Document:

ntn_8k-ex1001.htm

    Exhibit
10.1

    
 

    SECURITIES
PURCHASE AGREEMENT

     

    This
Securities Purchase Agreement (this "Agreement") is dated as of May
11, 2009 between NTN Buzztime, Inc., a Delaware corporation (the "Company"), and each purchaser
identified on the signature pages hereto (each, including its successors and
assigns, a "Purchaser"
and collectively the "Purchasers").

     

    RECITALS

     

    The
Company and Instant Access Media, LLC ("IAM") have entered into an
Asset Purchase Agreement dated as of May 11, 2009 (the "Asset Purchase Agreement")
whereby, subject to the terms and conditions thereof, the Company will buy
certain assets and assume certain liabilities of IAM. Purchasers are creditors
and members of IAM. It is a condition of the obligations of the Company and of
IAM under the Asset Purchase Agreement that the Purchasers invest in the Common
Stock (as such term is defined below) as provided in this
Agreement.

     

    Subject
to the terms and conditions set forth in this Agreement and pursuant to Section
4(2) of the Securities Act of 1933, as amended (the "Securities Act"), and Rule 506
promulgated thereunder, the Company desires to issue and sell to each Purchaser,
and each Purchaser, severally and not jointly, desires to purchase from the
Company, shares of Common Stock as more fully described in this
Agreement.

     

    In
consideration of the mutual covenants contained in this Agreement, and for other
good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the Company and each Purchaser agree as follows:

     

    ARTICLE
I

     

    DEFINITIONS

     

    1.1    Definitions.  In
addition to the terms defined elsewhere in this Agreement, the following terms
have the meanings set forth in this Section 1.1:

     

    "15 Day Average" means the
average closing price of the Common Stock as reported on the Trading Market
during the 15 Trading Day period ending on the Trading Day immediately before
the Closing Date.

     

    "Affiliate" means any Person
that, directly or indirectly through one or more intermediaries, controls or is
controlled by or is under common control with a Person, as such term is used in
and construed under Rule 405 promulgated under the Securities
Act.  With respect to a Purchaser, any investment fund or managed
account that is managed on a discretionary basis by the same investment manager
as such Purchaser will be deemed to be an Affiliate of such
Purchaser.

     

    "Board of Directors" means the
board of directors of the Company.

     

    "Business Day" means Monday
through Friday, excluding any day of the year on which banks are required or
authorized to close in the State of California.

     

    "Closing" means the closing of
the purchase and sale of the Shares pursuant to Section 2.1.

     

    "Closing Date" means the
Trading Day when the Transaction Documents have been executed and delivered by
the applicable parties thereto, and all conditions precedent to (i) the
Purchasers' obligations to pay the purchase price and (ii) the Company's
obligations to deliver the Shares have been satisfied or waived.

     

    
      
        
        

      

      
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    "Closing Price" means the
closing price of the Common Stock as reported on the Trading Market on the
Trading Day immediately before the Closing Date.

     

    "Commission" means the
Securities and Exchange Commission.

     

    "Common Stock" means the common
stock of the Company, par value $0.005 per share.

     

    "Contract" means any written or
oral contract, agreement, instrument, commitment, arrangement, understanding or
undertaking (including leases, franchises, bonds, guaranties, licenses,
mortgages, notes, guarantees, sublicenses, subcontracts and purchase
orders).

     

    "Exchange Act" means the
Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder.

     

    "Governmental Entity" means any
foreign, federal, state, municipal or local government, governmental, regulatory
or administrative authority, agency, instrumentality or commission or any United
States court, tribunal, or judicial or arbitral body of any nature; or any
United States body exercising, or entitled to exercise, any administrative,
executive, judicial, legislative, police, regulatory or taxing authority or
power of any nature.

     

    "Knowledge of the Company"
means any particular fact, circumstance, event or other matter in question of
which any of the Company's executive officers and directors have
knowledge.  An individual shall be deemed to have knowledge of a
particular fact, circumstance, event or other matter if (i) such fact,
circumstance, event or other matter is reflected in one or more documents,
written or electronic, that are or have been in such individual's possession or
that would likely be reviewed by an individual who has the duties and
responsibilities of such individual in the customary performance of such duties
and responsibilities or (ii) such knowledge would be obtained from reasonable
and customary inquiry of those Persons employed by Buyer charged with
administrative or operational responsibility for such matter.

     

    "Law" means any United States
federal, state, municipal or local statute, law, ordinance, regulation, rule,
code, executive order, injunction, judgment, decree or other order of any
Governmental Entity.

     

    "Liens" means a lien, charge,
security interest, encumbrance, right of first refusal, preemptive right or
other restriction.

     

    "Material Adverse Effect" means
(i) a material adverse effect on the business of the Company and its
Subsidiaries, taken as a whole, or (ii) a material adverse effect on the
Company's ability to perform in any material respect on a timely basis its
obligations under any Transaction Document.

     

    "NYSE Amex Approval" means
approval from NYSE Amex for the additional listing of the Shares.

     

    "Person" means an individual,
sole proprietorship, partnership, joint venture, trust, unincorporated
association, corporation, limited liability company, entity or Governmental
Entity.

     

    "Purchase Price" means the
amount equal to the greater of (i) $0.30 and (ii) the Closing Price; provided,
however, that if the Closing Price exceeds 115% of the 15 Day Average, the
Purchase Price means the amount equal to the greater of (a) $0.30 and (b) the 15
Day Average multiplied by 1.15.

     

    
      
        
        

      

      
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    "Registration Rights Agreement"
means the registration rights agreement of even date herewith among the Company
and the other parties thereto.

     

    "Rule 144" means Rule 144
promulgated by the Commission pursuant to the Securities Act, as such Rule may
be amended from time to time, or any similar rule or regulation hereafter
adopted by the Commission having substantially the same effect as such
rule.

     

    "Securities Act" shall have the
meaning ascribed to such term in the Recitals.

     

    "SEC" means the United States
Securities and Exchange Commission.

     

    "SEC Reports" shall have the
meaning ascribed to such term in Section 3.1(f).

     

    "Shares" means the shares of
Common Stock issued to Purchasers under this Agreement.

     

    "Short Sales" include, without
limitation, (i) all "short sales" as defined in Rule 200 promulgated under
Regulation SHO under the Exchange Act, whether or not against the box, and all
types of direct and indirect stock pledges, forward sale contracts, options,
puts, calls, short sales, swaps, "put equivalent positions" (as defined in Rule
16a-1(h) under the Exchange Act) and similar arrangements (including on a total
return basis), and (ii) sales and other transactions through non-U.S. broker
dealers or foreign regulated brokers.

     

    "Subsidiary" means with respect
to any Person, any corporation a majority (by number of votes) of the
outstanding shares of any class or classes of which shall at the time be owned
by such Person or by a Subsidiary of such Person, if the holders of the shares
of such class or classes (i) are ordinarily, in the absence of contingencies,
entitled to vote for the election of a majority of the directors (or Persons
performing similar functions) of the issuer thereof, even though the right so to
vote has been suspended by the happening of such a contingency, or (ii) are at
the time entitled, as such holders, to vote for the election of a majority of
the directors (or Persons performing similar functions) of the issuer thereof,
whether or not the right so to vote exists by reason of the happening of a
contingency.

     

    "Trading Day" means a day on
which the NYSE Amex is open for trading.

     

    "Trading Market" means NYSE
Amex or such other markets or exchanges on which the Common Stock is primarily
listed or quoted for trading on the date in question.

     

    "Transaction Documents" means
this Agreement and the other agreements contemplated hereby.

     

    ARTICLE
II

     

    PURCHASE AND
SALE

     

    2.1    Closing.  On
the Closing Date, upon the terms and subject to the conditions set forth herein,
substantially concurrent with the execution and delivery of this Agreement by
the parties hereto, the Company agrees to sell to each Purchaser, and each
Purchaser, severally and not jointly, agrees to purchase from the Company, such
number of Shares that equals the total Purchase Price set forth opposite such
Purchaser's name on the Schedule of Purchasers attached hereto divided by the
Purchase Price.  Each Purchaser shall deliver to the Company, via wire
transfer or a certified check, immediately available funds equal to the total
Purchase Price of the Shares to be purchased by it, and the Company shall
deliver to each Purchaser stock certificates registered in the name of such
Purchaser, or in such nominee names as designated by such Purchaser,
representing the number of Shares to be purchased by such Purchaser at the
Closing, against payment of the purchase price for such Shares, and the Company
and each Purchaser shall deliver the other items set forth in Section 2.2
deliverable at the Closing.  Upon satisfaction of the conditions set
forth in Section 2.2, the Closing shall occur at such location as the parties
shall mutually agree.

