Document:

Exhibit
10.5

 

Execution
Version

 

DATED
15 March 2019

 

AUTOMOBILE
CLUB DE L’OUEST (1)

 

and

 

MOTORSPORT
GAMING US LLC (2)

 

and

 

LE
MANS ESPORTS SERIES LIMITED (3)

 

 

 

Joint
Venture Agreement

 

In
respect of Le Mans eSports Series Limited

 

 

 

		Walker
                                         Morris LLP

        Tel:
        +44 113 283 2500

        Ref:
        OOD/VVM/ AUT01469.1

         

 

    	 

    	 

    

 

Execution
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CONTENTS

 

	SECTION	HEADING	PAGE
	 	 	 
	1	Definition
    and INTERPRETATION	3
	 	 	 
	2	OBJECTS
    OF THE COMPANY	7
	 	 	 
	3	CONDITIONS	7
	 	 	 
	4	APPOINTMENT
    OF DIRECTORS	7
	 	 	 
	5	CONDUCT
    OF THE COMPANY’S AFFAIRS	8
	 	 	 
	6	STAFF	9
	 	 	 
	7	LOAN
    FINANCE	9
	 	 	 
	8	GUARANTEES
    GIVEN BY THE SHAREHOLDERS	10
	 	 	 
	9	DISPOSAL
    OR CHARGING OF THE SHARES	12
	 	 	 
	10	EXERCISE
    OF VOTING RIGHTS	12
	 	 	 
	11	WARRANTIES	12
	 	 	 
	12	anti-corruption	12
	 	 	 
	13	SURRENDER
    OF LOSSES ELIGIBLE FOR TAX RELIEF	13
	 	 	 
	14	Call
    Option	13
	 	 	 
	15	COMPLETION
    OF SALES OF SHARES	14
	 	 	 
	16	Intellectual
    Property	15
	 	 	 
	17	CONFIDENTIALITY	15
	 	 	 
	18	NO
    PARTNERSHIP	16
	 	 	 
	19	COSTS	16
	 	 	 
	20	DURATION	16
	 	 	 
	21	ASSIGNMENT	16
	 	 	 
	22	SUCCESSORS
    AND ASSIGNS	16
	 	 	 
	23	THIRD
    PARTY RIGHTS	16
	 	 	 
	24	WAIVER,
    FORBEARANCE AND VARIATION	17
	 	 	 
	25	SEVERABILITY	17
	 	 	 
	26	ENTIRE
    AGREEMENT	17
	 	 	 
	27	THE
    TERMS OF THIS AGREEMENT TO PREVAIL	17
	 	 	 
	28	NOTICES	17
	 	 	 
	29	COUNTERPARTS	19
	 	 	 
	30	CHOICE
    OF LAW AND JURISDICTION	19
	 	 	 
	SCHEDULE
    1 – Deed of adherence	20

 

    	 

    	 

    

 

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THIS
AGREEMENT is made on 15 March 2019

 

BETWEEN:

 

	(1)	AUTOMOBILE
    CLUB DE L’OUEST, a company registered in France with company number W 723 000 156 and whose registered office is
    at Circuit des 24 Heures, CS 21928, 72 019 Le Mans Cedex 2, France (Party A);
	 	 
	(2)	MOTORSPORT
    GAMING US LLC, a company incorporated in Florida, USA with company number L18000185473 and whose registered office is
    at 5972 NE 4th Avenue, Miami, FL 33137, USA (Party B); and
	 	 
	(3)	LE
    MANS ESPORTS SERIES LIMITED, a company registered in England with company number: 11862316 and whose registered office
    is at 3rd Floor 1 Ashley Road, Altrincham, Cheshire, United Kingdom, WA14 2DT (the Company).

 

BACKGROUND:

 

	(A)	In
    consideration of the investments which Party A and Party B have already made to the Business, the parties have agreed to enter
    into this agreement to regulate the management and control of the Company and set out the rights and obligations of each of
    the Shareholders.
	 	 
