Document:

Exhibit 10.1

 

AMENDMENT TO INVESTMENT MANAGEMENT TRUST AGREEMENT

 

THIS AMENDMENT TO INVESTMENT
MANAGEMENT TRUST AGREEMENT (this “Amendment Agreement”), dated as of  December 20, 2022, is made by and
between Class Acceleration Corp., a Delaware corporation (the “Company”), and Continental Stock Transfer &
Trust Company, a New York limited purpose trust company (the “Trustee”).

 

WHEREAS, the parties hereto
are parties to that certain Investment Management Trust Agreement dated as of January 14, 2021 (the “Trust Agreement”);

 

WHEREAS, Section 1(i) of
the Trust Agreement sets forth the terms that govern the liquidation of the Trust Account established for the benefit of the Company and
the Public Stockholders under the circumstances described therein;

 

WHEREAS, Section 6(c) of
the Trust Agreement provides that Section 1(i) of the Trust Agreement may only be changed, amended or modified with the affirmative vote
of at least sixty five percent (65%) of the then outstanding shares of Common Stock and Class B common stock, voting together as a single
class;

 

WHEREAS, pursuant to a special
meeting of the stockholders of the Company held on the date hereof, at least sixty five percent (65%) of the then outstanding shares of
Common Stock and Class B common stock, voting together as a single class, voted affirmatively to approve (i) this Amendment Agreement
and (ii) a corresponding amendment to the Company’s second amended and restated certificate of incorporation (the “Charter
Amendment”); and

 

WHEREAS, each of the Company
and the Trustee desires to amend the Trust Agreement as provided herein concurrently with the effectiveness of the Charter Amendment.

 

NOW, THEREFORE, in consideration
of the mutual agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
and intending to be legally bound hereby, the parties hereto agree as follows:

  

1. Definitions.
Capitalized terms contained in this Amendment Agreement, but not specifically defined herein, shall have the meanings ascribed to such
terms in the Trust Agreement.

 

2. Amendments to the Trust Agreement.

 

(a) Effective
as of the execution hereof, Section 1(i) of the Trust Agreement is hereby amended and restated in its entirety as follows:

 

“(i) Commence liquidation of the
Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms of a letter from the Company (“Termination
Letter”) in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, as applicable,
signed on behalf of the Company by at least two of its Chief Executive Officer, Chief Financial Officer, President, Executive Vice President,
Vice President, Secretary or Chairman of the board of directors of the Company (the “Board”) or other authorized
officer of the Company, and, in the case of a Termination Letter in a form substantially similar to the attached hereto as Exhibit
A, acknowledged and agreed to by the Representative, and complete the liquidation of the Trust Account and distribute the Property
in the Trust Account, including interest not previously released to the Company to pay its taxes (less up to $100,000 of interest that
may be released to the Company to pay dissolution expenses), only as directed in the Termination Letter and the other documents referred
to therein, or (y) upon (i) June 20, 2023 (or such earlier date as determined by the Board, in its sole discretion, and included in a
public announcement) and (ii) such later date as may be approved by the Company’s stockholders in accordance with the Company’s
second amended and restated certificate of incorporation (“Charter”) if a Termination Letter has not been received
by the Trustee prior to such date, in which case the Trust Account shall be liquidated in accordance with the procedures set forth in
the Termination Letter attached as Exhibit B and the Property in the Trust Account, including interest not previously released
to the Company to pay its taxes (less up to $100,000 of interest that may be released to the Company to pay dissolution expenses) shall
be distributed to the Public Stockholders of record as of such date;”

 

     

     

    

 

(b) Effective
as of the execution hereof, Exhibit B of the Trust Agreement is hereby amended and restated, in the form attached hereto, to implement
a corresponding change to the foregoing amendment to Section 1(i) of the Trust Agreement.

  

3. No Further Amendment.
The parties hereto agree that except as provided in this Amendment Agreement, the Trust Agreement shall continue unmodified, in full force
and effect and constitute legal and binding obligations of the parties thereto in accordance with its terms. This Amendment Agreement
forms an integral and inseparable part of the Trust Agreement. This Amendment Agreement is intended to be in full compliance with the
requirements for an amendment to the Trust Agreement as required by Section 6(c) and Section 6(d) of the Trust Agreement, and any defect
in fulfilling such requirements for an effective amendment to the Trust Agreement is hereby ratified, intentionally waived and relinquished
by all parties hereto.

 

4. References.

 

(a) All references
to the “Trust Agreement” (including “hereof,” “herein,” “hereunder,” “hereby”
and “this Agreement”) in the Trust Agreement shall refer to the Trust Agreement as amended by this Amendment Agreement; and

 

(b) All references
to the “amended and restated certificate of incorporation” in the Trust Agreement shall mean the Company’s second amended
and restated certificate of incorporation as amended by the Charter Amendment.

 

5. Governing Law.
This Amendment 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.

 

6. Counterparts.
This Amendment Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such
counterparts shall together constitute one and the same instrument. Delivery of a signed counterpart of this Amendment Agreement by electronic
transmission shall constitute valid and sufficient delivery thereof.

