Document:

Unassociated Document

    Exhibit
      4.6 

    

    

    

    

    

    

    

    

    

    

    FLORIDA
      GAMING CORPORATION

     

    
      
        

      

       

    

    STOCKHOLDERS
      AGREEMENT

     

    June
      15, 2007

     

    
      
 

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    TABLE
      OF CONTENTS 

    

    
      	
              SECTION
                1

            	
              DEFINITIONS

            	
              1

            
	 	 	 
	
              SECTION
                2

            	
              REGISTRATION
                RIGHTS

            	
              2

            
	 	
              2.1

            	
              Company
                Registration.

            	
              2

            
	 	
              2.2

            	
              Expenses
                of Registration.

            	
              3

            
	 	
              2.3

            	
              Registration
                Procedures

            	
              5

            
	 	
              2.4

            	
              Indemnification.

            	
              6

            
	 	
              2.5

            	
              Information
                by Holder

            	
              8

            
	 	
              2.6

            	
              Rule
                144 Reporting

            	
              8

            
	 	
              2.7

            	
              Transfer
                of Registration Rights

            	
              9

            
	 	
              2.8

            	
              Termination

            	
              9

            
	 	 	 
	
              SECTION
                3

            	
              MISCELLANEOUS

            	
              11

            
	 	
              3.1

            	
              Governing
                Law

            	
              11

            
	 	
              3.2

            	
              Entire
                Agreement; Amendment

            	
              11

            
	 	
              3.3

            	
              Notices,
                Etc

            	
              11

            
	 	
              3.4

            	
              Severability

            	
              11

            
	 	
              3.5

            	
              Counterparts

            	
              11

            

    

    

    

    
      
        
        

         

      

      
        
        

        
          

        

      

      
         

        
        

      

    

    FLORIDA
      GAMING CORPORATION

     

    STOCKHOLDERS
      AGREEMENT

    
 

    This
      Stockholders Agreement (the "Agreement")
      is
      made as of June 15, 2007, by and among Florida Gaming Corporation, a Delaware
      corporation (the "Company"),
      and
      Prides Capital Fund I, L.P. (the "Investor")

     

    RECITALS

     

    A. The
      Company and the Investor are parties to a certain Subscription Agreement dated
      as of June 15, 2007 pursuant to which the Investor is acquiring 5,000 shares
      (the "Preferred Shares") of the Company's Series AA Cumulative Convertible
      Preferred Stock $0.10 par value (the "Preferred Stock"). 

    

    B. The
      Investor's acquisition of the Preferred Shares is conditioned upon the Company
      entering into this Agreement with the Investor. 

    

    For
      good
      and valuable consideration, the receipt and sufficiency of which is hereby
      acknowledged, the parties agree as follows: 

     

    SECTION
      1

     

    DEFINITIONS

     

    As
      used
      in this Agreement, the following terms shall have the following respective
      meanings: 

     

    1.1 "Commission"
      shall
      mean the Securities and Exchange Commission or any other U. S. federal agency
      at
      the time administering the Securities Act. 

     

    1.2 "Common
      Stock"
      shall
      mean shares of the Company's single class of Common Stock. 

     

    1.3 "Exchange
      Act"
      shall
      mean the Securities Exchange Act of 1934, as amended. 

     

    1.4 "Holder
      "
      shall
      mean the Investor (and its transferees as permitted by Section 2.10) holding
      Registrable Securities. 

     

    1.5 "Registrable
      Securities"
      shall
      mean shares of Common Stock issued upon the conversion of any of the Preferred
      Shares, as permitted by the Certificate, excluding in all cases, however, any
      Registrable Securities that have been sold to or through a broker or dealer
      or
      underwriter in a public distribution or a public securities transaction or
      which
      have been sold in a private transaction in which the transferor's rights under
      this Agreement are not assigned. 

     

    1.6 The
      terms
      "register,"
      "registered"
      and
      "registration"
      refer
      to a registration effected by preparing and filing a registration statement
      in
      compliance with the Securities Act, and the declaration or ordering of the
      effectiveness of such registration statement. "Registration
      Expenses"
      shall
      mean all expenses, except as otherwise stated below, incurred by the Company
      in
      complying with Sections 2.1 hereof, including, without limitation, all
      registration, qualification and filing fees, printing expenses, escrow fees,
      fees and disbursements of counsel for the Company (and fees and disbursements
      of
      one special counsel for Holder, if any), accounting fees, blue sky fees and
      the
      expense of any special audits incident to or required by any such registration
      (but excluding the compensation of regular employees of the Company which shall
      be paid in any event by the Company). 

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

     

    1.7 "Securities
      Act"
      shall
      mean the Securities Act of 1933, as amended, or any similar United States
      federal statute and the rules and regulations of the Commission thereunder,
      all
      as the same shall be in effect at the time. 

     

    1.8 "Selling
      Expenses"
      shall
      mean all underwriting discounts, selling commissions and stock transfer taxes
      applicable to the securities registered by the Holder. 

     

    SECTION
      2

     

    REGISTRATION
      RIGHTS

     

    2.1  Company
      Registration. 

     

    (a) Notice
      of Registration.
      If at
      any time or from time to time the Company shall determine to register any of
      its
      securities, either for its own account or the account of a security holder
      or
      holders, other than (i) a registration relating solely to employee benefit
      plans
      or (ii) a registration relating solely to a Commission Rule 145 transaction,
      the
      Company will: 

     

    (i) promptly
      give to Holder written notice thereof; and 

     

    (ii) if
      requested by Holder, include in such registration (and any related qualification
      under blue sky laws or other compliance), and in any underwriting involved
      therein, all the Registrable Securities specified in a written request or
      requests made, within ten (10) days after receipt of such written notice from
      the Company or such later date as agreed to by the Company, by Holder.

     

    (b) Underwriting.
      If the
      registration of which the Company gives notice is for a registered public
      offering involving an underwriting, the Company shall so advise the Holder
      as a
      part of the written notice given pursuant to Section 2.1(a). In such event
      the
      right of the Holder to registration pursuant to Section 2.1 shall be conditioned
      upon the Holder's participation in such underwriting and the inclusion of
      Registrable Securities in the underwriting to the extent provided herein. The
      Holder shall, together with the Company, enter into an underwriting agreement
      in
      customary form with the managing underwriter selected for such underwriting
      by
      the Company. Notwithstanding any other provision of this Section 2.1, if the
      managing underwriter determines that marketing factors require a limitation
      of
      the number of shares to be underwritten, the managing underwriter may limit
      the
      number of shares of Registrable Securities to be included in such registration
      without requiring any limitation in the number of shares to be registered on
      behalf of the Company, provided that the number of shares of Registrable
      Securities to be included in such registration shall not be limited to less
      than
      twenty-five percent (25%) of the total number of shares to be included in such
      registration. The Company shall so advise the Holder of the number of shares
      that may be included in the registration and underwriting. If the Holder
      disapproves of the terms of any such underwriting, the Holder may elect to
      withdraw therefrom by written notice to the Company and the managing
      underwriter. Any securities excluded or withdrawn from such underwriting shall
      be withdrawn from such registration. 

