Document:

Exhibit 10.7

 

I-AM CAPITAL ACQUISITION COMPANY 

1345 Avenue of the Americas, 11th Floor

New York, NY 10105

 

November 16, 2018

 

Chardan Capital Markets, LLC

17 State Street, Suite 1600

New York, NY 10004

 

Re: Issuance of Shares

 

Gentlemen:

 

Reference is made to (i) that certain Engagement
Letter (the “Engagement Letter”), dated as of October 8, 2018, by and between I-AM Capital Acquisition Company,
a Delaware corporation (the “Company”) and Chardan Capital Markets, LLC (“Chardan”); (ii)
that certain Letter Agreement, dated August 16, 2017, by and between the Company, I-AM Capital Partners LLC, the Company’s
sponsor (the “Sponsor”), and the officers and directors of the Company (the “Insider Letter”);
and (iii) that certain Registration Rights Agreement, dated August 16, 2017, by and between the Company and the Sponsor (the “Registration
Rights Agreement”). Capitalized terms used herein without definition shall have the meanings set forth in the Engagement
Letter and the Insider Letter.

 

Pursuant to Section 2 of the Engagement
Letter, Chardan is entitled to receive, as compensation for its services, an aggregate of 208,000 shares of common stock of the
Company (the “Chardan Shares”), upon the consummation of the Company’s business combination; provided
that the Chardan Shares shall be subject to the same restrictions as the Sponsor’s shares.

 

The Sponsor’s
Founder Shares (as defined in the Insider Letter) are subject to the lock-up restrictions in Section 7(a) of the Insider Letter
and certain registration rights pursuant to Article II of the Registration Rights Agreement.

 

Chardan and the Company
hereby acknowledge and agree as follows:

 

1.          
Upon the issuance of the Chardan Shares by the Company to Chardan at the Closing:

 

a.          the Chardan Shares shall be subject to the lock-up restrictions contained in Section 7(a) of the Insider Letter, including the
Founder Shares Lock-Up Period, to the same extent as if the Chardan Shares were Founder Shares and Chardan was a party to the Insider
Letter; and

 

b.          the
Chardan Shares shall be entitled to the same registration rights available to the Founder Shares in Article II of the Registration
Rights Agreement, subject to the terms and conditions thereof, each Chardan Share shall be deemed to be a “Registrable Security”
for purposes of the Registration Rights Agreement, and Chardan agrees to be bound by the terms and conditions of the Registration
Rights Agreement.

 

    

     

    

 

2.          This
letter agreement (“Letter Agreement”) constitutes the entire agreement and understanding of the parties hereto
in respect of the subject matter hereof and supersedes all prior understandings, agreements, or representations by or among the
parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof (other than the Engagement Letter,
the Insider Letter and the Registration Right Agreement). This Letter Agreement may not be changed, amended, modified or waived
(other than to correct a typographical error) as to any particular provision, except by a written instrument executed by all parties
hereto.

 

3.          No
party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior
written consent of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall
not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding on the
undersigned and his, her or its respective successors and assigns.

 

4.          This
Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without
giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this
Letter Agreement shall be brought and enforced in in the courts of the State of New York or the courts of the United States located
in the Borough of Manhattan, New York City, New York, and irrevocably submits to such jurisdiction and venue, which jurisdiction
and venue shall be exclusive, and (ii) waive any objection to such exclusive jurisdiction and venue or that such courts represent
an inconvenient forum.

 

5.          Any
notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be in writing
and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery
or email transmission, to the address on the first page hereof, which address may be changed by notice given in accordance with
this paragraph.

 

[Signature Page follows]

 

    

     

    

 

Please confirm your agreement to the foregoing
by signing a copy of this Letter Agreement where indicated below and returning it to the undersigned.

