Document:

Exhibit 10.3

 

REDWOOD TRUST, INC.

PERFORMANCE STOCK UNIT AWARD AGREEMENT

 

PERFORMANCE STOCK
UNIT AWARD AGREEMENT dated as of the [Date] day of [Month] [Year] (the “Award
Agreement”), by and between Redwood Trust, Inc., a Maryland corporation (the “Company”), and [First
Name] [Last Name], an employee, consultant or non-employee director of the Company (the “Participant”).
References to the Company herein shall include the subsidiaries and Affiliates (as defined in Exhibit B).

 

Pursuant to the Redwood
Trust, Inc. Amended and Restated 2014 Incentive Award Plan (as may be amended from time to time, the “Plan”),
the Compensation Committee (the “Committee”) of the Board of Directors of the Company has determined that the
Participant is to be granted an award of Performance Stock Units for shares of the Company’s common stock, par value $0.01
per share (“Common Stock”), on the terms and conditions set forth herein and on Exhibit A hereto (the
 “Award”), and the Company hereby grants such Award.   Any capitalized terms not defined herein shall
have the meaning set forth in the Plan.

 

1.            
Number of Performance Stock Units Awarded.   This Award Agreement sets forth the terms and conditions of a
Performance Stock Unit Award with a target award of [______] shares of Common Stock, as the same may be adjusted to reflect
cash dividends declared on the Common Stock pursuant to Section 2 (the “Target Shares”). The number of
units representing shares of Common Stock that vest pursuant to this Award (the “Award Shares”) shall be determined
based upon the Company’s achievement of the Performance Goals set forth in Exhibit A hereto (the “Performance
Goals”) and may range from zero percent (0%) to two hundred fifty percent (250%) of the Target Shares.

 

2.            
Effect of Dividends on Target Shares.   On the last day of the Performance Period (as defined in Exhibit
A) (or, in the event the Performance Period ends due to a Change in Control, on the applicable vesting date), the number of
Target Shares set forth in Section 1 shall automatically be increased to reflect all cash dividends, if any, which have been declared
to all or substantially all holders of the outstanding shares of Common Stock with a record date during the period beginning on
the date of this Award Agreement and ending on the applicable vesting date (such period, the “Award Period”).  On
such date, the Target Shares shall be automatically increased by an aggregate number of shares determined by multiplying (x) the
number of Target Shares set forth in Section 1 by (y) the Dividend Reinvestment Factor (as defined below) with respect to the Award
Period.

 

             “Dividend
Reinvestment Factor” shall mean, with respect to the Company and a designated period of time, the number of shares of
Common Stock that would have been acquired from the reinvestment of cash dividends, if any, which have been declared to all or
substantially all holders of the outstanding shares of Common Stock with a record date during such designated period of time, with
respect to one share of Common Stock outstanding on the first day of such designated period of time.   Such number
of shares shall be determined cumulatively, for each cash dividend declared with a record date during such designated period of
time (beginning with the first such cash dividend with a record date during such designated period of time and continuing chronologically
with each such subsequent cash dividend declared with a record date during such designated period of time (and in each case other
than the first such cash dividend, taking into account any increase in shares resulting from the application of this formula to
the chronologically immediately preceding cash dividend)), by multiplying (i) the applicable number of shares of Common Stock immediately
prior to the record date of such cash dividend (which in the case of the first such cash dividend declared with a record date during
such designated period of time shall be one) by (ii) the per share amount of such cash dividend and dividing the product by the
Fair Market Value per share of Common Stock on the ex-dividend date with respect to such dividend. With respect to a Comparator
Group Company, Dividend Reinvestment Factor shall be determined in a manner consistent with the foregoing, but in respect of such
Comparator Group Company’s common stock.

 

Any amounts that may
become payable in respect of this Section 2 shall be treated separately from the Award Shares and the rights arising in connection
therewith for purposes of Section 409A of the Code.

 

Any calculations made
pursuant to this Section 2 shall contemplate any necessary adjustments to the number of Target Shares in accordance with Section
14.2 of the Plan in the event of a Change in Control.

  

    -1-

     

    

 

3.            
Vesting and Payment of Award.   Except as otherwise may be provided in Exhibit A under subclause (i)
of “Vesting (Change in Control)”, the Award Shares shall vest as of [January 1, 2024], if at all, provided that
the Committee determines, in its sole discretion, whether and to what extent the Performance Goals set forth in Exhibit A
have been attained.   In connection with such determination by the Committee and subject to the provisions of the Plan
and this Award Agreement (including Exhibit A), the Participant shall be entitled to vesting of that portion of the Performance
Stock Units as corresponds to the Performance Goals attained (as determined by the Committee in its sole discretion) as set forth
on Exhibit A.

  

The Company shall deliver
to the Participant the Award Shares, to the extent vested, within 45 days following April 1, 2024. Notwithstanding anything to
the contrary contained herein, the exact payment date of any Award Shares shall be determined by the Company in its sole discretion
(and the Participant shall not have a right to designate the time of payment)  

 

		4.	Forfeiture of Performance Stock Units.   

 

(a)         Upon:

 

(i)         
the Participant’s Retirement (as defined below) prior to [January 1, 2022] (or, if earlier, the expiration of the
Performance Period), the Target Shares shall be reduced on a pro-rata basis to reflect (x) the number of days of employment completed
during the period beginning on the date of this Agreement divided by (y) 365 (or, if less, the number of days in the Performance
Period), and the Award shall continue to be eligible to vest and become payable based on such prorated number of Target Shares
and the Performance Goals in accordance with the provisions of Exhibit A; or

 

(ii)          the Participant’s
Termination of Service as an Employee by the Company without Cause (as defined below) prior to the expiration of the Performance
Period, the Target Shares shall be reduced on a pro-rata basis to reflect (x) the number of days of employment completed during
the period beginning on first day of the Performance Period divided by (y) 1,095 (or, if less, the number of days in the Performance
Period), and the Award shall continue to be eligible to vest and become payable based on such prorated number of Target Shares
and the Performance Goals in accordance with the provisions of Exhibit A.

 

(b)         Upon
the Participant’s Termination of Service as an Employee due to Retirement on or after [January 1, 2022], death or
Disability (or, if the Participant is party to an employment agreement with the Company, in accordance with such employment agreement
in the case of a Termination of Service for “Good Reason”, as defined in such employment agreement) prior to
the expiration of the Performance Period, the Target Shares shall not be reduced, and the Award shall continue to be eligible to
vest and become payable based on the number of Target Shares and the Performance Goals in accordance with the provisions of Exhibit
A.  

 

(c)         Upon
the Participant’s Termination of Service as an Employee for any reason other than death, Disability, Retirement, or without
Cause (or, if the Participant is party to an employment agreement with the Company, for Good Reason), prior to expiration of the
Performance Period, all Award Shares shall be forfeited.  

 

For purposes of this Award Agreement,
 “Cause” shall have such meaning defined in the Participant’s employment agreement with the Company
or, if no such agreement exists or does exist but does not contain such a definition, shall mean: (i) the Participant’s
failure to competently perform the Participant’s job or duties to the Company, as reasonably determined by the Company,
which failure shall continue for thirty (30) days after written notice thereof by the Company to the Participant; (b) any act
of negligence or misconduct by the Participant that has had or is reasonably likely to have an adverse effect on, or has
injured or harmed or is reasonably likely to injure or harm, the Company or any of its business affairs, reputation,
counterparties, employees, agents or vendors; (c) the Participant’s breach of any fiduciary duty or obligation to the
Company; (d) (A) the Participant’s breach of any Company policy (including any code of conduct or harassment policies),
which is reasonably likely to have an adverse effect on, or has injured or harmed or is reasonably likely to injure or harm,
the Company or (B) any breach by the Participant of an agreement with the Company; (e) the Participant’s commission of,
indictment for, or plea of nolo contendere to, a felony or any other crime involving moral turpitude; (f) the
Participant’s theft, misappropriation, or embezzlement, or attempted theft, misappropriation, or embezzlement, of money
or tangible or intangible assets or property of the Company or any of its employees, customers, clients, or others having
business relations with any of them; (g) any act of moral turpitude, dishonesty, or similar behavior by the Participant
injurious to the interests, property, operations, business or reputation of the Company; or (h) the Participant’s
unauthorized use or disclosure of trade secrets or confidential or proprietary information of the Company or pertaining to
any of its business or operations.

 

    -2-

     

    

 

For purposes of this Award Agreement, “Retirement”
shall mean a Termination of Service due to retirement (as determined by the Committee in its sole discretion) if such Termination
of Service (i) occurs on or after the completion by the Participant of ten (10) years of employment with the Company (which need
not be continuous) and (ii) the sum of the Participant’s age and years of service as an Employee equals or exceeds seventy
(70) (in each case measured in years, rounded down to the nearest whole number). Notwithstanding the generality of the foregoing,
a Termination of Service shall only constitute a Retirement if the Participant provides the Company with at least [insert #] months’
written notice of his or her anticipated retirement (which notice period may be up to 12 months, based on the Participant’s
position with the Company at the time of such anticipated retirement).

 

5.            
Adjustments.   This Award and the Performance Goals shall be subject to adjustment as set forth in this Award
Agreement and the Plan.

 

6.            
At-Will Employment.   This Award Agreement is not an employment contract and nothing in this Award Agreement
shall be deemed to create in any way whatsoever any obligation of the Participant to continue as an Employee, Consultant or Director
of the Company or on the part of the Company to continue the employment or other service relationship of the Participant with the
Company.  It is understood and agreed to by the Participant that the Award and participation in the Plan does not alter
the at-will nature of the Participant’s relationship with the Company (subject to the terms of any separate employment agreement
the Participant may have with the Company).  The at-will nature of the Participant’s relationship with the Company
can only be altered by a writing signed by both the Participant and the Chief Executive Officer or the President of the Company. 

 

7.            
Notices.   Any notice required or permitted under this Award Agreement shall be deemed given when delivered
personally, or when deposited in a United States Post Office, postage prepaid, addressed, as appropriate, to the Participant either
at the Participant’s address set forth below or such other address as the Participant may designate in writing to the Company,
and to the Company:  Attention:  General Counsel, at the Company’s address or such other address as the
Company may designate in writing to the Participant.

 

8.            
Failure to Enforce Not a Waiver.   The failure of the Company to enforce at any time any provision of this
Award Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof.

 

9.            
Restrictive Covenants; Arbitration. The Participant agrees and acknowledges that the Participant’s right to receive
and retain the Award Shares and any DER payments is subject to and conditioned upon the Participant’s continued compliance
with the restrictive covenants contained in Exhibit B attached hereto. In addition, the Participant agrees and acknowledges
that any dispute arising with respect to this Award and this Award Agreement will be subject to the Alternative Dispute Resolution
provisions set forth in an Employment and Confidentiality Agreement (or any other arbitration or alternative dispute resolution
provisions or agreements) by and between the Participant and the Company.

 

10.          Existing
Agreements.   This Award Agreement does not supersede nor does it modify any existing agreements between
the Participant and the Company. Notwithstanding the foregoing, if the Participant is a party to an employment agreement
with the Company that includes provisions relating to the treatment of equity awards upon termination of the
Participant’s employment with the Company, then (i) the terms of this Award Agreement shall supersede the terms of such
employment agreement solely with respect to the treatment of the Performance Stock Unit award granted hereby upon termination
of the Participant’s employment with the Company due to Retirement as defined herein; and (ii) except as set forth on Exhibit
A under “Vesting (Change in Control)”, the terms of such employment agreement shall supersede the terms of
this Award Agreement solely with respect to the treatment of the Performance Stock Unit award granted hereby upon termination
of the Participant’s employment with the Company for any other reason.

 

    -3-

     

    

 

11.         
Incorporation of Plan.   The Plan is incorporated by reference and made a part of this Award Agreement, and
this Award Agreement is subject to all terms and conditions of the Plan as in effect from time to time.  

 

12.         
Amendments.    This Award Agreement may be amended or modified at any time by an instrument in writing
signed by the parties hereto.  

 

13.         
Withholding.  The Company shall withhold, or cause to be withheld, Award Shares or other compensation otherwise vesting
or issuable under this Award in satisfaction of any applicable withholding tax obligations. The number of Award Shares which may
be so withheld or surrendered shall be limited to the number of Award 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 the Participant’s
applicable jurisdictions for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such
taxable income.

 

14.         
Section 409A. Notwithstanding anything to the contrary contained in this Award Agreement, this Award Agreement is intended
to comply with Section 409A of the Code and this Award Agreement and the Plan shall be interpreted in a manner consistent with
such intent, and any provisions of this Award Agreement or the Plan that would cause the Award to fail to satisfy the requirements
for an effective deferral of compensation under Section 409A of the Code shall have no force and effect. Notwithstanding anything
to the contrary in this Award Agreement, no amounts shall be paid to the Participant under this Award Agreement during the six
(6)-month period following the Participant’s “separation from service” (within the meaning of Section 409A of
the Code) to the extent that the Administrator determines that the Participant is a “specified employee” (within the
meaning of Section 409A of the Code) at the time of such separation from service and that paying such amounts at the time or times
indicated in this Award 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
(6)-month period (or such earlier date upon which such amount can be paid under Section 409A of the Code without being subject
to such additional taxes), the Company shall pay to the Participant in a lump-sum all amounts that would have otherwise been payable
to the Participant during such six (6)-month period under this Award Agreement.

  

    -4-

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Award Agreement on the day and year first above written.

 

	 	REDWOOD TRUST, INC.
	 	 	 
	 	By:	 
	 	 	[Andrew P. Stone
	 	 	General Counsel & Secretary]
	 	 	One Belvedere Place, Suite 300
	 	 	Mill Valley, CA  94941
	 	 	 
	 	The undersigned hereby accepts and agrees to all the terms and provisions of this Award Agreement and to all the terms and provisions of the Plan herein incorporated by reference.
	 	 
	 	[First Name] [Last Name]
	 	c/o Redwood Trust, Inc.
	 	One Belvedere Place, Suite 300
	 	Mill Valley, CA  94941

  

    -5-

     

    

 

Exhibit
A

Performance
Goals

 

“Performance Period”:
The period beginning on [January 1, 2021] and ending on the earlier of (i) [December 31, 2023] or (ii) the date of
consummation of a Change in Control.

 

“Annual Performance Period”:
Any of the 2021 Performance Period, 2022 Performance Period or 2023 Performance Period.

 

“2021 Performance Period”:
The period beginning on [January 1, 2021] and ending on the earlier of (i) [December 31, 2021] or (ii) the date
of consummation of a Change in Control.

 

“2022 Performance Period”:
The period beginning on [January 1, 2022] and ending on the earlier of (i) [December 31, 2022] or (ii) the date
of consummation of a Change in Control.

 

“2023 Performance Period”:
The period beginning on [January 1, 2023] and ending on the earlier of (i) [December 31, 2023] or (ii) the date
of consummation of a Change in Control.

 

Performance Goals: The number
of Award Shares which will be eligible for vesting (the “Eligible Award Shares”), if any, shall be determined
based upon the Company’s achievement during the Performance Period of annual book value total shareholder return with respect
to each Annual Performance Period and cumulative relative total shareholder return and absolute total shareholder return goals
during the Performance Period, each as further described and defined below.

  

The number of Eligible Award Shares shall
be equal to product of:

 

(i) the total number
of Target Shares, multiplied by

 

(ii) the Combined Vesting
Factor (defined below).

 

provided, however, that if the Company’s
TSR for the Performance Period is less than 0%, then the maximum number of Eligible Award Shares shall be 100% of the Target Shares.

 

The “Combined Vesting Factor”
shall be a percentage equal to the sum of:

 

		(i)	The Combined bvTSR Vesting Percentage Points (defined below), plus

 

		(ii)	The rTSR Vesting Percentage Points (defined below).

 

The “Combined bvTSR Vesting
Percentage Points” is equal to the quotient (expressed as a number of percentage points) of:

 

		(i)	total Earned bvTSR Shares (across all Annual Performance Periods), divided by

 

		(ii)	Target Shares (prior to the application of any Dividend Reinvestment Factor).

