In connection with the 42West acquisition, on March 30, 2017, the Company entered into put agreements (the “Put Agreements”) with each of the 42West sellers. Pursuant to the terms and subject to the conditions set forth in the Put Agreements, the Company has granted the 42West sellers the right, but not the obligation, to cause the Company to purchase up to an aggregate of 1,187,087 of their respective shares of Common Stock received as consideration for the Company’s acquisition of 42West for a purchase price equal to $9.22 per share during certain specified exercise periods set forth in the Put Agreements up until December 2020 (the “Put Rights”). During the six months ended June 30, 2020, the 42West sellers exercised Put Rights with respect to an aggregate of 177,518 shares of Common Stock. No put rights were exercised during the three months ended June 30, 2020. During the three and six months ended June 30, 2020, the Company made payments of $84,700 and $459,700, respectively, related to exercise of Put Rights, of which $275,000, pertained to Put Rights that were exercised in December 2019. As of June 30, 2020, the Company had a balance of $1,452,500 of Put Rights that were exercised but not yet paid. The Company also entered into Put Agreements with three separate 42West employees with change of control provisions in their employment agreements. The Company agreed to purchase up to 50% of the shares of Common Stock to be received by the employees in satisfaction of the change of control provision in their employment agreements. The employees have the right, but not the obligation, to cause the Company to purchase up to an additional 20,246 shares of Common Stock in respect of the earn out consideration.