Exhibit 10.7


 


SUBSIDIARY
GUARANTEE


 


GUARANTEE, dated as of November
18, 2021, made by Gaming Technologies Limited an English corporation, the “Guarantor”), in favor of Puritan Partners LLC (
the "Purchaser").


 


W I T N E S S E T H:


 


Whereas, pursuant to that
certain Securities Purchase Agreement, dated as of November17, 2021, by and between Gaming Technologies, Inc., a Delaware corporation
(the “Company”), and the Purchaser (the “Purchase Agreement”), the Company agreed to sell and issue to the Purchaser,
and the Purchaser agreed to purchase from the Company, among other things, the Company’s Senior Secured Notes due November 18, 2022,
in aggregate principal amount of $1,666,666.67 ( the “Notes”);


 


Whereas, the Guarantor has
and will directly benefit from the extension of credit to the Company; and


 


NOW, THEREFORE, in consideration
of the premises and to induce the Purchaser to enter into the transactions in connection therewith, the Guarantor hereby agrees with the
Purchaser as follows:


 


1.                  
Definitions. Unless otherwise defined herein, terms defined in the Purchase Agreement and used herein and not otherwise defined
herein shall have the meanings given to them in the Purchase Agreement. The words “hereof,” “herein,” “hereto”
and “hereunder” and words of similar import when used in this Guarantee shall refer to this Guarantee as a whole and not to
any particular provision of this Guarantee, and Section and Schedule references are to this Guarantee unless otherwise specified. The
meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. The following
terms shall have the following meanings:


 


“Guarantee”
means this Guarantee, as the same may be amended, supplemented or otherwise modified from time to time.


 


“Obligations”
means the collective reference to all obligations and undertakings of the Company of whatever nature, monetary or otherwise under the
Notes, the Security Agreement of even date herewith by and between the Company, its Subsidiaries, and the Purchaser (the “Security
Agreement”), and the other Transaction Documents or any other future agreement or obligations undertaken by the Company, its Subsidiaries
to the Purchaser, together with all reasonable attorneys’ fees, disbursements and all other costs and expenses of collection incurred
by Purchaser in enforcing any of such Obligations and/or this Guarantee.


 


2.                  
Guarantee.


 


(a)               
Guarantee.


 


(i)                
The Guarantor hereby unconditionally and irrevocably, guarantees to the Purchaser and its successors, indorsees, transferees and
assigns, the prompt and complete payment and performance by the Company and its Subsidiaries when due (whether at the stated maturity,
by acceleration or otherwise) of the Obligations.


 


(ii)              
Anything herein or in any other Transaction Document (as defined in Notes) to the contrary notwithstanding, the maximum liability
of the Guarantor hereunder and under the other Transaction Documents shall in no event exceed the amount which can be guaranteed by such
Guarantor under applicable federal and state laws, including laws relating to the insolvency of debtors, fraudulent conveyance or transfer
or laws affecting the rights of creditors generally.


 


 






    	 	 	 



     


    

 


(iii)            
The Guarantor agrees that the Obligations may at any time and from time to time exceed the amount of the liability of such Guarantor
hereunder without impairing the guarantee contained in this Section 2 or affecting the rights and remedies of the Purchaser hereunder.


 


(iv)             
The guarantee contained in this Section 2 shall remain in full force and effect until all the Obligations and the obligations of
the Guarantor under the guarantee contained in this Section 2 shall have been satisfied by payment in full.


 


(v)               
No payment made by the Company, its Subsidiaries, the Guarantor, any other Guarantor or any other Person or received or collected
by the Purchaser from the Company, its Subsidiaries, the Guarantor, any other Guarantor or any other Person by virtue of any action or
proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the Obligations
shall be deemed to modify, reduce, release or otherwise affect the liability of the Guarantor hereunder which shall, notwithstanding any
such payment (other than any payment made by such Guarantor in respect of the Obligations or any payment received or collected from such
Guarantor in respect of the Obligations), remain jointly and severally liable for the Obligations until the Obligations are paid in full.


 


(vi)             
Notwithstanding anything to the contrary in this Agreement, with respect to any defaulted non-monetary Obligations the specific
performance of which by the Guarantor is not reasonably possible (e.g. the issuance of the Company's Common Stock), the Guarantor shall
only be liable for making the Purchaser whole on a monetary basis for the Company's, its Subsidiaries’ failure to perform such Obligations
in accordance with the Transaction Documents.


