Document:

virt_Ex10_9

		
			Exhibit 10.9
		

		
			VIRTU FINANCIAL, INC.
		

		
			2015 MANAGEMENT INCENTIVE PLAN
		

		
			EMPLOYEE
		

		
			RESTRICTED STOCK UNIT AND COMMON STOCK AWARD AGREEMENT
		

		
			THIS RESTRICTED STOCK UNIT AND COMMON STOCK AWARD AGREEMENT (the “Agreement”), is entered into as of January 23, 2018 (the “Date of Grant”), by and between Virtu Financial, Inc., a Delaware corporation (the “Company”), and Douglas Cifu (the “Participant”).
		

		
			WHEREAS, the Company has adopted the Virtu Financial, Inc. 2015 Amended and Restated Management Incentive Plan (the “Plan”), pursuant to which shares of Class A Common Stock and Restricted Stock Units (“RSUs”) may be granted; and
		

		
			WHEREAS, the Compensation Committee of the Board of Directors of the Company has determined that it is in the best interests of the Company and its stockholders to grant the shares of Class A Common Stock in recognition of Participant’s service to the Company and its Affiliates from January 1, 2017 through December 31, 2017,  and RSUs provided for herein to the Participant subject to the terms set forth herein.
		

		
			NOW, THEREFORE, for and in consideration of the premises and the covenants of the parties contained in this Agreement, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, for themselves, their successors and assigns, hereby agree as follows:
		

		
			1.          Grant of Common Stock and Restricted Stock Units.
		

		
			(a)         Grant. The Company hereby grants to the Participant a total number of shares of Class A Common Stock equal to approximately $  600,000.00 divided by the Issue Price (the “Shares”), and a total number of RSUs equal to approximately $  900,000.00 divided by the Issue Price, in each case on the terms and conditions set forth in this Agreement and as otherwise provided in the Plan.  The RSUs shall be credited to a separate book-entry account maintained for the Participant on the books of the Company, which may be maintained by a third party.  The “Issue Price” shall mean the volume weighted average price of shares of the Company’s Class A Common Stock traded during the three days preceding the Date of Grant, as determined by the Company.
		

		
			(b)         Incorporation by Reference. The provisions of the Plan are incorporated herein by reference.  Except as otherwise expressly set forth herein, this Agreement shall be construed in accordance with the provisions of the Plan and any interpretations, amendments, rules and regulations promulgated by the Committee from time to time pursuant to the Plan.  Any capitalized terms not otherwise defined in this Agreement shall have the definitions set forth in the Plan.  The Committee shall have final authority to interpret and construe the Plan and this Agreement and to make any and all determinations under them, and its decision shall be binding and conclusive upon the Participant and his legal representative in respect of any questions arising under the Plan or this Agreement.  The Participant acknowledges that he has received a copy of the Plan and has had an opportunity to review the Plan and agrees to be bound by all the terms and provisions of the Plan.
		

		
			2.          Vesting and Settlement.
		

		
			(a)         The Shares shall be one hundred percent (100%) vested as of the Date of Grant.
		

		
			(b)         Except as may otherwise be provided herein, subject to the Participant’s continued employment or service with the Company or an Affiliate, the RSUs shall vest in equal installments on each of the first three (3) anniversaries of the Date of Grant (each such date, a “Vesting Date”).  Upon
		

		
			
		

		
			

		 

 

		

		
			 
		

		
			each Vesting Date, such portion of the RSUs that vest on such date shall no longer be subject to the transfer restrictions pursuant to Section 9(a) hereof or cancellation pursuant to Section 4 hereof.  Any fractional RSUs resulting from the application of the vesting schedule shall be aggregated and the RSUs resulting from such aggregation shall vest on the final Vesting Date.
		

		
			(c)         Vested RSUs shall be settled within ten (10) days following the Vesting Date for such RSUs in shares of Class A Common Stock, or cash, as determined by the Committee in its sole discretion.
		

		
			3.          Dividend Equivalents.  In the event of any issuance of a cash dividend on the shares of Class A Common Stock (a “Dividend”), the Participant shall be entitled to receive, with respect to each RSU granted pursuant to this Agreement and outstanding as of the record date for such Dividend, payment of an amount equal to the Dividend at the same time as the Dividend is paid to holders of shares of Class A Common Stock generally.
		