 

[Signature Page Follows]

 

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

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee  
	 	 	 
	 	By:	/s/
Francis Wolf
	 	 	Name: 	 Francis Wolf
	 	 	Title: 	Vice President

 

	 	CLASS ACCELERATION CORP  
	 	 	 
	 	By:	/s/ Robert Daugherty
	 	 	Name: 	 Robert Daugherty
	 	 	Title: 	Co Executive Chairman

 

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EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

 

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account - Termination Letter

 

Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i)
of the Investment Management Trust Agreement between Class Acceleration Corp. (the “Company”) and Continental Stock
Transfer & Trust Company (the “Trustee”), dated as of January 14, 2021 (as amended, the “Trust Agreement”),
this is to advise you that the Company did not effect a Business Combination with a Target Business within the time frame specified in
the Company’s second amended and restated Certificate of Incorporation. Capitalized terms used but not defined herein shall have
the meanings set forth in the Trust Agreement.

 

In accordance with the terms
of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account and transfer the total proceeds into
a segregated account held by you on behalf of the Beneficiaries to await distribution to the Public Stockholders. The Company has selected
[   , 20 ]1 as the effective date for the purpose of determining when the Public Stockholders
will be entitled to receive their share of the liquidation proceeds. You agree to be the Paying Agent of record and, in your separate
capacity as Paying Agent, agree to distribute said funds directly to the Company’s Public Stockholders in accordance with the terms
of the Trust Agreement and the amended and restated Certificate of Incorporation of the Company. Upon the distribution of all the funds,
net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under the
Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(i) of the Trust Agreement.

 

	 	Very truly yours,
	 	 
	 	Class Acceleration Corp.
	 	 
	 	By:	 
	 	 	Name: 	 
	 	 	Title:	 

 

	1	June 20, 2023 or at a later date, if extended, unless an earlier date is determined by the Company’s Board of Directors.

 

 

4Exhibit 4.2

 

NEITHER THE ISSUANCE AND SALE OF THE SECURITIES
REPRESENTED BY THIS NOTE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I)
IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION
OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER AND WHICH COUNSEL AND OPINION ARE SATISFACTORY TO THE COMPANY), THAT REGISTRATION
IS NOT REQUIRED UNDER SAID ACT, OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT PURSUANT TO AN OPINION OF COUNSEL,
WHICH COUNSEL AND OPINION ARE SATISFACTORY TO THE COMPANY, THAT THE REQUIREMENTS OF RULE 144 OR RULE 144A HAVE BEEN SATISFIED.

 

Courtside
Group, Inc.

(dba
podcastone)

 

10% ORIGINAL ISSUE DISCOUNT CONVERTIBLE PROMISSORY
NOTE

 

	Date of Issuance: July 15, 2022
    	$____________

 

FOR VALUE RECEIVED, Courtside Group, Inc.
(dba PodcastOne), a company incorporated under the laws of Delaware (the “Company”), hereby promises to pay to the
order of [HOLDER NAME] (the “Holder”), the principal sum of $________ (the “Principal Amount”),
together with interest thereon from the date of issuance of this convertible promissory note (this “Note”). Interest
will accrue at a simple rate of ten percent (10%) per annum; provided, that upon an uncured Event of Default (as defined below) interest
will accrue at a simple rate of sixteen percent (16%) per annum and shall continue at such rate so long as such uncured Event of Default
continues. Unless earlier converted into Financing Conversion Shares (as defined below), the principal and accrued interest of this 10%
original issue discount convertible promissory note (this “Note”) will be due and payable as set forth in Section 1,
below, but in no event later than July 15, 2023 (the “Initial Maturity Date”); provided, however, that upon five (5)
calendar days’ prior written notice to the Holder, the Company may extend the Initial Maturity Date to October 15, 2023 (as such
Initial Maturity Date maybe extended, the “Maturity Date”); provided that upon any such extension, the Principal Amount
of this note shall increase to the product obtained by multiplying the initial Principal Amount by 104.5455%. Additionally, the Company
shall give the Holder five (5) days prior written notice of the Sale of the Company, as defined below, and upon the Sale of the Company,
150% of the principal and accrued interest of this Note shall accelerate and become due and payable. Payment of the principal and accrued
interest of this Note upon the Sale of the Company shall be made in cash, or, if the acquiror is a public company with market value of
at least $500 million (which market value shall be reasonable determined by the Company), in the same form of pro rata consideration as
the other stockholders of the Company receive.

 

This Note is one of a series of 10% Original Issue
Discount Convertible Promissory Notes made by the Company in favor of the Holder and other holders, from time to time (collectively, the
“Notes”) and issued pursuant to the Company’s private offering described in the Subscription Booklet of the Company
dated July 2022 (as amended, modified or supplemented from time to time and including the annexes thereto, the “Subscription
Booklet”) and the related Subscription Agreements (each a “Subscription Agreement” and collectively, the
“Subscription Agreements”). Each of the Notes shall rank equally without preference or priority of any kind over one
another, and all payments on account of obligations with respect to any of the Notes shall be applied ratably and proportionately on the
outstanding Notes on the basis of the Principal Amount of the outstanding indebtedness represented thereby.