     

    
      
        
        

      

      
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    2.2    Closing
Conditions.

     

    (a)    The
obligations of the Company hereunder in connection with the Closing are subject
to the following conditions being met, to the extent not waived by the Company
in writing:

     

    (1)    the
accuracy in all respects when made and on the Closing Date of the
representations and warranties of the Purchasers contained herein;

     

    (2)    all
obligations, covenants and agreements of each Purchaser required to be performed
at or prior to the Closing Date shall have been performed;

     

    (3)    payment,
by wire transfer of immediately available funds, in the full amount of the
purchase price for the number of Shares being purchased by each Purchaser at the
Closing as set forth in the Schedule of Purchasers (for the avoidance of doubt,
the condition set forth in this Section 2.2(a)(3) shall be satisfied only when
the Company receives payment in the aggregate amount of $750,000);

     

    (4)    the
Shares shall have been approved for listing on NYSE Amex, subject to official
notice of issuance;

     

    (5)    the
"Closing," as such term is defined in the Asset Purchase Agreement, shall occur
simultaneously with the Closing hereunder; and

     

    (6)    each
Purchaser shall have completed, executed and delivered to the Company the
accredited investor questionnaire attached hereto as Exhibit
A.

     

    (b)    The
respective obligations of the Purchasers hereunder in connection with the
Closing are subject to the following conditions being met to the extent not
waived by such Purchaser:

     

    (1)    the
accuracy in all material respects (except to the extent that such
representations and warranties are qualified by materiality, material adverse
effect, or words of like effect, in which case such representations and
warranties shall be true in all respects) when made and on the Closing Date of
the representations and warranties of the Company contained herein;

     

    (2)    all
obligations, covenants and agreements of the Company required to be performed at
or prior to the Closing Date shall have been performed;

     

    (3)    there
shall have been no Material Adverse Effect with respect to the
Company;

     

    (4)    each
Purchaser shall have received:

     

    
      
        
        

      

      
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    (A)    a
certificate signed by the Company's Chief Executive Officer or Chief Financial
Officer to the effect that the representations and warranties of the Company in
Section 3 hereof are true and correct in all material respects (except to the
extent that such representations and warranties are qualified by materiality,
material adverse effect, or words of like effect, in which case such
representations and warranties shall be true in all respects) as of, and as if
made on, the date of this Agreement and as of the Closing Date and that the
Company has satisfied in all material respects all of the conditions set forth
in this Section 2.2(b); and

     

    (B)    a
certificate signed by the Secretary of the Company to which is attached a true,
complete and correct copy of each of the amended and restated certificate of
incorporation of the Company, as amended to date, the amended and restated
bylaws of the Company and a copy of the resolutions adopted by the Board of
Directors, to the effect that (i) no document with respect to any amendment to
the certificate of incorporation of the Company has been filed in the office of
the Secretary of State of the State of Delaware since, and no action has been
taken or, to the best knowledge of the Secretary of the Company, is contemplated
by the Board of Directors or the stockholders of the Company, for the purpose of
effecting any such amendment or the dissolution, merger or consolidation of the
Company, (ii) no proposal for any amendment, repeal or other modification to the
amended and restated bylaws of the Company has been taken or is currently
pending before the Board of Directors or stockholders of the Company and (iii)
the resolutions of the Board of Directors of the Company authorizing the
execution, delivery and performance of this Agreement and the consummation of
the transactions contemplated by this Agreement have not been altered, amended
or superseded and remain in full force and effect as of the date
hereof;

     

    (5)    the
Company shall be validly existing as a corporation and in good standing under
the laws of Delaware as of the Closing Date;

     

    (6)    the
Shares shall have been approved for listing on NYSE Amex, subject to official
notice of issuance; and

     

    (7)    the
"Closing," as such term is defined in the Asset Purchase Agreement, shall occur
simultaneously with the Closing hereunder.

     

    ARTICLE
III

     

    REPRESENTATIONS AND
WARRANTIES

     

    3.1    Representations and
Warranties of the Company.  The Company hereby represents and
warrant to each Purchaser as follows:

     

    (a)    Organization and
Qualification.  The Company is an entity duly organized,
validly existing and in good standing under the laws of the State of Delaware
and has all requisite corporate power and authority to perform its obligations
under this Agreement. The Company is duly qualified to conduct business and is
in good standing as a foreign corporation or other entity in each jurisdiction
in which the nature of the business conducted or property owned by it makes such
qualification necessary, except where the failure to be so qualified or in good
standing, as the case may be, would not have or reasonably be expected to result
in a Material Adverse Effect.

     

    
      
        
        

      

      
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    (b)    Authorization.  The
execution, delivery and performance by the Company of this Agreement and each
other Transaction Document to which it is a party and each of the transactions
contemplated hereby or thereby have been duly and validly authorized by the
Company, and no other corporate act or proceeding on the part of the Company,
its Board of Directors or its stockholders is necessary to authorize the
execution, delivery or performance by the Company of this Agreement or any
Transaction Document to which it is a party or the consummation of any of the
transactions contemplated hereby or thereby.  This Agreement has been
duly executed and delivered by the Company and this Agreement constitutes, and
the Transaction Documents upon execution and delivery by the Company, will each
constitute, a valid and binding obligation of the Company, enforceable against
the Company in accordance with their respective terms, except as such
enforceability may be limited by (i) bankruptcy, insolvency, reorganization,
moratorium or other similar laws now or hereafter in effect, relating to or
limiting creditors' rights generally and (ii) general principles of equity
(whether considered in an action in equity or at law).

     

    (c)    No
Conflict.  The execution, delivery and performance by the
Company of this Agreement and the Transaction Documents to which it is a party
and the consummation of each of the transactions contemplated hereby or thereby
will not (i) violate or conflict with the certificate of incorporation, bylaws
or other organizational documents of the Company, (ii) violate, conflict with,
result in any material breach of, constitute a default under, result in the
termination of, result in the acceleration of any obligations under, result in a
material change in terms of, create in any party the right to accelerate,
terminate, modify or cancel, or require any consent or notice under, or create
an event that, with the giving of notice or the lapse of time, or both, would be
a default under or material breach of, any (A) Contract to which the Company is
a party or by which it is bound or affected or to which any of its assets is
bound or affected; or (B) judgment, order, writ, injunction, decree or demand of
any Governmental Entity which materially affects the ability of the Company to
perform its obligations under this Agreement; (iii) result in the creation or
imposition of any Lien upon any assets or any of the equity of the Company, or
which affects the ability to conduct its business as conducted prior to the date
of this Agreement or perform its obligations under this Agreement; (iv) require
any declaration, filing or registration with, or authorization, consent or
approval of, exemption or other action by or notice to, any Governmental Entity
or other Person under the provisions of any Law or any Contract to which the
Company is subject, or by which the Company is bound or affected or by which the
Company or any of its assets are bound or affected other than (y) the notice
and/or application to NYSE Amex for the issuance and sale of the Shares and the
listing of the Shares for trading thereon in the time and manner required
thereby and (z) the filing of Form D with the SEC and such filings as are
required to be made under applicable state securities laws.

     

    (d)    Legal
Proceedings.  There is no action, claim, suit or proceeding
pending or, to the Knowledge of the Company, threatened, by or against the
Company that challenges, or may have the effect of preventing, delaying, making
illegal or otherwise interfering with the execution and delivery by the Company
of this Agreement or any of the Transaction Documents to which it is a party or
the performance of the Company hereunder or thereunder or which would, if such
action, claim, suit or proceeding were adversely determined, have or reasonably
be expected to result in a Company Material Adverse Effect.

     

    (e)    Issuance of
Securities.  The Shares are duly authorized and, when issued
for the consideration as set forth in this Agreement, will be duly and validly
issued, fully paid and nonassessable, free and clear of all Liens imposed by the
Company other than Liens and restrictions on transfer provided for in this
Agreement.

     

    
      
        
        

      

      
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    (f)    SEC
Reports.  The Company has filed all reports, schedules, forms,
statements and other documents required to be filed by the Company under the
Securities Act and the Exchange Act, including pursuant to Section 13(a) or
15(d) thereof, since January 1, 2009 (the foregoing materials, including the
exhibits thereto and documents incorporated by reference therein, being
collectively referred to herein as the "SEC Reports") on a timely
basis or has received a valid extension of such time of filing and has filed any
such SEC Reports prior to the expiration of any such extension. As of their
respective dates, the SEC Reports (i) were complete and accurate in all material
respects and (ii) complied in all material respects with the requirements of the
Securities Act and the Exchange Act, as applicable.

