Document:

Exhibit 10.1

 

CONTRACT OF SALE

 

THIS CONTRACT OF SALE (herein,
this “Contract”) is made as of this 28th day of January 2022 (the “Effective Date”),
by Metrolina Alpharetta, LLC, a North Carolina limited liability company, of 108 Gateway Blvd., Suite 104, Mooresville, NC 28117
(“Seller”), Ballantyne Strong, Inc., a Delaware corporation with an address of 4201 Congress Street, Suite 175
Charlotte, NC 28209 (“Parent”), and Digital Ignition, LLC, a Georgia limited liability company and wholly-owned
subsidiary of Parent, or its successors and/or assigns, with an address of 4201 Congress Street, Suite 175 Charlotte, NC 28209 (“Buyer”).

 

WHEREAS, Seller is the owner of
a parcel of land with buildings and improvements situated thereon and commonly known as 190 Bluegrass Valley Parkway, Alpharetta, GA 30004
and designated as Tax Map Number 065-039, and consisting of approximately 11.63 acres more or less, with an approximately 43,524 square
foot building located thereon in Forsyth County, Georgia and being more particularly described herein; and

 

WHEREAS, Buyer is interested in
buying the above described Property and Seller is interested in selling said Property on the terms and conditions set forth herein.

 

NOW THEREFORE, in consideration
of the Property and the mutual covenants and conditions set forth herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto do hereby agree as follows:

 

WITNESSETH

 

1. Property: (a) Seller
agrees to sell and convey to Buyer by limited warranty deed, and Buyer agrees to purchase from Seller all that tract or parcel of land
with buildings and improvements situate thereon and commonly known as 190 Bluegrass Valley Parkway, Alpharetta, GA 30004 and designated
as Tax Map Number 065-039, and consisting of approximately 11.63 acres more or less, with an approximately 43,524 square foot building
located thereon in Forsyth County, Georgia and as more particularly described on Exhibit A attached hereto and made a part
hereof, together with all improvements located thereon and all easements, rights of way and appurtenances running with or pertaining thereto,
and together with the Lease (as defined below) and all entitlements related thereto (collectively, the “Property”).
As used herein the “Lease” shall mean that certain Lease Agreement dated June 29, 2018, between Buyer and Seller affecting
the same real property as described in this Section 1.

 

2. Purchase Price and Deposit:
The purchase price (the “Purchase Price”) for the Property shall be the sum of (i) Five Million Seven Hundred Fifty
Thousand Dollars ($5,750,000.00) (the “Cash Price”), (ii) the Stock Grant, and (iii) the Stock Warrants (each as defined
below), payable as follows:

 

(a) Within ten (10) business days
of the Effective Date of this Contract, Buyer or Parent shall deposit the sum of Twenty-five Thousand Dollars ($25,000.00), with Fidelity
National Title Group (the “Title Company”) (Andrew McGarry, 5565 Glenridge Connector, Suite 300, Atlanta, Georgia 30342,
678-460-2400) (the “Escrow Agent”) as a deposit to be held in escrow, which shall be credited toward the Cash Price
at Closing (collectively referred to herein as the “Deposit”).

 

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(b) The balance of the Cash Price
to be paid by certified check or wire transfer to the Escrow Agent at Closing.

 

(c) At Closing, and in addition
to the Cash Price, Parent shall grant Seller or its designated affiliate (the “Stock Grant”) shares of Parent’s
common stock (“BTN Stock”) with a value equal to Two Million Two Hundred Fifty Thousand Dollars ($2,250,000), the number
of shares of BTN Stock to be determined based upon a price per share equal to the average of the closing price of BTN Stock on the NYSE
American exchange for the 60 most recent Trading Days prior to the Closing Date, rounded up to the nearest whole number of shares. For
purposes of this Agreement, a “Trading Day” means any day on which the New York Stock Exchange is open for trading, whether
or not any of the BTN Stock is actually traded on that exchange or on that day.

 

(d) At Closing, and in addition
to the Cash Price and the Stock Grant, Parent shall issue Seller or its designated affiliate a warrant to purchase up to 100,000 shares
of BTN Stock with an exercise price per share of Three and 00/100 Dollars ($3.00) (the “Stock Warrants”), such Stock
Warrants to be exercisable for a period of ten (10) years from the date of issuance, pursuant to the terms and conditions of a warrant
agreement. Concurrent with the grant of the Stock Warrants, the warrants previously granted to Seller on or about June 29, 2018, shall
be terminated and cancelled.

 

3. Contingencies: Buyer’s
and Parent’s obligation to close this transaction, in addition to any other conditions contained herein, shall be subject to and
contingent upon the following:

 

(a) No Change in Status.
(i) That Seller has taken no action to modify the condition of title to the Property from the date Seller took title to the Property except
for that certain Right of Way Warranty Deed and Temporary Construction Easement granted in favor of Forsyth County; and (ii) That Seller
has taken no action to modify the environmental condition to the Property, such that the title to the Property and environmental condition
to the Property is substantially the same as when Seller took title to the Property, except that actions by Buyer that have affected the
title or environmental condition of the Property shall not cause the failure of this condition.

 

(b) Title Policy. Title Company
shall be irrevocably committed to issuing an extended owners policy of title insurance and title policy, subject only to matters in effect
at the time Seller took title to the Property, matters created by through or under Buyer and the Lease.

 

(c) Representations and Warranties;
and Deliveries. All of Seller’s representations and warranties made in this Contract shall be true and correct in all material
respects as of the date made and true and correct in all material respects as of the Closing Date; and Seller’s delivery of the
items described in Section 7.

 

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(d) Casualty. If the Property
is not in substantially the same condition at Closing as of the Effective Date, reasonable wear and tear excepted, then Buyer shall have
the right, exercisable by written notice to Seller, to either (i) terminate this Contract and receive a return of the Deposit or (ii)
proceed to Closing whereupon Buyer shall be entitled to receive, in addition to the Property, any of the Seller’s insurance proceeds
payable on account of the damage or destruction applicable to the Property.

