AMENDMENT TO EMPLOYMENT AGREEMENT


 


 


This Amendment (this “Amendment”),
effective as of the 15th day of July, 2021, to the Employment Agreement, dated September 21, 2020 (the “Employment
Agreement”), by and between Elys Game Technology, Corp. (formerly known as Newgioco Group, Inc.)(the “Company”)
and Matteo Monteverdi (“Executive”). Capitalized terms used herein without definition shall have the meanings assigned
in the Employment Agreement.


 


WHEREAS, Executive was
initially retained under the Employment Agreement by the Company to serve as its President and later retained as its Chief Executive Officer;
and


 


WHEREAS, the Company desires
to amend the Employment Agreement to modify Executive’s duties during the Employment Period


 


NOW THEREFORE, for the
mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto agree to amend the Employment Agreement as follows:


 


		1.	Amendment. Section 2.2, “Duties During Employment Period”,
is hereby deleted in its entirety and replaced with the following:



“Duties During Employment
Period. Executive will be employed by the Company as a non-executive employee in a capacity other than as its President or Chief Executive
Officer with the title “Head of Special Projects” and will report directly to the Executive Chairman. In such capacity, the
non-executive employee will be responsible for certain of the Company’s product and business development activities and other such
related tasks as may be identified from time to time by the Company’s Chairman or Executive Chairman. Executive agrees that to the
best of his ability and experience he shall at all times conscientiously perform all of the duties and obligations reasonably assigned
to him under the terms of this Agreement.”


2. Severability.
The provisions of this Amendment are severable and if any part or it is found to be unenforceable the other paragraphs shall remain fully
valid and enforceable.


 


3. No Other Amendments;
Confirmation. All other terms of the Agreement shall remain in full force and effect. The Agreement, as amended by this Amendment,
constitutes the entire agreement between the parties with respect to the subject matter thereof.


 


4. Counterparts.
This Amendment may be executed in one or more counterparts, each of which shall be deemed an original but both of which together shall
constitute one and the same instrument.


 


5. Governing Law.
This Amendment is made and shall be construed and performed under the laws of the State of Delaware without regard to its choice or conflict
of law principles and the parties agree to Delaware as the exclusive venue for any disputes arising hereunder.


 


 


 


[Signature page follows]




    	 



    	 



    

 


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


 


 


 


	 	 
	 	 
	
    ELYS GAME TECHNOLOGY, CORP.

     

     

	 	 
	By:	/s/ Michele Ciavarella
	Name:	Michele Ciavarella
	Title:	Executive Chairman
	 	 
	 	 
	 	 
	
    EXECUTIVE

     

     

     

    /s/ Matteo Monteverdi

	Name:      Matteo Monteverdi