Document:

Exhibit
10.26

 

September
4, 2020

 

Motorsport
Network, LLC

5972
NE 4th Avenue,

Miami,
FL 33137, USA

Attn:
Mike Zoi, Manager

 

Dear
Mr. Zoi:

 

This
side letter agreement (this “Letter Agreement”) is being entered into in connection with that that certain
Promissory Note (the “Note”) dated April 1, 2020, made by Motorsport Gaming US LLC, a Florida limited liability
company (“Maker”), for the benefit of Motorsport Network, LLC, a Florida limited liability company (“Holder”).

 

Effective
as of the date hereof, Holder hereby agrees to not demand or otherwise accelerate any amount due under the Note that would otherwise
constrain the Maker’s liquidity position, including the Maker’s ability to continue as a going concern

 

This
Letter Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Florida without
regard to its principles of conflicts of law. If the foregoing accurately sets forth our understanding, please indicate your acceptance
by signing below and returning a signed copy of this letter to my attention at dk@motorsport.com.

 

	 	Sincerely,
	 	 
	 	Motorsport
    Gaming US LLC
	 	 	 
	 	By:	/s/
    Dmitry Kozko
	 	 	Dmitry
    Kozko, CEO

 

	Accepted
    and agreed:	 
	Motorsport
    Network, LLC	 
	 	 	 
	By:	/s/
    Mike Zoi	 
	Name:	Mike
    Zoi	 
	Title:	Manager	 
	Date:	September
    4, 2020Exhibit
10.27

 

STOCK
PURCHASE AGREEMENT

 

THIS
STOCK PURCHASE AGREEMENT (this “Agreement”), effective as of October 6, 2020, is entered into among Leo Capital
Holdings, LLC, an Illinois limited liability company located at 400 Skokie Boulevard, Suite 410, Northbrook, IL 60062 (“Seller”),
and Motorsport Gaming US LLC, a Florida limited liability company located at 5972 NE 4th Avenue, Miami, FL 33137 (“Buyer”).

 

WHEREAS,
Seller owns 10,301 shares of common stock, par value $0.001 per share, of 704Games Company, a Delaware corporation (the “Company”);
all such shares owned by Seller are referred to herein as the “Shares;”

 

WHEREAS,
Seller, Buyer and the Company are parties to that certain Stockholders’ Agreement, dated as of August 14, 2018, by and among
the Company and certain of its stockholders (the “Stockholders’ Agreement”), and Section 3.2(f)(i) of
the Stockholders’ Agreement permits the transfer of the Shares from one stockholder of the Company to another in an arm’s
length transaction for fair market value; and

 

WHEREAS,
Seller wishes to sell and transfer to Buyer, and Buyer wishes to purchase from Seller, the Shares, in accordance with Section
3.2(f)(i) of the Stockholders’ Agreement and subject to the terms and conditions set forth herein;

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.
Purchase and Sale. Subject to the terms and conditions set forth herein, at the Closing (as defined in Section 2),
Seller shall sell, transfer and assign to Buyer, and Buyer shall purchase from Seller, all of Seller’s right, title and
interest in and to the Shares, free and clear of all Encumbrances (as defined herein), other than Permitted Encumbrances (as defined
herein), at a price of $11.2881 per Share or an aggregate purchase price for the Shares of One Hundred Sixteen Thousand Two Hundred
Seventy-Nine Dollars ($116,279) (the “Purchase Price”).

 

2.
Closing. Subject to the terms and conditions contained in this Agreement, the purchase and sale of the Shares contemplated
hereby shall take place at a closing (the “Closing”) to be on the date hereof concurrently with the execution
and delivery of this Agreement by the parties hereto (the “Closing Date”). At the Closing, Seller shall deliver
to Buyer the stock certificates evidencing the Shares, free and clear of all Encumbrances (as defined herein), other than Permitted
Encumbrances (as defined herein), duly endorsed in blank or accompanied by stock powers or other instruments of transfer duly
executed in blank.