 

(e) Financing Contingency.
Buyer will have a forty-five (45) day financing contingency period from the Effective Date (the “Financing Period”).
In the event that Buyer is unable to obtain financing acceptable to Buyer, in its sole and absolute discretion, before the expiration
of the Financing Period, Buyer may terminate this Agreement by giving written notice of such termination to Seller, whereupon Escrow Agent
will immediately return the Deposit to Buyer without any further consent or approval of Seller, and this Agreement shall be deemed null
and void and of no further force or effect with Buyer and Seller having no further rights, obligations or liabilities hereunder, except
for matters that by the terms hereof expressly survive termination.

 

4. Survey: Buyer may, at
any time after the Effective Date, cause a survey (the “Survey”) of the Property, acceptable in form to Buyer, to be
made at Buyer’s expense by a registered Georgia land surveyor. Buyer shall cause such Survey to be made prior to Closing. The legal
description in Seller’s deed shall be based on the Survey.

 

5. Title: During the time
from the Effective Date until expiration of the Financing Period, Buyer, at its expense, may conduct an examination of the title to the
Property. Such examination shall show that the Seller is vested with fee simple marketable title to the Property. The title insurance
binder will have no exceptions other than property taxes not yet due and payable and right of ways or encumbrances of record at the time
Seller took title to the Property (except for that certain Right of Way Warranty Deed and Temporary Construction Easement granted in favor
of Forsyth County) or that were consented to by Buyer or would be disclosed by an accurate survey of the Property or are apparent upon
a reasonable inspection of the Property (the “Permitted Exceptions”). If, however, the title examination reveals objections
to the title, other than the Permitted Exceptions, then Buyer shall deliver written notice to Seller prior to expiration of the Financing
Period, with the title commitment setting forth the objections to title. Seller shall have the right, but not the obligation, to cure
the title objections and if Seller fails to cure such objections prior to the Closing, then Buyer shall have the right, as its sole remedy,
exercisable by written notice to Seller, to (i) cancel this Contract and have the Deposit refunded or (ii) elect to close and receive
the deed required herein from Seller subject to such title objections. Seller and Buyer agree that “Monetary Encumbrances”
(as hereinafter defined) shall not constitute Permitted Exceptions and Seller shall have the obligation, at or prior to Closing, to remove
all Monetary Encumbrances. As used herein, the term “Monetary Encumbrances” shall mean mortgages, deeds of trust, and
other encumbrances securing an obligation to pay money; provided, however, that Monetary Encumbrances shall not include property taxes
(other than special assessments) for the year in which Closing occurs and common area maintenance charges, if any, which are not yet due
and payable.

 

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6. Mutual Cooperation:
In the event that Seller or Buyer desire to take part in a tax-deferred like-kind exchange, the other party agrees to cooperate with the
exchanging party and to execute such documents as are reasonably necessary for that purpose; provided that (i) the non-exchanging party
and its representatives shall have a reasonable opportunity to review and approve any exchange documents prior to Closing; (ii) the non-exchanging
party shall not be required to take legal title to any exchange property; (iii) the deed shall be executed and acknowledged by Seller;
(iv) the Closing shall not be delayed to accommodate any such exchange; (v) the non-exchanging party shall not be required to incur any
additional expense or liability in order to accommodate such exchange; and (vi) the exchanging party hereby indemnifies the non-exchanging
party and agrees to hold the non-exchanging party free and harmless from any liability resulting from or arising in connection with such
exchange.

 

7. Closing:

 

(a) Closing Date. The closing
(the “Closing”) shall take place through the offices of the Escrow Agent at a mutually convenient time and date as
agreed by the parties hereto, not later than fifteen (15) days after the Financing Period (the “Closing Date”).

 

(b) Seller’s Deliveries.
Seller shall deliver to Buyer on the Closing Date the following documents (i) an assignment and assumption of the Lease prepared by Seller’s
counsel, in a form satisfactory to Seller’s counsel, Buyer’s counsel and the Escrow Agent, wherein Seller assigns to Buyer
all of Seller’s rights, title, and interests in the Lease; (ii) a limited warranty deed in substantially the same form as the limited
warranty deed received by Seller when it took title to the Property; (iii) an owner’s affidavit on the Escrow Agent’s form
attesting to the absence of mechanic’s or materialmen’s liens, boundary line disputes, proceedings involving Seller which
may affect title to the Property, and parties in possession other than Seller; (iv) a Foreign Investment and Real Property Tax Act (“FIRPTA”)
affidavit; (v) an affidavit of Seller’s state of organization and good standing; (vi) a Closing settlement statement; (vii) transfer
of any and all manufacturer and installation warranties for any improvements on the Property including, but not limited to, roof warranties
and HVAC warranties, in substantially the same form as the transfer of warranties received by Seller when it took title to the Property;
(viii) a bill of sale for any personal property located upon the Property, in substantially the same form as the bill of sale received
by Seller when it took title to the Property; (ix) a Seller’s affidavit regarding commercial real estate brokers in substantially
the same form as received by Seller when it took title to the Property; and (x) such other instruments and documents as Buyer’s
counsel or Escrow Agent may reasonably request for the purpose of confirming proper and lawful execution and delivery of Closing documents
and conveyance of the Property to Buyer in accordance with this Contract and applicable provisions of Georgia law.

 

(c) Buyer’s Deliveries.
Buyer shall deliver to Seller on the Closing Date all of the following: (i) an affidavit of Buyer’s state of organization and good
standing; (ii) a Closing settlement statement; (iii) the balance of the Cash Price and the fully executed Stock Warrants and Stock Grant,
all as set forth in Section 2 herein above; (iv) Seller’s affidavit regarding commercial real estate brokers in substantially the
same form as received by Seller when it took title to the Property; (v) the assignment and assumption of Lease described in subsection
(b) above; and (vi) such other instruments and documents as Seller’s counsel or Escrow Agent may reasonably request for the purpose
of confirming proper and lawful execution and delivery of Closing documents and conveyance of the Property to Buyer in accordance with
this Contract and applicable provisions of Georgia law.