 

Earned bvTSR Shares: One-third of
the Target Shares (each one-third tranche, a “bvTSR Tranche”) shall be eligible to become “Earned
bvTSR Shares” with respect to each Annual Performance Period, determined in accordance with the following table:

 

    A-3

     

    

 

	bvTSR With Respect to Applicable Annual Performance Period	 	Percentage of bvTSR Tranche 

That Becomes Earned bvTSR Shares
	< 1.6%	 	0%
	1.6%	 	50%
	2.9%	 	60%
	4.2%	 	70%
	5.4%	 	80%
	6.6%	 	90%
	7.7%	 	100%
	8.9%	 	120%
	10.0%	 	140%
	11.1%	 	160%
	12.1%	 	180%
	13.2%	 	200%

  

If the actual performance results fall
between two goals, the corresponding percentage of the bvTSR Tranche that becomes Earned bvTSR Shares shall be determined based
on a straight-line, mathematical interpolation between the applicable amounts.   

  

The “rTSR Vesting Percentage
Points” are based on the Company’s Relative TSR during the Performance Period, determined in accordance with
the table below:

  

	Relative TSR	 	rTSR Vesting Percentage Points
	Less than 25th percentile	 	minus 50 percentage points
	25th percentile	 	minus 50 percentage points 
	37.5th percentile	 	minus 25 percentage points
	50th percentile	 	plus zero (0) percentage points
	62.5th percentile	 	plus 25 percentage points
	75th percentile or greater	 	plus 50 percentage points

 

If the actual performance results fall
between two goals, the applicable rTSR Vesting Percentage Points shall be determined based on a straight-line, mathematical interpolation
between the applicable amounts.

 

In no event shall the number of Eligible
Award Shares exceed 250% of the number of Target Shares (prior to the application of any Dividend Reinvestment Factor).

 

Notwithstanding the foregoing, in the event
that a Change in Control occurs and the Participant either (i) remains in continuous employment until immediately prior to such
Change in Control or (ii) experienced a Termination of Service as an Employee prior to such Change in Control and the Award Shares
are not subject to forfeiture in connection with such termination under Section 4(c) of this Award Agreement (including without
limitation in connection with a Termination of Service by the Participant for Good Reason in accordance with the Participant’s
employment agreement), then the Performance Period will end upon such Change in Control, and the number of Eligible Award Shares
will be determined by reference to (i) with respect to a completed Annual Performance Period, the number of Earned bvTSR Shares
with respect to such Annual Performance Period, (ii) with respect to any ongoing or not yet started Annual Performance Period,
100% of the number of Target Shares with respect to the applicable bvTSR Tranche and (ii) the Company’s actual Relative TSR
and actual TSR achieved during the shortened Performance Period.

 

    A-4

     

    

 

For example, if a Change in Control occurs
on [January 1, 2022], and assuming (1) the Company’s bvTSR for the 2021 Performance Period resulted in 100% of the
applicable bvTSR Tranche becoming Earned Shares and (2) the Company’s Relative TSR for such then-shortened Performance Period
is at the 37.5th percentile, then for purposes of determining the number of Eligible Award Shares, 75% of the number
of Target Shares would be Eligible Award Shares (assuming the Company’s TSR during such then-shortened Performance Period
is not negative) (i.e., 100% of bvTSR Tranche with respect to the 2021 Performance Period (based on actual bvTSR achievement),
100% of the bvTSR Tranche with respect to each of the 2022 Performance Period and 2023 Performance Period (deemed achieved at 100%),
for Combined bvTSR Vesting Percentage Points of 100 percentage points and n rTSR Vesting Percentage Points of minus 25 percentage
points (based on rTSR achievement of 37.5th percentile)).

 

Vesting (Change in Control):
If the Performance Period ends due to the occurrence of a Change in Control and:

 

		(i)	the Participant remains in continuous employment until the date of such Change in Control, then
any Eligible Award Shares that become eligible for vesting due to the Change in Control shall remain outstanding and eligible to
vest on [January 1, 2024], subject only to continued employment through such date. However, if the Participant experiences
a Qualifying Termination (as defined below) upon or following such Change in Control but prior to or on [January 1, 2024],
then any Eligible Award Shares shall vest as of immediately prior to such termination; or

 

		(ii)	the Participant experienced a Termination of Service as an Employee, prior to the date of the Change
in Control, due to death, Disability, Retirement, without Cause (or, if the Participant is party to an employment agreement with
the Company, for Good Reason), in any case, then any Eligible Award Shares that become eligible for vesting due to the Change in
Control shall vest immediately prior to such Change in Control.

 

Notwithstanding the foregoing, in the event
that a successor corporation in a Change in Control refuses to assume or substitute for the Award, then any Eligible Award Shares
that become eligible for vesting due to the Change in Control shall vest immediately prior to such Change in Control.

 

Definitions:

 

“Acquisition-Related Accounting
Items” shall mean any of the following relating to business acquisitions undertaken by the Company or any of its subsidiaries:

 

(i) amortization
of intangible assets recorded under the acquisition method of accounting pursuant to ASC 805;

 

(ii) changes
in the fair value of contingent consideration recorded as part of purchase consideration under the acquisition method of accounting
pursuant to ASC 805;

 

(iii) amortization
of stock-based compensation expense recorded for shares of common stock (or other securities or similar instruments) issued in
connection with, or related to, acquisitions; and

 

(iv) other
acquisition-related accounting items that are similar in nature to any of foregoing items and/or the reversal of the impact of
which would otherwise be consistent with the foregoing, in each case as determined by the Administrator.

 

“bvTSR” with respect
to an Annual Performance Period means the quotient, expressed as a percentage, obtained by dividing:

 

(i) the sum of:

 

(x) GAAP
Book Value Per Share as of the last day of the applicable Annual Performance Period, plus

 

(y) the
total of all cash dividends per share of Common Stock declared to all or substantially all holders of outstanding shares of Common
Stock with a record date during the applicable Annual Performance Period, minus

 

    A-5

     

    

 

(z) GAAP
Book Value Per Share as of the beginning of the applicable Annual Performance Period;

 

by,

 

(ii) GAAP Book Value
Per Share as of the beginning of the applicable Annual Performance Period.

 

 

“Comparator Group Companies”
means only those entities that are set forth on Schedule I attached hereto (collectively, the “Comparator Group”);
provided, however, that if a Comparator Group Company is acquired or otherwise ceases to have a class of equity securities
that is both registered under the Securities Exchange Act of 1934 and actively traded on a U.S. public securities market, such
Comparator Group Company will be removed from the Comparator Group, or, in the event of an acquisition or Bankruptcy Event (as
defined below), shall be deemed to have the Per Share Price as of such acquisition or Bankruptcy Event as set forth herein.

 

“GAAP” means generally
accepted accounting principles in the United States as in effect as of an applicable date or during an applicable reporting period.

 

“GAAP Book Value Per Share”
means, as of a specified date, book value per share of Common Stock, as determined in accordance with GAAP, as of such specified
date (or, if such specified date does not fall on the final day of a calendar quarter (i.e., a March 31, June 30, September 30,
or December 31), then as of the final day of the calendar quarter immediately preceding such specified date) as calculated in accordance
with the same methodology used to report GAAP book value per share as of the final day of such calendar quarter within the “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” section of the Company’s Quarterly Report
on Form 10-Q or Annual Report on Form 10-K, as applicable, filed with the Securities and Exchange Commission; provided that:

 

(i) to the
extent there are changes in GAAP accounting principles (or the methods of applying any of them to the Company due to a change from
one principle to another principle when there are two or more generally accepted accounting principles that apply or when the accounting
principle formerly used is no longer generally accepted) on or subsequent to the first date of the Performance Period (collectively,
 “GAAP Changes”) that result in recording, in accordance with GAAP, one or more one-time cumulative effect adjustments
to retained earnings which, all other factors being equal, have an aggregate net impact on GAAP Book Value Per Share as of a specified
date of more than $0.10 per share, then GAAP Book Value Per Share for such specified date shall be deemed equal to GAAP Book Value
Per Share calculated as of such specified date after reversing the aggregate net impact of such one-time cumulative effect adjustments
to retained earnings;

 

(ii) to the
extent there are changes to applicable tax laws or regulations or interpretations thereof (including the enactment or promulgations
of new tax laws, regulations, or tax accounting methodologies or changes in the applicability of existing tax laws, regulations,
or tax accounting methodologies to the Company) on or subsequent to the first date of the Performance Period (collectively, “Tax
Changes”) that result in recording, in accordance with GAAP, one or more one-time tax benefits or tax provisions which,
all other factors being equal, have an aggregate net impact on GAAP Book Value Per Share as of a specified date of more than $0.10
per share, then GAAP Book Value Per Share for such specified date shall be deemed equal to GAAP Book Value Per Share calculated
as of such specified date after reversing the aggregate net impact of such one-time tax benefits and tax provisions;

 

    A-6

     

    

 

(iii) to
the extent there are GAAP Changes and Tax Changes subsequent to the first date of the Performance Period that have an aggregate
impact (as determined under clauses (i) and (ii) above), all other factors being equal, on GAAP Book Value Per Share as of a specified
date of more than $0.10 per share, then GAAP Book Value Per Share for such specified date shall be deemed equal to GAAP Book Value
Per Share calculated as of such specified date after reversing the aggregate net impact of such one-time cumulative effect adjustments
to retained earnings and such one-time tax benefits and tax provisions; and

 

(iv) to the
extent there are Acquisition-Related Accounting Items (defined below) recorded on or subsequent to the first date of the Performance
Period that impact book value per share of Common Stock, as determined in accordance with GAAP, as of any specified date subsequent
to the first date of the Performance Period, the GAAP Book Value Per Share for such specified date shall be deemed equal to GAAP
Book Value Per Share calculated as of such specified date after reversing the net impact of such Acquisition-Related Accounting
Items.

 

“Good Reason” shall
have such meaning defined in the Participant’s employment agreement with the Company or, if no such agreement exists or does
exist but does not contain such a definition, shall mean the occurrence of any one or more of the following events, without the
Participant’s prior written consent: (i) a material reduction (at the direction of the Company) in the value of the Participant’s
total compensation package (salary, wages, bonus opportunity, equity or other long-term incentive award opportunities, and benefits)
if such a reduction is not linked to the performance of the Company or one or more of its business units or subsidiaries or made
in proportion to an across-the-board reduction for all similarly-situated employees of the Company or the applicable business unit
or employing subsidiary; or (ii) the relocation of the Participant’s principal Company office to a location more than 25
miles from its location as of the date of the Participant’s Participation Notice, except for required travel on the Company’s
business to the extent necessary to fulfill the Participant’s obligations to the Company or any of its subsidiaries or affiliates. 
Notwithstanding the foregoing, the Participant will not be deemed to have resigned for Good Reason unless (1) the Participant provides
the Company with written notice setting forth in reasonable detail the facts and circumstances claimed by the Participant to constitute
Good Reason within 90 days after the date of the occurrence of any event that the Participant knows or should reasonably have known
to constitute Good Reason, (2) the Company fails to cure such acts or omissions within 30 days following its receipt of such notice,
and (3) the effective date of the Participant’s termination for Good Reason occurs no later than 30 days after the expiration
of the Company’s cure period.

 

“Per Share Price” means,
with respect to the Company and any Comparator Group Company, the average of the closing prices of the applicable company’s
common stock during the sixty (60) consecutive trading days ending on the day prior to the Valuation Date, adjusted to reflect
the reinvestment of any cash dividends declared to all or substantially all holders of the outstanding shares of such company’s
common stock with a record date during the calculation period; provided, however, that for purposes of calculating the Company’s
Per Share Price in the event of a Change in Control, the Per Share Price shall be the price per share of Common Stock paid in connection
with such Change in Control or, to the extent that the consideration in the Change in Control transaction is paid in stock of the
acquiror or its affiliate, then, unless otherwise determined by the Administrator (including in connection with valuing any shares
that are not publicly traded), Per Share Price shall mean the value of the consideration paid per share of Common Stock based on
the average of the closing trading prices of a share of such acquiror stock on the principal exchange on which such shares are
then traded for each trading day during the five consecutive trading days ending on and including the date on which a Change in
Control occurs.

 

“Qualifying Termination” means the Participant’s
Termination of Service as an Employee (i) due to the Participant’s death, Disability or Retirement or (ii) upon or within
24 months following a Change in Control, either by the Company without Cause or by the Participant for Good Reason.

 

“Relative TSR” means, with respect to the
Performance Period, the Company’s TSR, as a percentile with respect to the range of TSRs of each of the Comparator Group
Companies.

 

    A-7

     

    

  

“TSR” means, for
the Performance Period, the Company’s or a Comparator Group Company’s cumulative total shareholder return (rounded
to the nearest hundredth), expressed as a percentage, determined as the quotient obtained by dividing:

 

(A) the sum of:

 

(x) the Per Share Price
as of the Valuation Date, plus

 

(y) the Per Share Price
as of the Valuation Date multiplied by the Dividend Reinvestment Factor with respect to the Performance Period,

 

by,

 

(B) the Per Share
Price as of the first day of the Performance Period, which, in the case of the Company is $[______]1, and, in the
case of a Comparator Group Company, is the amount set forth on Schedule I hereto under the heading “Initial Per Share Price”.

 

Notwithstanding the foregoing, the Committee
shall make appropriate adjustments in calculating TSR to reflect any dividends which may be declared or have a record date during
the sixty (60) consecutive trading days prior to the end of the Performance Period, as determined by the Committee in its sole
discretion.

 

In addition, TSR for a Comparator Group
Company will be deemed to be negative one hundred percent (-100%) if the Comparator Group Company (i) files for bankruptcy, reorganization
or liquidation under any chapter of the U.S. Bankruptcy Code; (ii) is the subject of an involuntary bankruptcy proceeding that
is not dismissed within thirty (30) days; or (iii) is the subject of a stockholder approved plan of liquidation or dissolution
(the preceding clauses (i) through (iii) being collectively referred to herein as “Bankruptcy Events”).

 

“Valuation Date” means
[December 31, 2023]; provided, however, that in the event of a Change in Control that occurs prior to [December
31, 2023], the Valuation Date shall mean the date of the Change in Control.

 

 

1 The average
of the closing prices of the Common Stock during the sixty (60) consecutive trading days beginning on the first trading day in
the Performance Period, as adjusted to reflect any cash dividends declared with a record date during such sixty (60) trading day
period.

 

    A-8

     

    

 

Schedule
I

 

Comparator
Group Companies

 

 

	Comparator Group Company:	Initial Per Share Price:
	[to be inserted]	[to be inserted]2

 

 

2 The average
of the closing prices of the Common Stock during the sixty (60) consecutive trading days beginning on the first trading day in
the Performance Period, as adjusted to reflect any cash dividends declared with a record date during such sixty (60) trading day
period.

 

    A-9

     

    

 

Exhibit
B - Restrictive Covenants

 

		1.	Non-Disparagement. While providing services to the Company and thereafter, the Participant
agrees not to make negative comments or statements about, or otherwise criticize or disparage, in any format or through any medium,
the Company or any entity controlled by, controlling or under common control with the Company (“Affiliates”)
or any of the officers, directors, managers, employees, services, operations, investments or products of the Company or any of
its Affiliates. For purposes of the foregoing sentence, disparagement shall include, but not be limited to, negative comments or
statements intended or reasonably likely to be harmful or disruptive to a person’s or entity’s respective business,
business reputation, business operations, or personal reputation.

 

		2.	Non-Solicitation. While providing services to the Company and, for a period of one (1) year
thereafter, the Participant shall not directly or indirectly solicit, induce, or encourage any employee or consultant of any member
of the Company and its subsidiaries or Affiliates to terminate their employment or other relationship with the Company and its
Affiliates or to cease to render services to any member of the Company and its subsidiaries or Affiliates and the Participant shall
not initiate discussion with any such person for any such purpose or authorize or knowingly cooperate with the taking of any such
actions by any other individual or entity. While providing services to the Company and thereafter, the Participant shall not use
any confidential information or trade secret of the Company or its subsidiaries or Affiliates to solicit, induce, or encourage
any customer, client, vendor, or other party doing business with any member of the Company and its subsidiaries or Affiliates to
terminate its relationship therewith or transfer its business from any member of the Company and its subsidiaries or Affiliates
and the Participant shall not initiate discussion with any such person for any such purpose or authorize or knowingly cooperate
with the taking of any such actions by any other individual or entity.

