Document:

Exhibit 4.10

    Exhibit
      4.10

 

    

    

    

    

    AGREEMENT

    

    GOLDEN
      PALACE LIMITED

    

    and

    

    MAHJONG
      SYSTEMS LIMITED 

     

     

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    

    MEMORANDUM
      OF SOFTWARE LICENSING AGREEMENT

    

    

    

    entered
      into between:

    

    

    GOLDEN
      PALACE LIMITED 

    

    A
      company
      duly incorporated under the laws of Antigua

    

    

    

    and

    

    

    

    MAHJONG
      SYSTEMS LIMITED 

    

    A
      company
      domiciled in the Turks and Caicos Islands that offers a centralised Mahjong
      Gaming System and manages the settling of winnings and losses between
      participants.

    

    
 

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    RECITALS

    

    WHEREAS "Golden
      Palace Limited" and/or its subsidiaries (collectively "Golden
      Palace")
      operate
      a gaming web site as part of their business;

    

    AND
      WHEREAS "Mahjong Systems Limited"
      ("MSL")
      is a
      company established to operate a centralised gaming engine and settlement system
      for the benefit of the customers of its partners;

    

    AND
      WHEREAS "Golden
      Palace" wishes
      to
      integrate a multi player mahjong game into its existing gaming web
      site;

    

    NOW
      THEREFORE
      the
      Parties agree to the following:

    

    1. DEFINITIONS
      

    

    Unless
      the contrary is clearly indicated, the following words and/or phrases, shall
      have the following meaning:

    

      
        	
                1.1
                  

              	
                “this
                  / the Agreement” 

              	
                shall
                  mean this written document together with all written appendices,
                  annexures, exhibits or amendments attached to it from time to time
                  by
                  written agreement between the parties;

              
	 	 	 
	
                1.2
                  

              	
                “Commencement
                  Date” 

              	
                shall
                  mean the date on which the duly authorized representatives of the
                  Parties
                  affixes their signatures to the Agreement;

              
	 	 	 
	
                1.3
                  

              	
                “Confidential
                  Information” 

              	
                shall
                  mean the personal information of the Introduced Players, including
                  personal information and play history, as well as any other “Golden
                  Palace” documentation and information which is designated as confidential
                  or proprietary, either verbally, by letter, stamp or legend, or
                  which
                  would be apparent to a reasonable person, familiar with the disclosing
                  party’s business or the industry in which it operates, that such
                  information is of a confidential or proprietary nature; and “MSL
                  Confidential Information” shall mean any documentation and information of
                  MSL which is designated as confidential or proprietary, either
                  verbally,
                  by letter, stamp or legend, or which would be apparent to a reasonable
                  person, familiar with the disclosing party’s business or the industry in
                  which it operates, that such information is of a confidential or
                  proprietary nature;

              
	 	 	 
	
                1.4
                  

              	
                “Currency”
                  

              	
                shall
                  mean (not limited to) United States Dollars or EUROs;

              
	 	 	 
	 	 	 
	
                1.5
                  

              	
                "Gross
                  Rake"

              	
                shall
                  mean “Golden Palace”’s proportionate share, in the Currency, of the amount
                  collected by “MSL” with respect to the Mahjong Games as a fee for its
                  services, in accordance with the rake schedule;

              
	 	 	 
	 	 	 
	
                1.6

              	
                "MSL"

              	
                shall
                  mean a company with registered address Mahjong Systems Limited,
                  Britannic
                  House, Providenciales, Turks and Caicos Islands, B.W.I., herein
                  represented by its duly authorized representative, Mr. Adriaan
                  Brink

              
	 	 	 
	
                1.7

              	
                "Introduced
                  Players"

              	
                shall
                  mean players of the Mahjong Games, introduced by "Golden Palace"
                  as
                  recorded by the system;

              
	 	 	 
	
                1.8

              	
                "Mahjong
                  Games"

              	
                shall
                  mean the multi player Mahjong game and any other games that "MSL"
                  may make
                  available from time to time;

              
	 	 	 
	
                1.9
                  

              	
                “Parties”
                  

              	
                shall
                  mean "Golden Palace" and "MSL";

              
	 	 	 
	
                1.10

              	
                “Partners”

              	
                that
                  provide players and integrate with "MSL" in a manner similar to
                  that
                  contemplated in this agreement;

              

      

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      
        	 	 	 
	
                1.11

              	
                “Float”

              	
                shall
                  mean the funds held as Deposit by "MSL" and adjusted in the monthly
                  settlement;

              
	 	 	 
	
                1.12

              	
                “Float
                  Amount”

              	
                The
                  amount of Float that is agreed between "MSL" and "Golden Palace",
                  as
                  adjusted from time to time, and held by "MSL" to cover possible
                  losses by
                  Players;

              
	 	 	 
	
                1.13

              	
                “Net
                  Rake”

              	
                shall
                  mean the Gross Rake minus any promotions, comps or bonuses mutually
                  agreed
                  to by the parties hereto granted by “Golden Palace” to Introduced
                  Players;

              
	 	 	 
	
                1.14

              	
                “Rake
                  Schedule”

              	shall
                mean the rake schedule attached hereto as Schedule 3 which sets out
                the
                gross rake collected by “MSL”
                as
                a fee for its services with respect to the Mahjong Games, which shall
                only
                be revised by “MSL”
                upon no less than thirty (30) days’ prior to written notice to
                “Golden
                Palace”;
	 	 	 
	
                1.14

              	
                “Royalty”

              	
                shall
                  mean the amount payable by “Golden Palace” to “MSL” on a monthly basis, as
                  a fee for the license(s) granted by “MSL” to “Golden Palace” pursuant to
                  this Agreement, as set out and calculated in accordance with Schedule
                  1
                  attached hereto;

              
	 	 	 
	
                1.15

              	
                “Software”

              	
                shall
                  mean the object code versions of the computer software for the
                  Mahjong
                  Games and the user interface related thereto, along with any additions,
                  modifications, alterations, enhancements and upgrades
                  thereto;

              
	 	 	 
	
                1.16

              	
                “System”

              	
                shall
                  mean the Software and the Internet gaming server software required
                  to run
                  the Software;

              
	 	 	 
	1.17 	For
                the purposes of this Agreement, an “Affiliate” of a party hereto shall
                mean the parent corporation of the party, a wholly-owned subsidiary
                of the
                party or a wholly-owned subsidiary of the party’s parent
                corporation;
	 	 
	1.18 	Any
                reference to the singular includes the plural and vice versa;
	 	 
	1.189 	Any
                reference to natural persons includes legal persons and vice
                versa;
	 	 
	1.20 	Any
                reference
                to a gender includes other genders;

      

      

 

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

    

         

    
      	
              1.21

            	
              The
                clause headings in this agreement have been inserted for convenience
                only
                and shall not be taken into account in its
                interpretation.

            

    

    

    
      	2.	
              DURATION

            

    

    

    
      	2.1	
              The
                Agreement shall commence on the Commencement
                Date.

            

    

    

    
      	
              2.2

            	
              Except
                as otherwise provided herein and, in particular, subject to the right
                of
                termination contained in Schedule 2 attached hereto, the Agreement
                will
                continue in force for a period of three (3) years calculated from
                the
                Commencement
                Date
                (Initial Term) and thereafter be renewed for further periods of three
                (3)
                years subject to either of the Parties’ right to terminate the Agreement,
                after the expiry of the initial three-(3)-year term, by giving one
                (1)
                month's written notice.

            

    

    

    
      	
              2.3

            	
              Notwithstanding
                the foregoing, “Golden
                Palace”
                shall be entitled to terminate this Agreement during the Initial
                Term upon
                one (1) month’s written notice to “MSL”
                in
                the event that “MSL”
                delivers notice to “Golden
                Palace” of
                “MSL”’s
                intention to revise the Rake Schedule and “Golden
                Palace”
                does not agree with the revisions and delivers its notice of termination
                within one (1) month of receipt of “MSL”’s
                Rake Schedule revision notice, in which the case the revisions to
                the Rake
                Schedule shall not apply with respect to “Golden
                Palace”
                or
                the Introduced Players and the existing Rake Structure shall continue
                to
                apply until the effective termination date of this Agreement. “Golden
                Palace”
                shall not have the right to terminate this Agreement under this section
                if
                its authorized representative shall have previously provided “Golden
                Palace”’s
                written agreement to the revised Rake
                Schedule.

