Document:

Exhibit 10.12

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS EXECUTIVE EMPLOYMENT
AGREEMENT (the “Agreement”), entered into effective May 1, 2016, by and between ALLIANCE MMA, INC., a Delaware
corporation (the “Company”), and Frank A. Gallagi, an individual and resident of the State of Connecticut (the
“Executive”).

 

In consideration of
the mutual covenants and undertakings herein contained, the parties, each intending to be legally bound, agree as follows:

 

1.          Employment.
Upon the terms and subject to the conditions set forth in this Agreement, the Company employs Executive as the Company’s
Chief Financial Officer, and Executive accepts such employment.

 

2.          Position.
Executive agrees to serve as Chief Financial Officer of the Company and to perform such duties as are commensurate with such office,
including the oversight and management of the employees and day-to-day operations of the Company and the Business. The Executive
will devote substantially all his business time and efforts to the Company and the Company’s business and will not engage
in other business activities without the Company’s prior consent, whether or not such business activity is pursued for profit,
gain or other pecuniary advantage. Nothing herein will prevent Executive from engaging in investment activities unrelated to the
Company’s business for his own account. As used in this Agreement “Business” means the business of promoting,
sponsoring and otherwise commercializing mixed martial arts events including live, televised and pay-per-view events and the commercial
exploitation of related media, products and services.

 

3.          Term.
The term of this Agreement will begin on May 1, 2016 (the “Effective Date”) and will end on the two-year anniversary
of such date (the “Term”). After such initial two-year period, the Term will renew for renewal periods of one
year each unless either party gives the other written notice of intent not to renew at least sixty (60) days prior to such date.
The parties hereto agree that, upon the expiration of the Term, the Executive’s employment with the Company will terminate
and the Executive will not be entitled to any further compensation, except as otherwise expressly provided in this Agreement. The
Company will be under no obligation whatsoever to renew or continue the employment of the Executive beyond the Term.

 

4.          Salary.
Executive will receive a salary of One Hundred and Fifty Thousand ($150,000) per year (“Base Compensation”),
pro-rated for partial years, payable at regular intervals in accordance with the Company’s normal payroll practices in effect
from time to time. Base Compensation and the benefits set forth under Section 5 below will commence on the closing of the Company’s
initial public offering (“IPO”). Executive’s Base Compensation will be reviewed annually by the Company’s
Board of Directors and Executive will be eligible for consideration for merit-based increases to Base Compensation as determined
by the Board of Directors in its sole discretion. In addition to eligibility for consideration of merit-based increases in the
discretion of the Board of Directors, Executive’s Base Compensation will be increased effective January 1 of each year during
the Term (commencing with January 1, 2017) by three percent (3%) to reflect anticipated increases in cost of living.

 

5.          Benefit
Programs. (a) During the Term, Executive will be entitled to participate in or receive benefits as follows:

 

(i)          health
and dental insurance pursuant to the Company’s current or future plans and policies (premium for only Executive to be paid
by Company);

 

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(ii) participation in Company
401(k) plan with Company match of Executive’s contribution on a dollar-for-dollar basis for the first 3% of Executive’s
Base Compensation; and

 

(iii) participation in any
other Executive benefit plan of the Company provided to all employees of the Company on the same terms as other employees of the
Company based on tenure and position.

 

All benefits will be pursuant to programs
or arrangements made available by the Company on the date of this Agreement and from time to time in the future to the Company’s
other employees on a basis consistent with the terms, conditions and overall administration of the foregoing plans, programs or
arrangements and with respect to which Executive is otherwise eligible to participate or receive benefits. Executive acknowledges
such benefits are subject to change as and when changed by the Company generally.

 

(b) During the Term,
the Company will provide Executive with a Company owned or leased computer and printer and supplies for Company purposes.

 

(c) During the Term,
the Company will provide Executive with a mobile phone and either pay directly or reimburse Executive for the cost of a reasonable
plan for Executive’s use on behalf of the Company.

 

(d) The items provided
in connection with paragraphs (b) and (c) will be returned by Executive to the Company upon any termination of this Agreement.

 

6.          General
Policies. (a) So long as the Executive is employed by the Company pursuant to this Agreement, Executive will receive reimbursement
from the Company, as appropriate, for all reasonable business expenses incurred by Executive in accordance with Company policies
and in the course of his employment by the Company, upon submission to the Company of written vouchers and statements for reimbursement.