	(B)	The
    parties acknowledge that, prior to the date of this agreement, they have been running the Business on an informal basis and
    have each invested capital into the Business and, in addition, made or will continue to make the following non-capital contributions
    to the Business:

 

	 	i.	Party
    A has and will continue to provide a dedicated team to develop and implement the Business and has and will continue to make
    the 24 Hours of Le Mans brand available to the Company under a separate licence agreement; and
	 	 	 
	 	ii.	Party
    B has provided and will continue to provide a dedicated team to develop and implement the Business and has and will make itself
    and its employees, who have experience in e-sports and e-gaming platforms, available to the Company to develop the Business
    and create a dedicated gaming platform for use by and to facilitate the continued development of the Business.

 

	(C)	As
    a result of the arrangements set out in recital (B) above and the contributions which have been made prior to the date of
    this agreement and which are expected to be made by the parties after the date of this agreement, the shareholdings of the
    Company on its incorporation will be:

 

	 	i.	Party
    A will be issued with 55 A Shares; and
	 	 	 
	 	ii.	Party
    B will be issued with 45 B Shares.

 

AGREED
TERMS:

 

	1	Definition
    and INTERPRETATION

 

	 	1.1	In
    this agreement and the schedules the following words have the following meanings:

 

24
Hours of Le Mans means the world oldest active sports car race in endurance racing organized by the ACO and is held on the
Circuit de la Sarthe;

 

A
Directors means the directors appointed from time to time by the holders of a majority of the A Shares pursuant to clause
4.2;

 

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A
Shares means the A ordinary shares of £0.01 each in the capital of the Company;

 

ACO
means Automobile Club de l’Ouest;

 

Act
means the Companies Act 2006, as amended from time to time;

 

Articles
means the articles of association to be adopted by the Company in accordance with clause 3.1;

 

Associated
Person means in relation to a company, a person (including an employee, agent or subsidiary) who performs services for or
on behalf of that company;

 

B
Directors means the directors appointed from time to time by the holders of a majority of the B Shares pursuant to clause
4.3;

 

B
Shares means the B ordinary shares of £0.01 each in the capital of the Company;

 

Board
means the board of directors for the time being of the Company, including any committee appointed by the board of directors;

 

Business
means the business of the Company set out in clause 2.1;

 

Business
Day means a day (other than a Saturday or Sunday) on which clearing banks are generally open for a full range of banking transactions
in the City of London;

 

Buyer
has the meaning given to it in clause 15.1.1;

 

Call
Option has the meaning given to it in clause 14.3;

 

Call
Option Notice has the meaning given to it in clause 14.3;

 

Chairman
means the chairman of the Company appointed in accordance with clause 4.4;

 

CEO
means the chief executive office of the Company appointed in accordance with clause 4.6;

 

Company
Board Meeting means a meeting of the Board to approve (i) the appointment of Stephen Hood, Dmitry Kozko, Gerard Neveu, Pierre
Fillon and Marie Alvarez-Garzon as directors of the Company; (ii) the nomination of Gerard Neveu, Pierre Fillon and Marie Alvarez-Garzon
as A Directors; (iii) the nomination of Stephen John Hood and Dmitry Kozko as B Directors; (iv) the appointment of Oakwood Corporate
Secrtetary Limited as the secretary of the Company; (v) the circulation of the Written Resolution to the Shareholders; and (vi)
the signing of this agreement by a director on behalf of the Company;

 

Company
Written Resolution means a written resolution of the Shareholders adopting the Articles.