 

     

     

    

 

		1.	Payment. All payments will be made in lawful money of the United States of America at the principal
office of the Company, or at such other place as the Holder may from time to time designate in writing to the Company. Payment will be
credited first to accrued interest due and payable, with any remainder applied to principal. The Company may prepay all or any part of
the principal balance of this Note prior to the initial Maturity Date by paying to the Holder 120% of the outstanding principal amount
of this Note, plus 120% of accrued and unpaid interest hereon. The Company may prepay all or any part of the principal balance of this
Note after the initial Maturity Date by paying to the Holder 130% of the outstanding principal amount of this Note, plus 130% of accrued
and unpaid interest hereon.

 

		2.	Conversion. This Note will be convertible pursuant to the following terms.

 

		a.	Definitions.

 

		i.	“Conversion Shares” means, collectively, the Financing Conversion Shares and the Voluntary
Conversion Shares.

 

		ii.	“Conversion Price” means the lower of (i) the quotient of (x) the Valuation Cap divided
by (y) the Fully Diluted Capitalization immediately prior to the Qualified Financing or Qualified Event, as applicable, if any, and (ii)
70% of the purchase price per share or other whole units, as applicable, in the Qualified Financing or 70% of the initial listing price
of the shares on a national securities exchange in the Qualified Event, as applicable.

 

		iii.	“Enforcement Action” means (a) to sue for payment of the Notes, or initiate or participate
with others in any suit, action or proceeding against the Company to enforce payment of, or to collect, the whole or any part of the Notes,
or (b) to accelerate the indebtedness represented by the Notes, or (c) to take any action under the provisions of any federal or state
law, including without limitation, the Uniform Commercial Code, or under any contract or agreement, to enforce, collect, foreclose upon,
take possession of, or sell any property of the Company, or (d) to receive a transfer of any of the property or assets of the Company
in satisfaction, in whole or in part, of amounts owing under the Notes, or (e) the commencement of, or joinder in the filing of a petition
for the commencement of any insolvency proceeding against the Company.

 

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		iv.	“Equity Securities” means (i) Shares; (ii) any securities conferring the right to purchase
Shares; or (iii) any securities directly or indirectly convertible into, or exchangeable for (with or without additional consideration)
Shares.

 

		v.	“Event of Default” shall mean the occurrence of any of the following:

 

		1.	Failure to Pay. The Company shall default in the performance
of, or violate any material covenants and agreements contained in this Note or the Subscription Agreement, including without limitation,
the failure to pay amounts due under this Note on the Maturity Date or upon a Sale of the Company, and the Company does not cure such
breach within fifteen (15) days after written notice thereof has been given by or on behalf of the Holder to the Company; or

 

		2.	Voluntary Bankruptcy or Insolvency Proceedings. The Company shall (i) apply for or consent to the
appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property that is not discharged
or stayed within 60 calendar days after such appointment, (ii) admit in writing its inability to pay its debts generally as they mature,
(iii) make a general assignment for the benefit of its or any of its creditors, (iv) be dissolved or liquidated, (v) commence a voluntary
case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy,
insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession
of its property by any official in an involuntary case or other proceeding commenced against it, or (vi) take any action for the purpose
of effecting any of the foregoing; or

 

		3.	Involuntary Bankruptcy or Insolvency Proceedings. Proceedings for the appointment of a receiver,
trustee, liquidator or custodian of the Company, or of all or a substantial part of the property thereof, or an involuntary case or other
proceedings seeking liquidation, reorganization or other relief with respect to the Company or the debts thereof under any bankruptcy,
insolvency or other similar law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall
not be dismissed or discharged within sixty (60) days of commencement; or

 

		4.	Breach of Material Obligation. The Company materially breaches any material obligation to any Holder
under this Note or the Subscription Agreement and does not cure such breach within twenty (20) days after written notice thereof has been
given by or on behalf of such Holder to the Company;

 

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		5.	Breach of Section 3(s). At any time subsequent to five days prior to the Voluntary Conversion Date,
the Company is unable to satisfy its obligations to reserve sufficient Shares pursuant to Section 3(s), and the Company does not cure
such breach within five (5) days after the Voluntary Conversion Date.

 

		6.	Breach of Representation or Warranty. Any material breach of a representation or warranty of the
Company set forth in Section 4 of the Subscription Agreement in any material respect, and the Company does not cure such breach within
twenty (20) days after written notice thereof has been given by or on behalf of the Holder to the Company.

 

		7.	Cross Default.Until the date of the consummation of the Qualified Financing or the Qualified
Event, as applicable (excluding any overallotment option exercise), the Company shall default in any of its obligations under any other
promissory note, indenture or any mortgage, credit agreement or other facility, indenture agreement, factoring agreement or other instrument
under which there may be issued, or by which there may be secured or evidenced any indebtedness for borrowed money or money due under
any arrangement of the Company in an amount exceeding $500,000, whether such indebtedness now exists or shall hereafter be created and
such default shall result in such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise
become due and payable, and the Company does not cure such breach within thirty (30) days after written notice thereof has been given
by or on behalf of the Holder to the Company.

 

		8.	Additional Indebtedness. Other than Permitted Indebtedness, until the date of the consummation
of the Qualified Financing or the Qualified Event, as applicable (excluding any overallotment option exercise), without the prior written
consent of the Majority Noteholders, the Company incurs any indebtedness that is secured or is senior or pari passu in right of
payment to this Note (including, the other Notes).