 

(d) Possession. Possession
of the Property, subject to the Lease Agreement, shall pass to Buyer at the Closing Date.

 

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8. Costs and Expenses:

 

(a) Seller’s Costs.
Seller shall furnish and pay the expense of preparation of the deed, any documentary or transfer tax stamps, all costs associated with
providing fee simple marketable title to the Property and the fees and costs of Seller’s own attorney.

 

(b) Buyer’s Costs.
Buyer shall pay the expense of filing the deed, the cost of the Survey, the title insurance premium and the costs of Buyer’s own
attorney.

 

(c) Shared Costs. Seller
shall provide to Buyer the most recent real property tax bill for the Property. Property taxes and assessments for the year in which the
Closing occurs, insurance, utilities and other items shall be prorated on a calendar year basis as of the date of Closing, provided however,
Buyer will be responsible for such taxes per the terms of the Lease. Each party shall pay one-half (1/2) of the fee of the Escrow Agent.
Any other fees or charges not specifically allocated herein shall be allocated in accordance with the laws of the State of Georgia and
the customary practice in Forsyth County.

 

(d) New Loan. Buyer shall
bear its own costs and legal fees incurred in connection with the new loan obtained by Buyer.

 

(e) Lease. All rents receivable
under the Lease attributable to the period prior to the Closing Date will be paid to or retained by Seller, and Buyer will be entitled
to keep all rental or payments received by Buyer in relation to leases, contracts, or agreements entered into by Buyer (as tenant under
the Lease) and other third parties, regardless of which when such payments are received or due. Rents attributable to the period beginning
on the Closing Date and thereafter will be paid to Buyer. In addition, Buyer will pay to Seller all amounts due under the Lease and attributable
to the period of time prior to the Closing Date, including taxes, insurance, and other expenses Buyer is required to pay to Seller under
the Lease and the prepayment by Buyer (as tenant under the Lease) of any such amounts shall be returned to Buyer at the Closing. (there
is no security deposit on the Lease)

 

9. Seller’s Representations
and Warranties. Seller hereby makes the following representations and warranties to Buyer:

 

(a) To the best of Seller’s
actual knowledge, without investigation, Seller has good and marketable fee simple title to the Property, subject only to the Permitted
Exceptions.

 

(b) To the best of Seller’s
actual knowledge, there are no pending, threatened or contemplated condemnation actions involving any portion of the Property and Seller
has received no notice of any such action.

 

(c) From the execution of this Contract
until the Closing, Seller shall (i) maintain the Property in substantially the same condition as presently exists, reasonable wear and
tear excepted, except as otherwise provided in this Contract, and (ii) refrain from entering into any contract or agreement affecting
the Property or the title thereto which would extend beyond the Closing, without the prior written consent of Buyer which may be withheld
in Buyer’s sole discretion.

 

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(d) Seller is not a ‘foreign
person’ which would subject Buyer to the withholding tax provisions of Section 1445 of the Internal Revenue Code of 1986, as amended,
and, at Closing, under regulations promulgated pursuant to Section 1445 of the Internal Revenue Code of 1986, as amended.

 

(e) There are no leases, licenses,
contracts or agreements of any kind whatsoever affecting the Property except for (i) the Permitted Exceptions, (ii) ordinary service contracts
entered into in the ordinary course of business, (iii) certain “desk agreements”, for use of offices within the Property,
and (iv) the Lease.

 

(f) To the best of Seller’s
actual knowledge, there is no condition at, on, under or related to the Property presently or potentially posing a significant hazard
to human health or the environment, whether or not in compliance with law, and Seller has not engaged in any production, use, treatment,
storage, transportation or disposal of any Hazardous Materials (as hereinafter defined) on the Property, nor has there been any release
or threatened release of any Hazardous Materials, pollutant or contaminant into, upon or over the Property or any property adjacent thereto
or into or upon ground or surface water at the Property or any property adjacent thereto.

 

(g) Except for de minimis amounts
of Hazardous Materials customarily used in connection with the operation of the Property, Seller has not stored any Hazardous Materials
on the Property or in any underground or above ground tanks, pits or surface impoundments and Seller has not used, placed or stored any
polychlorinated biphenol-containing or asbestos-containing materials on the Property or incorporated such materials into any buildings
or interior improvements or equipment on the Property.

 

“Hazardous Material”
means any substance:

 

(1) the presence of which requires
investigation or remediation under any federal, state or local statute, regulation, ordinance, order, action, policy, or common law; or

 

(2) which is or prior to Closing
becomes defined as a “hazardous substance”, pollutant, or contaminant under any federal, state, or local statute, regulation,
rule or ordinance or any amendment to any thereof including, without limitation, the Comprehensive Environmental Response, Compensation
and Liability Act (42 U.S.C. §9601 et seq.) and/or the Resource Conservation and Recovery Act (42 U.S.C. §6901 et seq.); or

 

(3) which is toxic, explosive,
corrosive, flammable, infectious, radioactive, carcinogenic, mutagenic, or otherwise hazardous and is or becomes regulated by any governmental
authority, agency, department, commission, board, or instrumentality of the United States, the State of North Carolina or any political
subdivision thereof; or

 

(4) the presence of which on the
Property causes or threatens to cause a nuisance upon the Property or to adjacent properties or poses or threatens to pose a hazard to
the health or safety of persons on or about the Property; or

 

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(5) which contains, without limitation,
gasoline, diesel fuel, or other petroleum hydrocarbons, polychlorinated biphenols (“PCBs”), asbestos, urea formaldehyde
foam insulation, or radon gas.

