GAN
LIMITED

2020 EQUITY INCENTIVE PLAN


 


STOCK UNIT AGREEMENT


 


The Company hereby awards Stock
Units to the Participant named below. The terms and conditions of the Stock Award are set forth in this cover sheet and the attached
Stock Unit Agreement (together, this “Agreement”) and in the GAN Limited 2020 Equity Incentive Plan as it may
be amended from time to time. Unless otherwise defined in this Agreement, certain capitalized terms used in this cover sheet and
Agreement are defined in the 2020 Equity Incentive Plan.


 


Date of Award: 


 


Name of Participant:


 


Number of Stock Units Awarded:


 


Fair Market Value of a Share on Date of Award: $_____.___


 


Vesting Calculation Date: __________________, [YEAR]


 


Vesting Schedule:


 


Subject to all the
terms of this Agreement and your continuous Service through the applicable dates of vesting, you will become incrementally vested
as to 25% of the total Number of Stock Units Awarded, as shown above, on each of the first four anniversaries of the Vesting Calculation
Date. OR [INSERT OTHER VEST SCHEDULE] In all cases, the resulting aggregate number of vested Shares will be rounded down to the
nearest whole number. Upon termination of your Service at any time and for any reason or no reason, all of your then unvested Stock
Units shall be forfeited to the Company without consideration as of your Termination Date. No partial vesting credit will be provided
no matter when your Termination Date occurs.


 


By signing this cover sheet,
you agree to all of the terms and conditions described in this Agreement and in the Plan. You are also acknowledging receipt of
this Agreement and a copy of the Plan and the Plan’s prospectus. Any inconsistency between this Agreement and the Plan shall
be resolved by reference to the Plan.










 





	Participant:	 
	 	(Signature)
	 	 
	Company:	 
		(Signature)
	 	 
	Title:
    	 
	Attachment	 





 




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GAN
LIMITED


2020 EQUITY INCENTIVE PLAN


 


STOCK UNIT AGREEMENT


 


	1.	The Plan and Other
    Agreements	 	
        The text of the Plan is incorporated in this
        Agreement by this reference. You and the Company agree to execute such further instruments and to take such further action as may
        reasonably be necessary to carry out the intent of this Agreement.

         

        This Agreement and the Plan constitute the entire
        understanding between you and the Company regarding this Award of Stock Units. Any prior agreements, commitments or negotiations
        concerning this Award are superseded.

	 	 	 	 
	2.	Award of Stock Units	 	The Company awards you the number of Stock Units shown on the cover sheet of this Agreement. The Award is subject to the terms and conditions of this Agreement and the Plan. The Company will not issue any Shares if the issuance of such Shares at that time would violate any law or regulation.
	 	 	 	 
	3.	Vesting and Settlement	 	
        This Award will vest according to the Vesting
        Schedule described in the cover sheet of this Agreement. To the extent a Stock Unit becomes vested and subject to your satisfaction
        of any tax withholding obligations as discussed below, each vested Stock Unit will entitle you to receive one Share which will
        be distributed to you on the applicable scheduled vesting date set forth in the first sentence of the Vesting Schedule section
        in the cover sheet to this Agreement. Issuance of such Shares shall be in complete satisfaction of such vested Stock Units. Such
        settled Stock Units shall be immediately cancelled and no longer outstanding and you shall have no further rights or entitlements
        related to those settled Stock Units.

         

        The Company has established an Securities
Trading Policy (as such policy may be amended from time to time, the “Policy”) relative to trading while in
possession of material, undisclosed information. The Policy prohibits officers, directors, employees, and consultants of the Company
and its subsidiaries from trading in securities of the Company during certain “Blackout Periods” as described in the
Policy. If a scheduled settlement date for Shares falls on a day during such a Blackout Period, then the Shares that would otherwise
have been settled on such date shall instead be issued to you on the earlier of March 15th of the year following the
year of vesting or the second business day after the last day of the Blackout Period applicable to the Shares.

	 	 	 	 
	4.	Transfer of Award	 	You cannot gift, transfer, assign, alienate, pledge, hypothecate, attach, sell, or encumber this Award. If you attempt to do any of these things, this Award will immediately become invalid. You may, however, dispose of this Award in your will or it may be transferred by the laws of descent and distribution. Regardless of any marital property settlement agreement, the Company is not obligated to recognize your spouse’s interest in your Award in any other way.


