Document:

Exhibit 10.1

 

 

 

allied Esports
Entertainment, Inc.

Restricted Stock Agreement

 

This
Restricted Stock Agreement (“Agreement”) made effective as of September 20, 2019, is by and between Allied
Esports Entertainment, Inc., a Delaware corporation (the “Company”), and _________________________ (“Executive”).

 

Background

 

A.                
The Company desires to induce Executive to continue to serve the Company and/or its affiliates;

 

B.                 
The Company has adopted the 2019 Equity Incentive Plan (the “Plan”), pursuant to which restricted stock,
among other things, may be granted or issued by the Board of Executives of the Company, or the committee of the Board of Executives
established to administer the Plan;

 

C.                 
The Company desires that restricted stock of the Company be issued to Executive under the Plan, subject to the restrictions
herein.

 

Now,
therefore, the parties hereto agree as follows:

 

1.                  
Grant of Stock. Subject to the terms and provisions of this Agreement, the Company hereby grants to Executive [●]
shares of the Company’s common stock (such shares are referred to hereinafter as the “Shares”), which
Shares shall be subject to the restrictions set forth herein. Upon the execution of this Agreement, the Shares shall be registered
on the books of the Company setting forth the restrictions listed herein, and the Company shall cause the transfer agent and registrar
of its common stock to issue one or more certificates in Executive’s name evidencing the Shares (or issued via book entry
on the records of the Company’s transfer agent and registrar). The stock certificate for the Shares shall bear a legend in
substantially the following form:

 

The transferability
of this certificate and the shares of Common Stock represented by it are subject to the terms and conditions (including conditions
of forfeiture) contained in the 2019 Equity Incentive Plan of Allied Esports Entertainment, Inc. (the “Company”), and
an agreement entered into between the registered owner and the Company. A copy of the 2019 Equity Incentive Plan and the agreement
is on file in the office of the secretary of the Company.

 

Executive shall deposit
with the Company the stock certificate evidencing the Shares, together with a stock power endorsed in blank by Executive attached
as Exhibit A, to be held by the Company until such time as the restrictions set forth herein and under the Plan have lapsed pursuant
to Section 4 of this Agreement.

 

2.                  
Vesting Schedule. All of the Shares will vest on the earlier of (such earliest date, the “Vesting Date”):

 

(a)               
The Company terminates Executive’s employment with the Company without Cause (as defined in any employment agreement
between the Company and Executive);

 

 

 

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(b)               
The Executive terminates Executive’s employment with the Company for Good Reason (as defined in any employment agreement
between the Company and Executive); or

 

(c)               
first anniversary of the effective date of this Agreement.

 

3.                  
Rights of Executive. Upon the execution of this Agreement and issuance of Shares, Executive shall become a stockholder
of the Company with respect to the Shares and shall have all of the rights of a holder of common stock with respect to the Shares,
including the right to vote the Shares and to receive all dividends and other distributions paid with respect to the Shares; provided,
however, that prior to the Vesting Date the Shares shall be subject to the restrictions set forth in Section 4 of this Agreement
and Section 7 of the Plan.

 

Notwithstanding the
preceding paragraph, the Company’s Board of Executives may, in its discretion, instruct the Company to withhold any stock
dividends accrued or stock splits issued on or with respect to the Shares prior to the Vesting Date (“Retained Distributions”),
which Retained Distributions shall also be subject to the restrictions provided for in Section 4 of this Agreement until the Vesting
Date.

 

4.                  
Restrictions. Executive agrees that, at all times prior to the Vesting Date:

 

(a)               
Executive shall not sell, transfer, pledge, hypothecate or otherwise encumber any Shares or Retained Distributions;

 

(b)               
In the event the Executive’s employment with the Company is terminated (for any reason or no reason), and no Vesting
Date occurs as a result of such termination, then Executive shall, for no consideration, forfeit and transfer to the Company all
Shares and forfeit all Retained Distributions; and

 

(c)               
In the event Executive breaches any of the terms, conditions, or restrictions in this Agreement, then Executive shall, for
no consideration, forfeit and transfer to the Company all Shares and forfeit all Retained Distributions.

