Document:

Licensing Agreement between Dwango and ESPN Enterprises, Inc.

 Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits the information
subject to the confidentiality request. Omissions are designated as *****. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission. 
  
 Exhibit 10.29 
  
 LICENSING AGREEMENT 
  
 This License Agreement (“Agreement”), is effective as of the 14th day of January, 2004 (“Effective Date”), and is entered into by and between Dwango North America, Corp.
(“DNA”), a Texas corporation with a principal place of business at 5847 San Felipe St., Suite 3220, Houston, Texas 77057-3000 and ESPN Enterprises, Inc. (“ESPN”) a Delaware
corporation with a principal place of business at 19 East 34th Street, 7th Floor, New York, New York 10016. 
  
 WITNESSETH: 
  
 WHEREAS, DNA has developed and/or licensed the rights to a multi-player wireless fishing game (the “Fishing Game”);

  
 WHEREAS, ESPN and/or its Affiliates owns and/or has
license rights to the BASSMASTER® marks related
thereto (collectively “BASSMASTER Properties”); 
  
 WHEREAS, DNA wants to license certain BASSMASTER Properties from ESPN, and wants to incorporate those BASSMASTER Properties into the Fishing Game (“BASSMASTER Fishing Game”), provide the delivery,
support, community and infrastructure services for the commercial exploitation of the BASSMASTER Fishing Game and BASSMASTER mobile community and share the revenue generated from such commercial exploitation with ESPN; 
  
 WHEREAS, ESPN wants DNA to develop the BASSMASTER Fishing Game, the
BASSMASTER mobile community, and wants to provide marketing services for the BASSMASTER Fishing Game, mobile community and provide DNA information concerning the BASSMASTER Properties and BASSMASTER tournaments and events, and receive a royalty from
the commercial exploitation of the BASSMASTER Fishing Game; and 
  
 WHEREAS, DNA and ESPN (collectively the “Parties” and each a “Party”) wish to enter into an agreement whereby ESPN will license the BASSMASTER Properties to DNA, DNA will develop the
BASSMASTER Fishing Game and BASSMASTER mobile entertainment community, and the Parties will share the revenue generated by the BASSMASTER Fishing Game; 
  
 NOW, THEREFORE, in consideration of the premises and of the mutual covenants contained herein, the Parties hereby agree as follows: 
  

	1.	Definitions. As used in this Agreement, the Parties hereto agree the words set forth below shall have the meanings thereby specified: 

  

	 	a.	“BASSMASTER Properties” shall mean the BASSMASTER® name logos, trade names, trademarks and all other Intellectual Property Rights owned by or licensed to ESPN and associated with the BASSMASTER brand.
The BASSMASTER Properties shall include any modifications, additions, enhancements and upgrades to the BASSMASTER Properties, but shall not include the Fishing Game. Title to and all ownership rights of, in and to the BASSMASTER Properties, and the
copyrights, trademarks, patents and other intellectual property rights related thereto, are and will remain the property of ESPN, which shall have the exclusive right to protect the same by copyright, trademark, patent or otherwise

  

	 	b.	 “Confidential Material” shall mean corporate information, contractual licensing arrangements, plans, strategies, tactics, policies, resolutions,
patents, trademark and trade name applications, and any litigation or negotiations; marketing information, including sales or product plans, strategies, tactics, methods, customers, prospects, or market research data; financial information,
including cost and performance data, debt arrangement, equity structure, investors, and holdings; operational and scientific 

  

	 	 
information, and documentation for all such software, drawings and designs; and personnel information, including personnel lists, resumes, personnel data,
and performance evaluation, as known and disclosed by one Party to another Party. 

  

	 	c.	“DNA Trademarks” shall mean DWANGO®, and all other product names, logos, trade names and trademarks owned or used by DNA (for purposes of this definition only, the term DNA shall include
Dwango North America, Inc., Dwango North America, Corp., and any subsidiary, division or other entity owned and/or controlled by Dwango North America, Inc., and/or Dwango North America, Corp.). Title to and all ownership rights of, in and to the DNA
Trademarks are and will remain the property of DNA, which shall have the exclusive right to protect the same. 

  

	 	d.	“Fishing Game” shall mean the multi-player wireless fishing game owned by or licensed to DNA. The Fishing Game shall include any modifications, additions,
enhancements and upgrades to the Fishing Game, but shall not include any BASSMASTER Property. Title to and all ownership rights of, in and to the Fishing Game, and the copyrights, trademarks, patents and other intellectual property rights related
thereto, are and will remain the property of DNA, which shall have the exclusive right to protect the same by copyright, trademark, patent or otherwise. 

  

	 	e.	“Gross Revenue” shall mean all revenue, fees, proceeds and/or income of whatever type or character that DNA has the right to collect and/or receive from or as a
direct result of the BASSMASTER Fishing Game. 

  

	 	f.	“Intellectual Property Rights” shall mean all copyrights (including, without limitation, the exclusive right to reproduce, distribute copies of, display and
thereupon perform the copyrighted work and to prepare derivative works), copyright registrations and applications, trademark rights (including, without limitation, registrations and applications), patent rights, including registration and
application, trade names, mask work rights, trade secrets, moral rights, author’s rights, algorithms, rights in packaging, goodwill and other intellectual property rights, and all divisions, continuations, reissues, renewals and extensions
thereof, regardless of whether any such rights arise under the laws of the United States or any other state, country or jurisdiction, and all derivative works of any copyrighted work. 

  

	 	g.	“Net Revenue” shall mean Gross Revenue less (1) all payments made by DNA to unrelated third parties (including wireless carriers, licensors and governmental
entities) which are due to or result directly from the collection of such revenue and (2) Out of Pocket-Expenses (as defined below). With respect to the Net Revenue, under no circumstances shall payments to third parties exceed more than ten percent
(10%) of Gross Revenues. 

  

	 	h.	“Out-of-Pocket-Expenses” shall include, but not be limited to all costs related to distribution fees, marketing commissions and selling general and administrative
costs. 

  

	2.	License Grant. 

  

	 	a.	License to DNA Trademarks. Subject to the other provisions of this Agreement, DNA hereby grants to ESPN an assignable as per Section 16, non-exclusive, right and license,
solely within the United States, Canada and Mexico, to use, reproduce, publish, perform and display the DNA Trademarks in promotional and marketing materials, content directories and indices, and electronic and printed advertising, publicity, press
releases, newsletters and mailings about DNA, the BASSMASTER. Fishing Game and its relationship with ESPN. 

  
 Prior to each new use of any of the DNA Trademarks in the manner permitted herein, ESPN shall submit a sample of such proposed use to DNA for its prior
written approval, 

  

 2 

 
which may not be unreasonably withheld or delayed. Once DNA has approved a particular use of a DNA Trademark, the approval will remain in effect for such use
until withdrawn with reasonable prior written notice. 
  

	 	b.	License to BASSMASTER Properties. Subject to the other provisions of this Agreement, ESPN hereby grants to DNA a non-assignable (except as appropriate for the licensing of
the BASSMASTER Fishing Game to end users and wireless carriers), nonexclusive, right and license, solely within the United States, Canada and Mexico, to use, reproduce, publish, perform and display the BASSMASTER Properties in the BASSMASTER Fishing
Game, and promotional and marketing materials, content directories and indices, and electronic and printed advertising, publicity, press releases, newsletters and mailings about ESPN, the BASSMASTER Fishing Game and its relationship with DNA.

  
 Prior to each new use of any of the BASSMASTER
Properties in the manner permitted herein, DNA shall submit a sample of how the BASSMASTER Properties will actually be used to ESPN for its prior written approval or disapproval, which may not be unreasonably delayed. 
  

	3.	Restricted Uses. 

  

	 	a.	ESPN Marks. All marketing and advertising involving ESPN’s or BASSMASTER’s trade names, service mark, logos and/or any other proprietary marks of ESPN or its
parent (The Walt Disney Company) or any affiliates (the “ESPN Marks”) is subject to the prior written approval of ESPN Marketing or advertising that is not approved within fourteen (14) days of submission for approval by DNA
shall be deemed disapproved. 

