Document:

Exhibit 10.46

 

THIS SECURITY HAS NOT
BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE, IN RELIANCE UPON AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
TO, THE REGISTRATION REQUIREMENTS OF SUCH ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, ALL AS EVIDENCED BY A LEGAL
OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO MAKER.

 

SECURED CONVERTIBLE PROMISSORY NOTE

 

	$[          ]	Date: May 17, 2019

 

For
Value Received, Noble Link Global Limited, a British Virgin Islands entity (the “Maker”), promises to
pay to the order of [ ] or his, her or its assigns (“Holder”), upon the terms set forth below, the principal
sum of [ ] plus interest thereon. This Note is one of a series of Notes sold in connection with a Convertible Note Purchase Agreement
entered into by the Maker, Holder, and other purchasers of Notes, dated as of May 17, 2019 (the “Note Purchase Agreement”).
Holder acknowledges that if the closing of the transactions contemplated by that certain Agreement and Plan of Merger by and among
Black Ridge Acquisition Corp. (“Black Ridge”), Black Ridge Merger Sub Corp. (“Merger Sub”),
AEM, Maker, Ourgame International Holdings Ltd. (“Ourgame”) and Primo Vital Ltd. (as amended or supplemented
from time to time, the “Merger Agreement” and such transaction, the “SPAC Transaction”) occurs
and this Note remains outstanding thereafter, Allied Esports Media, Inc. (f/k/a Allied Esports Entertainment, Inc.) (“AEM”)
will become the successor of Maker under this Note and thereafter the obligations of Maker hereunder shall become the obligations
of AEM.

 

1.      
Purchase Terms. The purchase price of this Note shall be payable on the date hereof.

 

2.      
Interest. Interest on the principal amount of this Note shall accrue from the date hereof until payment in full at
an annual rate equal to 12% (the “Interest Rate”). Upon an Event of Default (as defined in Section 5(a) hereof),
the interest rate shall increase to an annual rate of 15% (the “Default Interest Rate”). Interest shall be calculated
on the basis of a 365-day year, based on the actual number of days elapsed. No payments of interest shall be due until the first
to occur of (i) the Maturity Date (as defined in Section 3 below), or (ii) at such time as Maker prepays all or any portion of
the principal amount of this Note (whether such payment is required by the terms of this Note or is voluntary). Interest will be
payable only in cash or cash equivalents. For clarity, regardless of when the principal amount is repaid, Maker shall pay a minimum
amount of interest equal to a full year of accrued interest at the Interest Rate. Interest will be payable only in cash or cash
equivalents. Notwithstanding the foregoing, no interest shall be payable to Holder if Holder elects to convert this Note pursuant
to Section 4. Notwithstanding anything to the contrary:

 

3.      
Maturity Date. Maker shall have the right to prepay this Note in full at any time prior to the Maturity Date hereof
without the imposition of any prepayment fee or penalty by providing advance written notice of such intent to prepay at least 20
days in advance of the date of such prepayment. Prior to the date of such prepayment, Holder may convert this Note pursuant to
Section 4. If Maker prepays this Note (including any accrued interest) in full, the “Maturity Date” will be
the date of such prepayment; otherwise, the “Maturity Date” will be the first to occur of (a) such time as Holder
demands payment in full, which demand may only be made during the Conversion Period or (b) the one-year anniversary of the date
hereof. Unless converted by Holder pursuant to the terms of Section 4, the principal amount of this Note, together with interest
thereon for the full one year (notwithstanding that this Note may have been outstanding for less than one year), shall be due and
payable in full on the Maturity Date.

 

 

 

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(a)    
For clarity, if the SPAC Transaction is consummated, then at any time during the Conversion Period, the Holder shall have
the option to either (i) demand repayment of the entire principal amount of this Note, plus a full year of accrued interest (notwithstanding
that this Note may have been outstanding for less than one year) or (ii) elect to convert the Note under Section 4(a) below.