 

5.                  
Lapse of Restrictions. The restrictions with respect to the Shares set forth in Section 4 shall lapse on the Vesting
Date. Upon request of Executive at any time after the date that the restrictions set forth in Section 4 of this Agreement have
lapsed with respect to the Shares, and such Shares have become vested, free and clear of all restrictions, except as provided in
the Plan, the Company shall remove any restrictive notations placed on the books of the Company and the Stock Certificate(s) in
connection with such restrictions.

 

5.       Copy
of the Plan. By the execution of this Agreement, Executive acknowledges receipt of a copy of the Plan, the terms of which are
hereby incorporated herein by reference and made a part hereof by reference as if set forth in full.

 

6.                  
Change of Control. In the event of a Change of Control, as defined in the Plan, the provisions of the Plan shall
control any additional rights or restrictions on the Shares or the vesting thereof.

 

 

 

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7.                  
Continuation of Employment. Nothing contained in this Agreement shall be deemed to grant Executive any right to continue
in the employ of the Company or its affiliates for any period of time or to any right to continue his or her present or any other
rate of compensation, nor shall this Agreement be construed as giving Executive, Executive’s beneficiaries or any other person
any equity or interests of any kind in the assets of the Company or creating a trust of any kind or a fiduciary relationship of
any kind between the Company and any such person.

 

8.                  
Withholding of Tax. To the extent that the receipt of the Shares or the lapse of any restrictions thereon results
in income to Executive for federal or state income tax purposes, Executive shall deliver to the Company at the time of such receipt
or lapse, as the case may be, such amount of money as the Company may require to meet its withholding obligation under applicable
tax laws or regulations, and, if Executive fails to do so, the Company is authorized to withhold from any cash or stock remuneration
then or thereafter payable to Executive any tax required to be withheld by reason of such resulting compensation income; provided,
however, that unless payment in full of such amount is received by the Company on or prior to the date on which the amount of tax
to be withheld shall be determined (“Tax Date”), Executive shall be deemed to have irrevocably elected to satisfy
such payment obligation by electing to have the Company withhold from the distribution of Shares upon the lapse of restrictions
thereon such number of Shares having a value up to the minimum amount of withholding taxes required to be collected on the transaction.
The value of the shares to be withheld shall be based on the fair market value of the common stock on the Tax Date.

 

9.                  
Section 83(b) Election. Executive understands that Executive shall be responsible for his own federal, state, local
or foreign tax liability and any of his other tax consequences that may arise as a result of transactions in the Shares. Executive
shall rely solely on the determinations of Executive’s tax advisors or Executive’s own determinations, and not on any
statements or representations by the Company or any of its agents, with regard to all such tax matters. Executive understands that
Section 83 of the Internal Revenue Code of 1986, as amended (the “Code”), taxes as ordinary income the difference
between the amount paid for the Shares and the fair market value of the Shares as of the date any restrictions on the Shares lapse.
Executive understands that Executive may elect to be taxed at the time the Shares are received rather than when and as the restrictions
on the Shares lapse or expire by filing an election under Section 83(b) of the Code with the Internal Revenue Service within 30
days from the date of the acquisition of the Shares. If Executive files an election under Section 83(b) of the Code, such election
shall contain all information required under the applicable treasury regulation(s) and Executive shall deliver a copy of such election
to the Company contemporaneously with filing such election with the Internal Revenue Service. EXECUTIVE ACKNOWLEDGES THAT IT IS
EXECUTIVE’S SOLE RESPONSIBILITY AND NOT THE COMPANY’S TO FILE TIMELY THE ELECTION UNDER SECTION 83(B) OF THE CODE,
EVEN IF EXECUTIVE REQUESTS THAT THE COMPANY OR ITS REPRESENTATIVES MAKE THIS FILING ON EXECUTIVE’S BEHALF.

