Document:

EX-10.23

 Exhibit 10.23 

April 4, 2019 
 Thomas Boyle, CFO 

Psyop Media Company 
 45 Howard Street FL 5 

New York, NY 10013 
 RE: Loans 2015040008, 2012020012 

Dear Tom: 
 You have made us aware that the financial results for
Fiscal Year ended 12/31/18 revealed that you are in violation of financial covenant requirements of your Loan Documents. Psyop Media Company, LLC and Subsidiaries on a combined basis have violated the following covenants: 

 

	 	●	 	 maintain a Minimum Debt Service Coverage Ratio (“DSCR”), as defined in your Loan Documents of at least
1.25x 

  

	 	●	 	 maintain a maximum Leverage Ratio (“MLR”), as defined in your Loan Documents of no more than 2.00x

 The breach of this covenant is an Event of Default under your Loan Documents. Upon the existence of any Event of Default, Bridgehampton
National Bank (“BNB”) may impose the Default Interest Rate until the Event of Default is cured or the entire debt is repaid. Although BNB has elected not to impose the Default Interest Rate of interest at this time, this
action shall not be deemed a waiver of BNB’s rights to declare a future default, to impose the Default Interest Rate or to Demand and Accelerate the full amount of the remaining Obligation in the future, for this or any other Event of Default
under the Loan Documents or any other obligation you may have to BNB. Nothing contained herein shall be deemed a waiver or limitation of BNB’s rights or remedies under the applicable Loan Documents executed by you or any of your Guarantors or
under applicable law, including BNB’s right to take any action with respect to any collateral securing your liabilities as may be permitted. 
 This
letter is without prejudice to, and fully and specifically reserves, any and all of the rights and remedies of BNB, under the Loan Documents, at law or otherwise. Any agreement, commitment or assurance or intention of BNB with respect to any aspect
of the Loan Documents shall be effective only if in writing and duly executed by BNB. 
 BNB hereby agrees to waive the above cited violation(s), subject to
the conditions that: 
  

	1.	 The waiver set forth in this letter is specifically limited to the violation(s) cited above and does not
constitute an amendment of the Covenants for any other period or of any other provision of any Loan document; 

  

	2.	 BNB specifically reserves the right to enforce the Loan Documents with respect to any future violation of the
Covenants cited above or any other covenant or any other provision of any Loan Document; 

  
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	3.	 All other terms and conditions of the Loan documents remain in full force and effect; and

  

	4.	 After giving effect to the waiver herein no Default or Event of Default presently exists.

 If you have any questions, please contact me. 
  

	
	Sincerely,
	
	/s/ JoAnn Bello
	JoAnn Bello, SVP

 Commercial Lending 

  
 2EX-10.24

 Exhibit 10.24 

 

PCI MEDIA, INC. 

2019 INCENTIVE AWARD PLAN 

RESTRICTED STOCK UNIT GRANT NOTICE 

PCI Media, Inc., a Delaware corporation (the “Company”), has granted to the participant listed below
(“Participant”) the Restricted Stock Units (the “RSUs”) described in this Restricted Stock Unit Grant Notice (this “Grant Notice”), subject to the terms and conditions of the
PCI Media, Inc. 2019 Incentive Award Plan (as amended from time to time, the “Plan”) and the Restricted Stock Unit Agreement attached hereto as Exhibit A (the “Agreement”), both of which are
incorporated into this Grant Notice by reference. Capitalized terms not specifically defined in this Grant Notice or the Agreement have the meanings given to them in the Plan. 

 

			
		
	 Participant:
  
	  	
		
	 Grant Date:
  
	  	
		
	 Number of RSUs:

 
	  	
		
	 Vesting Commencement Date:

 
	  	
		
	 Vesting Schedule:
	  	[To be specified]

 By accepting (whether in writing, electronically or otherwise) the RSUs, Participant agrees to be bound by the
terms of this Grant Notice, the Plan and the Agreement. Participant has reviewed the Plan, this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully
understands all provisions of the Plan, this Grant Notice and the Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, this
Grant Notice or the Agreement. 
  

							
	 PCI MEDIA, INC. 

 
	  		  	 PARTICIPANT
  

				
	 By:
	 	  
	  		  	  

				
	 Name:
	 	  
	  		  	[Participant Name]
				
	 Title:
	 	  
	  		  	

 Exhibit A 

RESTRICTED STOCK UNIT AGREEMENT 

Capitalized terms not specifically defined in this Restricted Stock Unit Agreement (this “Agreement”) have the
meanings specified in the Grant Notice or, if not defined in the Grant Notice, in the Plan. 
 ARTICLE I. 

GENERAL 

1.1    Award of RSUs and Dividend Equivalents. 

(a)    The Company has granted the RSUs to Participant effective as of the Grant Date set forth in the Grant Notice (the
“Grant Date”). Each RSU represents the right to receive one Share as set forth in this Agreement. Participant will have no right to the distribution of any Shares until the time (if ever) the RSUs have vested. 