     

    
      
         

      

      
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    (c) Right
      to Terminate Registration.
      The
      Company shall have the right to terminate or withdraw any registration initiated
      by it under this Section 2.1 prior to the effectiveness of such registration
      whether or not the Holder has elected to include Registrable Securities in
      such
      registration. 

     

    2.2 Shelf
      Registration.

     

    (a) At
      any
      time after September 1, 2009 (the “Applicable Date”), if requested by a majority
      of the Holders, the Company agrees that it shall file with the SEC within
      fifteen (15) days following such request (the “Required Filing Date”), a
      registration statement on Form S-3 under the Securities Act if the Company
      is
      then eligible to use such form (any such registration statement, a “Shelf
      Registration Statement”) for an offering to be made on a delayed and continuous
      basis pursuant to Rule 415 thereunder, and or/any similar rule that may be
      adopted by the SEC, to register the resale of any Registrable Securities
      outstanding as of such date by the Investor from time to time in accordance
      with
      the methods of distribution elected by the Investor and set forth in such Shelf
      Registration Statement and, thereafter, shall use its reasonable best efforts
      to
      cause such Shelf Registration Statement to be declared effective under the
      Securities Act on or before 5:00 pm eastern time on the date that is ninety
      (90)
      days after the Closing Date (the “Effective Date”). 

     

    (b) Notwithstanding
      the foregoing, the Company may postpone filing or having the Shelf Registration
      Statement declared effective for a reasonable period not to exceed forty-five
      (45) consecutive trading days if the Board of Directors of the Company shall
      have determined in good faith because of valid business reasons (not including
      avoidance of the Company’s obligations hereunder), including without limitation
      the acquisition or divestiture of assets, capital raising activities, pending
      corporate developments and similar events, that postponing effectiveness is
      in
      the best interests of the Company, and prior to postponing the effectiveness
      the
      Company provides the Investor with written notice of such postponement, which
      notice need not specify the nature of the event giving rise to the
      postponement.

     

    (c) The
      Company shall use its reasonable best efforts to: (i) to keep the Shelf
      Registration Statement continuously effective under the Securities Act in order
      to permit the prospectus forming a part thereof to be usable by the Investor
      until the earliest of (1) the sale of all Registrable Securities registered
      under the Shelf Registration Statement; (2) the expiration of the period
      referred to in Rule 144(k) of the Securities Act with respect to all Registrable
      Securities held by Persons who are not Affiliates of the Company; and (3) two
      years from the date upon which the Shelf Registration Statement is declared
      effective under the Securities Act (such period being referred to herein as
      the
“Effectiveness Period”).

     

    
      
         

      

      
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    (d) The
      Company may suspend the use of the prospectus included in the Shelf Registration
      Statement for a period not to exceed sixty (60) consecutive trading days if
      the
      Board of Directors of the Company shall have determined in good faith because
      of
      valid business reasons (not including avoidance of the Company’s obligations
      hereunder), including without limitation the acquisition or divestiture of
      assets, capital raising activities, pending corporate developments and similar
      events, that it is in the best interests of the Company to suspend such use,
      and
      prior to suspending such use the Company provides the Investor with written
      notice of such suspension (“Material Adverse Event Notice”), which notice need
      not specify the nature of the event giving rise to the suspension (any period
      during which such a suspension is in effect, a “Blackout Period”).
      Notwithstanding the foregoing, the Company may not send more than two Material
      Adverse Event Notices to the Investor in any 365-day period.

     

    (e) In
      the
      event that the Investor is prevented from selling Registrable Securities through
      the Shelf Registration Statement as a result of a Blackout Period declared
      by
      the Company, the Effectiveness Period shall be extended by the number of days
      that the Investor is prevented from making sales under the Shelf Registration
      Statement as a result of such Blackout Period.

     

    (f) If
      at any
      time following the filing of any Shelf Registration Statement, the Investor
      desires to sell all or any portion of the Registrable Securities under such
      Shelf Registration Statement in an underwritten offering, the Investor shall
      notify the Company of such intent at least 15 days prior to any such sale (any
      such proposed sale, an “Underwritten Take-Down Transaction”), and the Company
      shall prepare and file a prospectus supplement, post-effective amendment to
      the
      Shelf Registration Statement and/or Exchange Act reports incorporated by
      reference into the Shelf Registration Statement and take such other actions
      as
      necessary to permit the consummation of any such Underwritten Take-Down
      Transaction.

     

    2.3  Demand
      Registration.
      

     

    (a) If,
      at
      any time after the Applicable Date, the Shelf Registration Statement is not
      effective or otherwise available, the Investor may request in a written notice
      to the Company (the “Request”) that the Company effect the registration under
      the Securities Act of some or all of the Registrable Securities then owned
      by
      the Investor; provided, however, that the Company will not be required to effect
      more than one registration pursuant to this Section. Following the receipt
      of a
      Request, the Company shall, subject to the limitations of this Section 2, use
      its commercially reasonable efforts to effect, as soon as practicable, the
      registration under the Securities Act of all Registrable Securities that the
      Investor requests to be registered. 

     

    (b) If
      the
      Investor intends to distribute the Registrable Securities covered by its request
      by means of an underwritten offering, it shall so advise the Company as a part
      of its request made pursuant to this Section 2.3. In such event, the right
      of
      the Investor to include its Registrable Securities in such registration shall
      be
      conditioned upon the Investor’s participation in such underwriting and the
      inclusion of Registrable Securities in the underwriting to the extent provided
      herein. The Investor shall enter into an underwriting agreement in customary
      form with the underwriter or underwriters selected for such underwriting by
      the
      Investor (which underwriter or underwriters shall be reasonably acceptable
      to
      the Company). Notwithstanding any other provision of this Section 2.3, if the
      underwriter advises the Company that marketing factors require a limitation
      of
      the number of securities to be underwritten (including Registrable Securities),
      then the Company shall so advise the Investor; provided,
      however,
      that
      the number of shares of Registrable Securities to be included in such
      underwriting and registration will not be reduced unless all other securities
      of
      the Company (including those that are entitled by contract or otherwise to
      be
      included therein) are first entirely excluded from such underwriting and
      registration. Any Registrable Securities excluded or withdrawn from such
      underwriting shall be withdrawn from the registration.

     

    
      
         

      

      
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    (c) Notwithstanding
      the foregoing, the Company may postpone having a registration statement pursuant
      to this Section 2.3 declared effective for a reasonable period not to exceed
      forty-five (45) consecutive trading days if the Board of Directors of the
      Company shall have determined in good faith because of valid business reasons
      (not including avoidance of the Company’s obligations hereunder), including
      without limitation the acquisition or divestiture of assets, capital raising
      activities, pending corporate developments and similar events, that postponing
      effectiveness is in the best interests of the Company, and prior to postponing
      the effectiveness the Company provides the Investor with written notice of
      such
      postponement, which notice need not specify the nature of the event giving
      rise
      to the postponement.