 

10.              
General. This Agreement may be amended only by a written agreement executed by the Company and Executive. This Agreement
embodies the entire agreement made between the parties hereto with respect to matters covered herein. To the extent any provision
of this Agreement conflicts with the terms of any other agreement, this Agreement shall control. Nothing herein expressed or implied
is intended or shall be construed as conferring upon or giving to any person or entity other than the parties hereto, any rights
or benefits under or by reason of this Agreement. Each party hereto agrees to execute such further documents as may be necessary
or desirable to effect the purposes of this Agreement. This Agreement may be executed in any number of counterparts, each of which
shall be deemed an original, but all of which shall constitute one and the same agreement. This Agreement, in its interpretation
and effect, shall be governed by the laws of the State of Delaware applicable to contracts executed and to be performed therein.
This Agreement shall be governed by the internal laws of the State of Delaware, without regard to any conflict of laws principles.
In the event of a breach or threatened breach by Executive of any provision hereof, Executive hereby consents and agrees that the
Company may seek, in addition to other available remedies, injunctive or other equitable relief from any court of competent jurisdiction,
without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the
necessity of posting any bond or other security.

 

[Signature Page Follows]

 

 

 

 

 

 

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In
Witness Whereof, the parties have executed this Agreement to be effective as of the date first set forth above.

 

	
        COMPANY:

        
	
        EXECUTIVE:

        

	 	 
	ALLIED ESPORTS ENTERTAINMENT, INC.:	 
	 	 
	 	 
	 	 
	By:_____________________________________	 
	Name:___________________________________	_______________________________________________
	Its:_____________________________________	Name: ____________, Individually

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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EXHIBIT A

 

STOCK POWER

 

 

FOR VALUE RECEIVED, the
undersigned does hereby assign, sell and transfer unto Allied Esports Entertainment, Inc., a Delaware corporation (the “Corporation”),
an aggregate of [●] shares of Common Stock of the Corporation, represented
by Certificate No. _______ enclosed herewith (or issued via book entry on the records of the Corporation’s transfer agent)
(the “Stock”), legally and beneficially owned by the undersigned and standing in the name of the undersigned on
the Corporation’s books and records. The undersigned hereby irrevocably appoints each of the officers of the Company, as
the undersigned’s true and lawful attorney-in-fact to transfer the Stock on the Corporation’s books and records, with
full power of substitution in the premises.

 

 

Dated, effective and delivered
as of September 20, 2019.

 

 

 

________________________________________________

Name: ____________,
Individually

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	5Exhibit 10.2

 

ALLIED ESPORTS ENTERTAINMENT, INC.

NON-QUALIFIED STOCK OPTION AGREEMENT

 

 

This
NON-QUALIFIED Stock Option Agreement (“Agreement”) is made and entered into as of September 20, 2019
(the “Execution Date”), by and between Allied Esports Entertainment, Inc., a Delaware corporation
(the “Company”), and _______________________ (“Director”).

 

Background

 

A.       Director
is a member of the Board of Directors of the Company (the “Board”);

 

B.       The
Company has adopted the 2019 Equity Incentive Plan (the “Plan”) under which shares of common stock of the Company
have been reserved for issuance;

 

C.       As
consideration for Director serving on the Board, the Company agrees to issue Director non-qualified stock options as defined herein;
and

 

D.       Director
and the Company desire to enter into this Agreement for the granting of non-qualified stock options as described in the Plan.

 

NOW, THEREFORE, in
consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows:

 

1.       Incorporation
by Reference. The terms and conditions of the Plan are hereby incorporated herein and made a part hereof by reference as if
set forth in full. In the event of any conflict or inconsistency between the provisions of this Agreement and those of the Plan,
the provisions of the Plan shall govern and control.

