Document:

Exhibit 4.6

 

 

 

NOTICE OF ANNUAL AND SPECIAL MEETING
OF SHAREHOLDERS

 

and

 

MANAGEMENT INFORMATION CIRCULAR

 

11:00 a.m.

Wednesday, February 10, 2021

Score Media and Gaming Inc.

Virtual Meeting

 

     

     

    

 

SCORE MEDIA AND GAMING INC.

 

NOTICE
OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS

 

TAKE NOTICE THAT an annual and special
meeting (the “Meeting”) of shareholders of Score Media and Gaming Inc. (“theScore”, “us”,
 “we” or “our”) will be held on Wednesday, February 10, 2021 by way of a virtual meeting
conducted via a live audio webcast online at https://web.lumiagm.com/477682817 at the hour of 11 o’clock in the morning
(Toronto time) for the following purposes:

 

		(1)	to receive our consolidated financial statements for the year ended August 31, 2020 together
with the report of the auditors thereon;

 

		(2)	to elect our eight directors for the ensuing year;

 

		(3)	to re-appoint auditors and authorize the directors to fix their remuneration;

 

		(4)	to approve a special resolution to authorize our board of directors (the “Board”)
to determine, in its sole discretion, a consolidation ratio within the range of one of our post-consolidation shares for every
two to twenty of our pre-consolidation shares of the same class (the “Consolidation Ratio”), and to effect,
at such time as the Board deems appropriate, but in any event no later than one year after the Meeting, a share consolidation (or
reverse stock split) of all of our issued and outstanding Class A Subordinate Voting Shares (“Class A Shares”)
on the basis of such Consolidation Ratio as well as a share consolidation (or reverse stock split) of all of our issued and outstanding
Special Voting Shares on the basis of such Consolidation Ratio (collectively, the “Share Consolidation”), subject
to the Board’s authority to decide not to proceed with the Share Consolidation;

 

		(5)	to approve the amendment and restatement of our amended and restated stock option and restricted
stock unit plan (the “Option & RSU Plan”) to: (a) increase the number of Class A Shares that may be issued,
at any time, pursuant to the Option & RSU Plan from 55,000,000 Class A Shares to 65,000,000 Class A Shares; and (b) effect
certain other amendments to the Option & RSU Plan in connection with our voluntary delisting of the Class A Shares from the
TSX Venture Exchange and concurrent listing of the Class A Shares on the Toronto Stock Exchange; and

 

		(6)	to transact such further and other business as may properly come before the Meeting or any adjournment(s)
or postponement(s) thereof.

 

	To mitigate risks related to the rapidly evolving coronavirus disease (COVID-19) and based on government recommendations and requirements to avoid large gatherings, the Meeting will be conducted in a virtual-only format via live audio webcast. The live audio webcast will permit all participants to communicate adequately with each other during the Meeting. Shareholders will not be able to attend the Meeting in person. A summary of the information shareholders will need to attend the Meeting online is provided in the enclosed management information circular.

 

A copy of our form of proxy and management
information circular accompany this notice. If you are not able to be present personally at the Meeting via the live audio webcast,
kindly sign the form of proxy accompanying this notice and return it in the envelope provided for such purpose. Alternatively,
proxies can be returned to the offices of Computershare Trust Company of Canada (“Computershare”), Attention:
Proxy Department, 100 University Avenue, 8th floor, North Tower, Toronto, Ontario, M5J 2Y1, or faxed to 1 (866) 249-7775.
Proxies should be returned no later than 48 hours (excluding Saturdays and holidays) before the starting time of the Meeting
or any adjournment(s) or postponement(s) thereof. The time limit for deposit of proxies may be waived or extended by the Chair
at the Meeting at his discretion without notice.

 

     

     

    

 

Our board of directors has fixed the close
of business on December 18, 2020 as the record date for the determination of the shareholders entitled to receive notice of, and
to vote at, the Meeting.

 

A shareholder who is unable to attend
the Meeting online via the live audio webcast and who wishes to ensure that such shareholder’s shares will be voted at the
Meeting, is requested to complete, date and execute the enclosed form of proxy and deliver it by facsimile, by email, by hand or
by mail in accordance with the instructions set out in the form of proxy and in the management information circular. 

 

Registered shareholders, or the persons
they appoint as their proxies, will be able to attend the Meeting, ask questions and vote, all in real time, provided they are
connected to the Internet and comply with all of the requirements set out in the enclosed management information circular. Shareholders
who beneficially own shares that are registered in the name of an intermediary or clearing agency (“Non-Registered Holders”)
who have not duly appointed themselves as proxyholders may still attend the Meeting as guests provided they are connected to the
Internet. Guests will be able to listen to the Meeting and ask questions following conclusion of the formal business of the Meeting
but will not be able to vote at the Meeting.

 

Shareholders who wish to appoint a person
other than the management nominees identified on the form of proxy or voting instruction form (including Non-Registered Holders
who wish to appoint themselves to attend) must carefully follow the instructions in the enclosed management information circular
and on their form of proxy or voting instruction form. These instructions include the additional step of registering such proxyholder
with our transfer agent, Computershare, after submitting their form of proxy or voting instruction form. Failure to register the
proxyholder with our transfer agent will result in the proxyholder not receiving a control number as a username to vote at the
Meeting and only being able to attend as a guest.

 

DATED at Toronto, Ontario
this 8th day of January, 2021.

  

	 	By Order of the Board of Directors,	 
	 	 	 
		“John Levy”	 
		Chairman and Chief Executive Officer	 

 

     

    -4-

    

 

SCORE MEDIA AND GAMING INC.

 

MANAGEMENT INFORMATION CIRCULAR

 

RELATING TO THE ANNUAL AND SPECIAL MEETING
OF SHAREHOLDERS

TO BE HELD ON FEBRUARY 10, 2021

 

INFORMATION
REGARDING SOLICITATION OF PROXIES

 

Solicitation
of Proxies

 

THIS MANAGEMENT INFORMATION CIRCULAR
(“CIRCULAR”) IS FURNISHED IN CONNECTION WITH THE SOLICITATION BY MANAGEMENT OF SCORE MEDIA AND GAMING INC. (“THESCORE”,
 “US”, “WE” OR “OUR”) OF PROXIES TO BE USED AT THE ANNUAL AND SPECIAL MEETING (THE “MEETING”)
OF SHAREHOLDERS OF THESCORE TO BE HELD ON THE 10TH DAY OF FEBRUARY, 2021 AT THE TIME, PLACE AND FOR THE PURPOSES SET
FORTH IN THE NOTICE OF MEETING ACCOMPANYING THIS CIRCULAR AND AT ANY ADJOURNMENT(S) OR POSTPONEMENT(S) THEREOF. UNLESS OTHERWISE
INDICATED, THE INFORMATION CONTAINED HEREIN IS MADE AS OF JANUARY 8, 2021 AND ALL DOLLAR AMOUNTS ARE EXPRESSED IN CANADIAN DOLLARS.

 

Holders of our shares (the “shareholders”)
who are unable to attend the Meeting online via the live video webcast are requested to complete, sign, date and return the enclosed
form of proxy in the envelope provided to Computershare, Attention: Proxy Department, 100 University Avenue, 8th floor,
North Tower, Toronto, Ontario, M5J 2Y1, no later than 48 hours (excluding Saturdays and holidays) before the starting time
of the Meeting or any adjournment(s) or postponement(s) thereof. The time limit for deposit of proxies may be waived or extended
by the Chair at the Meeting at his discretion without notice.

 

It is expected that the solicitation of
proxies will be made by our employees, on behalf of our board of directors (the “Board”), primarily by mail.
We will bear the cost of solicitation.

 

Virtual
Meeting Information

 

	To mitigate risks related to the rapidly evolving coronavirus disease (COVID-19) and based on government recommendations and requirements to avoid large gatherings, the Meeting will be conducted in a virtual-only format via live audio webcast. The live audio webcast will permit all participants to communicate adequately with each other during the Meeting. Shareholders will not be able to attend the Meeting in person. A summary of the information shareholders will need to attend the Meeting online is provided below. See “Voting at the Meeting” below.

 

Registered shareholders, or the persons
they appoint as their proxies, who participate in the Meeting online will be able to listen to the Meeting, ask questions and vote,
all in real time, provided they are connected to the Internet and comply with all of the requirements set out below under “Voting
at the Meeting”. Non-registered shareholders who have not duly appointed themselves as proxyholders may still attend the
Meeting as guests provided they are connected to the Internet. Guests will be able to listen to the Meeting and ask questions following
conclusion of the formal business of the Meeting but will not be able to vote at the Meeting. See “Voting at the Meeting”
below.

 

     

    -5-

    

 

Exercise
of Discretion by Proxy Holders

 

The shares represented by any proxy received
by management will be voted or withheld from voting by the persons named in the enclosed form of proxy in accordance with the direction
of the shareholder appointing them. IN THE ABSENCE OF ANY DIRECTION, IT IS INTENDED THAT THE SHARES REPRESENTED BY PROXIES RECEIVED
BY MANAGEMENT WILL ON ANY BALLOT BE:

 

		(A)	VOTED “FOR” THE ELECTION OF THE DIRECTORS REFERRED TO IN THIS CIRCULAR;

 

		(B)	VOTED “FOR” THE RE-APPOINTMENT OF THE AUDITORS REFERRED TO IN THIS CIRCULAR AND
THE AUTHORIZATION OF THE DIRECTORS TO FIX THE REMUNERATION OF THE AUDITORS; 

 

		(C)	VOTED “FOR” THE SHARE CONSOLIDATION REFERRED TO IN THIS CIRCULAR; AND

 

		(D)	VOTED “FOR” THE AMENDMENT AND RESTATEMENT OF THE OPTION & RSU PLAN REFERRED
TO IN THIS CIRCULAR.

 

The enclosed form of proxy confers discretionary
authority upon the persons named therein with respect to matters not specifically mentioned in the Notice of Meeting, but which
may properly come before the Meeting and with respect to amendments to or variations of matters identified in the Notice of Meeting.

 

As at the date of this Circular, management
does not know of any amendment, variation or matter to come before the Meeting other than the matters referred to in the Notice
of Meeting and routine matters incidental to the conduct of the Meeting. If any other matter is properly brought before the Meeting,
it is the intention of the persons designated in the enclosed form of proxy to vote in accordance with their best judgment on the
matter or business.

 

Appointment
and Revocation of Proxies

 

The persons specified in the enclosed form
of proxy are our directors and/or senior officers. EACH SHAREHOLDER HAS THE RIGHT TO APPOINT A PERSON OR COMPANY (WHO NEED NOT
BE A SHAREHOLDER) TO ATTEND AND ACT FOR HIM OR HER ON HIS OR HER BEHALF AT THE MEETING. SUCH RIGHT MAY BE EXERCISED BY STRIKING
OUT THE NAMES OF THE SPECIFIED PERSONS AND INSERTING THE NAME(S) OF THE SHAREHOLDER’S APPOINTEE(S) IN THE SPACE PROVIDED
OR BY COMPLETING ANOTHER APPROPRIATE FORM OF PROXY AND, IN EITHER CASE, DEPOSITING THE PROXY WITH US OR COMPUTERSHARE, IN EITHER
CASE NO LATER THAN 48 HOURS (EXCLUDING SATURDAYS AND HOLIDAYS) BEFORE THE STARTING TIME OF THE MEETING. THE TIME LIMIT FOR DEPOSIT
OF PROXIES MAY BE WAIVED OR EXTENDED BY THE CHAIR AT THE MEETING AT HIS DISCRETION WITHOUT NOTICE. THE ADDITIONAL REGISTRATION
STEPS OUTLINED BELOW UNDER “VOTING AT THE MEETING” MUST ALSO BE FOLLOWED. PROXIES CAN BE RETURNED TO THE OFFICES OF
COMPUTERSHARE, ATTENTION: PROXY DEPARTMENT, 100 UNIVERSITY AVENUE, 8TH FLOOR, NORTH TOWER TORONTO, ONTARIO, M5J 2Y1,
OR FAXED TO 1 (866) 249-7775.

 

A registered shareholder who has deposited
a proxy may revoke it by depositing an instrument in writing executed by such registered shareholder (or by an attorney duly authorized
in writing) or, if such registered shareholder is a corporation, by any officer or attorney thereof duly authorized, either at
our registered office at any time up to and including the close of business on the last business day preceding the Meeting or any
adjournment thereof, or as described below.

 

If a registered shareholder uses a
control number to log into the Meeting and such registered shareholder accepts the terms and conditions, such registered shareholder
will be revoking any and all previously submitted proxies. However, in such a case, the registered shareholder in question will
be provided the opportunity to vote online by ballot on the matters put forth at the Meeting. If a registered shareholder DOES
NOT wish to revoke all previously submitted proxies, such registered shareholder must not accept the terms and conditions, in
which case the registered shareholder may only enter the Meeting as a guest.

 

     

    -6-

    

 

Voting

 

Only registered shareholders, or the persons
they appoint as their proxies, are permitted to attend and vote at the Meeting. Each Special Voting Share (“Special Voting
Share”) and each Class A Subordinate Voting Share (“Class A Share”) is entitled to one vote at the
Meeting. See “VOTING SHARES AND PRINCIPAL HOLDERS OF VOTING SHARES” for details of these voting rights, including certain
differences in the entitlement to elect members of the Board.

 

The Board has fixed December 18, 2020
as the record date for the purpose of determining shareholders entitled to receive the Notice of Meeting and to vote at the Meeting.
Each shareholder is entitled to one vote for each Special Voting Share and each Class A Share held and shown as registered in such
holder’s name on the list of shareholders prepared as of the close of business on the record date. The list of shareholders
will be available for inspection during usual business hours at the principal office of our transfer agent, Computershare, in Toronto,
Ontario and will also be available for inspection at the Meeting.

 

Voting
By Non-Registered Shareholders

 

While only registered shareholders, or
the persons they appoint as their proxies, are permitted to attend and vote at the Meeting, in many cases our shares beneficially
owned by a holder (a “Non–Registered Holder”) are registered either:

 

		(A)	in the name of an intermediary (an “Intermediary”) that the Non–Registered
Holder deals with in respect of the shares, such as, among others, banks, trust companies, securities dealers or brokers and trustees
or administrators of self–administered registered retirement savings plans, registered retirement income funds and registered
educational savings plans and similar plans; or

 

		(B)	in the name of a clearing agency (such as CDS Clearing and Depository Services Inc. (“CDS”))
of which the Intermediary is a participant.

 

In accordance with Canadian securities
law, we have distributed copies of the Notice of Meeting, this Circular, and the form of proxy (collectively, the “Meeting
Materials”) to CDS and Intermediaries for onward distribution to Non–Registered Holders.

 

Intermediaries are required to forward
Meeting Materials to Non–Registered Holders unless a Non–Registered Holder has waived the right to receive them. Very
often, Intermediaries will use service companies (such as Broadridge Financial Solutions Inc. (“Broadridge”))
to forward the Meeting Materials to Non–Registered Holders. Generally, Non–Registered Holders who have not waived the
right to receive Meeting Materials will receive either a voting instruction form or, less frequently, a form of proxy. The purpose
of these forms is to permit Non–Registered Holders to direct the voting of the shares they beneficially own. Non–Registered
Holders should follow the procedures set out below, depending on which type of form they receive.

 

		(1)	Voting Instruction Form.
                                         In most cases, a Non–Registered Holder will receive, as part of the Meeting
                                         Materials, a voting instruction form. If the Non–Registered Holder does not wish
                                         to attend and vote at the Meeting online via the live audio webcast (or have another
                                         person attend and vote on the holder’s behalf), the voting instruction form must
                                         be completed, signed and returned in accordance with the directions on the form. Voting
                                         instruction forms sent by Broadridge permit the completion of the voting instruction
                                         form by telephone or through the internet at www.proxyvote.com. If a Non–Registered
                                         Holder wishes to attend and vote at the Meeting online via the live audio webcast (or
                                         have another person attend and vote on the holder’s behalf), the Non–Registered
                                         Holder must complete, sign and return the voting instruction form in accordance with the directions
provided by Broadridge and a form of proxy giving the right to attend and vote will be forwarded to the Non–Registered Holder;
or

 

     

    -7-

    

 

		(2)	Form of Proxy. Less frequently, a Non–Registered Holder will receive, as part
of the Meeting Materials, a form of proxy that has already been signed by the Intermediary (typically by a facsimile, stamped signature)
which is restricted as to the number of shares beneficially owned by the Non–Registered Holder but which is otherwise incomplete.
If the Non–Registered Holder does not wish to attend and vote at the Meeting online via the live audio webcast (or have another
person attend and vote on the holder’s behalf), the Non–Registered Holder must complete the form of proxy and deposit
it with Computershare as described above. If a Non–Registered Holder wishes to attend and vote at the Meeting online via
the live audio webcast (or have another person attend and vote on the holder’s behalf), the Non–Registered Holder must
strike out the names of the persons named in the proxy and insert the Non–Registered Holder’s (or such other person’s)
name in the blank space provided.

 

Voting
at the Meeting

 

General 

 

Registered shareholders, or the persons
they appoint as their proxies, may vote at the Meeting by completing a ballot online during the Meeting, as further described below
under “How do I Attend and Participate at the Meeting?”

 

Non-Registered Holders who have not duly
appointed themselves as proxyholder will not be able to vote at the Meeting but will be able to participate as a guest and ask
questions following conclusion of the formal business of the Meeting. This is because we and Computershare do not have a record
of the Non-Registered Holders, and, as a result, will have no knowledge of Non-Registered Holder’s shareholdings or entitlement
to vote unless such Non-Registered Holders appoint themselves as proxyholders.

 

Non-Registered Holders who wish to vote
at the Meeting online must appoint themselves as proxyholder by inserting the applicable Non-Registered Holder’s name in
the space provided on the voting instruction form sent to them and they must follow all of the applicable instructions, including
the deadline, provided by their respective Intermediaries. See “Appointment of a Third Party as Proxy” and “How
do I Attend and Participate at the Meeting?” below. 

 

U.S. beneficial shareholders who wish
to attend and vote at the Meeting online must first obtain a valid legal proxy from their broker, bank or other agent and then
register in advance to attend the Meeting online. Such U.S. beneficial shareholders is encouraged to follow the instructions
from their broker or bank included with these proxy materials, or contact their broker or bank to request a legal proxy form.
After first obtaining a valid legal proxy from a broker, bank or other agent, to then register to attend the Meeting, U.S. beneficial
shareholders who wish to attend and vote at the Meeting online must submit a copy of their legal proxies to Computershare. Requests
for registration should be directed by mail to the attention of the Proxy Department of Computershare at 100 University Avenue,
8th Floor, North Tower, Toronto, Ontario, M5J 2Y1 or by email at uslegalproxy@computershare.com. Requests for registration must
be labeled as “Legal Proxy” and be received no later than 11:00 a.m. (Toronto time) on February 8, 2021. Such U.S.
beneficial shareholders will receive a confirmation of their registrations by email after Computershare receives the submitted
registration materials. Please note that U.S. beneficial shareholders who wish to attend and vote at the Meeting online are required
to register their appointments at www.computershare.com/Score.

 

Appointment of a Third Party as Proxy 

 

The following applies to shareholders who
wish to appoint someone as their proxyholder other than the management nominees named in the form of proxy or voting instruction
form. This includes Non-Registered Holders who wish to appoint themselves as proxyholder to attend, participate or vote at the
Meeting.

 

     

    -8-

    

 

Shareholders who wish to appoint someone
other than the management nominees as their proxyholder to attend and participate at the Meeting as their proxy and vote their
shares must submit their form of proxy or voting instruction form, as applicable, appointing that person as proxyholder
and register that proxyholder online, as described below. Registering a proxyholder is an additional step to be completed
after a shareholder has submitted such shareholder’s form of proxy or voting instruction form. Failure to register
the proxyholder will result in the proxyholder not receiving a control number for a username to vote in the Meeting and only being
able to attend as a guest.

 

Step 1 - Submit a form of
proxy or voting instruction form: To appoint someone other than the management nominees as proxyholder, insert that person’s
name in the blank space provided in the form of proxy or voting instruction form (if permitted) and follow the instructions for
submitting such form of proxy or voting instruction form. This must be completed before registering such proxyholder, which is
an additional step to be completed once the form of proxy or voting instruction form (as applicable) has been submitted.

 

Non-Registered Holders who
wish to vote at the Meeting must insert their own name in the space provided on the voting instruction form sent to them by their
respective Intermediaries, follow all of the applicable instructions provided by their respective Intermediaries and register
themselves as their respective proxyholders, as described below. By doing so, Non-Registered Holders are instructing their
respective Intermediaries to appoint them as proxyholder. It is important that Non-Registered Holders comply with the signature
and return instructions provided by their respective Intermediaries. Please also see further instructions below under the heading
 “How do I Attend and Participate at the Meeting?”

 

Step 2 - Register the chosen
proxyholder: To register a third party proxyholder, shareholders must visit www.computershare.com/Score by no later
than 11:00 a.m. (Toronto time) on February 8, 2021 and provide Computershare with the required proxyholder contact information
so that Computershare may provide the proxyholder with a control number for a username via email to participate in the Meeting.
Without a control number for a username, proxyholders will not be able to vote at the Meeting but will be able to participate
as a guest.

 

How do I Attend and Participate at the
Meeting? 

 

We are holding the Meeting in a virtual-only
format, which will be conducted via live audio webcast. Registered shareholders, or the persons they appoint as their proxies,
will not be able to attend the Meeting in person.

 

Attending the Meeting online enables registered
shareholders, or the persons they appoint as their proxies, to vote at the Meeting and ask questions at the appropriate times during
the Meeting, all in real time.

 

Guests, including Non-Registered Holders
who have not duly appointed themselves as proxyholder, can login to the Meeting as set out below. Guests can listen to the Meeting
and ask questions following conclusion of the formal business of the Meeting but are not able to vote.

 

Log in online at https://web.lumiagm.com/477682817
on your smartphone, tablet or computer. You will need the latest version of Chrome, Safari, Internet Explorer 11, Edge or
Firefox. We recommend that you log in at least 15 minutes before the Meeting starts. 

 

If you are a Registered Holder
click “I have a login” and then enter your 15-digit control number as the username, which is the control number located
on your form of proxy or in the email notification you received from Computershare and “score2021” (case sensitive)
as the password.

 

OR

 

If you are a duly
appointed proxyholder click “I have a login” and then enter your four digit username that was provided to you by
Computershare after the voting deadline passed as the username and “score2021” (case sensitive) as the password. In
order to be a duly appointed proxyholder the proxyholder must be registered as described in “Appointment of a Third
Party as Proxy” above.

 

     

    -9-

    

 

OR 

 

If you are a Non-Registered
Holder that has not appointed yourself as a proxyholder click “Guest” and then complete the online form.

 

It is important that registered shareholders,
or the persons they appoint as their proxies, who attend the Meeting online are connected to the Internet at all times during the
Meeting in order to vote online when balloting commences. It is the responsibility of registered shareholders, or the persons they
appoint as their proxies, to ensure connectivity for the duration of the Meeting. Registered shareholders, or the persons they
appoint as their proxies, are encouraged to allow ample time to check into the Meeting online and complete the related procedures
outlined above.

 

If a registered shareholder, or the
person appointed as their proxy, is using a control number as a username to login into the Meeting and such person accepts the
terms and conditions, the registered shareholder, or the person appointed as their proxy, will be revoking any and all previously
submitted proxies. However, in such a case, the registered shareholder, or the person appointed as their proxy, will be provided
the opportunity to vote online by ballot on the matters put forth at the Meeting. If a registered shareholder, or the person appointed
as their proxy, does not wish to revoke all previously submitted proxies, do not accept the terms and conditions, in which case
such registered shareholder, or the person appointed as their proxy, may only enter the Meeting as a guest.

 

VOTING
SHARES AND PRINCIPAL HOLDERS OF VOTING SHARES

 

Our authorized capital consists of an unlimited
number of Special Voting Shares, an unlimited number of Class A Shares and an unlimited number of Preference Shares (‘‘Preference
Shares’’), issuable in series. As of the date of this Circular 433,622,195 Class A Shares and 5,566 Special Voting
Shares are issued and outstanding as fully paid and non–assessable.

 

The holders of Class A Shares are entitled
to receive notice of and to attend, and to cast one vote for each Class A Share held by them at all meetings of our shareholders,
other than meetings at which only the holders of another class or series of shares (if any) are entitled to vote separately as
a class or series and other than with respect to certain matters which are exclusively reserved for the holders of Special Voting
Shares. The holders of Class A Shares, voting separately as a class, have the right to elect that number of members of the Board
that is not elected by the holders of the Special Voting Shares (other than the director, if any, that holders of the Preference
Shares are collectively entitled to elect), provided that at no time will the number of directors to be elected by the holders
of the Class A Shares be less than two directors.