 

(b)          During
the Term, the Executive will be entitled to three weeks of paid vacation, which will be utilized at such times when his absence
will not materially impair the Company’ s normal business functions. In addition to the vacation described above, Executive
also will be entitled to all paid holidays customarily given by the Company to its employees.

 

(c)          All
other matters relating to the employment of Executive by the Company not specifically addressed in this Agreement will be subject
to the general policies regarding employees of the Company in effect from time to time.

 

7.          Termination
of Employment. Subject to the respective continuing obligations of the parties, including but not limited to those set forth
in Sections 8 and 9 hereof, Executive’s employment by the Company may be terminated prior to the expiration of the
Term of this Agreement by either the Executive or the Company by delivering a written notice of termination two weeks in advance
of such termination (the end of such two week period being the “Date of Termination”).

 

8.          Termination
of Employment. (a) In the event of termination of the Executive’s employment pursuant to (i) expiration of the Term,
(ii) the death or Disability (as defined below) of Executive, (iii) termination by Executive, (iv) termination by the Company with
Cause (as defined below), or (v) in the event of a Significant Acquisition where the Executive does not accept an offer of employment
for a subordinate position with the Company, compensation (including Base Compensation) will continue to be paid until the Date
of Termination, and the Executive will continue to participate in the employee benefit and compensation plans and other perquisites
as provided in Sections 4 and 5 hereof in a manner consistent with the applicable terms of the governing plan documents.

 

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(b)          In
the event of termination of Executive’s employment by the Company without Cause, (i) compensation (including Base Compensation)
will continue to be paid until the Date of Termination, (ii) the Executive will continue to participate in the employee benefit
and compensation plans and other perquisites as provided in Sections 4 and 5 hereof, until the Date of Termination, and
(iii) after the Date of Termination, Company will pay Executive an amount per month equal to the Base Compensation divided by twelve
(12) (pro-rated for partial months) until the end of the Term.

 

(c)          The
following Terms will have the following meanings for purposes of this Agreement:

 

(i)          “Cause”
means termination of the Executive by the Company for:

 

(A) the commission of a felony
or a crime involving moral turpitude or the commission of any other act or omission involving dishonesty or fraud with respect
to the Company;

 

(B) conduct which brings the Company
into public disgrace or disrepute;

 

(C) gross negligence or willful
gross misconduct with respect to the

Company;

 

(D) breach of a fiduciary duty
to the Company;

 

(E) a breach of Section 9 
of this Agreement;

 

(F) Executive’s failure to
cure a breach of any term of this Agreement (other than Section 9) within thirty (30) days after receipt of written notice
from the Company specifying the act or omission that constitutes such breach.

 

(ii)         “Disability”
means the physical or mental incapacity of Executive for a period of more than ninety (90) consecutive days, the determination
of which by the Company will be conclusive on the parties hereto.

 

(iii)        “Significant
Acquisition” means a merger, acquisition of substantially all the assets, or similar business combination involving the
Company or a subsidiary of the Company where in the sole discretion of the Board of Directors it would be in the best interest
of the Company’s stockholders for the Executive to serve in a capacity other than Chief Financial Officer.

 

9.          Non-Compeition
and Confidentiality Covenants. Executive and Company are party to that certain Non-Comeptition and Non-Solicitation
Agreement, dated of even date herewith (the “Non-Competition Agreement”), attached hereto as Exhibit A,
which is incorporated herein by reference. The Non-Competition Agreement contains, among other things, covenants of Executive respecting
non-competition, non-solicitation and non-disclosure. Any breach of the Non-competition Agreement that is not cured as permitted
therein shall be deemed a breach of this Section 9. The Non-Competition Agreement shall survive the termination of this Agreement
pursuant to its terms.

 

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10.         Notices.
For purposes of this Agreement, notices and all other communications provided for herein will be in writing and will be deemed
to have been given when delivered or mailed by United States registered or certified mail, return receipt requested, postage prepaid,
addressed as follows:

 

	If to the Executive:	Frank A. Gallagi
	 	178 Green Acres Lane
	 	Fairfield, Connecticut 06824
	 	Phone: (203) 913-6842
	 	 
	If to the Company:	Alliance MMA, Inc.
	 	c/o Ivy Equity Investors, LLC
	 	590 Madison Avenue, 21st Floor
	 	New York, New York 10022
	 	Attention: Paul K. Danner, III
	 	Phone:  (212) 521-4268
	 	Fax:  (212) 521-4099
	 	 
	with copies to:	 
	 	 
	 	Mazzeo Song & Bradham LLP
	 	444 Madison Avenue, 4th Floor
	 	New York, NY 10022
	 	Attention: Robert L. Mazzeo, Esq.
	 	Phone: (212) 599-0310
	 	Fax:  (212) 599-8400

 

or to such other address as either party
hereto may have furnished to the other party in writing in accordance herewith, except that notices of change of address will be
effective only upon receipt.