(b)    The Company hereby grants to Participant, with respect to each RSU, a Dividend Equivalent for ordinary cash
dividends paid to substantially all holders of outstanding Shares with a record date after the Grant Date and prior to the date the applicable RSU is settled, forfeited or otherwise expires. Each Dividend Equivalent entitles Participant to receive
the equivalent value of any such ordinary cash dividends paid on a single Share. The Company will establish a separate Dividend Equivalent bookkeeping account (a “Dividend Equivalent Account”) for each Dividend Equivalent and
credit the Dividend Equivalent Account (without interest) on the applicable dividend payment date with the amount of any such cash paid. Any Dividend Equivalents granted in connection with the RSUs issued hereunder, and any amounts that may become
distributable in respect thereof, shall be treated separately from such RSUs and the rights arising in connection therewith for purposes of the designation of time and form of payments required by Section 409A. 

1.2    Incorporation of Terms of Plan. The RSUs are subject to the terms and conditions set forth in this Agreement
and the Plan, which is incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control. 

1.3    Unsecured Promise. The RSUs and Dividend Equivalents will at all times prior to settlement represent an
unsecured Company obligation payable only from the Company’s general assets. 
 ARTICLE II. 

VESTING; FORFEITURE AND SETTLEMENT 

2.1    Vesting; Forfeiture. The RSUs will vest according to the vesting schedule in the Grant Notice except that
any fraction of an RSU that would otherwise be vested will be accumulated and will vest only when a whole RSU has accumulated. In addition, the RSUs will vest in accordance with the Company’s Non-Employee
Director Compensation Program. In the event of Participant’s Termination of Service for any reason, all unvested RSUs (after taking into consideration any accelerated vesting which may occur in connection with such Termination of Service) will
immediately and automatically be cancelled and forfeited, except as otherwise determined by the Administrator or provided in a binding written agreement between Participant and the Company. Dividend Equivalents (including any Dividend Equivalent
Account balance) will vest or be forfeited, as applicable, upon the vesting or forfeiture of the RSU with respect to which the Dividend Equivalent (including the Dividend Equivalent Account) relates. 

  
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 2.2    Settlement. 

(a)    RSUs will be paid in Shares, and Dividend Equivalents (including any Dividend Equivalent Account balance) will be
paid in cash or Shares at the Company’s option. The Shares subject to the RSUs and the corresponding Dividend Equivalents will be delivered on the thirtieth (30th) day following the earliest
to occur of: (i) the date of Participant’s “separation from service” within the meaning of Section 409A, (ii) a “change in control event” within the meaning of Section 409A with respect to the Company and
(iii) the three-year anniversary of the Grant Date (each, a “Distribution Event”). Notwithstanding anything to the contrary contained herein, the exact payment date of any RSUs shall be determined by the Company in its
sole discretion (and Participant shall not have a right to designate the time of payment). If and to the extent that any outstanding RSUs [and corresponding Dividend Equivalents] remain unvested as of a Distribution Event (after taking into
consideration any accelerated vesting which may occur in connection with the occurrence of such Distribution Event), then such RSUs [and corresponding Dividend Equivalents] will (to the extent not forfeited in connection with such distribution) be
distributed to Participant as Restricted Stock (or a right to receive the cash equivalent thereof), and the vesting schedule that applied to such RSUs [and corresponding Dividend Equivalents] immediately prior to such distribution will continue to
apply to such Restricted Stock (or cash equivalent right). 
 (b)    Notwithstanding the foregoing, the Company may
delay any payment under this Agreement that the Company reasonably determines would violate Applicable Law until the earliest date the Company reasonably determines the making of the payment will not cause such a violation (in accordance with
Treasury Regulation Section 1.409A-2(b)(7)(ii)); provided the Company reasonably believes the delay will not result in the imposition of excise taxes under Section 409A. 

(c)    If a Dividend Equivalent is paid in Shares, the number of Shares paid with respect to the Dividend Equivalent will
equal the quotient, rounded down to the nearest whole Share, of the Dividend Equivalent Account balance divided by the Fair Market Value of a Share on the day immediately preceding the payment date. 

ARTICLE III. 
 TAXATION
AND TAX WITHHOLDING 
 3.1    Representation. Participant represents to the Company that Participant has
reviewed with Participant’s own tax advisors the tax consequences of this Award and the transactions contemplated by the Grant Notice and this Agreement. Participant is relying solely on such advisors and not on any statements or
representations of the Company or any of its agents. 
 3.2    Tax Withholding. 

