Document:

Exhibit
10.36

 

Binding
Term Sheet

 

This
Binding Term Sheet (the “Term Sheet”) constitutes a commitment by the Parties hereto to negotiate in good faith and
to enter into one or more definitive agreements as set forth herein. The terms and conditions of the potential transaction described
below are not limited to those set forth herein. Matters that are not covered by the provisions hereof are subject to the approval
and mutual agreement of the parties.

 

	Effective
    Date:	March
    12, 2021
	 	 
	Parties:	Motorsport
    Games Inc. (“MSG”) & EleDa s.r.l. (“Seller”)
	 	 
	Subject
    Matter:	MSG
    desires to purchase from Seller one hundred percent (100%) of the shares of Digital Tales USA LLC (the “Shares”)
    (including all related assets) subject to the terms to be determined as stated herein and further negotiated, and Seller agrees
    to sell the Shares for such purchase price and in accordance with such terms (the “Transaction”). The Parties
    intend to close this transaction on or before May 31, 2021 or such other date as mutually agreed by the parties in writing.
	 	 
	Definitive
    Agreements:	The
    Transaction will be subject to negotiation of definitive documentation customary for a transaction of this nature (“Definitive
    Documents”), including but not limited to a Share Purchase Agreement. The Definitive Documents will contain representations,
    warranties and covenants that are customary for transactions of this nature. The Definitive Documents will require that the
    consummation of the Transaction will be subject to the satisfaction of various conditions required prior to closing as are
    customary for transactions of this nature.

 

	 	I.	Consideration
    and Payment Terms:

 

	 	a.	MSG
    to purchase the Shares from Seller for a total purchase price of two million two hundred thousand US dollars ($2,200,000)
    (the “Purchase Price”).
	 	b.	MSG
    to pay the Purchase Price as follows:

 

	 	i.	 	One
    million five hundred forty thousand US dollars ($1,540,000) at closing;
	 	ii.	 	Two
    hundred sixty thousand US dollars ($260,000) on the six-month anniversary of closing;
	 	iii.	 	Two
    hundred thousand US dollars ($200,000) after the SBK video game license or substantially similar two-wheel racing brand license
    currently held by the Digital Tales USA LLC is amended to be extended beyond current expiration date in 2024 for no less than
    three (3) additional years, so long as such amendment is executed within twelve (12) months of closing.
	 	iv.	 	Two
    hundred thousand US dollars ($200,000) after the SBK video game license or substantially similar two-wheel racing brand license
    currently held by the Digital Tales USA LLC is amended to be expanded to include console and PC video game development and
    publishing for the same period, so long as such amendment is executed within twelve (12) months of closing.

 

	 	II.	Conditions
    to Closing: Execution of Definitive Agreements relating to the Transaction is subject to certain conditions precedent
    including: (i) the satisfaction of MSG, in its sole discretion, of a due diligence investigation into Digital Tales USA LLC,
    its operations and its assets, including but not limited to technical, intellectual property, financial, accounting and tax,
    and legal due diligence; (ii) the approval of MSG’s Board of Directors; and (iii) satisfaction of customary conditions
    to closing, including without limitation receipt of necessary government or third-party approvals. Additionally, the Definitive
    Documents shall be negotiated and include customary representations and warranties for a transaction of this nature, including,
    without limitation, regarding the ownership, free of all encumbrances, of the copyrights and other applicable rights in and
    to, or otherwise associated with the video game software (as related to racing simulation), content and brand.

 

    	1

    	 

    

  

	 	III.	Governing
    Law: This Term Sheet shall be governed by the laws of the State of Florida, without regard to the conflicts of law principles
    thereof. The Share Purchase Agreement shall be subject to the laws of Italy and the exclusive jurisdiction of the Italian
    courts.
	 	 	 
	 	IV.	Expenses:
    Each of the Parties will be responsible for its own fees, costs and expenses (including any fees and expenses of their
    legal or accounting representatives, bankers or brokers) incurred in connection with this Term Sheet, the discussions, the
    Definitive Documents or otherwise the proposed Transaction. Notwithstanding the foregoing, at closing, MSG agrees to reimburse
    Seller for Seller’s legal fees and expenses up to an amount of sixty thousand dollars ($60,000).
	 	 	 
	 	V.	Exclusivity:
    As of the date of execution of this Binding Term Sheet, Seller agrees to enter an “Exclusivity Period” with
    respect to the Shares and related assets of Digital Tales USA LLC. The Exclusivity Period shall continue through such date
    that the Definitive Documents are executed and the transaction contemplated in this Term Sheet and the Definitive Documents
    is completed. During this period Seller shall not, and shall cause each of its directors, officers, employees, stockholders,
    affiliates, agents, advisors and other representatives not to, directly or indirectly, solicit, initiate, or encourage the
    submission of, or respond to, any expression of interest, inquiry, proposal or offer from any person or entity relating to
    the acquisition of any material part of the capital stock or assets of Digital Tales USA LLC or the merger, joint venture,
    exclusive license, liquidation, recapitalization, reorganization, or any similar transaction involving the Digital Tales USA
    LLC or its assets, except as approved by MSG in writing in advance. Seller agrees to notify MSG immediately if any person
    or entity makes any proposal, offer, inquiry, or contact with respect to any of the foregoing, and the details of such proposal,
    offer, inquiry or contact including the identity of the potential buyer and/or investor and terms of such proposal.
	 	 	 
