Document:

Exhibit 10.24

 

EXECUTION COPY

CONFIDENTIAL

 

ESCROW AGREEMENT

 

This ESCROW AGREEMENT
(this “Agreement”) is made and entered into as of December 14, 2020, by and among: (i) Tenzing Acquisition
Corp., a British Virgin Islands corporation, which will be known after the consummation of the transactions contemplated by
the Merger Agreement (as defined below) as “Reviva Pharmaceuticals Holdings, Inc.” (including any successor entity
thereto, including the Successor after the Conversion (as such terms are defined in the Merger Agreement), the “Purchaser”),
(ii) Tenzing LLC, in its capacity under the Merger Agreement as the Purchaser Representative (including any successor Purchaser
Representative appointed in accordance therewith, the “Purchaser Representative”), (iii) Laxminarayan
Bhat, in his capacity as the Seller Representative under the Merger Agreement (including any successor Seller Representative
appointed in accordance therewith, the “Seller Representative”); and (iv) Continental Stock Transfer
 & Trust Company, as escrow agent (the “Escrow Agent”). Capitalized terms used herein but not
otherwise defined herein shall have the meaning given to such terms in the Merger Agreement.

 

WHEREAS, on July 20,
2020, Purchaser, Tenzing Merger Subsidiary Inc., a Delaware corporation and a wholly-owned subsidiary of the Purchaser (“Merger
Sub”), the Purchaser Representative, the Seller Representative and Reviva Pharmaceuticals, Inc., a Delaware corporation
(the “Company”), entered into that certain Agreement and Plan of Merger (as amended from time to time
in accordance with the terms thereof, the “Merger Agreement”), pursuant to which, subject to the terms
and conditions thereof, upon the consummation of the transactions contemplated thereby (the “Closing”),
Merger Sub will merge with and into the Company, with the Company continuing as the surviving entity and with stockholders holders
of the Company receiving shares of common stock of Purchaser, subject to the withholding of the Escrow Shares (as defined below)
being deposited into the Escrow Account (as defined below) in accordance with the terms and conditions of the Merger Agreement
and this Agreement and the applicable provisions of the DGCL;

 

WHEREAS, pursuant to
the Merger Agreement, Purchaser, the Purchaser Representative, their respective Affiliates and each of their respective officers,
directors, managers, employees, successors and permitted assigns (the “Indemnified Parties”) are entitled
to be indemnified in certain respects by the Company Stockholders and their respective successors and assigns (the “Indemnifying
Parties”);

 

WHEREAS, in accordance
with the Merger Agreement and this Agreement, at the Closing, Purchaser shall issue to the Escrow Agent ten percent (10%) of the
Merger Consideration otherwise issuable to the Company Stockholders at the Closing (together with any equity securities paid as
dividends or distributions with respect to such shares or into which such shares are exchanged or converted, the “Escrow
Shares”) to be held, along with any other Escrow Property (as defined below), by the Escrow Agent in a segregated
escrow account (the “Escrow Account”) and disbursed therefrom in accordance with the terms of Article
VI of the Merger Agreement and this Agreement;

 

WHEREAS, pursuant to
the Merger Agreement and the Letter of Transmittals to be submitted by Company Stockholders, the Seller Representative has been
designated as each Company Stockholder’s representative and agent to represent all of the Company Stockholders, and to act
on their behalf for purposes of this Agreement;

 

WHEREAS, pursuant to
the Merger Agreement, the Purchaser Representative has been exclusively designated to act on behalf of Purchaser to take all necessary
actions and make all decisions pursuant to this Agreement; and

 

     

     

    

 

WHEREAS, the Escrow
Agent is willing to administer the escrow under the terms and conditions of this Agreement.

 

NOW, THEREFORE, in
consideration of the foregoing premises and of the mutual covenants and agreements contained herein, the parties hereto hereby
agree as follows:

 

Section 1.                  
Appointment. The Purchaser Representative (on behalf of Purchaser) and the Seller Representative (on behalf of the
Company Stockholders) hereby appoint the Escrow Agent as their escrow agent for the purposes set forth herein, and the Escrow Agent
hereby agrees to perform the duties as escrow agent under this Agreement. The escrow services to be rendered by the Escrow Agent
under this Agreement will not begin until the Escrow Agent has received the documentation necessary to establish the Escrow Account
on its books and has received the Escrow Shares in accordance with this Agreement.

 

Section 2.                  
Delivery of Escrow Shares. Pursuant to Section 1.17 of the Merger Agreement, after the Closing, Purchaser shall deposit
stock certificates for the Escrow Shares (“Escrowed Stock Certificates”) with the Escrow Agent, with
each such Escrowed Stock Certificate being issued in the name of the Escrow Agent; provided, that Purchaser may alternatively
have the Escrow Agent and Purchaser’s transfer agent account for the Escrow Shares in book entry form.

