Document:

Exhibit 4.2

     

    

    	
            NUMBER

          	
                         SHARES

          
	 	
            C-

          

    

    

     CUSIP No.

     

    SPORTS ENTERTAINMENT ACQUISITION CORP.

     

    INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

    CLASS A COMMON STOCK

    	 	 	 
	
            This Certifies that

          	 	 
	 	 
	
            is the owner of

          	 	 

     

    FULLY PAID AND NON-ASSESSABLE SHARES OF CLASS A COMMON STOCK OF THE PAR VALUE OF $0.0001 EACH OF

     

    SPORTS ENTERTAINMENT ACQUISITION CORP.

    (THE “COMPANY”)

     

    transferable on the books of the Company in person or by duly authorized attorney upon surrender of this certificate properly endorsed.

     

    The Company will be forced to redeem all of its shares of Class A common stock if it is unable to complete a business combination by          , 2022, or by
      such later date approved by the Company’s stockholders in accordance with the Company’s amended and restated certificate of incorporation, all as more fully described in the Company’s final prospectus dated , 2020.

     

    This certificate is not valid unless countersigned by the Transfer Agent and registered by the Registrar.

     

    Witness the facsimile signatures of its duly authorized officers.

     

    

    

     

    

    

    	 	 	 	 	 
	
            Secretary

          	 	
            [Corporate Seal]

            Delaware

          	 	
            Principal Executive Officer

          
	 	 	 	 	 

     

    

    

     

    

    

     

    
      
        

    

    SPORTS ENTERTAINMENT ACQUISITION CORP.

     

    The Company will furnish without charge to each stockholder who so requests the powers, designations, preferences and relative, participating, optional or
      other special rights of each class of stock or series thereof of the Company and the qualifications, limitations, or restrictions of such preferences and/or rights. This certificate and the shares represented thereby are issued and shall be held
      subject to all the provisions of the Company’s amended and restated certificate of incorporation and all amendments thereto and resolutions of the Board of Directors providing for the issue of securities (copies of which may be obtained from the
      secretary of the Company), to all of which

    

    

    the holder of this certificate by acceptance hereof assents. The following abbreviations, when used in the inscription on the face of this certificate, shall
      be construed as though they were written out in full according to applicable laws or regulations:

    	 	 	 	 	 	 	 	 	 	 	 
	
            TEN COM

          	 	
            —

          	 	
            as tenants in common

          	 	
            UNIF GIFT MIN ACT

          	 	
            —

          	 	
            ______ Custodian ______

            (Cust) (Minor)

            Under Uniform Gifts to

            Minors Act _____________

            (State)

          
	
            TEN ENT

          	 	
            —

          	 	
            as tenants by the entireties

          	 	 	 	 
	
            JT TEN

          	 	
            —

          	 	
            as joint tenants with right of survivorship and not as tenants in common

          	 	 	 	 

     

    Additional abbreviations may also be used though not in the above list.

     

    For value received, _______________hereby sell(s), assign(s) and transfer(s) unto

     

    

    

     

    (PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER(S) OF ASSIGNEE(S)) 

    

    (PLEASE PRINT OR TYPEWRITE NAME(S) AND ADDRESS(ES), INCLUDING ZIP CODE, OF ASSIGNEE(S))

      

    

    Shares of the capital stock represented by the within Certificate, and do(es) hereby irrevocably constitutes and appoints

     

    Attorney to transfer the said stock on the books of the within named Company with full power of substitution in the premises.

     

    Dated:

     

    NOTICE: THE SIGNATURE(S) TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION
      OR ENLARGEMENT OR ANY CHANGE WHATEVER.

     

    Signature(s) Guaranteed:

    By

     

    THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP
      IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 (OR ANY SUCCESSOR RULE) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED).

    

    

    
      
        

    

    

    

    In each case, as more fully described in the Company’s final prospectus dated          , 2020, the holder(s) of this certificate shall be entitled to receive a pro-rata portion of certain funds held in the trust account established in connection with the Company’s initial public offering only in the event
        that (i) the Company redeems the shares of Class A Common Stock sold in its initial public offering and liquidates because it does not consummate an initial business combination by , 2022, or by such later date approved by the Company’s
        stockholders in accordance with the Company’s amended and restated certificate of incorporation, (ii) the Company redeems the shares of Class A Common Stock sold in its initial public offering in connection with a stockholder vote to amend the
        Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial business combination or to redeem 100% of the Class A Common
        Stock if it does not complete its initial business combination by , 2022, or (B) with respect to any other provision relating to the holder(s) rights or pre-initial business combination activity, or (iii) if the holder(s) seek(s) to redeem for cash
        his, her, its or their respective shares of Class A Common Stock in connection with a tender offer (or proxy solicitation, solely in the event the Company seeks stockholder approval of the proposed initial business combination) setting forth the
        details of a proposed initial business combination. In no other circumstances shall the holder(s) have any right or interest of any kind in or to the trust account.Exhibit 10.1

    

     

    

    THIS PROMISSORY NOTE (THIS “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 COMPANY THAT SUCH
      REGISTRATION IS NOT REQUIRED.

