Document:

ex10-1.htm

Exhibit 10.1

 

PROMISSORY NOTE

	
US$53,000

	
May 10, 2016

All references in this Note to monies are to U.S. Dollars

1. Promise to Pay.   In exchange for the sum of $53,000 (net of wire transfer fees) which CELL SOURCE INC., a Nevada Corporation (“Maker”) received from Main Street Restaurant Associates Inc. (“Holder”) on the date hereof, Maker promises to pay as set forth in this Promissory Note (“Note”)  Holder, the principal sum of $53,000 (the "Principal Amount").

 

2. Payment. All amounts payable here under shall be paid in lawful money of the United States by certified check or wire transfer. Maker may repay all or any portion of the unpaid principal amount of this Note without any premium or penalty. The unpaid principal and accrued interest under this Note shall become all due and payable on November 10, 2016 (the “Maturity Date”).  This Note shall bear interest at the rate of 6% per annum.

3. Notices. Any demand, notice or other communication to be given in connection with this Note shall be given in writing and shall be given by personal delivery, by registered mail or by electronic means of communication addressed to the recipient as follows:

	
To the Holder:

	
Main Street Restaurant Associates Inc.

	  	
244 Main Street

	  	
Worcester MA, Bnei Brak, 01608-1202

	  	
Email: ligorsubash@gmail.com

	  	  
	
To Maker:

	
Cell Source, Inc.

	  	
5 Kineret Street

	  	
Bnei Brak, Israel 5126237

	  	
Attention: Itamar Shimrat

	  	
Email: ishimrat@cell-source.com

or to such other address, individual or electronic communication number as may be designated by notice given by either party to the others in accordance herewith. Any demand, notice or other communication given by personal delivery shall be conclusively deemed to have been given on the day of actual delivery thereof and, if given by registered mail, on the 5th day following the deposit thereof in the mail and, if given by electronic communication, on the day of transmittal (with receipt confirmed) thereof. If the party giving any demand, notice or other communication knows or ought reasonably to know of any difficulties with the postal system which might affect the delivery of mail, any such demand, notice or other communication shall not be mailed but shall be given by personal delivery or by electronic communication.

4. Amendments. Any provision of this Note may be amended only with the written consent of Maker and the Holder. Any amendment effected in accordance with this Section 4 shall be binding upon Maker and the Holder and their permitted assigns and successors.

  

  

  

 

5. No Right of Set Off. Maker shall have no right of set off or counterclaim with respect to the monies owing hereunder, and Maker hereby waive presentment; protest and notice of every kind and waives any defenses based upon indulgences, which may be granted by the Holder to Maker.

7. Jury Waiver. The Holder and Maker hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by either Holder or Maker against the other.

8. Governing Law.  This Note will be governed by the laws of the State of New York without regard to its conflicts of law provisions.

 

 

	
MAKER:

	
HOLDER:

	 	 
	
CELL SOURCE, INC.

	
MAIN STREET RESTAURANT ASSOCIATES INC.

 

 

	
By:

	  	
By: 

	
 

	
Name: Itamar Shimrat

	  	
Name: Ligor Shubashi

	
Title: CEO

	  	
Title: Secretary

  

2Exhibit 10.1

 

Dated 11 May 2016

 

————

 

Asset
purchase agreement

 

(1) Dolphin Products Limited

 

(2) Gaming Partners International
Corporation

 

(3) Entertainment Gaming Asia
Inc.

 

     

     

    

 

Contents

 

	Clause	 
	 	 
	

                                                                                1.
	Interpretation	1
	2.	Agreement to Sell and Purchase	4
	3.	Purchase Price	5
	4.	Payment for Restrictive Covenants	7
	5.	Earn Out Payments	7
	6.	Condition and Pre-Closing Covenant	10
	7.	Closing	11
	8.	Warranties, Undertakings and Indemnities	13
	9.	Limitations on Claims	14
	10.	Employees	15
	11.	Restrictions on the Seller	15
	12.	Termination of Litigation	16
	13.	Confidentiality and Announcements	18
	14.	Assignment	19
	15.	Entire agreement, Status of LOI and No Double Recovery	19
	16.	Variation and Waiver	19
	17.	Costs	20
	18.	Notices	20
	19.	Severance	21
	20.	Governing Law and Jurisdiction	22
	 	 	 

 

	Schedule	 
	 	 	 
	Schedule 1(a)	Fixed Assets	23
	 	 	 
	Schedule 1(b)	Other Assets	24
	 	 	 
	Schedule 2	Types of Raw Materials	25
	 	 	 
	Schedule 3	Closing and Post Closing	26
	 	 	 
	1.
                  Closing	 
	2.               Actions and Obligations After Closing	 
	 	 	 
	Schedule 4	Warranties	27
	 	 	 
	Schedule 5	Unfinished Orders	28

 

     

     

    

 

THIS AGREEMENT is dated 11 May 2016

 

Parties

 

		(1)	Dolphin Products Limited, incorporated and registered in Hong Kong with its registered office
at Unit C1, G/F., Koon Wah Building, No. 2 Yuen Shun Circuit, Yuen Chau Kok, Shatin, N.T., Hong Kong (“Seller”).

 

		(2)	Gaming Partners International Corporation, incorporated and registered in Nevada, the United
States of America, with its registered office at 3945 W. Cheyenne Ave, Suite 208, North Las Vegas, Nevada 89032 (“Buyer”).

 

		(3)	Entertainment Gaming Asia Inc., incorporated and registered in Nevada, the United States
of America with its principal executive office at Unit C1, Ground Floor, Koon Wah Building, No. 2 Yuen Shun Circuit, Yuen Chau
Kok, Shatin, New Territories, Hong Kong (“EGT”).

 

Background

 

On or about 21 April 2016, the Buyer and the
Seller entered into a binding letter of intent relating to the Transaction (the “LOI”). It is a term of the
LOI that the Parties shall enter into this agreement.

 

The Seller has agreed to sell and the Buyer
has agreed to buy the Assets on the terms of this agreement.

 

Agreed terms

 

		1.	Interpretation

 

		1.1	The definitions and rules of interpretation in this clause apply in this agreement.

 

Affiliate: in relation to
a body corporate, any subsidiary or holding company of such body corporate, and any subsidiary of any such holding company for
the time being.

 

Assets: has the meaning given
to it in clause 2.1.

 

Business: the business of
designing, manufacturing and distributing gaming chips, plaques and layouts for gaming tables, carried on by the Seller at the
Effective Time.

 

Business Day: a day other
than a Saturday, Sunday or public holiday when banks in Hong Kong and Las Vegas, Nevada, are open for business.

 

Buyer Group: the Buyer and
each of its Affiliates.

 

Buyer Releasing Persons: has
the meaning given to it in clause 12.3.

 

Claim: a claim under the Warranties.