 

Section 3.                  
Maintenance of the Escrow Shares and other Escrow Property. So long as any Escrow Shares are being held in the Escrow
Account and are not disbursed in accordance with this Agreement, any dividends, distributions or other income paid on or otherwise
accruing to such Escrow Shares (the foregoing, together with the Escrow Shares, and as reduced by any disbursements of such Escrow
Shares or dividends, distributions or other income from the Escrow Account by the Escrow Agent in accordance with the terms of
this Agreement and the Merger Agreement, the “Escrow Property”) shall be held by the Escrow Agent in
the Escrow Account in accordance with the terms of this Agreement. During the term of this Agreement, the Escrow Agent shall hold
the Escrow Property in the Escrow Account and shall not sell, transfer, dispose of, lend or otherwise subject to a Lien any of
the Escrow Property except until and to the extent that they are disbursed in accordance with Section 4. Except as the Purchaser
Representative (on behalf of Purchaser) and the Seller Representative (on behalf of the Company Stockholders) may otherwise agree
in joint written instructions executed and delivered to the Escrow Agent, no part of the Escrow Property may be withdrawn except
as expressly provided in this Agreement. While the Escrow Shares are held in the Escrow Account, the Escrow Agent, as the record
holder of the Escrow Shares, shall grant each of the Company Stockholders a proxy to vote such Company Stockholder’s Pro
Rata Share of the Escrow Shares and, until and unless the Escrow Shares are forfeited in satisfaction of an indemnification claim
pursuant to Article VI of the Merger Agreement, each Company Stockholder shall control the voting power with respect to such Company
Stockholder’s Pro Rata Share of the Escrow Shares during the time such Escrow Shares are held in the Escrow Account.

 

Section 4.                  
Delivery of the Escrow Property. The Escrow Agent shall hold the Escrow Property and shall deliver the Escrow Property
to either Purchaser or the Company Stockholders that have previously delivered the Transmittal Documents in accordance with Section
1.11 of the Merger Agreement, with each such Company Stockholder receiving its Pro Rata Share of such Escrow Property, as applicable,
in accordance with the following procedures:

 

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(a)                Purchaser
(with the Purchaser Representative acting on its behalf) may assert a claim for indemnification on behalf of an Indemnified
Party pursuant to the Merger Agreement (an “Indemnification Claim”) by providing written notice (a
 “Claim Notice”) of such claim to the Seller Representative and the Escrow Agent, which Claim Notice
shall include (i) a reasonable description of the facts and circumstances which relate to the subject matter of such
Indemnification Claim to the extent then known, (ii) the amount of Losses suffered by the Indemnified Party in connection
with the claim to the extent known or reasonably estimable (provided, that the Purchaser Representative on behalf of
Purchaser may thereafter in good faith adjust the amount of Losses with respect to the claim by providing a revised Claim
Notice to the Seller Representative and the Escrow Agent (such amount, as it may be adjusted, the “Claim
Amount”)) and (iii) whether the Indemnification Claim results from a Third Party Claim; provided, that
the copy of any Claim Notice provided to the Escrow Agent shall be redacted for any confidential or proprietary information
of the Indemnifying Party or the Indemnified Party described in clause (i).

 

(b)               
Unless the Seller Representative provides to the Purchaser Representative and the Escrow Agent a written notice objecting
to such Indemnification Claim (an “Objection Notice”) (with any Objection Notice provided to the Purchaser
Representative, but not the Escrow Agent, including an attachment with a description, in reasonable detail, of the facts upon which
such objection is based) by 11:59 p.m. New York City time on the thirtieth (30th) day after the delivery of the Claim
Notice (the date of the delivery of the Claim Notice through such time, the “Objection Period”), the
Seller Representative on will be deemed to have accepted responsibility for the Losses set forth in such Claim Notice subject to
the limitations on indemnification set forth in Article VI of the Merger Agreement and will have no further right to contest the
validity of such Claim Notice, and, subject to Section 4(d), the Escrow Agent shall promptly (in any event within five (5)
Business Days) after the expiration of the Objection Period (or, if during the Objection Period, the Seller Representative provides
affirmative written instructions to the Escrow Agent to release such Escrow Property from the Escrow Account, promptly (in any
event within five (5) Business Days) after the Escrow Agent’s receipt of such instructions from the Seller Representative),
disburse to the Purchaser Escrow Property from the Escrow Account in an amount equal to the Claim Amount. If the Seller Representative
provides an Objection Notice during the Objection Period that disputes only a portion of the Claim Amount, subject to Section
4(d), the Escrow Agent shall promptly (in any event within five (5) Business Days) after the expiration of the Objection Period
(or, if during the Objection Period, the Seller Representative provides affirmative written instructions to the Escrow Agent to
release such Escrow Property from the Escrow Account, promptly (in any event within five (5) Business Days) after the Escrow Agent’s
receipt of such instructions from the Seller Representative), disburse to the Purchaser Escrow Property from the Escrow Account
in an amount equal to the undisputed portion of the Claim Amount.

