Document:

Exhibit 10.4

 

LOCK-UP AND NO SHORTING AGREEMENT

 

This Lock-Up and No
Shorting Agreement (this “Agreement”) is made as of May 5, 2017 by and between Danco Enterprises, LLC, a limited
liability company (the “Restricted Holder”), and Loton, Corp, a Nevada corporation (the “Company”).
Capitalized terms used and not otherwise defined herein shall have the meanings given to such terms in the APA (as defined herein).

 

WHEREAS, pursuant to
the transactions contemplated under that certain Asset Purchase Agreement, dated as of May 5, 2017 (the “APA”),
by and among the Company, LiveXLive Tickets, Inc. (the “Buyer”), a Delaware corporation and a wholly owned subsidiary
of the Company, Wantickets RDM, LLC, a Delaware limited liability company (the “Seller”), Danco Enterprises,
LLC, a New York limited liability company and the managing member of Gamwant LLC, a Delaware limited liability company and the
ultimate parent company of the Seller, Joseph Schnaier, an individual, and Gamtix LLC, a New York limited liability company, the
Company will acquire the Purchased Assets for 2,000,000 shares (the “Shares”) of the Company’s common
stock, $0.001 par value per share (the “Common Stock”), and certain other consideration, on the terms and conditions
set forth in the APA (the “Acquisition”); and

 

WHEREAS, the APA provides
that, among other things, all of the Shares to be issued to the Restricted Holder pursuant to the APA (collectively, the “Restricted
Securities”) shall be subject to certain restrictions on Disposition (as defined below) during the period of twenty-four
(24) months immediately following the Closing Date (the “Restricted Period”), subject to certain conditions
all as more fully set forth herein.

 

NOW, THEREFORE, as
an inducement to and in consideration of the Company’s and Buyer’s agreement to enter into the APA and proceed with
the Acquisition, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereby agree as follows:

 

	1.	Lock Up Period.

 

(a)       During
the Restricted Period, the Restricted Holder will not, directly or indirectly: (i) offer, pledge, sell, contract to sell, sell
any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant for the sale of,
make any short sale, lend or otherwise dispose of or transfer any Restricted Securities or (ii) enter into any swap or any other
agreement or any transaction that transfers, in whole or in part, directly or indirectly, any of the economic consequences of ownership
of any Restricted Securities (with the actions described in clause (i) or (ii) above being hereinafter referred to as a “Disposition”); provided, however,
that if the Company engages in an underwritten public offering of its equity or convertible securities prior to the end of the
Restricted Period, the managing underwriter may waive the balance of the Restricted Period if requested by the Company in its sole
and absolute discretion. The foregoing restrictions are expressly agreed to preclude the Restricted Holder from engaging in any
hedging or other transaction which is designed to or which reasonably could be expected to lead to or result in a sale or disposition
of any of the Restricted Securities of the Restricted Holder during the Restricted Period, even if such securities would be disposed
of by someone other than the Restricted Holder. The Restricted Holder may sell some or all of the Restricted Securities so long
as the purchaser complies with the provisions of Section 1(c) of this Agreement.

 

(b)      In
addition, during the Restricted Period, the Restricted Holder will not, directly or indirectly, effect or agree to effect any short
sale (as defined in Rule 200 under Regulation SHO of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)),
whether or not against the box, establish any “put equivalent position” (as defined in Rule 16a-1(h) under the Exchange
Act) with respect to any shares of Common Stock, borrow or pre-borrow any shares of Common Stock, or grant any other right (including,
without limitation, any put or call option) with respect to shares of Common Stock or with respect to any security that includes,
is convertible into or exercisable for or derives any significant part of its value from shares of Common Stock or otherwise seek
to hedge the Restricted Holder’s position in the Common Stock.

 

     

     

    

 

(c)      Notwithstanding
anything contained herein to the contrary, the Restricted Holder shall be permitted to engage in any Disposition (w) where the
transferee agrees in writing that the Restricted Securities shall continue to be subject to the restrictions on transfer set forth
in this Agreement and such transferee is approved by the Company in its reasonable discretion, (x) where such Disposition is in
connection with estate planning purposes, including, without limitation to an inter-vivos trust and the transferee takes title
to such shares subject to the restrictions on transfer set forth in this Agreement, (y) upon the written approval of the Company
and the lead underwriter in any underwritten public offering of Company’s securities for gross proceeds to the Company of
at least $50 million, or (z) where such Disposition is to an affiliate of such Restricted Holder (including entities wholly owned
by such Restricted Holder or one or more trusts where such Restricted Holder is the grantor of such trust(s)), and with respect
to each clause (w) through (z) above (inclusive), as long as such transferee executes a copy of this Agreement.

 

(d)     Notwithstanding
anything contained herein to the contrary, the restrictions contained in this Agreement shall not apply to any shares of Common
Stock acquired by Restricted Holder in the open market after the closing of the Acquisition.

 

	2.	Legends; Stop Transfer Instructions.

 

(a)      In
addition to any legends to reflect applicable transfer restrictions under federal or state securities laws, each stock certificate
representing Restricted Securities shall be stamped or otherwise imprinted with the following legend:

 

“THE SECURITIES REPRESENTED
HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS OF A LOCK-UP AGREEMENT, DATED AS OF MAY 5, 2017, BETWEEN THE HOLDER HEREOF AND THE
ISSUER AND MAY ONLY BE SOLD OR TRANSFERRED IN ACCORDANCE WITH THE TERMS THEREOF.”

 

(b)     The
Restricted Holder hereby agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent
and registrar against the transfer of the Restricted Securities or securities convertible into or exchangeable for Restricted Securities
held by the Restricted Holder except in compliance with this Agreement.

 

	3.	Miscellaneous.

 

(a)       Periodic
Reports. The Company shall be permitted at any time to request from the Restricted Holder such person’s brokerage statement
summary with respect to the Restricted Securities covering any period during the Restricted Period, and the Restricted Holder shall
in good faith provide such statement to the Company within three (3) business days of the date of such request.