 

Confidential
Information means the existence or terms of this agreement and all data or information (whether technical, commercial, financial
or of any other type) in any form acquired under, pursuant to or in connection with, this agreement and any information used in
or relating to the business of the Company, any of its subsidiaries, any Shareholder or Group Member (including information relating
to products (bought, manufactured, produced, distributed or sold), services (bought or supplied), operations, processes, formulae,
methods, plans, strategy, product information, know-how, design rights, trade secrets, market opportunities, customer lists, commercial
relationships, marketing, sales materials and general business affairs), and which are for the time being confidential to the
relevant entity;

 

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Controlled
has the meaning given to it by section 450 of the CTA;

 

CTA
means the Corporation Tax Act 2010;

 

Defaulting
Shareholder has the meaning given to it in clause 14.1;

 

Equity
Share Capital has the meaning given to it by section 548 of the Act;

 

Event
of Default has the meaning given to it in clause 14.3;

 

FIA
means Fédération Internationale de l’Automobile;

 

FIA
World Endurance Championship means the auto racing world championship organized by the ACO and sanctioned by the FIA;

 

Group
Member means any company which is a member of the same group (as that term is defined in section 1261(1) of the Act) as either
of the Shareholders (as applicable);

 

in
the agreed form means in the form of a draft agreed between the parties prior to the date of this agreement and initialled
by or on behalf of them for the purposes of identification;

 

in
the agreed proportions means 55 per cent in respect of Party A and 45 per cent in respect of Party B or (if different) such
other proportions as equal, at the time when any loan finance falls to be contributed by Party A and Party B under clause 8 or
any liability arises under clause 8 (as the case may be), the percentages which the nominal value of the Shares beneficially owned
by Party A and Party B respectively in the Equity Share Capital of the Company bears to the entire issued share capital of the
Company and agreed proportion shall be construed accordingly;

 

Intellectual
Property means patents, utility models, rights to inventions, copyright and related rights (including in computer software),
moral rights, trade marks, service marks, trade names, business names, domain names, rights in trade dress or get-up, rights to
goodwill or to sue for passing off or for unfair competition, rights in designs, rights in computer software, database rights,
topography rights, rights in confidential information (including know-how and trade secrets) and any other intellectual property
rights, in each case whether registered or unregistered and including all applications (or rights to apply) for and renewals or
extensions of such rights, and all similar or equivalent rights or forms of protection in any part of the world;

 

London
Stock Exchange means London Stock Exchange plc;

 

Prescribed
Price has the meaning given to it in clause 14.3;

 

Recipient
has the meaning given to it in clause 28.3;

 

Seller
has the meaning given to it in clause 15.1.1;

 

Sender
has the meaning given to it in clause 28.3;

 

Shareholders
means Party A and Party B or any person or persons to whom they have transferred their Shares in accordance with the terms
of this agreement and the Articles;

 

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Shares
means the A Shares and B Shares and any shares issued in exchange for those shares by way of conversion or reclassification
and any shares representing or deriving from those shares as a result of any increase in, or the reorganisation or variation of,
the capital of the Company;

 

subsidiary
and holding company shall have the meanings ascribed to such expressions by section 1159 of the Act;

 

Warranties
means those warranties on the part of each Shareholder contained in clause 11; and

 

Vice
Chairman means the vice chairman of the Company appointed in accordance with clause 4.5;

 

	 	1.2	The
    rules of interpretation set out in clauses 1.2 to 1.11 (inclusive) apply in this agreement.
	 	 	 
	 	1.3	Clause
    headings do not affect the interpretation of this agreement and references to clauses are to clauses in this agreement.
	 	 	 
	 	1.4	A
    person shall be construed so as to include any individual, firm, company, government, state or agency of a state or
    any joint venture, association, partnership, works council or employee representative body (whether or not having separate
    legal personality).
	 	 	 
	 	1.5	Any
    reference to a Party means Party A and Party B and the Company and any other person who adheres to this agreement as
    a Party.
	 	 	 
	 	1.6	Words
    in the singular include the plural and in the plural include the singular.
	 	 	 
	 	1.7	A
    reference to a statute, statutory provision, subordinate legislation, EU Directive or other enactment:

 

	 	1.7.1	is
    a reference to it as it is in force for the time being taking account of any amendment, extension, or re-enactment; and
	 	 	 
	 	1.7.2	includes
    any statute, statutory provision, subordinate legislation, EU Directive or other enactment which it amends or re-enacts,

 

except
to the extent that any such amendment, extension or re-enactment made after the date of this agreement would increase the liability
of any Party.