 




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	5.	Leaves of Absence	 	
        For purposes of this Award, your Service does
        not terminate when you go on a bona fide leave of absence that was approved by the Company in writing, if the terms of the
        leave of absence provide for Service crediting, or when Service crediting is required by applicable law. Your Service terminates
        in any event when the approved leave of absence ends unless you immediately return to active work.

         

        The Company determines which leaves of absence
        count for this purpose (along with determining the effect of a leave of absence on vesting of the Award), and when your Service
        terminates for all purposes under the Plan.

	 	 	 	 
	6.	Shareholder Rights	 	
        As a holder of Stock Units, you shall have no
        rights other than those of a general creditor of the Company. Subject to the terms of this Agreement, a holder of outstanding Stock
        Units has none of the rights and privileges of a shareholder of the Company. Without limiting the generality of the foregoing,
        a holder of outstanding Stock Units has no right to vote or to receive dividends (if any) on the shares represented by such Stock
        Units. Subject to the terms and conditions of this Agreement, Stock Units create no fiduciary duty of the Company to you and only
        represent an unfunded and unsecured contractual obligation of the Company. The Stock Units shall not be treated as property or
        as a trust fund of any kind.

         

        You, or your estate, shall have no rights as
        a shareholder of the Company with regard to the Award until you have been issued the applicable Shares by the Company and have
        satisfied all other conditions specified in the Plan. No adjustment shall be made for cash or stock dividends or other rights for
        which the record date is prior to the date when such applicable Shares are issued, except as provided in the Plan.

	 	 	 	 
	7.	Taxes and Withholding	 	
        You will be solely responsible
        for payment of any and all applicable taxes, including without limitation any penalties or interest based upon such tax obligations,
        associated with this Award.

         

        The delivery to you of any
        Shares underlying vested Stock Units will not be permitted unless and until you have satisfied any withholding or other taxes that
        may be due. Any such tax withholding obligations may be settled in the Company’s discretion by the Company withholding and
        retaining a portion of the Shares from the Shares that would otherwise be deliverable to you under the vesting Stock Units as provided
        in the next two sentences. Such withheld Shares will be applied to pay the withholding obligation by using the aggregate fair market
        value of the withheld Shares as of the date of settlement. You will be delivered the net amount of vested Shares after the
        Share withholding has been effected and you will not receive the withheld Shares. The Company will not deliver any fractional number
        of Shares.



 




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	8.	Code Section 409A	 	This Award will be administered and interpreted to comply with Code Section 409A. The provisions of the Plan concerning Code Section 409A will apply to this Award to the extent needed.
	 	 	 	 
	9.	Restrictions on Resale	 	
        By signing this Agreement,
        you agree not to sell, transfer, dispose of, pledge, hypothecate, make any short sale of, or otherwise effect a similar transaction
        of any Shares acquired under this Award (each a “Sale Prohibition”) at a time when applicable laws, regulations
        or Company or underwriter trading policies prohibit the sale or disposition of Shares.

         

        The Company shall have the
        right to designate one or more periods of time, each of which generally will not exceed one hundred eighty (180) days in length
        (provided however, that such period may be extended in connection with the Company’s release (or announcement of release)
        of earnings results or other material news or events), and to impose a Sale Prohibition, if the Company determines (in its sole
        discretion) that such limitation(s) is/are needed in connection with a public offering of Shares or to comply with an underwriter’s
        request or trading policy, or could in any way facilitate a lessening of any restriction on transfer pursuant to the Securities
        Act or any state securities laws with respect to any issuance of securities by the Company, facilitate the registration or qualification
        of any securities by the Company under the Securities Act or any state securities laws, or facilitate the perfection of any exemption
        from the registration or qualification requirements of the Securities Act or any applicable state securities laws for the issuance
        or transfer of any securities. The Company may issue stop/transfer instructions and/or appropriately legend any stock certificates
        issued pursuant to this Award in order to ensure compliance with the foregoing.

         

        If the sale of Shares acquired
        under this Award is not registered under the Securities Act, but an exemption is available which requires an investment representation
        or other representation and warranty, you shall represent and agree that the Shares being acquired under this Award are being acquired
        for investment, and not with a view to the sale or distribution thereof, and shall make such other representations and warranties
        as are deemed necessary or appropriate by the Company and its counsel.

         

        You may also be required,
        as a condition of this Award, to enter into any Company shareholder agreement or other agreements that are applicable to shareholders.

	 	 	 	 
	10.	Clawback Policy	 	You expressly acknowledge and agree to be bound by Section 14(e) of the Plan, which contains provisions addressing the Company’s policy on recoupment of equity or other compensation.