 

(c)               
If the Seller Representative timely disputes an Indemnification Claim, by providing an Objection Notice to the Purchaser
Representative and the Escrow Agent during the Objection Period, the Purchaser Representative and the Seller Representative shall
resolve the dispute in accordance with the terms of the Merger Agreement. If an Indemnification Claim is disputed by the Seller
Representative, the Escrow Agent shall not distribute to the Company Stockholders any portion of the Escrow Property with respect
to the disputed portion of the Claim Amount, until receipt of (i) joint written instructions executed and delivered by the Seller
Representative and the Purchaser Representative on behalf of Purchaser stating that the dispute has been resolved and that the
Indemnified Party has the right to the Claim Amount (or some portion thereof) (“Joint Instructions”)
or (ii) a copy of an arbitration award issued pursuant to Section 10.4 of the Merger Agreement or a court order from a court of
competent jurisdiction establishing the Indemnified Party’s right to the Claim Amount (or some portion thereof) pursuant
to the Merger Agreement (a “Binding Award”). Upon receipt of such Joint Instructions or Binding Award,
the Escrow Agent shall, without further action on the part of the Seller Representative or the Purchaser Representative, promptly
(in any event within five (5) Business Days) disburse to the Purchaser Escrow Property from the Escrow Account in the amount set
forth in the Joint Instructions or the Binding Award (less any undisputed amounts already disbursed pursuant to Section 4(b)),
as applicable.

 

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(d)               
 For the avoidance of doubt, with respect to any Third Party Claim, even if the Seller Representative has agreed that the
Company Stockholders are required to provide indemnification to the Indemnified Parties for such Third Party Claim, except for
attorneys’ fees and other costs and expenses incurred by the Indemnified Party in connection with its participation in the
defense of the Third Party Claim during any period in which the Seller Representative on behalf of the Indemnifying Party is not
controlling the defense of the Third Party Claim pursuant to Section 6.4 of the Merger Agreement (“Indemnified Third
Party Costs”), no payment shall be made by the Escrow Agent with respect to such Third Party Claim until such Third
Party Claim has been sustained in whole or in part by a court of competent jurisdiction or other binding legal process (including
binding arbitration) or settled in whole or in part in accordance with the provisions of the Merger Agreement (and if any Third
Party Claim is decided or settled in part, each part that has not yet been decided or settled shall not be paid until such remaining
part is decided or settled). Escrow Property from the Escrow Account in an amount equal to Indemnified Third Party Costs shall
be disbursed by the Escrow Agent to Purchaser promptly (but in any event within five (5) Business Days) after the Purchaser Representative
provides written notice to the Seller Representative and the Escrow Agent of such Indemnified Third Party Costs.

 

(e)               
Payments from the Escrow Account with respect to any Indemnification Claims shall be paid first with the Escrow Shares and
then with any remaining Escrow Property in the Escrow Account. For any Escrow Shares to be disbursed with respect to Indemnification
Claims, the Escrow Shares shall be valued at the Purchaser Share Price as of the date that an Indemnification Claim is finally
determined in accordance with the Merger Agreement and this Agreement (the “Resolution Date”). For the
avoidance of doubt, the Resolution Date shall be (i) if no Objection Notice is delivered by the Seller Representative during the
Objection Period (other than with respect to a Third Party Claim), the 31st day after the date that the Claim Notice
is delivered; (ii) if prior to the date described in clause (i) above, the Seller Representative provides affirmative written instructions
to the Escrow Agent to release the Escrow Property for the amount set forth in the Claim Notice, the date that the Escrow Agent
receives such written instructions; (iii) if the Seller Representative provides an Objection Notice during the Objection Period
that disputes only a portion of the Claim Amount (other than with respect to a Third Party Claim), with respect to the undisputed
portion of such Claim Amount, the date that the Escrow Agent receives such Objection Notice; (iv) with respect to any disputed
Claim Amount, either the date that the Escrow Agent receives Joint Instructions or a Binding Award; or (v) with respect to any
Third Party Claim, that date that such Third Party Claim has been sustained in whole or in part by a court of competent jurisdiction
or other binding legal process (including binding arbitration) or settled in whole or in part in accordance with the provisions
of the Merger Agreement (and if any Third Party Claim is decided or settled in part, the Resolution Date with respect to each part
that has not yet been decided or settled shall be the date that such remaining part is decided or settled); provided, that
with respect to Indemnified Third Party Costs, the Resolution Date shall be the date that the Purchaser Representative notifies
the Seller Representative and the Escrow Agent in writing of the amount of such Indemnified Third Party Costs.