 

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Upon the occurrence of any
uncured Event of Default (other than an Event of Default described in the foregoing sub sections (v)(2) or (v)(3) above) and at any time
thereafter during the continuance of such uncured Event of Default, the Noteholder Agent may, with the written consent of a Majority Noteholders
other than LiveOne, Inc., the Company’s parent (“LiveOne”), by written notice to the Company, declare all outstanding
indebtedness represented by the Notes to be immediately due and payable without presentment, demand, protest or any other notice of any
kind, all of which are hereby expressly waived, anything contained herein or in the Subscription Agreement to the contrary notwithstanding,
at the Mandatory Default Amount, together with all reasonable out-of-pocket expenses of collection hereof, including, but not limited
to, reasonable attorneys’ fees and legal expenses. Upon the occurrence of any Event of Default described in the foregoing sub sections
(v)(2) or (v)(3), immediately (subject to the terms described therein) and without notice, all outstanding indebtedness represented by
the Notes shall automatically become immediately due and payable, without presentment, demand, protest or any other notice of any kind,
all of which are hereby expressly waived, anything contained herein or in the Subscription Agreement to the contrary notwithstanding,
at the Mandatory Default Amount, together with all reasonable out-of-pocket expenses of collection hereof, including, but not limited
to, reasonable attorneys’ fees and legal expenses. In addition to the foregoing remedies, upon the occurrence and during the continuance
of any uncured Event of Default, the Noteholder Agent may, with the written consent of a Majority Noteholders other than LiveOne, exercise
any other right, power or remedy granted to it by the Notes or the Subscription Agreement or otherwise permitted to it by law, either
by suit in equity or by action at law, or both, including without limitation, taking all appropriate step to commence an Enforcement Action.

 

		vi.	“Financing Conversion Shares” (for purposes of determining the type of Equity Securities
issuable upon conversion of this Note) means shares or units of the Equity Securities issued as a result of the Qualified Financing or
Qualified Event, as applicable, if any.

 

		vii.	“Fully Diluted Capitalization” means the number of outstanding shares of Common Stock,
assuming conversion of all outstanding securities convertible into shares of Common Stock and exercise of all outstanding options and
warrants to purchase shares of Common Stock or other outstanding securities convertible into shares of Common Stock, but excluding, for
this purpose, (i) the conversion of any Notes (whether or not such Notes have actually been converted), (ii) the exercise of any Warrants
(whether or not such Warrants have actually been exercised), (iii) the exercise of any warrants issued to the Placement Agent (as defined
in the Subscription Agreement) or any other placement agent or underwriter in connection with securities offered pursuant to the Subscription
Booklet or in the Qualified Financing or the Qualified Event, as applicable), and (iv) any securities issued in connection with the Qualified
Financing or the Qualified Event, as applicable (including, without limitation, pursuant to any equity incentive plans); provided that
in the case of a Qualified Financing or the Qualified Event, as applicable, “Fully Diluted Capitalization” also shall exclude
the shares of Common Stock that are reserved for issuance under the Company's existing or future equity incentive plan(s), compensation
plans or any equity incentive plan(s) to be adopted in connection with the offering of the Notes or the Qualified Financing or the Qualified
Event, as applicable, as the case may be.

 

		viii.	“Majority Noteholders” shall mean Noteholders who in the aggregate hold Notes representing
more than fifty percent (50%) of the aggregate Principal Amount of the then issued and outstanding Notes which were originally issued
under the Subscription Agreements. The Majority Noteholders shall have such right and authority to act from time to time upon the terms
set forth in this Note to act on behalf of the Noteholders and such action shall be binding on all of the Noteholders and holders of Warrants.

 

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		ix.	“Mandatory Default Amount” means 130% of the outstanding principal amount of this Note,
plus 130% of accrued and unpaid interest hereon.

 

		x.	“Noteholder Agent” shall mean the person (including an entity) appointed by written
action of the Majority Noteholders to serve as agent for the Noteholders in regard to the Notes, including, but not limited to an Enforcement
Action. The Noteholder Agent may but is not required to be a Noteholder. The Noteholder Agent may engage legal counsel and other professional
advisors to assist in carrying out its duties. The Noteholder Agent shall be entitled to compensation as agreed to between the Noteholder
Agent and the Majority Noteholders and paid by the Noteholders or the Majority Noteholders, as applicable.

 

		xi.	“Permitted Indebtedness” means (a) all current and future indebtedness of LiveOne and/or
the Company owed to East West Bank and Harvest Funds (the “Senior Secured Lenders”) pursuant to the applicable agreements
between the Company and/or LiveOne and the Senior Secured Lenders in effect as of the date hereof, which may be increased from time to
time without exceeding 50% of the amounts currently borrowed from the Senior Secured Lenders, (b) future indebtedness of LiveOne and/or
the Company owed to secured lenders (as borrowers and/or guarantors) to replace and/or refinance current secured debt with the Senior
Secured Lenders, which shall in no event exceed 100% of the amounts currently borrowed from the Senior Secured Lenders, and (c) indebtedness
of LiveOne and/or the Company (as borrowers and/or guarantors) owed to banks, commercial finance lenders or other similar institutions
regularly engaged in the business of lending money (whether or not such indebtedness is secured); provided that, in each case, such Permitted
Indebtedness shall in no event exceed the amount that is equal to $50 million less the then-current indebtedness of LiveOne and/or
the Company owed to the Senior Secured Lenders pursuant to the foregoing clauses (a) or (b).

