Document:

Exhibit 10.37

 

[Form
of Lock-Up Agreement]

 

 

Alliance MMA, Inc.

590 Madison Avenue, 21st Floor

New York, New York 10022

Attn: Paul K. Danner, III, CEO

 

Network 1 Financial Securities, Inc.

The Galleria, Building 2

2 Bridge Avenue

Red Bank, NJ 07701

Attn: Damon D. Testaverde, Managing Director

 

 

		RE:	Lock-up Agreement

 

Gentlemen:

 

The undersigned understands that Network
1 Financial Securities, Inc. (the “Selling Agent”) proposes to enter into a Selling Agent Agreement (the “Selling
Agent Agreement”) with Alliance MMA, Inc., a Delaware corporation (the “Company”), providing for
the initial public offering (the “Offering”) of up to 3,333,333 shares of common stock, par value $0.001 per share
(the “Common Stock”), of the Company (the “Shares”) pursuant to a registration statement
on Form S-1 (the “Registration Statement”) filed with the Securities and Exchange Commission (the “SEC”).

 

To induce the Selling Agent to enter into
the Selling Agent Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the undersigned agrees that, during the period beginning from the date of the final Prospectus covering the public offering of
the Shares and continuing to and including the date 180 days after the effective date of the Registration Statement (the “Lock-up
Period”), the undersigned will not, without the prior written consent of the Selling Agent, directly or indirectly, (i)
offer, sell, contract to sell, assign, transfer, encumber, pledge, grant any option to purchase, make any short sale or otherwise
dispose of any shares of the Company’s Common Stock, or any options or warrants to purchase any shares of Common Stock of the Company
or any securities convertible into, exchangeable for or that represent the right to receive shares of Common Stock of the Company
(collectively, “Common Stock Equivalents”) held of record by the undersigned (including holding as a custodian)
or with respect to which the undersigned has beneficial ownership within the rules and regulations of the SEC as of the date of
the final prospectus (collectively the “Lock-up Shares”), (ii) enter into or establish any arrangement constituting
a “put equivalent position,” as defined by Rule 16a-1(h) promulgated under the Securities Exchange Act of 1934, as amended,
(iii) enter into any swap or other arrangement that transfers all or a portion of the economic consequences associated with the
ownership of the Lock-up Shares, (iv) exercise any registration rights with respect to any Common Stock or Common Stock Equivalents
or (v) announce an intent to do any of the forgoing.

 

The foregoing restriction is expressly
agreed to preclude the undersigned 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 the Lock-up Shares even if the Lock-up Shares would be disposed of
by someone other than the undersigned. Such prohibited hedging or other transactions would include without limitation any short
sale or any purchase, sale or grant of any right (including without limitation any put or call option) with respect to any of the
Lock-up Shares or with respect to any security that includes, relates to, or derives any significant part of its value from such
of the Lock-up Shares.

 

     

     

    

 

Notwithstanding the foregoing, the undersigned
may transfer any or all Lock-up Shares (i) as a bona fide gift or gifts, provided that the donee or donees thereof have
executed and delivered to the Selling Agent a written agreement providing their agreement to be bound by the restrictions set forth
herein, (ii) to any trust, partnership, limited liability company or other legal entity commonly used for estate planning purposes
which is established for the direct or indirect benefit of the undersigned or the immediate family of the undersigned, provided
that the trustee, general partner, manager or other administrator, as the case may be, has executed and delivered to the Selling
Agent a written agreement providing their agreement to be bound by the restrictions set forth herein, and provided further that
any such transfer shall not involve a disposition for value, or (iii) with the prior written consent of the Selling Agent. For
purposes of this letter agreement, “immediate family” shall mean any relationship by blood, marriage or
adoption, not more remote than first cousin. In addition, notwithstanding the foregoing, if the undersigned is a corporation, the
corporation may transfer the capital stock of the Company to any wholly-owned subsidiary of such corporation; provided, however,
that in any such case, it shall be a condition to the transfer that the transferee has executed and delivered to the Selling Agent
a written agreement stating that the transferee is receiving and holding such capital stock subject to the provisions of this Agreement
and there shall be no further transfer of such capital stock except in accordance with this Agreement, and provided further that
any such transfer shall not involve a disposition for value. The undersigned also agrees and consents to the entry of stop transfer
instructions with the Company’s transfer agent and registrar against the transfer of the Lock-up Shares except in compliance with
the foregoing restrictions. Following expiration of the Lock-up Period, it is understood and agreed that the undersigned may dispose
of the Lock-up Shares free of any contractual obligation hereunder. Notwithstanding the foregoing, if, options for Common Stock
held by the undersigned that are exercisable shall expire during the Lock-Up Period, unless exercised, the undersigned may exercise
such options and sell the shares received upon exercise, to satisfy obligations under a cashless exercise arrangement, without
the consent of the Selling Agents, provided the shares issued upon the exercise of such options shall be subject the terms of this
letter agreement and deemed Lock-up Shares except to the extent sold pursuant to such cashless exercise.