            

    

    

    
      	
              3.

            	
              GRANT
                OF LICENCE

            

    

    

    
      	
              3.1

            	
              Throughout
                the term of this Agreement and subject to the terms and conditions
                contained herein, MSL hereby grants to “Golden
                Palace”
a
                worldwide, non-exclusive, non-transferable license to use and to
                grant to
                Introduced Players the right to use the Software, and to distribute
                and
                transmit the Software to Introduced
                Players.

            

    

     

    
 

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    
      	
              3.2

            	
              Option
                to Opt Out of Aggregation Server.
                At any time during the term of this Agreement, “Golden
                Palace”
                shall have the option, in its sole and unfettered discretion and
                upon
                giving writing notice to “MSL”,
                to
                license the System in order to operate the System on its own server
                and to
                cease participating in Mahjong Games aggregated with other Partners.
                Upon
                such notice, “MSL”
                shall deliver the System to “Golden
                Palace”
                and “MSL”
                shall be deemed to have granted to “Golden
                Palace”
a
                worldwide, non-exclusive, non-transferable license to operate the
                System
                throughout the Term of this Agreement. In such case, all of the terms
                of
                this Agreement shall continue to apply except that there shall be
                no Float
                (and any Float Amount shall be immediately returned to “Golden
                Palace”)
                and no revenue sharing with other Partners. Further, “Golden
                Palace”
                shall be entitled to make modifications or enhancements to the System
                provided they do not negatively affect the performance of the System,
                and
                any such modifications or enhancements shall be owned by “Golden
                Palace”.
                

            

    

    

    
      	
              3.3

            	
              “Golden
                Palace”
                shall be permitted to sub-license the rights granted to it pursuant
                to
                this Agreement to any of its wholly-owned
                subsidiaries.

            

    

    

    
      	
              4.

            	
              RIGHT
                OF PARTICIPATION IN REVENUE
                SHARING

            

    

    

    
      	
              4.1

            	
              The
                Parties agree that other Partners may participate in revenue sharing
                with
                "MSL"
                in
                a similar manner to that contemplated in this Agreement.
                

            

    

    

    5. RIGHT
      AND OBLIGATIONS OF MSL

    

    "MSL"
      shall:

    

    
      	
              5.1

            	
              Have
                the right to use third parties to perform any of these rights and
                obligations, upon prior written notice to “Golden
                Palace”;

            

    

    

    
      	5.2	
              Ensure
                that it is legally authorized to provide the Mahjong
                Games;

            

    

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
 

    
      	
              5.3

            	
              Ensure
                that all transactions in respect of its obligations in terms of this
                Agreement are conducted in the Currency as defined in the systems
                specifications;

            

    

    

    
      	
              5.4

            	
              Settle
                all net differences between Partners on a monthly basis within thirty
                (30)
                days of the end of each month (the “Settlement Date”) by, 

            

    

    

    
      	 	
              5.4.1

            	
              in
                the event that the Float is less than the Float Amount, instructing
                a
                Partner to remit funds to return the Float to the Float Amount;
                

            

    

    

    
      	 	
              5.4.2

            	
              in
                the event that the Float is greater than the Float Amount, paying
                the
                Partner the excess amount;

            

    

    

    
      	
              5.5

            	
              Provide
                monthly report of Float movements and provide real-time access to
                financial and game information;

            

    

    

    
      	
              5.6

            	
              On
                or before each monthly Settlement Date, “MSL”
                will advise “Golden
                Palace”
                of the aggregate positive or negative Cross-Cage Flow to be added
                to or
                subtracted from its Float for the previous month. These amounts represent
                the settlements among cages to reflect inter-cage activity. A negative
                Cross-Cage flow represents a decrease in the overall funds of its
                cage and
                a positive Cross-Cage flow represents an increase in the overall
                funds of
                its cage;

            

    

    

    
      	
              5.7

            	
              Hold
                the Float Amount in trust for "Golden
                Palace"
                in
                a trust account segregated from any other funds, and return all amounts
                that are not spent in the case of cancellation to "Golden
                Palace";

            

    

    

    
      	
              5.8

            	
              Monitor
                the Float Amount and inform "Golden
                Palace"
                if
                it is insufficient for the current play
                rate;

            

    

    

    
      	
              5.9

            	
              Keep
                full and proper books of accounts and records showing clearly all
                transactions relating to "MSL"'s
                obligations in respect of this
                Agreement;

            

    

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    
 

    
      	
              5.10

            	
              Allow
                any person authorized by "Golden
                Palace"
                to
                have access at all reasonable times to "MSL"'s
                premises for the purposes of inspecting the books and records pertaining
                to “Golden
                Palace”
                and “MSL”
                (which shall include but not be limited to all records and statements
                pertaining to the account in which the Float is held), the System
                database
                and information pertaining to Mahjong Game play to the extent that
                this is
                necessary to ensure "Golden
                Palace"’s
                interests are being protected as provided for in this
                Agreement;

            

    

    

    
      	
              5.11

            	
              Provide
                all computer components, equipment and software needed to provide
                the
                electronic system to operate the Mahjong Games, including back office
                systems that may be accessed by "Golden
                Palace"
                support staff to provide player
                support;

            

    

    

    
      	
              5.12

            	
              Implement,
                provide and monitor systems 7/24 to prevent collusion and dumping
                by
                players of the Mahjong Games (“Collusion Tools”) which include but are not
                limited to server side rating of play quality; update the Collusion
                Tools
                on an ongoing basis where appropriate; and provide “Golden
                Palace”
                with real-time reporting and access to the Collusion Tools and the
                data
                collected pursuant thereto;

            

    

    

    
      	
              5.13

            	
              Provide
                support and service to "Golden
                Palace"
                for technical and software issues, in accordance with the Service Level
                Agreement attached hereto as Schedule
                2;

            

    

    
      	
              5.14

            	
              Confirm
                that "MSL"
                has no right to communicate with, nor ownership of, Introduced Players
                or
                any personal information related thereto;
                and

            

    

    

    
      	
              5.15

            	
              Reimburse
                and indemnify and save “Golden
                Palace”
                harmless (either by way of credit against future Royalties or by
                payment
                by “MSL”
                to “Golden
                Palace”)
                from and against any and all chargebacks or other losses or damages
                incurred or suffered by “Golden
                Palace”
                which “Golden
                Palace”
                has reasonably concluded, using the Collusion Tools, to be as direct
                result of intercage dumping or collusion between an Introduced Player
                and
                a non-Introduced Player.

            

    

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
 

    
      	6.	
              MSL
                REPRESENTATIONS AND
                WARRANTIES

            

    

    

    “MSL”
      hereby
      represents and warrants that:

    

    
      	
              6.1

            	
              it
                or its Affiliates owns all right, title and interest in and to the
                Software and the System;

            

    

    

    
      	6.2	
              that
                it has the necessary capacity and authority to enter into this Agreement
                and the sufficient rights and authority to grant to “Golden Palace” the
                licenses contemplated by this
                Agreement;

            

    

    

    
      	6.3	
              that
                the Software and the System are free of defects and shall perform
                as
                intended and as represented to “Golden
                Palace”.

