Document:

Exhibit 10.20

 

 

PROGRAM PRODUCTION
AND TELEVISING AGREEMENT

 

This Program Production and Televising
Agreement (this “Agreement”), dated as of July 25, 2008 (the “Effective Date”) is between WPTE ENTERPRISES,
INC. (“WPTE”) with offices at 5700 Wilshire Boulevard, Suite 350, Los Angeles, California 90036 and NATIONAL
SPORTS ProGRAMMING (“FSN”), owner and operator of the Fox Sports Net programming service with offices at
10201 West Pico Blvd., Building 103, Los Angeles, California 90035. For good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, and the mutual promises contained herein, WPTE and FSN (each a “Party” and collectively
the “Parties”) agree to be bound by the following terms and conditions:

 

BACKGROUND

 

		A.	WPTE is the owner of the website currently located at URL ClubWPT.com including all versions of
such website (together with all software included therein, the “Website”). WPTE has also entered into agreements with
various third parties by which such third parties have the right to create various “skin sites” that operate on the
Website’s network software (“Skins”). For avoidance of doubt, any skin site in which WPTE has an ownership interest
shall be considered to be part of the “Website”.

 

		B.	WPTE’s development of the Website business includes, as essential elements thereof, distribution
of television programs containing Website promotion and branding and promotion of the Website on popular websites.

 

		C.	FSN produces, distributes, promotes and telecasts television programs including, but not limited
to, sports related television programs.

 

		D.	WPTE, directly or through the services of a third party, is organizing, staging and promoting the
Events (as defined below).

 

		E.	WPTE desires FSN’s assistance to film, co-produce and make television programs of the Events
(the “Programs” as defined in Section 2 below), and telecast the Programs via FSN in the Domestic Territory (as defined
below).

 

		F.	WPTE desires that FSN promote the Website and the Programs on FoxSports.com.

 

	1.	EVENTS.

 

a.       During
the Test Period (as defined in Section 3), WPTE will organize, stage and promote poker tournaments (the “Events”) sufficient
to provide enough programming consistent with FSN’s usual programming standards for at least thirteen (13) 1-hour television
programs available for initial distribution over thirteen (13) consecutive weeks. During each Year of the Regular Term (as such
terms are defined in Section 3), WPTE will organize, stage and promote Events sufficient to provide enough programming consistent
with FSN’s usual programming standards for at least forty (40) hours of television programming; provided, however, if WPTE
does not conduct such Events then Section 2(f) shall apply. WPTE and FSN shall mutually agree upon the format of the Events which
is currently anticipated to be Texas Hold’em poker and may be changed from time to time. The Events will feature participants
from the United States and around the world who have qualified on the Website or through other selection methods designed to increase
viewer interest and allow viewer participation in the Events (each participant in an Event, a “Participant”). For purposes
of the Agreement, “Events” includes all events and activities related to the applicable Event occurring at, or contiguous
to, the Event site (a “Site”). WPTE must secure any and all necessary and required approvals and sanctions for the
Events and the Sites. FSN shall not be liable for any costs or expenses in connection with the Events or the Sites.

 

b.       WPTE
may subcontract with third parties to organize, stage and promote the Events, provided, however, WPTE shall remain directly responsible
for its obligations to FSN set forth herein. WPTE will stage the Events at such times as to provide FSN with sufficient time, as
determined by FSN in good faith, to produce and distribute the Programs thereof as required pursuant to Section 7(a) of this Agreement.

 

c.       The
Sites for the Events will be chosen by WPTE after good faith consultation with FSN with consideration given to the Sites’
effect on production costs. Upon WPTE’s request, FSN shall evaluate the production issues related to prospective Sites and
advise WPTE of potential additional costs related to the Sites.

 

 

 

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	2.	Engagement AND PRODUCTION BUDGET.

 

a.       WPTE
hereby engages FSN to produce, and FSN hereby accepts such engagement to produce in accordance with the terms of this Agreement:

 

		i.	During the Test Period, thirteen (13) 1-hour television programs featuring Events (the “Test
Programs”); and

 

		ii.	During each Year of the Regular Term, forty (40) hours of television programming featuring Events
(together with the Test Programs, “Programs”).

 

FSN and WPTE may mutually agree
to produce additional Programs beyond the number of hours set forth above.

 

b.       WPTE
shall be responsible for all costs of the filming, making and production of the Programs; and except as set forth herein with respect
to certain overages, . FSN and WPTE shall jointly develop a mutually-approved budget for production of the Programs. Such budget
shall be sufficient to produce programming consistent in quality with FSN’s programming of a similar nature. WPTE shall pay
FSN all costs of production of the Programs as set forth in the budget prior to FSN committing to or incurring such costs (such
paid and not refunded production costs together with overages paid by WPTE, if any, the “Production Costs”). FSN agrees
that the budget shall not include any executive producer or similar fee payable to FSN or any of its employees or related parties.
For purpose of clarification, under no circumstances may there be a profit margin for FSN in connection with the production of
the Programs but WPTE acknowledges that third-party contractors will require compensation beyond direct costs and such third-party
costs will be included in the budget. FSN shall not be obligated to begin production of a group of Programs prior to receipt of
the Production Costs accrued for such group of Programs from WPTE.

 

c       In
cases of underages or overages, WPTE shall be refunded all underages and shall pay all overages that WPTE pre-approves in writing
or any overages which are caused by a Force Majeure Event (as defined in Section 18), provided FSN uses reasonable efforts to mitigate
the costs associated with such Force Majeure Event. FSN is responsible for the costs of all other overages.

 

d.       FSN
shall establish the mechanics for, and shall ensure that FSN accurately maintains throughout production of the Programs, at least
the following records, in the English language, and fairly reflecting, in reasonable detail, all transactions and dispositions
of funds expended, committed or received in connection with the production of the Programs: (1) a general ledger, together with
all supporting documents (including without limitation receipts, invoices and contracts); (2) a running inventory of all property
of whatever nature acquired or disposed of in the course of production; (3) a running inventory list of all outstanding commitments,
together with all supporting documents (including without limitation invoices and contracts); (4) detailed records with respect
to all applicable local, state and Federal withholding tax requirements (with which FSN hereby agrees to comply), including without
limitation copies of all time cards; and (5) all other customary bookkeeping records maintained by FSN during the production of
a television program intended for distribution by FSN.

 

e.       WPTE
shall have the right to audit the production expenses at any time prior to one (1) year after the end of production of the applicable
group of Programs, at WPTE's sole cost and expense, including, without limitation, the right to assign an auditor(s) to be physically
present at the production offices and on location on a full or part-time basis throughout production and post-production with respect
to all aspects of production of the Programs, provided that such auditor(s) do not materially interfere with FSN’s day-to-day
operations and/or production of the Programs, and FSN shall therefore maintain all information, agreements, documents, books and
records relating thereto for and on behalf of WPTE and shall deliver all such items to WPTE upon WPTE's reasonable request.

 

f.       Notwithstanding
the foregoing, if during any Year of the Regular Term WPTE determines that it will either (i) not stage any Events or a number
of Events insufficient to provide enough content for forty (40) hours of original programming, or (ii) not pay the Production Costs
for the production of forty (40) hours of original programming, then (A) WPTE shall provide FSN with written notice of such determination
at least ninety (90) days prior to the date the affected Programs would have been scheduled for initial air, (B) FSN shall be relieved
of its obligations to produce or distribute the affected Programs (i.e., the Programs that were not produced because the underlying
Events were not staged or the applicable Production Costs were not paid), (C) WPTE shall not be deemed to be in breach of this
Agreement and (D) the other terms of this agreement, including payment of the Fee and the online promotion obligations set forth
in Section 8(c), shall continue without disruption.

 

 

 

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	3.	TERM.

 

a.               
Test Period. The “Test Period” shall be the period from the Effective Date until the earlier of (i) the date sixty
(60) days after FSN’s initial airing of the 13th Test Program during the Test Period and (ii) the date specified
by FSN in the Option Notice (as defined below).

 

b.               
Option and Regular Term. FSN shall have the option (the “Option”), exercisable in writing (the “Option Notice”)
during the sixty (60) day period beginning immediately after the initial airing of the 13th Test Program during the
Test Period (the “Option Exercise Period”), to (i) extend this Agreement through the Regular Term or (ii) end the Test
Period and terminate the Agreement as of a date during the Option Exercise Period specified by FSN. If FSN does not deliver an
Option Notice to WPTE then the Agreement shall terminate at the conclusion of the Test Period, provided that FSN shall not be relieved
of its obligation to air the Test Programs pursuant to Section 7. If FSN exercises the Option, the “Regular Term” shall
begin on the date specified by FSN in the Option Notice, but in no event later than sixty (60) days after initial airing of the
13th Test Program, and continue indefinitely until terminated pursuant to the terms of this Agreement. As used in this
Agreement, “Years” shall be consecutive twelve (12) month periods during the Regular Term with the first Year commencing
at the beginning of the Regular Term.

 

c.               
The “Term” shall mean the Test Period, and, if the Option is exercised, the Regular Term until terminated pursuant
Sections 11, 12 or 19.

 

	4.	PRODUCTION & EVENT ACCESS.

 

a.       Subject
to the terms of this Agreement, FSN shall have the exclusive right, and the obligation, to produce the Programs.

 

b.       Subject
to the terms of this Agreement, FSN and WPTE shall exercise joint creative control over the production and format of the Programs.
Each Program will contain the sponsorship elements set forth in Section 8(a). Notwithstanding anything in the Agreement to the
contrary, each Program will be subject to FSN’s standards and practices review and requirements.

 

c.       FSN
and WPTE shall mutually agree upon all signage at the Events appearing within the televised area of the Site. Any
and all signage (including Site-allotted signage), banners, mentions, or other promotion appearing within the televised area of
the Events (e.g., on Participant bodies, hats, clothing, on the Event cards, the Event tables, in the Site background) must comply
with all FSN standards and practices policies, including, without limitation, FSN’s prohibition of direct or indirect gambling
website promotions. The Parties acknowledge Website signage shall appear at the Event.

 

d.       WPTE
shall be solely responsible to: (i) promptly pay any and all costs and fees in connection with the Events or the Sites
(including, without limitation, costs and fees in connection with any personnel that WPTE or the Site provides in connection
with an Event, worker’s compensation insurance, any other governmentally mandated insurance, andSite security,
including without limitation, enforcing FSN’s prohibition of electronic equipment (e.g., cell phones, pagers, palm
pilots, ear pieces, etc.) during Program production periods;any required compensation to the Participants and any officials
involved in the Events, including, without limitation and as appropriate, all air travel for the Participants and the prize
pool. As a material provision of the Agreement, WPTE shall ensure that all Site and Event arrangements accord with
FSN’s rights under the Agreement. Upon request, WPTE will provide to FSN copies of the documents that confirm all Site
and Event arrangements.

 

e.       WPTE
shall ensure that FSN receives access, without charge and without limitation, to all elements of the Events, including without
limitation, suitable space and locations, as FSN may determine at the time of its advance technical survey of the Site, for its
announcers and other personnel and related equipment to be used by FSN in connection with its production of the Programs. WPTE
shall provide as many proper working credentials and parking spaces as close to the Site as possible as FSN reasonably requests.
FSN shall be entitled to preferential locations (and the first and preferential right to choose such locations) for its cameras
and other equipment as reasonably needed by FSN to produce each Program. FSN shall have the right to install, maintain and remove
from the applicable Site and the surrounding premises such wires, cables and equipment as may be necessary for its coverage of
the applicable Event. FSN shall have the right to bring on to, or adjacent to, the applicable Site mobile units for the transportation
of equipment and personnel.

 

 

 

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f.       WPTE
understands and agrees that FSN may subcontract out any and all of the production services to be provided by FSN to WPTE under
this Agreement; provided, however, that FSN shall remain liable for its obligations to WPTE, and further provided that FSN shall
secure documentation from any subcontractors, as necessary.

 

	5.	RIGHTS & CLEARANCES.

 

a.       WPTE
represents, warrants and covenants to FSN that it has obtained, or will obtain in a timely manner (together with FSN’s reasonable
and timely assistance and cooperation where necessary and requested), any and all necessary worldwide rights, licenses, clearances
and permissions in perpetuity for anything (i) related to the conduct of the Events to enable FSN to exercise its rights hereunder,
including, without limitation, any and all required rights, clearances and permissions necessary to use all names, likenesses,
trademarks, service marks or other intellectual property connected with the Sites, the Events, the Participants and all entities
related thereto (including the inclusion thereof in the Programs) or (ii) requested by WPTE for inclusion in the Programs.

 

b.       Subject
to Section 5(a), FSN represents, warrants and covenants to FSN that it has obtained, or will obtain in a timely manner, any and
all necessary worldwide rights, licenses, clearances and permissions in perpetuity for all elements related to the production and
broadcast of the Programs.

 

c.       
Except as otherwise specifically provided in this Agreement or mutually agreed by the Parties, FSN shall not be obligated to make
any payment of any nature whatsoever to WPTE or anyone else related to the Events.

 

d.       With
the prior consent of the other Party, which shall not be unreasonably withheld, the Parties may release, from time to time, press
statements and marketing materials that mention both Parties. The Parties agree to cooperate in creation of such press statements
and marketing material.

 

	6.	OWNERSHIP AND LICENSE.

 

a.       WPTE
shall be the sole and exclusive worldwide owner of all rights in the Programs and all elements thereof and all translations and
localizations thereof except for FSN’s proprietary marks used in the Programs, if any, and FSN’s proprietary rights
used in the production of the Programs; provided, however, FSN hereby grants WPTE a non-exclusive license to include such FSN proprietary
rights as part of the Programs; provided, further, FSN acknowledges and agrees that WPTE has the non-exclusive right to use the
Program format independently of the production of the Programs. FSN shall do all things and execute all documents, including procuring
the doing of such things and the execution of such documents to ensure that the legal and beneficial title in the Programs and
all elements thereof vest solely and exclusively in WPTE. Notwithstanding the above, WPTE may not use, televise or otherwise exploit
any version of the Programs that contain FSN logos or FSN references unless WPTE receives FSN’s prior written consent or
removes such FSN logos or FSN references from the Programs; provided, however, FSN shall provide WPTE with a version of the Programs
that does not contain FSN logos or FSN references upon written request.