     

    (g)    Preemptive and Other
Rights.  No Person has any right of first refusal, preemptive
right, right of participation, or any similar right to participate in the
transactions contemplated by the Transaction Documents.  The issuance
and sale of the Shares will not obligate the Company to issue shares of Common
Stock or other securities to any Person and, except with respect to adjustments
to the conversion price of the Company's Series A Convertible Preferred Stock as
set forth in the Company's certificate of incorporation, will not result in a
right of any holder of the Company's securities to adjust the exercise,
conversion, exchange or reset price under any of such securities.

     

    (h)    Financial
Statements.  The audited consolidated financial statements and
unaudited interim consolidated financial statements of the Company (including,
in each case, the notes, if any, thereto) included in the Form 10-K filed by the
Company with the SEC on March 24, 2009, fairly present, in all material
respects, the assets, liabilities and consolidated financial position of the
Company as of the dates indicated and the results of operations for the periods
then ended.

     

    (i)    Brokers.  There
are no claims or rights to brokerage commissions, finders fees or similar
compensation in connection with the transactions contemplated by this Agreement
based on any Contract made or alleged to have been made by or on behalf of the
Company or any of its Affiliates, officers, employees or directors.

     

    (j)    Private
Placement.  Assuming the accuracy of each Purchaser's
representations and warranties set forth in Section 3.2, no registration under
the Securities Act is required for the offer and sale of the Shares by the
Company to the Purchasers as contemplated hereby. Subject to NYSE Amex Approval,
the issuance and sale of the Shares hereunder does not contravene the rules and
regulations of NYSE Amex.

     

    (k)    Disclosure.  Except
with respect to the material terms and conditions of the transactions
contemplated by the Transaction Documents and the Asset Purchase Agreement, the
Company confirms that neither it nor any other Person acting on its behalf has
provided the Purchasers or any of their agents or counsel with any information
that it believes constitutes or might constitute material, nonpublic
information.  The Company understands and confirms that the Purchasers
will rely on the foregoing representation in effecting transactions in
securities of the Company.

     

    3.2    Representations and
Warranties of the Purchasers.  Each Purchaser, for itself and
for no other Purchaser hereby, represents and warrants as of the date hereof and
as of the Closing Date to the Company as follows:

     

    (a)    Organization;
Authority.  Such Purchaser, if not a natural person, is an
entity duly organized, validly existing and in good standing under the laws of
the jurisdiction of its organization with full right, corporate or partnership
power and authority to enter into and to consummate the transactions
contemplated by the Transaction Documents and otherwise to carry out its
obligations hereunder and thereunder, and the execution and delivery of the
Transaction Documents and performance by such Purchaser of the transactions
contemplated by the Transaction Documents have been duly authorized by all
necessary corporate or similar action on the part of such
Purchaser.  Each Transaction 

     

    
      
        
        

      

      
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    Document
to which it is a party has been duly executed by such Purchaser, and when
delivered by such Purchaser in accordance with the terms hereof, will constitute
the valid and legally binding obligation of such Purchaser, enforceable against
it in accordance with its terms, except (i) as limited by general equitable
principles and applicable bankruptcy, insolvency, reorganization, moratorium and
other laws of general application affecting enforcement of creditors' rights
generally, (ii) as limited by laws relating to the availability of specific
performance, injunctive relief or other equitable remedies and (iii) insofar as
indemnification and contribution provisions may be limited by applicable
law.

     

    (b)    Own
Account.  Such Purchaser (i) understands that the Shares are
"restricted securities" and have not been registered under the Securities Act or
any applicable state securities law (ii) is acquiring the Shares as principal
for its own account and not with a view to or for distributing or reselling such
Shares (within the meaning of Section 2(11) of the Securities Act) or any part
thereof in violation of the Securities Act or any applicable state securities
law, (iii) has no present intention of distributing any of such Shares in
violation of the Securities Act or any applicable state securities law and (iv)
has no direct or indirect arrangement or understandings with any other Persons
to distribute or regarding the distribution of such Shares (this representation
and warranty not limiting such Purchaser's right to sell the Shares in
compliance with applicable federal and state securities laws).

     

    (c)    Purchaser
Status.  At the time such Purchaser was offered the Shares, it
was, and at the date hereof it is, an "accredited investor" as defined in Rule
501(a) under the Securities Act.  Such Purchaser is not required to be
registered as a broker-dealer under Section 15 of the Exchange Act.

     

    (d)    Residency.  Such
Purchaser's principal executive offices (or residence, in the case of a
Purchaser that is an individual) are in the jurisdiction set forth immediately
below Purchaser's name on the applicable signature page attached
hereto.

     

    (e)    Experience of Such
Purchaser.  Such Purchaser, either alone or together with its
representatives (who are unaffiliated with and who are not compensated by the
Company or any Affiliate of the Company and who are not selling agents of the
Company), has such knowledge, sophistication and experience in business and
financial matters so as to be capable of evaluating the merits and risks of the
prospective investment in the Shares, and has so evaluated the merits and risks
of such investment.  Such Purchaser is able to bear the economic risk
of an investment in the Shares and, at the present time, is able to afford a
complete loss of such investment.

     

    (f)    [Intentionally
Omitted].

     

    (g)    Investment
Risks.  Such Purchaser acknowledges and is aware that: (i)
there are substantial restrictions on the transferability of the Shares, (ii)
the Shares will not be, and such Purchaser does not have the right to require
that the Shares be, registered under the Securities Act (other than pursuant the
registration rights set forth in the Registration Rights Agreement); (iii) the
certificates representing the Shares shall bear a legend similar to the legend
set out in Section 4.1 and (iv) such legend shall not be removed from any such
certificates unless either (A) such Shares are sold under an effective
registration statement under the Securities Act, or (B) such Purchaser delivers
to the Company a written opinion of counsel, in form and substance satisfactory
to the Company, that no such registration is required and that the transfer will
not otherwise violate the Securities Act, the Exchange Act or applicable state
securities laws.

     

    (h)    Opportunity to Ask
Questions.  During the course of the transaction contemplated
by this Agreement, and before acquiring the Shares, such Purchaser has had the
opportunity (i) to be provided with financial and other written information
about the Company included in all documents the Company has publicly filed with
the Commission, and (ii) to ask questions and receive answers concerning the
business of the Company and its finances. Such Purchaser has, to the extent it
has availed itself of this opportunity, received satisfactory information and
answers.

     

    
      
        
        

      

      
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    (i)    General Solicitation.
Such Purchaser is not purchasing the Shares as a result of any advertisement,
article, notice or other communication regarding the Shares published in any
newspaper, magazine or similar media or broadcast over television or radio or
presented at any seminar or meeting or, to its knowledge, in any other form of
general solicitation or general advertisement.

     

    (j)    Investor
Questionnaire.  The accredited investor questionnaire attached
hereto as Exhibit
A completed by such Purchaser is true and accurate in all
respects.

     

    (k)    No Governmental
Review.  Such Purchaser understands that no United States
federal or state agency or any other government or governmental agency has
passed on or made any recommendation or endorsement of the Shares or the
fairness or suitability of the investment in the Shares nor have such
authorities passed upon or endorsed the merits of the offering of the
Shares.

     

    (l)    Regulation
M.  Such Purchaser is aware that the anti-manipulation rules of
Regulation M under the Exchange Act may apply to sales of Common Stock and other
activities with respect to the Common Stock by the Purchasers.

     

    (m)   Brokers and
Finders.  No Person will have, as a result of the transactions
contemplated by this Agreement, any valid right, interest or claim against or
upon the Company or such Purchaser for any commission, fee or other compensation
pursuant to any agreement, arrangement or understanding entered into by or on
behalf of such Purchaser.

     

    (n)    Certain Trading
Activities.  Other than with respect to the transactions
contemplated herein and the purchase by Mary Hunt Huddleston of 16,016 shares of
Common Stock on February 9, 2009 for $2,489.22 and 79,700 shares of Common Stock
on February 12, 2009 for $14,034.15, since the time that such Purchaser was
first contacted by the Company regarding the transactions contemplated hereby
until the date hereof, neither such Purchaser nor any Affiliate of such
Purchaser which (i) had knowledge of the transactions contemplated hereby, (ii)
has or shares discretion relating to such Purchaser's investments or trading or
information concerning such Purchaser's investments, including in respect of the
Shares, and (iii) is subject to such Purchaser's review or input concerning such
Affiliate's investments or trading (collectively, "Trading Affiliates") has
directly or indirectly, nor has any Person acting on behalf of or pursuant to
any understanding with such Purchaser or Trading Affiliate, effected or agreed
to effect any transactions in the securities of the Company (including, without
limitation, any Short Sales involving the Company's securities).

     

    (o)    Reliance by the
Company.  Such Purchaser understands that the foregoing
representations and warranties are to be relied upon by the Company as a basis
for exemption of the sale of the Shares under the Securities Act and under the
securities laws of all applicable states and for other purposes.