  

	 	b.	Invalid Uses and Non-Competition. DNA shall not use the ESPN Marks in connection with any person or entity that (i) advertises, markets, promotes, sells or offers for sale
pornographic materials, multi-level marketing, pyramid schemes, gambling, firearms, tobacco or hard alcohol, or (ii) is a direct competitor of ESPN, including but not limited to Fox Sports, Sports Illustrated, and AOL Sports.

  

	 	c.	Third Party. DNA (and its third party service providers) agrees to comply with any requirements established by ESPN concerning the style, design, display and use of the ESPN
Marks. 

  

	 	d.	Symbols. DNA agrees to correctly use the trademark symbol TM or registration symbol ® with every use of the trademarks, service marks and/or trade names as part of the service pursuant to this Agreement; to use the registration symbol
® upon receiving notice from ESPN of registration
of any trademarks, service marks and/or trade names. 

  

	 	e.	Usage Guidelines. DNA (and its third party service providers) shall abide by the ESPN Usage Guidelines attached hereto as Exhibit A. 

 

	 	f.	No Endorsements. DNA (and its third party service providers) may not use the BASSMASTER Properties in any manner that implies sponsorship or endorsement by ESPN of services
and products other than those provided by ESPN. 

  

	4.	Ownership. 

  

	 	a.	 Ownership of the Fishing Game and underlying mobile entertainment DNA Trademarks. Except as specifically and clearly set forth in this Agreement, nothing
herein, nor the exercise of any rights granted ESPN hereunder, conveys to ESPN, and ESPN shall not have or acquire, and shall not purport to have or acquire any right, title and interest in and to all content, products, services, specifications,
documentation, software and other 

  

 3 

	 	 
materials supplied by DNA, including, without limitation the Fishing Game, mobile community technologies that power the Fishing Game and the DNA Trademarks
and any improvements and modifications thereto, including all Intellectual Property Rights therein. ESPN agrees that is shall not at any time during the term of this Agreement assert or claim any interest in, or do anything that may adversely affect
the [validity or enforceability] of, any Intellectual Property Rights in the Fishing Game, DNA mobile community and or the DNA Trademarks owned by or licensed to DNA. 

  

	 	b.	Ownership of BASSMASTER Properties. Except as specifically and clearly set forth in this Agreement, nothing herein, nor the exercise of any rights granted DNA hereunder,
conveys to DNA, and DNA shall not have or acquire, and shall not purport to have or acquire any right, title and interest in and to all content, products, services, specifications, documentation, software and other materials supplied by ESPN,
including, without limitation the BASSMASTER Properties and any improvements and modifications thereto, including all Intellectual Property Rights therein. DNA agrees that is shall not at any time during the term Agreement assert or claim any
interest in, or do anything that may adversely affect the [validity or enforceability] of, any Intellectual Property Rights in the BASSMASTER Properties owned by or licensed to ESPN. 

  

	 	c.	Notwithstanding anything contrary herein, DNA hereby acknowledges that as between the parties, ESPN owns all rights, title and interest in and to all content, products, services,
specifications, documentation, software and other materials developed independently by ESPN without use of DNA’s Confidential Information (as defined in Section 8). 

  

	5.	Services to be Performed by Each Party. 

  

	 	a.	Services to be performed by DNA. 

  

	 	i.	Develop the multi-player BASSMASTER Fishing Game. 

  

	 	ii.	Deliver the BASSMASTER Fishing Game to end users. 

  

	 	iii.	Provide infrastructure for the proper functioning of the BASSMASTER Fishing Game. 

  

	 	iv.	Provide and maintain the mobile community and mobile entertainment services for the BASSMASTER Fishing Game. 

  

	 	v.	Create a method for delivering advertisements into the BASSMASTER fishing game. 

  

	 	vi.	Work with ESPN to maintain carrier relationships. 

  

	 	vii.	Provide minimum marketing support for the game in the amount of $50,000 over the course of this Agreement in accordance with law. 

  

	 	viii.	Upon the terms and subject to the conditions of this Agreement, DNA will use commercially reasonable efforts to perform ancillary services that are necessary, proper or advisable
consistent with this Agreement, including but not limited to attending meetings and providing necessary updates to the underlying technology of the BASSMASTER Fishing Game. 

  

 4 

	 	b.	Services to be performed by ESPN. 

  

	 	i.	At its sole option, ESPN may provide marketing support of the BASSMASTER Fishing Game. 

  

	 	ii.	Provide information to DNA concerning the BASSMASTER brand, tournaments, and other events. 

  

	 	iii.	Upon the terms and subject to the conditions of this Agreement, ESPN will use commercially reasonable efforts to perform ancillary services that are necessary, proper or advisable
consistent with this Agreement, including but not limited to attending meetings and providing responsive answers to DNA’s inquiries related to this Agreement. 

  

	6.	Division of Revenue. 

  

	 	a.	Royalty. DNA shall pay ESPN a royalty equal to [*] of Net Revenue received by DNA from the BASSMASTER Fishing Game (“ESPN Royalty”). For purposes of
calculating ESPN’s Royalty payment Net Revenue shall be no less than [*] of Gross Revenue. Determination and distribution of the ESPN Royalty shall be made within thirty (30) days subsequent to the end of each calendar quarter, based on the
aggregate amount of Net Revenue collected during such calendar quarter. 

  

	 	b.	Royalty Reports. DNA shall be responsible for preparation and delivery of a Net Revenue report, which shall be due within thirty (30) days subsequent to the end of each
calendar quarter. Failure to timely submit ESPN Royalty payments shall incur an additional charge of one percent (1.00%) per month on any balance due, commencing as of the applicable due date(s). Such report shall provide information related to (1)
Gross Revenue collected and due, (2) third party unrelated payments, (3) Out-of-Pocket-Expenses, (4) Net Revenues, (5) any account receivable write-offs and/or account receivables past due greater than ninety (90) days and (6) all other information
reasonably necessary for computation and confirmation of the Net Revenue and ESPN Royalties, if any, for such quarterly period. The Parties agree that any audits performed with regard to the books and records relating to Net Revenue reports shall be
performed by a mutually acceptable independent accounting firm or certified public accountant. 

  

	 	c.	Records. DNA shall maintain complete and accurate records regarding the Net Revenue during the entire term of this Agreement and for not less than two (2) years
following the termination or expiration of this Agreement. 

  

	 	d.	Audits. In connection with the obligations undertaken by DNA hereunder to prepare and deliver the Net Revenue reports and to preserve the records related thereto, an
accountant mutually agreed upon by the Parties may inspect the records on which such reports are based no more than once per calendar year. In addition to the foregoing, ESPN or its duly authorized representatives may examine, copy and collect all
books of account, records or other documents that pertain to the BASSMASTER Fishing Game. Upon written request, DNA shall send the records upon which the Net Revenue reports are based to the agreed upon accountant within ten (10) days after
receiving such request. If, upon performing such audit, it is determined that DNA prepared such report incorrectly resulting in underpayment of the royalty payments, DNA shall pay ESPN the amount of the underpayment within five (5) business days
from the completion of the audit. If such underpayment exceeds ten percent (10%) of the royalty payments due in the period being audited, DNA will bear all reasonable expenses and costs of such audit. If, upon performing such audit, it is determined
that DNA prepared such report incorrectly 

  
  
 [*]  Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been
requested with respect to the omitted portions. 
  

 5 

	 	 
resulting in overpayment of the royalty payments, ESPN shall reimburse DNA the amount of the overpayment within five (5) business days from the completion of
the audit. 

  

	 	e.	Minimum Payment Obligations. DWANGO guarantees that ESPN will make a minimum of $50,000 in net revenue over the course of this agreement. 

  

	7.	Term and Termination. The term of this Agreement and the Licenses granted herein shall begin on the Effective Date and shall expire on a date two (2) calendar years from the
Effective Date unless terminated earlier pursuant to this Section 7. 

  
 ESPN shall have the right to terminate this Agreement without cause by giving thirty (30) days’ prior written notice to DNA if DNA fails to meet Minimum Payment Obligations and/or ESPN is unsatisfied with this
Agreement for any reason whatsoever. 
  
 Either Party hereto may
terminate this Agreement by giving thirty (30) days written notice to the other Party of any material default by such Party under this Agreement. This Agreement shall terminate on the thirtieth (30th) day following receipt by the defaulting Party of
the described notice, unless the defaulting Party cures any such default within the above proscribed thirty (30) day period. Notwithstanding the foregoing, the cure period for default of payment of ESPN Royalties shall be five (5) days from its due
date. 
  