 

11.         Governing
Law. The validity, interpretation, and performance of this Agreement will be governed by the laws of the State of Delaware,
without reference to the choice of law principles or rules thereof, except to the extent that federal law will be deemed to apply.

 

12.         Modification.
No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to
in a writing signed by the Company and the Executive. No waiver by any party hereto at any time of any breach by another party
hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party will be deemed
a wavier of dissimilar provisions or conditions at the same or any prior subsequent time. No agreements or representation, oral
or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not set forth
expressly in this Agreement.

 

13.         Validity.
The invalidity or unenforceability of any provisions of this Agreement will not affect the validity or enforceability of any other
provisions of this Agreement which will remain in full force and effect.

 

14.         Counterparts.
This Agreement may be executed in one or more counterparts, each of which will be deemed an original but all of which together
will constitute one and the same agreement.

 

15.         Assignment.
This Agreement is personal in nature and Executive may not, without consent of the Company, assign or transfer this Agreement or
any rights or obligations hereunder.

 

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16.         Document
Review. The Company and the Executive hereby acknowledge and agree that each (i) has read this Agreement in its entirety prior
to executing it, (ii) understands the provisions and effects of this Agreement, (iii) has consulted with such attorneys, accountants
and financial and other advisors as it or he has deemed appropriate in connection with their respective execution of this Agreement,
and (iv) has executed this Agreement voluntarily and knowingly.

 

17.         Entire
Agreement This Agreement together with any understanding or modifications thereof as agreed to in writing by the parties, will
constitute the entire agreement between the parties hereto.

 

[Signature Page to Executive Employment
Agreement Follows]

 

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[Signature Page to Executive Employment
Agreement]

 

IN WITNESS WHEREOF,
the parties have caused the Agreement to be executed and delivered as of the date first set forth above.

 

	ALLIANCE MMA, INC. 	 
	 	 	 
	By:	/s/ Paul K. Danner, III	 
	Name:	Paul K. Danner, III	 
	Title:	CEO 	 
	 	 	 
	/s/ Frank A. Gallagi	 
	Frank A. Gallagi 	 

 

 

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Exhibit A

 

NON-COMPETITION AND NON-SOLICITATION AGREEMENT

 

THIS NON-COMPETITION
AND NON-SOLICITATION AGREEMENT (the “Agreement”), dated as of May 1, 2016 (the “Effective Date”)
is entered into by and between ALLIANCE MMA, INC., a Delaware corporation (“Company”) Frank A. Gallagi, an individual
and resident of the State of Florida (the “Executive”).

 

NOW, THEREFORE, in
consideration of the employment or continued employment of the Executive by the Company, and the continued receipt and access to
confidential, proprietary, and trade secret information associated with the Executive’s position with the Company, the Executive
and the Company agree as follows:

 

1.          Confidentiality.
Executive understands and agrees that in the course of providing services to the Company, Executive may acquire confidential and/or
proprietary information concerning the Company’s operations, its future plans and its methods of doing business. Executive
understands and agrees it would be extremely damaging to the Company if Executive disclosed such information to a competitor or
made such information available to any other person. Executive understands and agrees that such information is divulged to Executive
in strict confidence and Executive understands and agrees that Executive shall not use such information other than in connection
with the Business and will keep such information secret and confidential unless disclosure is required by court order or otherwise
by compulsion of law. In view of the nature of Executive’s employment with the Company and the information that Executive
has received during the course of Executive’s employment, Executive also agrees that the Company would be irreparably harmed
by any violation, or threatened violation of the agreements in this paragraph and that, therefor, the Company shall be entitled
to an injunction prohibiting Executive from any violation or threatened violation of such agreements.