     

    ARTICLE
IV

     

    OTHER AGREEMENTS OF THE
PARTIES

     

    4.1    Transfer
Restrictions.

     

    (a)    The
Shares may only be disposed of in compliance with state and federal securities
laws.  In connection with any transfer of Shares other than pursuant
to an effective registration statement or in compliance with Rule 144 or to the
Company or to an Affiliate of a Purchaser, the Company may require the
transferor thereof to provide to the Company, at the transferor's sole expense,
an opinion of counsel selected by the transferor and reasonably acceptable to
the Company, the form and substance of which opinion shall be reasonably
satisfactory to the Company, to the effect that such transfer does not require
registration of such transferred Shares under the Securities Act and such
transfer is in compliance with applicable state securities laws.  As a
condition of transfer, any such transferee shall agree in writing to be bound by
the terms of this Agreement and shall have the rights of a Purchaser under this
Agreement.

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

       

    

    (b)    The
Purchasers agree to the imprinting, so long as is required by this Section 4.1,
of a legend on any certificate representing any of the Shares in the following
form:

     

    THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED WITH THE
UNITED STATES SECURITIES AND EXCHANGE COMMISSION (THE "COMMISSION") UNDER
SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT"), IN RELIANCE UPON ONE OR MORE EXEMPTIONS FROM REGISTRATION OR
QUALIFICATION AFFORDED BY THE SECURITIES ACT AND/OR RULES PROMULGATED BY THE
COMMISSION PURSUANT THERETO. THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE
ALSO NOT BEEN REGISTERED OR QUALIFIED (AS THE CASE MAY BE) UNDER THE SECURITIES
LAWS OF ANY STATE OR TERRITORY OF THE UNITED STATES (THE "BLUE SKY LAWS"), IN
RELIANCE UPON ONE OR MORE EXEMPTIONS FROM REGISTRATION OR QUALIFICATION (AS THE
CASE MAY BE) AFFORDED UNDER SUCH SECURITIES LAWS. THESE SECURITIES HAVE BEEN
ACQUIRED FOR THE HOLDER'S OWN ACCOUNT FOR INVESTMENT PURPOSES ONLY AND NOT WITH
A VIEW FOR RESALE OR DISTRIBUTION.

     

    4.2    Integration.  The
Company shall not sell, offer for sale or solicit offers to buy or otherwise
negotiate in respect of any security (as defined in Section 2 of the Securities
Act) that would be integrated with the offer or sale of the Shares to the
Purchasers in a manner that would require the registration under the Securities
Act of the sale of the Shares to the Purchasers or that would be integrated with
the offer or sale of the Shares for purposes of the rules and regulations of the
Trading Market.

     

    4.3    Securities Laws Disclosure;
Publicity.  The Company shall have sole control over any press
release, public announcement, statement or acknowledgment (collectively, "Public Statements") with
respect to this Agreement and the consummation of the transactions contemplated
herein; provided, however, that prior to the release of any Public Statements,
Purchasers shall be afforded the right to review the Public Statements.
Notwithstanding the foregoing, the Company shall not publicly disclose the name
of any Purchaser, or include the name of any Purchaser in any filing with the
Commission or any regulatory agency or Trading Market, without the prior written
consent of such Purchaser, except (i) as reasonably believed to be required by
federal securities law in connection with the filing of final Transaction
Documents (including signature pages thereto) with the Commission and (ii) to
the extent such disclosure is reasonably believed to be required by law or
Trading Market regulations.

     

    4.4    Non-Public
Information.  Except with respect to the material terms and
conditions of the transactions contemplated by this Agreement and the Asset
Purchase Agreement, the Company covenants and agrees that neither it nor any
other Person acting on its behalf, will provide any Purchaser or its agents or
counsel with any information that the Company believes constitutes material
non-public information, unless prior thereto such Purchaser shall have executed
a written agreement regarding the confidentiality and use of such information.
The Company understands and confirms that each Purchaser shall be relying on the
foregoing covenant in effecting transactions in securities of the
Company.

     

    4.5    Form D; Blue Sky
Filings.  The Company agrees to timely file a Form D with
respect to the Shares as required under Regulation D. The Company shall take
such action as the Company shall reasonably determine is necessary in order to
obtain an exemption for, or to qualify the Shares for, sale to the Purchasers at
the Closing under applicable securities or "Blue Sky" laws of the states of the
United States, and shall provide evidence of such actions upon reasonable
request of any Purchaser.

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

     

    ARTICLE
V

     

    MISCELLANEOUS

     

    5.1    Termination.  This
Agreement shall terminate automatically if the Asset Purchase Agreement is
terminated prior to the "Closing" as such term is defined in the Asset Purchase
Agreement, in which case this Agreement shall be of no further force and effect,
provided that this Article VI shall survive the termination of this Agreement
and shall remain in full force and effect.

     

    5.2    Fees and
Expenses.  Each party shall pay the fees and expenses of its
advisers, counsel, accountants and other experts, if any, and all other expenses
incurred by such party incident to the negotiation, preparation, execution,
delivery and performance of this Agreement.  The Company shall pay all
transfer agent fees, stamp taxes and other taxes and duties levied in connection
with the delivery of any Shares to the Purchasers.

     

    5.3    Entire
Agreement.  The Agreement, the Asset Purchase Agreement and the
Registration Rights Agreement, together with the exhibits and schedules hereto
and thereto, contain the entire understanding of the parties with respect to the
subject matter hereof and supersede all prior agreements and understandings,
oral or written, with respect to such matters, which the parties acknowledge
have been merged into such documents, exhibits and schedules.

     

    5.4    Notices.  All
notices or other communications which are required or permitted hereunder shall
be in writing and shall be sufficiently given if (a) delivered personally or (b)
sent by registered or certified mail, postage prepaid, or (c) sent by overnight
courier with a nationally recognized courier, or (d) sent via facsimile
confirmed in writing in any of the foregoing manners, as set forth on the
signature pages attached hereto if delivered to Purchasers, or as follows if
delivered to the Company:

     

    NTN
Buzztime, Inc.

    5966 La
Place Court, Suite 100

    Carlsbad,
CA 92008

    Attention:  Kendra
Berger

    Fax:  760.930.1187

     

    With a
copy
to:                     Sheppard
Mullin Richter & Hampton, LLP

    12275 El
Camino Real, Suite 200

    San
Diego, CA 92130-2006

    Attention:  Kirt
Shuldberg

    Fax:  858.523.6712

     

    If sent
by mail, notice shall be considered delivered five Business Days after the date
of mailing, and if sent by any other means set forth above, notice shall be
considered delivered upon receipt thereof.  Any party may by notice to
the other parties change the address or facsimile number to which notice or
other communications to it are to be delivered or mailed.

     

    5.5    Amendments;
Waivers.  No provision of this Agreement may be waived,
modified, supplemented or amended except in a written instrument signed, in the
case of an amendment, by the Company and the Purchasers of at least 50.1% in
interest of the aggregate Shares then held by Purchasers or, in the case of a
waiver, by the party against whom enforcement of any such waived provision is
sought.  No waiver of any default with respect to any provision,
condition or requirement of this Agreement shall be deemed to be a continuing
waiver in the future or a waiver of any subsequent default or a waiver of any
other provision, condition or requirement hereof, nor shall any delay or
omission of any party to exercise any right hereunder in any manner impair the
exercise of any such right.

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

     

    5.6    Headings.  The
headings herein are for convenience only, do not constitute a part of this
Agreement and shall not be deemed to limit or affect any of the provisions
hereof.

     

    5.7    Successors and
Assigns.  This Agreement shall be binding upon and inure to the
benefit of the parties and their successors and permitted assigns (including,
without limitation, by merger, share exchange or other similar corporate
reorganization or similar transaction).

     

    5.8    No Third-Party
Beneficiaries.  This Agreement is intended for the benefit of
the parties hereto and their respective successors and permitted assigns and is
not for the benefit of, nor may any provision hereof be enforced by, any other
Person, except as otherwise set forth in Article V.

     

    5.9    Governing
Law.  All questions concerning the construction, validity,
enforcement and interpretation of the Transaction Documents shall be governed by
and construed and enforced in accordance with the internal laws of the State of
California, without regard to the principles of conflicts of law
thereof.

     

    5.10   Survival.  The
representations and warranties of the Company and each Purchaser shall survive
the Closing and the delivery of the Shares for the applicable statute of
limitations.

     

    5.11   Counterparts.  This
Agreement may be executed in any number of counterparts, and each such
counterpart hereof shall be deemed to be an original instrument, but all such
counterparts together shall constitute but one agreement.  Facsimile
and PDF signatures shall be treated as if they were originals.

