Document:

Exhibit
10.1

 

AMENDMENT
TO EMPLOYMENT AGREEMENT

 

This
Amendment (this “Amendment”) to the Employment Agreement, ‎dated as of January 1, 2020 (as hereafter amended,
the “Employment Agreement”), ‎by and ‎between MOTORSPORT GAMES INC., a Delaware corporation (following
a corporate conversion, and formerly a Florida limited liability company known as MOTORSPORT GAMING US LLC) (“Employer”),
and DMITRY KOZKO, an individual residing in the State of Florida (“Executive”), is entered into as of October
20, 2022 (the “Effective Date”).‎

 

RECITALS

 

WHEREAS,
the Employer and the Executive previously entered into the Employment ‎Agreement; and

 

WHEREAS,
the Employer and the Executive desire to amend the Employment ‎Agreement’s terms to reduce the Executive’s annual base
salary as of the commencement of the first payroll period after the Effective Date (the “Commencement Date”).

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the mutual covenants set forth in this ‎Amendment, and for other good and valuable consideration,
the receipt and sufficiency of ‎which is hereby acknowledged, the parties hereby agree as follows:‎

 

	1.	Amendments
    to the Employment Agreement.

 

	 	a.	Section
    5.1 of the Employment Agreement shall be deleted in its entirety and is hereby replaced with the following:
	 	 	 
	 	 	“Salary.
    Effective as of the Commencement Date, as compensation for all services to be rendered by Executive under this Agreement, Employer
    shall pay to Executive an annual salary of $334,750 (the “Salary”), which shall be paid during the Term
    on a regular basis in accordance with Employer’s generally applicable payroll procedures and policies, as established from
    time to time (currently, semi-monthly), and subject to applicable payroll deductions. The Company’s Compensation Committee
    shall have the authority to reinstate the Salary in effect immediately prior to the Commencement Date (i.e., $515,000) at any time
    that the Compensation Committee deems it appropriate, in its sole discretion exercised reasonably. After the Compensation Committee
    takes such action, if any, the Salary will be increased annually by Employer on each following January 1 occurring during the Term,
    to 103% of the Salary paid to Executive in the prior calendar year. If the Compensation Committee does not take such action, the
    Executive will nevertheless be considered for annual merit increases in accordance with the Company’s salary administration
    policies and procedures. In the event that the Company, in its sole discretion, from time to time determines to increase the Executive’s
    Salary, such increased amount shall, from and after the effective date of the increase, constitute “Salary” for purposes
    of this Agreement.”

 

	2.	No
    Good Reason. Executive acknowledges and agrees that the modification to his Salary as described in Section 1 of this Amendment
    will not constitute a basis for Executive to terminate the Employment Agreement for Good Reason, as defined in Section 6.3(b)(iii)
    of the Employment Agreement. For the avoidance of doubt, by agreeing to this Amendment, the Executive is waiving his right to assert
    Good Reason, or any other breach of contract claim or claim of constructive dismissal based on the above salary reduction, or based
    on any related matter.
	 	 
	3.	Payments
    Upon Termination. For purposes of Section 6.4 of the Employment Agreement (Payments Upon Termination), the payments, as referred
    to in such section, that would become payable to the Executive by reason of his termination of employment, if any, shall be calculated
    as if the Salary had not been reduced pursuant to this Amendment.
	 	 
	4.	Consideration
    to Executive. In consideration of Executive’s entering into this Amendment, Employer shall pay to Executive a one-time
    payment of $1,000, which shall be paid on Employer’s first payroll date following the Commencement Date in accordance with
    Employer’s generally applicable payroll procedures and policies, as established from time to time (currently, semi-monthly),
    and subject to applicable payroll deductions.
	 	 
	5.	Affirmation.
    Except as amended by this Amendment, the terms and conditions of the Employment Agreement are hereby confirmed, approved, and ratified,
    and the Employment Agreement, as amended by this Amendment, shall continue in full force and effect. Any reference to the Employment
    Agreement shall mean the Employment Agreement as amended by this Amendment. This Amendment is to be read and construed with the Employment
    Agreement as constituting one and the same agreement.

