SEC Contract Filing

Filing Date: 2021-05-25

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>4
<FILENAME>troi_ex102.htm
<DESCRIPTION>ESCROW AGREEMENT
<TEXT>
<html><head><title>troi_ex102.htm</title><!--Document created using EDGARMaster--></head><body style="TEXT-ALIGN: justify; FONT: 10pt times new roman; MARGIN-LEFT: 7%; MARGIN-RIGHT: 7%"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>EXHIBIT 10.2</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><a name="DocsID"></a>&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong><u>ESCROW AGREEMENT</u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">THIS ESCROW AGREEMENT (&#8220;<u>Agreement</u>&#8221;), dated as of this 21st day of May, 2021, is made by and among KYLE HILL, an individual (&#8220;<u>Hill</u>&#8221;), MICHAEL TOWNSEND (&#8220;<u>Townsend</u>&#8221;), an individual, JOSE SOTO, an individual, CORINA FRANKIE, an individual, ZACH JACOBS, an individual (each of the foregoing individuals are collectively referred to as the &#8220;<u>Redeeem Parties</u>&#8221;), TROIKA MEDIA GROUP, INC., a Nevada corporation (&#8220;<u>TMG</u>&#8221;), REDEEEM ACQUISITION CORP., a California corporation (&#8220;<u>Buyer</u>&#8221;, and together with the Redeeem Parties and TMG, the &#8220;<u>Escrow Parties</u>&#8221;), and DAVIDOFF HUTCHER &amp; CITRON LLP, a New York limited liability partnership (the &#8220;<u>Escrow Agent</u>&#8221;)</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><u>RECITALS</u></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">WHEREAS Hill and Townsend are the members of REDEEEM LLC, a California limited liability company (&#8220;<u>Seller</u>&#8221;);</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">WHEREAS, Seller, Hill, TMG and Buyer are parties to that certain Asset Purchase Agreement, dated as of the date hereof (the &#8220;<u>APA</u>&#8221;);</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">WHEREAS, the Redeem Parties are the Seller&#8217;s designees under Schedule 2.05 of the APA;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">WHEREAS, pursuant to Section 2.05(iii) of the APA, TMG shall issue an aggregate number of restricted shares of Stock, equal to Nine Million Six Hundred Eighty Thousand Dollars ($9,680,000.00) divided by the Strike Price to the Escrow Agent, to vest to the Redeeem Parties, pursuant to the Lock-Up Agreements (the &#8220;<u>Escrowed Shares</u>&#8221;);</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">WHEREAS, pursuant to Section 2.10 of the APA, the parties agree to deposit Escrowed Shares, as issued to the Redeeem Parties and recorded by the Transfer Agent in the Transfer Agent&#8217;s book-entry system as held by Escrow Agent, in each case to be held and administered subject to and in accordance with this Agreement.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">NOW, THEREFORE, in consideration of the premises and agreements of the parties contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in; text-align:justify;">1. <u>Incorporation of Recitals; Definitions</u>. The foregoing recitals are incorporated herein as part of the terms and conditions of this Agreement. The following terms have the meanings specified in this Section 1:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&#8220;<u>Business Day</u>&#8221; means any day except Saturday, Sunday or any other day on which commercial banks located in New York, NY are authorized or required by Law to be closed for business.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&#8220;<u>Escrow Deposit</u>&#8221; means collectively, the Escrowed Shares and the Escrow Proceeds.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&#8220;<u>Escrow Proceeds</u>&#8221; means all income and proceeds, including, but not limited to, dividends, on the Escrowed Shares.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: time