EMPLOYMENT AGREEMENT


This Employment
Agreement (this “Agreement”), dated November 30, 2018 and effective as of December 1, 2018, is between
Betsy MacLean (“Executive”) and Newgioco Group, Inc., a Delaware corporation (the “Company”).


RECITALS


		A.	The Company desires to secure the services of the Executive and the
Executive desires to render services to the Company upon the terms and conditions hereinafter set forth.



		B.	The Executive is a key executive of the Company or a subsidiary and
the Company believes it to be in the best interests of its stockholders to attract, retain and motivate key executives and ensure
continuity of management.



		C.	The Company and the Executive desire for this Agreement to constitute
and embody their full and complete understanding and agreement with respect to the Executive’s employment by the Company.



Now, therefore, in consideration
of the premises and mutual benefits to be derived herefrom and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged by the Company and Executive, the parties agree as follows:


I DEFINITIONS


		1.1	Definitions. In addition to terms defined elsewhere in this
Agreement, for purposes of this Agreement, the following terms will have the following meanings when used in this Agreement with
initial capital letters:



		(a)	“Affiliate”: with respect to any Person,
any other Person directly or indirectly controlling, controlled by or under common control with such Person. For purposes of this
definition, “control,” when used with respect to any Person, means the possession, directly or indirectly,
of the power to direct or cause the direction of the management and policies of any such Person, whether through the ownership
of voting securities, by contract or otherwise, and the term “controlled” has the meaning correlative
to the foregoing. With respect to any natural Person, “Affiliate” will include such Person’s parents,
any descendants of such Person’s parents, the parents of such Person’s spouse and any descendants of the parents of
such Person’s spouse (in each case, whether by blood, adoption or marriage).



		(b)	“Agreement”: as defined in the introductory
paragraph.



		(c)	“Base Salary”: as defined in Section 2.4



		(d)	“Board”: the Board of Directors of the
Company.



		(e)	“Business”: the business as conducted by
the Company and its Affiliates includes the providing of leisure betting technology software and services and the retail distribution
and sales of leisure betting products such as sports bets, lotto tickets, virtual sports bets, online poker and casino products
through both physical land-based retail locations as well as online channels through websites and mobile devices.



		(f)	“Cause”: (i) the neglect or failure
by Executive to perform her duties in any material respect after reasonable notice and an opportunity to cure; (ii) the
conviction of Executive of any felony or the plea by Executive of nolo contendere to any felony or offense evidencing moral
turpitude; (iii) personally or on behalf of another Person, receiving a benefit relating to the Company or its subsidiaries
or its funds, properties, opportunities or other assets that is in material violation of a policy of the Company or applicable
law, or constituting fraud, embezzlement or misappropriation; (iv) the failure by Executive to comply in any material respect
with any written policy of the Company after reasonable notice and an opportunity to cure; (v) the willful material misstatement
by the Executive of the financial records of the Company or its subsidiaries or complicit actions in respect thereof; (vi)
the willful failure to disclose material financial or other information to the Chief Executive Officer; (vii) the material
breach by Executive of any of the terms of this Agreement; or (viii) disparaging the Company, its subsidiaries or its executives,
or engaging in any conduct that would tend to materially harm their reputation.



		(g)	“Change of Control”: shall have occurred
if (i) any “person” as defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and as used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d)
of the Exchange Act, but excluding the Company and any subsidiary or affiliate and any employee benefit plan sponsored or maintained
by the Company or any subsidiary or affiliate (including any trustee of such plan acting as trustee) or any current stockholder
of 20% or more of the outstanding





    	 



    	 



    

common stock of the Company,
directly or indirectly, becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of securities
of the Company representing at least 40% of the combined voting power of the Company’s then-outstanding securities; (ii)
the stockholders of the Company approve a merger, consolidation, recapitalization, or reorganization of the Company, or a reverse
stock split of any class of voting securities of the Company, or the consummation of any such transaction if stockholder approval
is not obtained, other than any such transaction that would result in at least 60% of the total voting power represented by the
voting securities of the Company or the surviving entity outstanding immediately after such transaction being beneficially owned
by persons who together beneficially owned at least 80% of the combined voting power of the voting securities of the Company outstanding
immediately prior to such transaction; provided that, for purposes of Section 2.7(b), such continuity of ownership (and preservation
of relative voting power) shall be deemed to be satisfied if the failure to meet such 60% threshold is due solely to the acquisition
of voting securities by an employee benefit plan of the Company or such surviving entity or of any subsidiary of the Company or
such surviving entity; (iii) the stockholders of the Company approve a plan of complete liquidation of the Company, an agreement
for the sale or disposition by the Company of all or substantially all of its assets (or any transaction having a similar effect);
or (iv) during any period of two (2) consecutive years, individuals who at the beginning of such period constitute the Board,
together with any new director (other than a director designated by a person who has entered into an agreement with the Company
to effect a transaction described in clause (i), (ii) or (iii) above) whose election by the Board or nomination for election by
the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who
either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease
for any reason to constitute at least a majority of the Board.


		(h)	“Chief Executive Officer”: the Chief Executive
Officer of the Company.



		(i)	“COBRA”: Consolidated Omnibus Budget Reconciliation
Act of 1985.



		(j)	“Code”: as defined in Section 4.21.



		(k)	“Commencement Date”: as defined in Section
2.1.



		(l)	“Company”: as defined in the introductory
paragraph.



		(m)	“Company IP”: as defined in Section 3.4(a).



		(n)	“Competitive Business”: as defined in Section
3.1(a)(i).



		(o)	“Compensation”: as defined in Section 2.4.



		(p)	“Commencement Date”: as defined in Section
2.1.



		(q)	“Confidential Information”: as defined
in Section 3.3.



		(r)	“Disability”: If the Company or Newgioco
provides long-term disability insurance to its Executives generally, the term “Disability” shall have
the meaning set forth in such plan regarding eligibility for long-term disability insurance; otherwise, the term “Disability”
means a physical or mental incapacity as a result of which Executive becomes unable to continue to perform fully her duties hereunder
for 60 consecutive calendar days or for shorter periods aggregating 120 or more days in any 12-month period or upon the determination
by a licensed medical doctor practicing as a specialist in the area to which the alleged disability relates selected by the Company
that Executive will be unable to return to work and perform her duties on a full-time basis within 30 calendar days following the
date of such determination on account of mental or physical incapacity. The Board’s determination, in its sole discretion,
as to whether a Disability exists and the initial date of Disability shall be final and binding upon the parties.



		(s)	“Executive”: as defined in the introductory
paragraph.



		(t)	“Exchange Act”: as defined in Section 1.1(g).



		(u)	“Employment Period”: as defined in Section
2.1.