 

(f)                 With
respect to any Indemnification Claims made in accordance with the Merger Agreement and this Agreement on or prior to the
twelve (12) month anniversary of the Closing (the “Expiration Date”) that remain unresolved at the
time of the Expiration Date (“Pending Claims”), all or a portion of the Escrow Property reasonably
necessary to satisfy such Pending Claims (as determined based on the Claim Amount included in the Claim Notice (as it may
adjusted) provided by the Purchaser Representative and the Purchaser Share Price as of the Expiration Date), shall remain in
the Escrow Account until such time as such Pending Claim shall have been finally resolved pursuant to the provisions of the
Merger Agreement and this Agreement. After the Expiration Date, any Escrow Property remaining in the Escrow Account that is
not subject to Pending Claims, if any, and not subject to resolved but unpaid claims in favor of an Indemnified Party, shall
be transferred by the Escrow Agent to the Company Stockholders that have previously delivered the Transmittal Documents in
accordance with Section 1.11 of the Merger Agreement, with each such Company Stockholder receiving its Pro Rata Share of such
Escrow Property, upon receipt of joint written instructions from the Purchaser Representative and the Seller Representative.
Promptly after the final resolution of all Pending Claims and payment of all indemnification obligations in connection
therewith, the Escrow Agent shall transfer any Indemnity Escrow Property remaining in the Indemnity Escrow Account to the
Company Stockholders that have previously delivered the Transmittal Documents in accordance with Section 1.11 of the Merger
Agreement, with each such Company Stockholder receiving its Pro Rata Share of such Escrow Property.

 

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(g)               
Any amount of Escrow Property required to be transferred to any Person pursuant to this Section 4 shall be transferred
by the Escrow Agent pursuant to such delivery instructions as provided by the Purchaser Representative with respect to Purchaser
or the Seller Representative with respect to the Company Stockholders. The Escrow Agent shall rely exclusively on instructions
provided by the Seller Representative on behalf of the Company Stockholders and the Purchaser Representative on behalf of Purchaser
as to the amount and recipient of any distribution of Escrow Property pursuant to this Section 4, or the relevant order
of any court of competent jurisdiction or other award granted pursuant to other binding legal process (including any binding arbitration).
The Escrow Agent has no duty or responsibility to calculate any distribution or to confirm the accuracy of any distribution amount
so instructed.

 

(h)               
Any Escrow Property that remains unclaimed by Company Stockholders two (2) years after the Effective Time shall be returned
to the Purchaser, upon demand, and any Company Stockholder who has not exchanged its Company Stock for the applicable portion of
the Merger Consideration in accordance with Section 1.11 of the Merger Agreement prior to that time shall thereafter look only
to the Purchaser for payment of the portion of the Merger Consideration in respect of such shares of Company Stock.

 

Section 5.                  
Tax Matters. Purchaser, the Purchaser Representative and the Seller Representative agree and acknowledge that, for
all U.S. and foreign tax purposes, except as required by applicable Law, the Company Stockholders shall be the owner of the Escrow
Property while held in the Escrow Account, and all interest, earnings or income, if any, earned with respect to the Escrow Property
while held by the Escrow Agent shall be treated as earned by the Company Stockholders. The Escrow Agent shall have the right to
deduct and withhold taxes from any payments to be made hereunder if such withholding is required by law and to request and receive
any necessary tax forms, including Form W-9 or the appropriate series of Form W-8, as applicable, or any similar information, from
the applicable recipient of the Escrow Property.

 

Section 6.                  
Duties. The Escrow Agent’s duties are entirely ministerial and not discretionary, and the Escrow Agent will
be under no duty or obligation to do or to omit the doing of any action with respect to the Escrow Property, except to give notice,
provide monthly reports, make disbursements, keep an accurate record of all transactions with respect to the Escrow Property, hold
the Escrow Property in accordance with the terms of this Agreement and to comply with any other duties expressly set forth in this
Agreement. The Escrow Agent shall not have any interest in the Escrow Property but shall serve as escrow holder only and have only
possession thereof. Nothing contained herein shall be construed to create any obligation or liability whatsoever on the part of
the Escrow Agent to anyone other than the parties to this Agreement. There are no third party beneficiaries to this Agreement.

 

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Section 7.                   Determination
of the Purchaser Share Price. In the event that the Escrow Agent has any question as to the applicable Purchaser Share
Price, the Seller Representative and the Purchaser Representative shall cooperate to promptly provide the Escrow Agent with
their good faith determination of the applicable Purchaser Share Price pursuant to Joint Instructions or a Binding Award (and
in the event of any dispute as to the Purchaser Share Price, the Escrow Agent shall not disburse the applicable Escrow
Property until such dispute has been resolved).

 

Section 8.                  
Monthly Reports Upon Request. The Escrow Agent shall provide monthly account statements to the Purchaser Representative
and the Seller Representative with respect to the Escrow Account. The Purchaser Representative and the Seller Representative have
one hundred twenty (120) days to object in writing to such reports. If no written notice detailing a party's objections has been
received by the Escrow Agent within this period, an acceptance of such reports shall be deemed to have occurred.