 

    	 

     

    

 

	6.	Defined
    Terms. All terms not herein defined shall have the meaning ascribed to them in the Employment Agreement.
	 	 
	7.	Prior
    Agreements. The Employment Agreement, as amended by this Amendment, contains the entire agreement of the parties relating
    to the subject matter hereto and supersedes all prior agreements and understanding with respect to such subject matter and the parties
    hereto have made no agreements, representations or warranties relating to the subject matter of this Amendment which are not set
    forth in the Employment Agreement, as amended by this Amendment.‎
	 	 
	8.	Governing
    Law; Venue. This Amendment is made under and shall be governed by and construed in accordance with the laws of the State
    of Florida, without reference to its conflicts of law principles. Each party irrevocably agrees that any legal action, suit or proceeding
    against them arising out of or in connection with this Amendment or the transactions contemplated by this Amendment or disputes relating
    hereto (whether for breach of contract, tortious conduct or otherwise) shall be brought exclusively in the federal or state courts
    located in Miami-Dade County, Florida and hereby irrevocably accepts and submits to the exclusive jurisdiction and venue of the aforesaid
    courts in personam, with respect to any such action, suit or proceeding. The prevailing party in any dispute or legal action arising
    under this Amendment shall be entitled to recover its reasonable expenses, attorneys’ fees and costs from the non-prevailing
    party.
	 	 
	9.	Waiver
    of Jury Trial. EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
    LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION
    WITH THIS AMENDMENT. EACH PARTY (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
    EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (II)
    ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY,
    AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
	 	 
	10.	Counterparts.
    This Amendment may be executed in one or more counterparts, including by electronic means, each of which shall be deemed an original
    but all of which together shall constitute one and the same instrument.

 

IN
WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first written above.

 

	MOTORSPORT
    GAMES INC.	 	 
	 	 	 
	By:
    	/s/
    Dara M. Malavolta	 	/s/
    Dmitry Kozko
	Name:
    	Dara
    M. Malavolta	 	Dmitry
    Kozko
	Title:
    	Director
    of HRExhibit 10.1

 

THIS PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY
AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN
OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE MAKER THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY NOTE

 

	Principal Amount: $360,000	Dated as of October 21, 2022

 

Blockchain Moon Acquisition Corp., a Delaware
corporation and blank check company (the “Maker”), promises to pay to the order of Jupiter Sponsor LLC, a Delaware
limited liability company, or its registered assigns or successors in interest (the “Payee”), the Principal Amount
(as defined below) in lawful money of the United States of America, on the terms and conditions described below. All payments on this
Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account as
the Payee may from time to time designate by written notice in accordance with the provisions of this Note.

 

1.            Principal.
The principal balance of this Note of $360,000 (the “Principal Amount”) shall
be payable on the consummation of the Maker’s initial merger, stock exchange, asset acquisition, stock purchase, recapitalization,
reorganization or similar business combination with one or more businesses or entities (a “Business Combination”).
The Payee understands that if a Business Combination is not consummated, this Note will be repaid solely to the extent that the Maker
has funds available to it outside of its trust account established in connection with its initial public offering of its securities (the
 “Trust Account” and such offering, the “IPO”), and that all other amounts will be contributed to
capital, forfeited, eliminated or otherwise forgiven.

 

2.            Interest.
No interest shall accrue on the unpaid principal balance of this Note.

 

3.            Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this
Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and finally to
the reduction of the unpaid principal balance of this Note.

 

4.            Events
of Default. The following shall constitute an event of default (“Event of Default”):

 

(a) Failure
to Make Required Payments. Failure by the Maker to pay the principal amount due pursuant to this Note within five (5) business
days following the date when due.

 

(b) Voluntary
Bankruptcy, Etc. The commencement by the Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation
or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of the Maker or for any substantial part of its property, or the making by it of any assignment
for the benefit of creditors, or the failure of the Maker generally to pay its debts as such debts become due, or the taking of corporate
action by the Maker in furtherance of any of the foregoing.

 

(c) Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect
of the Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of the Maker or for any substantial part of its property, or ordering
the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of sixty
(60) consecutive days.

 

     

     

    

 

5.            Remedies.

 

(a) Upon the occurrence of an Event of Default
specified in Section 5(a) hereof, the Payee may, by written notice to the Maker, declare this Note to be due immediately and
payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder, shall become immediately due and
payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained
herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b) Upon the occurrence of an Event of Default specified in Sections
5(b) and 5(c), the unpaid principal balance of this Note, and all other sums payable with regard to this Note, shall automatically
and immediately become due and payable, in all cases without any action on the part of the Payee.

