic Subsidiary unless such Subsidiary is promptly added as a Guarantor and promptly executes a joinder to the Subsidiary
Guaranty and Security Agreement;

 

(vi) enter
into any transaction with any Affiliate of the Company which would be required to be disclosed in any public filing with the Commission
(other than any transaction between or among any of the Company and one or more Guarantors), unless such transaction is made on
an arm’s length basis and expressly approved by a majority of the disinterested directors of the Company (even if less than
a quorum otherwise required for board approval);

 

(vii) maintain
deposit accounts, or accounts holding investment property, except (1) with respect to which the Holder has an Account Control Agreement
and (2) which hold a balance of no more than $250,000, provided however, that the aggregate amount of cash held in accounts that
are not subject to Account Control Agreements shall not exceed $1,000,000 at any time (for the avoidance of doubt, this clause
(v) being subject to Section 2.4(a) of the Purchase Agreement); or

 

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(viii) enter
into any unconditional binding agreements in violation of any of the foregoing covenants.

 

(b) Holder
Cooperation Related to Note Shares and Informational Requirements. The Holder will reasonably cooperate with the Company in
connection with the issuance of Note Shares through the book-entry facilities of The Depository Trust Company. The Holder shall
provide a customary seller representation letter and cause its broker to provide a customary broker representation letter, and
the Company shall provide a customary issuer representation letter, in connection therewith. Holder agrees that it will not effect
any resale of Note Shares unless (i) such resale is pursuant to an effective registration statement under the Securities Act, (ii)
the Company is then in compliance with the informational requirements of Rule 144(c), if applicable, and the requirements of Rule
144(i)(2) or (iii) such Holder provides to the Company an opinion of its counsel, which opinion is reasonably acceptable to the
Company, that such sale is otherwise permissible in accordance with Section 4(a)(1) of the Securities Act. Upon request by any
Holder, the Company will promptly confirm (as promptly as practicable after the Holder’s request if such request is made
between the Open of Business and the Close of Business on a Business Day) whether or not such informational and other requirements
are satisfied, and the Holder will be entitled to rely on such confirmation. In addition, the Holder shall cause its broker to
provide an undertaking from such broker that prior to executing any sale of Note Shares on behalf of Holder, such broker will confirm
the Company has filed with the Commission the Annual Report on Form 10-K and Quarterly Reports on Form 10-Q required to be filed
under Section 13 or 15(d) of the Exchange Act within the preceding 12 months (a “Broker Undertaking”). The Broker
Undertaking shall further provide that no sales of any Note Shares shall be made by such broker if the Holder has received a Company
Non-Compliance Notice (as defined below). Notwithstanding the foregoing, the Company shall promptly notify the Holder in the event
the Company is not in compliance with the informational requirements of Rule 144(c) (until such time as those requirements cease
to apply under Rule 144(b)(1)) or the requirements of Rule 144(i)(2) (a “Company Non-Compliance Notice”).

 

(c) Until
the Notes are indefeasibly paid in full, the Company shall maintain on deposit in one or more accounts of a US incorporated bank
or a US branch of a non-US incorporated bank an amount of Free Cash in aggregate equal to $10,000,000, unless otherwise permitted
by the written consent of the Holder, which shall not be unreasonably withheld, conditioned or delayed if the use of the cash is
in the best interests of the Company, as determined by Holder.

 

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Section 7.Events
of Default.

 

(a) “Event
of Default” means, wherever used herein, any of the following events (whatever the reason for such event and whether
such event shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any
court, or any order, rule or regulation of any administrative body or Governmental Authority):

 

(i) any
default in the payment of the principal amount of any Note, whether on the Maturity Date or by acceleration or otherwise;

 

(ii) any
default in the payment of interest, liquidated damages and/or other amounts owing to a Holder on the Note, as and when the same
shall become due and payable, in each case, which such default continues for three (3) Trading Days;

 

(iii) the
Company shall fail to observe or perform any other covenant or agreement contained in this Note (other than a breach by the Company
of its obligations to deliver Note Shares to the Holder pursuant to the terms of this Note which breach is addressed in clause
(ix) below) which failure is not cured, if possible to cure, within the earlier to occur of (A) five (5) Trading Days after notice
of such failure sent by the Holder to the Company and (B) five (5) Trading Days after the Company has become aware or should have
become aware of such failure; provided, that any failure to observe or perform any provision of Section 6 shall be an immediate
Event of Default hereunder without any grace period;

 

(iv) a
default or event of default (subject to any grace or cure period provided in the applicable agreement, document or instrument)
or any material breach or failure to perform any material covenant shall occur under any of the Transaction Documents, which default,
breach or failure is not cured, if possible to cure, within 15 Trading Days following notice of failure sent by the Holder to the
Company;

 

(v) any
representation or warranty made in this Note or any other Transaction Documents, any written statement pursuant hereto or thereto
or any other report, financial statement or certificate made or delivered to the Holder or any other Holder pursuant to the Transaction
Documents shall be untrue or incorrect in any material respect as of the date when made or deemed made;

 

(vi) the
Company or any Significant Subsidiary shall be subject to a Bankruptcy Event;

 

(vii) the
Company or any Subsidiary (other than LiveXLive Tickets, Inc. and React Presents, LLC) shall default on any of its obligations
under any mortgage, credit agreement or other facility, indenture agreement, factoring agreement or other instrument under which
there may be issued, or by which there may be secured or evidenced, any Indebtedness for borrowed money or money due under any
long term leasing or factoring arrangement beyond any grace period provided with respect thereto that (a) involves an obligation
greater than $200,000, whether such Indebtedness now exists or shall hereafter be created, and (b) results in such Indebtedness
becoming or being declared due and payable prior to the date on which it would otherwise become due and payable;

 

(viii) (a)
the Common Stock shall not be eligible for listing or quotation for trading on a Trading Market and shall not be eligible to resume
listing or quotation for trading thereon within five (5) Trading Days, (b) the shares of Common Stock are suspended from trading
or otherwise not listed or quoted for trading on a Trading Market for 15 Trading Days or more (which need not be consecutive) during
any 12 month period, or (c) the shares of Common Stock are suspended from trading or otherwise not listed or quoted for trading
on a Trading Market for five (5) consecutive Trading Days or more; provided, however, that for purposes of this subparagraph (viii),
any day on which there is a general suspension of trading on the Principal Market shall be disregarded;

