Document:

Exhibit 10.3 

 

THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES
OR TO U.S. PERSONS (OTHER THAN DISTRIBUTORS) UNLESS THE SECURITIES ARE REGISTERED UNDER THE ACT, OR AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE ACT IS AVAILABLE. HEDGING TRANSACTIONS INVOLVING THESE SECURITIES MUST BE MADE ONLY IN COMPLIANCE WITH THE ACT.

 

FOUNDERS
AGREEMENT

 

This Founders
Agreement (the “Agreement”) dated as of July 1, 2021 by and between Sports Industry of India Inc., a Delaware corporation
(“SII”), and Mobile Global Esports Inc., a Delaware corporation (“MOGO”), is the written codification
of oral discussions and agreements effective from the formation of MOGO on March 11, 2021 and from the execution hereof replaces that
certain Consulting Agreement between the Parties dated June 10, 2011. SII and MOGO are hereinafter each referred to as a “Party”
and referred to collectively as the “Parties.”

 

Whereas
upon execution of this Agreement that certain Consulting Agreement dated June 10, 2021 by and between the Parties is replaced in its
entirety and is of no further force or effect. Each Party acknowledges the full performance by the other of the Consulting Agreement and
waives any breach thereof by the other.

 

Whereas SII
is a principal founder of MOGO.

 

Whereas
SII, its subsidiaries, predecessors and affiliates (as defined below) (collectively, herein referred to as “SportsCo”)
have been engaged in developing sports programs and opportunities in Bangladesh, Bhutan, India, Nepal, Sri Lanka (the “Territory”)
and elsewhere in South Asia since 2010, including arranging for American-style football leagues, basketball leagues and a multi-year license
with then Taj TV’s Ten Sports channel, pursuant to which Ten Sports broadcast American-style football tournaments organized by SportsCo
for local franchises.

 

Whereas
in furtherance of its sports business, SportsCo has developed relationships with broadcasters, streaming companies, sponsors and production
companies, among others.

 

Whereas
as a material part of its activities in the Territory, SportsCo has focused on: (i) creating means for universities in the Territory to
monetize their sports programs, (ii) developing, owning and commercializing brand elements for such universities; (iii) developing commercial
opportunities for athletes who play for these universities to monetize their name and likeness rights; (iv) creating opportunities to
expand the number of games, tournaments and other sports events for these universities, including for esports; and (v) creating opportunities
to license and distribute program content based upon or utilizing the brand elements, name and likeness rights, games, and tournaments,
including for esports.

 

Whereas
in furtherance of its business university sports activities in the Territory, SportsCo has entered into agreements with numerous universities
in the Territory and with The Association of Indian Universities (“AIU”), a society registered under the India Societies
Registration Act, 1860 pursuant to which universities and AIU have licensed to SportsCo a range of exclusive rights and non-exclusive
rights, including rights pertaining to esports.

 

Whereas
SportsCo has organized more than twenty (20) esports games, tournaments and events on behalf of universities in the Territory and
is developing additional esports tournament for such universities.

 

Whereas
SportsCo advanced the costs pertaining to MOGO’s formation, and funded or permitted the Special Persons to develop a business plan
for MOGO and has otherwise devoted material resources and time during 2021 to conceiving, developing, organizing, co-founding and advancing
the establishment of MOGO.

 

    Page 1 of 11

     

    

 

Now,
Therefore the Parties hereby agree on the foregoing recitals and further agree as follows:

 

1. Sale
of Applicable Shares: MOGO represents that as of the date hereof, MOGO has 16,809,800 shares of Common Stock outstanding, including
shares committed to certain Persons for which certificates have not yet been issued. SII acknowledges that MOGO may undertake one or more
private placements prior to an initial public offering, which, if fully subscribed, could result in the issuance of additional shares
of its Common Stock. For the amounts expended by SII to develop and form MOGO, including its expenses of providing consulting services
described herein, the waivers and license of intellectual property rights described herein, the grant of the first negotiation and refusal
rights described herein, and the additional price of one dollar, MOGO hereby sells to SII 2,650,000 restricted and fully paid shares of
its Common Stock (the “Applicable Shares”). The number of shares is not subject to adjustment based on the number of
shares MOGO sells in its private placement or placements. The certificates evidencing the Applicable Shares shall bear a standard private
placement legend. SII shall have the same registration rights with respect to the Applicable Shares as MOGO may accord to any other investor
in 2021, pro rata with such other investor or investors.

 

2. Access
and Information: Commencing with the fourth quarter of 2022 and thereafter for so long as at least 20% of the Applicable Shares remain
outstanding, unless and until MOGO becomes subject to the periodic reporting requirements of Sections 12 or 15(d) of the Securities Exchange
Act of 1934, as amended, and the rules and regulations promulgated thereunder or equivalent requirements under applicable law, MOGO will
deliver to each shareholder of record of Applicable Shares: (i) within 90 days after each calendar quarter, a quarterly financial statement
and summary of business activities for the prior quarter; (ii) within 120 days after each calendar year, an annual financial statement
and comprehensive review of business activities during the prior year; and (iii) any other reports required to be delivered to other shareholders
or lenders.

 

3.
SportsCo Grant of Rights: Subject to MOGO’s due performance of its obligations hereunder:

 

3.1.
Waivers. On its behalf and on behalf of SportsCo, SII hereby waives:

 

3.1.1. In
perpetuity, any rights it might have in and to the written and oral contributions to MOGO’s business, financial, legal and marketing
plans contributed during the period from prior to the formation of MOGO through December 31, 2022 by the Special Persons (as defined below)
or any other individuals who participate in providing SportsCo’s consulting services to MOGO pursuant to Section 3.2.

 

3.1.2. Any
covenants, whether contractual, at common law, or otherwise that do or might restrict the right of each Special Person to: (i) consult
with MOGO, (ii) serve as a member of MOGO’s board of directors, and/or (iii) serve as an officer, employee or representative of
MOGO. This covenant will expire on December 31, 2022, unless extended by mutual agreement of the Parties in connection with an agreement
negotiated pursuant to Section 3.4.2, or otherwise. Notwithstanding the foregoing: (i) this covenant will continue in perpetuity for Pross;
and (ii) Spivak is not subject to any restrictions in favor of SII and accordingly this covenant is not required for Spivak. Pross and
Spivak are defined below.

 

3.2. SII
Consulting Services. For a period from the formation of MOGO on March 11, 2021 through and including December 31, 2022, and thereafter,
until the first to occur of June 30, 2023 or the date on which MOGO receives gross proceeds from financings since its formation of at
least $5,000,000, SII will provide consulting services to MOGO with respect to: (i) esports opportunities in the Territory; (ii) global
esports opportunities with universities; (iii) global esports opportunities with the diaspora of individuals born in the Territory and
their descendants; (iv) how to organize, manage and promote esports tournaments and other esports events; (iv) sponsorship, production
and branding opportunities in the Territory; (v) MOGO’s administrative, corporate and organizational development; (vi) introductions
to licensed investment bankers, auditors, counsel and other professionals, including government officials and administrators in the education
and sports associations; and (vii) introductions to individuals and companies that could assist MOGO to implement its business plan. Nothing
herein is intended to require that any particular Special Person participate in providing the foregoing services, or to imply that SII
may not utilize other individuals to provide the foregoing services, or to imply that MOGO must accept advice from SSI, or that MOGO may
not utilize other resources with respect to the foregoing. SII’s services will be provided on a non-exclusive, as available basis.