	8.	Confidentiality Agreement. Each of the Parties hereby agrees to keep that all Confidential Material of the other confidential. Each Party acknowledges the unique and
proprietary nature of the Confidential Material of the other Parties. Each Party hereby agrees and acknowledges that it makes no present claim, nor will it make any future claim whatsoever, to the other Parties’ Confidential Material. In
addition, the Parties agree that no Party shall disclose the Confidential Material, or any part thereof, to any person or entity without the prior written consent of the other Parties; and each Party shall treat the Confidential Material as
confidential and proprietary information of the other Parties and the Confidential Material of the other as valuable business and property rights. Notwithstanding anything to the contrary herein, the representations and obligations of the Parties
contained within this Section 7 shall survive any termination or expiration of this Agreement for a period of two (2) years after such expiration or termination. 

  
 A receiving Party may disclose the disclosing Party’s Confidential Information to its employees, agents and contractors
(collectively, “Representatives”) who have a need to know the information to further the purpose of this Agreement. The receiving Party shall be liable for breach of this Agreement if a Representative or a person to whom the
receiving Party (or a Representative) has disclosed the disclosing Party’s Confidential Information, in turn makes a disclosure or use, which if committed by the Receiving Party would have constituted a breach of this Agreement. ESPN may
disclose DNA’s Confidential Information to ESPN, Inc., ABC, Inc., The Walt Disney Company or any related, affiliated and subsidiary company thereof (collectively, the “ESPN Affiliates”). ESPN shall remain liable for disclosures
by ESPN Affiliates (of the information disclosed by ESPN) which if made by ESPN would constitute a breach hereof. 
  
 The obligations of this Section 8 shall not apply to any Confidential Material which such conditions as may be imposed in such written authorization; (a)
is or becomes publicly known through no act or failure to act on the part of the receiving Party; (b) was rightfully known by the receiving Party prior to disclosure by the disclosing Party; (c) becomes rightfully known to the receiving Party from a
third party not subject to any independent confidential or proprietary restriction and who did not acquire or disclose such information by a wrongful or tortious act; or (d) is or was developed independently by the receiving Party without use of the
disclosing Party’s Confidential Information or (e) is disclosed in response to a valid order of a court or other governmental body of the United States or any political subdivisions thereof, but only to the extent of and for the purposes of
such order; provided, however, that the Party receiving the Confidential Material shall first notify the disclosing Party hereto of the order and permit the disclosing Party to seek an appropriate protective order. The receiving Party will only
disclose that portion of the 

  

 6 

 
information that its legal counsel advises must be disclosed. The disclosing Party agrees to reimburse the receiving Party for costs, as incurred and
approved, in connection with the receiving Party’s efforts to preserve the confidentiality of the disclosing Party’s information. 
  
 The disclosing Party acknowledges that the receiving Party may develop information internally or receive information from other parties that is similar to
the Confidential Information. Accordingly, nothing in this Agreement should be construed as a representation or agreement that the receiving Party has not or will not develop or have developed products, concepts, systems or techniques contemplated
by or embodied in the Confidential Information, provided that the receiving Party does not violate any of its obligations under this Agreement in connection with such development. No discussions and/or communications between the Parties hereunder or
otherwise will: (a) serve to impair the right of either Party to develop, make, use, procure, and/or market products or services now or in the future that may be competitive with those offered by the other; (b) require either Party to disclose any
planning or other information to the other; (c) result in any obligation on the part of either Party to enter into any further agreement of any kind; or (d) constitute an option, grant or license to the Receiving Party under any patent or other
rights now or hereinafter held by the disclosing Party. 
  

	9.	Warranties, Indemnification and No Consequential Damages. 

  

	 	a.	Warranty. Each Party represents and warrants that it owns rights, title and interest in the Intellectual Property Rights licensed herein and/or that it has the authority to
make the transfers and grant the licenses granted hereunder. The Parties hereby warrant and represent that they have full legal rights and authority to enter into this Agreement and to perform their obligations hereunder, and that by entering into
this Agreement or performing their obligations hereunder, they are not in default or breach of any contract or agreement with any third party and they are not violating or infringing upon the rights of any third party. The Parties represent and
warrant that they are not prohibited nor in any manner otherwise restricted, by any law, regulation or administrative or judicial order of the United States from entering into this Agreement or carrying out its provisions or the transactions
contemplated thereby. 

  

	 	b.	Indemnification. ESPN agrees to and shall indemnify, defend and hold harmless DNA and its affiliates and its and their directors, shareholders, officers, agents, employees,
successors and assigns from and against any and all third party claims, demands, suits, judgments, damages, costs, losses and expenses (including reasonable attorneys’ fees and expenses) (collectively, “Losses”) arising out of
the authorized use of the BASSMASTER Properties hereunder, and/or any breach or alleged breach by DNA of this Agreement. DNA agrees to and shall indemnify, defend and hold harmless ESPN and its parent and affiliates and its and their directors,
shareholders, officers, agents, employees, successors and assigns from and against any and all Losses arising out of (i) DNA’s Technology, content thereon or related advertising and promotion, and/or (ii) any breach by DNA of this Agreement.

  

	 	c.	 Procedure. The party requesting indemnification (the “Indemnitee”) shall notify the other party (the “Indemnitor”) in
writing as soon as practicable of a claim for indemnification. The Indemnitor shall afford the Indemnitee the opportunity to participate, at the Indemnitee’s expense, in the defense of any such claim; provided however that the Indemnitor shall
have the right to control all aspects of the handling of such claim, including but not limited to selection of counsel, compromise, settlement or other resolution of such claim. Without limiting the generality of the foregoing, if the Indemnitor
fails or refuses to assume the defense of any claim to which its indemnity applies (whether or not suit has formally been brought), it shall be responsible for payment of any settlement of such claim reached by the Indemnitee, as well as the costs
and expenses (including reasonable attorneys’ fees) as incurred by the Indemnitee in defending such claim (or reaching a settlement). Notwithstanding the foregoing, a party may not settle or 

  

 7 

	 	 
compromise any claim without the prior express written consent of the other party (not to be unreasonably withheld). 

  

	 	d.	No Consequential Damages. Except with respect to indemnification claims, neither party shall be liable to the other or any third party for any liquidated, indirect,
consequential, exemplary or incidental damages (including damages for loss of business profits, business interruption, loss of business information, and the like) arising out of this agreement, even if it has been advised of the possibility of such
damages. 

  

	10.	Trademark and Promotions. Except as provided herein, neither Party shall use the other Party’s trademarks or service marks without the other Party’s prior written
permission. Except as expressly set forth in this Agreement, and subject to any approvals and limitations set forth in this Agreement, DNA shall acquire no right under this Agreement to use, and DNA shall not use, and shall not, directly or
indirectly, assist any other Party to use, the names “ESPN,” “ABC” or “Disney” (either alone, in conjunction with or as a part of any other word, name or phrase), or any other marks, fanciful characters or designs of
The Walt Disney Company or any of its related, affiliated or subsidiary companies: (i) in any advertising, publicity or promotion or other disclosure; (ii) in any in-house publication; (iii) to express or imply any endorsement of any product or
service; or (iv) in any other manner or for any purpose whatsoever (whether or not similar to any of the foregoing). Each Party acknowledges the good will inherent in the other Party’s marks, that the other Party’s marks have secondary
meaning to members of the public and that it will do nothing to attack or undermine the property rights of the other Party embodied in each Party’s respective marks. 

  

	11.	DISCLAIMER. Except for the express warranties and representations set forth in this agreement, neither party makes any other warranties, express or implied. Each party
expressly disclaims all other warranties and representations, whether express, implied, or statutory, including without limitation the implied warranties of merchantibility, fitness for a particular. 

  

	12.	Choice of Law and Venue. This Agreement shall be governed, construed and enforced in accordance with the laws of the state of New York (without regard to its
principles of choice of law), and applicable federal law. Venue for any action concerning this Agreement shall be in New York. 

  

	13.	Severability. Each and every clause of this Agreement is severable from the whole and shall survive unless the entire Agreement is declared unenforceable.