 

3.
Payment. At the Closing, Buyer shall deliver, via wire transfer of immediately available funds, the Purchase Price to the
bank account of Seller in the wire instruction provided by Seller to Buyer at or prior to the Closing.

 

4.
Representations and Warranties of Seller. Seller hereby represents and warrants to Buyer as follows:

 

    	 

     

    

 

(a)
Seller is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Illinois.

 

(b)
Seller has all requisite power and authority to execute and deliver this Agreement, to carry out its obligations hereunder, and
to consummate the transactions contemplated hereby. Seller has taken all action necessary to authorize its entry into and performance
of its obligations under this Agreement. Seller has caused this Agreement to be executed and delivered on its behalf by its duly
authorized officer whose signature is set forth on its behalf on the signature page of this Agreement. Assuming due authorization,
execution and delivery by Buyer, this Agreement constitutes a legal, valid and binding obligation of Seller enforceable against
Seller in accordance with its terms, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium and other similar laws affecting the rights of creditors generally and the availability of equitable remedies.

 

(c)
Seller is the sole direct and beneficial owner of the Shares, free and clear of all liens, pledges, security interests, charges,
claims, encumbrances, agreements, options, voting trusts, proxies and other arrangements or restrictions of any kind (“Encumbrances”),
other than other than (i) restrictions of general applicability imposed by federal state securities laws and (ii) restrictions
on transfer set forth in the Stockholders’ Agreement (each Encumbrances referenced in clause (i)) or (ii), a “Permitted
Encumbrance”). Upon consummation of the transactions contemplated by this Agreement, Buyer will receive good and marketable
title to all such Shares as a consequence of the transactions contemplated hereby, free and clear of all Encumbrances, other than
Permitted Encumbrances.

 

(d)
The execution, delivery and performance by Seller of this Agreement do not conflict with, violate or result in the breach of,
or create any Encumbrance on the Shares pursuant to, any agreement, instrument, order, judgment, decree, law or governmental regulation
to which Seller is a party or is subject or by which the Shares are bound.

 

(e)
No governmental, administrative or other third-party consents or approvals are required by or with respect to Seller in connection
with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby.

 

(f)
Seller has not entered into any agreements of any kind or nature binding upon the Company and/or the Shares which have not been
disclosed in writing to the Purchaser, other than the Stockholders’ Agreement. There are no material liabilities of Seller
relating to the Shares which have not been disclosed in writing to the Purchaser. There are no actions, suits, claims, investigations
or other legal proceedings pending or, to the actual knowledge of Seller, threatened against or by Seller that challenge or seek
to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement.

 

(g)
No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with
the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Seller

 

(h)
Seller acknowledges that the Seller is under no compulsion to sell the Shares to Buyer and is completing the sale of the Shares
on the Seller’s own free will. The Seller (i) has sufficient knowledge and experience with and information about Buyer (including
Buyer’s business objective and current efforts to consummate a liquidity event or an initial public offering of Buyer as
soon as practicable) and the Company in order to be fully familiar with Buyer, the Company and its current business, operations,
assets, finances, financial results, financial condition and prospects and so as to be able to evaluate the risks and merits of
consummating the transactions contemplated by this Agreement, (ii) has full access to all books and records of the Company and
all of its contracts, agreements and documents and (iii) has had an opportunity to ask questions of, and receive answers from,
representatives of Buyer and the Company regarding Buyer, the Company and its current business, operations, assets, financing,
operating results, financial condition and prospects in order to make an informed decision to sell the Shares.

 

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5.
Representation and Warranties of Buyer.

 

(a)
Buyer is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Florida.