 

If the undersigned is an officer or director
of the Company, the undersigned further agrees that the foregoing provisions shall be equally applicable to any issuer-directed
Shares the undersigned may purchase in the Offering.

 

If (1) during the last 17 days of the initial
Lock-Up Period the Company issues an earnings release or material news or a material event relating to the Company occurs; or (2)
prior to the expiration of the Lock-Up Period, the Company announces that it will release earnings results during the 16-day period
beginning on the last day of the Lock-Up Period or provides notification to the Selling Agent of any earnings release, or material
news or a material event that may give rise to an extension of the Lock-Up Period; the restrictions imposed by this Agreement shall
continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings release or the occurrence
of the material news or material event. The undersigned shall not engage in any transaction that may be restricted by this Agreement,
solely as a result of the issuance of an earnings release or the occurrence of a material news or material event, during the 34-day
period beginning on the last day of the initial Lock-Up Period unless the undersigned requests and receives prior written confirmation
from the Company or the Selling Agent that the restrictions imposed by this agreement have expired.

 

     

     

    

 

The undersigned understands that the Company
and the Selling Agent are relying upon this letter agreement in proceeding toward consummation of the offering and the proposed
public offering is still confidential. The undersigned further understands that this Agreement is irrevocable and shall be binding
upon the undersigned’s heirs, legal selling agents, successors, and assigns. If for any reason the Selling Agent Agreement shall
terminate or be terminated prior to payment for and delivery of the Shares on the Initial Closing Date (as defined in the Selling
Agent Agreement), the agreement set forth above shall likewise be terminated.

 

Very truly yours,

 

 

______________________ (Signature)

 

Print Name: _________________

 

Date Signed: ________________________,
2016

 

 

__________________________________

Entity Name (if held by an entity)

 

By: _____________________________________
(Signature)

 

Print Name: _________________

 

Title, if any: ______________________________

 

Date Signed: ________________________,
2016Exhibit 10.38

 

SECOND AMENDED AND RESTATED

UNSECURED PROMISSORY NOTE

 

 

$1,000,000.00

 

New York, New York

Original Issue Date: February 12, 2015

 

FOR VALUE RECEIVED, ALLIANCE
MMA, INC., a Delaware corporation with an address of 590 MADISON AVENUE, 21ST FLOOR, NEW YORK, NEW YORK 10022 (“Borrower”),
unconditionally promises to pay to the order of IVY EQUITY INVESTORS, LLC., a Delaware limited liability company with an address
of 2 EAST 55TH STREET, SUITE 1111, NEW YORK, NEW YORK 10022 (“Lender”), in the manner and at the place hereinafter
provided, the principal amount of One Million and No/100ths Dollars ($1,000,000.00) or such lesser amount that may be outstanding
based upon advances made to and other payments made on behalf of Borrower by Lender incident to the Borrower’s contemplated
IPO on the earlier of January 1, 2017, or the closing of the IPO (the “Maturity Date”). Borrower also promises
to pay to Lender, together with the principal amount referenced above simple interest on the outstanding principal balance of this
Note at the rate of six percent (6%) per annum compounded annually, pro-rated for the number of days that the Note is outstanding
until the Maturity Date on the basis of a 365-day year (the “Interest”). Lender and Borrower contemplate that
Lender will make several advances to or other payments on behalf of Borrower to facilitate the IPO and the related Target Company
Transactions, and that this Note will reflect the aggregate amount of such advances and payments. Lender will maintain a schedule
of advances and payments which shall be attached to this Note as Schedule A and which may be amended from time to time to
reflect advances and payments made. This Note amends and restates in its entirety that certain Amended and Restated Unsecured
Promissory Note dated as of May 10, 2016 with an initial principal amount of up to $600,000 due on the Maturity Date (the “Original
Note”).

 

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

 

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

 

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

 

     

     

    

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	2	 

     

    

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	3	 

     

    

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

 

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

 

7.                 
Miscellaneous.

 

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

 

Robert Mazzeo

MazzeoSong P.C.

444 Madison Avenue, Fourth Floor

New York, NY 10022

 

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

 

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

 

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

 

    	 	4	 

     

    

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

 

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

 

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

 

    	 	5	 

     

    

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

 

 

[Signature Page Follows]

 

    	 	6	 

     

    

 

IN WITNESS WHEREOF, Borrower
has executed and delivered this Note as of July 20, 2016.