 

		xii.	“Qualified Event” means the direct listing of the Company’s securities on a national
securities exchange.

 

		xiii.	“Qualified Financing” means the closing of an underwritten public offering of Shares
which results in the Shares being traded on a national securities exchange.

 

		xiv.	Sale of the Company” means the sale of capital stock of the Company, merger or consolidation
of the Company with or into another entity or any other form of business combination in which control of the Company is transferred or
a sale of all or substantially all of the assets of the Company and/or its subsidiaries (determined based on value) to any other person,
in each case other than as result of the Qualified Financing or the Qualified Event, as applicable. For purposes of this definition, “control”
shall be deemed to have been transferred in a transaction or series of related transactions in which any person, or group of related persons
(other than internal reorganization of LiveOne, Inc.’s (“LiveOne”) ownership of the Company or of or by LiveXLive
PodcastOne, Inc. or as a result of the offer and sale of the Notes and Warrants pursuant to the Subscription Booklet and related Subscription
Agreements and/or the Qualified Financing or the Qualified Event, as applicable) or as a result of spin-out of the Company by LiveOne
to LiveOne’s stockholders as a standalone public company, shall have acquired ownership of more than 50% of the voting power or
equity interest in the surviving or acquiring corporation or other entity (assuming all rights, options, warrants or convertible or exchangeable
securities entitling the holders thereof to subscribe for or purchase or otherwise acquire shares of voting and equity securities have
been fully exercised or converted) .

 

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		xv.	“Securities Act” means the Securities Act of 1933, as amended.

 

		xvi.	“Shares” means the Company’s shares of common stock, par value $0.00001 per share.

 

		xvii.	“Trading Day” means a day on which the principal Trading Market is open for trading.

 

		xviii.	“Trading Market” means any of the following markets or exchanges on which the Shares
are listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the
Nasdaq Global Select Market, the New York Stock Exchange, the OTCQB or the OTCQX (or any successors to any of the foregoing).

 

		xix.	“Valuation Cap” means $60,000,000.

 

		xx.	“Voluntary Conversion Price” means the quotient of (i) the Valuation Cap divided by
(ii) the number of outstanding shares of Common Stock immediately prior to the Qualified Financing or Qualified Event, as applicable,
if any, assuming conversion of all outstanding securities convertible into shares of Common Stock and exercise of all outstanding options
and warrants to purchase shares of Common Stock or other securities convertible into shares of Common Stock, but excluding, for this purpose,
(i) the conversion of any Notes (whether or not such Notes have actually been converted), (ii) the exercise of any Warrants (whether or
not such Notes have actually been converted), (iii) the exercise of any warrants issued to the Placement Agent (as defined in the Subscription
Agreement) or any other placement agent or underwriter in connection with securities offered pursuant to the Subscription Booklet or in
the Qualified Financing or the Qualified Event, as applicable), (iv) any securities issued in connection with the Qualified Financing
or the Qualified Event, as applicable, and (v) any securities issued pursuant to the Company’s existing or future equity incentive
plans or any equity incentive plan to be adopted in connection with the offering of the Notes or the Qualified Financing or the Qualified
Event, as applicable, as the case may be.

 

		xxi.	“Voluntary Conversion Shares” means the Shares issuable upon a Voluntary Conversion.

 

		b.	Mandatory Conversion. The full principal balance and all unpaid accrued interest on this Note will
automatically convert into Financing Conversion Shares upon the closing of a Qualified Financing or Qualified Event, if any. The number
of Conversion Shares the Company issues upon such conversion will equal the quotient (rounded down to the nearest whole share) obtained
by dividing (x) the outstanding principal balance and unpaid accrued interest under this Note on a date that is no more than five (5)
days prior to the closing of the Qualified Financing or Qualified Event, as applicable, if any, by (y) the Conversion Price. The issuance
of Financing Conversion Shares pursuant to the conversion of this Note will be on, and subject to, the same terms and conditions applicable
to the Equity Securities issued in the Qualified Financing or Qualified Event, as applicable, if any.

 