 

Closing: the closing of the
sale and purchase of the Assets pursuant to and in accordance with this agreement.

 

Closing Date: has the meaning
given to it in clause 7.1.

 

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Crown Resorts Group: has the
meaning given to it in clause 5.1.

 

Da Silva Proceedings: has
the meaning given to it in clause 12.1(b).

 

Deed of Non-Competition: has
the meaning given to it in clause 11.3.

 

Disclosed: fairly disclosed
(with sufficient details to identify the nature and scope of the matter disclosed) in the Disclosure Letter.

 

Disclosure Letter: the letter
from the Seller to the Buyer, in agreed form, with the same date as this agreement and described as the Disclosure Letter, delivered
by the Seller to the Buyer prior to or in connection with the execution and delivery of this agreement.

 

Dolphin Proceedings: has the
meaning given to it in clause 12.1(a).

 

Effective Time: 5:00 p.m.
Hong Kong time on the Closing Date.

 

Encumbrance: any interest
or equity of any person (including any right to acquire, option or right of pre-emption) or any mortgage, charge, pledge, lien,
assignment, hypothecation, security interest, title retention or any other security agreement or arrangement.

 

Earn Out Payments:
has the meaning given to it in clause 5.1.

 

Excluded Assets: has the meaning
given to it in clause 2.2.

 

Excluded Liabilities: has
the meaning given to it in clause 2.3.

 

GAAP: generally accepted accounting
principles in the United States, consistently applied.

 

Intellectual Property: all
patents, patent applications, docketed inventions, registered and unregistered trademarks, trademark applications, trade names,
service marks, logos, copyrights, computer programs and other software and information technology rights for production, domain
names, URLs, websites, trade secrets, confidential and proprietary business information, unpatented inventions, processes, know
how, product formulae, engineering, drawings, plans and product specifications, trade dress, promotional displays and materials,
price lists, bid and quote information, literature, catalogues, brochures, advertising material and the like and all customer,
supplier and distributor lists, in each case, relating to the Business or its customers or suppliers, all product development and
packaging development related to the Business, any licenses, license agreements and applications related to any of the foregoing,
and readable copies of all business records relevant to the Business.

 

LOI: a
binding letter of intent dated 21 April 2016 relating to the Transaction.

 

Material Adverse Change:
has the meaning given to it in clause 7.5(b).

 

MCE: has
the meaning given to it in clause 5.1.

 

Melco Crown:
has the meaning given to it in clause 5.1.

 

MIDL: has
the meaning given to it in clause 5.1.

 

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Net Revenue:
has the meaning given to it in clause 5.1.

 

Non-Related Party: has
the meaning given to it in clause 5.1.

 

Parties: parties
to this agreement, being the Seller, the Buyer and EGT, and each of them is a Party.

 

Period:
has the meaning given to it in clause 4.1.

 

Purchase Price: has the meaning
given to it in clause 3.1.

 

Related Party: has the meaning
given to it in clause 5.1.

 

Released Persons: has the
meaning given to it in clause 12.1.

 

Releasing Persons: has the
meaning given to it in clause 12.1

 

SEC: has the meaning given
to it in clause 13.1.

 

Seller Group: the Seller and
each of its Affiliates.

 

Settled Claims: the actions,
claims, demands, obligations and liabilities released and discharged pursuant to clause 12.

 

Settlement Deed: has the meaning
given to it in clause 12.3.

 

Tax or Taxation: all forms
of taxation and statutory, governmental, state, federal, provincial, local, government or municipal charges, duties, imposts, contributions,
levies, withholdings or liabilities wherever chargeable and whether of Hong Kong or any other jurisdiction; and any penalty, fine,
surcharge, interest, charges or costs relating thereto.

 

Third Party Consent: a consent,
licence, approval, authorisation or waiver required from a third party for the conveyance, transfer, assignment or novation in
favour of the Buyer of any of the Assets in terms acceptable to the Buyer.

 

Third Party Rights: the benefit
of all rights and claims, warranties, choses in action, causes of action, rights of recovery and rights of set-off of any kind
(other than rights and claims relating to Tax and claims under any insurance policies) of the Seller against any third party, arising
on or before the Effective Time, in respect of the Assets.

 

Three Units: has the meaning
given to it in clause 7.3(b).

 

Transaction: the transaction
contemplated by this agreement or any part of that transaction.

 

Unfinished Orders: the unfinished
orders of the Seller listed in Schedule 5 (Unfinished Orders).

 

Warranties: the warranties
set out in clause 8 and Schedule 4 (Warranties).

 

		1.2	References to clauses and Schedules are to the clauses of, and Schedules to, this agreement and
references to paragraphs are to paragraphs of the relevant Schedule.

 

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		1.3	The Schedules form part of this agreement and shall have effect as if set out in full in the body
of this agreement.

 

		1.4	This agreement shall be binding on, and enure to the benefit of, the parties to this agreement
and their respective personal representatives, successors and permitted assigns, and a reference to a party shall include that
party's personal representatives, successors and permitted assigns.

 

		1.5	References to a document in agreed form is to that document in the form agreed by the parties
and initialled by them or on their behalf for identification.

 

		2.	Agreement to Sell and Purchase

 

		2.1	The Seller shall sell free from Encumbrances, and the Buyer shall purchase the following assets
of the Seller (collectively, the “Assets”) free from all Encumbrances with effect from the Effective Time:

 

		(a)	the fixed assets specified in Schedule 1(a);

 

		(b)	raw materials of the types described in the line items specified in Schedule 2 owned by the Seller
immediately prior to Closing;

 

		(c)	all misc tools, spare parts and mold inventory used in the design, manufacture and testing of all
products and fixed assets including but not limited to those described in Schedule 1(b);

 

		(d)	the Intellectual Property owned by the Seller and used or held for use by the Seller in the Business
and the Intellectual Property licensed to the Seller and used or held for use by the Seller in the Business, provided that the
licensed Intellectual Property is sold by the Seller subject to the terms of the relevant licence and the rights of the relevant
licensor;

 

		(e)	computer and related hardware related to product design in the marketing department of the Seller,
including all sales documentation for past orders and open quotes included but not limited to artwork, proposals, configuration
information, security features, formula;

 

		(f)	all research and development projects ongoing, finished and/or contemplated related to the Business
and the Assets;

 

		(g)	customers lists and customer contacts of the Seller in respect of the Business;

 

		(h)	vendor lists, price lists and contacts of the Seller in respect of the Business;

 

		(i)	permits and governmental authorizations in respect of the Business (if applicable), to the extent
transferrable;

 

		(j)	invention or copyright assignments (if any) and any restrictive covenant agreements for the benefit
of the Seller related to the Business and the Assets; and

 

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		(k)	the Third Party Rights relating to the Assets (other than to the extent relating to any Excluded
Assets or Excluded Liabilities or obligations of the Seller under this agreement).