 

The holders of Special Voting Shares are
entitled to receive notice of and to attend, and vote at all meetings of our shareholders, other than any meeting of holders of
another class of shares who are entitled to vote separately as a class at such meeting and other than with respect to certain matters
which are exclusively reserved for the holders of Class A Shares. The holders of Special Voting Shares are entitled to one vote
for each share held.

 

The holders of Special Voting Shares, voting
separately as a class, have the right to elect that number of members of the Board that is equal to the sum of: (a) the number
of members of the Board that would constitute a majority of our authorized number of directors (after deducting one from such authorized
number if the holders of the Preference Shares are collectively entitled to elect one director), plus (b) two, subject to the rights
of the holders of the Class A Shares to elect at least two members of the Board. John Levy Family Holdings Ltd. (“JLFHL”),
holder of the Special Voting Shares, has provided a waiver to us of certain of its nomination rights in respect of the Board for
fiscal 2021. This waiver provides that JLFHL will nominate only six directors on behalf of the holders of the Special Voting Shares
at the Meeting out of a proposed total of eight directors, and waives its right to nominate a seventh director.

 

     

    -10-

    

 

Pursuant to a trust agreement dated October
19, 2012, as amended, between us, JLFHL (as assignee of Levfam Holdings Ltd.) and Computershare (as assignee of Valiant Trust Company),
JLFHL, the holder of the Special Voting Shares, agreed not to sell any Special Voting Shares pursuant to a take–over bid
under circumstances in which securities legislation would have required the same offer be made to holders of Class A Shares if
the sale had been of Class A Shares rather than Special Voting Shares unless, either: (a) an identical offer is made for the Class
A Shares, which identical offer has no condition other than the right not to take up and pay for shares tendered if no shares are
purchased pursuant to the offer for the Special Voting Shares; or (b) there is a concurrent unconditional offer to purchase all
of the Class A Shares at a price per share at least as high as the highest price per share paid pursuant to the take–over
bid for the Special Voting Shares.

 

As of the date of this Circular, the only
persons or companies who are known to our directors and executive officers to beneficially own, or control or direct, directly
or indirectly, voting securities carrying ten percent (10%) or more of the voting rights attached to any class of our voting securities
are:

 

		(a)	John Levy, who beneficially owns or controls (i) 77,745,750 Class A Shares, representing approximately
17.9% of the total number of Class A Shares outstanding and (ii) 5,566 Special Voting Shares, representing 100% of the total number
of Special Voting Shares outstanding as of the date of this Circular; and

 

		(b)	Relay Ventures Fund II LP and Relay Ventures Parallel Fund II LP (together, “Relay Ventures”)
collectively beneficially own or control 64,038,978 Class A Shares, representing approximately 14.8% of the total number of Class
A Shares outstanding as of the date of this Circular. John Albright, one of our directors, co-directs Relay Ventures.

 

In addition, LPF Sports Holdings GP Inc.,
in its capacity as the general partner of LPF Sports Holdings LP (“LPF Sports Holdings”), holds a $40,000,000
8.00% convertible unsecured subordinated debenture of theScore due August 31, 2024 (the “Debenture”). At LPF
Sports Holdings’ option, the Debenture may be converted into Class A Shares at any time prior to the close of business on
the earlier of the business day immediately preceding the maturity date and the business day immediately preceding the date fixed
for redemption of the Debenture. The conversion price is $0.75 for each Class A Share, being a conversion rate of 1,333.3333 Class
A Shares issuable for each $1,000 principal amount of the Debenture, subject to adjustment in certain circumstances. As of the
date of this Circular, LPF Sports Holdings owned no Class A Shares. Assuming conversion of the Debenture as at the date of this
Circular, LPF Sports Holdings would own 57,553,242 Class A Shares representing an aggregate of approximately 11.7% of the total
issued and outstanding Class A Shares.

 

ELECTION
OF DIRECTORS

 

Directors are elected annually by our shareholders.
Our Articles provide that the number of directors shall be a minimum of two and a maximum of ten. The number of directors proposed
to be elected at the Meeting is eight.

 

The persons named in the enclosed form
of proxy intend to vote FOR the election of the director nominees set forth below. All of the nominees are current members
of the Board. Management does not contemplate that any of the nominees will be unable to serve as a director but, if that should
occur for any reason prior to the Meeting, the persons named in the enclosed form of proxy reserve the right to vote for another
nominee in their discretion.

 

Mr. Brian Cooper, Mr. Ralph Lean, Q. C.,
Ms. Angela Ruggiero, Mr. Mark Scholes, Mr. Benjamin Levy and Mr. John Levy have been nominated by JLFHL for election as directors
by the holders of the Special Voting Shares.

 

Mr. John Albright has been nominated by
Relay Ventures, in accordance with the terms of the board nomination agreement entered into between us and Relay Ventures dated
May 3, 2013, as amended on July 15, 2019, (the “Board Nomination Agreement”). Mr. William Thomson, has been
nominated by the Nominating and Corporate Governance Committee of the Board for election as a director by the holders of the Class
A Shares.

 

Each director will hold office until the
next annual meeting or until his or her successor is elected or appointed.

 

     

    -11-

    

  

In connection with the Debenture, we entered
into an investment agreement with LPF Sports Holdings on August 31, 2019 (the “Investment Agreement”), whereby
LPF Sports Holdings was provided with certain rights including, but not limited to, the right to nominate one individual to serve
on our board of directors (or, if such right is not exercised, the right to designate a board observer) for so long as the Debenture
is outstanding (or, following conversion, for so long as LPF Sports Holdings and its affiliates hold at least 7.5% of the outstanding
Class A Shares. To date, LPF Sports Holdings has not elected to exercise its board nomination right granted to it under the Investment
Agreement.

 

The following table sets out the names,
province or state and country of residence, positions with theScore and principal occupations in the past five years of each of
the nominees. The table also sets out the number of Special Voting Shares, Class A Shares and options and warrants to acquire Class
A Shares beneficially owned, directly or indirectly, or over which control or direction is exercised as of the date of this Circular,
by each of our directors. Information as to Class A Shares, warrants to acquire Class A Shares, or Special Voting Shares beneficially
owned or over which control or direction is exercised, not being within our knowledge, has been supplied by the respective individuals.

 

NOMINEES
TO BE ELECTED BY HOLDERS OF THE SPECIAL VOTING SHARES

 	Name and Province of 

    Residence	 	Principal Occupation 

During Past Five Years	 	

                                                                                

                                                                               Director Since
	 	

                                                                                

                                                                               Securities of theScore

	 	 	 	 	 	 	 
	Brian Cooper

Ontario, Canada	 	Chairman,
MKTG Canada (marketing agency)
	 	April 22, 2020	 	50,763 Class A Shares
	 	 	 	 	 	 	 
	Ralph Lean, Q.C.(1)(2)(3)

Ontario, Canada	 	
        Counsel, Gowling WLG (law firm – retired)
	 	October 18, 2012	 	216,115 Class A Shares and options to acquire 580,000 Class A Shares
	 	 	 	 	 	 	 
	
        Benjamin Levy

         

        Ontario, Canada
	 	President and Chief Operating Officer of theScore 	 	August 30, 2012	 	6,185,087 Class A Shares and options to acquire 4,000,000 Class A Shares(4)
	 	 	 	 	 	 	 
	John Levy

Ontario, Canada	 	
        Chairman of the Board and Chief Executive Officer of theScore

         
	 	August 30, 2012	 	5,566 Special Voting Shares, 77,745,750 Class A Shares and options to acquire 7,600,000 Class A Shares(5)

 

     

    -12-

    

 

	Name and Province of 

Residence	 	Principal Occupation 

During Past Five Years
	 	 

                                                                                    Director Since
	 	

                                                                                 

                                                                                Securities of theScore

	 	 	 	 	 	 	 
	Angela Ruggiero

Massachusetts, United States	 	
        CEO, Co-Founder, Sports Innovation Lab, Inc. (communications
        platform) (Dec. 2016 – Present)

         

        Founder, Ruggiero Sports Ventures (consulting services) (Jan.
        1998 – Present)

         

        Bridgewater Associates (investment management firm) (2014 –
        2015)

         

        Los Angeles 2028 Bidding Committee (Olympic bid committee)
(2016 – 2017)
	 	October 14, 2020	 	nil Class A Shares and options to acquire nil Class A Shares
	 	 	 	 	 	 	 
	Mark Scholes(1)(2)(3)

Ontario, Canada	 	Partner, Weisz, Rocchi & Scholes (law firm)	 	October 18, 2012	 	227,847 Class A Shares and options to acquire 580,000 Class A Shares

 

Notes:

 

	(1)	Member of the Human Resources and Compensation Committee. This committee establishes and administers
the compensation policies and remuneration levels for certain of our senior officers and our material subsidiaries. Mr. Mark Scholes
acts as the Chair.

 

	(2)	Member of the Audit Committee. The Audit Committee normally meets at least quarterly and its responsibilities
include, among others, the review of our annual audit plan of the external auditors, internal controls, accounting systems, financial
risk management, adequacy of insurance coverage, financial reporting and financial statements and related continuous disclosure
filings. The committee meets with and has direct access to representatives of our auditors. Mr. William Thomson acts as the Chair.

 

	(3)	Member of the Nominating and Corporate Governance Committee. This committee is responsible for
recommending annually certain member(s) of the Board proposed for election to the Board, recommending new candidates for Board
membership, monitoring the composition of the Board and suggesting appropriate changes, and the selection and compensation plans
of the Chair and CEO. It also monitors the relationship between management and the Board. Mr. Ralph Lean acts as the Chair.

 

	(4)	4,250,000 Class A Shares are held by Benjie Levy Family Holdings Inc., a corporation controlled
by Mr. Benjamin Levy. Mr. Benjamin Levy also holds 1,935,087 Class A Shares directly and/or in trust for his children. Mr. Benjamin
Levy also holds options to acquire 4,000,000 Class A Shares directly. Mr. Benjamin Levy is a beneficiary of certain family trusts
which hold an indirect interest in the shares controlled and directed by Mr. John Levy (see note 7).
	 	 

	(5)	5,566 Special Voting Shares and 70,972,802 Class A Shares are held by JLFHL; 5,662,088 Class A
Shares are held by Norwest Video Inc. (“Norwest”); 1,110,860 Class A Shares are held by Mr. John Levy directly.
Norwest holds options to acquire 7,600,000 Class A Shares. JLFHL and Norwest are corporations controlled by Mr. John Levy.

 

     

    -13-

    

 

NOMINEES
TO BE ELECTED BY HOLDERS OF THE CLASS A SHARES

 

	Name and Province of 

    Residence	 	Principal Occupation 

During Past Five Years	 	 

                                                     Director Since
	 	

                                  

                                 Securities of theScore

	 	 	 	 	 	 	 
	John Albright(1)

Ontario, Canada	 	Managing
Partner, Relay Ventures (venture capital company)
	 	May 3, 2013	 	64,082,236 Class A Shares and options to acquire 540,000 Class A Shares(2)
	 	 		 	 	 	 
	William Thomson(3)(4)(5)

Ontario, Canada	 	Managing Partner, Mercana Growth Partners (merchant banking company)	 	October 18, 2012	 	233,054 Class A Shares, and options to acquire 580,000 Class A Shares

 

Notes:

 

	(1)	The Board Nomination Agreement provides Relay Ventures with the right to nominate one eligible
Relay Ventures nominee (the “Relay Nominee”) to the Board. So long as Relay Ventures holds an equity and voting
interest in theScore that is greater than or equal to 7.5% (such quotient to be obtained by dividing the number of Class A Shares
beneficially owned by Relay Ventures at the relevant time by the number of issued and outstanding Class A Shares on a non-diluted
basis), the Relay Nominee will be included among the Board’s nominees as our directors at each meeting of our shareholders
at which directors are to be elected by the holders of the Class A Shares. The Board Nomination Agreement provides that Relay Ventures
will vote the Class A Shares controlled or beneficially held by Relay Ventures or its affiliates in favour of the Board’s
slate of nominees for election as directors at each meeting of our shareholders at which directors are to be elected provided that
the Relay Nominee has been nominated in accordance with the Board Nomination Agreement. In addition, Mr. John Levy agreed to vote
or cause to be voted all Class A Shares controlled or beneficially owned by him or his affiliates in favour of the Relay Nominee
for election as a director at each meeting of shareholders at which directors are to be elected provided the Relay Nominee has
been nominated in accordance with the Board Nomination Agreement.

 

	(2)	43,258 Class A Shares are held by Mr. John Albright directly and 64,038,978 Class A Shares are
held by Relay Ventures. Mr. John Albright co-directs Relay Ventures. Mr. John Albright also holds options to acquire 540,000 Class
A Shares directly.

 

	(3)	Member of the Human Resources and Compensation Committee. This committee establishes and administers
the compensation policies and remuneration levels for certain of our senior officers and our material subsidiaries. Mr. Mark Scholes
acts as the Chair.

 

	(4)	Member of the Audit Committee. The Audit Committee normally meets at least quarterly and its responsibilities
include, among others, the review of our annual audit plan of the external auditors, internal controls, accounting systems, financial
risk management, adequacy of insurance coverage, financial reporting and financial statements and related continuous disclosure
filings. The committee meets with and has direct access to representatives of our auditors. Mr. William Thomson acts as the Chair.

 

	(5)	Member of the Nominating and Corporate Governance Committee. This committee is responsible for
recommending annually certain member(s) of the Board proposed for election to the Board, recommending new candidates for Board
membership, monitoring the composition of the Board and suggesting appropriate changes, and the selection and compensation plans
of the Chair and CEO. It also monitors the relationship between management and the Board. Mr. Ralph Lean acts as the Chair.

 

The enclosed form of proxy permits holders
of Class A Shares to vote for (or withhold their vote for) each nominee on an individual basis.

 

REAPPOINTMENT
OF AUDITORS

 

Management proposes that KPMG LLP, Toronto,
Ontario, be re–appointed as our auditors and that the directors be authorized to fix the remuneration of the auditors. Fees
billed by KPMG LLP to us during fiscal 2020 were as follows: Audit fees related to the audit of the consolidated financial statements,
and quarterly reviews of condensed consolidated interim financial statements – $449,160 and tax compliance fees related principally
to fees associated with assistance related to tax compliance requirements and certain tax credit filings – $65,880.

 

The persons named in the enclosed form
of proxy intend to vote FOR the resolution to re-appoint KPMG LLP as our auditors until the next annual meeting of shareholders
and authorize the directors to fix the remuneration of the auditors.

 

     

    -14-

    

 

APPROVAL
OF CONSOLIDATION OF CLASS A SHARES AND SPECIAL VOTING SHARES

 

At the Meeting, shareholders will be asked
to consider and approve a special resolution to authorize the Board to determine, in its sole discretion, a consolidation ratio
within the range of one post-consolidation share of theScore for every two to twenty pre-consolidation shares of theScore of the
same class (the “Consolidation Ratio”), and to effect, at such time as the Board deems appropriate, but in any
event no later than one year after the Meeting, a share consolidation (or reverse stock split) of all of the issued and outstanding
Class A Shares on the basis of such Consolidation Ratio as well as a share consolidation (or reverse stock split) of all of the
issued and outstanding Special Voting Shares on the basis of such Consolidation Ratio (collectively, the “Share Consolidation”),
subject to the Board’s authority to decide not to proceed with the Share Consolidation.

 

The full text of the special resolution
to be considered and if thought advisable, passed, by the shareholders is set forth below (the “Consolidation Resolution”).
See “Approval of Share Consolidation” below.

 

Background
for Share Consolidation

 

Our management team has been studying the
potential benefits of an additional listing on a U.S. stock exchange. Based on our stage of development, certain developments in
our industry, our observations regarding the market for our peers whose securities are listed on a U.S. stock exchanges, and also
from discussions with both U.S.-based investment banks and other advisers, we believe that there may be potential benefits of a
listing on a U.S. stock exchange, including:

 

		·	a significantly larger pool of available
capital;

 

		·	a greater average daily trading volume;

 

		·	a greater number of U.S. retail and institutional
investors; and

 

		·	a potential increase in market valuation.

 

We must satisfy a variety of requirements
to be accepted for listing on certain U.S. stock exchanges, including the requirement that the listed securities maintain a minimum
per-share trading price for a specific period of time. We are contemplating the possibility of proceeding to complete the Share
Consolidation in order to satisfy this requirement.

 

The Board believes that a range of permitted
Share Consolidation ratios will provide it with the flexibility to implement the Share Consolidation in a manner designed to optimize
our anticipated benefits of the Share Consolidation and those of the shareholders. In determining which precise Consolidation Ratio
within the range of ratios to implement, if any, following the receipt of approval by the shareholders, the Board may consider,
among other things, factors such as:

 

		·	the historical trading prices and trading
volume of the Class A Shares;

 

		·	the then prevailing trading price and
trading volume of the Class A Shares and the anticipated impact of the Share Consolidation on the trading of the Class A Shares;

 

		·	threshold prices of brokerage houses or
institutional investors that could impact their ability to invest or recommend investments in the Class A Shares;

 

		·	minimum listing requirements of certain
U.S. stock exchanges; and

 

		·	prevailing general market and economic
conditions and outlook for the trading of the Class A Shares.

 

     

    -15-

    

 

Additional Considerations
for Holders of Class A Shares and Special Voting Shares

 

Listing of Class A Shares

 

Following the completion of the Share Consolidation,
the Class A Shares will continue to be listed on the Toronto Stock Exchange (the “TSX”) under the symbol “SCR”.
Pre-consolidation voting rights and other rights of the shareholders will not be affected by the Share Consolidation, other than
as a result of the creation and disposition of fractional shares.

 

No Fractional Class A Shares or Special
Voting Shares

 

No fractional Class A Shares or Special
Voting Shares will be issued in connection with the Share Consolidation. In the event that a shareholder would otherwise be entitled
to receive a fractional Class A Share or Special Voting Share, as applicable, upon such Share Consolidation, the number of Class
A Shares or Special Voting Shares, as applicable, to be received by such holder will be rounded down to the nearest whole Class
A Share or Special Voting Share, as applicable.

 

Adjustment of Other Securities

 

The exercise or conversion price and/or
the number of Class A Shares issuable under any outstanding options to acquire Class A Shares and restricted share units will be
proportionately adjusted upon the implementation of the Share Consolidation. Additionally, upon the implementation of the Share
Consolidation, the conversion price and the number of Class A Shares issuable upon the conversion of the $40,000,000 8.00% convertible
unsecured subordinated debenture due August 31, 2023 held by a fund managed and controlled by Fengate Asset Management will be
proportionately adjusted.

 

Effecting the Share Consolidation

 

If the proposed Share Consolidation is
approved by the shareholders and all regulatory requirements are complied with, including the approval of the TSX, and implemented
by resolution of the Board, following our announcement of the effective date of the Share Consolidation and the determination by
the Board of the precise Consolidation Ratio, registered shareholders will be sent a letter of transmittal by our transfer agent,
Computershare, containing instructions on how to exchange their share certificates representing pre-consolidation Class A Shares
or Special Voting Shares, as applicable, for new share certificates representing post-consolidation Class A Shares or Special Voting
Shares, as applicable. Non-Registered Holders who hold their Class A Shares or Special Voting Shares, as applicable, through a
bank, broker or other nominee should note that such banks, brokers or other nominees may have different procedures for processing
the Share Consolidation than those that we may put in place for the registered shareholders. If you are a Non-Registered Holder
and hold your Class A Shares or Special Voting Shares, as applicable, with such a bank, broker or other nominee and if you have
any questions in this regard, you are encouraged to contact your nominee.

 

Although approval for the Share Consolidation
is being sought at the Meeting, the Share Consolidation, if approved by the shareholders, will not become effective until the Board
determines the precise Consolidation Ratio and the effective date of the Share Consolidation, and passes a resolution approving
the Share Consolidation on that basis.

 

The completion of the proposed consolidation
of the Class A Shares and the proposed consolidation of the Special Voting Shares will be conditional on the other having been
completed. For clarity, in the event that either the proposed consolidation of the Class A Shares or the proposed consolidation
of the Special Voting Shares is not completed, the Share Consolidation will be not be completed.

 

To be effective, our Articles require that
the Consolidation Resolution be approved by a special resolution of the shareholders, being a majority of not less than two-thirds
(2/3) of the votes cast by shareholders that are present in person or represented by proxy at the Meeting. In addition to the approval
of the shareholders, the Share Consolidation requires the approval of the TSX. Subject to receipt of the requisite shareholder
approval, the TSX has conditionally approved the proposed Share Consolidation.

 

     

    -16-

    

 

Certain Canadian Federal Income Tax
Considerations

 

The following summary describes the principal
Canadian federal income tax considerations under the Income Tax Act (Canada) and the regulations thereunder (collectively,
the “Tax Act”) generally applicable as of the date hereof to a beneficial owner of Class A Shares whose Class
A Shares are consolidated pursuant to the Share Consolidation and who, for the purposes of the Tax Act and at all relevant times:
(a) deals at arm’s length with theScore; (b) is not affiliated with theScore; and (c) holds such Class A Shares as capital
property (a “Holder”).

 

Generally, the Class A Shares will be considered
to be capital property to a Holder provided that the Holder does not hold such shares in the course of carrying on a business of
buying and selling securities and has not acquired them in one or more transactions considered to be an adventure or concern in
the nature of trade. Certain holders who might not otherwise be considered to hold their Class A Shares as capital property may,
in certain circumstances, be entitled to make an irrevocable election under subsection 39(4) of the Tax Act to have their Class
A Shares and any other “Canadian securities” (as defined in the Tax Act) owned by such holders in the taxation year
of the election and all subsequent taxation years treated as capital property. Such holders should consult their own tax advisors
regarding the availability and the advisability of such election in their particular circumstances.

 

The summary does not apply to a Holder:
(i) that is a “financial institution” for purposes of the Tax Act; (ii) that is a “specified financial institution”
for purposes of the Tax Act; (iii) that has elected to report its results in a currency other than Canadian dollars pursuant to
the “functional currency” reporting rules under the Tax Act; (iv) that is a corporation that is, or becomes as part
of a transaction or event or a series of transactions or events that includes the acquisition of the Class A Shares, controlled
by a non-resident corporation for the purpose of the foreign affiliate dumping rules in section 212.3 of the Tax Act; (v) that
has entered into or will enter into, in respect of the Class A Shares, a “synthetic disposition arrangement” or a “derivative
forward agreement” for the purposes of the Tax Act; or (vi) that is a partnership. In addition, this summary does not discuss
all of the tax considerations applicable to a Holder who acquired Class A Shares pursuant to an employment compensation plan. Such
Holders should consult their own tax advisors.

 

This summary is based on the current provisions
of the Tax Act in force as of the date hereof, all specific proposals to amend the Tax Act publicly announced by or on behalf of
the Minister of Finance (Canada) prior to the date hereof (the “Proposed Amendments”) and the current administrative
policies and assessing practices of the Canada Revenue Agency (“CRA”) published in writing by it prior to the
date hereof. Except for the Proposed Amendments, this summary does not take into account or anticipate any changes in law, whether
by legislative, governmental or judicial action, or changes in the CRA’s administrative policies and assessing practices,
nor does it take into account or consider any other federal tax considerations or any provincial, territorial or foreign tax considerations,
which may differ materially from those discussed herein. This summary assumes that the Proposed Amendments will be enacted as currently
proposed, although no assurance can be given that the Proposed Amendments will be enacted in their current form or at all. There
can be no assurance that the CRA will not change its administrative policies or assessing practices.

 

This summary is of a general nature only
and is not exhaustive of all possible Canadian federal income tax considerations. This summary is not intended to be, nor should
it be construed to be, legal or tax advice or representations to any particular Holder. Accordingly, Holders should obtain independent
advice regarding the income tax consequences of the consolidation of the Class A Shares pursuant to the Share Consolidation, with
reference to the Holder’s particular circumstances.

 

No disposition or acquisition of Class
A Shares should occur for purposes of the Tax Act solely as a result of the Share Consolidation. The aggregate adjusted cost base
of the Class A Shares held by a Holder immediately after the Share Consolidation should be the same as the aggregate adjusted cost
base of the Class A Shares held by that Holder before the Share Consolidation.

