Document:

Exhibit 10.1

 

PROMISSORY NOTE

 

This Promissory Note (this “Note”)
is made on 4/13/2020 by LiveXLive Media, Inc. (together with its successors and assigns, “Borrower”)
in favor of MidFirst Bank (together with its successors and assigns, “Lender”).

 

PROMISE TO PAY. Borrower
promises to pay to Lender, or order, in lawful money of the United States of America, the principal amount of $ 1,993,500.00, together
with interest on the unpaid principal balance from 4/13/2020, calculated as described in the “INTEREST CALCULATION METHOD”
paragraph below using an interest rate of one percent (1.000%), until paid in full. The interest rate may change under the
terms and conditions of the “INTEREST AFTER DEFAULT” section.

 

PAYMENT. No payment of
principal or interest will be due until the first Business Day of the seventh month after 4/13/2020 (the “First Payment Date”).
On the First Payment Date, and on each first Business Day from the First Payment Date until the first Business Day of the 24th
month after, Borrower shall pay principal plus interest accrued under this Note in 18 monthly installments based on an 18 month
amortization schedule determined by Lender on the principal balance of this Note owing on the First Payment Date with interest
accruing as set forth in this Note. In addition to any of the foregoing amounts, on the first Business Day of the 24th month following, Borrower shall pay all then accrued and unpaid Indebtedness.

 

Unless otherwise required by applicable
law, payments will be applied as Lender directs in its sole discretion. All payments must be made in U.S. dollars and must be received
by Lender at: Payment Processing Department, PO Box 76149, Oklahoma City, OK 73147-2149. All payments must be received
by Lender consistent with any written payment instructions provided by Lender.

 

INTEREST CALCULATION METHOD.
Interest on the Indebtedness is computed on a 30/360 basis; that is, by applying the ratio of the interest rate over a year of
360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding.
All interest payable on the Indebtedness is computed using this method.

 

PRINCIPAL FORGIVENESS. Some,
or all, of the principal of the Indebtedness may be forgiven as permitted under Section 1106 (as such section is hereafter amended
and interpreted by the Small Business Administration) of the Coronavirus Aid, Relief, and Economic Security Act (or the CARES Act)
of 2020 (“Debt Forgiveness”). Borrower, not Lender, is responsible for ensuring that Borrower is eligible
for Debt Forgiveness. Borrower shall, within 12 weeks after 4/13/2020, request Debt Forgiveness, to the extent Borrower is eligible
for Debt Forgiveness and provides Lender with all documentation Lender requires to support Borrower’s request for Debt Forgiveness.
Lender will, within 60 days after Lender receives Borrower’s Debt Forgiveness request and all required documentation for
Debt Forgiveness (the “Debt Forgiveness Determination”), confirm whether Borrower qualifies for Debt
Forgiveness, but Lender will not be liable to Borrower for Lender’s determination. Borrower waives any claim against Lender
related to Debt Forgiveness.

 

PREPAYMENT. Borrower may
pay without penalty all or a portion of the amount owed earlier than it is due. Early payments will not, unless agreed to by Lender
in writing, relieve Borrower of Borrower’s obligation to continue to make payments under the payment schedule. Rather, early payments
will reduce the principal balance due and may result in Borrower’s making fewer payments. Borrower agrees not to send Lender payments
marked “paid in full”, “without recourse”, or similar language. If Borrower sends such a payment, Lender may
accept it without losing any of Lender’s rights under this Note or the other Loan Documents, and Borrower will remain obligated
to pay any further amount owed to Lender. All written communications concerning disputed amounts, including any check or other
payment instrument that indicates that the payment constitutes “payment in full” of the amount owed or that is tendered
with other conditions or limitations or as full satisfaction of a disputed amount must be mailed or delivered to: MidFirst Bank,
P.O. Box 76149 Oklahoma City, OK 73147-2149.