 

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(ix) the
Company shall fail for any reason to deliver any Note Shares to Holder on the applicable Delivery Date therefor, subject to a cure
period of two (2) Trading Days in each instance;

 

(x) the
Company shall fail to timely file any SEC Report which results in the Company becoming ineligible to file an S-3;

 

(xi) the
electronic transfer by the Company of shares of Common Stock through DTC or another established clearing corporation is no longer
available or is subject to a “chill” that lasts for more than five (5) Trading Days;

 

(xii) a
judgment not covered by insurance in excess of $250,000 is entered against the Company and, within 60 days after entry thereof,
such judgment is not discharged or satisfied or execution thereof stayed pending appeal, or within 60 days after the expiration
of any such stay, such judgment is not discharged or satisfied;

 

(xiii) either
Robert S. Ellin or the Company shall default in their obligations set forth in that certain Side Letter dated as of even date
herewith among the Company, Harvest Small Cap Partners, L.P., Holder and Robert S. Ellin;

 

(xiv) either
(a) Robert S. Ellin, (b) any Person set forth in Footnote 1 to the Beneficial Ownership Table to the Company’s Definitive
Proxy Statement dated July 29, 2020 of which Robert S. Ellin is the beneficial owner as of the date hereof (other than any distributions
or transfers by Trinad Capital Master Fund Ltd to satisfy its current fund redemption requirements for up to 350,000 shares in
aggregate), or (c) any Person who is a beneficial owner (as such term is defined in Section 13d-3 of the Exchange Act) of any other
Equity Interests of the Company of which Robert S. Ellin is the beneficial owner as of the date of this Note Disposes of any
Equity Interests of the Company, in each case without the express written consent of the Holder (email shall suffice);

 

(xv) if
any provision of the Security Agreement shall at any time for any reason be declared to be null and void, or the validity or enforceability
thereof shall be contested by any Debtor (as defined in the Security Agreement), or a proceeding shall be commenced by any Debtor,
or by any Governmental Authority having jurisdiction over any Debtor, seeking to establish the invalidity or unenforceability thereof,
or any Debtor shall deny that any Debtor has any liability or obligation purported to be created under the Security Agreement;
or

 

(xvi) the
Company or any “named executive officer” (within the meaning of Item 402 of Regulation S-K promulgated by the Commission)
(i) is indicted for, convicted of or pleads guilty or no contest to a felony, (ii) is found by a Governmental Authority to have
engaged in, or becomes subject to an order of a Governmental Authority based on, any violation of law or regulation that prohibits
fraudulent, manipulative or deceptive conduct, and/or (iii) becomes the subject of a Proceeding regarding the commission of a felony
or any violation of law or regulation that prohibits fraudulent, manipulative or deceptive conduct.

 

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(b) Remedies
Upon Event of Default. If any Event of Default occurs and is continuing, the outstanding principal amount of this Note, plus
accrued but unpaid interest, liquidated damages and other amounts owing in respect thereof through the date of acceleration, shall
become, at the direction of Holder, immediately due and payable in cash; provided, that such acceleration shall be automatic, without
any notice or other action of the Holder required, in respect of an Event of Default occurring pursuant to clause (vi), (xiii)
or (xiv) of Section 7(a)). In connection with such acceleration described herein, the Holder need not provide, and the Company
hereby waives, any presentment, demand, protest or other notice of any kind, and the Holder may immediately and without expiration
of any grace period enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable
law. Such acceleration may be rescinded and annulled by Holder at any time prior to payment in full hereunder and the Holder shall
have all rights as a holder of the Note until such time, if any, as the Holder receives full payment pursuant to this Section
7(b). No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereon.

 

Section 8.Miscellaneous.

 

(a) Notices.
Any and all notices or other communications or deliveries to be provided by the Holder hereunder, shall be in writing and delivered
personally, by email attachment, or sent by a nationally recognized overnight courier service, addressed to the Company, at the
address set forth above, or such email address, or address as the Company may specify for such purposes by notice to the Holder
delivered in accordance with this Section 8(a).  Any and all notices or other communications or deliveries to be provided
by the Company hereunder shall be in writing and delivered personally, by email attachment, or sent by a nationally recognized
overnight courier service addressed to the Holder at the email address or address of the Holder appearing on the books of the Company,
or if no such email attachment or address appears on the books of the Company, at the principal place of business of such Holder,
as set forth in the Purchase Agreement.  Any notice or other communication or deliveries hereunder shall be deemed given and
effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via email attachment to
the email address set forth on the signature pages attached hereto prior to 5:30 p.m. (local time in New York City, New York) (or
such later time expressly specified elsewhere in this Note) on any date, (ii) the next Trading Day after the date of transmission,
if such notice or communication is delivered via email attachment to the email address set forth on the signature pages attached
hereto on a day that is not a Trading Day or later than 5:30 p.m. (local time in New York City, New York) (or such later time expressly
specified elsewhere in this Note) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S.
nationally recognized overnight courier service or (iv) upon actual receipt by the party to whom such notice is required to be
given.

 

(b) Absolute
Obligation. Except as expressly provided herein, no provision of this Note shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of, liquidated damages and accrued interest, as applicable, on this Note
at the time, place, and rate, and in the coin or currency, herein prescribed. This Note is a direct debt obligation of the Company.

 

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(c) Lost
or Mutilated Note. If this Note shall be mutilated, lost, stolen or destroyed, the Company shall execute and deliver, in exchange
and substitution for and upon cancellation of a mutilated Note, or in lieu of or in substitution for a lost, stolen or destroyed
Note, a new Note for the principal amount of this Note so mutilated, lost, stolen or destroyed, but only upon receipt of evidence
of such loss, theft or destruction of such Note, and of the ownership hereof, reasonably satisfactory to the Company.