 

b.       For
the avoidance of doubt, each Party shall retain the sole and absolute ownership of its own intellectual property and proprietary
rights and except as expressly provided herein, no other right of use or license is granted or implied.

 

	7.	DISTRIBUTION AND EXHIBITION.

 

a.       Except
as set forth in Section 7(c) below, FSN has the exclusive rights to use, televise and otherwise exploit the Programs in the United
States and its territories, possessions, commonwealths and military installations (the “Domestic Territory”) during
the Term. FSN shall use commercially reasonable efforts to initially telecast each Program produced pursuant to Section 2(a) (i.e.,
thirteen (13) Test Programs in the Test Period and forty (40) hours of Programs each Year of the Regular Term) in a minimum of
fifty million (50,000,000) homes on regional sports networks carrying FSN programming (“Regionals”). FSN shall use
commercially reasonable efforts to clear the initial telecast of each Program on the Regionals on Saturday nights between 11:00
p.m. and 1:00 a.m. (local time) with a tentative premiere date for the first Program in the Test Period during August or September,
2008. FSN will re-telecast each Program at least two (2) times in addition to the initial telecast. If a Regional that is clearing
a Program is unable to clear such Program as set forth above, FSN shall use commercially reasonable efforts to ensure that such
Regional clears such Program during a similar time period or as close to the time period as reasonably practicable. Such schedule
may be preempted by prior Regionals commitments, live event programming, or other programming. For avoidance of doubt, FSN shall
have the unlimited right, but no obligation, to re-telecast each Program, or any portion thereof, at various times, on any Fox-affiliated
programming service or by any other means of distribution within the Domestic Territory. As used in this Section, “commercially
reasonable efforts” shall not mean that FSN is relieved of its clearance or time placement obligations under this Section
in order to take commercial advantage of the clearance and time slots anticipated for airing of the Programs (e.g., deal shopping).

 

 

 

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b.       FSN
shall have the right to suspend the performance of its distribution obligations set forth in Section 7(a) at any time that WPTE
is in breach of a material term or condition of this Agreement.

 

c.       Notwithstanding
FSN’s exclusive distribution rights in the Domestic Territory, WPTE shall have the right to distribute portions of the Programs
in any and all media with the exception of any manner of television distribution in the Domestic Territory for purposes of promoting
the Programs and the Website. For avoidance of doubt, WPTE retains its full rights to the Programs outside of the Domestic Territory.
Except as expressly provided otherwise in this Agreement, during the Term WPTE will not cause, authorize, license or permit any
distribution or exhibition of the Events, any programs created therefrom or any portion of either in any form or location by any
means or media or any promotion thereof in the Domestic Territory without the prior written approval of FSN.

 

	8.	PROMOTION.

 

a.       In-Program
Promotion: The Website shall receive: (i) title sponsorship of each Program; (ii) two (2) billboards within each Program; (iii)
four (4) sponsored elements (e.g., entitlements) within each Program; (iv) an average of four (4) audio mentions of the Website’s
sponsorship of the Program each hour of each Program; (v) an average of four (4) video bumpers each hour of each Program; and (vi)
the Website logo on the poker table (collectively, the “Promotional Elements”); all subject to the terms and conditions
of this Agreement. FSN shall consult in good faith with WPTE on the implementation of the Promotional Elements. All Promotional
Elements within each Program shall be exclusive to the Website.

 

b.       Commercial
Inventory:

 

		i.	WPTE will receive four
(4) thirty-second (:30) spots (a total of 2 minutes) of national commercial inventory in each hour of each Program during the distribution
of each Program on the FSN Programming Service for the promotion of the Website. WPTE will receive national and regional commercial
inventory exclusivity in each Program for poker or other casino or gaming membership websites (which the Parties acknowledge does
not include tutorial or “.net” websites, including, without limitation, FullTiltPoker.net, PokerStars.net, UltimateBet.net,
MansionPoker.net, PartyPoker.net, AbsolutePoker.net, etc. (“Tutorial Advertisers”), which are subject to Section 8(b)(ii)
below), subject to ad inventory that is not controlled by FSN (i.e., local advertising inventory reserved for cable operators and
other distributors of FSN programming). For each replay of an Episode edited to a shorter duration, the number of WPTE’s
thirty-second (:30) spots will be reduced proportionately. The Parties shall mutually agree in advance upon the inclusion in any
Program of any sponsorships, commercials, advertising, billboards and sponsored features of any kind or nature by any means now
known or hereafter devised; provided, however, FSN has the right to insert elements such as a lower third graphic promoting
FSN’s and FSN affiliates’ programming.

 

		ii.	With respect to each telecast of a Program, FSN shall not (A) provide national or regional commercial
inventory to more than one (1) Tutorial Advertiser, and (B) provide more than four (4) thirty-second (:30) spots to such Tutorial
Advertiser; provided, however, solely with respect to the initial telecast of each of the Test Programs, FSN agrees that such initial
telecasts shall not contain any Tutorial Advertisers in national or regional commercial inventory.

 

		iii.	All use by WPTE of such commercial inventory and the content of all commercials, billboards, features,
signage and promotions are subject to (A) Federal Communications Commission regulations and all other applicable federal and state
regulations, (B) News Corporation and Fox Sports Net advertising regulations, and (C) FSN’s prior approval (which shall not
be unreasonably withheld or withheld in a manner inconsistent with similar network programming).

 

		iv.	To ensure inclusion within the Program, all WPTE commercial inventory must (A) satisfy FSN’s
technical delivery requirements, as such requirements may be revised from time to time, (B) be delivered to FSN at least ten (10)
business days prior to the premiere of each Program on the FSN programming service, and (C) consist of an assortment of commercial
advertisements appropriate for the number of spots to be aired. In the event that WPTE’s commercial advertisements are not
properly delivered in a timely manner, FSN shall have no obligation to telecast such advertisements.

 

 

 

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c.       Online
Promotion: Beginning on or before the initial airing of the first Test Program and continuing throughout the Term, FSN shall
place a banner advertisement or similar presence promoting the Website on the main page of the website located at URL FoxSports.com.
To the extent that FoxSports.com determines that promotion of the Website is contrary to its business and legal affairs policy
then the promotion of the Website may be replaced with promotion of the Programs. FSN represents that as of the Effective Date,
promotion of the Website is not contrary to FoxSports.com business and legal affairs policy. During the Term, FoxSports.com will
not operate a poker membership website nor promote any poker membership website other than the Website and shall use commercially
reasonable efforts to prevent the display on FoxSports.com of any advertising for any poker membership website other than the Website.

 

d.       FSN
shall have the right to suspend the performance of its obligations set forth in this Section 8 at any time that WPTE is in breach
of a material term or condition of this Agreement.

 

	9.	EXCLUSIVITY.

 

a.       During
the Term, FSN shall not engage, either on its own or by partnering with a third-party, in the operation or promotion of any paid
subscription based, poker (which the parties acknowledge does not include the card game Tua La Ji sometimes referred to as “Traktor
Poker” but does include all types and variations of poker) and/or blackjack membership website competitive with the Website
(a “Competitive Site”), nationally distribute commercial inventory advertising a Competitive Site or nationally distribute
programs sponsored by a Competitive Site. WPTE acknowledges that individual Regionals are not restricted from entering into separate
agreements for the distribution of programming and individual Regionals and cable operators and other distributors of FSN programming
are not restricted with respect to sales of their commercial inventory.

 

b.       During
the Term, WPTE shall not operate, either on its own or by partnering with a third-party, any Competitive Site that is available
to players in the United States; provided, however, the Parties acknowledge that for purposes of this Agreement a “Competitive
Site” or membership website shall not include any type of real-money wagering site or free entry site (whether or not poker
or blackjack related) or any type of paid subscription site that does not involve playing poker and/or blackjack for prizes (e.g.,
a paid subscription for monthly poker tips on WorldPokerTour.com). If despite the foregoing restriction WPTE does operate a Competitive
Site that is available to players in the United States other than Website then FSN shall participate in the Net Revenue (as defined
in Section 10) of such website in the same (or equivalent) manner as set forth in Section 10 with respect to the Website.

 

	10.	CONSIDERATION.

 

		a.	Defined Terms.

 

		i.	“Affiliate” means entities that are unrelated to WPTE (i.e., entities in which WPTE
does not hold any direct or indirect equity or profits interest other than payment to the Affiliate in connection with the Website)
that receive financial compensation for increasing the number of Website members.

 

		ii.	“Affiliate Cost” means the total amount of Gross Membership Revenue actually paid to
Affiliates in connection with their involvement in the Website, plus all actual out-of-pocket set-up costs incurred and paid by
WPTE to link the Affiliate to the Website.

 

		iii.	“Fee” means for a given month, Forty-Five percent (45%) of Net Revenue, if any.

 

		iv.	“Gross Membership Revenue”
means all membership fees paid by users of the Website in a given month less (i) any applicable sales or services taxes;
(ii) bad debt including credit card charge backs; and (iii) refunds.

 

		v.	“Gross Skin Revenue” means, for a given Skin, all revenue earned by WPTE in connection
with such Skin.

 

 

 

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		vi.	“Monthly Report” means a detailed monthly report of the operation of the Website and
the Skins which shall include, at a minimum, the following information: (A) Gross Membership Revenue, (B) UBT Cost, (C) Affiliate
Cost, (D) Other Club Revenue, (E) Net Other Club Revenue, (F) current Production and Event Cost (Test Programs only), (G) Production
and Event Cost (Test Programs only) from prior months, if any, carried over to the current month, (H) Net Membership Revenue, (I)
Gross Skin Revenue for each Skin, (J) Skin Cost for each Skin, (K) Net Skin Revenue for each Skin, (L) Net Revenue and (M) the
Fee for the month.

 

		vii.	“Net Membership Revenue” means Gross Membership Revenue plus Net Other Club Revenue
less UBT Cost and Affiliate Cost.

 

		viii.	“Net Other Club Revenue” means Other Club Revenue less actual third party merchandise
manufacturing and agency costs.

 

		ix.	“Net Revenue” means Net Membership Revenue plus Net Skin Revenue for each Skin, if
any.

 

		x.	“Net Skin Revenue” means, for a given Skin, Gross Skin Revenue after WPTE has recouped
its Skin Cost.

 

		xi.	“Other Club Revenue” means
all non-membership revenue earned by WPTE on or in connection with the Website (e.g., merchandise); provided, however, Other Club
Revenue shall not include license fees received by WPTE for international distribution of the Programs or Production and
Event Revenue. For avoidance of doubt, WPTE shall be entitled to collect and retain Production and Event Revenue (subject to Section
4(d)) and such Production and Event Revenue shall not be subject to FSN’s participation.

 

		xii.	“Skin Cost” means, for a given Skin, all actual out-of-pocket set-up costs incurred
and paid by WPTE to establish and link such Skin to the Website’s network software that has not been recouped by WPTE out
of Skin Gross Revenue.

 

		xiii.	“UBT Cost” means the total amount of Gross Membership Revenue actually paid to Ultimate
Blackjack Tour, LLC (“UBT”) for operation of the Website (i.e., prize pool, club content, finance charges, compliance
fees and UBT profit share).

 

b.       In
consideration of FSN’s obligations hereunder, WPTE will (i) provide FSN with the Monthly Report within thirty (30) days of
the end of each month and (ii) pay FSN the Fee for each month as set forth in this Section.

 

c.       WPTE
shall be entitled to recoup from Net Revenue the Production and Event Cost incurred by WPTE in connection with the production of
the Test Programs and the staging of the Events underlying the Test Programs less any Production and Event Revenue received by
WPTE. WPTE shall recoup such Production and Event Cost prior to the calculation and payment of the Fee. To the extent that Net
Revenue during the Test Period is insufficient to recoup such Production and Event Cost, then the unpaid Production and Event Cost
shall be recouped out of Net Revenue during the Regular Term. For avoidance of doubt, WPTE shall not be entitled to recoup from
Net Revenue Production and Event Cost in connection with any Programs other than the Test Programs.

 

		d.	The Fee shall be paid and remitted to:

 

National
Sports Programming

File
55434

Los Angeles,
CA 90074-5434

 

or by electronic
wire to:

 

Bank of America

1850 Gateway Blvd.

Concord, CA
94520

 

Bank Name..................................Bank
of America

Account Name...........................National
Sports Partners

Account Number........................12332-26465

Routing
Number.........................121-000-358

 

 

 

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FSN must receive payment of
the Fee for a given month within thirty (30) days of WPTE’s receipt of the Net Revenue for such month, but in no event later
than forty-five (45) days after the end of such month; provided, however, so long as WPTE uses commercially reasonable efforts
to collect Net Revenue, to the extent WPTE has not received the Net Revenue attributable to such month, WPTE shall be allowed to
delay payment of a pro rata portion of the Fee. Subject to the preceding sentence, if payment of any portion of the Fee is past
due by more than fifteen (15) days, FSN may elect to suspend performance of its obligations in this Agreement or terminate this
Agreement and, in such event, have no further obligations to WPTE.

 

	11.	WEBSITE RESTRICTIONS: ANTI-GAMBLING. WPTE represents, warrants and covenants that:

 

a.       Neither
the Website nor WPTE’s commercial inventory spots shall contain any reference, whether written or otherwise, to any entity,
party or website (including, without limitation, any WPTE owned, controlled, affiliated and/or operated website or any website
owned by any parent or affiliated entity of WPTE or under common control with WPTE or any third party website) that aids, abets,
facilitates, promotes, provides an advertisement for and/or enables any form of wagering/gambling in the Domestic Territory or
conducts or facilitates any activity that is in violation of any United States Federal, state or local law, rule or regulation.

 

b.       The
Website does not and will not aid, abet, facilitate, promote, provide an advertisement for or otherwise enable any wagering/gambling
activities and does not and will not “link,” directly or indirectly, to or otherwise direct a viewer to any other website
that enables wagering/gambling activities in the Domestic Territory. WPTE shall not make any material change to the Website without
the prior written approval of FSN. For purpose of clarity, material changes do not include banner updates, graphical changes, or
the addition of content of the same nature as currently exists on the Website.