 

     

     

    

 

LATE CHARGE AND DISHONORED
ITEM FEE. If a payment is 10 days or more late, then Borrower will be charged 5.00% of the unpaid portion of the regularly
scheduled payment. Borrower shall pay a fee to Lender of $25.00 if Borrower makes a payment on the Indebtedness and the check or
other payment order including any preauthorized charge with which Borrower pays is later dishonored.

 

INTEREST AFTER DEFAULT. Upon
default, including failure to pay upon final maturity, the interest rate on the Indebtedness shall automatically increase by 6.00
percentage points. However, in no event will the interest rate exceed the maximum interest rate limitations under applicable law.

 

BORROWER’S REPRESENTATIONS
AND WARRANTIES. Borrower represents and promises to Lender that:

 

Loan Purpose. The primary purpose of the Loan
is business, and not personal, family or household, or personal investment.

 

Existence and Good Standing.
If Borrower is other than a natural person, Borrower is duly formed, in existence and good standing in its jurisdiction of
formation, and is registered and in good standing in all other jurisdictions in which it is required to register.

 

Authority. If Borrower
is other than a natural person, Borrower is duly authorized to enter into this Note and the Loan Documents. Borrower has duly executed
and delivered to Lender this Note and the Loan Documents. If Borrower is other than a natural person, then the natural person,
or persons, signing this Note and the Loan Documents is, and was, and he or she also represents and promises to Lender, that he
or she is and was, duly authorized to execute and deliver this Note and the Loan Documents to Lender.

 

No Conflict or Breach. Borrower’s
execution and delivery of this Note and the Loan Documents does not breach or conflict with any (a) if Borrower is other than a
natural person, of Borrower’s governing documents, or (b) contract, agreement or other arrangement or obligation of Borrower.

 

Capacity. No natural person
executing this Note and the Loan Documents, on behalf of himself, herself or any entity, lacks capacity to contract by age, mind
or other form of diminished capacity.

 

SBA Payment Protection Program.
Borrower knows and understands all terms of Coronavirus Aid, Relief, and Economic Security Act (or the CARES Act) of 2020,
and all SBA rules and guidance regarding the Payment Protection Program, and has not relied, and will not rely, on Lender or any
of Lender’s shareholders, directors, officers, agents, employees, or representatives in determining whether Borrower is eligible
for said Program or Debt Forgiveness. Borrower acknowledges that the SBA has limited funds for said Program, and funds will be
disbursed on a first come, first serve basis by the SBA. Therefore, Borrower holds Lender harmless from all claims related to Borrower’s
loan not being funded because the funding of said Program has been exhausted or expired.

 

DEFAULT. Each of the following constitutes an
Event of Default under this Note:

 

Payment Default. Borrower fails to make any
payment when due under the Indebtedness.

 

Other Defaults. Borrower
fails to comply with or to perform any other term, obligation, covenant or condition contained in this Note or in any of the other
Loan Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between
Lender and Borrower.

 

    2

     

    

 

Default in Favor of Third Parties.
Borrower defaults under any agreement with any person that may materially affect any of Borrower’s property or ability to perform
his, her or its obligations under this Note or any of the Loan Documents.

 

False Statements. Any warranty,
representation or statement made or furnished to Lender by Borrower or on Borrower’s behalf under this Note or the Loan Documents
is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any
time thereafter.

 

Insolvency;
Existence. (1) Borrower dissolves (regardless of whether election to continue is made; (2) any member or partner of Borrower
withdraws from its ownership in Borrower; (3) any interest-holder or shareholder of Borrower owning, controlling or holding more
than 25% of the shares (directly or indirectly) or interests of Borrower sells his or her interest or shares in Borrower; (4) Borrower’s
existence is otherwise terminated; (5) Borrower (if a natural person) or any member, partner or interest holder of Borrower dies;
(6) Borrower is or becomes insolvent; (7) a receiver is appointed for any part of Borrower’s property or business; (8) Borrower
makes any assignment for the benefit of creditors; or (9) any proceeding under any bankruptcy or insolvency laws is commenced by
or against Borrower.

 

Adverse Change. A material
adverse change occurs in Borrower’s financial condition, or Lender believes the prospect of payment or performance of the Indebtedness
is impaired.

