Document:

Exhibit 4.4

 

DESCRIPTION OF CAPITAL STOCK

 

As of the end of the period
covered by the most recent Annual Report on Form 10-K of LiveOne, Inc., its common stock, $0.001 par value per share (the “common
stock”), was registered under Section 12 of the Securities Exchange Act of 1934, as amended. Unless the context otherwise requires,
all references herein to “we”, “our” and “us” refer to LiveOne, Inc.

 

The following description
of the common stock is a summary and does not purport to be complete. A copy of our Certificate of Incorporation, as amended (the “Certificate
of Incorporation”), and our Bylaws, as amended (the “Bylaws”), have been filed as Exhibits 3.1 and 3.3, respectively,
to our Annual Report on Form 10-K for the year ended March 31, 2022 (the “Annual Report”). Our common stock and the rights
of the holders of our common stock are subject to the applicable provisions of the General Corporation Law of the State of Delaware (the
“DGCL”), our Certificate of Incorporation and our Bylaws, as well as some of the terms of our outstanding indebtedness. The
description below of our common stock and provisions of our Certificate of Incorporation and our Bylaws are summaries and are qualified
by reference to the Certificate of Incorporation and our Bylaws, and by the applicable provisions of the DGCL. We encourage you to read
that law and those documents carefully.

 

General

 

Our Certificate of Incorporation
authorizes us to issue up to 10,000,000 shares of preferred stock, $0.001 par value per share, and 500,000,000 shares of our common stock,
$0.001 par value per share.

 

As of June 27,
2022, there were 0 and 83,029,529 shares of our preferred stock and common stock outstanding, respectively.

 

As of June 27,
2022, we had 416 holders of record of our common stock, which excludes stockholders whose
shares were held in nominee or street name by brokers. The actual number of common stockholders is greater than the number of record holders
and includes stockholders who are beneficial owners, but whose shares are held in street name by brokers and other nominees. This number
of holders of record also does not include stockholders whose shares may be held in trust by other entities.

 

Common Stock

 

Voting

 

Holders of our common stock
are entitled to one vote for each share held of record on all matters submitted to a vote of the stockholders, including the election
of directors, and do not have cumulative voting rights. Accordingly, the holders of a majority of the shares of our common stock entitled
to vote in any election of directors can elect all of the directors standing for election.

 

Dividends

 

Subject to preferences that
may be applicable to any then outstanding preferred stock, the holders of common stock are entitled to receive dividends, if any, as may
be declared from time to time by our board of directors out of legally available funds.

 

Liquidation

 

In the event of our liquidation,
dissolution or winding up, holders of our common stock will be entitled to share ratably in the net assets legally available for distribution
to stockholders after the payment of all of our debts and other liabilities, subject to the satisfaction of any liquidation preference
granted to the holders of any outstanding shares of preferred stock.

 

     

    

    

 

Rights and Preferences

 

Holders of our common stock
have no preemptive, conversion or subscription rights, and there are no redemption or sinking fund provisions applicable to our common
stock. The rights, preferences and privileges of the holders of our common stock are subject to, and may be adversely affected by, the
rights of the holders of shares of any series of our preferred stock that we may designate and issue in the future.

 

Fully Paid and Nonassessable

 

All of our outstanding shares
of common stock are, and the shares of common stock to be issued in this offering will be, fully paid and nonassessable.

 

Preferred Stock

 

Our board of directors has
the authority, without further action by the stockholders, to issue up to 10,000,000 shares of preferred stock in one or more series,
to establish from time to time the number of shares to be included in each such series, to fix the rights, preferences and privileges
of the shares of each wholly unissued series and any qualifications, limitations or restrictions thereon and to increase or decrease the
number of shares of any such series, but not below the number of shares of such series then outstanding.

 

Our board of directors may
authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the voting power or other rights
of the holders of the common stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions
and other corporate purposes, could, among other things, have the effect of delaying, deferring or preventing a change in our control
that may otherwise benefit holders of our common stock and may adversely affect the market price of the common stock and the voting and
other rights of the holders of common stock. As of March 31, 2022, there were no shares of our preferred stock outstanding, and we have
no current plans to issue any shares of our preferred stock.

 

Authorized and Unissued Capital Stock

 

DGCL does not require stockholder
approval for any issuance of authorized shares. These additional shares may be used for a variety of corporate purposes, including future
public offerings, to raise additional capital or to facilitate acquisitions.