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		c.	Voluntary Conversion. If a Qualified Financing or Qualified Event, as applicable, has not occurred
on or before prior to the Maturity Date (as such date maybe extended pursuant to this Note) (the “Voluntary Conversion Date”),
this Note shall be convertible, in whole or in part, into Shares at the option of the Holder, at any time and from time to time after
the Voluntary Conversion Date (each, a “Voluntary Conversion”). Ten (10) business days prior to the Voluntary Conversion
Date, the Company shall notify the Holder (email shall suffice) whether it has satisfied its obligations under Section 3(s) hereof. The
Holder shall effect conversions by delivering to the Company a Notice of Conversion, the form of which is attached hereto as Annex A
(each, a “Notice of Conversion”), specifying therein the principal amount and any accrued interest of this Note to
be converted and the date on which such conversion shall be effected, which shall not be earlier than the day immediately after the Maturity
Date (such date, the “Conversion Date”). If no Conversion Date is specified in a Notice of Conversion, the Conversion
Date shall be the date that such Notice of Conversion is deemed delivered hereunder, which shall not be earlier than the day immediately
after the Maturity Date. No ink-original Notice of Conversion shall be required, nor shall any medallion guarantee (or other type of guarantee
or notarization) of any Notice of Conversion form be required, unless required by the Company’s transfer agent. To effect conversions
hereunder, the Holder shall not be required to physically surrender this Note to the Company unless the entire principal amount of this
Note, plus all accrued and unpaid interest thereon, has been so converted in which case the Holder shall surrender this Note as promptly
as is reasonably practicable after such conversion without delaying the Company’s obligation to deliver the Shares on the Share
Delivery Date. Conversions hereunder shall have the effect of lowering the outstanding principal amount of this Note in an amount equal
to the applicable conversion. The number of Shares the Company issues upon such conversion will equal the quotient (rounded down to the
nearest whole share) obtained by dividing (x) the amount of principal and unpaid accrued interest, if any, under this Note being converted
by (y) the Voluntary Conversion Price. As used in this Section 2.3, “Share Delivery Date” means five (5) trading days after
each Conversion Date.

 

		d.	Redemption Option.

 

		i.	Notwithstanding the foregoing, the Holder may at its option require the Company to redeem up to 45% of
the principal amount of this Note (together with accrued interest thereon, but excluding for these purposes the 10% Original Issuance
Discount) (the “Qualified Financing Redemption Option”) by delivering written notice thereof (“Qualified Financing
Redemption Notice”) to the Company within 5 days of the Holder’s receipt of the Qualified Financing Notice, which Qualified
Financing Redemption Notice shall indicate the amount the Holder is electing to redeem. The Company shall pay the Holder any amount required
pursuant to the Holder’s exercise of the Qualified Redemption Option under this Section 2(d) no later than five days following the
closing of the Qualified Financing or the Qualified Event, as applicable. In the event the Company fails to deliver a Qualified Financing
Notice to the Holder not less than 5 days prior to the consummation of a Qualified Financing or the Qualified Event, as applicable, the
Holder shall have the ability to deliver a Qualified Financing Redemption Notice to the Company prior to or promptly after the closing
of the Qualified Financing or the Qualified Event, as applicable, and the Company shall be required to pay the Holder the indicated redemption
amount within 5 business days of its receipt of the Qualified Financing Redemption Notice. “Qualified Financing Notice” shall
mean a written notice of the Company (email shall suffice) provided to the Holder at least five (5) days prior to the anticipated closing
of the Qualified Financing or Qualified Event, as applicable.

 

		ii.	Notwithstanding the foregoing, the Holder shall be entitled to its prorated portion of any redemption
made by the Company pursuant to Section 4(bbb) of the Subscription Agreements, which, for the avoidance of doubt, does not apply to any
Note issued to LiveOne. For the avoidance of doubt, the Company’s and/or LiveOne’s obligations pursuant to this Section 2(d)
shall not be in addition to the obligations described in Section 4(bbb) of the Subscription Agreement, such that the maximum aggregate
redemption and/or prepayment amount required to be paid by the Company and/or LiveOne pursuant to this Section 2(d) and Section 4(bbb)
of the Subscription Agreement shall be $3,000,000.

 

		e.	Mechanics of Conversion.

 

		i.	Financing Agreements. The Holder acknowledges that the conversion of this Note into Financing Conversion
Shares may require the Holder’s execution of certain agreements relating to the purchase and sale of the Financing Conversion Shares
relating to such securities (collectively, the “Financing Agreements”). The Holder agrees to execute all of the Financing
Agreements in connection with a Qualified Financing or the Qualified Event, as applicable, and to be subject to all of the terms and conditions
set forth therein.

 

    8

     

    

 

		ii.	Certificates. As promptly as practicable after the conversion of this Note and the issuance of
the Conversion Shares, the Company (at its expense) will issue and deliver a certificate or certificates evidencing the Conversion Shares
(if certificated) to the Holder, or if the Conversion Shares are not certificated, will deliver a true and correct copy of the Company’s
statement of position reflecting the Conversion Shares held by the Holder.

 

		3.	Miscellaneous.

 

		a.	Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Note
will inure to the benefit of, and be binding upon, the respective successors and assigns of the parties; provided, however, that the Company
may not assign its obligations under this Note. This Note is for the sole benefit of the parties hereto and their respective successors
and permitted assigns, and nothing herein, express or implied, is intended to or will confer upon any other person or entity any legal
or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Note.

 

		b.	Choice of Law. This Note, and all matters arising out of or relating to this Note, whether sounding
in contract, tort, or statute will be governed by and construed in accordance with the internal laws of the State of New York, without
giving effect to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application
of the laws of any jurisdiction other than those of the State of New York.

 

		c.	Counterparts. This Note may be executed in counterparts, each of which will be deemed an original,
but all of which together will be deemed to be one and the same agreement. Counterparts may be delivered via facsimile, electronic mail
(including PDF or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission
method, and any counterpart so delivered will be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

		d.	Titles and Subtitles. The titles and subtitles used in this Note are included for convenience only
and are not to be considered in construing or interpreting this Note.