		
			4.          Termination of Employment or Service.  If the Participant’s employment or service with the Company and its Affiliates terminates for any reason, all unvested RSUs shall be cancelled immediately and the Participant shall not be entitled to receive any payments with respect thereto.
		

		
			5.          Rights as a Stockholder.  The Participant shall not be deemed for any purpose to be the owner of any shares of Class A Common Stock constituting the Shares or underlying the RSUs unless, until and to the extent that (i) the Company shall have issued and delivered to the Participant the shares of Class A Common Stock constituting the Shares or underlying the RSUs and (ii) the Participant’s name shall have been entered as a stockholder of record with respect to such shares of Class A Common Stock on the books of the Company.  The Company shall cause the actions described in clauses (i) and (ii) of the preceding sentence to occur promptly following settlement as contemplated by this Agreement, subject to compliance with applicable laws.
		

		
			6.          Compliance with Legal Requirements.
		

		
			(a)         Generally. The granting of the Shares and the granting and settlement of the RSUs, and any other obligations of the Company under this Agreement, shall be subject to all applicable U.S. federal, state and local laws, rules and regulations, all applicable non-U.S. laws, rules and regulations and to such approvals by any regulatory or governmental agency as may be required. The Participant agrees to take all steps the Committee or the Company determines are reasonably necessary to comply with all applicable provisions of U.S. federal and state securities law and non-U.S. securities law in exercising his rights under this Agreement.
		

		
			(b)         Taxes and Withholding.  The grant of the Shares and the vesting and settlement of the RSUs shall be subject to the Participant satisfying any applicable U.S. federal, state and local tax withholding obligations and non-U.S. tax withholding obligations.  The Participant shall be required to pay to the Company, and the Company shall have the right and is hereby authorized to withhold any cash, shares of Class A Common Stock, other securities or other property or from any compensation or other amounts owing to the Participant, the amount (in cash, Class A Common Stock, other securities or other property) of any required withholding taxes in respect of the Shares or in respect of the RSUs, settlement of the RSUs or any payment or transfer of the RSUs, and to take any such other action as the Committee or the Company deem necessary to satisfy all obligations for the payment of such withholding taxes.  In its sole discretion, the Company may permit the Participant to satisfy, in whole or in part, the tax obligations by (A) withholding shares of Class A Common Stock from the Shares having a Fair Market Value equal to such withholding liability and (B) withholding shares of Class A Common Stock that would otherwise be deliverable to the Participant upon settlement of the RSUs with a Fair Market Value equal to such withholding liability.
		

		
			
		

		
			

		 

		

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			7.          Clawback.  Notwithstanding anything to the contrary contained herein, the Committee may cancel the Shares and RSU award if the Participant, without the consent of the Company, has engaged in or engages in activity that is in conflict with or adverse to the interest of the Company or any Affiliate while employed by or providing services to the Company or any Affiliate, including fraud or conduct contributing to any financial restatements or irregularities, or violates a non-competition, non-solicitation, non-disparagement, non-disclosure or confidentiality covenant or agreement with the Company or any Affiliate, as determined by the Committee.  In such event, the Participant will forfeit any compensation, gain or other value realized thereafter on the vesting or settlement of the RSUs, the sale or other transfer of the Shares and the RSUs, or the sale of shares of Class A Common Stock acquired in respect of the RSUs, and must promptly repay such amounts to the Company.  If the Participant receives any amount in excess of what the Participant should have received with respect to the Shares or under the terms of the RSUs for any reason (including without limitation by reason of a financial restatement, mistake in calculations or other administrative error), all as determined by the Committee, then the Participant shall be required to promptly repay any such excess amount to the Company.  To the extent required by applicable law and/or the rules and regulations of NASDAQ or any other securities exchange or inter-dealer quotation system on which the Class A Common Stock is listed or quoted, or if so required pursuant to a written policy adopted by the Company, the Shares and the RSUs shall be subject (including on a retroactive basis) to clawback, forfeiture or similar requirements (and such requirements shall be deemed incorporated by reference into this Agreement).
		