 

	 	1.8	Any
    reference to a statute or statutory provision includes any subordinate legislation made under it. A reference to laws
    means all applicable laws (whether civil, criminal or administrative), legislation, statutes, directives, regulations, rules,
    judgments, decisions, decrees, treaties, orders, civil codes, instruments, subordinate legislation, by-laws, rules of common
    law and any other legislative measures or decisions in any jurisdiction.
	 	 	 
	 	1.9	Save
    as otherwise provided in this agreement and save where the context does not otherwise admit, words and expressions defined
    in the Act have the same meaning in this agreement as the meaning defined in the Act.
	 	 	 
	 	1.10	Any
    phrase introduced by the terms including, include, in particular or any similar expression shall be construed
    as illustrative and shall not limit the sense of the words preceding those terms.

 

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	 	1.11	Unless
    the context requires otherwise, references in this agreement to a date or time shall be the date and/or time in England.

 

	2	OBJECTS
    OF THE COMPANY

 

	 	2.1	The
    primary object of the Company shall be to carry on the promotion of and running of an electronic sports events business replicating
    races of the FIA World Endurance Championship and the 24 Hours of Le Mans on an electronic gaming platform and such other
    business as the Board may agree from time to time in writing should be carried on by the Company.
	 	 	 
	 	2.2	The
    central management and control of the Company shall be exercised in England and each of the Shareholders shall use its best
    endeavours to ensure that the Company is treated by all relevant authorities as being resident for taxation and other purposes
    in England.

 

	3	CONDITIONS

 

	 	3.1	The
    obligations of the Parties are subject to and conditional upon the satisfaction of each of the following conditions:

 

	 	3.1.1	the
    adoption of the Articles by the Company;
	 	 	 
	 	3.1.2	the
    holding of the Company Board Meeting;
	 	 	 
	 	3.1.3	the
    passing of the Company Written Resolution;
	 	 	 
	 	3.1.4	the
    appointment of Gerard Neveu, Pierre Fillon and Marie Alvarez-Garzon as A Directors;
	 	 	 
	 	3.1.5	the
    appointment of Stephen Hood and Dmitry Kozko as B Directors;
	 	 	 
	 	3.1.6	the
    appointment of Marie Alvarez-Garzon as the Chairman;
	 	 	 
	 	3.1.7	the
    appointment of Dmitry Kozko as the Vice Chairman;
	 	 	 
	 	3.1.8	the
    appointment of Gerard Neveu as the CEO; and
	 	 	 
	 	3.1.9	the
    appointment of Oakwood Corporate Secretary Limited as secretary of the Company.

 

	 	3.2	The
    Parties shall use their best endeavours to ensure that all the provisions of clause 3.1 are complied with not later than 10
    Business Days after the date of this agreement but if by that date any of those provisions have not been satisfied or waived
    in writing by the Parties this agreement shall be null and void without any claim or liability by any Party against any other
    Party save in respect of this clause 3.2.

 

	4	APPOINTMENT
    OF DIRECTORS

 

	 	4.1	The
    maximum number of directors of the Company holding office at any time shall be five unless otherwise expressly agreed in writing
    by each Party.
	 	 	 
	 	4.2	The
    holders of a majority of the A Shares shall be entitled in accordance with the Articles to appoint up to three persons as
    directors of the Company and at any time to require the removal or substitution of any A Director so appointed by it pursuant
    to the powers conferred on the holders of the A Shares pursuant to the Articles.

 

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	 	4.3	The
    holders of a majority of the B Shares shall be entitled in accordance with the Articles to appoint up to two persons as directors
    of the Company and at any time to require the removal or substitution of any B Director so appointed by it pursuant to the
    powers conferred on the holders of the B Shares pursuant to the Articles.
	 	 	 
