Document:

Exhibit
10.2.1

 

EXCLUSIVE
PROMOTION AGREEMENT

 

This
Confidentiality and Non-Disclosure Agreement (the “Agreement”) is entered into and is effective as of August
3, 2018 (the “Effective Date”) by and between Motorsport Gaming US LLC a Florida limited liability company
(“MSG”), on the one hand, and Motorsport Network, LLC a Florida limited liability company (“MSN”).

 

WHEREAS,
MSG is in the business of developing and publishing video games in the racing genre, as well as facilitating virtual racing esports
activities; and

 

WHEREAS,
MSN is in the business of creating and distributing motorsport related media and entertainment content; and

 

WHEREAS,
the parties desire to work together to provide mutually beneficial benefits to one another.

 

NOW,
THEREFORE, in consideration of the mutual promises set forth herein and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

	 	1.	PROMOTION
    BY MSN. To the extent that it uses its and its affiliates’ various media platforms to promote business, organizations,
    products and services in the racing video game genre and related esports activities, MSN shall exclusively promote the
    businesses, organizations, products and services of MSG and its subsidiaries during the term of this Agreement (the
    “Exclusive Promotion”).
	 	 	 
	 	2.	CONSIDERATION.
    In exchange for the Exclusive Promotion set forth in Section 1, MSG agrees to give MSN an exclusive first look on any
    media-related activity.
	 	 	 
	 	3.	TERM.
    This Agreement shall remain in effect from the Effective date until such date that MSN no longer holds at least a twenty
    percent (20%) of the current outstanding interest in MSG, at which time this Agreement will terminate automatically.
	 	 	 
	 	4.	CONFIDENTIALITY.
    Neither of the Parties to this Agreement shall disclose to the public or to any third party the existence of this Agreement
    other than with the express prior written consent of the other party, except as may be required by law. Except as may be required
    by law or court order, all information exchanged by the parties in the process of working with each other under this Agreement
    not otherwise already public, will be held in confidence.
	 	 	 
	 	5.	GOVERNING
    LAW AND OTHER PROVISIONS.

 

	 	a.	No
    Partnership or Agency. to, establish any partnership or joint venture between the parties, constitute either party the agent
    of the other party, or authorize either party to make or enter into any commitments for or on behalf of the other party. Each
    party confirms it is acting on its own behalf and not for the benefit of any other person.
	 	b.	No
    failure or delay by a party to exercise any right or remedy provided under this agreement or by law shall constitute a waiver
    of that or any other right or remedy, nor shall it prevent or restrict the further exercise of that or any other right or
    remedy.
	 	 	No
    single or partial exercise of such right or remedy shall prevent or restrict the further exercise of that or any other right
    or remedy.
	 	c.	No
    one other than a party to this agreement, their successors and permitted assignees, shall have any right to enforce any of
    its terms.
	 	d.	No
    variation of this agreement shall be effective unless it is in writing and signed by the parties (or their authorized representatives).
	 	e.	This
    Agreement shall at all times be governed by, construed, interpreted and enforced in accordance with the laws of the state
    of Florida, without giving effect to the rules or principles relating to the conflict of laws of Florida or of any other jurisdiction.

 

    	 1 of 2

     

    

 

IN
WITNESS WHEREOF, this Agreement is hereby executed as of the day and year first written above.

 

	MOTORSPORT
    NETWORK LLC	 	MOTORSPORT
    GAMING US LLC
	 	 	 	 	 
	Signature:
    	/s/
    Mike Zoi	 	Signature:
    	/s/
    Mike Zoi
	Name:

        
	Mike
    Zoi	 	Name:
    	Mike
    Zoi
	Title:
    	Manager	 	Title:
    	Manager

 

    	 2 of 2Exhibit
10.3

 

PROMISSORY
NOTE

 

(LINE
OF CREDIT UP TO $10,000,000.00)

 

	UP
    TO U.S. $10,000,000.00	Effective
    Date: April 1, 2020
	 	Executed
    and Delivered in Miami, Florida

 

ON
DEMAND (or as otherwise provided in this Note), FOR VALUE RECEIVED, the undersigned, MOTORSPORT GAMING US, LLC, a Florida company
(“Maker”), does hereby promise to pay to the order of MOTORSPORT NETWORK, LLC, a Florida limited liability
company (“Holder”), the principal sum of up to U.S. $10,000,000.00.

