Document:

Exhibit
4.5

 

DESCRIPTION
OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

Capital
Stock

 

The
authorized capital stock of fuboTV Inc., a Florida corporation (“we,” “our,” “us” or the “Company”),
consists of 400,000,000 shares of common stock with a $0.0001 par value per share, and 50,000,000 shares of preferred stock with
a $0.0001 par value per share. 35,800,000 shares have been designated as the Series AA Convertible Preferred Stock.

 

Common
Stock

 

Each
share of our common stock is generally entitled to one vote for each share on all matters submitted to a vote of the shareholders,
including the election of directors, but is generally not entitled to vote on any matter for which the vote is reserved to a class
of preferred stock pursuant to the designation for that preferred stock.

 

Rights
and Preferences

 

Holders
of our common stock have no preemptive, conversion or subscription rights, and there are no redemption or sinking fund provisions
applicable to our common stock. The rights, preferences and privileges of the holders of our common stock are subject to, and
may be adversely affected by, the rights of the holders of shares of any series of preferred stock currently outstanding or which
we may designate and issue in the future.

 

Dividends
and Distributions

 

Our
bylaws, as amended, provide that the board of directors may authorize, and the Company may make, distributions (which would include
dividends) to its shareholders subject to restrictions by our articles of incorporation, as amended, and certain additional limitations
as described below. Specifically, no distribution may be made if, after giving it effect, (a) the Company would not be able to
pay its debts as they become due in the usual course of business; or (b) the Company’s total assets would be less than the
sum of its total liabilities plus (unless our articles of incorporation permit otherwise) the amount that would be needed, if
the Company were to be dissolved at the time of the distribution, to satisfy the preferential rights upon dissolution of shareholders
whose preferential rights are superior to those receiving the distribution.

 

We
may also issue shares as share dividends, which may be issued pro rata and without consideration to our shareholders or to the
shareholders of one or more classes or series. Shares of one class or series may not be issued as a share dividend in respect
of shares of another class or series unless (a) our articles of incorporation, as amended, so authorize; (b) a majority of the
votes entitled to be cast by the class or series to be issued approves the issue; or (c) there are no outstanding shares of the
class or series to be issued.

 

Anti-Takeover
Provisions

 

The
Florida Business Corporation Act (the “FBCA”) contains certain provisions which may affect the ability of a party
to acquire control of the Company.

 

Control
Share Acquisition Statute

 

The
control share acquisition statute, Section 607.0902 of the FBCA, generally provides that in the event that a person acquires voting
shares of the Company which would have more than 20% of the voting power of all of the shares of the Company, such acquired shares
have only such voting rights as are accorded the shares before the control-share acquisition only to the extent granted by resolution
approved by the shareholders of the Company (excluding shares held by the person acquiring the control shares or any officers
of the Company or any employees who are also directors of the Company).

 

Certain
acquisitions of shares are exempt from these rules, such as shares acquired pursuant to the laws of intestate succession or pursuant
to a gift or testamentary transfer, pursuant to a merger or share exchange effected in compliance with the FBCA if the Company
is a party to the agreement or pursuant to an acquisition of shares of the Company if the acquisition has been approved by the
board of directors of the Company before the acquisition.

 

A
Florida corporation may provide in articles or bylaws that the corporation is not subject to these provisions, but our articles
of incorporation and bylaws, each as amended, do not currently exempt the Company from these provisions. Absent such an exclusion,
these provisions of the FBCA generally apply to any Florida corporation which has:

 

	 	1.	One
    hundred or more shareholders;

 

    	 

    	 

    

 

	 	2.	Its
    principal place of business, its principal office, or substantial assets within Florida; and
	 	 	 
	 	3.	Either
    (i) more than 10% of its shareholders resident in Florida; (ii) more than 10% of its shares owned by residents of Florida;
    or (iii) one thousand shareholders resident in Florida.

 

Affiliated
Transactions Statute

 

The
affiliated transactions statute, Section 607.0901 of the FBCA, covers certain affiliated transactions, and provides that the Company
may not engage in certain mergers, consolidations or sales of stock, dispositions or certain other transactions with any “interested
shareholder” for a period of three years following the time that such shareholder became an interested shareholder, unless:

 

	 	●	Prior
    to the time that such shareholder became an interested shareholder, the board of directors of the Company approved either
    the affiliated transaction or the transaction which resulted in the shareholder becoming an interested shareholder; or
	 	 	 
	 	●	Upon
    consummation of the transaction that resulted in the shareholder becoming an interested shareholder, the interested shareholder
    owned at least 85% of the voting shares of the Company outstanding at the time the transaction commenced; or
	 	 	 
	 	●	At
    or subsequent to the time that such shareholder became an interested shareholder, the affiliated transaction is approved by
    the board of directors and authorized at an annual or special meeting of shareholders, and not by written consent, by the
    affirmative vote of at least two-thirds of the outstanding voting shares which are not owned by the interested shareholder.