	 	 
	 	I-AM CAPITAL ACQUISITION COMPANY
	 	 
	 	 
	 	By:	/s/ Suhel Kanuga	 
	 	Name:  Suhel Kanuga
	 	Title:    Chief Financial Officer

 

	Acknowledged and Agreed:	 
	 	 
	CHARDAN CAPITAL MARKETS, LLC	 
	 	 
	By: 	/s/ George Kaufman	 
	 	Name: George Kaufman	 
	 	Title: Managing DirectorExhibit 10.8

 

SMAAASH ENTERTAINMENT PRIVATE LIMITED

Kamla Millscompound, Trade View Building,
Lower Parel

Mumbai 400013, India

 

Date: November 16, 2018

 

To,

 

I-AM CAPITAL ACQUISITION COMPANY

1345 Avenue of the Americas, 11th
Floor

New York, NY 10105

USA

 

Attn: Director

 

Dear Sirs,

 

Ref: Undertaking in relation to the
proposed investment by I-AM Capital Acquisition Company

 

		1.	We refer to the Share Subscription Agreement dated May 03, 2018 (“SSA”) entered
into between I-AM Capital Acquisition Company (“Investor”), Smaaash Entertainment Private Limited (“Company”)
and AHA Holdings Private Limited (“AHA Holdings”) and Mr. Shripal Morakhia (collectively, the “Promoters”)
as amended by the following agreements:

 

		(a)	Amendment cum addendum agreement to the SSA dated June 22, 2018;

		(b)	Second amendment cum addendum agreement to the SSA dated August _______, 2018;

		(c)	Third amendment cum addendum agreement to the SSA dated ___________________, 2018;

		(d)	Fourth amendment cum addendum agreement to the SSA dated November 15, 2018.

 

Collectively, the “Agreements”.

 

		2.	All capitalised terms used but not defined herein shall have the respective meanings assigned to
them under the Agreements.

 

		3.	The Company and the Promoters hereby agree and undertake to issue and allot 300,000 (three hundred
thousand) Equity Shares of the Company to the Investor against an investment of USD 150,000 (United States Dollars one hundred
and fifty thousand) to be made by the Investor into the Company, promptly upon receiving the investment amount, and in no event
later than November 30, 2018.

 

		4.	Such issuance and allotment of Equity Shares shall take place in accordance with the terms and
conditions set out in the Agreements, including but not limited to Clause 3 (Subscription), Clause 4 (Conditions Precedent),
Clause 5.2 (Closing), Clause 5.3 (Consummation of transactions at Closing), Clause 5.4 (Conditions Subsequent to
Closing) of the SSA and subject to compliance with Applicable Law, including but not limited to the provisions of the applicable
foreign exchange laws in India.

 

		5.	Simultaneous with the issue and allotment of 300,000 (three hundred thousand) Equity Shares to
the Investor, AHA Holdings shall and the Company shall cause AHA Holdings to transfer 4,000,000 (four million) Equity Shares of
the Company to the Investor, for 200,000 shares of the Investor, Company and Investor, subject to compliance with Applicable Law.
It is hereby clarified that this transfer of Equity Shares by AHA Holdings to the Investor shall be consummated, on or prior to
November 30, 2018.

 

    

     

    

 

SMAAASH ENTERTAINMENT PRIVATE LIMITED
 

Kamla Millscompound, Trade View Building,
Lower Parel

Mumbai 400013, India

 

		6.	The Company and the Promoters shall be bound to do or cause to be done all such further acts, deeds
and things and execute such further documents as may be necessary to allot the Equity Shares to the Investor and to facilitate
the transfer of Equity Shares from AHA Holdings to the Investor.

 

		7.	In the event the Company receives the investment amount but fails to allot the Equity Shares to
the Investor on or prior to November 30, 2018, the Company shall promptly return the investment amount to the Investor.

 

		8.	In case of any conflict between this letter and the Agreements with respect to the number of Equity
Shares and investment amount, this letter shall prevail. All other provisions of the Agreements shall remain unchanged and shall
continue to be in effect.

 

	Sincerely,	 
	For and on behalf of Smaaash Entertainment Private Limited
	 	 
	/s/
    Shripal Morakhia	 
	Authorised Signatory	 
	 	 
	For and on behalf of AHA Holdings Private Limited
	 	 
	/s/
    Shripal Morakhia	 
	 	 
	/s/
    Shripal Morakhia	 
	Mr. Shripal MorakhiaExhibit 10.9

  

Addendum
to Master Franchise Agreement 

 

This
is an Addendum (“Addendum”) to the Master Franchise Agreement dated November 20, 2018 executed on November
29, 2018 by and between the following:

 