 

(b)
Buyer has all requisite power and authority (including, without limitation, the resolutions adopted by the sole manager of Buyer
authorizing the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby)
to enter into this Agreement, to carry out its obligations hereunder and to consummate the transactions contemplated hereby. The
execution and delivery by Buyer of this Agreement, the performance by Buyer of its obligations hereunder and the consummation
by Buyer of the transactions contemplated hereby have been duly authorized by all requisite limited liability company action on
the part of Buyer. This Agreement has been duly executed and delivered by Buyer and (assuming due authorization, execution and
delivery by Seller) this Agreement constitutes a legal, valid and binding obligation of Buyer enforceable against Buyer in accordance
with its terms, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and other
similar laws affecting the rights of creditors generally and the availability of equitable remedies.

 

(c)
Buyer is acquiring the Shares solely for its own account for investment purposes and not with a view to, or for offer or sale
in connection with, any distribution thereof. Buyer acknowledges that the Shares are not registered under the Securities Act of
1933, as amended (the “Securities Act”), or any state securities laws, and that the Shares may not be transferred
or sold except pursuant to the registration provisions of the Securities Act or pursuant to an applicable exemption therefrom
and subject to state securities laws and regulations, as applicable.

 

(d)
No governmental, administrative or other third-party consents or approvals are required by or with respect to Buyer in connection
with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby.

 

(e)
There are no actions, suits, claims, investigations or other legal proceedings pending or, to the knowledge of Buyer, threatened
against or by Buyer that challenge or seek to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement.

 

(f)
No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with
the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Buyer.

 

(g)
Buyer, in making its decision to enter into this Agreement and consummate the transactions contemplated herein, is neither relying
on any representations or warranties of any person(s) other than Seller nor its own due diligence investigation; rather Buyer
is solely relying on the representations and warranties of Seller expressly set forth in Section 4 of this Agreement.

 

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(h)
Buyer is able to evaluate the risks and benefits of acquiring the Shares, is able to bear the economic risk of owning the Shares
for an indefinite period of time, and is able to bear the loss of its entire investment in the Shares. Buyer is an “accredited
investor” within the meaning of Rule 501(a) of Regulation D promulgated under the Securities Act.

 

6.
Survival. All representations, warranties and covenants contained herein shall survive the execution and delivery of this
Agreement and the Closing hereunder; provided, however, that no party may bring any claim alleging or based on the
breach of any representation or warranty unless the party alleging breach gives the party alleged to have breached a representation
or warranty written notice in accordance with the provisions of Section 11 below within three (3) years after the Closing.

 

7.
Indemnification. Each of Buyer and Seller hereby agrees to indemnify and hold harmless the other, and the other’s
Related Parties from and against any and all losses, costs, damages, liabilities or expenses actually incurred, including, without
limitation, reasonable and documented attorneys’ fees or other legal expenses or expert fees (collectively, “Damages”)
arising out of: (a) any breach in any representation or warranty made by the Indemnifying Party in this Agreement provided notice
of such breach is timely given in accordance with Section 6 above, or (b) any breach or failure of the Indemnifying Party to perform
any covenant or obligation of the Indemnifying Party set out in this Agreement. Notwithstanding anything to the contrary set forth
herein, the maximum aggregate Damages for which (i) Seller shall be liable hereunder shall not exceed the Purchase Price actually
received by Seller and (ii) Buyer shall be liable hereunder shall not exceed an amount equal to (i) the Purchase Price less (ii)
all amounts paid by Buyer to Seller. For purposes of this Agreement, (x) “Related Party” means with respect
to a person, any or its affiliates, or any of its or its affiliate’s shareholders, directors, officers, managers, members,
partners, trustees, employees, contractors, subcontractors, attorneys, intermediaries, brokers or other agents, or representatives
or any heir, personal representative, successor, or assign of any of the foregoing; and (y) “Indemnifying Party”
means either Buyer or Seller when indemnification is sought from such Party pursuant to this Section 7, and “Indemnified
Party” means Buyer, Seller or any Related Party of Buyer or Seller when such Person is seeking indemnification from
an Indemnifying Party pursuant to this Section 7. The provisions of this Section 7 provide the exclusive remedy for any breach
of any representation, warranty or covenant set forth in this Agreement.