 

     

    -17-

    

 

Certain U.S. Federal Income Tax Considerations

 

The following discussion is a general
summary of certain U.S. federal income tax consequences of the proposed Share Consolidation that may be relevant to holders
of Class A Shares that hold such shares as capital assets within the meaning of Section 1221 of the U.S. Internal Revenue
Code of 1986, as amended (the “Code”). This summary is based upon the provisions of the Code, U.S.
Treasury Regulations promulgated thereunder, administrative rulings and judicial decisions as of the date hereof, all of
which may change, possibly with retroactive effect, resulting in U.S. federal income tax consequences that may differ from
those discussed below. We will not request any rulings from the Internal Revenue Service on the tax consequences described
below. The Internal Revenue Service or a U.S. court might reach a contrary conclusion with respect to the issues addressed
herein if the matter were contested. This discussion does not address all aspects of U.S. federal income taxation that may be
relevant to such holders in light of their particular circumstances or to holders that may be subject to special tax rules,
including, without limitation: (i) banks, insurance companies or other financial institutions; (ii) tax-exempt organizations;
(iii) retirement plans, individual plans, individual retirement accounts and tax-deferred accounts; (iv) dealers in
securities, currency or commodities; (v) regulated investment companies or real estate investment trusts and shareholders of
such entities; (vi) partnerships (or other flow-through entities for U.S. federal income tax purposes) and their partners or
members; (vii) traders in securities; (viii) persons whose “functional currency” is not the U.S. dollar; (ix)
persons holding Class A Shares as a position in a hedging transaction, “straddle,” “conversion
transaction,” “constructive sale,” “wash sale,” “synthetic security” or other
integrated or risk reduction transaction; (x) persons who acquired their Class A Shares in connection with employment or
other performance of services; (xi) persons subject to the alternative minimum tax; (xii) U.S. expatriates; (xiii) controlled
foreign corporations or passive foreign investment companies; and (xiv) persons that are required to recognize income for
U.S. federal income tax purposes no later than when such income is taken into account in applicable financial statements. In
addition, this summary does not address the tax consequences arising under the laws of any non-U.S. or U.S. state or local
jurisdiction or U.S. federal tax consequences other than federal income taxation.

 

If a partnership (including any entity
or arrangement treated as a partnership for U.S. federal income tax purposes) holds Class A Shares, the tax treatment of a partner
in such partnership generally will depend upon the status of the partner and the activities of the partnership.

 

EACH HOLDER OF CLASS A SHARES SHOULD
CONSULT ITS TAX ADVISOR WITH RESPECT TO THE PARTICULAR TAX CONSEQUENCES OF THE SHARE CONSOLIDATION TO SUCH HOLDER. 

 

The proposed Share Consolidation should
constitute a “recapitalization” for U.S. federal income tax purposes. As a result, a holder of Class A Shares generally
should not recognize gain or loss for U.S. federal income tax purposes as a result of such holder’s exchange of pre-consolidation
Class A Shares for post-consolidation Class A Shares in connection with the proposed Share Consolidation. A holder’s aggregate
adjusted tax basis in post-consolidation Class A Shares received pursuant to the proposed Share Consolidation should equal the
aggregate adjusted tax basis of the pre-consolidation Class A Shares exchanged therefor. Additionally, a holder’s holding
period in post-consolidation Class A Shares received pursuant to the proposed Share Consolidation should include the holding period
in pre-consolidated Class A Shares exchanged therefor. U.S. Treasury Regulations provide detailed rules for allocating the tax
basis and holding period of shares of stock surrendered in a recapitalization to shares received in the recapitalization. Holders
of Class A Shares acquired on different dates and at different prices should consult their tax advisors regarding the allocation
of the tax basis and holding period of such Class A Shares. This discussion should not be considered as tax or investment advice,
and the tax consequences of the proposed Share Consolidation may not be the same for all holders of Class A Shares.

 

Risks of the Share
Consolidation 

 

No Guarantee of an Increased Share Price
or Improved Trading Liquidity

 

Reducing the number of issued and outstanding
Class A Shares and Special Voting Shares through the Share Consolidation is intended, absent other factors, to increase the per-share
trading price of the post-consolidation Class A Shares. However, the trading price of the Class A Shares will also be affected
by our financial and operational results, financial position, including liquidity and capital resources, industry conditions, the
market's perception of our business and other factors, which are unrelated to the number of Class A Shares and Special Voting Shares
outstanding.

 

Having regard to these other factors,
there can be no assurance that the trading price of the Class A Shares will increase following the implementation of the
Share Consolidation or, if increased, that the increase will be between two and twenty times, as applicable, based on the
Consolidation Ratio determined by the Board, or that such trading price will be maintained for any period of time.

 

     

    -18-

    

 

There can also be no assurance that the
implementation of the Share Consolidation will, in and of itself, guarantee our ability to list the Class A Shares on a U.S. stock
exchange.

 

Although we believe that establishing a
higher trading price for the Class A Shares could increase investment interest for the Class A Shares by potentially expanding
the pool of investors that may consider investing, there is no assurance that implementing the Share Consolidation will achieve
this result.

 

If the Share Consolidation is implemented
and the trading price of the Class A Shares (adjusted to reflect the Consolidation Ratio determined by the Board) declines, the
percentage decline as an absolute number and as a percentage of our overall market capitalization may be greater than would have
occurred if the Share Consolidation had not been implemented. Both our total market capitalization and the adjusted trading price
of the Class A Shares following the Share Consolidation may be lower than they were before the Share Consolidation took effect.
The decreased number of Class A Shares and Special Voting Shares outstanding after the Share Consolidation is implemented could
adversely affect the liquidity of the Class A Shares.

 

Class A Shareholders May Hold Odd Lots
Following the Share Consolidation

 

The Share Consolidation may result in some
holders of Class A Shares owning “odd lots” of fewer than 100 Class A Shares on a post-consolidation basis. Odd lot
Class A Shares may be more difficult to sell, or may attract greater transaction costs per Class A Share to sell, and brokerage
commissions and other costs of transactions in odd lots may be higher than the costs of transactions in “round lots”
of even multiples of 100 Class A Shares. If the Share Consolidation results in a substantial number of holders of Class A Shares
holding an odd lot of Class A Shares, it could adversely affect the liquidity of the Class A Shares.

 

approval
of Share Consolidation 

 

At the Meeting, shareholders will be asked
to consider and approve a special resolution, in substantially the following form, in order to approve the Share Consolidation.

 

“RESOLVED THAT:

 

1.       Subject
to final approval of the Toronto Stock Exchange, the board of directors of theScore (the “Board”) is hereby
authorized to determine, in its sole discretion, a consolidation ratio within the range of one post-consolidation share of theScore
for every two to twenty pre-consolidation shares of theScore of the same class (the “Consolidation Ratio”),
and theScore is hereby authorized to change the number of the issued and outstanding Class A Subordinate Voting Shares of theScore
(“Class A Shares”) pursuant to the Business Corporations Act (British Columbia) by consolidating the
issued and outstanding Class A Shares on the basis of such Consolidation Ratio as well as to change the number of the issued and
outstanding Special Voting Shares of theScore (“Special Voting Shares”) pursuant to the Business Corporations
Act (British Columbia) by consolidating the issued and outstanding Special Voting Shares on the basis of such Consolidation
Ratio (collectively, the “Share Consolidation”), which Share Consolidation will become effective on a date in
the future to be determined by Board, but in any event not later than one year after the date on which this resolution is approved,
subject to the Board’s authority to decide not to proceed with the Share Consolidation.

 

2.
       The consummation of the Share Consolidation will be completed in a manner such that no
fractional Class A Shares or Special Voting Shares will be issued in connection with the Share Consolidation and that the
number of post-consolidation Class A Shares and Special Voting Shares to be received by a registered shareholder will be
rounded up, in the case of a fractional interest that is 0.5 or greater, or rounded down, in the case of a fractional
interest that is less than 0.5, to the nearest whole number of Class A Shares or Special Voting Shares, as applicable, that
such holder would otherwise be entitled to receive upon the implementation of the Share Consolidation.

 

     

    -19-

    

 

3.       Each
director and officer of theScore, acting alone, is authorized to do all such acts and things and to execute (whether under the
corporate seal of theScore or otherwise) and deliver all such documents as in such director’s or officer’s opinion
may be necessary or desirable to give effect to this resolution.

 

4.       Notwithstanding
that this resolution has been passed by the shareholders of theScore, the approval of the Share Consolidation is conditional upon
receipt of final approval from the Toronto Stock Exchange, and the Board be and it is hereby authorized, in its sole discretion,
to revoke this special resolution in whole or in part at any time prior to its being given effect without further notice to, or
approval of, the holders of Class A Shares or Special Voting Shares.”

 

Approval of the Share Consolidation requires
that the resolution be passed by a majority of not less than two-thirds (2/3) of the votes cast by shareholders that are present
in person or represented by proxy at the Meeting.

 

The completion of the proposed consolidation
of the Class A Shares and the proposed consolidation of the Special Voting Shares will be conditional on the other having been
completed. For clarity, in the event that either the proposed consolidation of the Class A Shares or the proposed consolidation
of the Special Voting Shares is not completed, the Share Consolidation will be not be completed.

 

The Board recommends that shareholders
vote in favour of the special resolution. In the absence of contrary instruction, the persons named in the accompanying form of
proxy intend to vote FOR the special resolution to approve the Share Consolidation.

 

APPROVAL OF AMENDMENT TO AMENDED AND
RESTATED STOCK OPTION AND RESTRICTED STOCK UNIT PLAN

 

On January 8, 2021, the Board, upon the
recommendation of the Human Resources and Compensation Committee (“HRC Committee”), approved an amendment and
restatement of our amended and restated stock option and restricted stock unit plan (the “Amended Option & RSU Plan”).
Subject to the approval of our shareholders at the Meeting, the Amended Option & RSU Plan will (collectively, the “Amendments”):

 

		(a)	increase the maximum number of Class A Shares that may be issued, at any time, under the Option
 & RSU Plan (the “Option & RSU Pool”) from 55,000,000 or approximately 12.7% of the total issued and
outstanding Class A Shares as of the date of this Circular, to 65,000,000, or approximately 15.0% of the total issued and outstanding
Class A Shares as of the date of this Circular; and

 

		(b)	effect certain other amendments to our current amended and restated stock option and restricted
stock unit plan (the “Option & RSU Plan”) in connection with our voluntary delisting of the Class A Shares
from the TSX Venture Exchange and concurrent listing of the Class A Shares on the Toronto Stock Exchange (the “TSX”).

 

More specifically, in addition to the proposed
increase of the Option & RSU Pool described above, the revisions proposed in the Amended Option & RSU Plan will:

 

		(i)	amend the manner in which the market price of the Class A Shares is to be calculated in order to
comply with Section 613(b) of the TSX Company Manual. In particular, where no Class A Shares are traded on a particular trading
day, rather than using a market price for the Class A Shares equal to the arithmetic average of the final bid and ask prices of
the Class A Shares on that trading day, the market price of the Class A Shares used to determine (among other things) the exercise
price of a granted option will be equal to the volume-weighted average trading price of the Class A Shares for the five trading
days immediately preceding the grant date of that option;

 

     

    -20-

    

 

		(ii)	remove certain limitations on security-based awards that may be granted to “Consultants”,
to persons involved in “Investor Relations Activities” or to any other single eligible recipient under the Option &
RSU Plan (other than “Insiders” of theScore, as described further below), as well as certain limitations on the numbers
of Class A Shares that may be issued to “Insiders” of theScore (as such term is defined in the TSX Company Manual)
pursuant to restricted share units held by those “Insiders”, as the TSX Company Manual, unlike the policies of the
TSX Venture Exchange, does not include those limitations on security-based awards that may be granted or securities that may be
issued to such persons;

 

		(iii)	amend the insider participation limits provided in the Option & RSU Plan to more expressly
align with the policies of the TSX Company Manual, including, but not limited to, Part I of the TSX Company Manual, whereby (A)
 “Insiders” of theScore (as such term is defined in the TSX Company Manual) are and will continue to be prohibited from
being issued, within any twelve-month period, a number of Class A Shares that exceeds 10% of our issued and outstanding Class A
Shares, and (B) the maximum number of Class A Shares that may be issuable to “Insiders” of theScore, at any time under
all security-based compensation arrangements adopted by theScore (including the Option & RSU Plan), is and will continue to
be limited to 10% of our issued and outstanding Class A Shares;

 

		(iv)	amend the types of amendments to the Option & RSU Plan that require shareholder approval so
as to more expressly align with Section 613(i) of the TSX Company Manual. In particular, the Amended Option & RSU Plan will
(A) narrow the current requirement to obtain shareholder approval for amendments that would extend the term of an option or restricted
share unit beyond its original expiry date and to only require shareholder approval for those amendments where the option or restricted
share unit in question is held by an “Insider” of theScore (as such term is defined in the TSX Company Manual), and
(B) remove the requirement that shareholder approval be obtained for an amendment that would result in the issuance, within any
12-month period, to any one eligible recipient under the Option & RSU Plan of a number of Class A Shares that exceeds 5% of
our issued and outstanding Class A Shares;

 

		(v)	implement certain other amendments of a “housekeeping” nature, including, but not limited
to, to reflect the Class A Shares now being listed on the TSX and being subject to the terms of the TSX Company Manual rather than
the policies of the TSX Venture Exchange, including the replacement of certain terms defined in the policies of the TSX Venture
Exchange with their respective appropriate equivalents under the TSX Company Manual; and

 

		(vi)	update certain tax-related provisions that apply to persons who are eligible to receive awards
under the Option & RSU Plan and who are citizens or permanent residents of the United States.

 

A copy of the Amended Option & RSU
Plan is attached to this Circular as Appendix A. For a summary of our current Option & RSU Plan as it relates to options to
purchase Class A Shares and restricted share units, see “EXECUTIVE COMPENSATION – Elements of Compensation –
Long-Term Incentive Program – Option & RSU Plan”.

 

As of the date of this Circular, 34,708,082
options to purchase Class A Shares are outstanding.

 

In the event that the proposed increase
of the Option & RSU Pool described above is approved by the shareholders that are present in person or represented by proxy
at the Meeting, 22,450,477 Class A Shares will be available for future issuance under the Amended Option & RSU Plan, representing
5.2% of our issued and outstanding Class A Shares as at the date of this Circular.

 

In the event that the Amendments are
not approved by the shareholders that are present in person or represented by proxy at the Meeting, the applicable provisions
of the Option & RSU Plan, without giving effect to the Amendments, will remain in effect following the Meeting and we
will continue to perform our obligations under such provisions, provided that our performance complies, at all times, with
the applicable policies of the TSX Company Manual. For certainty, if the Amendments are not approved, we will continue to
grant awards to eligible recipients under the existing terms of the Option & RSU Plan. In the event that the Amendments
are not approved by the shareholders that are present in person or represented by proxy at the Meeting, 12,450,477 Class A
Shares will remain available for future issuance under the Option & RSU Plan, representing 2.9% of our issued and
outstanding Class A Shares as at the date of this Circular.

 

     

    -21-

    

 

approval
of Amended Option & RSU Plan 

 

At the Meeting, shareholders will be asked
to consider and approve an ordinary resolution, in substantially the following form, in order to approve the Amended Option &
RSU Plan.

 

“RESOLVED THAT:

 

1.       Subject
to final approval of the Toronto Stock Exchange, theScore’s Second Amended and Restated Stock Option and Restricted Stock
Unit Plan, in the form set out in Appendix A of the management information circular relating to this meeting, is hereby approved.

 

2.       Each
director and officer of theScore, acting alone, is authorized to do all such acts and things and to execute (whether under the
corporate seal of theScore or otherwise) and deliver all such documents as in such director’s or officer’s opinion
may be necessary or desirable to give effect to this resolution.

 

3.       Notwithstanding
that this resolution has been passed by the shareholders of theScore, the adoption of the amendment to theScore’s Amended
 & Restated Stock Option and Restricted Stock Unit Plan is conditional upon receipt of final approval from the Toronto Stock
Exchange and the directors of theScore are authorized to revoke this resolution, without any further approval of the shareholders
of theScore, at any time if such revocation is considered necessary.”

 

Approval of the Amended Option & RSU
Plan requires that the resolution be passed by a simple majority of the votes cast by shareholders that are present in person or
represented by proxy at the Meeting.

 

The Board recommends that shareholders
vote in favour of the ordinary resolution. In the absence of contrary instruction, the persons named in the accompanying form of
proxy intend to vote FOR the ordinary resolution to approve the Amended Option & RSU Plan.

 

STATEMENT
OF CORPORATE GOVERNANCE PRACTICES

 

The
Board

 

A total of eight persons have been nominated
for election as directors at the Meeting. The Board has determined that if all such nominees are elected, the Board will consist
of six directors who are independent within the meaning of applicable securities laws and two directors that are not.

 

The Board considers Mr. John Albright,
Mr. Brian Cooper, Mr. Ralph Lean, Ms. Angela Ruggiero, Mr. Mark Scholes and Mr. William Thomson to be independent directors since
they are each independent of management and free from any material relationship with us. The basis for this determination is that,
since the date of our incorporation, none of the foregoing individuals have worked for us, received remuneration from us or had
material contracts with or material interests in theScore which could interfere with their ability to act with a view to our best
interests. Neither Mr. John Levy nor Mr. Benjamin Levy are considered independent directors as they act as our Chief Executive
Officer and President and Chief Operating Officer, respectively.

 

Our independent directors provide the
leadership to enable the Board to effectively carry out its duties and responsibilities independently from management. Our
independent directors ensure the Board works in an open and productive manner with management and receives appropriate and
timely information, material and reports from management. Our independent directors meet without management at their
discretion when it is appropriate to discuss certain matters. All discussion, including discussion among the independent
directors, is open and candid. The Board facilitates open and candid discussion among the independent directors by asking
non-independent directors to recuse themselves from meetings in the event of any conflict or potential conflict of interest.
The committees of the Board, each comprised entirely of independent directors, meet routinely without management present.

 

     

    -22-

    

 

The Chairman of the Board is Mr. John Levy.
Since we do not have a Chair who is independent of management, we have mandated the Nominating and Corporate Governance Committee
to monitor the relationship between our management and the Board to ensure that the Board can function independently of management.
It should also be noted that individual directors are permitted to retain outside advisors at our expense in appropriate circumstances
with the approval of the Audit Committee.

 

Directors are elected until the next annual
meeting or until their successors are elected or appointed. There are no other term limits for directors. The annual nomination
and election process, including the annual review of the composition of the Board, is regarded by the Board as a sufficient mechanism
of Board renewal.

 

A copy of the charter of the Board is attached
to this Circular as Appendix B.

 

Other
Public Board Directorships

 

Mr. William Thomson is also a director
of Hampton Financial Corporation (TSXV: HFC). Mr. Ralph Lean is also a director of QMX Gold Corporation (TSXV: QMX).

 

Mr. John Albright was a director of Axios
Mobile Assets Corp. (“Axios”) until he resigned on January 10, 2017. On February 24, 2017, the Ontario Superior
Court of Justice granted an application of Axios’ senior lender to appoint a receiver and manager over the assets, undertakings
and property of Axios and its subsidiaries. Mr. Albright was also a director of Indian Motorcycle Company (“IMC”)
until he resigned on January 1, 2003. IMC subsequently ceased operations and appointed an assignee to manage its assets in September
2003. Mr. Albright manages the venture capital firm, Relay Ventures. In the ordinary course of business, the firm invests their
capital in start-ups and businesses that are at an early stage of development that involve substantial business risk and face financial
risk.

 

Orientation
and Continuing Education

 

In orienting new members to the Board,
members receive an orientation program and specific topics of interest are presented in more detail, upon request. All new directors
receive a Board manual containing the charters of the Board and its committees, and other relevant corporate and business information.
The respective Chairs of the committees of the Board provide regular reports to the Board on activities completed by each committee.
Senior management makes regular presentations to the Board on the main areas of our business.

 

We also encourage continuing education
of our directors and officers where appropriate in order to ensure that they have the necessary skills and knowledge to meet their
respective obligations to theScore.

 

Code
of Ethics and Business Conduct

 

The Board has adopted a written code of
ethics and business conduct (the ‘‘Code of Conduct’’). The Code of Conduct applies to all of our
directors, officers and employees, including our Chief Executive Officer, our Chief Financial Officer and all employees of our
subsidiaries. In addition, the Board has adopted a written whistle-blower policy (the ‘‘Whistle-Blower Policy’’).
We monitor compliance with the Code of Conduct through the Whistle-Blower Policy and through regularly scheduled meetings of the
Nominating and Corporate Governance Committee. Each of the Code of Conduct and Whistle-Blower Policy are available publicly on
the System for Electronic Document Analysis and Retrieval (“SEDAR”) which can be accessed through the Internet
at www.sedar.com and on our website at https://scoremediaandgaming.com/.

 

In addition, the Board has determined that
the fiduciary obligations placed on directors pursuant to our governing statute and the common law restrictions, which limit the
participation of directors in Board decisions in which the director has an interest, are sufficient to ensure that the Board operates
independently of management and in our best interests.

 

     

    -23-

    

 

Nomination
of Directors

 

The Nominating and Corporate Governance
Committee

 

The Nominating and Corporate
Governance Committee, which is currently composed entirely of independent directors, is responsible for recommending annually certain
member(s) of the Board proposed for election to the Board, recommending new candidates for Board membership, monitoring the composition
of the Board and suggesting appropriate changes. It also monitors the relationship between management and the Board. The Nominating
and Corporate Governance Committee must be composed of no less than three directors, the majority of which must be independent.

 

The process by which the
Board identifies new candidates is through recommendations of the Nominating and Corporate Governance Committee. However, the Nominating
and Corporate Governance Committee may, at our expense, engage third-party consultants to assist it in fulfilling its duties and
responsibilities, including (without limitation) a search firm to assist in identifying, selecting and evaluating any potential
candidates for election or appointment to the Board.

 

In analyzing the composition
of the Board, the Nominating and Corporate Governance Committee takes into consideration, among other matters, the following: (a)
the competencies and skills the Board, as a whole, should possess; (b) the current strengths, skills and experience represented
by each director; (c) our strategic direction; and (d) the diversity of the Board. Please see “STATEMENT OF CORPORATE GOVERNANCE
PRACTICES – Diversity” and “STATEMENT OF CORPORATE GOVERNANCE PRACTICES – Assessments” below for
further detail regarding the considerations that contribute to the Nominating and Corporate Governance Committee’s nomination
processes.

 

Nomination Rights

 

In addition to the directors that may be
nominated by the Nomination and Corporate Governance Committee, we have granted nomination rights to certain of our securityholders.

 

Under our Articles, so long as any Special
Voting Shares are outstanding, the holder(s) thereof will have the right to elect that number of directors to the Board, subject
to the right of the holders of Class A Shares to elect at least two members of the Board, that is calculated as follows: (i) the
number of directors that would constitute a majority of our authorized number of directors (after deducting one from such authorized
number if the holders of the Preference Shares are collectively entitled to elect one director under our Articles); plus (ii) two.
Mr. John Levy controls or directs 100% of the issued and outstanding Special Voting Shares.

 

The Board Nomination Agreement provides
Relay Ventures with the right to nominate the Relay Nominee to the Board. So long as Relay Ventures holds an equity and voting
interest in theScore that is greater than or equal to 7.5% (such quotient to be obtained by dividing the number of Class A Shares
beneficially owned by Relay Ventures at the relevant time by the number of issued and outstanding Class A Shares on a non-diluted
basis), the Relay Nominee will be included among the Board’s nominees as our directors at each meeting of our shareholders
at which directors are to be elected by the holders of the Class A Shares. The Board Nomination Agreement provides that Relay Ventures
will vote the Class A Shares controlled or beneficially held by Relay Ventures or its affiliates in favour of the Board’s
slate of nominees for election as directors at each meeting of our shareholders at which directors are to be elected provided that
the Relay Nominee has been nominated in accordance with the Board Nomination Agreement. In addition, Mr. John Levy agreed to vote
or cause to be voted all Class A Shares controlled or beneficially owned by him or his affiliates in favour of the Relay Nominee
for election as a director at each meeting of shareholders at which directors are to be elected provided the Relay Nominee has
been nominated in accordance with the Board Nomination Agreement.

 

Pursuant to the Investment Agreement,
LPF Sports Holdings was provided with certain rights including, but not limited to, the right to nominate one individual to
serve on our board of directors (or, if such right is not exercised, the right to designate a board observer) for so long as
the Debenture is outstanding (or, following conversion, for so long as LPF Sports Holdings and its affiliates hold at least
7.5% of the outstanding Class A Shares. To date, LPF Sports Holdings has not elected to exercise its board nomination right
granted to it under the Investment Agreement.

 

     

    -24-

    

 

Diversity

 

The Nominating and Corporate
Governance Committee Charter mandates that the committee review, on a periodic basis, the current composition of the Board. While
the committee does not have a formal policy specifying how diversity of background and personal experience should be applied in
reviewing the current composition of the Board or in identifying or evaluating candidates for the Board, the committee is committed
to having a diverse Board in that it seeks individuals from different backgrounds with varying perspectives, professional experience,
education and skills.

 

We currently
have one female director on the Board, representing 12.5% of our eight directors comprising the Board, and none of our five executive
officers are female. We do not have a policy on the representation of women on the Board or
in senior management, as the Board does not believe that quotas or strict rules necessarily result in the identification or selection
of the best candidates.  Rather, the committee takes into account the competencies, skills, and personal qualities described
above.  However, the Board is mindful of the benefits of diversity in our leadership positions and the need to maximize the
effectiveness of the Board and its decision-making abilities.  Accordingly, in searches for new directors, the Board, and
its third-party consultants hired to assist in identifying candidates, consider the level of female representation and diversity
as one of several factors used in its search process.