            

    

    

    
      	7.	
              RIGHTS
                AND OBLIGATIONS OF "GOLDEN
                PALACE"

            

    

    

    "Golden
      Palace"
      shall:

    

    
      	
              7.1

            	
              Promote
                the Mahjong Games and be responsible for all associated
                costs;

            

    

    

    
      	
              7.2

            	
              Not
                bring "MSL"
                into disrepute by marketing or selling the Mahjong Games in any fashion
                deemed to be illegal or
                undesirable;

            

    

    

    
      	
              7.3

            	
              Use
                best endeavors to ensure that its activities do not violate the laws
                of
                any country;

            

    

    

    
      	
              7.4

            	
              Inform
                "MSL"
                as
                soon as possible of any legal difficulties that are encountered in
                respect
                of the promotion of the Mahjong
                Games;

            

    

    

    
      	
              7.5

            	
              Be
                responsible for all costs incurred by "Golden
                Palace "
                for their own account in the software integration, it being understood
                that "MSL"
                shall undertake and bear all of the costs to be incurred in facilitating
                the initial integration of the
                System;

            

    

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    
 

    
      	
              7.6

            	
              Be
                responsible for and bear all costs with relation to the player
                relationship including:

            

    

    

    
      	 	
              7.6.1

            	
              Acquiring
                funds into players’ accounts that may be subsequently used for the Mahjong
                Game,

            

    

    
      	
            	7.6.2	
              Providing
                customer support to players,

            

    

    
      	
            	7.6.3	
              Settlement
                of player withdrawals,

            

    

    
      	 	
              7.6.4
                

            	
              Managing
                and funding where necessary any shortfalls through charge backs or
                fraud,

            

    

    
      	 	
              7.6.5

            	
              Provision
                of all software and hardware systems associated with the player
                relationship;

            

    

    

    
      	7.7	
              Pay
                an initial License Fee as per Schedule
                1;

            

    

    

    
      	
              7.8

            	
              Deposit
                funds with "MSL"
                to
                establish the Float. The Float will cover the expected maximum deficit
                that would be realized in the course of one (1) month, such float
                to be
                adjusted where necessary during the course of the month in good time
                to
                avoid players being refused games. The initial float amount is set
                as per
                Schedule 1.

            

    

    

    
      	
              7.9

            	
              Not
                enter into agreement, offer or implement the game of Mahjong with
                any
                other software provider during the Initial Term, save and except
                for the
                skill-based version of Mahjong currently offered by “Golden
                Palace”
                pursuant to an existing license agreement with SkillJam Technologies
                Corporation.

            

    

    

    
      	8.	
              INTELLECTUAL
                PROPERTY RIGHTS

            

    

    

    
      	
              8.1

            	
              "Golden
                Palace"
                shall not acquire any right, title or interest in any copyright or
                other
                intellectual property rights in the Mahjong Games by virtue of this
                Agreement;

            

    

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    
 

    
      	
              8.2

            	
              "MSL"
                shall not acquire any right, title or interest in any copyright or
                other
                intellectual property rights in "Golden
                Palace"’s
                trademarks, trade names, copyrights and other rights used or embodied
                in
                or in connection with its
                activities.

            

    

    

    
      	9.	
              VALIDITY 

            

    

    

    
      	
              9.1

            	
              If
                any provision of this Agreement
                is found or held to be invalid or unenforceable, the validity and
                enforceability of all the other provisions of this Agreement
                will not be affected thereby.

            

    

    

    
      	10.	
              CONFIDENTIALITY 

            

    

    

    
      	
              10.1

            	
              "MSL"
                shall hold in confidence all Confidential
                Information
                received and not divulge the Confidential
                Information
                to any person, including any of its personnel, save for parties directly
                involved with the execution of this
                Agreement.

            

    

    

    
      	
              10.2

            	
              "Golden
                Palace"
                shall have full rights to and access to the Confidential
                Information.

            

    

    

    
      	
              10.3

            	
              MSL
                shall prevent disclosure of the Confidential
                Information,
                except as may be required by law, in which case MSL shall give at
                least
                ten (10) days prior written notice to “Golden Palace” of the required
                disclosure.

            

    

    

    
      	
              10.4

            	
              "MSL"
                shall ensure that each staff member or external party having access
                to
                Confidential Information is bound by individual non-disclosure
                agreements.

            

    

    

    
      	
              10.5

            	
              “Golden
                Palace”
                shall hold in confidence all MSL Confidential Information received
                and not
                divulge same to any person, including any of its personnel, save
                for
                parties directly involved with the execution of this Agreement.
                “Golden
                Palace”
                shall prevent disclosure of the MSL Confidential Information it receives,
                except as may be required by law, in which case “Golden
                Palace”
                shall give at least ten (10) days prior notice to “MSL”
                of
                the required disclosure.

            

    

    

    
      	
              10.6

            	
              “Golden
                Palace”
                shall ensure that each staff member or external party having access
                to MSL
                Confidential Information is bound by individual non-disclosure
                agreements.

            

    

    

    
      	11.	
              TERMINATION
                OF AGREEMENT

            

    

    

    
      	
              11.1

            	
              This
                Agreement may be terminated with immediate effect by "MSL"
                in
                the event of "Golden
                Palace"
                not complying with the "MSL"
                requirements in terms of clause 7.2. This clause shall not be unreasonably
                invoked.

            

    

     

    
      	
              11.2

            	
              Each
                party may terminate this Agreement by written notice to the other
                Party in
                accordance with clause 2.2 after the Initial
                Term.

            

    

     

    
      	
              11.3

            	
              Either
                Party may terminate this Agreement by written notice if the other
                is in
                breach of any of the obligations of this Agreement and fails to remedy
                such breach within thirty (30) days after written notice to do so
                has been
                dispatched by the other Party.

            

    

     

    
      	11.4	
              Either
                Party may terminate this Agreement immediately and without notice
                if:

            

    

     

    
      	
            	11.4.1	
              the
                other enters into a composition with its
                creditors;

            

    

     

    
      	
            	11.4.2	
              an
                order is made for the winding up of the
                other;

            

    

     

    
      	 	
              11.4.3

            	
              an
                effective resolution is passed for the winding up of the other (other
                than
                for the purposes of amalgamation or reconstruction on terms approved
                by
                the first Party (such approval not to be unreasonably withheld));
                or

            

    

     

    
      	 	
              11.4.5

            	
              the
                other has a receiver, manager, administrative receiver or administrator
                appointed in respect of it.

            

    

     

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    
      	11.5	
              Effect
                of Termination

            

    

     

    The
      termination of the Agreement, for whatever reason, shall not affect the rights
      of either of the parties:

     

    
      	
            	11.5.1	
              that
                may have accrued before the termination of the Agreement;
                or

            

    

     

    
      	
            	11.5.2	
              which
                specifically or by their nature survive the termination of the
                Agreement.

            

    

     

    
      	
              11.6

            	
              On
                termination, "MSL"
                will provide to "Golden
                Palace",
                all copies of the Confidential Information in
                its possession and shall not retain the Confidential Information
                in any
                form whatsoever, except where required by law or order of any tribunal
                of
                competent jurisdiction.

            

    

     

    
      	
              11.7

            	
              "MSL"
                shall destroy all copies of Confidential Information relating to
                "Golden
                Palace"
                once it is no longer required to be
                kept.

            

    

     

    
      	
              11.8

            	
              The
                provisions of sections 11.6 and 11.7 hereinabove shall apply
                mutatis
                mutandis
                to
                “Golden
                Palace”
                in
                respect of MSL Confidential
                Information.

            

    

     

    

    
      	12.	
              DOMICILIUM
                

            

    

    

    The
      Parties elect the following addresses as their respective domicilium
      citandi et executandi:

    

    
      	12.1	
              "Golden
                Palace":

            

    

    Golden
      Palace Limited

    Milburne
      House

    P.O.
      Box
      W1716

    Old
      Parham Road

    St.
      Johns, Antigua

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    
 

    
      	12.2	
              "MSL":   

            

    

    Mahjong
      Systems Limited

    Britannic
      House

    Providenciales

    Turks
      and
      Caicos Islands

    B.W.I

    

    
      	
              12.3

            	
              Either
                of the Parties may change its
                domicilium citandi et executandi to
                another address within the same country, by way of a notice to the
                other
                party to this Agreement, provided that such a notice is received
                by the
                addressee, at least 7 (seven) calendar days prior to such a change
                taking
                effect.

            

    

    

    
      	13.	
              NOTICES
                

            

    

    

    The
      Parties elect the following addresses at which all notices and other
      communications must be delivered for the purposes of this Agreement:

    

    
      	13.1	
              "Golden
                Palace":

            

    

    
      	
            	13.1.1	
              By
                hand at:

            

    

    Milburne
      House

    P.O.
      Box
      W1716

    Old
      Parham Road

    St.
      Johns, Antigua

    For
      the
      attention of: Richard
      Rowe

    

    
      	
            	13.1.2	
              With
                a copy to:

            

    

    Cyber
      World Group

    6550
      Cote
      de Liesse

    Montreal,
      Quebec

    H4T
      1E8

    For
      the
      attention of: Steve Baker, CEO

    

    
      	13.2	
              "MSL":

            

    

    
      	
            	13.2.1	
              By
                hand at:

            

    

    Brittanic
      House, Providenciales

    Turks
      and
      Caicos Islands, B.W.I.