  

	14.	Delivery of Notices and Payments. Unless otherwise directed in writing by the parties, all notices given hereunder shall be sent via Federal Express or another equivalent
express delivery service to the addresses set forth on the first page of this Agreement. All notices, requests, consents and other communications under this Agreement shall be in writing and shall be deemed to have been delivered on the business day
after the date sent via Federal Express or other equivalent express delivery service. Notwithstanding the foregoing, termination pursuant to Section 7 and/or amendments and/or waivers pursuant to Section 20 may be conducted via facsimile.

  

	15.	Entire Agreement. This Agreement represents the entire agreement, and supersedes all prior understandings or agreements, oral or written, between the Parties with respect to
the subject matter hereof. 

  

	16.	Assignability. Neither party may assign this Agreement without the other party’s prior written permission, except that ESPN may assign this Agreement without permission
to its affiliate or parent (upon written notice to the DNA) so long as ESPN remains liable for all of its obligations hereunder. All other assignments, unless approved in writing, shall be deemed void. This Agreement shall be binding upon the
successors and permitted assigns of each party. 

  

 8 

	17.	Not a Partnership. This Agreement does not constitute and shall not be construed as constituting a partnership or joint venture among the Parties hereto, or an
employee-employer relationship. No Party shall have any right to obligate or bind any other Party in any manner whatsoever, and nothing herein contained shall give, or is intended to give, any rights of any kind to any third persons.

  

	18.	Counterparts. This Agreement may be executed in several counterparts, each of which will be deemed to be an original, and each of which alone and all of which together, shall
constitute one and the same instrument, but in making proof of this Agreement it shall not be necessary to produce or account for each copy of any counterpart other than the counterpart signed by the Party against whom this Agreement is to be
enforced. This Agreement may be transmitted by facsimile, and it is the intent of the parties for the facsimile of any autograph printed by a receiving facsimile machine to be an original signature and for the facsimile and any complete photocopy of
the Agreement to be deemed an original counterpart. 

  

	19.	Severability. Any provisions hereof found by a court of competent jurisdiction to be void or unenforceable will not affect the validity or enforceability of any other
provisions. 

  

	20.	Amendment and Waiver. No amendment or waiver to this Agreement shall be binding unless approved in writing by both parties. A waiver shall in no event be deemed a continuing
waiver unless specifically so designated in writing. 

  

	21.	Captions. All captions in this Agreement are intended solely for the convenience of the Parties, and none shall affect the meaning or construction of any provision.

  

	22.	Survival of Agreement. Upon termination or expiration of this Agreement for any reason, the following provisions of this Agreement shall survive: Sections 1, 4, 7, 8,
9(b)-(d), 10, 12, 13, 14, 15, 16, 19, 21 and 22. 

  
 [THE REST OF THIS PAGE IS INTENTIONALLY LEFT BLANK.] 
  

 9 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the date first set forth above.

  

									
	 DWANGO NORTH AMERICA CORP.
	 	 	 	 ESPN ENTERPRISES, INC.

					
	By:	 	 /s/ Rick J. Hennessey
	 	 	 	By:	 	 /s/ Manish Jha

	 	 	
	 	 	 	 	 	

	 	 	 Rick J. Hennessey
	 	 	 	 Name:
	 	 Manish Jha

	 	 	 President & CEO
	 	 	 	 Title:
	 	 SVP, Emerging Media + data

  

 10 

 EXHIBIT A 
  

 11 

 ESPN USAGE GUIDELINES 
  

	1.	DNA shall use the ESPN Marks solely as provided in the Agreement and in no other manner. 

  

	2.	DNA shall always use the ESPN Marks as a proper adjective modifying the common descriptive terms associated with the ESPN Marks as provided in the Agreement.

  

	3.	DNA’s house mark or house logo must appear on any materials where the ESPN Marks is used and must be larger and more prominent than the ESPN Marks. 

  

	4.	On any Products, DNA shall not be required to use the common descriptive term that follows the trademark, so long as DNA uses an ® next to the ESPN Marks. 

  

	5.	In connection with each use of the ESPN Marks, DNA shall place an asterisk by the ESPN Marks and cause the following expression to appear as a legend: 

  
 “Registered Trademark or trademark of ESPN in the United States and/or
other countries and used under license from ESPN.” 
  

	6.	DNA shall not use the ESPN Marks in the possessive or as nouns nor shall it pluralize or abbreviate the ESPN Marks. 

  

	7.	The ESPN Marks must stand-alone. The minimum required area of empty space around the ESPN Marks is 1/2x, where x equals the height of the ESPN Marks 

 

	8.	DNA shall always capitalize all the letters of “ESPN” or use the ESPN Marks in the exact stylized form provided to DNA by ESPN electronically or in hard copy form. The
ESPN Marks may not be altered in any manner not set forth herein without the prior written approval of ESPN. 

  

	9.	DNA shall not use the ESPN Marks in any manner that expresses or might imply DNA’s affiliation, sponsorship, endorsement, certification or approval other than as contemplated
by this Agreement. 

  

	10.	DNA shall not combine the ESPN Marks with any other symbols, words, logos, icons, graphics, photos, slogans, numbers or other design elements of either DNA or any third party.

  

	11.	Other than as provided herein, DNA shall not use the ESPN Marks in a trade name, business name, domain name, product or service name, logo, trade dress, design, slogan or other
trademark. 

  

	12.	DNA shall conform its use of the ESPN Marks to other rules that ESPN provides in writing to DNA from time to time. 

  

 12Placement Agent Agreement

 Exhibit 10.30 
  
 HCFP/BRENNER SECURITIES, LLC 
 888 Seventh Avenue, 17th Floor 
 New York, New York 10106 
  
 April 30, 2002 
  
 Dwango North America, Inc. 
 2100 West Loop South, Suite 926 
 Houston Texas 77027 
  
 Attention: Mr. Robert E.
Huntley 
         Chief Executive Officer 
  
 Gentlemen: 
  
 We are pleased that Dwango North America, Inc. (the “Company”) has selected HCFP Brenner Securities, LLC (the
“Placement Agent”) to act as its financial advisor and exclusive agent to assist the Company in connection with a private placement of up to $751,500 of the Company’s equity securities (the “Financing”). It is intended that
the Financing will be consistent with the general terms set forth in the term sheet attached as Schedule A hereto, which are subject to change based upon the mutual agreement of the parties hereto. Capitalized terms used in Schedule A which are not
defined therein shall have the meaning ascribed to such terms in this Agreement. This letter will confirm our acceptance and set forth the terms of the engagement agreed to between us. 
  
 1. Retention. The Company hereby retains the Placement Agent as the exclusive financial advisor and placement agent
for the Company in connection with the proposed Financing from the date hereof until the Expiration Date (as defined below) (the “Engagement Period”). During the Engagement Period the Company will not contact or solicit potential investors
with respect to the Financing and all inquiries and offers received by the Company with respect thereto shall be referred to the Placement Agent. Prior to the delivery of Offering Materials to third parties, the Placement Agent shall inform the
Company, through e-mail to Robert E. Huntley, of the names of such parties, and the Company shall have the right, within 48 hours and in good faith, to disapprove the sending of such materials to any one or more such parties. It is understood that
execution of this Agreement does not assure the successful completion of the Financing or any portion thereof. For the purposes of this Agreement, the term “Expiration Date” shall mean the date that is four (4) months from the date hereof,
unless extended by the parties hereto. 
  