		(v)	“Good Reason”: except in connection with
a termination of the Executive’s employment for Cause or due to Disability the occurrence of any of the following events,
without the Executive’s consent: (i) a material adverse change to Executive’s positions, titles, offices, or
duties following the Effective Date from those set forth in Section





    	 



    	 



    

2, except, in such case,
in connection with the termination of Executive’s employment for Cause or due to Total Disability, death or expiration of
the Employment Period; provided, however, that a Good Reason event shall not be deemed to have occurred if, the Company ceases
to be a publicly-traded company, based on Executive’s duties changing from those of a public company chief executive officer
to those of a private company chief executive officer; (ii) a decrease in base salary or material decrease in Executive’s
Incentive Compensation opportunity provided under this Agreement; (iii) a requirement that on a continuing basis Executive
reports to anyone other than the Chief Executive Officer; provided that Executive may be required to report to the Board through
the chairman or another Board member or (iv) any other material failure by the Company to perform any material obligation
under, or material breach by the Company of any material provision of, this Agreement; provided, however, that a termination by
Executive for Good Reason under any of clauses (i) through (iv) shall not be considered effective unless Executive shall have provided
the Company with written notice of the specific reasons for such termination within sixty (60) days after she has knowledge of
the event or circumstance constituting Good Reason and the Company shall have failed to cure the event or condition allegedly constituting
Good Reason within sixty (60) days after such notice has been given to the Company and Executive actually terminates her employment
within one (1) year following the initial occurrence of the event giving rise to Good Reason.


		(w)	“Incentive Compensation”: as defined in
Section 2.4(b).



		(x)	“Initial Employment Term”: as defined in
Section 2.1.



		(y)	“Person”: an individual, a corporation,
a partnership, a limited liability company, an association, a trust, a joint stock company, a joint venture, an unincorporated
organization, a business entity or any other entity or any federal, state, county, city, municipal or other local or foreign government
or any subdivision, authority, commission, board, bureau, court, administrative panel or other instrumentality thereof.



		(z)	“Probation Period”: the six-month period
immediately following the Commencement Date.



		(aa)	“Release”: as defined in Section 2.7(g).



		(bb)	“Section 409A”: as defined in Section 4.21.



		(cc)	“Severance Bonus Amount”: as defined in
Section 2.7(a).



		(dd)	“Specified Executive”: as defined in Section 4.21(d)



		(ee)	“Termination Date”: as defined in Section
2.1.



II TERMS OF EMPLOYMENT


		2.1	Employment Period. The term of this Agreement and Executive’s
employment hereunder will commence on December1, 2018 (the “Commencement Date”) and terminate on November
30, 2021 (the “Initial Employment Term”), unless sooner terminated in accordance with Section 2.7; provided
however, that commencing on the first day after the expiration of the Initial Employment Term and on each anniversary of such date
thereafter, Executive’s employment hereunder will automatically be extended for successive one-year periods unless either
party gives written notice to the other, not less than 60 calendar days prior to the otherwise scheduled Termination Date, that
such party does not want Executive’s term of employment so to extend. A non-renewal notice by the Company pursuant to this
Section 2.1 shall be deemed to be a termination without Cause by the Company for purposes of this Agreement as of the end of the
then period. A non-renewal notice by the Executive pursuant to this Section 2.1 shall be deemed to be a resignation by the Executive
without Good Reason as of the end of the then period. The Initial Employment Term, as renewed by any additional successive one-year
periods, is referred to herein as the “Employment Period,” and the date on which this Agreement terminates
pursuant to this Section 2.1 or Section 2.7 is referred to herein as the “Termination Date.”



		2.2	Duties During Employment Period. Executive will be employed
by the Company as Chief Financial Officer and will report directly to the Chief Executive Officer. In such capacity, Executive
will perform such duties and exercise such powers as are reasonably assigned to Executive by the Chief Executive Officer. Executive
agrees that to the best of her ability and experience she shall at all times conscientiously perform all of the duties and obligations
reasonably assigned to her by the Chief Executive Officer under the terms of this Agreement.



		2.3	Activities During Employment Period. Executive will devote
her full business time, energy, ability, attention and skill to her employment hereunder and to the business of the Company as
conducted from time to time and, absent the prior





    	 



    	 



    

written approval of the Chief
Executive Officer, Executive will not engage in any other business activity, whether as an Executive, officer, director, consultant,
independent contractor or otherwise, that would interfere with her duties and responsibilities pursuant to Section 2.2. Executive
agrees to comply with all written policies of the Company throughout the Employment Period; provided, however, that if any such
policy conflicts with the terms of this Agreement, the terms of this Agreement shall prevail. Notwithstanding the foregoing, during
the Employment, Executive may (i) participate in charitable, civic, educational, professional, community or industry affairs,
and serve as a member of the boards of directors of for-profit and not-for-profit entities except that service on any board
shall be subject to prior written consent of the Board for each individual board position which may be granted or denied in the
Board’s sole discretion; and (ii) manage Executive’s passive personal investments, so long as such activities,
individually or in the aggregate, do not materially interfere or conflict with Executive’s duties hereunder or create a potential
business or fiduciary conflict.


		2.4	Compensation;



		(a)	Salary. The Company shall pay to the Executive, as compensation for
the performance of her duties and obligations under this Agreement, a base salary (which shall be paid in accordance with the normal
payroll practices of the Company) (the “Base Salary”), as follows:



		(i)	From the Commencement Date the Executive’s Base Salary shall
initially be at the rate of US$235,000 per annum.



		(ii)	Executive’s Base Salary shall be subject to review each year
for possible increase by the Board in its sole discretion.



		(iii)	Executive’s Base Salary may be increased by the Board at any
time. Executive’s Base Salary may not be decreased from the amount in effect at any time without the consent of the Executive.



		(b)	Incentive Bonus. The Executive shall not be eligible for bonuses
or other incentive compensation until the completion of the Probation Period.



		(i)	After the expiration of the Probation Period, the Executive shall
participate in all standard bonus plans established by the Board for senior executives, on a basis that is consistent with the
level of participation by other senior executives of the Company (“Incentive Compensation”). Such bonus
plans shall in all cases have reasonably achievable objectives that are determined by the Board, in its sole discretion.



		(c)	Equity Participation. The Executive shall not be eligible for equity-based
incentive compensation until the completion of the Probation Period.



		(i)	After the expiration of the Probation Period, the Board in its sole
discretion may determine to grant the Executive awards under any other stock option or equity-based incentive compensation plan
or arrangement adopted by the Company during the Employment Period for which the Company’s senior executives are eligible.
The level of the Executive’s participation in any such plan or arrangement, if any, shall be determined by the Board in its
sole discretion.



		(ii)	To the greatest extent permissible in accordance with applicable
IRS regulations, options to acquire Company stock which may be granted to the Executive shall be in the form of qualified options.
Any options which cannot be granted in the form of qualified options will be granted to the Executive as non-qualified options.



		2.5	Benefits.



		(a)	Medical and Welfare Benefits. Except as otherwise addressed
in this Section 2.5, during the Employment Period, Executive (and, in the case of medical coverage, her dependents) shall be entitled
to participate in any vacation, pension, medical, retirement and other benefit plans and programs generally available to the Company’s
senior officers and directors, provided that Executive and her dependents meet all eligibility requirements under those
plans and programs. Executive and her dependents shall be subject to the terms and conditions of the plans and programs, including,
without limitation, the Company’s right to amend or terminate the plans and programs at any time and without prior notice
to the participants.



		(b)	Perquisites and Other Benefits. During the Employment Period,
the Executive shall be entitled to fringe benefits and perquisites comparable to those of other senior executives of the Company.
Such fringe benefits shall include,





    	 



    	 



    

but not be limited to, 4
weeks of paid vacation per year, to be used in accordance with the Company’s paid vacation policy for senior executives.


