Exhibit
10.21
SEPARATION
AGREEMENT
The
following shall represent the terms of separation entered into by
and between Gary Arlen (“Director”) and NTN Buzztime,
Inc. (the “Company”).
RECITALS
A. On
June 15, 2007, the Company granted stock options (the
“Options”) to Director under the terms of the
Company’s 2004 Performance Incentive Plan (“Stock
Plan”) in exchange for Director’s service on the Board
of Directors.
B. In
connection with Director’s resignation from the Board
effective February 6, 2009, the Board has amended the Options and
the related Option Agreement to provide for an extended exercise
period following termination of Director’s service on the
Board, with such amendment taking effect as set forth in this
Amendment, effective February 6, 2009. All other
provisions of the Option Agreement that are not modified by this
Amendment remain in full force and effect.
C. In
connection with the resignation from the Board effective February
6, 2009, The Board has also agreed to pay Director cash
compensation equal to $14,500 which represents the estimated amount
of cash compensation Director would have received