 

		2.2	Notwithstanding anything in clause 2.1 above to the contrary, the Assets shall not include, and
the Buyer shall not be deemed to purchase or acquire, any assets of the Seller not included in clause 2.1 above, including but
not limited to the following (the “Excluded Assets”):

 

		(a)	all work in progress and finished goods of the Seller;

 

		(b)	any cash on hand, bank accounts, cash equivalents or marketable securities of the Seller;

 

		(c)	the corporate or company seal, minute books, stock books, blank share certificates, tax returns
and other books and records relating to the corporate organization of the Seller;

 

		(d)	the shares or equity interests of the Seller in its subsidiaries (if any);

 

		(e)	the Seller’s original corporate and tax records (provided that the Buyer shall be entitled
to have access to such records post-Closing as reasonably necessary in respect of the Assets and copies of the Seller’s business
records relevant to the Business will be provided to the Buyer as part of the Intellectual Property to be sold to the Seller);

 

		(f)	all claims, warranties, choses in action, causes of action, rights of recovery and rights of set-off
of any kind against third parties to the extent relating to the Excluded Assets or Excluded Liabilities; and

 

		(g)	any fixed assets are shown by the Buyer’s due diligence review conducted pursuant to the
LOI not to be in working order, in respect of which the identified defects have not been cured to the satisfaction of the Buyer
(acting reasonably) by the Business Day immediately preceding Closing.

 

		2.3	The Buyer shall assume no liability whatsoever of the Seller, whether or not arising from or related
to the ownership or operation of the Business or the Assets, and whenever accruing (the “Excluded Liabilities”),
all of which will be retained by the Seller including but not limited to any amounts due to the shareholders and/or Affiliates
of the Seller.

 

		3.	Purchase Price

 

		3.1	The “Purchase Price” for the Assets to be paid by the Buyer to the Seller pursuant
to this agreement shall be determined as follows:

 

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		(a)	The net book value as at 31 March 2016 of the fixed assets to be purchased by the Buyer pursuant
to this agreement. The agreed net book value of the fixed assets to be purchased is specified in Schedule 1. The fixed assets to
be purchased by the Buyer shall be physically counted by the Buyer on the day falling 3 Business Days prior to Closing. The fixed
assets to be purchased by the Buyer shall be those counted at the physical count and the price shall be the aggregate of the agreed
net book values specified in Schedule 1 of the fixed assets physically counted.

 

PLUS

 

		(b)	The amount payable in respect of raw materials (of the types described in the line items specified
in Schedule 2), calculated in accordance with this clause 3.1(b). The quantity of raw materials to be purchased by the Buyer shall
be physically counted by the Buyer on the day falling 3 Business Days prior to Closing. The raw materials to be purchased by the
Buyer shall be the actual quantity counted at the physical count and the price shall be the quantity counted multiplied by the
unit book value as at 31 March 2016 shown in the Seller’s quarterly financial statements.

 

PLUS

 

		(c)	US$1,000,000

 

In determining
the agreed book value of the fixed assets and raw materials as at 31 March 2016, the Seller’s historical accounting methods
have been used. Further, it is agreed by the Buyer and the Seller that the US$1,000,000 referred to in clause 3.1(c) above reflects
the market value of the equipment and machinery being purchased.

 

		3.2	The Purchase Price shall be paid by the Buyer by wire transfer of immediately available US dollars
in the following manner:

 

		(a)	60% of the Purchase Price shall be paid upon Closing;

 

		(b)	20% of the Purchase Price shall be paid not later than the first anniversary of Closing; and

 

		(c)	20% of the Purchase Price shall be paid not later than the second anniversary of Closing.

 

		3.3	The amount of the Purchase Price to be paid upon Closing shall be applied as follows:

 

		(a)	first, to satisfy any indebtedness encumbering the Assets; and

 

		(b)	second, to be paid to the Seller by wire transfer of immediately available funds
to an account designated in writing by the Seller at least 3 Business Days prior to Closing.

 

		3.4	The instalments of the Purchase Price to be paid pursuant to clauses 3.2(b) and 3.2(c) shall be
paid by the Seller by wire transfer of immediately available US dollars to an account designated in writing by the Seller not later
than 20 Business Days prior to the expiry of the relevant last day for payment of the relevant instalment specified in clause 3.2(b)
or 3.2(c), as the case may be.

 

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		4.	Payment for Restrictive Covenants

 

		4.1	In addition to the Purchase Price, in consideration for the restrictive covenants given by the
Seller in clause 11 and to be given by EGT and Mr. Chung in the Deed of Non-Competition, the Buyer shall pay:

 

		·	The Earn Out Payments (as defined below) to account for the 5 year period immediately following
the Closing Date (the “Period”); and

 

		·	A total of US$530,000 upon Closing to the Seller by wire transfer of immediately available funds
to an account designated in writing by the Seller at least 3 Business Days prior to Closing, to account for the 5 year period immediately
following the end of the Period.

 

		4.2	Without prejudice to any right of the Buyer to claim specific performance,
in the event there is a material breach of the restrictive covenants given by the Seller in Clause 11 or by EGT under the Deed
of Non-Competition, the following shall apply: a) if any such material breach shall occur during the Period, each of the Seller
and EGT shall be jointly and severally liable to Buyer for an amount of US$530,000 plus any Earn Out Payments paid to said parties
up through the material breach and b) if any such material breach shall occur during the 5 year period following the Period, each
of the Seller and EGT shall be jointly and severally liable to Buyer for an amount of US$530,000 plus any Earn Out Payments paid
to said parties up through the material breach. Each of 4.2(a) and 4.2 (b) shall be payment made as liquidated damages and shall
be the Buyer’s sole and exclusive remedy in damages (without prejudice to any claim by the Buyer for specific performance).

 

		5.	Earn Out Payments

 

		5.1	In addition to the Purchase Price and the amount payable by the Buyer for restrictive covenants,
referred to in clause 4, the Buyer shall pay the Seller the following “Earn Out Payments”:

 

		(a)	Territorial Earn Out. For a period of five (5) years following Closing, three percent (3%)
of Net Revenue from gaming chip and plaque sales made by the Buyer and its Affiliates and their agents to Non-Related Party casinos
subject to a cap of a total of US$500,000,000 of Net Revenue, in the following countries:

 

		(i)	In Macau, Star World, Louis the XIII and the MGM Macau properties;

 

		(ii)	In the Philippines, the next Tiger Resort, Leisure and Entertainment opening, Resort World
Bayshore, Solaire, Royce, Winford, Boracay, City of Dreams Manila, Tiger, Midori, Leisure & Entertainment;

 

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		(iii)	In Australia, the Star and all casinos within the Crown Resorts Group, including but not
limited to Crown Melbourne, Crown Perth and the planned Crown Sydney property;

 

		(iv)	In Cambodia, all casinos, except NAGA World and any of its affiliated properties; and

 