 

RIGHTS AND REMEDIES ON DEFAULT. If an Event
of Default occurs under this Note, at any time thereafter, Lender may exercise any one or more of the following rights and remedies:

 

Accelerate Indebtedness. Lender
may declare the entire Indebtedness, including any prepayment penalty which Borrower would be required to pay, immediately due
and payable, without notice of any kind to Borrower.

 

Election of Remedies. All
of Lender’s rights and remedies, whether evidenced by the Loan Documents or any other writing, at law or in equity, are cumulative
and may be exercised singularly or concurrently. Lender’s election to pursue any remedy does not prevent Lender from pursuing
any other remedy.

 

MISCELLANEOUS PROVISIONS. The following miscellaneous
provisions are a part of this Note:

 

Amendments. The Loan Documents
constitute the entire understanding and agreement of the parties as to the matters set forth in the Loan Documents. All prior and
contemporaneous representations and discussions concerning such matters either are included in the Loan Documents or do not constitute
an aspect of the agreement of the parties. Except as may be specifically set forth in this Note, no conditions precedent or subsequent,
of any kind whatsoever, exist with respect to Borrower’s obligations under the Loan Documents. No alteration of or amendment to
the Loan Documents will be effective unless given in writing and signed by the party or parties sought to be charged or bound by
the alteration or amendment.

 

Attorneys’ Fees; Expenses.
Borrower agrees to pay upon demand all of Lender’s costs and expenses, including Lender’s attorneys’ fees and Lender’s legal
expenses, incurred in connection with the enforcement of the Loan Documents. Lender may hire or pay someone to help enforce the
Loan Documents, and Borrower shall pay the costs and expenses of such enforcement. Costs and expenses include Lender’s attorneys’
fees and legal expenses whether or not there is a lawsuit, including attorneys’ fees and legal expenses for bankruptcy proceedings
(including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection
services. All such costs and expenses shall become a part of the Indebtedness and bear interest as set forth above from the date
incurred or paid by Lender to the date of repayment by Borrower. All such costs and expenses will be payable on demand.

 

    3

     

    

 

Caption Headings. Caption
headings in this Note are for convenience purposes only and are not to be used to interpret or define the provisions of this Note.

 

Re-execution or Replacement.
The SBA has not yet mandated any form of, or specific requirements for a, promissory note for the Paycheck Protection Program.
If Lender determines that the SBA has issued a form promissory note or specific requirements that this Note does not contain, then
within 10 days after Lender’s written request, Borrower will execute a new form of promissory note provided that none of
the loan amount, interest rate or repayment terms of the new promissory note is different from this Note.

 

Governing Law. The Loan Documents
will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of
Oklahoma without regard to its conflicts of law provisions. This Note has been accepted by Lender in the State of Oklahoma.

 

Notwithstanding
the foregoing, if SBA becomes the holder of this Note, then this Note and the Loan Documents will be interpreted and enforced under
federal law, including SBA regulations. Lender or SBA may use state or local procedures for filing papers, recording documents,
giving notice, foreclosing liens, and other purposes. By using such procedures, SBA does not waive any federal immunity from state
or local control, penalty, tax, or liability. As to this Note and the Loan Documents, Borrower may not claim or assert against
SBA any local or state law to deny any obligation, defeat any claim of SBA, or preempt federal law.

 

No Waiver by Lender. Lender
shall not be deemed to have waived any rights under the Loan Documents unless such waiver is given in writing and signed by Lender.
No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right.
A waiver by Lender of a provision of the Loan Documents does not prejudice or constitute a waiver of Lender’s right otherwise to
demand strict compliance with that provision or any other provision of the Loan Documents. No prior waiver by Lender, nor any course
of dealing between Lender and Borrower, will constitute a waiver of any of Lender’s rights or of any of Borrower’s obligations
as to any future transactions. Whenever the consent of Lender is required under the Loan Documents, the granting of such consent
by Lender in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in
all cases such consent may be granted or withheld in the sole discretion of Lender.