 

1.
Interest. This promissory note (this “Note”) bears interest at a rate of ten percent (10%) per annum,
compounded quarterly (the “Interest”) based upon a 365-day year.

 

2.
Funding of Advances; Payment. The principal amount of this Note has been and shall continue to be funded by Holder
to Maker in one or more advances in the amount of each such advance and on the date of each such advance (each, an “Advance
Date”) as determined by Maker and Holder (each, an “Advance” and collectively, the “Advances”).
The Advance(s) and Advance Date(s) shall be set forth in Annex A attached to this Note (such Annex A to be updated from
time to time after any new Advances are made). All sums payable by Maker hereunder shall be payable to Holder by wire transfer
to the bank account as Holder may designate from time to time in writing, in currency as shall be legal tender at the time of
payment for the payment of public and private debts in the United States of America. The entire outstanding principal balance
of this Note and all accrued and unpaid interest hereunder shall be paid in full in a single payment upon demand by Holder (unless
earlier payment is required in accordance with the terms and conditions of this Note, including, without limitation, paragraphs
3 and 4 below).

 

The
undersigned Maker hereby expressly acknowledges and agrees that this Note is a demand note and matures upon issuance, and that
the indebtedness hereunder shall be payable upon demand (unless earlier payment is required in accordance with the terms and conditions
of this Note), and that Holder may, at any time in its sole and absolute discretion, without notice and without reason and whether
or not any Event of Default (as defined below) or Corporate Event (as defined below) shall have occurred and/or exist under this
Note, without notice, demand that this Note and the indebtedness hereunder be immediately paid in full. Holder may from time to
time make demand for partial payments under this Note and these demands shall not preclude Holder from demanding at any time that
this Note be immediately paid in full. Further, the demand nature of this Note shall not be deemed to be modified, limited or
otherwise affected by any reference to any Default in this Note, and to the extent that there are any references to any Events
of Default or Corporate Events hereunder.

 

3.
Prepayment. This Note may be voluntarily prepaid by Maker in whole or in part at any time or from time to time without
penalty or charge. Any partial prepayment made with respect to this Note shall reduce the outstanding principal balance hereunder.

 

    	 

     

    

 

4.
Acceleration Upon Corporate Event; Acceleration Upon Event of Default. In the event Maker or any other entity in the
consolidated group of Maker (including parent entity of Maker or direct or indirect subsidiary of Maker or such parent entity)
consummates any capital reorganization, consolidation, joint venture, spin off, merger or any other business combination or restructuring
of any nature whatsoever (a “Corporate Event”), the entire principal amount and all accrued and unpaid interest
hereunder shall be accelerated and become payable by Maker to Holder on the date of consummation of such Corporate Event. Further,
the entire unpaid principal balance of this Note shall become immediately due and payable upon the occurrence of any of the following
events (each, an “Event of Default”):

 

(a)
Maker shall: (i) apply for or consent to the appointment of a receiver, trustee, liquidator, or custodian of itself or of
all or a substantial part of its property,(ii) admit in writing its inability, to pay its debts generally as they mature, (iii)
make a general assignment for the benefit of any of its creditors, (iv) be dissolved or liquidated in full or in part,(v) commence
a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under
any bankruptcy, insolvency, or other similar law now or hereafter in effect or consent to any such relief or to the appointment
of or taking possession of its property by any official in an involuntary case or other proceeding commenced against it, or (vi)
take any action for the purpose of effecting any of the foregoing; or

 

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

 

(c)
Maker fails to pay the principal amount under this Note when due and payable (whether on demand by Holder or due to an Event
of Default or a Corporate Event) and such failure continues for five (5) business days from the date of such failure.

 

5.
Use of Proceeds. The entire principal amount under this Note shall be used for working capital, operations, acquisitions,
investments or any other purposes of Maker as determined by Maker.