	 	4.4	The
    Chairman shall be nominated by a majority of the holders of the A Shares from time to time who at any time may require the
    removal or substitution of that Chairman. The first Chairman shall be Marie Alvarez-Garzon.
	 	 	 
	 	4.5	The
    Vice Chairman shall be nominated by a majority of the holders of the B Shares from time to time who at any time may require
    the removal or substitution of that Vice Chairman. The first Vice Chairman shall be Dmitry Kozko.
	 	 	 
	 	4.6	The
    CEO shall be nominated by a majority of the Board from time to time who at any time may require the removal or substitution
    of that CEO. The first CEO shall be Gerard Neveu.
	 	 	 
	 	4.7	If
    the Chairman is not present at any meeting of the Board the following shall be applied:

 

	 	4.7.1	first,
    if the Vice Chairman is present at that Board meeting, he shall act as the chairman of that meeting;

 

	 	4.7.2	second,
    if the Vice Chairman is not present at that meeting but the CEO is present, he shall act as chairman of that meeting;

 

	 	4.7.3	third,
    if the CEO is not present at that meeting then the members of the Board present at that Board Meeting shall elect another
    A Director to act as chairman of that meeting before any other business is carried on.

 

The
parties acknowledge that the material to be discussed at any meeting of the Board will be prepared by the CEO.

 

	 	4.8	The
    parties shall procure that the Board shall meet in person at least two times in each calendar year in either Paris or London
    (unless otherwise agreed by the parties).
	 	 	 
	 	4.9	The
    parties shall procure that meetings of the Board shall be held via electronic means or in person in each calendar month.

 

	5	CONDUCT
    OF THE COMPANY’S AFFAIRS

 

The
Shareholders shall exercise all voting rights and other powers of control available to them in relation to the Company so as to
procure (insofar as they are able by the exercise of those rights and powers) that at all times during the term of this agreement:

 

	 	5.1	the
    business of the Company consists exclusively of the Business;

 

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	 	5.2	the
    Shareholders shall each be entitled to examine the separate books and accounts to be kept by the Company and to be supplied
    with all relative information, including monthly management accounts and operating statistics and all other trading and financial
    information in such form as they may reasonably require to keep each of them properly informed about the business of the Company
    and, if applicable, each subsidiary of the Company and generally to protect their interests;
	 	 	 
	 	5.3	the
    auditors of the Company, and, if applicable, each subsidiary of the Company shall be BDO UK LLP or such other firm of chartered
    accountants as the Parties may agree should be appointed;
	 	 	 
	 	5.4	the
    registered office of the Company and, if applicable, each subsidiary of the Company shall be at 3rd Floor 1 Ashley Road, Altrincham,
    Cheshire, United Kingdom, WA14 2DT or at such other place as the Shareholders may agree;
	 	 	 
	 	5.5	the
    Company shall comply with the provisions of the Articles;
	 	 	 
	 	5.6	the
    Articles will not be altered and no further articles of association or resolutions inconsistent with the Articles will be
    adopted or passed unless the terms of those articles or resolutions have been previously approved in writing by each of the
    Shareholders;
	 	 	 
	 	5.7	the
    Company shall procure that any company which becomes a subsidiary of the Company at any time during the term of this agreement
    shall adopt articles of association in a form approved by the Shareholders;
	 	 	 
	 	5.8	the
    Board will determine the general policy of the Company and, if applicable, each subsidiary of the Company (subject to the
    express provisions of this agreement) including the scope of their respective activities and operations and the Board will
    reserve to itself all matters involving major or unusual decisions.
	 	 	 
	6	STAFF
	 	 	 
	 	6.1	The
    Company shall recruit and employ such staff as the Board shall from time to time consider necessary for the proper conduct
    of the Business and each of the Shareholders shall (if so requested by the Board) second executive personnel to the Company
    on a full time basis and otherwise on terms to be agreed between the Shareholders.
	 	 	 