    For
      the
      attention of: The
      President

    

     

    
      	
            	13.2.2	
              With
                a copy to:

            

    

    Dynasty
      Gaming Inc.

    759
      Square Victoria, Suite 300

    Montreal,
      Quebec, H2Y 2J7

    For
      the
      attention of: Mr.
      Albert Barbusci

    

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    
      	
              13.3
                

            	
              Any
                notice or communication required or permitted to be given in terms
                of this
                Agreement
                shall only be valid and effective if it is in
                writing.

            

    

    

    
      	
              13.4
                

            	
              Any
                notice addressed to either of the Parties and contained in a correctly
                addressed envelope and sent by registered post to it at its chosen
                address
                or delivered by hand at its chosen address to a responsible person
                on any
                day of the week between 09h00 and 16h00, excluding Saturdays, Sundays
                and
                public holidays, shall be deemed to have been received, unless the
                contrary is proved, if sent by registered post, on the fourteenth
                calendar
                day after posting and, in the case of hand delivery, on the day of
                delivery.

            

    

    

    
      	
              13.5
                

            	
              Any
                notice sent by telefax to either of the Parties at its telefax number
                shall be deemed, unless the contrary is proved, to have been
                received:

            

    

    

    
      	 	
              13.5.1
                

            	
              if
                it is transmitted on any day of the week between 09h00 and 16h00,
                excluding Saturdays, Sundays and public holidays, within 2 (two)
                hours of
                transmission;

            

    

    

    
      	 	
              13.5.2
                

            	
              if
                it is transmitted outside of these times, within two hours of the
                commencement of the next day of the week between 09h00 and 16h00,
                excluding Saturdays, Sundays and public holidays, after it has been
                transmitted.

            

    

    

    
      	14.	
              FORCE
                MAJEURE

            

    

    

    
      	
              14.1
                

            	
              Neither
                of the Parties shall be liable for a failure to perform any of its
                obligations insofar as it proves:

            

    

    

    
      	 	
              14.1.1
                

            	
              that
                the failure was due to an impediment beyond its
                control;

            

    

    
      	 	
              14.1.2
                

            	
              that
                it could not reasonably be expected to have taken the impediment
                and its
                effects upon the party’s ability to perform into account at the time of
                the conclusion of this Agreement;
                and

            

    

    
      	 	
              14.1.3
                

            	
              that
                it could not reasonably have avoided or overcome the impediment or
                at
                least its effects.

            

    

     

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    
 

    
      	
              14.2
                

            	
              An
                impediment, as aforesaid, may result from events such as the following,
                this enumeration not being
                exhaustive:

            

    

    

    
      	 	
              14.2.1
                

            	
              war,
                whether declared or not, civil war, civil violence, riots
                and

            

    

    revolutions,
      acts of sabotage;

    
      	 	
              14.2.2
                

            	
              natural
                disasters such as violent storms, cyclones, earthquakes, tidal waves,
                floods, destruction by lightning; 

            

    

    
      	 	
              14.2.3
                

            	
              explosions,
                fires, destruction of machines, factories and any kind of
                installations;

            

    

    
      	 	
              14.2.4
                

            	
              boycotts,
                strikes and lockouts of all kinds, go-slows, occupation of factories
                and
                premises and work stoppages;

            

    

    
      	 	
              14.2.5
                

            	
              acts
                of authority, whether lawful or unlawful, apart from acts from which
                the
                party seeking relief has assumed the risk by virtue of any other
                provisions of this Agreement. 

            

    

    

    
      	
              14.3
                

            	
              For
                the purposes of this clause “impediment” does not include lack of
                authorisations, of licences, of permits or of approvals necessary
                for the
                performance of this Agreement
                and to be issued by the appropriate public
                authority.

            

    

    

    
      	
              14.4
                

            	
              Relief
                from liability for non-performance by reason of the provisions of
                this
                clause shall commence on the date upon which the party seeking relief
                gives Notice
                of the impediment relied upon and shall terminate upon the date upon
                which
                such impediment ceases to exist; provided that if such impediment
                continues for a period of more than sixty (60) days either of the
                Parties
                shall be entitled to terminate this Agreement.

            

    

     

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    
      	
              15.

            	
              ENTIRE
                AGREEMENT AND VARIATIONS 

            

    

    

    
      	
              15.1
                

            	
              This
                Agreement
                including schedule 1 constitutes the whole agreement between the
                Parties
                and supersedes all prior verbal or written agreements or understandings
                or
                representations by or between the Parties
                regarding the subject matter of this Agreement,
                and the Parties
                will not be entitled to rely, in any dispute regarding this Agreement,
                on any terms, conditions or representations not expressly contained
                in
                this Agreement.

            

    

    

    
      	
              15.2
                

            	
              No
                variation of or addition to this Agreement
                will be of any force or effect unless reduced to writing and signed
                by or
                on behalf of the Parties.

            

    

    

    
      	
              15.3 

            	
              Neither
                party to this Agreement
                has given any warranty or made any representation to the other party,
                other than any warranty or representation that may be expressly set
                out in
                this
                Agreement.

            

    

    

    
      	16.	
              RELAXATION
                

            

    

    

    No
      indulgence, leniency or extension of a right, which either of the Parties
      may have in terms of this Agreement,
      and which either party (“the grantor”) may grant or show to the other party,
      shall in any way prejudice the grantor, or preclude the grantor from exercising
      any of the rights that it has derived from this Agreement,
      or be construed as a waiver by the grantor of that right.

    

    
      	17.	
              WAIVER

            

    

    

    No
      waiver
      on the part of either party to this Agreement of any rights
      arising from a breach of any provision of this Agreement
      will constitute
      a
      waiver of rights in respect of any subsequent breach of the same or any other
      provision.

    

    
      	18.	
              SEVERABILITY

            

    

    

    In
      the
      event that any of the terms of this Agreement
      are found to be invalid, unlawful or unenforceable, such terms will be severable
      from the remaining terms, which will continue to be valid and
      enforceable.

    

    
      	19.	
              DRAFTING
                COSTS 

            

    

    

    Each
      of
      the Parties shall bear its own cost incurred as a result of the negotiation,
      drafting and finalisation of this Agreement, which shall include, but not be
      limited to, all legal fees.

    

    
      	20.	
              GOLDENPALACEMAHJONG.COM

            

    

    

    "MSL"
      undertakes and agrees, upon payment of the initial licensing fee provided for
      in
      Schedule 1 hereof, to transfer to “Golden
      Palace”
      forthwith the proprietary rights to the URL domain names "Goldenmahjong.com",
      “Mahjongpalace.com” ,
      as well
      as derivatives thereof including any other URL domain names owned by “MSL” or
      any of its Affiliates which contain “golden” and/or “palace”, and to sign any
      and all further deeds and/or documents necessary in order to give effect to
      the
      foregoing forthwith. 

    

    
      	21.	
              GOVERNING
                LAW 

            

    

    

    The
      validity and interpretation of this Agreement
      will be governed by the laws of Antigua.

    

    
      	22.	
              ASSIGNMENT/TRANSFER

            

    

    

    
      	 	
              Either
                party shall be entitled to assign or transfer to its Affiliates its
                rights
                and obligations pursuant to this Agreement upon written notice to
                the
                other party hereto. A transfer or assignment other than to an Affiliate
                shall require prior written notice to the other party hereto, along
                with a
                written acknoweldgement by the transferee / assignee that they agree
                to be
                bound by the terms and conditions of this
                Agreement.

            

    

    

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    

    I,
      Richard Rowe, the undersigned, herewith confirm that my position within
"Golden
      Palace"
      is that
      of Chief Executive Officer and state that I am duly authorized to enter into
      this
      Agreement,
      which I herewith do, on this the ______________

    by
      signing this
      Agreement,
      for and on behalf of "Golden
      Palace".