 

(b)    
Notwithstanding anything to the contrary herein, if the SPAC Transaction is not consummated on or prior to October 11, 2019
(the “First Bridge Due Date”) (and the Maturity Date has not otherwise occurred), then, as of the First Bridge
Due Date (unless this Note is prepaid in full on such date), a full year of accrued interest (notwithstanding that this Note may
have been outstanding for less than one year) will be added to the principal amount of this Note and thereafter the Default Interest
Rate shall apply (beginning on the day following the First Bridge Due Date) until the Note is repaid in full.

 

4.      
Conversion.

 

(a)    
 Conversion Option. Holder shall have an option, during the period commencing on as of the effective time of
the SPAC Transaction and ending on the three month anniversary of such effective time (the “Conversion Period”),
to convert or exchange (as the case may be), all, but not less than all, the remaining unpaid principal amount of this Note (but
not any accrued interest), into a number of common shares of Black Ridge (“Black Ridge Common Stock”) equal
to (i) the principal amount of this Note, divided by (ii) $8.50 (the “Conversion Price”). The Conversion
Price is initially equal to the price at which the shares of Ourgame and/or its affiliates (the “Ourgame Shares”)
will be converted into Black Ridge Common Stock under the terms of the Merger Agreement upon the closing of the SPAC Transaction.
 However, if the Ourgame Shares are converted into Black Ridge Common Stock at a different price, then the Conversion Price
hereunder shall be automatically adjusted to be equal to such different price at which the Ourgame Shares are actually converted.

 

(b)    
The parties shall cooperate in good faith to effect the conversion rights set forth in Section 4(a) (which may require alternative
structures), and shall execute any documents reasonably requested to effect the conversion rights in a manner that minimizes any
taxes payable by Holder in connection with such conversion rights while maintaining the economic rights in connection with such
conversion rights.

 

(c)    
Conversion Procedure. To convert this Note into Black Ridge Common Stock pursuant to Section 4(a), Holder shall surrender
this Note (or an affidavit of lost instrument pursuant to Section 10 below) to Maker accompanied by an executed conversion notice,
the form of which is attached hereto as Exhibit A (the “Conversion Notice”). The Conversion Notice shall state
the Black Ridge Common Stock into which the Note shall be converted, and the name or names (with address(es)) in which the certificate
or certificates of the Black Ridge Common Stock shall be issued, if Black Ridge Common Stock is to be certificated. As soon as
practicable after the receipt of such Conversion Notice and the surrender of this Note, Maker shall (1) issue and deliver to the
Holder one or more certificates for the Black Ridge Common Stock, if the Black Ridge Common Stock is certificated, and (2) provide
for any fractional shares as provided in Section 4(d). Such conversion shall be deemed to have been effected on the date a properly
completed Conversion Notice is submitted to Maker, as applicable (the “Conversion Date”). Upon the Conversion
Date, the Holder’s rights under this Note shall cease, and the person or persons in whose name or names the Black Ridge Common
Stock shall be issuable upon such conversion shall be deemed to have become the holder(s) of record of Black Ridge Common Stock.
The Maker shall provide written notices to Holder upon (i) any amendment of the Merger Agreement, (ii) the date that is at least
thirty (30) days in advance of the anticipated consummation of the SPAC Transaction and (iii) the date that is at least five (5)
days in advance of the anticipated consummation of the SPAC Transaction.

 

(d)    
Fractional Shares. No fractional shares of Black Ridge Common Stock shall be issuable upon conversion of this Note,
but a payment in cash or cash equivalents will be made in respect of any fraction of a share of Black Ridge Common Stock that would
otherwise be issuable upon the conversion of this Note, payable at the same time any interest is paid to Holder as set forth in
Section 2 hereof.

 

(e)    
Additional Agreements. Holder acknowledges and agrees that all Black Ridge Common Stock issued to Holder will be
subject to restrictions on transfer for a one-year period after the closing of the SPAC Transaction, pursuant to the terms set
forth in the form of Lock-up Agreement attached to the Merger Agreement (the “Lock-up Agreement”). Holder hereby
acknowledges that Holder is bound by the terms of the Lock-up Agreement, and agrees to execute the Lock-up Agreement upon request
of Borrower or Black Ridge. In addition, Holder shall become party to the Registration Rights Agreement (as defined in Section
6.16 of the Merger Agreement), pursuant to which, under certain circumstances, the Black Ridge Common Stock issued to Holder will
be registered for resale.