		
			8.          Contractual Obligations.
		

		
			(a)         Nothing in this Agreement shall supersede, modify, replace or cancel any existing contractual obligations, including but not limited to restrictive covenants, applicable to you in any employment agreement, offer letter, prior equity award agreement or any other agreement or contract with the Company or its Affiliates.
		

		
			(b)         In the event that the Participant violates any of the contractual obligations referred to in this Section 8, in addition to any other remedy which may be available at law or in equity, the RSUs shall be automatically forfeited effective as of the date on which such violation first occurs.  The foregoing rights and remedies are in addition to any other rights and remedies that may be available to the Company and shall not prevent (and the Participant shall not assert that they shall prevent) the Company from bringing one or more actions in any applicable jurisdiction to recover damages as a result of the Participant’s breach of such restrictive covenants.
		

		
			9.          Miscellaneous.
		

		
			(a)         Transferability.  The RSUs may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered (a “Transfer”) by the Participant other than by will or by the laws of descent and distribution, pursuant to a qualified domestic relations order or as otherwise permitted under Section 15(b) of the Plan.  Any attempted Transfer of the RSUs contrary to the provisions hereof, and the levy of any execution, attachment or similar process upon the RSUs, shall be null and void and without effect.
		

		
			(b)         Waiver.  Any right of the Company contained in this Agreement may be waived in writing by the Committee. No waiver of any right hereunder by any party shall operate as a waiver of any other right, or as a waiver of the same right with respect to any subsequent occasion for its exercise, or as a waiver of any right to damages. No waiver by any party of any breach of this Agreement shall be held to constitute a waiver of any other breach or a waiver of the continuation of the same breach.
		

		
			
		

		
			

		 

		

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			(c)         Section 409A.  The RSUs are intended to be exempt from, or compliant with, Section 409A of the Internal Revenue Code (“Code”). Notwithstanding the foregoing or any provision of the Plan or this Agreement, if any provision of the Plan or this Agreement contravenes Section 409A of the Code or could cause the Participant to incur any tax, interest or penalties under Section 409A of the Code, the Committee may, in its sole discretion and without the Participant’s consent, modify such provision to (i) comply with, or avoid being subject to, Section 409A of the Code, or to avoid the incurrence of taxes, interest and penalties under Section 409A of the Code, and/or (ii) maintain, to the maximum extent practicable, the original intent and economic benefit to the Participant of the applicable provision without materially increasing the cost to the Company or contravening the provisions of Section 409A of the Code. This Section 9(c) does not create an obligation on the part of the Company to modify the Plan or this Agreement and does not guarantee that the RSUs will not be subject to interest and penalties under Section 409A.
		

		
			(d)         General Assets.  All amounts credited in respect of the RSUs to the book-entry account under this Agreement shall continue for all purposes to be part of the general assets of the Company.  The Participant’s interest in such account shall make the Participant only a general, unsecured creditor of the Company.
		

		
			(e)         Notices.  Any notices provided for in this Agreement or the Plan shall be in writing and shall be deemed sufficiently given if either hand delivered or if sent by fax, pdf/email or overnight courier, or by postage paid first class mail. Notices sent by mail shall be deemed received three business days after mailing but in no event later than the date of actual receipt. Notices shall be directed, if to the Participant, at the Participant’s address indicated by the Company’s records, or if to the Company, to the attention of the General Counsel at the Company’s principal executive office.
		

		
			(f)         Severability.  The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law.
		

		
			(g)         No Rights to Employment or Service.  Nothing contained in this Agreement shall be construed as giving the Participant any right to be retained, in any position, as an employee, consultant or director of the Company or its Affiliates or shall interfere with or restrict in any way the rights of the Company or its Affiliates, which are hereby expressly reserved, to remove, terminate or discharge the Participant at any time for any reason whatsoever.
		

		
			(h)         Fractional Shares.  In lieu of issuing a fraction of a share of Class A Common Stock resulting from adjustment of the Shares or the RSUs pursuant to Section 12 of the Plan or otherwise, the Company shall be entitled to pay to the Participant an amount in cash equal to the Fair Market Value of such fractional share.
		