     

    2.4  Expenses
      of Registration. 

     

    (a) Registration
      Expenses.
      The
      Company shall bear all Registration Expenses incurred in connection with all
      registrations pursuant to Section 2.1, 2.2 or 2.3. 

     

    (b) Selling
      Expenses.
      Unless
      otherwise stated in Section 4.2(a), all Selling Expenses and Registration
      Expenses relating to securities registered on behalf of the Holder shall be
      borne by the Holder. 

     

    2.5  Registration
      Procedures.
      In the
      case of each registration, qualification or compliance effected by the Company
      pursuant to this Agreement, the Company will: 

     

    (a) keep
      the
      Holder advised in writing as to the initiation of each registration,
      qualification and compliance and as to the completion thereof; 

     

    (b) as
      soon
      as practicable, prepare and file with the Commission a registration statement
      with respect to such securities and use its best efforts to cause such
      registration statement to become and remain effective until the earlier of
      one
      hundred twenty (120) days or (ii) the distribution described in the Registration
      Statement has been completed; provided, however, that (i) such 120-day period
      shall be extended for a period of time equal to the period the Holder refrains
      from selling any securities included in such registration at the request of
      the
      managing underwriter; 

     

    (c) furnish
      to the Holder and to the underwriters of the securities being registered such
      reasonable number of copies of the registration statement, preliminary
      prospectus, final prospectus and such other documents as such underwriters
      may
      reasonably request in order to facilitate the public offering of such
      securities; 

     

    (d) prepare
      and file with the Commission such amendments and supplements to such
      registration statement and the prospectus used in connection with such
      registration statement as may be necessary to comply with the provisions of
      the
      Securities Act with respect to the disposition of all securities covered by
      such
      registration statement; 

     

    
      
         

      

      
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    (e) in
      the
      event of an underwritten public offering, enter into and perform its obligations
      under an underwriting agreement, in usual and customary form, with the managing
      underwriter of such offering. The Holder participating shall also enter into
      and
      perform its obligations under such an agreement; 

     

    (f) use
      its
      best efforts to register and qualify the securities covered by such registration
      statement under such other securities or Blue Sky laws of such jurisdictions
      as
      shall be reasonably requested by the Holder, provided that the Company shall
      not
      be required in connection therewith or as a condition thereto to qualify to
      do
      business or to file a general consent to service of process in any such states
      or jurisdictions; 

     

    (g) cause
      all
      such Registrable Securities registered pursuant hereunder to be listed on each
      securities exchange on which similar securities issued by the Company are then
      listed; 

     

    (h) use
      its
      best efforts to furnish, at the request of the Holder requesting registration
      of
      Registrable Securities pursuant to this Section 2, on the date that such
      Registrable Securities are delivered to the underwriters for sale in connection
      with a registration pursuant to this Section 2, if such securities are being
      sold through underwriters, or, if such securities are not being sold through
      underwriters, on the date that the registration statement with respect to such
      securities becomes effective, (i) an opinion, dated such date, of the counsel
      representing the Company for the purposes of such registration, in form and
      substance as is customarily given to underwriters in an underwritten public
      offering, addressed to the underwriters, if any, and to the Holder requesting
      registration of Registrable Securities and (ii) a letter dated such date, from
      the independent certified public accountants of the Company, in form and
      substance as is customarily given by independent certified public accountants
      to
      underwriters in an underwritten public offering, addressed to the underwriters,
      if any, and to the Holder requesting registration of Registrable Securities;
      

     

    (i) notify
      the Holder of Registrable Securities covered by such registration statement
      at
      any time when a prospectus relating thereto is required to be delivered under
      the Securities Act of the happening of any event as a result of which the
      prospectus included in such registration statement, as then in effect, includes
      an untrue statement of material fact or omits to state a material fact required
      to be stated therein or necessary to make the statements made therein not
      misleading in the light of the circumstances then existing; and 

     

    (j) provide
      a
      transfer agent and registrar for all Registrable Securities registered pursuant
      hereunder and a CUSIP number for all such Registrable Securities, in each case
      not later than the effective date of such registration. 

     

    
      
         

      

      
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    2.6  Indemnification. 

     

    (a) By
      Company.
      The
      Company will indemnify the Holder and each person controlling such Holder within
      the meaning of Section 15 of the Securities Act, with respect to which
      registration, qualification or compliance has been effected pursuant to this
      Agreement, and each underwriter, if any, and each person who controls any
      underwriter within the meaning of Section 15 of the Securities Act, against
      all
      expenses, claims, losses, damages or liabilities, joint or several, (or actions
      in respect thereof), including any of the foregoing incurred in settlement
      of
      any litigation, commenced or threatened, arising out of or based on any untrue
      statement (or alleged untrue statement) of a material fact contained in any
      registration statement, prospectus, offering circular or other document, or
      any
      amendment or supplement thereto, incident to any such registration,
      qualification or compliance, or based on any omission (or alleged omission)
      to
      state therein a material fact required to be stated therein or necessary to
      make
      the statements therein, in light of the circumstances in which they were made,
      not misleading, or any violation by the Company of the Securities Act, the
      Exchange Act or any state or federal securities law, or any rule or regulation
      promulgated under such Acts or law applicable to the Company in connection
      with
      any such registration, qualification or compliance, and the Company will
      reimburse the Holder and each person controlling the Holder, each such
      underwriter and each person who controls any such underwriter, for any legal
      and
      any other expenses reasonably incurred in connection with investigating,
      preparing or defending any such claim, loss, damage, liability or action,
      provided that the Company will not be liable in any such case to the extent
      that
      any such claim, loss, damage, liability or expense arises out of or is based
      on
      any untrue statement or omission or alleged untrue statement or omission, made
      in reliance upon and in conformity with written information regarding the Holder
      furnished to the Company by an instrument duly executed by the Holder,
      underwriter or controlling person and stated to be specifically for use therein.
      If the Holder is represented by counsel other than counsel for the Company,
      the
      Company will not be obligated under this Section 2.6(a) to reimburse legal
      fees
      and expenses of more than one separate counsel. 

     

    (b) By
      Holder.
      The
      Holder will, if Registrable Securities held by the Holder are included in the
      securities as to which such registration, qualification or compliance is being
      effected, indemnify the Company, each of its directors, each of its officers,
      each underwriter, if any, of the Company's securities covered by such a
      registration statement, each person who controls the Company or such underwriter
      within the meaning of Section 15 of the Securities Act, against all claims,
      losses, damages and liabilities (or actions in respect thereof) arising out
      of
      or based on any untrue statement (or alleged untrue statement) of a material
      fact contained in any such registration statement, prospectus, offering circular
      or other document, or any omission (or alleged omission) to state therein a
      material fact required to be stated therein or necessary to make the statements
      therein not misleading, and will reimburse the Company, such directors,
      officers, persons, underwriters or controlling persons for any legal or any
      other expenses reasonably incurred in connection with investigating or defending
      any such claim, loss, damage, liability or action, in each case to the extent,
      but only to the extent, that such untrue statement (or alleged untrue statement)
      or omission (or alleged omission) is made in such registration statement,
      prospectus, offering circular or other document in reliance upon and in
      conformity with written information regarding the Holder furnished to the
      Company by an instrument duly executed by the Holder and stated to be
      specifically for use therein. Notwithstanding the foregoing, the liability
      of
      the Holder under this subsection (b) shall be limited in an amount equal to
      the
      public offering price of the shares sold by the Holder, unless such liability
      arises out of or is based on willful misconduct by the Holder. 