 

		3.	Confidentiality. The Participant shall keep secret and retain in the strictest confidence
all confidential, proprietary and non-public matters, tangible or intangible, of or related to the Company, its stockholders, subsidiaries,
affiliates, successors, assigns, officers, directors, attorneys, fiduciaries, representatives, employees, licensees and agents
including, without limitation, trade secrets, business strategies and operations, seller, counterparty and customer lists, manufacturers,
vendors, material suppliers, financial information, personnel information, legal advice and counsel obtained from counsel, information
regarding litigation, actual, pending or threatened, research and development, identities and habits of employees and agents and
business relationships, and shall not disclose them to any person, entity or any federal, state or local agency or authority, except
as may be required by law; provided that, in the event disclosure is sought as a result of any subpoena or other legal process
initiated against the Participant, the Participant shall immediately give the Company’s General Counsel written notice thereof
in order to afford the Company an opportunity to contest such disclosure (such notice to be delivered to: Redwood Trust, Inc.,
One Belvedere Place, Suite 300, Mill Valley, CA, 94941, Attn: General Counsel).

 

		4.	Exceptions. Nothing herein shall prohibit or restrict the Participant from: (i) making any
disclosure of information required by law; (ii) providing information to, or testifying or otherwise assisting in any investigation
or proceeding brought by, any federal or state regulatory or law enforcement agency or legislative body, any self-regulatory organization,
or the Company’s Human Resources, Legal, or Compliance Departments; (iii) testifying, participating in or otherwise assisting
in a proceeding relating to an alleged violation of the Sarbanes-Oxley Act of 2002, any federal, state or municipal law relating
to fraud or any rule or regulation of any self-regulatory organization; or (iv) filing a charge with, reporting possible violations
to, or participating or cooperating with the Securities and Exchange Commission or any other federal, state or local regulatory
body or law enforcement agency (each a “Governmental Agency”). Nothing herein shall be construed to limit the
Participant’s right to receive an award for any information provided to a Governmental Agency in relation to any whistleblower,
anti-discrimination, or anti-retaliation provisions of federal, state or local law or regulation. In addition, notwithstanding
the foregoing obligations, pursuant to 18 U.S.C. § 1833(b), the Participant understands and acknowledges that the Participant
shall not be held criminally or civilly liable under any U.S. federal or state trade secret law for the disclosure of a trade secret
that is made: (1) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney,
and solely for the purpose of reporting or investigating a suspected violation of law; or (2) in a complaint or other document
filed in a lawsuit or other proceeding, if such filing is made under seal and protected from public disclosure. Nothing in this
Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly
allowed by 18 U.S.C. § 1833(b).Exhibit
10.7

 

[***]
Certain information in this document has been excluded pursuant to Regulation S-K, Item (601)(b)(10). Such excluded information
is not material and would likely cause competitive harm to the registrant if publicly disclosed.

 

LICENSE
AGREEMENT

 

This
license agreement, also referenced as Document #502698, (the “Agreement”) shall be effective upon execution, by and
between National Association for Stock Car Auto Racing, LLC f/k/a National Association for Stock Car Auto Racing, Inc. (“NASCAR”),
a corporation organized under the laws of the state of Florida, having its principal place of business at International Motorsports
Center, One Daytona Boulevard, Daytona Beach, Florida 32114 (“Licensor”), and Racing Pro League, LLC, a Delaware limited
liability company, having its principal place of business at 301 Camp Road, Suite 104, Charlotte, North Carolina 28206 (“Licensee”)
(collectively the “Parties”, or each a “Party”).

 

Background

 

WHEREAS,
704Games Company (“704Games”) is a video game publisher and has entered into an Amended and Restated Distribution
and License Agreement with NASCAR Team Properties (“NTP”) as of August 1, 2018 (the “NTP Rights Agreement”),
in which NTP licensed to 704Games the exclusive right to utilize certain intellectual property rights of NASCAR and NASCAR Cup
Series competitors to (i) develop, manufacture and commercially exploit Simulation Style Video Gaming Products and (ii) create
and administer Esports competitions utilizing Simulation Style Video Gaming Products as the platform for such competition;

 

WHEREAS,
the NTP Rights Agreement has been amended pursuant to the LOI (as defined below);

 

WHEREAS,
NASCAR is the sanctioning body of stock car and/or stock truck racing in North America and is engaged in, among other things,
the sanctioning of racing events and merchandising of various products relating to stock car and stock truck racing, and is the
owner of certain trademarks and service marks and the goodwill therein;

 

WHEREAS,
RTA Promotions, LLC (“RTAP”) is owned by thirteen (13) prominent auto racing organizations that compete in the
NASCAR Cup Series (among other racing series) created to help its members (i) collectively promote and grow the sport of stock
car racing, (ii) advance the long term interests of the race teams and stock car racing, and (iii) aid in the commercial exploitation
of the intellectual property of its members;

 

WHEREAS,
704Games, RTAP and National Association for Stock Car Auto Racing, Inc. (“NASCAR, Inc.) have previously entered into
a Letter of Intent, effective as of December 6, 2018, and subsequently amended, (collectively, the “LOI”) for purposes
of creating the ELeague (as defined herein);

 

WHEREAS,
pursuant to the recent reorganization of NASCAR, Inc., all rights and obligations of NASCAR, Inc. under the LOI have been
assigned to and assumed by NASCAR;

 

WHEREAS,
704Games and RTAP are preparing to enter into a joint venture (the “JV Agreement”) and have formed Licensee for
purposes of governing, conducting and operating the ELeague; and

 

WHEREAS,
NASCAR and Licensee desire to enter into this Agreement to govern NASCAR’s involvement with the ELeague and the related
transactions described in the LOI and hereby acknowledge that this Agreement supersedes, nullifies, replaces and terminates each
Party’s rights in the LOI upon the execution of this Agreement.

 

Agreement

 

In
consideration of the terms and conditions set forth herein, the parties hereby agree as follows:

 

	1.	GRANT
    OF LICENSE.

 

	 	(a)	General.
    Subject to the terms and conditions of the Agreement., of which the attached Terms and Conditions are a part, Licensor hereby
    grants to Licensee an exclusive, non-transferable (except as provided in this Agreement), limited right and license to incorporate
    the Marks (as defined in the Terms and Conditions) on Schedule 1 into the ELeague name and use the Marks for the development,
    distribution, operation, execution, Advertising, marketing and Promotion of the ELeague and its events in the Territory. This
    grant of license in no way extends to any other marks other than the Marks listed on Schedule 1, including, but not
    limited to any future mark developed by Licensor (other than a replacement or redesign of a Mark which shall be included within
    the Marks listed on Schedule 1, provided that such replacement or redesigned Marks are subject to the terms set forth
    in this Agreement and Licensee expressly acknowledges in writing such replacements or redesigns), or an existing mark owned
    or licensed by Licensor, even if aforementioned marks include in part or whole portions of the Marks listed on Schedule
    1. Furthermore, Licensor reserves all rights not expressly granted to Licensee in this Agreement.

 

    	 

     

    

 

	 	(b)	Combined
    Mark. Subject to the terms and conditions of the Agreement, the Parties may mutually develop a Combined Mark and Licensee
    shall have the exclusive, non-transferable, limited right and license to use such Combined Mark in all execution, Advertising
    and/or Promotion of the ELeague. Any use of the Combined Mark upon the expiration and/or termination of this Agreement shall
    be subject to Sections 6(b) and 13 of the Terms & Conditions of this Agreement.

 

	 	(c)	Advertising
    and Promotional Activities by Licensee. It is agreed and understood by the Parties that in addition to Licensee’s
    use of the Marks, the grant of license in this Agreement contemplates Licensee’s ability to allow ELeague broadcast/streaming
    partners, sponsors and live event venues (“ELeague Partners”) the right to use the Marks and/or Combined Mark
    in Advertising, Promotion and/or live broadcast/streaming solely of the ELeague and /or ELeague events, subject to the terms
    and conditions of this Agreement. All such relationships with ELeague Partners that include use of the Marks and/or Combined
    Mark shall be subject to separate written agreements that must be approved by the Advisory Board and subject to the NASCAR
    Advisory Board members’ voting participation as enumerated in Section 5(a) of this Agreement, except that the
    Parties acknowledge and agree that the NASCAR Advisory Board members shall have sole discretionary approval over (i) any ELeague
    sponsorship, and (ii) the actual use of the Marks and/or Combined Mark as further enumerated in Section 7 of the Terms
    and Conditions of this Agreement, with such approval not to be unreasonably delayed.

 

	 	(d)	Advertising
    and Promotional Activities by ETeam. Licensor hereby grants to Licensee a limited, non-exclusive, sub-licensable license
    to allow each ETeam the right to use (a) the then-current name of the ELeague to refer to ETeam, ETeam’s drivers or
    their affiliation with the ELeague, and (b) the ELeague name and approved trademark that are visible on ETeam’s e-vehicles
    solely in connection with the display of images of the e-vehicles as seen in ELeague competition, in any and all media now
    known or hereafter created (including print, broadcasts by and through television, cable television, radio, satellite signal,
    digital signal, transmissions over the Internet, and public online services authorized by Licensee) for sponsorship, endorsement,
    promotions or advertising activities of ETeam, or e-drivers, and to promote the ELeague events and other news reporting, provided
    that (x) no such use shall enhance, enlarge, or otherwise alter the ELeague name or approved trademark, and (y) the foregoing
    does not grant to any Person any right for (or to authorize) the use or endorsement of the ELeague name or approved trademark
    in such a way as to create or imply Licensor’s or the ELeague’s endorsement of any third party brand, product
    or service without Licensor’s express written consent in its sole discretion.

 

	 	(e)	Advertising
    and Promotional Activities by Licensor. Licensee, for itself and on behalf of its Affiliates and each ETeam, acknowledge
    and agree that Licensor may use and exploit, on a non-exclusive basis, ETeam intellectual property, as submitted for use in
    ELeague competition, during the Term, in any medium (including print, broadcasts by and through television, cable television,
    radio, pay-per-view, closed-circuit television, satellite signal, digital signal, film productions, audiotape productions,
    transmissions over the Internet, and public and private online services authorized by Licensee) solely for (a) promoting or
    advertising the ELeague, (b) news reporting in respect of the ELeague, or (c) any telecast, broadcast or other programming
    with respect to the ELeague, and the Licensee, for itself and on behalf of its Affiliates and each ETeam, hereby grants (and
    shall use reasonable efforts to cause each other applicable Stock Car and/or Truck Racing Theme ETeam Affiliate to grant in
    accordance with this Section 1(e)) to Licensor, in perpetuity, all rights thereto for such purposes.

 

	 	(f)	Reservation
    of Rights; Acknowledgments.

 

	 	(i)	General
    Reservation. Licensee acknowledges that Licensor shall have the right at all times during the Term to: (i) license third
    parties to produce other NASCAR-branded games which may contain core characteristics of Simulation Style Video Gaming Products
    provided they are utilized with additional distinguishing creative liberties which are not consistent with authentic NASCAR
    racing; and/or (ii) allow such aforementioned third-party products to be used in video game based competitive gaming events
    and Esports competitions; provided that such third-party products and activities do not otherwise conflict with the exclusive
    rights granted to Licensee under this Agreement.

 

    	 

     

    

 

	 	(ii)	[***]

 

	 	(iii)	ELeague
    Broadcast/Streaming Rights. Licensee shall not be permitted to enter into or negotiate broadcasting or streaming agreements
    to broadcast or stream any ELeague events utilizing the Marks without the Advisory Board’s approval per Section 5(a)
    of this Agreement. It’s agreed and understood however that users participating in the ELeague events may stream
    their game race feeds to Twitch, YouTube, Facebook and other online game platforms; and both Parties may, after reasonable
    consultation and approval of the Advisory Board, stream or broadcast online the ELeague competitions to NASCAR.com and NASCAR
    Mobile (and/or other digital platforms owned and controlled by NASCAR or its affiliates) and/or molorsportnetwork.com, motorsport.tv,
    motorsport.com, Autosport.com, Motorsport-Total.com, GPUpdate.net and Motor I.com (and any other digital platform approved
    by Licensor on a case-by-case basis), respectively, at no fee, subject to any required technical operational expenses or any
    other fees associated with ELeague events happening at track or during the NASCAR race broadcast windows. Further, however,
    for any ELeague events occurring at track during a NASCAR National Series event weekend, Licensee acknowledges there may be
    additional agreements with separate terms and conditions, including fees, with third party promoters and/or Licensor’s
    affiliates that are required for streaming such events on third party online game platforms (including, without limitation,
    Twitch, motorsportnetwork.com, motorsport.tv, and motorsport.com). Licensee further acknowledges that there are certain guidelines
    and restrictions established by Licensor’s agreements with its broadcast partners (i.e., NBC and Fox, etc.) and promoters
    and agrees to abide by and not violate such guidelines and restrictions as communicated to Licensee by Licensor.

 

	 	(iv)	Betting/Gambling.
    Licensee is not permitted to utilize, or authorize the use of, any of Licensee’s products, games and/or rights associated
    with this Agreement, including, without limitation, the Marks, in connection or association with any wagering and/or gambling-related
    activities without Licensor’s express written approval, which shall be provided at Licensor’s sole discretion.
    Notwithstanding the foregoing, the Parties acknowledge and agree that such aforementioned language will not prohibit Licensee
    from engaging in any sweepstakes promotions, as approved by Licensor pursuant to the terms of this Agreement, relating to
    the promotion of the ELeague that conform to the applicable sweepstakes laws, rules and regulations of the jurisdictions in
    which such sweepstakes promotions are conducted.

 

	 	(v)	International
    Esports Series. All of Licensee’s ELeague competitions shall be based on the NASCAR National Series. In the event
    Licensor brings Licensee an Esports opportunity based on the NASCAR National Series that targets an international market
    outside of Licensee’s operating structure for its ELeague competitions and Licensee declines such offer or the parties
    fail to agree to terms, Licensor may inquire from any third party regarding creating and hosting such Esports competitions;
    provided that Simulation Style Video Gaming Products are utilized as the platform of such competition and a separate fee or
    other consideration is paid to 704Games, RTAP, Licensee and/or NTP along with mutually agreeable terms and conditions. It is
    agreed and understood that Licensee shall have no rights as it pertains to any NASCAR-sanctioned international series
    operated outside of the United States. For clarity, among other things, Licensee may exercise its rights related to ELeague
    events in the Territory. However, and notwithstanding the language in this Section 1(f)(v) and anything herein to the
    contrary, Licensor shall not permit any Esports competitions utilizing Simulation Style Video Gaming Products that are based
    on a NASCAR-sanctioned international series to operate within the United States during the Terms of this
    Agreement.

 

	 	(vi)	Other
    NASCAR Opportunities. From time-to-time, NASCAR departments and/or divisions (e.g., NASCAR Brand Marketing, NASCAR Integrated
    Marketing Communications, etc.) may engage in discussions with a variety of interactive entertainment solution providers in
    order to develop or advance current or future business objectives. Licensor shall make good faith efforts, but shall not be
    obligated, to engage Licensee in the solicitation of proposals related to certain opportunities which Licensor or any affiliate
    thereof independently deems it capable of executing, and Licensor is not authorized to make any commitments on behalf of Licensee
    or its members without their prior written consent in their sole discretion.

 

	 	(vii)	JV
    Agreement. NASCAR and Licensee acknowledge and agree that this Agreement solely governs NASCAR’s involvement with
    the ELeague and the Parties’ related transactions (e.g., approval over the Marks, etc.) and should there be terms or
    conditions within the JV Agreement which conflict with this Agreement, the terms of this Agreement shall control and be binding.

 

    	 

     

    

 

	2.	TERM
    OF LICENSE.

 

	 	(a)	Term.
    The term of the Agreement shall be April 3, 2019 through December 31, 2029 (the “Term”), which may be earlier
    terminated by the Licensor as provided for in the Terms and Conditions of this Agreement.

 

	 	(b)	Possible
    Opt Out. The Parties agree that no later than March 4, 2020 they will have mutually agreed upon objective standards in
    which to measure whether the ELeague is achieving the collective goals of the Parties (the “Objective Standards”).
    It is the intent of the Parties that upon agreeing to Objective Standards, the failure to reach the same throughout the Term
    of the Agreement would allow for any one of the Parties to opt out of the obligations hereof.