    

    

    Witnesses:

    
      	
              1
                

            	 	 
	 	 	 
	
              2
                

            	 	
              Signature
                on behalf of Golden Palace Limited

            
	 	 	 

    

    

    

    

    I,
      Adriaan Brink, the undersigned, herewith confirm that my position within the
      Mahjong Systems Limited is that of Director and state that I am duly authorized
      to enter into this
      Agreement,
      which I herewith do, 

    on
      this
      the ________________

    by
      signing this
      Agreement,
      for and on behalf of the "MSL".

    

    

    Witnesses:

    
      	
              1
                

            	 	 
	 	 	 
	
              2
                

            	 	
              Signature
                on behalf of Mahjong Systems
                Limited

            

    

    

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    

    Schedule
      1 

    

    
      	
               

              Revenue
                Share, License Fees and Initial Float Amount (All Dollar amounts
                in US
                Dollars)

            
	
               

              Initial
                Float Amount (payable upon launch of the service)

            	
               

              US$
                10,000

            
	
               

              Initial
                Licensing Fee of $US $10,000,
                payable upon launch of the service, which shall be an advance against
                Royalties due and owing by “Golden Palace” pursuant to this
                Agreement

            	
               

              US$
                10,000

            

    

    

    For
      the
      purpose of this Schedule 1, “launch of the service” shall have occurred when the
      Mahjong Games are made available to the public for real money play, but in
      no
      case later than thirty (30) days after “Golden Palace” has confirmed, in writing
      and in its discretion, that the System integration testing is complete and
      acceptable to “Golden Palace”.

     

    

     

    
      	
              Monthly
                Net Rake (USD)

            	
               

            	
              Royalty
                

            
	
              on
                the first 10,000
                -
                10,000

            	
               

            	
              $10,000USD
                or 10,000%
                (which ever is less), with a minimum monthly Royalty of $10,000

            
	
              on
                the next 10,000-
                10,000

            	
               

            	
              10,000%
                

            
	
              on
                the next 10,000 -
                10,000

            	
               

            	
              10,000%

            
	
              10,000and
                over (no cap)

            	
               

            	
              10,000%

            

    

     

    For
      Examples: 

     

    -
      For
      monthly Net Rake of $10,000,
      Royalty
      is ($10,000x
      10,000%)
      $10,000

     

    -
      For
      monthly Net Rake of $10,000,
      Royalty
      is $10,000

     

    -
      For
      monthly Net Rake of $10,000,
      Royalty
      is $10,000

     

    -
      For
      monthly Net Rake of $10,000,
      Royalty
      is ($10,000+
      $10,000)
      $10,000.

     

    

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    Schedule
      2 - Service Level Agreement

     

    

    Production
      Problem Response

    

    For
      the
      purposes of this Agreement, Production Problems with the MSL System are defined
      as problems that disrupt Introduced Players' normal ability to use the
      System for real money gaming and/or disrupt the ability of “Golden
      Palace”
      Customer Service Staff to support Introduced Players’ ability to play the
      Mahjong Games. 

    

    Production
      Problems are further segregated into two categories: Severity 1 Production
      Problems and Severity 2 Production Problems.

    

    Severity
      1 Production Problems:

    

    Production
      Problems which effect one hundred (100) or more Introduced Players shall be
      designated as Severity 1 Production Problems. MSL will ensure that it has
      technical support resources available on a 24 hour-a-day 7 day-a-week basis
      to
      respond to Severity 1 Production Problems. MSL will provide and
      maintain a list of "on call" resources to “Golden
      Palace”.
      MSL
      will provide telephone numbers or equivalent (pager numbers) to “Golden
      Palace”
for
      use
      in contacting both the on-call MSL Technical Resource and
      the on-call MSL Manager. MSL warrants that it will respond to a
      Severity 1 Production Problem notification within 15 minutes. Further MSL
      warrants that it will implement automatic escalation to the on-call manager
      in
      the event that the on-call technical resource fails to respond within the
      warranted 15 minute period. MSL warrants that it will assign and manage all
      of
      its personnel to resolve Severity 1 Production Problems. MSL will provide
“Golden
      Palace”
with
      a
      written detailed post-mortem review of all Severity 1 Production Problems with
      descriptions of the problem symptoms, causes, corrective actions and remedial
      actions to prevent future occurrence.

    

    Severity
      2 Production Problems:

    

    Production
      Problems which effect less than one hundred (100) players are defined as
      Severity 2 Production Problems. MSL will provide “Golden
      Palace”
with
      a
      mechanism to notify MSL of the existence of Severity 2 Production Problems
      in
      writing. MSL warrants that it will acknowledge receipt of a Severity 2
      Production Problem within 8 hours of “Golden
      Palace”
      notification. MSL warrants that it will notify “Golden
      Palace”
of
      its
      plan for corrective action within 24 hours of receipt of “Golden
      Palace”
      notification. It is understood by both parties that such plan may involve
      additional data collection by both parties.  MSL warrants that it will use
      it best efforts to resolve Severity 2 Production Problems within 7 days of
      notification by “Golden
      Palace”.
      MSL
      will provide “Golden
      Palace”
      management with a written detailed post-mortem review of all Severity 2
      Production Problems with descriptions of the problem symptoms, causes,
      corrective actions and remedial actions to prevent future
      occurrence.

     

    

     

    Qualified
      Service Interruptions

     

    A
      “Service Interruption” is an unscheduled event caused by defect(s) in the
      Software, the System and/or the action(s) of MSL personnel (“Internal Factors”)
      that disrupt the Mahjong Game play of more than one hundred (100) Introduced
      Players for a period of time lasting more than thirty (30) seconds. For purposes
      of this provision, Mahjong Game play includes the ability: to login to the
      Mahjong Game room; to take a seat at a table; and/or to play the Mahjong Game.
      In determining the number of Service Interruptions, the following are each
      considered part of the initial Service Interruption: degradation in service
      immediately following a response to a Service Interruption; or subsequent
      outages within a 4 hour period if they are a direct result of the initial
      Service Interruption or the response to the initial Service Interruption.
      Scheduled events that do not constitute a Service Interruption include any
      properly notified scheduled maintenance event or Upgrade implementation.
      Disruptions caused by other than Internal Factors (“External Disruptions”) are
      not Service Interruptions and an emergency maintenance event in response to
      an
      External Disruption shall also not be deemed a Service Interruption. Whether
      or
      not included as a Service Interruption, all operational incidents will be
      documented by MSL.

     

    A
      “Qualified Service Interruption” is a Service Interruption that has been
      reported and qualified in accordance with this Schedule 2. Regardless of when
      it
      is determined that a Service Interruption qualifies as a Qualified Service
      Interruption, the date of the interruption is always the calendar date of the
      earliest disruption giving rise to the Service Interruption. “Golden Palace”
shall notify MSL in writing within 5 days of a suspected Service Interruption,
      which notice shall be accompanied by supporting data of qualification such
      as
      logs, statistics or reports that indicate the event occurred and was of the
      duration and severity that qualifies it as a Service Interruption. If MSL does
      not dispute such notice within 5 days, then the noticed Service Interruption
      shall constitute a Qualified Service Interruption. If MSL timely gives notice
      of
      dispute, then management of MSL and “Golden Palace” shall first seek to resolve
      such dispute through negotiation and, if negotiation is unsuccessful, the
      dispute shall be settled by arbitration, each party being required to submit
      supporting data to the arbitrator(s). Any data presented by one party and not
      contested by data presented by the other party shall be deemed accurate by
      the
      arbitrator(s), provided that each party must provide the other party and the
      arbitrator(s) with data as requested by the other party and the arbitrator(s)
      to
      the extent such requested data is reasonably available. The arbitrator(s),
      based
      upon the evidence submitted in accordance with this section shall determine
      whether or not a Service Interruption occurred that is not the subject of a
      prior Qualified Service Interruption. If the arbitrator(s) determine that a
      unique Service Interruption occurred, then such Service Interruption shall
      be
      deemed a Qualified Service Interruption.