		
			(i)          Beneficiary.  The Participant may file with the Committee a written designation of a beneficiary on such form as may be prescribed by the Committee and may, from time to time, amend or revoke such designation.
		

		
			(j)          Successors.  The terms of this Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns, and of the Participant and the beneficiaries, executors, administrators, heirs and successors of the Participant.
		

		
			
		

		
			

		 

		

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			(k)         Entire Agreement.  This Agreement and the Plan contain the entire agreement and understanding of the parties hereto with respect to the subject matter contained herein and supersede all prior communications, representations and negotiations in respect thereto, except as set forth in Section 8 hereof. No change, modification or waiver of any provision of this Agreement shall be valid unless the same be in writing and signed by the parties hereto, except for any changes permitted without consent under Section 12 or 14 of the Plan.
		

		
			(l)          Governing Law and Venue.  This Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware, without regard to principles of conflicts of laws thereof, or principles of conflicts of laws of any other jurisdiction which could cause the application of the laws of any jurisdiction other than the State of Delaware.
		

		
			(i)          Dispute Resolution; Consent to Jurisdiction.  All disputes between or among any Persons arising out of or in any way connected with the Plan, this Agreement, the Shares or the RSUs shall be solely and finally settled by the Committee, acting in good faith, the determination of which shall be final.   Any matters not covered by the preceding sentence shall be solely and finally settled in accordance with the Plan, and the Participant and the Company consent to the personal jurisdiction of the United States Federal and state courts sitting in Wilmington, Delaware as the exclusive jurisdiction with respect to matters arising out of or related to the enforcement of the Committee’s determinations and resolution of matters, if any, related to the Plan or this Agreement not required to be resolved by the Committee.  Each such Person hereby irrevocably consents to the service of process of any of the aforementioned courts in any such suit, action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to the last known address of such Person, such service to become effective ten (10) days after such mailing.
		

		
			(ii)         Waiver of Jury Trial.  Each party hereto hereby waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in any legal proceeding directly or indirectly arising out of or relating to this Agreement or the transactions contemplated (whether based on contract, tort or any other theory).  Each party hereto (A) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and (B) acknowledges that it and the other parties hereto have been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this section.
		

		
			(m)        Headings; Gender.  The headings of the Sections hereof are provided for convenience only and are not to serve as a basis for interpretation or construction, and shall not constitute a part, of this Agreement.  Masculine pronouns and other words of masculine gender shall refer to both men and women as appropriate.
		

		
			(n)         Counterparts. This Agreement may be executed in one or more counterparts (including via facsimile and electronic image scan (pdf)), each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties.
		

		
			(o)         Electronic Signature and Delivery.  This Agreement may be accepted by return signature or by electronic confirmation.  By accepting this Agreement, the Participant consents to the electronic delivery of prospectuses, annual reports and other information required to be delivered by U.S. Securities and Exchange Commission rules (which consent may be revoked in writing by the Participant at any time upon three business days’ notice to the Company, in which case subsequent prospectuses, annual reports and other information will be delivered in hard copy to the Participant).
		

		
			
		

		
			

		 

		

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			(p)         Electronic Participation in Plan.  The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means.  The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.
		

		
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			IN WITNESS WHEREOF, this Agreement has been executed by the Company and the Participant as of the day first written above.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						VIRTU FINANCIAL, INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Robert Greifeld

				
	
					
						 

					
					
						 

					
					
						Robert Greifeld

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						/s/ Douglas A. Cifu

				
	
					
						 

					
					
						 

					
					
						Douglas A. CifuEXECUTION
VERSION

 

FIRST
AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

 

This
First Amendment to Amended and Restated Loan and Security Agreement (this “Agreement”) is entered as of March
12, 2018, by and between NTN Buzztime, Inc., a Delaware corporation (“Borrower”), and East West Bank
(“Bank”).