 

    Page 2 of 11

     

    

 

MOGO acknowledges
that SII may undertake similar activities for its business and also advises other sports companies with respect to similar matters. SII
shall not be entitled to compensation for its consulting services rendered through December 31, 2022. Thereafter, SII shall be entitled
to reasonable compensation mutually agreed by the Parties based on the actual time thereafter allocated to such services. If the Parties
do not agree on compensation, SII will not be obligated to render further consulting services, but if it nonetheless does so, SII shall
not be entitled to compensation with respect thereto. SII shall not be entitled to reimbursement of its expenses for its consulting services
rendered through June 30, 2022. Thereafter, SII shall be entitled to be reimbursed its reasonable expenses promptly after submission of
reasonable documentation thereof.

 

3.3. License.
On its behalf and on behalf of SportsCo, SII hereby grants to MOGO a non-exclusive license in perpetuity to utilize the written and oral
contributions made by the Special Persons or any other individuals who participate in providing SII’s consulting services to MOGO
pursuant to Section 3.2.

 

3.4. First
Negotiation Rights in Favor of MOGO. Provided MOGO complies with this Agreement and secures any necessary financing with respect thereto:

 

3.4.1. From
the date of this Agreement and until June 30, 2023, in each instance in which SportsCo seeks to organize individual esports games or a
discrete esports tournament with universities in the Territory, SportsCo will negotiate first with MOGO to act as SportsCo’s principal
licensee, co-venturer or service provider with respect to organizing the foregoing, seeking sponsors, providing all required technology
and otherwise licensing and distributing program content created in connection therewith, prior to entering into negotiations with any
other company to do the foregoing. The first negotiation period shall be thirty (30) days after notice from SII to commence such negotiations.
This right does not pertain to Excluded Games. “Excluded Games” means games or tournaments that: (i) would be transmitted
or streamed by brand-name networks, such as Sony Ten. NEO Sports, ESPN, DSport, DDSports, Star Sports, Fox Sports, Netflix, youtube.com,
twitch.com or other identifiable linear or streaming networks, and/or (ii) primarily involve competition between Pakistan and India teams.

 

3.4.2. With
respect to a potentially broad, long-term collaboration to develop and monetize esports involving athletes, universities in the
Territory and rights pertaining to esports granted by AIU and universities located in India to SportsCo, commencing promptly after
MOGO secures financing of at least $3,500,000 and thereafter for a period of at least 90 days, SportsCo and MOGO shall engage in
exclusive negotiations with respect to SportsCo selecting MOGO to be its principal licensee, co-venturer or service provider with
respect to SportsCo’s monetization of the foregoing rights, provided that if MOGO does not secure financing of at least
$3,500,000 by December 31, 2022, SportsCo shall have no further obligation with respect to the foregoing. Prior to December 31,
2022, SportsCo will not enter into any negotiations for an arrangement that would prevent SportsCo from negotiating in good faith
with MOGO with respect thereto. The foregoing does not prohibit SportsCo from entering into arrangements for: (i) Excluded Games, or
(ii) from seeking sponsors, licensing and merchandising opportunities generally for its sports activities that might include
esports. The Parties acknowledge that prior to the date hereof SportsCo directly supported esports events and that no such
activities are a breach of this Agreement.

 

4. Refusal
Right in Favor of MOGO: With respect to any individual game or tournament for which the Parties do not reach an agreement pursuant
to Section 3.4.1, provided MOGO complies with this Agreement and secures any necessary financing with respect thereto, SportsCo will not
accept an offer from a third Person to provide the services MOGO offered to provide if the terms thereof are less favorable to SportsCo
than MOGO’s last written offer without first giving to MOGO a copy of the third Person’s proposal and a five (5) business
day period after receipt thereof to match the third Person’s offer. If MOGO matches the third Person’s offer and if MOGO is
comparably capable of providing the services offered by the third Person (as determined in good faith by SportsCo), then instead of SportsCo
entering into an agreement with the third Person with respect to such games or tournament, SportsCo will enter into an agreement with
MOGO with respect thereto. This refusal right will expire on September 30, 2023. If MOGO does not match the third Person’s offer
or ifMOGO
is not comparably capable of providing the services offered by the third Person, MOGO may enter into the proposed arrangement with the
third Person on terms consistent in material respects with the description provided to MOGO. This right does not pertain to Excluded
Games.

 

    Page 3 of 11

     

    

 

		5.	Certain Restrictions on MOGO:

 

5.1. MOGO
shall not directly or indirectly engage in communications or other conduct that interferes in SportsCo’s rights under its agreements
with AIU or universities in the Territory. The Parties acknowledge that MOGO has reviewed the foregoing agreements as of the date hereof.
MOGO will not be liable for violating amendments thereto of which it is not informed by SportsCo.

 

5.2. Without
limiting the foregoing, but subject to the waivers in Section 3.1, from the date hereof and until the second to occur of the completion
of any games or tournaments undertaken by MOGO pursuant to this Agreement, or December 31, 2023, MOGO shall not, directly or indirectly,
except on behalf of, or at the request of, or with the approval of, SportsCo: (i) employ or solicit the employment of any Person who is
then, or has been within six (6) months prior thereto, an employee of, or advisor to, SportsCo, or (ii) do any act or thing to cause,
bring about, or induce any interference with, disturbance to, or interruption of any of the then- existing relationships of SportsCo with
any vendor, customer, client, partner, employee, licensee, licensor, consultant or supplier to SportsCo. The Parties acknowledge that
SportsCo may engage in activities with one or more of the same Persons with respect to its business activities and no such action is a
breach of this Agreement.

 

5.3. The
foregoing contractual restrictions are in addition to, and not in limitation of, either Party’s rights pursuant to applicable law
with regard to the commercial activities, contracts and relationships of the other Party.

 

6. SportsCo’s
Reserved Rights: Notwithstanding anything to the contrary in this Agreement, as between the Parties, any rights owned or hereafter
acquired by SportsCo and not specifically licensed or otherwise granted by SportsCo to MOGO hereunder are reserved by and owned by SportsCo
and may be used by SportsCo as it so elects, including to compete with MOGO.

 

		7.	Special Persons:

 

7.1. As
used in this Agreement, “Special Persons” mean each of Kiki Benson, Sunny Bhandarkar, Pranav Prabhu, David Pross (“Pross”),
Muhammad Jamal Qureshi, Kenin M. Spivak (“Spivak”), Muzammal Khan Wazeeri, Richard Whelan and any other individual
mutually agreed in writing by SII and MOGO to be a Special Person.

 

7.2. Any
discussions or negotiations between MOGO and a Special Person with respect to the services of that Special Persons as an officer, director,
employee or independent contractor of MOGO have proceeded or will proceed separately from this Agreement between MOGO and that Special
Person. If an agreement is reached, that Special Person’s obligations, rights and compensation, if any, and MOGO’s corresponding
rights and obligations, if any, will be set forth in a separate agreement between MOGO and that Special Person. That agreement will be
disclosed to SII and shall conform to the term of the covenant in Section 3.1.2, unless consented to by SII by Notice or signed agreement.
From and after the date any Special Person becomes an officer, director, employee or independent contractor of MOGO, any services rendered
by such Special Person for MOGO will be rendered in that capacity and pursuant to that separate agreement and not pursuant to Section
3.2 hereof. Pross and Spivak shall be deemed to have reached agreements with MOGO at the formation of MOGO, disclosure shall be deemed
to have been made, and the agreements shall be deemed to be in conformity with Section 3.1.2 hereof.