	 	VI.	Disclosure:
    MSG shall have the right to disclose the Binding Term Sheet and the contents thereof in (i) MSG’s current report
    on Form 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”) and other required SEC filings,
    such as Form 10-K annual reports and Form 10-Q quarterly reports, and (ii) MSG’s press release about the Binding Term
    Sheet and the transactions contemplated by the Binding Term Sheet.
	 	 	 
	 	VII.	Binding
    Agreement: The Parties hereto acknowledge the binding nature of this Term Sheet and agree to be bound by the obligations
    set forth herein from the Effective Date. This Term Sheet, including but not limited to the obligations of confidentiality
    and exclusivity, shall remain in effect until June 30, 2021 (the “Drop Dead Date”). If the Definitive Documents
    have not been executed by the Drop Dead Date, then this Term Sheet shall be considered void and the Parties shall each be
    released of their obligations set forth herein. Notwithstanding the foregoing, the Parties may extend the Drop Date at any
    time by mutual agreement in writing.

 

Signed:

 

	EleDa
    s.r.l.	 	Motorsport
    Games Inc.
	 	 	 	 	 
	 	/s/
    Giovanni Luigi Bazzoni	 	 	/s/
    Dmitry Kozko
	Title:	CEO	 	Title:	CEI
	Name:	Giovanni
    Luigi Bazzoni	 	Name:	Dmitry
    Kozko
	Date:	03/12/2021	 	Date:	03/22/2021

 

    	2Exhibit 4.2

     

    DESCRIPTION OF REGISTRANT’S SECURITIES

     

    As of January 30, 2021, Ollie’s Bargain Outlet Holdings, Inc. (hereinafter, the “Company”) had one class of securities registered pursuant to Section 12 of the U.S. Securities Exchange Act of 1934,
      as amended: Common Stock, par value $0.001 per share (the “Common Stock”). The following summary includes a brief description of the Common Stock, as well as certain related additional information.

     

    General. The Company has authority to issue 500,000,000 shares of Common Stock, and 50,000,000
      shares of preferred stock, par value $.01 per share (the “Preferred Stock”), issuable in one or more series from time to time by resolution of the Company’s Board of Directors (the “Board”).

     

    Voting rights. Holders of Common Stock are entitled to one vote per share held of record as of the applicable record date on any matter
      that is submitted to a stockholder vote and shall be entitled to vote at all stockholder meetings. Our stockholders will not have cumulative voting rights. Except as otherwise required by law, and subject to the terms of any one or more series or
      classes of preferred stock, any action required or permitted to be taken by the stockholders must be effected at an annual or special meeting of the stockholders and may not be effected by any written consent in lieu of a meeting by such
      stockholders, unless the directors then in office unanimously recommend that such action be permitted to be taken by written consent of stockholders.

     

    Dividend rights. Holders of our common stock are entitled to receive dividends or other distributions when and if, declared by our Board
      out of assets or funds legally available therefor, and will share equally in any dividend, subject to any statutory or contractual restrictions on the payment of dividends and to any restrictions or prior rights on the payment of dividends imposed by
      the terms of any outstanding preferred stock or any other classes or series of stock at the time outstanding having prior rights as to dividends or other distributions.

     

    Liquidation rights. In the event of any voluntary or involuntary liquidation, dissolution or winding up of our affairs, holders of our
      common stock would be entitled to share ratably and proportionally in our remaining assets that are legally available for distribution to stockholders after payment of liabilities, subject to the prior rights of our creditors and the holders of all
      classes or series of stock at the time outstanding having prior rights as to distributions upon liquidation, dissolution or winding up of our affairs. In any such case, we must pay the applicable distribution to the creditors and/or holders of our
      preferred stock before we may pay distributions to the holders of our common stock.

     

    No preemption, conversion or other rights; No sinking fund provisions. Our stockholders have no preemptive, conversion or other rights to
      subscribe for additional shares. There are no sinking fund provisions

     

    Anti-Takeover Effects of the Certificate of Incorporation and Bylaws. The provisions of the
      Company’s Third Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) and Fourth Amended and restated Bylaws (the “Bylaws”) described below may have the effect of delaying, deferring or preventing a change in control
      of the Company:

     

    	

          	•	
            Our Board may issuer, without further action by the stockholders, up to 50,000,000 shares of undesignated Preferred Stock;

          

     

    	

          	•	
            Subject to certain exceptions, the Bylaws may require that any action to be taken by our stockholders be effected at a duly called annual or special meeting and not by written consent;

          

     

    
      
        

    

    
    	

          	•	
            The Bylaws specify that special meetings of our stockholders can be called only be a majority of our Board, the Chairperson of the Board or upon the request of the Chief Executive Officer;

          

     

    	

          	•	
            the Bylaws establish an advance notice procedure for stockholder proposals to be brought before an annual meeting, including proposed nominations of persons for election to our Board;

          

     

    	

          	•	
            the Bylaws establish that the Board may be divided into classes with terms set forth therein until the annual meeting of stockholders to be held in 2022;

          

     

    	

          	•	
            the Bylaws prevent cumulative voting in the election of directors; and

          

     

    	

          	•	
            the Bylaws provide that vacancies on our Board may be filled only by a majority of directors then in office, even if less than a quorum.

          

     

    The foregoing summary does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Certificate of Incorporation and Bylaws. For
      additional information we encourage you to read: the Certificate of Incorporation and Bylaws, all of which are exhibits to the Company’s Annual Report on Form 10-K; and applicable provisions of the General Corporation Law of the State of Delaware.

      

      

      

      

      2

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