 

Section 9.                  
Authorized Parties; Reliance. The parties hereby acknowledge that the Purchaser Representative has the sole and exclusive
authorization to act on behalf of Purchaser under this Agreement. The Purchaser Representative on behalf of Purchaser and the Seller
Representative agree to provide, on Exhibit A (as it may be amended from time to time) to this Agreement, the names and
specimen signatures of those persons who are authorized to issue notices and instructions to the Escrow Agent and execute required
documents under this Agreement. The Escrow Agent may rely and shall be protected in acting or refraining from acting upon any written
notice, instruction or request furnished to it hereunder and believed by it to be genuine and to have been signed or presented
by the proper party or parties. The Escrow Agent is entitled to rely on, and shall be fully protected in relying on, the instructions
and notices from any one of the authorized signers, as identified on the attached Exhibit A (as it may be amended from time
to time) to this Agreement, from each of the Purchaser Representative (on behalf of Purchaser) and the Seller Representative, either
acting alone, until such time as their authority is revoked in writing, or until successors have been appointed and identified
by notice in the manner described in Section 15 below.

 

Section 10.              
Good Faith. The Escrow Agent shall not be liable for any action taken by it in good faith and reasonably believed
by it to be authorized or within the rights or powers conferred upon it by this Agreement, except to the extent that Escrow Agent’s
gross negligence or willful misconduct was the cause of any direct loss to Purchaser, the Purchaser Representative, the Seller
Representative, or the Company Stockholders.

 

Section 11.              
Right to Resign. The Escrow Agent may resign and be discharged from its duties or obligations hereunder by giving
such notice in writing of such resignation to each of the other parties hereto specifying a date when such resignation shall take
effect, which shall be a date not less than sixty (60) days after the date of the notice of such resignation. Similarly, the Escrow
Agent may be removed and replaced following the giving of twenty (20) days’ notice to the Escrow Agent by all of the other
parties hereto. In either event, the Purchaser Representative and the Seller Representative shall agree upon a successor Escrow
Agent. If the Seller Representative and the Purchaser Representative are unable to agree upon a successor or shall have failed
to appoint a successor prior to the expiration of sixty (60) days following the date of resignation or twenty (20) days following
the date of removal, the then-acting Escrow Agent may petition any court of competent jurisdiction for the appointment of a successor
escrow agent or otherwise appropriate relief, and any such resulting appointment shall be binding upon all of the parties hereto.
Any successor Escrow Agent shall execute and deliver to the predecessor Escrow Agent, the Purchaser Representative and the Seller
Representative an instrument accepting such appointment and the transfer of the Escrow Property and agreeing to the terms of this
Agreement.

 

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Section 12.               Compensation.
The Escrow Agent shall be entitled to receive the fees as set forth on Exhibit B for the services to be rendered
hereunder, and to be paid or reimbursed for all reasonable documented out-of-pocket expenses, disbursements and advances,
including reasonable documented out-of-pocket attorneys’ fees, incurred or paid in connection with carrying out its
duties hereunder, such amounts to be paid by Purchaser.

 

Section 13.              
Indemnification. Purchaser hereby agrees to indemnify the Escrow Agent for, and to hold it harmless against any loss,
liability or expense incurred without gross negligence or willful misconduct on the part of the Escrow Agent, arising out of or
in connection with its entering into this Agreement and carrying out its duties hereunder.

 

Section 14.              
Disputes. If a controversy arises between the parties hereto as to whether or not or to whom the Escrow Agent shall
transfer all or any portion of the Escrow Property or as to any other matter arising out of or relating to this Agreement or the
Escrow Property, the Escrow Agent shall not be required to determine the same, shall not make any transfer of and shall retain
the Escrow Property in dispute without liability to anyone until the rights of the parties to the dispute shall have finally been
determined by mutual written agreement of the Purchaser Representative on behalf of Purchaser and the Seller Representative, or
by a final non-appealable judgment or order of any state or federal court located in New York County, New York (or in any court
in which appeal from such courts may be taken) but the Escrow Agent shall be under no duty whatsoever to institute or defend any
such proceedings. The Escrow Agent shall be entitled to assume that no such controversy has arisen unless it has received notice
of such controversy or conflicting written notices from the parties to this Agreement. Any disputes arising out of, related to,
or in connection with, this Agreement between Purchaser, the Purchaser Representative and/or the Seller Representative, including
a dispute arising from a party’s failure or refusal to sign a joint written notice hereunder, shall be determined by arbitration
conducted in accordance with the provisions of Section 10.4 of the Merger Agreement (other than applications for a temporary restraining
order, preliminary injunction, permanent injunction or other equitable relief or application for enforcement of any arbitration
award pursuant to this Section 14 or Section 10.4 of the Merger Agreement).

 

Section 15.              
Notices. Except to the extent expressly set forth herein, all notices and communications hereunder shall be in writing
and shall be deemed to be given if (a) delivered personally, (b) sent by facsimile or email (with affirmative confirmation of receipt),
(c) sent by recognized overnight courier that issues a receipt or other confirmation of delivery or (d) sent by registered or certified
mail, return receipt requested, postage prepaid to the parties as follows:

 

	
         

        If to Purchaser or the Purchaser Representative, to:

         

        Tenzing LLC

        250 W. 55th St., Suite 13D

        New York, NY 10019

        Attn: Rahul Nayar

        Telephone No.: (212) 710-5220

        Email: rnayar@shreecap.com

         
	
         

        with a copy (which will not constitute notice) to:

         

        Ellenoff Grossman & Schole LLP

        1345 Avenue of the Americas, 11th Floor

        New York, New York 10105

        Attn:     Barry I. Grossman, Esq.

