SEC Contract Filing

Filing Date: 2019-08-16

Document Content:
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<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>ex10-5.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
10.5</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONVERTED
RSU ESCROW AGREEMENT</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THIS
CONVERTED RSU ESCROW AGREEMENT </B>(the &ldquo;<B><U>Agreement</U></B>&rdquo;) is dated as of August 15, 2019 (the &ldquo;<B><U>Closing
Date</U></B>&rdquo;), by and among Bright Mountain Media, Inc., a Florida corporation (the &ldquo;<B><U>Buyer</U></B>&rdquo;),
Slutzky &amp; Winshman, Ltd., an Israeli corporation (&ldquo;<B><U>S&amp;W</U></B>&rdquo;), the individuals listed in <U>Schedule
I </U>attached hereto (the &ldquo;<B>RSUs Holders</B>&rdquo;), the shareholders of S&amp;W (the &ldquo;<B><U>Shareholders</U></B>&rdquo;),
and Pearlman Law Group LLP, a Florida limited liability partnership, as escrow agent (the &ldquo;<B><U>Escrow Agent</U></B>&rdquo;).
Capitalized terms used but not defined herein have the meaning afforded to them in the Share Exchange Agreement (defined below).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
on July 31, 2019 the Buyer, Bright Mountain Israel Acquisition Ltd., an Israeli company (in formation) and wholly-owned subsidiary
of the Buyer (the &ldquo;<B><U>Merger Sub</U></B>&rdquo;), S&amp;W and the Shareholders entered into that certain Share Exchange
Agreement and Plan of Merger (the &ldquo;<B><U>Share Exchange Agreement</U></B>&rdquo;), pursuant to which the Shareholders agreed
to transfer to the Buyer all of the issued and outstanding Ordinary Shares of S&amp;W;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
in connection with the transactions contemplated by the Share Exchange Agreement, pursuant to Section 2.5 of the Share Exchange
Agreement upon the lapse of thirty (30) days from the filing by Buyer of the Israeli Sub-Plan with the ITA, or earlier (but in
any event not prior to Closing) if permitted under applicable Law or pursuant to the Options Tax Ruling or Interim Tax Ruling,
if obtained, all 3(i) Options shall be exchanged by the Buyer into restricted stock units on account of the Consideration Shares,
under the Buyer&rsquo;s Compensation Plans (including the Israeli Sub-Plan), in such numbers as set forth opposite to each RSUs
Holder&rsquo;s name under <U>Schedule B</U> of the Share Exchange Agreement (the &ldquo;<B><U>Converted RSUs</U></B>&rdquo;),
which will have the same vesting schedule, be subject to the same continued employment conditions and issued at the same specific
Tax route under which such 3(i) Options were granted by S&amp;W;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
Upon the Effective Time, such 3(i) Options shall be deemed to have been cancelled against issuance of the Converted RSUs, without
any further action of the Parties or the RSUs Holders;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
S&amp;W and the RSUs Holders agreed to deposit the Converted RSUs into escrow pending release pursuant to the terms of the Share
Exchange Agreement;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
the parties to the Share Exchange Agreement have determined that all conditions precedent to the Closing have been satisfied;
and</FONT></P>

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