 

 

 

 

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5.      
Security Interests. The obligations of the Maker set forth in this Note are secured by that certain Security Agreement,
dated as of the date hereof, among Maker, Holder and the other parties named therein (the “Security Agreement”),
and that certain Share Pledge Agreement, dated as of the date hereof, among Maker, Holder and the other parties named therein (the
“Pledge Agreement”).

 

(f)     
Events of Default. “Event of Default,” wherever used herein, means any one of the following events
(whatever the reason and whether it shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment,
decree or order of any court, or any order, rule or regulation of any administrative or governmental body):

 

(i)                  
any failure by Maker to make any payment of principal or interest due under this Note within five (5) business days after
the date on which Maker shall have been provided with notice of such payment failure;

 

(ii)                
any breach by Maker of any covenant, agreement, representation or warranty contained in this Note, the Note Purchase Agreement,
the Security Agreement or the Pledge Agreement that is not cured within 30 days after the date on which Maker shall have been provided
with notice of such breach;

 

(iii)               
any failure of Maker or any of its affiliates at any time to perform any of the warranties, covenants or provisions contained
or referred to in this Note, the Note Purchase Agreement, the Security Agreement, the Pledge Agreement (a “Cross Default”),
provided, however, to the extent such Cross Default is capable of being cured, such Cross Default is not cured within
30 days after written notice of such Cross Default is delivered to Maker by Holder. Notwithstanding anything to the contrary contained
herein, the remedy upon an uncured Cross Default shall be as set forth in Section 5(b) hereof.

 

(iv)              
any commencement by Maker, Ourgame International Holdings Limited, AEM, or any direct or indirect subsidiary of any of the
foregoing whose assets or shares are pledged as collateral under the Security Agreement or Share Pledge Agreement (each of the
foregoing, a “Covered Entity”) of a case under any applicable bankruptcy or insolvency laws as now or hereafter
in effect or any other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency
or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to a Covered Entity; or any commencement
against a Covered Entity of any bankruptcy, insolvency or other proceeding which remains undismissed for a period of 90 days; or
the adjudication of a Covered Entity as insolvent or bankrupt; or any order of relief or other order approving any such case or
proceeding is entered; or the appointment of any custodian or the like for a Covered Entity or any substantial part of its property
which continues undischarged or unstayed for a period of 90 days; or any general assignment by a Covered Entity for the benefit
of its creditors; or any failure to pay or statement in writing by a Covered Entity indicating an inability to pay a Covered Entity’s
debts generally as they become due (any of the foregoing, a “Bankruptcy”).

 

(v)                
any “Event of Default” as defined in the Prior Notes or other First Bridge Documents (as such terms are defined
in the Note Purchase Agreement), including, without limitation, failure of Maker to pay all obligations outstanding under the Prior
Notes on October 11, 2019.

 

 

 

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(g)                
If any Event of Default occurs, the full principal amount of this Note, together with interest thereon (which shall be for
at least one full year notwithstanding that this Note may have been outstanding for less than one year), shall become immediately
due and payable upon written notice of such election by Holder. For so long as such Event of Default is continuing, the interest
will accrue at the Default Interest Rate on the combined amount of the outstanding principal plus accrued interest as of the date
of such Event of Default. Holder need not provide and the Maker hereby waives any presentment, demand, protest or other notice
of any kind, and Holder may immediately and without expiration of any grace period enforce any and all of its rights and remedies
hereunder and all other remedies available to it under applicable law. Holder agrees and acknowledges that upon the occurrence
of an Event of Default, it must first use reasonable efforts to exercise all available self-help remedies available under the California
UCC against the collateral described in the Security Agreement (and, for clarity, in no event shall the Holder be required to engage
in or defend any litigation proceeding in so doing) before exercising its rights and remedies pursuant to the Security Agreement
and the Pledge Agreement. Upon the occurrence of an Event of Default, the Maker shall cause the Company and all of the Subsidiaries
(as such terms are defined in the Pledge Agreement) to operate their businesses in the ordinary course of business and to manage,
protect, preserve and continue the operation of their businesses.