 

(h) Seller has provided to Buyer
copies of all notices, or communications of any type which Seller has received concerning the actual or potential presence of Hazardous
Materials on the Property, and copies of all reports or investigations in the possession or control of Seller concerning the actual or
potential presence of hazardous substances or any Hazardous Materials on the Property. Seller agrees to immediately provide to Buyer copies
of all such aforementioned notices and communications received prior to Closing; and

 

(i) The real property taxes are
paid through the current tax year. The Property is not, and has not been for the past five tax years, subject to any tax exemptions, deductions,
rebates or other favorable tax treatment. There will not be any recapture or recovery of property taxes imposed with respect to periods
prior to the Closing (including without limitation rollback taxes), or the imposition of any penalties by reason of any preferential assessment
against the Property or any portion thereof.

 

(j) The Property has direct insurable
access to publicly-dedicated rights-of-way, without the necessity of any private easements over or across the property of third parties.

 

Seller will take any and all such
actions as will cause all of the foregoing representations and warranties to be true and correct as of Closing and will so certify to
Buyer in writing at Closing. All of the representations and warranties made by Seller in this Contract, including but not limited to those
set forth in this Section, shall be deemed material conditions of the consummation of the transaction contemplated by this Contract and
shall survive Closing.

 

10. Intentionally Deleted.

 

11. Remedies on Default; Treatment
of Deposit. In the event that Seller defaults in the performance of any of Seller’s obligations, or breaches any of Seller’s
representations, warranties or covenants under this Contract, Buyer shall have the right of specific performance against Seller, in addition
to any and all other remedies provided in this Contract or by law or in equity; provided, in the event of any action for monetary damages
against Seller, in no event shall Buyer be entitled to any damages in excess of Fifty Thousand and No/100 Dollars ($50,000.00) in the
aggregate. In the event that Buyer defaults in the performance of any of its obligations under this Contract, Seller shall have, as its
sole and exclusive remedy hereunder, the right to retain the Deposit as full liquidated damages for such default.

 

12. Brokerage. Each party
hereto represents to the other that it has not discussed the transactions contemplated in this Contract with any real estate broker, agent
or salesman so as to create any legal right or entitlement to claim a real estate commission or similar fee with respect to the conveyance
of the Property. Buyer and Seller hereby indemnify each other against, and agree to hold each other harmless from, any and all claims,
loss, liability, cost, and expenses (including reasonable attorney’s fees) for a real estate brokerage commission or similar fee
or compensation arising out of or in any way connected with any claimed dealings with the indemnitor and relating to this Contract or
the conveyance of the Property. The foregoing indemnities shall survive the termination or consummation of this Contract.

 

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13. Condemnation. In the
event of any taking of all or any part of the Property by eminent domain proceedings, or the commencement of such proceedings prior to
Closing, then Buyer shall have the right, exercisable by written notice to Seller, to terminate this Contract, whereupon Seller shall
promptly refund to Buyer the Deposit and, except as expressly provided to the contrary herein, Seller and Buyer shall have no further
rights, obligations or duties hereunder. If Buyer does not terminate this Contract, then they will proceed to close, with an assignment
by Seller of all of Seller’s right, title and interest in and to any and all such awards and proceeds. Seller shall notify Buyer
in writing of any eminent domain proceedings affecting the Property within two (2) days after Seller learns of such proceedings.

 

14. Notices. Any notices,
requests, or other communications required or permitted to be given hereunder shall be in writing and shall be either (i) delivered by
hand, (ii) mailed by United States registered mail, return receipt requested, postage prepaid, (iii) sent by a reputable, national overnight
delivery service (e.g. , Federal Express, Airborne, etc.) or (iv) sent by facsimile (with the original being sent by one of the other
permitted means or by regular United States mail) and addressed to each party at the applicable address set forth herein. Any such notice,
request, or other communication shall be considered given or delivered, as the case may be, on the date of hand delivery (if delivered
by hand), on the third (3rd) day following deposit in the United States mail (if sent by United States registered mail), on
the next business day following deposit with an overnight delivery service with instructions to deliver on the next day or on the next
business day (if sent by overnight delivery service), or on the day sent by facsimile (if sent by facsimile, provided the original is
sent by one of the other permitted means as provided in this Paragraph or by regular United States mail). By giving at least ten (10)
days prior written notice thereof, any party hereto may, from time to time and at any time, change its mailing address hereunder.

 

	 	Seller:	Metrolina Alpharetta, LLC
	 	 	108 Gateway Blvd., Suite 104
	 	 	Mooresville, NC 28117
	 	 	Attention: Joe Jackson

 

	 	with a copy to:	The Cassarino Law Firm
	 	 	445 S. Main Street, Suite 400
	 	 	Davidson,North Carolina 28036
	 	 	Attention: Ben J. Cassarino, Jr., Esq.

 

	 	 	Buyer: Ballantyne Strong, Inc.
	 	 	4201 Congress Street, Suite 175
	 	 	Charlotte,NC 28209
	 	 	Attn: Mark Roberson
	 	 	4201 Congress Street, Suite 175

 

	 	with a copy to:	Kirton McConkie
	 	 	50 East South Temple, Suite 400
	 	 	Salt Lake City, Utah
	 	 	Attention: Chase Dowden, Esq.

 

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15. Notice of Entry. Notwithstanding
anything to the contrary in this Contract, Buyer agrees to provide not less than twenty-four (24) hours’ notice of any on-site inspections
to Seller before entering the Property. The results of any inspections performed by or on behalf of Buyer shall be deemed Confidential
Information and subject to the confidentially obligations set forth below. Such results shall be provided to Seller and Seller shall determine,
in Seller’s sole discretion, which results require disclosure to any government agency and shall conduct any required communication
with any government agency. The foregoing does not apply to any obligations of any third parties, consultants or engineers to report any
conditions to any governmental agencies.