 




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	11.	No Retention Rights	 	Your Award or this Agreement does not give you the right to be retained by the Company Group in any capacity. The Company Group reserves the right to terminate your Service at any time and for any reason.
	 	 	 	 
	12.	Extraordinary Compensation	 	This Award and the Shares subject to the Award are not intended to constitute or replace any pension rights or compensation and are not to be considered compensation of a continuing or recurring nature, or part of your normal or expected compensation, and in no way represent any portion of your salary, compensation or other remuneration for any purpose, including but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments.
	 	 	 	 
	13.	Adjustments	 	In the event of a stock split, a stock dividend or a similar change in the Company stock, the number of outstanding Stock Units covered by this Award may be adjusted (and rounded down to the nearest whole number) pursuant to the Plan. Your Stock Units shall be subject to the terms of the agreement of merger, liquidation or reorganization in the event the Company is subject to such corporate activity.
	 	 	 	 
	14.	Legends	 	
        All certificates or book entries
        representing the Shares issued under this Award may, where applicable, have endorsed thereon the following notations or legends
        and any other notation or legend the Company determines appropriate:

         

        “THE SHARES
        REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND OPTIONS TO PURCHASE SUCH SHARES SET FORTH IN
        AN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER, OR HIS OR HER PREDECESSOR IN INTEREST. A COPY OF SUCH AGREEMENT IS
        ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY BY THE
        HOLDER OF RECORD OF THE SHARES REPRESENTED BY THIS CERTIFICATE.”

         

        “THE SHARES
        REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR QUALIFIED UNDER THE SECURITIES LAWS
        OF ANY STATE, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR
        QUALIFICATION UNDER APPLICABLE STATE LAWS OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION
        OR QUALIFICATION IS NOT REQUIRED.”



 




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	15.	Applicable Law	 	This Agreement will be interpreted and enforced under the laws of the state of New York without reference to the conflicts of law provisions thereof.
	 	 	 	 
	16.	Regulatory Compliance	 	The issuance of Shares pursuant to this Agreement shall be subject to full compliance with all applicable requirements of law and the requirements of any stock exchange or interdealer quotation system upon which the Shares may be listed or traded.
	 	 	 	 
	17.	Binding Effect; No Third Party Beneficiaries	 	This Agreement shall be binding upon and inure to the benefit of the Company and you and any respective heirs, representatives, successors and permitted assigns. This Agreement shall not confer any rights or remedies upon any person other than the Company and you and any respective heirs, representatives, successors and permitted assigns. The parties agree that this Agreement shall survive the settlement or termination of the Award.
	 	 	 	 
	18.	Notice	 	Any notice to be given or delivered to the Company relating to this Agreement shall be in writing and addressed to the Company at its principal corporate offices. All notices shall be deemed effective upon personal delivery or upon deposit in the U.S. mail, postage prepaid and properly addressed to the Company. Any notice to be given or delivered to you relating to this Agreement may be delivered by electronic form including without limitation by email (including prospectuses required by the SEC) as well as all other documents that the Company is required to deliver to its security holders (including annual reports and proxy statements). The Company may also deliver these documents by posting them on a web site maintained by the Company or by a third party under contract with the Company.
	 	 	 	 
	19.	Voluntary Participant	 	You acknowledge that you are voluntarily participating in the Plan.
	 	 	 	 
	20.	No Rights to Future Awards	 	Your rights, if any, in respect of or in connection with this Award or any other Awards are derived solely from the discretionary decision of the Company to permit you to participate in the Plan and to benefit from a discretionary future Award. By accepting this Award, you expressly acknowledge that there is no obligation on the part of the Company to continue the Plan and/or grant any additional Awards to you or benefits in lieu of any other Awards even if Awards have been granted repeatedly in the past. All decisions with respect to future Awards, if any, will be at the sole and absolute discretion of the Committee.
	 	 	 	 
	21.	Future Value	 	The future value of the underlying Shares is unknown and cannot be predicted with certainty. If the underlying Shares do not maintain or increase their value after the Date of Award, the Award could have little or no value. If you obtain Shares under this Award, the value of the Shares acquired upon settlement may subsequently increase or decrease in value, and could decrease to a value less than the taxes payable upon settlement. 


 




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	22.	No Advice Regarding Award	 	The Company has not provided any tax, legal or financial advice, nor has the Company made any recommendations regarding your participation in the Plan, or your acquisition or sale of the underlying Shares. You are hereby advised to consult with your own personal tax, legal and financial advisors regarding your participation in the Plan before taking any action related to the Plan.
	 	 	 	 