 

c.       WPTE’s
commercial inventory spots, as delivered by WPTE, shall not make any reference to any website other than the Website and shall
not in any way aid, abet, facilitate, promote or otherwise enable any wagering/gambling activities (e.g., by making any references
to any online wagering/gambling site or by providing a telephone number to a wagering/gambling business, etc.).

 

d.       Without
limiting any other right reserved for FSN under this Agreement, in the event WPTE breaches any of the representations, warranties
or covenants in this Section 11, FSN may immediately suspend its obligations pursuant to this Agreement, and if WPTE fails to cure
such breach within forty-eight (48) hours of receiving written notice then FSN shall have the right to immediately terminate this
Agreement upon notice to WPTE. If a prosecutor or other law enforcement official formally charges or alleges that the Website
is an illegal gambling operation or in the event WPTE breaches this Section 11 twice within any twelve (12) month period, FSN shall
have the right to immediately terminate this Agreement upon notice to WPTE. Without limiting FSN’s rights as set forth in
this Agreement, at law or in equity, WPTE acknowledges and agrees that FSN shall be entitled to injunctive relief to enforce the
restrictions set forth in this Section 11.

 

	12.	WEBSITE RESTRICTIONS: SWEEPSTAKES COMPLIANCE. WPTE represents, warrants and covenants that:

 

a.       WPTE
shall operate the Website in compliance with all applicable sweepstakes and anti-lottery laws in each jurisdiction in which it
does business.  WPTE shall at all times offer a free alternative method of entry (an “AMOE”) that is
of “equal dignity” (as such term is commonly understood in the sweepstakes industry) with the subscription
method of entry for each tournament that is available on the Website.    The AMOE shall be clearly
and conspicuously disclosed on the Website.  In addition to being eligible to enter tournaments, members of the Website who
pay the subscription fee will be offered member benefits in the form of a package of bona fide products or services
that are comparable to or more favorable for the members than the member benefits offered on the Effective Date
of this Agreement. WPTE will not market or otherwise attempt to convert AMOE players into members of the Website.  For
avoidance of doubt, FSN shall have no involvement in, or responsibility for, the operation of the Website, the implementation of
the AMOE or the administration of any tournaments.

 

b.       Without
limiting any other right reserved for FSN under this Agreement, in the event WPTE breaches any of the representations,
warranties, covenants or obligations under this Section 12, FSN may immediately suspend its obligations pursuant to this Agreement,
and if WPTE fails to cure such breach within fifteen (15) days of receiving written notice then FSN shall have the right to immediately
terminate this Agreement upon notice to WPTE. In the event WPTE breaches this Section 12 twice within any
twelve (12) month period, FSN shall have the right to immediately terminate this Agreement upon notice to WPTE.

 

 

 

    	 	8	 

     

    

 

	13.	REPRESENTATIONS, WARRANTIES AND COVENANTS.

 

a.       WPTE
represents, warrants and covenants to FSN that (i) WPTE has the full power and authority to make and perform the Agreement and
WPTE will perform its duties hereunder in compliance with all terms and conditions herewith; (ii) the making or performance of
the Agreement does not violate any agreement between WPTE and any third party; (iii) the rights FSN has acquired, and its use of
those rights, will not infringe on or violate any copyright, trademark, right of privacy, publicity or other literary or dramatic
or any other right of any third party; (iv) WPTE will do nothing to interfere with or impair FSN’s rights in the Agreement;
(v) WPTE shall operate the Website in compliance with all applicable laws and regulations in each jurisdiction in which it does
business; (vi) the Events will be sanctioned by any applicable organizations and authorities having jurisdiction over such Events,
and the Events will be conducted according to all applicable rules and regulations of such organizations and authorities; and (vii)
WPTE (directly or through a third party, if applicable) has or will enter into agreements with each Participant (“Participant
Agreements”) binding such Participant to all applicable terms of this Agreement, and making FSN express third party beneficiaries
to the Participant Agreements in connection with the Programs. Additionally, WPTE represents, warrants and covenants to FSN that
it has obtained, or will obtain, any and all necessary rights, clearances, permissions and local permits in connection with the
Sites and the Events for FSN to exercise its rights and perform its obligations hereunder including but not limited to: (1) payment
of any and all necessary fees to any entity involved in the organization of the Events; and (2) obtaining any and all rights, clearances
and permissions necessary to use in the Programs all names, likenesses, trademarks, service marks or other intellectual property
of the Sites, the Events and all entities related thereto. WPTE will provide to FSN upon request any documents that confirm WPTE
has obtained the necessary rights to perform the Agreement.

 

b.       Related
Party Transaction. If WPTE acquires or plans to acquire an interest in UBT then WPTE shall not agree to any increase in fees payable
to, or costs recoverable by UBT, either cumulatively or in any category (e.g., club member benefits, compliance, banking, finance,
revenue share) other than costs which pass through directly to members (e.g., prize pool) without full disclosure to FSN and FSN’s
prior written approval. If WPTE acquires a controlling interest or majority of the equity in the operator of a Skin created on
or after the Effective Date, then such Skin shall be deemed to be included within the “Website” for purposes of calculating
the Fee. If WPTE acquires a controlling interest or majority of the equity in the operator of a Skin created prior to the Effective
Date, then the Gross Skin Revenue payments payable by such Skin to WPTE not shall not be reduced below the payments required as
of the Effective Date.

 

c.       FSN
represents, warrants and covenants to WPTE that (i) FSN has the full power and authority to make and perform the Agreement and
FSN will perform its duties hereunder in compliance with all terms and conditions herewith; (ii) the making or performance of the
Agreement does not violate any agreement between FSN and any third party; and (iii) FSN will do nothing to interfere with or impair
WPTE’s rights in the Agreement. FSN will provide to WPTE upon request any documents that confirm FSN has obtained the necessary
rights to perform the Agreement.

 

	14.	INDEMNIFICATION.

 

a.       WPTE
shall at all times indemnify, defend and hold harmless FSN, its partners and all affiliated companies thereof and their respective
officers, directors, partners, shareholders, employees, agents and representatives from and against any claim, demand, liability
or judgment, including reasonable attorneys’ fees and court costs (i) arising out of any breach by WPTE of any representation,
warranty or other obligation or provision hereof including, (ii) any distribution, licensing or sub-licensing of the Programs by
WPTE except to the extent covered by FSN’s indemnification obligations, (iii) any material added by WPTE to the Programs
unless requested by, or for the benefit of, FSN, or (iv) arising out of the operation or promotion of the Website or any Skin including,
without limitation, WPTE’s commercial inventory promoting the Website or any Skin. This indemnity shall survive termination
of the Agreement.

 

b.       FSN
shall at all times indemnify, defend and hold harmless WPTE, its partners and all affiliated companies thereof and their respective
officers, directors, partners, shareholders, employees, agents and representatives from and against any claim, demand, liability
or judgment, including reasonable attorneys’ fees and court costs, arising out of (i) any breach by FSN of any representation,
warranty or other obligation or provision hereof including the distribution, licensing or sub-licensing of the Programs by FSN
in violation of this Agreement or (ii) any material added by FSN to the Programs unless requested by, or for the benefit of, WPTE.
This indemnity shall survive termination of the Agreement.

 

 

 

    	 	9	 

     

    

 

c.       
A Party seeking indemnification will give the indemnifying Party prompt notice of any claim or litigation to which indemnity may
apply. Failure to give such prompt notice will relieve the indemnifying Party of its indemnification obligations to the extent
that such failure has prejudiced the indemnifying Party’s defense of such claim or litigation. The indemnifying Party has
the right to assume and fully control the defense of any potentially indemnified claim or litigation and the indemnified Party
will cooperate fully (at the cost of the indemnifying Party) in any defense and in the settlement of such claim or litigation.

 

	15.	INSURANCE.

 

a.       Subject
to the laws applicable to the Site of the applicable Event, WPTE represents, warrants and covenants that it, the third party retained
by WPTE to conduct the Event, if applicable, and/or the applicable Site, as appropriate, has, or will secure at least five (5)
days prior to each Event:

 

		i.	Workers compensation (or the appropriate equivalent in the applicable jurisdiction) coverage for
all persons it or the applicable Site employs in connection with such Event and the Program applicable to such Event that suffices
under the laws of the jurisdiction in which those persons render services; and

 

		ii.	General comprehensive liability insurance covering the applicable Site, including bodily injury
and property damage, having a combined single limit of at least $1,000,000 for injuries to any one person and a limit of at least
$2,000,000 in the aggregate with a $9,000,000 umbrella policy for injuries to any number of persons arising out of the same accident.

 

b.       All
FSN required insurance will (i) be on an “occurrence” form, (ii) be issued by reputable insurers rated A or better
by A.M. Best and Co., (iii) name Fox Entertainment Group, FSN, their parents, divisions, subsidiaries, affiliated companies, officers,
directors, and employees as additional insured, (iv) be primary and not excess of or contributory to any other insurance provided
for the benefit of or by FSN, and (v) provide that at least thirty (30) days advance written notice of any cancellations, non-renewal
or other material change in the policy will be accorded FSN. WPTE will not make any revision, modification or cancellation of any
such policy that may affect FSN’s rights without FSN’s prior written consent. Notices regarding insurance shall be
sent to 10201 West Pico Blvd., Building 103, Los Angeles, California 90035, Attn: Vice President, Business & Legal Affairs,
with a required copy to Fox Entertainment Group, Inc., Attn: Risk Management (FAB/120), P.O. Box 900, Beverly Hills, CA 90213 (fax:
310-369-2177). WPTE will deliver to FSN satisfactory evidence of such insurance at least five (5) days prior to the applicable
Event.

 

c.       FSN
represents, warrants and covenants that it has, or will secure at least five (5) days prior to the initial telecast of each Program,
and will maintain for at least three (3) years following the initial telecast of such Program, standard errors and omissions insurance
(also known as media or broadcasters' liability insurance) covering such Program. Such insurance must have limits for damages and
legal defense costs and fees of at least $5,000,000.00 for any single party's claim arising out of a single occurrence and $5,000,000.00
for all claims arising out of a single occurrence.

 

16.       INDEPENDENT
CONTRACTORS. Neither Party has the authority to bind the other Party to any agreement or other obligations, and will not attempt
to do so. Nothing in this Agreement creates any partnership, joint venture or agency relationship between WPTE and FSN. Each Party
is fully responsible for all persons and entities it employs or retains.

 

17.       FINANCIAL
DISCLOSURE. WPTE shall conform with 47 U.S.C.S. § 507 and 47 U.S.C.S. § 317 concerning broadcast matter and required
disclosures, insofar as that section applies to persons furnishing material for television broadcasting. WPTE hereby certifies
and agrees that it has no knowledge of any information relating to any Program that is required to be disclosed under § 507
or § 317, that it will promptly disclose to FSN any such information of which it hereafter acquires knowledge and that it
will not, without FSN’s prior written approval, include in any Program any matter for which any money, service, or other
valuable consideration (as such terms are used in § 507 or § 317) is directly or indirectly paid or promised by a third
party, or accepted from or charged to a third party.

 

18.       FORCE
MAJEURE. If an Event is postponed or canceled, or the production or distribution of a Program in accordance with this Agreement
is materially delayed, prevented or canceled, due to any act of God, fire, earthquake, flood, epidemic, inevitable accident, embargo,
war, terrorism, strike or other labor dispute, fire, riot or civil commotion, government action or decree, including without limitation,
action of any legally constituted authority, any judicial or executive order, or failure or delay of any transportation agency,
inclement weather, failure of technical production or television equipment, or for any other reason beyond the control of WPTE
or FSN, as applicable (a “Force Majeure Event”), then: (i) FSN and WPTE may determine the steps, if any, to be taken
by the Parties to minimize the loss caused by such Force Majeure Event; and (ii) either Party may suspend the production, promotion
and distribution obligations set forth in this Agreement and extend the Test Period, if applicable, while such Force Majeure Event
continues and thereafter until normal business operations or the production or distribution of the Programs are resumed.

 

 

 

    	 	10	 

     

    

 

19.       Termination.

 

		a.	Either Party may terminate this Agreement upon written notice to the other Party if:

 

		i.	the other Party breaches any material term or condition of this Agreement (except a breach by WPTE
of Section 11 or Section 12 in which case FSN’s termination rights shall be as set forth in such Section) and fails to correct
or cure such breach within twenty (20) business days following written notice specifying such breach or if correction or cure is
not reasonably possible within such period, the breaching Party receiving such notice has begun, and at all times diligently continues,
to correct or cure such breach;

 

		ii.	the other Party applies for or consents to the appointment of a receiver, trustee or liquidator
for substantially all of its assets, or such a receiver, trustee or liquidator is appointed for the other Party;

 

		iii.	the other Party has filed against it an involuntary petition for bankruptcy that has not been dismissed
within sixty (60) days thereof; or

 

		iv.	the other Party files a voluntary petition for bankruptcy or a petition or answer seeking reorganization,
becomes or is insolvent or bankrupt, admits in writing its inability to pay its debts as they mature, or makes an assignment for
the benefit of creditors.

 

b.       In
addition to the foregoing, WPTE may terminate this Agreement:

 

		i.	Upon written notice to FSN sent within forty-five (45) days of the end of any six (6) month period
during the Regular Term, if during each of such six (6) consecutive months the Net Revenue for each such month was less than One
Hundred Twenty Thousand Dollars ($120,000); provided, however, WPTE shall continue to pay FSN twenty-five percent (25%) of Net
Revenues for five (5) years following such termination subject to the reduction of expenses of the nature described in Section
10. If WPTE determines to terminate this Agreement pursuant to this Section 19(b)(i) then FSN shall be allowed to continue with
any previously scheduled airings of the Programs unless either Party determines, in good faith, that such airings are deemed or
are threatened to be deemed to be illegal under any United States municipal, state and/or federal law and/or regulation.

 

		ii.	Upon written notice to FSN if WPTE discontinues operation of the Website and its online paid subscription
membership business; provided, however, WPTE shall pay FSN the Fee with respect to all operations of the Website prior to its complete
shutdown and, if, in the twenty-four (24) months following such termination, WPTE operates, directly or through a third party,
what would be a Competitive Site were the Website still in operation then FSN shall be entitled to the Fee with respect to such
business (or, to the extent the Fee calculation is inapplicable to such business, forty-five percent (45%) of the revenue generated
by such business actually received by WPTE subject to reduction for the expenses described in Section 10). This provision shall
not prevent WPTE from replacing UBT with a different fulfillment provider. If WPTE determines to terminate this Agreement pursuant
to this Section 19(b)(ii) then WPTE shall provide FSN with as much advance notice as possible and FSN shall be allowed to continue
with any previously scheduled airings of the Programs unless either Party determines, in good faith, that such airings are deemed
or are threatened to be deemed to be illegal under any United States municipal, state and/or federal law and/or regulation.