 

2.          Non-Competition
and Non-Solicitation. The Executive acknowledges and agrees that the nature of the Company’s confidential, proprietary,
and trade secret information to which the Executive has, and will continue to have, access to derives value from the fact that
it is not generally known and used by others in the highly competitive industry in which the Company competes. The Executive further
acknowledges and agrees that, even in complete good faith, it would be impossible for the Executive to work in a similar capacity
for a competitor of the Company without drawing upon and utilizing information gained during employment with the Company. Accordingly,
at all times during the Executive’s employment with the Company and for a period of three (3) years after termination, for
any reason, of such employment, the Executive will not, directly or indirectly:

 

(a) Engage in any business
or enterprise (whether as owner, partner, officer, director, employee, consultant, investor, lender or otherwise, except as the
holder of not more than one percent (1%) of the outstanding capital stock of a company) that directly or indirectly competes with
the Company’s business or the business of any of its subsidiaries anywhere in the United States, including but not limited
to any business or enterprise that develops, manufactures, markets, or sells any product or service that competes with any product
or service developed, manufactured, marketed or sold, or planned to be developed, manufactured, marketed or sold, by the Company
or any of its subsidiaries while the Executive was employed by the Seller or the Company; or

 

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(b) Either alone or
in association with others (i) solicit, or facilitate any organization with which the Executive is associated in soliciting, any
employee of the Company or any of its subsidiaries to leave the employ of the Company or any of its subsidiaries; (ii) solicit
for employment, hire or engage as an independent contractor, or facilitate any organization with which the Executive is associated
in soliciting for employment, hire or engagement as a independent contractor, any person who was employed by the Company or any
of its subsidiaries at any time during the term of the Executive’s employment with the Seller or the Company or any of their
respective subsidiaries (provided, that this clause (ii) shall not apply to any individual whose employment with the Seller, the
Company or any of its subsidiaries has been terminated for a period of one year or longer); or (iii) solicit business from or perform
services for any customer, supplier, licensee or business relation of the Seller or the Company or any of their respective subsidiaries,
induce or attempt to induce, any such entity to cease doing business with the Company or any of its subsidiaries; or in any way
interfere with the relationship between any such entity and the Company or any of its subsidiaries.

 

3.          Return
of Property. Executive understands and agrees that all business information, files, research, records, memoranda, books, lists
and other documents and tangible materials, including computer disks, and other hardware and software that he receives during his
employment, whether confidential or not, are the property of the Company, and that, upon the termination of his services, for whatever
reason, he will promptly deliver to the Company all such materials, including copies thereof, in his possession or under his control.
Any analytical templates, books, presentations, reference materials, computer disks and other similar materials already rightfully
owned by the Executive prior to the Effective Date shall remain the property of the Executive and any copies thereof obtained by
or provided to the Company shall be returned or destroyed in a manner similar acceptable to the Executive.

 

4.          Not
Employment Contract. The Executive acknowledges that this Non-Competition and Non-Solicitation Agreement does not constitute
a contract of employment and, except as set forth in Executive Employment Agreement (to which this Agreement is ancillary), does
not guarantee that the Company or any of its subsidiaries will continue his employment for any period of time or otherwise change
the at-will nature of his employment.

 

5.          Interpretation.
If any restriction set forth in Section 2 is found by any court of competent jurisdiction to be invalid, illegal, or unenforceable,
it shall be modified to the minimum extent necessary to render the modified restriction valid, legal and enforceable. The parties
intend that the non-competition and non-solicitation provisions contained in this Agreement shall be deemed to be a series of separate
covenants, one for each and every county of each and every state of the United States of America where this provision is intended
to be effective.

 

6.          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.

 

7.          Waiver
of Rights. No delay or omission by the Company in exercising any right under this Agreement will operate as a waiver of that
or any other right. A waiver or consent given by the Company on any one occasion is effective only in that instance and will not
be construed as a bar to or waiver of any right on any other occasion.

 

8.          Equitable
Remedies. The restrictions contained in this Agreement are necessary for the protection of the business and goodwill of the
Company and its subsidiaries and are considered by the Executive to be reasonable for such purpose. The Executive agrees that any
breach of this Agreement is likely to cause the Company substantial and irrevocable damage and therefor, in the event of any such
breach, the Executive agrees that the Company, in addition to such other remedies that may be available, shall be entitled to specific
performance and other injunctive relief.

 

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9.          Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware. Any action, suit,
or other legal proceeding which is commenced to resolve any matter arising under or relating to any provision of this Agreement
shall be commenced only in a court of the State of Delaware (or, if appropriate, a federal court located within Delaware), and
the Company and the Executive each consents to the jurisdiction of such a court.

 

10.         Term.
This Agreement shall be effective on the Effective Date. This Agreement shall expire on ___________ __, 2019, provided the obligations
of the Executive under Sections 2 shall survive for a period of three (3) years after expiration or termination. Notwithstanding
the foregoing the obligations of the Executive under Sections 1 and 3 shall survive indefinitely.