 

	3.	CONSIDERATION.

 

	 	(a)	Royalty
    Payments. In consideration of the rights granted herein and Licensor’s full performance of the Minimum NASCAR Deliverables
    on an annual basis, Licensor shall receive [***] percent ([***]%) of the Licensee’s Net Profits, if any, for each year
    during the Term of this Agreement. For clarity, the Parties acknowledge and agree that the Royalty Payments shall be paid
    to Licensor only to the extent that the Licensee earns amounts constituting Net Profits.

 

	 	(b)	Sponsorship
    Sales. To the extent the Parties need to take into account any bona fide sponsorship sale relating to the ELeague that
    is “sourced” by Licensor, under terms approved by the Advisory Board as set forth in Section 5(c), the
    Parties will discuss in good faith a customary and reasonable commission rate to be paid to Licensor on the Net Revenue received
    by the Licensee or its Affiliates for the completion of such ELeague sponsorship, which is in addition to any other amounts
    payable by Licensee under this Agreement. It is agreed and understood by the Parties that for Licensor to qualify as the “source”
    of an ELeague sponsorship, Licensor must have (i) been an integral part of the initial contact with the applicable sponsor,
    (ii) been actively engaged in communications with the applicable sponsor during the Term of the Agreement regarding the sponsorship
    opportunity, and (iii) not have previously rejected such sponsorship via the NASCAR Advisory Board members when submitted
    for approval by Licensee. The determination of whether Licensor is the source of an ELeague sponsorship will be made by the
    Parties in their collective good faith, reasonable discretion.

 

	4.	MINIMUM
    NASCAR DELIVERABLES. Licensor shall annually provide the assets and deliverables listed on Exhibit B, attached
    hereto (the “Minimum NASCAR Deliverables”). Regarding the Minimum NASCAR Deliverables, the Parties acknowledge
    and agree to the following: (i) Licensor’s support of the ELeague is vital to the overall success of the ELeague anticipated
    by the Parties; and (ii) the Parties will agree in good faith to review and discuss the Minimum NASCAR Deliverables on an
    annual basis to ensure that (y) such deliverables make sense in light of the level of success of their execution, and (z)
    reflect the items best suited for the most successful Licensor support of the ELeague. Additionally, Licensee shall not be
    permitted to carry over any unused asset and/or deliverable as part of the Minimum NASCAR Deliverables. However, in the event
    Licensee requests the use of a Minimum NASCAR Deliverable and NASCAR fails to deliver, such unutilized Minimum NASCAR Deliverable
    shall be carried forward solely for the next calendar year. Any Minimum NASCAR Deliverable carried forward one (1) year will
    be in addition to the Minimum NASCAR Deliverables already committed for such following year. In the event the Parties mutually
    agree in good faith upon any changes to the Minimum NASCAR Deliverables, Exhibit B will be promptly updated in a writing
    signed by both Parties to reflect any added or deleted deliverables agreed upon.

 

	5.	LICENSEE
    OPERATIONS & ELEAGUE STRUCTURE.

 

	 	(a)	Advisory
    Board. All day to day operations of the Licensee will be handled by 704Games as directed by Licensee’s advisory
    board consisting of seven (7) members (“Advisory Board”) as follows: two (2) board members appointed by and representing
    704Games (each with voting rights); two (2) board members appointed by and representing RTAP (each with voting rights); Executive
    Director of the Race Team Alliance (or a third party appointed by RTAP) who will serve as the Advisory Board Chairman (with
    no voting rights unless a Supermajority vote is needed and only a Majority is obtained); and two (2) board members appointed
    by and representing NASCAR, initially [***] and [***] (each with voting rights only in an advisory role capacity
    as specifically set forth below). In addition to the rights enumerated in Section 1(c) of this Agreement with respect
    to use of the Marks (whether or not as part of a Combined Mark) and ELeague sponsorships, NASCAR’s Advisory Board members
    shall have voting rights only on the specific items listed below:

 

    	 

     

    

 

	 	(i)	Agreements
    relating to the broadcast and/or streaming of ELeague events;

 

	 	(ii)	ELeague
    competition structure; and

 

	 	(iii)	Specific
    categories, types and brands of sponsors associated with ETeam sponsorships in the ELeague, subject to the following:

 

	 	(a)	The
    following categories of sponsors shall at all times be permitted to engage in any ETeam sponsorships:

 

	 	1.	sponsors
    that are also NASCAR Cup Series team sponsors; and

 

	 	2.	sponsors
    that were engaged in an ETeam sponsorship in the inaugural 2019 ELeague season.

 

	 	(b)	With
    respect to any sponsor not covered by Section 5(a)(iii)(a) above, the Parties agree to abide by the then current guidelines
    and restrictions of sponsorships in the NASCAR National Series and agree to discuss in good faith potential opportunities
    to reduce or eliminate certain restrictions on ETeam sponsorships solely for purposes of the ELeague. Notwithstanding the
    foregoing, it is acknowledged that the following categories of sponsors shall not be permitted to engage in any ETeam sponsorships:

 

	 	1.	pornography,
    tobacco, and illegal drugs;

 

	 	2.	tires
    and fuel (subject to Section 5(a)(iii)(a)(2) above); and

 

	 	3.	subject
    to Section 5(a)(iii)(a) above, the then-current NASCAR National Series “Tier I” (i.e. highest sponsorship
    level) “Premiere Partner” sponsors.

 

	 	(c)	Any
    dispute arising in connection with the approval of any ETeam sponsorship shall be subject to Section 5(e) below.

 

	 	 	Furthermore,
    NASCAR’s representatives shall be permitted to vote in their own interests and will not be beholden to the Licensee
    under any fiduciary obligations to vote in the interest of the Licensee over and above NASCAR ‘s interests. It is agreed
    and understood by Licensor that Licensor’s Advisory Board representatives must be present at all Advisory Board meetings
    in which specific items that such representatives have voting power on will be discussed and voted on (including without limitation
    uses of the Marks to be approved), provided that Licensor’s Advisory Board representatives are given sufficient notice
    and formally agree on the proposed dates of all Advisory Board meetings.

 

	 	(b)	ELeague
    Competition. All competition rules, guidelines, components, competition structure, prizing, marketing, sponsorships and
    relevant guidelines, and promotional materials of the ELeague shall be determined by Licensee’s Advisory Board process.
    In furtherance of the foregoing, the Parties have formed a competition committee to create the competition structure, a code
    of conduct and other related player/gamer requirements of the ELeague. While the competition committee is still finalizing
    the ELeague competition structure, Exhibit C (“Competition Structure”), which is attached hereto and incorporated
    herein by this reference, outlines the current understanding of the Parties as of the Effective Date of this Agreement, although
    the Parties understand that the Competition Structure may change. In the event any of the Parties have issues with any changes
    to the Competition Structure, such issues shall be addressed by the Advisory Board. Furthermore, Licensee shall not be permitted
    to brand and/or imply that any approved ELeague competitions are “officially sanctioned series” of NASCAR or infringe
    upon the exclusive rights given to iRacing as further set forth in this Agreement.

 

	 	(c)	Sponsorship
    Sales of ELeague. How advertising and sponsorships (excluding ETeam sponsorships) of the ELeague are sold, displayed and
    marketed shall be subject to the Advisory Board process as outlined in Section 5(a) above (except that the Parties
    acknowledge and agree that such ELeague sponsorships (excluding ETeam sponsorships) and the actual use of the Marks and/or
    Combined Mark enumerated in such advertising and/or sponsorship relationships are subject to the NASCAR Advisory Board members’
    sole discretionary approval, such approval not to be unreasonably delayed), and any ELeague advertising and sponsorship agreements
    will include the addition of NASCAR as a contractual signatory for purposes of granting, reviewing and approving use of the
    Marks. It is understood by the Parties that each of NASCAR and the respective ETeam owners have current sponsorship relationships
    and that with respect to pursuing any sale of a sponsorship relating to the ELeague, Licensee (and any representative affiliate)
    will not sell an ELeague sponsorship to any entity that is currently a sponsor of NASCAR or any ETeam owner without the affected
    Party’s prior written consent, not to be unreasonably withheld, conditioned or delayed. Notwithstanding the foregoing,
    Licensor and each ETeam shall communicate and annually update Licensee on its current stable of sponsors.

 

    	 

     

    

 

	 	(d)	NTP
    Rights Agreement. Nothing herein shall be construed or interpreted as a release and/or waiver of 704Games’, NASCAR’s,
    or NTP’s rights, obligations and financial commitments in the NTP Rights Agreement as amended, including without limitation
    704Games’ right to create designs and artwork for use in conjunction with Esports as specifically set forth in the NTP
    Rights Agreement. Additionally, NTP and NASCAR (as an NTP member) preserve all of their approval rights related to Simulation
    Style Video Gaming Products and Esports competitions as explicitly stated in the NTP Rights Agreement.

 

	 	(e)	ETeam
    Sponsorship Dispute Resolution. The Parties agree that any dispute arising in connection with the approval of any ETeam
    sponsorship shall be referred for resolution to NASCAR’s next scheduled Team Marketing Council, as established under
    the charter agreements with NASCAR-sanctioned teams in the Monster Energy NASCAR Cup Series. Such procedure will be invoked
    by either Party providing written notice identifying the sponsorship issues in dispute. The Parties hereby acknowledge and
    agree that the Team Marketing Council will be the final arbiter of any such disputes arising in connection with the approval
    of any ETeam sponsorship. However, and notwithstanding the foregoing, if the next scheduled Team Marketing Council meeting
    is not within a sixty (60) day period from the aforementioned written notice of the dispute, then the two (2) NASCAR Advisory
    Board members and the two (2) RTAP Advisory Board members will meet in good faith to resolve such dispute, it being further
    understood by the Parties that (i) if resolution cannot be reached after good faith discussions, then the ETeam’s sponsorship
    request will be disapproved, and (ii) the Parties acknowledge and agree, and NASCAR represents and warrants, that this process
    will not be used to reasonably restrict ETeams from procuring desired sponsorship.

 

	6.	LICENSED
    PRODUCTS. During the Term of this Agreement, Licensor shall have the right, but not the obligation, to receive and/or
    solicit licensees to use the Marks and/or Combined Mark on retail merchandise. Should any party be interested in pursuing
    use of the Marks and/or Combined Mark, it is agreed and understood that Licensor shall be the sole and exclusive licensor
    of the Marks and Combined Mark. Any and all consideration paid as a result of licensing the Marks and/or Combined Mark shall
    be retained by Licensor. Therefore, in relation to Licensed Products for purposes of the ELeague, it is agreed and understood
    that Licensor and Licensee are entering into an agreement setting forth the guidelines for Licensor, in its sole discretion
    and subject to the terms of this Agreement, to license the Marks and Combined Mark as follows:

 

	 	(a)	Definitions.

 

	 	(i)	“Contract
    Territory” means anywhere in the world.

 

	 	(ii)	“Licensed
    Products” means products and services associated with the ELeague for which the Marks and/or Combined Mark are licensed
    and approved by Licensor. Examples of such products or services may include, without limitation: accessories, apparel, collectibles,
    home furnishings, electronics, and/or novelties.

 

	 	(iii)	“Product
    Licensees” means and includes any and all third parties operating under License Agreements as defined herein, arranged
    by Licensor.

 

	 	(iv)	“License
    Agreement” means an agreement received and/or solicited by Licensor as set forth herein, granting to Product Licensees
    the right to use the Marks and/or Combined Mark on and with respect to the manufacture and sale of the Licensed Products.

 

	 	(b)	Approval
    of Product Licensees.

 

	 	(i)	When
    Licensor receives a request from a potential licensee that would like to obtain a license to use the Marks and/or Combined
    Mark on products, Licensor shall submit such request in writing to Licensee for approval, with such approval not to be unreasonably
    withheld, conditioned or delayed. Such request shall include the following elements:

 

	 	(1)	identity
    of the proposed Product Licensee;
	 	(2)	products
    on which the marks are to be used;
	 	(3)	Contract
    Territory;
	 	(4)	term
    of the proposed License Agreement; and
	 	(5)	the
    financial terms.

 

    	 

     

    

 

	 	(ii)	Licensee
    shall have ten (10) business days of receipt of such written request to respond in writing.

 

	 	(iii)	Licensor
    shall cause each Product Licensee to pay Licensee [***] percent ([***]%) of the royalties owed to NASCAR (e.g., if a License
    Agreement calls for a [***] percent ([***]%) royalty said License Agreement will state that payment of such royalties is to
    be made in the amount of [***] percent ([***]%) respectively to both Licensor and Licensee). Licensee expressly acknowledges
    and understands that under no circumstances shall it be entitled to audit or otherwise examine any of NASCAR’s books
    and records regarding such licensing of the Marks. However, Licensor will ensure that Licensee has the ability to audit such
    Product Licensees to the same extent that Licensor has pursuant to such License Agreement and will direct all Product Licensees
    to provide Licensee with statements and reports quantifying the Licensed Products distributed.

 

	 	(c)	Compliance.

 

	 	(i)	Licensor
    agrees to contractually obligate each Product Licensee to ensure that all Licensed Products distributed by each Product Licensee
    are manufactured, packaged, distributed, shipped, stored, advertised, offered, promoted and sold in accordance with all applicable
    federal, state and local laws, regulations and ordinances, and industry standards.

 

	 	(ii)	Licensor
    shall direct all Product Licensees to comply with appropriate methods of testing raw materials and finished Licensed Products
    in accordance with all federal, state and local laws, regulations and ordinances, and industry standards. In addition, Licensor
    shall ensure that it has the right, at all reasonable times, to inspect the Licensed Products as well as the methods of manufacture
    of said Licensed Products, in relation to how the Marks and/or Combined Mark are used on the premises of the Product Licensees,
    and elsewhere if applicable.

 

	 	(iii)	Licensor
    agrees to contractually obligate each Product Licensee to defend and indemnify Licensee and its members, officers and Advisory
    Board members from any claims or activities arising under the License Agreements.

 

	 	(d)	Continuation
    of License Agreements. Upon the expiration or sooner termination of this Agreement, Licensor and Product Licensees shall
    have the right to sell (in a manner consistent with its prior methods of selling the Licensed Products during the term hereof)
    all approved Licensed Products manufactured as of the effective date of such expiration or sooner termination, for a period
    of one hundred and eighty (180) days following the date of such expiration or sooner termination. Notwithstanding, on a case-by-case
    basis there may be longer sell-off periods pursuant to industry standards.

 

	 	(e)	NTP
    Licensing. The Parties agree to use good faith efforts to explore opportunities, when and if applicable and contingent
    on the circumstances surrounding a potential relationship with a Product Licensee, to utilize and grant NTP the requisite
    rights associated with the ELeague and ETeams for purposes of licensing Product Licensees to manufacture and sell Licensed
    Products in order to enhance the efficiency of the process and simplify the procedures, approvals and necessary documentation.

 

	 	(f)	Licensing
    Discussion. Prior to the start of the ELeague season in 2024, the Parties shall in good faith discuss the current state
    of affairs of the licensing program for the ELeague and reevaluate the current model, and in the event that as of January
    1, 2024 Licensee has not received at least [***] ($[***]) in licensing royalties pursuant to Section 6(b)(iii) of this
    Agreement, then the Parties will use Commercially Reasonable Efforts to explore additional changes to the licensing program
    for the ELeague.

 

	 	(g)	Acknowledgement
    and Reservation of Rights. Licensor hereby acknowledges and agrees that the ETeams reserve all rights to license their
    own intellectual properties relating to the ELeague, excluding the Marks and/or Combined Mark.

 

(Signatures
on the following page)

 

    	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have signed this Agreement in which the Terms and Conditions and Logo Guidelines for Licensing,
receipt of which is hereby acknowledged by Licensee, are herein incorporated.

 

	LICENSEE:
    RACING PRO LEAGUE, LLC	 	LICENSOR:
    NATIONAL ASSOCIATION FOR STOCK CAR AUTO RACING, LLC
	 	 	 
	By:	/s/
    Dmitry Kozko	 	By:	/s/
    Craig Neeb
	Print
    Name:	Dmitry
    Kozko	 	Print
    Name:	Craig
    Neeb
	Title:	 	 	Title:	EVP,
    Chief Innovation Officer
	Date:	2.11.2020	 	Date:	2-11-2020

 

    	 

     

    

 

TERMS
& CONDITIONS

 

	1.	DEFINITIONS.

 

	 	(a)	“Advertising”
    means all forms of advertising, including, but not limited to print, audio and video (e.g., television and radio commercials,
    online advertisements, etc.).