     

    5.12   Severability.  If
any term or provision of this Agreement or the application thereof to any
circumstance shall, in any jurisdiction, be invalid or unenforceable, such term
or provision shall be ineffective as to such jurisdiction to the extent of such
invalidity or unenforceability without invalidating or rendering unenforceable
such term or provision in any other jurisdiction, the remaining terms and
provisions of this Agreement or the application of such terms and provisions to
circumstances other than those as to which it is held invalid or
enforceable.

     

    5.13   Remedies.  In
addition to being entitled to exercise all rights provided herein or granted by
law, including recovery of damages, each of the Purchasers and the Company will
be entitled to specific performance under this Agreement.  The parties
agree that monetary damages may not be adequate compensation for any loss
incurred by reason of any breach of obligations contained in the Transaction
Documents and hereby agrees to waive and not to assert in any action for
specific performance of any such obligation the defense that a remedy at law
would be adequate.

     

    5.14   Independent Nature of
Purchasers' Obligations and Rights; Separate Counsel.  The
obligations of each Purchaser under this Agreement are several and not joint
with the obligations of any other Purchaser, and no Purchaser shall be
responsible in any way for the performance or non-performance of the obligations
of any other Purchaser under this Agreement or any other related agreement.
Nothing contained herein, and no action taken by any Purchaser pursuant thereto,
shall be deemed to constitute the Purchasers as a partnership, an association, a
joint venture or any other kind of entity, or create a presumption that the
Purchasers are in any way acting in concert or as a group with respect to such
obligations or the transactions contemplated by this Agreement.  Each
Purchaser shall be entitled to independently protect and enforce its rights,
including without limitation the rights arising out of this Agreement or out of
any related agreement, and it shall not be necessary for any other Purchaser to
be joined as an additional party in any proceeding for such
purpose.  Each Purchaser acknowledges and agrees that such Purchaser
has been represented by its own separate legal counsel in their review and
negotiation of the Agreement.

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

     

    5.15    Construction. This
Agreement has been negotiated by the parties and is to be interpreted according
to its fair meaning as if the parties had prepared it together and not strictly
for or against any party.  All references in this Agreement to
articles, sections, schedules and exhibits are to articles, sections, schedules
and exhibits of or to this Agreement unless expressly otherwise
indicated.  At each place in this Agreement where the context so
requires, the masculine, feminine or neuter gender includes
others.  "Including" or "include" means "including without limitation"
and "include without limitation," respectively. "Or" is used in the inclusive
sense of "and/or."  Currency amounts referenced herein, unless
otherwise specified, are in U.S. dollars.

     

    [Signature
Pages Follow]

     

     

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their respective authorized signatories as of the date first
indicated above.

     

    
      	 	NTN Buzztime,
      Inc., 
	 	a Delaware
      corporation 
	 	 
	 	 
	 	By:    /s/ Kendra
      Berger                          
       
	 	Name:     Kendra
      Berger                           
      
	 	Title:      Chief Financial
      Officer              
      

    

     

     

    [Signature
Pages For Purchasers Follow]

     

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

    

    IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed
by their respective authorized signatories as of the date first indicated
above.

     

    Name of
Purchaser: Ushas,
LLC                                                                                                                                                   

     

    Signature
of Authorized Signatory of Purchaser:  /s/ Albert D.
Huddleston

     

    Name of
Authorized Signatory:  Albert D.
Huddleston

     

    Title of
Authorized Signatory:  Member

     

    Email
Address of Purchaser:
___________________________________________________________________

     

    Facsimile
Number of Purchaser:
________________________________________________________________

     

    Address
for Notice of Purchaser:

     

    Address
for Delivery of Shares for Purchaser (if not same as address for
notice):

     

    Number of
Shares to be purchased:
_____________________________________________________________

     

    Total
Purchase Price:
________________________________________________________________________

     

    EIN
Number:  [TO BE PROVIDED UNDER SEPARATE COVER]

     

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed
by their respective authorized signatories as of the date first indicated
above.

     

    Name of
Purchaser:  O'Bryan Community Property
Trust

     

    Signature
of Authorized Signatory of Purchaser:  /s/ Frank
O'Bryan

     

    Name of
Authorized Signatory:  Frank
O'Bryan

     

    Title of
Authorized Signatory:  Trustee

     

    Email
Address of Purchaser:
___________________________________________________________________

     

    Facsimile
Number of Purchaser:
________________________________________________________________

     

    Address
for Notice of Purchaser:

     

     

    Address
for Delivery of Shares for Purchaser (if not same as address for
notice):

     

    
      Number of
Shares to be purchased:
_____________________________________________________________

       

      Total
Purchase Price:
________________________________________________________________________

    

     

    EIN
Number:  [TO BE PROVIDED UNDER SEPARATE COVER]

     

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed
by their respective authorized signatories as of the date first indicated
above.

     

    Name of
Purchaser:  Martha
Fawcett

     

    Signature
of Authorized Signatory of Purchaser:  /s/ Martha
Fawcett

     

    Name of
Authorized Signatory:
________________________________________________________________

     

    Title of
Authorized Signatory:
_________________________________________________________________

     

    
      Email
Address of Purchaser:
__________________________________________________________________

       

      Facsimile
Number of Purchaser:
________________________________________________________________

       

      Address
for Notice of Purchaser:

       

       

      Address
for Delivery of Shares for Purchaser (if not same as address for
notice):

       

      
        Number of
Shares to be purchased:
_____________________________________________________________

         

        Total
Purchase Price:
________________________________________________________________________

      

       

      EIN
Number:  [TO BE PROVIDED UNDER SEPARATE COVER]

    

     

     

    
      
        
        

      

      
        -17-

        
          

        

      

      
        
        

      

    

     

     

    Schedule
of Purchasers

    to

    Securities
Purchase Agreement

     

    
      	
              
                Purchaser

              

            	 	
              
                Total
      Purchase Price

              

            	 
	
              Ushas,
      LLC

            	 	$	515,339.00	 
	
              Martha
      Fawcett

            	 	$	184,661.00	 
	
              O'Bryan
      Community Property Trust

            	 	$	50,000.00	 
	 
      	 	$	750,000.00	 

    

    

     

    

     

     

     

    -18-ntn_8k-ex1002.htm

    Exhibit
10.2

     

    REGISTRATION
RIGHTS AGREEMENT

     

    This
Registration Rights Agreement, dated May 11, 2009 (this "Agreement"), is entered into
by and among NTN Buzztime, Inc., a Delaware corporation (the "Company"), and each of the
Holders (as such term is defined below) that are parties hereto.

     

    RECITALS

     

    A. The
Company and Instant Access Media, LLC, a Colorado limited liability company
("IAM"), entered into
that Asset Purchase Agreement of even date herewith (the "Asset Purchase Agreement"), pursuant
to which the Company agreed to provide Instant Access Media, LLC, with certain
registration rights under the Securities Act (as such term is defined
below).

     

    B. In
connection with the Asset Purchase Agreement, the Company and certain investors
entered into that certain Securities Purchase Agreement of even date herewith
(the "Securities Purchase
Agreement"), pursuant to which the Company agreed to provide such
investors with certain registration rights under the Securities
Act.

     

    In
consideration of the premises and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows:

     

    ARTICLE
I

     

    DEFINITIONS

     

    1.1 Definitions.  In
addition to the terms defined elsewhere in this Agreement, the following terms
have the meanings set forth in this Section 1.1:

     

    "Business Day" means Monday
through Friday, excluding any day of the year on which banks are required or
authorized to close in the State of California.

     

    "Commission" means the
Securities and Exchange Commission.

     

    "Common Stock" means the common
stock of the Company, par value $0.005 per share.

     

    "Counsel for Selling Holders"
means one counsel for the Selling Holders selected by the Selling Holders
holding a majority of the Registrable Shares covered by the Registration
Statement.

     

    "Counsel for Selling Holders
Fees" means the reasonable fees and expenses of Counsel for Selling
Holders incurred in connection with any registration, qualification, or
compliance pursuant to Section 2.1, up to an aggregate maximum of
$10,000.

     

    "Exchange Act" means the
Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder.

     

    "Family Member" means any
child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or
sister-in-law, and shall include adoptive relationships.

     

    "Holder" means any Person
holding Registrable Shares, or any assignee of record of such Registrable Shares
to whom the rights under this Agreement have been duly assigned in accordance
with this Agreement.

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

     

    "Original Holder" means each of
the following Persons: (i) Ushas, LLC; (ii) Martha Fawcett; (iii) O'Bryan
Community Property Trust; and (iv) IAM.