 

		iii.	In the event that WPTE’s Board of Directors reasonably determines in good faith upon advice
of outside counsel that (a) one or more provisions of this Agreement related to WPTE’s relationship with FSN, (b) an affiliation
with FSN, or (c) individuals employed by FSN (each, a “Defect”) materially increases the jeopardy that WPTE or Lakes
Entertainment, Inc. will lose a material gaming regulatory license or permit held or applied for and such Defect remains uncured
for ninety (90) days after FSN’s receipt of written notice of such Defect.

 

c.       
In addition to the foregoing and FSN’s termination rights set forth in Sections 11 and 12, FSN may terminate this Agreement:

 

		i.	Upon thirty (30) days prior written notice to WPTE; or

 

		ii.	Upon five (5) days prior written notice to WPTE if at any time during the Term, the provisions
of this Agreement or the performance of any of the Parties hereunder conflict with FSN’s internal policies, as such policies
may be revised from time to time as determined by FSN in its sole discretion.

 

 

 

    	 	11	 

     

    

If FSN terminates the Agreement
pursuant to Section 19(c)(i) or (ii) then upon termination (A) FSN shall immediately cease to telecast the Programs, (B) WPTE shall
retain all rights to the Programs, provided, however, FSN shall remove all FSN-related references from the Programs, if any, and
WPTE shall only distribute such “cleaned” versions of the Programs, (C) the exclusivity restrictions set forth in Section
9(a) shall remain in effect for two (2) years following the date of termination, and (D) WPTE shall no longer be required to pay
the Fee.

 

d.       Termination
of this Agreement shall not relieve WPTE from any payment obligations accrued prior to the effective date of such termination.

 

20.       REMEDIES.
Except as specifically set forth herein (e.g., Section 11(d)), if either Party breaches any provision of the Agreement, the damage,
if any, caused to the other thereby will not be irreparable or otherwise sufficient to entitle a Party to injunctive or other equitable
relief. A Party’s rights and remedies in any such event shall be strictly limited to the rights set forth in this Agreement
and the right, if any, to recover monetary damages in an action at law.

 

21.
       CONFIDENTIALITY. FSN and WPTE will keep the existence and terms of this
Agreement strictly confidential, and will not disclose the existence or substance of such terms to any entity other than the partners,
shareholders, members, officers, directors, attorneys, insurance agents, employees having a need to know, and accountants of the
Parties hereto without the prior written consent of the other Party, except to the extent necessary to perform the obligations
of the Parties set forth herein and in the following situations (and with the earliest possible prior written notice to the other
Party): (a) to comply with governmental rule, regulation (including any applicable reporting requirements of the Securities and
Exchange Commission) or law or with a valid court order, in each case with confidential treatment requested and such disclosure
shall be limited to such information and such portions of the Agreement that the disclosing Party is advised by counsel as legally
required to be disclosed; (b) to comply with its normal reporting or review procedure of its parent company or other owners, or
its auditors or its attorneys; (c) to enforce its rights under this Agreement; and (d) to prospective purchasers of a material
portion of its assets or beneficial ownership interests, with confidential treatment required. Notwithstanding the foregoing, FSN
and WPTE may release one or more press statements regarding this Agreement with the other Party’s prior written consent (such
consent not to be unreasonably withheld).

 

22.       Non-Union.
WPTE acknowledges that the Programs are non-union productions and that FSN is not a party to, and has no present intention of becoming
a party to, any guild, collective bargaining or similar agreement that might apply to the production of the Programs.

 

23.       MISCELLANEOUS.

 

a.       Notices.
All notices from either Party to the other must be given in writing and sent by registered or certified mail (postage prepaid and
return receipt requested), by hand or messenger delivery, by overnight delivery service, by facsimile with receipt confirmed, to
the respective addresses of WPTE and FSN listed in the Agreement. FSN’s notice shall provide duplicate notice to the attention
of: Vice President, Business and Legal Affairs, c/o Fox Cable Networks, Building 103, 10201 West Pico Boulevard, Los Angeles, California
90035. WPTE’s notice shall provide duplicate notice to the attention of General Counsel, WPT Enterprises, Inc., 5700 Wilshire
Boulevard, Suite 350, Los Angeles, California 90036. Any notice or report delivered in accordance with this Section will be deemed
given on the date actually delivered; provided that any notice or report deemed given or due on a Saturday, Sunday or legal holiday
will be deemed given or due on the next business day. If any notice or report is delivered to any Party in a manner which does
not comply with this Section, such notice or report will be deemed delivered on the date, if any, such notice or report is received
by the other Party.

 

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

 

c.       Governing
Law. Irrespective of the place of execution or performance, this Agreement is to be governed by and construed in accordance
with the laws of the State of California applicable to contracts entered into and to be fully performed therein. Any court of competent
jurisdiction sitting within the State of California, Los Angeles County, will be the exclusive jurisdiction and venue for any dispute
arising out of or relating to the Agreement. The Parties irrevocably consent to the exclusive jurisdiction and venue of any such
court, and waive any argument that such venue is not appropriate or convenient.

 

 

 

    	 	12	 

     

    

 

d.       Assignments.
Neither this Agreement nor any of the rights or obligations hereunder may be assigned by any Party without the prior written consent
of the other Party; except that FSN may, without such consent, assign all such rights and obligations to its parent company, or
any affiliate or subsidiary of FSN or in which the parent company has an ownership interest and either Party may assign
all of its rights and obligations to another entity in connection
with a merger, reorganization or sale of all or substantially all of the assets of such Party.

 

e.       Survival.
The provisions of the Agreement which by their nature would ordinarily be expected to survive termination of the Agreement (including
without limitation all indemnity, representations and warranties, payment and confidentiality terms hereof) shall survive the execution,
delivery, suspension or termination of the Agreement or any provision hereof.

 

f.       Entire
Agreement; Waiver; Amendments. This Agreement and any exhibits and schedules attached hereto, contains the full and complete
understanding between the Parties hereto regarding the subject matter hereof and supersedes and abrogates all prior agreements
and understandings, whether written or oral, pertaining thereto and cannot be modified except by a written instrument signed by
each Party hereto. No waiver of any term or condition of the Agreement shall be construed as a waiver of any other term or condition;
nor shall any waiver of any default under the Agreement be construed as a waiver of any other default.

 

g.       Construction.
The Parties have participated jointly in the negotiation and drafting of the Agreement. In the event an ambiguity or question of
intent or interpretation arises, the Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden
of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of the Agreement.

 

h.       Counterparts;
Facsimile. This Agreement may be signed and accepted in counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. This Agreement may be delivered by facsimile and facsimile signatures
shall be treated as original signatures for all applicable purposes.

 

i.       No
Third Party Beneficiaries. This Agreement shall not confer any rights or remedies upon any person other than the Parties hereto
and their permitted successors and assigns, and only in accordance with the express terms of the Agreement.

 

 

 

    	 	13	 

     

    

 

IN WITNESS WHEREOF, WPTE and FSN hereto have caused this
Agreement to be executed by their duly authorized representatives on the dates indicated below.

 

	AGREED & ACcEptED BY:	AGREED & ACcEptED BY:
	 	 
	WPT ENTERPRISES, INC.	NATIONAL SPORTS PROGRAMMING
	 	 
	 	 
	 	 
	Signature:_______________	Signature: _________________
	 	 
	Name:   Adam Pliska 	Name: ____________________
	 	 
	Title:   General Counsel	Title: _____________________

 

 

 

 

 

 

 

 

 

    	 	14Exhibit 10.21

 

AGREEMENT

 

This Agreement (this “Agreement”),
dated as of May 10, 2013 (the “Effective Date”) is between WPT ENTERPRISES, INC. (“WPTE”) with offices
at 5700 Wilshire Boulevard, Suite 350, Los Angeles, California 90036 and NATIONAL SPORTS
ProGRAMMING (“Fox”), with offices at 10201 West Pico Blvd., Building 103, Los Angeles, California 90035.
For good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and the mutual promises contained
herein, WPTE and Fox (each a “Party” and collectively the “Parties”) agree to be bound by the following
terms and conditions:

 

RECITALS

 

WHEREAS, the Parties are parties
to the following agreements: (i) the Program Production and Televising Agreement, dated as of July 25, 2008 (as amended from time
to time, the “ClubWPT Agreement”); and (ii) the Agreement, dated August 13, 2010 (as amended from time to time, the
“Season 9-11 Agreement”);

 

WHEREAS, the Parties desire to amend
the ClubWPT Agreement;

 

WHEREAS, WPTE desires to produce,
and Fox desires to distribute on the Fox Sports 1 programming service (“FS1”), Season One, Season Two and Season Three
of the World Poker Tour Super High Roller television Series (the “SHR”); and

 

WHEREAS, WPTE desires to produce,
and Fox desires to distribute on the Fuel programming service (or any successor) (“Fuel”) and the FSN programming service
(“FSN”), Season Twelve, Season Thirteen and Season Fourteen of the World Poker Tour television Series (the “Tour”).

 

THEREFORE, in consideration of the
premises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the Parties agree as follows:

 

SECTION I.       AMENDMENTS.

 

	1)	ClubWPT Amendment. WPTE and Fox agree Section 10(b) of the ClubWPT Agreement is amended and restated as follows:

 

“In consideration of FSN’s obligations
hereunder, WPTE will (i) provide FSN with the Monthly Report within thirty (30) days of the end of the each month and (ii) pay
FSN the Fee for each month as set forth in this Section. Notwithstanding the foregoing:

 

February 1, 2012 through February 28, 2013:
If WPTE provides written notice to FSN no later than June 30, 2012 that WPTE has made a binding, irrevocable commitment to spend
Two Million Dollars ($2,000,000) on marketing for the Website (an “Additional Marketing Commitment”), at least One
Million Five Hundred Thousand Dollars ($1,500,000) of which is in the form of traditional media buys, for the period between February
1, 2012 and February 28, 2013, FSN agrees (i) that the “Fee” on Net Revenue exceeding Four Million Dollars ($4,000,000)
for the period between March 1, 2012 and February 28, 2013 (the “Season 10 Marketing Period”) shall be calculated as
Twenty percent (20%) of such Net Revenue, and (ii) that the “Fee” on Net Revenue exceeding Five Million Dollars ($5,000,000)
for the period between March 1, 2013 and February 28, 2014 (the “Season 11 Marketing Period”) shall be calculated as
Twenty percent (20%) of such Net Revenue.

 

March 1, 2013 through February 28, 2014: If
WPTE provides written notice to FSN no later than June 30, 2013 that WPTE has made a binding, irrevocable commitment to spend an
Additional Marketing Commitment for the Season 11 Marketing Period, at least One Million Five Hundred Thousand Dollars ($1,500,000)
of which is in the form of traditional media buys, FSN agrees (i) that the “Fee” on Net Revenue exceeding Five Million
Dollars ($5,000,000) for the Season 11 Marketing Period shall be calculated as Twenty percent (20%) of such Net Revenue, and (ii)
that the “Fee” on Net Revenue exceeding Six Million Dollars ($6,000,000) for the period between March 1, 2014 and February
28, 2015 shall be calculated as Twenty percent (20%) of such Net Revenue.

 

March 1, 2014 through February 28, 2017:For
each of the three 12-month periods from March 1 through February 28 beginning March 1, 2014 and ending February 28, 2017 (each
a “Marketing Cycle”), if WPTE provides written notice to FSN no later than June 30 of the applicable Marketing Cycle
that WPTE has made a binding, irrevocable commitment to spend an Additional Marketing Commitment for such Marketing Cycle, at least
One Million Five Hundred Thousand Dollars ($1,500,000) of which is in the form of traditional media buys, FSN agrees (i) that the
“Fee” on Net Revenue exceeding Four Million Dollars ($4,000,000) for the applicable Marketing Cycle shall be calculated
as Twenty percent (20%) of such Net Revenue, and (ii) that the “Fee” on Net Revenue exceeding Four Million Five Hundred
Thousand Dollars ($4,500,000) for the 12-month period immediately following such Marketing Cycle shall be calculated as Twenty
percent (20%) of such Net Revenue.

 

 

 

    	 	1	 

     

    

 

If WPTE provides notice to FSN that it will spend
the Additional Marketing Commitment in a period described above and then fails to meet the Additional Marketing Commitment by the
end of such period, WPTE will pay FSN the difference between the Fee paid to FSN for such period and the Fee that would have been
due had WPTE not committed to the Additional Marketing Commitment. Such makeup payment shall be due to FSN no later than thirty
(30) days following the end of such period and such makeup payment shall be FSN’s sole remedy for WPTE’s failure to
spend the Additional Marketing Commitment.”

 

SECTION II. TOUR
SEASONS 12-14; SHR SEASONS 1-3.

 

	1)	Exhibit A attached hereto, including the Standard Terms & Conditions (collectively, the “Series Agreement”),
sets forth the terms for the production and distribution of (a) the Tour series (the “Tour Series”) during each of
the following periods: February 1, 2014 through August 31, 2015 (“Tour Season 12”); September 1, 2015 through August
31, 2016 (“Tour Season 13”) and September 1, 2016 through August 31, 2017 (“Tour Season 14” and with each
of Tour Season 12 and Tour Season 13, each a “Tour Season” and collectively, the “Tour Seasons”), and (b)
the SHR series (the “SHR Series” and along with the Tour Series, each a “Series”) during each of the following
periods: February 1, 2014 through January 31, 2015 (“SHR Season 1”); February 1, 2015 through January 31, 2016 (“SHR
Season 2”) and February 1, 2016 through January 31, 2017 (“SHR Season 3” and with each of SHR Season 1 and SHR
Season 2, each a “SHR Season”, collectively, the “SHR Seasons” and, along with the Tour Seasons, “Seasons”).