     

    
      
         

      

      
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    (c) Procedures.
      Each
      party entitled to indemnification under this Section 2.6 (the "Indemnified
      Party")
      shall
      give notice to the party required to provide indemnification (the "Indemnifying
      Party")
      promptly after such Indemnified Party has actual knowledge of any claim as
      to
      which indemnity may be sought, and shall permit the Indemnifying Party to assume
      the defense of any such claim or any litigation resulting therefrom, provided
      that counsel for the Indemnifying Party, who shall conduct the defense of such
      claim or litigation, shall be approved by the Indemnified Party (whose approval
      shall not unreasonably be withheld), and the Indemnified Party may participate
      in such defense at such party's expense, and provided further that the failure
      of any Indemnified Party to give notice as provided herein shall not relieve
      the
      Indemnifying Party of its obligations under this Agreement unless the failure
      to
      give such notice is materially prejudicial to an Indemnifying Party's ability
      to
      defend such action and provided further, that the Indemnifying Party shall
      not
      assume the defense for matters as to which there is a conflict of interest
      or
      separate and different defenses. No Indemnifying Party, in the defense of any
      such claim or litigation, shall, except with the consent of each Indemnified
      Party, consent to entry of any judgment or enter into any settlement which
      does
      not include as an unconditional term thereof the giving by the claimant or
      plaintiff to such Indemnified Party of a release from all liability in respect
      to such claim or litigation. 

     

    (d) Contribution.
      If the
      indemnification provided for in this Section 2.6 is held by a court of competent
      jurisdiction to be unavailable to an Indemnified Party with respect to any
      loss,
      liability, claim, damage, or expense referred to therein, then the Indemnifying
      Party, in lieu of indemnifying such Indemnified Party hereunder, shall
      contribute to the amount paid or payable by such Indemnified Party as a result
      of such loss, liability, claim, damage, or expense in such proportion as is
      appropriate to reflect the relative fault of the Indemnifying Party on the
      one
      hand and of the Indemnified Party on the other in connection with the statements
      or omissions that resulted in such loss, liability, claim, damage, or expense
      as
      well as any other relevant equitable considerations, provided that in no event
      shall any contribution by the Holder under this Section 2.6(d) exceed the public
      offering price of shares sold by the Holder, except in the case of willful
      misconduct by the Holder. The relative fault of the Indemnifying Party and
      of
      the Indemnified Party shall be determined by reference to, among other things,
      whether the untrue or alleged untrue statement of a material fact or the
      omission to state a material fact relates to information supplied by the
      Indemnifying Party or by the Indemnified Party and the parties' relative intent,
      knowledge, access to information and opportunity to correct or prevent such
      statement or omission. 

     

    (e) Controlling
      Agreement.
      Notwithstanding the foregoing, to the extent that the provisions on
      indemnification and contribution contained in the underwriting agreement entered
      into in connection with the underwritten public offering are in conflict with
      the foregoing provisions of this Section 2.6, the provisions in the underwriting
      agreement shall control. 

     

    2.7  Information
      by Holder.
      The
      Holder of Registrable Securities included in any registration shall furnish
      to
      the Company such information regarding the Holder, the Registrable Securities
      held by it and the distribution proposed by it as the Company may request in
      writing and only as shall be necessary to enable the Company to comply with
      the
      provisions hereof in connection with any registration, qualification or
      compliance referred to in this Agreement. 

     

    2.8  Rule
      144 Reporting.
      With a
      view to making available the benefits of certain rules and regulations of the
      Commission which may at any time permit the sale of the Registrable Securities
      to the public without registration, after such time as a public market exists
      for the Common Stock of the Company, the Company agrees to use its best efforts
      to: 

     

    
      
         

      

      
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    (a) Make
      and
      keep public information available, as those terms are understood and defined
      in
      Rule 144 under the Securities Act, at all times after the effective date that
      the Company becomes subject to the reporting requirements of the Securities
      Act
      or the Securities Exchange Act of 1934, as amended and for so long as the
      Company remains subject to the periodic reporting requirements under Section
      13
      or 15(d) of the Exchange Act. 

     

    (b) Use
      its
      best efforts to file with the Commission in a timely manner all reports and
      other documents required of the Company under the Securities Act and the
      Exchange Act (at any time after it has become subject to such reporting
      requirements). 

     

    (c) Furnish
      to the Holder forthwith upon request a written statement by the Company as
      to
      its compliance with the reporting requirements of Rule 144 (at any time after
      90
      days after the effective date of the first registration statement filed by
      the
      Company for an offering of its securities to the general public), and of the
      Securities Act and the Exchange Act (at any time after it has become subject
      to
      such reporting requirements), a copy of the most recent annual or quarterly
      report of the Company, and such other reports and documents of the Company
      and
      other information in as the Holder may reasonably request in availing itself
      of
      any rule or regulation of the Commission allowing the Holder to sell any such
      securities without registration. 

     

    2.9  Transfer
      of Registration Rights.
      The
      rights to cause the Company to register securities granted Holder under Section
      2.1, 2.2 or 2.3 may be transferred in connection with any transfer by the Holder
      of Registrable Securities provided that: (i) such transfer may otherwise be
      effected in accordance with applicable securities laws, (ii) such transfer
      is
      effected in compliance with the restrictions on transfer contained in this
      Agreement and in any other agreement between the Company and the Holder, and
      (iii) such transferee is an affiliate of a Stockholder or acquires (I) at least
      50,000 shares of Registrable Securities (as equitably adjusted for stock
      dividends, stock splits or other recapitalizations) or (II) all shares of
      Registrable Securities held by a Stockholder if transferred to a single
      transferee. No transfer will divest the Holder or any subsequent owner of such
      rights and powers unless all Registrable Securities are transferred or
      assigned. 

     

    2.10 Termination.
      The
      rights granted pursuant to this Section 2 shall terminate as to the Holder
      at
      such time as the Holder may sell under Rule 144, or a successor rule, in a
      three
      month period all Registrable Securities then held by the Holder. 

     

    SECTION
      3

     

    TAG-ALONG
      RIGHT

     

    W.B.
      Collett (“WBC”), individually, hereby covenants and agrees as
      follows:

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

     

    3.1 
      If at
      any time WBC proposes to transfer shares of Common Stock of the Company held
      to
      any person or entity (each, a “Proposed Transferee”), then WBC shall send
      written notice to the Investor which shall state (i) that WBC desires to
      make such a transfer, (ii) the identity of the proposed transferee and the
      number of Shares proposed to be sold or otherwise transferred, (iii) the
      proposed purchase price per share to be paid and the other terms and conditions
      of such transfer and (iv) the projected closing date of such transfer,
      which in no event shall be prior to 20 days after the giving of such written
      notice to the Investor.