 

6.      
No Waiver of Holder’s Rights. All payments of principal and interest shall be made without setoff, deduction
or counterclaim. No delay or failure on the part of Holder in exercising any of its options, powers or rights, nor any partial
or single exercise of its options, powers or rights shall constitute a waiver thereof or of any other option, power or right; and
no waiver on the part of Holder of any of its options, powers or rights shall constitute a waiver of any other option, power or
right.

 

7.      
Debt Covenant; Subordination. Maker agrees that from the date hereof until all obligations of Maker under the Note
Purchase Agreement, all Notes, the Security Agreement and the Share Pledge Agreement have been satisfied in full, Maker shall not
incur any additional indebtedness, other than trade credit incurred from vendors in the ordinary course of business in accordance
with past practices. Any and all existing obligations or indebtedness of Maker to any of its equity holders, officers, directors
and other affiliates and any and all obligations of any direct or indirect subsidiary of Maker to Maker or any such subsidiary
hereby are, and shall remain, subordinated in all respects to the obligations of Maker to the Holders under the Notes, the Note
Purchase Agreement, Security Agreement and Pledge Agreement.

 

8.      
Equal Dignity. All payments of principal and interest hereunder and distribution of any amounts collected under the
Security Agreement and/or Pledge Agreement, as well as the issuance of Black Ridge Common Stock as set forth in Section 4 (if applicable),
shall be made at the same time to each eligible Holder (including the “Prior Investors” as defined in the Note Purchase
Agreement) without preference on a pro rata basis based on the outstanding principal and interest owing on the Note issued to such
Holders as of the date of such payment or issuance. Additionally, to the extent applicable, all rights of Holder under this Note,
the Note Purchase Agreement, the Security Agreement and the Pledge Agreement with respect to any security or collateral shall be,
except to the extent otherwise set forth in such documents, pari passu, without preference, with the holders of Notes issued
in the Offering (as defined in the Note Purchase Agreement) and with the holders of the Prior Notes.

 

9.      
Payments Free of Taxes. Any and all payments by or on account of any obligation of the Maker under the Note Purchase
Agreement, this Note, or any other loan document shall be made without deduction or withholding for any Taxes, except as required
by applicable law. If any applicable law (as determined in the good faith discretion of Maker) requires the deduction or withholding
of any Tax from any such payment by Maker, then Maker shall be entitled to make such deduction or withholding and shall timely
pay the full amount deducted or withheld to the relevant governmental body in accordance with applicable law, and the sum payable
by Maker shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and
withholdings applicable to additional sums payable under this Section), Holder receives an amount equal to the sum it would have
received had no such deduction or withholding been made. Maker shall indemnify Holder, within 10 days after demand therefor, for
the full amount of any Taxes payable or paid by Holder or required to be withheld or deducted from a payment to Holder and any
reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted
by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to Maker by Holder
shall be conclusive absent manifest error. “Governmental Authority” shall mean any federal, state, municipal
or other governmental department, commission, board, bureau, agency or instrumentality, or any court, tribunal or arbitrator, in
each case in any United States jurisdiction. “Taxes” means all present or future taxes, levies, imposts, duties,
deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority,
including any interest, additions to tax or penalties applicable thereto, excluding any such amounts imposed as a result of Holder
being a resident of, or being organized under the laws of, or having its principal office located in, the jurisdiction imposing
such Tax (or any political subdivision thereof).

 

 

 

 

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10.   
Successors and Assigns. This Note shall be binding upon Maker and its permitted successors and shall inure to the
benefit of Holder and its successors and assigns. The term “Holder” as used herein, shall also include any endorsee,
assignee or other holder of this Note. Maker shall not transfer, assign or delegate its obligations hereunder without the prior
written consent of Holder.

 

11.   
Lost or Stolen Note. If this Note is lost, stolen, mutilated or otherwise destroyed, Maker shall execute and deliver
to Holder a new promissory note containing the same terms, and in the same form, as this Note. In such event, Maker may require
Holder to deliver to Maker an affidavit of lost instrument in respect thereof as a condition to the delivery of any such new promissory
note.