     

    In
      the
      event that there are between 2 and 5 Qualified Service Interruptions in a
      calendar month, then the penalty for such Qualified Service Interruptions shall
      be that the Royalty for such month shall be calculated by excluding
“Golden
      Palace”’s
      Net
      Rake for each day in which any Qualified Service Interruption occurred.
      Accordingly, there is no penalty for the first Qualified Service Interruption
      in
      a month and if two or more Qualified Service Interruptions occurred in the
      same
      day, only that one day will be excluded pursuant to this section.

     

    In
      the
      event that there are more than 5 Qualified Service Interruptions in a calendar
      month, then the penalty for such Qualified Service Interruptions shall be that
      the Royalty for such month shall be calculated on the basis of 50% of
“Golden
      Palace”’s
      Net
      Rake for such month.

     

    In
      the
      event that there are two consecutive calendar months each with more than 5
      Qualified Service Interruptions, then “Golden
      Palace”
shall
      be entitled to terminate this Software Licensing Agreement immediately without
      notice.

     

    The
      parties will attempt to resolve any issues concerning the existence of a
      Qualified Service Interruption within the calendar month during which the
      Service Interruption is alleged to have occurred.

     

    

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    Schedule
      3 - Rake Schedule

     

     

    10% 
      of
      the payment made to the winning player by the losing players.Exhibit 4.11

    Exhibit
      4.11

 

    

    

    AGREEMENT

    

    

    

    Interactive
      Gaming Holdings PLC 

    

    

    and

    

    Mahjong
      Systems Limited 

    

 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    MEMORANDUM
      OF AGREEMENT

    

    

    

    entered
      into between:

    

    

    Interactive
      Gaming Holdings PLC

    

    A
      company
      duly incorporated under the laws of the UK

    

    

    

    and

    

    

    

    Mahjong
      Systems Limited

    

    A
      company
      domiciled in the Turks and Caicos Islands that offers a centralised Mahjong
      Gaming System and manages the settling of winnings and losses between
      participants.

    

    

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    RECITALS

     

    WHEREAS “Interactive
      Gaming Holdings PLC"
      ("IGH")
      operates a gaming web site as part of their business;

    

    AND
      WHEREAS "Mahjong Systems Limited"
      ("MSL")
      is a
      company established to operate a centralised gaming engine and settlement system
      for the benefit of the customers of its partners;

    

    AND
      WHEREAS "IGH"
      wishes
      to
      integrate a multi player mahjong game into its existing gaming web
      site;

    

    NOW
      THEREFORE
      the
      Parties agree to the following:

     

    
      	 
	
            
	
              1.    DEFINITIONS
                

            	 
	
               
                 Unless the contrary is clearly indicated, the following
                words and/or phrases, shall have the following meaning:

            
	 	 	 
	
              1.1
                

            	
              “this
                / the Agreement” 

            	
              shall
                mean this written document together with all written appendices,
                annexures, exhibits or amendments attached to it from time to time
                by
                written agreement between the parties;

            
	 	 	 
	
              1.2
                

            	
              “Commencement
                Date” 

            	
              shall
                mean the date on which  the
                duly authorized representatives of the Parties affixes their signatures
                to
                the Agreement;

            
	
               

            	 	 
	 	 	 
	
              1.3
                

            	
              “Confidential
                Information” 

            	
              shall
                mean the personal information of the Introduced Players, including
                personal information and play
                history;

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	
              1.4
                

            	
              “Currency”
                

            	
              shall
                mean (not limited to) United States Dollars or EUROs;

            
	 	 	 
	
              1.5

            	
              "Rake"

            	Shall
              mean the share, in the Currency, of the winnings paid in each game
              that is
              collected by MSL as a fee for its service.
	 	 	 
	
              1.6

            	
              "MSL"

            	Shall
              mean a company with registered address Mahjong Systems Limited,
              Brittannic House, Providenciales, Turks and Caicos Islands, B.W.I.,
              herein
              represented by its duly authorized representative, Mr. Ian
              Sherrington; 
	 	 	 
	
              1.7

            	
              "Introduced
                Players"

            	
              shall
                mean players of theMahjong Games, introduced by "IGH"
                as
                recorded by the mahjong system;

            
	 	 	 
	
              1.8

            	
              "Mahjong
                Games"

            	
              shall
                mean the multi player Mahjong game and any other games that "MSL"
                may make available from time to time;

            
	 	 	 
	
              1.9
                

            	
              “Parties”
                

            	
              shall
                mean "IGH"
                and "MSL";

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	 	 	 
	
              1.10

            	
              “Partners”

            	
              shall
                mean all gaming systems that provide players and integrate with
                "MSL"
                in
                a manner similar to that contemplated in this
                agreement;

            
	 	 	 
	
              1.11

            	
              “Float”

            	shall
              mean the funds held as Deposit by "MSL"
              and "IGH", as adjusted from time to time, and held
              by "MSL" to cover possible losses by
              Players: 
	 	 	 
	
              1.12

            	
              “Float
                Amount”

            	
              The
                amount of Float that is agreed between "MSL"
                and "IGH",
                as adjusted from time to time, and held by "MSL"
                to
                cover possible losses by Players;

            
	 	 	 
	
              1.13
                

            	"IGH"	
              shall
                mean Interactive Gaming Holdings PLC, a company duly incorporated
                under
                the laws of the United Kingdom, having its address for service under
                this
                Agreement at 

            
	
               

            	 	
              Interactive
                Gaming Holdings PLC 

            
	
               

            	 	
              14-18
                Heddon Street

            
	
               

            	 	
              Mayfair

            
	
               

            	 	
              London,
                W18 4DA

            
	
               

            	 	
              United
                Kingdom;

            

    

    

    1.14 Any
      reference to the singular includes the plural and vice versa;

    

    1.15 Any
      reference to natural persons includes legal persons and vice versa;

    

    1.16 Any
      reference to a gender includes other genders;

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      
        1.17
          The clause headings in this agreement have been inserted for convenience
          only and shall not be taken into account in its
          interpretation.

      

    

     

     

    2.    DURATION

    

    2.1   The
      Agreement shall commence on the Commencement
      Date.

    

    
      	
              2.2

            	
              The
                Agreement will continue in force for a period of three (3) years
                calculated from the Commencement
                Date
                and thereafter be renewed for further periods of three (3) years
                subject
                to either of the Parties’ right to terminate the Agreement, after the
                expiry of the initial three-(3)-year term, by giving one (1) month's
                written notice.

            

    

    

    
      	
              3.

            	
              RIGHT
                OF PARTICIPATION IN REVENUE
                SHARING

            

    

    

    
      	
              3.1

            	
              The
                Parties agree that other Partners may participate in revenue sharing
                with
                "MSL"
                in
                a similar manner to that contemplated in this Agreement.
                

            

    

    

    4.    RIGHT
      AND OBLIGATIONS OF MSL

    

    "MSL"
      shall:

    

    
      	4.1  	
              Have
                the right to use third parties to perform any of these rights and
                obligations;

            

    

    

    
      	4.2  	
              Ensure
                that it is legally authorized to provide the Mahjong
                Games;

            

    

    

    
      	4.3  	
              Ensure
                that all transactions in respect of its obligations in terms of this
                Agreement are conducted in the Currency as defined in the systems
                specifications;

            

    

    

    
      	4.4  	
              Settle
                all net differences between Partners on a monthly basis within thirty
                (30)
                days of the end of each month by, 

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    
      	4.4.1  	
              in
                the event that the Float is less than the Float Amount, instructing
                a
                Partner to remit funds to return the Float to the Float Amount;
                

            

    

    
      	 	 

    

    
      	4.4.2  	
              in
                the event that the Float is greater than the Float Amount, paying
                the
                Partner the excess amount;

            

    

    

    
      	4.5  	
              Pay
                the "IGH"
                commissions, as a percentage of the Rake, to "IGH"
                as
                defined in Schedule 1, these commissions settled in the same transactions
                as the settlement defined in 4.4;

            

    

    

    
      	4.6  	
              Provide
                monthly report of Float movements and commissions due to "IGH"
                and provide real-time access to financial and game
                information;

            

    

    

