Exhibit 10.18

 

completion arrangements AGREEMENT

 

THIS AGREEMENT is made on December 23 2016 between:

 

(1)THE VENDORS whose names are listed in schedule 1 to the Sale Agreement (the
"Vendors"); and

 

(2)HYDRA INDUSTRIES ACQUISITION CORP, a company incorporated in the State of
Delaware, USA and having its executive office at 250 West 57th Street, New York,
NY 10107 (the "Purchaser").

 

BACKGROUND

 

(A)The Vendors and the Purchaser (together the "Parties") have entered into a
sale and purchase agreement dated 13 July 2016 (the "Sale Agreement").

 

(B)The Parties wish to document certain finalised arrangements in relation to
the completion of the Sale Agreement as set out in the terms of this Completion
Arrangements Agreement.

 

IT IS AGREED AS FOLLOWS

 

1.DEFINITIONS AND INTERPRETATION/SCHEDULES

 

1.1.Unless the context shall otherwise require, words and expressions in this
Agreement shall be given the meanings ascribed to them and shall be interpreted
in accordance with the Sale Agreement.

 

1.2.The schedule to this Agreement forms part of and shall be construed as one
with this Agreement.

 

2.AGREEMENTS AND ARRANGEMENTS IN RELATION TO THE COMPLETION OF THE ORIGINAL
AGREEMENT

 

2.1.The Parties hereby agree that the following amendments shall be made to the
Sale Agreement:

 

2.1.1.Clause 7.2 shall be deleted and replaced with the following "The aggregate
of the Base Consideration and the Accruing Negative Consideration (the
"Completion Payment") shall be satisfied in whole by the Stock Element.";

 

2.1.2.Clause 27.4 shall be amended by deleting the existing sub-clause 27.4(b)
and replacing it with the following "(b) the determination of the number of
Consideration Shares to be issued, shall be calculated by reference to the
average of the Conversion Rates for the 15 Business Day period ending on the day
2 Business Days before Completion.";

 

2.1.3.including an acknowledgement at the end of paragraph 4.1 of Schedule 4
that the Cash Element is zero and therefore no cash payment to the Vendors'
Solicitors Client Account is required;

 

2.1.4.the figure of £4,155,000 in paragraph 4.5 of Schedule 4 shall be deleted
and replaced with the figure of £2,155,000;

 

2.1.5.the existing text in Schedule 6, other than the definition of "Available
Funds", shall be deleted and replaced with the following "The Cash Element shall
be zero and the Stock Element shall be equal to the full Completion Payment.";

 

2.1.6.the definition of "Stock Element" in Schedule 8 shall be deleted and
replaced with the following ""Stock Element" means 11,815,434 Consideration
Shares in an amount equal to the Completion Payment;"; and

 

 

 

  

2.2.The Parties further agree the following:

 

2.2.1.The condition set out at Clause 6.3(b) of the Sale Agreement shall be
deemed to have been satisfied;

 

2.2.2.Hydra shall, in substitution for the obligation to pay the Cash Element
under paragraph 4.1 of Schedule 4, instead procure that (i) a payment of
[£9,874,000] is made by electronic transfer of cleared funds for same day value
into the account held with Lloyds Bank, 114-116 Colmore Row, Birmingham, B3 3BD
in the name of Gaming Acquisitions Limited with sort code 30-00-03 and account
number 01298907 and (ii) a payment of at least £8,201,047.50 is made by
electronic transfer of cleared funds into the account held with Lloyds Bank,
114-116 Colmore Row, Birmingham, B3 3BD in the name of Inspired Gaming (UK)
Limited with sort code 30-00-03 and account number 00039924; and in each case
shall ensure that such funds are used for the general corporate purposes of the
Purchaser's Group (and is specifically not expended either to (i) pay any of the
fees or expenses incurred by the Purchaser's Group in relation to the
transaction evidenced by the Sale Agreement (or expenses incurred in relation to
the formation and general corporate requirements of the Purchaser) or (ii) any
dividends or other distributions to shareholders of the Purchaser);

 

2.2.3.For the purposes of Clause 20.1, the Amendment Agreement shall be included
within the definition of Transaction Documents.