 

12.   
Costs and Expenses. Maker will pay upon demand all reasonable costs and expenses of Holder, including reasonable
attorneys’ fees, incurred by Holder in enforcing its rights and remedies hereunder. If Holder brings suit (or files any claim
in any bankruptcy, reorganization, insolvency or other proceeding) to enforce any of its rights hereunder and shall be entitled
to judgment (or other recovery) in such action (or other proceeding), then Holder may recover, in addition to all other amounts
payable hereunder, its reasonable expenses in connection therewith, including reasonable attorneys’ fees, and the amount
of such expenses shall be included in such judgment (or other form of award). Any costs and expenses owed Holder under this section
shall be added to the amount due under this Note, shall be receivable therewith and shall be secured by the lien of, and other
security interests created by, this Note, the Note Purchase Agreement, the Security Agreement and the Pledge Agreement.

 

13.   
Amendment and Waiver. This Note may be amended or modified, and any provision hereunder may be waived, only upon
the prior written consent of the Maker and Holder. Any amendment that the Maker agrees to with any other holder of a note issued
pursuant to the Note Purchase Agreement (collectively, the “Note Holders”) or any holder of Prior Notes must
be presented and offered to each other Note Holder and Prior Note holders as soon as is practicable thereafter so that such other
Note Holders may elect, in each such Note Holder’s sole discretion, to enter into the same amendment with the Maker.

 

14.   
Governing Law; Dispute Resolution. This Note, together with the Note Purchase Agreement, Security Agreement, and
Share Pledge Agreement, constitute the entire agreement among the parties with respect to the subject matter hereof and thereof.
They supersede any prior agreement or understanding among them with respect to the subject matter thereof, and this Note may not
be modified or amended in any manner other than as set forth herein. This Note shall be governed by and construed in accordance
with the laws of the State of California without regard to the conflicts-of-law principles thereof. The venue for any action hereunder
shall be in the State of California, whether or not such venue is or subsequently becomes inconvenient, and the parties consent
to the jurisdiction of the courts of the State of California, County of Orange, and the federal courts located in the Central District
of the State of California. Accordingly, Maker and Holder hereby submit to the process, jurisdiction and venue of any such courts.
Maker and Holder each hereby waives, and agrees not to assert, any claim that it is not personally subject to the jurisdiction
of the foregoing courts in the State of California or that any action or other proceeding brought in compliance with this Section
is brought in an inconvenient forum.

 

15.   
Maximum Interest. Notwithstanding anything to the contrary herein, the total liability for payments in the nature
of interest hereunder shall not exceed the applicable limits imposed by any applicable state or federal interest rate laws. If
any payments in the nature of interest, additional interest, and other charges made hereunder are held to be in excess of the applicable
limits imposed by any applicable state or federal laws, it is agreed that any such amount held to be in excess shall be considered
payment of principal and the principal balance shall be reduced by such amount in the inverse order of maturity so that the total
liability for payments in the nature of interest, additional interest and other charges shall not exceed the applicable limits
imposed by any applicable state or federal interest rate laws in compliance with the desires of Holder and the Maker.

 

 

Signature page follows.

 

 

 

 

 

    	 	5	 

     

    

 

In
Witness Whereof, the undersigned has signed this Note on behalf of the “Maker” and not as a surety or guarantor
or in any other capacity.

 

 

	 	Noble Link Global
Limited	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:	 	 	 
	 	Name:	 	 
	 	Its:	 	 

 

 

 

 

 

 

 

 

 

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EXHIBIT A

 

NOBLE LINK GLOBAL LIMITED

SECURED CONVERTIBLE PROMISSORY NOTE

 

CONVERSION NOTICE

 

 

To Whom It May Concern:

 

Reference is made to
that certain Secured Convertible Promissory Note dated ______________________________ (as amended or restated from time to time,
and including any replacements thereof, the “Note”) issued by Noble Link Global Limited (the “Maker”)
in favor of _____________________________ (including its assigns, “Holder”) in the original principal amount
of $______________________. Capitalized terms used in this Notice shall have the respective meanings set forth in the Note.