		(c)	Business and Travel Expenses. During the Employment Period,
the Company shall promptly pay or reimburse the Executive for all actual, reasonable and customary expenses incurred by the Executive
in the course of her employment including but not limited to travel, entertainment, subscriptions and dues associated with the
Executive’s membership in professional, business and civic organizations; provided that such expenses are incurred and accounted
for in compliance with the Company’s policies as then in effect regarding the incurrence, substantiation and verification
of business expenses, Executive is authorized to incur on behalf of the Company and the Company will pay or reimburse Executive
for all reasonable expenses incurred in connection with the performance of Executive’s duties hereunder or for promoting,
pursuing or otherwise furthering the Business of the Company, including Executive’s reasonable expenses for travel, meals,
accommodation, entertainment and similar items.



		2.6	Deductions and Withholdings. All amounts payable or that become
payable and all benefits provided under this Agreement will be subject to any deductions and withholdings required by law.



		2.7	Termination. Executive’s employment may be terminated
at any time prior to the end of the Employment Period under the terms described in this Section 2.7, and the Employment Period
shall automatically terminate upon any termination of Executive’s employment. For purposes of clarification, except as provided
in Section 3.7, all stock options, restricted stock units and other equity-based awards will be governed by the terms of the plans,
grant agreements and programs under which such options, restricted stock units or other awards were granted on any termination
of the Employment Period and Executive’s employment with the Company.



		(a)	Termination by the Company without Cause or Resignation by Executive
for Good Reason after the Probation Period. The Company may terminate Executive’s employment at any time without Cause,
for any reason or no reason, and after the Probation Period Executive may terminate Executive’s employment for “Good
Reason.” After the expiration of the Probation Period, in the event that Executive’s employment is terminated by the
Company without Cause or by Executive for Good Reason (and for the avoidance of doubt, not in the event of a termination pursuant
to Section 2.7(c), (d), (e) or (f) or due to a notice of non-renewal by the Executive pursuant to Section 2.1), the Company shall
pay the following amounts, and make the following other benefits available, to Executive:



		(i)	the standard termination payments in compliance with the Company’s
policies as then in effect, if any; including the reimbursement of expenses properly incurred by the Executive prior to the Termination
Date; and



		(ii)	an amount equal to one (1) times the sum of (A) Executive’s
base salary and (B) an amount equal to the highest annual Incentive Compensation paid to Executive (if any) in respect of
the two (2) most recent fiscal years of the Company (such amount under this sub-clause (B), the “Severance Bonus Amount”),
such amount under this clause 2.7(a)(ii) shall be payable monthly in equal installments over a period of twelve (12) months after
such termination in accordance with Section 4.21; and



		(iii)	if Executive elects to continue medical coverage under the Company’s
group health plan in accordance with COBRA, an amount equal to the monthly premiums for such coverage less the amount of employee
contributions for similarly-situated active employees of the Company, which shall be payable to Executive monthly until the earlier
of (A) twelve (12) months after the termination date, or (B) the date Executive becomes eligible to receive such coverage under
a subsequent employer’s insurance plan for a period of twelve (12) months; provided, however, if the Company’s payment
of the COBRA premium contributions as described herein would subject the Company to any tax or penalty under the Patient Protection
and Affordable Care Act or Section 105(h) of the Internal Revenue Code of 1986, as amended, such monthly payments shall be taxable
to Executive and Executive may, but is not required to, use such payment towards COBRA coverage; and



		(iv)	subject to Section 3.7 and except to the extent otherwise provided
at the time of grant under the terms of any equity award made to Executive, full vesting of any unvested stock options and any
unvested restricted stock units held by Executive immediately prior to such termination (provided that any such stock options (together
with any other vested stock options) held by Executive will cease being exercisable upon the earlier of thirty (30) days after
such termination and the scheduled expiration date of such stock options), and, in all other respects, all stock options, restricted
stock units and other equity-based awards held by





    	 



    	 



    

Executive shall be governed
by the plans and programs and the agreements and other documents pursuant to which the awards were granted; provided, however,
that in the event such termination occurs prior to the Compensation Committee’s determination as to the satisfaction of any
performance criteria to which any such stock options and/or restricted stock units is subject, such stock options and/or restricted
stock units (as the case may be) will not vest (and, in the case of any such stock options, will not become exercisable) unless
and until a determination is or has been made by the Compensation Committee that such criteria have been satisfied, at which time
such stock options and/or restricted stock units will vest (and, in the case of any such stock options, will become exercisable)
to the extent contemplated by the terms of such award (it being understood and agreed, for the avoidance of doubt, that such stock
options or restricted stock units will immediately be forfeited to the extent contemplated by the terms of such award in the event
that such criteria are determined not to have been satisfied); provided, further, however, if necessary to comply with Section
409A, settlement of any such equity-based awards shall be made on the date that is six (6) months plus one (1) day following expiration
of the Term.


		(b)	Termination by the
Company during the Probationary Period or for Cause after the Probationary Period. The Company will have the right to terminate
Executive’s employment hereunder at any time during the Probation Period, with or without Cause, and for Cause at any time
after the Probation Period upon written notice to Executive. Upon termination of the Executive’s employment in such circumstances,
the Company will pay to Executive (i) accrued but unpaid Base Salary through the Termination Date and (ii) all expenses
incurred by Executive prior to the Termination Date for which Executive is entitled to reimbursement pursuant to Section 2.5(c),
which payments will become due and payable in cash in
a lump sum on the Termination Date. Upon termination of Executive’s employment pursuant to this Section 2.7(b), except for
the payments required by this Section 2.7(b), the Company will have no additional obligations to Executive hereunder or otherwise,
and except as otherwise provided in this Agreement, this Agreement will terminate.



		(c)	Termination by Death of Executive. If Executive dies during
the Employment Period, the Company will pay to such Person or Persons as Executive may designate in writing or, in the absence
of such designation, to the estate of Executive, the sum of (i) accrued but unpaid Salary earned prior to Executive’s
death, and (ii) expenses incurred by Executive prior to her death for which Executive is entitled to reimbursement pursuant
to Section 2.5(c) and (iii) one (1) times the Executive’s annual Base Salary at the time of her death. Such payment
will be made within 45 calendar days following the date of Executive’s death. This Agreement in all other respects will terminate
upon the death of Executive and all rights of Executive and her heirs, testamentary executors and testamentary administrators regarding
compensation and other benefits under this Agreement shall cease.



		(d)	Termination for Disability. The Company will have the right
to terminate Executive’s employment hereunder at any time upon the Disability of Executive during the Employment Period.
If Executive’s employment is terminated because of Executive’s Disability, the Company will pay to Executive the sum
of (i) accrued but unpaid Base Salary prior to the Executive’s Disability, and (ii) all expenses incurred by
Executive prior to her Disability for which Executive is entitled to reimbursement pursuant to Section 2.5(c) and (iii)
one times the Executive’s annual Base Salary at the time of her disability. Such payment will be made within 45 calendar
days following the date of Executive’s Disability. This Agreement in all other respects will terminate upon the Disability
of Executive, except as otherwise provided in this Agreement.