 

3.GENERAL

 

2.2.Subject to the terms of this deed, the Sale Agreement shall remain in full
force and effect.

 

2.3.With effect from the date hereof, this deed and the Sale Agreement shall be
read and construed as one document and all references to the Sale Agreement
shall henceforth be read and construed as references to the Sale Agreement as
amended by this deed.

 

3.INCORPORATION OF TERMS

 

The provisions of Clause 18 (Variation), Clause 16 (Remedies and Waivers),
Clause 17(Assignment), Clause 18 (Vendors' Representatives), Clause 20 (Entire
Agreement), Clause 21 (Counterparts), Clause 22 (Invalidity), Clause 23 (Rights
of Third Parties), Clause 24 (Variation), Clause 25 (Consequences of
Termination), Clause 26 (Notices), Clause 27 (General) mutatis mutandis and
Clause 28 (Governing Law and Jurisdiction) of the Sale Agreement shall be deemed
to be incorporated in this deed as if set out in full in this deed and as if
reference in those clauses to "this Agreement" are references to this deed.

 

IN WITNESS WHEREOF this deed has been duly executed and delivered the day and
year first hereinbefore written.

 

 

 

 

EXECUTION 

 

EXECUTED AS A DEED AS FOLLOWS

 

SIGNED and DELIVERED as a DEED by

 

for and on behalf of HYDRA INDUSTRIES ACQUISITION CORP.

in the presence of:

/s/ George Perg     /s/ Eric Carrera Witness         Eric Carrera Full Name  
______________________ Address   ______________________   ______________________
Occupation  

 

 

 

 

SIGNED and DELIVERED as a DEED by

, Director

for and on behalf of DMWSL 633 LIMITED

in the presence of:

 

/s/___________________________
DIRECTOR /s/____________________ Witness   ______________________ Full Name  
______________________ Address   ______________________   ______________________
Occupation  

  

 

 

 

SIGNED and DELIVERED as a DEED by

, Director

for and on behalf of DMWSL 632 LIMITED

in the presence of:

 

/s/___________________________
DIRECTOR /s/____________________ Witness   ______________________ Full Name  
______________________ Address   ______________________   ______________________
Occupation  

 

SIGNED and DELIVERED as a DEED by

, Director

for and on behalf of GAMING ACQUISITIONS LIMITED
in the presence of:

 

/s/___________________________
DIRECTOR /s/____________________ Witness   ______________________ Full Name  
______________________ Address   ______________________   ______________________
Occupation  

 

 

 

 

 

SIGNED and DELIVERED

as a DEED by DAVID WILSON acting by his duly authorised Attorney,
________________________
in the presence of:

 

/s/___________________________
For and on behalf of

DAVID WILSON

/s/____________________ Witness   ______________________ Full Name  
______________________ Address   ______________________   ______________________
Occupation  

  

 

SIGNED and DELIVERED

as a DEED by JAMES O'HALLERAN acting by his duly authorised Attorney,
________________________
in the presence of:

 

/s/___________________________
For and on behalf of

JAMES O'HALLERAN

/s/____________________ Witness   ______________________ Full Name  
______________________ Address   ______________________   ______________________
Occupation  

 

 

 

 

SIGNED and DELIVERED

as a DEED by LEE GREGORY acting by his duly authorised Attorney,

________________________
in the presence of:

 

/s/___________________________
For and on behalf of

LEE GREGORY

/s/____________________ Witness   ______________________ Full Name  
______________________ Address   ______________________   ______________________
Occupation  

 

SIGNED and DELIVERED

as a DEED by STEVEN ROGERS acting by his duly authorised Attorney,
________________________
in the presence of:

 

/s/___________________________
For and on behalf of

STEVEN ROGERS

/s/____________________ Witness   ______________________ Full Name  
______________________ Address   ______________________   ______________________
Occupation  

 

SIGNED and DELIVERED

as a DEED by STEVEN HOLMES
in the presence of:

 

/s/___________________________
STEVEN HOLMES /s/____________________ Witness   ______________________ Full Name
  ______________________ Address   ______________________  
______________________ Occupation  

 

 

 

 

 

SIGNED and DELIVERED

as a DEED by ALISTAIR HOPKINS acting by his duly authorised Attorney,
________________________
in the presence of:

 

/s/___________________________
For and on behalf of

ALISTAIR HOPKINS

/s/____________________ Witness   ______________________ Full Name  
______________________ Address   ______________________   ______________________
Occupation  

 

 

SIGNED and DELIVERED

as a DEED by ZIRIA ENTERPRISES LTD acting by its duly authorised Attorney,
________________________
in the presence of:

 

/s/___________________________
For and on behalf of

ZIRIA ENTERPRISES LTD

/s/____________________ Witness   ______________________ Full Name  
______________________ Address   ______________________   ______________________
Occupation  

 

 

 

 

SIGNED and DELIVERED

as a DEED by TARIQ TUFAIL acting by his duly
authorised Attorney,

________________________
in the presence of:

 

/s/___________________________
For and on behalf of

TARIQ TUFAIL

/s/____________________ Witness   ______________________ Full Name  
______________________ Address   ______________________   ______________________
Occupation  

 

SIGNED and DELIVERED

as a DEED by CARLTON TERRY acting by his
duly authorised Attorney,
________________________
in the presence of:

 

/s/___________________________
For and on behalf of

CARLTON TERRY

/s/____________________ Witness   ______________________ Full Name  
______________________ Address   ______________________   ______________________
Occupation  

 

 

 

 

SIGNED and DELIVERED

as a DEED by STEVE COLLETT acting by his duly authorised Attorney,
________________________
in the presence of:

 

/s/___________________________
For and on behalf of

STEVE COLLETT

/s/____________________ Witness   ______________________ Full Name  
______________________ Address   ______________________   ______________________
Occupation  

 

 

SIGNED and DELIVERED

as a DEED by LUCY BUCKLEY acting by her duly authorised Attorney,
________________________
in the presence of:

 

/s/___________________________
For and on behalf of

LUCY BUCKLEY

/s/____________________ Witness   ______________________ Full Name  
______________________ Address   ______________________   ______________________
Occupation  

 

 

 

 

SIGNED and DELIVERED

as a DEED by ANDREW BARBER acting by his
duly authorised Attorney,
________________________
in the presence of:

 

/s/___________________________
For and on behalf of

ANDREW BARBER

/s/____________________ Witness   ______________________ Full Name  
______________________ Address   ______________________   ______________________
Occupation  

 

 

SIGNED and DELIVERED

as a DEED by ALEX MACGREGOR-DEVLIN
acting by his duly authorised Attorney,
________________________
in the presence of:

 

/s/___________________________
For and on behalf of

ALEX MACGREGOR-DEVLIN

/s/____________________ Witness   ______________________ Full Name  
______________________ Address   ______________________   ______________________
Occupation  

 

 

 

 

SIGNED and DELIVERED

as a DEED by STEVEN DAVIES acting by his
duly authorised Attorney,
________________________
in the presence of:

 

/s/___________________________
For and on behalf of

STEVEN DAVIES

/s/____________________ Witness   ______________________ Full Name  
______________________ Address   ______________________   ______________________
Occupation  

 

SIGNED and DELIVERED

as a DEED by RICHARD WHITE acting by his
duly authorised Attorney,
________________________
in the presence of:

 

/s/___________________________
For and on behalf of

RICHARD WHITE

/s/____________________ Witness   ______________________ Full Name  
______________________ Address   ______________________   ______________________
Occupation  

 

 

 

 

SIGNED and DELIVERED

as a DEED by MATT INGRAM acting by his
duly authorised Attorney,
________________________
in the presence of:

 

/s/___________________________
For and on behalf of

MATT INGRAM

/s/____________________ Witness   ______________________ Full Name  
______________________ Address   ______________________   ______________________
Occupation  

 

 

 

 

 

SIGNED and DELIVERED as a DEED by

, Manager

for and on behalf of LANDGAME S.À.R.L.
in the presence of:

 

/s/___________________________
MANAGER /s/____________________ Witness   ______________________ Full Name  
______________________ Address   ______________________   ______________________
Occupation  

 

 

 

 

SIGNED and DELIVERED as a DEED for and on behalf of
ARES CAPITAL EUROPE LIMITED
acting by its duly authorised Attorney,
VITRUVIAN DIRECTORS I LIMITED
in the presence of:

 

/s/___________________________
 Attorney /s/____________________ Witness   ______________________ Full Name  
______________________ Address   ______________________   ______________________
Occupation  

 

 

SIGNED and DELIVERED as a DEED for and on
behalf of NORTH ATLANTIC VALUE GP III LIMITED
acting in its capacity as General Partner, for and on behalf of
TRIDENT PRIVATE EQUITY FUND III LP
acting by its duly authorised Attorney,
VITRUVIAN DIRECTORS I LIMITED
in the presence of:

 

/s/___________________________
 Attorney /s/____________________ Witness   ______________________ Full Name  
______________________ Address   ______________________   ______________________
Occupation  

 

 

 

 

 

SIGNED and DELIVERED as a DEED for and on
behalf of HARWOOD CAPITAL NOMINEES LIMITED
(CLIENT ACCOUNT A) acting by its duly authorised Attorney,
VITRUVIAN DIRECTORS I LIMITED
in the presence of:

 

/s/___________________________
 Attorney /s/____________________ Witness   ______________________ Full Name  
______________________ Address   ______________________   ______________________
Occupation  

 

 

SIGNED and DELIVERED as a DEED for and on
behalf of HARWOOD CAPITAL NOMINEES LIMITED
(CLIENT ACCOUNT B) acting by its duly authorised Attorney,
VITRUVIAN DIRECTORS I LIMITED
in the presence of:

 

/s/___________________________
 Attorney /s/____________________ Witness   ______________________ Full Name  
______________________ Address   ______________________   ______________________
Occupation  

 

 

 

 

SIGNED and DELIVERED as a DEED for and on

behalf of HARWOOD CAPITAL NOMINEES LIMITED

(CLIENT ACCOUNT SC) acting by its duly authorised Attorney,

VITRUVIAN DIRECTORS I LIMITED

in the presence of:

 

/s/___________________________
 Attorney /s/____________________ Witness   ______________________ Full Name  
______________________ Address   ______________________   ______________________
Occupation  

 

 

SIGNED and DELIVERED as a DEED for and on
behalf of HARWOOD CAPITAL NOMINEES LIMITED
(CLIENT ACCOUNT NS) acting by its duly authorised Attorney,
VITRUVIAN DIRECTORS I LIMITED
in the presence of:

 

/s/___________________________
 Attorney /s/____________________ Witness   ______________________ Full Name  
______________________ Address   ______________________   ______________________
Occupation  

 

 

 

 

SIGNED and DELIVERED as a DEED for and on

behalf of HARWOOD CAPITAL NOMINEES LIMITED

(CLIENT ACCOUNT C) acting by its duly authorised Attorney,

VITRUVIAN DIRECTORS I LIMITED

in the presence of:

 

/s/___________________________
 Attorney /s/____________________ Witness   ______________________ Full Name  
______________________ Address   ______________________   ______________________
Occupation  

 

 

SIGNED and DELIVERED as a DEED for and on
behalf of HARWOOD CAPITAL NOMINEES LIMITED
(CLIENT ACCOUNT D) acting by its duly authorised Attorney,
VITRUVIAN DIRECTORS I LIMITED
in the presence of:

 

/s/___________________________
 Attorney /s/____________________ Witness   ______________________ Full Name  
______________________ Address   ______________________   ______________________
Occupation

 

 

 

 

 

 

SIGNED and DELIVERED as a DEED for and on

behalf of HARWOOD CAPITAL NOMINEES LIMITED

(CLIENT ACCOUNT E) acting by its duly authorised Attorney,

VITRUVIAN DIRECTORS I LIMITED

in the presence of:

 

/s/___________________________
 Attorney /s/____________________ Witness   ______________________ Full Name  
______________________ Address   ______________________   ______________________
Occupation  

 

 

SIGNED and DELIVERED as a DEED for and on
behalf of HARWOOD CAPITAL NOMINEES LIMITED
(CLIENT ACCOUNT H) acting by its duly authorised Attorney,
VITRUVIAN DIRECTORS I LIMITED
in the presence of:

 

/s/___________________________
 Attorney /s/____________________ Witness   ______________________ Full Name  
______________________ Address   ______________________   ______________________
Occupation