(a)    The Company shall withhold, or cause to be withheld, Shares otherwise vesting or issuable under this Award
(including the RSUs or Dividend Equivalents) in satisfaction of any applicable withholding tax obligations. The number of Shares which may be so withheld or surrendered shall be limited to the number of Shares which have a Fair Market Value on the
date of withholding no greater than the aggregate amount of such liabilities based on the maximum individual statutory withholding rates in Participant’s applicable jurisdictions for federal, state, local and foreign income tax and payroll tax
purposes that are applicable to such taxable income. 
 (b)    Participant acknowledges that Participant is ultimately
liable and responsible for all taxes owed in connection with the RSUs and the Dividend Equivalents, regardless of any action the Company or any Subsidiary takes with respect to any tax withholding obligations that arise in connection with the RSUs
or Dividend Equivalents. Neither the Company nor any Subsidiary makes any representation 

  
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or undertaking regarding the treatment of any tax withholding in connection with the awarding, vesting or payment of the RSUs or the Dividend Equivalents or the subsequent sale of Shares. The
Company and its Subsidiaries do not commit and are under no obligation to structure the RSUs or Dividend Equivalents to reduce or eliminate Participant’s tax liability. 

ARTICLE IV. 
 OTHER
PROVISIONS 
 4.1    Adjustments. Participant acknowledges that the RSUs, the Shares subject to the RSUs and
the Dividend Equivalents are subject to adjustment, modification and termination in certain events as provided in this Agreement and the Plan. 

4.2    Notices. Any notice to be given under the terms of this Agreement to the Company must be in writing and
addressed to the Company in care of the Company’s Secretary at the Company’s principal office or the Secretary’s then-current email address or facsimile number. Any notice to be given under the terms of this Agreement to Participant
must be in writing and addressed to Participant (of, if Participant is then deceased, to the Designated Beneficiary) at Participant’s last known mailing address, email address or facsimile number in the Company’s personnel files. By a
notice given pursuant to this Section, either party may designate a different address for notices to be given to that party. Any notice will be deemed duly given when actually received, when sent by email, when sent by certified mail (return receipt
requested) and deposited with postage prepaid in a post office or branch post office regularly maintained by the United States Postal Service, when delivered by a nationally recognized express shipping company or upon receipt of a facsimile
transmission confirmation. 
 4.3    Titles. Titles are provided herein for convenience only and are not to serve
as a basis for interpretation or construction of this Agreement. 
 4.4    Conformity to Securities Laws.
Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended to conform to the extent necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary to conform to
Applicable Laws. 
 4.5    Successors and Assigns. The Company may assign any of its rights under this Agreement
to single or multiple assignees, and this Agreement will inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in this Agreement or the Plan, this Agreement will be binding upon and
inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 

4.6    Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the
Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the Grant Notice, this Agreement, the RSUs and the Dividend Equivalents will be subject to any additional limitations set forth in any applicable
exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3) that are requirements for the application of such exemptive rule. To the extent Applicable Laws permit, this
Agreement will be deemed amended as necessary to conform to such applicable exemptive rule. 
 4.7    Entire
Agreement. The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with
respect to the subject matter hereof. 
 4.8    Agreement Severable. In the event that any provision of the Grant
Notice or this Agreement is held illegal or invalid, the provision will be severable from, and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining provisions of the Grant Notice or this Agreement.

  
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 4.9    Limitation on Participant’s Rights. Participation in
the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating a trust. Neither the Plan nor any
underlying program, in and of itself, has any assets. Participant will have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the RSUs and Dividend
Equivalents, and rights no greater than the right to receive cash or the Shares as a general unsecured creditor with respect to the RSUs and Dividend Equivalents, as and when settled pursuant to the terms of this Agreement. 

4.10    Not a Contract of Employment. Nothing in the Plan, the Grant Notice or this Agreement confers upon
Participant any right to continue in the employ or service of the Company or any Subsidiary or interferes with or restricts in any way the rights of the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or
terminate the services of Participant at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and Participant. 

4.11    Section 409A. Notwithstanding anything to the contrary in this Agreement, no amounts shall be paid to
Participant under this Agreement during the six-month period following Participant’s “separation from service” (within the meaning of Section 409A(a)(2)(A)(i) of the Code) to the
extent that the Administrator determines that Participant is a “specified employee” (within the meaning of Section 409A) at the time of such separation from service and that paying such amounts at the time or times indicated in this
Agreement would be a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code. If the payment of any such amounts is delayed as a result of the previous sentence, then on the first business day following the end of such six-month period (or such earlier date upon which such amount can be paid under Section 409A without being subject to such additional taxes), the Company shall pay to Participant in a lump-sum all amounts that would have otherwise been payable to Participant during such six (6)-month period under this Agreement. 

4.12    Counterparts. The Grant Notice may be executed in one or more counterparts, including by way of any
electronic signature, subject to Applicable Law, each of which will be deemed an original and all of which together will constitute one instrument. 

* * * * * 

  
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