Document:

Exhibit 10.7

 

 

As of September
14, 2013

 

CMG Holdings
Group, Inc

333 Hudson Street, Suite 303

New York, NY 10013

 

Attn: Jeffrey
Devlin, CEO

 

Dear Mr. Devlin:

 

AudioEye,
Inc. (“AudioEye”) and CMG Holdings Group, Inc. (“CMG Holdings”) are party to that certain Call Option
Agreement (the “Call Option Agreement”), dated as of August 1, 2013, as amended as of August 30,  2013.

 

In
consideration of the mutual promises herein contained, and other good and valuable consideration, and intending to be legally
bound, AudioEye and CMG Holdings hereby agree that Section 9.2 of the Call Option Agreement is amended and restated in its entirety
as  follows:

 

“9.2      Unless
otherwise provided herein, this Agreement shall automatically terminate at 5:00 P.M. Tucson time on that date which is ninety-nine
(99) calendar days from the Effective  Date.”

 

This
Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. This Agreement
may be executed in two counterparts, each of which shall be deemed an original, but all of which together shall constitute one
and the same instrument. This Agreement shall be governed by and interpreted according to the laws of the State of Delaware, without
giving effect to the choice of law provisions of such State. Any actions for enforcement of this Agreement or interpretation of
any of the provision of this Agreement or otherwise arising out of or relating to this Agreement shall be brought only in the
state courts of or in the federal courts located in Pima County, State of Arizona. The parties agree to submit to the jurisdiction
of such courts. The parties herein waive trial by jury and agree to submit to the personal jurisdiction and venue of a court of
subject matter jurisdiction located in Pima County, State of Arizona. Each party shall take such further action and execute and
deliver such further documents as may be necessary or appropriate in order to carry out the provisions and purposes of this Agreement.

 

[Remainder
of page intentionally left blank; signature page follows.]

 

University
of Arizona Science and Technology Park

9070
S Rita Road, Suite 1450

Tucson,
AZ 85747

866.331.5324
• Fax 520.844.2989

 

    	 

    	 

    

 

 

If you are
in agreement with the foregoing, please sign and return one copy of this Agreement to us.

 

Very truly yours,

 

	AudioEye,
    Inc.	 
	 	 	 
	By:
		
	 	Name:	 
	 	Title:	 

 

Agreed
to as of this 14th day of September, 2013: 

 

	CMG
    Holdings Group, Inc.	 
	 	 	 
	By:
	 	 
	 	Name:	 
	 	Title:	 

 

University
of Arizona Science and Technology Park

9070 S Rita Road, Suite 1450

Tucson,
AZ 85747

866.331.5324
• Fax 520.844.2989

 

 

2Exhibit 10.8

 

As of November 7, 2013

 

CMG Holdings
Group, Inc 

333
Hudson Street,
Suite 303

New York, NY 10013

 

Attn:
Jeffrey Devlin,
CEO 

Dear Mr. Devlin:

 

AudioEye,
Inc. (“AudioEye”) and
CMG Holdings Group,
Inc. (“CMG Holdings”)
are party to
that certain Call
Option Agreement
(the “Call Option
Agreement”), dated as
of August
1, 2013,
as amended as
of August
30, 2013
and as of
September 14,
2013.

 

In
consideration of the mutual promises herein contained,
and other good and valuable
consideration, and intending to be legally
bound, AudioEye and CMG Holdings
hereby agree  that:

 

		(i)	Section 1.2 of the Call Option
Agreement is amended and restated in its entirety as follows:

 

“1.2        The
parties acknowledge
that while
this Agreement
is in effect,
AudioEye shall
be entitled
but not
obligated to make the
Termination Payment, and
that upon
such Termination Payment
being made
while this
Agreement is in
effect, the
parties agree that
Royalty Agreement shall
be terminated mutually, automatically and with
no further action of the
parties required. If AudioEye decides
to make the Termination Payment,
then, in accordance with
the notice provisions of this
Agreement, AudioEye shall issue to Seller a notice
to that effect accompanied by payment of the Termination Payment.”

 

		(ii)	Section 4.1 of the Call Option
Agreement is amended and restated in its entirety as follows:

 

“4.1        In
accordance with this Agreement, to purchase the
Option Shares held by Seller, Purchaser shall pay 
the option
exercise price as
follows: If
Purchaser decides
to purchase the
Option Shares,
then the
total option
exercise price for
purchasing the
Option Shares
shall be $1,415,000
and AudioEye
must elect to
make the
Termination Payment of
$85,000 in Section 1.1 above,
which must accompany the option
exercise price; provided, however, that
the parties agree that AudioEye may elect
to make the Termination Payment of $85,000
in Section 1.1 above in advance of an election
by Purchaser to purchase the Option Shares.
The parties agree that this is an all or none
transaction to purchase the Option Shares
and that the Seller must receive $1,500,000
in aggregate, consisting of the
option exercise
price and the
Termination Payment, in order for
Purchaser to purchase the Option Shares.”