 

(b)      Specific
Performance. The Restricted Holder agrees that in the event of any breach or threatened breach by the Restricted Holder of
any covenant, obligation or other provision contained in this Agreement, then the Company shall be entitled (in addition to any
other remedy that may be available to the Company) to: (i) a decree or order of specific performance or mandamus to enforce the
observance and performance of such covenant, obligation or other provision; and (ii) an injunction restraining such breach or threatened
breach. The Restricted Holder further agrees that neither the Company nor any other person or entity shall be required to obtain,
furnish or post any bond or similar instrument in connection with or as a condition to obtaining any remedy referred to in this
Section 3, and the Restricted Holder irrevocably waives any right that he, she, or it may have to require the obtaining, furnishing
or posting of any such bond or similar instrument.

 

     

     

    

 

(c)      Other
Agreements. Nothing in this Agreement shall limit any of the rights or remedies of the Company or the Restricted Holder under
the APA, or any of the rights or remedies or any of the obligations of the Company or the Restricted Holder under any other agreement
between the Restricted Holder and the Company or any certificate or instrument executed by either party in favor of the other;
and nothing in the APA or in any other agreement, certificate or instrument shall limit any of the rights or remedies or any of
the obligations of the Company or the Restricted Holder under this Agreement.

 

(d)      Notices.
All notices, requests, demands, claims, and other communications hereunder shall be in writing. Any notice, request, demand, claim
or other communication hereunder shall be deemed duly delivered four business days after it is sent by registered or certified
mail, return receipt requested, postage prepaid, or one business day after it is sent for next business day delivery via a reputable
nationwide overnight courier service, in each case to the intended recipient as set forth below:

 

	If to the Company:	Copy to (which copy shall not constitute notice hereunder):
	 	 
	Loton, Corp	Foley Shechter LLP
	269 South Beverly Drive, Suite 1450	211 East 43rd Street, Suite 609
	Beverly Hills, CA 90212 	New York, New York 10017
	Attn: Robert S. Ellin, Executive Chairman	Attn: Sasha Ablovatskiy, Esq.
	Facsimile: 	Facsimile: (917) 688-4092
	 	 
	If to the Restricted Holder:	Copy to (which copy shall not constitute notice hereunder):

 

	To the address set forth on the signature page 	 	 	 	 	 
	hereto.	 	 	 	 	 
	 	 	 	 	 	 
	 	 	Attn:  	 	 	 
	 	 	Facsimile:  	 	 

 

Any party may give
any notice, request, demand, claim or other communication hereunder using any other means (including personal delivery, expedited
courier, messenger service, telecopy, telex, ordinary mail or electronic mail), but no such notice, request, demand, claim or other
communication shall be deemed to have been duly given unless and until it actually is received by the party for whom it is intended.
Any party may change the address to which notices, requests, demands, claims, and other communications hereunder are to be delivered
by giving the other parties notice in the manner herein set forth.

 

(e)      Severability.
Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction shall not affect
the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending
term or provision in any other situation or in any other jurisdiction. If the final judgment of a court of competent jurisdiction
declares that any term or provision hereof is invalid or unenforceable, the parties hereto agree that the court making such determination
shall have the power to limit the term or provision, to delete specific words or phrases, or to replace any invalid or unenforceable
term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of
the invalid or unenforceable term or provision, and this Agreement shall be enforceable as so modified. In the event such court
does not exercise the power granted to it in the prior sentence, the parties hereto agree to replace such invalid or unenforceable
term or provision with a valid and enforceable term or provision that will achieve, to the extent possible, the economic, business
and other purposes of such invalid or unenforceable term.

 

     

     

    

 

(f)        Applicable
Law; Jurisdiction. THIS AGREEMENT IS MADE UNDER, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED SOLELY THEREIN, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS
OF LAW. In any action between or among any of the parties arising out of this Agreement, (i) each of the parties irrevocably
and unconditionally consents and submits to the exclusive jurisdiction and venue of the state and federal courts having jurisdiction
over New York County, New York; (ii) if any such action is commenced in a state court, then, subject to applicable law, no
party shall object to the removal of such action to any federal court having jurisdiction over New York County, New York; (iii) each
of the parties irrevocably waives the right to trial by jury; and (iv) each of the parties irrevocably consents to service
of process by first class certified mail, return receipt requested, postage prepared, to the address at which such party is to
receive notice in accordance with this Agreement.

 

(g)      Waiver;
Termination. No failure on the part of the Company to exercise any power, right, privilege or remedy under this Agreement,
and no delay on the part of the Company in exercising any power, right, privilege or remedy under this Agreement, shall operate
as a waiver of such power, right, privilege or remedy; and no single or partial exercise of any such power, right, privilege or
remedy shall preclude any other or further exercise thereof or of any other power, right, privilege or remedy. The Company shall
not be deemed to have waived any claim arising out of this Agreement, or any power, right, privilege or remedy under this Agreement,
unless the waiver of such claim, power, right, privilege or remedy is expressly set forth in a written instrument duly executed
and delivered on behalf of the Company; and any such waiver shall not be applicable or have any effect except in the specific instance
in which it is given. If the APA is terminated, this Agreement shall thereupon terminate.

 

(h)       Captions.
The captions contained in this Agreement are for convenience of reference only, shall not be deemed to be a part of this Agreement
and shall not be referred to in connection with the construction or interpretation of this Agreement.

 

(i)       Further
Assurances. The Restricted Holder hereby represents and warrants that the Restricted Holder has full power and authority to
enter into this Agreement and that this Agreement constitutes the legal, valid and binding obligation of the Restricted Holder,
enforceable in accordance with its terms. The Restricted Holder shall execute and/or cause to be delivered to the Company such
instruments and other documents and shall take such other actions as the Company may reasonably request to effectuate the intent
and purposes of this Agreement.

 

(j)       Entire
Agreement. This Agreement and the APA (and the other documents entered into in connection with the Contemplated Transactions)
collectively set forth the entire understanding of the Company and the Restricted Holder relating to the subject matter hereof
and supersedes all other prior agreements and understandings between the Company and the Restricted Holder relating to the subject
matter hereof.

 

(k)       Non-Exclusivity.
The rights and remedies of the parties hereunder are not exclusive of or limited by any other rights or remedies which the parties
may have, whether at law, in equity, by contract or otherwise, all of which shall be cumulative (and not alternative).

 

     

     

    

 

(l)       Amendments.
This Agreement may not be amended, modified, altered or supplemented other than by means of a written instrument duly executed
and delivered on behalf of the Company and the Restricted Holder.