 2. Information.
In connection with the Placement Agent’s activities hereunder, you will furnish us and our counsel upon request with all material and information regarding the business and financial condition of the Company (all such information so furnished
being the “Information”), and with a private placement summary (including a complete term sheet for the Financing) and/or other documentation (as agreed to by the Placement Agent and the Company) with respect to the Company and the
Financing (such summary and/or other documentation in the form 

  

 - 1 - 

 
authorized by you, including any exhibits or supplements thereto, to the extent authorized by you, being the “Offering Materials”). The Company
represents and warrants that all Information and the Offering Materials, including but not limited to the Company’s financial information (as mutually determined by the Company and the Placement Agent), will be complete and correct in all
material respects and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein not misleading in the light of the circumstances under which such statements are or
will be made. The Company recognizes and confirms that the Placement Agent: (a) will use and rely primarily on the Information, the Offering Materials and on information available from generally recognized public sources in performing the services
contemplated by this Agreement without having independently verified the same; (b) is authorized to act as the Company’s exclusive financial advisor and placement agent to transmit to any prospective investor a copy or copies of the Offering
Materials, forms of purchase agreements and any other legal documentation supplied to the Placement Agent for transmission to any prospective investor by or on behalf of the Company or by any of the Company’s officers, representatives or
agents, in connection with the performance of the Placement Agent’s services hereunder or any transaction contemplated hereby; (c) does not assume responsibility for the accuracy or completeness of the Information or Offering Materials and such
other information; (d) will not make an appraisal of any assets of the Company; and (e) retains the right to continue to perform due diligence during the course of the engagement. The Placement Agent agrees to use their reasonable best efforts to
keep the Information confidential and the Placement Agent will not make use thereof, except in connection with services hereunder for the Company, unless (i) disclosure is required by law or requested by any government, regulatory or self-regulatory
agency or body; (ii) any Information is or becomes generally available to the public without fault of the Placement Agent; or (iii) any Information was or becomes available to the Placement Agent on a non-confidential basis from a source other than
the Company or any of its representatives. 
  
 3.
Compensation. As compensation for services rendered and to be rendered hereunder by the Placement Agent, the Company agrees to pay to the Placement Agent as follows: 
  
 (a) The Company shall pay to the Placement Agent upon execution of this Agreement a non-refundable
engagement fee of $10,000, which shall be creditable against amounts payable pursuant to Section 3(b). 
  
 (b) Upon closing of the Financing, the Company agrees to pay to the Placement Agent in cash a fee in an amount that is equal to ten
percent (10%) of the aggregate gross proceeds raised in the Financing; provided, however, that the fee shall be five percent (5%) of the aggregate gross proceeds raised from investors introduced by the Company. Notwithstanding the foregoing, if any
portion of the proceeds raised in the Financing are not paid to the Company at the closing of the Financing, the placement fee relating to such deferred proceeds shall be paid by the Company upon receipt of the deferred proceeds. It is understood
that if the Financing is consummated by means of more than one closing, the Placement Agent shall be entitled to the fees provided herein with respect to each such closing. The Company shall also pay to the Placement Agent a non-accountable expense
allowance in an amount which is equal to three percent (3%) of the aggregate gross proceeds raised in the Financing. 
  

 - 2 - 

 (c) In addition, the Placement Agent (or its designated nominees) shall receive, at the
closing of any Financing, warrants (the “Warrants”) to purchase a number of the Company’s securities that equals ten percent (10%) of the number of securities of the Company sold at such closing. The Warrants shall be five-year
warrants exercisable at the offering price per share in the Financing and shall contain registration rights and such other terms and conditions agreeable to the Company and the Placement Agent. The Warrants may be assigned in whole or in part by the
Placement Agent, subject to securities law compliance. 
  
 (d) Notwithstanding any termination of this Agreement pursuant to the terms hereof or otherwise, if on or before the Expiration Date, the Company enters into a definitive commitment relating to a Financing (or any portion thereof) with any
party, or within twenty-four months from the date hereof the Company enters into a definitive commitment relating to a Financing (or any portion thereof) with any investors to whom the Placement Agent delivered Offering Materials in accordance with
Section 1, the Company shall pay to the Placement Agent fees in accordance with the terms and provisions of Section 3(b) and Warrants in accordance with the terms and provisions of Section 3(c). The Company also shall pay to the Placement Agent
during such twenty-four month period a mutually agreeable fee relating to joint ventures or strategic or similar relationships developed by the Company through the efforts of the Placement Agent. 
  
 4. Certain Expenses. The Company shall be liable for, without
limitation, the following expenses that may be incurred in connection with the Financing: (a) printing of materials related to the Financing; (b) “blue sky” filing fees and disbursements and expenses of “blue sky” registration
and qualification (or notice filing); and (c) travel and lodging expenses of the Placement Agent for pre-approved travel and lodging outside of the New York Metropolitan area. The Company shall pay said expenses directly whenever practicable and
shall otherwise reimburse the Placement Agent upon request and delivery of appropriate supporting documentation. The expenses set forth in this Section 4 will not be considered covered by, and reimbursement of such expenses is in addition to, the
non-accountable expense allowance described in Section 3(b) and shall be paid regardless of whether or not any Financing is consummated. The Company’s obligations with respect to all fees and expenses due and payable to the Placement Agent
pursuant to this Section 4 and elsewhere in this Agreement shall survive any termination of the Placement Agent’s engagement hereunder. 
  
 5. Certain Offering Procedures; Agency Agreement. The Company and the Placement Agent each represent to the other that they have not taken, and the
Company and the Placement Agent each agree with the other that they will not take, any action, directly or indirectly, so as to cause the Financing to fail to be entitled to rely upon the exemption from registration afforded by Section 4(2) of the
Securities Act of 1933, as amended (the “Act”), and Regulation D promulgated thereunder. In effecting the Financing, the Company and the Placement Agent each agree to comply in all material respects with applicable provisions of the Act
and any regulations thereunder and any applicable state laws and requirements. It is understood that investors in the Financing shall be “accredited investors” within the meaning of Regulation D. The Company and the Placement Agent may
execute an Agency Agreement or other appropriate agreements as deemed necessary by the Placement Agent or their counsel, containing, among other things, the Company’s representations, warranties, covenants (including without limitation,
opinions acceptable to the 

  

 - 3 - 

 
Placement Agent to be delivered by counsel to the Company), indemnities and other provisions appropriate to a transaction such as the Financing. In the
absence of such an agreement, the Company shall at or prior to the Closing of any Financing, deliver to the Placement Agent such documents (including without limitation, opinions acceptable to the Placement Agent to be delivered by counsel to the
Company) as may be reasonably requested by the Placement Agent including, without limitation, an agreement for a customary eighteen (18) month right of first refusal for future financings, provided, however that such right of refusal shall contain a
provision providing for termination of such right in consideration of the payment of a $30,000 termination fee by the Company to the Placement Agent. The Company agrees that all representations, warranties and covenants made by it to investors and
contained in the subscription agreement portion of the Offering Materials shall be deemed also to be made to the Placement Agent for their benefit. 
  
 6. Indemnification. The Company agrees to the indemnification and other agreements set forth in Schedule B attached hereto, the provisions of which
are incorporated herein by reference and shall survive the termination or expiration of this Agreement. 
  
  
 7. Termination; Survival of Provisions. This letter may be terminated by the Placement Agent or the Company at any
time upon thirty (30) days prior written notice to the other party. In the event of such termination, the Placement Agent shall be paid by the Company all fees earned through the date of such termination (“Termination Date”) as well as
afterwards pursuant to any provision of Section 3 hereof, together with all expense reimbursements due under the terms of Section 4. All such fees and reimbursements due the Placement Agent pursuant to the immediately preceding sentence shall be
paid to the Placement Agent on or before the Termination Date (in the event such fees and reimbursements are earned or owed as of the Termination Date) or upon the closing of the Financing or any applicable portion thereof (in the event such fees
are due pursuant to the terms of Section 3(d) above). Notwithstanding anything expressed or implied herein to the contrary, the terms and provisions of the confidentiality provisions of Section 2 and the terms and provisions Sections 3(d), 4,6
(including but not limited to the provisions of Schedule B incorporated herein by reference) and 7 shall survive the termination of this Agreement for any reason. 
  
 8. Notices. All notices provided hereunder shall be given in writing and either delivered personally or by overnight
courier service or sent by certified mail, return receipt requested, if to HCFP/Brenner Securities, LLC, to 888 Seventh Avenue, 17* Floor, New York, NY 10106, Attention: Ira Scott Greenspan, Vice Chairman; and if to the Company, to Dwango North
America, Inc., 2100 West Loop South, Suite 926, Houston, Texas 77027, Attention: Robert E. Huntley, Chief Executive Officer, with a copy to Kaufman & Moomjian, LLC, 50 Charles Lindbergh Boulevard, Suite 206, Mitchel Field, New York 11553,
Attention: Gary T. Moomjian. 
  