 

7.3. Except
as expressly set forth in this Agreement, expressly set forth in any separate agreement executed by the applicable parties thereto, or
required by applicable law, no Special Person or other individual who participates in providing SportsCo’s consulting services to
MOGO pursuant to Section 3.2 is restricted inany way from any
other activity, including activities competitive with MOGO and SportsCo, or being a vendor to, or customer of, MOGO and SportsCo, or either
of them.

 

    Page 4 of 11

     

    

 

		8.	Certain Representations:

 

8.1. Each
Party represents and warrants to the other: that: (i) it has the right, power and authority to enter into and perform this Agreement and
to consummate the transactions contemplated hereby without obtaining the consent or approval of any third Person; (ii) it has not made
and will not make any commitments or granted any rights in conflict with this Agreement; (iii) neither the execution of this Agreement
nor the performance of the Party’s obligations under this Agreement will violate any contract, agreement or Law to which such Party
is subject; (iv) this Agreement has been duly and validly executed and delivered by that Party and constitutes a valid and binding agreement
of that Party, enforceable against that Party in accordance with its terms; (v) that Party has not employed any broker-dealer or finder
and has not used any advertisement in connection with the sale of the Applicable Shares; and (vi) any contributions made by such Party
or anyone on its behalf to MOGO will not violate the rights of any Person. Neither Party represents or warrants to the other that MOGO
will be successful.

 

		8.2.	SII hereby further represents and warrants to MOGO as follows:

 

8.2.1. SII
and its financial advisors have had access to all information concerning MOGO, its business, financial condition and affairs as SII and
its financial advisors determine to be necessary to make an informed investment decision. SII acknowledges that in acquiring the Applicable
Shares, SII is relying on SII's own knowledge and SII’s review of information made available to SII.

 

8.2.2. In
acquiring the Applicable Shares, SII is not relying on (i) any representations, warranties, statements or assertions of MOGO, other than
those set forth herein, or (ii) any representations, warranties, statements or assertions of any other Person.

 

8.2.3. By
reason of SII's business or financial expense, SII has the ability to protect SII’s own interests with respect to the transactions
contemplated by this Agreement.

 

8.2.4. SII
is acquiring the Applicable Shares for investment purposes and not for the purpose of distributing the Applicable Shares, provided that
subject to applicable law, SII may distribute the Applicable Shares by way of dividend or otherwise to its shareholders and any successors.

 

9. Confidentiality
and Public Communications: Though the existence and terms of this Agreement are not confidential, each Party shall maintain the confidentiality
of the confidential and proprietary information of the other Party, including any discussions arising pertaining to the first negotiation
and refusal rights. Disclosure of such confidential information shall be restricted, on a need-to-know basis, solely to employees, agents,
advisors, consultants and representatives of the receiving Party who have been advised of their obligation with respect to the confidential
information and are bound by confidentiality obligations similar to those imposed on the Parties under this Agreement. Notwithstanding
and without limiting the foregoing, no press release or other public announcement or disclosure may be made regarding this Agreement or
the collaboration of the Parties or the termination thereof, except if mutually approved by the Parties or required by law. Notwithstanding
the foregoing: (i) either Party may make disclosures as appropriate to comply with investor and insurer disclosures, filing requirements,
applicable Laws and court orders; and (ii) the Parties shall agree on information that may be publicly disclosed, including on and in
their websites, collateral materials and press releases. Except as required by law, the confidentiality requirements hereunder shall expire
upon the first to occur of December 31, 2025 or such confidential matters being publicly disclosed, other than in breach of this Agreement.

 

 

    Page 5 of 11

     

    

 

		10.	Liability and Release:

 

10.1. Third-Party
Beneficiaries and Liability. Except as expressly provided herein, no third Person is a beneficiary of this Agreement and no third
Person is a guarantor of any act or omission of any Party, nor shall any third Person have any liability with respect to any act or omission
of any Party. Indemnitees are intended third Person beneficiaries of the indemnification provisions. In no event shall any director, officer,
advisor, representative or counsel to a Party be liable to the other Party by reason of any act, omission or breach of any representation,
warranty, covenant or condition of this Agreement or any agreement, arrangement or activity related hereto. SportsCo is not liable for
the performance of the Special Persons on behalf of MOGO. MOGO is not liable for the performance of the Special Persons on behalf of SportsCo.
Special Persons are intended third party beneficiaries of provisions hereof with that refer to Special Persons and Section 12 hereof.

 

10.2. Special
Persons. In reliance upon the provisions of this Section 10 and any separate financial arrangements each has made with MOGO and/or
SportsCo that are not a subject of this Agreement, each of the Special Persons has advised MOGO and/or SII with respect to matters pertaining
to the formation of MOGO, development of its business plan, and the potential business relationships and arrangements between MOGO and
SportsCo including this Agreement. Each of the Special Persons has a financial interest in SportsCo and all or many of the Special Persons,
including Pross and Spivak, have or will have a financial interest in MOGO. Certain Special Persons, including Pross and Spivak, have
rendered and hereafter likely will render services, in some instances concurrently, for MOGO and SportsCo.

 

10.3. Release.
As a material inducement to the Special Persons to continue to contribute to the development of SportsCo and MOGO, including the negotiation
of this Agreement and other business arrangements between MOGO and SportsCo and to, except as specified in Section 10.4, to the maximum
extent permitted by Law, each Party on its behalf and on behalf of all companies owned or controlled by such Party, and on behalf of all
Persons claiming through such Party and such companies, and (to the extent permitted by Law) on behalf of its and each of their respective
owners, directors, officers, agents, representatives, employees and spouses, forever releases and discharges the Special Persons and any
companies providing their services and their respective owners, directors, officers, agents, representatives, employees and their spouses
from all claims, rights demands, damages and causes of action whatsoever, whether known or unknown, liquidated or unliquidated, contingent
or not contingent, matured or not matured (collectively, “Claims”), which have arisen or may have arisen or may arise
from the beginning of time through the end of time from or related to: (i) the negotiation, drafting, execution or performance of this
Agreement; (ii) the negotiation, drafting or execution of any agreement (oral or written) contemplated by this Agreement; or (iii) decisions,
acts or omissions that are asserted to be the result of any conflict between that Special Person’s interests in SportsCo and that
Special Person’s interests in MOGO. Each releasing Person agrees that his or its release extends to all Claims of every nature and
kind, known or unknown, suspected or unsuspected, vested or contingent. The releasing Persons expressly waive any and all rights under
Section 1542 of the Civil Code of the State of California and any similar provision in any other jurisdiction. Section 1542 provides as
follows:

 

“A general
release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time
of executing the release and that, if known by him or her would have materially affected his or her settlement with the debtor or released
party.”

 

The releasing
Persons expressly and completely waive and release any right or benefit which it, he or she has or may have under said Section 1542 of
the Civil Code of the State of California or any similar law, statute or rule pertaining to the matters set forth this release. In connection
with such waiver and relinquishment, each releasing Persons acknowledges that it, he or she is aware that it, he or she may hereafter
discover Claims presently unknown or unsuspected, or facts in addition to or different from those which it, he or she now knows or believes
to be true, with respect to the matters released herein. Nevertheless, it is the intention of the releasing Persons through this release,
and with the advice of counsel, to fully, finally and forever settle and release
all such matters. In furtherance of such intention, upon satisfaction of the terms and conditions in this Agreement, these releases shall
be and remain in effect as full and complete releases of the matters released, notwithstanding the discovery or existence of any such
additional or different Claims or facts relative thereto or any termination or expiration of the Term. Each releasing Person expressly
represents and acknowledges that it, he or she fully understands the effect of the waiver set forth in this Section, and that it, he or
she fully and voluntarily waives all rights it, he or she may have pursuant to Section 1542 or any similar law, statute or rule on his
or its behalf and on behalf of any Person it, he or she owns or controls.