 

University of
Arizona Science and Technology Park

 9070 S
Rita Road, Suite 1450

Tucson, AZ
85747

866.331.5324
• Fax 520.844.2989

 

    	 

    	 

    

 

 

 

		(iii)	Section 9.2 of the Call Option
Agreement is amended and restated in its entirety as follows:

 

“9.2        Unless otherwise
provided herein, this Agreement shall automatically terminate at 5:00
P.M. Tucson time  on that date which
is one hundred seventeen (117) calendar days
from the Effective 
Date.”

 

This
Agreement also serves
as the
requisite notice
by AudioEye
that it is
electing, concurrently
with execution
of this
Agreement, to terminate
the Royalty
Agreement in accordance
with Section
1.1 of the
Call Option
Agreement, thus
serving to terminate the Royalty Agreement
upon payment of the Termination Payment.

 

This
Agreement shall be
binding upon
and inure to
the benefit
of the
parties and their
successors and permitted
assigns. This Agreement
may be executed
in two
counterparts, each of
which shall
be deemed an
original, but
all of which
together shall
constitute one
and the
same instrument. This Agreement shall
be governed by
and interpreted according
to the
laws of the State of Delaware, without
giving effect to
the choice of law
provisions of such State. Any
actions for enforcement of this
Agreement or interpretation of any of the provision of this
Agreement or otherwise arising out of or relating to this
Agreement shall be brought only
in the state courts of
or in the
federal courts located in Pima County,
State of Arizona. The parties agree to submit
to the jurisdiction of such courts.
The parties herein waive
trial by jury and agree to submit to the
personal jurisdiction and venue of a court of subject matter jurisdiction
located in Pima County,
State of Arizona. Each party shall take such
further action and execute and deliver such
further documents as may be necessary or appropriate in order to carry out the provisions
and purposes of this Agreement.

 

[Remainder of page
intentionally left blank; signature page follows.]

University of Arizona Science and Technology Park

9070
S Rita Road, Suite 1450

Tucson, AZ
85747

866.331.5324
• Fax 520.844.2989

 

    	2

    	 

    

 

 

 

If
you are
in agreement with
the foregoing,
please sign and
return one
copy of
this Agreement to
us. 

 

Very truly yours,

 

AudioEye,
Inc.

 

	By:		 
	 	Name: 	 
	 	Title:	 

 

Agreed to as of this
7th day of November, 2013:

 

CMG Holdings Group,
Inc.

 

 

	By:		 
		Name:	 
		Title:	 

 

University of Arizona
Science and Technology Park

 9070 S
Rita Road, Suite 1450

Tucson, AZ
85747

866.331.5324
• Fax 520.844.2989

 

 

 3Exhibit
10.9

  

 

As
of December 16, 2013

 

CMG
Holdings Group, Inc 

333
Hudson Street, Suite 303 

New
York, NY 10013

 

Attn:
Jeffrey Devlin, CEO 

 

Dear
Mr. Devlin:

 

AudioEye,
Inc. (“AudioEye”) and CMG Holdings Group, Inc. (“CMG Holdings”) are party to that certain Call Option
Agreement (the “Call Option Agreement”), dated as of August 1, 2013, as amended as of August 30, 2013, September 14,
2013, November 7, 2013 and November 25, 2013.

 

In
consideration of the mutual promises herein contained, and other good and valuable consideration, and intending to be legally
bound, AudioEye and CMG Holdings hereby agree that:

 

		(i)	Section
                                         2.1 of the Call Option Agreement is amended and restated in its entirety as follows:

 

“2.1
Seller hereby agrees, irrevocably and without any additional requirement, to grant Purchaser an exclusive call option whereby,
while this Agreement is in effect and upon the fulfillment of all the conditions stipulated in Section 2.2, Purchaser shall be
entitled to purchase, at its sole discretion, in the manner and at the price prescribed in this Agreement, through a single or
multiple transactions, any or all of the Option Shares held by Seller; and upon exercise of such call option, Seller shall
then transfer the purchased Option Shares to Purchaser in accordance with this Agreement.”

 

		(ii)	Section
                                         2.2 of the Call Option Agreement is amended and restated in its entirety as follows:

 

“2.2
The parties acknowledge that while this Agreement is in effect, Purchaser shall be entitled but not obligated to exercise, at
any time (the timing is entirely at the discretion of Purchaser), the call option with Seller. If Purchaser decides to purchase
from Seller all or a portion of the Option Shares, then, in accordance with the notice provisions of this Agreement, Purchaser
shall issue to Seller an exercise notice (“exercise notice”). The exercise notice will include: (a) the number of
Option Shares to be acquired by Purchaser, (b) the option exercise price to be paid for the Option Shares to be acquired by Purchaser,
and (c) the full name (and jurisdiction of organization if other than a natural person), address and tax identification number
of Purchaser.”

 

University
of Arizona Science and Technology Park 

9070
S Rita Road, Suite 1450

Tucson,
AZ 85747

866.331.5324
● Fax 520.844.2989

 

    	 

    	 

    

 

 

 

		(iii)	Section
                                         3.1 of the Call Option Agreement is amended and restated in its entirety as follows:

 

“3.1
In the event Purchaser chooses to exercise the call option as prescribed in Section 2, Purchaser may, at its sole discretion,
exercise the call option once or in multiple times during the term of this Agreement until all the Option Shares have been obtained.”