        Matthew A. Gray, Esq.

        Facsimile No.: (212) 370-7889

        Telephone No.: (212) 370-1300

        Email:    bigrossman@egsllp.com

          mgray@egsllp.com

         

 

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        If to the Seller Representative, to:

         

        Laxminarayan Bhat

        19925 Stevens Creek Blvd., Suite 100

        Cupertino, CA 95014

        Facsimile No.: (408) 904.6270

        Telephone No.: (408) 501-8881

        Email: lbhat@revivapharma.com
	
         

        with a copy (which will not constitute notice) to:

         

        Lowenstein Sandler LLP

        One Lowenstein Drive

        Roseland, New Jersey 07068

        Attn:  Steven M. Skolnick, Esq.

        Facsimile No.: (973) 597-2477

        Telephone No.: (973) 597-2476

        Email: sskolnick@lowenstein.com

         

	
         

        If to the Escrow Agent, to:

         

        Continental Stock Transfer & Trust Company

        1 State Street, 30th Floor

        New York, NY 10004

        Attention: Escrow Administration, Patrick Small & Francis E. Wolf, Jr.

        Telephone No:  (212) 845-5284

        Email:  psmall@continentalstock.com & fwolf@continentalstock.com

         

 

or at such other address as any of the
above may have furnished to the other parties in a notice duly given as provided herein. Any such notice or communication given
in the manner specified in this Section 15 shall be deemed to have been given (i) on the date personally delivered or transmitted
by facsimile or email (with affirmative confirmation of receipt), (ii) one (1) Business Day after the date sent by recognized overnight
courier that issues a receipt or other confirmation of delivery or (iii) three (3) Business Days after being sent by registered
or certified mail, return receipt requested, postage prepaid.

 

Section 16.              
Term. This Agreement shall terminate upon the final, proper and complete distribution of the Escrow Property in accordance
with the terms hereof; provided, that Purchaser’s obligations under Section 13 hereof shall survive any termination
of this Agreement.

 

Section 17.              
Entire Agreement. The terms and provisions of this Agreement (including the Exhibits hereto, which are hereby incorporated
by reference herein) constitute the entire agreement between the Escrow Agent and the other parties hereto with respect to the
subject matter hereof. Notwithstanding the foregoing, as between Purchaser and the Seller Representative, the terms of the Merger
Agreement shall control and govern over the terms of this Agreement in the event of any conflict or inconsistency between this
Agreement and the Merger Agreement. The actions of the Escrow Agent shall be governed solely by this Agreement.

 

Section 18.              
Amendment; Waiver. This Agreement may be amended or modified only by a written instrument duly signed by the parties
hereto, and any provision hereof may be waived only by a written instrument duly signed by the party against whom enforcement of
such waiver is sought.

 

Section 19.              
Severability. In the event that any provision of this Agreement or the application thereof, becomes or is declared
by a court of competent jurisdiction to be illegal, void or unenforceable, the remainder of this Agreement will continue in full
force and effect and the application of such provision to other Persons or circumstances will be interpreted so as reasonably to
effect the intent of the parties hereto. The parties further agree to replace such void or unenforceable provision of this Agreement
with a valid and enforceable provision that will achieve, to the extent possible, the economic, business and other purposes of
such void or unenforceable provision.

 

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Section 20.              
Further Assurances. From time to time on and after the
date hereof, the Purchaser Representative and the Seller Representative shall deliver or cause to be delivered to the Escrow Agent
such further documents and instruments and shall do and cause to be done such further acts as the Escrow Agent shall reasonably
request (it being understood that the Escrow Agent shall have no obligation to make any such request) to carry out more effectively
the provisions and purposes of this Agreement, to evidence compliance herewith or to assure itself that it is protected in acting
hereunder.

 

Section 21.              
Accounting. In the event of the resignation or removal of the Escrow Agent, upon the termination of this Agreement
or upon demand at any time of either the Purchaser Representative or the Seller Representative under reasonable circumstances,
the Escrow Agent shall render to the Purchaser Representative, the Seller Representative and the successor escrow agent (if any)
an accounting (free of charge) in writing of the property constituting the Escrow Property.