 

2.       Grant
of Option; Purchase Price. Subject to the terms and conditions of this Agreement and the Plan, the Company hereby grants from
the Plan to Director the right and option (the “Option”) to purchase all or any part of an aggregate of 40,000
shares of common stock, $0.0001 par value per share, of the Company (the “Shares”), at a purchase price per
Share equal to USD $5.66, which price is intended to be at least 100% of the fair market value of the Company’s common
stock on the grant date (determined in accordance with the Company’s procedures for calculating such fair market value).
Each exercise of all or a portion of the Option shall be executed only upon Director’s completion of the Non-Qualified Stock
Option Exercise Form attached hereto (the “Exercise Form”) and full payment of the exercise price as identified
on the Exercise Form.

 

3.       Exercise
and Vesting of Option. The Option shall be exercisable only to the extent that all, or any portion thereof, has vested in Director.
Except as provided in paragraph 4, the Option shall vest in Director and become exercisable as follows: TWENTY-FIVE PERCENT (25%)
of the Shares shall vest on each annual anniversary of the Execution Date until all Shares have vested on the four-year anniversary
of the Execution Date.

 

4.       Termination
of Relationship with the Company. If Director shall cease to be a director of the Company (for any reason or no reason, and
regardless of whether the termination is voluntary or involuntary on the part of Director) prior to complete vesting of the Option,
then the unvested remainder of the Option shall terminate, and any rights thereunder (including, without limitation, unvested Shares)
shall be forfeited by Director.

 

 

 

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5.       Term
of Option. Except as otherwise provided in this Agreement, the Option shall be exercisable for ten years from the date of this
Agreement; provided, however:

 

(a)                          
If Director’s directorship is terminated by reason of death, the legal representative of Director’s estate shall have
one year from the date of Director’s death, or, if earlier, upon the expiration date of the Option as set forth above, to
exercise any part of the vested Option, after which time, any portion of the Option remaining unexercised shall terminate;

 

(b)                          
If Director’s directorship is terminated by reason of Disability (as defined in the Plan), Director shall have one year from
the date of termination, or, if earlier, upon the expiration date of the Option as set forth above, to exercise any part of the
vested Option, after which time, any portion of the Option remaining unexercised shall terminate;

 

(c)                          
Subject to Section 12.3 of the Plan, if Director is an employee of the Company and Director’s employment and directorship
is terminated by Normal Retirement (as defined in the Plan), the Director shall have one year from the date of Director’s
Normal Retirement, or, if earlier, upon the expiration date of the Option as set forth above, to exercise any part of the vested
Option, after which time, any portion of the Option remaining unexercised shall terminate; and

 

(d)                         
If Director’s directorship is terminated for any other reason, Director or his/her legal representative shall have 90 days
from the date of such termination, or, if earlier, upon the expiration date of the Option as set forth above, to exercise any part
of the vested Option, after which time, any portion of the Option remaining unexercised shall terminate;

 

6.       Rights
of Option Holder. Director, as holder of the Option, shall not have any of the rights of a shareholder with respect to the
Shares covered by the Option except to the extent that one or more certificates for such Shares shall be delivered to him or her
upon the due exercise of all or any part of the Option (or, if applicable, Shares have been recorded as book entries in the corporate
records of the Company). Nothing contained in this Agreement shall be deemed to grant Director any right to continue as an employee,
consultant or director of the Company for any period of time or any right to continue his or her present or any other rate of compensation,
nor shall this Agreement be construed as giving Director, Director’s beneficiaries or any other person any equity or interests
of any kind in the assets of the Company or creating a trust of any kind or a fiduciary relationship of any kind between the Company
and any such person.

 

7.       Transferability.
With respect to any unvested portion of the Option, Director shall not sell, transfer, pledge, hypothecate or otherwise encumber
the Option, or any unvested Shares thereunder.