 

(m)     Assignment.
This Agreement and all obligations of the Restricted Holder hereunder are personal to the Restricted Holder and may not be assigned,
transferred or delegated by the Restricted Holder at any time except as set forth in Section
1(c) above. The Company may freely assign any or all of its rights under this Agreement, in whole or in part, to any successor
entity without obtaining the consent or approval of the Restricted Holder.

 

(n)      Binding
Nature. Subject to Section 3(m) above, this Agreement will inure to the benefit of and will be binding upon the Company and
its successors and assigns and the Restricted Holder and the Restricted Holder’s representatives, executors, administrators,
estate, heirs, successors and assigns.

 

(o)      Survival.
Each of the representations, warranties, covenants and obligations contained in this Agreement shall survive the consummation of
the Acquisition.

 

(p)     Counterparts
and Electronic Signature. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original
but all of which together shall constitute one and the same instrument. Signatures delivered by e-mail and/or .pdf transmission
shall be sufficient and binding as if they were originals and such delivery shall constitute valid delivery of this Agreement.

 

[Signature Page Follows]

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Agreement as of the date first set forth above.

 

	 	LOTON, CORP
	 	 
	 	By:	 /s/ Robert Ellin
	 	Name:	Robert Ellin
	 	Title:	Executive Chairman and President

 

	 	RESTRICTED HOLDER:
(to be signed by the Restricted Holder)
	 	 
	 	Danco Enterprises, LLC
	 	(print name)

 

	 	By: 	/s/ Joseph Schnaier
	 	Name: 	Joseph Schnaier
	 	Title: 	President and CEO

 

	 	Address: (to
be completed by the Restricted Holder)

 

	 	 
	 	 
	 	 
	 	Email:Exhibit 10.5

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(“Agreement”) is made and entered into as of May 5, 2017 (the “Effective Date”), by and between
LiveXLive Tickets, Inc. (the “Company”), a Delaware corporation and a wholly owned subsidiary of Loton, Corp,
a Nevada corporation (“Loton”), and Joseph Schnaier (“Executive”).

 

WHEREAS, in
connection with the Company’s intended acquisition of all or substantially all of the assets of Wantickets RDM, LLC, a Delaware
limited liability company (the “WT Acquisition”), pursuant to the Asset Purchase Agreement, dated as of the
Effective Date, entered into by and among the Company, Loton, Wantickets RDM, LLC, a Delaware
limited liability company (the “WT”), Danco Enterprises, LLC, a New York limited liability company and
the managing member of Gamwant LLC, a Delaware limited liability company and the ultimate parent company of WT, Executive and Gamtix,
LLC, a New York limited liability company (the “Purchase Agreement”), the Company desires to retain the employment
of Executive, and Executive desires to be employed by the Company, under the terms of this Agreement; and

 

WHEREAS, Loton
is currently in the process of filing its Registration Statement on Form S-1 for an underwritten public offering of its common
stock and related uplisting to The Nasdaq Capital Market (collectively, the “Financing”).

 

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

 

1.           Employment.
The Company hereby agrees to employ Executive subject to the conditions and terms of this Agreement, commencing on the date
hereof as the Chief Executive Officer of the Company. Executive shall be subject to the overall supervision of, and shall have
such authority as is delegated to the Executive by, the Board of Directors of the Company (the “Board”) and,
to the extent lawful and reasonable, shall perform all duties and responsibilities as the Board shall from time to time reasonably
assign to Executive. Executive shall comply with all standards, policies and procedures that now exist or that may hereafter be
established by the Board, the Company and the industry from time to time, and obey all rules, regulations, special instructions
and applicable laws that now exist or that may hereafter be adopted.

 

2.           Compensation.

 

2.1           Base
Salary.  Executive shall be paid annual compensation of $220,000.00 (“Base Salary”), subject to standard
and required deductions and payable in accordance with the Company’s normal payroll practices; provided that Executive agrees
that until the earlier of (i) the S-1 Closing Date (as defined in the Purchase Agreement) or (ii) the one year anniversary of the
Effective Date (such earlier date as between clause (i) and (ii), the “Funding End Date”), any payments of the
Base Salary required under this Agreement shall be paid or funded as required under the terms of the APA. For the avoidance of
doubt, Executive shall only receive payments of the Base Salary for each month (or pro rata thereof) from the Effective Date until
the Funding End Date, only if the Company is not incurring a net loss for the applicable period for which the portion of the Base
Salary is due to Executive, and if there is a net income, only to the extent such net income is sufficient to pay the applicable
portion of the Base Salary for such period, with such net loss or net income to be confirmed by Loton’s independent registered
public accounting firm (the “Auditor”). The Base Salary shall be subject to annual review by the Board at its
discretion to ensure that the Base Salary remains competitive compared with senior executives at comparable companies and based
on the revenues and profits being generated by the Company.

 

    	 	-1-	 

     

    

 

2.2           Performance
Bonus. Executive may also receive a performance bonus (the “Performance Bonus”) as may be determined by
the Board from time to time and that all or any portion of any Performance Bonus shall be
paid in cash, securities of Loton or other property. Executive shall also receive 2,000,000 shares of Loton’s common stock
(the “Earnout Shares”) if the Company earns a net income of at least (i) U.S.$3,000,000 in the twelve-month
period immediately following the Effective Date or (ii) U.S.$4,000,000 in the twelve-month period immediately thereafter. Loton
shall deliver the Earnout Shares to Executive no later than thirty (30) days after confirmation that the requirement in either
clause (i) or clause (ii) has been satisfied. The Earnout Shares shall be subject to the same lock-up terms that other senior executives
of the Company or Loton are required to agree to at the time of such issuance. For the avoidance of doubt, in the event the requirements
in the foregoing clauses (i) and (ii) are both satisfied, Executive shall receive 2,000,000 shares of Loton’s common stock
in the aggregate. The Earnout Shares shall be subject to a standard lock-up agreement for a period of twelve (12) months after
the date that the Company deems such shares earned, if any, by Executive. For purposes of this Agreement, “net income”
and “net loss” means net income and net loss, respectively, shown on the Company’s financial statements,
as confirmed by the Auditor. 

 

2.3           Vacation.
Executive shall be entitled to vacation in accordance with the Company’s vacation policy, and shall accrue four (4) weeks
of paid vacation per year.