		(v)	In Korea, Laos, Nepal, Thailand and Myanmar, all casinos; and

 

		(b)	Malaysia Earn Out. The Buyer shall pay the Seller three percent (3%) of the revenue actually
received by the Buyer and/or its Affiliates in relation to sales of 312,000 wheelchecks sets to Genting Highlands Resort, Malaysia,
the product order in respect of which was received by the Seller and referred to the Buyer after the signing of the LOI, minus
(i) all taxes paid in respect of such product order (VAT, usage rights, duties, etc.) excluding corporation or profits tax, (ii)
all credits or discounts given in respect of such order for whatever reason, (iii) all products sales commissions paid in respect
of such product order to sales executives employed by the Buyer and (iv) all freight, transportation, installation and packaging
expenses specifically invoiced to the customer in respect of the delivery and installation of such product order; and

 

		(c)	Melco Crown Earn Out. The following percentages of Net Revenue from gaming chip and plaque
sales made by the Buyer and its Affiliates to any and all Related Parties and their agents:

 

		(i)	For the first US$10,000,000 of Net Revenue at any time after Closing (without any time limit),
fifteen percent (15%); and

 

		(ii)	For five (5) years after Closing, and in addition to the payment under (i) above, three percent
(3%), capped at a total of US$30,000,000 of Net Revenue.

 

Notwithstanding
the above calculation, no Earn Out Payments are payable to the Seller until the aggregate amount of Earn Out Payments under Section
5.1(a), (b) & (c) above exceeds US$900,000, and the Seller shall only be entitled to the Earn Out Payments which are above
the said US$900,000.

 

For the purposes
of this clause 5.1:

 

“Net
Revenue” means revenue actually received by the Buyer and/or its Affiliates during the year minus (a) all taxes paid
during the year (VAT, usage rights, duties, etc.) excluding corporation or profits tax, (b) all credits or discounts given during
the year for whatever reason, (c) all products sales commissions paid during the year to sales executives employed by the Buyer
and (d) all freight, transportation, installation and packaging expenses specifically invoiced to customers during the year in
respect of the delivery and installation of the customers’ respective product orders.

 

“Crown
Resorts Group” means Crown Resorts Limited and its Affiliates.

 

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A “Related
Party” is any and all of Melco Crown Entertainment Limited (“MCE”), Melco International Development
Limited (“MIDL”), Crown Resorts Limited, each entity directly or indirectly, now or in the future, majority
owned by any of the foregoing, City of Dreams, Manila (which is a 50:50 indirectly owned joint venture of MCE) and casinos in Vietnam,
Cyprus, Spain and Russia in which MIDL or MCE has, now or in the future, a direct or indirect equity investment (regardless of
percentage ownership) (collectively “Melco Crown”).

 

“Non-Related
Party” means a person which is not a Related Party.

 

		5.2	Within 2 months after the end of each financial year of the Buyer following Closing, the Buyer
shall provide the Seller with:

 

		(a)	copies of the annual audited consolidated financial statements of the Buyer Group (only if at the
relevant time the Buyer is no longer listed on the NASDAQ Stock Exchange) and/or copies of the annual audited financial statements
of any of its relevant Affiliates whose accounts have not been consolidated into those of the Buyer Group;

 

		(b)	a calculation worksheet and, if requested by the Seller, the related invoices and supporting documents
for the Earn Out Payments; and

 

		(c)	upon the request of the Seller and at the Seller’s expense, a certificate signed by the auditors
of the Buyer confirming that the amount of the Earn Out Payments payable to the Seller has been accurately calculated in accordance
with the terms of this agreement.

 

		5.3	The Seller hereby directs that the Earn Out Payments be paid by the Buyer by wire transfer of immediately
available US dollars to a bank account of designated in writing by the Seller not later than 20 Business Days prior to the relevant
last day for payment of the relevant Earn Out Payment. The Buyer shall pay to the bank account the relevant amount of the Earn
Out Payments as shown in the calculation worksheet referred to in clause 5.2(b) above within 10 calendar days after the same is
delivered to the Seller.

 

		5.4	If the Seller intends to dispute the amount of the Earn Out Payments payable to the Seller as stated
in the calculation worksheet referred to in clause 5.2(b), the Seller shall give the Buyer a written notice within 30 calendar
days after the announcement and release of the relevant annual audited consolidated financial statements of the Buyer Group. If
such amount is not agreed within 60 calendar days after the serving of the written notice, either the Seller or the Buyer may refer
the matter for determination in accordance with the procedure detailed in clause 5.5. Payment of the amount agreed, or determined
pursuant to clause 5.5, shall be made within 10 calendar days after such agreement or determination.

 

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		5.5	If the Buyer and the Seller have failed to reach agreement on the matters set out in clause 5.4,
within the 60 calendar days period referred to in clause 5.4, either of them may refer the matter to an independent firm of accountants
(“Expert”) for resolution as follows:

 

		(a)	the Expert shall be jointly agreed by the parties or, if no agreement is reached within 14 calendar
days after either one of them notifies the other that it wishes to appoint an Expert, shall be nominated at the request of either
the Buyer or the Seller by the President for the time being of the Hong Kong Institute of Certified Public Accountants and the
Buyer and the Seller shall co-operate and use their reasonable endeavours to agree the terms of appointment with the Expert as
soon as reasonably possible (and if terms cannot be agreed within 14 calendar days from the date of nomination, then either the
Buyer or the Seller may request the President for the time being of the Hong Kong Institute of Certified Public Accountants to
nominate another Expert and the Buyer and the Seller shall cooperate and use their reasonable endeavours to agree terms with that
Expert);

 

		(b)	neither the Buyer nor the Seller shall unreasonably withhold agreement to the proposed terms of
appointment of the Expert;

 

		(c)	the Expert shall be requested to resolve the matter in dispute applying the terms of this agreement;

 

		(d)	the determination of the Expert shall be final and binding on both the Buyer and the Seller in
the absence of manifest error;

 

		(e)	the fees of the Expert shall be shared by Buyer and the Seller equally;

 

		(f)	the Expert shall present its findings in writing to the Buyer and the Seller within 30 calendar
days of its appointment and the Buyer and the Seller shall give it all reasonable assistance, together with access to all personnel
and documents it requests; and

 

		(g)	the Buyer and the Seller shall use their best endeavours to appoint an Expert who is based in the
United States of America. If an Expert who is not based in the United States of America is nominated by the President for the time
being of the Hong Kong Institute of Certified Public Accountants or by the Seller, subject to the Buyer’s agreement to the
appointment of such Expert, the Seller shall be liable for the travelling expenses of such Expert arising from the performance
by the Expert of its duty in accordance with the terms of its appointment.