 

	2)	WPTE shall produce, and Fox shall distribute, episodes of the Tour Series and the SHR Series for all of the respective Seasons
pursuant to the terms of the Series Agreement.

 

SECTION III.MISCELLANEOUS.

 

	1)	Representations and Warranties. Each Party represents, warrants and covenants to the other Party that (a) it has the
full power and authority to make and perform this Agreement; (b) the making or performance of this Agreement does not violate any
of its agreements with any third party or any applicable law or court order; (c) it will do nothing to interfere with or impair
the other Party’s rights in this Agreement

 

	2)	Indemnification. Each Party shall at all times indemnify, defend and hold harmless the other Party, its partners and
all affiliated companies thereof and their respective officers, directors, partners, shareholders, employees, agents and representatives
from and against any claim, demand, liability or judgment, including reasonable attorneys’ fees and court costs (“Claims”)
arising out of the breach of any representation, warranty or other obligation or provision of this Agreement. A party seeking indemnification
will give the indemnifying party prompt notice of any claim or litigation to which indemnity may apply. Failure to give such prompt
notice will relieve the indemnifying party of its indemnification obligations to the extent that such failure has prejudiced the
indemnifying party’s defense of such claim or litigation. The indemnifying party shall have the right to assume and fully
control the defense of any or all claims or litigation to which its indemnity applies. The indemnified party will cooperate fully
(at the cost of the indemnifying party) with the indemnifying party in such defense and in the settlement of such claim or litigation.

 

	3)	Notices. All notices from either Party to the other must be given in writing and sent by registered or certified mail
(postage prepaid and return receipt requested), by hand or messenger delivery, by overnight delivery service, or by facsimile with
receipt confirmed, to the respective addresses of WPTE and Fox listed in the Agreement. Fox’s notice shall provide duplicate
notice to the attention of: Senior Vice President, Business and Legal Affairs, c/o Fox Cable Networks, Building 103, 10201 West
Pico Boulevard, Los Angeles, California 90035. WPTE’s notice shall provide duplicate notice to the attention of President,
WPT Enterprises, Inc., 1920 Main Street, Suite 1150, Irvine, California 92614. Any notice or report delivered in accordance with
this Section will be deemed given on the date actually delivered; provided that any notice or report deemed given or due on a Saturday,
Sunday or legal holiday will be deemed given or due on the next business day. If any notice or report is delivered to any Party
in a manner which does not comply with this Section, such notice or report will be deemed delivered on the date, if any, such notice
or report is received by the other Party.

 

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

 

 

 

    	 	2	 

     

    

 

	5)	Governing Law. Irrespective of the place of execution or performance, this Agreement is to be governed by and construed
in accordance with the laws of the State of California applicable to contracts entered into and to be fully performed therein.
Any court of competent jurisdiction sitting within the State of California, Los Angeles County, will be the exclusive jurisdiction
and venue for any dispute arising out of or relating to the Agreement. The Parties irrevocably consent to the exclusive jurisdiction
and venue of any such court, and waive any argument that such venue is not appropriate or convenient.

 

	6)	Assignments. Neither this Agreement nor any of the rights or obligations hereunder may be assigned by any Party without
the prior written consent of the other Party; except that Fox may, without such consent, assign all such rights and obligations
to its parent company, or any affiliate or subsidiary of Fox or in which the parent company has an ownership interest and either
Party may assign all of its rights and obligations to another entity in connection with a merger, reorganization or sale of all
or substantially all of the assets of such Party.

 

	7)	Survival. The provisions of the Agreement which by their nature would ordinarily be expected to survive termination
of the Agreement (including without limitation all indemnity, representations and warranties, payment and confidentiality terms
hereof) shall survive the execution, delivery, suspension or termination of the Agreement or any provision hereof.

 

	8)	Entire Agreement; Waiver; Amendments. This Agreement and any exhibits and schedules attached hereto, contains the full
and complete understanding between the Parties hereto regarding the subject matter hereof and supersedes and abrogates all prior
agreements and understandings, whether written or oral, pertaining thereto, other than the ClubWPT Agreement and the Season 9-11
Agreement, each as modified herein, and cannot be modified except by a written instrument signed by each Party hereto. No waiver
of any term or condition of the Agreement shall be construed as a waiver of any other term or condition; nor shall any waiver of
any default under the Agreement be construed as a waiver of any other default.

 

	9)	Construction. The Parties have participated jointly in the negotiation and drafting of the Agreement. In the event an
ambiguity or question of intent or interpretation arises, the Agreement shall be construed as if drafted jointly by the Parties
and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions
of the Agreement.

 

	10)	Counterparts; Facsimile. This Agreement may be signed and accepted in counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. This Agreement may be delivered by facsimile
and facsimile signatures shall be treated as original signatures for all applicable purposes.

 

	11)	No Third Party Beneficiaries. This Agreement shall not confer any rights or remedies upon any person other than the
Parties hereto and their permitted successors and assigns, and only in accordance with the express terms of the Agreement.

 

 

 

ACKNOWLEDGED AND AGREED, as of the Effective Date of this Agreement specified above. 

 

	 	 
	WPT ENTERPRISES, INC.	NATIONAL SPORTS PROGRAMMING
	 	owner and operator of the Fox Sports Net
	 	programming service
	 	 
	By:_________________	By: ____________________
	 	 
	 	 
	Title: President	Title: ___________________
	 	 
	Date: ________________	Date: ___________________

 

 

 

    	 	3	 

     

    

 

EXHIBIT A

TERMS FOR PRODUCTION AND
DISTRIBUTION OF WORLD POKER TOUR PROGRAMMING

 

The following terms (the “WPT Terms”)
and the attached Standard Terms & Conditions (the “STC”, and together with the WPT Terms, the “Series Agreement”)
set forth the agreement between WPTE and Fox, regarding the Tour Series and the SHR Series. The WPT Terms must be interpreted in
conjunction with the STC and is incomplete in isolation.

 

	1)	Tour Series: In each Tour Season WPTE will supply to Fox a minimum of twenty-six (26) and a maximum of fifty-two (52)
fully produced and broadcast quality sixty (60) minute (between forty-two minutes twenty-one seconds (42:21) and forty-four minutes
twenty-one seconds (44:21) of content as determined by Fox) episodes of the Tour Series (the “Tour Episodes”) based
on a 12-month Tour Season; provided that for Tour Season 12, the minimum number of Tour Episodes shall be 39 and the maximum number
of Tour Episodes shall be 83 to reflect a pro rata increase based on Tour Season 12’s longer duration. If WPTE elects to
supply less than the maximum number of new Tour Episodes in any Tour Season, in weeks during which WPTE is not providing new Tour
Episodes WPTE may, upon reasonable prior notice, select previously aired episodes from such Tour Season (the “Second-Run
Tour Episodes”) to be aired by Fox as if they were new Tour Episodes for the purposes of Sections 4, 5 and 6 below (i.e.,
such Second-Run Tour Episodes will receive the Ad Time (defined in Section 4 below) and be subject to the clearance requirements
of Sections 5 and 6 below). The Tour Episodes will highlight action from the events of the applicable Tour Season of the World
Poker Tour (“Tour Events”) presented by WPTE.

 

SHR Series: In SHR Season
1, WPTE will supply to Fox sixteen (16) fully produced and broadcast quality sixty (60) minute (between forty-two minutes twenty-one
seconds (42:21) and forty-four minutes twenty-one seconds (44:21) of content as determined by Fox) episodes of the SHR Series (the
“SHR Episodes” and together with Tour Episodes, “Episodes”). In each of SHR Season 2 and SHR Season 3,
WPTE will supply to Fox twenty (20) SHR Episodes. If WPTE desires to supply more than number of new SHR Episodes set forth herein
during any SHR Season, Fox and WPTE agree to discuss in good faith increasing the number of new SHR Episodes and any financial
amendments related thereto. The SHR Episodes will highlight action from the events of the applicable SHR Season of the World Poker
Tour’s Super High Roller Tour (“SHR Events” and together with Tour Events, “Events”) presented by
WPTE. In addition, Fox and WPTE will coordinate to telecast the final table to the SHR Event taking place on or about August 24,
2013 (the “August 2013 SHR Event”) on Fuel, the timing of which shall be subject to Fox’s scheduling concerns
and Fox and WPTE will discuss in good faith the live telecast on Fuel of each subsequent SHR Event’s final table, for avoidance
of doubt, WPTE would remain responsible for the production and delivery of such live telecasts and neither Fox nor WPTE shall have
an obligation in connection therewith (other than for the August 2014 SHR Event) other than engaging in such good faith discussions.

 

As required for the production and
delivery of all Episodes, WPTE will be responsible and pay for all associated costs and shall provide the production staff and
all other personnel, facilities and services. Nothing in this Agreement shall restrict WPTE from the production or unrestricted
exploitation of World Poker Tour events and programs other than the Events and the Episodes provided for under this Agreement and
FSN acknowledges that such other programs are likely to be broadcast on other networks during the Term of this Agreement subject
to any restrictions set forth in this Agreement.

 

	2)	WPTE will submit each Episode in accordance with the requirements of the STC for approval at least ten (10) days prior to such
Episode’s first Telecast date as scheduled by Fox (the “Approval Schedule”). Each Episode will be of consistent
quality with the Tour Episodes produced by WPTE and distributed during the 2011 Tour season, provided Fox acknowledges that there
will be certain changes to the presentation of the Episodes and the SHR Episodes shall include a new, modern set, different uses
of hosts and commentators, differences in music, and differences in story presentation, including, but not limited to, greater
focus on player profiles, prize amounts and each SHR Event’s location.

 

	3)	WPTE will submit each approved Episode at least five (5) business days prior to such Episode’s first Telecast date in
accordance with the requirements of the STC (the “Delivery Schedule”).

 

 

 

    	 	4	 

     

    

 

	4)	For each Episode, WPTE will receive eight (8) thirty-second (:30) units of commercial inventory (the “Ad Time”)
in the applicable Required Telecasts (as such term is defined in Section 6 below) and, if Fox schedules a rerun of such Season’s
Episodes, then in any clearances that occur within seven (7) days of the first rerun of such Episode. WPTE shall have the sole
right to include billboards, in-show sponsorships and entitlements in each Episode (“Integrations”) and to retain all
revenues from such Integrations. The Ad Time and Integrations are subject to the terms of the Agreement including the STC. ClubWPT.com
shall receive Poker E-Gaming (as defined below) category exclusivity for all commercial inventory and Integrations appearing within
the Episodes (i.e., no other Poker E-Gaming advertiser or sponsor shall appear within an Episode or such Episode’s commercial
inventory, whether controlled by WPTE or Fox), except that Incidental Appearances (as defined below) may appear within the Episodes.
For purposes of this Agreement, “Poker E-Gaming” shall mean all play-for-money, membership, tutorial and play-for-free
poker websites. Fox acknowledges that certain .net poker tutorial websites (“Tutorial Sites”) may appear incidentally
in Episodes as a result of patches and hats worn by players, promotional acknowledgements in the credits, background signage not
controlled by WPTE (if any), announcers’ descriptions of where players came from, and other appearances approved by Fox in
its reasonable discretion, so long as neither WPTE nor any WPTE affiliate receives direct or indirect compensation for such incidental
appearance (“Incidental Appearances”); provided, however, all Incidental Appearances shall be subject to the terms
of the STC including, without limitation, Fox’s approval rights set forth in Section 1, Section 2 and Section 7 of the STC.
Notwithstanding Fox’s approval rights set forth in Section 1, Section 2 and Section 7 of the STC, Fox shall not use such
approval rights to extract commercial benefit for itself (e.g., refuse to approve an Incidental Appearance unless an entity purchases
ad time on the network). Fox further acknowledges and agrees that in the event that the Fox Guidelines (as defined in Section 1
of the STC), requirements or policies change so as to preclude ClubWPT.com Ad Time and Integrations or all Incidental Appearances
as currently contemplated under this Agreement, Fox’s exclusive rights to each Tour Episode during such Episode’s Broadcast
Period (as defined in Section 8) shall become non-exclusive rights. WPTE shall use at least two (2) of WPTE’s eight (8) units
of Ad Time in each Episode to advertise ClubWPT.com. Without limiting the foregoing, WPTE agrees that no Episode or unit of Ad
Time, including promotions of ClubWPT.com and Incidental Appearances, shall:

 

		a.	Contain any reference, whether written or otherwise, to any entity, party or website (including, without limitation, any WPTE
owned, controlled, affiliated and/or operated website or any website owned by any parent or affiliated entity of WPTE or under
common control with WPTE or any third party website) that aids, abets, facilitates, promotes, provides an advertisement for and/or
enables any form of wagering/gambling in the Territory (as defined below) or conducts or facilitates any activity that is in violation
of any United States Federal, state or local law, rule or regulation;

		b.	Include or reference any website that aids, abets, facilitates, promotes, provides an advertisement for or otherwise enables
any wagering/gambling activities or “links,” directly or indirectly, to or otherwise directs a viewer to any other
website that enables wagering/gambling activities in the Territory; or

		c.	Aid, abet, facilitate, promote or otherwise enable any wagering/gambling activities (e.g., by making any references to any
online wagering/gambling site or by providing a telephone number to a wagering/gambling business, etc.);

 

provided, however; if (a) WPTE desires to promote
a WPTE-affiliated legalized online real money gaming (“RMG”) site that has been licensed by the applicable state or
federal government agency to conduct such business and is otherwise in compliance with all applicable laws and regulations, and
(b) such promotion is not prevented by Fox policy (which promotion shall be deemed in accord with Fox policy to the extent Fox
is nationally (i.e., on FS1, Fuel or the nationally controlled portion of the FSN service but not including inventory controlled
by distributors of multi-channel programming services (“MVPDs”)) distributing commercial inventory advertising a RMG
site or nationally distributing programs sponsored by a RMG site but not including incidental appearances of an RMG site for which
Fox does not receive direct or indirect compensation such as branding on a race car in a race being televised by Fox or non-Fox
signage in a venue hosting an event being televised by Fox), then WPTE shall provide Fox with notice of such desire. Within 15
days of receipt of such notice, Fox shall notify WPTE whether WPTE can include such RMG promotion in the Tour Series and SHR Series.
If Fox rejects WPTE’s request to include such RMG promotions then WPTE shall have the right to immediately terminate this
Agreement subject to Fox’s rights to fulfill any scheduled airings of Episodes in the 14 days following such termination.
If Fox accepts WPTE’s request to include such RMG promotions then WPTE shall be allowed to promote such company-affiliated
RMG site in show call outs (e.g., “go to ClubWPT or WPTpoker.com where applicable/offered with Code XYZ”) and/or in
its ad inventory, provided both (i) the integration of such promotion into the programming shall comply with Fox telecast standards
and practices requirements (e.g., state “where applicable” and other appropriate disclosures, if any); and (ii) Fox
and WPTE agree upon the economic consideration payable to Fox which the parties shall negotiate in good faith. Fox agrees that
if Fox changes its policy to allow Fox to nationally distribute commercial inventory advertising a RMG site or nationally distribute
programs sponsored by a RMG site, then Fox shall provide WPTE with notice no later than five (5) days following the date such policy
change goes into effect.