 


(b)               
No Subrogation. Notwithstanding any payment made by the Guarantor hereunder or any set-off or application of funds of the
Guarantor by the Purchaser, the Guarantor shall not be entitled to be subrogated to any of the rights of the Purchaser against the Company,
its Subsidiaries, or any other Guarantor or any collateral security or guarantee or right of offset held by the Purchaser for the payment
of the Obligations, nor shall the Guarantor seek or be entitled to seek any contribution or reimbursement from the Company, its Subsidiaries,
or any other Guarantor in respect of payments made by such Guarantor hereunder, until all amounts owing to the Purchaser by the Company,
its Subsidiaries on account of the Obligations are paid in full. If any amount shall be paid to the Guarantor on account of such subrogation
rights at any time when all of the Obligations shall not have been paid in full, such amount shall be held by the Guarantor in trust for
the Purchaser, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to the
Purchaser in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Purchaser, if required), to be applied
against the Obligations, whether matured or unmatured, in such order as the Purchaser may determine.


 


(c)               
Amendments, Etc. With Respect to the Obligations. The Guarantor shall remain obligated hereunder notwithstanding that, without
any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment of any
of the Obligations made by the Purchaser may be rescinded by the Purchaser and any of the Obligations continued, and the Obligations,
or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor or right of offset
with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised,
waived, surrendered or released by the Purchaser, and the Purchase Agreement and the other Transaction Documents and any other documents
executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as the Purchaser
may deem advisable from time to time, and any collateral security, guarantee or right of offset at any time held by the Purchaser for
the payment of the Obligations may be sold, exchanged, waived, surrendered or released. The Purchaser shall have no obligation to protect,
secure, perfect or insure any Lien at any time held by them as security for the Obligations or for the guarantee contained in this Section
2 or any property subject thereto.


 


 






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(d)               
Guarantee Absolute and Unconditional. The Guarantor waives any and all notice of the creation, renewal, extension or accrual
of any of the Obligations and notice of or proof of reliance by the Purchaser upon the guarantee contained in this Section 2 or acceptance
of the guarantee contained in this Section 2; the Obligations, and any of them, shall conclusively be deemed to have been created, contracted
or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained in this Section 2; and all dealings between
the Company, its Subsidiaries, and any of the Guarantor, on the one hand, and the Purchaser, on the other hand, likewise shall be conclusively
presumed to have been had or consummated in reliance upon the guarantee contained in this Section 2. The Guarantor waives to the extent
permitted by law diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon the Company, its Subsidiaries,
or any of the Guarantor with respect to the Obligations. The Guarantor understands and agrees that the guarantee contained in this Section
2 shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (a) the validity or enforceability
of any Transaction Document or document entered into in connection with the Purchase Agreement, any of the Obligations or any other collateral
security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by the Purchaser, (b) any
defense, set-off or counterclaim (other than a defense of payment or performance or fraud or misconduct by Purchaser) which may at any
time be available to or be asserted by the Company, its Subsidiaries or any other Person against the Purchaser, or (c) any other circumstance
whatsoever (with or without notice to or knowledge of the Company, its Subsidiaries, or the Guarantor) which constitutes, or might be
construed to constitute, an equitable or legal discharge of the Company, for the Obligations, or of the Guarantor under the guarantee
contained in this Section 2, in bankruptcy or in any other instance. When making any demand hereunder or otherwise pursuing its rights
and remedies hereunder against any Guarantor, the Purchaser may, but shall be under no obligation to, make a similar demand on or otherwise
pursue such rights and remedies as it may have against the Company, any other Guarantor or any other Person or against any collateral
security or guarantee for the Obligations or any right of offset with respect thereto, and any failure by the Purchaser to make any such
demand, to pursue such other rights or remedies or to collect any payments from the Company, any other Guarantor or any other Person or
to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of the Company, any
other Guarantor or any other Person or any such collateral security, guarantee or right of offset, shall not relieve any Guarantor, of
any obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as
a matter of law, of the Purchaser against any Guarantor. For the purposes hereof, "demand" shall include the commencement and
continuance of any legal proceedings.


 


(e)               
Reinstatement. The guarantee contained in this Section 2 shall continue to be effective, or be reinstated, as the case may
be, if at any time payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored or returned by the
Purchaser upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Company, its Subsidiaries or any Guarantor,
or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Company,
its Subsidiaries, or any Guarantor or any substantial part of its property, or otherwise, all as though such payments had not been made.


 


(f)                
Payments. The Guarantor hereby guarantees that payments hereunder will be paid to the Purchaser without set-off or counterclaim
in U.S. dollars at the address set forth or referred to in the Purchase Agreement.


 


3.            
Representations and Warranties. Each Guarantor hereby makes the following representations and warranties to Purchaser as of the
date hereof


 


(a)               
Organization and Qualification. The Guarantor is a corporation or limited liability company, duly incorporated, validly
existing and in good standing under the laws of its jurisdiction of incorporation, with the requisite corporate power and authority to
own and use its properties and assets and to carry on its business as currently conducted. The Guarantor is duly qualified to do business
and is in good standing as a foreign corporation in each jurisdiction in which the nature of the business conducted or property owned
by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not,
individually or in the aggregate, (x) adversely affect the legality, validity or enforceability of any of this Guaranty in any material
respect, (y) have a material adverse effect on the results of operations, assets, prospects, or financial condition of the Guarantor or
(z) adversely impair in any material respect the Guarantor's ability to perform fully on a timely basis its obligations under this Guaranty
(a "Material Adverse Effect").