 

Board
Committees

 

The committees of the Board consist of
the Audit Committee, the Nominating and Corporate Governance Committee and the HRC Committee. Additional information on the Audit
Committee can be found in our annual information form for the year ended August 31, 2020 (the “AIF”) dated
October 28, 2020. The AIF is available publicly on SEDAR, which can be accessed through the Internet at www.sedar.com.

 

The Board has adopted a charter for each
committee.

 

Other
Board Committees

 

Other than the Audit Committee, the Nominating
and Corporate Governance Committee and the HRC Committee, we do not have any additional Board committees. Special committees of
the Board may be appointed from time to time, to consider special issues, in particular, those involving related party transactions.

 

Position
Descriptions

 

The Board has developed and approved written
descriptions of the responsibilities of the Chair of the Board and the Chief Executive Officer. The Board has also developed and
approved Terms of Reference for each committee Chair.

 

Director
Attendance

 

Directors are expected to attend all Board
meetings and meetings of committees of the Board on which they serve. The following table shows meeting attendance records for
all directors during the fiscal year ended August 31, 2020:

 

	
        Name
of Director 
	 	
        Board
Meetings 
	 	
        Audit
Committee Meetings
	 	
        Nominating
and Corporate Governance Committee Meetings 
	 	
        HRC
Committee Meetings 

	John Albright	 	6 of 6	 	n/a	 	n/a	 	n/a
	Brian Cooper(1)	 	2 of 2	 	n/a	 	n/a	 	n/a
	Ralph Lean	 	5 of 6	 	4 of 4	 	1 of 1	 	4 of 4
	Angela Ruggiero(2)	 	n/a	 	n/a	 	n/a	 	n/a
	Lorry Schneider(3)	 	4 of 4	 	n/a	 	n/a	 	n/a
	Mark Scholes	 	6 of 6	 	4 of 4	 	1 of 1	 	1 of 1
	William Thomson	 	6 of 6	 	4 of 4	 	1 of 1	 	4 of 4
	Mark Zega(3)	 	4 of 4	 	n/a	 	n/a	 	n/a
	John Levy	 	6 of 6	 	n/a	 	n/a	 	n/a
	Benjamin Levy	 	6 of 6	 	n/a	 	n/a	 	n/a

 

Notes:

 

		(1)	Mr. Brian Cooper was appointed as a director on April 22, 2020.
		(2)	Ms. Angela Ruggiero was appointed as a director on October 14, 2020.
		(3)	Mr. Lorry Schneider and Mr. Mark Zega resigned as directors, effective April 22, 2020.

 

     

    -25-

    

 

Assessments

 

The Nominating and Corporate Governance
Committee and the Board as a whole regularly consider and assess the performance of the Board, its committees and its individual
directors, in particular with respect to overall effectiveness, size and composition.

 

EXECUTIVE
COMPENSATION 

 

This section of the Circular discusses
our executive compensation policies and practices, and includes information regarding each of the executive officers named in the
Summary Compensation Table below (the chief executive officer, president and chief operating officer, chief financial officer,
chief technology officer, and general counsel and chief compliance officer, as applicable, in the fiscal year ended August 31,
2020 (the “Named Executive Officers”)).

 

Compensation
Philosophy and Objectives

 

The Board and our executive officers are
committed to the concept of building value for shareholders. To ensure that we are able to attract and keep highly skilled executives,
we maintain a compensation structure that is commensurate with industry standards.

 

Our executive compensation program has
the following objectives:

 

	 	·	attract, retain and motivate qualified executives;
	 	 	 
	 	·	provide incentives to executives to maximize productivity
and enhance enterprise value by aligning the interests of the executives with those of the shareholders;
	 	 	 
	 	·	foster teamwork and entrepreneurial spirit;
	 	 	 
	 	·	establish a direct link between elements of compensation
and the financial and operating performance of theScore, our subsidiaries and individual performance; and
	 	 	 
	 	· 	integrate compensation incentives with the development
and successful execution of strategic and operating plans. 

 

Our compensation structure consists
of a base salary, a short-term incentive program consisting of a bonus plan, long-term incentive programs in the form of
options to acquire Class A Shares and restricted share units granted pursuant to our Option & RSU Plan and in the form of
Class A Shares purchased as part of our amended and restated employee share purchase plan (the “ESPP”) and
personal benefits and perquisites. The total compensation package for each Named Executive Officer varies in accordance with
the level and nature of such officer’s position in theScore. We have an RRSP contribution program that matches or
multiplies contributions of employees, at varying levels in accordance with seniority. In addition, we match all
contributions made by employees towards its ESPP, up to a maximum of 5% of each employee’s gross salary. The Class A
Shares that we use for matching purposes are purchased by the trustee for the ESPP on the open market, and not issued out of
treasury. See “EXECUTIVE COMPENSATION – Elements of Compensation – Long-Term Incentive Program –
ESPP”.

 

     

    -26-

    

 

As a Named Executive Officer’s total
compensation package will experience greater variability as the Named Executive Officer’s responsibility increases, this
approach attempts to recognize the degree to which a Named Executive Officer is able to influence our operational results. Base
salaries and bonus levels are determined with regard to those paid for similar roles in the industry in order to attract and retain
qualified individuals without overcompensating in any individual case. Annual compensation increases are based on individual performance
as measured by the individual’s effectiveness in executing strategic and operating plans. The bonus plan is structured to
incentivize Named Executive Officers to effectively execute strategic and operating plans as budgeted, and include a personal performance
factor which ensures that executives are only rewarded if they have made significant individual contributions to our financial
success. The long-term incentive program awards are made periodically to executives and other employees according to levels of
seniority and are intended to, among other things, align the interests of those individuals with those of our shareholders. Prior
grants of options under the Option & RSU Plan are taken into consideration when considering additional grants.

 

Each element of compensation is determined
with regard to the overall compensation being offered to each Named Executive Officer in order to ensure that the overall package
is comparable to industry standards. We strive to ensure that our compensation programs are reasonable and fair to both executive
officers and shareholders and competitive with industry standards. We have entered into executive employment or management services
agreements with all of our Named Executive Officers. See “EXECUTIVE COMPENSATION – Contracts With Named Executive Officers
 – Management Services Agreement” and “Contracts With Named Executive Officers – Employment Agreements”.

 

Review
Process of Committees in Determining Compensation

 

The HRC Committee is appointed by the Board.
The HRC Committee’s core mandate includes assisting the Board in discharging its responsibilities with respect to compensation
of executive officers. In this regard, the HRC Committee is responsible for all matters pertaining to the recruitment, appointment,
compensation, training, retention, benefits and termination of the Named Executive Officers, other than our Chief Executive Officer.
As part of such responsibilities, the HRC Committee oversees and administers the Option & RSU Plan. Messrs. William Thomson,
Mark Scholes and Ralph Lean are members of the HRC Committee each of whom is “independent” within the meaning of National
Instrument 52-110 – Audit Committees. Mr. William Thomson and Mr. Mark Scholes were members of the HRC Committee of
Score Media Inc. Mr. Ralph Lean was a member of the Score Media Inc. board of directors and was a Partner at Cassels, Brock and
Blackwell LLP for over 20 years, specializing in corporate law.

 

The Nominating and Corporate Governance
Committee is responsible for establishing, monitoring and adjusting, from time to time, the compensation package of the Chief Executive
Officer, which is set out in the Management Services Agreement, see “EXECUTIVE COMPENSATION – Contracts with Named
Executive Officers – Management Services Agreement”. In addition, the HRC Committee reviews any discretionary option
grants or incentive compensation payments to the Chief Executive Officer as part of its annual review of compensation matters.
The determination of the Chief Executive Officer’s remuneration rests on factors which include, but are not limited to, leadership
in a competitive international industry, peer executive compensation arrangements in the marketplace (using data from the Comparator
Group (as defined below)), and the contractual obligations.

 

Recommendations regarding executive compensation
(other than in respect of the Chief Executive Officer) are made by the Chief Executive Officer to the HRC Committee, and are accompanied
by comparative industry analysis as well as the reasoning behind the recommended individual compensation levels. The Chief Executive
Officer is assisted by the President and Chief Operating Officer in the analysis required for the recommendations. Decisions regarding
executive compensation are ultimately made by the HRC Committee in its full discretion.

 

The HRC Committee has assessed our
compensation plans and programs for our executive officers to ensure alignment with our objectives and strategies and to
evaluate the potential risks associated with those plans and programs. The HRC Committee has concluded that the compensation
policies and practices do not create any risks that are reasonably likely to have a material adverse effect on us.

 

     

    -27-

    

 

The HRC Committee considers the risks associated
with executive compensation and corporate incentive plans when designing and reviewing such plans and programs. In determining
the annual objectives relating to such annual bonus and incentive compensation, the HRC Committee considers major risks that we
face such as health, safety and environmental risks, and ensures that the objectives of the Named Executive Officers include managing
such risks.

 

Neither Named Executive Officers nor directors
are permitted to purchase financial instruments, including, for greater certainty, prepaid variable forward contracts, equity swaps,
collars or units of exchange funds, that are designed to hedge or offset a decrease in the market value of the Class A Shares granted
as compensation or held, directly or indirectly, by such Named Executive Officer or director. The Named Executive Officers and
directors are encouraged to hold and retain significant ownership in Class A Shares.

 

Benchmarking

 

In determining the compensation of our
executive officers, and to ensure our compensation philosophy and objectives are met, the HRC Committee makes use of competitive
data to determine comparative positioning and considers internal relativity and individual skills, experience and performance when
setting and adjusting compensation levels. Reliable data with respect to compensation from a comparator group comprised of North
American digital media, online gaming, and technology companies are used by the HRC Committee in their determinations (the “Comparator
Group”). The Comparator Group consists of DraftKings Inc., PointsBet Holdings Limited, Bally's Corporation, SciPlay Corporation,
Glu Mobile Inc., and Zynga Inc. These organizations are representative of the types of organizations with which we must currently
compete for talent.Elements of Compensation

 

The following table summarizes each element
of compensation, each of which is described in more detail below.

 

	Element	Performance Period	Description
	Base Salary	Annual	Base salary is based on the Named Executive Officer’s experience, level of responsibility and competitive market environment in similar industries. Increases are based on our performance and the performance of the individual.
	Short–Term Incentives (including bonus)	Annual	Annual incentive payments are based on the Named Executive Officer’s position and level of responsibility within theScore and the achievement of corporate performance objectives and, except in the case of the CEO, personal performance objectives. 
	Long–Term Incentives (including Option & RSU Plan and ESPP)	Vesting period of Options/Shares	Stock option awards and the ESPP matching are issued to executive officers in accordance with the position and responsibility of the Named Executive Officer and have value only to the extent that additional shareholder value is created over time.
	Personal Benefits and Perquisites 	Annual	Represents a minor component of compensation. Increases are determined with regard to industry standards and individual performance. 

 

Base Salary

 

Base salary is a fixed component of
pay that compensates executive officers for fulfilling their roles and responsibilities and aids in the attraction and
retention of highly qualified executives. The HRC Committee reviews base salaries annually to ensure that they reflect the
individual’s expertise and performance in fulfilling his or her role and responsibilities, the state of the economy in
the relevant markets and remain externally competitive.

 

     

    -28-

    

 

Short–Term Incentive Program

 

The short–term incentive program
recognizes our consolidated financial performance and individual achievements against predetermined targets set at the beginning
of each fiscal year.

 

The distribution of an annual performance
bonus is based on our overall performance and an assessment of the performance of the executive officer and his or her area of
responsibility (with the exception of the Chief Executive Officer whose bonus is entirely based on our overall performance (see
 “EXECUTIVE COMPENSATION – Impact of Performance of Named Executive Officers”).

 

The annual performance bonus is calculated
as the product obtained by multiplying the executive officer’s base salary by (i) a bonus eligibility factor (ranging from
70% to 100% based on the executive officer’s position and level of responsibility within theScore), (ii) a corporate performance
factor (ranging from 0% to 150% with reference to a points-based system based on our performance against key operating metrics)
and (iii) a personal performance factor for executive officers other than the CEO (ranging from 50% to 100% based on achievement
of personal performance objectives).

 

The key operating metrics for the purposes
of calculating the corporate performance factor under the short–term incentive program are (i) consolidated revenue, (ii)
earnings before interest, taxes, depreciation and amortization (“EBITDA”)1,
and (iii) operational performance targets for our sports media, esports and betting platforms. These key operating metrics are
established annually by the Board.

 

In 2020, the consolidated revenue, EBITDA
and operational performance targets were established by the Board with consideration by the HRC Committee, in each case at levels
determined by reference to our confidential annual operating budget for fiscal 2020 approved by the Board. We believe that disclosure
of these thresholds and targets would seriously prejudice theScore because those figures are based upon our confidential business
plan, which contains competitively sensitive information concerning theScore. Accordingly, we have relied upon an exemption available
to us under applicable securities laws in our decision to maintain the confidentiality of these thresholds and targets.

 

Achievement of the performance goals set
by the Board as part of its confidential operating budget is intended to be challenging. On average over the two fiscal years ending
August 31, 2019 and 2020, 14% of the Chief Executive Officer’s total compensation and 12% of the President and COO’s
total compensation relates to payouts under the short-term incentive plan, which as noted above, are based on achievement of the
performance objectives. Each of the Chief Financial Officer, Chief Technology Officer and General Counsel and Chief Compliance
Officer assumed their roles in fiscal 2020. In fiscal 2020, we achieved a corporate performance factor of 25%. However, given the
impact of COVID-19, each of the Named Executive Officers agreed to waive their respective entitlements to compensation under the
short-term incentive program for the fiscal year ended August 31, 2020.

 

Impact of Performance of Named Executive
Officers

 

The Chief Executive Officer is
eligible to participate in our short–term incentive program, and the distribution of a bonus to the Chief Executive
Officer is entirely based on our overall performance. The Chief Executive Officer’s annual incentive payment is
calculated as the product obtained by multiplying his base fee under the Management Services Agreement by his bonus
eligibility factor (100%) by the corporate performance factor (ranging from 0% to 150%).

 

	 	 

 

		1	EBITDA is not a measure of performance under International
Financial Reporting Standards (“IFRS”) and should not be considered in isolation or as a substitute for net
income prepared in accordance with IFRS or as a measure of operating performance or profitability. EBITDA does not have a standardized
meaning prescribed by IFRS and is not necessarily comparable to similar measures presented by other companies. Our definition
of EBITDA excludes depreciation and amortization, finance income and income taxes which in our view do not adequately reflect
our core operating results. For a reconciliation of net loss and comprehensive loss to EBITDA, please refer to our most recent
Management’s Discussion & Analysis of Financial Condition and Results of Operations for the fiscal years ended August
31, 2020 and 2019 filed on SEDAR and available publicly on the Internet at www.sedar.com.

 

     

    -29-

    

 

The President and Chief Operating Officer
is eligible to participate in our short–term incentive program, and the distribution of a bonus to the President and Chief
Operating Officer is based partly on our overall performance, and partly on personal performance. The President and Chief Operating
Officer’s annual incentive payment is calculated as the product obtained by multiplying his base salary by (i) his bonus
eligibility factor (70%), (ii) the corporate performance factor (ranging from 0% to 150%), and (iii) his personal performance factor
(ranging from 50% to 100%). The President and Chief Operating Officer’s personal performance are subjective and are measured
by his contributions towards the execution of our strategic and operational plans.

 

The Chief Financial Officer is eligible
to participate in our short–term incentive program, and the distribution of a bonus to the Chief Financial Officer is based
partly on our overall performance, and partly on personal performance. The Chief Financial Officer’s annual incentive payment
is calculated as the product obtained by multiplying his base salary by (i) his bonus eligibility factor (70%), (ii) the corporate
performance factor (ranging from 0% to 150%), and (iii) his personal performance factor (ranging from 50% to 100%). The Chief Financial
Officer’s personal performance are subjective and are measured by his contributions towards the execution of our strategic
plans and leadership of our corporate finance and accounting functions.

 

The Chief Technology Officer is eligible
to participate in our short–term incentive program, and the distribution of a bonus to the Chief Technology Officer is based
partly on our overall performance, and partly on personal performance. The Chief Technology Officer’s annual incentive payment
is calculated as the product obtained by multiplying his base salary by (i) his bonus eligibility factor (70%), (ii) the corporate
performance factor (ranging from 0% to 150%), and (iii) his personal performance factor (ranging from 50% to 100%). The Chief Technology
Officer’s personal performance are subjective and are measured by his contributions towards the execution of our strategic
plans and technology roadmap.

 

The General Counsel and Chief Compliance
Officer is eligible to participate in our short–term incentive program, and the distribution of a bonus to the General Counsel
and Chief Compliance Officer is based partly on our overall performance, and partly on personal performance. The General Counsel
and Chief Compliance Officer’s annual incentive payment is calculated as the product obtained by multiplying his base salary
by (i) his bonus eligibility factor (70%), (ii) the corporate performance factor (ranging from 0% to 150%), and (iii) his personal
performance factor (ranging from 50% to 100%). The General Counsel and Chief Compliance Officer’s personal performance are
subjective and are measured by his contributions towards the execution of our strategic plans and the management of our legal affairs
and regulatory compliance.

 

Long–Term Incentive Program –
Option & RSU Plan

 

The award of long-term incentives in the
form of options to acquire Class A Shares (“options”) and restricted share units is an integral part of our
compensation program. The Option & RSU Plan is intended to advance our interests and the interests of our shareholders by providing
officers, directors, employees, consultants and management company employees, through the award of options and restricted share
units, a larger personal and financial interest in our success. The Board also believes that options and restricted share units
are very valuable in attracting and retaining highly qualified management personnel and in providing additional motivation to management
to use their best efforts on our behalf.

 

The Option & RSU Plan is
administered by the HRC Committee. Subject to the limitations of the Option & RSU Plan, the HRC Committee has the power
and authority to, among other things (i) adopt, amend and rescind such administrative guidelines and other rules and
regulations for carrying out the purposes, provisions and administration of the Option & RSU Plan as it, from time to
time, deems advisable; (ii) interpret the Option & RSU Plan and make all other determinations and take all other actions
in connection with the implementation and administration of the Option & RSU Plan and any award granted pursuant to the
Option & RSU Plan; (iii) determine which eligible persons (as defined below) will be granted options and restricted share
units; (iv) determine which awards are subject to cancellation, reimbursement or any other right of recovery or recoupment by
us in accordance with our policies (“Clawback Policy”); (v) determine the time or times when awards will
be granted; (vi) determine if the Class A Shares which are subject to an award will be subject to any restrictions upon the
exercise or settlement of such award; and (vii) prescribe the form of the instruments relating to the grant, exercise,
settlement and other terms of awards.

 

     

    -30-

    

 

Options and restricted share units may
be awarded under the Option & RSU Plan only to our directors, officers, employees, consultants and management company employees
and those of our subsidiaries (“eligible persons”) (or wholly-owned corporations of such persons), subject to
the rules and regulations of applicable regulatory authorities and any stock exchange upon which the Class A Shares may be listed
or may trade from time to time.

 

The maximum number of Class A Shares that
may be issuable to any one individual in any twelve month period under the Option & RSU Plan is 5% of the Class A Shares issued
and outstanding at that time on a non-diluted basis unless otherwise approved by the shareholders. The maximum number of Class
A Shares that may be issuable to any one consultant in any twelve month period under the Option & RSU Plan is 2% of the Class
A Shares issued and outstanding at that time on a non-diluted basis. The aggregate number of Class A Shares reserved for issuance
under restricted share units and options awarded to insiders (as a group) at any point in time must not exceed 10% of the issued
Class A Shares. Awards of restricted share units and options to insiders (as a group), within a twelve month period, must not result
in the issuance of more than 10% of the issued Class A Shares, calculated as at the date of award to any insider.

 

The aggregate number of Class A Shares
reserved for issuance, within a twelve month period, in respect of restricted share units awarded to (i) any one insider must not
exceed 1% of the issued Class A Shares, and (ii) insiders (as a group) must not exceed 2% of the issued Class A Shares, in each
case calculated as at the date of award to any insider. The number of Class A Shares counted against the Option & RSU Plan
in respect of restricted share units is equal to the number of Class A Shares the holder would be entitled to receive under the
Option & RSU Plan if the restricted share units were settled on the applicable dates of grant.

 

As of the conclusion of fiscal 2020, 35,738,583
options and nil restricted share units were outstanding under the Option & RSU Plan, respectively representing 8.9% and nil%
of the issued and outstanding Class A Shares on a non-diluted basis.

 

The exercise price and the vesting and
exercise periods granted under the Option & RSU Plan are determined by the HRC Committee at the time of grant. The exercise
price of an option may not be less than the “market price” of the Class A Shares on the exchange, if any, on which
the Class A Shares are trading, determined at the closing time on the trading day immediately preceding the day on which the option
is granted.

 

All options must be exercised no later
than the termination date of the options, and in no event later than 10 years after the date of grant. If the holder of an option
ceases to be an eligible person for any reason (other than by reason of death), unless otherwise determined or provided in an agreement
between us and the holder of such options, all unvested options held by such holder will expire immediately and all vested options
held by such holder must be exercised, within the lesser of the remainder of the exercise period and 60 days after such holder
ceased to be an eligible person and, in the case of death, by such holder’s legal representative within the lesser of the
remainder of the exercise period and 180 days after such holder’s death. The exercise price of each Class A Share purchased
under an option must be paid in full at the time that the option is exercised. We will not provide financial assistance to holders
of options to facilitate the purchase of Class A Shares on the exercise of their options, but we are permitted to amend the Option
 & RSU Plan to incorporate an ability to provide such financial assistance without the approval of our shareholders, as further
described below.

 

If the date in which an option expires
occurs during or within 10 business days after the last day of any period during which a policy of one or more of our policies
prevent an insider from trading in our securities, then the date on which such option expires will be deemed to be the last business
day of such 10 business day period.

 

Restricted share units entitle a holder,
subject to the holder’s satisfaction of any conditions, restrictions, performance objectives, vesting period or limitations
imposed under the Option & RSU Plan or set out in a grant letter, and subject to the Clawback Policy, to receive a payment
in Class A Shares issued from treasury on the date when the restricted share unit is vested. No restricted share unit may have
an expiry date that is more than 10 years from the date of the award.

 

     

    -31-

    

 

 

Subject to any express resolution passed
by the HRC Committee with respect to any restricted share unit, a restricted share unit which has not yet vested will be forfeited
immediately upon the date on which (i) the holder of the restricted share unit who is a director, officer or employee ceases to
be a director, officer or employee, and (ii) the written agreement by which the holder of the restricted share unit who is a consultant
or management company employee was retained is terminated.

 

Options and restricted share units awarded
under the Option & RSU Plan may not be transferred or assigned other than by an eligible person to a non-individual entity
wholly-owned by such eligible person.

 

The HRC Committee, in its absolute discretion,
is entitled to credit holders of restricted share units with additional restricted share units upon the payout of dividends on
the Class A Shares. In such case, the number of additional restricted share units will be equal to the aggregate value of dividends
that would have been paid to the holder if the restricted share units in the holder’s account had been Class A Shares divided
by the market price of a Class A Share on the date on which dividends were paid. The additional restricted share units will vest
on the date that the particular award of restricted share units to which the additional restricted share units relate are fully
vested.

 

The Board may amend or terminate the Option
 & RSU Plan at any time subject to any required regulatory or other approvals. The Board may make the following types of amendments
to the Option & RSU Plan without seeking shareholder approval:

 

	 	·	any
    amendment of a “housekeeping” or administerial nature including, without limiting the generality of the foregoing,
    any amendment for the purpose of curing any ambiguity, error or omission in the Option & RSU Plan or to correct or supplement
    any provision of the Option & RSU Plan that is inconsistent with any other provision of the Option & RSU Plan;
	 	 	 
	 	·	any amendment necessary
    to comply with the provisions of applicable law;
	 	 	 
	 	·	any amendment respecting
    administration of the Option & RSU Plan;
	 	 	 
	 	·	any amendment to
    the vesting provisions of the Option & RSU Plan or any option or restricted share unit;
	 	 	 
	 	·	any amendment to
    the early termination provisions of the Option & RSU Plan or any option or restricted share unit, whether or not such
    option or restricted share unit is held by an insider, provided that such amendment does not entail an extension beyond the
    original expiry date;
	 	 	 
	 	·	the addition of
    any form of financial assistance we may provide for the acquisition by all or certain categories of Option & RSU Plan
    participants of Class A Shares under the Option & RSU Plan, and the subsequent amendment of any such provision which is
    more favourable to Option & RSU Plan participants;
	 	 	 
	 	·	the addition or
    modification of a cashless exercise feature, payable in cash or Class A Shares, which provides for a full deduction of the
    number of underlying Class A Shares from the Option & RSU Plan reserve;
	 	 	 
	 	·	any amendment necessary
    to suspend or terminate the Option & RSU Plan in whole or in part; and
	 	 	 
	 	·	any other amendment,
    whether fundamental or otherwise, not requiring shareholder approval under applicable law.