 

		6.	Condition and Pre-Closing Covenant

 

		6.1	Closing is conditional upon:

 

		(a)	the Warranties given by the Seller under this agreement remaining true and accurate in all material
respects and not misleading in any material respect at Closing and the Parties’ compliance with their respective obligations
under this agreement required to be complied with prior to Closing; and

 

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		(b)	the Seller delivering to the Buyer the duly executed Deed of Non-Competition.

 

		6.2	The Seller shall not take any action to harm or injure the rights or business relationship of any
other person as a result of this agreement or the purchase of the Assets by the Buyer pursuant to this agreement prior to Closing.

 

		7.	Closing

 

		7.1	Subject to clause 6.1 above, Closing shall take place on 11 May 2016 at 3:00pm Hong Kong time at
the Three Units or at any other place and/or on any other date and/or at any other time (as the case may be) as may be agreed in
writing by the Parties (the “Closing Date”).

 

		7.2	At Closing, the Seller shall comply with its obligations set out in paragraph 1 of Schedule 3.

 

		7.3	At Closing, and subject to the Seller having complied with clause 7.2, the Buyer shall:

 

		(a)	pay the Closing payments referred to in clauses 3.2(a) and 4 above within 48 hours after Closing
to the Seller by wire transfer of immediately available funds to an account designated in writing by the Seller at least 3 Business
Days prior to Closing.

 

		(b)	pay to the Seller within 48 hours after Closing:

 

		(i)	an amount equal to two (2) months’ of rent payable (excluding taxes, management fees, electricity
and water) under the three (3) lease agreements for the three (3) units comprising the Seller’s factory premises, capped
at US$130,000; and

 

		(ii)	an additional amount equal to two (2) months’ rent (excluding taxes, management fees, electricity
and water) payable under the three (3) lease agreements for the three (3) units comprising the Seller’s factory premises,
as compensation for the termination of the three (3) lease agreements, such additional amount capped at US$130,000.

 

Subject to the
foregoing, all costs of terminating the three (3) leases shall be for the Seller’s account. The three (3) units comprising
the Seller’s factory premises are Units C1 and C2 on the Ground Floor of, and Unit 303 on the 3rd Floor of, Koon Wah Building,
2 Yuen Shun Circuit, Yuen Chau Kok, Shatin, New Territories, Hong Kong (the “Three Units”).

 

		(c)	deliver to the Seller:

 

		(i)	duly executed counterparts of the licences, agreements, assignments and other documents referred
to in paragraph 1(g) of Schedule 3;

 

    11

     

    

 

		(ii)	a certified copy of the resolution of the board of directors of the Buyer authorising the execution
and delivery by the officers specified in the resolution of this agreement, and any other documents referred to in this agreement
as being required to be delivered by it.

 

		(iii)	a signed acknowledgement of the Disclosure Letter;

 

		(iv)	duly executed counterpart of the Deed of Non-Competition; and

 

		(v)	duly executed counterpart of the Settlement Deed duly executed by the Buyer and Mr. Da Silva.

 

		7.4	If the Seller does not comply with its obligations set out in paragraph 1 of Schedule 3 in any
material respect, or if any of the termination events referred to in clause 7.5 below occurs, the Buyer may, without prejudice
to any other rights or remedies it has (including the right to claim damages for breach of this agreement):

 

		(a)	so far as is practicable, proceed to Closing; or

 

		(b)	by written notice to the Seller, defer Closing to a date no more than 28 calendar days after the
date on which Closing would otherwise have taken place; or

 

		(c)	by written notice to the Seller, terminate this agreement (and if so terminated, this agreement
shall terminate and cease to have effect save for the provisions referred to in clause 7.6 and any rights, remedies and obligations
or liabilities of the Parties that have accrued up to the termination.

 

		7.5	The termination events referred to in clause 7.4 above are:

 

		(a)	any material inaccuracy in the documents provided by the Seller to the Buyer as a result of the
Buyer’s due diligence requests made pursuant to section 4 of the LOI, which material inaccuracy materially adversely affects
the value of the Assets as a whole;

 

		(b)	the occurrence of any action, event, condition or circumstance that, individually or in the aggregate,
has had or could reasonably be expected to have a material adverse effect on the value of the Assets as a whole (“Material
Adverse Change”), provided, however, that when determining whether there has been a Material Adverse Change, any adverse
effect attributable to any of the following shall be disregarded: (a) general economic, business, industry or financial market
conditions (whether in the United States, Asia or otherwise), but that do not disproportionately affect the Seller; (b) the taking
of any action required by this agreement; (c) the announcement of the Transaction; (d) the breach of this agreement by the Buyer;
(e) any changes in applicable laws, regulations or accounting rules, including GAAP; (g) any existing event, occurrence or circumstance
set forth in the Disclosure Letter; or (h) any adverse change in or effect on the Assets that is cured by or on behalf of the Seller
to the reasonable satisfaction of the Buyer before the termination of this agreement; and

 

    12

     

    

 

		(c)	any material misrepresentation or breach of any covenant herein required to be fulfilled prior
to Closing by the Seller which taken individually or in the aggregate with other such misrepresentations or breaches, materially
adversely affects the value of the Assets as a whole.

 

		7.6	On termination of this agreement in accordance with clause 7.4(c), the following clauses shall
remain in force: clause 1 and clause 13 to clause 20 inclusive.

 

		7.7	Following Closing, the Buyer and the Seller shall each comply with their respective obligations
set out in paragraph 2 of Schedule 3.

 

		8.	Warranties, Undertakings and Indemnities

 

		8.1	The Parties acknowledge that the Assets are to be sold and purchased under this agreement on an
“as is” basis and fit for the purpose for which they are currently used by the Seller, the representations, warranties
and other covenants given by the Seller shall be limited accordingly.

 

		8.2	The Seller represents and warrants that, except as Disclosed, each Warranty is true, accurate and
not misleading on the date of this agreement and on Closing.

 

		8.3	Each of the Warranties is separate and, unless otherwise specifically provided, is not limited
by reference to any other Warranty or any other provision in this agreement.

 

		8.4	Except for the matters Disclosed, the due diligence investigation conducted by the Buyer, referred
to in section 4 of the LOI, shall not limit or affect the representations, warranties, covenants or indemnities of the Seller made
in this agreement.

 

		8.5	The Buyer represents and warrants to the Seller that each of the following statements is true,
accurate and not misleading on the date of this agreement and on Closing:

 

		(a)	The Buyer has all requisite power and authority, and has taken all necessary corporate action,
to enable it to enter into and perform this agreement and all agreements and documents entered into, or to be entered into, pursuant
to the terms of this agreement.

 

		(b)	All necessary licences, consents, permits, agreements, arrangements and authorities (public and
private) have been obtained to enable the Buyer to manufacture and sell gaming chips and plaques in all necessitated jurisdictions,
and all such licences, consents, permits, agreements, arrangements and authorities are valid and subsisting.

 

		8.6	The Seller undertakes not to dispose of any raw materials following the Buyer’s pre-Closing
physical count referred to in clause 3.1(b) and up to Closing.