     

    "Permitted Transferee": means
any of the following Persons: (i) any transferee or assignee of all a Holders'
Registrable Shares; (ii) any transferee of Registrable Shares who, after such
transfer or assignment, holds at least 500,000 Registrable Shares (subject to
appropriate adjustment for stock splits, stock dividends, combinations and other
recapitalizations); (iii) up to, in the aggregate, two transferees or assignees
who are owners of an Original Holder; (iv) up to two transferees or assignees by
each Original Holder or Permitted Transferee described in clause (iii) of this
definition provided that such transferees or assignees are Family Members of
such transferring Original Holder or Permitted Transferee (including trusts
benefiting one or more of such Persons); and (iv) Stephens Inc.

     

    "Person" means an individual,
sole proprietorship, partnership, joint venture, trust, unincorporated
association, corporation, limited liability company, entity or Governmental
Entity (as such term is defined in the Asset Purchase Agreement).

     

    "Registrable Shares" means the
Shares other than Shares that, at the time of determination, (i) have been sold
in a registered public offering under the Securities Act or sold pursuant to
Rule 144 or (ii) may be immediately sold to the public without registration or
restriction (including as to volume) under the Securities Act, including
pursuant to Rule 144.

     

    "Rule 144" means Rule 144
promulgated by the Commission pursuant to the Securities Act, as such rule may
be amended from time to time, or any similar rule or regulation hereafter
adopted by the Commission having substantially the same effect as such
rule.

     

    "Securities Act" means the
Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder.

     

    "Selling Holder" has the
meaning ascribed to such term in Section 2.2(d).

     

    "Shares" means (i) the shares
of Common Stock issued by the Company under the Securities Purchase Agreement,
(ii) the Closing Shares (as such term is defined in the Asset Purchase
Agreement) and (iii) the Underlying Shares (as such term is defined in the Asset
Purchase Agreement).

     

    ARTICLE
II

     

    REGISTRATION
RIGHTS

     

    2.1    Piggyback Registration
Rights.

     

    (a)    If (but
without any obligation to do so) at any time or from time to time the Company
shall determine to register any of its securities, either for its own account or
the account of a security holder or holders, other than a registration relating
solely to employee benefit plans on Form S-8 (or any successor form) or a
registration on Form S-4 (or any successor form), the Company will:

     

    (1)    promptly
give to each Holder written notice thereof, and

     

    (2)    include
in such registration (and any related qualification under blue sky laws or other
compliance), and in any underwriting involved therein, all the Registrable
Shares specified in a written request or requests that the Company receives from
such Holder within 10 days after delivery of such written notice from the
Company.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

       

    

    (b)    If the
registration for which the Company gives notice is for a registered public
offering involving an underwriting, the Company shall so advise Holders as a
part of the written notice described above. The Holders desiring to participate
in such registration shall (together with the Company) enter into an
underwriting agreement in customary form with the managing underwriter selected
for such underwriting by the Company.

     

    (1)    If the
managing underwriter determines in good faith that marketing factors (including
pricing) require a limitation of the number of shares to be underwritten, the
underwriter may exclude some or all of the Registrable Shares from such
registration and underwriting.  The Company shall so advise any
Holders who have requested to have Registrable Shares included in such
registration, and the shares to be included in such registration shall be
allocated as follows: first, for the account of the Company, all shares of
Common Stock proposed to be sold by the Company; second, for the account of any
other security holder listed on Schedule A that has
previously been granted registration rights with respect to the Common Stock on
the terms and conditions of any agreement pertaining to such registration
rights; third, for the account of the Holders (proportionately in accordance
with the number of Registrable Shares each Holder requested to be included in
such registration), the number of Registrable Shares requested to be included in
the registration; and, fourth, other securities requested to be included in the
registration, up to the amount of the limitation imposed by the managing
underwriter.

     

    (2)    If a
Holder disapproves of the terms of any such underwriting, such Holder may elect
to withdraw by written notice to the Company and the managing underwriter. Any
Registrable Shares excluded or withdrawn from such underwriting shall be
withdrawn from such registration.

     

    (c)    The
Company shall have the right to defer, terminate or withdraw any registration
initiated by it prior to the effectiveness of such registration, whether or not
any Holder has elected to include any or all of the Registrable Shares in such
registration.

     

    (d)    Except to
the extent provided in any underwriting agreement, a Holder who has requested
that Registrable Shares be included in any registration may withdraw all or any
portion of such shares from such registration without prejudice to such Holder's
rights to participate in future registrations hereunder. No Holder shall have
any right to obtain or seek an injunction restraining or otherwise delaying any
registration as the result of any controversy that might arise with respect to
the interpretation or implementation of this Agreement.

     

    (e)    All
registration expenses (other than underwriting discounts and commissions and the
fees of disbursements of counsel for any or all the Holders, if any, other than
Counsel for Selling Holders' Fees) incurred in connection with any registration,
qualification, or compliance pursuant to this Section 2.1, and Counsel for
Selling Holders' Fees, shall be borne by the Company.  All selling
expenses relating to the Registrable Shares (including any underwriting
discounts and commissions and the fees of disbursements of counsel for any or
all the Holders, if any, other than Counsel for Selling Holders' Fees) shall be
borne by the Holders whose Registrable Shares are included in the
registration.

     

    2.2    Procedures.  Subject
to Section 2.1(c), whenever a Holder has requested that any Registrable Shares
be registered pursuant to this Agreement, the Company shall:

     

    (a)    prepare
and file with the Commission a registration statement including such Registrable
Shares (which registration statement shall contain information with respect to
the Holders, the Holders' beneficial ownership of securities of the Company and
the Holders' intended method of disposition of the Registrable Shares that
conforms to the information provided by the Holders to the Company) and use
commercially reasonable efforts to cause such registration statement to become
effective as soon as possible thereafter and to remain effective as otherwise
provided in this Agreement; provided that before filing a registration statement
or prospectus or any amendments or supplements thereto, the Company will furnish
to the Counsel for Selling Holders copies of all such documents proposed to be
filed, which documents will be subject to the review of such
counsel;

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

       

    

    (b)    prepare
and file with the Commission such amendments and supplements to such
registration statement and the prospectus used in connection therewith as may be
necessary to keep such registration statement effective under the Securities Act
until all Registrable Shares covered by such registration statement have been
sold or may be sold without volume limitation pursuant to Rule 144, and to
comply with the provisions of the Securities Act with respect to the sale or
other disposition of all Registrable Shares covered by such registration
statement in accordance with the intended methods of disposition by the sellers
thereof set forth in such registration statement;

     

    (c)    furnish
to each Holder who holds Registrable Shares covered by such registration
statement of prospectus, without charge, at least one conformed copy of the
registration statement and any amendment thereto, including financial statements
but excluding schedules, all documents incorporated or deemed to be incorporated
therein by reference and all exhibits, which obligation shall be deemed
satisfied if such material is available through IDEA or on or through the
Company's website;

     

    (d)    deliver
to each Holder who holds Registrable Shares covered by a registration statement
or prospectus (each, a "Selling
Holder"), in connection with any sale of Registrable Shares pursuant to a
shelf registration statement, without charge, as many copies of the prospectus
or prospectuses relating to such Registrable Shares (including each preliminary
prospectus) and any amendment or supplement thereto as such Holder may
reasonably request, which obligation shall be deemed satisfied if such material
is available through IDEA or on or through the Company's website;

     

    (e)    use
commercially reasonable efforts to register or qualify the Registrable Shares
covered by such registration statement under such other securities or "blue sky"
laws of such jurisdictions as any Selling Holder shall reasonably request, and
do any and all other acts and things which the Company determines may be
reasonably necessary to enable such Selling Holder to consummate the disposition
of the Registrable Shares in such jurisdictions, except that in no event shall
the Company be required to qualify to do business as a foreign corporation in
any jurisdiction where it would not, but for the requirements of this Section
2.2(e), be required to be so qualified, or to consent to general service of
process in any such jurisdiction;

     

    (f)    notify
each Selling Holder, at any time when a prospectus relating thereto is required
to be delivered under the Securities Act, of the happening of any event as a
result of which the prospectus included in such registration statement contains
an untrue statement of a material fact or omits any fact necessary to make the
statements therein not misleading, and, at the request of any such Selling
Holder, the Company will prepare a supplement or amendment to such prospectus so
that, as thereafter delivered to the purchasers of such Registrable Shares, such
prospectus will not contain an untrue statement of a material fact or omit to
state any fact necessary to make the statements therein not misleading;
and

     

    (g)    in the
event of the issuance of any stop order suspending the effectiveness of a
registration statement, or of any order suspending or preventing the use of any
related prospectus or suspending the qualification of any Registrable Shares
included in such registration statement for sale in any jurisdiction, the
Company will notify each Selling Holder and use commercially reasonable efforts
to obtain the withdrawal of such order.