 

The maximum number of Class A Shares issued
and issuable under the Option & RSU Plan may not be altered without the approval of our shareholders.

 

In addition, the approval of our
shareholders, excluding shareholders who are also our insiders, will be required: (a) to reserve for issuance to insiders
under the Option & RSU Plan a number of Class A Shares that exceeds 10% of Class A Shares issued and outstanding, on a
non-diluted basis, at that time; (b) to grant to insiders, within a twelve month period, a number of options under the Option
 & RSU Plan such that the number of Class A Shares issuable upon the exercise of such options would exceed 10% of the
Class A Shares issued and outstanding, on a non-diluted basis, at the time of grant of such options; and (c)
to decrease the exercise price of options previously granted to insiders.

 

     

    -32-

    

 

No options or restricted share units are
awarded in respect of any securities other than Class A Shares, and no dividend or proxy voting rights are granted prior to the
issuance of the underlying Class A Shares.

 

The table below outlines the Burn Rate
of the Option & RSU Plan for the fiscal years ending August 31, 2020, 2019 and 2018. With respect to each fiscal year, the
associated “Burn Rate” is calculated using the TSX-prescribed methodology, which is the total number of securities
granted under the Option & RSU Plan during the applicable fiscal year, divided by the weighted average number of securities
outstanding for such fiscal year.

 

	 	2020	2019	2018
	Burn Rate 	3.8%	1.8%	3.4%

 

Also see “APPROVAL OF AMENDMENT TO
AMENDED AND RESTATED STOCK OPTION AND RESTRICTED STOCK UNIT PLAN” in this Circular for a summary of certain proposed amendments
to the Option & RSU Plan contemplated by the Amended Option & RSU Plan.

 

Long–Term Incentive Program –
ESPP

 

In January 2013, we established the ESPP
to facilitate the acquisition of Class A Shares and the retention of such Class A Shares by eligible employees. Under the terms
of the ESPP, eligible employees may volunteer to have up to 5% of their compensation deducted by us from their net pay to contribute
toward the purchase of Class A Shares. We will make a contribution equal to the amount of the compensation contributed by each
eligible employee one year from the date of the initial contribution. The Class A Shares are purchased on behalf of the trustee
of the ESPP by an independent broker, at our expense, through the facilities of the Toronto Stock Exchange. Members of the Board
are also eligible to participate in the ESPP by contributing up to 20% of their annual base retainer.

 

Personal Benefits and Perquisites

 

Perquisites are considered a minor component
of executive officer compensation and periodic reviews are conducted by the Board in respect of the Chief Executive Officer and
by the Chief Executive Officer in respect of the other Named Executive Officers and adjustments made, subject, in the case of material
changes, to the approval of the HRC Committee.

 

Performance
Graph

 

The graph below shows the cumulative total
return on a $100 investment on August 31, 2015 in Class A Shares and the cumulative total return of the S&P/TSX Composite Index
over the five year period ending August 31, 2020, assuming reinvestment of all distributions.

 

We voluntarily delisted the Class A Shares
from the TSX Venture Exchange and listed the Class A Shares on the Toronto Stock Exchange effective September 15, 2020, thereby
occurring after the completion of the fiscal year to which this Circular relates.

 

     

    -33-

    

 

 

The trend shown by the performance graph
set forth above does not necessarily correspond to the compensation paid or payable to our Named Executive Officers for the period
ended August 31, 2020 or for any prior fiscal periods. Our executive compensation is reviewed annually and set by the Board upon
the recommendations of the HRC Committee and the Nominating and Corporate Governance Committee, as discussed further elsewhere
in this Circular under the section entitled “EXECUTIVE COMPENSATION”. The Board and its applicable committees consider
various factors discussed elsewhere in this Circular in connection with the determination of appropriate levels of compensation.
Many of the factors are not necessarily tied to the trading price of the Class A Shares. The trading price of the Class A Shares
is subject to fluctuation based on several factors, some of which are linked to our financial condition and performance and others
which are beyond our control. Each executive’s compensation is tied to our performance and the executive’s relative
performance in helping us meet our various objectives, which are both qualitative and quantitative.

 

Summary
Compensation Table

 

Compensation of the Named Executive Officers
for the fiscal years ended August 31, 2020, 2019, and 2018 is presented in the following table.

 

     

    -34-

    

 

	Name and 

principal position	Year	
         

         

        Salary

        (C$)(1)

         
	Non-equity incentive plan compensation

(C$)(2)	Option-Based Award

(C$)(3)	

  Restricted
Share Unit Award
 (C$)(1)(2)
	All Other Compensation

(C$)(4)	Total Compensation

(C$)
	 	 	 	Annual Incentive

 Plans	Long-

term Incentive

 Plans	 	 	 	 
	
        John Levy,(5)

        Chairman of the Board, Chief Executive Officer
	
        2020 2019

        2018

         
	
        $586,667

        $640,000

        $640,000

         
	
        nil

        $320,000

        nil

         
	
        nil

        nil

        nil

         
	
        $421,046

        $150,000(6)

        $66,000(6)
	
        $59,410

        nil

        nil
	
        $41,208

        $51,673

        $51,508

         
	
        $1,108,331

        $1,161,673

        $757,508

         

	
        Benjamin Levy,

        President, Chief Operating Officer and Director
	
        2020 2019

        2018

         
	
        $352,917

        $350,000

        $330,000

         
	
        nil

        $183,750

        nil

         
	
        nil

        nil

        nil

         
	
        $350,872

        $125,000(7)

        $55,000(7)

         
	
        $35,739

        nil

        nil
	
        $44,707

        $49,173

        $48,008

         
	
        $784,234

        $707,923

        $433,008

         

	
        Alvin Lobo,(8)

        Chief Financial Officer

         

         
	
        2020 2019

        2018
	
        $302,500

        n/a

        n/a
	
        nil

        n/a

        n/a
	
        nil

        n/a

        n/a
	
        $701,744(9)

        n/a

        n/a
	
        $30,633

        n/a

        n/a
	
        $14,750

        n/a

        n/a
	
        $1,049,627

        n/a

        n/a

	
        Hecham Ghazal,(10)

        Chief Technology Officer

         

         
	
        2020 2019

        2018
	
        $275,000

        n/a

        n/a
	
        nil

        n/a

        n/a
	
        nil

        n/a

        n/a
	
        nil

        n/a

        n/a
	$27,848	
        $31,875

        n/a

        n/a
	
        $334,723

        n/a

        n/a

	
        Joshua Sidsworth,(11)

        General Counsel and Chief Compliance Officer

         

         
	
        2020 2019

        2018
	
        $209,119

        n/a

        n/a
	
        nil

        n/a

        n/a
	
        n/a

        n/a

        n/a
	
        $701,744(12)

        n/a

        n/a
	
        $30,169

        n/a

        n/a
	
        $35,281

        n/a

        n/a
	
        $976,313

        n/a

        n/a

 

Notes:

		(1)	As an initiative to manage cost during the COVID-19 pandemic, management agreed to forego 25% of
their salaries from May 1, 2020 to August 31, 2020 in exchange for the equivalent value of restricted share units
		(2)	The annual incentive payment is determined annually by the HRC Committee.
		(3)	All stock options relate to options to purchase Class A Shares. We account for all share–based
payments using the fair value–based method. The estimated grant–date fair value is amortized to expense over the period
in which the related services are rendered, which is usually the vesting period. For more information on the application of our
accounting policies in this area, and particularly the use of the Black–Scholes option pricing model and the assumptions
thereto, please refer to Note 10 in our consolidated financial statements for the fiscal years ended August 31, 2020 and 2019.
		(4)	Includes a car allowance and RRSP contribution in fiscal 2020 of $19,875 (2019 - $19,673; 2018
- $19,508) as well as our contributions pursuant to the terms of the ESPP.
		(5)	Compensation is paid to Norwest as a management fee pursuant to the Management Services Agreement
See “EXECUTIVE COMPENSATION – Contracts With Named Executive Officers – Management Services Agreement”.
Other annual compensation includes our contributions pursuant the terms of the ESPP and Option & RSU Plan. All non–equity
incentive plan compensation related to a period longer than one year.
		(6)	Mr. John Levy was awarded (i) 600,000 options on January 22, 2020 at a price of $0.85 per share
and a grant-date fair value of $0.70 per option, (ii) 600,000 options on January 23, 2019 at a price of $0.30 per share and a grant-date
fair value of $0.25 per option, and (iii) 600,000 options on January 11, 2018 at a price of $0.145 per share and a grant-date fair
value of $0.11 per option.
		(7)	Mr. Benjamin Levy was awarded (i) 500,000 options on January 22, 2020 at a price of $0.85 per share
and a grant-date fair value of $0.70 per option, (ii) 500,000 options on January 23, 2019 at a price of $0.30 per share and a grant-date
fair value of $0.25 per option, and (iii) 500,000 options on January 11, 2018 at a price of $0.145 per share and a grant-date fair
value of $0.11 per option.
		(8)	Mr. Alvin Lobo was appointed Chief Financial Officer on September 3, 2019.
		(9)	Mr. Alvin Lobo was awarded 1,000,000 options on January 22, 2020 at a price of $0.85 per share
and a grant-date fair value of $0.70 per option.
		(10)	Mr. Hecham Ghazal was appointed Chief Technology Officer on September 1, 2019.
		(11)	Mr. Joshua Sidsworth was appointed General Counsel and Chief Compliance Officer on December 9,
2019.
		(12)	Mr. Josh Sidsworth was awarded 1,000,000 options on January 22, 2020 at a price of $0.85 per share
and a grant-date fair value of $0.70 per option.

 

     

    -35-

    

 

Contracts
with Named Executive Officers

 

Management Services Agreement

 

Mr. John Levy, Chairman and Chief Executive
Officer, and his services are made available by Norwest, located at 1603 Main Street West, Hamilton, Ontario, L8S 1E6. Pursuant
to a management services agreement between Norwest, Mr. John Levy and theScore effective April 11, 2018, Norwest was entitled to
an annual basic management services fee of $640,000 between September 1, 2018 and August 31, 2019 and $640,000 between September 1,
2019 and August 31, 2020. We entered into a new management services agreement (“Management Services Agreement”)
with Norwest and Mr. John Levy effective September 1, 2020. It has a term of one year and provides that Norwest is entitled to
a basic management services fee of $640,000 between September 1, 2020 and August 31, 2021.

 

In addition, Norwest is entitled to participate
in an annual bonus pool in an amount to be determined annually by the HRC Committee and to participate in any long-term incentive
plan, the Option & RSU Plan, the ESPP, and any RRSP contribution program or any similar plan we may create in the manner and
to the extent authorized by the Board. Norwest is also entitled to reimbursement for certain expenses incurred on our behalf by
Mr. John Levy, including reasonable travel and other out–of–pocket expenses, provided such expenses were actually and
properly incurred by Mr. John Levy in connection with management of the business.

 

Employment Agreements

 

We entered into an employment
agreement with Mr. Benjamin Levy, President and Chief Operating Officer, effective October 19, 2012 (the “Benjamin Levy
Agreement”). Pursuant to the Benjamin Levy Agreement, Mr. Benjamin Levy’s base salary is to be reviewed annually
by the HRC Committee and was raised to $385,000 effective September 1, 2019. Mr.
Benjamin Levy is also entitled to participate in an annual bonus pool to be determined annually by the HRC Committee, as well as
in the Option & RSU Plan and ESPP, and is entitled to a benefits package. Mr. Benjamin Levy does not receive compensation in
his capacity as one of our directors.

 

We entered into an employment
agreement with Mr. Alvin Lobo, Chief Financial Officer, effective September 3, 2019 (the “Alvin Lobo Agreement”).
Pursuant to the Alvin Lobo Agreement, Mr. Alvin Lobo’s base salary is to be reviewed annually by the HRC Committee. Mr. Alvin
Lobo is also entitled to participate in an annual bonus pool to be determined annually by the HRC Committee, as well as in the
Option & RSU Plan and ESPP, and is entitled to a benefits package.

 

We entered into an employment
agreement with Mr. Hecham Ghazal, Chief Technology Officer, effective September 1, 2019 (the “Hecham Ghazal Agreement”).
Pursuant to the Hecham Ghazal Agreement, Mr. Hecham Ghazal’s base salary is to be reviewed annually by the HRC Committee.
Mr. Hecham Ghazal is also entitled to participate in an annual bonus pool to be determined annually by the HRC Committee, as well
as in the Option & RSU Plan and ESPP, and is entitled to a benefits package.

 

We entered into an employment
agreement with Mr. Joshua Sidsworth, General Counsel and Chief Compliance Officer, effective December 9, 2019 (the “Joshua
Sidsworth Agreement”). Pursuant to the Joshua Sidsworth Agreement, Mr. Joshua Sidsworth’s base salary is to be
reviewed annually by the HRC Committee. Mr. Joshua Sidsworth is also entitled to participate in an annual bonus pool to be determined
annually by the HRC Committee, as well as in the Option & RSU Plan and ESPP, and is entitled to a benefits package

 

Incentive
Plan Awards

 

Outstanding Option–Based Awards

 

The following table presents awards of
stock options granted to the Named Executive Officers under the Option & RSU Plan as of August 31, 2020.

 

     

    -36-

    

 

	 	Option-Based Awards	Restricted Share Unit-Based Awards
	Name	Number of Securities Underlying Unexercised Options (#)	Option Exercise Price (C$)	Option Expiration 

Date	Value
    of
 Unexercised in-

the-Money 

Options

 (C$)(1)	Number of Securities

 That Have

 Not Vested 

(#)	Market or Payout 

Value of Awards

 That Have

 Not Vested

 ($)	Market or Payout Value

 of Vested 

Awards Not

 Paid Out or Distributed

 ($)(2)
	John Levy	
        600,000

         

        600,000

         

        600,000

         

        600,000

         

        1,200,000

         

        1,200,000

         

        1,200,000

         

        1,600,000
	
        $0.85

         

        $0.30

         

        $0.145

         

        $0.21

         

        $0.31

         

        $0.29

         

        $0.18

         

        $0.13
	
        January 22, 2030

         

        January 23, 2029

         

        January 11, 2028

         

        October 19, 2026

         

        November 16, 2025

         

        October 14, 2024

         

        October 23, 2023

         

        November 28, 2022 
	
        nil

         

        $192,000

         

        $285,000

         

        $246,000

         

        $372,000

         

        $396,000

         

        $528,000

         

        $784,000 
	nil	nil	nil
	Benjamin Levy	
        500,000

         

        500,000

         

        500,000

         

        300,000

         

        600,000

         

        600,000

         

        600,000

         

        400,000
	
        $0.85

         

        $0.30

         

        $0.145

         

        $0.21

         

        $0.31

         

        $0.29

         

        $0.18

         

        $0.13
	
        January 22, 2030

         

        January 23, 2029

         

        January 11, 2028

         

        October 19, 2026

         

        November 16, 2025

         

        October 14, 2024

         

        October 23, 2023

         

        November 28, 2022
	
        nil

         

        $160,000

         

        $237,500

         

        $123,000

         

        $186,000

         

        $198,000

         

        $264,000

         

        $196,000
	nil	nil	nil
	Alvin Lobo	
        1,000,000

         

        200,000
	
        $0.85

         

        $0.345
	
        January 22, 2030

         

        June 25, 2029
	
        nil

         

        $55,000
	nil	nil	nil
	Hecham Ghazal	
        2,750,000

         

        150,000
	
        0.145

         

        0.21
	
        January 11, 2028

         

        October 19, 2026
	
        $1,306,250

         

        $61,500
	nil	nil	nil
	Joshua Sidsworth	1,000,000 	$0.85	January 22, 2030	nil 	nil	nil	nil

 

   Notes: 

		(1)	The “Value of Unexercised in-the-Money Options” is calculated on the basis of the difference
between the closing price of the Class A Shares on the TSX Venture Exchange on August 31, 2020 ($0.62) and the exercise price of
the options. We voluntarily delisted the Class A Shares from the TSX Venture Exchange and listed the Class A Shares on the Toronto
Stock Exchange effective September 15, 2020; occurring after the completion of the fiscal year to which this Circular relates.

		(2)	As an initiative to manage cost during the COVID-19 pandemic, management agreed to forego 25% of
their salaries from May 1, 2020 to August 31, 2020 in exchange for the equivalent value of restricted share units.

 

     

    -37-

    

 

Value Vested or Earned During F2020

 

The following table presents the value
of incentive plan awards that vested or were earned for each Named Executive Officer for the fiscal year ended August 31, 2020.
All awards that vested or were earned by Named Executive Officers during the fiscal year ended August 31, 2020 were granted by
theScore.

 

	Name	Option-Based Awards – 

Value Vested During the 

Year (C$)(1)	Restricted Share Unit-

Based Awards – Value Vested During the Year

 (C$)(2)	Non-Equity Incentive

 Plan Compensation – 

Value Earned During the

 Year (C$)
	John Levy	$165,000	$59,410	nil
	Benjamin Levy	$125,500	$35,739	nil
	Alvin Lobo	$15,200	$30,633	nil
	Hecham Ghazal	$348,250	$27,848	nil
	Joshua Sidsworth	nil	$30,169	nil

 

Notes:

		(1)	The “Option-Based Awards – Value Vested During the Year” amounts are calculated
on the basis of the difference between the closing price of the Class A Shares on the TSX Venture Exchange on the date of vesting
and the exercise price of the options. We voluntarily delisted the Class A Shares from the TSX Venture Exchange and listed the
Class A Shares on the Toronto Stock Exchange effective September 15, 2020; occurring after the completion of the fiscal year to
which this Circular relates.

		(2)	As an initiative to manage cost during the COVID-19 pandemic, management agreed to forego 25% of
their salaries from May 1, 2020 to August 31, 2020 in exchange for the equivalent value of restricted share units.

 

Termination and Change
in Control Benefits

 

All the Named Executive Officers have contractual
arrangements with us that provide for certain rights of payment upon termination of employment and/or a change of control.

 

The Management Services Agreement (see
 “EXECUTIVE COMPENSATION – Contracts With Named Executive Officers – Management Services Agreement) provides that
we may terminate the Management Services Agreement at any time upon: (a) payment to Norwest of two times the sum of the highest
annual basic management fee earned in any one of the three most recently completed fiscal years and the highest bonus fees earned
in any one of the three most recently completed fiscal years; and (b) accelerated vesting of all options which will vest within
twelve months of the termination date.

 

The Benjamin Levy Agreement (see “EXECUTIVE
COMPENSATION – Contracts With Named Executive Officers – Employment Agreements”) may be terminated by us at any
time upon payment of twelve months’ salary to Mr. Benjamin Levy.

 

The Benjamin Levy Agreement provides that
Mr. Benjamin Levy will not, unless terminated without cause, for a period of six months following the termination of employment
with us, work on an employment basis, contract basis or otherwise with or for an entity that is primarily engaged in the digital
sports media business or the digital sports media division of a larger firm, company or other organization in the United States
or Canada.

 

The Alvin Lobo Agreement (see “EXECUTIVE
COMPENSATION – Contracts With Named Executive Officers – Employment Agreements”) may be terminated by us within
the first eighteen months of its term at any time upon payment of six months’ salary to Mr. Alvin Lobo and may be terminated
by us following the first eighteen months of its term at any time upon payment of twelve months’ salary to Mr. Alvin Lobo.

 

     

    -38-

    

 

The Hecham Ghazal Agreement (see “EXECUTIVE
COMPENSATION – Contracts With Named Executive Officers – Employment Agreements”) may be terminated by us at any
time upon payment of twelve months’ salary to Mr. Hecham Ghazal.

 

The Joshua Sidsworth Agreement (see “EXECUTIVE
COMPENSATION – Contracts With Named Executive Officers – Employment Agreements”) may be terminated by us within
the first year of its term at any time upon payment of eight months’ salary to Mr. Joshua Sidsworth and may be terminated
by us following the first year of its term at any time upon payment of twelve months’ salary to Mr. Joshua Sidsworth.

 

The following table describes the estimated
incremental payments, payables and other benefits that would have been received by each Named Executive Officer if we had undergone
a change of control or his or her employment with us had been terminated, as applicable, as of August 31, 2020.

 

	

Name	Scenario	Total	Severance	Stock Options
	John Levy	Termination	$2,015,400	$1,920,000	$95,4002
	 	Change of Control	nil	nil	nil
	Benjamin Levy	Termination	$385,000	$385,000	nil
	 	Change of Control	nil	nil	nil
	Alvin Lobo	Termination	$165,000	$165,000	nil
	 	Change of Control	nil	nil	nil
	Hecham Ghazal	Termination	$300,000	$300,000	nil
	 	Change of Control	nil	nil	nil
	Joshua Sidsworth	Termination	$216,667	$216,667	nil
	 	Change of Control	nil	nil	nil

 

Compensation of Directors

 

The following table below sets forth information
concerning compensation paid to our non-executive directors in the fiscal year ended August 31, 2020 under the compensation arrangements
described above.

 

Mr. John Levy, the Chairman and Chief Executive
Officer, and Mr. Benjamin Levy, President and Chief Operating Officer are currently two of our directors. The compensation received
by Mr. John Levy and Mr. Benjamin Levy in respect of the fiscal year ended August 31, 2020 is described above in “Summary
Compensation Table”.

 

 

		2	Represents in-the-money value of stock options which
would have vested between September 1, 2019 - August 31, 2020, which vesting would be accelerated upon termination pursuant to
the terms of the Management Services Agreement. Value of in-the-money stock options is calculated on the basis of the difference
between the closing price of the Class A Shares on the TSX Venture Exchange on August 31, 2020 ($0.62) and the exercise price
of the options. We voluntarily delisted the Class A Shares from the TSX Venture Exchange and listed the Class A Shares on the
Toronto Stock Exchange effective September 15, 2020; occurring after the completion of the fiscal year to which this Circular
relates.

 

     

    -39-

    

 

	
        

        Name

        
	Fees 

Earned

(C$)(1)	Option Based

 Awards

(C$)(2)	Restricted Share unit Award

(C$)(3)	All Other

 Compensation

(C$)(4)	Total

(C$)
	John Albright	$21,667	$70,174	$14,853	$1,667	$108,360
	Brian Cooper(5)	$986	n/a	$14,853	$99	$15,938
	Ralph Lean	$29,333	$70,174	$20,422	$2,667	$122,596
	Angela Ruggiero(6)	n/a	n/a	n/a	n/a	n/a
	Lorry Schneider(7)	$20,808	$70,174	nil	$2,581	$93,563
	Mark Scholes(7)	$29,333	$70,174	$20,422	$2,667	$122,596
	William Thomson	$34,000	$70,174	$24,135	$2,667	$130,976
	Mark Zega	$20,808	$70,174	nil	$2,581	$93,563

 

Notes:

		(1)	The sums represented in the “Fees Earned” column of this table include all fees earned
for services as a director, including annual retainer fees, committee Chair and meetings fees.

		(2)	All stock options relate to options to purchase Class A Shares. For more information on our share-based
awards and related accounting considerations, please refer to Note 10 in our consolidated financial statements for the year ended
August 31, 2020.

		(3)	As an initiative to manage cost during the COVID-19 pandemic Directors agreed to forego 25% of
their fees earned from May 1, 2020 to August 31, 2020 in exchange for the equivalent value of restricted share units.

		(4)	Other compensation includes our matching of directors ESPP contributions.

		(5)	Mr. Brian Cooper was appointed as a director on April 22, 2020.

		(6)	Ms. Angela Ruggiero was appointed as a director on October 14, 2020.

		(7)	Mr. Lorry Schneider and Mr. Mark Zega resigned as directors, effective April 22, 2020.

 

Our directors who are also our officers
receive no compensation for acting as directors. From September 1, 2019 to December 31, 2019 the annual retainer fee for each eligible
director was $22,000 per annum and starting January 1, 2020 the annual retainer was increased to $40,000. From September 1, 2019
to December 31, 2019 attendance fees were $1,000 per meeting of the Board and starting January 1, 2020 these fees were eliminated.
Each director is required to purchase $8,000 of Class A Shares per annum.

 

In addition to the above compensation,
the Chair of the Audit Committee receives an additional $25,000 per annum while the Chairs of the HRC Committee and the Nominating
and Corporate Governance Committee receive an additional $15,000 per annum, respectively. All directors are reimbursed for miscellaneous
out–of–pocket expenses incurred in carrying out their duties as directors.