 

 

 

    	 	5	 

     

    

 

	5)	Tour Series: Fox shall clear each Tour Episode in accordance with the terms of the STC as follows: (a) a main telecast
(the “Main Tour Telecast”) on Fuel between 7:00 PM and 11:00 PM (EST); and (b) a second telecast on Fuel within seven
(7) days of the Main Tour Telecast (the “Second Tour Telecast”). In addition, Fox will use commercially reasonable
efforts to clear each Tour Episode in accordance with the terms of the STC as follows: (i) a telecast on FSN Sunday at 8:00 PM
(local time), a telecast on FSN Sunday at 11:00 PM (local time), and a telecast on FSN Wednesday at 11:00 PM (local time) within
seven (7) days of the Main Tour Telecast (the “FSN Tour Telecasts”); and (ii) three (3) additional clearances on FSN
within seven (7) days of the Main Tour Telecast (the “Additional FSN Tour Telecasts” and together with the Main Tour
Telecast, the Second Tour Telecast and the FSN Tour Telecasts, (the “Required Tour Telecasts”); provided, however,
if Fox changes FSN’s late night week day programming strategy then Fox shall have the right to shift the 11:00 PM FSN Tour
Telecasts to midnight (local time). In addition, during each Tour Season, Fox will telecast at least two “marathons”
of Tour Episodes (“Tour Marathons”) consistent with World Poker Tour episode marathons telecast on FSN in the past.
At least one Tour Marathon shall be telecast on FSN and the other Tour Marathon(s) may be telecast on FSN, FS1 or Fuel. Without
limiting Fox’s rights set forth herein, Fox shall have the right, but not the obligation, to air Tour Episodes on FS1 and,
subject to WPTE’s agreement which shall not be unreasonably withheld, the telecast of a Tour Episode on FS1 may be substituted
for a comparable Required Tour Telecast.

 

SHR Series: Fox shall clear each SHR Episode
in accordance with the terms of the STC as follows: (a) a main telecast (the “Main SHR Telecast”) on FS1 between 7:00
PM and 11:00 PM (EST) that, for each SHR Season, is at a consistent time and on a consistent day of the week as specified in a
notice from Fox to WPTE sent at least 90 days prior to the Main SHR Telecast of the first SHR Episode of the applicable SHR Season;
(b) a second telecast on FS1 within seven (7) days of the Main SHR Telecast; (c) a telecast on Fuel within seven (7) days of the
Main SHR Telecast; and (d) a telecast on FS1 after the initial run of the entire SHR Season has been completed on the same day
of the week and timeslot as the Main SHR Telecasts during the same SHR Season unless a change in FS1’s programming strategy
requires such second run be moved to a different consistent time between 7:00 PM and 11:00 PM (EST) on a consistent day of the
week, such second run to be telecast regardless of whether or not the term of such SHR Season has ended (collectively, the “Required
SHR Telecasts” and together with the Required Tour Telecasts, the “Required Telecasts”). In addition, during
SHR Season 2, Fox will air at least two cycles of SHR Season 1 Episodes on Fuel and during SHR Season 3, Fox will air at least
two cycles of SHR Season 2 Episodes on Fuel.

 

Fox represents and warrants that as of the Effective
Date, it intends, prior to February 1, 2014, to launch a general multi-sport programming service which, Fox and WPTE agree, shall
have the rights and responsibilities of Fuel set forth herein.

 

	6)	Fox will use commercially reasonable efforts to clear the FSN Tour Telecasts of each Tour Episode in a minimum of 50 million
homes (the “FSN Tour Clearance Threshold”) in accordance with the terms of the STC. In addition, Fox will use commercially
reasonable efforts to clear the Additional FSN Tour Telecasts of each Episode, in the aggregate (i.e., cumulating the clearances
for all three Additional Telecasts), in the FSN Tour Clearance Threshold in accordance with the terms of the STC. As used in this
Agreement, “commercially reasonable efforts” shall not mean that Fox is relieved of its clearance or time placement
obligations to WPTE in order to take commercial advantage of the clearance and time slots anticipated for airing of the Tour Episodes
(e.g., deal shopping).

 

	7)	Distribution Fee: WPTE will pay FSN a distribution fee of $1,000,000 for each of the periods from February 1, 2014 through
January 31, 2015 (“Year 1”), February 1, 2015 through January 31, 2016 (“Year 2”) and February 1, 2016
through January 31, 2017 (“Year 3”, and together with Year 1 and Year 2, each a “Payment Year” and collectively,
the “Payment Years”) and a distribution fee of $580,000 for the period of February 1, 2017 through August 31, 2017
(the “Stub Year”) (such payments, collectively, the “Distribution Fee”). The Distribution Fee for each
Payment Year shall be paid in five escalating installments as follows: $100,000 on May 15 of the applicable Payment Year, $150,000
on August 15 of the applicable Payment Year, $250,000 on November 15 of the applicable Payment Year, $250,000 on February 15 immediately
following the applicable Payment Year and $250,000 on April 15 immediately following the applicable Payment Year. The Distribution
Fee for the Stub Year shall be paid in four installments as follows: $100,000 on May 15, 2017, $150,000 on August 15, 2017, $250,000
on November 15, 2017 and $80,000 on February 15, 2018. All payments shall be in accordance with the requirements of the STC.

 

ClubWPT Payment Offset: WPTE shall have the right
to apply ClubWPT Payments (as defined below) attributable to months in the applicable Payment Year or the Stub Year towards payment
of the Distribution Fee for such Payment Year or the Stub Year, as applicable. If the Distribution Fee due and payable is greater
than the ClubWPT Payments available to be applied then WPTE shall be required to pay FSN the difference (the “Balance Payment”),
provided, WPTE shall have the right to retain subsequent ClubWPT Payments attributable to months in the applicable Payment Year
or the Stub Year to the extent WPTE has made Balance Payments. For example, if in Year 1 WPTE has made $50,000 in ClubWPT Payments
at the time the first payment of $100,000 comes due, WPTE shall only be required to pay a Balance Payment of $50,000 and WPTE shall
be entitled to deduct the Balance Payment from WPTE’s payment of the next ClubWPT Payment. For avoidance of doubt, WPTE cannot
carry-forward ClubWPT Payments or Balance Payments from one Payment Year to the next Payment Year or the Stub Year, provided, however,
that FSN acknowledges that ClubWPT Payments for a given month are made in the following months pursuant to Section 10 of the ClubWPT
Agreement and therefore ClubWPT Payments for some months in a Payment Year or the Stub Year may be paid in the months following
such Payment Year or the Stub Year, and such ClubWPT Payments shall be applied to the Distribution Fee for the recently completed
Payment Year or the Stub Year, not the month in which such ClubWPT Payments are actually paid. For purposes of this Agreement,
“ClubWPT Payments” shall mean payments of the Fee (as such term is used in the ClubWPT Agreement) made by WPTE pursuant
to Section 10 of the ClubWPT Agreement.

 

 

 

    	 	6	 

     

    

 

WPTE Credit: WPTE shall receive a credit (the “Credit”)
against its obligation to make ClubWPT Payments (including those applied against the Distribution Fee) on February 1st
of each of 2014, 2015 and 2016 in consideration of WPTE’s ongoing improvements and maintenance of the ClubWPT business; provided,
however, if WPTE fails to deliver any full SHR Season of SHR Episodes then the credit received at the beginning of the applicable
SHR Season shall be retroactively reduced to proportionally reflect only the delivered SHR Episodes. The Credit for February 1,
2014 shall be in an amount equal to 45% of Net Other Club Revenue (as defined in the ClubWPT Agreement) derived from the sale of
virtual goods during SHR Season 1 but in no event (a) shall such credit be less than $100,000 or (b) shall such credit be more
than 45% of the Virtual Good Initial Development Cost (as defined below) (i.e., $202,500). Such Credit for February 1, 2014 may
be applied based on WPTE’s good faith projections for Net Other Club Revenue derived from the sale of virtual goods during
SHR Season 1 but shall be retroactively adjusted at the conclusion of SHR Season 1 to reflect any differences in actual performance
compared to such projections. The Credit for each of February 1, 2015 and February 1, 2016 shall be $100,000. For purposes of this
Agreement, “Virtual Good Initial Development Cost” is WPTE’s initial cost of developing the virtual good offering
for ClubWPT.com which WPTE represents is $450,000.

 

	8)	Fox is hereby granted the following Telecast (as defined in the STC) rights:

 

Exclusive rights to each Tour Episode in the United
States and its territories, possessions, commonwealths and military installations (the “Territory”), from the period
beginning the Effective Date and ending on the earlier of (a) the one year anniversary of the Main Telecast of such Episode on
the Fox programming service, and (b) the date fifteen (15) months after WPTE’s delivery of such approved Episode to Fox (the
“Tour Broadcast Period”). WPTE shall not Telecast, and shall not permit any third party to Telecast, any Tour Episode
in the Territory at the same time as the regularly scheduled Main Tour Telecast, the Second Tour Telecast and the Sunday 8:00 PM
FSN Tour Telecast of any Tour Episode as such schedule exists at the time WPTE enters into an agreement with a third party to Telecast
any Tour Episode.

 

Exclusive rights to each SHR Episode in the Territory,
from the period beginning the Effective Date and ending at the conclusion of SHR Season 3; provided, however, Fox’s rights
to SHR Season 1 shall expire at the conclusion of SHR Season 2 (the “SHR Broadcast Period” and together with the Tour
Broadcast Period, “Broadcast Period”). WPTE shall not Telecast, and shall not permit any third party to Telecast, any
SHR Episode in the Territory at the same time as any of the regularly scheduled airings of any SHR Episode described in items (a)-(c)
for the SHR Series in Section 5 of the WPT Terms as such schedule exists at the time WPTE enters into an agreement with a third
party to Telecast any SHR Episode.

 

Notwithstanding anything in this Agreement to the
contrary, WPTE shall have the right to distribute separate and distinct Spanish-language productions (i.e., unique footage and
not just dubs of the Episodes into Spanish) of action from the Events from a Season in the Territory via Telecast and otherwise
beginning two (2) weeks after Fox’s debut Telecast of the final Episode of such Season. WPTE shall have the right to distribute
each Tour Episode once on Sundays via Telecast and otherwise on the Fox Broadcasting Company affiliated stations during the Tour
Broadcast Period in the following territories: New York City, Philadelphia, Chicago, Boston and Mid-Atlantic (Washington D.C.)
(each a “Fox Broadcast Territory”) as long as Fox is able to obtain authorization for such distribution right from
its non-owned and operated FSN affiliate in the relevant Fox Broadcast Territory. Fox agrees to use commercially reasonable efforts
to obtain such authorization from its non-owned and operated affiliates. In the event that any non-owned and operated FSN affiliate
that receives the right to Telecast Tour Episodes from Fox fails to air the Tour Episodes an average of three (3) times per week
over any four (4) week period (a “Non-Compliant RSN”), WPTE shall have the right to revoke such Non-Compliant RSN’s
right to Telecast Tour Episodes if WPTE is able to directly secure clearance obligations for Tour Episodes on another regional
network within such Non-Compliant RSN’s territory that exceeds the clearance (i.e., more airings) being provided by the Non-Compliant
RSN; provided that carriage on such replacement regional network shall be included in Fox’s obligation to meet the FSN Tour
Clearance Threshold.

 

In addition to Fox’s Telecast rights, Fox shall
have the exclusive right to distribute Episodes during such Episode’s Broadcast Period in all digital media including, without
limitation, online streaming, on-demand, and mobile application distribution on digital platforms owned and operated by Fox or
any MVPD distributing the applicable linear network; provided that Fox shall use commercially reasonable efforts to ensure that
such digital distribution is limited to the Territory and that Fox’s obligation to include the Ad Time in such digital distribution
shall be relieved to the extent advertising inventory is limited or not performed or controlled by Fox. Notwithstanding the foregoing,
Fox’s exclusivity shall be subject to WPTE’s right to offer Episodes to ClubWPT subscribers on ClubWPT digital platforms
at any time seven (7) days after the initial distribution of such Episode on Fox. Fox may also distribute portions of the Episodes
not to exceed two (2) minutes for any single clip or three (3) minutes in the aggregate from any Episode online without territorial
restriction solely for purposes of promoting Fox’s distribution of the Episodes on FSN, FS1, Fuel and Fox’s digital
platforms.

 

 

 

    	 	7	 

     

    

 

WPTE reserves all rights not granted to Fox herein
within and outside the Territory. Nothing herein shall prevent WPTE from providing live online coverage or live online streaming
of the Events. In addition, WPTE may also distribute portions of the Episodes not to exceed two (2) minutes for any single clip
or three (3) minutes in the aggregate from any Episode online without territorial restriction solely for purposes of promoting
WPTE, the Tour Events or the SHR Events.

 

	9)	Fox shall have the right to use footage from Episodes not to exceed two (2) minutes for any single clip or three (3) minutes
in the aggregate from any Episode (which may be increased by email confirmation from WPTE) for use in Fox Sports Media Group’s
other sports and entertainment programming (e.g., editing and repackaging the footage from an Event for use in sports magazine-style
programming) without territorial restriction.