 

“Interested
shareholders” are generally defined as any person who is the beneficial owner of more than 15% of the outstanding voting
shares of the Company.

 

Notwithstanding
the above, the voting requirements set forth above do not apply to a particular affiliated transaction if one or more conditions
are met, including, but not limited to, the following: if the affiliated transaction has been approved by a majority of the disinterested
directors of the Company; if the interested shareholder has been the beneficial owner of at least 80% of the Company’s outstanding
voting shares for at least three years preceding the announcement date; or if the consideration to be paid to the holders of each
class or series of voting shares in the affiliated transaction meets certain minimum conditions.

 

The
provisions of this section of the FBCA would not apply to the Company if the Company’s original articles of incorporation
contained a provision electing not to be governed by this section of the FBCA, or the Company had adopted an amendment to its
articles of incorporation in compliance with the FBCA expressly electing not to be governed by this section of the FBCA. The Company’s
articles of incorporation, as amended, do not currently contain such an election not to be governed by these provisions, and thus
these provisions do currently apply to the Company.

 

Both
the control share acquisition statute and the affiliates transactions statute may have the effect of discouraging or preventing
certain change of control or takeover transactions involving the Company.Exhibit
10.21

 

 

FUBOTV
INC.

 

OUTSIDE
DIRECTOR COMPENSATION POLICY

 

fuboTV
Inc. (the “Company”) believes that the granting of equity and cash compensation to the members of its Board
of Directors (the “Board,” and members of the Board, the “Directors”) represents an effective
tool to attract, retain and reward Directors who are not employees of the Company (the “Outside Directors”).
This Outside Director Compensation Policy (the “Policy”) is intended to formalize the Company’s policy
regarding cash compensation and grants of equity to its Outside Directors. Notwithstanding the foregoing, solely for purposes
of this Policy, the Company’s Executive Chairman shall be eligible for compensation under this Policy and treated as if
the Executive Chairman was an Outside Director, except that the Executive Chairman will not be eligible for an Initial Award (as
defined below) and cash payments shall be made ratably through payroll, reduced by applicable withholdings.

 

Unless
otherwise defined herein, capitalized terms used in this Policy will have the meaning given such term in the Company’s 2020
Equity Incentive Plan (the “Plan”). Each Outside Director will be solely responsible for any tax obligations
incurred by such Outside Director as a result of the equity and cash payments the Outside Director receives under this Policy.

 

This
Policy was effective as of its initial adoption by the Board, with such date referred to as the “Effective Date”.
The Policy was most recently amended and restated on February 3, 2021.

 

1.
Cash Compensation 

 

Annual
Cash Retainer

 

Each
Outside Director will be paid an annual cash retainer of $45,000. There are no per-meeting attendance fees for attending Board
meetings or meetings of any committee of the Board.

 

Chair,
Committee Membership, and Committee Chair Annual Cash Retainer

 

Each
Outside Director who serves as chairman of the Board, chairman of a committee of the Board, or member of a committee of the Board
will be eligible to earn additional annual cash retainers as follows:

 

	Chair of the Board (including Executive Chair):	 	$	50,000	 
	 	 	 	 	 
	Chair of Audit Committee:	 	$	24,000	 
	 	 	 	 	 
	Member of Audit Committee	 	 	 	 
	(excluding Committee Chair):	 	$	10,000	 
	 	 	 	 	 
	Chair of Nominating and	 	 	 	 
	Governance Committee	 	$	10,000	 
	 	 	 	 	 
	Member of Nominating and Governance	 	 	 	 
	Committee (excluding Committee Chair):	 	$	5,000	 
	 	 	 	 	 
	Chair of Compensation Committee:	 	$	16,000	 
	 	 	 	 	 
	Member of Compensation Committee	 	 	 	 
	(excluding Committee Chair):	 	$	7,500	 

 

    	 

    	 

    

 

Payment.
Each annual cash retainer under this Policy will be paid quarterly in arrears on a prorated basis to each Outside Director
who has served in the relevant capacity at any point during the immediately preceding fiscal quarter, and such payment shall be
made no later than thirty (30) days following the end of such immediately preceding fiscal quarter.

 

2.
Equity Compensation

 

Outside
Directors will be entitled to receive all types of Awards (except Incentive Stock Options) under the Plan (or the applicable equity
plan in place at the time of grant), including discretionary Awards not covered under this Policy. All grants of Awards to Outside
Directors pursuant to Section 2 of this Policy will be automatic and nondiscretionary, except as otherwise provided herein, and
will be made in accordance with the following provisions:

 

(a)
No Discretion. No person will have any discretion to select which Outside Directors will be granted any Awards under this
Policy or to determine the number of Shares to be covered by such Awards, except pursuant to Section 7 below.