 

8.
Further Assurances. Following the Closing, each of the parties hereto shall execute and deliver such additional documents,
instruments, conveyances and assurances, and take such further actions as may be reasonably required to carry out the provisions
hereof and give effect to the transactions contemplated by this Agreement.

 

9.
Release.

 

(a)
Seller, for itself and on behalf of Seller’s affiliates, successors and assigns, shareholders, officers, directors, employees,
contractors, affiliates, agents and their successors and assigns (collectively, the “Seller Releasors”) hereby
releases and forever discharges the Company, Buyer, Buyer’s members, shareholders, managers, officers, directors, contractors,
affiliates, heirs, successors, predecessors, assigns, agents, the Company’s post-Closing shareholders, and all persons acting
by, through or under each of them (collectively, the “Buyer Releasees”), of and from any and all claims, debts,
obligations and liabilities, whether known or unknown, contingent or non-contingent, at law or in equity, in each case directly
or indirectly arising from or in connection with, or relating to, the Company, the Company’s business, the Shares or any
agreements or obligations of the Company and/or Seller’s ownership of the Company or resulting from Seller or any of its
Related Parties having been a director, officer, observer or employee of the Company, which the Seller Releasors or any of them
now have or had or may hereafter have against the Buyer Releasees, or any them, for, upon or by reason of any matter, cause or
event occurring prior to the Closing; provided, however, that nothing in this Section 9(a) shall terminate or release
Buyer’s obligations or liabilities to Seller under this Agreement (or under any other agreement or instrument to be executed
in conjunction with this Agreement in order to consummate the transactions contemplated herein).

 

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(b)
Buyer, for itself and on behalf of the Company and the Buyer’s affiliates, successors and assigns, shareholders, officers,
directors, employees, contractors, affiliates, agents and their successors and assigns (collectively, the “Buyer Releasors”)
hereby releases and forever discharges the Seller and Seller’s members, shareholders, managers, officers, directors, contractors,
affiliates, heirs, successors, predecessors, assigns, agents, and all persons acting by, through or under each of them (collectively,
the “Seller Releasees”), of and from any and all claims, debts, obligations and liabilities, whether known
or unknown, contingent or non-contingent, at law or in equity, in each case directly or indirectly arising from or in connection
with, or relating to, the Company, the Company’s business or any agreements or obligations of the Company and/or Seller’s
ownership of the Company or resulting from Seller or any of its Related Parties having been a director, officer, observer or employee
of the Company, which the Buyer Releasors or any of them now have or had or may hereafter have against the Seller Releasees, or
any them, for, upon or by reason of any matter, cause or event occurring prior to the Closing; provided, however,
that nothing in this Section 9(b) shall terminate or release Seller’s obligations or liabilities to Buyer under this Agreement
(or under any other agreement or instrument to be executed in conjunction with this Agreement in order to consummate the transactions
contemplated herein).

 

10.
Expenses. All costs and expenses incurred in connection with negotiating and drafting this Agreement and the transactions
contemplated hereby shall be paid by the party incurring such costs and expenses.

 

11.
Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder (each, a “Notice”)
shall be in writing and addressed to the parties at the addresses set forth on the first page of this Agreement (or to such other
address that may be designated by the receiving party from time to time in accordance with this section). All Notices shall be
delivered by personal delivery, nationally recognized overnight courier (with all fees pre-paid), facsimile or e-mail of a PDF
document (with confirmation of transmission) or certified or registered mail (in each case, return receipt requested, postage
prepaid). Except as otherwise provided in this Agreement, a Notice is effective and shall be deemed to have been given or made
(a) when sent by facsimile with delivery receipt or by electronic mail, (b) one business day after being deposited with such overnight
courier service or (c) three business days after being deposited in the mail, in each case addressed to the party at its address
specified herein. Notices may also be given in any other manner permitted by law, effective upon actual receipt.