		(e)	Resignation by Executive for Any Reason other than Good Reason.
Executive may resign for any or no reason upon 30 calendar days’ written notice. If Executive resigns for any reason other
than Good Reason, the Company will pay to Executive (i) accrued but unpaid Base Salary through the Termination Date, and
(ii) all expenses incurred by Executive prior to the Termination Date for which Executive is entitled to reimbursement pursuant
to Section 2.5(c), which payments will become due and payable in cash in a lump sum on the Termination Date. Upon termination of
Executive’s employment pursuant to this Section 2.7(e), except for the payments required by this Section 2.7(f), the Company
will have no additional obligations to Executive hereunder or otherwise, and except as otherwise provided in this Agreement, this
Agreement will terminate.



		(f)	Release. To be eligible for severance pay as described in
Section 2.7(a), the Executive must execute a release of claims substantially in the form attached hereto as Exhibit A (the “Release”)
in favor of the Company and its Affiliates, and deliver it to the Company such that it becomes irrevocable within 30 days after
Executive’s termination of employment. If the period during which the Executive has discretion to execute or revoke the general
release of claims straddles two taxable years of the Executive, then the Company shall make the severance payments





    	 



    	 



    

starting in the second
of such taxable years, regardless of which taxable year the Executive actually delivers the executed general release of claims
to the Company.


		(g)	Suspension by the Company for Indictment; Administrative Leave.
The Company will have the right to suspend Executive’s employment and right to Base Salary and other compensation pursuant
to this Agreement upon the indictment of Executive for any felony until the final resolution of all proceedings with respect to
such indictment. The Company will have the right to place Executive on administrative leave during the Employment Period if the
Board determines in good faith that circumstances exist that would reasonably be expected to give rise to the Company’s ability
to terminate this Agreement for Cause. While on administrative leave, Executive agrees to fully cooperate with the Company and
the Board, and Executive will be entitled to receive her Base Salary, payable in accordance with Section 2.4.



III RESTRICTIVE COVENANTS


		3.1	Non competition and Non solicitation.



		(a)	The Executive agrees and acknowledges that, in connection with her
employment with the Company, she has been and will continue to be provided with access to and become familiar with confidential
and proprietary information and trade secrets belonging to the Company and its Affiliates. The Executive further acknowledges and
agrees that, given the nature of this information and trade secrets, it is likely that such information and trade secrets would
inevitably be used or revealed, either directly or indirectly, in any subsequent employment with a Competitive Business in any
position comparable to the position she will hold with the Company under this Agreement. Accordingly, in consideration of her employment
with the Company pursuant to this Agreement, and other good and valuable consideration, the receipt of which is hereby acknowledged,
the Executive agrees that, while she is in the employ of the Company and for two (2) years after the date that the Executive ceases
to be an Executive of the Company, Executive will not, without the prior written consent of Company, for her own account or jointly
with another, for or on behalf of any person, as principal, agent, shareholder, participant, partner, promoter, director, officer,
manager, Executive, consultant, sales representative or otherwise:



		(i)	provide services the same as or substantially similar to those Executive
provided while employed by Company to any business engaged, or which she reasonably knows is undertaking to become engaged, in
a business that is in competition with the Business of the Company or its Affiliates (a “Competitive Business”)
in any jurisdiction in the world where the Company does business; provided that Executive may purchase or otherwise acquire up
to (but not in excess of) 2% of any class of securities of any Person, including a Competitive Business (but without otherwise
participating in the activities of such Person), if such securities are listed on any national or regional securities exchange;



		(ii)	directly or indirectly solicit, or assist in the solicitation of,
any Person or entity to whom the Company or any Affiliate sold or licensed or provided any products or services on, or during the
two (2) year period prior to, the date of termination of employment, for the purpose of obtaining the patronage of such Person
for the purchase of any competitive products or services;



		(iii)	directly or indirectly solicit, interfere with, disturb, or attempt
to solicit, interfere with or disturb, directly or indirectly, the relationship (contractual or otherwise) with any Person who
is, as of the date of termination of employment, or was within two (2) years prior to the date of termination of employment, a
supplier of the Company or any Affiliate, including any actively sought prospective supplier of the Company or any Affiliate, for
the purpose of inducing such supplier to cease doing business with the Company or any Affiliate; or



		(iv)	directly or indirectly recruit solicit, encourage or assist in the
solicitation of, for the purpose of offering employment to or hiring, any Person employed by the Company or any Affiliate (as an
Executive, independent contractor or otherwise) unless, prior to any such solicitation, such person is no longer employed or engaged
by the Company or any Affiliate.



		(b)	The parties agree that the relevant public policy aspects of covenants
not to compete and not to solicit have been discussed, and that every effort has been made to limit the restrictions placed upon
the Executive to those that are reasonable and necessary to protect the Company’s legitimate interests. The Executive acknowledges
that, based upon her education, experience, and training, these non-compete and non-solicit provisions will not prevent her from
earning a livelihood and supporting himself and her family during the relevant time period. The Executive





    	 



    	 



    

further acknowledges that
a narrower geographic limitation on the restrictive covenants than that set forth above would not adequately protect the Company’s
legitimate business interests.


		(c)	If any provision of this Section 3.1, or the application of such
provision to any Person or circumstance is held invalid, illegal or unenforceable in any respect by a court or other tribunal of
competent jurisdiction, such provision will, without any actions on the part of the parties to this Agreement, be modified to the
least extent necessary to cause such provision to conform to the law as determined by such court or other tribunal, and such invalidity,
illegality or unenforceability will not affect any other provision of this Agreement.



		(d)	The restrictions contained in Section 3.1 are necessary for the protection
of the business, goodwill and Confidential Information of the Company and its Affiliates and are considered by the Executive to
be reasonable for such purposes. The Executive agrees that any material breach of Section 3.1 will cause the Company and its Affiliates
substantial and irrevocable damage and therefore, in the event of any such breach, in addition to such other remedies which may
be available, the Company shall have the right to seek specific performance and injunctive relief, cease any severance payments
being made to the Executive, and/or recover severance payments already made.



		(e)	The existence of a claim, charge, or cause of action by the Executive
against the Company shall not constitute a defense to the enforcement by the Company of the foregoing restrictive covenants.



		(f)	The provisions of this Section 3.1 shall survive termination of this
Agreement and apply regardless of the reason for the termination of the Executive’s employment.



		3.2	Permitted Activities. For the avoidance of doubt, during and
after the Employment Period, nothing contained in this Section 3 shall be construed to prohibit Executive from contacting business
associates, customers or suppliers of the Company if such contact is not made for purposes of, and does not have the effect of,
violating any of the provisions of this Section 3.