 

THE EXECUTIVE ACKNOWLEDGES THAT HE HAS
CAREFULLY READ THIS AGREEMENT, HAS SOUGHT INDEPENDENT COUNSEL TO ADVISE HIM AS TO THE NATURE AND EXTENT OF HIS OBLIGATIONS HEREUNDER
AND UNDERSTANDS AND AGREES TO ALL OF THE PROVISIONS IN THIS AGREEMENT.

 

[Signature Page to Non-Competition And
Non-Solicitation Agreement Follows]

 

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[Signature Page to Non-Competition And
Non-Solicitation Agreement]

 

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be executed by their respective duly authorized officers as of the date first above written.

 

	COMPANY:	 
	 	 
	ALLIANCE MMA, INC.	 
	 	 	 
	By:	/s/ Paul K. Danner, III	 
	 	Name: Paul K. Danner, III	 
	 	Title: CEO	 
	 	 
	EXECUTIVE:	 
	 	 	 
	By: 	/s/ Frank A. Gallagi
	 
	 	Frank A. Gallagi	 

 

    	 	A-4Exhibit 10.13

 

AMENDED AND RESTATED

UNSECURED PROMISSORY NOTE

 

$600,000.00

 

New York, New York

Original Issue Date: February 12, 2015

 

FOR VALUE RECEIVED, ALLIANCE
MMA, INC., a Delaware corporation with an address of 590 MADISON AVENUE, 21ST FLOOR, NEW YORK, NEW YORK 10022 (“Borrower”),
unconditionally promises to pay to the order of IVY EQUITY INVESTORS, LLC., a Delaware limited liability company with an address
of 2 EAST 55TH STREET, SUITE 1111, NEW YORK, NEW YORK 10022 (“Lender”), in the manner and at the place hereinafter
provided, the principal amount of Six Hundred Thousand and No/100ths Dollars ($600,000.00) or such lesser amount that may be outstanding
based upon advances made to and other payments made on behalf of Borrower by Lender incident to the Borrower’s contemplated
IPO on the earlier of January 1, 2017, or the closing of the IPO (the “Maturity Date”). Borrower also promises
to pay to Lender, together with the principal amount referenced above simple interest on the outstanding principal balance of this
Note at the rate of six percent (6%) per annum compounded annually, pro-rated for the number of days that the Note is outstanding
until the Maturity Date on the basis of a 365-day year (the “Interest”). Lender and Borrower contemplate that
Lender will make several advances to or other payments on behalf of Borrower to facilitate the IPO and the related Target Company
Transactions, and that this Note will reflect the aggregate amount of such advances and payments. Lender will maintain a schedule
of advances and payments which shall be attached to this Note as Schedule A and which may be amended from time to time to
reflect advances and payments made. This Note amends and restates in its entirety that certain 6% Unsecured Promissory Note
with an initial principal amount of up to $500,000 due on the Maturity Date (the “Original Note”).

 

1.          Payments.
All payments of principal and Interest in respect of this Note shall be made in lawful money of the United States of America in
same day funds at the office of Lender set forth above or at such other place as Lender may direct. If any payment on this Note
is stated to be due on a day that is not a Business Day, such payment shall instead be made on the next Business Day.

 

2.          Prepayments
of Interest and Principal. The Borrower shall have the right at any time and from time to time to prepay the principal amount
and any Interest then due in whole or in part, without premium or penalty. All payments shall be applied first to accrued interest
and then to the then outstanding principal amount.

 

3.          Representations
and Warranties. Borrower hereby represents and warrants to Lender that:

 

(a)   this
Note constitutes the duly authorized, legally valid and binding obligation of Borrower, enforceable against Borrower in accordance
with its terms;

 

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(b)   all
consents and grants of approval required to have been granted by any Person in connection with the execution, delivery and performance
of this Note have been granted;

 

(c)   the
execution, delivery and performance by Borrower of this Note does not and will not (i) violate or conflict with any law, governmental
rule or regulation, court order or agreement to which it is subject or by which its properties are bound or (ii) result in
the creation of any Lien or other encumbrance with respect to the property of Borrower; and

 

(d)   there
is no action, suit, proceeding or governmental investigation pending or, to the knowledge of Borrower, threatened against Borrower
or any of its assets which, if adversely determined, would have a material adverse effect on the properties, assets, condition
(financial or otherwise) or prospects of Borrower, taken as a whole, or the ability of Borrower to comply with its obligations
hereunder.