 

    Page 6 of 11

     

    

 

10.4. Exceptions.
This release does not include: (i) any conflicts that do not pertain to matters described or referenced in this Agreement; (ii) any breach
of contract or duty after the date of the execution of this Agreement, other than a breach involving potential conflicts that is released
above; (iii) any Claim that arises from the failure of a Person to accurately in all material respects describe that Person’s interest
in MOGO and/or SportsCo if requested to do so by a Party hereto; or (iv) any conflict that as a matter of unwaivable law may not be released.

 

		11.	Law and Corrupt Practices:

 

11.1. All
activities undertaken pursuant to this Agreement shall be undertaken in compliance with and subject to all the applicable Laws of the
relevant country, including the U.S. Foreign Corrupt Practices Act of 1977, as amended.

 

11.2. The
Parties agree to comply with all Laws, including all anti-corruption and anti-bribery legislation applicable to the Parties. Each Party
agrees that neither such Party nor any Person working on its behalf in connection with this Agreement or any performance arising from
or related hereto shall make any payment or transfer anything of value, directly or indirectly to: any governmental official or employee
(including employees of government-owned and government-controlled corporations and public international organizations); any political
party, official of a political party, or candidate for public office; any intermediary, including agents or family members of government
officials, for payment to any government official; any other Person in a corrupt or improper effort to obtain or retain business or any
advantage in connection with the affairs of either Party; any business selling a competing product in order to eliminate or restrict competition,
including agreements to divide the market; or any other Person.

 

		12.	Dispute Resolutions:

 

12.1. Any
dispute, controversy or claim involving, arising out of or related to the validity, interpretation, application or enforcement of this
Agreement or the transactions contemplated hereby, or any breach or application hereof or tort related hereto, including as to this section’s
existence and the validity, termination, scope or enforceability of this agreement to arbitrate shall be submitted to binding arbitration
before the American Arbitration Association (“AAA”), whose rules applicable to commercial disputes shall apply except
as modified by this Agreement, and the provisions of the California Code of Civil Procedure for contractual arbitration, including Section
1283.05 as to discovery shall apply. Unless the Parties mutually agree otherwise in writing, the arbitration hearing shall take place
in Los Angeles County, California and the Parties consent to venue therein. The arbitration shall take place before one arbitrator, who
shall be a retired judge. The language of arbitration shall be English and the arbitral award shall be final and binding on the Parties.
Each of the Parties irrevocably submits to the exclusive jurisdiction of such arbitration proceeding, waives any and all objections it
may now or hereafter have based on the jurisdiction, venue or proceedings set forth in this Agreement and agrees that all claims in respect
of such proceeding shall be heard and determined only by such arbitrator, and agrees not to bring any proceeding arising out of or relating
to this Agreement in any other court or tribunal. Counsel, parties and witnesses not located in the city in which the arbitration occurs
may be deposed and appear at hearings remotely by video telephony or online peer-to-peer services such as Zoom, Microsoft Teams and Skype.
If there is no agreement on an arbitrator within 60 days after AAA provides a list of proposed arbitrators, then AAA shall appoint the
arbitrator. The arbitrator shall comply with the provisions of this Agreement unless the parties to the arbitration consent in writing
otherwise.

 

    Page 7 of 11

     

    

 

12.2. Service
of any papers with respect to such arbitration may be effected by delivering any required papers in the manner described in this Agreement
for Notices. The award of the arbitrator may be entered with any court whose jurisdiction covers the venue of the arbitration proceeding
and such judgment may be enforced with the same force of Law as the non-appealable judgment of a U.S. federal court and may be enforced
worldwide against the parties, their guarantors and their assets. To the maximum extent permitted by applicable Law, each Party hereby
waives and covenants not to assert any defenses regarding the worldwide enforcement of a judgment hereunder, other than the defense that
there has been a prior payment of the judgment, in whole or in part.

 

12.3. All
fees and expenses of counsel to each Party shall be initially borne by such Party, but the arbitrator or court shall award the prevailing
Party reasonable costs and expenses, including reasonable attorneys’ fees and expert witness fees, to resolve the dispute and to
enforce the final award. If any Party fails to pay its share of the fees and expenses of the arbitrator when and as due then the other
Party may request upon ten (10) days’ Notice to all Parties, and the arbitrator shall enter, an award by default against the non-
paying Party, unless such fees are paid within such ten-day (10-day) period. THE PARTIES UNDERSTAND AND ACKNOWLEDGE THAT UNDER THIS APPENDIX
A EACH WAIVES THE RIGHT TO TRIAL BY JURY.

 

12.4. The
Parties (and any other participants in the arbitration as a condition of such participation) shall maintain the confidential nature of
the arbitration proceeding, except as may be necessary to prepare for or conduct the arbitration hearing, as may be necessary in connection
with a court application for a preliminary remedy, a judicial challenge to an award, the entry of an award in any court having jurisdiction
thereof, the enforcement or the award, or as required by Law or judicial decision.

 

12.5. If
for any reason this Section 12 shall not be sufficient or enforceable as the exclusive means of resolving any and all disputes relating
to this agreement or any rights created hereby, then all such matters shall be adjudicated exclusively by state or federal courts in California
County, State of California. Each party agrees to submit to the jurisdiction of, and agrees that venue is proper in, California County
for any such legal action or proceeding.

 

		13.	General Provisions:

 

13.1. Reference
to Agreement. The words “hereof,” “herein” and “hereunder” and words of similar import when used
in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Any reference to this
Agreement includes any and all permitted amendments, supplements, extensions, and renewals of this Agreement.

 

13.2. Interpretation.
Each Party acknowledges and agrees that: (i) the plural and singular numbers shall each be deemed to include the other; (ii) the masculine,
feminine and neuter genders shall each be deemed to include the others; (vi) “shall”,” will,” or “agrees”
are mandatory, and “may” is permissive; (iii) “or” is not exclusive; (iv) “includes” and “including”
are not limiting and mean “without limitation.” (v) “anticipates” and “anticipated” means that there
is a current expectation or belief, but not a binding obligation; and

(vi) “Law”
means any applicable Law, rule, regulation, court order, or other provision, order, decree, judgement or equivalent with the force of
law. All section headings are for reference purposes and shall not affect the meaning or interpretation of this Agreement.

 

13.3. References
to Currency. Except as otherwise specifically provided, all references to currency refers to US Dollars.

 

13.4. Further
Cooperation. Each Party shall execute all certificates and other documents and shall do all such filing, recording, publishing and
other acts as are reasonably appropriate or necessary to implement the purposes hereof.

 

13.5. Notices.
Except as required herein, all notices, consents, approvals and other communications hereunder, including the commencement or subsequent
communications pertaining to any arbitration
or other legal proceeding arising hereunder (“Notices”) shall be in writing and shall be deemed to have been received
only if and on the first business day after received (i) by personal delivery, (ii) from a recognized expedited courier service such as
Federal Express, DHL or UPS, or (iii) as an “in the window” email or a PDF attachment to an email, provided, however, that
receipt of the email is confirmed by an automatically generated “read” receipt or by a return email from the recipient, or
if the foregoing does not occur, the sender of the Notice also sends a copy by personal delivery or by an internationally recognized expedited
courier service. Notwithstanding the foregoing, unless a Person in writing consents otherwise, all Notices are effective only if also
provided by email. Unless a Party notifies the other Parties by Notice of a change in Notice information, the address and email of each
Party is as set forth below under the signatures for each Party.