 

2.4           Benefit
Programs. Executive shall be eligible to participate in the Company’s medical, retirement, equity incentive, and other
benefit plans to the same extent as other similarly situated executives of the Company, which may be amended and modified from
time to time by the Board (the “Benefits”). Executive shall be bound by
all of the rules, policies and procedures relating to Benefits established by the Board from time to time.

 

2.5           Expenses.
Executive shall be reimbursed for reasonable documented business expenses (including, without limitation, travel and entertainment
expenses) incurred by him directly in connection with the performance of his duties hereunder, subject to and in accordance with
the policies and procedures adopted by the Board from time to time. Without limiting the generality of the foregoing, the Company
agrees to reimburse Executive for the lower of (i) fifty percent (50%) of the cost of Executive’s office space at One Penn
Plaza, 50th Floor, New York, NY 10119, and (ii) $3,250, based on invoices that Executive submits to the Company on a monthly basis
during the term of this Agreement. Such reimbursement obligation by the Company shall be subject to Section 7.4 of the Purchase
Agreement.

 

2.6           Withholding.
All salary, bonus and other compensation payable to Executive shall be subject to applicable withholding and reporting for taxes.

 

    	 	-2-	 

     

    

 

3.           Standard
of Performance. Executive recognizes and acknowledges that during the period of the Executive’s employment hereunder,
Executive owes to the Company the duties of loyalty, care, fidelity and obedience in all matters pertaining to such employment.
Executive agrees to serve the Company diligently and faithfully, to perform in good faith all duties to the best of Executive’s
ability, and to devote all of Executive’s working time, attention and skills to the conduct of the business of the Company
and its affiliates. 

 

4.           Term.
The initial term of this Agreement shall be from the Effective Date until May 5, 2019 (the “Initial Term”),
unless sooner terminated in accordance with the provisions of this Section 4. After the end of the Initial Term, this
Agreement shall continue for successive periods of one (1) year, upon terms agreed to by the Company and Executive (the “Extended
Term” and together with the Initial Term, the “Term”), unless either Executive or the Company provides
written notice that the Initial Term or any extended term will not be further renewed at least sixty (60) days prior to the end
of the applicable term or unless sooner terminated in accordance with the provisions of this
Section 4.

 

4.1           Termination
of Employment; Compensation Due Upon Employment Termination. Executive or the Company may terminate this Agreement and the
employment relationship created hereunder at any time for any reason or for no reason at all in accordance with the terms set forth
in this Section 4. Executive’s employment relationship with the Company and right to compensation for periods after the date
of his employment shall be determined only in accordance with the provisions set forth in Sections 4.2 through 4.8 below, subject
to the post-employment restrictions and covenants set forth in this Agreement including such restrictions and covenants set forth
in Sections 6 through 11.

 

4.2           Voluntary
Termination: Resignation By Executive. Executive may terminate his employment at any time upon thirty (30) days prior written
notice to the Company. In the event that Executive terminates employment other than for Good Reason (as defined below), the Company
shall have no obligation to (i) make payments to Executive in accordance with the provisions of Section 2 except for the payment
of Executive’s Base Salary earned, but unpaid, through the date of Executive’s separation, or (ii) except as otherwise
required by applicable law or the terms of any Benefits plan, to provide the benefits described in Section 2 for periods after
the date on which Executive’s employment with the Company terminates.

 

4.3           Termination
of Employment on Death or Disability. If Executive’s employment terminates as a result of Executive becoming Disabled
(as defined below), Executive’s Base Salary will continue for three (3) months after termination. Executive shall be considered
to be “Disabled” if Executive is suffering from a medically determinable condition that prevents him, with reasonable
accommodation, from performing the essential duties of his employment for a continuous period of ninety (90) days or for more than
one hundred twenty (120) non-consecutive days in any twelve (12) month period. The Performance Bonus shall be paid on a pro-rata
basis for the period of time beginning on the date specified in Section 2.2 above until the date of Disability. A determination
of a Disability within the meaning of this Section 4.3 shall be made by a physician reasonably satisfactory to both Executive and
the Company; provided, however, that if Executive and the Company do not agree on a physician, Executive and the Company shall
each select a physician and those two physicians together shall select a third physician, whose determination as to the existence
of a Disability shall be binding on all parties; provided, further, that Executive and the Company shall equally split the costs
and expenses of the physician determining if a Disability has occurred. Executive’s
employment hereunder shall terminate upon the death of Executive. The Company shall have no obligation to make payments to Executive
in accordance with the provisions of Section 2, or, except as otherwise required by law or the terms of any applicable Benefits
plan, to provide the benefits described in Section 2 for periods after the date of Executive’s death except for then applicable
Base Salary earned, but unpaid, through the date of death (and, if applicable, compensation required under applicable state law
to be paid upon employment termination), payable to Executive’s beneficiary, as Executive shall have indicated in writing
to the Company (or if no such beneficiary has been designated, to Executive’s estate).

 

    	 	-3-	 

     

    

 

4.4           Termination
for Cause. The Board may terminate the employment of Executive at any time, upon written notice, for Cause (as defined below),
and upon such termination, Executive will have no further right to any compensation or Benefits under Section 2 other than
any such amounts of Executive’s Base Salary and vacation benefits that have accrued but have not been paid at the date of
termination, but shall not include any Performance Bonus or any other bonuses or benefits. The term “Cause”
means (a) Executive’s conviction of, or guilty or nolo contendere plea by, the Executive to (x) any felony or (y) any crime
involving dishonesty or moral turpitude; (b) Executive’s material violation of any of the confidentiality provisions or the
restrictive covenants contained herein; (c) the Executive’s engaging in any embezzlement, fraud, misappropriation of funds,
gross negligence, theft, breach of fiduciary duty or any other similar and material act of dishonesty or violation committed to
the material detriment of the Company or Loton; (d) any act or omission that constitutes a material breach by Executive of any
of his obligations under this Agreement; (e) the willful and continued failure or refusal of Executive to satisfactorily perform
the duties reasonably required of him by the Board as an employee of the Company, unless such directions are, in the written reasonable
opinion of legal counsel, illegal or in violation of applicable regulations; or (f) a material violation by Executive of the laws,
rules or regulations of any governmental or regulatory body or agency applicable to the Company or Loton, or Executive’s
material breach of a written standard, policy or procedure of the Company that reasonably applies to all senior executives of the
Company and Loton, unless such standard, policy or procedure is, in the written reasonable opinion of legal counsel, illegal or
in violation of applicable regulations; provided, however, that no act, omission, failure, refusal, breach or violation
described in clauses (d), (e) or (f) shall constitute Cause unless the Company first provides Executive with notice describing
in reasonable detail the nature of the act, omission, failure, refusal, breach or violation, and such act, omission, failure, refusal,
breach or violation continues for more than twenty (20) days; provided, further, that the Company shall have no obligation
to provide Executive with such notice and opportunity to cure more than two (2) times in any 12 month period.