 


 






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(b)               
Authorization; Enforcement. The Guarantor has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by this Guaranty, and otherwise to carry out its obligations hereunder. The execution and delivery of this
Guarantee by the Guarantor and the consummation by it of the transactions contemplated hereby have been duly authorized by all requisite
corporate action on the part of the Guarantor. This Guarantee has been duly executed and delivered by the Guarantor and constitutes the
valid and binding obligation of the Guarantor enforceable against the Guarantor in accordance with its terms, except as such enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting
generally the enforcement of, creditors' rights and remedies or by other equitable principles of general application.


 


(c)               
No Conflicts. The execution, delivery and performance of this Guaranty by the Guarantor and the consummation by the Guarantor
of the transactions contemplated thereby do not and will not (i) conflict with or violate any provision of its Certificate of Incorporation
or By-laws or (ii) conflict with, constitute a default (or an event which with notice or lapse of time or both would become a default)
under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument
to which the Guarantor is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment, injunction, decree or
other restriction of any court or governmental authority to which the Guarantor is subject (including Federal and state securities laws
and regulations), or by which any material property or asset of the Guarantor is bound or affected, except in the case of each of clauses
(i) and (iii), such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations as could not, individually
or in the aggregate, adversely impair in any material respect the Guarantor’s ability to perform fully on a timely basis its obligations
under this Guaranty (a “Material Adverse Effect”). The business of the Guarantor is not being conducted in violation of any
law, ordinance or regulation of any governmental authority, except for violations which, individually or in the aggregate, do not have
a Material Adverse Effect.


 


(d)               
Consents and Approvals. The Guarantor is not required to obtain any consent, waiver, authorization or order of, or make
any filing or registration with, any court or other federal, state, local, foreign or other governmental authority or other person in
connection with the execution, delivery and performance by the Guarantor of this Guaranty.


 


(e)       Purchase
Agreement. The representations and warranties of the Company set forth in the Purchase Agreement as they relate to such Guarantor,
each of which is hereby incorporated herein by reference, are true and correct as of each time such representations are deemed to be made
pursuant to such Purchase Agreement, and the Purchaser shall be entitled to rely on each of them as if they were fully set forth herein,
provided, that each reference in each such representation and warranty to the Guarantor's knowledge shall, for the purposes of this Section
3, be deemed to be a reference to such Guarantor's knowledge


 


4.                  
Covenants. The Guarantor covenants and agrees with the Purchaser that, from and after the date of this Guarantee until the Obligations
shall have been paid in full, such Guarantor shall take, and/or shall refrain from taking, as the case may be, each commercially reasonable
action that is necessary to be taken or not taken, as the case may be, so that no Event of Default is caused by the failure to take such
action or to refrain from taking such action by the Guarantor. Additionally, the Guarantor agrees to be bound by the covenants set forth
in Notes as if fully set forth herein.


 


5.                  
Miscellaneous.


 


(a)               
Amendments in Writing. None of the terms or provisions of this Guarantee may be waived, amended, supplemented or otherwise
modified except in writing by the Majority Purchaser (as defined in the Purchase Agreement).


 


(b)               
Notices. All notices, requests and demands to or upon the Purchaser or any Guarantor hereunder shall be affected in the
manner provided for in the Purchase Agreement at their respective addresses (in the case of the Guarantor, at the address listed on page
1 hereof).


 


 






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(c)               
No Waiver By Course Of Conduct; Cumulative Remedies. The Purchaser shall not by any act (except by a written instrument
pursuant to Section 5(a)), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have
acquiesced in any default under the Transaction Documents or Event of Default. No failure to exercise, nor any delay in exercising, on
the part of the Purchaser, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of
any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power
or privilege. A waiver by the Purchaser of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right
or remedy which the Purchaser would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may
be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law.


 


(d)               
Enforcement Expenses; Indemnification.


 


(i)                
The Guarantor agrees to pay, or reimburse the Purchaser for, all its costs and expenses incurred in collecting against such Guarantor
under the guarantee contained in Section 2 or otherwise enforcing or preserving any rights under this Guarantee and the other Transaction
Documents to which such Guarantor is a party, including, without limitation, the reasonable fees and disbursements of counsel to the Purchaser.


 


(ii)              
The Guarantor agrees to pay, and to save the Purchaser harmless from, any and all liabilities with respect to, or resulting from
any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable in connection with
any of the transactions contemplated by this Guarantee.