	 	6.2	If
    the Board determines that any person so seconded to the Company is not suitable for employment in connection with the Business
    it may require the Shareholder who has seconded that person to the Company to withdraw and replace that person or to take
    such other steps as it may deem necessary or expedient.
	 	 	 
	 	6.3	All
    the salaries, wages, allowances, travelling and accommodation expenses and other benefits to which the staff of the Company
    may be entitled and all necessary employer’s pension and national insurance contributions shall, except where otherwise
    agreed, be borne and paid by the Company.
	 	 	 
	7	LOAN
    FINANCE
	 	 	 
	 	7.1	The
    Shareholders shall each use their respective reasonable endeavours to procure that the requirements of the Company for working
    capital to finance the Business are met as far as practicable by borrowings from banks and other similar lending sources on
    the most favourable terms reasonably obtainable (including but not limited to the terms regarding interest, repayment and
    security), and provided such terms are agreed at a meeting of the Board. The Shareholders agree that any such financing shall
    be on a non or limited recourse basis on such terms as shall be agreed from time to time by the Board and that any security
    required in respect of that finance shall be provided by the Company which shall, if necessary and so determined by resolution
    of the Board, be empowered to mortgage, charge, pledge or otherwise encumber its assets as security for that finance.

 

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	 	7.2	All
    working capital requirements of the Company for the purpose of the Business which exceed the Company’s resources and
    which cannot be financed from external sources shall be contributed to the Company by each Shareholder pro rata to the number
    of Shares that it holds by way of loan capital (which shall accrue the market rate of interest applicable at that time or
    such other terms as may be agreed between the Shareholders). Each Shareholder shall be required to make such loan capital
    available to the Company after being given not less than 20 Business Days’ prior notice in writing by the Board specifying
    the date upon which the capital is required. These loans shall rank equally in all respects as to repayment, finance charges
    and otherwise and shall be made on terms that no repayment to one Shareholder shall be made by the Company unless at the same
    time a pro rata repayment is made to the other Shareholder.
	 	 	 	 
	 	7.3	If
    any party advances funds, with the prior consent of the Board, in excess of its agreed proportion then those funds so advanced
    shall attract an annual interest rate of 100 BP. above the Overnight US Dollar LIBOR interest rate from time to time which
    shall accrue on a daily basis.
	 	 	 	 
	 	7.4	Notwithstanding
    clause 7.3, the parties to this agreement agree that any failure by either of the Shareholders to provide capital at any time
    in accordance with the provisions of clause 7.2 on the date specified by the Board shall constitute an event of default for
    the purposes of clause 14.3(a).
	 	 	 	 
	8	GUARANTEES
    GIVEN BY THE SHAREHOLDERS
	 	 	 	 
	 	8.1	Unless
    agreed by the Shareholders in writing, the aggregate amount of any liability arising under guarantees, indemnities and covenants
    (together guarantees) given at any time during the term of this agreement by the Shareholders (or either of them), whether
    jointly or severally, to secure the indebtedness and obligations of the Company and, if applicable, each subsidiary of the
    Company for the proper purposes of the Business shall be borne by the Shareholders pro rata to the number of Shares held by
    each Party, including any legal and other costs which the relevant guarantor may be ordered to pay or otherwise incurs in
    any action brought to enforce any such guarantees irrespective of whether or not the Shareholders are liable as co-sureties
    to the creditor enforcing the relevant guarantee and whether or not they are liable jointly or severally and by the same or
    different instruments.
	 	 	 	 
	 	8.2	Where
    one of the Shareholders has made any payment or provided other consideration either:
	 	 	 	 
	 	 	8.2.1	in
    consequence of a judgment given against the Shareholders (or either of them) or in consequence of any order made by a court
    of competent jurisdiction in any action brought to enforce any guarantees as are referred to in clause 8.2; or

 

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	 	 	8.2.2	in
    proper satisfaction or compromise of any demand made on any Shareholder under any guarantee (including a payment into court
    which has been accepted) and, the quantum of that payment exceeds or would exceed that Shareholder’s pro rata share,
    in accordance with this clause 8.2, of the sum for which judgment has been entered or the claim has been satisfied or compromised
    (as the case may be), then that Shareholder shall be entitled to be indemnified by or to recover contribution from the other
    Shareholder.
	 	 	 	 