 

4.5           Termination
without Cause. The Company, by action of the Board, may terminate the employment of Executive upon thirty (30) days prior written
notice to Executive. If the Company terminates the employment of Executive without Cause, and provided that Executive shall not
be in material breach of Sections 6 through 11 of this Agreement, the Company shall continue to pay Executive’s Base
Salary for a period of twelve (12) months beginning on the date of termination, payable in accordance with normal payroll practices,
and any Benefits set forth under Section 2.4 of this Agreement shall also continue for the same period. The Performance Bonus
shall be paid on a pro-rata basis for the period of time beginning on the date specified in Section 2.2 above until the date
of termination. If, following a termination of Executive without Cause, Executive is adjudged to have breached any of the provisions
of Sections 6 through 11, the Executive shall not be eligible to receive any payments and benefits (other than the payments
and benefits, if any, required under Section 4.2), and any and all obligations and agreements of the Company with respect to such
payments and benefits shall thereupon cease.

 

    	 	-4-	 

     

    

 

4.6           Termination
for Good Reason. Executive may terminate his employment with the Company, at any time, upon written notice, for Good Reason
(as defined below). If Executive terminates his employment with the Company for Good Reason, and provided that Executive shall
not be in material breach of Sections 6 through 11 of this Agreement, the Company shall continue to pay Executive’s Base
Salary for a period of twelve (12) months beginning on the date of termination, payable in accordance with normal Company payroll
practices, and any Benefits set forth under Section 2.4 of this Agreement shall also continue for the same period. The Performance
Bonus shall be paid on a pro-rata basis for the period of time beginning on the date specified in Section 2.2 above until the date
of termination. Except as provided in this Section, Executive shall have no further rights under this Agreement or otherwise to
receive any other compensation or benefits after such termination for Good Reason. The term “Good Reason” means,
without Executive’s express written consent, the occurrence of any one or more of the following during the term of this Agreement:
(a) the assignment to Executive of duties that are significantly different from, and that result in a substantial diminution of,
the duties that were most recently assigned to Executive; (b) a reduction by the Company of Executive’s Base Salary, unless
said reduction is pari passu with other senior executives of the Company and Loton; (c) a material reduction by the Company of
Executive’s aggregate welfare benefits, as such benefits and opportunities exist on the Effective Date, or as such benefits
may be increased after the Effective Date, unless said reduction is pari passu with other senior executives of the Company and
Loton; or (d) Executive’s principal office is relocated to a location that is more than fifty (50) miles from Executive’s
principal office as of the date of this Agreement, which the parties acknowledge it located at One Penn Plaza, 50th
Floor, New York, NY 10119as of the date of this Agreement.

 

4.7           Resignation
from Directorships and Officerships. The termination of Executive’s employment for any reason will constitute Executive’s
resignation from (a) any director, officer or employee position Executive has with the Company, Loton or any of their Affiliates,
and (b) all fiduciary positions (including as a trustee) Executive holds with respect to any employee benefit plans or trusts
established by the Company or Loton. Executive agrees that this Agreement shall serve as written notice of resignation in this
circumstance, unless otherwise required by any plan or applicable law.

 

4.8           Survival
of Agreement. Except as specifically provided herein, upon termination of this Agreement, all obligations and provisions of
this Agreement shall terminate except for the provisions of Section 6 through 12 hereof.

 

5.           Work
Product.

 

5.1           All
right, title and interest in and to all Subject Ideas and Inventions (as defined below), including but not limited to all registrable
and patent rights which may subsist therein, shall be held and owned solely by the Company, and where applicable, all Subject Ideas
and Inventions shall be considered works made for hire. Executive agrees to mark all Subject Ideas and Inventions with the Company’s
copyright or other proprietary notice as directed by the Company and shall take all actions deemed necessary by the Company to
protect the Company’s rights therein. In the event that the Subject Ideas and Inventions shall be deemed not to constitute
works made for hire, or in the event that Executive should otherwise, by operation of law, be deemed to retain any rights (whether
moral rights or otherwise) to any Subject Ideas and Inventions, Executive agrees to assign to the Company, without further consideration,
its entire right, title and interest in and to each and every such Subject Idea and Invention.

 

    	 	-5-	 

     

    

 

5.2           The
term “Subject Ideas or Inventions” includes any and all ideas, processes, trademarks, service marks, inventions,
designs, technologies, computer hardware or software, original works of authorship, formulas, discoveries, patents, copyrights,
copyrightable works products, marketing and business ideas and all improvements, know-how, data, rights, media content concepts
and ideas, and claims related to the foregoing, whether or not patentable, which are conceived, developed or created which: (a)
relate to Loton’s or the Company’s current or demonstrably contemplated business or activities (the “Business”),
where such Business has been disclosed to Executive either formally or was likely to have been deduced by Executive through access
to the work of the Company or Loton; (b) relate to Loton’s or the Company’s actual or demonstrably anticipated research
or development; (c) result from any work performed by Executive for Loton or the Company; (d) involve the use of Loton’s
or the Company’s equipment, technology, supplies, facilities or trade secrets; (e) result from or are suggested by any work
done by Loton or the Company or at Loton’s or the Company’s request, or any projects specifically assigned to Executive;
or (f) result from Executive’s access to any of Loton’s or the Company’s memoranda, notes, records, drawings,
sketches, models, maps, artist, customer or vendor lists, research results, data, electronic codes, formulae, specifications, inventions,
processes, technology, equipment or other materials (collectively, “Company Materials”).

 

5.3           Executive
agrees to keep and maintain adequate and current written records of all Subject Ideas and Inventions and their development made
by Executive (solely or jointly with others) during the term of Executive’s employment with or service to the Company. These
records will be in the form of notes, sketches, drawings and any other format that may be specified by the Company. These records
will be available to the Company and the Board on request and remain the sole property of the Company at all times.