 

(d) Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Note shall be governed by
and construed and enforced in accordance with the internal laws of the State of Delaware, without regard to the principles of conflict
of laws thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement and defense of the transactions
contemplated by any of the Transaction Documents (whether brought against a party hereto or its respective Affiliates, directors,
officers, shareholders, employees or agents) shall be commenced in the state and federal courts sitting in the County of New Castle
(the “Delaware Courts”). Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the Delaware
Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed
herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees
not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such Delaware
Courts, or such Delaware Courts are improper or inconvenient venue for such proceeding. Each party hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered
or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under
this Note and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained
herein shall be deemed to limit in any way any right to serve process in any other manner permitted by applicable law. Each party
hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any
legal proceeding arising out of or relating to this Note or the transactions contemplated hereby. If any party shall commence an
action or proceeding to enforce any provisions of this Note, then the prevailing party in such action or proceeding shall be reimbursed
by the other party for its attorneys’ fees and other costs and expenses incurred in the investigation, preparation and prosecution
of such action or proceeding.

 

(e) Amendments;
Waivers. Any waiver by the Company or the Holder of a breach of any provision of this Note shall not operate as or be construed
to be a waiver of any other breach of such provision or of any breach of any other provision of this Note. The failure of the Company
or the Holder to insist upon strict adherence to any term of this Note on one or more occasions shall not be considered a waiver
or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Note on any
other occasion. Any waiver by the Company or the Holder must be in writing. Any provision of this Note may be waived by the Holder,
which waiver shall be binding on Holder and its successors and assigns. Any provision of this Note may be amended by a written
instrument executed by the Company and the Holder, which amendment shall be binding on the Holder and its successors and assigns.

 

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(f) Severability.
If any provision of this Note is invalid, illegal or unenforceable, the balance of this Note shall remain in effect, and if any
provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all other Persons and circumstances.
If it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law governing usury,
the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest permitted under
applicable law. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead,
or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would
prohibit or forgive the Company from paying all or any portion of the principal of or interest on this Note as contemplated herein,
wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Note, and
the Company (to the extent it may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and covenants
that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Holder, but
will suffer and permit the execution of every such as though no such law has been enacted.

 

(g) Remedies,
Characterizations, Other Obligations, Breaches and Injunctive Relief.  The remedies provided in this Note shall be cumulative
and in addition to all other remedies available under this Note and any of the other Transaction Documents at law or in equity
(including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the Holder’s
right to pursue actual and consequential damages for any failure by the Company to comply with the terms of this Note.  The
Company covenants to the Holder that there shall be no characterization concerning this instrument other than as expressly provided
herein. Amounts set forth or provided for herein with respect to payments, conversion and the like (and the computation thereof)
shall be the amounts to be received by the Holder and shall not, except as expressly provided herein, be subject to any other obligation
of the Company (or the performance thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause
irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that,
in the event of any such breach or threatened breach, the Holder shall be entitled, in addition to all other available remedies,
to an injunction restraining any such breach or any such threatened breach, without the necessity of showing economic loss and
without any bond or other security being required. The Company shall provide all information and documentation to the Holder that
is reasonably requested by the Holder to enable the Holder to confirm the Company’s compliance with the terms and conditions
of this Note.

 

(h) Next
Business Day. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment
or obligation shall be made on the next succeeding Business Day.

 

(i) Headings.
The headings contained herein are for convenience only, do not constitute a part of this Note and shall not be deemed to limit
or affect any of the provisions hereof.

 

(j) Secured
Obligation. The obligations of the Company under this Note are secured by the Collateral pledged by the Company pursuant to
the Security Agreement, dated as of the date hereof, between the Debtors and the Holder. For the avoidance of doubt, and notwithstanding
anything contained herein to the contrary, subject to Permitted Liens, the Holder shall have the first lien over all Collateral,
which will rank higher than any other creditor of the Company or its Subsidiaries, to the extent permitted by law.

 

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(k) Limitation
of Liability. Neither Holder nor any Affiliate, officer, director, employee, attorney, or agent of Holder shall have any liability
with respect to, and the Company hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect,
incidental, or consequential damages suffered or incurred by the Company in connection with, arising out of, or in any way related
to, this Note or any of the other Transaction Documents, or any of the transactions contemplated by this Note or any of the other
Transaction Documents. The Company hereby waives, releases, and agrees not to sue Holder or any of Holder’s Affiliates, officers,
directors, employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or
in any way related to, this Note or any of the other Transaction Documents, or any of the transactions contemplated by this Note
or any of the other Transaction Documents. Notwithstanding the foregoing, if Holder is found by a court of competent jurisdiction,
pursuant to a final judgment not subject to further appeal, to have engaged in any material violation of the Transaction Documents,
any material violation of state or federal securities laws or any other conduct which constitutes fraud, gross negligence willful
misconduct or malfeasance (“Bad Boy Conduct”), then nothing in this provision shall be interpreted as waiving
any right of the Company to any action based upon any such Bad Boy Conduct.

 

(l) Withholding
Taxes. Any and all payments by or on account of any obligation of the Company under this Note and any other Transaction Documents
shall be made without deduction or withholding for any taxes, except as required by applicable law. If any applicable law (as determined
in the good faith discretion of the Company) requires the deduction or withholding of any tax from any such payment by the Company,
then the Company shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld
to the relevant Governmental Authority in accordance with applicable law and the sum payable by the Company to the Holder shall
be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings
applicable to additional sums payable under this Section 8(l)) the Holder receives an amount equal to the sum it would have
received had no such deduction or withholding been made; provided, however, that no increased or additional payment shall be required
or made under this section (i) with respect to U.S. federal withholding taxes imposed on amounts payable to or for the account
of the Holder pursuant to a law in effect on the date that the Holder acquired an interest in this Note (withholding tax imposed
as a result of future administrative or judicial interpretation of current law), or (ii) with respect to taxes imposed on or measured
by net income (including branch profits taxes or franchise taxes) of the Holder. With respect to a Holder as of the date hereof,
the Company does not intend to deduct U.S. federal withholding taxes from any payments under this Note and any other Transaction
Document under current law. Prior to deducting any withholding tax, the Company shall deliver to the Holder a written notice of
its intention to make deduction or withholding for any taxes. In the event that the Company provides such notice, the Holder may
elect to receive interest in cash in order to avoid such withholding tax; provided, however, that such an election shall not be
available to any transferee or assignee of a Holder (that was a Holder as of the date hereof) and no Holder may transfer or assign
an interest in the Note to any other person if any payments made to the transferee or assignee by the Company with respect to the
Note or any other Transaction Document would be subject to withholding taxes.