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    2.3    Control of
Registration.  Except as otherwise provided in this Agreement,
the Company shall have sole control in connection with the preparation, filing,
withdrawal, amendment or supplementing of any registration statement, the
selection of underwriters, and the distribution of any preliminary prospectus
included in a registration statement, and may include within the coverage
thereof additional shares of Common Stock or other securities for its own
account or for the account of one or more of its other security
holders.

     

    2.4    Holder
Information.  It shall be a condition precedent to the
obligations of the Company to take any action pursuant to this ARTICLE II with
respect to the Registrable Shares of any Holder that such Holder shall furnish
to the Company such information regarding itself, the Registrable Shares held by
it, and the intended method of disposition of such securities the Company may
from time to time reasonably request to effect the registration of such Holder's
Registrable Shares, provided that such information shall be used only in
connection with such registration.

     

    2.5    Discontinue
Disposition.  Each Holder agrees that upon receipt of any
notice from the Company of the happening of any event of the kind described in
Section 2.2(f), such Holder shall immediately discontinue such Holder's
disposition of Registrable Shares pursuant to the registration statement
covering such Registrable Shares until such Holder's receipt of the copies of
the supplemented or amended prospectus contemplated by Section
2.2(f).

     

    2.6    Indemnification.

     

    (a)    In the
event of any registration of any securities of the Company under the Securities
Act pursuant to this ARTICLE II, the Company shall indemnify and hold harmless,
to the fullest extent permitted by law, each Holder, its directors, officers,
fiduciaries, employees and stockholders, members or general and limited partners
(and the directors, officers, employees and stockholders, members or general and
limited partners thereof) against any and all losses, claims, damages or
liabilities, joint or several, actions or proceedings (whether commenced or
threatened) in respect thereof (collectively, "Claims") and expenses
(including reasonable fees of counsel and any amounts paid in any settlement
effected with the Company's prior written consent) to which each such
indemnified party may become subject under the Securities Act, the Exchange Act
or other federal or state law
or otherwise, insofar as such Claims or expenses arise out of or are
based upon any of the following statements, omissions or violations
(collectively, a "Violation"): (i) any untrue
statement or alleged untrue statement of a material fact contained in any
registration statement, including any preliminary prospectus or final prospectus
contained therein or any amendments or supplements thereto, under which the
Registrable Shares were registered under the Securities Act, (ii) the omission
or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading, or (iii) any
violation by the Company of the Securities Act, the Exchange Act, any state
securities law or any rule or regulation promulgated under the Securities Act,
the Exchange Act or any state securities law; provided, however, that the
indemnity agreement contained in this Section 2.6(a) shall not apply to amounts
paid in settlement of any Claim if such settlement is effected without the prior
written consent of the Company (which consent shall not be unreasonably withheld
or delayed), nor shall the Company be liable to any indemnified party in any
such case to the extent such Claim or expense arises out of or is based upon (A)
a Violation which occurs in reliance upon and in conformity with written
information furnished to the Company or its representatives by such indemnified
party specifically for use therein, or (B) any action or omission by any
indemnified party in violation of this Agreement or applicable law.

     

    (b)    Each
Holder of Registrable Shares that are included a registration statement filed
with the Commission shall, severally and not jointly, indemnify and hold
harmless, to the fullest extent permitted by law, the Company, each of its
officers, directors and employees, each Person who controls the Company within
the meaning of the Securities Act, any underwriter, any other prospective seller
and each of their respective directors, officers, employees, general and limited
partners and controlling Persons against any and all Claims and expenses
(including reasonable fees of counsel and any amounts paid in any settlement
effected with such Holder's prior written consent) to which each such
indemnified party may become subject under the Securities Act, the Exchange Act
or other federal or state law or otherwise, insofar as such Claims or expenses
arise out of or are based upon any Violation, if such Violation was made in
reliance upon and in conformity with written information furnished to the
Company or its representatives by such Holder specifically for use therein;
provided, however, that (i) the aggregate amount which any such Holder shall be
required to pay pursuant to this Section 2.6(b) and Section 2.6(d) shall in no
case be greater than the amount of the gross proceeds received by such Holder
upon the sale of the Registrable Shares pursuant to the registration statement
giving rise to such claim, and (ii) the indemnity agreement contained in this
Section 2.6(b) shall not apply to amounts paid in settlement of any such Claim
if such settlement is effected without the prior written consent of such Holder
(which consent shall not be unreasonably withheld or delayed).

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    (c)    Any
Person entitled to indemnification under this Agreement shall notify promptly
the indemnifying party in writing of the commencement of any action or
proceeding with respect to which a claim for indemnification may be made
pursuant to this Section 2.6, but the failure of any indemnified party to
provide such notice shall not relieve the indemnifying party of its obligations
under the preceding paragraphs of this Section 2.6, except to the extent the
indemnifying party is materially prejudiced thereby and shall not relieve the
indemnifying party from any liability that it may have to any indemnified party
otherwise than under this Section 2.6.  In case any action or
proceeding is brought against an indemnified party and it shall notify the
indemnifying party of the commencement thereof, the indemnifying party shall be
entitled to participate therein and to assume the defense thereof jointly with
any other indemnifying party similarly notified, to the extent that it chooses,
with counsel reasonably satisfactory to such indemnified party, and after notice
from the indemnifying party to such indemnified party that it so chooses, the
indemnifying party shall not be liable to such indemnified party for any legal
or other expenses subsequently incurred by such indemnified party in connection
with the defense thereof other than reasonable costs of investigation; provided,
however, that (i) if the indemnifying party fails to take reasonable steps
necessary to defend diligently the action or proceeding within 20 days after
receiving notice from such indemnified party that the indemnified party believes
it has failed to do so; or (ii) if such indemnified party who is a defendant in
any action or proceeding which is also brought against the indemnifying party
reasonably shall have concluded that there may be one or more legal defenses
available to such indemnified party that are not available to the indemnifying
party; or (iii) if representation of both parties by the same counsel is
otherwise inappropriate under applicable standards of professional conduct,
then, in any such case, the indemnified party shall have the right to assume or
continue its own defense as set forth above (but with no more than one firm of
counsel for all indemnified parties in each jurisdiction, except to the extent
any indemnified party or parties reasonably shall have concluded that there may
be legal defenses available to such party or parties which are not available to
the other indemnified parties or to the extent representation of all indemnified
parties by the same counsel is otherwise inappropriate under applicable
standards of professional conduct) and the indemnifying party shall be liable
for any reasonable expenses therefor.  No indemnifying party shall,
without the written consent of the indemnified party, effect the settlement or
compromise of, or consent to the entry of any judgment with respect to, any
pending or threatened action or claim in respect of which indemnification or
contribution may be sought hereunder (whether or not the indemnified party is an
actual or potential party to such action or claim) unless such settlement,
compromise or judgment (A) includes an unconditional release of the indemnified
party from all liability arising out of such action or claim and (B) does not
include a statement as to or an admission of fault, culpability or a failure to
act, by or on behalf of any indemnified party.

     

    (d)    If for
any reason the foregoing indemnity is unavailable or is insufficient to hold
harmless an indemnified party under Sections 2.6(a), (b) or (c), then each
indemnifying party shall contribute to the amount paid or payable by such
indemnified party as a result of any Claim in such proportion as is appropriate
to reflect the relative fault of the indemnifying party, on the one hand, and
the indemnified party, on the other hand, with respect to such offering of
securities.  The relative fault shall be determined by reference to,
among other things, whether the Violation relates to information supplied by the
indemnifying party or the indemnified party and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
Violation.  If, however, the allocation provided in the second
preceding sentence is not permitted by applicable law, then each indemnifying
party shall contribute to the amount paid or payable by such indemnified party
in such proportion as is appropriate to reflect not only such relative faults
but also the relative benefits of the indemnifying party and the indemnified
party as well as any other relevant equitable considerations.  The
parties hereto agree that it would not be just and equitable if contributions
pursuant to this Section 2.6(d) were to be determined by pro rata allocation or
by any other method of allocation which does not take account of the equitable
considerations referred to in the preceding sentences of this Section
2.6(d).  The amount paid or payable in respect of any Claim shall be
deemed to include any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any such
Claim.  No Person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any Person who was not guilty of such fraudulent
misrepresentation.  Notwithstanding anything in this Section 2.6(d) to
the contrary, no indemnifying party (other than the Company) shall be required
pursuant to this Section 2.6(d) to contribute any amount in excess of the gross
proceeds received by such indemnifying party from the sale of Registrable Shares
in the offering to which the losses, claims, damages or liabilities of the
indemnified parties relate, less the amount of any indemnification payment made
by such indemnifying party pursuant to Section 2.6(b).