 

One of the effects of the
existence of unissued and unreserved common stock or preferred stock may be to enable our board of directors to issue shares to persons
friendly to current management, which issuance could render more difficult or discourage an attempt to obtain control of our company by
means of a merger, tender offer, proxy contest or otherwise, and thereby protect the continuity of our management and possibly deprive
the stockholders of opportunities to sell their shares at prices higher than prevailing market prices.

 

Warrants

 

As of March 31, 2022, there were 0 warrants
outstanding.

 

Options

 

As of March 31, 2022, we had
entered into agreements to grant options to our employees to purchase 3,580,191 shares of our common stock under the 2016 Equity Incentive
Plan, as amended (the “Plan”), at a weighted average exercise price of $3.78 per share.

 

For a description of our other
equity grants and awards, see Note 17 – Stockholders’ Equity to our consolidated financial statements included in the Annual
Report.

 

    2

    

    

 

Delaware Anti-Takeover Law and Certain Charter
and Bylaw Provisions

 

Delaware Anti-Takeover
Statute

 

We are subject to the provisions
of Section 203 of the DGCL regulating corporate takeovers. In general, Section 203 prohibits a publicly held Delaware corporation from
engaging, under certain circumstances, in a business combination with an interested stockholder for a period of three years following
the date the person became an interested stockholder unless:

  

		●	prior to the date of the transaction, our board
of directors approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

 

		●	upon completion of the transaction that resulted
in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation
outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding, but not the outstanding
voting stock owned by the interested stockholder, (1) shares owned by persons who are directors and also officers and (2) shares owned
by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to
the plan will be tendered in a tender or exchange offer; or

 

		●	at or subsequent to the date of the transaction,
the business combination is approved by our board of directors and authorized at an annual or special meeting of stockholders, and not
by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock which is not owned by the interested stockholder.

 

Generally, a business combination
includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. An interested
stockholder is a person who, together with affiliates and associates, owns or, within three years prior to the determination of interested
stockholder status, did own 15% or more of a corporation’s outstanding voting stock. We expect the existence of this provision to
have an anti-takeover effect with respect to transactions our board of directors does not approve in advance. We also anticipate that
Section 203 may discourage attempts that might result in a premium over the market price for the shares of common stock held by stockholders.

 

The provisions of Delaware
law and the provisions of our Certificate of Incorporation and Bylaws could have the effect of discouraging others from attempting hostile
takeovers and, as a consequence, they might also inhibit temporary fluctuations in the market price of our common stock that often result
from actual or rumored hostile takeover attempts. These provisions might also have the effect of preventing changes in our management.
It is also possible that these provisions could make it more difficult to accomplish transactions that stockholders might otherwise deem
to be in their best interests.

 

    3

    

    

 

Bylaws

 

Provisions of our Bylaws may
delay or discourage transactions involving an actual or potential change in our control or change in our management, including transactions
in which stockholders might otherwise receive a premium for their shares or transactions that our stockholders might otherwise deem to
be in their best interests. Therefore, these provisions could adversely affect the price of our common stock. Among other things, our
Bylaws:

  

		●	permit our board of directors to issue up to
10,000,000 shares of preferred stock, with any rights, preferences and privileges as they may designate (including the right to approve
an acquisition or other change in our control);

 

		●	provide that the authorized number of directors
may be changed only by resolution of the board of directors;

 

		●	provide that all vacancies, including newly created
directorships, may, except as otherwise required by law, be filled by the affirmative vote of a majority of directors then in office,
even if less than a quorum; and

 

		●	do not provide for cumulative voting rights (therefore
allowing the holders of a majority of the shares of common stock entitled to vote in any election of directors to elect all of the directors
standing for election, if they should so choose).

 

The amendment of any of these
provisions, with the exception of the ability of our board of directors to issue shares of preferred stock and designate any rights, preferences
and privileges thereto, would require approval by the holders of a majority of our then outstanding common stock.

 

Special Meetings

 

Our Certificate of Incorporation
and Bylaws provide that, except as otherwise required by law, special meetings of the stockholders may only be called by the chairperson
of our board of directors, our Chief Executive Officer or our President (in the absence of a Chief Executive Officer), or by our board
of directors acting pursuant to a resolution approved by the affirmative vote of a majority of the whole board. Only those matters set
forth in the notice of the special meeting may be considered or acted upon at a special meeting of stockholders.

 

Requirements for Notice of Stockholder Director
Nominations and Stockholder Business

 

If a stockholder wishes to
bring any business before an annual or special meeting or nominate a person for election to our board of directors, our Bylaws contain
certain procedures that must be followed for the advance timing required for delivery of stockholder notice of such nomination or other
business and the information that such notice must contain.