 

Outstanding Security–Based Awards

 

The following table presents awards of
stock options granted to the directors under the Option & RSU Plan as of August 31, 2020.

 

Mr. John Levy, the Chairman and Chief Executive
Officer, and Mr. Benjamin Levy, President and Chief Operating Officer are currently two of our directors. The compensation received
by Mr. John Levy and Mr. Benjamin Levy in respect of the fiscal year ended August 31, 2020 is described above in “Summary
Compensation Table”.

 

     

    -40-

    

 

	 	Option-Based Awards	Restricted Share Unit-Based Awards
	Name	Number of Securities Underlying Unexercised Options (#)	Option Exercise Price (C$)	Option

 Expiration Date	Value
    of
 Unexercised in-the-

Money 

Options (C$)(1)	Number

 of Securities That 

Have Not Vested

 (#)	Market or Payout 

Value of Awards

 That Have

 Not Vested 

($)	Market or

 Payout Value 

of Vested 

Awards Not 

Paid Out or Distributed

 ($)
	John Albright	
        100,000

         

        100,000

         

        80,000

         

        60,000

         

        120,000

         

        40,000

         

        40,000 
	
        $0.850

         

        $0.300

         

        $0.145

         

        $0.210

         

        $0.310

         

        $0.290

         

        $0.180 
	
        January 22, 2030

         

        January 23, 2029

         

        January 11, 2028

         

        October 19, 2026

         

        November 16, 2025

         

        October 14, 2024

         

        October 23, 2023 
	
        nil

         

        $32,000

         

        $38,000

         

        $24,600

         

        $37,200

         

        $13,200

         

        $17,600 
	nil	nil	nil
	Brian Cooper	n/a	n/a	n/a	n/a	nil	nil	nil
	Ralph Lean	
        100,000

         

        100,000

         

        80,000

         

        60,000

         

        120,000

         

        40,000

         

        40,000

         

        40,000 
	
        $0.850

         

        $0.300

         

        $0.145

         

        $0.210

         

        $0.310

         

        $0.290

         

        $0.180

         

        $0.130 
	
        January 22, 2030

         

        January 23, 2029

         

        January 11, 2028

         

        October 19, 2026

         

        November 16, 2025

         

        October 14, 2024

         

        October 23, 2023

         

        November 27, 2022 
	
        nil

         

        $32,000

         

        $38,000

         

        $24,600

         

        $37,200

         

        $13,200

         

        $17,600

         

        $19,600 
	nil	nil	nil
	Angela Ruggiero(2)	n/a	n/a	n/a	n/a	nil	nil	nil
	Lorry Schneider(3)	n/a	n/a	n/a	n/a	nil	nil	nil
	Mark Scholes	
        100,000

         

        100,000

         

        80,000

         

        60,000

         

        120,000

         

        40,000

         

        40,000

         

        40,000 
	
        $0.850

         

        $0.300

         

        $0.145

         

        $0.210

         

        $0.310

         

        $0.290

         

        $0.180

         

        $0.130 
	
        January 22, 2030

         

        January 23, 2029

         

        January 11, 2028

         

        October 19, 2026

         

        November 16, 2025

         

        October 14, 2024

         

        October 23, 2023

         

        November 27, 2022 
	
        nil

         

        $32,000

         

        $38,000

         

        $24,600

         

        $37,200

         

        $13,200

         

        $17,600

         

        $19,600 
	nil	nil	nil
	William Thomson	
        100,000

         

        100,000

         

        80,000

         

        60,000

         

        120,000

         

        40,000

         

        40,000

         

        40,000 
	
        $0.850

         

        $0.300

         

        $0.145

         

        $0.210

         

        $0.310

         

        $0.290

         

        $0.180

         

        $0.130 
	
        January 22, 2030

         

        January 23, 2029

         

        January 11, 2028

         

        October 19, 2026

         

        November 16, 2025

         

        October 14, 2024

         

        October 23, 2023

         

        November 27, 2022 
	
        nil

         

        $32,000

         

        $38,000

         

        $24,600

         

        $37,200

         

        $13,200

         

        $17,600

         

        $19,600 
	nil	nil	nil
	Mark Zega(3)	n/a	n/a	n/a	n/a	nil	nil	nil

 

Notes:

		(1)	The “Value of Unexercised in-the-Money Options” is calculated on the basis of the difference
between the closing price of the Class A Shares on the TSX Venture Exchange on August 31, 2020 ($0.62) and the exercise price of
the options. We voluntarily delisted the Class A Shares from the TSX Venture Exchange and listed the Class A Shares on the Toronto
Stock Exchange effective September 15, 2020; occurring after the completion of the fiscal year to which this Circular relates.

		(2)	Ms. Angela Ruggiero was appointed as a director on October 14, 2020.

		(3)	Mr. Lorry Schneider and Mr. Mark Zega resigned as directors, effective April 22, 2020 and as of
August 31, 2020 have not options outstanding.

 

     

    -41-

    

 

Value Vested or Earned During F2020

 

The following table presents the value
of incentive plan awards that vested or were earned for each director for the fiscal year ended August 31, 2020. All awards that
vested or were earned by directors during the fiscal year ended August 31, 2020 were granted by theScore.

 

Mr. John Levy, the Chairman and Chief Executive
Officer, and Mr. Benjamin Levy, President and Chief Operating Officer are currently two of our directors. The compensation received
by Mr. John Levy and Mr. Benjamin Levy in respect of the fiscal year ended August 31, 2020 is described above in “Summary
Compensation Table”.

 

	Name	Option-Based Awards – 

Value Vested During the 

Year (C$)(1)	Restricted Share

 Unit-Based Awards –

 Value Vested During 

the Year (C$)	Non-Equity Incentive

 Plan Compensation – 

Value Earned During the 

Year (C$)
	John Albright	$22,600	$14,853	nil
	Brian Cooper	n/a	$14,853	n/a
	Ralph Lean	$22,600	$20,422	nil
	Angela Ruggiero(2)	n/a	nil	n/a
	Lorry Schneider	$13,760	nil	nil
	Mark Scholes	$22,600	$20,422	nil
	William Thomson	$22,600	$24,135	nil
	Mark Zega	$13,760	nil	nil

 

Notes:

		(1)	The “Option-Based Awards – Value Vested During the Year” amounts are calculated
on the basis of the difference between the closing price of the Class A Shares on the TSX Venture Exchange on the date of vesting
and the exercise price of the options. We voluntarily delisted the Class A Shares from the TSX Venture Exchange and listed the
Class A Shares on the Toronto Stock Exchange effective September 15, 2020; occurring after the completion of the fiscal year to
which this Circular relates.

		(2)	Ms. Angela Ruggiero was appointed as a director on October 14, 2020.

 

     

    -42-

    

 

Securities
authorized for issuance under equity compensation plans

 

The following table sets out summary information
with respect to the Option & RSU Plan as at August 31, 2020.

 

	Plan Category	Number of Class A Shares to

 be Issued Upon Exercise of Outstanding  Options	Weighted-Average Exercise 

Price of Outstanding Options	Number of Securities

 Remaining Available for

 Future Issuance Under

 Equity Compensation Plans
	Equity Compensation plan approved by Shareholders 	35,738,583	$0.38	13,209,909
	Equity Compensation plan not approved by Shareholders	nil	n/a	n/a
	 	 	 	 	 	 	 

INDEBTEDNESS
OF DIRECTORS AND EXECUTIVE OFFICERS

 

None of our directors or executive officers,
nor any of their respective associates or affiliates, is or has been at any time indebted to us or any of our subsidiaries in our
last fiscal year.

 

interest
of informed persons in material transactions

 

No person who was an informed person (as
such term is defined in National Instrument 51-102 – Continuous Disclosure Obligations) of theScore, who was proposed
to be one of our directors, or any associate or affiliate of any informed person or proposed director, had a material interest,
direct or indirect, in any transaction since the commencement of our most recently completed financial year or in any proposed
transaction which has materially affected or would materially affect us or any of our subsidiaries, including those matters to
be acted upon at the Meeting.

 

ADDITIONAL
INFORMATION

 

Additional information, including (without
limitation) financial information, is contained in our consolidated financial statements and Management’s Discussion and
Analysis as at and for the years ended August 31, 2020 and 2019 and our AIF dated October 28, 2020. Additional information relating
to theScore is available on SEDAR at www.sedar.com. Shareholders can contact us at https://scoremediaandgaming.com/
to request copies of our consolidated financial statements and Management’s Discussion and Analysis as at and for the
years ended August 31, 2020 and 2019.

 

     

    -43-

    

 

APPROVAL
BY BOARD OF DIRECTORS

 

The Board has approved
the contents and sending of this Management Information Circular.

 

DATED at Toronto, this
8th day of January, 2021.

 

By Order of the Board of Directors,

 

	 	“John Levy”

                                                       
	 
	 	Chairman and Chief Executive Officer	 

 

     

    -44-

    

 

APPENDIX A

 

AMENDED OPTION & RSU PLAN

 

(See attached.)

 

     

     

    

 

 

 

SCORE MEDIA AND GAMING INC.

 

SECOND AMENDED AND RESTATED STOCK
OPTION AND RESTRICTED STOCK UNIT PLAN

 

Effective February ●, 2021

 

     

     

    

 

Table of Contents

 

Page

 

	Article I
    Defined Terms	3
	Article II
    Purpose of Plan	5
	Article III
    Administration of the Plan	6
	Article IV
    Shares Subject to Plan	6
	Article V
    Eligibility, Grant and Certain Terms of Awards	7
	Article VI
    Termination; Death	8
	Article VII
    Options	9
	Article VIII
    Restricted Share Units	10
	Article IX
    Certain Adjustments	11
	Article X
    Amendment or Discontinuance of Plan	12
	Article XI
    Miscellaneous Provisions	14
	Article XII
    Shareholder and Regulatory Approval	15

 

     

     

    

 

Article I

Defined Terms

 

1.1         
Where used herein, the following terms will have the following meanings, respectively:

 

		(a)	“Applicable
                                         Laws” means all securities, corporate and other laws, rules, policies and regulations
                                         (whether Canadian or foreign, and whether established by federal, provincial or territorial
                                         governmental bodies or securities regulatory authorities) and all stock exchange requirements
                                         applicable to the Corporation in relation to the administration and implementation of
                                         the Plan.

 

		(b)	“Associate”
                                         has the meaning set forth in Part I of the TSX Company Manual;

 

		(c)	“Award”
                                         means a grant under the Plan of Options or Restricted Share Units;

 

		(d)	“Black
                                         Out Period” means any period during which a policy of the Corporation prevents
                                         an Insider from trading in securities of the Corporation;

 

		(e)	“Board”
                                         means the board of directors of the Corporation;

 

		(f)	“Business
                                         Day” means any day, other than a Saturday, Sunday or a statutory holiday on
                                         which the Exchange is open for trading;

 

		(g)	“Clawback
                                         Policy” has the meaning attributed thereto in Section 5.6 hereof;

 

		(h)	“Committee”
                                         has the meaning attributed thereto in Article III hereof;

 

		(i)	“Corporation”
                                         means Score Media and Gaming Inc. and includes any successor corporation thereto;

 

		(j)	“Eligible
                                         Person” means any director, officer or Employee of the Corporation and its
                                         Subsidiaries, or a Service Provider;

 

		(k)	“Employee”
                                         means: (a) an individual who is considered an employee of the Corporation or its Subsidiary
                                         under the Income Tax Act (Canada) (and for whom income tax, employment insurance
                                         and CPP deductions must be made at source); (b) an individual who works full-time for
                                         the Corporation or its Subsidiary providing services normally provided by an employee
                                         and who is subject to the same control and direction by the Corporation over the details
                                         and methods of work as an employee of the Corporation, but for whom income tax deductions
                                         are not made at source; or (c) an individual who works for the Corporation or its Subsidiary
                                         on a continuing and regular basis for a minimum amount of time per week providing services
                                         normally provided by an employee and who is subject to the same control and direction
                                         by the Corporation over the details and methods of work as an employee of the Corporation,
                                         but for whom income tax deductions are not made at source;

 

		(l)	“Employee
                                         Optionee” has the meaning attributed thereto in Section 6.1 hereof;

 

		(m)	“Employee
                                         Optionee Termination Date” has the meaning attributed thereto in Section 6.1
                                         hereof;

 

     

    - 4 -

    

 

		(n)	“Employee
                                         RSU Grantee” has the meaning attributed thereto in Section 6.7 hereof;

 

		(o)	“Employee
                                         RSU Grantee Termination Date” has the meaning attributed thereto in Section
                                         6.7 hereof;

 

		(p)	“Exchange”
                                         means the Toronto Stock Exchange;

 

		(q)	“Holding
                                         Company” means a holding company wholly-owned by an Eligible Person;

 

		(r)	“Insider”
                                         has the meaning set forth in Part I of the TSX Company Manual;

 

		(s)	“Market
                                         Price” means the closing price of the Shares on the Exchange on the Business
                                         Day immediately preceding the day on which the Options are granted or, if no Shares have
                                         been traded on such immediately preceding Business Day, the weighted average trading
                                         price for the five Business Days on which Shares have been traded immediately preceding
                                         the day on which the Options are granted, or such other amount as the Committee may determine
                                         to be the fair market value of a Share;

 

		(t)	“Option”
                                         means an option to purchase Shares granted under the Plan;

 

		(u)	“Option
                                         Price” means the price per Share at which Shares may be purchased under the
                                         Option as the same may be adjusted from time to time in accordance with Article IX
                                         hereof, which for greater certainty will never be less than the Market Price on the date
                                         of the grant of the Option;

 

		(v)	“Optionee”
                                         means a person to whom an Option has been granted;

 

		(w)	“Participant”
                                         means the holder of an outstanding Award granted or awarded under the Plan;

 

		(x)	“Plan”
                                         means this Amended and Restated Stock Option and Restricted Stock Unit Plan of the Corporation;

 

		(y)	“RSU
                                         Grantee” means a person to whom a Restricted Share Unit has been awarded;

 

		(z)	“Restricted
                                         Share Unit” means a right to receive Shares in the settlement of an Award granted
                                         pursuant to Article VIII of the Plan;

 

		(aa)	“RSU
                                         Grant Date” means the date that the Restricted Share Unit is granted to an
                                         RSU Grantee under the Plan, as evidenced by the Restricted Share Unit grant letter, and
                                         refers also to the date that the Restricted Share Unit is credited to the RSU Grantee
                                         which must always be in the same calendar year;

 

		(bb)	“Service
                                         Provider” has the meaning set forth in Section 613(b) of the TSX Company Manual;

 

		(cc)	“Services
                                         Optionee” has the meaning attributed thereto in Section 6.3 hereof;

 

     

    - 5 -

    

 

		(dd)	“Services
                                         Optionee Termination Date” has the meaning attributed thereto in Section 6.3
                                         hereof;

 

		(ee)	“Services
                                         RSU Grantee” has the meaning attributed thereto in Section 6.8 hereof;

 

		(ff)	“Services
                                         RSU Grantee Termination Date” has the meaning attributed thereto in Section
                                         6.8 hereof;

 

		(gg)	“Shares”
                                         means the Class A Subordinate Voting Shares in the capital of the Corporation, or such
                                         other shares or securities to which a Participant may be entitled as a result of an adjustment
                                         in accordance with Article IX;

 

		(hh)	“Subsidiary”
                                         means any body corporate which is a “subsidiary” (as such term is defined
                                         in the corporate statute governing the Corporation, as the same may be amended from time
                                         to time); and

 

		(ii)	“TSX
                                         Company Manual” means the TSX Company Manual of the Exchange (as the same may
                                         be amended from time to time).

 

1.2         
In this Plan, words imparting the singular number only will include the plural and vice versa and words imparting
the masculine will include the feminine.

 

1.3         
The headings of the articles of this Plan are inserted herein solely to facilitate the reading hereof and will not
be used to interpret the Plan.

 

1.4         
All references in the Plan text to a currency or to amounts expressed in dollars will refer to the currency having
legal tender in Canada.

 

1.5         
This Plan will be governed by and construed in accordance with the laws of the Province of Ontario and the federal
laws of Canada applicable therein.

 

Article II

Purpose of Plan

 

2.1         
The purpose of the Plan is to advance the interests of the Corporation by encouraging the directors, officers, Employees
and Service Providers of the Corporation and its Subsidiaries to acquire Shares thereby:

 

		(i)	increasing
                                         the proprietary interests of such persons in the Corporation;

 

		(ii)	further
                                         aligning the interests of such persons with the interests of the Corporation’s
                                         shareholders generally;

 

		(iii)	encouraging
                                         such persons to remain associated with the Corporation; and

 

		(iv)	enhancing
                                         the Corporation’s ability to attract, retain and motivate key personnel and reward
                                         significant performance achievements.

 

     

    - 6 -

    

 

Article III

Administration of the Plan

 

3.1         
Subject to any agreement to the contrary entered into by the Corporation: (i) the Plan will be administered by the
Human Resources and Compensation Committee (the “Committee”) appointed by the Board; and (ii) the members of
the Committee will serve at the pleasure of the Board and vacancies occurring in the Committee will be filled by the Board.

 

3.2         
The Committee will select one of its members as its Chairman and will hold its meetings at such time and place as
it deems advisable. A majority of the members of the Committee will constitute a quorum and all actions of the Committee will
be taken by a majority of the members present at any meeting. Any action of the Committee may be taken by an instrument or instruments
in writing signed by all members of the Committee, and any action so taken will be as effective as if it had been passed by a
majority of the votes cast by the members of the Committee present at a meeting of such members duly called and held.

 

3.3         
Subject to the limitations of the Plan, the Committee will have the power and authority to:

 

		(i)	adopt,
                                         amend and rescind such administrative guidelines and other rules and regulations for
                                         carrying out the purposes, provisions and administration of the Plan as it, from time
                                         to time, deems advisable;

 

		(ii)	interpret
                                         the Plan and make all other determinations and take all other actions in connection with
                                         the implementation and administration of the Plan and any Award granted pursuant to the
                                         Plan;

 

		(iii)	determine
                                         which Eligible Persons will be granted Options and Restricted Share Units;

 

		(iv)	determine
                                         the Option Price;

 

		(v)	determine
                                         the time or times when Awards will be granted;

 

		(vi)	determine
                                         if the Shares which are subject to an Award will be subject to any restrictions upon
                                         the exercise or settlement of such Award; and

 

		(vii)	prescribe
                                         the form of the instruments relating to the grant, exercise, settlement and other terms
                                         of Awards.

 

The Committee’s administration guidelines,
rules, regulations, interpretations and determinations will be final, binding and conclusive upon the Corporation and all other
persons for all purposes.

 

Article IV

Shares Subject to Plan

 

4.1         
Awards may be granted in respect of authorized and unissued Shares provided that the aggregate number of Shares
that may be issued, at any time, under this Plan (subject to adjustment or increase of such number pursuant to the provisions
of Article IX hereof) will not exceed 65,000,000 Shares provided that the Board will have the right from time to time, to
increase such number subject to Applicable Laws. For the purposes of this Plan, the Corporation will reserve such number of Shares
out of its authorized and unissued Shares. Shares in respect of Awards that have expired, terminated or been cancelled for any
reason without being exercised will be available for subsequent grants of Awards under the Plan. No fractional Shares may be purchased
or issued under the Plan. For purposes of this Section 4.1, the number of Shares that will be counted against the Plan in respect
of Restricted Share Units will be equal to the number of Shares the RSU Grantees would be entitled to receive under the Plan if
the Restricted Share Units were settled on the RSU Grant Dates.

 

     

    - 7 -

    

 

4.2         
The maximum number of Shares that may be issued to any one Participant under the Plan and any other share-based
compensation arrangement adopted by the Corporation, at any time in any twelve (12) month period, will not exceed 5% of the Shares
issued and outstanding at the date on which the Award was granted.

 

4.3         
The aggregate number of Shares that may be issuable, at any time, under Awards awarded to Insiders (as a group),
together with Shares that may be issuable under awards awarded to Insiders (as a group) under any other share-based compensation
arrangement adopted by the Corporation, may not exceed 10% of the issued and outstanding Shares. The aggregate number of Shares
that may be issued, within any twelve (12) month period, under Awards awarded to Insiders (as a group), together with Shares that
may be issued under awards awarded to Insiders (as a group) under any other share-based compensation arrangement adopted by the
Corporation, may not exceed 10% of the issued and outstanding Shares.

 

Article V

Eligibility, Grant and Certain Terms of Awards

 

5.1         
Options and Restricted Share Units may be granted or awarded to Eligible Persons on terms and conditions (including
vesting) approved by the Committee.

 

5.2         
Awards will be granted or awarded by the Corporation only pursuant to recommendations of the Committee; provided
and to the extent that such recommendations are approved by the Board.

 

5.3         
Notwithstanding any other term of this Plan, no Award will have an expiry date that is more than ten (10) years from the date
on which the Award was granted or awarded.

 

5.4         
If required by any Applicable Laws, upon the granting of Awards to Employees or Service Providers, the Corporation
will represent to the Exchange that said Participants are bona fide Employees or Service Providers, as the case may be.

 

5.5          An
Award is personal to the Participant (but upon written notice by the Participant, any Award that might otherwise be granted or
awarded to that Participant will be granted or awarded, in whole or in part, to a Holding Company established by and for the sole
benefit of the Participant) and may not be sold, assigned, pledged, transferred or encumbered in any way (except to a Holding
Company established by and for the sole benefit of the Participant).

 

5.6         
Notwithstanding any other provisions in this Plan, the Corporation may cancel any Award, require reimbursement of
any Award by a Participant and effect any other right of recovery or recoupment of the cash value of any equity or other compensation
provided under the Plan under Applicable Laws, stock exchange listing requirements or in accordance with any policies of the Corporation
that may be adopted or modified from time to time (each, a “Clawback Policy”). By accepting an Award, the Participant
is agreeing to be bound by any Clawback Policy as in effect on the date of grant (or as may be adopted or modified from time to
time by the Corporation to comply with Applicable Laws or stock exchange listing requirements).

 

     

    - 8 -

    

 

Article VI

Termination; Death

 

Optionees

 

6.1         
Subject to Section 6.2 hereof and to any express resolution passed by the Committee with respect to an Option, an
Option, and all rights to purchase Shares pursuant thereto granted to a director, officer or Employee of the Corporation or its
Subsidiaries (an “Employee Optionee”), will expire and terminate immediately upon the date on which the Employee
Optionee ceases to be an Employee Optionee (such date being referred to herein as the “Employee Optionee Termination
Date”).

 

6.2         
If, before the expiry of an Option in accordance with the terms thereof, the employment of an Employee Optionee
by the Corporation or its Subsidiaries will terminate for any reason whatsoever other than termination by reason of the death
of the Employee Optionee, such Option may, subject to the terms thereof and any other terms of the Plan, be exercised at any time
within sixty (60) days after the Employee Optionee Termination Date (but in any case prior to the expiry of the Option in accordance
with the terms thereof), but only to the extent that the Employee Optionee was entitled to exercise such Options at the Employee
Optionee Termination Date. In the event of the death of an Employee Optionee and, subject to Section 7.3 hereof, the legal representatives
of the Employee Optionee may exercise the Options held by the Employee Optionee on the foregoing terms provided the Options are
exercised or settled within one hundred and eighty (180) days of the Employee Optionee Termination Date.

 

Without limitation, and for greater certainty
only, this section will apply regardless of whether the Employee Optionee was dismissed with or without cause and regardless of
whether the Employee Optionee received compensation in respect of dismissal or was entitled to a notice period of termination
which would otherwise have permitted a greater portion of the Options to vest.

 

6.3         
Subject to Section 6.4 hereof and to any express resolution passed by the Committee with respect to an Option, an
Option, and all rights to purchase Shares pursuant thereto granted to any Service Provider (a “Services Optionee”),
will expire and terminate immediately upon the date on which the written agreement by which such Services Optionee was retained
was terminated (such date being referred to herein as the “Services Optionee Termination Date”).

 

6.4         
If, before the expiry of an Option in accordance with the terms thereof, the written agreement by which a Services
Optionee was retained is terminated, such Option may, subject to the terms thereof and the other terms of the Plan, be exercised
by the Services Optionee at any time within sixty (60) days of the Services Optionee Termination Date (but in any event prior
to the expiry of the Option in accordance with the terms thereof), but only to the extent that the Services Optionee was entitled
to exercise such Option at the Services Optionee Termination Date.

 

     

    - 9 -

    

 

6.5         
In the event that, prior to the exercise of any Option, the Committee is notified that the relevant Optionee is
incapable, the legal representative of the Optionee may exercise the Options held by the Optionee.

 

6.6         
If the date on which an Option expires occurs during or within ten (10) Business Days after the last day of a Black
Out Period, then the date on which such Option expires will be deemed to be the last Business Day of such ten (10) Business Day
period.