		3.3	Confidentiality.



		(a)	Executive acknowledges that prior to the effectiveness of the Agreement,
Executive has been given and will continue to have in connection with the conduct of the Business access and exposure to trade
secrets and confidential information of the Company and its Affiliates in written, oral, electronic and other form regarding the
businesses, operations, equipment, products and Executives of the Company and its Affiliates (“Confidential Information”),
including but not limited to:



		(i)	the identities of existing and potential customers and key accounts,
including, without limitation, the identity of existing and potential customers and key accounts cultivated or maintained by Executive
while providing services at the Company or any Affiliate or that Executive cultivates or maintains while providing services at
the Company or its Affiliates using the Company’s or any Affiliate’s products, names and infrastructure, and the identities
of contact persons at those customers and key accounts and potential customers and key accounts;



		(ii)	the particular preferences, likes, dislikes and needs of those existing
and potential customers and key accounts and contact persons with respect to product types, price of odds, spreads, service fees,
sales calls, timing, sales terms, rental terms, lease terms, service plans, and other marketing terms and techniques;



		(iii)	the business methods, practices, strategies, forecasts, pricing,
and marketing techniques;



		(iv)	the identities of licensors, vendors, brokers, and other suppliers
and the identities of contact persons at such licensors, vendors, brokers, and other suppliers;



		(v)	the identities of key sales agents and representatives, regional
and national store managers, buyers and other personnel and Executives;



		(vi)	advertising and sales materials, research, technology, intellectual
property rights, training materials and techniques, operating and franchising manuals, computer software and related materials;



		(vii)	other facts and financial and other business information concerning
such Persons or relating to their business, operations, financial condition, results of operations and prospects;



		(viii)	Company IP (as defined in Section 3.4(a) below); and





    	 



    	 



    

		(ix)	all other information the Company or its Affiliates try to keep confidential
and that has commercial or competitive value or is of such a nature that its unauthorized disclosure would be detrimental to the
Company’s or its Affiliates’ interest.



		(b)	Confidential Information will not include: (i) information
that is already in or subsequently enters the public domain, other than as a result of any direct or indirect action or inaction
by Executive or any of her Affiliates; or (ii) information that is approved for public release by the Company or its Affiliates.



		(c)	In the event that the Executive becomes legally compelled (by deposition,
interrogatory, request for documents, subpoena, civil investigative demand or similar process) to disclose any of the Confidential
Information, the Executive shall provide the Company with prompt written notice of such requirement prior to complying therewith
so that the Company may seek a protective order or other appropriate remedy and/or waive compliance with the terms of this Agreement.
In the event that such protective order or other remedy is not obtained or the Company waives compliance with the provisions hereof,
the Executive agrees to furnish only that portion of the Confidential Information that is legally required and to exercise reasonable
efforts to obtain an assurance that confidential treatment will be accorded such Confidential Information.



		(d)	During the Employment Period and for five (5) years thereafter, the
Executive (i) will not use Confidential Information for any purpose detrimental to the Company or its Affiliates and (ii)
will not, except as directed by the Company, use for himself or others, directly or indirectly, any such Confidential Information,
and, except as required by law or as directed by the Company, Executive will not disclose such Confidential Information, directly
or indirectly, to any other Person; provided, however, that as the above restrictions relate to the Executive’s use and disclosure
of trade secrets of the Company and its Affiliates, those restrictions shall remain in place during the Employment Period and at
any time thereafter. Executive acknowledges that this covenant is necessary to protect the Company’s and its Affiliates’
Confidential Information and trade secrets.



		(e)	All physical property and all notes, memoranda, files, records, writings,
documents and other materials of any and every nature, written or electronic, that Executive has or will prepare, develop or receive
in the course of the Employment Period and that relate to or are useful in any manner to the Business or any other business now
or hereafter conducted by the Company or its Affiliates, are and will remain the sole and exclusive property of such Persons. Executive
will not, without the Chief Executive Officer’s prior written consent, remove from such Person’s premises any such
physical property, the original, “soft copy” or any reproduction of any such materials nor the information contained
therein, and all such physical property, materials and information in her possession or under her custody or control will, on the
date of termination of any employment or consulting agreement be immediately turned over to the Company or its Affiliates.



		(f)	DTSA Notice. Pursuant to 18 U.S.C. 1833(b), an individual shall not
be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A)
is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney;
and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other
document filed in a lawsuit or other proceeding, if such filing is made under seal. Further, an individual who files a lawsuit
for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the
individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the
trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.



		3.4	Patents, Inventions and Other Intellectual Property.



		(a)	If at any time during the Employment Period or prior thereto at any
time that Executive was an Executive, agent, director or officer of or consultant to the Company or its Affiliates, Executive,
whether alone or with any other Person, makes, discovers, produces, conceives or first reduces to practice any invention, process,
development, design or improvement that relates to, affects or, in the opinion of the Board, is capable of being used or adapted
for use in or in connection with the Business or any product, process or intellectual property right of the Company or its Affiliates,
(i) Executive acknowledges and agrees that such invention, process, development, design or improvement (collectively, “Company
IP”) will be the sole property of the Company or such Affiliate, as appropriate and are hereby irrevocably assigned
by Executive to the Company or such Affiliate, as appropriate, and (ii) Executive will immediately disclose in confidence
all Company IP to the Company in writing.





    	 



    	 



    

		(b)	Executive will, if and when reasonably required to do so by the Company
(whether during the Employment Period or thereafter), at the Company’s expense and, if after the expiration of the Employment
Period, subject to Executive’s availability and reimbursement by the Company of Executive’s reasonable out-of-pocket
expenses and payment to Executive of a reasonable per diem to compensate Executive for time spent in connection therewith: (i)
apply, or join with the Company or an Affiliate thereof, as appropriate, in applying, for patents or other protection in any jurisdiction
in the world for any Company IP; (ii) execute or procure to be executed all instruments, and do or procure to be done all
things, that are necessary or, in the opinion of the Company, advisable for vesting such patents or other protection in the name
of the Company or an Affiliate thereof or any nominee thereof, or subsequently for renewing and maintaining the same in the name
of the Company or an Affiliate thereof or its nominees; and (iii) assist in defending any proceedings relating to, or to
any application for, such patents or other protection.



		(c)	Executive irrevocably appoints the Company as her attorney in her
name (with full power of substitution and resubstitution) and on her behalf to execute all documents, and do all things, required
in order to give full effect to the provisions of this Section 3.4.



		3.5	Non-disparagement. Executive shall not, during the Employment
Period and thereafter, disparage in any material respect the Company, any affiliate of the Company, any of their respective businesses,
any of their respective officers, directors or employees, or the reputation of any of the foregoing persons or entities. Notwithstanding
the foregoing, nothing in this Agreement shall preclude Executive from making truthful statements that are required by applicable
law, regulation or legal process.



		3.6	No Other Obligations. Executive represents that Executive
is not precluded or limited in Executive’s ability to undertake or perform the duties described herein by any contract, agreement
or restrictive covenant. Executive covenants that Executive shall not employ the trade secrets or proprietary information of any
other Person in connection with Executive’s employment by the Company without such Person’s authorization.