 

Holder hereby exercises
the option to convert the entire principal amount of the Note into the shares of common stock of Black Ridge as identified below
(the “Conversion Shares”), in accordance with the terms of the Note, and directs that such Conversion Shares
be issued in the name of, and if certificated, delivered, to Holder unless a different name has been indicated below. If this conversion
involves fractional Conversion Shares, please issue the related check to the same person entitled to receive the Conversion Shares.

 

	Dated:	 	 
	 	 
	Amount of Note to be converted: 	$
	 	 
	Conversion Shares to be issued: 	 

  

If Conversion Shares are to be issued
to anyone other than Holder, please provide the Tax Identification Number of the transferee: 

 

	 	 

 

 

 

 

______________________________________

Signature of Holder

 

 

Name and address of transferee/Holder for
future notices:

 

__________________________

__________________________

__________________________

 

 

    	 	7Exhibit 10.47

 

GUARANTY

 

This
Guaranty (“Guaranty”) is executed as of May 17, 2019 by and among Ourgame International Holdings
Limited, a British Virgin Islands entity, Allied Esports Media, Inc. (f/k/a Allied Esports Entertainment, Inc.), a Delaware corporation
(the “Guarantors”), and the persons respectively set forth on Exhibit A attached hereto
(each, a “Holder,” and collectively, the “Holders”).

 

RECITALS

 

A.             
Noble Link Global Limited, a British Virgin Islands entity (the “Company”), is issuing certain
secured Convertible Promissory Notes as set forth on Exhibit A (the “Notes”) to the Holders
in connection with the offering of up to $4,000,000 (the “Offering Amount”) in Notes being conducted
by the Company on the date hereof (the “Offering”) pursuant to that certain Convertible Note Purchase
Agreement of even date herewith (the “Note Purchase Agreement”) among the Company and the Holders;

 

B.              
Guarantors are affiliates of the Company, and will receive substantial benefit from the Offering;

 

C.              
As a condition to Holders’ purchase of the Notes, Guarantors have agreed to enter into this Guaranty and guarantee
any and all obligations of the Company under the Notes, subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, in
consideration of good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto
hereby agree as follows:

 

AGREEMENT

 

1.        Guarantee.
Subject to the terms herein, Guarantors hereby absolutely, unconditionally and irrevocably guarantee (as primary obligor and not
as surety) to Holders the full prompt, absolute and punctual payment when due of any and all obligations of the Company under the
Notes and any amendment, renewal, replacement, supplement or extension thereof (the “Guaranteed Obligations”),
to be fully satisfied whenever the Guaranteed Obligations become due, whether on demand, at maturity or by reason of acceleration.
Guarantors hereby agree that, upon the failure of the Company to pay the Guaranteed Obligations as and when the same shall become
due to a Holder, the Guarantors shall, upon receipt of written demand from such Holder, pay, or cause to be paid, in cash, by wire
transfer of immediately available funds, directly, to the Holder an amount equal to the amount of the Guaranteed Obligations then
due to such Holder.

 

2.       Obligations
Absolute. This is an absolute, unconditional and continuing guarantee of payment of the Guaranteed Obligations and shall continue
to be in force and be binding upon Guarantors until the satisfaction in full of all Guaranteed Obligations. This Guaranty may not
be revoked. The obligations of Guarantors hereunder shall remain in full force and effect without regard to, and shall not be affected
or impaired by any act or thing (except full payment and discharge of all Guaranteed Obligations) including any of the following,
any of which may occur or be taken without the consent of, or notice to, any Guarantor: (a) express or implied amendment, modification,
renewal, addition, supplement, extension (including, without limitation, extensions beyond the original term) or acceleration of
or to the Notes; (b) exercise or non-exercise by the Company or any Holder of any right or privilege under any Note; or (c) the
failure, omission or delay on the part of any Holder in exercising any rights hereunder or in taking any action to collect or enforce
payment or performance of the obligations guaranteed hereby or in enforcing observance or performance of any agreement, covenant,
term or condition to be performed or observed under the Notes. This Guaranty is a guarantee of payment and not merely of collection
and is not contingent upon the genuineness, validity, regularity or enforceability of the Notes or any other agreement.