 

6.            Conversion.
Upon consummation of a Business Combination, the Payee shall have the option, but not the obligation, to convert the Principal Amount
of this Note, in whole or in part at the option of the Payee, into units of the Maker (each, a “Private Placement Unit”),
each Private Placement Unit consisting of one share of common stock of the Maker, one warrant to purchase one-half of one share of common
stock of the Maker and one right to purchase one-tenth of one share of common stock of the Maker. The Private Placement Units shall be
identical to the private placement units issued to the Payee at the time of the Maker’s IPO. As promptly as reasonably practicable
after notice by the Payee to the Maker to convert the principal balance of this Note, in whole or in part, into Private Placement Units,
which notice must be made at least five (5) business days prior to the consummation of a Business Combination, and after the Payee’s
surrender of this Note, the Maker shall have issued and delivered to the Payee, without any charge to Payee, a unit certificate or certificates
(issued in the name(s) requested by the Payee), or shall have made appropriate book-entry notation on the books and records of the
Maker, in each case for the number of Private Placement Units of the Maker issuable upon the conversion of this Note.

 

7.            Covenants
of the Maker. The Maker covenants that any Private Placement Units issuable upon conversion of the Note, when so issued, will be validly
issued, fully paid and non-assessable and free from all taxes, liens and charges with respect to the issuance thereof.

 

8.            Waivers.
The Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor,
protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by the Payee
under the terms of this Note, and all benefits that might accrue to the Maker by virtue of any present or future laws exempting any property,
real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution,
or providing for any stay of execution, exemption from civil process, or extension of time for payment; and the Maker agrees that any
real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold
upon any such writ in whole or in part in any order desired by the Payee.

 

     

     

    

 

9.            Unconditional
Liability. The Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of
the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and
shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by the
Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by the Payee with respect
to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties
hereto without notice to the Maker or affecting the Maker’s liability hereunder.

 

10.            Notices.
All notices, statements or other documents which are required or contemplated by this Note shall be: (i) in writing and delivered
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the
address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax
number as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently provided
to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication so
transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt
of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier
service or five (5) days after mailing if sent by mail.

 

11.            Construction.
THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

 

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

 

13.            Trust
Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any
kind (“Claim”) in or to any monies in, or any distribution of or from, the Trust Account, and hereby agrees not to
seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever. The Payee hereby
agrees not to make any Claim against the Trust Account (including any distributions therefrom), regardless of whether such Claim arises
as a result of, in connection with or relating in any way to, this Note, or any other matter, and regardless of whether such Claim arises
based on contract, tort, equity or any other theory of legal liability. To the extent the Payee commences any action or proceeding based
upon, in connection with, relating to or arising out of any matter relating to the Maker (including this Note), which proceeding seeks,
in whole or in part, monetary relief against the Maker, the Payee hereby acknowledges and agrees that its sole remedy shall be against
funds held outside of the Trust Account and that such Claim shall not permit the Maker (or any person claiming on its behalf or in lieu
of it) to have any claim against the Trust Account (including any distributions therefrom) or any amounts contained therein.

 

14.            Tax
Treatment. In each case for U.S. federal income tax and all other applicable tax purposes, the Maker and the Payee agree to treat
this Note as an equity interest in the Maker, and shall take no contrary position on any tax return or before any taxing authority unless
otherwise required by law). The Maker and the Payee shall reasonably cooperate to structure (i) any conversion of this Note in connection
with a Business Combination and (ii) any contribution, forfeiture or elimination of this Note pursuant to Section 1 in a manner
that is tax-efficient for the Maker and the Payee, taking into account the terms of any Business Combination.

 

     

     

    

 

15.            Amendment;
Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker and
the Payee.

 

16.            Assignment.
No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or
otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall
be void.

 

[Remainder of Page Intentionally Left Blank]

 

     

     

    

 

IN WITNESS WHEREOF, the Maker, intending to be legally bound hereby,
has caused this Note to be duly executed by the undersigned as of the day and year first above written.

 

	 	 	 
	 	Blockchain Moon Acquisition Corp.
	 	 	 
	 	 	 
	 	By:	/s/ Enzo A. Villani
	 	Name:	Enzo A. Villani
	 	Title:	Chief Executive Officer

 

	 	 	 
	Agreed and Acknowledged:	 
	 	 
	 	 
	Jupiter Sponsor LLC	 
	a Delaware limited liability company	 
	 	 	 
	 	 	 
	By:	/s/ Enzo A. Villani	 
	 	Name: Enzo A. Villani	 
	 	Title: Manager	 

 

 

[Signature Page to Promissory Note]

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