		3.7	Forfeiture of Outstanding Equity Awards; “Clawback”
Policies. The provisions of Section 2 notwithstanding, if Executive willfully and materially fails to comply with Section 3.1,
3.2, 3.3, 3.4, or 3.5, all options to purchase common stock, restricted stock units and other equity-based awards granted by the
Company or any of its affiliates (whether prior to, contemporaneous with, or subsequent to the date hereof) and held by Executive
or a transferee of Executive shall be immediately forfeited and cancelled. Executive acknowledges and agrees that, notwithstanding
anything contained in this Agreement or any other agreement, plan or program, any incentive-based compensation or benefits contemplated
under this Agreement (including Incentive Compensation and equity-based awards) shall be subject to recovery by the Company under
any compensation recovery or “clawback” policy, generally applicable to senior executives of the Company, that the
Company may adopt from time to time, including any policy which the Company may be required to adopt under Section 954 of the Dodd-Frank
Wall Street Reform and Consumer Protection Act and the rules and regulations of the Securities and Exchange Commission thereunder
or the requirements of any national securities exchange on which the Company’s common stock may be listed.



		3.8	Specific Performance. Executive acknowledges that the Company
will have no adequate remedy at law if Executive breaches any of the provisions of Section 3. In the event of such a breach, Executive
agrees that the Company will have the right, in addition to any other rights it may have, to specific performance of Section 3.
If legal proceedings are commenced by the Company against Executive, in connection with Section 3, the party that does not prevail
in such proceedings shall pay the reasonable out-of-pocket expenses, including, without limitation, reasonable attorneys’
fees, disbursements, investigation costs and other costs and expenses incurred by the prevailing party in such proceedings, arising
out of or in connection with the Company’s claim under Section 3.



		3.9	Survival. The provisions contained in this Section 3 will
survive termination of this Agreement regardless whether such termination is initiated by the Company or the Executive.





    	 



    	 



    

 


IV MISCELLANEOUS


		4.1	Notices. All notices and other communications required or
permitted hereunder will be in writing and, unless otherwise provided in this Agreement, will be deemed to have been duly given
when delivered in person or by a nationally recognized overnight courier service or when dispatched if during normal business hours
by electronic facsimile transfer (confirmed in writing by mail simultaneously dispatched) to the appropriate party at the address
specified below:



If to the Company, to:


Newgioco Group, Inc.


Beard Winter, LLP


130 Adelaide St. W, Suite 701


Toronto, Ontario, Canada M5H
2K4


Facsimile No.: (416) 593-7760


Attention: Julian L. Doyle,
LLB


 


with a copy to:


 


Sheppard Mullin Richter &
Hampton LLP


30 Rockefeller Plaza


New York, NY 10112-0015


Facsimile No.: (212) 655-1731


Attention: Andrea Cataneo, Esq.


If to Executive, to the address
for the Executive in the Company’s payroll records; or, in any case, to such other address or addresses as any such party
may from time to time designate by like notice.


		4.2	Amendments and Waivers,



		(a)	Any provision of this Agreement may be amended or waived if, but
only if, such amendment or waiver is in writing and is signed, in the case of an amendment, by each party to this Agreement, or
in the case of a waiver, by the party against whom the waiver is to be effective.



		(b)	No failure or delay by any party in exercising any right, power or
privilege hereunder will operate as a waiver thereof nor will any single or partial exercise thereof preclude any other or further
exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided will be cumulative
and not exclusive of any rights or remedies provided by law.



		4.3	Code of Conduct. Executive acknowledges that she has read
the Company’s Code of Business Conduct and agrees to abide by such Code of Business Conduct, as amended or supplemented from
time to time, and other policies applicable to employees and executives of the Company.



		4.4	Indemnification. The Company shall indemnify Executive to
the fullest extent permitted under the Company’s Certificate of Incorporation or By-Laws and pursuant to any other agreements
or policies in effect from time to time in connection with any action, suit or proceeding to which Executive may be made a party
by reason of Executive being an officer, director or employee of the Company or of any subsidiary or affiliate of the Company.
This provision shall survive termination of employment.



		4.5	Expenses. Except as otherwise provided elsewhere in this Agreement,
each party will pay all of their respective expenses incurred in connection with the negotiation of this Agreement, and, except
as otherwise specified in this Agreement, the parties will pay all of their respective expenses incurred in connection with any
legal proceeding concerning a dispute arising out of this Agreement.



		4.6	Successors and Assigns. The provisions of this Agreement will
be binding upon and inure to the benefit of the parties hereto and their respective successors, assigns, heirs and administrators;
provided that except in accordance with the laws of descent and distribution Executive may not assign, delegate or otherwise transfer
any of her rights or obligations under this Agreement without the prior written consent of the Company.



		4.7	No Third-Party Beneficiaries. Except as otherwise expressly
provided for herein, this Agreement is for the sole benefit of the parties hereto, and Newgioco and its Affiliates, and their permitted
assigns and nothing herein expressed or implied





    	 



    	 



    

will give or be construed
to give to any Person, other than the parties hereto and such permitted assigns any legal or equitable rights hereunder.


		4.8	Governing Law. This Agreement will be governed by, and construed
in accordance with, the laws of the State of Delaware without regard to the principles of conflicts of laws of such state.



		4.9	Arbitration.



		(a)	Executive and the Company agree that, except for claims for workers’
compensation, unemployment compensation, and any other claim that is non-arbitrable under applicable law, final and binding arbitration
shall be the exclusive forum for any dispute or controversy between them, including, without limitation, disputes arising under
or in connection with this Agreement, Executive’s employment, and/or termination of employment, with the Company; provided,
however, that the Company shall be entitled to commence an action in any court of competent jurisdiction for injunctive relief
in connection with any alleged actual or threatened violation of any provision of Section 3. Judgment may be entered on the arbitrators’
award in any court having jurisdiction. For purposes of entering such judgment or seeking injunctive relief with regard to Section
3, the Company and Executive hereby consent to the jurisdiction of any or all of the following courts: (i) the United States
District Court for the Southern District of New York; (ii) the Supreme Court of New York County, New York; or (iii)
any other court having jurisdiction; provided that damages for any alleged violation of Section 3, as well as any claim, counterclaim
or cross-claim brought by Executive or any third-party in response to, or in connection with any court action commenced by the
Company seeking said injunctive relief shall remain exclusively subject to final and binding arbitration as provided for herein.
The Company and Executive hereby waive, to the fullest extent permitted by applicable law, any objection which either may now or
hereafter have to such jurisdiction, venue and any defense of inconvenient forum. Thus, except for the claims carved out above,
this Agreement includes all common-law and statutory claims (whether arising under federal state or local law), including any claim
for breach of contract, fraud, fraud in the inducement, unpaid wages, wrongful termination, and gender, age, national origin, sexual
orientation, marital status, disability, or any other protected status.



		(b)	Any arbitration under this Agreement shall be filed exclusively with,
and administered by, the American Arbitration Association in New York, New York before three arbitrators, in accordance with the
National Rules for the Resolution of Employment Disputes of the American Arbitration Association in effect at the time of submission
to arbitration. The Company and Executive hereby agree that a judgment upon an award rendered by the arbitrators may be enforced
in other jurisdictions by suit on the judgment or in any other manner provided by law. The Company shall pay all costs uniquely
attributable to arbitration, including the administrative fees and costs of the arbitrators. Each party shall pay that party’s
own costs and attorney fees, if any, unless the arbitrators rule otherwise. Executive understands that she is giving up no substantive
rights, and this Agreement simply governs forum. The arbitrators shall apply the same standards a court would apply to award any
damages, attorney fees or costs. Executive shall not be required to pay any fee or cost that she would not otherwise be required
to pay in a court action, unless so ordered by the arbitrators.