    
      	4.7  	
              Hold
                the Float Amount in trust for "IGH"
                and return all amounts that are not spent in the case of cancellation
                to
                "IGH";

            

    

    

    
      	4.8  	
              Monitor
                the Float Amount and inform "IGH"
                if
                it is insufficient for the current play
                rate;

            

    

    

    
      	4.9  	
              Keep
                full and proper books of accounts and records showing clearly all
                transactions relating to "MSL"'s
                obligations in respect of this
                Agreement;

            

    

    

    
      	4.10  	
              Allow
                any person authorized by "IGH"
                to
                have access at all reasonable times to "MSL"'s
                premises for the purposes of inspecting the books and records to
                the
                extent that this is necessary to ensure "IGH"’s
                interests are being protected as provided for in this
                Agreement;

            

    

    

    
      	4.11  	
              Provide
                all computer components, equipment and software needed to provide
                the
                electronic system to operate the Mahjong Games, including back office
                systems that may be accessed by "IGH"
                support staff to provide player
                support;

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	4.12  	
              Provide
                up to 3 different “skins” with branding as requested by “IGH”,
                the first of these to be Premier Bet, all skins integrated with the
                Orbis
                betting system;

            

    

    

    
      	4.13  	
              Provide
                systems and make best endeavors to prevent collusion, and update
                these
                systems on an ongoing basis where
                appropriate;

            

    

    

    
      	4.14  	
              Provide
                support and service as follows to "IGH"
                for technical and software issues:

            

    

    

    
      	4.14.1  	
              Respond
                to problem notifications within two (2) hours of being advised of
                a
                problem. "MSL"
                will use its best efforts to solve the problem within twelve (12)
                hours of
                receiving notification of a
                problem;

            

    

    

    
      	4.14.2  	
              "MSL"
                has no right to communicate with, nor ownership of, Introduced
                Players.

            

    

    

    5.    RIGHTS
      AND OBLIGATIONS OF "IGH"

    

    "IGH"
      shall:

    

    
      	
              5.1 
                

            	
              Promote
                the Mahjong Games and be responsible for all associated
                costs;

            

    

    

    
      	5.2  	
              Not
                bring "MSL"
                into disrepute by marketing or selling the Mahjong Games in any fashion
                deemed to be illegal or
                undesirable;

            

    

    

    
      	
              5.3
                 

            	
              Use
                best endeavors to ensure that its activities do not violate the laws
                of
                any country;

            

    

    

    
      	5.4  	
              Inform
                "MSL"
                as
                soon as possible of any legal difficulties that are encountered in
                respect
                of the promotion of the Mahjong
                Games;

            

    

    

    
      	5.5  	
              Be
                responsible for and bear all costs with relation to the player
                relationship including:

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	5.5.1  	
              Acquiring
                funds into players’ accounts that may be subsequently used for the Mahjong
                Game,

            

    

    
      	5.5.2  	
              Providing
                customer support to players,

            

    

    
      	5.5.3  	
              Settlement
                of player withdrawals,

            

    

    
      	5.5.4  	
              Managing
                and funding where necessary any shortfalls through charge backs or
                fraud,

            

    

    
      	5.5.5  	
              Provision
                of all software and hardware systems associated with the player
                relationship;

            

    

    

    
      	5.6  	
              Pay
                an initial and annual License Fee as per Schedule
                1;

            

    

    

    
      	5.7  	
              Deposit
                funds with "MSL"
                to
                establish the Float. The Float will cover the expected maximum deficit
                that would be realized in the course of one (1) month, such float
                to be
                adjusted where necessary during the course of the month in good time
                to
                avoid players being refused games. The initial float amount is set
                as per
                Schedule 1.

            

    

    

    6.    INTELLECTUAL
      PROPERTY RIGHTS

    

    
      	6.1  	
              "IGH"
                shall not acquire any right, title or interest in any copyright or
                other
                intellectual property rights in the Mahjong Games by virtue of this
                Agreement;

            

    

    

    
      	6.2  	
              "MSL"
                shall not acquire any right, title or interest in any copyright or
                other
                intellectual property rights in "IGH"’s
                trademarks, trade names, copyrights and other rights used or embodied
                in
                or in connection with its
                activities.

            

    

    

    7.    VALIDITY 

    

    
      	
              7.1
                 

            	
              If
                any provision of this Agreement
                is found or held to be invalid or unenforceable, the validity and
                enforceability of all the other provisions of this Agreement
                will not be affected thereby.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    8.    CONFIDENTIALITY 

    

    
      	
              8.1 
                

            	
              "MSL"
                shall hold in confidence all Confidential
                Information
                received and not divulge the Confidential
                Information
                to any person, including any of its personnel, save for Parties directly
                involved with the execution of this
                Agreement;

            

    

    

    
      	8.2  	
              "IGH"
                shall have full rights to and access to the Confidential
                Information.

            

    

    

    
      	8.3  	
              The
                parties shall prevent disclosure of the Confidential
                Information,
                except as may be required by law.

            

    

    

    
      	8.4  	
              "MSL"
                shall ensure that each staff member or external party having access
                to
                Confidential Information is bound by individual non-disclosure
                agreements.

            

    

    

    9.    TERMINATION
      OF AGREEMENT

    

    
      	
              9.1 
                

            	
              This
                Agreement may be terminated with immediate effect by "MSL"
                in
                the event of "IGH"
                not complying with the "MSL"
                requirements in terms of clause 5.2. This clause shall not be unreasonably
                invoked.

            

    

     

    
      	9.2  	
              Each
                party may terminate this Agreement by written notice to the other
                Party in
                accordance with clause 2.2 after the initial
                period.

            

    

     

    
      	9.3  	
              Either
                Party may terminate this Agreement by written notice if the other
                is in
                breach of any of the obligations of this Agreement and fails to remedy
                such breach within thirty (30) days after written notice to do so
                has been
                dispatched by the other Party.

            

    

     

    
      	9.4  	
              Either
                Party may terminate this Agreement immediately and without notice
                if:

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	9.4.1  	
              the
                other enters into a composition with its
                creditors;

            

    

     

    
      	9.4.2  	
              an
                order is made for the winding up of the
                other;

            

    

     

    
      	9.4.3  	
              an
                effective resolution is passed for the winding up of the other (other
                than
                for the purposes of amalgamation or reconstruction on terms approved
                by
                the first Party (such approval not to be unreasonably withheld));
                or

            

    

     

    
      	9.4.4  	
              the
                other has a receiver, manager, administrative receiver or administrator
                appointed in respect of it.

            

    

     

    9.5    Effect
      of
      Termination

     

    The
      termination of the Agreement, for whatever reason, shall not affect the rights
      of either of the parties:

     

    
      	9.5.1  	
              that
                may have accrued before the termination of the Agreement;
                or

            

    

     

    
      	9.5.2  	
              which
                specifically or by their nature survive the termination of the
                Agreement.

            

    

     

    
      	9.6  	
              On
                termination, "MSL"
                will provide, in an electronic format acceptable to "IGH",
                a
                copy of all the Confidential Information relating to "IGH".

            

    

     

    
      	9.7  	
              "MSL"
                shall destroy all copies of Confidential Information relating to
                "IGH"
                once it is no longer required to be
                kept.

            

    

     

    

    10.    DOMICILIUM
      

    

    The
      Parties elect the following addresses as their respective domicilium
      citandi et executandi:

    

    
      	10.1  	
              "IGH":

            

    

     

    Interactive
      Gaming Holdings PLC 

    14-18
      Heddon Street

    Mayfair

    London,
      W18 4DA

    United
      Kingdom 

    

    10.2 "MSL": 

      

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Mahjong
      Systems Limited

    Britannic
      House

    Providenciales

    Turks
      and
      Caicos Islands

    B.W.I

    

    
      	
              10.3

            	
              Either
                of the Parties may change its
                domicilium citandi et executandi to
                another address within the same country, by way of a notice to the
                other
                party to this Agreement, provided that such a notice is received
                by the
                addressee, at least 7 (seven) calendar days prior to such a change
                taking
                effect.