 

Notices. Any notice required
to be given under the Loan Documents must be given in writing, and will be effective when actually delivered, when deposited with
a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or
registered mail postage prepaid, directed to, unless otherwise indicated in this Note or the Other Loan Documents, Lender at: Business
Express, 11001 N Rockwell Ave, Oklahoma City, OK 73162, and to Borrower at the address set forth below Borrower’s signature
on this Note. Any party may change its address for notices under the Loan Documents by giving formal written notice to the other
parties, specifying that the purpose of the notice is to change the party’s address.

 

Severability. If a court
of competent jurisdiction finds any provision of the Loan Documents to be illegal, invalid, or unenforceable as to any circumstance,
that finding will not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible,
the offending provision will be considered modified so that it becomes legal, valid and enforceable. If the offending provision
cannot be so modified, it will be considered deleted from the Loan Documents. Unless otherwise required by law, the illegality,
invalidity, or unenforceability of any provision of the Loan Documents will not affect the legality, validity or enforceability
of any other provision of the Loan Documents.

 

    4

     

    

 

Successors and Assigns. Borrower
may not (without Lender’s prior written consent) assign to any party other than Lender any of its rights or obligations under
the Loan Documents. Subject to the foregoing, the Loan Documents are binding upon and inure to the benefit of the parties, their
successors and assigns.

 

Survival of Representations
and Warranties. All representations, warranties, and agreements made by Borrower in the Loan Documents survive the execution
and delivery of the Loan Documents, are continuing in nature, and will remain in full force and effect until such time as the Indebtedness
is paid in full.

 

Time is of the Essence. Time is of the essence
in the performance of this Note.

 

Online Banking Access. Borrower
requests that Lender add the loan made pursuant to this Note (the “Loan Account”) to Borrower’s online
banking profile, if any, in (a) iManage Business Banking (“iMBB”) or (b) iManage Business Express (“iMBX”;
each of iMBB and iMBX is a “System”). If Borrower is not an administrator of Borrower’s iMBB profile, then
Lender will grant Loan Account access only to Borrower’s iMBB profile administrator. The administrator may grant Borrower and other
users access to the Loan Account on IMBB. The Loan Account will be linked to Borrower’s other accounts in the System and may have
transfer capability. Borrower understands that all users of the System who have access to the Loan Account may request loan advances
through the System. Borrower represents and warrants that Borrower has authority to link the Loan Account with other accounts in
Borrower’s System profile. Lender may remove the Loan Account from Borrower’s System profile at any time and for any reason.

 

Indemnification of Lender.
Borrower shall indemnify, defend (with Lender’s selected counsel) and hold Lender harmless from all claims, suits, obligations,
damages, losses, costs and expenses (including, without limitation, Lender’s attorneys’ fees), demands, liabilities, penalties,
fines and forfeitures of any nature whatsoever that may be asserted against Lender (or its officers, directors, employees and agents)
or that Lender (or its officers, directors, employees and agents) may incur arising out of, relating to, or in any way occasioned
by (1) this Note, the System or any matter related to Debt Forgiveness, or (2) the exercise of Lender’s rights and remedies under
this Note (including, without limitation, exercising any rights collaterally assigned to Lender under this Note or any other Loan
Documents).

 

Waive Jury. Borrower waives
the right to a jury trial in any action, proceeding, or counterclaim brought by any party under the Loan Documents.

 

DEFINITIONS. The following
capitalized words and terms shall have the following meanings when used in this Note. Unless specifically stated to the contrary,
all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the
singular shall include the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise
defined in this Note shall have the meanings attributed to such terms in the Uniform Commercial Code:

 

Application. The
words “Application” mean the Paycheck Protection Program Borrower Application Form (SBA Form 2483)
that Borrower completed and submitted to Lender when applying for the Loan.

 

    5

     

    

 

Business Day. The words
“Business Day” mean each day of the week which is not a Saturday, Sunday or a holiday recognized and observed
by the Board of Governors of the Federal Reserve System.