 

Recitals

 

Whereas,
Bank and Borrower entered into the Amended
and Restated Loan and Security Agreement, dated as of November 29, 2017 (as the same may from time to time be amended, modified,
supplemented or restated, the “Loan Agreement”);

 

Whereas,
Borrower acknowledges that Borrower is currently
in default of minimum Fixed Charge Coverage Ratio covenant set forth in Section 6.7(a) of the Loan Agreement for the fiscal quarter
ended December 31, 2017 (the “Existing Event of Default”);

 

Whereas,
Borrower has requested that Bank (i) waive
the Existing Event of Default, (ii) replace the minimum Fixed Charge Coverage Ratio covenant with minimum Adjusted EBITDA Covenant
for the 2018 fiscal year, and (iii) the Adjusted EBITDA definition be amended to provide that the non-cash inventory write-off
expenses for the fiscal quarter ended December 31, 2017, are an add-back; and

 

Whereas,
Bank is willing to agree to Borrower’s
requests, on the terms and conditions set forth herein;

 

Agreement

 

Now,
Therefore,
in consideration of the foregoing recitals and other
good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound,
the parties hereto agree as follows:

 

1.
Definitions. Capitalized terms used but not defined in this Agreement shall have the meanings given to them in the Loan Agreement.

 

2.
Waiver of Event of Default.

 

(a)
Bank hereby waives the Existing Event of Default. The foregoing Event of Default waiver shall not operate as a waiver of any
other Event of Default, now existing or occurring in the future. The foregoing waiver also shall not operate as a waiver of any
right or remedy of Bank now existing or arising in the future with respect to any Event of Default not waived pursuant to this
Section.

 

(b)
Borrower represents and warrants to Bank that the Existing Event of Default is the only Event of Default which has occurred
and is continuing as of the date hereof.

 

3.
Amendments to Loan Agreement.

 

(a)
Section 6.7 of the Loan Agreement is deleted in its entirety and replaced with the following:

 

6.7
Financial Covenants. Borrower shall at all times maintain the following financial ratios and covenants:

 

(a)
Minimum Fixed Charge Coverage Ratio. Borrower shall not have a Fixed Charge Coverage Ratio as of the last day of a fiscal
quarter, commencing with the fiscal quarter ending March 31, 2019, less than 1.25 to 1.00; provided, however, that
if as of the last day of a fiscal quarter (i) the Fixed Charge Coverage Ratio is less than 1.25 to 1.00 and (ii) Borrower’s
unrestricted cash exceeds the Term Loan principal outstanding, then the breach of this Section 6.7(a) shall be automatically cured,
provided that such automatic cure may not be used more than (A) two (2) times in any fiscal year or (B) four (4) times during
the term hereof.

 

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(b)
Minimum Liquidity. Borrower shall maintain Liquidity at all times, and tested as of the last day of each calendar month,
of not less than Two Million Dollars ($2,000,000).

 

(c)
Maximum Senior Leverage Ratio. Borrower shall not have Senior Leverage Ratio as of the last day of a fiscal quarter greater
than the ratio set forth below:

 

	Fiscal Quarter Ending	 	Maximum Senior Leverage Ratio
	December 31, 2017 through March 31, 2018	 	2.75 to 1.00
	June 30, 2018 and each Fiscal Quarter ending thereafter	 	2.50 to 1.00

 

(d)
Adjusted EBITDA. Borrower shall achieve Adjusted EBITDA at such date below for each six-month period noted below of not
less than the applicable amount set forth below for such period:

 

	Six Month Period Ending	 	Minimum Adjusted EBITDA	 
	March 31, 2018	 	$	600,000	 
	June 30, 2018	 	$	1,200,000	 
	September 30, 2018	 	$	1,600,000	 
	December 31, 2018	 	$	1,500,000	 

 

(b)
The definition of “Adjusted EBITDA” in Exhibit A of the Loan Agreement is amended to read as follows:

 

“Adjusted
EBITDA” means, as calculated on a consolidated basis for Borrower and its Subsidiaries for any period as at any date
of determination, (a) EBITDA, plus (b) other noncash expenses and charges, plus (c) to the extent approved by Bank, other onetime
charges, plus (d) to the extent approved by Bank, any losses arising from the sale, exchange, transfer or other disposition of
assets not in the ordinary course of business plus (e) with respect to the fiscal quarter ended December 31, 2017, the non-cash
inventory write-off expenses.