 

(m) OID.
THE FOLLOWING INFORMATION IS SUPPLIED SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES. THIS NOTE WAS ISSUED WITH “ORIGINAL ISSUE
DISCOUNT” (“OID”) WITHIN THE MEANING OF SECTION 1273 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
AND THIS LEGEND IS REQUIRED BY SECTION 1275(c) OF THE CODE. HOLDER MAY OBTAIN INFORMATION REGARDING THE AMOUNT OF ANY OID, THE
ISSUE PRICE, THE ISSUE DATE, AND THE YIELD TO MATURITY RELATING TO THE NOTE BY CONTACTING THE ISSUER AT LIVEXLIVE MEDIA, INC.,
9200 SUNSET BOULEVARD, SUITE 1201, WEST HOLLYWOOD, CA 90069.

 

*********************

 

(Signature Pages Follow)

 

    32

     

    

 

IN WITNESS WHEREOF, the
parties below have caused this Note to be duly executed by a duly authorized officer as of the date first above indicated.

 

	 	LIVEXLIVE MEDIA, INC.

 

	 	By: 	/s/ Robert S. Ellin
	 	Name: 	Robert S. Ellin
	 	Title:	CEO and Chairman

 

	 	E-mail Address for delivery of Notices: 

rob@livexlive.com and tenia@livexlive.com 

 

	 	HARVEST SMALL CAP PARTNERS MASTER, LTD.

 

	 	By: 	/s/ Jeff Osher
	 	Name: 	Jeff Osher
	 	Title:	Managing Member

 

	 	E-mail Address for delivery of Notices: 
	 	jeff@nostreetcapital.com

 

    33

     

    

 

Annex
A

 

NOTICE OF
CONVERSION

 

The undersigned hereby
elects to convert principal and interest under the 8.5% Secured Note due September 15, 2022 (the “Note”) of
LiveXLive Media, Inc., a Delaware corporation (the “Company”), in accordance with Section 4(b) of the
Note.

 

By the delivery of
this Notice of Conversion the undersigned represents and warrants to the Company that its ownership of the shares of Common Stock
does not exceed the amounts specified under Section 4(i) of this Note, as determined in accordance with Section 13(d) of
the Exchange Act.

 

Conversion calculations:

 

	 	Conversion Date:
	 	 
	 	Conversion Price:
	 	 
	 	Principal Amount of Note to be converted:
	 	 
	 	Accrued and unpaid interest thereon:
	 	 
	 	Number of shares to be issued:
	 	 
	 	Signature:
	 	 
	 	Name:
	 	 
	 	Address for Delivery of Holding Statements:
	 	 
	 	Or
	 	 
	 	DWAC Instructions:
	 	 
	 	Broker No: __________________
	 	Account No: ________________

 

 

34Exhibit 10.3

 

SUBSIDIARY
GUARANTEE

 

This SUBSIDIARY GUARANTEE,
dated as of September 15, 2020 (this “Guarantee”), is made by each of the signatories hereto (together with
any other entity that may become a party hereto as provided herein, the “Guarantors”), in favor of the Secured
Parties defined below.

 

W I T N
E S E T H:

 

WHEREAS, pursuant to
that certain Securities Purchase Agreement, dated July 2, 2020, as amended by that certain Amendment No. 1 to the Securities Purchase
Agreement dated July 30, 2020, by and between LiveXLive Media, Inc., a Delaware corporation (the “Company”)
and the Purchaser (as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Purchase
Agreement”), the Company has agreed to sell and issue to Harvest Small Cap Partners, L.P. and Harvest Small Cap Partners
Master, Ltd. as the assignee of the Purchaser (collectively, the “Funds”), and the Funds have agreed to purchase
from the Company, the Company’s 8.5% Original Issue Discount Secured Notes due September 15, 2022, in the original aggregate
principal amount of $15,000,000 (collectively, the “Note”), subject to the terms and conditions set forth therein;
and

 

WHEREAS, each Guarantor
is a direct or indirect Subsidiary of the Company and will directly benefit from the extension of credit to the Company represented
by the issuance of the Note; and

 

NOW, THEREFORE, in
consideration of the promises contained in the Purchase Agreement and to carry out the transactions contemplated thereby, each
Guarantor hereby agrees as follows:

 

1. Definitions.
Unless otherwise defined herein, terms defined in the Purchase Agreement and used herein shall have the meanings given to them
in the Purchase Agreement. The words “hereof”, “herein”, “hereto” and “hereunder”
and words of similar import when used in this Guarantee shall refer to this Guarantee as a whole and not to any particular provision
of this Guarantee, and Section and Schedule references are to this Guarantee unless otherwise specified. The meanings given to
terms defined herein shall be equally applicable to both the singular and plural forms of such terms. The following terms shall
have the following meanings:

 

“Guarantee”
means this Subsidiary Guarantee, as the same may be amended, supplemented or otherwise modified from time to time.

 

“Obligations”
means, in addition to all other costs and expenses of collection incurred by a Secured Party in enforcing any of such Obligations
and/or this Guarantee, all of the liabilities and obligations (primary, secondary, direct, contingent, sole, joint or several)
due or to become due, or that are now or may be hereafter contracted or acquired, or owing to, of the Company or any Guarantor
to any Secured Party under this Guarantee, the Note and the other Transaction Documents, in each case, whether now or hereafter
existing, voluntary or involuntary, direct or indirect, absolute or contingent, liquidated or unliquidated, whether or not jointly
owed with others, and whether or not from time to time decreased or extinguished and later increased, created or incurred, and
all or any portion of such obligations or liabilities that are paid, to the extent all or any part of such payment is avoided or
recovered directly or indirectly from any of the Secured Parties as a preference, fraudulent transfer or otherwise as such obligations
may be amended, supplemented, converted, extended or modified from time to time. Without limiting the generality of the foregoing,
the term “Obligations” shall include, without limitation: (i) principal of, and interest on the Note and the loans
extended pursuant thereto; (ii) any and all other fees, prepayment charges, indemnities, costs, obligations and liabilities of
the Company or any Guarantor from time to time under or in connection with this Guarantee, the Note, and the other Transaction
Documents; and (iii) all amounts (including but not limited to post-petition interest) in respect of the foregoing that would be
payable but for the fact that the obligations to pay such amounts are unenforceable or not allowable due to the existence of a
bankruptcy, reorganization or similar proceeding involving the Company or any Guarantor.