 


(iii)            
The Guarantor agrees to pay, and to save the Purchaser harmless from, any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery,
enforcement, performance and administration of this Guarantee to the extent the Company would be required to do so pursuant to the Notes,
Pledge Agreement or Security Agreement.


 


(iv)             
The agreements in this Section shall survive repayment of the Obligations.


 


(e)               
Successor and Assigns. This Guarantee shall be binding upon the successors and assigns of the Guarantor and shall inure
to the benefit of the Purchaser and their respective successors and assigns; provided that the Guarantor may not assign, transfer or delegate
any of its rights or obligations under this Guarantee without the prior written consent of the Purchaser.


 


(f)                
Set-Off. The Guarantor hereby irrevocably authorizes the Purchaser at any time and from time to time while an Event of Default
under the Notes shall have occurred and be continuing, without notice to such Guarantor or any other Guarantor, any such notice being
expressly waived by each Guarantor, to set-off and appropriate and apply any and all deposits, credits, indebtedness or claims, in any
currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by the Purchaser
to or for the credit or the account of such Guarantor, or any part thereof in such amounts as the Purchaser may elect, against and on
account of the obligations and liabilities of such Guarantor to the Purchaser hereunder and claims of every nature and description of
the Purchaser against such Guarantor, in any currency, whether arising hereunder, under the Notes or otherwise, as the Purchaser may elect,
whether or not the Purchaser have made any demand for payment and although such obligations, liabilities and claims may be contingent
or unmatured. The Purchaser shall notify such Guarantor promptly of any such set-off and the application made by the Purchaser of the
proceeds thereof, provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights
of the Purchaser under this Section are in addition to other rights and remedies (including, without limitation, other rights of set-off)
which the Purchaser may have.


 


(g)               
Severability. Any provision of this Guarantee which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof,
and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.


 


 






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(h)               
Section Headings. The Section headings used in this Guarantee are for convenience of reference only and are not to affect
the construction hereof or be taken into consideration in the interpretation hereof.


 


(i)                
Integration. This Guarantee and the other Transaction Documents represent the agreement of the Guarantor and the Purchaser
with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Purchaser
relative to subject matter hereof and thereof not expressly set forth or referred to herein or in the other Transaction Documents.


 


(j)                
Governing Law. THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE
OF NEW YORK WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAWS.


 


(k)               
Submission to Jurisdictional; Waiver. The Guarantor hereby

irrevocably and unconditionally:


 


(i)                
submits for itself and its property in any legal action or proceeding relating to this Guarantee and the other Transaction Documents
to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction
of the Courts of the State of New York, located in New York County, New York, the courts of the United States of America for the Southern
District of New York, and appellate courts from any thereof;


 


(ii)              
consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter
have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient
court and agrees not to plead or claim the same;


 


(iii)            
agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified
mail (or any substantially similar form of mail), postage prepaid, to such Guarantor at its address referred to above or at such other
address of which the Purchaser shall have been notified pursuant thereto;


 


(iv)             
agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit
the right to sue in any other jurisdiction; and


 


(v)               
waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding
referred to in this Section any special, exemplary, punitive or consequential damages.


 


(l)                
Acknowledgements. The Guarantor hereby acknowledges that:


 


(i)                
it has been advised by counsel in the negotiation, execution and delivery of this Guarantee and the other Transaction Documents
to which it is a party;


 


(ii)              
the Purchaser has no fiduciary relationship with or duty to any Guarantor arising out of or in connection with this Guarantee or
any of the other Transaction Documents, and the relationship between the Guarantor, on the one hand, and the Purchaser, on the other hand,
in connection herewith or therewith is solely that of debtor and creditor; and


 


 






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(iii)            
no joint venture is created hereby or by the other Transaction Documents or otherwise exists by virtue of the transactions contemplated
hereby among the Guarantor and the Purchaser.


 


(m)             
Release of Guarantor. The Guarantor will be released from all liability hereunder concurrently with the repayment in full
of all amounts in connection with the Obligations.


 


(n)               
Waiver of Jury Trial. THE GUARANTOR AND, BY ACCEPTANCE OF THE BENEFITS HEREOF, THE PURCHASER, HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS GUARANTEE AND FOR ANY COUNTERCLAIM THEREIN.


 


(o) Seniority. The
obligations of the Guarantor under this Guarantee shall be senior in right of payment to its other obligations and will be secured be
a first lien in all of the Guarantor’s tangible and intangible assets.


 


 


 


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IN WITNESS WHEREOF, each of
the undersigned has caused this Guarantee to be duly executed and delivered as of the date first above written.


 


 


 


 


Gaming Technologies Limited


 


 


By:_________________________________


Name:


Title:


 


 


 






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