 

Listing

 

Our common stock is listed for quotation
on The NASDAQ Capital Market under the symbol “LVO.”

 

Transfer Agent and Registrar

 

The transfer agent and registrar
for our common stock is Vstock Transfer, LLC. The transfer agent and registrar’s address is 18 Lafayette Place, Woodmere, NY 11598.

 

 

4Exhibit 10.10

 

[***] Certain information
in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and
would likely cause competitive harm to the registrant if publicly disclosed.

 

LiveXLive Media,
Inc.

9200 Sunset
Blvd, 12th Floor

Beverly Hills, CA 90212

 

March 6, 2019

 

Aaron
Sullivan

[***] 

 

Re: Offer of Employment with LiveXLive Media, Inc.

 

Dear Aaron:

 

On
behalf of LiveXLive Media, Inc., a Delaware corporation (the “Company”), I am pleased to
invite you to join the Company as its Vice President - Controller. In this role, you will report directly to
the Company’s Chief Financial Officer (the “CFO”) and focus on the following key areas:

 

1. Build
and operate an internal accounting and finance department, complete with appropriate
policies and procedures of a public company,

2. Prepare
and timely and accurate filings of all necessary SEC Filings for the Company,

3. Design,
implement and monitor financial systems and strong internal controls, and

4.
 Co-lead with the CFO the overall accounting and finance direction.

 

The
effective date of your employment will be March 26, 2019.

 

The terms of this offer of employment are as follows:

 

1. Compensation.

 

A.
Salary. The Company will pay you a salary at the rate of $185,000 per year, payable in accordance with the Company’s standard payroll
policies, including compliance with applicable withholding. The first and last payment by the Company to you will be adjusted, if necessary,
to reflect a commencement or termination date other than the first or last working day of a pay period.

 

B.
Bonus. You will be eligible to receive an annual performance-related bonus of up to 35% of
your base salary, based upon the attainment of certain objectives to be established by management and
the CFO, which will include, at a minimum (1) timely and accurate SEC filings throughout fiscal year
2019/2020, (2) 2019-2020 SOX compliance and oversight (no material weakness reported), (3) hiring
and building of core accounting team, (4) unified GL / ERP system by 2H FY2020, (5) timely Audit
Committee presentations (as directed/needed), (6) roadmap and plan for new ERP system by Q1 2020,
(7) timely M&A diligence and integration and capital raising support, when and as applicable and (8)
timely and accurate income tax filings Your compensation will be reviewed annually thereafter. The
payment of your salary and bonus, if any, will be in accordance with the policies and procedures of the
Company.

 

     

     

    

 

C.
Stock Options. Subject to approval by the Company's Board of Directors, you will be
granted 100,000 restricted stock units (RSUs) shares of the Company's Common Stock on the date the
Board of Directors approves the option grant (“Initial Option Grant”). One-fourth (1⁄4th) of the shares
subject to the Initial Option Grant will vest on the first anniversary of your employment (first available
open window in June 2020) with the Company and an additional one quarter (1/16th) of the total
number of such shares will vest on quarterly open windows thereafter, subject to your continued fulltime employment with the Company on
any such date.

 

i. Vesting Acceleration. Notwithstanding the foregoing, in the event of a Change of Control
(as defined below), the Initial Option Grant shall become vested as to fifty percent (50%) of
the then unvested shares subject to the Initial Option Grant immediately prior to and
conditioned upon the consummation of a Change of Control. In the event that during the
course of your employment (but prior to a Change of Control), you are granted options
incremental to the Initial Option Grant, such incremental options shall have the same vesting
and acceleration terms as the Initial Option Grant (provided that the vesting shall commence
on the grant date of such additional incremental options). In order to be eligible for such
acceleration of vesting benefit, you must execute the Company’s standard form of release of
all claims agreement.

 

2.
Benefits. During the term of your employment, you shall be afforded the opportunity to
participate in any Company employee benefit plans (i.e., medical, dental, vacation) covering employees
at your level, as such may be in effect from time to time, along with 15 days of paid time off (“PTO”)
per year. The Company reserves the right to change such benefits on a Company-wide basis as
necessary from time to time.

 

3.
At-Will Employment. You should be aware that your employment with the Company is for
no specified period and constitutes “at-will” employment. As a result, you are free to terminate your
employment at any time, for any reason or for no reason. Similarly, the Company is free to terminate
your employment at any time, for any reason or for no reason, with or without Cause (as defined
below). We request that, in the event of a resignation, you give the Company at least two weeks’
notice.