 

    Page 8 of 11

     

    

 

13.6. Governing
Law. This Agreement will be governed by, construed, enforced and interpreted in accordance with the internal Laws of the State of
California, USA applicable to agreements made and performed solely within such State (including as to statute of limitations), without
giving effect to any conflicts of laws principles which otherwise might be applicable.

 

13.7. No
Interpretation Against a Party. Each Party acknowledges that it has been encouraged to seek independent counsel in connection with
this Agreement and the terms hereof and has had the opportunity to consult with counsel and for such counsel to explain the terms and
conditions hereof to such Party. As a consequence, neither this Agreement nor any uncertainty or ambiguity in it shall be construed or
resolved using any presumption against any Party. On the contrary, in the case of any ambiguity or uncertainty pertaining to or arising
from this Agreement, this Agreement, shall be construed and interpreted according to the ordinary meaning of the words used so as to fairly
accomplish the purposes and intention of the Parties. Accordingly, the Parties waive the benefit of any statute or principal of common
law providing that in cases of uncertainty, language of a contract should be interpreted most strongly against the Party who caused the
uncertainty to exist.

 

13.8. Other
Agreements. In the event of any inconsistency between the terms of this Agreement and the terms of any other agreement among the Parties,
this Agreement shall govern as to the subject matter hereof.

 

13.9. No
Partnership; Independent Contractors. The Parties are independent contractors and their relationship is a debtor-creditor relationship.
No fiduciary duties are created by this Agreement or the Parties’ performance hereof. Nothing herein contained shall be deemed to
constitute a partnership, joint venture or trust by the Parties.

 

13.10. Assignment.
MOGO may not assign this Agreement except to a Person that assumes substantially all operations and assets of MOGO, provided if the successor
is not directly or indirectly controlled by Richard Whelan or his successor, any such assignment is subject to SII’s prior approval.
SII may assign this Agreement to any affiliate of SII or to any Person who acquires SII’s agreements described in the recitals hereto.
Subject to the foregoing, this Agreement will bind the permitted assignees and successors of the Parties. No assignment shall release
the assignor or be a novation unless mutually agreed by the Parties in an amendment hereto. The foregoing is not intended to restrict
SII from selling or otherwise transferring Applicable Shares. The provisions of this Agreement will be binding upon and inure to the benefit
of the Parties and their respective successors and assigns.

 

13.11. Fees
and Expenses. Except as otherwise provided herein, all costs and expenses incurred in connection with the negotiation or drafting
of this Agreement shall be paid by the Party incurring such cost or expense.

 

13.12. Severability.
If an arbitrator or other tribunal of competent jurisdiction holds any provision of this Agreement to be illegal, unenforceable or invalid
in whole or in part for any reason: (i) such provision shall be in good faith adjusted rather than voided, if possible, to achieve the
intent of the Parties; (ii) this Agreement shall be read as if the invalid, illegal or unenforceable words or provisions had to that extent
been deleted; and
(iii) the validity and enforceability of the remainder of this Agreement shall not be affected thereby unless an essential purpose of
this Agreement would be defeated by the loss of the illegal, unenforceable, or invalid provisions.

 

    Page 9 of 11

     

    

 

13.13. Limitation
of Liability. EXCEPT ONLY AS TO INDEMNIFICATION REGARDING LOSSES PAID TO UNRELATED THIRD PERSONS, OR A BREACH BY ONE PARTY OF THE
OTHER PARTY’S INTELLECTUAL PROPERTY RIGHTS, WITH RESPECT TO THE TERM, IN NO EVENT WILL ANY PARTY BE LIABLE TO THE OTHER FOR: (1)
ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL OR INDIRECT DAMAGES, OR (2) LOSS OF OPPORTUNITY, MARKET POTENTIAL, OR GOODWILL ON ANY THEORY (CONTRACT,
TORT, FROM THIRD PARTY CLAIMS OR OTHERWISE). No shareholder, partner, member, manager, director, officer, representative, attorney, affiliate,
associate, employee or agent of a Party has any financial or other responsibility for any current, future, fixed, contingent or other
liability or obligation of that Party (whether on a theory of alter ego, piercing the corporate veil, or otherwise).

 

13.14. Third
Party Beneficiaries and Liability. Except as described in this Agreement: (i) no Person other than the Parties and their respective
successors or permitted assigns is intended to be a beneficiary of this Agreement, (ii) no third Person is a guarantor of the performance
by any Party to this Agreement, nor shall any third Person have any liability with respect to the performance by any Party to this Agreement
and (iii) this Agreement shall not be deemed to give any right or remedy to any third Person, whether referred to herein or not. Parties
released hereunder are intended to be third-party beneficiaries of the release and related provisions hereof.

 

13.15. Survival
of Certain Provisions. Notwithstanding anything to the contrary in this Agreement, the provisions of this Agreement shall survive
the Term and the termination hereof to the extent such provisions relate to matters other than services and any other duties or restrictions
during its Term. Without limiting the foregoing, payment of compensation, confidentiality, arbitration, indemnification and the general
sections hereof shall survive any such termination.

 

13.16. No
Waiver; Modifications. No provision of this Agreement may be modified, amended or waived, and no Party’s rights or remedies
be waived, except by a writing executed by the Responsible Persons for the Parties. The Responsible Persons are designated below the signature
of each Party. A Party may change its Responsible Person by Notice executed either by the prior Responsible Person or if that Person is
incapacitated, dead or no longer associated with a Party, by the Party’s board of directors or estate. Under no circumstance or
conditions shall any other conduct be relied upon by the Parties. Failure, neglect or delay by a Party to enforce the provisions of the
Agreement or its rights or remedies at any time will not be construed to be deemed a waiver of such Party’s rights and will not
in any way affect the validity of the whole or any part of this Agreement or prejudice such Party’s right to take subsequent action.

 

13.17. Entire
Agreement. This Agreement expresses the complete and entire understanding of the Parties with respect to the subject matter hereof
and supersedes and merges all prior and contemporaneous agreements, dealings, negotiations, promises, representations and communications
regarding its subject matter (whether written or oral), between the Parties relating to the subject matter hereof other than the other
agreements referenced herein. There are no representations, warranties or other agreements between the Parties (whether express or implied)
in connection with the subject matter of this Agreement except as specifically set forth herein.

 

13.18. Counterparts.
This Agreement may be executed in several counterparts and all counterparts so executed shall constitute one agreement that is binding
on both Parties. Electronic transmission of documents in portable document format (PDF) shall be acceptable as if original signatures
had been exchanged.

 

    Page 10 of 11

     

    

 

IN WITNESS WHEREOF,
the Parties have executed and entered into this Agreement by their duly authorized representatives as of the date first written above:

 

	Sports Industry of India Inc.:	 	Mobile Global Esports Inc.: 
	 	 	 
	By:	 	 	By:	 
	Name: 	Richard Whelan	 	Name: 	David Pross
	Title:	Chief Executive Officer	 	Title:	CEO

 

	Responsible Officer: Richard Whelan

                          

                         Email: Rich@efli.com

                          

                         Copies: kspivak@SMImanagement.com; 

             dpross@efli.com 

                          

                         616 S. El Camino Real, Suite H, San Clemente, CA 92672 
	Responsible Officer: David Pross

                          

                         Email: dpross@mogoesports.com

                          

                         Copies: kspivak@SMImanagement.com;

               richardcwhelan@gmail.com 

                          

                         616 S. El Camino Real, Suite H,
San Clemente, CA 92672

 

 

Page 11 of
11Exhibit 10.4.1

 

Services Agreement

 

This Services Agreement
(the “Agreement”) is made as of this 15th day of December, 2021, by and between Mobile Global Esports Inc.,
a Delaware corporation (“MOGO”) and EliteUniversal Sports Alliance India Private Limited, a company duly incorporated
under the laws of India having corporate identity number U92490PN2016PTC166347 (“EUSAI”). EUSAI and MOGO are hereinafter
each referred to as a “Party” and referred to collectively as the “Parties.”