 

    Page 1 of 16

     

    

 

“Purchaser”
means No Street Capital LLC, a Delaware limited liability company, and its successors or assigns.

 

“Secured Party(ies)”
individually and collectively, means Harvest Small Cap Partners, L.P., and/or Harvest Small Cap Partners Master, Ltd., and their
respective successors or assigns.

 

“Senior Lender”
shall have the meaning set forth in the Purchase Agreement.

 

2. Guarantee.

 

(a) Guarantee.

 

(i) The
Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantee to the Secured Parties and their respective
successors, indorsees, transferees and assigns, the prompt and complete payment and performance when due (whether at the stated
maturity, by acceleration or otherwise) of the Obligations.

 

(ii) Anything
herein or in any other Transaction Document to the contrary notwithstanding, the maximum liability of each Guarantor hereunder
and under the other Transaction Documents shall in no event exceed the amount which can be guaranteed by such Guarantor under applicable
federal and state laws, including laws relating to the insolvency of debtors, fraudulent conveyance or transfer or laws affecting
the rights of creditors generally (after giving effect to the right of contribution established in Section 2(b)).

 

(iii) Each
Guarantor agrees that the Obligations may at any time and from time to time exceed the amount of the liability of such Guarantor
hereunder without impairing the guarantee contained in this Section 2 or affecting the rights and remedies of the Secured Parties
hereunder.

 

(iv) The
guarantee contained in this Section 2 shall remain in full force and effect until all the Obligations and the obligations of each
Guarantor under the guarantee contained in this Section shall have been satisfied by indefeasible payment in full.

 

    Page 2 of 16

     

    

 

(v) No
payment made by the Company, any of the Guarantors, any other guarantor or any other Person or received or collected by any Secured
Party from the Company, any of the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding or
any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the Obligations shall
be deemed to modify, reduce (other than a reduction of the amount owed hereunder, if applicable), release or otherwise affect the
liability of any Guarantor hereunder which shall, notwithstanding any such payment (other than any payment made by such Guarantor
in respect of the Obligations or any payment received or collected from such Guarantor in respect of the Obligations), remain liable
for the Obligations up to the maximum liability of such Guarantor hereunder until the Obligations are indefeasibly paid in full.

 

(vi) Notwithstanding
anything to the contrary in this Guarantee, with respect to any defaulted non-monetary Obligations the specific performance of
which by the Guarantors is not reasonably possible (e.g. the issuance of the Company’s Common Stock), the Guarantors shall
only be liable for making the Secured Parties whole on a monetary basis for the Company’s failure to perform such Obligations
in accordance with the Transaction Documents.

 

(b) Right
of Contribution. Subject to Section 2(c), each Guarantor hereby agrees that to the extent that a Guarantor shall have
paid more than its proportionate share of any payment made hereunder, such Guarantor shall be entitled to seek and receive contribution
from and against any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Guarantor’s
right of contribution shall be subject to the terms and conditions of Section 2(c). The provisions of this Section 2(b) shall in
no respect limit the obligations and liabilities of any Guarantor to the Secured Parties and each Guarantor shall remain liable
to the Secured Parties for the full amount guaranteed by such Guarantor hereunder.

 

(c) No
Subrogation. Notwithstanding any payment made by any Guarantor hereunder or any set-off or application of funds of any
Guarantor by any Secured Party, no Guarantor shall be entitled to be subrogated to any of the rights of any Secured Party against
the Company or any other Guarantor or any collateral security or guarantee or right of offset held by any Secured Party for the
payment of the Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the Company
or any other Guarantor in respect of payments made by such Guarantor hereunder, until all amounts owing to the Secured Parties
by the Company on account of the Obligations are indefeasibly paid in full. If any amount shall be paid to any Guarantor on account
of such subrogation rights at any time when all of the Obligations shall not have been paid in full, such amount shall be held
by such Guarantor in trust for the Secured Parties, segregated from other funds of such Guarantor, and shall, forthwith upon receipt
by such Guarantor, be turned over to the Secured Parties in the exact form received by such Guarantor (duly indorsed by such Guarantor
to the Secured Parties, if required), to be applied against the Obligations, whether matured or unmatured, in such order as the
Secured Parties may determine.

 

    Page 3 of 16

     

    

 

(d) Amendments,
Etc. With Respect to the Obligations. Each Guarantor shall remain obligated hereunder notwithstanding that, without
any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment
of any of the Obligations made by any Secured Party may be rescinded by any Secured Party and any of the Obligations continued,
and the Obligations, or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee
therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified,
accelerated, compromised, waived, surrendered or released by the Secured Parties, and the Purchase Agreement and the other Transaction
Documents may be amended, modified, supplemented or terminated, in whole or in part, as the Secured Parties may deem advisable
from time to time, and any collateral security, guarantee or right of offset at any time held by the Secured Parties for the payment
of the Obligations may be sold, exchanged, waived, surrendered or released. The Secured Parties shall have no obligation to protect,
secure, perfect or insure any Lien at any time held by the Secured Parties as security for the Obligations or for the guarantee
contained in this Section 2 or any property subject thereto.

 

(e) Guarantee
Absolute and Unconditional. Each Guarantor waives any and all notice of the creation, renewal, extension or accrual
of any of the Obligations and notice of or proof of reliance by the Secured Parties upon the guarantee contained in this Section
2 or acceptance of the guarantee contained in this Section 2 the Obligations, and any of them, shall conclusively be deemed to
have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained in
this Section 2; and all dealings between the Company and any of the Guarantors, on the one hand, and any Secured Party, on the
other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon the guarantee contained in
this Section 2. Each Guarantor waives, to the extent permitted by law, diligence, presentment, protest, demand for payment and
notice of default or nonpayment to or upon the Company or any of the Guarantors with respect to the Obligations. Each Guarantor
understands and agrees that the guarantee contained in this Section 2 shall be construed as a continuing, absolute and unconditional
guarantee of payment and performance without regard to (a) the validity or enforceability of the Purchase Agreement or any other
Transaction Document, any of the Obligations or any other collateral security therefor or guarantee or right of offset with respect
thereto at any time or from time to time held by the Secured Parties, (b) any defense, set-off or counterclaim (other than a defense
of payment or performance or of fraud by Secured Parties) which may at any time be available to or be asserted by the Company or
any other Person against the Secured Party, or (c) any other circumstance whatsoever (with or without notice to or knowledge of
the Company or such Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of the Company
for the Obligations, or of such Guarantor under the guarantee contained in this Section 2, in bankruptcy or in any other instance.
When making any demand hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, the Secured Parties
may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as they may have
against the Company, any other Guarantor or any other Person or against any collateral security or guarantee for the Obligations
or any right of offset with respect thereto, and any failure by the Secured Parties to make any such demand, to pursue such other
rights or remedies or to collect any payments from the Company, any other Guarantor or any other Person or to realize upon any
such collateral security or guarantee or to exercise any such right of offset, or any release of the Company, any other Guarantor
or any other Person or any such collateral security, guarantee or right of offset, shall not relieve any Guarantor of any obligation
or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter
of law, of the Secured Parties against any Guarantor. For the purposes hereof, “demand” shall include the commencement
and continuance of any legal proceedings. For the avoidance of doubt, no Secured Party shall be obligated to file any claim relating
to the Obligations in the event that the Company becomes subject to a bankruptcy, reorganization or similar proceeding, and the
failure of Secured Parties so to file shall not affect the Guarantors’ obligations hereunder.