 

12.
Entire Agreement. This Agreement constitutes the sole and entire agreement of the parties to this Agreement with respect
to the subject matter contained herein, and supersedes all prior and contemporaneous understandings, agreements, representations
and warranties, both written and oral, with respect to such subject matter. There are no agreements, warranties, covenants or
undertakings regarding the subject matter of this Agreement other than those expressly set forth herein.

 

13.
Successor and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their
respective successors and permitted assigns. No party may assign any of its rights or obligations hereunder without the prior
written consent of the other parties hereto.

 

    	5

     

    

 

14.
Headings. The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

15.
Amendment and Modification; Waiver. This Agreement may only be amended, modified or supplemented by an agreement in writing
signed by each party hereto. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth
in writing and signed by the party so waiving. Except as otherwise set forth in this Agreement, no failure to exercise, or delay
in exercising, any rights, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof;
nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege.

 

16.
Severability. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such
invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render
unenforceable such term or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid,
illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby
be consummated as originally contemplated to the greatest extent possible.

 

17.
Governing Law; Submission to Jurisdiction. This Agreement shall be governed by and construed in accordance with the internal
laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of
Delaware or any other jurisdiction). Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions
contemplated hereby may be instituted in the federal courts of the United States or the courts of the State of Delaware in each
case located in the State of Delaware, and each party irrevocably submits to the exclusive jurisdiction of such courts in any
such suit, action or proceeding. Service of process, summons, notice or other document by mail to such party’s address set
forth herein shall be effective service of process for any suit, action or other proceeding brought in any such court. The parties
irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or any proceeding in such courts
and irrevocably waive and agree not to plead or claim in any such court that any such suit, action or proceeding brought in any
such court has been brought in an inconvenient forum.

 

18.
Jury Trial Waiver. TO THE FULLEST EXTENT NOT PROHIBITED BY APPLICABLE LAW, WHICH CANNOT BE WAIVED, EACH OF THE PARTIES
HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY AND IRREVOCABLY WAIVES ANY AND ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING
TO ENFORCE OR DEFEND ANY RIGHT, POWER, REMEDY OR DEFENSE ARISING OUT OF OR RELATED TO THIS AGREEMENT, WHETHER SOUNDING IN TORT
OR CONTRACT OR OTHERWISE, OR WITH RESPECT TO ANY COURSE OR CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN)
OR ACTIONS OF ANY PARTY RELATING TO THIS AGREEMENT; AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A JUDGE
AND NOT BEFORE A JURY. EACH OF THE PARTIES HERETO FURTHER WAIVES ANY RIGHT TO SEEK TO CONSOLIDATE ANY SUCH LITIGATION IN WHICH
A JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER LITIGATION IN WHICH A JURY TRIAL CANNOT OR HAS NOT BEEN WAIVED. FURTHER, EACH OF THE
PARTIES HERETO HEREBY CERTIFIES THAT NONE OF ITS REPRESENTATIVES, AGENTS OR ATTORNEYS HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT IT WOULD NOT, IN THE EVENT OF SUCH LITIGATION, SEEK TO ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL PROVISION. EACH OF THE
PARTIES HERETO ACKNOWLEDGES THAT THE PROVISIONS OF THIS SECTION ARE A MATERIAL INDUCEMENT TO THE ACCEPTANCE OF THIS AGREEMENT
BY THE OTHER PARTIES HERETO.

 

19.
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which
together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other
means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this
Agreement.

 

[SIGNATURE
PAGE FOLLOWS.]

 

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IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first written above.

 

	 	LEO
    CAPITAL HOLDINGS, LLC
	 	 
	 	By	/s/
    Randall O. Rissman
	 	Name:	Randall
    O. Rissman
	 	Title:	Manager
	 	 	 
	 	MOTORSPORT
    GAMING US LLC
	 	 	 
	 	By	/s/
    Mike Zoi
	 	Name:	Mike
    Zoi
	 	Title:	Manager

 

    	7

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