 

Section 22.              
Interpretation. The parties acknowledge and agree that: (a) this Agreement is the result of negotiations between
the parties and will not be deemed or construed as having been drafted by any one party, (b) each party and its counsel have reviewed
and negotiated the terms and provisions of this Agreement (including any Exhibits attached hereto) and have contributed to its
revision and (c) the rule of construction to the effect that any ambiguities are resolved against the drafting party will not be
employed in the interpretation of this Agreement. The headings contained in this Agreement are for reference purposes only and
shall not affect in any way the meaning or interpretation of this Agreement. In this Agreement, unless the context otherwise requires:
(i) words of the masculine, feminine or neuter gender will include the masculine, neuter or feminine gender, and words in the singular
number or in the plural number will each include, as applicable, the singular number or the plural number; (ii) reference to any
Person includes such Person’s successors and assigns but, if applicable, only if such successors and assigns are permitted
by this Agreement, and reference to a Person in a particular capacity excludes such Person in any other capacity; (iii) reference
to any law means such law as amended, modified codified or reenacted, in whole or in part, and in effect from time to time, including
rules and regulations promulgated thereunder; (iv) any agreement or instrument defined or referred to herein or in any agreement
or instrument that is referred to herein means such agreement or instrument as from time to time amended, modified or supplemented,
including by waiver or consent and references to all attachments thereto and instruments incorporated therein; (v) the term “or”
means “and/or”; (vi) the words “herein, “hereof” and “hereunder” and other words of similar
import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision; (vii) the words “include,”
 “includes” and “including” when used herein shall be deemed in each case to be followed by the words “without
limitation”; (viii) any reference herein to “dollars” or “$” shall mean United States dollars; and
(ix) reference to any Section or Exhibit means such Section hereof or Exhibit hereto.

 

Section 23.               Successors
and Assigns. This Agreement and the rights and obligations hereunder may not be assigned without the prior written
consent of each of the parties hereto and any purported assignment without such consent shall be null and void ab initio; provided, however,
that (a) if the Seller Representative is replaced in accordance with the terms of the Merger Agreement, the replacement
Seller Representative shall automatically become a party to this Agreement as if it were the original Seller Representative
hereunder upon providing (i) written notice to the Escrow Agent and Purchaser of such replacement and accepting its rights
and obligations under this Agreement and (ii) the Escrow Agent with the documentation referenced in Section 28 hereof
from such replacement Seller Representative and any replacement authorized individuals to act on behalf of the Seller
Representative for purposes of Exhibit A, and (b) if the Purchaser Representative is replaced in accordance with the
terms of the Merger Agreement, the replacement Purchaser Representative shall automatically become a party to this Agreement
as if it were the original Purchaser Representative hereunder upon providing (i) written notice to the Escrow Agent and the
Seller Representative of such replacement and accepting its rights and obligations under this Agreement and (ii) the Escrow
Agent with the documentation referenced in Section 28 hereof
from such replacement Purchaser Representative and any replacement authorized individuals to act on behalf of Purchaser or
the Purchaser Representative for purposes of Exhibit A This Agreement will be binding upon, inure to the benefit of
and be enforceable by the parties and their respective successors and permitted assigns.

 

    -9-

     

    

 

Section 24.              
Failure or Indulgence Not Waiver; Remedies Cumulative. No failure or delay on the part of any party hereto in the
exercise of any right hereunder will impair such right or be construed to be a waiver of, or acquiescence in, any breach of any
representation, warranty, covenant or agreement herein, nor will any single or partial exercise of any such right preclude any
other (or further) exercise thereof or of any other right. All rights and remedies existing under this Agreement are cumulative
to, and not exclusive to or exclusive of, any rights or remedies otherwise available to a party hereunder.

 

Section 25.              
Governing Law; Venue. The terms and provisions of this Agreement shall be construed and enforced in accordance with
the laws of the State of New York without reference to its conflict of law provisions. Subject to Section 14, each of the
parties hereto irrevocably consents to the exclusive jurisdiction and venue of any state or federal court located in New York County,
New York (or in any court in which appeal from such courts may be taken) in connection with any matter based upon or arising out
of this Agreement or the matters contemplated herein, agrees that process may be served upon them in any manner authorized by the
laws of the State of New York for such Persons and waives and covenants not to assert or plead any objection which they might otherwise
have to such jurisdiction, venue and such process.

 

Section 26.              
Waiver of Jury Trial. EACH PARTY HEREBY WAIVES THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY IN ANY LITIGATION, CLAIM,
CAUSE OF ACTION OR OTHER LEGAL PROCEEDING BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT, IN ANY ACTION, PROCEEDING
OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES HERETO AGAINST ANY OTHER PARTY OR PARTIES, WHETHER WITH RESPECT TO
CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. THE PARTIES HERETO EACH AGREE THAT ANY SUCH LITIGATION, CLAIM, CAUSE OF ACTION OR OTHER
LEGAL PROCEEDING SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES HERETO FURTHER AGREE
THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING
WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR ANY PROVISION HEREOF. THIS WAIVER
SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT.

 

Section 27.              
Counterparts. This Agreement may be executed simultaneously in two or more counterparts (including by facsimile or
other electronic transmission), each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument.

 

    -10-

     

    

 

Section 28.              
U.S. Patriot Act. Purchaser and the Seller Representative agree to provide the Escrow Agent with the information
reasonably requested by the Escrow Agent to verify and record Purchaser’s and the Seller Representative’s respective
identities pursuant to the Escrow Agent’s procedures for compliance with the U.S. Patriot Act and any other applicable laws.