 

    Page 4 of 16

     

    

 

(f) Reinstatement.
The guarantee contained in this Section 2 shall continue to be effective, or be reinstated, as the case may be, if at any time
payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored or returned by the any Secured
Party upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Company or any Guarantor, or upon or as
a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Company or any
Guarantor or any substantial part of its property, or for any other reason otherwise, all as though such payments had not been
made.

 

(g) Payments.
Each Guarantor hereby guarantees that payments hereunder will be paid to the Secured Parties without set-off or counterclaim in
U.S. dollars at the address set forth or referred to in the Signature Pages to the Purchase Agreement.

 

3. Representations
and Warranties. Each Guarantor hereby makes the following representations and warranties to Secured Parties as of the
date hereof:

 

(a) Organization
and Qualification. Such Guarantor is a corporation, partnership or limited liability company, duly organized, validly
existing and in good standing under the laws of the applicable jurisdiction set forth on 0, with the requisite corporate,
partnership, limited liability company or other power and authority to own and use its properties and assets and to carry on its
business as currently conducted. Such Guarantor has no subsidiaries other than those identified as such on the Disclosure Schedules
to the Purchase Agreement. Such Guarantor is duly qualified to do business and is in good standing as a foreign corporation, partnership
or limited liability company in each jurisdiction in which the nature of the business conducted or property owned by it makes such
qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not, individually
or in the aggregate, (x) adversely affect the legality, validity or enforceability of any of this Guarantee in any material respect,
(y) have a material adverse effect on the results of operations, prospects, assets or financial condition of such Guarantor or
the Company and its Subsidiaries taken as a whole or (z) adversely impair in any material respect such Guarantor’s ability
to perform fully on a timely basis its obligations under this Guarantee (a “Material Adverse Effect”).

 

(b) Authorization;
Enforcement. Such Guarantor has the requisite corporate, partnership, limited liability company or other power and authority
to enter into and to consummate the transactions contemplated by this Guarantee, and otherwise to carry out its obligations hereunder.
The execution and delivery of this Guarantee by such Guarantor and the consummation by it of the transactions contemplated hereby
have been duly authorized by all requisite corporate, partnership, limited liability company or other action on the part of such
Guarantor. This Guarantee has been duly executed and delivered by such Guarantor and constitutes the valid and binding obligation
of such Guarantor enforceable against such Guarantor in accordance with its terms, except as such enforceability may be limited
by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally
the enforcement of, creditors’ rights and remedies or by other equitable principles of general application.

 

    Page 5 of 16

     

    

 

(c) No
Conflicts. Except for the repayment of all obligations to the Senior Lender to be consummated on or prior to the date
hereof, the execution, delivery and performance of this Guarantee by such Guarantor and the consummation by such Guarantor of the
transactions contemplated thereby do not and will not (i) conflict with or violate any provision of its organizational documents
or (ii) conflict with, constitute a default (or an event which with notice or lapse of time or both would become a default) under,
or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument
(evidencing debt or otherwise) to which such Guarantor is a party, or (iii) result in a violation of any law, rule, regulation,
order, judgment, injunction, decree or other restriction of any court or governmental authority to which such Guarantor is subject
(including Federal and State securities laws and regulations), or by which any material property or asset of such Guarantor is
bound or affected, except in the case of each of clauses (ii) and (iii), such conflicts, defaults, terminations, amendments, accelerations,
cancellations and violations as could not, individually or in the aggregate, have or result in a Material Adverse Effect. The business
of such Guarantor is not being conducted in violation of any law, ordinance or regulation of any governmental authority, except
for violations which, individually or in the aggregate, do not have a Material Adverse Effect.

 

(d) Consents
and Approvals. Except for the repayment of all obligations to the Senior Lender to be consummated on or prior to the
date hereof, such Guarantor is not required to obtain any consent, waiver, authorization or order of, or make any filing or registration
with, any court or other federal, state, local, foreign or other governmental authority or other person in connection with the
execution, delivery and performance by such Guarantor of this Guarantee, except where such failure could not, individually or in
the aggregate, reasonably be expected to result in a Material Adverse Effect.

 

(e) Purchase
Agreement. The representations and warranties of the Company set forth in the Purchase Agreement as they relate to such
Guarantor, each of which is hereby incorporated herein by reference, are true and correct in all material respects as of each time
such representations are deemed to be made pursuant to such Purchase Agreement (without duplication of any materiality qualifiers
set forth therein), and the Secured Parties shall be entitled to rely on each of them as if they were fully set forth herein, provided
that each reference in each such representation and warranty to the Company’s knowledge shall, for the purposes of this Section
3, be deemed to be a reference to such Guarantor’s knowledge.

 

(f) Foreign
Law. Each Guarantor has consulted with appropriate foreign legal counsel with respect to any of the above representations
for which non-U.S. law is applicable. Such foreign counsel have advised each applicable Guarantor that such counsel knows of no
reason why any of the above representations would not be true and accurate. Such foreign counsel were provided with copies of this
Guarantee and the other Transaction Documents prior to rendering their advice.