 

Indebtedness. The word
“Indebtedness” means the indebtedness evidenced by this Note and the other Loan Documents, including all
principal and interest together with all other indebtedness and costs and expenses for which Borrower is responsible under the
Loan Documents.

 

Lender. The word “Lender”
means MidFirst Bank, its successors and assigns, and the SBA.

 

The word “Loan”
means the loan Lender extends to Borrower in the principal amount of $1,993,500.00 pursuant to this Note.

 

Loan Documents. The words
“Loan Documents” mean this Note, the Application, and all other instruments evidencing, guarantying, securing,
governing or relating to the Loan, and all amendments, modifications, renewals, substitutions and replacements of any of the foregoing
Loan Documents.

 

SBA. The word “SBA”
means the Small Business Administration, an Agency of the United States of America.

 

BORROWER HAS READ AND UNDERSTOOD ALL PROVISIONS
OF THIS NOTE, AND AGREES TO THIS NOTE’S TERMS. BORROWER HAS HAD THE OPPORTUNITY TO HAVE THIS NOTE EVIEWED BY LEGAL COUNSEL
OF BORROWER’S CHOSING. THIS NOTE IS DATED 4/13/2020.

 

BY SIGNING THIS NOTE EACH PARTY
REPRESENTS AND AGREES THAT: (A) THIS NOTE AND THE OTHER LOAN DOCUMENTS REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES, (B)
THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES, AND (C) THIS WRITTEN AGREEMENT AND THE OTHER LOAN DOCUMENTS MAY NOT
BE CONTRADICTED BY EVIDENCE OF ANY PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR UNDERSTANDINGS OF THE PARTIES.

  

	 	BORROWER:
	 	 
	 	LiveXLive
    Media, Inc.
	 	 
	 	By: 	/s/ Robert
Ellin
	 	 	Robert Ellin,
CEO and Chairman

 

	 	Address:  	LiveXLive Media,
Inc.
	 	 	9200 Sunset
Blvd, Suite 1201
	 	 	West Hollywood,
CA 90069

 

 

6Exhibit 10.2

 

AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT

 

This AMENDMENT NO.
2 TO EMPLOYMENT AGREEMENT (this “Amendment”), dated as of April 16, 2020 and effective as of April 1, 2020 (the
“Amendment Effective Date”), is entered into by and between LiveXLive Media, Inc., a Delaware corporation (the
“Company”), and Michael Zemetra (the “Executive”). The Company and the Executive shall collectively
be referred to herein as the “Parties”. Capitalized terms used in this Amendment but not defined herein have
the meanings ascribed to them in the Employment Agreement (as defined below).

 

WHEREAS, the Parties
have previously entered into that certain Employment Agreement, dated as of April 13, 2018, as amended by Amendment No. 1, dated
as of March 31, 2019 (as amended, the “Employment Agreement”);

 

WHEREAS, the Parties
now desire to amend the Employment Agreement as set forth herein; and

 

WHEREAS, pursuant to
Section 9.1 of the Employment Agreement, the Employment Agreement may be amended by the Parties pursuant to a written instrument
duly executed by each of the Parties.

 

NOW, THEREFORE, in
consideration of the representations, warranties, covenants, agreements and conditions contained herein, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound
hereby, agree as follows:

 

Section 1. Amendments to the Employment
Agreement.

 

(a) Section
2 of the Employment Agreement is hereby amended by inserting the bold, underlined, italicized text and deleting the stricken through
text as follows:

 

“Term.
This Agreement is effective as of the Effective Date. The Company agrees to employ Executive in accordance herewith during the
period starting on the Effective Date and ending on and inclusive of the date two four (24)
years thereafter, subject to any earlier termination of Executive’s employment hereunder pursuant to Section 7. The period
starting on the Effective Date and ending on and inclusive of the date two four (24)
years thereafter, regardless of any termination of Executive’s employment hereunder, is referred to herein as the “Term”.
The period starting on the Effective Date and ending on and inclusive of the earlier of (a) the date twofour
(42) years thereafter, and (b) the Termination Date (as defined in Section 8.1) is referred
therein as the “Employment Period”.”