    

    

    PROMISSORY NOTE

    

    

    	
            Principal Amount: Up to $300,000

          	
            Dated as of August 11, 2020

          

    

    

    Sports Entertainment Acquisition Corp., a Delaware corporation and blank check company (the “Maker”), promises to pay to the order of Sports Entertainment Acquisition Holdings LLC, a Delaware limited liability company, or its registered assigns or successors in interest (the “Payee”), or order, the principal sum of Three Hundred Thousand Dollars ($300,000) or such lesser amount as shall have been advanced by Payee to Maker
      for working capital needs of Maker and shall remain unpaid under this Note on the Maturity Date (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 entire unpaid
      principal balance of this Note shall be payable on the earlier of: (i) March 31, 2021 or (ii) the date on which Maker consummates an initial public offering of its securities (such earlier date of (i) and (ii), the “Maturity Date”). The principal balance may be prepaid at any time. Under no circumstances shall any individual, including but not limited to any officer, director, employee or
      shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.

    

    

    2. Drawdown Requests. Maker and
      Payee agree that Maker may request, from time to time, up to Three Hundred Thousand Dollars ($300,000) in drawdowns under this Note to be used for costs and expenses related to Maker’s formation and the proposed initial public offering of its
      securities (the “IPO”). Principal of this Note may be drawn down from time to time prior to the Maturity Date upon written request from Maker to
      Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount to be drawn down, and must not be an amount less than Ten Thousand
      Dollars ($10,000), unless agreed upon in writing by Maker and Payee. Payee shall fund each Drawdown Request no later than three (3) business days after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns outstanding
      under this Note at any time may not exceed Three Hundred Thousand Dollars ($300,000). No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker.

    

    

    3. Interest and Expenses. No
      interest shall accrue on the unpaid principal balance of this Note. Maker will reimburse Payee for all costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorneys’ fees.

    

    

    4. 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 attorneys’ fees, then to the payment in full of any late charges and finally to the
      reduction of the unpaid principal balance of this Note.

    

    

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

    

    

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

    

    

    (b) Voluntary Bankruptcy, Etc. The
      commencement by 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 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 Maker generally to pay its debts as such debts become due,
      or the taking of corporate action by 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 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 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 60
      consecutive days.

    

    

    
      

      
        

      

    

    6. Remedies.

    

    

    (a) Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this
      Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable thereunder, 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) or 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 Payee.

    

    

    (c) Late payments shall accrue interest at a rate of 8% per annum, or such lesser rate as is permissible by law.

    

    

    7. Waivers. 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 Payee
      under the terms of this Note, and all benefits that might accrue to 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 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 Payee.

    

    

    8. Unconditional Liability.
      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 Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by
      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 Maker or affecting Maker’s liability hereunder.

    

    

    9. Notices. All notices,
      statements or other documents which are required or contemplated by this Agreement 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.

    

    

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

    

    

    11. 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.

    

    

    12. 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 distribution of or from the trust account to be established in which the proceeds of the IPO conducted by the Maker (including the deferred underwriters discounts and commissions) and the proceeds of the sale of the warrants issued in a private
      placement to occur prior to the consummation of the IPO are to be deposited, as described in greater detail in the registration statement and prospectus to be filed with the Securities and Exchange Commission in connection with the IPO, and hereby
      agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for any reason whatsoever.

    

    

    13. 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.

    

    

    14. 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.

    

    

    [Signature page follows]

    
      

      
        

      

    

    IN WITNESS WHEREOF, 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.

    

    

    	 	
            SPORTS ENTERTAINMENT ACQUISITION CORP.,

            a Delaware corporation

          
	 	 
	 	
            By:

          	
            /s/ Eric Grubman

          
	 	 	
            Name: Eric Grubman

          
	 	 	
            Title:   Chairman of the Board and Chief Financial Officer

          

    

    

    Accepted and agreed this 11th day of August, 2020

    

    

    	
            SPORTS ENTERTAINMENT ACQUISTION HOLDINGS LLC,

            a Delaware limited liability company

          	 
	 	 	 
	
            By:

          	
            /s/ Eric Grubman

          	 
	 	
            Name: Eric Grubman

          	 
	 	
            Title:

          	
            Chairman of the Board and Chief Financial Officer

          	 
	 	 	 

    

    

    [Signature Page to Promissory Note]

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