 

    Page 6 of 16

     

    

 

4. Covenants.
Each Guarantor covenants and agrees with the Secured Parties that, from and after the date of this Guarantee until the Obligations
shall have been indefeasibly paid in full, such Guarantor shall take, and/or shall refrain from taking, as the case may be, each
commercially reasonable action that is necessary to be taken or not taken, as the case may be, in order to prevent the occurrence
and continuance of an Event of Default (as defined in the Note).

 

5. Miscellaneous.

 

(a) Amendments
in Writing. None of the terms or provisions of this Guarantee may be waived, amended, supplemented or otherwise modified
except in writing by the Secured Parties.

 

(b) Notices.
All notices, requests and demands to or upon the Secured Parties or any Guarantor hereunder shall be effected in the manner provided
for in the Purchase Agreement, provided that any such notice, request or demand to or upon any Guarantor shall be addressed to
such Guarantor at its notice address set forth on 0.

 

(c) No
Waiver By Course Of Conduct; Cumulative Remedies. The Secured Parties shall not by any act (except by a written instrument
pursuant to Section 5(a)), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to
have acquiesced in any default under the Transaction Documents or Event of Default. No failure to exercise, nor any delay in exercising,
on the part of the Secured Parties, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial
exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any
other right, power or privilege. A waiver by the Secured Parties of any right or remedy hereunder on any one occasion shall not
be construed as a bar to any right or remedy which any Secured Party would otherwise have on any future occasion. The rights and
remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies
provided by law.

 

(d) Enforcement
Expenses; Indemnification.

 

(i) Each
Guarantor agrees to pay, or reimburse the Secured Parties for, all its costs and expenses incurred in collecting against such Guarantor
under the guarantee contained in Section 2 or otherwise enforcing or preserving any rights under this Guarantee and the other Transaction
Documents to which such Guarantor is a party, including, without limitation, the reasonable fees and disbursements of counsel to
the Secured Parties.

 

(ii) Each
Guarantor agrees to pay, and to save the Secured Parties harmless from, any and all liabilities with respect to, or resulting from
any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable in connection
with any of the transactions contemplated by this Guarantee.

 

    Page 7 of 16

     

    

 

(iii) Each
Guarantor agrees to pay, and to save the Secured Parties harmless from, any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution,
delivery, enforcement, performance and administration of this Guarantee to the extent the Company would be required to do so pursuant
to the Purchase Agreement.

 

(iv) The
agreements in this Section shall survive repayment of the Obligations and all other amounts payable under the Purchase Agreement
and the other Transaction Documents.

 

(e) Successor
and Assigns. This Guarantee shall be binding upon the successors and assigns of each Guarantor and shall inure to the
benefit of the Secured Parties and their respective successors and assigns; provided that no Guarantor may assign, transfer or
delegate any of its rights or obligations under this Guarantee without the prior written consent of the Secured Parties, and any
assignment in violation herewith shall be null and void.

 

(f) Set-Off.
Each Guarantor hereby irrevocably authorizes the Secured Parties at any time and from time to time while an Event of Default under
any of the Transaction Documents shall have occurred and be continuing, without notice to such Guarantor or any other Guarantor,
any such notice being expressly waived by each Guarantor, to set-off and appropriate and apply any and all deposits, credits, indebtedness
or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time
held or owing by the Secured Parties to or for the credit or the account of such Guarantor, or any part thereof in such amounts
as the Secured Parties may elect, against and on account of the obligations and liabilities of such Guarantor to the Secured Parties
hereunder and claims of every nature and description of the Secured Parties against such Guarantor, in any currency, whether arising
hereunder, under the Purchase Agreement, any other Transaction Document or otherwise, as the Secured Parties may elect, whether
or not the Secured Parties have made any demand for payment and although such obligations, liabilities and claims may be contingent
or unmatured. The Secured Parties shall notify such Guarantor promptly of any such set-off and the application made by any Secured
Party of the proceeds thereof, provided that the failure to give such notice shall not affect the validity of such set-off and
application. The rights of the Secured Parties under this Section are in addition to other rights and remedies (including, without
limitation, other rights of set-off) which the Secured Parties may have.

 

(g) Counterparts.
This Guarantee may be executed by one or more of the parties to this Guarantee on any number of separate counterparts (including
by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

 

(h) Severability.
Any provision of this Guarantee which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

    Page 8 of 16

     

    

 

(i) Section
Headings. The Section headings used in this Guarantee are for convenience of reference only and are not to affect the
construction hereof or be taken into consideration in the interpretation hereof.

 

(j) Integration.
This Guarantee and the other Transaction Documents represent the agreement of the Guarantors and the Secured Parties with respect
to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Secured
Parties relative to subject matter hereof and thereof not expressly set forth or referred to herein or in the other Transaction
Documents.

 

(k) Governing
Laws. All questions concerning the construction, validity, enforcement and interpretation of this Guarantee shall be
governed by and construed and enforced in accordance with the internal laws of the State of Delaware, without regard to the principles
of conflicts of law thereof. Each of the Company and the Guarantors agree that all proceedings concerning the interpretation, enforcement
and defense of the transactions contemplated by this Guarantee (whether brought against a party hereto or its respective affiliates,
directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal
courts sitting in the County of New Castle, Delaware (the “Delaware Courts”). Each of the Company and the Guarantors
hereby irrevocably submits to the exclusive jurisdiction of the Delaware Courts for the adjudication of any dispute hereunder or
in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees
not to assert in any proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such proceeding
is improper. Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any
such proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to
such party at the address in effect for notices to it under this Guarantee and agrees that such service shall constitute good and
sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable
law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Guarantee or the transactions
contemplated hereby.

 

(l) Acknowledgements.
Each Guarantor hereby acknowledges that:

 

(i) it
has been advised by counsel in the negotiation, execution and delivery of this Guarantee and the other Transaction Documents to
which it is a party;

 

(ii) the
Secured Parties have no fiduciary relationship with or duty to any Guarantor arising out of or in connection with this Guarantee
or any of the other Transaction Documents, and the relationship between the Guarantors, on the one hand, and the Secured Parties,
on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and

 

(iii) no
joint venture is created hereby or by the other Transaction Documents or otherwise exists by virtue of the transactions contemplated
hereby among the Guarantors and the Secured Parties.