		4.10	Jurisdiction. Any suit, action or proceeding seeking to enforce
any provision of, or based on any matter arising out of or in connection with, this Agreement shall be subject to the exclusive
jurisdiction and venue of the state and federal courts located in the State of Delaware and each of the parties to this Agreement
hereby irrevocably consents to the jurisdiction and venue of such courts (and of the appropriate appellate courts therefrom) in
any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now
or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action
or proceeding that is brought in any such court has been brought in an inconvenient form. Process in any such suit, action or proceeding
may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting
the foregoing, each party to this Agreement agrees that service of process on such party as provided in Section 4.1 of this Agreement
will be deemed effective service of process on such party.



		4.11	No Limitation of Rights. Nothing in this Agreement shall limit
or prejudice any rights of the Company or Executive under any other laws.



		4.12	WAIVER OF JURY TRIAL. EACH OF THE EXECUTIVE AND THE COMPANY
HEREBY KNOWINGLY AND VOLUNTARILY IRREVOCABLY WAIVE ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY LEGAL PROCEEDING OR DISPUTE ARISING
OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY SUBJECT TO THE TERMS OF THE ARBITRATION CLAUSE SET
FORTH IN SECTION 4.9.





    	 



    	 



    

		4.13	Counterparts. This Agreement may be signed in any number of
counterparts, each of which will be an original, with the same effect as if the signatures thereto and hereto were upon the same
instrument.



		4.14	Headings. The headings in this Agreement are for convenience
of reference only and will not control or affect the meaning or construction of any provisions hereof.



		4.15	Joint Drafting. In recognition of the fact that the parties
had an equal opportunity to negotiate the language of, and draft, this Agreement, the parties acknowledge and agree that there
is no single drafter of this Agreement and, therefore, the general rule that ambiguities are to be construed against the drafter
is, and shall be, inapplicable. If any language in this Agreement is found or claimed to be ambiguous, each party shall have the
same opportunity to present evidence as to the actual intent of the parties with respect to any such ambiguous language without
any inference or presumption being drawn against any party.



		4.16	Severability. If any provision of this Agreement or the application
of any such provision to any Person or circumstance is held invalid, illegal or unenforceable in any respect by a court of competent
jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision hereof. If any provision of this
Agreement is finally judicially determined to be invalid, ineffective or unenforceable, the determination will apply only in the
jurisdiction in which such final adjudication is made, and such provision will be deemed severed from this Agreement for purposes
of such jurisdiction only, but every other provision of this Agreement will remain in full force and effect, and there will be
substituted for any such provision held invalid, ineffective or unenforceable, a provision of similar import reflecting the original
intent of the parties to the extent permitted under applicable law.



		4.17	Survivability. The provisions of this Agreement which by their
terms call for performance subsequent to termination of Executive’s employment hereunder, or of this Agreement, shall so
survive such termination, whether or not such provisions expressly state that they shall so survive.



		4.18	Certain Interpretive Matters.



		(a)	Unless the context requires otherwise, (i) words in the singular
include the plural and vice versa, (ii) all reference to $ or dollar amounts will be to lawful currency of the United States, (iii)
all reference to € or Euro amounts will be to lawful currency of the European Union, (iv) to the extent the term “day”
or “days” is used, it will mean calendar days, (v) the words “herein,” “hereby,”
“hereunder” and other words of similar import refer to this Agreement as a whole, and (vi) the term “including”
means “including without limitation.”



		(b)	No provision of this Agreement will be interpreted in favor of, or
against, any of the parties hereto by reason of the extent to which any such party or its counsel participated in the drafting
of this Agreement or by reason of the extent to which any such provision is inconsistent with any prior draft of this Agreement
or any provision of this Agreement.



		4.19	Entire Agreement. This Agreement constitutes the entire agreement
among the parties with respect to the subject matter hereof. This Agreement supersedes all prior agreements and understandings,
both oral and written, between the parties with respect to the subject matter of this Agreement.



		4.20	Full Understanding. Executive represents and agrees that Executive
fully understands Executive’s right to discuss all aspects of this Agreement with Executive’s private attorney, and
that to the extent, if any, that Executive desired, Executive utilized this right. Executive further represents and agrees that:
(i) Executive has carefully read and fully understands all of the provisions of this Agreement; (ii) Executive is
competent to execute this Agreement; (iii) Executive’s agreement to execute this Agreement has not been obtained by
any duress and that Executive freely and voluntarily enters into it; and (iv) Executive has read this document in its entirety
and fully understands the meaning, intent and consequences of this document.



		4.21	Section 409A.



		(a)	The provisions of this Agreement are intended to comply with or be
exempt from Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and any final
regulations and guidance promulgated thereunder and shall be construed in a manner consistent with the requirements for avoiding
taxes or penalties under Section 409A of the Code (“Section 409A”). If the Company determines in good
faith that any provision of this Agreement would cause Executive to incur an additional tax, penalty, or interest under Section
409A, and the applicable guidance thereunder, the Company and Executive shall use reasonable efforts to reform such provision,
if possible, in a mutually agreeable fashion to maintain to the maximum extent practicable the original intent of the applicable





    	 



    	 



    

provision without violating
the provisions of Section 409A or causing the imposition of such additional tax, penalty, or interest under Section 409A. The preceding
provision, however, shall not be construed as a guarantee by the Company of any particular tax effect to Executive under this Agreement.
In no event will the Company be liable for any additional tax, interest or penalties that may be imposed upon Executive under Section
409A or any damages for failing to comply with Section 409A.


		(b)	“Termination of employment,” or words of similar import,
as used in this Agreement means, for purposes of any payments under this Agreement that are payments of deferred compensation subject
to Section 409A, the Executive’s “separation from service” as defined in Section 409A. For purposes of Section
409A, the right to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments.



		(c)	With respect to any reimbursement of expenses of, or any provision
of in-kind benefits to, Executive, as specified under this Agreement, such reimbursement of expenses or provision of in-kind benefits
shall be subject to the following conditions: (i) the expenses eligible for reimbursement or the amount of in-kind benefits
provided in one taxable year shall not affect the expenses eligible for reimbursement or the amount of in-kind benefits provided
in any other taxable year, except for any medical reimbursement arrangement providing for the reimbursement of expenses referred
to in Section 105(b) of the Code; (ii) the reimbursement of an eligible expense shall be made no later than the end of the
year after the year in which such expense was incurred; and (iii) the right to reimbursement or in-kind benefits shall not
be subject to liquidation or exchange for another benefit.



		(d)	If a payment obligation under this Agreement or other compensation
arrangement arises on account of Executive’s separation from service while Executive is a “Specified Executive”
(as defined under Section 409A and determined in good faith by the Company), any payment of “deferred compensation”
(as defined under Treasury Regulation Section 1.409A-1(b)(1), after giving effect to the exemptions in Treasury Regulation Sections
1.409A-1(b)(3) through (b)(12)) that is scheduled to be paid within six (6) months after such separation from service shall accrue
without interest and shall be paid within 15 days after the end of the six-month period beginning on the date of such separation
from service or, if earlier, within 15 days after the appointment of the personal representative or executor of Executive’s
estate following her death. Whenever a payment under this Agreement specifies a payment period with respect to a number of days,
the actual date of payment within the specified period shall be within the sole discretion of the Company.