     

    3.2 
      For a
      period of 20 days after the giving of the notice pursuant to Section 3.1 above,
      the Investor shall have the right to sell to the Proposed Transferees in such
      transfer at the same price and upon the same terms and conditions as WBC (which
      terms and conditions may include making representations or providing
      indemnities; provided,
      however,
      that in
      no event shall the Investor be required to make any representations or provide
      any indemnities other than (i) on a proportionate basis and (ii) with
      respect to matters relating solely to the Investor, such as representations
      as
      to title to shares to be transferred by the Investor a percentage of the total
      number of shares proposed to be transferred to such Proposed Transferee equal
      to
      the percentage obtained by dividing (x) the number of shares of Common Stock
      then held by the Investor (on a fully diluted basis) by (y) the total number
      of
      shares of Common Stock then outstanding (on a fully diluted basis), and the
      number of Shares that may be transferred by WBC in such proposed transfer shall
      be commensurately reduced.

     

    3.3 
      The
      rights of the Investor under Section 3 shall be exercisable by delivering
      written notice thereof, prior to the expiration of the 20-day period referred
      to
      in 3.2 above, to WBC with a copy to the Company. The failure of the Investor
      to
      respond within such period to WBC shall be deemed to be a waiver of the
      Investor’s rights under this Section 3 with respect to that transfer, so long as
      such transfer takes place within a period of 120 days following the expiration
      of such 20-day period.

     

    3.4 
      In the
      event that the Investor exercises rights under Section 3.2 and following such
      exercise there is a change in the price or terms of the proposed transaction
      between WBC and the Proposed Transferee, then WBC shall promptly notify the
      Investor of the revised price or terms and, if the price has changed at all
      or
      the other terms have changed materially, the Investor shall have the right
      to
      rescind the exercise of its rights under Section 3.2 by notice to WBC within
      five business days of receipt of the notice from WBC.

     

     

    SECTION
      4

     

    ACTIONS
      REQUIRING INVESTOR CONSENT

     

    Without
      the prior written consent of the Investor, the Corporation shall not (i)
      increase or decrease (including by way of merger, consolidation or otherwise)
      the authorized amount of the Preferred Stock, (ii) issue any shares of the
      Preferred Stock, or (iii) permit any amendment, repeal, alteration, addition,
      or
      deletion or other change to the powers, designations, preferences, rights,
      qualifications, limitations or restrictions of the Preferred Stock in any manner
      adverse to the Investor, including but not limited to by way of merger,
      consolidation, or otherwise and whether by board resolution, amendment to the
      Certificate of Incorporation or Bylaws, or otherwise, or (iv) enter into any
      contract, understanding or other arrangement to do any of the foregoing, except
      if such contract, understanding, or other arrangement is subject to the prior
      approval of the Investor.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    

     

    SECTION
      5 

     

    MISCELLANEOUS

     

    5.1 Governing
      Law.
      This
      Agreement shall be governed in all respects by the laws of the State of Delaware
      as applied to contracts made and to be fully performed entirely within that
      state between residents of that state. 

     

    5.2 Entire
      Agreement; Amendment.
      This
      Agreement constitutes the full and entire understanding and agreement between
      the parties with regard to the subject matter hereof and thereof. This Agreement
      or any term hereof may be amended, waived, discharged or terminated by a written
      instrument signed by the Company and the Holder Any amendment or waiver effected
      in accordance with this paragraph shall be binding upon each party to the
      Agreement, whether or not such party has signed such amendment or waiver, each
      future Holder, and the Company. 

     

    5.3 Notices,
      Etc.
      All
      notices and other communications required or permitted hereunder shall be deemed
      given if in writing and mailed by registered or certified mail, postage prepaid,
      or otherwise delivered by hand or by messenger, addressed (a) if to the
      Investor, at such address as such Investor shall have furnished to the Company
      in writing, or (b) if to the Company, at the address of its principal offices
      and addressed to the attention of the Corporate Secretary and with a copy to
      Frost Brown Todd LLC, 400 West Market Street, 32nd
      Floor,
      Louisville, Kentucky 40202-3363, Attention: R. James Straus, Esq., or at such
      other address as the Company shall have furnished to the Holder in
      writing. 

     

    5.4 Severability.
      In the
      event that any provision of this Agreement becomes or is declared by a court
      of
      competent jurisdiction to be illegal, unenforceable or void, this Agreement
      shall continue in full force and effect without said provision; provided that
      no
      such severability shall be effective if it materially changes the economic
      benefit of this Agreement to any party. 

     

    5.5 Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      enforceable against the parties actually executing such counterparts, and all
      of
      which together shall constitute one instrument. 

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the undersigned have executed this Agreement as of the date
      set
      forth above. 

     

    

    
      	 	
              FLORIDA
                GAMING CORPORATION, a

            
	 	
              Delaware
                corporation

            
	 	 	 
	 	 	 
	 	 	 
	 	
              By:

            	  

	 	 	 
	 	
              Title:

            	  

	 	 	 
	 	 	 
	 	
              PRIDES
                CAPITAL FUND I, L.P.

            
	 	 	 
	 	
              By:
                

            	
              Prides
                Capital Partners, LLC,

            
	 	its
              sole general partner
	 	 	 
	 	 	 
	 	 	 
	 	
              By:

            	  

	 	 	 
	 	
              Title:

            	  

	 	 	 
	 	 	 
	 	
              W.B.
                COLLETT

            
	 	 	 
	 	 	 
	 	 	 
	 	
              By:

            	
               
                

            
	 	 	 
	 	
              Name:

            	
              W.B.
                Collett, individually

            

    

    

    
       

      
        
           

        

      
          12Unassociated Document

    Exhibit
      4.7

    

    THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED, OR UNDER STATE SECURITIES LAWS. THESE
      SECURITIES MAY NOT BE RESOLD OR TRANSFERRED UNLESS REGISTERED OR EXEMPT FROM
      REGISTRATION UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS, AND HEDGING
      TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN
      COMPLIANCE WITH THE SECURITIES ACT OF 1933, AS AMENDED.

    

     

    WARRANT
      TO PURCHASE COMMON STOCK OF FLORIDA GAMING CORPORATION

    Void
      after June 15, 2012

    

    Number
      of Shares: 20,000

    

    

    This
      certifies that Prides Capital Fund I, L.P., a Delaware limited partnership
      having its principal place of business at 200 High Street, Suite 700, Boston,
      Massachusetts 02110 (the “Initial
      Holder”),
      for
      value received, is entitled to purchase, subject to the terms and conditions
      of
      this warrant (this “Warrant”),
      from
      Florida Gaming Corporation, a Delaware corporation (the “Company”)
      having
      its principal place of business at 1750 Kings Highway, Fort Pierce, Florida
      34945, an aggregate of twenty thousand (20,000) shares (the “Warrant
      Shares”)
      of the
      Company’s common stock, par value $0.20 per share (together with any common
      stock into which such common stock may be converted in connection with any
      merger or consolidation of the Company, the “Common Stock”), at a price per
      share of $30.00 (the “Exercise
      Price”).
      Capitalized terms used and not defined herein shall have the meaning assigned
      to
      such terms in the Stockholders Agreement, dated as of June 15, 2007 (as amended
      from time to time, the “Stockholders
      Agreement”),
      among
      the Company, the Initial Holder and the other parties thereto.