 

If
the Company terminates your employment without Cause (as defined below), including such
a termination within twelve (12) months of consummation of a Change of Control of the Company (as
defined below), or if you terminate your employment for Good Reason (as defined below), then upon
your furnishing the Company an effective release and waiver of claims and return of all Company
property, you shall be entitled to a receive severance payment in the form of a lump payment equal to
two (2) months of your base salary in effect at the time of your termination. If your employment is
terminated for Cause (as defined below) or you terminate your employment, all compensation and
benefits will cease immediately and you will receive no additional payments from the Company other
than your accrued base salary and accrued and unused vacation benefits earned through the date of your
termination.

 

For
the purposes of this Offer of Employment, “Cause” shall mean:

 

(i) Indictment by a court of competent jurisdiction of fraud, embezzlement or other material
dishonesty of the Employee with respect to the Employer or any subsidiary or affiliate
thereof:

 

(ii) The Employee’s indictment, charge by a public authority, and conviction or plea of nolo
contendere to (A) any felony or (B) a misdemeanor involving moral turpitude, deceit,
dishonesty, or fraud:

 

(iii) Willful misconduct of the Employee with respect to the Employer or any subsidiary or
affiliate thereof; or

 

(iv)
Material breach by the Employee of any of the Employee’s obligations hereunder, after a
written demand for substantial performance is delivered to the Employee by the CFO, CEO
and or Board of Directors and the failure of the Employee to reasonably comply with such
demand with thirty (30) days after notice to the Employee.

 

    2

     

    

 

For
the purposes of the Offer of Employment, “Change of Control” shall mean the occurrence of any of
the following events:

 

(i) the date on which any “person” (as such term is used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”) obtains “beneficial
ownership” (as defined in Rule 13d-3 of the Exchange Act) or a pecuniary interest in fifty
percent (50%) or more of the combined voting power of the Company’s then outstanding
securities (“Voting Stock”); except that any change in the beneficial ownership of the
securities of the Company as a result of a private financing of the Company that is approved
by the Board, shall not be deemed to be a Change of Control. For purposes of determining
whether a Change of Control has occurred under this Agreement, the acquisition of
additional stock and/or convertible securities by Robert Ellin and/or his affiliates resulting in
him and/or his affiliates beneficially owning more (or subsequently less) than 50% of the
total voting power of the stock of the Company will not be considered a Change of Control;

 

(ii) the consummation of a merger, consolidation, reorganization, or similar transaction
involving the Company, other than a transaction: (1) in which substantially all of the holders
of the Voting Stock immediately prior to such transaction hold or receive directly or
indirectly, fifty percent (50%) or more of the voting stock of the resulting entity or a parent
company thereof, in substantially the same proportions as their ownership of the Company
immediately prior to the transaction; or (2) in which the holders of the Company’s capital
stock immediately before such transaction will, immediately after such transaction, hold as a
group on a fully diluted basis the ability to elect at least a majority of the authorized
directors of the surviving entity (or a parent company); or

 

(iii) there is consummated a sale or disposition of all or substantially all of the consolidated
assets of the Company and its subsidiaries, other than a sale or disposition of all or
substantially all of the consolidated assets of the Company and its subsidiaries to an entity,
fifty percent (50%) or more of the combined voting power of the voting securities of which
are owned by stockholders of the Company in substantially the same proportions as their
ownership of the Company immediately prior to such sale or disposition.

 

For
purposes of the Offer of Employment, “Good Reason” shall mean (i) a material reduction in your
overall authority or responsibility such that you are no longer able to exercise the authority and
responsibility generally associated with the position of Vice President - Controller, (ii) a material
reduction in your overall compensation in a way which is not consistent with a reduction applied to
each of the other executives of the Company, or (iii) change in reporting structure away from the CFO,
or (iv) a material breach of any of the Company’s obligations hereunder; provided that in each of
clauses (i) through (iv) above, it shall not constitute “Good Reason” if you are in material breach of any
of your obligations to the Company. Any termination for “Good Reason” may only be made by your
providing thirty (30) days prior written notice to the Company stating the specific nature of the “Good
Reason” event and the “Good Reason” event not being cured by the Company within thirty (30) days
following such notice.

 

4.
Immigration Laws. For purposes of federal immigration laws, you will be required to
provide to the Company documentary evidence of your identity and eligibility for employment in the
United States. Such documentation must be provided within 3 business days of the effective date of
your employment, or your employment relationship with the Company may be terminated.

 

    3

     

    

 

5.
Employee Proprietary Information Agreement. As a condition of this offer of employment,
you will be required to complete, sign and return the Company’s standard form of employee proprietary
information and inventions agreement (the “EPIA”).