 

	 	(b)	“Affiliate”
    means, with respect to a Person, an entity directly or indirectly controlling, controlled by or under common control with
    such Person; provided that such entity shall be considered an Affiliate only for the time during which such control exists.
    For purposes of this Agreement, International Speedway Corporation shall not be deemed an Affiliate of NASCAR.

 

	 	(c)	“Category
    1 Platforms” means Sony PlayStation; PSP Vita; Microsoft Xbox; Nintendo Wii; Wii U; 3DS; PC Products (namely, general
    purpose computing devices utilizing Microsoft Windows as the operating system that are designed to run a variety of applications,
    including but not limited to games; and which expressly exclude dedicated gaming hardware such as Microsoft Xbox and mobile
    or tablet devices which may run on Windows OS); and successor platforms, operating systems and online versions to all of the
    foregoing.

 

	 	(d)	“Category
    2 Platforms” means Apple OS X; Mobile and Tablet Platforms, namely, Apple iOS (including derivatives such as Apple
    TV OS), Android, Blackberry OS, Microsoft Windows; Smart TVs; and successor platforms, operating systems and online versions
    to all of the foregoing.

 

	 	(e)	“Combined
    Mark” means any new or combined names, trademarks, trade names, service marks, trade dress, and logos incorporating
    the Marks jointly developed by the Parties in conjunction with the ELeague.

 

	 	(f)	“Commercially
    Reasonable Efforts” means reasonable and good-faith efforts to accomplish the objectives that are consistent with
    the general practices of the respective parties under such applicable circumstances in order to achieve the desired result(s)
    in a reasonable, efficient and cost-effective manner within the applicable time period, but not requiring a Party to: (A)
    take any actions that would result in a materially adverse change in the benefits to such Party to this Agreement or the transact
    ions contemplated hereby; (B) take any actions that would be commercially unreasonable under the circumstances or require
    the promising Party to take any actions that would, individually or in the aggregate, cause the promising Party to pay additional
    consideration (or forego consideration)outside the ordinary course of business unless additional consideration is expressly
    contemplated by the terms of this Agreement; (C) take any action that would violate any law, order, rule or regulation to
    which the promising Party is subject; or (D) initiate litigation or arbitration.

 

	 	(g)	“ELeague”
    means the Stock Car and/or Truck Racing Theme, mass market, Esports multiplayer competition video game series (as licensed
    and granted through the NTP Rights Agreement) currently called the “ENASCAR Heat Pro League.”

 

	 	(h)	“Esports”
    means a form of multiplayer competition using video games, primarily between competitive gamers that: (i) is organized with
    structured rules; (ii) has a regular, systematic approach to prizing; (iii) has defined players, teams, leagues or tiered
    competition structure; (iv) has a defined schedule of events; and (v) includes the ability to perform in front of a live audience,
    whether through an online platform, broadcasted on television, or at a physical event. For purposes of this Agreement, the
    general definition of Esports shall not include the ELeague, as the ELeague is an approved example of Esports as mutually
    agreed upon by the Parties.

 

	 	(i)	“ETeam(s)”
    means a virtual Stock Car and/or Truck Racing Theme team that competes in the ELeague, consisting of two (2) vehicles, with
    one (1) different driver for each e-vehicle.

 

	 	(j)	“Licensee
    Indemnified Parties” means Licensee and its Affiliates and the members, shareholders, directors, officers, agents,
    employees, affiliates and professionals of Licensee and its Affiliates, including the ETeams solely for third party claims
    associated with Section 9(b)(v) of the Terms & Conditions of this Agreement.

 

	 	(k)	“Licensee
    Business” means Licensee’s administrative and non-consumer facing common and customary business practices,
    such as, without limitation, sales and promotional materials, all based upon previously approved mock-ups as reviewed and
    approved by a Supermajority of the Advisory Board, such approval not to be unreasonably withheld, conditioned or delayed.

 

	 	(l)	“Licensor
    Indemnified Parties” means Licensor and its Affiliates and the members, shareholders, directors, officers, agents,
    employees, affiliates and professionals of Licensor and its Affiliates.

 

	 	(m)	“Majority”
    means a vote of three (3) out of four (4) voting board members on the Advisory Board or, if NASCAR’s representatives
    are voting in their advisory role, a vote of four (4) out of six (6) voting board members.

 

	 	(n)	“Marks”
    means the trade names, trademarks and service marks listed on Schedule 1.

 

	 	(o)	“NASCAR
    National Series” means any one of the following three (3) national racing series sanctioned by NASCAR, existing
    as of the Effective Date, currently the MONSTER ENERGY NASCAR Cup Series, NASCAR XFINITY Series, and NASCAR GANDER OUTDOOR
    Truck Series, or any respective predecessor or successor series thereto.

 

	 	(p)	“Net
    Profits” means, for any particular year during the Term, the total amounts of cash and cash equivalents received
    by Licensee regarding the activities, assets and deliverables associated with the: operation of the ELeague (e.g. ETeam sales,
    gaming platform sponsorships/relationships, ELeague title sponsorships, ELeague event sponsorships, ELeague event advertising,
    broadcast/streaming rights for ELeague events, live event revenue, applicable in-game “add-ons”, etc.) (for clarity,
    specifically excluding funds obtained by the Licensee as the result of a capital contribution, a loan or other financing activities),
    minus all expenses, taxes (including Licensee tax obligation distributions to its members related to Licensee’s
    taxable income) and other liabilities of the Licensee for such year, including (i) any payments or expense reimbursements
    to be made to members of Licensee in connection with certain services to be provided by them to the Licensee, and (ii) commissions
    payable to Licensor pursuant to Section 3(b) of the Agreement, and (iii) Licensed Product royalties received by Licensee
    for Licensed Products from which Licensor has already received a licensing royalty.

 

    	 

     

    

 

	 	(q)	“Net
    Revenue” means the total gross cash or cash equivalent compensation paid to the Licensee or its affiliates throughout
    the entire term of the ELeague sponsorship, minus any applicable agency and other commissions, approved expense reimbursements,
    or other pass, through payment amounts.

 

	 	(r)	“Person”
    means any individual, corporation, limited liability company, partnership, joint venture, association, joint stock company,
    trust, unincorporated organization or other legal entity.

 

	 	(s)	“Premium”
    means any product sold or given away for the purposes of increasing the sale, promoting or publicizing any other product,
    service or establishment, including, but not limited to incentives for sales force, internal affiliates sales, trade or consumer
    Promotions, self-liquidating offers and sales of licensed products through distribution schemes involving earned discounts
    or “bonus” points based on consumers’ use of offered products or services.

 

	 	(t)	“Promotion”
    means any marketing program that is designed to encourage consumers to buy a particular product or service Such marketing
    program can utilize many different forms such as, but not limited to, sweepstakes, giveaways, loyalty or continuity programs,
    gift with purchase. Self-liquidating offers, purchase with purchase, free with purchase, in packs, on packs, and near packs.
    Promotion shall also include the Advertising, publicity, or other means of exposure, in or out Premiums, point-of-purchase
    displays, print or electronic, or any other medium.

 

	 	(u)	“Royalty
    Payments” means the royalties that Licensee is obligated to pay to Licensor pursuant to Section 3(a) of the
    Agreement.

 

	 	(v)	“Simulation
    Style Video Gaming Products” means any NASCAR-branded video game playable on Category I Platforms and/or Category 2
    Platforms that has a Stock Car and/or Truck Racing theme which is intended to replicate authentic NASCAR racing competition
    rules and structure (including, but not limited to, points standings calculation, schedule, multiple national series,
    inclusion of NASCAR-sanctioned tracks, race duration, etc.) and which: (i) utilizes the NASCAR trademarks and/or drivers
    from the MONSTER ENERGY NASCAR Cup Series as the primary brand in the video game name and (ii) includes twelve (12) or more
    active drivers from the MONSTER ENERGY NASCAR Cup Series associated with their respective licensed MONSTER ENERGY NASCAR Cup
    Series properties (team, sponsors or car number) (i.e., the NASCAR Heat franchise).

 

	 	 	Notwithstanding
    the foregoing, during the Term, 3rd-party NASCAR-branded casual games may include some mix of core characteristics of Simulation
    Style Video Gaming Products provided they are utilized with additional distinguishing creative liberties which are not consistent
    with authentic NASCAR racing, and that such third-party rights grant by NASCAR shall not violate the exclusivity granted to
    704Games and/or Licensee. By way of example, a permissible third-party NASCAR-themed casual game may feature NASCAR stock
    cars racing on, virtually-recreated race tracks where various fictitious elements such as obstacles, zero gravity, etc. is
    introduced to render the game play more challenging (and thus less authentic in nature) and all downloadable content associated
    and sold in conjunction with the licensed products.

 

	 	(w)	“Stock
    Car and/or Truck Racing Theme” means that which: includes race vehicles resembling or bearing the likeness of stock-appearing
    automobiles manufactured for consumer use on public highways and roads and resembling race vehicles that compete in NASCAR-sanctioned
    event competition; (ii) incorporates a NASCAR-sanctioned event, and/or (iii) incorporates a Driver or Team that participates
    in NASCAR-sanctioned event competition. For clarity, a generic vehicle such as a Shelby Cobra or Roush Mustang or Richard
    Petty Signature Series Dodge, is not a Stock Car and/or Truck Racing Theme vehicle.

 

	 	(x)	“Supermajority”
    means a vote of four (4) out of four (4) voting board members on the Advisory Board or, if NASCAR’s representatives
    are voting in their advisor role, a vote of five (5) out of six (6) voting board members.

 

	 	(y)	“Territory”
    means worldwide, but only to the extent (i) ELeague competitions may be legally offered or otherwise distributed in such territories,
    and (ii) Licensor has not notified Licensee of any bona-fide actual or potential infringement of any third parties’
    intellectual property rights resulting from the use or display of the Marks in any such territory; provided, that the Territory
    shall, at a minimum, mean the United States of America and its territories, possessions, commonwealths, instrumentalities,
    protectorates and military bases (collectively, the United States). Notwithstanding the foregoing, Licensor expressly does
    not warrant or represent, and hereby disclaims in all respects, that the rights under the license granted herein are enforceable
    or non-infringing upon the rights of others outside of the United States, and all uses of the Marks outside the United States
    shall be at the risk of Licensee, and shall be subject to the indemnification provided to Licensor.

 

	 	(z)	“Works”
    means any original design, artwork or compilation or derivative.

 

	2.	LIMITATION
    ON THE LICENSE.

 

	 	(a)	Theme.
    Licensee shall use the Marks only in connection with a Stock Car or Truck Racing Theme. Additionally, Licensee shall not create,
    host, perform, operate, or conduct, directly or indirectly, any Esports competition with a Stock Car and/or Truck Theme that
    do not bear the Marks without Licensor’s prior written approval. In the event Licensee creates, hosts, performs, operates,
    or conducts, directly or indirectly, any Esports competition with a Stock Car and/or Truck Theme that do not bear the Marks,
    Licensee acknowledges and agrees that it is still obligated to pay Licensor Royalty Payments as set forth as if the Marks
    had been used.

 

    	 

     

    

 

	 	(b)	Restrictions.
    Licensee cannot create the perception that there is a relationship or affiliation between Licensor and any other entity, service,
    and/or product, including transferring the rights to use the Marks to any third parties, including, but not limited to Licensee’s
    trade customers, suppliers, advertising and promotional agencies, vendors and promotional tic-in partners.

 

	3.	EXPERIENCE,
    MAINTENANCE AND CHANGES.

 

	 	(a)	Licensee
    represents to Licensor that it has substantial experience in the development, management, and operation of Esports and will
    rely exclusively on this substantial experience in developing, managing, and operating the ELeague pursuant to this Agreement.
    Licensee recognizes that Licensor has no experience whatsoever in the development, management, or operation of Esports and
    that Licensor will rely exclusively on Licensee’s experience to ensure that Licensee develops, manages, and operates
    the ELeague in accordance with industry standards. Licensor and Licensee acknowledge and agree that Licensor’s involvement
    with the ELeague is simply as a trademark licensor and that any review, inspection, or similar rights with respect to the
    ELeague that Licensor reserves in this Agreement and/or exercises are for the sole and limited purpose of ensuring that Licensee’s
    use of the Marks are consistent with, and do not jeopardize, Licensor’s ownership rights in such intellectual property
    and that Licensee is not using the Marks in a manner that conflicts with Licensor’s obligations under other licensing
    arrangements.

 

	 	(b)	Maintenance
    and Repair. In order to protect the Marks and the goodwill associated therewith, Licensee shall al all times maintain
    any and all material elements of the ELeague in good working order and shall be solely responsible for maintenance, repair
    and replacement where necessary to maintain good operating condition, and from any liabilities arising therefrom, of the ELeague.

 

	 	(c)	Modifications
    and Changes. Licensee may change the elements and appearance of the ELeague, including any changes to the structure or
    competition, without the consent of Licensor but under the direction and suspension of the Advisory Board, provided that such
    changes do not result in the ELeague being materially different from the overall design and appearance as originally approved
    by the Advisory Board. To the extent any substantial changes to the League are being made, Licensor’s Advisory Board
    members, acting within their sole discretionary approval as it relates to the use of the Marks, shall have reasonable access
    to such changes to verify that such alterations or modifications of the ELeague comply with this Section 3(c) of the
    Terms & Conditions in order to protect the Marks and goodwill associated therewith.

 

	4.	PERFORMANCE.
    Licensee agrees to use its best efforts to execute ELeague events each year throughout the Term. Additionally, in the event
    Licensee docs not execute at least ten (10) approved ELeague events (whether in-person or online, and including ELeague driver
    drafts) during a twenty four (24) month period (other than due to Licensor’s failure to perform its obligations hereunder
    with respect to an ELeague event), Licensor shall be entitled to convert the ELeague rights to a non-exclusive license upon
    written notice to Licensee.

 

	5.	STATEMENTS,
    PAYMENTS AND PENALTIES.

 

	 	(a)	Time
    of Sale. For purposes of determining the Royalty Payments, revenue associated with the Net Profit shall be deemed to have
    been made at the time such revenue is received.

 

	 	(b)	Basis
    of Royalty Payments. Royally Payments shall be paid by Licensee to Licensor based upon Licensee’s Net Profits.

 

	 	(c)	No
    Cross Collateralization. Any Royalty Payment paid by Licensee to Licensor may not be offset or credited against any royalty
    payment or other payment set forth in any separate agreement or license with Licensee, including, without limitation, the
    NTP Rights Agreement.

 

	 	(d)	Statements.

 

	 	(i)	Net
    Profit. On or before the ninetieth (90th) day following the close of each calendar year, Licensee shall submit
    to Licensor, in a formal agreed upon by Licensor, full and accurate statements showing the total amount of cash and cash equivalents
    constituting Net Profit associated with the operation of the ELeague received by Licensee during the preceding calendar year.
    Such statements shall be submitted whether or not they account for Net Profit.

 

	 	(ii)	Net
    Revenue. On or before the thirtieth (30th) day following the consummation of a sponsorship sale as set forth
    in Section 3(b) of the Agreement, Licensee shall submit to Licensor, in a format agreed upon by Licensor, full and
    accurate statements showing the total gross cash and cash equivalent compensation constituting Net Revenue associated with
    sale of an ELeague sponsorship received by Licensee and/or its affiliates.

 

	 	(e)	Payments.

 

	 	(i)	Net
    Profit. All Royalty Payments due Licensor shall be made on or before the ninetieth (90th) day following the
    close of each calendar year, to the extent that Licensee has recognized Net Profits.

 

	 	(ii)	Net
    Revenue. All commission payments due Licensor shall be made on or before the thirtieth (30th) day following
    the receipt of cash and/or cash equivalent compensation applicable to a sponsorship sale as set forth in Section 3(b)
    of the Agreement.

 

	 	 	All
    computations and payments shall be in U.S. dollars at the spot rate for the local currency as published in the Wall Street
    Journal for the last business day of the preceding month.
	 	 	 