 

5.4           Executive
further agrees that all information and records pertaining to any idea, process, trademark, service mark, invention, technology,
computer hardware or software, electronic codes, original work of authorship, design, formula, discovery, patent, copyright, product
and all improvements, know-how, rights and claims related to the Business (“Intellectual Property”), that Executive
does not believe to be a Subject Idea or Invention, but that is conceived, developed or reduced to practice by the Company (alone
by Executive or with others) during the Restricted Period, shall be disclosed promptly by Executive to the Company and the Board
(such disclosure to be received in confidence). The Company shall examine such information to determine if in fact the Intellectual
Property is a Subject Idea or Invention subject to this Agreement.

 

    	 	-6-	 

     

    

 

5.5           Because
of the difficulty of establishing when any Subject Ideas or Inventions are first conceived by Executive, or whether they result
from Executive’s access to Confidential Information or Company Materials, Executive agrees that any Subject Idea and Invention
shall, among other circumstances, be deemed to have resulted from Executive’s access to Company Materials if: (i) it grew
out of or resulted from Executive’s work with the Company during the Term or is related to the Business at the time of conception
and extensions or derivatives thereof, and (ii) it is made, used, sold, exploited or reduced to practice, or an application for
patent, trademark, copyright or other proprietary protection is filed thereon, by Executive or with his significant aid, during
the Restricted Period.

 

5.6           For
the greater of a period of seven (7) years after termination of employment or the expiration of the last patent or other legal
recognition of intellectual property related to the Business, Executive furthers agree to assist the Company to the extent commercially
reasonable (but at the Company’s expense which shall include Executive’s normal and customary rates for such services
and for which Executive shall make reasonable efforts to provide) to obtain and from time to time enforce patents, copyrights or
other rights or registrations on said Subject Ideas and Inventions in any and all countries, and to that end will execute all documents
necessary (i) to apply for, obtain and vest in the name of the Company alone (unless the Company otherwise directs) letters patent,
copyrights or other analogous protection in any country throughout the world and when so obtained or vested to renew and restore
the same; (ii) to defend any opposition proceedings in respect of such applications and any opposition proceedings or petitions
or applications for revocation of such letters patent, copyright or other analogous protection; and (iii) to cooperate with the
Company (but at the Company's expense, including legal fees for independent counsel of Executive’s choice) in any enforcement
or infringement proceeding on such letters patent, copyright or other analogous protection.

 

6.           Confidential
Information. The Company owns and has developed and compiled, and will develop and compile, certain trade secrets, proprietary
techniques and other Confidential Information (as hereinafter defined) which have great value to the Business. This Confidential
Information includes not only information disclosed by the Company to Executive, but also information developed or learned by Executive
during the course of Executive’s employment with the Company.

 

6.1           It
is expressly understood that Executive, using prudent business judgment, has the ability to determine what Company information
is considered “Confidential Information”. Executive will not, directly or indirectly, use, make available, sell, disclose
or otherwise communicate to any third party, other than in Executive’s assigned duties and for the benefit of the Company
(or as otherwise required to be permitted to be disclosed by applicable law), any of the Company’s Confidential Information,
either during or after Executive’s employment with the Company. Executive acknowledges that he is aware that the unauthorized
disclosure of Confidential Information of the Company may be highly prejudicial to its interests, an invasion of privacy and an
improper disclosure of trade secrets.

 

6.2           Upon
request or when Executive’s employment with or service to the Company terminates, if so requested, Executive will immediately
deliver to the Company or the Board all copies of any and all materials and writings received from, created for, or belonging to
the Company including, but not limited to, those which relate to or contain Confidential Information.

 

    	 	-7-	 

     

    

 

6.3           Executive
acknowledges that the Company has received and in the future will receive from third parties their confidential information subject
to a duty on the Company's part to maintain the confidentiality of such information and to use it only for certain limited purposes.
Executive agrees that, during the Term and thereafter, Executive will hold all such confidential information in the strictest confidence
and not to disclose or use it, except as necessary to perform Executive’s obligations hereunder and as is consistent with
the Company's agreement with such third parties.

 

6.4           “Confidential
Information” is all information and any idea in whatever form, tangible or intangible, pertaining in any manner to the
Company or its Business, or its employees, shareholders, clients, consultants or business associates, which was produced by any
employee or consultant of the Company in the course of his employment or consulting relationship or otherwise produced or acquired
by or on behalf of the Company in relation to or potentially applicable to the Business. All proprietary information not generally
known outside of the Company’s organization, and all proprietary Information so known only through improper means, shall
be deemed “Confidential Information” for the greater of a period of seven (7) years after termination of employment
or the expiration of the last patent or other legal recognition of intellectual property related to the Business. By example and
without limiting the foregoing definition, Confidential Information shall include, but not be limited to: (i) formulas, research
and development techniques, processes, trade secrets, computer programs, software, electronic codes, mask works, inventions, innovations,
patents, patent applications, discoveries, improvements, data, know-how, formats, test results and research projects; (ii) information
about costs, profits, markets, sales, contracts and lists of customers, vendors and distributors; (iii) business, marketing and
strategic plans; (iv) concepts and ideas for media content for distribution by any means in any market; (v) forecasts, unpublished
financial information, budgets, projections and customer identities, characteristics and agreements; and (vi) employee personnel
files and compensation information. Confidential Information is to be broadly defined, and includes all information that has or
could have commercial value or other utility in the business in which the Company is engaged or contemplates engaging, and all
information of which the unauthorized disclosure could be detrimental to the interests of the Company, whether or not such information
is identified as Confidential Information by the Company.

 

7.           Noncompetition
Obligations. For purposes of this Agreement, the term “Restricted Period” shall mean the period beginning
on the date of this Agreement and ending upon the later of (a) termination of Executive’s employment with the Company under
this Agreement or (b) the date of the last payment of Executive’s Base Salary under Section 4.5 or 4.6; provided, that if
Employee is terminated for Cause, “Restricted Period” shall mean the period beginning on the date of this Agreement
and ending on the date that is twelve (12) months from the date of termination of Executive’s employment with the Company.
Executive expressly covenants and agrees that during the Restricted Period, Executive will not, directly or indirectly, on behalf
of any other person, firm, limited liability company, partnership or corporation, as owner, employee, creditor, consultant or otherwise,
engage in any aspect of the Business in the United States or other locations where the Company may then be conducting its business
(the “Territory”); provided, however, the beneficial ownership of less than five percent (5%) of the
shares of stock of any publicly traded entity shall not be deemed to constitute a violation of this provision.