 

16. Confidentiality. Seller
may furnish Buyer with confidential or proprietary information pursuant to this Contract, which information may include, but is not limited
to, information about the condition of the Property, results of tests, inspections or sampling of the Property by or on behalf of Seller,
Buyer or third parties (collectively, “Confidential Information”). Buyer agrees to (a) hold the Confidential Information
in trust and confidence; (b) use the Confidential Information only in furtherance of the performance of Buyer’s obligations under
this Contract; (c) not disclose the Confidential Information to anyone other than Buyer’s employees, consultants or agents to whom
disclosure is necessary in order to fulfill Buyer’s obligations under this Contract; and (d) use reasonable efforts to prevent the
disclosure of the Confidential Information. Buyer agrees to return to Seller all Confidential Information immediately upon request if
Buyer elects not to purchase the Property. Buyer shall cause any employee to whom disclosure of Confidential Information is made to comply
with these confidentiality terms both during and after employment.

 

17. Miscellaneous.

 

(a) Entire Contract. This
Contract constitutes the entire agreement between the parties hereto with respect to the transaction contemplated herein; and it is understood
and agreed that all undertakings, negotiations, representations, promises, inducements and agreements heretofore had between these parties
are merged herein, including without limitation, the terms of the Letter of Intent, if any. This Contract may not be changed orally, but
only by an agreement in writing signed by both Buyer and Seller; and no waiver of any of the provisions in this Contract shall be valid
unless in writing and signed by the party against whom such waiver is sought to be enforced.

 

(b) Successors and Assigns.
The provisions of this Contract shall inure to the benefit of, and shall be binding upon, the parties hereto and their respective heirs
and permitted successors and assigns.

 

(c) Presumption. No presumption
shall be created in favor of or against Seller or Buyer with respect to the interpretation of any term or provision of this Contract due
to the fact that this Contract was prepared by or on behalf of one of said parties.

 

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(d) Interpretation. Words
of any gender used in this Contract shall be held and construed to include any other gender, and words in the singular number shall be
held to include the plural and vice versa, unless the context requires otherwise. When anything is described or has been described or
referred to generally is associated with that description (whether or not following the word “including”), the examples or
components shall be deemed illustrative only and shall not be construed as limiting the generality of the description or reverence in
any way.

 

(e) Captions. The captions
used in connection with the paragraphs of this Contract are for reference and convenience only and shall not be deemed to construe or
limit the meaning of the language contained in this Contract or be used in interpreting the terms and provisions of this Contract.

 

(f) Counterparts. This Contract
may be executed in two or more counterparts and shall be deemed to have become effective only when one or more of such counterparts shall
have been signed by or on behalf of each of the parties hereto (although it shall not be necessary that any single counterpart be signed
by or on behalf of each of the parties hereto, and all such counterparts shall be deemed to constitute but one and the same instrument),
and shall have been delivered by each of the parties to the other. The execution of this Contract by facsimile or other electronic form
(e.g., PDF) of signature shall be binding and enforceable as an original; provided, that any party delivering a facsimile
or electronic document shall, upon the request of the other party, thereafter execute and deliver to the other party an identical original
instrument, as soon as reasonably possible thereafter.

 

(g) Severability. If any
provision of this Contract is held to be illegal, invalid or unenforceable under present or future laws, such provision shall be fully
severable; this Contract shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a
part of this Contract; and the remaining provisions of this Contract shall remain in full force and effect and shall not be affected by
the illegal, invalid or unenforceable provision or by its severance from this Contract.

 

(h) Governing Law. This Contract
is intended to be performed in the State of Georgia and shall be construed and enforced in accordance with the laws of Georgia.

 

(i) Binding Effect. Each
party hereto represents and warrants to the other party that the execution of this Contract and any other documents required or necessary
to be executed pursuant to the provisions hereof are valid, binding obligations and are enforceable in accordance with their terms.

 

(j) Assignment. Buyer may
freely assign this Contract without obtaining any consent from Seller so long as the assignor assumes all of Buyers obligations hereunder,
and Buyer may otherwise assign this Contract upon the prior written consent of Seller, which consent shall not be unreasonably withheld.

 

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IN WITNESS WHEREOF, the parties
hereto have caused this Contract to be executed and delivered by persons duly empowered to bind the parties to perform their respective
obligations hereunder as of the day and year first above written.

 

	 	SELLER:
	 	Metrolina Alpharetta, LLC, a North Carolina limited liability company
	 	 	 
	 	By:	/s/ R. Joseph Jackson
	 	 	R. Joseph Jackson, Member/Manager
	 	 	 
	 	BUYER:
	 	Digital Ignition, LLC, a Georgia limited liability company
	 	 	 
	 	By:	/s/
Mark D. Roberson
	 	 	Mark D. Roberson, Manager 
	 	 	 
	 	PARENT:
	 	Ballantyne Strong, Inc., a Delaware corporation
	 	 	 
	 	By:	/s/
    Mark D. Roberson
	 	 	Mark D. Roberson, Chief Executive Officer

 

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EXHIBIT A

 

Legal Description

 

All that tract or parcel of land lying and being in
Land Lots 839, 890 & 891, 2nd District, 1st Section, Forsyth County, Georgia, and being more particularly described as follows:

 

To find the Point of Beginning, commence at the Southwest
corner of Land Lot 890; thence along the Westerly line of Land Lot 890, N 01°09’49” E a distance of 552.21 feet to a point;
thence S 65°57’30” W a distance of 160.11 feet to an iron pin found and the Point of Beginning; thence S 80°42’55”
W a distance of 299.38 feet to an iron pin found on the Northeasterly right of way of Bluegrass Valley Parkway (right of way varies);
thence along said right of way along a curve to the left, following the curvature thereof for an arc distance of 114.81 feet, said curve
having a radius of 66.00 feet and being subtended by a chord of N 39°13’57” W 100.87 feet to an iron pin found; thence
leaving said right of way N 00°45’13” E a distance of 682.90 feet to an iron pin found; thence S 74°34’10”
E a distance of 387.04 feet to a 1 inch open top pipe found; thence N 53°07’57” E a distance of 230.56 feet to an iron
pin found; thence S 61°56’45” E a distance of 68.84 feet to an iron pin found; thence N 69°36’55” E a
distance of 236.28 feet to an iron pin found; thence S 03°04’24” E a distance of 135.87 feet to an iron pin found; thence
S 14°17’50” W a distance of 292.83 feet to an iron pin found; thence S 03°26’58” W a distance of 194.77
feet to an iron pin found; thence S 80°30’22” W a distance of 0.14 feet to a point; thence S 65°57’30”
W a distance of 451.82 feet to the Point of Beginning. Said tract contains 11.933 acres.