 

Section 29.              
Representations of the Parties. Each of the parties hereto
hereby represents and warrants that as of the date hereof: (a) it has the power and authority to execute and deliver this Agreement
and to perform its obligations hereunder, and all such actions have been duly and validly authorized by all necessary proceedings;
and (b) this Agreement has been duly authorized, executed and delivered by it, and constitutes a legal, valid and binding agreement
of it.

 

{REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK; SIGNATURE PAGE FOLLOWS}

 

    -11-

     

    

 

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

 

	 	Purchaser:
	 	 
	 	TENZING ACQUISITION CORP.
	 	 
	 	 
	 	By:	/s/ Rahul Nayar
	 	 	Name: Rahul Nayar
	 	 	Title: Chief Executive Officer
	 	 
	 	The Purchaser Representative:
	 	 
	 	TENZING LLC, solely in the capacity under the Merger
    Agreement as the Purchaser Representative
	 	 
	 	By:	/s/ Rahul Nayar
	 	 	Name: Rahul Nayar
	 	 	Title: Managing Member
	 	 
	 	The Seller Representative:
	 	 
	 	/s/ Laxminarayan Bhat
	 	Laxminarayan Bhat, solely in the capacity under the
    Merger Agreement as the Seller Representative
	 	 
	 	The Escrow Agent:
	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as
    escrow agent
	 	 
	 	By:	/s/ Isaac J. Kagan
	 	Name: Isaac J. Kagan
	 	Title: Vice President

 

[Signature Page to Escrow Agreement]

 

     

     

    

 

EXHIBIT A

AUTHORIZED SIGNERS

 

Purchaser:

 

Individuals authorized by the Purchaser Representative:

 

	Name	 	Telephone Number	 	Specimen Signature
	1.                                                                               	 	                                                                                	 	                                                                                
	2.                                                                               	 	                                                                                	 	                                                                                
	3.                                                                               	 	                                                                                	 	                                                                                

 

Seller Representative:

 

	Name	 	Telephone Number	 	Specimen Signature
	1.  Laxminarayan Bhat	 	                                                                               	 	                                                                                

 

     

     

    

 

EXHIBIT B

FEE INFORMATION

 

 

    14Exhibit
10.2.2

 

AMENDMENT
TO EXCLUSIVE PROMOTION AGREEMENT

 

This
Amendment to Exclusive Promotion Agreement (as defined below) is effective as of December 1, 2020 (this “Amendment”).

 

WHEREAS,
Motorsport Gaming US LLC, a Florida limited liability company (“Motorsport Games”), and Motorsport Network
LLC, a Florida limited liability company (“Motorsport Network”), entered into that certain Exclusive
Promotion Agreement, effective as of August 3, 2018 (the “Agreement”). Capitalized terms used but not
defined herein shall have the meanings ascribed to such terms in the Agreement.

 

WHEREAS,
Section 5.d. of the Agreement allows the parties to modify the Agreement if agreed in writing by both Motorsport Games and Motorsport
Network.

 

WHEREAS,
Motorsport Games and Motorsport Network desire to amend Section 4 of the Agreement.

 

NOW
THEREFORE, in consideration of the mutual covenants contained herein, Motorsport Games and Motorsport Network hereby agree that
the Agreement shall be amended as follows:

 

	 	1.	Recitals.
    All of the recitals contained herein are true and correct and are incorporated herein by this reference.

 

Amendment.
Section 4 of the Agreement is hereby amended by adding the following sentence at the end of Section 4:

 

“Notwithstanding
the foregoing, the Parties and/or its direct and indirect parent entities shall have the right to disclose this Agreement and
its terms and conditions as required by the applicable securities laws, rules and regulations.”

 

	 	2.	Limited
    Effect. Except as expressly amended and modified by this Amendment, the Agreement shall continue to be, and shall remain,
    in full force and effect in accordance with its terms.
	 	 	 
	 	3.	Governing
    Law. This Amendment and the rights and obligations of the parties hereto shall be construed in accordance with and governed
    by the internal laws of the State of Florida without regard to principles of conflicts of law.
	 	 	 
	 	4.	Counterparts.
    This Amendment may be executed simultaneously in any number of counterparts. Each counterpart shall be deemed to be an original,
    and all such counterparts shall constitute one and the same instrument. Delivery of an executed counterpart of a signature
    page of this Amendment in Portable Document Format (PDF) or by facsimile transmission shall be as effective as delivery of
    a manually executed original counterpart of this Amendment.

 

[Signatures
are on following page.]

 

    	 	1	 

     

    

 

 

IN
WITNESS WHEREOF, the parties to this Amendment have caused their names to be signed hereto by their respective officers thereunto
duly authorized as of the date first set forth above.

 

	MOTORSPORT
    GAMING US LLC	 	MOTORSPORT
    NETWORK LLC
	 	 	 	 	 
	By:
    	/s/
    Dmitry Kozko	 	By:	/s/
    Mike Zoi
	Print
    name: 	Dmitry
    Kozko	 	Print
    name: 	Mike
    Zoi
	Title:
    	CEO	 	Title:
    	Manager
    

 

    	 	2

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