	 	 	All
    Royalty Payments, as well as other payments made to Licensor herein, shall be non-refundable and shall be fully earned when
    paid.

 

	 	(f)	Late
    Payments and Shortfalls. Failure to submit timely or accurate payments and statements shall result in an additional charge
    of one and one-half percent (1.5%) per month or such other interest rate as determined by applicable law, whichever is greater,
    on any balance unpaid as of the applicable reporting period.

 

    	 

     

    

 

	 	(g)	Accuracy
    of Statements. The receipt and/or acceptance by Licensor of the statements furnished or payments, or the cashing of any
    checks paid hereunder, shall not preclude Licensor from questioning the correctness thereof at any time. In the event that
    any bona fide inconsistencies or mistakes are discovered in such statements or payments, they shall immediately be rectified
    by Licensee and the appropriate payment shall be made by Licensee.

 

	 	(h)	Delivery
    of Statements and Payments. Licensee shall, unless otherwise directed in writing by Licensor, send all payments and one
    copy of all accounting reports to:

 

	 	 	National
                                         Association for Stock Car Auto Racing, Inc.

        International
        Motorsports Center

        One
        Daytona Boulevard

        Daytona
        Beach, Florida 32114

        Attn:
        Vice President/Chief Accounting Officer

        

	 	 	 
	 	 	Licensee
    shall, unless otherwise directed in writing by Licensor, send an acknowledgment of all payments and one copy of all accounting
    reports to:
	 	 	 
	 	 	NASCAR,
                                         Inc.

        NASCAR
        Plaza

        550
        South Caldwell Street, Suite 2000

        Charlotte,
        North Carolina 28202

        Attn:
        Contract Administrator

        

 

	 	In
    the event that NASCAR, in its sole discretion, elects 10 accept an electronic funds transfer (EFT) as a form of payment, the
    mere receipt of funds shall not constitute a binding contract.

 

	6.	OWNERSHIP
    OF THE MARKS AND PROTECTION OF RIGHTS.

 

	 	(a)	Rights.
    Licensee acknowledges and agrees that Licensor owns the Marks and any registrations therefor, as well as any trademarks, trade
    names, or service marks or domain names which incorporate such trademarks, trademarks, or service marks adopted and used or
    approved for use by Licensor, and that each of the Marks is valid. Licensee acknowledges the validity of the state and federal
    registrations Licensor owns, obtains or acquires for its Marks. Licensee shall not at any time file any trademark application
    with the United States Patent and Trademark Office, or with any other governmental entity for the Marks. Licensee shall not
    use any of the Marks or any confusingly similar mark as or as part of, a trademark. service mark, trade name, fictitious name,
    company or corporate name, or domain names anywhere in the world, except as permitted by this Agreement. Any trademark, service
    mark registration or domain name registered, obtained or applied for that contains the Marks or confusingly similar mark shall
    be transferred to Licensor without compensation. Nothing in this Agreement gives Licensee any right, title, or interest in
    any Marks except the right to use in accordance with the terms of this Agreement Licensee’s use of any Marks inures
    to the benefit of Licensor.

 

	 	(b)	Combined
    Mark.  During the Term of this Agreement, each Party shall share the ability to use the Combined Mark pursuant
    to the terms herein; provided that ii is agreed and understood between the the Parties that any and all elements of the Combined
    Mark, including any design elements incorporated therein, other than any ELeague
    sponsor marks (and the corresponding design elements associated therewith), shall be exclusively owned by Licensee or.  Notwithstanding
    the foregoing, Licensor shall not, during the Term of this Agreement or any time thereafter, allow a third party to use the Mark
    in Section 2 of Schedule 1 and/or a Combined Mark solely created for use with the ELeague without the express
    written authorization of the Licensee, as determined in Licensee’s sole discretion.  Upon the expiration or
    sooner termination of this Agreement, any and all rights of the Panics to use the Mark in Section 2 of Schedule
    1 and/or Combined Mark, or any substantially similar design, shall cease absolutely, subject to Section 13 of this
    Agreement.

 

	 	(c)	Challenge
    or Objection. Licensee shall not oppose or seek to cancel or challenge, in any forum, any application or registration
    of Licensor for the Marks or any confusingly similar mark. Licensee shall not object to, or file any action or lawsuit because
    of, any use by Licensor of any Marks for any goods or services, whether such use is by Licensor directly or through different
    licensees or authorized users, unless such use is in violation of Licensee’s rights enumerated in this Agreement.

 

	 	(d)	Goodwill.
    Licensee recognizes the great value of the goodwill associated with the Marks and acknowledges that such goodwill belongs
    to Licensor, and that such Marks have secondary meaning. Licensee shall not, during the term of this Agreement or thereafter,
    attack the property rights of Licensor under this Agreement with respect to the Marks, attack the validity of this Agreement,
    or use the Marks or any confusingly similar mark in any manner other than as licensed hereunder.

 

	 	(e)	Notice
    of Claim. Licensee agrees to assist Licensor in the protection of the Marks and shall provide, at reasonable cost to be
    borne by Licensor, any evidence, documents, and testimony concerning the use by Licensee of any one or more of the Marks,
    which Licensor may request for use in obtaining, defending, or enforcing rights in any Marks or related application or registration.
    Licensee shall notify Licensor in writing of any infringements or imitations by others of the Marks of which it is aware.
    Licensor shall have the sole right to determine whether or not any action shall be taken on account of any such infringements
    or imitations. Licensee shall not institute any suit or take any action on account of any such infringements or imitations
    without first obtaining the written consent of Licensor to do so. Licensee agrees that it is not entitled to share in any
    proceeds received by Licensor (by settlement or otherwise) in connection with any formal or informal action brought by Licensor,
    or other entity.

 

	 	(f)	Copyright.
    Licensee acknowledges that any Works created by it pursuant to this Agreement that contains the Marks are compilations or
    derivatives as those term are used in Section 103 of the U.S. Copyright Act. Therefore, any rights, including copyrights,
    that Licensee might have in those original Works do not extend to any portion or aspect of the Marks or any derivatives thereof,
    and do not in any way dilute or affect the interests of Licensor in the Marks or any derivatives thereof. Accordingly, Licensee
    shall not copy, use, assign or otherwise transfer any rights in any Works with any portion or aspect of the Marks or any derivatives
    thereof included, except in accordance with chis Agreement. Licensee shall not attempt to obtain or assert copyright rights
    in any artwork or design which contains the Marks, without the express written authorization of Licensor.

 

    	 

     

    

 

	 	(g)	Injunctive
    Relief. Each Party acknowledges that its breach or threatened breach of this Agreement may result in immediate and irremediable
    damage to the other Party and that money damages alone may be inadequate to compensate the other Party. Therefore, in the
    event of a breach or threatened breach of this Agreement by a Party, the other Party may, in addition to other remedies, immediately
    seek to obtain and enforce any court-authorized injunctive relief prohibiting the breach or threatened breach or compelling
    specific performance.

 

	7.	DISPLAY
    OF THE MARKS, QUALITY, AND APPROVALS.

 

	 	(a)	Promotion
    and Advertising. Licensee shall use and assure that it uses the Marks properly in conjunction with the branding of the
    ELeague, as well as the operation, execution, Promotion and Advertising thereof. On all visible Promotion and Advertising,
    the Marks shall be emphasized in relation to surrounding material by using a distinctive type font, color, underlining, or
    other technique approved by Licensor. Use of any Marks shall conform to the requirements set forth in Exhibit A, as
    may be amended from time-to-time, and any other style or logo guideline(s) provided by Licensor. For purposes of clarification,
    in the event of any conflict between the Licensing Logo Guidelines and this Agreement, the terms of this Agreement shall govern.
    The proper symbol to identify the Marks as trademarks (i.e., the circled “R” symbol if the Mark is registered
    in the United States Patent and Trademark office or the “TM” symbol if not so registered) shall be placed adjacent
    to each Mark. Further, Licensee hereby agrees to notify Licensor within a reasonable time period if any specific issues that
    may affect the goodwill of the Marks are discovered by Licensee with respect to ELeague.

 

	 	(b)	Approval.
    Licensor will provide to Licensee guidance on the proper use of the Marks. A true representation or example of any proposed
    use by Licensee of any of the Marks listed (whether or not as part of a Combined Mark), in any visible or audible medium,
    outside of the normal course of Licensee Business, including, without limitation, all proposed Promotion and Advertising,
    shall be subject to the prior review and approval of NASCAR’s Advisory Board members, as determined in their sole discretion,
    such approval not to be unreasonably delayed. Licensee shall not use any Marks in any form or in any material disapproved
    by Licensor.

 

	 	(c)	Trademark
    and License Notices. Licensee shall display within the ELeague or its Promotion and Advertising the reasonable trademark
    and license notices required by Licensor’s written instructions, subject to reasonable size and space constraints.

 

	 	(d)	Quality
    Control. Licensee understands and agrees that an essential condition of this Agreement is the protection of the reputation
    enjoyed by Licensor and that, in keeping with that condition, the ELeague in association with any of the Marks shall be of
    high and consistent style and quality. Therefore, the ELeague and Licensee’s use of the Marks and/or Combined Mark relating
    to the ELeague shall adhere to the following:

 

	 	(i)	Pre-Development.
    Licensee shall submit to Licensor all preliminary and proposed final artwork, three dimensional models (if any), prototypes,
    mock-ups and other materials of ELeague that use the Marks (excluding, however, any items that have been previously approved
    through the NTP’s Simulation Style Video Gaming Product approval process pursuant to the NTP Rights Agreement); provided,
    however, once Licensor approves a template in accordance with the terms and conditions of this Agreement, Licensee shall not
    be required to resubmit such proposed new materials unless Licensee makes a substantial change to such template, Licensor,
    through its Advisory Board members, shall approve or disapprove in writing all submissions, in their sole discretion, within
    ten (10) days of Licensor’s receipt of such submission (with accompanying written explanations if such submission is
    disapproved. Licensee acknowledges that Licensor’s approval of the ELeague, or any aspect thereof, does not imply approval
    of any non-Licensor controlled elements contained therein. Moreover, the quality of the programming, screen displays, look
    and feel, and appearance to the use of the ELeague shall be generally consistent with, or superior in quality to, all the
    materials previously provided to and approved by Licensor and consistent with the top tier interactive software products published
    by Licensee and 704Games prior to the date of this Agreement.

 

	 	(ii)	Additional
    Standards. The depiction of ELeague events shall be that of a motorsports event conducted in a safe and professional manner,
    materially consistent with NASCAR’s sanctioned events. As an example competitors’ cars shall not be depicted racing
    the track AND entering the spectator areas. Materials shown and methods of operation used will be consistent with NASCAR’s
    intentions to depict stock car racing as a wholesome, family-oriented sport. As an example, there will be no presentation
    of contestants, crew or fans in inappropriate dress; nor will lewd gestures or postures, profanity, obscene or indecent material,
    alcohol abuse or drug use be presented.

 

	 	(iii)	Revocation
    of Approval. In the event that (1) in the reasonable opinion of Licensor after meaningful consultation with Licensee,
    the quality, appearance or style of the ELeague, Advertising or Promotion ceases to meet the standards of this Section
    7(d) or (2) Licensee uses the Marks improperly or violates any term of this Section 7 of the Terms & Conditions,
    then Licensor shall have the right to notify Licensee of such failure, and Licensee shall have a reasonable period of time
    in which to rectify such improper use or cure such violation. In the event, within such period and in Licensor’s reasonable
    opinion, Licensee fails to rectify such failure, Licensor shall provide immediate Millen notice to Licensee, and Licensee
    shall cease the use of the Marks in connection with the development, distribution, advertisement, use or operation of the
    ELeague, Advertising or Promotion. In no event shall any revocation of approval pursuant to this paragraph relieve Licensee
    of its obligations under this Agreement.

 

    	 

     

    

 

	8.	RELATIONSHIP
    OF PARTIES AND NO GUARANTEES. It is agreed and understood that the relationship between the parties hereto is solely that
    of licensee and licensor. Nothing in the Agreement shall be deemed or construed to create a fiduciary relationship between
    them, nor to constitute one Party as an agent, legal representative, subsidiary, franchise, joint venture, partner, employee
    or servant of another Pany for any purpose whatsoever. Further, Licensee shall have no power or authorization to obligate
    or bind Licensor in any manner whatsoever, including, but not limited to binding any contract, warranty or representation
    on behalf of Licensor. Licensor is not in any way a guarantor of the quality of any product produced by Licensee. In any and
    all dealings with third panics, including without limitation employers, suppliers and customers, Licensee and Licensor shall
    disclose that Licensee is an independent entity licensed by the Licensor.

 

	9.	INDEMNIFICATION
    AND INSURANCE.

 

	 	(a)	Indemnification
    by Licensee. Licensee is solely responsible for, and will defend, indemnify and hold harmless each Licensor Indemnified
    Party from any and all loss, costs, expenses (including reasonable attorneys’ fees), claims, demands, liabilities, causes
    of action or damages arising out of:

 

	 	(i)	any
    unauthorized use of or infringement of any trademark, service mark, copyright, patent, process, method or device or other
    proprietary right by Licensee in connection with the designs and the ELeague, excluding the use of the Marks in accordance
    with this Agreement in the Territory or actions, inactions or misconduct of a Licensor Indemnified Party;

 

	 	(ii)	alleged
    defects or deficiencies in the ELeague or the use thereof, or false advertising, fraud, m misrepresentation or other claims
    related to the ELeague, each not involving a claim of right to the Marks in the Territory, or actions, inactions or misconduct
    of a Licensor Indemnified Party;

 

	 	(iii)	the
    unauthorized use of the Marks by Licensee and/or ETeam or any breach by Licensee of this Agreement;

 

	 	(iv)	libel
    or slander against, or invasion of the right of privacy, publicity or property of, or violation or misappropriation of any
    other right of any third puny in conjunction with the sale, distribution, Advertising and/or Promotion of the ELeague, excluding
    the actions, inactions or misconduct of a Licensor Indemnified Party;

 

	 	(v)	agreements
    or alleged agreements made or entered into by Licensee to effectuate the terms of this Agreement;

 

	 	(vi)	the
    services performed, or actions taken, or actions not taken by Licensee or those acting under Licensee’s direction in
    connection with the Promotions conducted pursuant to this Agreement, whether during the Term of this Agreement or thereafter,
    including the operation and management of any event and/or activity incidental thereto, or any prize fulfillment (including
    charity/promotional items bearing the Marks) and use and/or operation of any such prizes or charily/promotional items; or
    the failure of Licensee or those acting under Licensee’s direction to comply with all applicable statutes, ordinances,
    regulations or other requirements of any governmental authority in relation to the development and execution of Promotions
    conducted pursuant to this Agreement, excluding the actions, inactions or misconduct of a Licensor Indemnified Party; and/or

 

	 	(vii)	the
    breach of any covenants contained in this Agreement, or as a result of any inaccuracy in any of the representations or covenants
    made by Licensee in this Agreement.

 

	 	 	The
    indemnifications hereunder shall survive the expiration or termination of this Agreement.

 

	 	(b)	Indemnification
    by Licensor. Licensor is solely responsible for, and will defend, indemnify and hold harmless each Licensee Indemnified
    Party from any and all loss, costs, expenses (including reasonable attorneys’ fees), claims, demands, liabilities, causes
    of action or damages arising out of:

 

	 	(i)	any
    unauthorized use of or infringement of any trademark, service mark, copyright, patent, process, method or device or other
    proprietary right by Licensor in connection with the Minimum NASCAR Deliverables, excluding any item specifically created
    or approved for use by Licensee, or the actions, inactions or misconduct of a Licensee Indemnified Party;

 

	 	(ii)	libel
    or slander against, or invasion of the right of privacy, publicity or property of, or violation or misappropriation of any
    other right of any third party in conjunction with the Minimum NASCAR Deliverables, excluding the actions, inactions or misconduct
    of a Licensee Indemnified Party;

 

	 	(iii)	Any
    breach by Licensor of this Agreement;

 

	 	(iv)	agreements
    or alleged agreements made or entered into by Licensor to effectuate the terms of this Agreement;

 

	 	(v)	the
    use of the Marks as authorized and approved in accordance with the terms of this Agreement; and/or

 

	 	(vi)	the
    breach of any covenants contained in this Agreement, or as a result of any inaccuracy in any of the representations or covenants
    made by Licensor in this Agreement.