 9. Governing Law; Amendment;
Headings. This Agreement shall be deemed to have been made and delivered in New York City, and both this Agreement and the services contemplated hereby shall be governed as to validity, interpretation, construction, effect, and in all other
respects by the internal laws of the State of New York. Each of the Placement Agent and the Company (a) agrees that any legal suit, action, or proceeding arising out of or relating to this Agreement and/or the transactions contemplated hereby shall
be instituted exclusively in New York State Supreme Court, County of New York, or in the United States District Court for the Southern 

  

 - 4 - 

 
District of New York, (b) waives any objection which it may have now or hereafter to the venue of any such suit, action, or proceeding, and (c) irrevocably
consents to the jurisdiction of the New York State Supreme Court, County of New York, and the United States District Court for the Southern District of New York in any such suit, action or proceeding. Each of the Placement Agent and the Company
further agrees to accept and acknowledge service of any and all process which may be served in any such suit, action, or proceeding in the New York State Supreme Court, County of New York, or in the United States District Court for the Southern
District of New York, and agrees that service of process upon the Company mailed by certified mail to the Company’s address shall be deemed in every respect effective service of process upon the Company in any such suit, action or proceeding,
and service of process upon the Placement Agent mailed by certified mail to the Placement Agent’s address shall be deemed in every respect effective service of process upon the Placement Agent in any such suit, action, or proceeding. This
Agreement may not be modified or amended except in a writing duly executed by the parties hereto. The section headings in this Agreement have been inserted as a matter of convenience of reference and are not part of this Agreement. 
  
 10. Successors and Assigns. The benefits of this Agreement shall inure
to the parties hereto, their respective successors and assigns and to the indemnified parties hereunder and their respective successors and assigns, and the obligations and liabilities assumed in this Agreement shall be binding upon the parties
hereto and their respective successors and assigns. Notwithstanding anything contained herein to the contrary, neither the Placement Agent nor the Company shall assign to an unaffiliated third party any of its obligations hereunder. 
  
 11. Press Announcements. At any time after the consummation or other
public announcement of the Financing, the Placement Agent may place an announcement in such newspapers and publications as it may choose, stating that the Placement Agent acted as exclusive financial advisor and placement agent to the Company in
connection with the Financing. 
  
 12. Counterparts. For
the convenience of the parties, this Agreement may be executed in any number of counterparts, each of which shall be, and shall be deemed to be, an original instrument, but all of which taken together shall constitute one and the same Agreement.

  
 13. Representations and Warranties. The Company
represents and warrants to the Placement Agent as follows: 
  
 (a) Authority Relative to this Agreement. The Company has full corporate power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby. The execution and
delivery of this Agreement has been duly and validly authorized by the Board of Directors of the Company and no other corporate proceedings on the part of the Company are necessary to authorize this Agreement. This letter has been duly and validly
executed and delivered by the Company and constitutes a valid and binding agreement or obligations of the Company, enforceable against the Company in accordance with its terms. 
  
 (b) Non-contravention. The execution and delivery of this Agreement and the consummation by the
Company of the transactions contemplated by this Agreement does not and 

  

 - 5 - 

 
will not conflict with or result in a breach by the Company of any of the terms or provisions of, or constitute a default under (i) the articles of
incorporation or by-laws of the Company, each as currently in effect, (ii) any indenture, mortgage, deed of trust, or other agreement or instrument to which the Company is a party or by which it or any of its properties or assets are bound, (iii) to
its knowledge, any existing applicable law, rule, or regulation or any applicable decree, judgment, or (iv) to its knowledge, order of any court, United States federal or state regulatory body, administrative agency, or other governmental body
having jurisdiction over the Company or any of its properties or assets. 
  
 If the foregoing correctly sets forth our agreement, please sign the enclosed copy of this Agreement in the space provided below and return it to us. 
  

			
	 Very truly yours,
  
 HCFP/BRENNER SECURITIES, LLC

		
	By:	 	 /s/ Ira Scott Greenspan

	 	 	

	 	 	 Name: Ira Scott Greenspan

	 	 	 Title: Vice Chairman

  

			
	 Confirmed and Agreed to as of the date first above written.
  
 DWANGO NORTH AMERICA, INC.

		
	By:	 	 /s/ Robert E. Huntley

	 	 	

	 	 	 Name: Robert E. Huntley

	 	 	 Title: Chief Executive Officer

  

 - 6 - 

 SCHEDULE A 
  

Summary Term Sheet 
  

			
	Securities Offered:	  	Up to a maximum of 450,000 shares of the Company’s common stock (the “Common Stock”), with gross proceeds to the Company of $751,500. Minimum offering shall be 300,000 shares,
or $501,000 of gross proceeds.
		
	Offering Price:	  	$1.67 per share.
		
	Use of Proceeds:	  	The Company intends to use the net proceeds of the Financing primarily for general corporate and working capital purposes.
		
	Securities Outstanding:	  	Prior to the Financing, the Company has (a) 2,567,838 shares of Common Stock outstanding (including 32,163 shares expected to be issued to the landlord of certain premises leased by the
Company, but excluding warrants issued as part of the Bridge Securities, as hereinafter defined); and (b) warrants and options outstanding to purchase 374,550 shares of Common Stock exercisable at $1.11 per share, excluding the Bridge Securities. In
April 2002, the Company completed a bridge financing in the form of a $100,000 principal amount note (the “Note”), resulting in net proceeds to the Company of $100,000 and in connection with which the Company issued warrants to purchase
29,940 shares of Common Stock (the “Bridge Warrants”) at an exercise price of $1.67 per share. The Note converts automatically upon the closing of the Financing (the “Closing”) at a conversion price of $1.67 per share into 59,880
shares of Common Stock (the “Bridge Shares” and, together with the Bridge Warrants, the “Bridge Securities”). Upon completion of the Financing (and including the Bridge Securities), there will be (a) 3,077,718 shares of Common
Stock and (b) warrants and options to purchase 404,490 shares of Common Stock outstanding. The Company may issue stock options under its Incentive Plan (1,000,000 authorized shares), at an exercise price of no less than $1.67 per share, to new
employees, directors or others, subject to the consent of the Placement Agent, which may not be unreasonably withheld (the issuance of stock options to purchase 100,000 shares at $1.67 per share to Ryo Shimizu shall be deemed consented
to).
		
	Registration Rights:	  	None of the Securities offered in the Financing will be registered under the Securities Act of 1933. Each investor in the Financing will be granted certain registration
rights.

  

			
	Information Rights:	  	Until the earlier of the initial public offering of the Company or three years from the Closing, the Company will deliver to the purchasers of securities in the Financing:
		
	 	  	 (i)       annual financial statements within 120 days after each
fiscal year end (which, if available, shall be audited), and
 (ii)      quarterly
unaudited, internally generated financial statements with comparisons to the same period in the prior fiscal year, within 45 days after each quarter’s end.

		
	 	  	The Company shall also deliver to the Placement Agent any other reasonable information requested by the Placement Agent, from time to time pertaining to the Company’s business, subject
to appropriate confidentiality obligations.
		
	Additional Share Issuances:	  	  
 From the date hereof until the Closing, the Company shall not issue
any securities without the prior written consent of the Placement Agent, subject to the provisions set forth under “Securities Outstanding” and which consent may not be unreasonably withheld. For a period of one year from Closing, the
Company shall not, without prior written consent of the Placement Agent (which consent may not be unreasonably withheld), issue any shares of Common Stock, except upon the exercise of preexisting stock options as described under “Securities
Outstanding”, unless the Company receives consideration in respect of such issuance equal to or greater than $1.67 per share. In the event that the Placement Agent’s consent is not given as set forth in this paragraph, then the Company may
nonetheless issue the subject securities so long as it offers a portion of such securities, on the same terms as offered to others, in an amount necessary to allow the investors to maintain their fully diluted ownership
percentage.

  

 SCHEDULE B 
  

Dwango North America, Inc. 
 2100
West Loop South, Suite 926 
 Houston Texas 77027 
  
 April 30, 2002 
  
 HCFP/Brenner Securities, LLC 
 888 Seventh Avenue 
 New York, NY 10106 
  

			
	 Attention:
	 	 Ira Scott Greenspan
 Vice Chairman

  
 Gentlemen: 
  
 This letter agreement is entered into pursuant to the engagement letter (the
“Agreement”), dated April 30,2002, between Dwango North America, Inc. (the “Company”) and HCFP Brenner Securities, LLC (the “Placement Agent”). Unless otherwise noted, all capitalized terms used herein shall have the
meanings set forth in the Agreement. 
  