 

		e.	Notices. All notices and other communications given or made pursuant hereto will be in writing
and will be deemed effectively given: (a) upon personal delivery to the party to be notified; (b) when sent by email or confirmed facsimile;
(c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (d) one (1) day
after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All
communications will be sent to the respective parties at the addresses shown on the signature pages hereto (or to such email address,
facsimile number or other address as subsequently modified by written notice given in accordance with this Section 3.5).

 

    9

     

    

 

		f.	Attorneys’ Fees. If any action at law or in equity is necessary to enforce or interpret the
terms of this Note, the prevailing party will be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition
to any other relief to which such party may be entitled.

 

		g.	Entire Agreement; Amendments and Waivers. This Note, together with the Subscription Agreement,
the Warrant and the NDA (if applicable), constitutes the full and entire understanding and agreement between the parties with regard to
the subject hereof. Any waiver by the Company or the Holder of a breach of any provision of this Note shall not operate as or be construed
to be a waiver of any other breach of such provision or of any breach of any other provision of this Note. The failure of the Company
or the Holder to insist upon strict adherence to any term of this Note on one or more occasions shall not be considered a waiver or deprive
that party of the right thereafter to insist upon strict adherence to that term or any other term of this Note on any other occasion.
Any waiver by the Company or the Holder must be in writing. This Note may be modified or amended or the provisions hereof waived with
the written consent of the Company and the Majority Noteholders (other than LiveOne or any of its affiliates).

 

		h.	Severability. If one or more provisions of this Note are held to be unenforceable under applicable
law, such provisions will be excluded from this Note and the balance of the Note will be interpreted as if such provisions were so excluded
and this Note will be enforceable in accordance with its terms.

 

		i.	Transfer Restrictions.

 

		i.	“Market Stand-Off’ Agreement. The Holder hereby agrees that it is subject to that certain
Lock-Up Agreement dated as of the Date of Issuance.

 

In order to enforce the foregoing covenant, the
Company may impose stop transfer instructions with respect to the Holder’s registrable securities of the Company (and the Company
shares or securities of every other person subject to the foregoing restriction) until the end of such period. The Holder agrees that
a legend reading substantially as follows will be placed on all certificates representing all of the Holder’s registrable securities
of the Company (and the Company shares or securities of every other person subject to the restriction contained in this Section 3.i(i)):

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO A LOCK-UP PERIOD AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF
WHICH MAY BE OBTAINED AT THE COMPANY’S PRINCIPAL OFFICE. SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE SECURITIES.

 

		ii.	Further Limitations on Disposition. The Holder agrees not to make any disposition of all or any
Shares issued hereunder unless and until the transferee has agreed in writing for the benefit of the Company to the undertaking set out
in Section 3.9(i) and:

 

    10

     

    

 

		iii.	there is then in effect a registration statement under the Securities Act covering such proposed disposition,
and such disposition is made in connection with such registration statement; or

 

		iv.	the Holder has (A) notified the Company of the proposed disposition; (B) furnished the Company with a
detailed statement of the circumstances surrounding the proposed disposition; and (C) if requested by the Company, furnished the Company
with an opinion of counsel, which opinion and counsel are reasonably satisfactory to the Company, that such disposition will not require
registration under the Securities Act.

 

		v.	The Holder agrees not to make any disposition of any Shares to the Company’s competitors, as determined
in good faith by the Company.

 

		j.	Legends. This Note and all Conversion Shares issued upon conversion of this Note (unless registered
under the Securities Act) shall be stamped or imprinted with a legend in substantially the following form:

 

“THIS INSTRUMENT AND THE SECURITIES
ISSUABLE UPON CONVERSION OF THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED
OR ASSIGNED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SECURITIES IS EFFECTIVE UNDER THE ACT AND IS QUALIFIED UNDER APPLICABLE
STATE AND FOREIGN LAW OR (II) THE TRANSACTION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER THE ACT AND THE
QUALIFICATION REQUIREMENTS UNDER APPLICABLE STATE AND FOREIGN LAW AND, IF THE CORPORATION REQUESTS, AN OPINION TO SUCH EFFECT HAS BEEN
RENDERED BY COUNSEL, WHICH COUNSEL AND OPINION ARE SATISFACTORY TO THE COMPANY.”

 

		k.	Acknowledgment. For the avoidance of doubt, it is acknowledged that the Note, any shares of the
Company’s capital stock or other securities to be issued in connection with this Note or as a result of its conversion and any applicable
conversion price shall be subject to all adjustments in the number of shares of the Company’s capital stock as a result of any splits,
recapitalizations, combinations or other similar transactions affecting the Company’s capital stock underlying the Conversion Shares
that occur prior to the conversion of this Note.

 

		l.	Further Assurances. From time to time, the parties will execute and deliver such additional documents
and will provide such additional information as may reasonably be required to carry out the terms of this Note and any agreements executed
in connection herewith.

 

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		m.	Limitation on Interest. In no event will any interest charged, collected or reserved under this
Note exceed the maximum rate then permitted by applicable law, and if any payment made by the Company under this Note exceeds such maximum
rate, then such excess sum will be credited by the Holder as a payment of principal.