 

Whereas, reference
is made to that certain Amended and Restated Founders Agreement (“Founders Agreement”) dated as of July 1, 2021 by
and between Sports Industry of India Inc., a Delaware corporation, EIN # 81-3957667 (“SII”) and MOGO, as supplemented
by that certain Supplement to Founders Agreement (the “Supplement”) made as of the 15th day of October,
2021, by and among SII, EUSAI, and ESI Sports India Private Limited, a company duly incorporated under the laws of India having corporate
identity number U92419PN2016PTC167779. The Founders Agreement as supplemented by the Supplement is herein referred to as the “Supplemented
Founders Agreement”).

 

Whereas this
Agreement is not deemed to be a further supplement to the Supplemented Founders Agreement, but, rather, a separate agreement between its
Parties. Notwithstanding the foregoing, for convenience, except as expressly set forth herein, terms defined in the Supplement have the
same meanings when used in this Agreement.

 

Whereas MOGO is planning to arrange
a series of esports tournaments in India (the “Tournaments”)

 

Whereas EUSAI has experience arranging
similar events in India.

 

Now, therefore the Parties hereby
agree on the foregoing recitals and further agree as follows:

 

1. Engagement.
MOGO hereby engages EUSAI to act as MOGO’s independent contractor to arrange, manage and implement the Tournaments for MOGO, subject
to MOGO’s control and approvals, and EUSAI hereby accepts such engagement.

 

2. Tournaments.
The following provides certain information pertaining to the planned 2022 Tournaments:

 

	Name	 	
    Number of 

Separate

    Events
	 	
    Estimated Number 

of Days for the

    Events
	 	Estimated Date(s) 

for Events (2022)	 	Other Notes
	Open Tournaments	 	9	 	25	 	Jan 22 – Apr 30	 	
    Selected Weekends

	Inter-University Tournaments	 	1	 	3	 	Jan 28 – Jan 30	 	GLA University
	Rivalry Tournaments	 	1	 	TBD	 	TBD	 	 
	Divisional Tournaments	 	 	 	 	 	 	 	Completed
	Final National Championship University Tournaments	 	2	 	7	 	Mar 11 – Mar 17	 	
    National Esports Championship & All-India
    Inter-University Esports

    Championship

	International Tournament	 	1	 	3	 	Mar 18 – Mar 20	 	Indo-US Esports Series

 

    Page 1 of 7

     

    

 

3. Event
Plans. The Parties shall mutually develop a plan consisting of the dates, venues and other specifications for each event and each
tournament. Upon mutual approval of the plan for a particular event, the plan shall constitute the “Event Plan.” The
Event Plan shall specify the respective responsibilities of the Parties, it being understood that EUSAI shall have primary responsibility
for executing the event and MOGO shall have primary responsibility for arranging technology and marketing for the event. If the Parties
cannot agree on the Event Plan, MOGO is relieved of any obligation under this Special Supplement to EUSAI with respect to that event and
the Tournament that includes that event.

 

4. Event
Budgets. Based on each Event Plan, the Parties then shall develop a budget for each event. Upon mutual approval of the budget for
a particular event, the budget shall constitute the “Event Budget.” The Event Budget will include any prize money.
The amount of prize money will be determined by MOGO in its sole discretion. If the Parties cannot agree on the Event Budget, MOGO is
relieved of any obligation under this Special Supplement to EUSAI with respect to that event and the Tournament that includes that event.

 

5. Funding.
MOGO shall fund each Event Budget in accordance with that budget and the Event Plan, provided that MOGO reserves the right to cancel events.
If EUSAI incurs costs in accordance with the Event Plan and Event Budget prior to cancelation of an event by MOGO, MOGO will reimburse
the costs incurred by EUSAI that were in accordance with the Event Plan and Event Budget. As between the Parties, MOGO has final authority
with respect to the Tournaments and any exploitation thereof.

 

6. Gross
Receipts. All Gross Receipts of any kind or character relating to the Tournaments shall be collected for the benefit of MOGO, including
advertising, in person admission fees, registration fees, subscription fees, sponsorship revenue, advertising revenue, product placement
revenue, concession revenue, in kind contributions and any other tangible, intangible or virtual benefit of value arising from or pertaining
to the Tournaments.

 

7. Fees.
In addition to funding the Event Budget, for each event that occurs in accordance with the Event Plan and for which EUSAI renders the
services provided for in this Special Supplement and in the Event Plan, MOGO will pay EUSAI a fee equal to the aggregate of:

 

 7.1. The lesser of 10% of the Event Budget for that event, or INR 450,000; plus

 

 7.2. Five percent (5%) of MOGO’s share of any in person admission fees; plus

 

7.3. Five
percent (5%) of MOGO’s share of any concession income at the venue, including sales of Merchandise in the venue; plus

 

7.4. A
bonus based upon the profitability of the Tournaments as a group and EUSAI’s performance, to be determined by MOGO in its sole discretion.
The target bonus is up to ten percent (10%) of MOGO’s net profit with respect to the Tournaments. Profits related to Merchandise
shall be excluded in the foregoing computation.

 

8. Ownership. As
between the Parties, MOGO owns all Intellectual Property Rights in the Tournaments, each event and all advertising and marketing related
thereto and all merchandising related thereto. All services rendered hereunder by EUSAI and any Person it retains with render services
with respect thereto are rendered as works for hire for MOGO and MOGO owns all rights therein in perpetuity. To the extent the foregoing
is insufficient to vest in MOGO all Intellectual Property Rights, EUSAI on its behalf an on behalf of each Person assisting, engaged
or employed by it, hereby exclusively Licenses and assigns to MGO all contributions to the Tournaments, including the right for MOGO
to copyright and trademark such work in its name. Upon request by MOGO, EUSAI and its personnel shall do any and all things which MOGO
may deem useful or desirable to establish or document MOGO’s rights therein. MOGO may utilize such contributions in any language,
anywhere in the universe, in perpetuity, or refrain from doing so, as it determines in its sole and unfettered discretion without any
other compensation to any Person. In no event shall this grant be subject to rescission and
in no event shall MOGO or any other Person have the right to enjoin, restrain, or interfere in MOGO’s use of these rights.

 

    Page 2 of 7

     

    

 

9. Term.
The term of this Agreement will terminate: (i) as mutually agreed by the Parties, (ii) for material uncured breach as described in this
paragraph, or (iii) upon completion of all EUSAI services required pursuant to this Agreement and the Event Plans. If a Party sends the
other Party a Notice that specifies a material breach of this Agreement and the other Party does not cure the breach within thirty (30)
days thereafter, the non- breaching Party may thereafter terminate the term of this Agreement by Notice to the breaching Party sent before
a cure of the breaches specified in the Notice to cure.