 

Together with the easements appurtenant to the subject
property provided over the lands of others contained in the following:

 

a. Sewer Easement Agreement between Regent Land Holdings,
LLC and Convergent Media Systems Corporation dated as of December 31, 2001 and recorded January 10, 2002 in Deed Book 2175, Page 199,
aforesaid records; as amended by First Amendment to Easement Agreement by and between Convergent Media Systems, Corp., Legacy at Walton
Bluegrass, LLC and Walton Bluegrass, LLC, dated as of May 26, 2015 and recorded June 5, 2015 in Deed Book 7401, Page 107, aforesaid records;
and

 

b. Drainage Easement Agreement between Regent Land
Holdings, LLC and Convergent Media Systems Corporation dated as of December 31, 2001 and recorded January 10, 2002 in Deed Book 2175,
Page 207, aforesaid records; as amended by First Amendment to Easement Agreement by and between Convergent Media Systems, Corp and Walton
Bluegrass, LLC, dated as of May 26, 2015 and recorded June 5, 2015 in Deed Book 7401, Page 122, aforesaid records.

 

Less-and except property conveyed by the following:

 

a. Right of Way Warranty Deed from Metrolina Alpharetta,
LLC, to Forsyth County, dated September 20, 2018, recorded October 1, 2018, in Deed Book 8689, Page 448, aforesaid records.

 

b. Petition for Condemnation styled Forsyth County,
Georgia versus 4.911 Acres of Fee Simple Right of way; et al., being Civil Action File No.19-CV-1584-2, filed September 11, 2019, aforesaid
records; which case is pending.

 

    	Exhibit AExhibit
10.2

 

THE
SECURITIES GRANTED PURSUANT TO THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR QUALIFIED UNDER ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR
ASSIGNED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SECURITIES IS EFFECTIVE UNDER THE ACT AND IS QUALIFIED UNDER APPLICABLE STATE
LAW OR (II) THE TRANSACTION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER THE ACT AND THE QUALIFICATION
REQUIREMENTS UNDER APPLICABLE STATE LAW AND, IF THE CORPORATION REQUESTS, AN OPINION SATISFACTORY TO THE CORPORATION TO SUCH EFFECT HAS
BEEN RENDERED BY COUNSEL.

 

BALLANTYNE
STRONG, INC.

 

STOCK
GRANT AGREEMENT

 

THIS
STOCK GRANT AGREEMENT (the “Agreement”) entered into to be effective as of February 1, 2022 (the “Effective
Date”), by and between Ballantyne Strong, Inc., a Delaware corporation (the “Corporation”), and Metrolina
Capital Investors, LLC, a North Carolina limited liability company (“Shareholder”).

 

R
E C I T A L S

 

WHEREAS:
Shareholder and the Corporation are parties to a Contract of Sale (the “Purchase Agreement”) whereby the Corporation
is purchasing that certain parcel of land with buildings and improvements situated thereon and commonly known as 190 Bluegrass Valley
Parkway, Alpharetta, GA 30004 and designated as Tax Map Number 065-039, and consisting of approximately 11.63 acres more or less, with
an approximately 43,524 square foot building located thereon in Forsyth County, Georgia and being more particularly described therein,
from Shareholder (the “Transaction”).

 

WHEREAS:
As part of the consideration for the Transaction, and for other good and valuable consideration, the receipt of which is hereby acknowledged,
Shareholder and the Corporation hereby agree as follows:

 

A
G R E E M E N T

 

1.
Issuance. The Corporation hereby grants to Shareholder seven hundred sixty thousand six hundred fifty (760,650) shares (the “Subject
Shares”) of the Corporation’s common stock, par value $0.01 per share (the “Common Stock”), effective
as of the Effective Date, subject to the terms and conditions of this Agreement. The Corporation and Shareholder agree that the value
of the Subject Shares is equal to Two Million Two Hundred Fifty Thousand Dollars ($2,250,000) based on a price per share equal to the
average of the closing price of the Common Stock on the NYSE American exchange for the sixty (60) most recent Trading Days (as defined
in the Purchase Agreement) prior to the Effective Date.

 

    	 

     

    

 

2.
Consideration. The Subject Shares are issued as part of the consideration to be paid to Shareholder pursuant to the Purchase Agreement.

 

3.
Securities Representations and Warranties.

 

(a)
In connection with, and in consideration of, the issuance of the Subject Shares to Shareholder, Shareholder represents that Shareholder
is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated under Securities Act of 1933, as amended
(the “Securities Act”), and hereby makes the additional representations set forth on Exhibit A attached hereto
to the Corporation with respect to the Subject Shares, such that the Corporation may rely on them in issuing the Subject Shares.

 

(b)
Shareholder understands, acknowledges, and agrees that the Corporation’s grant and issuance to Shareholder of the Subject Shares
has not been registered under the Securities Act because the Corporation believes, relying in part on Shareholder’s representations
in this document, that an exemption from such registration requirement is available for such grant. Shareholder acknowledges and agrees
that the availability of this exemption depends upon the truthfulness and accuracy of the representations Shareholder is making to the
Corporation in this document.