     

    This
      Warrant shall be exercisable, in whole or in part, at any time or from time
      to
      time from and after the date of execution of that certain Stock Subscription
      Agreement between the Holder (as defined in Section 7 herein) and the Company
      (such date being referred to herein as the “Initial
      Exercise Date”)
      up to
      and including 5:00 p.m. (Pacific Time) on the five (5) year anniversary of
      the
      date hereof (such date being referred to herein as the “Expiration
      Date”),
      upon
      surrender to the Company at its principal office (or at such other location
      as
      the Company may advise the Holder in writing) of this Warrant properly endorsed
      with (i) the Exercise Form attached hereto duly completed and executed and
      (ii)
      payment pursuant to Section 2 of the aggregate Exercise Price for the number
      of
      Warrant Shares for which this Warrant is being exercised determined in
      accordance with the provisions hereof. The Exercise Price and the number of
      Warrant Shares purchasable hereunder are subject to further adjustment as
      provided in Section 4 of this Warrant. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    1. Exercise;
      Issuance of Certificates; Acknowledgement.
      This
      Warrant is exercisable at the option of the Holder of record hereof, at any
      time
      or from time to time on or after the Initial Exercise Date up to the Expiration
      Date, for all or any part of the Warrant Shares (but not for a fraction of
      a
      Warrant Share) which may be purchased hereunder. The Company agrees that the
      shares of Common Stock purchased under this Warrant shall be and are deemed
      to
      be issued to the Holder hereof as the record owner of such shares as of the
      close of business on the date on which this Warrant shall have been surrendered,
      properly endorsed, the completed, executed Exercise Form delivered and payment
      made for such shares. Certificates for the shares of the Common Stock so
      purchased, together with any other securities or property to which the Holder
      hereof is entitled upon such exercise, shall be delivered to the Holder hereof
      by the Company at the Company’s expense within a reasonable time after the
      rights represented by this Warrant have been so exercised. Each certificate
      so
      delivered shall be in such denominations of the Warrant Shares as may be
      requested by the Holder hereof and shall be registered in the name of such
      Holder. In case of a purchase of less than all the Warrant Shares, the Company
      shall execute and deliver to Holder within a reasonable time an Acknowledgement
      in the form attached hereto indicating the number of Warrant Shares which remain
      subject to this Warrant, if any. 

     

    2. Payment
      for Shares.
      The
      aggregate purchase price for Warrant Shares being purchased hereunder may be
      paid either (i) by check or wire transfer of immediately available funds to
      an
      account designated in writing by the Company to the Holder, or (ii) by surrender
      of a number of Warrant Shares which have a Market Value (as defined below)
      equal
      to the aggregate Exercise Price of the Warrant Shares being purchased
      (“Net
      Issuance”)
      as
      determined herein. If the Holder elects the Net Issuance method of payment,
      the
      Company shall issue to Holder upon exercise a number of shares of Warrant Shares
      determined in accordance with the following formula:

     

    
      	
              X
                =

            	
              Y
                (A-B)

            
	
              A

            

    

    

    
      	
            	where:
              	
              X
                = the
                number of Warrant Shares to be issued to the
                Holder;

            

    

    

    
      	 	
              Y
                =
                

            	
              the
                number of Warrant Shares with respect to which the Holder is exercising
                its purchase rights under this
                Warrant;

            

    

    

    
      	 	
              A
                =
                

            	
              the
                Market Value of one (1) share of the Warrant Shares on the date of
                exercise; and

            

    

    

    
      	 	
              B
                =

            	
              the
                Exercise Price.

            

    

    

    No
      fractional shares arising out of the above formula for determining the number
      of
      shares to be issued to the Holder shall be issued upon exercise of this Warrant.
      In lieu thereof, the Company shall make payment to the Holder of cash in the
      amount of such fraction multiplied by the Market Value of one (1) share of
      the
      Warrant Shares on the date of exercise. For purposes of the above calculation
      (which shall be the date of exercise), the “Market
      Value”
of
      one
      (1) share of the Warrant Shares shall mean, as of any date of determination,
      the
      price per share of Common Stock equal to the average of the last sales price
      of
      a share of Common Stock on each of the last five trading days prior to the
      date
      of determination (“Calculation
      Period”)
      on the
      principal securities exchange on which the Common Stock may at the time be
      traded or, if there shall have been no sales on such principal securities
      exchange during the Calculation Period, the average of the closing bid and
      asked
      prices on such principal securities exchange on each day during the Calculation
      Period, on the next preceding five dates on which such bid and asked prices
      occurred or, if Common Stock shall not be so listed, the average of the closing
      sale prices as reported during the Calculation Period in the over-the-counter
      market. 

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

     

    3. Shares
      to be Fully Paid; Reservation of Shares.
      The
      Company covenants and agrees that all shares of Common Stock which may be issued
      upon the exercise of the rights represented by this Warrant will, upon issuance,
      be duly authorized, validly issued, fully paid and nonassessable and free from
      all preemptive rights of any shareholder and free and clear of all taxes, liens
      and charges with respect to the issue thereof, except as otherwise provided
      by
      the Stockholders Agreement. The Company further covenants and agrees that during
      the period within which the rights represented by this Warrant may be exercised,
      the Company will at all times have authorized and reserved, for the purpose
      of
      issue or transfer upon exercise of the rights evidenced by this Warrant, a
      sufficient number of shares of authorized but unissued shares of Common Stock,
      or other securities and property, when and as required to provide for the
      exercise of the rights represented by this Warrant in full. 

     

    4. Adjustment
      of Exercise Price and Number of Shares.
      The
      number of shares of Common Stock issuable upon the exercise of this Warrant
      and
      the Exercise Price hereunder shall be subject to adjustment from time to time
      upon the happening of certain events, as follows:

     

    4.1 Dividends
      or Distributions of Common Stock.
      If the
      Company shall at any time or from time to time after the date hereof make or
      issue, or fix a record date for the determination of stockholders entitled
      to
      receive, a dividend or other distribution on the Common Stock payable in
      additional shares of Common Stock, then and in each such event the Exercise
      Price hereunder then in effect shall be decreased as of the time of such
      issuance or, in the event such a record date shall have been fixed, as of the
      close of business on such record date, by multiplying the Exercise Price
      hereunder then in effect by a fraction: (a) the numerator of which shall be
      the
      total number of shares of Common Stock (assuming the conversion or exercise
      of
      all outstanding securities of the Company that are convertible into or
      exercisable for the purchase of Common Stock, including the exercise of all
      options and warrants to purchase Common Stock or securities that are convertible
      into or exercisable for the purchase of Common Stock) issued and outstanding
      immediately prior to the time of issuance or the close of business on such
      record date; and (b) the denominator of which shall be the total number of
      shares of Common Stock (assuming the conversion or exercise of all outstanding
      securities of the Company that are convertible into or exercisable for the
      purchase of Common Stock, including the exercise of all options and warrants
      to
      purchase Common Stock or securities that are convertible into or exercisable
      for
      the purchase of Common Stock) issued and outstanding immediately after the
      time
      of issuance or the close of business on such record date.