 

	 	(c)	Insurance.
    Upon execution of this Agreement, Licensee shall obtain from an insurer with an A.M. Best Company rating of A.VIII or higher
    that is reasonably satisfactory to Licensor, at Licensee’s own expense, and maintain in full force and effect throughout
    the Term and during any subsequent period when the ELeague competitions are in distribution by Licensee and for a one-year
    period, products and contractual liability, completed operations, advertiser’s and comprehensive liability insurance
    policies on an occurrence basis with respect to the ELeague competitions and shall name the Licensor Indemnified Parties as
    additional insureds therein as their respective interests may appear. Such insurance shall be primary and not contributory
    to any other applicable insurance maintained by the additional insureds and shall provide the Licensor Indemnified Parties
    protection against all aforementioned claims, damages, etc. arising from Section 9(a) above. The amount of coverage
    of each policy should be a minimum of Five Million Dollars ($5,000,000) combined single limit, and a per annum aggregate limitation
    of not less than Five Million Dollars ($5,000,000). Each policy shall provide for thirty (30) days’ notice to Licensor
    from the insurer by registered or certified mail, return receipt requested, in the event of any modification, cancellation
    or termination. Licensee agrees to furnish Licensor a Certificate of Insurance evidencing same upon full execution of this
    Agreement. The amount of insurance required hereunder is only intended as a minimum and not intended to limit the applicability
    of Licensee’s insurance with respect to insurable matters hereunder.

 

    	 

     

    

 

	 	(d)	Limitations
    on Damages. Other than with respect to each Party’s indemnification obligations in this Section 9, in no
    event shall either Party be liable for any special, indirect, consequential, incidental or punitive damages, whether foreseeable
    or not, in connection with or arising out of the transactions contemplated by this Agreement.

 

	10.	RECORDS
    AND RIGHT TO AUDIT.

 

	 	(a)	Maintenance
    of Records. Licensee shall keep, maintain and preserve in its principal place of business during the term of this Agreement
    and at least three (3) years following termination or expiration, complete and accurate books, accounts, records and other
    materials covering all transactions related to this Agreement in n manner such that the information contained in the statements
    referred to in Section 5 can be readily determined including, without limitation, customer records, invoices, correspondence
    and banking, financial and other records in Licensee’s possession or under its control, such as profit and loss reports,
    income statements and balance sheets. Licensee will provide Licensor with copies of such records if requested by Licensor
    within ten (10) business days of such request, subject to the confidentiality provisions in Section 17(b) of these
    Terms and Conditions. Furthermore, Licensor and/or its duly authorized representatives shall have the right to inspect and
    audit all materials related to this Agreement, which right to inspect and audit shall include the conduct of normal audit
    tests of additional Licensee records to verify that they are not covered by this Agreement.

 

	 	(b)	Inspection
    and Audit. All materials referred to in this Section 10 shall be available for inspection and audit by Licensor
    (including photocopying, which is limited, however, to the records applicable to this Agreement), upon execution of Licensee’s
    confidentiality agreement, one (1) time in each year during the term of this Agreement and at least three (3) years following
    termination or expiration during Licensee’s reasonable business hours and upon at least ten (10) business days’
    notice by Licensor and/or its representatives. Licensee will cooperate and will not cause or permit any interference with
    Licensor and/or its representatives in the performance of their duties of inspection and audit. Licensor and/or its representatives
    shall have free and full access to said materials for inspection and audit purposes.

 

	 	(c)	Audit
    Rights. Notwithstanding the foregoing, Licensor shall have the immediate right to audit Licensee at Licensee’s sole
    expense, should any one of the following defaults occur; provided Licensor gives Licensee notice of such default and Licensee
    fails to cure such default within the requisite cure periods stated in Section 11(a) of the Terms & Conditions
    of this Agreement:

 

	 	(i)	Licensee
    fails to submit statements on or before the date on which they are due pursuant to this Agreement; and/or

 

	 	(ii)	Licensee
    fails to pay Licensor any of its monetary consideration including but not limited to Royalty Payments, on or before the date
    on which they are due pursuant to this Agreement.

 

	 	(d)	Deficiencies.
    Following the conduct or !he audit, Licensee shall take immediate steps to timely resolve all issues raised therein, including
    payment of any monies owing and due. Should an audit indicate an underpayment of ten percent (10%) or more or an underpayment
    of Twenty Thousand Dollars ($20,000.00) or more of the royalties due Licensor, the reasonable cost of the audit shall be paid
    by Licensee. Payment of the audit cost is in addition to the following amount or any underpayment including interest as provided
    in Section 5 to be paid by Licensee. Licensee must cure any contract breaches discovered during the audit, provide
    amended reports required, and submit the amount or any under payment including interest and, if applicable, the cost or the
    audit within thirty (30) days from the date of the completion of the audit.

 

	11.	TERMINATION.

 

	 	(a)	Events
    or Default by Licensee. Effective immediately upon Licensor’s giving to Licensee written notice of termination,
    Licensor shall have the right to immediately terminate this Agreement, or the license granted hereunder, without prejudice
    to any other rights it may have, whether under the provisions of this Agreement, in law, in equity or otherwise, if Licensee
    fails to cure such default within the referenced amount of days from the receipt of written notice to Licensee by Licensor
    al any time should any of the following defaults occur:

 

	 	(i)	Sums
    Due. Licensee fails to make any payment due or fails to deliver the required statement and Licensee fails to cure such
    default within fifteen (15) days.

 

	 	(ii)	Statements.
    The amounts stated in the periodic statements furnished are significantly or consistently understated or are not provided
    to Licensor on a timely basis as set forth in Section 5 and Licensee fails to cure such default within fifteen (15)
    days.

 

	 	(iii)	Unresolved
    Audits. Licensee fails to resolve any bona fide issue raised by Licensor’s auditor in connection with any audit.

 

	 	(iv)	Sublicense
    or Assignment. Other than Licensee’s subcontracting or certain services in its ordinary course of executing the
    ELeague and as approved by the Advisory Board, and except as additionally permitted by this Agreement, Licensee attempts to
    grant or grants a sublicense or attempts to assign or assigns any right or duty under this Agreement to any person or entity
    without the prior written consent of Licensor.

 

	 	(v)	Trademarks.
    Licensee or any related entity manufactures, distributes, or sells any product or runs any Advertising or Promotion that uses
    Licensor’s trademarks, including the Marks, without Licensor’s authorization; or Licensee or any related entity
    conducts or operates the ELeague, or runs Advertising and/or Promotion for such ELeague, that is found by a court of competent
    jurisdiction to infringe or dilute the trademark, other intellectual property, privacy, or publicity right of any third party.

 

    	 

     

    

 

	 	(vi)	Insurance.
    Licensee fails to deliver to Licensor or maintain in full force and effect the insurance referred to in Section 10(c),
    and Licensee fails to cure such default within Fifteen (15) days.

 

	 	(vii)	Unsafe
    and/or Defective. Any governmental agency or court of competent jurisdiction finds, on a final and non-applicable basis,
    that the ELeague is unsafe and/or defective in any way, manner or form.

 

	 	(viii)	Product
    Quality. If Licensor’s prior approval is required by this Agreement, Licensee uses the Marks in a manner not approved
    or disapproved by Licensor, and Licensee fails to cure such default with fifteen (15) days.

 

	 	(ix)	Breach
    of Any Other Terms. Licensee material breaches any material provision in this Agreement, and Licensee foils to cure such
    default within fifteen (15) days, unless such default is not curable.

 

	 	(x)	Criminal
    Misconduct. Licensee, as an entity, is convicted of or pleads nolo contendere to a felony or any other criminal
    misconduct, or involving moral turpitude.

 

	 	(xi)	Litigation.
    Licensee contests the enforceability of this Agreement, or any other document executed in connection herewith as they relate
    to the validity of the Marks or ownership by Licensor of the Marks.

 

	 	(xii)	Conformity
    to Law. Licensee fails to comply with the requirement set forth in Section 16 of this Agreement.

 

	 	(xiii)
    Business. Licensee discontinues its business as it is now conducted.

 

	 	(xiv)	Creditor’s
    Remedies, Etc. Licensee makes any assignment of more than fifty percent (50%) of its assets for the benefit of creditors
    (other than in the ordinary course of business while obtaining mainstream commercial financing and fails to discharge such
    assignment within sixty (60) days, or files any petition under any federal or state bankruptcy statute, or is adjudicated
    bankrupt or insolvent, or if any receiver is appointed for its business or property, or if any trustee in bankruptcy shall
    be appointed under the laws of the United States government or the several states.

 

	 	 	Notwithstanding
    the provisions described in this Section 11, if any valid, applicable law or regulation of a governmental authority
    having jurisdiction over this Agreement, Licensor and/or Licensee, limits Licensor’s rights of termination or requires
    different or longer periods than those set forth herein, this Section 11 shall be deemed amended solely to conform
    to such laws and regulations.

 

	 	(b)	Events
    or Default by Licensor. Effective immediately upon Licensee’s giving to Licensor written notice of termination.
    Licensee shall have the right to immediately terminate this Agreement, or the license granted hereunder, without prejudice
    to any other rights it may have, whether under the provisions of this Agreement, in law, in equity or otherwise, if Licensor
    fails to cure such default within the referenced amount of days from the receipt of written notice to Licensor by Licensee
    at any time should any of the following defaults occur:

 

	 	(i)	Breach
    of Any Terms. Licensor materially breaches any material provision in this Agreement, and Licensor fails to cure such default
    within fifteen (15) days, unless such default is not curable.

 

	 	(ii)	Criminal
    Misconduct. Licensor, as an entity, is convicted of or pleads nolo contendere to a felony or any other criminal
    misconduct or involving moral turpitude.

 

	 	(iii)	Creditor’s
    Remedies, Etc. Licensor makes any assignment of more than filly percent (50%) of its assets for the benefit of creditors
    and fails to discharge such assignment within sixty (60) days, or files any petition under any federal or stale bankruptcy
    statute, or is adjudicated bankrupt or insolvent, or if any receiver is appointed for its business or property, or if any
    trustee in bankruptcy shall be appointed under the laws of the United States government or the several states.

 

	 	(iv)	Litigation.
    Licensor contests the enforceability of this Agreement, or any other document executed in connection herewith as they relate
    to the rights provided by Licensee in this Agreement.

 

	 	(c)	Successive
    Breaches. In addition to, and not in limitation of any of Licensor’s remedies for any event of default set forth
    in Section 11, if, oiler a breach by Licensee of a provision of this Agreement for which Licensee has been given notice
    and an opportunity to cure (if any) as provided herein, Licensee breaches the same provision within a ninety (90) day period,
    Licensor may also immediately terminate this Agreement upon any such subsequent breach of the same provision within such ninety
    (90) day period without providing notice of breach or opportunity to cure.

 

	 	(d)	Choice
    or Remedies. Upon the occurrence of an event of default of this Agreement, Licensor may, in its sole discretion, independently
    exercise or not exercise any or all rights which it may have under this Agreement or any other agreements by and between Licensee
    and Licensor, and the exercise of the Licensor’s rights under this Agreement shall not exclude any of the remedies which
    Licensor may have at law or in equity. All such remedies of Licensor are cumulative.

 

	 	(e)	Termination
    of NTP Rights Agreement. This Agreement shall be coterminous with the NTP Rights Agreement, except as otherwise set forth
    herein. In the event that the NTP Rights Agreement is terminated pursuant to its terms for any reason, this Agreement shall
    automatic all)·terminate without notice to either Party.

 

    	 

     

    

 

	12.	LICENSEE
    AND LICENSOR REPRESENTATIONS AND COVENANTS.

 

	 	(a)	Authority
    of the Parties. The parties agree and represent that they each have the authority to execute, deliver and perform their
    obligations under the Agreement, having obtained all required Board of Directors or other consents, and are duly) organized
    or formed and validly existing in good standing under the laws of the state(s) of their incorporation or formation.

 

	 	(b)	Conflicts.
    Licensee acknowledges that Licensor is engaged in various marketing and promotional activities which are designed to promote
    and enhance the sport of stock car and stock truck racing and the goodwill of the Marks, which involve relationships with
    numerous organizations and individuals who serve as sponsors, owners, advertisers and business partners. Licensee agrees that
    in the event Licensor determines that Licensee’ activities taken pursuant to this Agreement come into conflict with
    the interests or rights of other licensees of Licensor, Licensee shall in good faith cooperate with Licensor to mutually work
    towards a resolution of the conflict; except that in no event shall Licensee’s rights granted to it herein be diminished.

 

	 	(c)	Infringement.
    Licensee represents and warrants to Licensor that all designs and products submitted for approval, excluding the Marks and/or
    Licensed Products, are not subject to any valid patent, copyright, trademark or any other proprietary rights or any non-consenting
    third party. Licensor shall not be liable as the result of activities by Licensee under this Agreement for infringement of
    any patent, copyright, trademark or other right belonging to any third party, or for damages or costs involved in any proceeding
    based upon any such infringement, or for any royalty or obligation incurred by Licensee because of any patent, copyright,
    or trademark held by a third party; provided, however, that unless otherwise provided herein, Licensee shall not be liable
    for any claim that the Marks or Licensed Products infringe upon any patent, copyright, trademark or other right belonging
    to any third party, or for damages or costs involved in an) proceeding based upon any such infringement.

 

	13.	EFFECT
    OF EXPIRATION OR TERMINATION.

 

	 	(a)	Use
    of Marks. Aller expiration or termination of this Agreement for any reason, Licensee shall refrain from further use of
    any of the Marks or any similar mark, except ns expressly authorized by Licensor or by this Agreement.

 

	 	(b)	Historical
    Reference of Combined Mark. Notwithstanding anything to the contrary herein, each Pany may use or allow a third party
    to use the Mark in Section 2, of Schedule 1 and/or Combined Mark for historical reference, historical display,
    archival purposes, and/or other non-commercial purposes without the approval and express written authorization of the other
    Party.

 

	14.	SURVIVAL
    OF RIGHTS.

 

	 	(a)	Rights
    in the Marks. The terms and conditions of this Agreement necessary to protect the rights and interests of the Licensor
    in the Marks including, but not limited to, Licensee’s obligations under Section 6, shall survive the termination
    or expiration of this Agreement.

 

	 	(b)	Statements
    and Payments. The terms and conditions of this Agreement requiring Licensee to furnish Licensor with response, statements,
    or accounts and payment of monies due to Licensor, and providing Licensor with the right to examine and make copies of Licensee’s
    books and records to determine or verify the correctness and accuracy of Licensee’s reports, statements, accounts or
    payments shall survive the termination or expiration of this Agreement.

 

	 	(c)	Other
    Activities. The terms and conditions of this Agreement providing for any activity following the effective date of termination
    or expiration of this Agreement shall survive until such time as those terms and conditions have been fulfilled or satisfied.
    The Parties further acknowledge and agree that the indemnifications in Section 9 and the confidentiality provisions
    of Section 17(b) of these Terms and Conditions shall also survive the termination or expiration of this Agreement.

 

	15.	NOTICES.
    Unless otherwise specified herein, all notices, requests, demands, payments, consents and other communications hereunder shall
    be transmitted in writing and shall be deemed to have been duly given: (i) when hand delivered, (ii) upon delivery when sent
    by express mail, courier, overnight mail or other overnight or next day delivery service, when received when sent by facsimile
    provided that a copy thereof is contemporaneously delivered pursuant to Section 15(i), (ii) or (iv) thereof,
    or (iv) three (3) days after the date mailed when sent by registered or certified United States mail, postage prepaid, return
    receipt requested, charges prepaid, addressed as follows:

 

	Licensor:	National
                                         Association for Stock Car Auto

                                                         Racing,
                                         LLC International Motorsports Center

        One
        Daytona Boulevard

        Daytona
        Beach, Florida 32114

        Attention:
        General Counsel

 

	with
    a copy to:	NASCAR,
                                         LLC

        NASCAR,
        Plaza

        550
        South Caldwell Street, Suite 2000

        Charlotte,
        North Carolina 28202

        Attention:
        Contract Administrator

 

	Licensee:	Racing
                                         Pro League, LLC

        301
        Camp Road, Suite 104

        Charlotte,
        NC 28206

        Attention:
        General Manager

 

	 	Licensor
    or Licensee may change its address by giving written notice of such change of address to the others in accordance with this
    Section 15.