 

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		8.7	Subject to the limitations on Claims contained in clause 9 below, the Seller agrees to defend,
indemnify and hold harmless the Buyer, its Affiliates and their respective agents, employees, officers, directors, successors and
assigns, from and against any and all liabilities and claims for demands, suits, actions, liabilities, losses, damages, injuries
judgments, costs and expenses, directly or indirectly arising from any untruth, inaccuracy or breach of any representation, covenant
or agreement made by the Seller in this agreement, any Excluded Asset or Excluded Liability, including claims from the Seller’s
employees, agents, customers, vendors, landlords or the shareholders of EGT relating to an event which occurred prior to Closing.

 

		8.8	The Buyer agrees to defend, indemnify and hold harmless the Seller, its Affiliates and their respective
agents, employees, officers, directors, consultants, successors and assigns, from and against any and all liabilities and claims,
including, without limitation, future liabilities and claims by third parties, for demands, suits, actions, liabilities, losses,
damages, injuries, judgments, costs and expenses (including reasonable attorney’s fees and costs), directly or indirectly
arising from any untruth, inaccuracy or breach of any representations, covenants or agreements made by the Buyer in this agreement
and from use of the Assets post-Closing, except that the foregoing indemnity shall not apply in respect of any matter arising out
of: (a) a breach of any representation, warranty or covenant of the Seller in this agreement; (b) any of the Excluded Liabilities
retained by the Seller or (c) any pre-Closing act or omission by the Seller or any of its representatives.

 

		9.	Limitations on Claims

 

		9.1	The aggregate liability of the Seller for all Claims shall not exceed US$5,900,000.

 

		9.2	The Seller shall not be liable for a Claim unless notice in writing of the Claim, summarising the
nature of the Claim (in so far as it is known to the Buyer) and, as far as is reasonably practicable, the amount claimed, has been
given by or on behalf of the Buyer to the Seller on or before the date which falls twelve months after Closing.

 

		9.3	No liability shall attach to the Seller unless the aggregate amount of all Claims for which it
is be liable shall exceed US$10,000 and in such event the Seller shall be liable for the whole of such amount and not merely the
excess.

 

		9.4	The Seller shall not be liable for a Claim in respect of any matter which has been Disclosed.

 

		9.5	Nothing in this clause 9 applies to exclude or limit the liability of the Seller to the extent
that a Claim arises or is delayed as a result of dishonesty, fraud, wilful misconduct or wilful concealment by the Seller, its
agents or advisers.

 

    14

     

    

 

		10.	Employees

 

		10.1	The Seller shall be responsible for the termination of its existing employees and/or agents as
a result of the Transaction. The Buyer agrees to pay to the Seller a fixed sum of US$520,000 within 60 calendar days after Closing
for paying all legally necessitated costs stemming from the termination of employment and/or appointment of the Seller’s
employees and agents (including payments made in lieu of notice, severance and long service payments, any other contractual and/or
legal entitlements of the employees and agents and related Taxes).

 

		10.2	Prior to the Seller’s provision of notice to its employees, the Buyer shall notify the Seller
of any and all key employees and/or agents it wishes to become the Buyer’s employees; the said employees shall sign new employment
agreements with the Buyer (as necessary) prior to being rewarded employment. The Seller shall remain responsible for any and all
liability stemming from the layoff and/or termination of the Seller’s employees and/or agents, and agrees that the Buyer’s
liability will be strictly limited to the payout of US$520,000 referred to in clause 10.1.

 

		11.	Restrictions on the Seller

 

		11.1	The Seller undertakes to the Buyer that, save in relation to the Unfinished Orders (in respect
of which the Buyer hereby gives its consent for the Seller to complete after Closing), following Closing, the Seller shall not
(and the Seller shall procure that EGT and its subsidiaries shall not) do any of the following in any capacity, whether on its
own behalf, or on behalf of, or jointly with, any other person:

 

		(a)	at any time during the period of 10 years from Closing own, operate, control or participate in
any way in a company that manufactures gaming chips, plaques, jetons, playing cards or layouts for gaming tables in competition
with the Buyer;

 

		(b)	at any time during the period of 10 years from Closing employ or engage, or offer to employ as
an employee or engage as a consultant, or solicit or otherwise entice or attempt to entice away from the Buyer or any member of
the Buyer Group, any key employee or agent who becomes the Buyer’s employee or consultant in the business of supplies of
gaming chips, plaques and layouts for gaming tables pursuant to clause 10.2;

 

		(c)	at any time during the period of 10 years from Closing canvass, solicit or approach or cause to
be canvassed, solicited or approached any person who shall at any time within 2 (two) years preceding Closing have been a client,
customer, representative or agent of the Seller in relation to the Business for the purpose of offering to that person chips, plaques
and layouts for gaming tables supplied by the Seller in relation to the Business at Closing; or

 

    15

     

    

 

		(d)	use in the course of any business any trade or service mark, business or domain name, design or
logo which, at Closing, was or had been used by the Seller in respect of the Business, or anything which is, in the reasonable
opinion of the Buyer, capable of confusion with such mark, name, design or logo.

 

		11.2	Each undertaking in clause 11.1 is a separate undertaking of the Seller and shall be enforceable
separately and independently by the Buyer. In the event of any such restriction being determined to be unenforceable in whole or
in part for any reason, that unenforceability shall not affect the enforceability of the remaining restrictions in this agreement
or (in the case of restrictions unenforceable in part) the remainder of that restriction.

 

		11.3	While the restrictions contained in clause 11 are considered fair and reasonable by the Buyer and
the Seller in order to assure the Buyer the full benefit of the Assets, it is recognized that restrictions of the nature in question
may fail for technical reasons and accordingly it is hereby agreed and declared that if any of such restrictions shall be adjudged
to be void as going beyond what is reasonable in all the circumstances for the protection of the interests of the Buyer but would
be valid if part of the wording thereof were deleted or the periods thereof reduced or the range of activities or area dealt with
thereby reduced in scope, the said restriction shall apply with such modifications as may be necessary to make it valid and effective.

 

		11.4	The Seller shall ensure that, on or prior to Closing, EGT and Mr. Chung shall enter into an agreement
of non-competition in the agreed form, in favour of the Buyer, containing equivalent restrictions to those set forth in clause
11.1 (the “Deed of Non-Competition”). The Seller shall procure that EGT and Mr. Chung comply with the terms
of the Deed of Non-Competition.

