SEC Contract Filing

Filing Date: 2020-04-10

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ea120600ex10-1_allied.htm
<DESCRIPTION>AMENDMENT TO PUT OPTION AGREEMENT DATED APRIL 7, 2020 BY AND BETWEEN ALLIED ESPORTS ENTERTAINMENT, INC. AND LYLE BERMAN
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: right"><FONT STYLE="text-transform: none"><B>Exhibit
10.1</B></FONT>&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none">AMENDMENT
TO PUT OPTION AGREEMENT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps">This
Amendment to Put Option Agreement</FONT> (&ldquo;<B>Amendment</B>&rdquo;), dated effective as of April 7, 2020 (the &ldquo;<B>Effective
Date</B>&rdquo;), is made by and between Allied Esports Entertainment, Inc., a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;),
and Lyle A. Berman (the &ldquo;<B>Investor</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps">A.
T</FONT>he Company and Investor previously entered into that certain Put Option Agreement dated effective February 25, 2020 (the
&ldquo;<B>Agreement</B>&rdquo;). Capitalized terms have the meanings set forth in the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">B. On March 9, 2020,
the Company delivered to Investor a Notice of Option Exercise (the &ldquo;<B>Notice</B>&rdquo;) to exercise the Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">C. The parties have
agreed to amend the terms of the Agreement to cause the Closing to occur no later than May 15, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps; font-weight: normal; text-decoration: none">Now,
Therefore, </FONT><FONT STYLE="font-weight: normal; text-decoration: none">the parties hereto, intending to be legally bound, hereby
agree as follows:</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="text-decoration: none">AMENDMENT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Closing Date</U>. Notwithstanding anything to the contrary set forth in the Agreement and Notice, the parties agree to
cause the Closing to occur no later than May 15, 2020, at which time Investor shall purchase all of the Option Shares available
for purchase.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Other Modification</U>. Except as expressly set forth herein, the Agreement shall remain in full force and effect
and shall not be modified by this Amendment. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Counterparts</U>. This Agreement may be executed in two or more counterparts, each of which will constitute an original,
but all of which, when taken together, will constitute the same agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><I>Signature Page Follows</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>&nbsp;</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps">In
Witness Whereof, </FONT>the parties hereto have caused this Amendment to be duly executed as of the date first written above.</P>

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<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
 <TD STYLE="vertical-align: top"><B>&nbsp;</B></TD>
 <TD COLSPAN="2"><B>COMPANY:</B></TD></TR>
<TR>
 <TD STYLE="vertical-align: top"><B>&nbsp;</B></TD>
 <TD COLSPAN="2"><B>&nbsp;</B></TD></TR>
<TR>
 <TD STYLE="vertical-align: top"><B>&nbsp;</B></TD>
 <TD COLSPAN="2"><B>ALLIED ESPORTS ENTERTAINMENT, INC.</B></TD></TR>
<TR>
 <TD STYLE="vertical-align: top"><B>&nbsp;</B></TD>
 <TD COLSPAN="2"><B>&nbsp;</B></TD></TR>
<TR>
 <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
 <TD STYLE="width: 4%">By:&nbsp;</TD>
 <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 46%"><I>/s/ Frank Ng</I></TD></TR>
<TR>
 <TD STYLE="vertical-align: top">&nbsp;</TD>
 <TD COLSPAN="2">Frank Ng, <I>