 

	10)	Fox will provide promotion for the Tour Series and SHR Series on FSN, FS1 and Fuel in national commercial inventory promoting
the Series and ClubWPT.com (the “Promotional Ads”) with an annual average value of at least $1,500,000 (based on Fox’s
rate card for such networks) during each twelve-month period between February 1, 2014 and August 31, 2017, prorated for partial
twelve-month periods and with a minimum annual value of at least $1,000,000 during each such full twelve-month period, the allocation
of such media to be determined by Fox in its sole discretion. WPTE shall be responsible for producing and delivering the Promotional
Ads to Fox. The Parties will mutually agree upon the allocation of the Promotional Ads between the Series and ClubWPT.com.

 

	11)	Fox must provide WPTE on a weekly basis available ratings information for the Telecasts of each Tour Episode. Fox must provide
WPTE with overnight ratings information for the Telecasts of each SHR Episode.

 

	12)	The parties shall negotiate for future rights to the Series during the period from December 15, 2016 to February 15, 2017 (the
“Negotiation Period”) in accordance with the requirements of the STC.

 

 

 

    	 	8	 

     

    

 

STANDARD TERMS & CONDITIONS

 

WPTE agrees to produce and license to Fox all rights and furnish all services in connection with the Series
as described in the Agreement of which this STC forms a part. Defined Terms not defined in this STC shall have the meaning set
forth in the WPT Terms.

 

	1.     
PRODUCTION. WPTE will produce and deliver, at its sole cost, each Episode to Fox, complete and suitable for broadcasting.
Each Episode will conform to all Fox approvals, as set forth below, and to all applicable Fox creative, format, commercial and
technical standards and guidelines including those set forth in the Fox Supplier Information Booklet provided by Fox to WPTE, as
may be revised from time to time (collectively, “Fox Guidelines”). At all times, Fox has the right of prior approval
over all key elements of each Episode, including, without limitation, approval over: content; video; audio; graphic elements; special
effects; talent; format; title; music; sequence; size and placement of program credits; and the dismissal or replacement of any
key element. Furthermore, all drop-ins, promos, sponsorship elements, commercial mentions and/or product placements within any
Episodes are subject to Fox prior written approval. Fox will exercise its right of approval in a good faith manner and consistent
with similar network programming. WPTE will provide access to and information about the production of the Episodes to the Fox programming
executive designated to oversee the production of the Episodes (“Programming Executive”). The Episodes, as supplied
by WPTE, will not constitute infomercial programming nor contain any infomercials within such Episodes. WPTE may not alter, edit,
change or adjust any Fox-supplied graphics, if any, without prior written approval from Fox. At the request of WPTE, Fox may also
provide, in its discretion, music, special effects and Fox microphone flags. Fox retains all ownership rights to such materials
and elements, including, but not limited to, all copyrights and trademarks. WPTE will not use any material or elements provided
by Fox in any way or for any purpose other than as authorized by Fox. Fox has the unlimited right to edit, augment and otherwise
adapt the Episodes solely for format purposes and as otherwise provided herein, subject to the rights granted to WPTE herein to
have included in the Episodes WPTE-designated Ad Time. WPTE will provide closed-captioned text on line 21 of each Episode, as required
by Federal law.

                            

2.     APPROVAL. WPTE shall submit
each Episode, including all Ad Time to be included by WPTE as set forth in Section 7 of this STC, for review and approval, on DVD,
to the Fox Programming Department at 10201 W. Pico Blvd., Building 103, Suite 4252, Los Angeles, CA 90035, no later than as required
in the Approval Schedule. Fox shall examine each of the delivered Episodes to determine if each complies with all applicable Fox
Guidelines. In the event Fox determines, in its sole discretion, that any Episode does not meet the Fox Guidelines in any respect,
Fox shall, without waiver of any other remedy, have the right, in its sole discretion, to: (i) refuse to broadcast such Episode;
(ii) inform WPTE of any and all deficiencies in detail, and, if time permits, WPTE shall rectify such problems at WPTE’s
sole cost and resubmit for Fox’s approval, within the time advised by Fox, an acceptable revised Episode complying with Fox’s
requested changes; or (iii) if WPTE has been afforded the opportunity to correct problems as set forth in (ii) above and has failed
to do so or if time constraints do not allow enough time for WPTE to attempt to correct such problems, then Fox

	 	may attempt to correct the problem and bill WPTE for any reasonable costs incurred in connection with any such attempt and/or correction,
such costs to be reimbursed by WPTE within fourteen (14) days of receipt of an appropriate invoice. All costs of delivering the
Episodes to Fox in the required form and at the specified location shall be the sole cost and expense of WPTE. Any use by WPTE
of the Fox logo in connection with any Episode or any use of the Fox name in connection with any publicity or marketing of the
Series including, without limitation, for all press releases, must receive Fox prior approval. Notwithstanding Fox’s approvals
at its “sole discretion” where indicated, Fox acknowledges and agrees that all approvals shall be made in good faith
and in a manner consistent with general policy applied to similar network programming.

                            

3.     
DELIVERY. Once approved by Fox, WPTE shall deliver each approved Episode to Fox at FS1 Media Center, 10201 W. Pico Boulevard.
Building 101, Room 105, Los Angeles, California 90064, Attention: Adriana Becerra on Beta SP (via Federal Express or other overnight
delivery service) or satellite feed - NTSC (as requested by Fox) with an accompanying email toFDMediaCenter@fox.com no later than
as set forth in the Delivery Schedule. Upon Fox’s request, WPTE will concurrently deliver a DVD copy of each Episode to the
Programming Executive. WPTE acknowledges that Fox will permanently retain all Episode tapes and copies of satellite feeds delivered
by WPTE in the Fox library vaults. WPTE will deliver, along with the delivery of each Episode, the Fox standard delivery requirements
delineated in the Fox Guidelines. Such delivery requirements will include, without limitation, title elements, music cue sheets,
and all promotional material required by Fox.

 

4.     
EXPENSES AND CLEARANCES. WPTE is solely responsible for all costs and expenses related to every Episode including, but not
limited to: (i) all costs for materials, sponsored elements, the production staff, the personnel, the facilities, the services
and all other costs required to produce each Episode; (ii) all necessary fees payable to any participants or owners of footage
used within any Episode; (iii) all releases for the use of the names, likenesses, trademarks, service marks or other intellectual
property of the individuals, entities and Events depicted in the Episodes; (iv) acquiring the necessary exclusive rights and licenses
for production and distribution of the Episodes; and (v) obtaining all necessary rights, underlying rights, and all music licenses
(including without limitation any and all master recording and synchronization rights) for music contained within the Episodes.
Fox shall not be obligated to make any payment to WPTE or anyone else related to any Episode, its underlying material or on account
of Fox’s exploitation of the Episodes as permitted herein.

 

5.     RIGHTS. Fox’s rights to
the Episodes within the Territory during the applicable Broadcast Period shall be to distribute, transmit, exhibit, license, advertise,
duplicate, promote, perform, telecast and otherwise exploit, and to permit the distribution and other exploitation of, each Episode

 

 

 

    	 	1	 

     

    

 

	and its constituent elements, by all means of Telecast (as defined below) on the Fox programming services, without limitation as
to the number of exhibitions and uses unless specified in the Agreement. “Telecast” shall mean any means of distribution
on a “linear programming service” via standard or non-standard television technology, whether presently existing or
hereafter developed, including, without limitation, via free over-the-air television, basic, tier and/or premium cable distribution,
direct broadcast satellite television (“DBS”), subscription television (“STV”), multi-point distribution
systems (“MDS”), multiple multi-point distribution systems (“MMDS”), local multi-point distribution systems
(“LMDS”), satellite master antennae television systems (“SMATV”), open video system (“OVS”),
television receive-only (“TVRO”), closed circuit television, and, to the extent similar to the cable distribution business
model of the Fox programming service, interactive TV, airline, cruise ships, restaurant and hotel/motel distribution, narrow and
broadband services, video dial tone, and via Fox Sports Net’s video programming service currently known as “Fox Deportes”
(or any successor network), and by any manner or system of payment. The foregoing shall include, without limitation, Fox’s
right to Telecast Episodes, from time to time, as filler programming (an Episode Telecast in less than its entirety (but not re-edited));
provided, however, any cost or expense incurred in connection with such Episode modification or re-purposing shall be assumed by
Fox. In connection with filler programming, Fox shall have no obligation to WPTE with regard to Ad Time. The exclusivity, if any,
granted to Fox herein shall preclude WPTE from licensing or otherwise granting to any person, corporation, partnership, or other
entity, any right to Telecast any Episode, portion thereof or any specific Event featured in an Episode, within the Territory during
the applicable Broadcast Period, except as may be specifically set forth in the Agreement. Fox, its assignees and affiliates, shall
have the right, without any payment, and may grant others the right, to reproduce, print, publish or disseminate in all manners
and media now known or subsequently developed without regard to territory limitations, promotion for the Series, the name, likeness,
voice and biographical information concerning each person appearing in or connected with the Series, brief portions of Episodes,
as well as the names, logos, trademarks and other identities of WPTE, and of any other entities associated with WPTE to advertise,
promote, publicize and distribute the Series and Fox’s exploitation thereof, as well as to advertise, promote and publicize
Fox’s programming services, but not as a direct endorsement of any other product or services; provided, however, should WPTE
be subject to any restrictions in connection with the use of specific materials (e.g., images to which WPTE does not have promotional
usage rights), Fox will observe such restrictions provided it receives reasonable advance written notice thereof. WPTE, at Fox’s
request, will deliver at no charge existing slides, photos and other publicity and promotional materials reasonably available to
or under the control of WPTE. Except as set forth in Section 1 of the STC with respect to Fox materials and elements and subject
to the rights granted in this Agreement, the Episodes, including all elements thereof and rights contained therein, are and shall
remain the exclusive property of WPTE under United States copyright, trademark and all other applicable laws and any rights not
granted herein shall be reserved by WPTE.

	 	6.     
DISTRIBUTION. Fox shall use commercially reasonable efforts to Telecast the FSN Tour Telecasts and, in the aggregate, the
Additional FSN Tour Telecasts, of each Episode in the FSN Tour Clearance Threshold on regional
sports networks carrying FSN programming (“Regionals”). Fox shall use commercially reasonable efforts to clear the
Required Telecasts during the applicable telecast timeslots, if any. If Fox does not achieve the FSN Tour Clearance
Threshold, then Fox shall use commercially reasonable efforts to provide additional Telecasts for the particular Tour Episode within
seven days of the originally scheduled Telecast for such Tour Episode at no charge to WPTE until the FSN Tour Clearance
Threshold is met and, if such Telecast that did not achieve the FSN Tour Clearance Threshold
was required to be cleared during a particular timeslot, then Fox shall use commercially reasonable efforts to provide such additional
Telecasts during a time period similar to such timeslot or as close to such timeslot as reasonably practicable. The Required Telecasts
schedule may be preempted by exceptional, non-recurring programming commitments imposed by third parties that are part of broader
high priority programming packages of the applicable Fox network, or live event programming. If the Main Tour Telecast or a Required
SHR Telecast is preempted, Fox shall use commercially reasonable efforts to provide additional Telecasts of such Episode during
a time period similar to or as close to the Main Tour Telecast timeslot or the Required SHR Telecast timeslot as the case may be
for the particular preempted Episode within seven days of the originally scheduled Telecast for such Episode at no charge to WPTE.
Fox has the right to replay each Episode on the Regionals, FS1 and/or Fuel at various times without restriction as to the number
of airings.

                            

7.     SPONSORSHIP/ADVERTISING INVENTORY.
In consideration of all rights and duties granted in this Agreement, WPTE will receive the Ad Time in the Telecast of each Episode
for the promotion of ClubWPT.com and products and services of advertisers solicited by WPTE. All solicitations and sales proposed
by WPTE of Ad Time and the content of all Integrations, Incidental Appearances, Promotional Ads commercials, billboards, features,
signage and promotions (including, without limitation, ClubWPT.com advertising and signage, banners, mentions, and other promotion
that WPTE is permitted to insert in any Episode (e.g., on persons’ bodies featured in the Episodes, hats, clothing,
in the site background, etc.)) are subject to (i) Federal Communications Commission regulations and all other applicable federal
and state regulations, (ii) News Corporation and Fox advertising regulations, telecast standards and practices policies, and (iii)
Fox’s prior approval, which shall be exercised in a good faith manner and consistent with similar network programming. WPTE
is prohibited from including within the Episodes any tobacco advertising. Unless otherwise set forth in this Agreement, WPTE may
not include within the Episodes or the Ad Time (1) any hard liquor/spirits/distilled beverages advertising or promotion, (2) any
casino, sports book, online gambling, lottery or any other gambling advertising or promotion or any poker or other casino, gaming
or gambling tutorial advertising or promotion, other than Fox-approved Integrations for the casino hosting each Event, (3) any
advertisements or promotions that may constitute “calls to action” for cable or satellite subscribers to demand carriage
of any programming

 

 

 

    	 	2	 

     

    

 

	service from their cable operator or satellite provider, (4) any advertisements or promotions for any cable or broadcast entity,
including, without limitation, ABC, TNT, CSTV, ESPN, ESPN2, ESPN.com, or ESPN Radio, or any affiliated entities, or (5) any per
inquiry and/or direct response spots, without Fox’s prior written approval, which Fox may withhold in its sole discretion.
Fox agrees that as of the Effective Date, casino Integrations that are similar to the casino Integrations contained in Season 8
of the Series are deemed Fox-approved Integrations. All WPTE-proposed Integrations, advertisements, sponsors, promotions, billboards
and features for inclusion within any Episode must be submitted in writing to and approved in writing by Fox in a timely manner
prior to the first Telecast of such Episode. To ensure inclusion within the Episodes, all WPTE advertisements must (A) satisfy
Fox’s technical delivery requirements delineated in the Fox Guidelines, (B) be delivered in position on the master Beta SP
tapes delivered to Fox for Telecast with full program audio on channels 1 and 2, unless an alternative video/audio source is agreed
to by Fox and WPTE, and (C) consist of an assortment of commercial advertisements appropriate for the number of spots to be aired.
In the event that WPTE advertisements are not properly delivered in a timely manner (unless due to Fox’s negligence (e.g.,
untimely approvals)), Fox shall have no obligation to Telecast such advertisements. WPTE must fill all the Ad Time. WPTE may not
authorize any third party to sell any Ad Time without Fox’s prior written approval, such approval not to be unreasonably
withheld, although Fox acknowledges that WPTE may hire an agent to approach sponsors about purchasing the Ad Time. WPTE shall communicate
to Fox those commercial sponsors sold so as to avoid any duplication in the sales effort.