	23.	No Right to Damages	 	You will have no right to bring a claim or to receive damages if any portion of the Award is cancelled or expires. The loss of existing or potential profit in the Award will not constitute an element of damages in the event of the termination of your Service for any reason, even if the termination is in violation of an obligation of the Company Group to you.
	 	 	 	 
	24.	Data Privacy	 	You hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this document by the Company for the exclusive purpose of implementing, administering and managing your participation in the Plan. You understand that the Company holds certain personal information about you, including, but not limited to, name, home address and telephone number, date of birth, gender, social security or insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all Awards or any other entitlement to Shares awarded, cancelled, purchased, exercised, vested, unvested or outstanding in your favor for the purpose of implementing, managing and administering the Plan (“Data”). You understand that the Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in your country or elsewhere and that the recipient country may have different data privacy laws and protections than your country. You authorize the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing your participation in the Plan, including any requisite transfer of such Data, as may be required to a broker or other third party with whom you may elect to deposit any Shares acquired under the Plan.
	 	 	 	 
	25.	Other Information	 	You agree to receive shareholder information, including copies of any annual report, proxy statement and periodic report, from the Company’s website, if the Company wishes to provide such information through its website. You acknowledge that copies of the Plan, Plan prospectus, Plan information and shareholder information are also available upon written or telephonic request to the Plan’s administrator.
	 	 	 	 
	26.	Further Assistance	 	You agree to provide assistance reasonably requested by the Company in connection with actions taken by you while providing services to the Company, including but not limited to assistance in connection with any lawsuits or other claims against the Company arising from events during the period in which you rendered service to the Company.


 




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	27.	Legal Compliance	 	The Company Group is not responsible for your legal compliance requirements relating to this Award, including, but not limited to, tax reporting.
	 	 	 	 
	28.	Additional Conditions	 	If the Company shall determine, in its sole discretion, that the consent or approval of any governmental authority is necessary or desirable as a condition to the payment of benefits to you pursuant to the Plan, such payment shall not occur until such registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Company.
	 	 	 	 
	29.	Enforcement	 	The Company will be entitled to enforce its rights under this Agreement specifically, to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights to which it may be entitled. You agree and acknowledge that money damages may not be an adequate remedy for breach of the provisions of this Agreement and that the Company may in its sole discretion apply to any court of law or equity of competent jurisdiction for specific performance and/or injunctive relief in order to enforce or prevent any violations of the provisions of this Agreement. 
	 	 	 	 
	30.	Nondisclosure of Confidential Information	 	You acknowledge that the businesses of the Company is highly competitive and that the Company’s strategies, methods, books, records, and documents, technical information concerning their products, equipment, services, and processes, procurement procedures and pricing techniques, the names of and other information (such as credit and financial data) concerning former, present or prospective customers and business affiliates, all comprise confidential business information and trade secrets which are valuable, special, and unique assets which the Company uses in their business to obtain a competitive advantage over competitors. You further acknowledge that protection of such confidential business information and trade secrets against unauthorized disclosure and use is of critical importance to the Company in maintaining its competitive position. You acknowledge that by reason of your duties to and association with the Company, you have had and will have access to and have and will become informed of confidential business information which is a competitive asset of the Company. You hereby agree that you will not, at any time during or after employment, make any unauthorized disclosure of any confidential business information or trade secrets of the Company, or make any use thereof, except in the carrying out of services responsibilities. You shall take all necessary and appropriate steps to safeguard confidential business information and protect it against disclosure, misappropriation, misuse, loss and theft. Confidential business information shall not include information in the public domain (but only if the same becomes part of the public domain through a means other than a disclosure prohibited hereunder). The above notwithstanding, a disclosure shall not be unauthorized if (i) it is required by law or by a court of competent jurisdiction or (ii) it is in connection with any judicial, arbitration, dispute resolution or other legal proceeding in which your legal rights and obligations as a service provider or under this Agreement are at issue; provided, however, that you shall, to the extent practicable and lawful in any such events, give prior notice to the Company of your intent to disclose any such confidential business information in such context so as to allow the Company an opportunity (which you will not oppose) to obtain such protective orders or similar relief with respect thereto as may be deemed appropriate. Any information not specifically related to the Company would not be considered confidential to the Company. In the event of any conflict in terms between this Section 30 and the terms of any Company confidentiality or proprietary information agreement you have executed, the terms of such other confidentiality or proprietary information agreement shall prevail and govern.


 




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