Document:

Exhibit
10.21

 

EMPLOYMENT
AGREEMENT

 

Amendment
No. 1

 

THIS
AMENDMENT NO. 1 (this “Amendment”) to the Employment Agreement entered into by and between HOF Village Newco, LLC
(“HOF Newco”) and Hall of Fame Resort & Entertainment Company (“Hall of Fame Resort”) (Hall of Fame
Resort, together with HOF Newco, the “Company”) on the one hand, and Erica Muhleman, an individual (“Employee”)
on the other hand (such agreement being the “Employment Agreement”), is made by the parties as follows.

 

WHEREAS,
the Company and Employee are currently parties to the Employment Agreement effective September 14, 2020; and

 

WHEREAS,
the parties now desire to amend the Employment Agreement.

 

NOW,
THEREFORE, the Company and Employee hereby agree to amend the Employment Agreement as follows:

 

1. Annual
Bonus. Section 2.2 of the Employment Agreement is amended in its entirety and replaced to read as follows:

 

2.2.
Annual Bonus. For each calendar year during the Employment Period, Employee shall be eligible to receive an annual
bonus (the “Annual Bonus”). The target for the Annual Bonus opportunity shall be 40% of the Employee’s Annual
Base Salary for each such calendar year and be based on the Company’s achievement of commercially-reasonable Key Performance
Indicators (“KPI’s”) determined by the Company in writing. The Annual Bonus for calendar year 2020 shall be
pro-rated. The Annual Bonus shall be paid in cash, an equity award under the Company’s long-term incentive plan, or a combination
thereof, determined in the sole discretion of the Company. The Annual Bonus, whether payable and cash and/or equity, may be subject
to a vesting schedule and other terms and conditions, including a payment schedule, as determined by the Company in its sole discretion.
In order to have earned the Annual Bonus for a particular calendar year, the Employee must remain employed through the end of
that calendar year and must not (a) have been, as of the date of payment or settlement, terminated by the Company for Cause
(as defined below) or (b) as of the date of payment or settlement, have ended Employee’s employment with the Company without
Good Reason (as defined below), to be entitled to receive an Annual Bonus.

 

2. Force and Effect. Except as otherwise set forth in this Amendment, the Employment Agreement shall remain in full force
and effect.

 

3. Effective Date. This Amendment shall become effective on December 22, 2020.

 

[SIGNATURES
ON NEXT PAGE]

 

    

     

    

 

IN
WITNESS WHEREOF, the Company and Employee have executed this Amendment effective as of the day set forth above.

 

	 	HOF
    VIllage newco, llc
	 	 
	 	By: 	/s/ Michael Crawford
	 	Name:  	Michael Crawford
	 	Title:	 Chief Executive Officer
	 	Date: 	
	 	 
	 	Hall
    of Fame Resort & Entertainment Company
	 	 
	 	By: 	/s/ Michael Crawford
	 	Name: 	Michael Crawford
	 	Title:	President and Chief Executive Officer
	 	Date: 	
	 	 
	 	Erica
    Muhleman 
	 	 
	 	/s/
    Erica Muhleman
	 	Erica
    Muhleman, Individually
	 	 
	 	Date: 	

 

Employment Agreement Amendment No. 1Exhibit 10.36

 

AGREEMENT REGARDING DEPOSITS INTO

PROCEEDS ACCOUNT

This AGREEMENT
REGARDING DEPOSITS INTO PROCEEDS ACCOUNT (this “Agreement”), dated as of December 1, 2020, is entered into by
and among HALL OF FAME RESORT & ENTERTAINMENT COMPANY, a Delaware corporation (“HOFRE”), HOF VILLAGE NEWCO,
LLC (“Newco Borrower”), HOF VILLAGE STADIUM, LLC, HOF VILLAGE PARKING, LLC, HOF VILLAGE YOUTH FIELDS, LLC,
HOF VILLAGE LAND, LLC, HOF VILLAGE SPORTS BUSINESS, LLC, HOF VILLAGE HOTEL I, LLC, HOF VILLAGE HOTEL WP, LLC, HOF VILLAGE CENTER
FOR EXCELLENCE, LLC, HOF VILLAGE CENTER FOR PERFORMANCE, LLC, HOF VILLAGE RESIDENCES I, LLC, HOF VILLAGE PARKING MANAGEMENT I,
LLC, HOF VILLAGE WATERPARK, LLC, HOF EXPERIENCE, LLC, HOF VILLAGE MEDIA GROUP, LLC and HOF VILLAGE RETAIL I, LLC, each a Delaware
limited liability company (the “Newco Subsidiaries, and together with HOFRE and Newco Borrower, collectively, “Borrowers”),
and IRG Master Holdings, LLC, a Delaware limited liability company (“Guarantor”).

RECITALS

A.       Reference
is made to that certain Term Loan Agreement, dated as of the date hereof (as it may be amended, restated, replaced, supplemented,
or otherwise modified from time to time, the “Term Loan Agreement”), by and among Borrowers, the Lenders party
thereto, and Aquarian Credit Funding LLC, a Delaware limited liability company, as administrative agent for the Lenders (together
with its successors and/or assigns in such capacity, “Administrative Agent”). Capitalized terms used in this
Agreement and not otherwise defined herein shall have the meanings set forth in the Term Loan Agreement.