 

RSU Grantees

 

6.7         
Subject to any express resolution passed by the Committee with respect to any Restricted Share Unit, a Restricted
Share Unit which has not yet vested, and all rights to have such Restricted Share Unit settled in accordance with Section 8.1,
will be forfeited immediately upon the date on which the RSU Grantee who is a director, officer or Employee of the Corporation
or its Subsidiaries (an “Employee RSU Grantee”) ceases to be an Employee RSU Grantee (such date being referred
to herein as the “Employee RSU Grantee Termination Date”).

 

Without limitation, and for greater certainty
only, this section will apply regardless of whether the RSU Grantee was dismissed with or without cause and regardless of whether
the RSU Grantee received compensation in respect of dismissal or was entitled to a notice period of termination which would otherwise
have permitted a greater portion of the Restricted Share Units to vest.

 

6.8         
Subject to any express resolution passed by the Committee with respect to any Restricted Share Unit, a Restricted
Share Unit which has not yet vested, and all rights to have such Restricted Share Unit settled in accordance with Section 8.1,
will be forfeited immediately upon the date on which the written agreement by which the RSU Grantee who is a Service Provider
was retained (a “Services RSU Grantee”) was terminated (such date being referred to herein as the “Services
RSU Grantee Termination Date”).

 

Article VII

Options

 

7.1         
The Option Price on Shares which are the subject of any Option will in no circumstances be lower than the Market
Price of the Shares at the date on which the Option was granted.

 

7.2         
Subject to the provisions of the Plan, an Option which has vested may be exercised at any time prior to the expiry
of the Option in accordance with the terms thereof by delivery to the Corporation at its registered office of (i) a written notice
of exercise in such form as from time to time prescribed by the Committee which may include representations, warranties, covenants
and other agreements and undertakings of the Optionee as the Committee may deem appropriate, signed by the Optionee or, if applicable,
the legal representatives of such Optionee, addressed to the Chief Financial Officer of the Corporation specifying the number
of Shares with respect to which the Option is being exercised, (ii) payment, in full, of the Option Price of the Shares to be
purchased in cash or by bank draft or certified cheque at the time of such exercise, and (iii) evidence to the satisfaction of
the Committee that all applicable taxes (including but not limited to withholding taxes) have been adequately provided for. Certificates
for such Shares will be issued and delivered to the Optionee within a reasonable time following the receipt of such notice and
payment.

 

     

    - 10 -

    

 

7.3         
In the event of the exercise of any Options by the legal representative of an Optionee holding such Options, the
legal representative will also deliver to the Corporation evidence satisfactory to the Corporation of the legal representative’s
authority to do so.

 

7.4         
Notwithstanding any of the provisions contained in the Plan or in any Option, the Corporation’s obligation
to issue Shares to an Optionee pursuant to the exercise of an Option will be subject to:

 

		(i)	completion
                                         of such registration or other qualification of such Shares or obtaining approval of such
                                         government authority as the Corporation will determine to be necessary or advisable in
                                         connection with the authorization, issuance or sale thereof;

 

		(ii)	the
                                         admission of such Shares to listing on any stock exchange on which the Shares may then
                                         be listed; and

 

		(iii)	the
                                         receipt from the Optionee of such representatives, agreements and undertaking, including
                                         as to future dealings in such Shares, as the Corporation or its counsel determines to
                                         be necessary or advisable in order to safeguard against the violation of the securities
                                         laws of any jurisdiction.

 

In this connection the Corporation will,
to the extent necessary, take all reasonable steps to obtain such approvals, registrations and qualifications as may be necessary
for the issuance of such Shares in compliance with Applicable Laws and for the listing of such Shares on any stock exchange on
which the Shares are then listed.

 

Article VIII

Restricted Share Units

 

8.1         
The number of Restricted Share Units awarded to an RSU Grantee will be credited to the RSU Grantee’s account,
effective as of the RSU Grant Date. A Restricted Share Unit granted to an RSU Grantee will entitle the RSU Grantee, subject to
the RSU Grantee’s satisfaction of any conditions, restrictions, performance objectives, vesting period or limitations imposed
under the Plan or set out in the Restricted Share Unit grant letter, to receive a payment in fully paid Shares issued from treasury
of the Corporation on the date when the Restricted Share Unit is vested.

 

8.2         
Subject to the absolute discretion of the Committee, the Committee may elect to credit each RSU Grantee holding
Restricted Share Units with additional Restricted Share Units upon the payout of dividends on the Shares. In such case, the number
of additional Restricted Share Units will be equal to the aggregate value of dividends that would have been paid to the RSU Grantee
if the Restricted Share Units in the RSU Grantee’s account had been Shares divided by the Market Price of a Share on the
date on which dividends were paid by the Corporation. The additional Restricted Share Units will vest on the date that the particular
Award of Restricted Share Units to which the additional Restricted Share Units relate are fully vested.

 

8.3         
Each grant of a Restricted Share Unit under the Plan shall be evidenced by a Restricted Share Unit grant letter
of the Corporation, in such form as may be approved by the Committee from time to time, and signed in acknowledgement by the RSU
Grantee. Such Restricted Share Unit grant letter shall be subject to all applicable terms and conditions of the Plan and may include
performance vesting conditions or any other terms and conditions (including clawback provisions) which are not inconsistent with
the Plan and which the Committee deems appropriate for inclusion in a Restricted Share Unit grant letter. The provisions of the
various Restricted Share Unit grant letters issued under the Plan need not be identical. Any Restricted Share Unit granted hereunder
will be settled according to the terms of the Plan and at such times and under such conditions as determined by the Committee
and set forth in the Restricted Share Unit grant letter.

 

     

    - 11 -

    

 

8.4         
In the event that an Employee RSU Grantee Termination Date or a Services RSU Grantee Termination Date occurs by
reason of the RSU Grantee’s death, or in the event that the Committee is notified that an RSU Grantee to whom a settlement
of Restricted Share Units is owed is incapable, the RSU Grantee’s legal representative will deliver to the Corporation evidence
satisfactory to the Corporation of the legal representative’s authority to receive the Shares upon settlement of the Restricted
Share Units.

 

Article IX

Certain Adjustments

 

9.1          The
Board will have the power to make adjustments, as it deems appropriate, with respect to Awards previously granted or to be granted
under this Plan, in the number of Shares subject to Awards and the number of Shares which may be released under this Plan in the
event of and in order to adjust for the effect of any subdivision or consolidation of the Shares, stock dividends or similar distributions
(other than dividends or distributions in the ordinary course), reclassification or conversion of the Shares, recapitalization,
reorganization or distributions, or any other event which, in the opinion of the Board, necessitates action by way of adjustment
to the terms of the outstanding Awards. The Board will exercise the power to adjust pursuant to this Article IX in good faith
and in an equitable manner.

 

9.2         
Subject to any Applicable Laws, the determination and judgment of the Board with respect to any adjustment made
pursuant to this Article IX will be conclusive and binding upon each Participant and each Participant will accept, at the
time of exercise or settlement of any Award held, such lesser or greater number of Shares or other securities as will result from
such adjustment.

 

9.3         
Subject to the provisions of this Plan and unless otherwise determined by the Board, in the event of:

 

		(i)	an
                                         amalgamation, arrangement, consolidation, amendment to the terms of a class of equity
                                         securities or any other transaction of the Corporation, as a consequence of which the
                                         interest of a holder of an equity security of the Corporation may be terminated without
                                         the holder’s consent, regardless of whether the equity security is replaced with
                                         another security (a “business combination”);

 

		(ii)	a
                                         dissolution or liquidation of the Corporation;

 

		(iii)	the
                                         sale of all or substantially all of the assets of the Corporation; or

 

     

    - 12 -

    

 

		(iv)	any
                                         other transaction or series of related transactions which does not result in the shareholders
                                         of the Corporation immediately prior to such transaction or series of related transactions
                                         holding 50% or more of the voting power of the surviving or continuing entity following
                                         such transaction or series of related transactions;

 

then, at the option of the Corporation:

 

		(v)	any
                                         or all outstanding Awards may be assumed by the successor or continuing entity (if any)
                                         and such assumption shall be binding on all Participants or the successor or continuing
                                         entity may provide substantially similar consideration to Participants as was provided
                                         to shareholders of the Corporation (after taking into account the existing provisions
                                         of the Awards);

 

		(vi)	in
                                         the case of a take-over bid, the Corporation will be entitled to accelerate the exercise
                                         or settlement of Awards and:

 

		(A)	the
                                         Optionee may elect to exercise all or any of the Options (whether vested or not at the
                                         time) pursuant to Section 7.2 hereof for the purpose of tendering such Shares under such
                                         formal bid (which exercise shall be conditional upon the offeror taking up Shares under
                                         its take-over bid); and

 

		(B)	the
                                         Restricted Share Units (whether vested or not at the time) will be settled in Shares
                                         for the purpose of tendering such Shares under such formal bid (which settlement shall
                                         be conditional upon the offeror taking up Shares under its take-over bid); and

 

		(vii)	in
                                         the case of a business combination, the Corporation may terminate all of the Awards granted
                                         under this Plan at the time of and subject to the completion of such business combination
                                         by giving at least ten (10) days prior written notice of such termination to each of
                                         the Participants and paying to each of the Participants at the time of completion of
                                         such business combination an amount equal to the fair market value of the Awards held
                                         by such Participant as determined by a recognized investment dealer in Canada which has
                                         not otherwise been retained by the Corporation or any of its Subsidiaries or any other
                                         person in connection with such business combination. Otherwise, any outstanding Awards
                                         will be treated as provided in the applicable agreement or plan with respect to such
                                         transaction. In the event that the successor or continuing entity (if any) refuses to
                                         assume or substitute any outstanding Awards as provided herein, the Corporation will
                                         so notify the Participants in writing and unless otherwise determined by the Board, the
                                         Participants will have ten (10) Business Days following the date such notice was given
                                         to exercise the Awards held by them to the extent that they were entitled to exercise
                                         them as at the date of such notice, failing which such Awards shall be deemed to expire.

 

Article X

Amendment or Discontinuance of Plan

 

10.1      
The Board may amend, suspend or terminate the Plan, or any portion thereof, at any time and without shareholder
approval, subject to those provisions of Applicable Laws, if any, that require the approval of shareholders or any governmental
or regulatory body, except that shareholder approval will be required for the following types of amendments to the Plan:

 

     

    - 13 -

    

 

		(i)	amendments
                                         to the number of Shares issuable under the Plan, including an increase to a fixed maximum
                                         number of Shares or a change from a fixed maximum number of Shares to a fixed maximum
                                         percentage;

 

		(ii)	any
                                         amendment which reduces the Option Price of an Option that is held by an Insider;

 

		(iii)	any
                                         amendment extending the term of an Option (or a Restricted Share Unit, if applicable)
                                         that is held by an Insider beyond its original expiry date;

 

		(iv)	any
                                         amendments that would result in any limits in this Plan on participation by Insiders,
                                         as set forth in Article IV hereof, being removed or exceeded; and

 

		(v)	amendments
                                         required to be approved by shareholders under Applicable Law.

 

Where shareholder approval is sought for
amendments under subsections (ii) - (iv) above, the votes attached to Shares held directly or indirectly by Insiders and Associates
of Insiders benefiting from the amendment will be excluded.

 

Without limiting the generality of the
foregoing, the Board may make the following types of amendments to the Plan without seeking shareholder approval:

 

		(a)	amendments
                                         of a “housekeeping” or ministerial nature including, without limiting the
                                         generality of the foregoing, any amendment for the purpose of curing any ambiguity, error
                                         or omission in the Plan or to correct or supplement any provision of the Plan that is
                                         inconsistent with any other provision of the Plan;

 

		(b)	amendments
                                         necessary to comply with the provisions of Applicable Laws;

 

		(c)	amendments
                                         respecting administration of the Plan;

 

		(d)	any
                                         amendment to the vesting provisions of the Plan or any Award;

 

		(e)	any
                                         amendment to the early termination provisions of the Plan or any Award, whether or not
                                         such Award is held by an Insider, provided such amendment does not entail an extension
                                         beyond the original expiry date;

 

		(f)	the
                                         addition of any form of financial assistance by the Corporation for the acquisition by
                                         all or certain categories of Participants of Shares under the Plan, and the subsequent
                                         amendment of any such provision which is more favourable to Participants;

 

		(g)	the
                                         addition or modification of a cashless exercise feature, payable in cash or Shares, which
                                         provides for a full deduction of the number of underlying Shares from the Plan reserve;

 

     

    - 14 -

    

 

		(h)	amendments
                                         necessary to suspend or terminate the Plan in whole or in part; and

 

		(i)	any
                                         other amendment, whether fundamental or otherwise, not requiring shareholder approval
                                         under Applicable Laws.

 

Article XI

Miscellaneous Provisions

 

11.1      
Each Participant shall be solely liable for any and all federal, state, provincial, local or foreign taxes of any
kind (“Taxes”), including but not limited to income taxes, withholding taxes, social security, pension or other
premiums and employment insurance premiums or taxes, arising in respect of any Awards and/or Shares issued or transferred upon
the exercise or settlement thereof. The satisfaction by the Participant (or the provision therefor to the satisfaction of the
Corporation) of all such Taxes shall be a condition precedent to the grant or award of any Award or the receipt of any payment
or Shares pursuant to the terms of the Plan. In the event that the Corporation (or a Subsidiary, in either case, the “Employer”
for purposes of this Section 11.1) is required to withhold, pay or provide for Taxes as a result of the grant, exercise or settlement
of Awards, the issuance or transfer of Shares or other transaction contemplated under the Plan, the Corporation may require that
the Participant make a payment in immediately available funds to the Employer sufficient to cover all Taxes payable in accordance
with Applicable Laws (“Required Taxes”), in an amount determined by the Corporation in its sole discretion
and at the relevant time. Alternatively, the Corporation (or the Employer) may in its sole discretion satisfy or provide for any
such Required Taxes by (i) requiring that the Participant surrender to the Corporation, or authorize and direct the Corporation
to sell, a number of Shares sufficient to generate proceeds equal to the Required Taxes, (ii) satisfying the Required Taxes from
a Participant’s salary or other compensation, or (iii) any other method acceptable to the Corporation. Each Participant
acknowledges that such Participant has satisfied himself or herself in relation to all tax matters relevant to the acquisition,
holding, exercise, disposition and/or transfer of Awards or Shares in connection with the Plan. It is the Participant’s
responsibility to complete and file any tax returns in respect of such Participant’s participation in the Plan. The Corporation
shall not be responsible for any Tax consequences to the Participant in connection with the Participant’s participation
in the Plan.

 

11.2      
This Plan is purely voluntary on the part of the Corporation and the continuance of this Plan will not be deemed
to constitute a contract between the Corporation or its Subsidiaries and any Employee or other Eligible Person or to be consideration
for or a condition of any person acting as a director, officer, Employee or Service Provider of the Corporation or its Subsidiaries.
Neither the adoption of this Plan by the Corporation nor any action of the Board or the Committee will be deemed to give any person
any right to be granted an Award or any of the rights hereunder.

 

11.3      
Nothing contained in this Plan will be construed to prevent the Corporation or any of its Subsidiaries from taking
any corporate action which is determined by their respective board of directors to be appropriate or in the best interests of
the Corporation or any of its Subsidiaries, whether or not such action would have an adverse effect on this Plan or any Awards
granted under this Plan and no person will have any claim against the Corporation or any of its Subsidiaries as a result of any
such action.

 

11.4      
The holder of an Award will not have any rights as a shareholder of the Corporation with respect to any of the Shares
issuable upon the exercise or settlement of such Award until such holder will have exercised an Option or a Restricted Share Unit
will have been settled in accordance with the terms of the Plan (including, but not limited to, tendering payment in full of the
Option Price of the Shares in respect of which an Option is being exercised).

 

     

    - 15 -

    

 

11.5      
Nothing in the Plan or any Award will confer upon any Participant any right to continue in the employ of the Corporation
or its Subsidiaries or affect in any way the right of the Corporation or its Subsidiaries to terminate his or her employment at
any time or remove any person from his or her office or employment at any time; nor will anything in the Plan or any Award be
deemed or construed to constitute an agreement, or an expression of intent, on the part of the Corporation or its Subsidiaries
to extend the employment of any Participant beyond the time which he or she would normally be retired pursuant to the provisions
of any present or future retirement plan of the Corporation or any of its Subsidiaries or any present or future retirement policy
of the Corporation or any of its Subsidiaries, or beyond the time at which he or she would otherwise be retired pursuant to the
provisions of any contract of employment with the Corporation or any of its Subsidiaries.

 

11.6      
Nothing in the Plan or any Award will confer on any Participant who is a Services Optionee or is not an Employee
Optionee any right to continue providing ongoing services to the Corporation or any entity controlled by the Corporation or affect
in any way the right of the Corporation or any such entity to terminate his, her or its contract at any time; nor will anything
in the Plan or any Award be deemed or construed as an agreement, or an expression of intent, on the part of the Corporation or
any such entity to extend the time for the performance of the ongoing services beyond the time specified in the contract with
the Corporation or any such entity.

 

11.7      
The Corporation makes no representation or warranty as to the future market value of any Shares issued in accordance
with the provisions of the Plan.

 

Article XII

Shareholder and Regulatory Approval

 

12.1      
The Plan will be subject to the requisite approval of the shareholders of the Corporation to be given by a resolution
passed at a meeting of the shareholders of the Corporation, and to acceptance by the Exchange. Any Awards granted prior to such
approval and acceptance will be conditional upon such approval and acceptance being given and no Option may be exercised or Restricted
Share Unit settled unless and until such approval and acceptance is given.

 

     

     

    

 

U.S. Appendix to the Score Media and
Gaming Inc.

Second Amended and Restated Stock Option and

Restricted Stock Unit Plan

 

This Special Appendix sets forth special
provisions of the Score Media and Gaming Second Amended and Restated Option and Restricted Stock Unit Plan (the “Plan”)
that apply to Participants that are subject to Section 409A of the United States Internal Revenue Code of 1986, as amended. Terms
defined in the Plan and used herein shall have the meanings set forth in the Plan document, as amended from time to time.

 

		1.	DEFINITIONS

 

For purposes of this Special Appendix:

 

		1.1.	“Code” means the United
                                         States Internal Revenue Code of 1986, as amended, and any applicable United States Treasury
                                         Regulations and other binding regulatory guidance thereunder.

 

		1.1.	“Section 409A” means
                                         Section 409A of the Code.

 

		1.2.	“US Taxpayer” means
                                         a Participant who is a citizen or permanent resident of the United States for purposes
                                         of the Code or a Participant for whom the compensation under this Plan would otherwise
                                         be subject to income tax under the Code.

 

		2.	COMPLIANCE
                                         WITH SECTION 409A

 

		2.1.	In General. Notwithstanding any
                                         provision of the Plan to the contrary, it is intended that any payments under the Plan
                                         either be exempt from or comply with Section 409A, and all provisions of the Plan shall
                                         be construed and interpreted in a manner consistent with the requirements for avoiding
                                         taxes or penalties under Section 409A. Each US Taxpayer is solely responsible and liable
                                         for the satisfaction of all taxes and penalties that may be imposed on or for the account
                                         of such US Taxpayer in connection with the Plan or any other plan maintained by the Company
                                         (including any taxes and penalties under Section 409A), and neither the Company nor any
                                         Subsidiary of the Company shall have any obligation to indemnify or otherwise hold such
                                         US Taxpayer (or any beneficiary) harmless from any or all of such taxes or penalties.

 

		2.2.	Exercise Price. For the avoidance
                                         of doubt and notwithstanding anything to the contrary in Section 7.1 of the Plan or otherwise,
                                         any Option issued to a US Taxpayer shall have per Share exercise price that is no less
                                         than “fair market value” on the date of grant which value shall be determined
                                         in accordance with Section 409A of the Code.

 

		2.3.	Adjustments. Notwithstanding any
                                         provision of the Plan or otherwise, any adjustment to an Option issued to a US Taxpayer
                                         shall be made in accordance with the requirements of Section 409A.

 

Amendment of Appendix

 

3.           
Notwithstanding Section 10.1 of the Plan, the Board shall retain the power and authority to amend or modify this
Special Appendix to the extent the Board in its sole discretion deems necessary or advisable to comply with any guidance issued
under Section 409A. Such amendments may be made without the approval of any US Taxpayer.

 

     

    - 17 -

    

 

Grant of Options to U.S. Employees

 

4.           
The Board is authorised under this Appendix, in its sole discretion, to issue Options to U.S. residents as nonqualified
stock options.

 

5.           
The term of an Option granted to a U.S. residents or taxpayers may not be extended except in a manner compliant
with Section 409A of the U.S. Internal Revenue Code of 1986 and the regulations issued thereunder (the “Code”).

 

Grant of Restricted Stock Units to
U.S. Employees

 

6.           
Notwithstanding Section 8.3 of the Plan, all Shares to be issued pursuant to Restricted Stock Units awarded to U.S.
residents or taxpayers shall be issued no later than March 15th in the year following the year of vesting.

 

Options in Foreign Countries

 

7.           
The Board will have the authority to adopt such modifications, procedures and subplans as may be necessary or desirable
to comply with provisions of the laws of foreign countries in which the Corporation or its Subsidiaries may operate to assure
the viability of the benefits from Options grants to Participants employed in such countries and to meet the objectives of this
Appendix and the Plan.

 

Attachment Provisions

 

8.           
Participants who are residents of the State of California will be subject to the additional terms and conditions
set forth in Attachment A to this Appendix.

 

Compliance with Applicable Laws

 

9.           
The terms of this Appendix, the Plan (including any terms of the Plan that permit adjustments or modifications to
the terms of the Plan or any Awards), the Award, and any applicable Attachment for compliance with the laws of any state shall
be interpreted and applied in a manner consistent with all Applicable Laws, including the requirements under Sections 409A and
424 of the Code.

 

     

     

    

 

Attachment A

TO THE SCORE MEDIA AND GAMING INC.

SECOND AMENDED AND RESTATED STOCK OPTION AND

RESTRICTED STOCK UNIT PLAN

(FOR CALIFORNIA RESIDENTS ONLY)

 

This Attachment A to the U.S. Appendix
(the “Appendix”) of the Score Media and Gaming Inc. Second Amended and Restated Stock Option and Restricted
Stock Unit Plan (the “Plan”) shall have application only to Participants who are residents of the State of
California. Capitalized terms contained herein shall have the same meanings given to them in the Appendix, unless otherwise provided
in this Attachment. Notwithstanding any provision contained in the Plan to the contrary and to the extent required by Applicable
Laws, the following terms and conditions shall apply to all Awards granted to residents of the State of California, until such
time as the Shares become a “listed security” under the U.S. Securities Act of 1933, as amended, or otherwise qualify
for an exemption from the applicable provisions of the California Code:

 

1.           
If Options are surrendered, terminated or expire without being exercised, new Options may be granted covering Shares
not purchased under such lapsed Options or issued pursuant to such forfeited Restricted Share Units.

 

2.           
The Option Price for Options shall be at least 100% of the Market Price of the Shares on the date of grant of the
Option.

 

3.          Awards
shall be non-transferrable other than by will or the laws of descent and distribution. Notwithstanding the foregoing, the Committee,
in its discretion, may permit distribution of an Option to an inter vivos or testamentary trust in which the Option is to be passed
to beneficiaries upon the death of the trustor (settlor), or by gift to “immediate family” as that term is defined
in Rule 16a-1(e) of the U.S. Securities Exchange Act of 1934, as amended.

 

4.           
Unless employment is terminated for cause, the right to exercise an Option in the event of termination of employment,
to the extent that the Optionee is otherwise entitled to exercise an Option on the date employment terminates, shall be

 

		(a)	at
                                         least six months from the date of termination of employment if termination was caused
                                         by death or disability (as determined pursuant to Applicable Laws); and

 

		(b)	at
                                         least 30 days from the date of termination if termination of employment was caused by
                                         other than death or disability (as determined pursuant to Applicable Laws);

 

		(c)	but
                                         in no event later than the remaining term of the Option

 

5.           
No Award may be granted to a resident of California more than ten years after the earlier of the date of adoption
of the Appendix by the Board and the date the Appendix is approved by the shareholders.

 

6.           
Any Option exercised or issuance of Shares pursuant to an RSU before shareholder approval is obtained shall be rescinded
if shareholder approval is not obtained within 12 months before or after the date of the first grant to a California resident.
Such shares shall not be counted in determining whether such approval is obtained.

 

     

    - 2 -

    

 

7.           
No Option may have an exercise period longer than ten years from the date the Option is granted.

 

8.           
Upon the occurrence of any event set forth in Section 9.1 of the Plan, the Board shall make such proportionate adjustments
to outstanding Awards and the Plan as required under Sections 260.140.41 and 260.140.42 of Title 10 of the California Code of
Regulations.