 Since the Placement Agent
will be acting on behalf of the Company in connection with the engagement contemplated by the Agreement, and as part of the consideration for the agreement of the Placement Agent to furnish its services pursuant to such Agreement, the Company hereby
agrees to indemnify and hold harmless the Placement Agent and its affiliates and the respective directors, officers, partners, controlling persons (within the meaning of Section 15 of the Securities Act of 1933 or Section 20 of the Securities
Exchange Act of 1934), agents, counsel and employees of the Placement Agent or any of their affiliates (the Placement Agent and each such other person or entity being referred to individually as an “Indemnified Person” and, collectively,
as “Indemnified Persons”) from and against any and all claims, liabilities, losses, damages, penalties, judgments, awards and expenses incurred by any Indemnified Person (including fees and disbursements of counsel) which (A) are related
to or arise out of (i) actions taken or omitted to be taken (including any untrue statements made or alleged to have been made or any statements omitted or alleged to have been omitted, whether in connection with the Information or any other oral or
written statements) by the Company, its affiliates, directors, employees or agents or (ii) actions taken or omitted to be taken by an Indemnified Person with the Company’s consent or in conformity with its instructions or its actions or
omissions or (B) are otherwise related to or arise out of the Placement Agent’s activities on the Company’s behalf in connection with the engagement and will reimburse the Placement Agent and any other Indemnified Person for all costs and
expenses, including reasonable counsel fees and disbursements, as they are incurred, in connection with investigating, preparing and defending any action, formal or informal claim, investigation, inquiry or other proceeding, whether or not in
connection with pending or threatened litigation, caused by or arising out of or in connection with the Placement Agent acting pursuant to the engagement, whether or not the Placement Agent or any Indemnified Person is named as a party thereto and
whether or not any liability results therefrom. The Company will not, however, be responsible for any claim, liabilities, losses, damages or expenses which are finally judicially determined by a court of competent jurisdiction (not subject to
further review) to have resulted primarily from the Placement Agent’s willful misconduct or gross negligence. The Company also agrees that neither the Placement Agent nor any other Indemnified Person shall have any liability to the Company for
or in connection with such engagement except for any such liability for claims, liabilities, losses, damages, or expenses incurred by the 

  

 
Company which is finally judicially determined to have resulted primarily from the Placement Agent’s willful misconduct or gross negligence. 

 
 In order to provide for just and equitable contribution, if a claim for
indemnification is made pursuant to these provisions but is found in a final judgment by a court of competent jurisdiction (not subject to further appeal) that such indemnification is not available for any reason even though the express provisions
hereof provide for indemnification in such case, then the Company, on the one hand, and the Placement Agent on the other hand, shall contribute to such claim, liability, loss, damage or expense for which such indemnification or reimbursement is held
unavailable in such proportion as is appropriate to reflect the relative benefits to the Company, on the one hand, and the Placement Agent on the other hand, in connection with the actions contemplated by the engagement, subject to the limitation
that in any event the Placement Agent’s and all Indemnified Person’s aggregate contribution to all losses, claims, damages, liabilities and expenses to which contribution is available hereunder shall not exceed the amount of fees actually
received by the Placement Agent pursuant to the Agreement. 
  
 The
foregoing right to indemnity and contribution shall be in addition to any rights that the Placement Agent or any other Indemnified Person may have at common law or otherwise and shall remain in full force and effect following the completion or any
termination of the Placement Agent’s engagement. The Company hereby consents to personal jurisdiction and to service and venue in any court in which any claim which is subject to this agreement is brought against the Placement Agent or any
other Indemnified Person. Neither termination nor completion of the engagement of the Placement Agent referred to above shall affect these provisions which shall remain operative and in full force and effect. 
  
 This agreement shall be governed by, and construed in accordance with, the
laws of the State of New York applicable to agreements made and to be fully performed therein, without regard to conflicts of law principles. 
  
 Please sign and return an original and one copy of this letter to the undersigned to indicate your acceptance of the terms set forth herein, whereupon
this letter and your acceptance shall constitute a binding agreement between the Company and the Placement Agent as of the date of the Agreement. 
  

			
	 Sincerely,

	
	 DWANGO NORTH AMERICA, INC.

		
	 By:
	 	 /s/ Robert E. Huntley

	 	 	

	 	 	 Name: Robert E. Huntley

	 	 	 Title:   Chief Executive Officer

  

			
	 Accepted and Agreed:

	  
 HCFP BRENNER
SECURITIES, LLC

		
	 By:
	 	 /s/ Ira Scott Greenspan

	 	 	

	 	 	 Name: Ira Scott Greenspan

	 	 	 Title:   Vice Chairman

  
  

 HCFP/BRENNER SECURITIES, LLC 
 888 Seventh Avenue, 17th Floor 
 New York, New York
10106 
  
 October 7, 2002 
  
 RG Securities LLC 
 One Hollow Lane, Suite 208 
 Lake Success, New York 11040 
  
 Attention: James Scibelli 
  
 Gentlemen: 
  
 Reference is hereby made to the letter agreement between HCFP/Brenner Securities, LLC (“HCFP”) and Dwango North America, Inc. (“Dwango”), dated April 30, 2002 (the “Placement Agent
Agreement”), a copy of which is attached hereto as Annex I. Capitalized terms used in this letter agreement and not defined herein shall have the meanings ascribed to them in the Placement Agent Agreement. 
  
 For valid consideration, the receipt of which the undersigned hereby acknowledge, HCFP, RG
Securities LLC (“RG”) and Dwango, intending to supplement and modify the Placement Agent Agreement as provided herein, agree as follows: 
  
 Definition of Placement Agent 
  

	1.	Notwithstanding Section 1 of the Placement Agent Agreement, HCFP and RG shall act as exclusive co-placement agents on behalf of Dwango in connection with the Financing during the
Engagement Period, and all references in the Placement Agent Agreement to the “Placement Agent” shall mean HCFP and RG as if RG was an original party thereto. In addition, RG shall be entitled to the benefits of Schedule B (Indemnification
Letter Agreement) to the Placement Agent Agreement and all references in such Schedule B to the “Placement Agent” shall mean HCFP and RG as if RG was an original party thereto. 

  
 Compensation 
  

	2.	 HCFP and RG each shall be entitled to receive from Dwango one-half of all compensation, non-accountable expense allowances, and warrants to purchase Dwango
securities otherwise required to be delivered by Dwango to HCFP, pursuant to the Placement Agent Agreement prior to its being modified hereby. In addition, HCFP and RG shall be entitled to receive from Dwango a total of $25,000 which amount
represents 5% of (i) the gross proceeds ($400,000) received by Dwango from Dwango Co. Ltd. in connection with the July 2002 sale of 239,521 shares of common stock of Dwango to Dwango Co. Ltd., at $1.67 per share, and (ii) the gross proceeds
($100,000) received by Dwango from Dwango Co. Ltd. in connection with the issuance of a 4% convertible 

  

	 	 
promissory note by Dwango in favor of Dwango Co. Ltd. HCFP hereby acknowledges that, as of the date of this letter agreement, it, on behalf of the Placement
Agents, received $20,000 of the $25,000 described in the preceding sentence. Notwithstanding the foregoing, the undersigned agree that all cash payments required by this paragraph to be paid by Dwango to the Placement Agents shall be made by Dwango
to HCFP, who shall remit to RG the portion of such payments owing to it in accordance with the Placement Agent Agreement, as modified hereby. 

  

	3.	RG shall be reimbursed by Dwango for such expenses incurred by RG relating to the Financing for which HCFP would have been entitled to be reimbursed by Dwango under the Placement
Agent Agreement prior to its being modified hereby. 

  

	4.	On or prior to the closing of the Financing, Dwango shall have authorized the issuance to each of HCFP and RG of warrants in the form attached hereto as Annex II (the
“Warrants”). The Company acknowledges that it shall deliver to the Placement Agents on or prior to the closing of the Financing a registration rights agreement in the form attached to the Offering Materials. 