 

4.          Events of Default.
The occurrence of any of the following events shall constitute an “Event of Default”:

 

(a)   failure
of Borrower to pay the principal and Interest, if any, when due under this Note and such failure is not cured within three (3)
Business Days of receipt of written notice of such failure to pay; or

 

(b)   any
representation or warranty made by Borrower to Lender in connection with this Note shall prove to have been false in any material
respect when made; or

 

(c)   (i) a
court having jurisdiction in the premises shall enter a decree or order for relief in respect of Borrower in an involuntary case
under Title 11 of the United States Code entitled “Bankruptcy” (as now and hereinafter in effect, or any successor
thereto, the “Bankruptcy Code”) or any applicable bankruptcy, insolvency or other similar law now or hereafter
in effect, which decree or order is not stayed; or any other similar relief shall be granted under any applicable federal or state
law; or (ii) an involuntary case shall be commenced against Borrower under any applicable bankruptcy, insolvency or other
similar law now or hereafter in effect; or a decree or order of a court having jurisdiction in the premises for the appointment
of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers over Borrower or over all or
a substantial part of its property shall have been entered; or the involuntary appointment of an interim receiver, trustee or other
custodian of Borrower for all or a substantial part of its property shall have occurred; or a warrant of attachment, execution
or similar process shall have been issued against any substantial part of the property of Borrower, and, in the case of any event
described in this clause (ii), such event shall have continued for thirty (30) days unless dismissed, bonded or discharged; or

 

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(d)   an
order for relief shall be entered with respect to Borrower, or Borrower shall commence a voluntary case under the Bankruptcy Code
or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or shall consent to the entry of an order
for relief in an involuntary case, or to the conversion of an involuntary case to a voluntary case, under any such law, or shall
consent to the appointment of or taking possession by a receiver, trustee or other custodian for all or a substantial part of its
property; or Borrower shall make an assignment for the benefit of creditors; or Borrower shall be unable or fail, or shall admit
in writing its inability, to pay its debts as such debts become due.

 

5.          Remedies.
Upon the occurrence and during the continuance of any Event of Default Lender may, by written notice to Borrower, declare the principal
amount of this Note together with the Interest, if any, to be due and payable, and the principal amount of this Note together with
such Interest, if any, shall thereupon immediately become due and payable without presentment, further notice, protest or other
requirements of any kind (all of which are hereby expressly waived by Borrower). Upon the occurrence and during the continuance
of any Event of Default, interest shall accrue at the rate of twelve percent (12%) per annum (the “Default Rate”).

 

6.          Definitions.
The following terms used in this Note shall have the following meanings (and any of such terms may, unless the context otherwise
requires, be used in the singular or the plural depending on the reference):

 

“Business
Day” means any day other than a Saturday, Sunday or legal holiday under the laws of the State of New York or any other
day on which banking institutions located in such state are authorized or required by law or other governmental action to close.

 

“Event
of Default” means any of the events set forth in Section 4.

 

“IPO”
means an underwritten public offering of shares of Common Stock or other equity interests which generates cash proceeds sufficient
to close on the Target Company Transactions pursuant to which the Common Stock or other equity interests will be listed or quoted
on a Trading Market.

 

“Liens”
means a lien, charge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Person”
means any individual, partnership, limited liability company, joint venture, firm, corporation, association, bank, trust or other
enterprise, whether or not a legal entity, or any government or political subdivision or any agency, department or instrumentality
thereof.

 

“Target Company”
means one of approximately fifteen companies primarily engaged in the business of promoting and conducting mixed martial arts or
“MMA” events throughout the United States or providing services related to such events.

 

“Target
Company Transactions” means the acquisition by Borrower of the Target Companies that will occur substantially contemporaneously
with the consummation of the IPO.

 

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“Trading
Market” means the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date
in question: the American Stock Exchange, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market,
the New York Stock Exchange or the OTC Bulletin Board.

 

7.          Miscellaneous.

 

(a)   All
notices and other communications provided for hereunder shall be in writing (including faxes) and mailed (certified by the US Postal
service), telecopied, or delivered as follows: if to Borrower, at its address specified opposite its signature below; and if to
Lender, at the address set forth above; or in each case at such other address as shall be designated by Lender or Borrower, with
a copy to Borrower’s counsel as follows:

 

Robert Mazzeo

MazzeoSong P.C.

444 Madison Avenue, Fourth Floor

New York, NY 10022

 

All such notices
and communications shall, when mailed (as set forth above), faxed or sent by overnight courier, be effective when deposited in
the mails, delivered to the overnight courier, as the case may be, or sent by fax. Electronic mail may be used to distribute routine
communications.