 

8..     
PAYMENT. Except to the extent offset by ClubWPT Payments, the Distribution Fee shall be remitted to the following location,
with written notice of payment faxed to Fox, attention Josh Oakley (fax no. (310) 969-8153), on the date of payment:

National Sports Programming

File #55434

Los Angeles, CA 90012

 

Fox must receive payment of the Distribution
Fee pursuant to the dates set forth in the Agreement regardless of the date WPTE receives an invoice from Fox. If any payment of
the Distribution Fee is not received on or before the specified due date, Fox may elect to suspend future Telecasts of any and
all Episodes.

 

9.     
RIGHT OF NEGOTIATION. During the Negotiation Period WPTE will negotiate in good faith with Fox for WPTE’s grant of
rights to episodes of the Series in the following year using commercially reasonable efforts to reach an agreement as soon as practicable.
The obligations of WPTE under this Section will survive any termination of this Agreement by Fox as a result of a breach by WPTE.
Nothing in this Section is meant to imply nor shall be construed to create an exclusive right of negotiation during the Negotiation
Period.

 

10.     REPRESENTATIONS AND WARRANTIES.
WPTE acknowledges that Fox’s rights in this Agreement are

	 	valuable and unique. WPTE represents, warrants and covenants to Fox that:

(i)        (a) it has the full power and authority to make and perform this Agreement; (b) it has (or will have when the relevant programming
is made available to Fox) the right to grant the license to distribute the Series, the Ad Time and the Promotional Ads purported
to be granted in this Agreement; (c) the making or performance of this Agreement does not violate any of its agreements with any
third party or any applicable law or court order; (d) the rights acquired by Fox, and its use of those rights, will not infringe
on or violate any copyright, trademark, right of privacy, publicity or other literary or dramatic or any other right of any third
party; (e) it will do nothing to interfere with or impair Fox’s rights in this Agreement; and (f) it will provide to Fox
upon request any documents (such as agreements with participants and sites) that confirm WPTE has obtained the necessary rights
to perform this Agreement;

(ii)       neither the Ad Time, the Promotional Ads, the Series nor any of the elements or material contained within specific Episodes thereof
will: (a) infringe on or violate any person’s or entity’s right of privacy or publicity or other personal property
right of any third party; (b) libel, slander or otherwise defame or disparage any third party, or violate any of their copyright,
trademark, service mark or moral rights; or (c) violate any applicable law; and

(iii)     WPTE will not grant any rights inconsistent with the rights granted to Fox by this Agreement.

 

Fox represents and warrants to WPTE that
it has the right to enter into this Agreement and to perform all of its obligations hereunder.

 

11.     
INDEMNIFICATION.

 

     (a)
    WPTE shall at all times indemnify, defend and hold harmless Fox, its partners and all affiliated companies
thereof and their respective officers, directors, partners, shareholders, employees, agents and representatives from and
against any claim, demand, liability or judgment, including reasonable attorneys’ fees and court costs
(“Claims”) arising out of the breach of any representation, warranty or other obligation or provision of this
Agreement or arising out of the use, distribution, licensing or sublicensing of the Series, the Promotional Ads or the Ad
Time in accordance with this Agreement, arising out of the ClubWPT.com business and the promotion thereof, arising out of the
content of the Series to the extent that such Claim is based upon alleged libel, slander, defamation, invasion of the right
of privacy, or violation or infringement of copyright, literary or music rights or otherwise arising out of the content of
the Series as furnished by WPTE to Fox. This indemnity shall survive termination of this Agreement.

 

     (b)     Fox shall at all times indemnify, defend and hold harmless WPTE, its partners and all affiliated companies
thereof and their respective officers, directors, partners, shareholders, employees, agents and representatives from and against
any Claim arising out of any breach of representation, warranty or other obligation or provision hereof, arising out of the use,
distribution, licensing or sublicensing of the Series by Fox not in accordance with this Agreement, resulting from the editing
or repackaging of footage from the Episodes pursuant to Section 9 or arising

 

 

 

    	 	3	 

     

    

 

	out of any
material added by Fox to the Series. This indemnity shall survive termination of this Agreement.

                                (c)    A party
seeking indemnification will give the indemnifying party prompt notice of any claim or litigation to which indemnity may apply.
Failure to give such prompt notice will relieve the indemnifying party of its indemnification obligations to the extent that such
failure has prejudiced the indemnifying party’s defense of such claim or litigation. The indemnifying party shall have the
right to assume and fully control the defense of any or all claims or litigation to which its indemnity applies. The indemnified
party will cooperate fully (at the cost of the indemnifying party) with the indemnifying party in such defense and in the settlement
of such claim or litigation.

     (d)   WPTE represents, warrants and covenants that it has or will secure prior to delivery of the initial Episode
the following insurance: (i) Commercial General Liability: Such insurance shall be on an occurrence basis providing single limit
coverage in an amount of not less than $1,000,000 per occurrence and shall include coverage for, but not limited to premises/operations,
products/completed operations, contractual, independent contractors, broad form property damage, personal injury and fire legal
liability. The policy shall not contain any intra-insured exclusion as between insured persons or organizations but shall include
coverage for liability assumed under this Agreement as an “insured contract.” The Certificate Holders (as defined below)
shall be added as additional insureds and coverage shall be primary to and not contributory with any similar insurance carried
by Certificate Holders; (ii) Umbrella/Excess Liability: Limits of liability of at least $4,000,000 per occurrence for a total limit
of not less than $5,000,000 including primary commercial general liability; (iii) Worker’s Compensation: Worker’s compensation
and employers liability insurance with a limit of liability for “Coverage B” of at least $1,000,000 each occurrence,
covering all personnel employed either directly or by way of contract from any payroll service provider utilized. All statutory
limits must be provided. Such policy of insurance shall contain a waiver of subrogation in favor of the Certificate Holders; and
(iv) Errors & Omissions Liability: Limits of liability of at least $5,000,000 per occurrence and $5,000,000 annual aggregate
for a period of three years with a deductible not to exceed $100,000 or such reasonable and customary deductible amounts to be
approved by Fox. Such Errors & Omissions Liability insurance policy shall add the Certificate Holders as additional insureds.
Such Errors & Omissions Liability insurance will respond to any claims arising from the production or exhibition of any Series
episode including without limitation, liabilities for infringement or misappropriation of any persons intellectual property rights
(including without limitation, copyright, trademarks, patents, trade secrets, know-how and other present and future property and/or
proprietary rights of a similar nature), rights of publicity or rights of privacy, and false advertising. The insurance certificate
should read as follows: Fox Sports Net, Inc., Fox Sports 1, LLC, Fox Entertainment Group, Inc., Twentieth Century Fox Film Corporation,
News America, Inc., Fox Broadcasting Co., Twentieth Century Fox Home Entertainment, their parents, divisions, subsidiaries, affiliated
companies, officers, directors, and employees (collectively, the “Certificate Holders”) are included as additional
insureds. All insurance required above shall be with companies duly licensed to transact business in California, and maintaining
during the policy term a “general policy holders rating” of at

	 	least an A or better, V, or such other rating, as may be required by Fox. No such policy shall be cancelable or subject to modification
except after thirty (30) days prior written notice to Fox. A copy of the certificate of insurance may be faxed directly to the
Fox Risk Management department at (310) 369-2177. The telephone number for the Risk Management Department is (310)-369-1025. However,
an original must be mailed to Fox Entertainment Group, Inc., P.O. Box 900, Beverly Hills, California 90213, Attention: Risk Management
(FAB/120).

 

12.     
MISCELLANEOUS.

(a)   
WPTE has no authority to bind Fox to any agreements or other obligations, and will not attempt to do so. WPTE and Fox are independent
contractors, and nothing in this Agreement shall be deemed to create any partnership, joint venture or agency relationship. As
between each other, each party is fully responsible for all persons and entities it employs or retains, except as otherwise specifically
provided in this Agreement.

(b)   
WPTE shall conform with Title 47 of the United States Code Sections 507 and 317 concerning broadcast matter and disclosures
required thereunder, insofar as those Sections apply to persons furnishing program material for television broadcasting, including
the requirements set forth in the Fox Guidelines. Without limiting the foregoing, WPTE hereby certifies and agrees that it has
no knowledge of any information relating to the Series that requires disclosure under Sections 507 and/or 317, that it will promptly
disclose to Fox any such information of which it hereafter acquires knowledge and that it shall not, without Fox’s prior
written approval, include in any Episode any matter for which any money, service, or other valuable consideration (as such terms
are used in Sections 507 and/or 317) is directly or indirectly paid, accepted from, charged to or promised by a third party.

(c)   
If the delivery or Telecast of any Episode should be prevented or canceled due to any act of God, threat or act of terrorism, inevitable
accident, strike or other labor dispute, fire, riot or civil commotion, government action or decree, inclement weather, failure
of technical, production or television equipment or for any other reason beyond the control of WPTE or Fox, then neither WPTE nor
Fox shall be obligated in any manner to the other with respect to such Episode(s), but all other rights Fox may have in this Agreement
shall remain in effect and shall not be affected in any manner.

(d)   
Fox may terminate this Agreement if WPTE: (i) makes or has made a material misrepresentation; (ii) breaches a material obligation
and such breach is not cured within a reasonable period of time; provided, however, that in no event shall the time
to cure exceed five (5) days after receipt of written notice from Fox; or (iii) seeks relief under any bankruptcy statute, is
placed in receivership or makes any assignment for the benefit of creditors. Fox’s right to terminate this Agreement in
any such instance shall be in addition to any other rights or remedies it may have under this Agreement or at law. In the event
Fox terminates this Agreement pursuant to this Section, Fox may continue to Telecast the Episodes during the applicable Broadcast
Period with no obligation to Telecast WPTE-designated commercial inventory.

(e)    WPTE may
terminate this Agreement if Fox: (i) makes or has
made a material misrepresentation; (ii) breaches a 

 

 

 

    	 	4	 

     

    
	material obligation and such breach is not cured within a reasonable period of time; provided, however, that in no
event shall the time to cure exceed five (5) days after receipt of written notice from WPTE; or (iii) seeks relief under any bankruptcy
statute, is placed in receivership or makes any assignment for the benefit of creditors. WPTE’s right to terminate this Agreement
in any such instance shall be in addition to any other rights or remedies it may have under this Agreement or at law.

(f)   
Except as specifically set forth herein, if either party breaches any provision of the Agreement, the damage, if any, caused to
the other thereby will not be irreparable or otherwise sufficient to entitle a party to injunctive or other equitable relief. A
party’s rights and remedies in any such event shall be strictly limited to the rights set forth in this Agreement and the
right, if any, to recover monetary damages in an action at law.

(g)   
All notices from either party to the other must be given in writing and sent by registered or certified mail (postage prepaid and
return receipt requested), by hand or messenger delivery, by overnight delivery service, by facsimile with receipt confirmed, to
the respective addresses of WPTE and Fox listed in this Agreement. Fox’s notice shall provide duplicate notice to the attention
of: Senior Vice President, Business and Legal Affairs, c/o Fox Cable Networks, Building 103, 10201 West Pico Boulevard, Los Angeles,
California 90035. Any notice or report delivered in accordance with this Section will be deemed given on the date actually delivered;
provided that any notice or report deemed given or due on a Saturday, Sunday or legal holiday will be deemed given or due on the
next business day. If any notice or report is delivered to any party in a manner which does not comply with this Section, such
notice or report will be deemed delivered on the date, if any, such notice or report is received by the other party.

(h)   
Each party hereby agrees to execute any and all further documents that are necessary and proper to carry out the purposes of this
Agreement.

(i)   
The failure or inability of either party to enforce any right hereunder will not waive any right with respect to other or future
rights or occurrences.

(j)     
This Agreement contains the entire understanding of the parties. It supersedes all prior written or oral agreements and understandings
pertaining to the subject matter of this Agreement and cannot be modified except by a written instrument signed by both parties.

(k)   
This Agreement and the rights and obligations of the parties under this Agreement shall be governed by and construed in accordance
with the internal laws of the State of California, without reference to conflict of law provisions. Each party irrevocably and
unconditionally: (i) submits to the general jurisdiction of the federal and state courts located in Los Angeles County, California;
(ii) agrees that any action or proceeding concerning this Agreement will be brought exclusively in such courts; and (iii) waives
any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action
or proceeding in any such court was brought in an inconvenient court and agrees not to claim or plead the same.

(l)    Neither this Agreement
nor any of the rights or obligations hereunder may be assigned by either party without the prior written consent of the other
party; except that Fox may, without such consent, assign this Agreement or any or all of its rights or obligations hereunder to
its parent

	 	a company, or any affiliate,
                           subsidiary, or partnership in which itself or the parent company has an ownership interest (e.g., Fox may assign all rights
                           related to the SHR Series to Fox Sports 1, LLC), and either Party may assign this Agreement or any or all of its rights or
                           obligations hereunder to another entity in connection with a merger, reorganization or sale of all or substantially all of
                           the assets of such Party. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of
                           the parties hereto and their respective successors and permitted assigns, and no other person shall have any right, benefit
                           or obligation under this Agreement as a third party beneficiary or otherwise.

(m)   
Any provisions in this Agreement found by a court to be void or unenforceable shall not affect the validity or enforceability of
any other provisions in this Agreement.

(n)   
Except as required by law (in each case with confidential treatment requested and such disclosure limited to such information and
such portions of the Agreement that the disclosing party is advised by counsel as legally required to be disclosed), each party
to this Agreement shall keep this Agreement confidential and neither party shall promulgate, publish, or otherwise disseminate
the terms, provisions, or substance of this Agreement other than to the officers, directors, attorneys, insurance agents, and accountants
of the parties hereto.

(o)   
This Agreement may be executed in any number of counterparts, each of which shall be an original and all of which shall constitute
together one and the same document. Any signature page of any such counterpart, or any electronic facsimile thereof, may be attached
or appended to any other counterpart to complete a fully executed counterpart of this Agreement, and any telecopy or other facsimile
transmission of any signature shall be deemed an original and shall bind such party.

 

 

    	 	5

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