 

(b) Section
5.1 of the Employment Agreement is hereby amended by inserting the bold, underlined text and deleting the stricken through text
as follows:

 

“Base Salary.
During the Employment Period, the Company shall pay to Executive a cash base salary at the following applicable rates:
of (i) $275,000 per annum during the period starting on the Effective Date and ending on
March 31, 2020; (ii) from and after April 1, 2020, at the rate of not less than Three Hundred Twenty Five Thousand Dollars ($325,000)
per annum; and (iii) in the event of a consummation of a Strategic Opportunity (as defined below), from and after April 1, 2021,
at the rate of not less than Three Hundred Seventy Five Thousand Dollars ($375,000) per annum). During the Employment
Period the Board (or the Compensation Committee) shall review Executive’s annual cash base salary not less frequently than
on an annual basis and may increase (but not decrease, including as it may be increased from time to time) such base salary. Executive’s
annual cash base salary, as it may be increased from time to time, is referred to herein as the “Base Salary.”
The Company shall pay the Base Salary to Executive in accordance with the Company’s generally applicable payroll practices
for senior executive officers, but not less frequently than in equal monthly installments. Strategic Opportunity shall have the
meaning set forth in Amendment No. 2 to the Employment Agreement, dated as of April 16, 2020.”

 

     

     

    

 

(c) In
addition to the Base Salary and the Performance Bonus as defined in the Employment Agreement, the Company shall pay to Executive
the following bonuses: (i) a one-time bonus in an amount equal to 50% of the Base Salary in effect as of April 1, 2020 (the “Strategic
Bonus”) promptly after the date on which the Company consummates during the Employment Period a material acquisition
(the “Strategic Opportunity”), if any; provided, that the that the Company’s board of directors (the “Board”)
shall in good faith determine in its sole discretion whether such acquisition is material for purposes hereof; provided, further,
that the Board or the Compensation Committee thereof shall determine in its sole discretion whether the Strategic Bonus shall be
paid in cash and/or shares of the Company’s common stock at the time that the Strategic Bonus is earned, if any; and (ii)
a one-time cash bonus in an amount equal to One Hundred Thousand Dollars ($100,000) (the “Special Event Bonus”)
in a single lump sum payment promptly after the date on which the Company and/or its subsidiaries consummate during the Employment
Period public and/or private financings of the Company’s equity, convertible and/or debt securities in an aggregate amount
in excess of $35,000,000 (the “Minimum”) during any 12-month consecutive period commencing after the Amendment
Effective Date; provided, that any government loans and/or grants that the Company and/or its subsidiaries may receive shall not
be counted for the purpose of determining if the Minimum has been reached. If the conditions for the payment of the Strategic Bonus
are satisfied as provided herein, the Strategic Bonus shall be guaranteed whether or not the Board and/or the Compensation Committee
determines that the Company’s bonus plan for its executive officers and senior management for the Company’s fiscal
year ending March 31, 2021 shall pay out less than 100% of the target. The Strategic Bonus and Special Event Bonus shall in aggregate
count towards (not in addition to) the payment of the Performance Bonus, if any, to the executive for the Company’s fiscal
year ending March 31, 2021.

 