     

    4.2 Dividends
      or Distributions of Other Securities.
      If the
      Company shall at any time or from time to time after the date hereof make or
      issue, or fix a record date for the determination of stockholders entitled
      to
      receive, a dividend or other distribution on the Common Stock payable in
      securities of the Company other than Common Stock and other than as otherwise
      adjusted in this Section 4, then and in each such event the Holder shall be
      entitled to receive upon the exercise of this Warrant, in addition to the number
      of shares of Common Stock receivable thereupon, the kind and amount of such
      other securities receivable upon such dividend or distribution, to which a
      holder of the number of shares of Common Stock (or any shares of stock or other
      securities which may be) issuable upon the exercise of this Warrant would have
      received if this Warrant had been exercised immediately prior to such dividend
      or distribution, all subject to further adjustment as provided
      herein.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

     

    4.3 Stock
      Splits or Combinations.
      If the
      Company shall at any time subdivide the outstanding shares of Common Stock,
      or
      if the Company shall at any time combine the outstanding shares of Common Stock
      then the exercise price hereunder immediately shall be decreased proportionally
      (in the case of a subdivision) or increased proportionally (in the case of
      a
      combination). Any such adjustment shall become effective at the close of
      business on the date the subdivision or combination becomes
      effective.

     

    4.4 Reclassification
      or Reorganization.
      If the
      Common Stock issuable upon the exercise of this Warrant shall be changed into
      the same or different number of shares of any class or classes of stock, whether
      by capital reorganization, reclassification or otherwise (other than a
      subdivision or combination of shares or stock dividend provided for in Section
      4.1, 4.2 or 4.3 above, or a reorganization, merger, consolidation or sale of
      assets provided for in Section 4.5 below), then and in each such event the
      Holder shall be entitled to receive upon the exercise of this Warrant the kind
      and amount of shares of stock and other securities and property receivable
      upon
      such reorganization, reclassification or other change, to which a holder of
      the
      number of shares of Common Stock (or any shares of stock or other securities
      which may be) issuable upon the exercise of this Warrant would have received
      if
      this Warrant had been exercised immediately prior to such reorganization,
      reclassification or other change, all subject to further adjustment as provided
      herein.

     

    4.5 Merger,
      Consolidation or Sale of Assets.
      If at
      any time or from time to time there shall be a capital reorganization of the
      Common Stock (other than a subdivision, combination, reclassification or
      exchange of shares provided for elsewhere in this Section 4) or a merger or
      consolidation of the Company with or into another corporation, or the sale
      of
      all or substantially all of the Company’s assets and properties to any other
      person or entity, then as a part of such reorganization, merger, consolidation
      or sale, provision shall be made so that the Holder shall thereafter be entitled
      to receive upon the exercise of this Warrant, the number of shares of stock
      or
      other securities or property of the Company, or of the successor corporation
      resulting from such reorganization, merger, consolidation or sale, to which
      a
      holder of the number of shares of Common Stock (or any shares of stock or other
      securities which may be) issuable upon the exercise of this Warrant would have
      received if this Warrant had been exercised immediately prior to such
      reorganization, merger, consolidation or sale.

     

    4.6 Notice
      of Adjustment and Record Dates.
      The
      Company shall promptly notify the Holder in writing of each adjustment or
      readjustment of the exercise price hereunder and the number of shares of Common
      Stock issuable upon the exercise of this Warrant. Such notice shall state the
      adjustment or readjustment and show in reasonable detail the facts on which
      that
      adjustment or readjustment is based. In the event of any taking by the Company
      of a record of the holders of Common Stock for the purpose of determining the
      holders thereof who are entitled to receive any dividend or other distribution,
      the Company shall notify the Holder in writing of such record date at least
      ten
      (10) days prior to the date specified therein.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

     

    5. Rights
      of Holder.
      This
      Warrant does not entitle the Holder to any voting rights or any other rights
      as
      a stockholder of the Company prior to the date of exercise hereof.

     

    6. No
      Impairment.
      Except
      and to the extent as waived or consented to by the Holder, the Company will
      not,
      by amendment of its Certificate of Incorporation or through any reorganization,
      transfer of assets, consolidation, merger, dissolution, issue or sale of
      securities or any other voluntary action, avoid or seek to avoid the observance
      or performance of any of the terms to be observed or performed hereunder by
      the
      Company, but will at all times in good faith assist in the carrying out of
      all
      the provisions of this Warrant and in the taking of all such action as may
      be
      necessary or appropriate in order to protect the exercise rights of the Holder
      against impairment.

     

    7. Transfer;
      Assignment.
      Neither
      this Warrant nor any legal, economic or beneficial interest in this Warrant
      shall be transferred by way of sale, exchange, conversion, assignment, pledge,
      gift or other disposition or transfer (all of which acts shall be deemed
      included in the term “transfer”
as
      used
      in this Agreement) by the Initial Holder or any subsequent assignee (each,
      a
“Holder”)
      to any
      person or entity other than in accordance with the transfer restrictions set
      forth in the Stockholders Agreement. Any attempt by the Initial Holder or any
      subsequent Holder to transfer this Warrant, any rights, interests or obligations
      hereunder in violation of this Section 7 shall be null and void. Subject to
      the
      preceding sentences, this Warrant shall be binding upon, inure to the benefit
      of
      and be enforceable by the parties and their respective successors and assigns.
      

     

    8. Loss,
      Theft, Destruction or Mutilation of Warrant.
      If this
      Warrant is mutilated, lost, stolen or destroyed, the Company shall issue and
      deliver in substitution for and upon cancellation of the mutilated Warrant,
      or
      in substitution for the Warrant lost, stolen or destroyed, a new warrant or
      warrants of like tenor and representing an equivalent right or interest, but
      only upon, in the case of a lost, stolen or destroyed certificate, receipt
      of
      evidence reasonably satisfactory to the Company of such loss, theft or
      destruction. If required by the Company, then Holder shall furnish an affidavit
      or other evidence reasonably satisfactory to the Company of the loss, theft
      or
      destruction of such Warrant and an indemnification agreement.

     

    9. Modification
      and Waiver.
      Any
      term of this Warrant may be amended and the observance of any term of this
      Warrant may be waived (either generally or in a particular instance and either
      retroactively or prospectively), only with the written consent of the Company
      and the Holder. Any amendment or waiver effected in accordance with this
      paragraph shall be binding upon the Company and the Holder.