 

		n.	Officers and Directors not Liable. In no event will any officer or director of the Company, LiveOne
or their respective affiliates be liable for any amounts due and payable pursuant to this Note.

 

		o.	Approval. The Company hereby represents that its board of directors, in the exercise of its fiduciary
duty, has approved the Company’s execution of this Note based upon a reasonable belief that the principal provided hereunder is
appropriate for the Company after reasonable inquiry concerning the Company’s financing objectives and financial situation. In addition,
the Company hereby represents that it intends to use the principal of this Note primarily for the operations of its business, and not
for any personal, family or household purpose.

 

		p.	Waiver of Jury Trial. EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE
OF ACTION BASED UPON OR ARISING OUT OF THIS NOTE, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS
INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION,
INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND
STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY
EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER REPRESENTS AND WARRANTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL,
AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

 

		q.	Attorneys’ Fees. If the indebtedness represented by this Note or any part thereof is collected
in bankruptcy, receivership or other judicial proceedings or if this Note is placed in the hands of attorneys for collection after default,
the Company agrees to pay, in addition to the principal and interest payable hereunder, all reasonable attorneys’ fees and out-of-pocket
costs incurred by the Holder prior to and until collection by the Holder.

 

		r.	Waivers. The Company hereby waives presentment, demand for performance, notice of non-performance,
protest, notice of protest and notice of dishonor. No delay on the part of the Holder or the Noteholder Agent in exercising any right
hereunder shall operate as a waiver of such right or any other right.

 

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		s.	Reservation of Stock.

 

		i.	As soon as reasonably practicable after the date hereof, the Company covenants that it will increase its
authorized but unissued Shares to such number of Shares equal to (a) 300% of such aggregate number of shares of the Common Stock as shall
be issuable upon the conversion of the then outstanding principal amount of this Note and payment of interest hereunder plus (b) 100%
of the number of shares of Common Stock issuable upon exercise of the Warrants that are being offered and sold pursuant to the Subscription
Booklet and related Subscription Agreements (“Required Minimum Shares”), and maintain a reserve of such Required Minimum
Shares. The Company shall take all actions necessary to effect the foregoing, including, without limitation, obtaining the requisite stockholder
approval of any necessary amendment to the Company’s then-current Certificate of Incorporation.

 

		ii.	The Company shall, if applicable: (i) in the time and manner required by the principal Trading Market,
prepare and file with such Trading Market an additional shares listing application covering a number of shares of Common Stock, equal
to or greater than the Required Minimum Shares, (ii) take all steps necessary to cause such shares of Common Stock to be approved for
listing or quotation on such Trading Market as soon as possible thereafter, (iii) provide to the Holder evidence of such listing or quotation
and (iv) maintain the listing or quotation of a number of shares of such Common Stock on such Trading Market or another Trading Market
on any date equal to or greater than the Required Minimum Shares until the earlier of (i) the completion of a Fundamental Transaction
(as defined in the Warrant) and (ii) the expiration of the Exercise Period (as defined in the Warrant). The Company agrees to maintain
the eligibility of the Common Stock for electronic transfer through the Depository Trust Company or another established clearing corporation,
including, without limitation, by timely payment of fees to the Depository Trust Company or such other established clearing corporation
in connection with such electronic transfer.

 

[SIGNATURE PAGES FOLLOW]

 

    13

     

    

 

	 	Courtside Group, Inc.
	 	 
	 	By:	 
	 	Name: 	Kit Gray
	 	Title:	President
	 	Address: 	
    335 North Maple Drive, Suite 127

    Beverly Hills, CA 90210

	 	Email

        Address: 
	kit@podcastone.com and

        tenia@liveone.com

 

[Signature Page to Courtside Group, Inc.
Original Issue Discount Convertible Promissory Note]

 

    14

     

    

 

ANNEX A

NOTICE OF CONVERSION

 

The undersigned hereby elects to convert principal
under the Original Issue Discount Convertible Promissory Note due _______, 2023, of Courtside Group, Inc., a Delaware corporation (the
“Company”), into shares of common stock (the “Common Stock”), of the Company according to the conditions
hereof, as of the date written below. If such shares of Common Stock are to be issued in the name of a person other than the undersigned,
the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith such certificates
and opinions as reasonably requested by the Company in accordance therewith. No fee will be charged to the holder for any conversion,
except for such transfer taxes, if any.

 

The undersigned agrees to comply with the prospectus
delivery requirements under the applicable securities laws in connection with any transfer of the aforesaid Shares.

 

	
    Conversion calculations:
	 
	 	Date to Effect Conversion:
	 	 
	 	Principal Amount of Note to be Converted:
	 	 
	 	Payment of Interest in Common Stock __ yes __ no
	 	If yes, $_____ of Interest Accrued on Account of Conversion at Issue.
	 	 
	 	Number of shares of Common Stock to be issued:
	 	 
	 	Signature:
	 	 
	 	Name:
	 	 
	 	Address for Delivery of Common Stock Certificates:
	 	 
	 	Or
	 	 
	 	DWAC Instructions:
	 	 
	 	Broker No: _______________
	 	Account No: _______________

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