 

9.            The
Corporation shall provide annual financial statements of the Corporation to each California resident holding an outstanding Award
under the Plan. Such financial statements need not be audited and need not be issued to key employees whose duties at the Corporation
assure them access to equivalent information. This Section 9 shall not apply if the Plan (including the Appendix) complies will
all conditions of Rule 701 of the Securities Act of 1933, as amended.

 

     

    - 45 -

    

 

APPENDIX B

 

CHARTER OF THE BOARD

 

(See attached.)

 

     

     

    

 

STATEMENT OF DIRECTORS' DUTIES AND RESPONSIBILITIES

 

PART I – INTRODUCTION

 

The directors of Score Media and Gaming
Inc. (“theScore” or the “Corporation”) are charged by law with the responsibility for managing
or supervising the management of the business and affairs of theScore. Subject to certain limitations, the board may delegate some
of its responsibilities to theScore's management team and limit its own role to supervising theScore's management.

 

How the board should go about discharging
its supervisory function is not laid down in any one statute, judicial decision or other source. At the most general level, “supervising
the management of the business and affairs” means that the board monitors management's activities and performance and reserves
to itself the ability to intervene in management's decisions and to exercise final judgment on any matter which is material to
theScore. It must be satisfied that the authority it has delegated to management is being exercised with a view to theScore's best
interests and that management has the ability, resources and judgment to discharge the authority delegated to it in the best interests
of the corporation.

 

Among the specific functions the directors
must perform in order to discharge their responsibility to supervise the management of theScore's business and affairs are: selecting
management; reviewing and approving the corporate objectives developed by management; monitoring the implementation of theScore's
objectives; and satisfying themselves that the appropriate corporate policies and internal controls (including with respect to
the identification and management of risks) are in place. The directors must also be satisfied that theScore has procedures which
provide the directors with sufficient information on a timely basis to make knowledgeable decisions relating to the affairs of
the corporation.

 

To the extent theScore Board plays a role
in supervising the management of its subsidiaries, that responsibility should be discharged in accordance with the principles discussed
above. Without seeking to limit or restrict in any way the right of the Board to receive information pertaining to the affairs
of theScore, this Statement of Duties and Responsibilities is intended to identify those material matters which must be brought
to the Board either for information purposes or for decision, whether in relation to theScore or any of its operating divisions
or subsidiaries.

 

The subject matters enumerated under Part
II of this Statement, “The Role of the Board”, attempt to cover broadly the affairs of theScore. While the Chief Executive
Officer and his management team organization are by this Statement given the authority required to exercise their delegated responsibilities,
the Board must be fully informed on all material matters and take whatever additional action it considers to be in theScore's best
interests.

 

This Statement concludes in Part III with
a summary of the legal framework of certain specific statutory duties and responsibilities to which the directors of theScore are
subject.

 

PART II – THE ROLE OF THE BOARD

 

The role of the Board is to supervise the
management of the Corporation's business. The following are the regular functions which the Board performs in order to discharge
this mandate. The Board has the prerogative to take whatever additional action it considers to be in the Corporation’s best
interests.

 

	SUBJECT MATTER	ACTION REQUIRED
	STRATEGIC PLANS	
        Approve a strategic planning process for the Corporation, approve
        the Corporation's strategic plan each year and monitor the Corporation's performance against the strategic plan on an ongoing basis.

         

        Review and approve the Annual Business Plans of the Corporation
        and its major operating entities each year, as well as their respective longer term corporate goals.

        

 

     

     

    

 

	SUBJECT MATTER	ACTION REQUIRED
	PERSONNEL ADMINISTRATION	
        Appoint senior officers of the Corporation (including Chief
        Executive Officer, Chief Financial Officer).

         

        Establish objectives for the Chief Executive Officer and monitor
        Chief Executive Officer's performance against those objectives.

         

        Review management recruitment and development programs and approve
        plans for the succession of senior management.

         

        Approve recommendations of the Chief Executive Officer for major
        organizational changes affecting the Corporation.

        

	ASSET ADMINISTRATION	
        Approve the annual consolidated capital budget for the Corporation
        recommended by management each year.

         

        Approve non-budgeted capital expenditures of amounts greater
        than the approved threshold and receive periodic reports of performance against objectives of major capital expenditures made.

         

        Approve the acquisition and disposition of assets having a book
        Board value in excess of the approved threshold.

        

	RISK MANAGEMENT	
        Review the information gathering and reporting system that provides
        the Board and management with information respecting material acts, events and conditions within the Corporation (on a consolidated
        basis).

         

        Review the principal risks of the Corporation's business identified
        by management, the systems recommended by management to manage the risks identified and receive regular reports on the results
        of these systems.

        

        

 

     

     

    

 

	SUBJECT MATTER	ACTION REQUIRED
	FINANCIAL ADMINISTRATION	
        Approve resolutions respecting the Corporation and designate,
        in accordance with the articles, those officers or employees authorized to conduct the business of the Corporation.

         

        Review and approve the annual consolidated operating budget
        of the Corporation and receive periodic reports as to actual results as compared to the budget.

         

        Authorize the limits and terms of:

         

        a)    long-term
        borrowing,

         

        b)    new short-term
        lines of credit for more than the approved threshold, and

         

        c)    
        increases of more than the approved threshold in existing short-term lines of credit.

         

        Approve the issuance by the Corporation of any guarantees where
        the amount guaranteed is not fixed, or if fixed exceeds the approved threshold.

         

        Authorize the issuance of securities of the Corporation.

         

        Approve policies governing short-term investments, foreign exchange
        transactions, use of derivatives, etc., by the Corporation, including a list of qualified institutions with which the Corporation's
        funds may be deposited or invested.

         

        Approve all interim financial statements and the annual consolidated
        financial statements.

         

        Approve Annual Information Form and Management Discussion &
        Analysis.

         

        Approve the recommendation to shareholders regarding the appointment
        of the external auditors of the Corporation.

         

        Approve all material transactions, outside the normal scope
        of business, involving the assets of the Corporation, its operating divisions and subsidiaries not otherwise authorized by this
        Statement.

         

	CORPORATE
    DEVELOPMENT ACTIVITIES	
        Authorize the commencement or discontinuance of a material business
        activity.

         

        Authorize the establishment of material new subsidiaries and
        changes in their business or corporate structure which could materially affect the Corporation.

         

	POST AUDITING	Receive post audit reports from management on (but not necessarily limited to) major capital expenditures, acquisitions, short and long range objectives and strategies, and performance criteria against longer range targets and budgets.
	LEGAL MATTERS	
        Receive advice of litigation by or against the Corporation where
        the amount at issue is material or a matter of significance.

         

        Approve amendments to the Corporation’s articles.

         

        Authorize listing applications and agreements with any Stock
        Exchange.

         

        Approve appointment of transfer agents, registrars and disbursing
        agents respecting securities issued by the Corporation.

         

        Review reports by management with respect to corporate policies
        and programs to ensure compliance with statutory and regulatory requirements affecting the operations of the Corporation.

        

 

     

     

    

 

	SUBJECT MATTER	ACTION REQUIRED
	SHAREHOLDER RELATIONS	
        Approve a communications policy for the Corporation.

         

        Fix dates for Annual and Special Meetings of Shareholders.

         

        Determine appropriateness of a dividend policy for the Corporation.

         

        Approve the declaration of any dividends.

         

        Approve proxy materials prepared in connection with shareholder
        meetings.

         

        Advise shareholders on a timely basis of major new developments
        (Board approval is required with respect to major financial issues or developments).

        

	BOARD OF DIRECTORS MATTERS	
        Nominate candidates for election as Directors at the annual
        meeting and appoint Directors to fill interim vacancies on the Board, taking into consideration the recommendations in stock exchange
        policies on Board composition relating to unrelated Directors and outside Directors.

         

        Review orientation and education program for new Directors.
        Determine the title, composition and mandates of committees of the Board, taking into consideration the recommendations in stock
        exchange policies in committee composition relating to unrelated Directors and outside Directors.

         

        Review annually the Statement of Director's Duties and Responsibilities.

         

        Monitor the activities and effectiveness of committees of the
        Board, including receiving regular reports from those committees.

         

        Review and approve Director's compensation arrangements.

         

        Receive reports from management on any development in the affairs
        of the Corporation which may have a material adverse effect on it.

         

        Develop guidelines to permit an individual Director in appropriate
        circumstances to engage an outside advisor at the expense of the Corporation.

        

	OCCUPATIONAL SAFETY & HEALTH	Monitor the Corporation's compliance with Occupational Health & Safety legislation by implementing an appropriate information gathering and reporting system.
	ENVIRONMENTAL ISSUES	Take all reasonable care to prevent the Corporation from causing or permitting unlawful pollution.

 

     

    

    

 

PART III – LEGAL DUTIES AND
RESPONSIBILITIES OF DIRECTORS

 

The following is a summary of certain statutory
duties and responsibilities under British Columbia law of directors of a publicly-traded corporation governed by the Business
Corporations Act (British Columbia) (the “BCBCA”) such as theScore. It is intended to provide an overview
rather than an exhaustive treatment of all duties and responsibilities applicable to theScore directors.

 

1. BASIC DUTIES

 

(a) Basic duty of directors:
In exercising his or her powers and discharging his or her duties, a director must act honestly, in good faith with a view to the
best interests of the corporation and exercise the degree of care, diligence and skill that a reasonably prudent person would exercise
in comparable circumstances.

 

(b) Acting in conflict
of interest: A director may not enter into commitments in which the director has or can have a personal interest conflicting
with the interest of the Corporation unless both the director and theScore satisfy the requirements in the BCBCA dealing with director
conflict.

 

The procedures for dealing with
a contract or transaction in which one of theScore's directors or officers is interested can be quite technical. Generally, directors
must disclose any direct or indirect interest in any contract or transaction to which the Corporation is a party and must not vote
on any Board resolution touching on the contract or transaction. Such disclosure must be made at the time the director joins the
Board or, if the director is already a Board member, when the director begins to hold the offices, right or property that creates
the conflict. Failure to disclose a material interest to the Board in compliance with the provisions of the BCBCA may make the
director liable to account to the corporation for any profits the director receives from the contract or transaction in which the
Director has an interest. Directors should speak with theScore's Chief Financial Officer to ensure that they are disclosing their
interests appropriately.

 

(c) Diverting a corporate opportunity:
A director may not usurp or divert to another person or corporation a maturing business opportunity which the Corporation is actively
pursuing.

 

(d) Cross directorships:
A director of two corporations that deal with or compete with each other must simultaneously discharge all the duties and responsibilities
of a director to both corporations.

 

2. ISSUANCE OF SHARES

 

(a) The issuance of shares
is the responsibility of the Board: Shares must not be issued until the consideration for the issuance of the shares is
fully paid in cash, or in property or past service at least equal in value to the money that the corporation would have received
if the shares had been issued for cash. Where shares are issued for consideration other than cash, the directors are required to:

 

(i) determine
the amount of money the Corporation would have received if the shares had been issued for money, and

 

(ii) satisfy
themselves that the fair value of the consideration to be received is equal to or is not less than such amount of money.

 

Directors of a corporation who
vote for or consent to a resolution authorizing the issue of a share for a consideration other than money are jointly and severally
liable to the corporation or any shareholder for any loss, damage and/or cost sustained and incurred as a result by the corporation
or shareholder. A director who is present at a meeting is deemed to have consented to any resolution passed or action taken at
that meeting, unless the director dissents in accordance with the BCBCA.

 

3. FINANCIAL ADMINISTRATION

 

(a) Approval of financial
statements: Directors must approve the financial statements of the Corporation after they have been reviewed by the audit
committee. The approval of the board of directors must be evidenced by the signature on the financial statements of one or more
of the directors duly authorized to sign.

 

     

     

    

 

(b) Declaring a dividend
where the Corporation is insolvent: Directors who vote for or consent to a resolution authorizing the declaration of a
dividend where there are reasonable grounds for believing that the Corporation is insolvent or where such dividend would render
the Corporation insolvent are jointly and severally liable to restore to the Corporation the amounts so distributed or paid and
not otherwise recovered by the corporation. A director who is present at a meeting is deemed to have consented to any resolution
passed or action taken at that meeting, unless the director dissents in accordance with the BCBCA.

 

(c) Purchase or redemption
of shares: Directors who vote for or consent to resolutions authorizing the purchase, acquisition or redemption of the
Corporation’s shares where there are reasonable grounds for believing either that the Corporation is insolvent or that such
purchase, acquisition or redemption would render the Corporation insolvent are jointly and severally liable to restore to the Corporation
the amount paid to purchase, acquire or redeem such shares and where such amount is not otherwise recovered by the Corporation.
A director who is present at a meeting is deemed to have consented to any resolution passed or action taken at that meeting, unless
the director dissents in accordance with the BCBCA.

 

4. SECURITIES ACT MATTERS

 

(a) Filing insider trading
reports: As an insider, a director is obliged to file electronic insider reports respecting purchases and sales of securities
of the corporation within 5 days after the date on which such purchase or sale take place.

 

(b) Liability for “tipping”
or trading on inside information: A director, being a person in a special relationship with the corporation who purchases
or sells securities with knowledge of a material fact or material change which has not been generally disclosed or who directly
or indirectly informs the purchaser or vendor of securities of such material fact or material change may be liable to the purchaser,
accountable to the corporation and subject to a fine under the OSA.

 

(c) Misrepresentations
in material filed under the Ontario Securities Act (“OSA”): breach of any section of or order made under the
OSA: Every person or company who:

 

(i) makes
a statement in any material filed under the OSA or in any investigation commenced under the OSA which is materially misleading
or untrue (or does not state a fact that is required to be stated or that is necessary to make the statement not misleading),

 

(ii)
makes a statement in certain documents (such as prospectuses, financial statements, information circulars and take-over bid circulars)
which is materially misleading or untrue (or does not state a fact that is required to be stated or that is necessary to make the
statement not misleading), or

 

(iii)
contravenes Ontario securities law,

 

is guilty of an offence and liable
to be fined and/or imprisoned unless, in the case of a person or company charged under (i) or (ii) above, such person or company
did not, on the exercise of reasonable diligence, know that such statement was a misrepresentation. Directors or officers of a
company or person who authorized, permitted or acquiesced in the commission of an offence by that company or person are also liable
and subject to the same penalties.

 

(d) Prospectus: Any prospectus
of a corporation filed under the OSA must contain a certificate signed by two directors to the effect that the prospectus constitutes
full, true and plain disclosure of all material facts relating to the securities offered thereby. Every director of the issuer
at the time the prospectus is filed is liable to the purchaser for a misrepresentation by the issuer. A due diligence defence is
available to directors under this provision.

 

     

     

    

 

5. SPECIFIC DUTIES TO SHAREHOLDERS

 

(a) Duty to hold annual
meeting: The BCBCA requires the Corporation to hold an annual meeting of shareholders at least once in each calendar year
and not more than 15 months after the last annual meeting, subject to certain limited exceptions where unanimous shareholder consent
is obtained.

 

(b) Duty to call a shareholders'
meeting: Upon the receipt of a requisition of persons holding at least 5% of voting rights attaching to all shares of the
Corporation then outstanding and prepared in accordance with the BCBCA, the directors must call a general meeting of shareholders
to be held within four months of the date of the requisition to transact the business stated in the requisition.

 

6. OTHER MATTERS

 

(a) Liability for employee
wages: Subject to the limitations noted below, directors are jointly and severally liable to employees for up to 6 months'
wages earned for services performed while directors and for up to 12 months' accrued vacation pay under the Employment Standards
Act or any collective bargaining agreement. A director is only liable under this section if he or she is sued while he or she is
a director or within two years of ceasing to be a director, and if the action is commenced within 6 months after the debts become
payable and the corporation is sued in the same action but the execution against the corporation is returned unsatisfied in whole
or in part or if the corporation goes into bankruptcy and the action for the debts is prevented.

 

Employment standards legislation
in the jurisdictions in which theScore carries on business will also subject directors to certain liabilities for amounts owing
to employees. There is no due diligence defence available to directors under the BCBCA or employment standards legislation for
these amounts.

 

(b) General liability for
breach of the BCBCA: An individual who commits an offence under the BCBCA is liable, depending on the nature of the offence,
for a fine of up to $10,000. Certain ongoing breaches of the BCBCA related to extra-provincial registration and corporate names
impose daily fines for each day that the offence continues. This general liability is in addition to any liability directors might
additionally incur for authorizing the Corporation to carry out an act contrary to the BCBCA.

 

(c) Income Tax Act (Canada)
 – General Liability: A director who directs, authorizes, assents to or acquiesces in any offence under the Income
Tax Act may be liable to the penalties provided for the offence whether or not the corporation has been prosecuted or convicted.

 

Liability for Unpaid Source Deductions:
Under the Income Tax Act, corporations must deduct or withhold certain amounts from payments it makes and to remit such amounts
to the Receiver General. If the corporation fails to do so, those individuals who were directors of the corporation at the time
the obligation arose are jointly and severally liable, together with the corporation, to pay that amount and any related interest
and penalties. These obligations arise in respect of a number of different payments, including: salary or wages; pension benefits;
and fees, commissions or other amounts for services;

 

There are similarly framed liabilities
(and due diligence defences) of directors for amounts not withheld or remitted under the Canada Pension Plan Act and the Unemployment
Insurance Act and the Excise Tax Act (dealing with the GST).

 

(d) Competition Act
 – Non-disclosure of information: A director may be liable to penalties where he assents to or acquiesces in the
failure of the corporation to permit representatives of the Director of Investigation and Research to inspect the
corporation's premises or the failure of the corporation to supply requested information.

 

     

     

    

 

(e) General Crime Liability:
There are many acts and omissions that may constitute offences of “complicity” under the Criminal Code and provincial
offences statutes. Offences of complicity include criminal conspiracy, aiding and abetting the commission of an offence and counseling
the commission of an offence. There are also numerous federal and provincial statutes which provide that, where a corporation commits
an offence under the statute, each director who authorized, permitted or acquiesced in the commission of the offence is also guilty
of an offence.

 

(f) Environmental Matters:
The Environmental Protection Act (Ontario) imposes on each director of a corporation that engages in an activity that may result
in the discharge of a contaminant into the natural environment contrary to the Act a duty to take all reasonable care to prevent
the corporation from causing or permitting the unlawful discharge.Exhibit 4.7

 

FORM 51-102F3

 

MATERIAL CHANGE REPORT

 

		1.	NAME AND ADDRESS OF COMPANY

 

Score Media and Gaming Inc. (“theScore”)

500 King Street West, Fourth Floor

Toronto, Ontario

M5V 1L9

 

		2.	DATE OF MATERIAL CHANGE

 

November 30, 2020

 

		3.	PRESS RELEASE

 

The press release was issued
on November 30, 2020, and was disseminated through the facilities of recognized newswire services. A copy of the press release
was filed on the System for Electronic Document Analysis and Retrieval (SEDAR) and is attached to this report as Schedule A.

 

		4.	SUMMARY OF MATERIAL CHANGE

 

On November 30, 2020, theScore
entered into an agreement (the “Bid Letter”) with a syndicate of underwriters led by Canaccord Genuity Corp.
and Eight Capital (collectively, the “Underwriters”) for the Underwriters to purchase, on a bought deal basis,
28,572,000 Class A Subordinate Voting Shares of theScore (“Class A Shares”, and each, a “Class A
Share”) at a price of $1.40 per Class A Share by way of short form prospectus to be filed in each of the Provinces
of Canada, except Québec, for gross proceeds of $40,000,800 (the “Offering”) and including an over-allotment
option (the “Over-Allotment Option”) granted to the Underwriters to purchase up to an additional 4,285,800 Class A
Shares (each, an “Over-Allotment Share”) at a price of $1.40 per Over-Allotment Share for gross proceeds of
up to $6,000,120. The aggregate gross proceeds of the Offering could be up to $46,000,920 if the Underwriters exercise the Over-Allotment
Option in full.

 

		5.	FULL DESCRIPTION OF MATERIAL CHANGE

 

5.1            Full
Description of Material Change

 

See the press release dated November 30,
2020, attached hereto as Schedule “A” for additional information.

 

5.2            Disclosure
for Restructuring Transactions

 

Not applicable.

 

		6.	RELIANCE ON SUBSECTION 7.1(2) OF NATIONAL INSTRUMENT 51-102

 

Not applicable.

 

     

     

    

 

		7.	OMITTED INFORMATION

 

No information has been intentionally
omitted from this form.

 

		8.	EXECUTIVE OFFICER

 

For further information contact
Alvin Lobo, Chief Financial Officer at (416) 479-8812 x2206.

 

		9.	DATE OF REPORT

 

December 2, 2020.

 

     

     

    

 

SCHEDULE A

 

(See attached)

 

     

     

    

 

NOT FOR DISTRIBUTION
TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION

 IN THE UNITED
STATES

 

theScore
Announces $40 Million Bought Deal Financing

 

November 30, 2020 – TORONTO –
Score Media and Gaming Inc. (“theScore” or the “Company”) (TSX: SCR) is pleased to announce that it has
entered into an agreement with a syndicate of underwriters led by Canaccord Genuity Corp. and Eight Capital (collectively, the
 “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 28,572,000 Class
A Subordinate Voting Shares of the Company (“Offered Shares”) at a price of $1.40 per Offered Share (the “Issue
Price”) for gross proceeds to the Company of $40 million (the “Offering”).

 

In addition, theScore has granted the Underwriters
an option, exercisable at any time, in whole or in part, until the date that is 30 days following the closing of the financing,
to purchase up to an additional 4,285,800 Class A Subordinate Voting Shares of the Company solely to cover over-allotments, if
any, and for market stabilization purposes. In the event the over-allotment option is exercised in full, the aggregate gross proceeds
of the Offering will be $46 million.

 

theScore intends to use the net proceeds
from the Offering for working capital and general corporate purposes, including the growth and expansion of theScore Bet’s
operations in the U.S. and Canada by supporting the deployment and operation of theScore Bet and user acquisition and retention
in jurisdictions where the Company is, or will be, operating.

 

The Offering will be conducted by way of
a short form prospectus to be filed in all the provinces of Canada, excluding Quebec, and elsewhere on a private placement basis
in sales exempt from applicable prospectus and/or registration requirements. The Offering is scheduled to close on or about December
17, 2020 and is subject to customary closing conditions, including listing of the Offered Shares on the Toronto Stock Exchange
and any required approvals of the exchange and applicable securities regulatory authorities.

 

The Offered Shares have not been and will
not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state
securities laws. Accordingly, the Offered Shares may not be offered or sold within the United States, its territories or possessions,
any state of the United States or the District of Columbia (collectively, the “United States”) except in transactions
exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release does
not constitute an offer to sell or a solicitation of an offer to buy any Offered Shares within the United States.

 

About Score Media and Gaming Inc.

 

Score Media and Gaming Inc. empowers millions
of sports fans through its digital media and sports betting products. Its media app ‘theScore’ is one of the most
popular in North America, delivering fans highly-personalized live scores, news, stats, and betting information from their favorite
teams, leagues, and players. The Company’s sports betting app ‘theScore Bet’ delivers an immersive and holistic
mobile sports betting experience and is currently available to place wagers in New Jersey, Colorado and Indiana. Publicly traded
on the Toronto Stock Exchange (SCR), theScore also creates and distributes innovative digital content through its web, social
and esports platforms.

 

     

     

     

 

For further information contact:

 

James Bigg

Sr. Manager, Communications

Score Media & Gaming Inc.

Email: james.bigg@thescore.com

Phone: 416-479-8812 ext. 2366

 

Alvin Lobo

Chief Financial Officer

Score Media and Gaming Inc.

Email: alvin.lobo@thescore.com

Tel: 416-479-8812 ext. 2206

 

Forward-Looking Statements

 

Statements made in this news release that
relate to future plans, events or performances are forward-looking statements. Any statement containing words such as “may”,
 “would”, “could”, “will”, “believes”, “plans”, “anticipates”,
 “estimates”, “expects” or “intends” and other similar statements which are not historical facts
contained in this release are forward-looking, and these statements involve risks and uncertainties and are based on current expectations.
Forward- looking statements include, without limitation, statements regarding the expected timing and completion of the Offering
and the anticipated use of proceeds of the Offering. Such statements reflect theScore’s current views with respect to future
events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company’s actual results,
performance or achievements to be materially different from any future results, performance or achievements that may be expressed
or implied by such forward looking statements, including among other things, those which are discussed under the heading “Risk
Factors” in the Company’s current Annual Information Form dated October 28, 2020 as filed with applicable Canadian
securities regulatory authorities and available on SEDAR under the Company’s profile at www.sedar.com and elsewhere in documents
that theScore files from time to time with such securities regulatory authorities, including its relevant Management’s Discussion
 & Analysis of the financial condition and results of operations of the Company. Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results could differ materially
from the expectations expressed in these forward-looking statements. The Company does not intend, and does not assume any obligation,
to update these forward-looking statements except as required by applicable law or regulatory requirements.

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