     

    10. Notices.
      Except
      as may be otherwise provided herein, all notices, requests, waivers and other
      communications made pursuant to this Warrant shall be in writing and shall
      be
      conclusively deemed to have been duly given (a) when hand delivered to the
      other party; (b) when sent by facsimile to the number set forth below if
      sent between 8:00 a.m. and 5:00 p.m. recipient’s local time on a business day,
      or on the next business day if sent by facsimile to the number set forth below
      if sent other than between 8:00 a.m. and 5:00 p.m. recipient’s local time on a
      business day; (c) three business days after deposit in the U.S. mail with
      first class or certified mail receipt requested postage prepaid and addressed
      to
      the other party at the address set forth below; or (d) the next business
      day after deposit with a national overnight delivery service, postage prepaid,
      addressed to the parties as set forth below with next business day delivery
      guaranteed, provided that the sending party receives a confirmation of delivery
      from the delivery service provider. Each person making a communication hereunder
      by facsimile shall promptly confirm by telephone to the person to whom such
      communication was addressed each communication made by it by facsimile pursuant
      hereto but the absence of such confirmation shall not affect the validity of
      any
      such communication. A party may change or supplement the addresses given above,
      or designate additional addresses, for purposes of this Section 10 by
      giving the other party written notice of the new address in the manner set
      forth
      above. The addresses for the parties are as follows:

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

     

    For
      the
      Company:

    Florida
      Gaming Corporation

    2669
      Charlestown Road

    New
      Albany, Indiana 47150

    Fax:
      (812) 945-7717

    

    For
      the
      Initial Holder:

    Prides
      Capital Fund I, L.P.

    200
      High
      Street, Suite 700 

    Boston,
      Massachusetts 02110

    Fax:
      (617) 778-9299

    

    11. Saturdays,
      Sundays, Holidays etc.
      If the
      last or appointed day for the taking of any action or the expiration of any
      right required or granted herein shall not be a day,
      other than a Saturday, Sunday or one on which banks are authorized by law or
      regulation to be closed in either New York, New York or San Francisco,
      California
      (a
“Business Day”), then such action may be taken or such right may be exercised on
      the next succeeding day that is a Business Day.

     

    12. Titles
      and Subtitles; Governing Law; Venue.
      The
      titles and subtitles used in this Warrant are used for convenience only and
      are
      not to be considered in construing or interpreting this Agreement. This Warrant
      is to be construed in accordance with and governed by the internal laws of
      the
      State of Delaware without giving effect to any choice of law rule that would
      cause the application of the laws of any jurisdiction other than the internal
      laws of the State of Delaware to the rights and duties of the Company and the
      Holder. All disputes and controversies arising out of or in connection with
      this
      Warrant shall be resolved exclusively by the state and federal courts located
      in
      the State of Delaware, and each of the Company and the Holder hereto agrees
      to
      submit to the jurisdiction of said courts and agrees that venue shall lie
      exclusively with such courts.

     

    13. Specific
      Performance.
      The
      Company agrees that the remedies at law of the Holder of this Warrant in the
      event of any default or threatened default by the Company in the performance
      of
      or compliance with any of the terms of this Warrant are not and will not be
      adequate and that, to the fullest extent permitted by law, such terms maybe
      specifically enforced by a decree for the specific performance of any obligation
      contained herein or by an injunction against a violation of any of the terms
      hereof or otherwise.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the Company and the Initial Holder have caused this Warrant
      to
      be duly executed by their officers, thereunto duly authorized as of this 15th
      day of June, 2007.

     

    

     

    
      	 	
              FLORIDA
                GAMING CORPORATION

            
	 	 	 
	 	 	 
	
               

            	
              By:
                

            	   

	 	
              Name:
                

            	 
	 	
              Title:

            	 
	 	 	 
	 	
              INITIAL
                HOLDER

            
	 	 	 
	 	
              PRIDES
                CAPITAL FUND I, L.P.

            
	 	 	 
	 	
              By:

            	
              Prides
                Capital Partners, LLC, its sole 

            
	 	 	
              general
                partner

            
	 	 	 
	 	 	 
	 	
              By:
                

            	  

	 	
              Name:

            	 
	 	
              Title:

            	 

    

     

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

    EXERCISE
      FORM

    

    (To
      be
      signed only upon exercise of Warrant)

    

    To:
      __________________________

    

    The
      undersigned, the holder of a right to purchase shares of Common Stock of FLORIDA
      GAMING CORPORATION (the “Company”) pursuant to that certain Warrant to Purchase
      Shares of Florida Gaming Corporation (the “Warrant”), dated as of June 15, 2007,
      hereby irrevocably elects to exercise the purchase right represented by such
      Warrant for, and to purchase thereunder, __________________________ (_________)
      shares of Common Stock of the Company and herewith makes payment of
      _________________________________ Dollars ($__________) therefor by the
      following method:

    

    (Check
      one of the following):

    

    
      	
              _______
                (check if applicable)

            	
              The
                undersigned hereby elects to make payment of 

            
	 	
              ______________
                Dollars ($___________) therefor in cash.

            
	 	 
	
              _______
                (check if applicable)

            	
              The
                undersigned hereby elects to make payment for the aggregate exercise
                price
                of this exercise using the Net Issuance method pursuant to Section
                2 of
                the Warrant.

            
	 	 

    

    

    The
      undersigned represents that it is acquiring such securities for its own account
      for investment and not with a view to or for sale in connection with any
      distribution thereof.

    

    DATED:
      ________________

    

    
      	 	
              [name
                of Holder]

            
	 	 	 
	 	 	 
	 	
              By:
                

            	  

	 	 	 
	 	
              Name:
                

            	  

	 	 	 
	 	
              Its:
                

            	  

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    WARRANT
      ASSIGNMENT FORM

    

    

    

    FOR
      VALUE
      RECEIVED, the undersigned, ________________________________ (“Assignor”), hereby
      sells, assigns and transfers unto 

     

    Name:           
      ____________________________________
      (“Assignee”)

    (Please
      type or print in block letters)

     

    Address:       
      ____________________________________

     

    ____________________________________

     

    ____________________________________

     

    This
      Warrant and all rights evidenced thereby and does hereby irrevocably constitute
      and appoint the Company and any of its officers, secretary, or assistant
      secretaries, as attorneys-in-fact to transfer the same on the books of the
      Company, with full power of substitution in the premises.

     

    
      	
              Date:
                

            	
              ____________________

            	 	
              ___________________________________

            
	 	 	 	
              Name
                of Holder:

            
	 	 	 	
              Title:
                

            

    

    

     

    In
      the
      presence of: ___________________________

     

    

     

    Note: The
      signature of this Warrant Assignment must correspond to the name as it appears
      on the face of this Warrant. Officers of corporations and those acting in a
      fiduciary or other representative capacity should file proper evidence of
      authority to assign the foregoing.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ACKNOWLEDGMENT

    

    

    To:
      [name
      of Holder]

    

    The
      undersigned hereby acknowledges that as of the date hereof, __________________
      (___________) shares of Common Stock remain subject to the right of purchase
      in
      favor of [name of Holder] pursuant to that certain Warrant to Purchase Common
      Stock of Florida Gaming Corporation, dated as of June 15, 2007.

    

    DATED:
      ________________

    

    
      	 	
              FLORIDA
                GAMING CORPORATION

            
	 	 	 
	 	 	 
	 	
              By:
                

            	 
	 	 	 
	 	
              Name:
                

            	 
	 	 	 
	 	
              Its:

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