 

	16.	CONFORMITY
    TO LAW. Licensee shall comply with all laws, regulations and standards relating or pertaining to the distribution, operation,
    Promotion and Advertising of the ELeague and shall maintain the highest quality and standards; and shall comply with Licensor’s
    guidelines, including Section 8 of the Terms and Conditions and the Logo Guidelines for Licensing. Licensee shall comply
    with the requirements of any regulatory agencies and obtain and maintain all required permits and licenses at Licensee’s
    expense, and pay all taxes due on or by reason of the operation, Advertising, Promotion, or distribution of the ELeague which
    shall have jurisdiction over the ELeague, excluding (i) taxes on Licensor’s Royalty Payments, (ii) any commissions paid
    to Licensor pursuant to Section 3 of the Agreement, and/or (iii) revenue paid to Licensor on the sale of Licensed Products
    pursuant to Section 6 of the Agreement.

 

    	 

     

    

 

	17.	MISCELLANEOUS.

 

	 	(a)	General.
    This Agreement constitutes the entire Agreement and understanding between the parties hereto and cancels, terminates, and
    supersedes any prior Agreement or understanding relating to the subject matter hereof between Licensee and Licensor, including
    without limitation the LOI. There are no representations, promises, agreements, warranties, covenants or understandings other
    than those contained herein. None of the provisions of this Agreement may be waived or modified, except expressly in writing
    signed by both parties. However, failure of either Party to require the performance of any term in this Agreement or the waiver
    by either Party of any breach thereof shall not prevent subsequent enforcement of such term nor shall be deemed a waiver of
    any subsequent breach. The determination that any provision of this Agreement is invalid or unenforceable shall not invalidate
    this Agreement, and the remainder of this Agreement shall be valid and enforceable to the fullest extent permitted by law.
    When necessary for appropriate meaning, a plural shall be deemed to be the singular and the singular shall be deemed to be
    the plural. The Logo Guidelines for Licensing and any attached Schedules, Exhibits and/or Appendices are integral parts of
    this Agreement. Paragraph headings are for convenience only and shall not add to or detract from any of the terms or provisions
    of this Agreement. This Agreement shall not be binding on Licensor until signed by an officer of the National Association
    for Stock Car Auto Racing, Inc. In the event of any breach or threatened breach of this Agreement by either party or infringement
    of any rights of Licensor, if either party employs attorneys or incurs other expenses, the non-prevailing party shall reimburse
    the prevailing party for its reasonable attorney’s fees and other expenses. This Agreement was negotiated among the
    parties, each of whom had an opportunity to consult with legal counsel during the negotiations, drafting, and execution of
    this Agreement and the parties agree that this Agreement shall not be construed against any Party as the drafter. This Agreement
    may be executed in one or more counterparts. each of which shall be deemed to be an original, and all of which together shall
    constitute one and the same Agreement. This Agreement may be executed and delivered via facsimile or email with the same force
    and effect as if it were executed and delivered by the parties simultaneously in the presence of one another.

 

	 	(b)	Confidentiality.
    Each Party hereto agrees to take normal and reasonable precautions and exercise due care to maintain the confidentiality of
    all Confidential Information received by such Party in connection with this Agreement and agrees and undertakes that it shall
    not disclose to any third party (including without limitation any fan or member clubs, other licensees, sanctioning bodies,
    trade associations, industry groups, publications or other persons or entities) or use any such in formation for any purpose
    or in any manner other than pursuant to the terms contemplated by this Agreement, without the express prior written consent
    of the disclosing Party. For purposes of this Agreement, “Confidential Information” shall mean information, documents
    and other tangible things, provided by either Party to the other, in whatever form, whether alone or in its compiled form
    and whether marked as confidential or not, relating to the Party’s business and marketing, including without limitation,
    the Party’s financial information, personal information, customer lists, product plans and marketing plans, the terms
    and conditions of this Agreement, any materials provided pursuant to or in accordance with this Agreement, and any financial
    information regarding NASCAR licensing or the Licensee’s business. Any Party may disclose Confidential information required
    to be disclosed (i) pursuant to subpoena or other court process; provided that the Party required to make such disclosure
    gives the other Party given notice of the information to be disclosed as far in advance of its disclosure as is practicable
    and uses its reasonable good faith Commercially Reasonable Efforts to obtain assurance that such information will be accorded
    confidential treatment, (ii) when required to do so in accordance with the provisions of any applicable law or regulations,
    including the regulations of any national securities exchange or trading market on which the securities of such Party or its
    Affiliates are traded, to such persons to whom such disclosure is so required, (iii) at the express direction of any agency
    of any State of the United States of America or of any other jurisdiction in which such Party conducts its business, to such
    agency, (iv) to such person’s independent auditors and other professional advisors that have a reasonable need or basis
    for access thereto; provided they agree to maintain confidentiality, (v) subject to continued confidentiality, and only on
    a “need to know” basis and to the extent reasonably necessary, to such Party’s parent companies or their
    equity owners, (v) to the extent that such information is already known to the recipient or otherwise in the public domain,
    and (vi) in order to protect or enforce their rights hereunder. The foregoing confidentiality provision shall survive the
    termination or expiration of this Agreement.

 

	 	(c)	Governing
    Law and Jurisdiction. This AGREEMENT AND THE TERMS AND PROVISIONS OF THIS AGREEMENT SHALL BE INTERPRETED AND CONSTRUED
    IN ACCORDANCE WITH, GOVERNED BY, AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NORTH CAROLINA WITHOUT REGARD TO
    PRINCIPLES OF CONFLICTS OF LAW. ANY LITIGATION, ACTION, OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE
    INSTITUTED ONLY IN THE STATE OR FEDERAL COURTS IN THE STATE OF NORTH CAROLINA, MECKLENBURG COUNTY. THE PARTIES EACH HEREBY
    WAIVE ANY OBJECTION WHICH IT MIGHT HAVE NOW OR HEREAFTER TO THE VENUE OF ANY SUCH LITIGATION, ACTION OR PROCEEDING, SUBMITS
    TO THE JURISDICTION OF ANY SUCH COURT AND WAIVES ANY CLAIM OR DEFENSE OF INCONVENIENT FORUM. THE PARTIES EACH CONSENT TO SERVICE
    OF PROCESS BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, AT THEIR RESPECTIVE ADDRESS AND EXPRESSLY WAIVES THE
    BENEFIT OF ANY CONTRARY PROVISION OF LAW.

 

    	 

     

    

 

	 	(d)	Non-Assignability.
    This Agreement is personal to Licensee, and Licensee shall not sublicense, franchise, or otherwise transfer any of its rights,
    except as permitted under this Agreement. Neither this Agreement nor any of each Party’s rights shall be sold, transferred
    or assigned by such Party without the other Party’s prior written approval, and no rights shall devolve by operation
    of law or otherwise upon any assignee, receiver, liquidator, trustee or other Party. Any attempted transfer in violation of
    this section shall be null and void. Further, any change in control of Licensee (whether by merger, asset sale, stock purchase
    or other assignment or operation at law) shall for the purposes of this Agreement be deemed an assignment of the rights and
    obligations contained herein and shall require the prior written approval of Licensor, which shall not be unreasonably withheld.
    Subject to the foregoing, this Agreement shall be binding upon any approved assignee or successor of a Party and shall inure
    to the benefit of the other Party, its successors and assigns; provided, however, that any such approved transfer shall not
    relieve a Party of its obligations hereunder to the other Party. Notwithstanding the foregoing and anything herein to the
    contrary, Licensee shall be permitted to freely assign, sell and/or transfer its rights to: (i) Licensee’s current members
    (the “Licensee Parties”), and/or (ii) any member of one of the Licensee Parties, so long as such member is, at
    the time of the assignment, sale and/or transfer, an owner in good standing of a NASCAR Cup Series charter agreement, however,
    and notwithstanding the foregoing, Licensor shall have a thirty (30) day right to terminate this Agreement in the event of
    a potential conflict due to the assignment, sale or transfer of Licensee’s rights to a member of one of the Licensee
    Parties who was not n member of either of the Licensee Parties as of April 3, 2019 (i.e., Chip Ganassi Racing, Penske Racing
    South, Richard Childress Racing, Roush Fenway Racing, Hendrick Motorsports, Germain Racing, Lemming Family Racing, Stewart-Haas
    Racing, Richard Petty Motorsports, Joe Gibbs Racing, Circle Sport/Go Fas (CSGFR, LLC), JTG Racing, and Wood Brothers Racing).

 

	18.	SPECIAL
    STIPULATIONS.

 

	 	(a)	Internet
    Restrictions. Except as set forth in the NTP Rights Agreement, Licensee is prohibited from using the Marks in any domain
    name registration or uniform resource locator (URL) address without Licensor’s prior written approval in its sole discretion.

 

	 	(b)	Premiums.
    Licensee agrees that an) and all Premiums that include a Stock Car and/or Truck Theme, and any and all Premiums that are involved
    in Promotions of the ELeague, shall include the Marks and/or Combined Mark, and all such Premiums shall be manufactured by
    a NASCAR licenses(s). All such Premiums will be: (i) NASCAR licensed; and (ii) subject to a separate Premium licensing agreement
    that will include separate terms and licensing fees and other compensation being paid to NASCAR by the Premium manufacturer
    for such Premiums. Licensee assigns to purchase any such Premiums from NASCAR licensees and/or promotional partners as designated
    by Licensor, under terms and conditions acceptable to Licensee.

 

	 	(c)	Third
    Parties. It is agreed and understood that this Agreement does not grant any rights to do business with track promoters,
    drivers, teams or other third parties. Track promoters, drivers and teams are individual third parties, and as a result all
    such deals must be negotiated separately between Licensee and each party. It is the responsibility of the Licensee to obtain
    the rights of any third parties “who will appear in the ELeague, and Licensee shall provide documentation with respect
    to third parties’ approval upon Licensor’s request. Furthermore, Licensee shall not use the Marks in connection
    with trade names or trademarks of drivers, racing team personnel, cars, car owners, racetracks, etc. unless Licensee has obtained
    the rights to the same in connection with the Marks, and such use has been approved through Licensor.

 

	 	(d)	Public
    Statements and Press Releases. In addition to any other provisions in the Agreement, including Section 17 herein,
    Licensee acknowledges and agrees that it shall coordinate with Licensor the content and timing of the release of any and all
    public statements or press releases regarding any terms of the license, including, but not limited to, the nature of the ELeague
    or other terms in the Agreement.

 

	 	(e)	[***]

 

    	 

     

    

 

Schedule
1

 

MARKS

 

This
exhibit has been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant agrees to provide this exhibit to the Securities
and Exchange Commission upon request; provided, however, that the registrant may request confidential treatment of such exhibit.

 

    	 

     

    

 

Exhibit
A

 

Logo
Guidelines

 

For
the Logo Guidelines, please visit http://nascar.trademarxonline.com.

 

    	 

     

    

 

Exhibit
B

 

MINIMUM
NASCAR DELIVERABLES

 

	●	NASCAR
    Marketing and Creative Design support ($[***]) – NASCAR will create video and static ads that will run through house
    NASCAR Digital Media (“NDM”) inventory as well as across distribution/syndication network, social
    platforms and via paid campaigns, 50,000 minimum total monthly impressions (in-season). This will also include NASCAR Creative
    Design services via NASCAR or external agencies, design and development of branded league and team assets (logos, brand guidelines,
    creative assets (ads, promos, etc.).

 

	●	Track
    Access and parking, specifically for relevant live events at track ($[***]).

 

	●	Allotments
    for weekly prizing ($[***]) – can be cash, product or experiences; i.e. race tickets, VIP access, etc.

 

	●	Two
    (2) additional NASCAR database campaigns ($[***]).

 

	●	Two
    (2) invitations to NASCAR Champions Week ($[***]).

 

	●	Production
    of Heat Pro League Draft ($[***]).

 

	●	Reports
    and analytics ($[***]) from Omniture, Sysomos (FMEC) and MVP Index; this will encompass a weekly dashboard with social and
    digital KPIs.

 

	●	NASCAR
    Digital Media Content Services ($[***]) – creation of articles and videos to run across NASCAR digital and social platforms,
    including promotion of league, draft, race events, players/gamers/teams, etc. At a minimum, NDM will provide the following
    on a monthly basis (in-season):

 

	 	●	Two
    (2) articles on NASCAR.com

 

	 	●	Two
    (2) videos on NASCAR.com

 

	 	●	Four
    (4) articles on eNASCAR.com

 

	 	●	Five
    (5) videos on eNASCAR.com

 

	 	●	Five
    (5) social posts from NASCAR accounts (can be native or shares/reposts)

 

	●	NDM
    support of primary/entitlement t or secondary sponsor (secondary sponsor support must be permissible by NDM) via co-branded
    digital media campaigns that promote the eNASCAR Heat Pro League (live streams, video recap content, key events, etc.). Support
    to be valued at $[***] and include ~10M impressions ($[***] CPM) across NDM-controlled platforms. If no primary/entitlement
    sponsor or permissible secondary sponsor exists, then both parties agree that this deliverable is no longer valid and will
    not count for or against NASCAR’s total contribution.

 

	●	Commencing
    in 2020, NASCAR will create an ELeague audio/video brand piece as follows: (i) preview of year, (ii) the draft, highlights
    of each ELeague race (and speaks to the upcoming race and outlines the current standings) and (iv) year-end recap (the “Video
    Piece”).

 

	 	●	The
    Parties will mutually agree on the Video Piece brand, content and length of play.

 

	 	●	The
    Video Piece will be displayed through ISM Vision in NASCAR Cup Series racetrack pre-race, during race and post-race run of
    show (multiple times) on all the large screens and venue screens throughout the racetrack concourses and suites.

 

	 	●	The
    Video Piece will be made available to Licensee and the ETeams for customary promotional use on all ELeague and ETeam digital
    platforms, including affiliate platforms.

 

	●	Commencing
    in 2020, NASCAR will also execute the following regarding Motor Racing Network (“MRN”):

 

	 	●	Inclusion
    of Video Piece in MRN’s NASCAR Cup Series broadcast pre-race and post-race shows.

 

	 	●	Video
    Piece to be added on a weekly basis to MRN digital and social assets.

 

	 	●	Leverage
    of MRN talent who are currently calling races to support the ELeague.

 

	 	●	Run
    of show audio spots during the ELeague season promoting the ELeague.

 

    	 

     

    

 

Exhibit
C

 

COMPETITION
STRUCTURE

 

	1.	Driver
    Draft:

 

	 	(a)	The
    following individuals will be eligible for the ELeague Driver Draft:

 

	 	●	The
    top 200 ELeague qualifiers from the NASCAR Heat video game “Tier 2” competition level (I 00 Xbox players
    and 100 PlayStation players); and

 

	 	●	Any
    and all ETeam owner employees who satisfy a certain minimum criterion that is to be determined by the Advisory Board.

 

	 	(b)	704Games
    will track the statistics of the top 200 qualifiers and create a “draft book” of eligible drivers for the ETeam
    owners to review prior to the Driver Draft.

 

	 	(c)	704Games
    will make commercially reasonable efforts to vet all eligible drivers prior to the Driver Draft.

 

	 	(d)	Eligible
    drivers will be required to submit a short video of themselves prior to the Driver Draft.

 

	2.	Schedule
    and Gameplay Competition:

 

	 	(a)	Twelve
    (12) to fourteen (14) race schedule, including two (2) to four (4) playoff races;

 

	 	(b)	Some
    race events may be executed live, in front of a live audience as determined by the Advisory Board;

 

	 	(c)	Races
    will be thirty (30) to forty (40) minutes in duration;

 

	 	(d)	Inclusion
    of all track types: short tracks, speedways, superspeedways and road courses;

 

	 	(e)	Fun
    exhibition races planned for off weeks;

 

	 	(f)	Race
    schedule structured to align with real world schedule where appropriate;

 

	 	(g)	ELeague
    races will be scheduled on a standard weeknight each week to not conflict with iRacing events (and vice versa);

 

	 	(h)	ELeague
    races to have multiple pit stops for more exciting racing; and

 

	 	(i)	Common,
    simple point system (similar to the NASCAR Cup Series point system.

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