(d) In
addition to any other equity-based compensation or equity awards that the Company has granted to the Executive prior to the date
hereof, the Company shall grant to the Executive, as soon as practicable following the date hereof, under the Company’s 2016
Equity Incentive Plan (as amended, the “Plan”) three hundred thousand (300,000) of the Company’s restricted
stock units (the “RSUs”). The RSUs grant will be evidenced by the Company’s standard Restricted Stock
Units Agreement that will specify such other terms and conditions as the Company’s board of directors (the “Board”),
in its sole discretion, will determine in accordance with the terms and conditions of the Plan, including all terms, conditions
and restrictions related to the grant and the form of payout. The RSUs shall vest as follows: 162,500 RSUs shall vest on the thirteen
(13) month anniversary of the Amendment Effective Date (the “Initial Vesting Date”) and the remaining RSUs shall
vest thereafter on each successive monthly anniversary of the Initial Vesting Date in an amount of 12,500 RSUs each (each, a “Subsequent
Vesting Date” and collectively with the Initial Vesting Date, each a “Vesting Date”), with the last
tranche to vest on April 13, 2022 (inclusive), provided that the Executive is continuously employed by the Company through the
applicable Vesting Date (except as otherwise provided in Article 8 of the Employment Agreement). In the event of a Change of Control
(as defined in the Employment Agreement), if the Executive remains employed by the Company through the date immediately before
the date of a Change of Control, any unvested RSUs shall vest immediately prior to such event. Each vested RSU shall be settled
by delivery to the Executive of one share of common stock, $0.001 par value per share (the “Common Stock”),
of the Company per vested RSU as soon as practicable after the first to occur of: (i) the date of a Change of Control, (ii) the
end of the Employment Period (as defined in the Employment Agreement), (iii) the date of Executive’s death and (iv) the date
of Executive’s Disability (as defined in the Employment Agreement) (in any case, the “Settlement Date”).
Upon the Settlement Date, the Executive shall be entitled, at his discretion and to the extent permitted by applicable law and
the Company’s Insider Trading Policy, to satisfy his tax obligations arising in connection with the settlement of his vested
RSUs through the sale by the Executive in the open market of a number of shares of Common Stock underlying the vested RSUs up to
the maximum applicable withholding rate. As permitted by law and subject to any required consents (including under any applicable
agreements of the Company), on or before each Settlement Date, the Company shall use its commercially reasonable efforts to file
a Registration Statement on Form S-8 with the U.S. Securities and Exchange Commission (the “SEC”) to allow Executive
(and if permitted by the Company, other executives) to settle a number of vested RSUs sufficient to cover his employment tax obligation
arising in connection with the settlement of his vested RSUs in the open market pursuant to such Form S-8. By signing this Amendment,
Executive acknowledges receipt and understands the terms of the Company’s Insider Trading Policy. The Company may withhold
from any amounts payable hereunder any applicable federal, state, and local taxes that the Company is required withhold pursuant
to any applicable law.

 

    2

     

    

 

(e) Section
8.4(c) of the Employment Agreement is hereby amended by inserting the bold, underlined, italicized text and deleting the stricken
through text as follows:

 

“If such termination
occurs after the first six (6) months from the Effective Date, subject to timely execution (without revocation by Executive
or personal representative or the legal representative of his estate, in the event of his incapacity or death, respectively)
of a Release pursuant to Section 8.6 and continued compliance with Exhibit A, continued payment of
Executive’s annual Base Salary and Pro Rata Bonus for the period from the Termination Date through the lesser of twelvesix
(126) months or the period through and inclusive of the last day of the Term as if Executive’s
employment had not terminated (the “Continuation Period”), payable to Executive in accordance with the Company’s
generally applicable payroll practices for senior executive officers, but not less frequently than in equal monthly installments
(with the Pro-Rata Bonus being paid at the same time Annual Bonuses are paid to other senior executives);”

 

(f) Section
8.4(d) of the Employment Agreement is hereby amended by inserting the following text at the end of such section:

 