 

8.       Director
Representations. Director hereby represents and warrants that Director has reviewed with his or her own tax advisors the federal,
state, and local tax consequences of the transactions contemplated by this Agreement. Director is relying solely on such advisors
and not on any statements or representation of the Company or any of its agents. Director understands that he or she will be solely
responsible for any tax liability that may result to him or her as a result of the transactions contemplated by this Agreement.
The Option, if exercised, will be exercised for investment and not with a view to the sale or distribution of the Shares to be
received upon exercise thereof.

 

9.       Notices.
All notices and other communications provided in this Agreement will be in writing and will be deemed to have been duly given when
received by the party to whom it is directed at the addresses indicated on the signature page of this Agreement, or any other address
that the recipient party provides to the other party in writing.

 

 

 

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10.       General.

 

(a)       The
Option is granted pursuant to the Plan and is governed by the terms thereof. The Company shall at all times during the term of
the Option reserve and keep available such number of Shares as will be sufficient to satisfy the requirements of this Option Agreement.

 

(b)       This
Agreement may be amended only by a written agreement executed by the Company and Director.

 

(c)       This
Agreement and the Plan embody the entire agreement made between the parties hereto with respect to matters covered herein and shall
not be modified except in accordance with paragraph 10(b) of this Agreement.

 

(d)       Nothing
herein expressed or implied is intended or shall be construed as conferring upon or giving to any person, firm, or corporation
other than the parties hereto, any rights or benefits under or by reason of this Agreement.

 

(e)       Each
party hereto agrees to execute such further documents as may be necessary or desirable to effect the purposes of this Agreement.

 

(f)       This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which shall constitute
one and the same agreement.

 

(g)       This
Agreement, in its interpretation and effect, shall be governed by the laws of the State of Delaware applicable to contracts executed
and to be performed therein.

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the Execution Date.

 

	ADDRESS FOR NOTICE	PARTY
	 	 
	
         
	
        Director:

	 	 
	 	 
	 	___________________________________
	 	Name: ______________________________
	 	 
	 	 
	
        Allied Esports Entertainment, Inc.

        Attn: Allison Hushek, General Counsel

        17877 Von Karman Ave, Suite 300

        Irvine, CA 92614
	
        ALLIED ESPORTS ENTERTAINMENT, INC., a Delaware corporation

         

         

        By:                                                                            

        Name: ______________________________

        Title: _______________________________

 

 

 

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ALLIED
ESPORTS ENTERTAINMENT, INC.

2019 EQUITY INCENTIVE PLAN

 

NON-QUALIFIED
STOCK OPTION EXERCISE FORM

 

 

(To be signed only upon exercise of stock option)

 

Pursuant to that certain
Non-Qualified Stock Option Agreement dated as of September 20, 2019 (the “Option Agreement”), the undersigned
is the holder of an option (the “Option”) to purchase 40,000 shares of common stock, par value $0.0001 per share
(the “Common Stock”), of Allied Esports Entertainment, Inc., a Delaware corporation (the “Company”),
at a purchase price of $5.66 per share. In accordance with the terms of the Option Agreement, the undersigned hereby irrevocably
elects to exercise the Option with respect to _________________ shares of Common Stock and to purchase such shares from the Company,
and herewith makes payment of $_______________ therefor:

 

		☐	by cash, uncertified or certified check
or bank draft; 

 

		☐	by delivery of shares of Common Stock
(if permitted by the Committee or Board) or 

 

		☐	by instructing the Company to withhold
from the shares issuable upon exercise of the Option shares of Common Stock in payment of $___________ of the exercise price (and/or
any related withholding tax obligations, if permissible under applicable law).

 

		☐	by combination of the above

 

The undersigned requests
that the certificate(s) for such shares be issued in the name of ____________________________, and be delivered to _________________________________,
whose address is set forth below the signature of the undersigned.

 

 

 

 

 

 

	Dated:                                                   	 
	 	 
	 	 
	(Signature)	 
	 	 
	 	 
	 	 
	 	 
	 	 
	(Address)	 
	 	 
	 	 
	 	 
	(Social Security or other Tax
ID No.)	 

 

 

 

 

 

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