 

3.       Waiver.
Guarantors unconditionally waive any defense to the enforcement of this Guaranty, including without limitation, all presentments,
demands for performance, notices of nonperformance, protests, notices of protest, notices of dishonor, and notices of acceptance
of this Guaranty. The Guarantors waive and will not assert, plead, or enforce against any Holder (i) any defense available to the
Company of waiver, release, discharge, or disallowance in bankruptcy, statute of limitations, res judicata, statute of frauds,
anti-deficiency statute, incapacity, minority, usury, illegality or unenforceability which may be available to the General Partner
or the Partnership in respect of any of the Guaranteed Obligations or any documentation thereof and (ii) all other defenses under
applicable law that would (but for this sentence) be available to the Guarantor as a defense to its obligations hereunder. The
liability of the Guarantors under this Guarantee shall not be affected or impaired by any voluntary or involuntary liquidation,
dissolution, sale, or other disposition of all or substantially all of the assets, marshalling of assets and liabilities, receivership,
insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of, or
other similar event or proceeding affecting the Company or the Guarantors or any of their respective assets. WITHOUT LIMITING THE
GENERALITY OF ANY OTHER WAIVER OR OTHER PROVISION SET FORTH IN THIS GUARANTY, GUARANTOR HEREBY ABSOLUTELY, KNOWINGLY, UNCONDITIONALLY,
AND EXPRESSLY WAIVES AND AGREES NOT TO ASSERT ANY AND ALL BENEFITS OR DEFENSES ARISING DIRECTLY OR INDIRECTLY UNDER ANY ONE OR
MORE OF CALIFORNIA CIVIL CODE SECTIONS 2787-2808, 2811-2846, 2848, 2849, AND 2850-2855, 2899 and 3433 CALIFORNIA CODE OF CIVIL
PROCEDURE SECTIONS 580a, 580b, 580c, 580d, AND 726, AND CALIFORNIA UNIFORM COMMERCIAL CODE SECTIONS 3116, 3118, 3119, 3419 AND
3605.

 

 

 

    	 	1	 

     

    

 

4.       Independent
and Separate Obligations. Holders’ rights hereunder shall not be exhausted until all of the Guaranteed Obligations have
been fully paid and performed. Holders shall not be required first to resort for payment of the Guaranteed Obligations to the Company
(or any of its affiliates) or any other person, or against any collateral security before enforcing this Guaranty with respect
to Guarantor.

 

5.       Expenses.
Guarantors agree to pay all costs and expenses, including reasonable attorneys’ fees, that may be incurred by any Holder
in any effort to collect or enforce the Guaranteed Obligations hereunder.

 

6.       Amendments.
Neither this instrument nor any term hereof may be changed, waived, discharged or terminated orally, but only by an instrument
in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought.

 

7.       Successors;
Assignment. All of the terms of this Guaranty shall be binding upon Guarantors and their successors and assigns and shall inure
to the benefit of Holders and their respective successors and assigns; provided, however, that Guarantors shall not assign
any of their rights or obligations hereunder unless Holders consent in in writing to such assignment.

 

8.       Severability.
If any one or more of the provisions of this Guaranty should be determined to be illegal or unenforceable, all other provisions
shall remain effective.

 

9.       Governing
Law. Except to the extent otherwise required by law, this Guaranty shall be governed by the laws of the State of California
without regard to its conflicts-of-law principles and, unless the context otherwise requires, all terms used herein which are defined
in Articles 1 and 9 of the Uniform Commercial Code. The venue for any action hereunder shall be in the State of California, County
of Orange, and the federal courts located in the Central District of the State of California, whether or not such venue is or subsequently
becomes inconvenient, and the parties consent to the jurisdiction of such courts.

 

10.       Term.
The obligations of Guarantors under this Guaranty shall continue in full force and effect until the satisfaction in full of all
of the Guaranteed Obligations.

 

11.       Additional
Holders. At any time after the date of this Guaranty, and so long as the total amount loaned by Holders under the Notes does
not exceed the Offering Amount, at any time after the date of this Guaranty, one or more additional persons or entities may become
a Holder under this Guaranty by executing and delivering to Guarantors a counterpart of this Agreement. Immediately upon such execution
and delivery in conjunction with the delivery of proceeds of such Holder’s Note (and without any further action), each such
additional person or entity will become a party to, and will be entitled to the rights and benefits of, this Guaranty as a Holder
hereunder. Upon such event, and notwithstanding Section 6 above, Exhibit A to this Guaranty may be amended by Guarantors
without the approval of any other Holder to reflect the new Holder’s Note.