Smaaash
Entertainment Private Limited, company incorporated under the provision of the Companies Act, 1956, having its Registered
Office at 2nd Floor, Trade View Building, Oasis Complex, P.B. Marg, Lower Parel, Mumbai 400013 (hereinafter referred
to as “Franchisor/Smaaash India” which expression shall unless be repugnant to its context or meaning thereof
shall include its assign) of the First Part;

 

And

 

Smaaash
Entertainment Inc., formerly known as I-AM Capital Acquisition Company, a company incorporated in the United States of America,
having its office at 1345 Avenue of the Americas, 11th floor, New York, 10105 (hereinafter referred to as “Franchisee”
which expression shall unless be repugnant to its context or meaning thereof shall include its assign) of the Second Part.

 

Smaaash
India and the Franchisee shall be individually referred as ‘Party’ and collectively as ‘Parties’ in this
Agreement. 

 

WHEREAS: 

 

		A.	Smaaash
                                         India and the Franchisee have entered into a Master Franchise Agreement on November 20,
                                         2018.

 

		B.	In
                                         consideration of the mutual covenants between the Parties, both the Parties have agreed
                                         to amend and incorporate few clauses of the Master Franchise Agreement.

 

		C.	The
                                         Parties have agreed to enter into this Addendum on following terms and conditions.

 

NOW,
THEREFORE, the Parties agree as follows:

 

		1.	The
                                         defined term “Franchisor” referred to Smaaash Entertainment Private Limited
                                         in the Master Franchise Agreement shall stand replaced and now be referred as “Franchisor/Smaaash
                                         India”.

 

		2.	Smaaash
                                         India is engaged in the business of running gaming and entertainment centers and operates
                                         its business under the brand name “Smaaash” in India and abroad. Smaaash
                                         India is the sole owner of the brand “Smaaash”.

 

		3.	Smaaash
                                         India grants exclusive rights to the Franchisee to set up family and entertainment centres
                                         under the name – “Total Sports Centre” in United States of America
                                         in which 51% of the investment shall be borne by the Franchisee and 49% by Smaaash India
                                         for each such Centres. 

 

		4.	Smaaash
                                         India shall be solely responsible for identifying the locations for setting up, managing
                                         and controlling the Total Sports Centres and shall carry out all the fit out requirements
                                         for the same. The Franchisee shall not be entitled to set up any new Centres without
                                         consulting with, and obtaining the prior written consent from Smaaash India. 

 

     

     

    

 

		5.	Total
                                         Sports Centres can use the brand “Smaaash” so long as Smaaash India is in
                                         charge of management control of these centers.

 

		6.	The
                                         Landlord of each location of the Centre shall provide a Tenancy Improvement Allowance
                                         (TIA) of $60 per square feet to the Centres.

 

		7.	The
                                         Games and other equipment required to operate Total Sports Centres shall be supplied
                                         by the Smaaash India and intimated to the Franchisee. All costs in relation to shipping
                                         of the Games and traveling, lodging, boarding for the Smaaash India’s staff in
                                         relation to the installation of the Games shall be borne by the respective Centre.

 

		8.	All
                                         the management team for these centers will be appointed by Smaaash India on such terms
                                         and conditions as deem fit for Smaaash India.

 

		9.	Smaaash
                                         India will get 3% of the net revenue for each centre, subject to conditions to be confirmed by the parties..

 

		10.	All
                                         other terms and conditions of the Master Franchise Agreement, shall remain unchanged
                                         and in force unless contradicting with this Addendum. In case of any contradiction with
                                         the clauses of Master Franchise Agreement and this Addendum the clauses of this Addendum
                                         shall prevail.

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement the day and year first above written. 

 

	 	SMAAASH
    ENTERTAINMENT PRIVATE LIMITED
	 	 	 
	 	By:	 /s/
    Shripal Morakhia
	 	 	 
	 	Name:  	 Shripal
    Morakhia
	 	 	 
	 	Title:  	 
	 	 	 
	 	I-AM
    CAPITAL ACQUISITION COMPANY
	 	 	 
	 	By:	 /s/
    F. Jacob Cherian
	 	 	 
	 	Name:  	 /s/
    F. Jacob Cherian
	 	 	 
	 	Title:  	 Chief
    Executive Officer

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