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

       

    

    (e)    The
indemnity and contribution provisions agreements contained in this Section 2.6
shall be in addition to any other rights to indemnification or contribution that
any indemnified party may have pursuant to law or contract and shall remain
operative and in full force and effect regardless of any investigation made or
omitted by or on behalf of any indemnified party and shall survive the transfer
of the Registrable Shares by any such party.

     

    (f)    This
Section 2.6 may not be amended except by an instrument in writing signed by the
indemnified party affected thereby.

     

    2.7    Assignment of Registration
Rights.  The rights to cause the Company to register
Registrable Shares pursuant to this Agreement may be assigned (but only with all
related obligations) by a Holder only to a Permitted Transferee, provided that
in each such case: (i) no party may be assigned any of the foregoing rights
unless the Company is given written notice by the assigning party at the time of
such assignment stating the name and address of the assignee and identifying the
Registrable Shares as to which the rights in question are being assigned; (ii)
such transferee or assignee agrees in a writing satisfactory to the Company to
be bound by and subject to the terms and conditions of this Agreement;
(iii) such assignment shall be effective only if the transfer of such
Registrable Shares is made in compliance with the relevant restrictions on
transfer set forth in the Asset Purchase Agreement or Securities Purchase
Agreement, as applicable; and (iv) such assignment shall be effective only if
immediately following such assignment or transfer the further disposition of
such Registrable Shares by the transferee or assignee is restricted under the
Securities Act.

     

    2.8    Exchange Act
Reports.  Until the time that no Holder owns Shares, the
Company agrees to: (i) file with the SEC in a timely manner (or obtain extension
in respect thereof and file within the applicable grace period) all reports and
other documents required of the Company under the Exchange Act; and (ii) provide
the information the Company is required to submit and post by Rule 405 of
Regulation S-T in the manner provided in paragraph (c)(ii) of Rule
144.

     

    2.9    Termination of Registration
Rights.  The obligations of the Company to register the
Registrable Shares, and the obligations of each Holder, under this ARTICLE II
shall terminate on the tenth anniversary of the date of this
Agreement.

     

    ARTICLE
III

     

    MISCELLANEOUS

     

    3.1    Successors and
Assigns.  Except as otherwise provided herein, the terms and
conditions of this Agreement shall inure to the benefit of and be binding upon
the respective permitted successors and assigns of the
parties.  Nothing in this Agreement, express or implied, is intended
to confer upon any party other than the parties or their respective permitted
successors and assigns any rights, remedies, obligations, or liabilities under
or by reason of this Agreement, except as expressly provided in this
Agreement.

     

    3.2    Rules of
Construction.  This Agreement has been negotiated by the
parties and is to be interpreted according to its fair meaning as if the parties
had prepared it together and not strictly for or against any
party.  All references in this Agreement to articles, sections,
schedules and exhibits are to articles, sections, schedules and exhibits of or
to this Agreement unless expressly otherwise indicated.  At each place
in this Agreement where the context so requires, the masculine, feminine or
neuter gender includes others.  "Including" or "include" means
"including without limitation" and "include without limitation," respectively.
"Or" is used in the inclusive sense of "and/or."  Currency amounts
referenced herein, unless otherwise specified, are in
U.S. dollars.

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    3.3    Expenses.  Except
as expressly set forth herein, the parties shall bear their own legal fees and
other costs and expenses with respect to the negotiation, execution and delivery
of this Agreement and the consummation of the transactions contemplated
hereunder.

     

    3.4    Entire
Agreement.  This Agreement contains the entire agreement
between the parties hereto with respect to the transactions contemplated by this
Agreement and supersedes all prior arrangements, understandings, proposals and
related materials with respect thereto.

     

    3.5    Descriptive
Headings.  The descriptive headings of this Agreement are for
convenience only and shall not control or affect the meaning or construction of
any provision of this Agreement.

     

    3.6    Notices.  All
notices or other communications which are required or permitted hereunder shall
be in writing and shall be sufficiently given if (a) delivered personally
or (b) sent by registered or certified mail, postage prepaid, or
(c) sent by overnight courier with a nationally recognized courier, or
(d) sent via facsimile confirmed in writing in any of the foregoing
manners, as follows:

     

    
      	 
      	
              If
      to the Company:

            	
              NTN
      Buzztime, Inc.

              5966
      La Place Court, Suite 100

              Carlsbad,
      CA 92008

              Attention:  Kendra
      Berger

              Fax:  760.930.1187

            
	 
      	 
      	 
      
	 
      	
              If
      to Holder:

            	
              At
      the address for such Holder set forth on the Company's books and
      records.

            
	 
      	 
      	 
      

    

    If sent
by mail, notice shall be considered delivered five Business Days after the date
of mailing, and if sent by any other means set forth above, notice shall be
considered delivered upon receipt thereof.  Any party may by notice to
the other parties change the address or facsimile number to which notice or
other communications to it are to be delivered or mailed.

     

    3.7    Governing
Law.  This Agreement shall be governed by and construed in
accordance with the laws of the State of California without regard to the choice
of law principles thereof.

     

    3.8    Waivers and
Amendments.  Except as provided in Section 2.6(f), any
provision of this Agreement may be amended and the observance thereof may be
waived (either generally or in a particular instance and either retroactively or
prospectively) only with the written consent of the Company and the holders of
51% of the Registrable Shares then outstanding.  Any amendment or
waiver effected in accordance with this Section 3.8 shall be binding upon each
then holder of any Registrable Shares, each future holder of Registrable Shares,
and the Company.  The number of "Registrable Shares then outstanding"
shall be the sum of (i) the number of shares of Common Stock outstanding which
are Registrable Shares and (ii) the number of Underlying Shares (a) that would
be outstanding assuming the issuance thereof upon the cash exercise of the
warrants related thereto and (b) which are Registrable Shares.

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

     

    3.9    Third Party
Rights.  This Agreement shall not create benefits on behalf of
any other Person and this Agreement shall be effective only as between the
parties hereto, their successors and permitted assigns.

     

    3.10   Severability.  If
any term or provision of this Agreement or the application thereof to any
circumstance shall, in any jurisdiction, be invalid or unenforceable, such term
or provision shall be ineffective as to such jurisdiction to the extent of such
invalidity or unenforceability without invalidating or rendering unenforceable
such term or provision in any other jurisdiction, the remaining terms and
provisions of this Agreement or the application of such terms and provisions to
circumstances other than those as to which it is held invalid or
enforceable.

     

    3.11   Counterparts.  This
Agreement may be executed in any number of counterparts, and each such
counterpart hereof shall be deemed to be an original instrument, but all such
counterparts together shall constitute but one agreement.  Facsimile
and PDF signatures shall be treated as if they were originals.

     

    [SIGNATURE
PAGES FOLLOW]

     

    

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

    IN
WITNESS WHEREOF, and intending to be legally bound hereby, the parties hereto
have caused this Agreement to be duly executed and delivered as a sealed
instrument as of the date and year first above written.

     

    
      	 
      	
              NTN
      Buzztime, Inc.,

              a
      Delaware corporation

               

               

              By:   /s/ Kendra
      Berger                                    
      

              Name:    Kendra
      Berger                                    
      

              Title:      Chief Financial
      Officer                      
      

            

    

    

     

     

     

    
 

    [Signature
Page to Registration Rights Agreement]

    

    

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

     

    NTN
BUZZTIME, INC.

    COUNTERPART
SIGNATURE PAGE

    TO REGISTRATION RIGHTS
AGREEMENT

    
 

    
      	
              Name
      of Holder:

            	 	
              Ushas,
      LLC

            
	
              Signature
      of Authorized Signatory of Holder:

            	 	
              /s/
      Albert D. Huddleston

            
	
              Name
      of Authorized Signatory:

            	 	
              Albert
      D. Huddleston

            
	
              Title
      of Authorized Signatory:

            	 	
              Member

            

    

    

    
      	
              Name
      of Holder:

            	 	
              Martha
      Fawcett

            
	
              Signature
      of Authorized Signatory of Holder:

            	 	
              /s/
      Martha Fawcett

            
	
              Name
      of Authorized Signatory:

            	 	
               
      

            
	
              Title
      of Authorized Signatory:

            	 	 
      

    

    

    
      	
              Name
      of Holder:

            	 	
              O'Bryan
      Community Property Trust

            
	
              Signature
      of Authorized Signatory of Holder:

            	 	
              /s/
      Frank O'Bryan

            
	
              Name
      of Authorized Signatory:

            	 	
              Frank
      O'Bryan

            
	
              Title
      of Authorized Signatory:

            	 	
              Trustee

            

    

     

     

    

    [Counterpart
Signature Page to Registration Rights Agreement]

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Schedule
A

    (Holders
of Registration Rights)

     

    iSports
Inc. (holds registration rights under the terms of the asset purchase agreement
dated April 24, 2009 between iSports Inc. and the Company)

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