 

		(iv)	Section
                                         4.1 of the Call Option Agreement is amended and restated in its entirety as follows:

 

“4.1In
accordance with this Agreement, to purchase the Option Shares held by Seller, Purchaser shall pay the option exercise price
as follows: (a) if Purchaser decides to purchase all or only a portion of the Option Shares on or before November 25, 2013,
then the option exercise price for purchasing the Option Shares each time shall be determined using the following formula:
Price for each option exercise = $0.31438 x (the proposed number of Option Shares to be purchased), (b) if Purchaser decides
to purchase all or only a portion of the Option Shares after November 25, 2013 and on or before December 31, 2013, then the
option exercise price for purchasing the Option Shares each time shall be determined using the following formula: Price for
each option exercise = $0.28 x (the proposed number of Option Shares to be purchased), and (c) if Purchaser decides to
purchase all or only a portion of the Option Shares after December 31, 2013 and prior to the termination of this Agreement,
then the option exercise price for purchasing the Option Shares each time shall be determined using the following formula:
Price for each option exercise = (90% of the volume-weighted average price (VWAP) per share of AudioEye common stock for the
10 trading days immediately preceding the date of the exercise notice) x (the proposed number of Option Shares to be
purchased); provided, further, that (a) AudioEye shall have the right to purchase 166,667 of the Option
Shares in exchange for extinguishing $50,000 of the existing accounts payable owed to AudioEye by Seller subsidiary Good
Gaming Inc., an Illinois corporation (“Good Gaming”) and (b) Seller shall have the right until February 28, 2014,
by providing written notice to AudioEye in advance, to cause AudioEye to purchase 500,000 of the Option Shares in exchange
for extinguishing an additional $150,000 of the existing accounts payable owed to AudioEye by Seller subsidiary Good
Gaming.

 

University
of Arizona Science and Technology Park

9070 S Rita Road, Suite 1450

Tucson,
AZ 85747

866.331.5324
● Fax 520.844.2989

 

    	2

    	 

    

 

 

 

		(v)	Section
                                         9.2 of the Call Option Agreement is amended and restated in its entirety as follows:

 

“9.2Unless
otherwise provided herein, this Agreement shall automatically terminate at 5:00 P.M. Tucson time on March 31, 2014.”

 

CMG
Holdings and AudioEye hereby agree that consistent with Section 2.1 of the Call Option Agreement, as amended hereby, AudioEye
is electing effective December 31, 2013, (a) to exercise the call option for 1,785,715 Option Shares (as such term is defined
in the Call Option Agreement) for a total option exercise price of $500,000.20, and (b) to purchase an additional 166,667 Option
Shares in exchange for extinguishing $50,000 of the existing accounts payable owed to AudioEye by Seller subsidiary Good Gaming
Inc., an Illinois corporation. During the remaining term of the Call Option Agreement, AudioEye retains a call option with respect
to the remaining 2,316,291 Option Shares. AudioEye, Inc. (tax identification number 20- 2939845) is a Delaware corporation with
an address at 9070 S Rita Rd., Suite 1450, Tucson, AZ 85747. This Agreement also serves as the requisite exercise notice under
Section 2.2 of the Call Option Agreement with respect to the 1,952,382 Option Shares noted above.

 

This
Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. This Agreement
may be executed in two counterparts, each of which shall be deemed an original, but all of which together shall constitute one
and the same instrument. This Agreement shall be governed by and interpreted according to the laws of the State of Delaware, without
giving effect to the choice of law provisions of such State. Any actions for enforcement of this Agreement or interpretation of
any of the provision of this Agreement or otherwise arising out of or relating to this Agreement shall be brought only in the
state courts of or in the federal courts located in Pima County, State of Arizona. The parties agree to submit to the jurisdiction
of such courts. The parties herein waive trial by jury and agree to submit to the personal jurisdiction and venue of a court of
subject matter jurisdiction located in Pima County, State of Arizona. Each party shall take such further action and execute and
deliver such further documents as may be necessary or appropriate in order to carry out the provisions and purposes of this Agreement.

 

[Remainder
of page intentionally left blank; signature page follows.]

 

University
of Arizona Science and Technology Park

9070
S Rita Road, Suite 1450

Tucson,
AZ 85747

866.331.5324
● Fax 520.844.2989

 

    	3

    	 

    

  

 

If
you are in agreement with the foregoing, please sign and return one copy of this Agreement to us. 

 

Very
truly yours,

 

	AudioEye, Inc.	 
	 	 	 	 
	By:	 	 	 
	 	Name:	 	 
	 	Title:	 	 

 

Agreed
to as of this 16th day of December, 2013: 

 

	CMG Holdings Group, Inc.	 
	 	 	 	 
	By:	 	 	 
	 	Name:	 	 
	 	Title:	 	 

 

University
of Arizona Science and Technology Park

 9070
S Rita Road, Suite 1450

Tucson,
AZ 85747

866.331.5324
● Fax 520.844.2989

 

 

4

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