“Notwithstanding
the foregoing, any Equity Compensation (as defined below) (and the shares of Common Stock underlying such Equity Compensation)
that shall vest pursuant to this Section shall be subject to a lock-up of twelve (12) months from the vesting date as provided
by this Section (the “Early Vesting Lock-Up Period”), provided, that the Early Vesting Lock-Up Period shall
terminate upon a Change of Control. During the Early Vesting Lock-Up Period, Executive agrees to the agreements and restrictions
set forth in Exhibit D attached hereto. Subsequent to the expiration of the Early Vesting Lock-Up Period, for a period of
one year, Executive shall not be permitted or have the right to sell on each trading day the number of shares of Common Stock underlying
the Equity Compensation (and the shares of Common Stock underlying such Equity Compensation) that is more than the greater of (x)
10% of such trading day’s daily trading volume and (y) 10,000 shares, as adjusted for any stock dividend, stock split, combination
of shares, reverse stock split, reorganization, recapitalization, or other reclassification affecting the Company’s equity
securities occurring after the April 16, 2020 (the “Daily Trading Limit”); provided, that the Daily Trading
Limit shall not apply to the Company’s equity securities purchased by Executive in open market transactions. Notwithstanding
the foregoing, in connection with any Equity Compensation (and the shares of Common Stock underlying such Equity Compensation)
that shall vest pursuant to this Section, the Executive shall be entitled, at his discretion and to the extent permitted by applicable
law and the Company’s Insider Trading Policy (to the extent applicable to the Executive), to satisfy his tax obligations
arising in connection with the settlement or grant of the vested Equity Compensation (and the shares of Common Stock underlying
such vested Equity Compensation) through the sale by the Executive in the open market of a number of shares of Common Stock underlying
the vested Equity Compensation (and the shares of Common Stock underlying such vested Equity Compensation) up to the maximum applicable
withholding rate. “Equity Compensation” means all equity compensation or other equity awards granted pursuant
to this Agreement or by the Company or any member of the Company Group to Executive on or after April 1, 2020 (including without
limitation any restricted stock, restricted stock units, stock appreciation rights and stock options).”

 

(g) The
Employment Agreement is hereby amended by inserting Exhibit D attached hereto at the end of the Employment Agreement. Such
Exhibit D shall be incorporated by reference into and shall be made a part of the Employment Agreement.

 

(h) Except
for the amendments expressly set forth in this Section 1, the text of the Employment Agreement shall remain unchanged and
in full force and effect.

 

Section 2.Miscellaneous.
The provisions of Sections 8.8 and 9 of the Employment Agreement are incorporated herein by reference.

 

[Signature page follows]

 

    3

     

    

 

IN WITNESS WHEREOF,
the Parties have entered into and signed this Amendment as of the date and year first above written.

 

	 	COMPANY:
	 	 
	 	LiveXLive Media, Inc.
	 	 	 
	 	By: 	/s/ Robert S. Ellin
	 	Name:  	Robert S. Ellin
	 	Title:	CEO and Chairman
	 	 	 
	 	EXECUTIVE:
	 	 
	 	Michael Zemetra
	 	 
	 	/s/ Michael Zemetra
	 	(signature)

 

    4

     

    

 

EXHIBIT “D”

 

EARLY VESTING LOCK-UP PERIOD RESTRICTIONS

 

During the Early Vesting
Lock-Up Period, Executive 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 Common Stock received under Section 8.4(d) of the Agreement (whether as a result of
exercise, settlement or otherwise) (the “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
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 Early Vesting Lock-Up Period, the managing underwriter may waive the balance of the Early Vesting Lock-Up
Period if requested by the Company in its sole and absolute discretion. The foregoing restrictions are expressly agreed to preclude
Executive 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 Securities of Executive during the Early Vesting Lock-Up Period, even if such
Securities would be disposed of by someone other than Executive. Executive may sell some or all of the Securities with the Company’s
prior written consent, so long as the purchaser complies with the provisions of the Agreement and this Exhibit D.

 

In addition,
during the Early Vesting Lock-Up Period, Executive 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 Executive’s position in the Common Stock.

 

Notwithstanding
anything contained herein to the contrary: (i) Executive shall be permitted to engage in transactions relating to shares of Common
Stock acquired in open market transactions; and (ii) Executive shall be permitted to engage in any Disposition (x) where such Disposition
is in connection with estate planning purposes or by will or intestacy, 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 Executive (including entities wholly
owned by Executive or one or more trusts where such Executive is the grantor of such trust(s)), and with respect to each clause
(x) through (z) above (inclusive), as long as such transferee agrees to the same lock-up terms and conditions as set forth in the
Agreement and in this Exhibit D.

 

 

5

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