 

    Page 9 of 16

     

    

 

(m) Additional
Guarantors. The Company shall cause each of its Domestic Subsidiaries (as defined in the Note) formed or acquired on
or subsequent to the date hereof to become a Guarantor for all purposes of this Guarantee by executing and delivering an Assumption
Agreement in the form of Annex 1 hereto.

 

(n) Release
of Guarantors. Each Guarantor will be released from all liability hereunder concurrently with the repayment in full
of all amounts owed under the Purchase Agreement, the Note and the other Transaction Documents (other than inchoate indemnity or
expense obligations as to which no claim has been made).

 

*********************

 

(Signature Pages Follow)

 

    Page 10 of 16

     

    

 

IN WITNESS WHEREOF,
each of the undersigned has caused this Guarantee to be duly executed and delivered as of the date first above written.

 

SLACKER, INC.

 

	By: 	/s/ Robert S. Ellin	 
	 	Name: 	Robert S. Ellin	 
	 	Title:	CEO	 

 

LIVEXLIVE, CORP.

 

	By: 	/s/ Robert S. Ellin	 
	 	Name: 	Robert S. Ellin	 
	 	Title:	CEO	 

 

LXL STUDIOS, INC.

 

	By: 	/s/ Robert S. Ellin	 
	 	Name: 	Robert S. Ellin	 
	 	Title:	CEO	 

 

LXL INFLUENCERS, INC.

 

	By:	/s/ Robert S. Ellin	 
	 	Name:	Robert S. Ellin	 
	 	Title:	CEO	 

 

LIVEXLIVE EVENTS, LLC

 

	By: 	/s/ Jerome N. Gold	 
	 	Name: 	Jerome N. Gold	 
	 	Title:	Executive Vice President	 

 

[signature page continues on the following
page]

 

    Page 11 of 16

     

    

 

REACT PRESENTS, LLC

 

	By: 	/s/ Jerome N. Gold	 
	 	Name: 	Jerome N. Gold	 
	 	Title:	Authorized Signatory	 

 

SPRING AWAKENING, LLC

 

	By: 	/s/ Jerome N. Gold	 
	 	Name: 	Jerome N. Gold	 
	 	Title:	Authorized Signatory	 

 

SUMMER SET MUSIC AND CAMPING FESTIVAL,
LLC

 

	By: 	/s/ Jerome N. Gold	 
	 	Name: 	Jerome N. Gold	 
	 	Title:	Authorized Signatory	 

 

LIVEXLIVE PODCASTONE, INC.

 

	By: 	/s/ Jerome N. Gold	 
	 	Name: 	Jerome N. Gold	 
	 	Title:	Executive Vice President	 

 

COURTSIDE GROUP, INC.

 

	By: 	/s/ Norman Pattiz	 
	 	Name: 	Norman Pattiz	 
	 	Title:	Executive Chairman	 

 

COURTSIDE, LLC

 

	By: 	/s/ Norman Pattiz	 
	 	Name: 	Norman Pattiz	 
	 	Title:	Executive Chairman	 

 

[signature page continues on the following
page]

 

    Page 12 of 16

     

    

 

PODCASTONE SALES, LLC

 

	By: 	/s/ Norman Pattiz	 
	 	Name: 	Norman Pattiz	 
	 	Title:	Executive Chairman	 

 

KOKO (CAMDEN) HOLDINGS (US), INC.

 

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

 

LIVEXLIVE TICKETS, INC.

 

	By: 	/s/ Robert S. Ellin	 
	 	Name: 	Robert S. Ellin	 
	 	Title:	Authorized Signatory	 

 

    Page 13 of 16

     

    

 

Annex 1 to

 

SUBSIDIARY
GUARANTEE

 

FORM OF
ASSUMPTION AGREEMENT

 

THIS ASSUMPTION AGREEMENT, dated as of
____ ___, _________ made by __________________, a [corporation/limited liability company] (the “Additional Guarantor”),
in favor of the Secured Parties pursuant to the Purchase Agreement referred to below. All capitalized terms not defined herein
shall have the meaning ascribed to them in such Purchase Agreement.

 

W I T N
E S E T H :

 

WHEREAS, LiveXLive
Media, Inc., a Delaware corporation (the “Company”) and the Purchaser have entered into a Securities Purchase
Agreement, dated July 2, 2020, as amended by that certain Amendment No. 1 to the Securities Purchase Agreement dated July 30, 2020
(as further amended, supplemented or otherwise modified from time to time, the “Purchase Agreement”);

 

WHEREAS, in connection
with the Purchase Agreement, certain Subsidiaries of the Company (other than the Additional Guarantor) have entered into the Subsidiary
Guarantee, dated as of September 15, 2020 (as amended, supplemented or otherwise modified from time to time, the “Guarantee”)
in favor of the Secured Parties;

 

WHEREAS, the Transaction
Documents require the Additional Guarantor to become a party to the Guarantee; and

 

WHEREAS, the Additional
Guarantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the Guarantee.

 

NOW, THEREFORE,
IT IS AGREED:

 

1. Guarantee.
By executing and delivering this Assumption Agreement, the Additional Guarantor, as provided in Section 5(m) of the Guarantee,
hereby becomes a party to the Guarantee as a Guarantor thereunder with the same force and effect as if originally named therein
as a Guarantor and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and liabilities
of a Guarantor thereunder. The information set forth in Annex 1-A hereto is hereby added to the information set forth in 0 to the
Guarantee. The Additional Guarantor hereby represents and warrants that each of the representations and warranties contained in
Section 3 of the Guarantee is true and correct on and as the date hereof as to such Additional Guarantor (after giving effect to
this Assumption Agreement) as if made on and as of such date.

 

2. Governing
Law. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE
OF NEW YORK.

 

    Page 14 of 16

     

    

 

IN WITNESS WHEREOF,
the undersigned has caused this Assumption Agreement to be duly executed and delivered as of the date first above written.

 

	 	[ADDITIONAL GUARANTOR]

 

	 	By:	                         
	 	Name:	 
	 	Title:	 

 

    Page 15 of 16

     

    

 

Annex 1-A to Assumption Agreement 

 

Additional Guarantor Information

 

The following is the
name, notice address and jurisdiction of organization of the Additional Guarantor.

 

	Name of Guarantor	 	Jurisdiction of

Organization	 	Owned by Percentage	 	Notice Address
	 	 	 	 	 	 	 

 

 

Page 16 of 16

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