 

(c)
Exhibit D of the Loan Agreement is amended to read as set forth in Attachment “1” hereto.

 

4.
Limitations.

 

(a)
This Agreement is effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed
to (i) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (ii) otherwise
prejudice any right or remedy which Bank may now have or may have in the future under or in connection with any Loan Document.

 

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(b)
This Agreement shall be construed in connection with and as part of the Loan Documents, and all terms, conditions, representations,
warranties, covenants and agreements set forth in the Loan Documents are hereby ratified and confirmed and shall remain in full
force and effect.

 

5.
Representations and Warranties. Borrower represents and warrants to Bank as follows:

 

(a)
the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects
as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they
are true and correct in all material respects as of such date);

 

(b)
Borrower has the power and authority to execute and deliver this Agreement and to perform its obligations under the Loan Agreement
and this Agreement;

 

(c)
The organizational documents of Borrower delivered to Bank on the Effective Date remain true, accurate and complete and have
not been amended, supplemented or restated and are and continue to be in full force and effect;

 

(d)
The execution and delivery by Borrower of this Agreement and the performance by Borrower of its obligations under the Loan
Agreement and this Agreement have been duly authorized by all necessary action on the part of Borrower;

 

(e)
The execution and delivery by Borrower of this Agreement and the performance by Borrower of its obligations under the Loan
Agreement and this Agreement do not and will not contravene (i) any material law or regulation binding on or affecting Borrower,
(ii) any contractual restriction with a Person binding on Borrower, (iii) any order, judgment or decree of any court or other
governmental or public body or authority, or subdivision thereof, binding on Borrower, or (iv) the organizational documents of
Borrower;

 

(f)
The execution and delivery by Borrower of this Agreement and the performance by Borrower of its obligations under the Loan
Agreement do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration
with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on either Borrower, except
as already has been obtained or made;

 

(g)
This Agreement has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against
Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization,
liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’
rights;

 

(h)
Except as expressly stated in this Agreement, neither Bank nor any agent, employee or representative of Bank has made any
statement or representation to Borrower regarding any fact relied upon by Borrower in entering into this Agreement;

 

(i)
Borrower has made such investigation of the facts pertaining to this Agreement and all of the matters appertaining thereto,
as it deems necessary;

 

(j)
The terms of this Agreement are contractual and not a mere recital; and

 

(k)
This Agreement has been carefully read by Borrower, the contents hereof are known and understood by Borrower, and this Agreement
is signed freely, and without duress, by Borrower.

 

6.
Release by Borrower.

 

(a)
FOR GOOD AND VALUABLE CONSIDERATION, Borrower hereby forever relieves, releases, and discharges Bank and its present or former
employees, officers, directors, agents, representatives, attorneys, and each of them, from any and all claims, debts, liabilities,
demands, obligations, promises, acts, agreements, costs and expenses, actions and causes of action, of every type, kind, nature,
description or character whatsoever, whether known or unknown, suspected or unsuspected, absolute or contingent, arising out of
or in any manner whatsoever connected with or related to facts, circumstances, issues, controversies or claims existing or arising
from the beginning of time through and including the date of execution of this Agreement (collectively the “Released
Claims”). Without limiting the foregoing, the Released Claims shall include all liabilities or claims arising out of
or in any manner whatsoever connected with or related to the Loan Documents, the Recitals hereto, any instruments, agreements
or documents executed in connection with any of the foregoing or the origination, negotiation, administration, servicing and/or
enforcement of any of the foregoing.

 

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(b)
In furtherance of the release in this Section, Borrower expressly acknowledges and waives all rights under Section 1542 of
the California Civil Code, which provides as follows:

 

A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME
OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. (EMPHASIS
ADDED.)

 

(c)
By entering into the release in this Section, Borrower recognizes that no facts or representations are ever absolutely certain
and it may hereafter discover facts in addition to or different from those which it presently knows or believes to be true, but
that it is the intention of Borrower hereby to fully, finally and forever settle and release all matters, disputes and differences,
known or unknown, suspected or unsuspected; accordingly, if Borrower should subsequently discover that any fact that it relied
upon in entering into this release was untrue, or that any understanding of the facts was incorrect, Borrower shall not be entitled
to set aside this release by reason thereof, regardless of any claim of mistake of fact or law or any other circumstances whatsoever.
Borrower acknowledges that it is not relying upon and has not relied upon any representation or statement made by Bank with respect
to the facts underlying this release or with regard to any of such party’s rights or asserted rights.