 

4.
Restrictions

 

(a)
Vesting. All Subject Shares shall be fully vested upon issuance.

 

(b)
Transfer. Except for transfers not involving a change in beneficial ownership, Shareholder agrees not to make any sale, assignment,
transfer, pledge or other disposition of all or any portion of the Subject Shares, or any beneficial interest therein, unless and until
(i) there is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition
is made in accordance with such registration statement; or (ii) Shareholder shall have given prior written notice to the Corporation
of Shareholder’s intention to make such disposition, shall have furnished the Corporation with a detailed description of the manner
and circumstances of the proposed disposition, and, if requested by the Corporation, shall have furnished the Corporation, at Shareholder’s
expense, with an opinion of counsel, reasonably satisfactory to the Corporation, to the effect that such disposition will not require
registration of the Subject Shares under the Securities Act.

 

(c)
Legends. Shareholder understands and agrees that the Corporation shall cause the legends set forth below, or substantially equivalent
legends, to be placed upon any certificate(s) evidencing ownership of the Subject Shares, together with any other legends that may be
required by the Corporation or by applicable state or federal securities laws:

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR QUALIFIED
UNDER ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR ASSIGNED UNLESS
(I) A REGISTRATION STATEMENT COVERING SUCH SECURITIES IS EFFECTIVE UNDER THE ACT AND IS QUALIFIED UNDER APPLICABLE STATE LAW OR (II)
THE TRANSACTION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER THE ACT AND THE QUALIFICATION REQUIREMENTS
UNDER APPLICABLE STATE LAW AND, IF THE CORPORATION REQUESTS, AN OPINION SATISFACTORY TO THE CORPORATION TO SUCH EFFECT HAS BEEN RENDERED
BY COUNSEL.

 

    	 2

     

    

 

(d)
Rule 144. Shareholder understands that the Subject Shares are “restricted securities” under the federal securities laws
inasmuch as they are being acquired from the Corporation in a transaction not involving a public offering and that, under such laws and
applicable regulations, such securities may be resold without registration under the Securities Act only in certain limited circumstances.

 

5.
No Transfer of Subject Shares. Shareholder agrees to comply in all respects with the provisions of Section 4 and 5 and the restrictive
legend requirements set forth on the face of this Agreement and further agrees that Shareholder shall not offer, sell or otherwise dispose
of the Subject Shares except under circumstances that will not result in a violation of the Securities Act.

 

6.
Tax Issues. The Corporation has directed Shareholder to seek independent advice regarding the Federal, state and/or local tax laws
that may apply to Shareholder in connection with the issuance and receipt of the Subject Shares.

 

7.
Representations and Warranties of Corporation. The Corporation hereby represents and warrants to Shareholder that it has the requisite
corporate power and authority to execute and deliver and to carry out the terms of this Agreement and any and all related documents or
agreements. This Agreement and any related documents or agreements are valid and binding agreements of the Corporation.

 

8.
Indemnification. Shareholder and the Corporation each agree to indemnify, defend, and hold harmless the other from and against any
and all loss, liability, expenses, including reasonable attorneys’ fees, or damage, of any nature, arising out of or due to a breach
of any representation, warranty, or undertaking of such party contained in this Agreement.

 

9.
General Provisions.

 

(a)
Successors and Assigns, Assignment. Except as otherwise provided in this Agreement, this Agreement, and the rights and obligations
of the parties hereunder, will be binding upon and inure to the benefit of their respective successors, assigns, heirs, executors, administrators
and legal representatives.

 

(b)
Governing Law; Venue. This Agreement will be governed by and construed in accordance with the laws of the State of Delaware, without
giving effect to that body of laws pertaining to conflict of laws.

 

(c)
Counterparts; Execution. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered
will be deemed an original, and all of which together shall constitute one and the same agreement. This Agreement may be executed and
delivered by facsimile or other electronic method and upon such delivery the facsimile or electronic signature will be deemed to have
the same effect as if the original signature had been delivered to the other party.

 

    	 3

     

    

 

(d)
Amendments and Waivers. This Agreement may be amended only by a written agreement executed by each of the parties hereto. No amendment
of or waiver of, or modification of any obligation under this Agreement will be enforceable unless set forth in a writing signed by the
party against which enforcement is sought. Any amendment effected in accordance with this section will be binding upon all parties hereto
and each of their respective successors and assigns. No delay or failure to require performance of any provision of this Agreement shall
constitute a waiver of that provision as to that or any other instance. No waiver granted under this Agreement as to any one provision
herein shall constitute a subsequent waiver of such provision or of any other provision herein, nor shall it constitute the waiver of
any performance other than the actual performance specifically waived.

 

(e)
Attorney’s Fees. In any action at law or in equity to enforce any of the provisions or rights under this Agreement, the successful
party to such litigation, as determined by the Court in a final judgment or decree, shall pay the successful party or parties all costs,
expenses, and reasonable attorneys’ fees incurred by the successful party or parties (including, without limitation, costs, expenses
and fees on any appeals), and if the successful party recovers judgment in any such action or proceeding, such costs, expenses and attorney’s
fees shall be included as part of the judgment.

 

(f)
Further Assurances. The parties agree to execute such further documents and instruments and to take such further actions as may be
reasonably necessary to carry out the purposes and intent of this Agreement.

 

IN
WITNESS WHEREOF, this Agreement is hereby executed as of the date first written above.

 

	CORPORATION:	BALLANTYNE
    STRONG, INC.
	 	 	 