 

(b)   No
failure or delay on the part of Lender or any other holder of this Note to exercise any right, power or privilege under this Note
and no course of dealing between Borrower and Lender shall impair such right, power or privilege or operate as a waiver of any
default or an acquiescence therein, nor shall any single or partial exercise of any such right, power or privilege preclude any
other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies expressly provided
in this Note are cumulative to, and not exclusive of, any rights or remedies that Lender would otherwise have. No notice to or
demand on Borrower in any case shall entitle Borrower to any other or further notice or demand in similar or other circumstances
or constitute a waiver of the right of Lender to any other or further action in any circumstances without notice or demand.

 

(c)   THIS
NOTE AND THE RIGHTS AND OBLIGATIONS OF BORROWER AND LENDER HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED
IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

 

(d)        ALL
JUDICIAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS NOTE SHALL BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION
IN THE STATE OF NEW YORK, CITY OF NEW YORK, BOROUGH OF MANHATTAN, AND BY EXECUTION AND DELIVERY OF THIS NOTE BORROWER ACCEPTS FOR
ITSELF AND IN CONNECTION WITH ITS PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS
AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION
WITH THIS NOTE. Borrower hereby agrees that service of all process in any such proceeding in any such court may be made by registered
or certified mail, return receipt requested, to Borrower at its address set forth below its signature hereto, with a copy to Borrower’s
counsel as set forth above, such service being hereby acknowledged by Borrower to be sufficient for personal jurisdiction in any
action against Borrower in any such court and to be otherwise effective and binding service in every respect. Nothing herein shall
affect the right to serve process in any other manner permitted by law or shall limit the right of Lender to bring proceedings
against Borrower in the courts of any other jurisdiction.

 

    	 	4	 

     

    

 

(e)          BORROWER
AND, BY ITS ACCEPTANCE OF THIS NOTE, LENDER AND ANY SUBSEQUENT HOLDER OF THIS NOTE, HEREBY IRREVOCABLY AGREE TO WAIVE THEIR RESPECTIVE
RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS NOTE OR ANY DEALINGS BETWEEN THEM RELATING
TO THE SUBJECT MATTER OF THIS NOTE AND THE LENDER/BORROWER RELATIONSHIP THAT IS BEING ESTABLISHED. The scope of this waiver is
intended to be all-encompassing of any and all disputes that may be filed in any court and that relate to the subject matter of
this transaction, including without limitation contract claims, tort claims, breach of duty claims and all other common law and
statutory claims. Borrower and, by their acceptance of this Note, Lender and any subsequent holder of this Note, each (i) acknowledges
that this waiver is a material inducement to enter into a business relationship, that the other parties have already relied on
this waiver in entering into this relationship, and that each party will continue to rely on this waiver in their related future
dealings and (ii) further warrants and represents that it has reviewed this waiver with its legal counsel and that it knowingly
and voluntarily waives its jury trial rights following consultation with legal counsel. THIS WAIVER IS IRREVOCABLE, MEANING THAT
IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS
OR MODIFICATIONS OF THIS NOTE. In the event of litigation, this provision may be filed as a written consent to a trial by the court.

 

(f)          Borrower
hereby waives the benefit of any statute or rule of law or judicial decision which would otherwise require that the provisions
of this Note be construed or interpreted most strongly against the party responsible for the drafting thereof.

 

(g)          Borrower
waives presentment for payment, demand, notice of demand, notice of non-payment or dishonor, protest of this Note, and all other
notices in connection with the delivery, acceptance, performance, default or enforcement of payment of this Note.

 

[Signature Page Follows]

 

    	 	5	 

     

    

 

IN WITNESS WHEREOF, Borrower
has executed and delivered this Note as of the day and year and at the place first above written.

 

	 	ALLIANCE MMA, INC.
	 	 	 