B.       In
connection with the transactions contemplated by the Loan Agreement, Guarantor has executed and delivered that certain Guaranty
Agreement, dated as of the date hereof (as it may be amended, restated, replaced, supplemented, or otherwise modified from time
to time, the “Guaranty Agreement”), in favor of Administrative Agent.

C.       Borrowers
and Guarantor enter into this Agreement in order to set forth certain agreements between them with respect to the deposit by Borrowers,
into the Proceeds Account, of the net cash proceeds derived from Permitted Equity Issuances and/or Permitted Indebtedness, but
excluding Restricted Debt/Equity Proceeds (defined below).

D.       The
execution and delivery of this Agreement is required by Guarantor as a condition precedent to Guarantor’s willingness to
execute and deliver the Guaranty Agreement.

NOW, THEREFORE,
in consideration of the foregoing premises and the covenants contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Borrowers and Guarantor agree as follows:

1.                 
Recitals. The foregoing Recitals are hereby incorporated into this Agreement by this reference.

     

     

    

2.                 
Deposits into Proceeds Account. Notwithstanding anything to the contrary contained in the Term Loan Agreement
or in the other Loan Documents (and even if the Loan Documents might permit otherwise), for so long as the Guaranty Agreement is
in effect, each Borrower agrees to deposit into the Proceeds Account any and all net cash proceeds that are derived from Permitted
Equity Issuances and/or Permitted Indebtedness (i.e., gross proceeds less reasonable and customary transaction costs and expenses
in connection therewith), but excluding any Restricted Debt/Equity Proceeds, unless Guarantor consents otherwise in writing. “Restricted
Debt/Equity Proceeds” shall mean the portion of the net proceeds derived from any Permitted Indebtedness and/or Permitted
Equity Issuance, which any Borrower is contractually, or by any Requirement of Law, required to keep in an account other than the
Proceeds Account.

3.                 
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of each Borrower, Guarantor,
and their respective successors and assigns forever.

4.                 
Attorneys’ Fees. In the event any suit, action or proceeding is instituted by any party in connection
with the breach, enforcement or interpretation of this Agreement, the prevailing party therein shall be entitled to the award of
reasonable attorneys’ fees and related costs, in addition to whatever other relief may be awarded to the prevailing party.

5.                 
Governing Law; Venue. This Agreement shall be governed by and construed in accordance with the laws of the
state of California. In the event of any legal action arising from this Agreement, the parties agree that venue shall be proper
in any state or federal court located in Los Angeles County, California.

6.                 
Waiver. The waiver or failure to enforce any provision of this Agreement shall not operate as a waiver of
any future breach of such provision or any other provision hereof. No waiver shall be binding unless executed in writing by the
party making the waiver. The failure of any party to insist on strict compliance with any of the terms, covenants, or conditions
of this Agreement by any other party shall not be deemed a waiver of such term, covenant, or condition.

7.                 
Review; Interpretation. Each party to this Agreement has carefully reviewed this Agreement, is familiar with
the terms and conditions herein, and was advised by legal counsel of its own choice with respect thereto. This Agreement is the
product of negotiation among the parties hereto and is not to be interpreted or construed strictly for or against any party hereto.

8.                 
Counterparts and Electronic Signatures. This Agreement may be executed in any number of counterparts, each
of which so executed shall be deemed to be an original, and such counterparts shall together constitute but one and the same Agreement.
Any party shall be entitled to sign and transmit electronic signatures to this Agreement (whether by facsimile, .pdf, or electronic
mail transmission), and any such signature shall be binding on the party whose name is contained therein. Any party providing an
electronic signature to this Agreement agrees to promptly execute and deliver to the other parties, upon request, an original signed
Agreement.

[Remainder of page intentionally left
blank]

     

     

    

IN WITNESS WHEREOF,
the parties have executed and delivered this Agreement as of the date first written above.

Borrowers:

HALL OF FAME RESORT & ENTERTAINMENT COMPANY,

a Delaware corporation

	By:	/s/ Michael Crawford	 
	 	Name: Michael Crawford	 
	 	Title: Chief Executive Officer	 

HOF VILLAGE NEWCO, LLC

HOF VILLAGE STADIUM, LLC

HOF VILLAGE PARKING, LLC

HOF VILLAGE YOUTH FIELDS, LLC

HOF VILLAGE LAND, LLC

HOF VILLAGE SPORTS BUSINESS, LLC

HOF VILLAGE HOTEL I, LLC

HOF VILLAGE HOTEL WP, LLC

HOF VILLAGE CENTER FOR EXCELLENCE, LLC

HOF VILLAGE CENTER FOR PERFORMANCE, LLC

HOF VILLAGE RESIDENCES I, LLC

HOF VILLAGE PARKING MANAGEMENT I, LLC

HOF VILLAGE WATERPARK, LLC

HOF EXPERIENCE, LLC

HOF VILLAGE MEDIA GROUP, LLC

HOF VILLAGE RETAIL I, LLC

	By:	/s/ Michael Crawford	 
	 	Name: Michael Crawford	 
	 	Title: Chief Executive Officer	 

[Guarantor’s signature on following
page]

Signature page #1
to

Agreement Regarding Deposits into Proceeds Account

     

     

    

Guarantor:

IRG MASTER HOLDINGS, LLC,

a Delaware limited liability company

	By:	/s/ Stuart Licther	 
	 	Name:  Stuart Lichter	 
	 	Title:  President	 

 

 

 

 

 

Signature page #2
to

Agreement Regarding Deposits into Proceeds Account

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