 

		12.	Termination of Litigation

 

		12.1	With effect from Closing, each of the Buyer and the Seller (for itself and on behalf of its respective
Affiliates and its and their respective directors, officers and employees) (collectively, the “Releasing Persons”)
irrevocably releases and forever discharges the other Party and its respective Affiliates and the respective directors, officers
and employees of the other Party and/or its Affiliates (collectively, the “Released Persons”) from all and any
actions, claims, demands, obligations and liabilities, whether in Hong Kong or any other jurisdiction, whether actual or contingent,
whether or not presently known to the Releasing Persons (or any of them) or to the law, whether in law or equity and whether past,
present or future, including claims for legal costs and expenses, that the Releasing Persons or any of them ever had, may have
or hereafter can, shall or may have against any of the Released Persons arising out of under or in connection with the events and
matters giving rise to:

 

		(a)	the two legal proceedings before the High Court of Hong Kong, namely High Court Action No. 3038
of 2015 and High Court Miscellaneous Proceedings No. 3354 of 2015 (collectively, the “Dolphin Proceedings”);
and

 

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		(b)	all proceedings (whether in Hong Kong or France or any other jurisdiction) against Mr. Paulo Da
Silva (collectively, the “Da Silva Proceedings”).

 

For clarification
purposes, each of the Buyer and the Seller hereby agrees that each will be responsible for its own legal fees and costs stemming
from the Settled Claims.

 

For the purpose
of clarification, Clause 12.1 shall not release or discharge Mr. Paulo Da Silva from the proceedings by the Buyer against him in
France upon Closing and his relief is subject to Clauses 12.3 and 12.4 hereinafter.

 

		12.2	Promptly following Closing, the Buyer shall irrevocably withdraw, terminate and discontinue the
Dolphin Proceedings in accordance with the appropriate court procedures. The Buyer and the Seller agree that there will be no order
as to costs in relation to either the Dolphin Proceedings or the Da Silva Proceedings. In respect of the Dolphin Proceedings, the
Buyer and the Seller shall instruct their respective legal counsel to execute a Consent Order (pursuant to O. 42, r. 5A of the
Rules of the High Court) and shall take all steps necessary to have such a Consent Order made, ordering that:

 

		(a)	the sum of HK$498,700 (four hundred ninety-eight thousand and seven hundred Hong Kong dollars)
paid into Court by the Buyer on 23 February 2016, along with interest accrued, if any, be released to the Buyer; and

 

		(b)	the Dolphin Proceedings be dismissed.

 

		12.3	Subject to Mr. Da Silva entering into a settlement deed with the Buyer in which Mr. Da Silva agrees
(1) to return to the Buyer any and all confidential information of the Buyer in his possession, (2) not to use any confidential
information of the Buyer for any purpose and (3) not to be employed in a casino currency manufacturing business which competes
with the Buyer (the “Settlement Deed”), the Buyer agrees (for itself and on behalf of its respective Affiliates
and its and their respective directors, officers and employees) (collectively, the “Buyer Releasing Persons”)
to irrevocably release and forever discharge Mr. Da Silva from all and any actions, claims, demands, obligations and liabilities,
whether or not presently known to the Buyer Releasing Persons or to the law, whether in law or equity and whether past, present
or future, that the Buyer Releasing Persons or any of them ever had, may have or hereafter can, shall or may have against Mr. Da
Silva arising out of under or in connection with the events and matters giving rise to the Da Silva Proceedings.

 

		12.4	Subject to Mr. Da Silva entering into the Settlement Deed, the Buyer agrees, promptly following
the execution of the Settlement Deed by Mr. Da Silva, to irrevocably withdraw and terminate the Da Silva Proceedings in accordance
with the appropriate court procedures.

 

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		12.5	Each party, including Mr. Da Silva, will be responsible for their own legal costs and all other
costs related to those proceedings from the beginning to the end. This clause is intended to apply to and supersede any outstanding
costs orders to the contrary (including any unpaid costs orders).

 

		12.6	Each of the Buyer and the Seller agrees to indemnify and keep indemnified the other Party and its
respective Affiliates and the respective directors, officers and employees of the other Party and/or its Affiliates against all
losses, costs, expenses and damages incurred by the other Party, its Affiliates and/or such directors, officers and employees (including
the entire legal expenses incurred) in connection with any actions, claims, demands, suits or proceedings which the first Party,
its Affiliates or the respective directors, officers or employees of such Party and/or its Affiliates may bring against the other
Party or any of its respective Affiliates or the respective directors, officers or employees of the other Party and/or its Affiliates
after Closing which are stated in clause 12.1 to be released and discharged (excluding, for the avoidance of doubt, the performance
and enforcement of this agreement).

 

		12.7	The Parties expressly agree that nothing contained in this agreement shall prevent any Party from
making a claim or demand against the other Parties in relation to the performance, enforcement or any breach of any of the terms
of this agreement.

 

		12.8	This agreement is entered into in connection with the compromise of the Settled Claims. The Buyer
and the Seller acknowledge that this agreement is not and shall not be represented or construed by either of them as an admission
of liability or wrongdoing on the part of any Party to this agreement or any other person or entity.

 

		13.	Confidentiality and Announcements

 

		13.1	The Buyer and the Seller’s parent entity, EGT, will each be required to make a public announcement
(which public announcement shall include an appropriate filing with the Securities and Exchange Commission (“SEC”))
of the entering into of this agreement. The Buyer and the Seller shall provide drafts of their respective public announcements
(in the Seller’s case, to be made by EGT) to the other Party and shall provide the other Party a reasonable opportunity to
provide input on their respective public announcements as they relate to any information or statements regarding the other Party.
Each Party acknowledges that the Buyer and EGT will be required to file a Form 8-K and/or press release regarding this agreement
in accordance with applicable securities laws and SEC requirements. All of GPI’s and EGT’s SEC filing(s) regarding
this agreement or the Transaction shall be subject to the prior approval of, and co-ordinated with, both the Buyer and the Seller,
provided that this requirement shall not prevent the Buyer or EGT complying with the legal, regulatory or stock exchange requirements
applicable to it in the circumstances.

 

		13.2	In addition to the public announcements required by applicable law or securities regulations, the
Buyer and EGT may issue a joint press release in relation to this agreement (the form of which joint press release would require
agreement between the Buyer and EGT).

 

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		13.3	Except as provided in clauses 13.1 and 13.2 above, neither Party nor any of their Affiliates or
their respective officers, directors, stockholders, employees or agents shall make any public or private announcement or issue
any press release or other publicity in respect of this agreement orthe Transaction without the prior written consent of the other
Parties (except for such disclosures as are required in applications or by applicable securities or gaming laws or stock market
rules).

 

		14.	Assignment

 

		14.1	Subject to clause 14.2 below, neither Party shall assign, transfer, mortgage, charge, declare a
trust of, or deal in any other manner with any of its rights and obligations under this agreement without the prior written consent
of the other Parties.

 

		14.2	Either Party may assign its rights under this agreement to any of its Affiliates, without the prior
written consent of the other Parties.

 

		15.	Entire agreement, Status of LOI and No Double Recovery

 

		15.1	This agreement (together with the documents referred to in it) and the LOI constitute the entire
agreement between the Parties relating to their subject matter and supersede and extinguish all previous discussions, correspondence,
negotiations, drafts, agreements, promises, assurances, warranties, representations and understandings between them, whether written
or oral, relating to their subject matter.