 

	 	ALLIANCE MMA, INC.	 
	 	 	 
	 	 	 
	 	By: 	/s/ Paul K. Danner, III	 
	 	 	Paul K. Danner, III
CEO	 
	 	 	 	 
	 	 	 	 
	 	Address for Notices:

Alliance MMA, Inc.

590 Madison Avenue, 21st Floor

New York, New York 10022

Attention: Paul K. Danner, III,
CEO

Phone: (212) 739-7825

Facsimile: (212)
658-9291

	 

 

    	 	7	 

     

    

 

SCHEDULE A

TO

AMENDED AND RESTATED

UNSECURED PROMISSORY NOTE

 

	Advance Date	 	Amount	 	 	Amount Repaid
or Credited	 	 	Through 7/22/16	 
	2/12/15	 	 	 	 	 	 	 	 	 	 	 	 
	2/27/15	 	$	62,500.00	 	 	$	(5,289.14	)	 	$	5,250.00	 
	3/15/15	 	$	9,210.86	 	 	 	 	 	 	$	749.49	 
	4/1/15	 	$	2,000.00	 	 	 	 	 	 	$	157.15	 
	4/15/15	 	$	12,500.00	 	 	 	 	 	 	$	953.42	 
	4/20/15	 	$	2,000.00	 	 	 	 	 	 	$	150.90	 
	4/30/15	 	$	2,000.00	 	 	 	 	 	 	$	147.62	 
	5/15/15	 	$	14,500.00	 	 	 	 	 	 	$	1,034.47	 
	6/1/15	 	$	2,000.00	 	 	 	 	 	 	$	137.10	 
	6/15/15	 	$	14,500.00	 	 	 	 	 	 	$	960.58	 
	7/15/15	 	$	12,500.00	 	 	 	 	 	 	$	766.44	 
	7/18/15	 	$	18,200.05	 	 	 	 	 	 	$	1,106.96	 
	7/21/15	 	$	10,000.00	 	 	 	 	 	 	$	603.29	 
	8/15/15	 	$	12,500.00	 	 	 	 	 	 	$	702.74	 
	8/20/15	 	$	3,000.00	 	 	 	 	 	 	$	166.19	 
	9/5/15	 	$	3,000.00	 	 	 	 	 	 	$	158.30	 
	9/15/15	 	$	12,500.00	 	 	 	 	 	 	$	639.04	 
	9/30/15	 	$	3,000.00	 	 	 	 	 	 	$	145.97	 
	10/5/15	 	$	3,000.00	 	 	 	 	 	 	$	143.51	 
	10/15/15	 	$	12,500.00	 	 	 	 	 	 	$	577.40	 
	10/20/15	 	$	3,000.00	 	 	 	 	 	 	$	136.11	 
	11/5/15	 	$	3,000.00	 	 	 	 	 	 	$	128.22	 
	11/15/15	 	$	12,500.00	 	 	 	 	 	 	$	513.70	 
	11/20/15	 	$	14,699.00	 	 	 	 	 	 	$	591.99	 
	11/30/15	 	$	50,000.00	 	 	 	 	 	 	$	1,931.51	 
	12/4/15	 	$	3,000.00	 	 	 	 	 	 	$	113.92	 
	12/14/15	 	$	4,000.00	 	 	 	 	 	 	$	145.32	 
	12/15/15	 	$	39,840.00	 	 	 	 	 	 	$	1,440.79	 
	12/17/15	 	$	9,000.00	 	 	 	 	 	 	$	322.52	 
	12/21/15	 	$	3,000.00	 	 	 	 	 	 	$	105.53	 
	 	 	$	353,449.91	 	 	 	 	 	 	$	19,980.16	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	1/1/16	 	$	12,701.30	 	 	 	 	 	 	$	423.84	 
	2/1/16	 	$	12,500.00	 	 	 	 	 	 	$	353.42	 
	3/1/16	 	$	97,000.00	 	 	 	 	 	 	$	2,280.16	 
	3/31/16	 	$	25,000.00	 	 	 	 	 	 	$	464.38	 
	5/13/16	 	$	7,000.00	 	 	 	 	 	 	$	80.55	 
	6/13/16	 	$	70,000.00	 	 	 	 	 	 	$	448.77	 
	7/19/16	 	$	50,000.00	 	 	 	 	 	 	$	24.66	 
	 	 	$	627,651.21	 	 	 	 	 	 	$	24,055.94	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total P&I	 	$	651,707.15	 	 	 	 	 	 	 	 	 

 

    	 	8

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