 

    	 	-8-	 

     

    

 

8.           Customer
Non-Solicitation. Executive expressly covenants and agrees that during the Restricted Period, Executive will not solicit, divert,
take away, or attempt to solicit, divert or take away, any of the Company’s customers or the business or patronage of any
such customers, either for herself or on behalf of any other person, firm, partnership, limited liability company or corporation
within the Territory.

 

9.           Executive
Non-Solicitation. Executive expressly covenants and agrees that during the Restricted Period, Executive will not solicit, recruit
or hire any other employee of the Company, either for herself or on behalf of any other person, firm, partnership, limited liability
company or corporation.

 

10.         Non-Disparagement.
Executive will not make any statement or take any action that is, or that is intended to be, slanderous, libelous, derogatory,
harmful, damaging, detrimental or otherwise adverse to the Company, Loton or any of their affiliates or their respective officers,
directors, managers, members, consultants, agents, representatives or employees or their respective businesses, operations, prospects,
affairs or reputations among their respective customers, affiliated websites, advertisers, vendors, suppliers, shareholders, investors,
analysts, competitors, employees, agents, consultants, contractors and representatives; provided, however, that the foregoing
is not (a) intended to limit Executive’s ability to answer truthfully any questions of fact (as opposed to questions as to
Executive’s opinion or belief) that may be put to Executive under oath in any litigation, arbitration or governmental investigative
proceeding or (b) to limit the creation and distribution of editorial content by the Company under Executive’s direction
which evaluates the products, services, and/or performance of any company doing business with the public.

 

11.         Enforcement.

 

11.1         Reasonableness
of Restrictions. Executive acknowledges that compliance with this Agreement, including but not limited to Sections 6 through
11, is reasonable and necessary to protect the Company’s legitimate business interests, including but not limited to, the
Company’s goodwill and maintaining the confidentiality of the Company’s Confidential Information.

 

11.2         Irreparable
Harm. Executive acknowledges that a breach of Executive’s obligations under this Agreement will result in great, irreparable
and continuing harm and damage to the Company for which there is no adequate remedy at law.

 

11.3         Injunctive
Relief. Executive agrees that in the event Executive breaches this Agreement, the Company shall be entitled to seek, from any
court of competent jurisdiction, preliminary and permanent injunctive relief to enforce the terms of this Agreement, in addition
to any and all monetary damages allowed by law, against Executive.

 

    	 	-9-	 

     

    

 

11.4         Judicial
Modification. The parties expressly agree that the character, duration and geographical scope of such provisions in this Agreement
are reasonable in light of the circumstances as they exist on the date upon which this Agreement has been executed. The parties
have attempted to limit the Executive’s right to compete only to the extent necessary to protect the Company’s goodwill,
proprietary and/or Confidential Information, and other business interests. The parties recognize, however, that reasonable
people may differ in making such a determination. Consequently, the parties hereby agree that a court having jurisdiction over
the enforcement of this Agreement shall exercise its power and authority to reform Executive’s covenants under Sections 6
through 11 above to the extent necessary to cause the limitations contained therein as to time, geographic area and scope of activity
to be restrained to be reasonable and to impose a restraint that is not greater than necessary to protect the Company’s goodwill,
Confidential Information, and other business interests.

 

11.5         Legal
Fees. In the event of any action in law or in equity for the purposes of enforcing any of the provisions of this Agreement,
the prevailing party as determined by the trier of fact shall be entitled to recover its reasonable attorney fees, plus court costs
and expenses, from the other party, to the extent permitted by applicable law.

 

12.         Miscellaneous.

 

12.1         Waiver;
Amendment. This Agreement may be amended, superseded, canceled, renewed or extended, and the terms hereof or thereof may be
waived, only by a written instrument signed by each of the parties hereto or, in the case of a waiver, by the party waiving compliance.
The failure of a party to insist, in any one or more instances, upon performance of the terms or conditions of this Agreement shall
not be construed as a waiver or relinquishment of any right granted hereunder or of the future performance of any such term, covenant
or condition. No waiver on the part of any party of any right, power or privilege, nor any single or partial exercise of any such
right, power or privilege, shall preclude any further exercise thereof or the exercise of any other such right, power or privilege.

 

12.2         Agreement
Binding. This Agreement shall be binding upon and inure to the benefit of the Company, the Company’s successors, legal
representatives and assigns; Executive and Executive’s heirs, executors, administrators and legal representatives.

 

12.3         Governing
Law. This Agreement is made and entered into in the State of New York and concerns employment situated in said state. This
Agreement shall be interpreted and construed in accordance with the laws of the State of New York.

 

12.4         Entire
Agreement. This Agreement contains all the understandings and agreements between the parties concerning matters set forth in
this Agreement. The terms of this Agreement supersede any and all prior statements, representations and agreements by or between
the Company and Executive, or either of them, concerning the matters set forth in this Agreement.

 

12.5         Counterparts.
This Agreement may be executed in one (1) or more counterparts, which when so executed shall constitute one (1) and the same agreement.
Facsimile or .pdf signatures attached to this Agreement shall be as valid and binding as original signatures. The headings herein
are for reference only and shall not affect the interpretation of this Agreement.

 

    	 	-10-	 

     

    

 

12.6         Voluntary
Execution; Representations. Executive acknowledges that (a) he has consulted with or has had the opportunity to consult with
independent counsel of his own choosing concerning this Agreement, and (b) he has read and understands this Agreement, is competent
to execute this Agreement, is fully aware of the legal effect of this Agreement, and has entered into it freely based on his own
judgment and without duress. The Company represents and warrants that it is fully authorized, by any person or body whose authorization
is required, to enter into this Agreement and to perform its obligations hereunder. Executive hereby represents that Executive’s
entry into this Agreement and performance of the services hereunder will not violate the terms or conditions of any other agreement
to which Executive is a party. 