            

    

    

    11.    NOTICES
      

    

    The
      Parties elect the following addresses at which all notices and other
      communications must be delivered for the purposes of this Agreement:

    

    11.1     "IGH":

    

    
      	11.1.1  	
              By
                hand at:

            

    

     

    Interactive
      Gaming Holdings PLC 

    14-18
      Heddon Street

    Mayfair

    London,
      W18 4DA

    United
      Kingdom 

     

    For
      the
      attention of: Mr.
      Thomas Taule;

    

    11.2     "MSL":

    

    
      	11.1.2  	
              By
                hand at:

            

    

    Brittanic
      House, Providenciales

    Turks
      and
      Caicos Islands, B.W.I.

    For
      the
      attention of: Mr.
      Ian
      Sherrington

    

     

    
      	11.2.2  	
              With
                a copy to:

            

    

    Dynasty
      Gaming Inc

    759
      Square Victoria, Suite 300

    Montreal,
      Quebec, H2Y 2J7

    For
      the
      attention of: Mr.
      Albert Barbusci

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	
              11.3
                

            	
              Any
                notice or communication required or permitted to be given in terms
                of this
                Agreement
                shall only be valid and effective if it is in
                writing.

            

    

    

    
      	
              11.4
                

            	
              Any
                notice addressed to either of the Parties and contained in a correctly
                addressed envelope and sent by registered post to it at its chosen
                address
                or delivered by hand at its chosen address to a responsible person
                on any
                day of the week between 09h00 and 16h00, excluding Saturdays, Sundays
                and
                public holidays, shall be deemed to have been received, unless the
                contrary is proved, if sent by registered post, on the fourteenth
                calendar
                day after posting and, in the case of hand delivery, on the day of
                delivery.

            

    

    

    
      	
              11.5
                

            	
              Any
                notice sent by telefax to either of the Parties at its telefax number
                shall be deemed, unless the contrary is proved, to have been
                received:

            

    

    

    11.5.1
       if
      it is
      transmitted on any day of the week between 09h00 and 16h00, excluding Saturdays,
      Sundays and public holidays, within 2 (two) hours of transmission;

    

    11.5.2
       if
      it is
      transmitted outside of these times, within two hours of the commencement of
      the
      next day of the week between 09h00 and 16h00, excluding Saturdays, Sundays
      and
      public

    holidays,
      after it has been transmitted.

    

    12.    FORCE
      MAJEURE

    

    
      	
              12.1
                

            	
              Neither
                of the Parties shall be liable for a failure to perform any of its
                obligations insofar as it proves:

            

    

     

    12.1.1
       that
      the
      failure was due to an impediment beyond its control;

    12.1.2
       that
      it
      could not reasonably be expected to have taken the impediment and its effects
      upon the party’s ability to perform into account at the time of the conclusion
      of this 

        Agreement;
      and

    12.1.3
       that
      it
      could not reasonably have avoided or overcome the impediment or at least its
      effects.

    
      	
              12.2
                

            	
              An
                impediment, as aforesaid, may result from events such as the following,
                this enumeration not being
                exhaustive:

            

    

     

    12.2.1
       war,
      whether declared or not, civil war, civil violence, riots and revolutions,
      acts of sabotage;

    12.2.2
       natural
      disasters such as violent storms, cyclones, earthquakes, tidal waves, floods,
      destruction by lightning; 

    12.2.3
       explosions,
      fires, destruction of machines, factories and any kind of
      installations;

    12.2.4
       boycotts,
      strikes and lockouts of all kinds, go-slows, occupation of factories and
      premises and work stoppages;

    12.2.5
       acts
      of
      authority, whether lawful or unlawful, apart from acts from which the party
      seeking relief has assumed the risk by virtue of any other provisions of this
      Agreement. 

    

    
      	
              12.3
                

            	
              For
                the purposes of this clause “impediment” does not include lack of
                authorisations, of licences, of permits or of approvals necessary
                for the
                performance of this Agreement
                and to be issued by the appropriate public
                authority.

            

    

    

    
      	
              12.4
                

            	
              Relief
                from liability for non-performance by reason of the provisions of
                this
                clause shall commence on the date upon which the party seeking relief
                gives Notice
                of the impediment relied upon and shall terminate upon the date upon
                which
                such impediment ceases to exist; provided that if such impediment
                continues for a period of more than sixty (60) days either of the
                Parties
                shall be entitled to terminate this Agreement.

            

    

    

    13.   ENTIRE
      AGREEMENT AND VARIATIONS 

    

    
      	
              13.1
                

            	
              This
                Agreement
                including schedule 1 constitutes the whole agreement between the
                Parties
                and supersedes all prior verbal or written agreements or understandings
                or
                representations by or between the Parties
                regarding the subject matter of this Agreement,
                and the Parties
                will not be entitled to rely, in any dispute regarding this Agreement,
                on any terms, conditions or representations not expressly contained
                in
                this Agreement.

            

    

    

    
      	
              13.2
                

            	
              No
                variation of or addition to this Agreement
                will be of any force or effect unless reduced to writing and signed
                by or
                on behalf of the Parties.

            

    

    

    
      	
              13.3 

            	
              Neither
                party to this Agreement
                has given any warranty or made any representation to the other party,
                other than any warranty or representation that may be expressly set
                out in
                this
                Agreement.

            

    

    

    14.   RELAXATION
      

    

    No
      indulgence, leniency or extension of a right, which either of the Parties
      may have in terms of this Agreement,
      and which either party (“the grantor”) may grant or show to the other party,
      shall in any way prejudice the grantor, or preclude the grantor from exercising
      any of the rights that it has derived from this Agreement,
      or be construed as a waiver by the grantor of that right.

    

    15.   WAIVER

    

    No
      waiver
      on the part of either party to this Agreement of any rights
      arising from a breach of any provision of this Agreement
      will constitute
      a
      waiver of rights in respect of any subsequent breach of the same or any other
      provision.

    

    16.   SEVERABILITY

    

    In
      the
      event that any of the terms of this Agreement
      are found to be invalid, unlawful or unenforceable, such terms will be severable
      from the remaining terms, which will continue to be valid and
      enforceable.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    17. DRAFTING
      COSTS 

    

    Each
      of
      the Parties shall bear its own cost incurred as a result of the negotiation,
      drafting and finalisation of this Agreement, which shall include, but not be
      limited to, all legal fees.

    

    18. GOVERNING
      LAW 

    

    The
      validity and interpretation of this Agreement
      will be governed by the laws of the Turks and Caicos Islands.

    

    

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    I,
      Thomas
      Taule, the undersigned, herewith confirm that my position within "IGH"
      is that
      of CEO and state that I am duly authorized to enter into this
      Agreement,
      which I herewith do, on this the ______________

    by
      signing this
      Agreement,
      for and on behalf of "IGH".

    

    

    Witnesses:

    
      	
              1....................................................................
                

            	 	............................................................................. 
	 	 	 
	
              2.......................................................................
                

            	 	
              Signature
                on behalf of Interactive Gaming Holdings PLC

            
	 	 	 

    

    

    

    I,
      Adriaan Brink, the undersigned, herewith confirm that my position within the
      Mahjong Systems Limited is that of Director and state that I am duly authorized
      to enter into this
      Agreement,
      which I herewith do, 

    on
      this
      the ________________

    by
      signing this
      Agreement,
      for and on behalf of the "MSL".

    

    

    Witnesses:

    
      	
              1...........................................................................
                

            	 	......................................................... 
	 	 	 
	
              2..........................................................................
                

            	 	
              Signature
                on behalf of Mahjong Systems
                Limited

            

    

    

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Schedule
      1 

    

    
      	
               

              Revenue
                Share, License Fees and Initial Float Amount

            
	
               

              Initial
                Float Amount

            	
               

              US$
                10,000

            
	
               

              First
                Year License Fee, half to be paid on signing of this agreement and
                half
                prior to going live

            	
               

              US$
                10,000

            
	
               

              Subsequent
                Annual License Fees (to be waived when MSL share of Rake in previous
                year
                exceeds this amount)

            	
               

              US$
                10,000

            
	
               

              Revenue
                Share 

              (share
                of House Rake paid to partner)

            	
               

              10,000
                for all rake share less than US$10,000per
                month

              10,000
                for rake share in excess of US$10,000per
                month

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}]]