 

(d)
The release in this Section may be pleaded as a full and complete defense and/or as a cross-complaint or counterclaim against
any action, suit, or other proceeding that may be instituted, prosecuted or attempted in breach of this release. Borrower acknowledges
that the release contained in this Section constitutes a material inducement to Bank to enter into this Agreement, and that Bank
would not have done so but for Bank’s expectation that such release is valid and enforceable in all events.

 

(e)
The provisions, waivers and releases set forth in this Section are binding upon Borrower and Borrower’s stockholders,
officers, employees, agents, assigns and successors in interest. The provisions, waivers and releases of this Section shall inure
to the benefit of Bank and its stockholders, officers, employees, agents, assigns and successors in interest.

 

(f)
Borrower represents and warrants that Borrower is the sole and lawful owner of all right, title and interest in and to all
of the Released Claims and Borrower has not heretofore voluntarily, by operation of law or otherwise, assigned or transferred
or purported to assign or transfer to any Person any such Released Claim or any portion thereof. Borrower shall indemnify and
hold harmless Bank from and against any claim, demand, damage, debt, liability (including payment of attorneys’ fees and
costs actually incurred whether or not litigation is commenced) based on or arising out of any assignment or transfer prior to
the date of this Agreement.

 

(g)
The provisions of this Section shall survive payment in full of the Obligations, full performance of all the terms of this
Agreement and the Loan Agreement, and/or Bank’s actions to exercise any remedy available under the Loan Agreement or otherwise.

 

7.
Conditions Precedent. As conditions precedent to the effectiveness of this Agreement (the date such conditions precedent are
satisfied the “Effective Date”):

 

(a)
Bank shall have received, in form and substance satisfactory to Bank, the following:

 

(i)
this Agreement, duly executed by Borrower (Borrower’s executed signature page may be delivered via facsimile, electronic
mail (including pdf) or other transmission method); and

 

    	 	4	 

     

    

 

(ii)
such other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate; and

 

(b)
Borrower shall have paid all reasonable Bank Expenses incurred through the date of this Agreement, which may be debited from
any of Borrower’s accounts.

 

8.
Prior Agreement; No Novation. The Loan Documents are hereby ratified and reaffirmed and shall remain in full force and effect.
This Agreement is not a novation and the terms and conditions of this Agreement shall be in addition to and supplemental to all
terms and conditions set forth in the Loan Documents. This Agreement shall constitute a Loan Document under the Loan Agreement;
the failure to comply with the covenants contained herein shall constitute an Event of Default and all obligations included in
this Agreement shall constitute Obligations and shall be secured by the Collateral. In the event of any conflict or inconsistency
between this Agreement and the terms of any other Loan Document, the terms of this Agreement shall be controlling, but such Loan
Documents shall not otherwise be affected or the rights therein impaired.

 

9.
Course of Dealing; Waivers. No course of dealing on the part of Bank or its officers, nor any failure or delay in the exercise
of any right by Bank, shall operate as a waiver thereof, and any single or partial exercise of any such right shall not preclude
any later exercise of any such right. Bank’s failure at any time to require strict performance by Borrower of any provision
shall not affect any right of Bank thereafter to demand strict compliance and performance. Any suspension or waiver of a right
must be in writing signed by an officer of Bank.

 

10.
Integration. This Agreement and the other Loan Documents represent the entire agreement about the subject matter hereof and
supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations
between the parties about the subject matter of this Agreement and the Loan Documents merge into this Agreement and the Loan Documents.

 

11.
Construction. Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved against Bank on
the basis that this Agreement was drafted by Bank. On the contrary, this Agreement has been negotiated and reviewed by both parties
and shall be construed and interpreted according to the ordinary meaning of the words used so as to fairly accomplish the purposes
and intentions of the parties hereto.