 

12.7         Notices.
Any notice or communication required or permitted by this Agreement shall be deemed sufficiently given if in writing and, if delivered
personally, when it is delivered or, if delivered in another manner, the earlier of when it is actually received by the party to
whom it is directed or when the period set forth below expires (whether or not it is actually received): (i) if deposited with
the U.S. Postal Service, postage prepaid, and addressed to the party to receive it as set forth below, forty-eight (48) hours after
such deposit as registered or certified mail; or (ii) if accepted by Federal Express or a similar delivery service in general usage
for delivery to the address of the party to receive it as set forth next below, twenty-four (24) hours after the delivery time
promised by the delivery service. Notices should be addressed as follows, or to such other address or to the attention of such
other person as the recipient party will have specified by prior written notice to the sending party:

 

To the Company:

 

LiveXLive
Tickets, Inc.

269 South
Beverly Drive

Beverly Hills,
CA 90212

Attn: Robert
S. Ellin, Executive Chairman

Email: rob@livexlive.com

Tel: (310)
601-2500

 

With a copy
to (which shall not constitute notice):

Foley Shechter
LLP

211 East 43rd
Street, Suite 609

New York,
NY 10017

Attn: Sasha
Ablovatskiy, Esq.

Facsimile:
917-688-4092

Email: sablovatskiy@foleyshechter.com

 

To Executive:

 

Joseph Schnaier

One Penn Plaza,
50th Floor

New York,
NY 10119

Email: jschnaier@gmail.com

Tel: 917-952-2635

 

    	 	-11-	 

     

    

 

With a copy
to (which shall not constitute notice):

 

Steptoe &
Johnson LLP

1114 Avenue
of the Americas

New York,
NY 10036

Attn: Michael
Rennock

Email: mrennock@steptoe.com

Tel: 212-506-3956

 

12.8         409A
Compliance.     (a) This Agreement will be interpreted and administered in
accordance with the applicable requirements of, and exemptions from, Code § 409A in a manner consistent with Treas. Reg.
§ 1.409A-1 et seq. To the extent payments and benefits are subject to Code § 409A, this Agreement shall be interpreted,
construed and administered in a manner that satisfies the requirements of (i) Code § 409A(a)(2), (3) and (4), (ii) Treas.
Reg. § 1.409A-1 et seq., and (iii) other applicable authority issued by the Internal Revenue Service and the U.S. Department
of the Treasury (collectively “Section 409A”).

 

(b)          Where
the term “termination of employment” or “termination” or similar words and phrases describing termination
of employment are used in this Agreement, such terms are to be read as satisfying the definition of a “separation from service”
in Section 409A. It is understood that “separation from service” shall be defined as referenced under Treas. Reg. §
1.409A-1(h). Neither Executive nor the Company has the right to accelerate or defer the delivery of any severance benefits or other
benefits except to the extent specifically permitted or required by Section 409A.

 

(c)          All
reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements
of Section 409A to the extent that such reimbursements or in-kind benefits are subject to Section 409A. All expenses or other reimbursements
paid pursuant to this Agreement that are taxable to Executive shall in no event be paid later than the end of the calendar year
following the calendar year in which Executive incurs such expense or pays the related tax. With regard to any provision in this
Agreement for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A, the right to reimbursement
or in-kind benefits shall not be subject to liquidation or exchange for another benefit and the amount of expenses eligible for
reimbursement or in-kind benefits provided during any taxable year shall not affect the expenses eligible for reimbursement or
in-kind benefits to be provided in any other taxable year.

 

12.9         Public
Company Obligations; Litigation and Regulatory Cooperation; Indemnification.

 

(a)          Executive acknowledges
that the Company is a wholly owned subsidiary of Loton, a public company shares of whose common stock are quoted on the OTC Pink
marketplace, and whose common stock will be registered under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), in connection with the Financing, and that this Agreement will be subject to the public filing requirements of
the Exchange Act. In addition, both parties acknowledge that Executive’s compensation and perquisites (each as determined
by the rules of the US Securities and Exchange Commission (the “SEC”) or any other regulatory body or exchange
having jurisdiction) (which may include benefits or regular or occasional aid/assistance, such as recreation, club memberships,
meals, education for his family, vehicle, lodging or clothing, occasional bonuses or anything else he receives, during the Term,
in cash or in kind) paid or payable or received or receivable under this Agreement or otherwise, and his transactions and other
dealings with the Company, may be required to be publicly disclosed.

 

    	 	-12-	 

     

    

 

(b)          Executive acknowledges
and agrees that the applicable insider trading rules, transaction reporting rules, limitations on disclosure of non-public information
and other requirements set forth in the Securities Act of 1933, as amended, the Exchange Act and rules and regulations promulgated
by the SEC may apply to this Agreement and Executive’s employment with the Company.

 

(c)          During
and after the Term, Executive shall reasonably cooperate with the Company in the defense or prosecution of any claims now in existence
or which may be brought in the future against or on behalf of the Company, Loton or any of their affiliates that relate to events
or occurrences that transpired while the Executive was employed by the Company or any Affiliates; provided, however, that such
cooperation shall not materially and adversely affect Executive or expose Executive to an increased probability of civil or criminal
litigation. Executive’s cooperation in connection with such claims or actions shall include, but not be limited to, being
available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company, Loton or any
of their affiliates at mutually convenient times. During and after the Term, Executive also shall cooperate fully with the Company
to the extent commercially reasonable in connection with any investigation or review of any federal, state or local regulatory
authority as any such investigation or review relates to events or occurrences that transpired while Executive was employed by
the Company or any of its affiliates. The Company shall reimburse Executive for his reasonable out-of-pocket costs and expenses
incurred directly in connection with Executive’s performance under this Section 12.9, including, but not limited to, reasonable
attorneys’ fees and costs.

 

[Signatures on Next Page]

 

    	 	-13-	 

     

    

 

IN WITNESS WHEREOF,
the parties have set their hands as of the date first above written, and Executive acknowledges that he has read and understands
the entire contents of this Agreement and that he has received a copy of this Agreement.

 

	 	LIVEXLIVE TICKETS, INC.
	 	 	 
	 	By:	/s/ Robert S. Ellin
	 	Name:	Robert S. Ellin
	 	Title:	Executive Chairman
	 	 	 
	 	“EXECUTIVE”
	 	 	 
	 	/s/ Joseph Schnaier
	 	Joseph Schnaier

 

    	 	-14-

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