 

6.
Covenants.

 

(a)
You understand and agree that the Company is not hiring you in order to obtain
confidential information of any other person or entity, including but not limited to any of your former
employers (“Former Employers”), and that your employment with the Company is contingent on you
continuing to comply with any obligations to your Former Employers, including those that survive
termination of employment. This includes any confidentiality or non-solicitation obligations.

 

(b)
We require, prior to beginning employment with the Company, that you return all
confidential, proprietary, and trade secret information of any Former Employer to that employer. If you
have a notebook computer, PC, or any other computer or device that contains any confidential,
proprietary or trade secret information of any Former Employer, you should honor any agreement with,
or follow any instructions from, your Former Employer with regard to returning or deleting such data.
If there is any information to be returned, you should do so promptly, retaining for your files your cover
letter transmitting the material to your Former Employer. You should not retain a copy of the material
being returned.

 

(c)
If, at any time while you are an employee of the Company, anyone acting on behalf
of the Company asks you to do anything that you believe might lead you to use or disclose the
confidential, proprietary or trade secret information of any Former Employer or of any other entity or
person, you should not disclose or use the information. Instead, you should immediately contact the
Company's Chief Legal Counsel. You should also contact the Chief Legal Counsel if you have any
questions concerning what is a trade secret or what is confidential or proprietary information of any
other entity or person or of the Company.

 

7.
General. This offer letter, the EPIA and the stock option agreement (if approved by the
Board of Directors) covering the grant described in paragraph 3, when signed by you, set forth the
terms of your employment with the Company and supersede any and all prior representations and
agreements, whether written or oral. In the event of a conflict between the terms and provisions of
this
offer letter and the EPIA and the stock option agreement, the terms and provisions of the EPIA and the
stock option agreement will control. Any amendment of this offer letter or any waiver of a right under
this offer letter must be in a writing signed by you and an officer of the Company. To ensure the rapid
and economical resolution of disputes that may arise in connection with your employment with the
Company, you and the Company agree that any and all disputes, claims, or causes of action, in law or
equity, including but not limited to statutory claims, arising from or relating to the enforcement,
breach,
performance, or interpretation of this Agreement, your employment with the Company, or the
termination of your employment, shall be resolved, to the fullest extent permitted by law, by final,
binding and confidential arbitration conducted by JAMS or its successor, under JAMS’ then applicable
rules and procedures for employment disputes (available upon request and also currently available at
http://www.jamsadr.com/rules-employment-arbitration/). You acknowledge that by agreeing to
this
arbitration procedure, both you and the Company waive the right to resolve any such dispute
through a trial by jury or judge or administrative proceeding. In addition, all claims, disputes,
or
causes of action under this section, whether by you or the Company, must be brought in an individual
capacity, and shall not be brought as a plaintiff (or claimant) or class member in any purported class
or
representative proceeding, nor joined or consolidated with the claims of any other person or entity.
The
arbitrator may not consolidate the claims of more than one person or entity, and may not preside over
any form of representative or class proceeding. To the extent that the preceding sentences regarding
class claims or proceedings are found to violate applicable law or are otherwise found unenforceable,
any claim(s) alleged or brought on behalf of a class shall proceed in a court of law rather than by
arbitration. You will have the right to be represented by legal counsel at any arbitration proceeding.
The arbitrator shall: (a) have the authority to compel adequate discovery for the resolution of the
dispute and to award such relief as would otherwise be permitted by law; and (b) issue a written
statement signed by the arbitrator regarding the disposition of each claim and the relief, if any, awarded
as to each claim, the reasons for the award, and the arbitrator’s essential findings and conclusions
on
which the award is based. The arbitrator shall be authorized to award all relief that you or the Company
would be entitled to seek in a court of law. The Company shall pay all JAMS arbitration fees in excess
of the administrative fees that you would be required to pay if the dispute were decided in a court
of
law. Nothing in this letter agreement is intended to prevent either you or the Company from obtaining
injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration.
California law will govern this offer letter.

 

    4

     

    

 

We
look forward to you joining the Company. If the foregoing terms are agreeable, please
indicate your acceptance by signing this offer letter in the space provided below and returning it to me
along with your completed and signed EPIA.

 

	 	Sincerely,
	 	 
	 	LiveXLive Media, Inc.
	 	 
	 	By: 	/s/ Mike
Zemetra
	 	Name:  	Mike Zemetra
	 	Title: 	Chief Financial Officer

 

	AGREED TO AND ACCEPTED:	 
	 	 
	/s/
Aaron Sullivan	 
	Name:  	Aaron Sullivan	 

 

 

5

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