  
 Representations and Warranties 
  
 Dwango hereby represents and warrants to each of HCFP and RG that:

  

	5.	The execution and delivery of, and the performance of the transactions contemplated by, this Agreement have been authorized by all requisite corporate action of Dwango. Dwango has
the power and authority to execute and deliver this Agreement and the Warrants, to issue the Warrants (and the underlying shares), and to consummate the transactions contemplated hereby and thereby, and this Agreement and the Warrants are valid,
binding and enforceable against Dwango in accordance with their respective terms. 

  

	6.	The Warrants and the shares underlying the Warrants, when issued, sold and delivered in accordance with the terms of the Warrants for the consideration expressed therein, will be
duly and validly issued, fully paid and nonassessable, and will be free of restrictions on transfer other than restrictions on transfer under the Warrants and under applicable state and federal securities laws. The issuance and delivery of the
Warrants and the shares underlying the Warrants are not and will not be subject to any pre-emptive rights, rights of first refusal, rights of first offer or other similar rights. 

  

	7.	The execution, delivery and performance of this Agreement and the Warrants and the consummation of the transactions contemplated hereby and thereby by Dwango do not and will not,
with the giving of notice or the passage of time or both, violate or result in a breach or termination of any provision of, or constitute a default under, the Certificate of Incorporation or the Bylaws of Dwango or any order, judgment, decree,
statute, regulation, contract, agreement or any other restriction of any kind or description to which Dwango or its assets may be bound or subject. 

  

	8.	Subject to the continued accuracy of the representation and warranty set forth in paragraph 10, the offer and issuance of the Warrants (and the issuance of the shares underlying the
Warrants) is and will be exempt from the registration requirements of Section 5 of the Act. 

  

	9.	The representations and warranties made by Dwango in the subscription agreement attached hereto as Annex III (the “Subscription Agreement”) are hereby incorporated into
this Agreement by reference herein as if made to HCFP and RG in this Agreement. 

  
 Each of HCFP and RG severally as to such Placement Agent represents and warrants to the Company that: 
  

	10.	It is an “accredited investor” as such term is defined in Rule 501 of Regulation D promulgated under the Act. 

  
 Conditions of Obligations 
  

	11.	The obligations of HCFP and RG under the Placement Agent Agreement, as modified herein, are subject to the accuracy, on the closing date of the Financing and on any subsequent
related closing date, of the representations and warranties of Dwango herein, to the performance, on or prior to such date, by Dwango of its obligations under each of the Placement Agent Agreement, as modified herein, and the Subscription Agreement,
and to each of the following additional conditions precedent: 

  

	 	(a)	The Offering Materials, as amended or supplemented as of such closing date, shall not contain any untrue statement of fact which, in the reasonable opinion of HCFP and RG, is
material or omit to state a fact which, in the reasonable opinion of HCFP and RG, is material and is necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

  

	 	(b)	 There shall not have occurred (i) any change, or any development involving a prospective change, in or affecting particularly the business or properties of Dwango
which, in the judgment of HCFP and RG, materially impairs the investment quality of the Financing; (ii) any banking moratorium declared by Federal or New York authorities; (iii) any outbreak or escalation of major hostilities in which the United
States is involved, any declaration of war by Congress or any other substantial national or international calamity or emergency if, in the judgment of HCFP and RG, the effect of any such outbreak, escalation, declaration, calamity or emergency makes
it impractical or inadvisable to proceed with the Financing; (iv) any change in U.S. or international financial, political or economic conditions or U.S. or international securities or commodities markets as would, in the judgment of HCFP and RG, be
likely to prejudice materially the success of the Financing, or (v) any action or proceeding against Dwango under the Act or the Securities and Exchange Act of 

  

	 	 
1934 which is likely, in the reasonable judgment of HCFP and RG, to have a material adverse effect on the Financing. 

  

	 	(c)	The Placement Agents shall have received a legal opinion from counsel to Dwango in form and substance satisfactory to the Placement Agents. 

  
 Right of First Refusal 
  

	12.	If, during the Engagement Period or within 18 months thereafter, Dwango proposes to effect any offering or financing, Dwango agrees to offer to engage HCFP and RG as its financial
advisors and exclusive co-placement agents in connection with such transaction. The terms of such additional engagement will be set forth in a separate letter agreement providing for compensation, other terms and documentation customary to HCFP and
RG for similar transactions. Dwango shall be entitled to terminate such right of first refusal in consideration of the payment to each of HCFP and RG in the amount of $15,000. 

  
 Miscellaneous 
  

	13.	None of the undersigned nor any person acting on its behalf has offered or sold or will offer or sell the equity securities to be offered in the Financing by means of any form of
general solicitation or general advertising, including but not limited to (a) any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio, or (b) any seminar
or meeting whose attendees have been invited by any general solicitation or general advertising. 

  

	14.	Dwango will advise HCFP and RG promptly of any proposal to amend or supplement the Offering Materials and will afford each of HCFP and RG a reasonable opportunity to comment on any
such proposed amendment or supplement. 

  

	15.	If at any time any event occurs as a result of which the Offering Materials as then amended or supplemented would include an untrue statement of a material fact or omit to state any
material fact necessary in order to make the statements therein, in light of the circumstances under which they were made when such Offering Materials are delivered to a prospective purchaser or a purchaser, not misleading, or if it is necessary at
any such time to amend or supplement the Offering Materials to comply with any applicable law, Dwango promptly will notify HCFP and RG to suspend solicitation of offers to purchase the equity securities to be offered in the Financing and Dwango will
promptly prepare an amendment or supplement which will correct such statement or omission or effect such compliance. 

  

	16.	Dwango will take any and all actions, and execute and file any and all documents or instruments, that are necessary in order to obtain or maintain exemptions from the registration
requirements of the Act, applicable state securities or blue sky laws or other applicable laws. 

  

	17.	All press announcements relating to the Financing shall state that HCFP and RG acted as co-placement agents to Dwango in connection with the Financing. 

  

	18.	The provisions of this letter agreement and the Placement Agent Agreement may not be terminated, amended, modified or supplemented, and waivers or consents to departures from the
provisions hereof and thereof may not be given unless consented to in writing by both HCFP and RG. Except as and to the extent expressly modified and supplemented hereby, the Placement Agent Agreement remains in full force and effect, and all
references to the Placement Agent Agreement after the date hereof shall mean the Placement Agent Agreement as so modified and supplemented. 

  

	19.	Schedule A (Term Sheet) to the Placement Agent Agreement is hereby replaced in its entirety by Schedule A attached hereto. 

  

	20.	Section 8 of the Placement Agent Agreement is hereby modified 50 as to add RG. Notice shall be provided to RG in accordance with the Placement Agent Agreement to RG Securities LLC
One Hollow Lane, Suite 208, Lake Success, New York 11040, Attention: James Scibelli. Copies of all notices delivered to HCFP and RG shall be delivered to Katten Muchin Zavis Rosenman, 575 Madison Avenue, New York, New York 10022, Attention: Eric M.
Lerner, Esq. 

  

	21.	The last sentence of Paragraph 1 (Retention) of the PJacement Agent Agreement is hereby replaced with the following sentence: “For the purposes of this Agreement, the term
“Expiration Date” shall mean November 15, 2002, unless extended by the parties hereto.” 

  

	22.	This letter agreement shall be governed by the laws of the State of New York. 

  

	23.	This letter agreement may be executed in counterparts, each of which when executed and delivered (including by facsimile) will be deemed to be an original and all of which
counterparts taken together will constitute but one and the same agreement. 

  
 [Signature page follows] 
  

			
	Very truly yours,
	 
	HCFP/BRENNER SECURITIES, LLC
		
	By:	 	/s/ Ira Scott Greenspan
	 	 	

	 Name:
	 	Ira Scott Greenspan
	 Title:
	 	Vice Chairman

  
 Acknowledged and Agreed to as of

 the date first above written. 
  

			
	RG SECURITIES, LLC
		
	By:	 	/s/ James Scibelli
	 	 	

	 Name:
	 	James Scibelli
	Title:	 	 

  

			
	DWANGO NORTH AMERICA, INC.
		
	By:	 	/s/ Robert E. Huntley
	 	 	

	 Name:
	 	Robert E. Huntley
	Title:	 	Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}]]