 

		15.2	The Buyer and the Seller are parties to the LOI. The provisions of this agreement implement the
terms provided in the LOI. To the extent that the provisions of this agreement and the terms in the LOI cover the same matters,
this agreement supersedes the LOI. Otherwise, the provisions of the LOI shall survive in accordance with their respective terms.

 

		15.3	No Party shall be entitled to recover damages or obtain payment, reimbursement, restitution or
indemnity more than once under the LOI, the Settlement Deed and this agreement for loss arising out of the same circumstances.

 

		16.	Variation and Waiver

 

		16.1	No variation of this agreement shall be effective unless it is in writing and signed by the Parties
(or their authorised representatives).

 

		16.2	No failure or delay by a Party to exercise any right or remedy provided under this agreement or
by law shall constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the further exercise of
that or any other right or remedy. No single or partial exercise of such right or remedy shall prevent or restrict the further
exercise of that or any other right or remedy. A waiver of any right or remedy under this agreement or by law is only effective
if it is in writing.

 

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		16.3	Except as expressly provided in this agreement, the rights and remedies provided under this agreement
are in addition to, and not exclusive of, any rights or remedies provided by law.

 

		16.4	Except for the Affiliates of the Seller and the Buyer and the respective directors, officers and
employees of the Seller, the Buyer and their respective Affiliates, which shall have the right to enforce the provisions in clause
12 (Termination of Litigation) of this agreement, a person who is not a party to this agreement shall not have any rights
under the Contracts (Rights of Third Parties) Ordinance (Cap. 623) to enforce any term of this agreement.

 

		17.	Costs

 

Except as expressly provided in this
agreement, each Party shall pay its own costs and expenses incurred in connection with the negotiation, preparation and execution
of this agreement (and any documents referred to in it).

 

		18.	Notices

 

		18.1	All communications and notices under this agreement shall be in writing in the English language
and shall be personally delivered or transmitted via electronic mail or facsimile transmission or recognized international courier
service, addressed to the relevant Party at the relevant address set forth below or such other address, contact details or contact
persons as shall be designated by a Party in a written notice to the other Parties:

 

Seller

Unit 15-16, 19/F, Delta House, 3
On Yiu Street, Shatin, New Territories, Hong Kong

 

	Attention:	 	Mr. Yuk Man Chung, Clarence
	 	 	Chairman & CEO
	Telephone No.	:	+852 3151-3763
	Facsimile No.	:	+852 2153-9111
	Email Address	:	ClarenceChung@egt-group.com

 

Buyer

3945 W. Cheyenne Avenue, #208, North
Las Vegas, NV 89032

 

	Attention:	 	Mr. Greg Gronau
	 	 	President & CEO
	 	 	 
	 	 	Mr. Matthew Hagerty, ESQ.
	 	 	Corporate Counsel
	 	 	 
	Telephone No.	:	702-598-2401
	 	 	 
	Facsimile No.	:	702-598-2494
	Email Address	:	ggronau@gpigaming.com & mhagerty@gpigaming.com

 

    20

     

    

 

EGT

Unit 15-16, 19/F, Delta House, 3
On Yiu Street, Shatin, New Territories, Hong Kong

 

	Attention:	 	Mr. Yuk Man Chung, Clarence
	 	 	Chairman & CEO
	Telephone No.	:	+852 3151-3763
	Facsimile No.	:	+852 2153-9111
	Email Address	:	ClarenceChung@egt-group.com

 

		18.2	All notices shall be deemed duly given (i) on the date of receipt, if personally delivered, (ii)
ten (10) Business Days after delivery to the recognized international courier service, if by recognized international courier service,
or (iii) upon receipt of the written confirmation of the electronic mail or facsimile, if by electronic mail or facsimile transmission.

 

		18.3	The Buyer hereby irrevocably appoints Susan Kendall, c/o Baker McKenzie, 14th Floor, Hutchinson
House, 10 Harcourt Road, Hong Kong SAR as its agent (the “Buyer Process Agent”) to accept service of process
in Hong Kong in any legal action or proceedings arising out of this agreement, service upon whom shall be deemed completed whether
or not forwarded to or received by the Buyer.

 

		18.4	If such Buyer Process Agent ceases to be able to act as such or to have an address in Hong Kong,
the Buyer irrevocably agrees to appoint a new process agent in Hong Kong acceptable to the Seller and to deliver to the Seller
within 10 calendar days a copy of a written acceptance of appointment by the process agent accepted by the Seller. For the avoidance
of doubt, until such time as the Seller receives a copy of such written acceptance, service of process on the agent specified in
clause 18.3 will constitute valid service under this agreement.

 

		18.5	Notwithstanding the foregoing provisions of this clause 18, each Party irrevocably consents to
any process in any legal action or proceedings arising out of or in connection with this agreement being served on it in accordance
with the provisions of this agreement relating to service of notices. Nothing contained in this agreement shall affect the right
to serve process in any other manner permitted by law.

 

		19.	Severance

 

If any provision or part-provision
of this agreement is or becomes invalid, illegal or unenforceable, it shall be deemed modified to the minimum extent necessary
to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision shall be
deemed deleted. Any modification to or deletion of a provision or part-provision under this clause shall not affect the validity
and enforceability of the rest of this agreement.

 

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		20.	Governing Law and Jurisdiction

 

		20.1	This agreement and any dispute or claim arising out of or in connection with it or its subject
matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law
of Hong Kong.

 

		20.2	Each Party irrevocably agrees that the courts of Hong Kong shall have exclusive jurisdiction to
settle any dispute or claim arising out of or in connection with this agreement or its subject matter or formation (including non-contractual
disputes or claims).

 

    22

     

    

 

Schedule 1(a) Fixed
Assets

 

    23

     

    

 

Schedule 1(b) Other Assets

 

    24

     

    

 

Schedule 2Types of
Raw Materials

 

    25

     

    

 

Schedule 3Closing
and Post Closing

 

    26

     

    

 

Schedule 4Warranties

 

    27

     

    

 

Schedule 5Unfinished
Orders

 

    28

     

    

 

This
agreement has been entered into on the date stated at the beginning of it.

 

	SIGNED by	)
	 	)
	for and on behalf of	)
	Dolphin Products Limited	) /s/ Clarence Chung
	 	)
	in the presence of:	)
	 	 
	SIGNED by	)
	 	)
	for and on behalf of	)
	Gaming Partners International 	) /s/ Gregory S. Gronau
	Corporation	)
	in the presence of:	)
	 	 
	SIGNED by	)
	 	)
	for and on behalf of	) /s/ Clarence Chung
	Entertainment Gaming Asia Inc.	)
	in the presence of:	)

 

    29

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