	 	 	/s/
    Mark Roberson
	 	By:	Mark
    Roberson
	 	Its:	Chief
    Executive Officer
	 	 	 
	SHAREHOLDER:	METROLINA
    CAPITAL INVESTORS, LLC
	 	 	 
	 	 	/s/
    R. Joseph Jackson
	 	By:	R.
    Joseph Jackson
	 	Its:	Member/Manager

 

    	 4

     

    

 

EXHIBIT
A

 

SECURITIES
REPRESENTATIONS AND WARRANTIES

 

1.
Purchasing for Own Investment; Accredited Investor. Shareholder has not been formed for the purpose of acquiring the Subject Shares
and holds assets in addition to the Subject Shares. Shareholder is acquiring the Subject Shares solely for investment purposes, and not
for further distribution. Shareholder’s entire legal and beneficial ownership interest in the Subject Shares is being acquired
and shall be held solely for Shareholder’s account. Shareholder is not a party to, and does not presently intend to enter into,
any contract or other arrangement with any other person or entity involving the resale, transfer, grant of participation with respect
to or other distribution of any of the Subject Shares. Shareholder’s investment intent is not limited to Shareholder’s present
intention to hold the Subject Shares for the minimum capital gains period specified under any applicable tax law, for a deferred sale,
for a specified increase or decrease in the market price of the Subject Shares, or for any other fixed period in the future. 

 

2.
Ability to Protect Own Interests. Shareholder and its directors and beneficial owners are knowledgeable investors and can properly
evaluate the merits and risks of an investment in the Subject Shares and can protect Shareholder’s own interests in this regard,
whether by reason of Shareholder’s own business and financial expertise, the business and financial expertise of its directors,
and certain professional advisors unaffiliated with the Corporation with whom Shareholder has consulted, or Shareholder’s preexisting
business or personal relationship with the Corporation or any of its officers, directors or controlling persons.

 

3.
Informed About the Corporation. Shareholder is sufficiently aware of the Corporation’s business affairs and financial condition
to reach an informed and knowledgeable decision to acquire the Subject Shares. Shareholder has had opportunity to discuss the plans,
operations and financial condition of the Corporation with its officers, directors or controlling persons, has reviewed the Corporation’s
public filings with the Securities and Exchange Commission, and has received all information Shareholder deems appropriate for assessing
the risk of an investment in the Subject Shares.

 

4.
Economic Risk. Shareholder realizes that an investment in the Subject Shares involves a high degree of risk, and that the Corporation’s
future prospects are uncertain. Shareholder is able to hold the Subject Shares indefinitely if required, and is able to bear the loss
of Shareholder’s entire investment in the Subject Shares.

 

5.
Restricted Securities. Shareholder understands that the Subject Shares are “restricted securities” in that the Corporation’s
sale of the Subject Shares to Shareholder has not been registered under the Securities Act in reliance upon an exemption for non-public
offerings. In this regard, Shareholder also understands and agrees that:

 

(a)
Shareholder must hold the Subject Shares indefinitely, unless any subsequent proposed resale by Shareholder is registered under the Securities
Act, or unless an exemption from registration is otherwise available (such as Rule 144);

 

(b)
the Corporation is under no obligation to register any subsequent proposed resale of the Subject Shares by Shareholder; and

 

(c)
the certificate evidencing the Subject Shares will be imprinted with a legend which prohibits the transfer of the Subject Shares unless
such transfer is registered or such registration is not required in the opinion of counsel for the Corporation.

 

    	 5

     

    

 

6.
Rule 144. Shareholder is familiar with Rule 144 adopted under the Securities Act, which in some circumstances permits limited
public resales of “restricted securities” like the Subject Shares acquired from an issuer in a non-public offering. Shareholder
understands that its ability to sell the Subject Shares under Rule 144 in the future is uncertain, and will depend upon, among other
things: (i) the availability of certain current public information about the Corporation; (ii) the resale occurring more than six months
after Shareholder’s purchase and full payment (within the meaning of Rule 144) for the Subject Shares; and (iii) if Shareholder
is an affiliate of the Corporation: (A) the sale being made through a broker in an unsolicited “broker’s transaction”
or in transactions directly with a market maker, as said term is defined under the Securities Exchange Act of 1934, as amended, (B) the
amount of Subject Shares being sold during any three-month period not exceeding the specified limitations stated in Rule 144, and
(C) timely filing of a notice of proposed sale on Form 144, if applicable. 

 

7.
Availability of Rule 144. Shareholder understands that the requirements of Rule 144 may never be met, and that the Subject Shares
may never be saleable. Shareholder further understands that at the time Shareholder wishes to sell the Subject Shares, there may be no
public market for the Corporation’s stock upon which to make such a sale, or the current public information requirements of Rule
144 may not be satisfied, either of which could preclude Shareholder from selling the Subject Shares under Rule 144 even if the six-month
minimum holding period had been satisfied.

 

8.
Restrictions on Resale. Shareholder understands that in the event Rule 144 is not available to Shareholder, any future proposed
sale of any of the Subject Shares by Shareholder will not be possible without prior registration under the Securities Act, compliance
with some other registration exemption (which may or may not be available), or each of the following: (i) Shareholder’s
written notice to the Corporation containing detailed information regarding the proposed sale, (ii) Shareholder providing an opinion
of Shareholder’s counsel to the effect that such sale will not require registration, and (iii) the Corporation notifying Shareholder
in writing that its counsel concurs in such opinion. Shareholder understands that neither the Corporation nor its counsel is obligated
to provide Shareholder with any such opinion. Shareholder understands that although Rule 144 is not exclusive, the staff of the Securities
and Exchange Commission has stated that persons proposing to sell private placement securities other than in a registered offering or
pursuant to Rule 144 will have a substantial burden of proof in establishing that an exemption from registration is available for such
offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk.

 

9.
No General Solicitation. The Shareholder acknowledges that neither the Corporation nor any other person offered to sell the Subject
Shares to it by means of any form of general solicitation or advertising, including but not limited to: (A) any advertisement, article,
notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio or (B) any
seminar or meeting whose attendees were invited by any general solicitation or general advertising.

 

10.
Residence/Principal Place of Business. The address of Shareholder’s principal place of business is 108 Gateway Blvd., Suite
104, Mooresville, NC 28117.

 

    	 6

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