 

10. Certain
Representations: Each Party represents and warrants to the other: that: (i) it has the right, power and authority to enter into and
perform this Supplement and to consummate the transactions contemplated hereby without obtaining the consent or approval of any third
Person; (ii) it has not made and will not make any commitments or granted any rights in conflict with this Supplement; (iii) neither the
execution of this Supplement nor the performance of the Party’s obligations under this Supplement will violate any contract, agreement
or Rule to which such Party is subject; (iv) this Supplement has been duly and validly executed and delivered by that Party and constitutes
a valid and binding agreement of that Party, enforceable against that Party in accordance with its terms; and (v) any contributions made
by such Party or anyone on its behalf to the Tournaments will not violate the rights of any Person. Neither Party represents or warrants
to the other that the Tournaments will be successful.

 

11. Confidentiality
and Public Communications: Notwithstanding the Confidentiality provisions of the Supplemented Founders Agreement: (i) MOGO may issue
press releases and otherwise advertise and publicize Tournaments,; (ii) either Party may make disclosures as appropriate to comply with
investor and insurer disclosures, filing requirements, applicable Rules and court orders; and (iii) the Parties shall agree on information
that may be publicly disclosed, including on and in their websites, collateral materials and press releases.

 

12. Law
and Corrupt Practices: All activities undertaken pursuant to this Agreement shall be undertaken in compliance with and subject to
all the applicable Rules of the relevant country. The Parties agree to comply with all Rules, including all anti-corruption and anti-bribery
legislation applicable to the Parties. Each Party agrees that neither such Party nor any Person working on its behalf in connection with
the performance of this Agreement shall make any payment or transfer anything of value, directly or indirectly to: any governmental official
or employee (including employees of government-owned and government-controlled corporations and public international organizations); any
political party, official of a political party, or candidate for public office; any intermediary, including agents or family members of
government officials, for payment to any government official; any other Person in a corrupt or improper effort to obtain or retain business
or any advantage in connection with the affairs of any Party; any business selling a competing product in order to eliminate or restrict
competition, including agreements to divide the market; or any other Person.

 

13. Force Majeure: Except
as set forth herein, if and to the extent a Party is unable, delayed or restricted in fulfilling any obligation under this Agreement
by reason of Force Majeure, that Party shall be entitled to extend the time for fulfilment of such obligation by a time equal to the
duration of such delay or restriction and the other Party shall not be entitled to any compensation as a result thereof. “Force
Majeure” means an event which results in any Party being unable, delayed or restricted in fulfilling any obligation under this
Agreement by reason of Rules, civil insurrection, wars, invasion, military coup, epidemic, pandemic, or Acts of God, union strikes and
slowdowns, civil demonstrations and blockades, and similar events, including Covid-19. Events of Force Majeure shall not excuse MOGO
from timely accounting for and paying any amounts payable hereunder or excuse any Party from its obligations with respect to indemnification.

 

    Page 3 of 7

     

    

 

 14. Indemnification:

 

14.1. Generally.
To the fullest extent permitted by the Rules, each Party (the “Indemnifying Party”) shall indemnify and hold harmless
the other Party and its respective past, present and future owners, directors, officers, partners, members, employees, agents, representatives,
advisors, independent contractors and controlling Persons and their spouses (collectively, the “Indemnified Parties”)
from and against any and all claims, losses, damages or liabilities relating to any claim against that Indemnifying Party or by reason
of that Indemnifying Party’s breach of any representation, warranty or covenant in this Agreement, or from any other action or failure
to act by that Indemnifying Party or any responsibilities of that Indemnifying Party, including all fees, costs, expenses for settlements,
judgements, awards, lawyers, expert fees, court costs or otherwise arising therefrom or related thereto, as incurred in connection with
investigating, preparing, pursuing, defending, settling, compromising or otherwise becoming involved in any such action, suit, dispute,
inquiry, investigation or proceeding, pending or threatened (the “Losses”), other than Losses arising from the breach
of this Agreement by the other Party and caused by the Indemnified Party, as sustained by an arbitrator’s decision. Upon receipt
of a request from an Indemnified Party, the Indemnifying Party shall promptly advance the foregoing amounts, as invoiced and regardless
of whether the Indemnifying Party asserts the Loss arises from a breach of this Agreement by the other Party, caused by the Indemnified
Party. The Indemnified Party shall have the right to select counsel of its own choosing with respect to any indemnified matter, provided
that all aligned Indemnified Parties shall endeavor to select one lawyer or law firm. If an arbitrator later determines that payments
made to an Indemnified Party were improper because that Indemnified Party caused the breach of this Agreement by the Party on whose behalf
he, she or it is indemnified, then that Indemnified Party shall reimburse any payments received hereunder.

 

14.2. Settlements.
The Indemnifying Party shall not settle, compromise or consent to the entry of any judgment in or otherwise seek to terminate any
pending or threatened action, suit, dispute, inquiry, investigation or proceeding arising out of or related to the Indemnified Party,
unless the foregoing does not include any admission of fault by the Indemnified Party or any other Indemnified Party and further provided
that such settlement, compromise, consent or termination contains a release of the Indemnified Parties reasonably satisfactory in form
and substance to them.

 

14.3. Deductibility.
MOGO may deduct all Losses not indemnified or reimbursed in the computation of profits.

 

14.4. Survival.
The indemnification obligations under this Section 14 shall survive and continue in full force and effect notwithstanding the expiration
or termination of the Term and are in addition to any other indemnification provided under Rule or insurance coverage.

 

 15. Dispute Resolution:

 

15.1. Any
dispute, controversy or claim involving, arising out of or related to the validity, interpretation, application or enforcement of
this Agreement or the transactions contemplated hereby, or any breach or application hereof or tort related hereto, including as to
this section’s existence and the validity, termination, scope or enforceability of this agreement to arbitrate shall be
submitted to binding arbitration before the American Arbitration Association (“AAA”), whose rules applicable to
commercial disputes shall apply except as modified by this Agreement, and the provisions of the California Code of Civil Procedure
for contractual arbitration, including Section 1283.05 as to discovery shall apply. Unless the Parties mutually agree otherwise in
writing, the arbitration hearing shall take place in Los Angeles County, California and the Parties consent to venue therein. The
arbitration shall take place before one arbitrator, who shall be a retired judge. The language of arbitration shall be English and
the arbitral award shall be final and binding on the Parties. Each of the Parties irrevocably submits to the exclusive jurisdiction
of such arbitration proceeding, waives any and all objections it may now or hereafter have based on the jurisdiction, venue or
proceedings set forth in this Agreement and agrees that all claims in respect of such proceeding shall be heard and determined only
by such arbitrator, and agrees not to bring any proceeding arising out of or relating to this Agreement in any other court or
tribunal. Counsel, parties and witnesses not located in the city in which the arbitration occurs may be deposed and appear at
hearings remotely by video telephony or online peer-to-peer services such as Zoom, Microsoft Teams and Skype. If there is no
agreement on an arbitrator within 60 days after AAA provides a list of proposed arbitrators, then AAA shall appoint the arbitrator.
The arbitrator shall comply with the provisions of this Agreement unless the parties to the arbitration consent in writing
otherwise.

 

    Page 4 of 7

     

    

 

15.2. Service
of any papers with respect to such arbitration may be effected by delivering any required papers in the manner described in this Agreement
for Notices. The award of the arbitrator may be entered with any court whose jurisdiction covers the venue of the arbitration proceeding
and such judgment may be enforced with the same force of law as the non-appealable judgment of a U.S. federal court and may be enforced
worldwide against the parties, their guarantors and their assets. To the maximum extent permitted by applicable Rule, each Party hereby
waives and covenants not to assert any defenses regarding the worldwide enforcement of a judgment hereunder, other than the defense that
there has been a prior payment of the judgment, in whole or in part.