 

12.       Acknowledgment.
Holders acknowledge that they have agreed to cooperate in exercising their rights hereunder as set forth in Section 4.1 of the
Note Purchase Agreement. Notwithstanding anything to the contrary in this Guaranty, the Holders agree that, to the extent possible
and applicable, and except as otherwise set forth herein or any other agreement contemplated hereby, the rights and priority of
the Holders shall be equal to the rights and priority of the other Holders.

 

13. Remedies Cumulative.
All remedies afforded to the Holders by reason of this Guaranty are separate and cumulative remedies and it is agreed that no one
of such remedies, whether or not exercised by the Holder(s), shall be deemed to be in exclusion of any of the other remedies available
to the Holders and no one of such remedies shall in any way limit or prejudice any other legal or equitable remedy which the Holders
may have hereunder and with respect to the Guaranteed Obligations. Mere delay or failure to act shall not preclude the exercise
or enforcement of any rights and remedies available to the Holders.

 

14. Costs and Expenses.
The Guarantors will pay or reimburse the Holders on demand for all documented out-of-pocket expenses (including without limitation
in each case all reasonable fees and expenses of counsel) incurred by the Holders arising out of or in connection with the successful
enforcement of rights under this Guaranty against the Guarantors, including, but not limited to, in any civil action, arbitration
proceeding or bankruptcy proceeding that is filed, tried or appealed.

 

 

 

    	 	2	 

     

    

 

15.       Financial
Condition of Company. Guarantors represent and warrant to Holders that Guarantors are currently informed of the financial condition
of the Company and of all other circumstances which a diligent inquiry would reveal and which bear upon the risk of nonpayment
of the Guaranteed Obligations. Guarantors further represent and warrant to Holders that Guarantors have read and understand the
terms and conditions of the Notes and related security agreements. Guarantors hereby covenant that they will continue to keep informed
of the Company’s financial condition, the financial condition of other guarantors, if any, and of all other circumstances
which bear upon the risk of nonpayment or nonperformance of the Guaranteed Obligations.

 

16.       Subordination.
Each Guarantor hereby agrees that any and all present and future indebtedness of Holders or the Company (or its affiliates) owing
to Guarantor is postponed in favor of and subordinated to payment, in full, in cash, of the Guaranteed Obligations. In this regard,
no payment of any kind whatsoever shall be made with respect to such indebtedness until the Guaranteed Obligations have been indefeasibly
paid in full.

 

[Signature Page Follows.]

 

 

 

    	 	3	 

     

    

 

IN WITNESS WHEREOF,
the Guarantors have executed this Guaranty as of the date first written above.

 

GUARANTOR: 

 

ALLIED ESPORTS MEDIA,
INC.

 

By___________________:

Name:

Its:

 

 

GUARANTOR: 

 

OURGAME INTERNATIONAL
HOLDINGS LIMITED

 

 

By___________________:

Name:

Its:

 

 

[Remainder of page intentionally left blank]

 

 

 

    	 	4	 

     

    

 

Signature page for that certain Guaranty dated as of May 15,
2019 by and among Ourgame International Holdings Limited, Allied Esports Media, Inc., and Holders (as defined therein) (the “Agreement”).
The undersigned hereby executes a counterpart thereof for purposes of becoming a Holder under the Guaranty.

 

 

Dated: May 15, 2019

 

	 	

Purchaser Name:

 

Signature:__________________

 

Purchaser Name: 

 

Signature:__________________

 

Purchaser Name: 

 

Signature:__________________

Name:_____________________

Title:______________________

 

Purchaser Name: _____________________

 

Signature:__________________

Name:_____________________

Title (if any):________________

 

 

 

 

 

    	 	5	 

     

    

 

 

EXHIBIT A

SECURED CONVERTIBLE PROMISSORY NOTES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	6

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