 

6.
Severability. The invalidity of any one or more of the words, phrases, sentences, clauses, sections or subsections
contained in this Note shall not affect the enforceability of the remaining portions of this Note or any part hereof, all of which
are inserted conditionally on their being valid in law, and, in the event that any one or more of the words, phrases, sentences,
clauses, sections or subsections contained in this Note shall be declared invalid, this Note shall be construed as if such invalid
word or words, phrase or phrases, sentence or sentences, clause or clauses, section or sections, or subsection or subsections
had not been inserted.

 

7.
Time is of the Essence. Time shall be of the essence with respect to the terms of this Note.

 

    	 

     

    

 

8.
Amendments. Except as expressly stated herein to the contrary, this Note may not be amended or modified in any way,
except by a written instrument executed by Maker and Holder.

 

9.
Assignment. No party to this Note may assign or transfer this Note, nor may any of such party’s rights hereunder
be assigned or transferred in any manner to any person or entity.

 

10.
Governing Law; Venue. This Note shall be governed by and construed in accordance with the local laws of the State of
Florida without reference to that state’s rules regarding choice of law. The exclusive venue for all actions or disputes
relating to this Note shall be a state of federal court located in Miami-Dade County, Florida and the parties irrevocably submit
to personal jurisdiction before that court, and agree not to assert, by way of motion, as a defense or otherwise in any such suit,
action or proceeding that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action
or proceeding is improper or that this Note or the subject matter hereof may not be enforced by such court or that the court lacks
personal jurisdiction over them.

 

11.
Jury Trial Waiver. EACH OF MAKER AND HOLDER VOLUNTARILY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LITIGATION ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS NOTE OR ANY OTHER DOCUMENT RELATED HERETO, OR THE TRANSACTIONS
OR OBLIGATIONS UNDER WHICH THIS NOTE WAS DELIVERED, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER ORAL OR WRITTEN)
OR ACTIONS OF ANY PARTY RELATING TO THIS NOTE.

 

12.
Presentation. All parties now or hereafter liable with respect to this Note, whether Maker, endorser or any other person
or entity, hereby expressly waive presentation, demand of payment, protest, notice of demand of payment, protest and notice of
non-payment, or any other notice of any kind with respect hereto.

 

13.
Waiver. No delay or failure on the part of Holder in the exercise of any right or remedy hereunder or at law or in
equity, shall operate as a waiver thereof, and no single or partial exercise by Holder of any right or remedy hereunder, under
any loan agreement or security agreement, or at law or in equity shall preclude or estop another or further exercise thereof or
the exercise of any other right or remedy.

 

14.
Counterparts. This Note may be executed in any number of counterparts, each of which when executed, shall be deemed
to be an original and all of which together shall be deemed to be one and the same instrument binding upon all of the parties
hereto notwithstanding the fact that all parties are not signatory to the original or the same counterpart. For purposes of this
Note, facsimile signatures or signatures transmitted by electronic mail in pdf format shall be deemed originals.

 

    	 

     

    

 

IN
WITNESS WHEREOF, Maker has executed this Note as of the Effective Date set forth above.

 

	 	MAKER:
	 
	 	MOTORSPORT
    GAMING US LLC
	 	 
	 	By: 	/s/ Dmitry Kozko
	 	Name:	Dmitry
Kozko
	 	Title: 	CEO

 

	HOLDER
    ACCEPTS AND ACKNOWLEDGES:
	 	 	 
	MOTORSPORT
    NETWORK, LLC
	 
	By:	/s/ Mike Zoi	 
	Name:	Mike Zoi	 
	Title:	Manager	 

 

    	 

     

    

 

ANNEX
A

 

Schedule
of Advance(s) and Advance Date(s)

(to
be updated from time to time after any new Advances are made)

 

	Advance
    Date	 	Advance
    Amount (in U.S. Dollars)
	September
    30, 2018	 	$4,473,169
	March
    31, 2019	 	$1,891,322
	June
    30, 2019	 	$499,973
	September
    30, 2019	 	$428,791
	December
    31, 2019	 	$707,526
	March
    31, 2020	 	$258,917

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