 

15.3. All
fees and expenses of counsel to each Party shall be initially borne by such Party, but the arbitrator or court shall award the prevailing
Party reasonable costs and expenses, including reasonable attorneys’ fees and expert witness fees, to resolve the dispute and to
enforce the final award. If any Party fails to pay its share of the fees and expenses of the arbitrator when and as due then the other
Party may request upon ten (10) days’ Notice to all Parties, and the arbitrator shall enter, an award by default against the non-
paying Party, unless such fees are paid within such ten-day (10-day) period. THE PARTIES UNDERSTAND AND ACKNOWLEDGE THAT UNDER THIS SECTION
15 EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY.

 

15.4. The
Parties (and any other participants in the arbitration as a condition of such participation) shall maintain the confidential nature of
the arbitration proceeding, except as may be necessary to prepare for or conduct the arbitration hearing, as may be necessary in connection
with a court application for a preliminary remedy, a judicial challenge to an award, the entry of an award in any court having jurisdiction
thereof, the enforcement or the award, or as required by Rule or judicial decision.

 

15.5. If
for any reason this Section 15 shall not be sufficient or enforceable as the exclusive means of resolving any and all disputes relating
to this Agreement or any rights created hereby, then all such matters shall be adjudicated exclusively by state or federal courts in California
County, State of California. Each party agrees to submit to the jurisdiction of, and agrees that venue is proper in, California County
for any such legal action or proceeding.

 

15.6. Notwithstanding
the foregoing, actions by a Party for permitted injunctive or other permitted equitable relief may be undertaken in a court of appropriate
jurisdiction.

 

15.7. Notwithstanding
anything to the contrary herein, if there is a Dispute and there are claims made against EUSAI, MOGO (but not EUSAI) may elect to commence
proceedings in Delhi as set forth in this Section 15, in lieu of commencing the foregoing arbitration. EUSAI waives any equivalent right.
In such an event, unless MOGO intentionally and in writing consents otherwise in such arbitration, the arbitration proceeding shall pertain
only to the specific matters raised in the complaint pertaining to EUSAI and any defenses with respect thereto (the “Dispute”).

 

15.7.1. The
Dispute shall be referred to and finally resolved by binding arbitration in accordance with the Rules of the Delhi International
Arbitration Centre (“DIAC”) for the time being in force, which rules are deemed to be incorporated by reference
in this clause. The seat and venue of the arbitration shall be Delhi. The arbitral tribunal will consist of three (3) arbitrators.
EUSAI shall appoint one (1) arbitrator, MOGO will appoint one (1) arbitrator and those arbitrators shall jointly nominate the third
arbitrator, who shall act as the presiding arbitrator. The language of the arbitration shall be English. Any award by the arbitral
tribunal shall be made in writing and shall be final and binding on the Parties. The Parties undertake to carry out and comply with
such award without delay and in accordance with applicable Rule. The arbitral tribunal shall also decide on the costs of the
arbitration proceedings.

 

    Page 5 of 7

     

    

 

15.7.2. If
MOGO makes such election, subject to the foregoing provisions in relation to arbitration, the Courts in Delhi shall have exclusive jurisdiction
over any matters pertaining to the Dispute that require judicial intervention in accordance with the applicable rules of the DIAC or applicable
Rule in Delhi.

 

15.8. When
any Dispute is under arbitration, except for the matters under Dispute, the Parties shall continue to exercise their remaining respective
rights and fulfil their remaining respective obligations under this Agreement to the extent such rights and obligations are not affected
in any manner by the matters under Dispute.

 

15.9. If
there is any conflict between the Supplemented Founders Agreement and this Section 15, this Section 15 will control.

 

16. Incorporation:
Although this Agreement is not deemed to be a further supplement to the Supplemented Founders Agreement, but, rather, a separate agreement
between its Parties, for convenience, Section 13 (General Provisions) of the Founders Agreement is hereby incorporated into this Agreement
as though set forth herein in full, provided each reference in the Founders Agreement to “Agreement” or to “Parties”
when used in this Agreement means this Agreement and the Parties to this Agreement and further provided the addresses for Notices are
the addresses set forth herein.

 

 17. Limitation of Liability: EXCEPT ONLY AS TO INDEMNIFICATION REGARDING LOSSES PAID TO UNRELATED THIRD PERSONS, OR A BREACH BY ONE PARTY OF THE OTHER PARTY’S INTELLECTUAL PROPERTY RIGHTS, WITH RESPECT TO THE TERM, IN NO EVENT WILL ANY PARTY BE LIABLE TO THE OTHER FOR: (1) ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL OR INDIRECT DAMAGES, OR (2) LOSS OF OPPORTUNITY, MARKET POTENTIAL, OR GOODWILL ON ANY THEORY (CONTRACT, TORT, FROM THIRD-PARTY CLAIMS OR OTHERWISE). No shareholder, partner, member, manager, director, officer, representative, attorney, affiliate, associate, employee or agent of a Party has any financial or other responsibility for any current, future, fixed, contingent or other liability or obligation of that Party (whether on a theory of alter ego, piercing the corporate veil, or otherwise).

 

 18. Entire Agreement: This Agreement constitutes the complete and entire agreement and understanding of the Parties with respect to the subject matter hereof and supersedes and merges all prior and contemporaneous agreements, dealings, negotiations, promises, representations and communications regarding its subject matter (whether written or oral), between the Parties relating to the subject matter hereof, other than the other agreements referenced herein. There are no representations, warranties or other agreements between the Parties (whether express or implied) in connection with the subject matter of this Agreement, except as specifically set forth herein or in the Founders Agreement. This Agreement may not be modified, amended or waived, except by a writing executed by the Responsible Officers for all Parties.

 

 19. Counterparts: This Agreement may be executed in several counterparts and all counterparts so executed shall constitute one agreement that is binding on both Parties. Electronic transmission of documents in portable document format (PDF) shall be acceptable as if original signatures had been exchanged. Execution by DocuSign is disfavored.

 

[Signatures on Next Page]

 

    Page 6 of 7

     

    

 

IN WITNESS WHEREOF,
the Parties have executed and entered into this Supplement by their duly authorized representatives as of the date first written above.

 

	EliteUniversal Sports Alliance India Private Limited:	 	Mobile Global Esports Inc.:

 

	By:	/s/ Sunny Bhandarkar	 	By:	/s/ David Pross
	 	Name:	Sunny Bhandarkar	 	 	Name: 	David Pross
	 	Title:	Chief Executive Officer	 	 	Title:	CEO

 

	Responsible Officers: Richard Whelan, Sunny Bhandarkar	 	Responsible Officer: David Pross
	Email:	Rich@efli.com	 	 
	 	isunnybhandarkar@gmail.com	 	Email:  dpross@mogoesports.com
	 	 	 	 
	Copies: 	kspivak@SMImanagement.com; 	 	Copies:  kspivak@SMImanagement.com;
	 	dpross@mogoesports.com	 	richardcwhelan@gmail.com
	 	 	 	616 S. El Camino Real, Suite H, San Clemente, CA 92672

 

Flat No. 24, SN. 43/5, Warje Malwadi, BI-A, Nr. Ganesh

Matha Mandir, Pune, Maharashtra, India, 411029;

Attention: Sunny Bhandarkar

 

 

Page 7 of 7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}]]