 

(b)
Initial Awards. Subject to Section 11 of the Plan, effective on the date the person first becomes an Outside Director,
whether through election by the stockholders of the Company or appointment by the Board to fill a vacancy, such Outside Director
automatically will be granted Awards with a Value (as defined below) equal to $330,000 (the “Initial Award”),
provided that the number of Shares covered by each Initial Award will be rounded down to the nearest whole Share. The Initial
Award will be comprised of either Options or Restricted Stock Units (“RSUs”). Until otherwise determined by
the Board, the Initial Award shall be in the form of RSUs.

 

If
the Initial Award is an Option, the Initial Award will vest in 36 equal, monthly installments after the grant date, in each case,
provided that the Outside Director continues to serve as a Service Provider through the applicable vesting date.

 

If
the Initial Award is in the form of RSUs, such portion of the Initial Award will vest in 3 annual installments beginning with
the first anniversary after the grant date, in each case, provided that the Outside Director continues to serve as a Service Provider
through the applicable vesting date.

 

In
all cases the Initial Award will accelerate and vest upon a Change in Control, provided that the Outside Director continues to
serve as a Service Provider on the vesting date.

 

For
clarity, a Director who is an Employee who ceases to be an Employee, but who remains a Director, will not receive an Initial Award.

 

(c)
Annual Awards. Subject to Section 11 of the Plan, each Outside Director automatically will be granted a Restricted Stock
Unit Award (an “Annual Award”) with a Value of $228,000, provided that the number of Shares covered by each
Annual Award will be rounded down to the nearest whole Share, which grant will be effective on the date of each annual meeting
of stockholders (each, an “Annual Meeting”), beginning with the first Annual Meeting following the Effective
Date; provided that any Outside Director who is not continuing as a Director following the applicable Annual Meeting will not
receive an Annual Award with respect to such Annual Meeting. Further, an Outside Director will not be eligible for an Annual Award
at an Annual Meeting if he or she has not been a Director for at least 6 months prior to the applicable Annual Meeting. The Annual
Award will be comprised of either Options or RSUs. Until otherwise determined by the Board, the Annual Award shall be in the form
of RSUs.

 

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Each
Annual Award will vest as to 100% of the Shares subject thereto upon the earlier of the one (1) year anniversary of the grant
date or the day prior to the Company’s next Annual Meeting occurring after the grant date, in each case, provided that the
Outside Director continues to serve as a Service Provider through the applicable vesting date.

 

The
Annual Award will accelerate and vest upon a Change in Control, provided that the Outside Director continues to serve as a Service
Provider on the vesting date.

 

(c)
Exercise Price. The per Share exercise price for all Options granted under this Policy will be one hundred percent (100%)
of the Fair Market Value on the grant date.

 

(d)
Value. To determine the number of Shares subject to an Initial Award or Annual Award, the specified Value for RSUs will
be divided by the average of the closing price for the 30-trading day period ending on the trading day prior to the applicable
grant date, or such other methodology the Board may determine prior to the grant of the RSUs becoming effective. To determine
the number of shares subject to an Option, the number of Shares determined in the preceding sentence will be multiplied by 2 or
such other multiplier that the Board may determine prior to the grant of an Option being effective.

 

3.
Travel Expenses

 

Each
Outside Director’s reasonable, customary and properly documented travel expenses to attend Board meetings will be reimbursed
by the Company.

 

4.
Additional Provisions

 

All
provisions of the Plan and form of award agreement approved for use under the Plan not inconsistent with this Policy will apply
to Awards granted to Outside Directors.

 

5.
Section 409A

 

In
no event will cash compensation or, or to the extent taxable to the Outside Director, travel reimbursement payments, under this
Policy be paid after the later of (a) the fifteenth (15th) day of the third (3rd) month following the end
of the Company’s fiscal year in which the compensation is earned or expenses are incurred, as applicable, or (b) the fifteenth
(15th) day of the third (3rd) month following the end of the calendar year in which the compensation is
earned or expenses are incurred, as applicable, in compliance with the “short-term deferral” exception under Section
409A of the Internal Revenue Code of 1986, as amended, and the final regulations and guidance thereunder, as may be amended from
time to time (together, “Section 409A”). It is the intent of this Policy that this Policy and all payments
hereunder be exempt from or otherwise comply with the requirements of Section 409A so that none of the compensation to be provided
hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will
be interpreted to be so exempt or comply.

 

6.
Revisions

 

The
Board in its discretion may at any time change and otherwise revise the terms of the cash compensation granted under this Policy,
including, without limitation, the amount of cash and timing of unearned compensation to be paid on or after the date the Board
determines to make any such change or revision. The Board in its discretion may at any time change and otherwise revise the terms
of Awards granted under this Policy, including, without limitation, the number of Shares subject thereto, for Awards of the same
or different type granted on or after the date the Board determines to make any such change or revision. The Board in its discretion
may at any time suspend or terminate the Policy.

 

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