		4.22	Termination of Prior Agreement. This Agreement replaces and
supercedes the prior agreement between the Executive and the Company dated as of September 19, 2018.



 


{signatures are on the next
page}






    	 



    	 



    

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.


 


NEWGIOCO GROUP, INC.


 





	 
	By:
    /s/ Michele Ciavarella
	Name: Michele Ciavarella
	Title: Chief Executive
    Officer


 


 


  


EXECUTIVE


 


 


	 	 	 
	By: /s/ Betsy MacLean	 	By: /s/ Timothy R. Welsh
	Name: Betsy MacLean	 	Witness
	 	 	





 







    	 



    	 



    

 


Exhibit A


RELEASE OF CLAIMS


FOR AND IN CONSIDERATION OF the
payments and benefits (the “Separation Benefits”) to be provided to me in connection with the separation of my employment,
in accordance with the Employment Agreement between Newgioco Group, Inc. and its Affiliates (the “Company”) and me
dated as November 30, 2018 (the “Agreement”), which Separation Benefits are conditioned on my signing this Release
of Claims (“Release”) and which I will forfeit unless I execute and do not revoke this Release of Claims, I, on my
own behalf and on behalf of my heirs and estate, voluntarily, knowingly and willingly release and forever discharge the Company,
its subsidiaries, affiliates, parents, and stockholders, together with each of those entities’ respective officers, directors,
stockholders, Executives, agents, fiduciaries and administrators (collectively, the “Releasees”) from any and all claims
and rights of any nature whatsoever which I now have or in the future may have against them up to the date I execute this Release,
whether known or unknown, suspected or unsuspected. This Release includes, but is not limited to, any rights or claims relating
in any way to my employment relationship with the Company or any of the other Releasees or the termination thereof, any contract
claims (express or implied, written or oral), including, but not limited to, the Agreement, or any rights or claims under any statute,
including, without limitation, the Americans with Disabilities Act, the Age Discrimination in Employment Act, the Older Workers’
Benefit Protection Act, the Rehabilitation Act of 1973 (including Section 504 thereof), Title VII of the 1964 Civil Rights Act,
the Civil Rights Act of 1866 (42 U.S.C. § 1981), the Civil Rights Act of 1991, the Equal Pay Act, the National Labor Relations
Act, the Worker Adjustment and Retraining Notification Act, the Family Medical Leave Act, the Lilly Ledbetter Fair Pay Act, the
Genetic Information Non-Discrimination Act, the New York State Human Rights Law, the New York City Human Rights Law, and the Executive
Retirement Income Security Act of 1974, all as amended, and any other federal, state or local law. This Release specifically includes,
but is not limited to, any claims based upon the right to the payment of wages, incentive and performance compensation, bonuses,
equity grants, vacation, pension benefits, 401(k) Plan benefits, Registered Retirement Savings Plan, Registered Retirement Income
Fund, Trattamento di Fine Rapporto or other such retirement plans or benefits, stock benefits or any other Executive benefits,
or any other rights arising under federal, state or local laws prohibiting discrimination and/or harassment on the basis of race,
color, age, religion, sexual orientation, religious creed, sex, national origin, ancestry, alienage, citizenship, nationality,
mental or physical disability, denial of family and medical care leave, medical condition (including cancer and genetic characteristics),
marital status, military status, gender identity, harassment or any other basis prohibited by law.


As a condition of the Company
entering into this Release, I further represent that I have not filed against the Company or any of the other Releasees, any complaints,
claims or lawsuits with any arbitral tribunal, administrative agency, or court prior to the date hereof, and that I have not transferred
to any other person any such complaints, claims or lawsuits. I understand that by signing this Release, I waive my right to any
monetary recovery in connection with a local, state or federal governmental agency proceeding and I waive my right to file a claim
seeking monetary damages in any arbitral tribunal, administrative agency, or court. This Release does not: (i) prohibit
or restrict me from communicating, providing relevant information to or otherwise cooperating with the U.S. Equal Employment Opportunity
Commission or any other governmental authority with responsibility for the administration of fair employment practices laws regarding
a possible violation of such laws or responding to any inquiry from such authority, including an inquiry about the existence of
this Release or its underlying facts, or (ii) require me to notify the Company of such communications or inquiry. Furthermore,
notwithstanding the foregoing, this Release does not include and will not preclude: (a) rights or claims to vested benefits
under any applicable retirement and/or pension plans; (b) rights under the Consolidated Omnibus Budget Reconciliation Act
of 1985 (“COBRA”); (c) claims for unemployment compensation; (d) rights to defense and indemnification,
if any, from the Company for actions or inactions taken by me in the course and scope of my employment with the Company and its
parents, subsidiaries and/or affiliates; (e) any rights I may have to obtain contribution as permitted by law in the event
of entry of judgment against the Company as a result of any act or failure to act for which I and the Company are held jointly
liable; (f) the right to any equity awards that vested prior to or because of the termination of my employment, and/or (g)
any actions to enforce the Agreement.


I acknowledge that, in signing
this Release, I have not relied on any promises or representations, express or implied, other than those that are set forth expressly
herein or in the Agreement and that are intended to survive separation from employment, in accordance with the terms of the Agreement.


I further acknowledge that:


		(1)	I first received this Release on the date of the Agreement to which
it is attached as Exhibit A;



		(2)	I understand that, in order for this Release to be effective, I may
not sign it prior to the date of my separation of employment with the Company but that if I wish to receive the Separation Benefits,
I must sign and return this Release prior to the thirtieth (30th) calendar day following my separation of employment;





    	 



    	 



    

		(3)	I have carefully read and understand this Release;



		(4)	The Company advised me to consult with an attorney and/or any other
advisors of my choice before signing this Release;



		(5)	I understand that this Release is LEGALLY BINDING and by signing
it I give up certain rights;



		(6)	I have voluntarily chosen to enter into this Release and have not
been forced or pressured in any way to sign it;



		(7)	I acknowledge and agree that the Separation Benefits are contingent
on execution of this Release, which releases all of my claims against the Company and the Releasees, and I KNOWINGLY AND VOLUNTARILY
AGREE TO RELEASE the Company and the Releasees from any and all claims I may have, known or unknown, in exchange for the benefits
I have obtained by signing, and that these benefits are in addition to any benefit I would have otherwise received if I did not
sign this Release;



		(8)	I have seven (7) days after I sign this Release to revoke it by notifying
the Company in writing. The Release will not become effective or enforceable until the seven (7) day revocation period has expired;



		(9)	This Release includes a WAIVER OF ALL RIGHTS AND CLAIMS I may have
under the Age Discrimination in Employment Act of 1967 (29 U.S.C. §621 et seq.); and



		(10)	This Release does not waive any rights or claims that may arise after
this Release becomes effective, which is seven (7) days after I sign it, provided that I do not exercise my right to revoke this
Agreement.



Intending to be legally bound,
I have signed this Release as of the date written below.


  


	 	 	 	 
	Signature:	 	 	 
	Executive:	 	 	Date Signed