	 	By:	/s/ Paul K. Danner, III
	 	 	Paul K. Danner, III
	 	 	CEO
	 	 
	 	Address for Notices:
	 	Alliance MMA, Inc.
	 	590 Madison Avenue, 21st Floor
	 	New York, New York 10022
	 	Attention: Paul K. Danner, III, CEO
	 	Phone:  (212) 739-7825
	 	Facsimile:  (212) 658-9291

 

    	 	6	 

     

    

 

SCHEDULE A

TO

AMENDED AND RESTATED

UNSECURED PROMISSORY NOTE

 

	Interest	 	6	%	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Advance Date	 	Amount	 	 	Accrued Interest	 	 	Amount Repaid
or Credited	 	 	Through 6/15/16	 
	2/12/15	 	 	 	 	 	 	 	 	 	$	(5,289.14	)	 	 	 	 
	2/27/15	 	$	62,500.00	 	 	$	3,154.11	 	 	 	 	 	 	$	4,869.86	 
	3/15/15	 	$	9,210.86	 	 	$	440.61	 	 	 	 	 	 	$	693.46	 
	4/1/15	 	$	2,000.00	 	 	$	90.08	 	 	 	 	 	 	$	144.99	 
	4/15/15	 	$	12,500.00	 	 	$	534.25	 	 	 	 	 	 	$	877.40	 
	4/20/15	 	$	2,000.00	 	 	$	83.84	 	 	 	 	 	 	$	138.74	 
	4/30/15	 	$	2,000.00	 	 	$	80.55	 	 	 	 	 	 	$	135.45	 
	5/15/15	 	$	14,500.00	 	 	$	548.22	 	 	 	 	 	 	$	946.27	 
	6/1/15	 	$	2,000.00	 	 	$	70.03	 	 	 	 	 	 	$	124.93	 
	6/15/15	 	$	14,500.00	 	 	$	474.33	 	 	 	 	 	 	$	872.38	 
	7/15/15	 	$	12,500.00	 	 	$	347.26	 	 	 	 	 	 	$	690.41	 
	7/18/15	 	$	18,200.05	 	 	$	496.64	 	 	 	 	 	 	$	996.27	 
	7/21/15	 	$	10,000.00	 	 	$	267.95	 	 	 	 	 	 	$	542.47	 
	8/15/15	 	$	12,500.00	 	 	$	283.56	 	 	 	 	 	 	$	626.71	 
	8/20/15	 	$	3,000.00	 	 	$	65.59	 	 	 	 	 	 	$	147.95	 
	9/5/15	 	$	3,000.00	 	 	$	57.70	 	 	 	 	 	 	$	140.05	 
	9/15/15	 	$	12,500.00	 	 	$	219.86	 	 	 	 	 	 	$	563.01	 
	9/30/15	 	$	3,000.00	 	 	$	45.37	 	 	 	 	 	 	$	127.73	 
	10/5/15	 	$	3,000.00	 	 	$	42.90	 	 	 	 	 	 	$	125.26	 
	10/15/15	 	$	12,500.00	 	 	$	158.22	 	 	 	 	 	 	$	501.37	 
	10/20/15	 	$	3,000.00	 	 	$	35.51	 	 	 	 	 	 	$	117.86	 
	11/5/15	 	$	3,000.00	 	 	$	27.62	 	 	 	 	 	 	$	109.97	 
	11/15/15	 	$	12,500.00	 	 	$	94.52	 	 	 	 	 	 	$	437.67	 
	11/20/15	 	$	14,699.00	 	 	$	99.07	 	 	 	 	 	 	$	502.58	 
	11/30/15	 	$	50,000.00	 	 	$	254.79	 	 	 	 	 	 	$	1,627.40	 
	12/4/15	 	$	3,000.00	 	 	$	13.32	 	 	 	 	 	 	$	95.67	 
	12/14/15	 	$	4,000.00	 	 	$	11.18	 	 	 	 	 	 	$	120.99	 
	12/15/15	 	$	39,840.00	 	 	$	104.78	 	 	 	 	 	 	$	1,198.47	 
	12/17/15	 	$	9,000.00	 	 	$	20.71	 	 	 	 	 	 	$	267.78	 
	12/21/15	 	$	3,000.00	 	 	$	4.93	 	 	 	 	 	 	$	87.29	 
	 	 	$	353,449.91	 	 	$	8,127.48	 	 	 	 	 	 	$	17,830.41	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1/1/16	 	$	12,701.30	 	 	 	 	 	 	 	 	 	 	$	346.59	 
	2/1/16	 	$	12,500.00	 	 	 	 	 	 	 	 	 	 	$	277.40	 
	3/1/16	 	$	97,000.00	 	 	 	 	 	 	 	 	 	 	$	1,690.19	 
	3/31/16	 	$	25,000.00	 	 	 	 	 	 	 	 	 	 	$	312.33	 
	6/15/16	 	$	70,000.00	 	 	 	 	 	 	 	 	 	 	$	-	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	$	570,651.21	 	 	 	 	 	 	 	 	 	 	$	20,456.91	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total P&I	 	$	591,108.12	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	7

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