 

12.
Governing Law. This Agreement and the rights and obligations of the parties hereto shall be governed by and construed in accordance
with the laws of the State of California, without regards to conflicts of law principles.

 

13.
Severability. Each provision of this Agreement shall be severable from every other provision of this Agreement for the purpose
of determining the legal enforceability of any specific provision.

 

14.
Counterparts. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts,
each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute
but one and the same agreement. Delivery of an executed signature page of this Agreement and all other documents executed in connection
with the Loan by facsimile or other electronic mail transmission shall be effective as delivery of a manually executed counterpart
hereof.

 

[Signature
page follows]

 

    	 	5	 

     

    

 

In
Witness Whereof,
the parties hereto have caused this Agreement
to be duly executed and delivered as of the date first written above.

 

	BANK	 	BORROWER
	 	 	 
	East
    West Bank	 	NTN
    Buzztime, Inc.
	 	 	 	 	 
	By:	/s/
    Alexis Coyle	 	By:	/s/
    Allen Wolff
	Name:	Alexis
    Coyle	 	Name:	Allen
    Wolff
	Title:	Managing
    Director	 	Title:	CFO
    & EVP

 

[First
Amendment to Amended and Restated Loan and Security Agreement]

 

    	 	 	 

     

    

 

ATTACHMENT
“1”

 

EXHIBIT
D

 

	 	COMPLIANCE
    CERTIFICATE
	Please
    send all Required Reporting to:	East
    West Bank
		555
    Montgomery Street, 9th Floor
		San
    Francisco, CA 94111
		Alexis.coyle@eastwestbank.com

 

	FROM:	NTN
    Buzztime, Inc.	 

 

The
undersigned authorized officer of NTN Buzztime, Inc., a Delaware corporation (“Borrower”), for and on behalf
of Borrower, hereby certifies that in accordance with the terms and conditions of the Amended and Restated Loan and Security Agreement,
dated as of November 29, 2017, by and between Bank and Borrower (the “Agreement”), (i) Borrower is in complete
compliance for the period ending __________ with all required covenants except as noted below and (ii) except as noted below all
representations and warranties of Borrower stated in the Agreement are true and correct in all material respects as of the date
hereof except that those representations and warranties referring to another date shall be true and correct in all material respects
on that other date. Attached hereto are the required documents supporting the above certification. The summary descriptions in
the Reporting Covenants below are qualified by, and subject to, the terms of the Agreement.

Please
indicate compliance status by circling Yes/No under “Complies” column.

 

	Reporting
    Covenants	 	Required	 	 	 	Complies
	Annual
    audited consolidated and consolidating financial statements and Compliance Certificate	 	FYE
    within 180 days	 	Yes	 	No  
    N/A
	Monthly
    balance sheet , income statements and statements of cash (Borrower prepared)	 	Monthly
    within 30 days after each month	 	Yes	 	No  
    N/A
	Annual
    financial projections	 	Annually
    by February 15 of each fiscal year	 	Yes	 	No  
    N/A
	Compliance
    Certificate	 	Monthly
    within 30 days after each month	 	Yes 	 	No  
    N/A

 

	Financial Covenants	 	Required	 	 	Actual	 	 	 	 	Complies
	Minimum Adjusted EBITDA	 	$	_________	 	 	$	_________	 	 	Yes	 	No   N/A
	Minimum Fixed Charge Coverage Ratio	 	 	1.25 to. 1.00	 	 	 	____to 1.00	 	 	Yes	 	No   N/A
	Minimum Liquidity	 	$	2,000,000	 	 	$	_________	 	 	Yes	 	No   N/A
	Maximum Senior Leverage	 	 	____to 1.00	 	 	 	____to 1.00	 	 	Yes	 	No   N/A

 

	Comments Regarding Exceptions: See Attached.	 	BANK
    USE ONLY
	 	 		
	 	 	Verified:	
	SIGNATURE	 	 	AUTHORIZED
    SIGNER
	 	 	 	 
	 	 	Date:	 
	TITLE	 	 	 
	 	 	 	 
	 	 	 	 
	DATE	 	Compliance
    Status	Yes	No

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