	 	8.3	If
    any judgment referred to in clause 8.2 is varied or reversed on appeal the amount of the final judgment (including any costs
    awarded) shall be borne by the Shareholders in the agreed proportions insofar as that amount exceeds the amount of any earlier
    judgment in the relevant action which may have been paid and borne by the Shareholders under this clause 8.
	 	 	 	 
	 	8.4	No
    payment shall be made by a Shareholder in satisfaction or compromise of any demand referred to in clause 8.2.2 and no steps
    shall be taken to appeal against any judgment or to recover from the Company (whether by right of indemnity or subrogation
    or otherwise) any sum of money paid to a claimant under any of the guarantees referred to in clause 8.2, without prior consultation
    with the other Shareholder.
	 	 	 	 
	 	8.5	Any
    sum payable by way of indemnity or contribution in accordance with this clause 8 shall be paid within 20 Business Days of
    receipt of written notice requesting payment together with evidence of payment under any of the guarantees referred to in
    clause 8.2 and if the Shareholder who is requested to indemnify or contribute fails to do so within that period, then the
    Shareholder making that claim for indemnification or contribution shall be entitled to be paid interest by the defaulting
    Shareholder on the amount of that indemnity or contribution at the rate of five per cent per annum above the base rate of
    Barclays Bank plc from time to time in force, which interest shall accrue on a daily basis from the date of the notice to
    the date of actual payment.
	 	 	 	 
	 	8.6	If
    at any time after one Shareholder has made payment to the other Shareholder under an indemnification or contribution in accordance
    with this clause 8, any Shareholder recovers all or part of any sum of money or other consideration paid or provided to a
    claimant under any of the guarantees, whether the money is recovered by right of indemnity or subrogation against the Company
    or by obtaining final judgment against that claimant in any action relating to any of the guarantees or in any other way,
    then the sum so recovered (including any award for costs previously borne by the Shareholders in the agreed proportions) shall
    be apportioned between the Shareholders in the agreed proportions and the Shareholder receiving the sum of money or other
    consideration shall account to the other Shareholder for its pro rata share of the sum of money or other consideration forthwith
    or as soon as practicable after receipt.
	 	 	 	 
	 	8.7 	 No Shareholder shall take or receive from the Company or any other person any security in connection with any guarantees given
    under clause 8.1 without the prior written consent of the other Shareholder. Any security so taken or received (or any sum
    of money received in respect of any guarantee) shall be held by the relevant Shareholder as trustee for the Shareholders so
    that they shall share the benefit of the security or money in the agreed proportions.
	 	 	 	 
	 	8.8	Nothing
    embodied in this agreement shall operate to deprive any Shareholder of any rights or remedies available to it at law against
    the other Shareholder as co-surety under a guarantee, except insofar as any right or remedies are inconsistent with or excluded
    by the terms of this agreement.
	 	 	 	 
	 	8.9	Each
    Shareholder shall upon request from time to time by the other Shareholder provide all evidence as may be reasonably required
    to establish that it has sufficient financial resources to meet its due proportion of any actual or contingent liability under
    the guarantees or under the provisions of this clause 8.

 

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	9	DISPOSAL
    OR CHARGING OF THE SHARES
	 	 	 	 
	 	No
    Shareholder shall, except with the prior written consent of the other, create or permit to subsist any pledge, lien or charge
    over, or grant any option or other rights or dispose of any interest in, all or any of the Shares held by it (otherwise than
    by a transfer of those Shares in accordance with the provisions of the Articles) and any person in whose favour any pledge,
    lien, or charge is created or permitted to subsist or any option or rights are granted or any interest is disposed of shall
    be subject to and bound by the same limitations and provisions as embodied in this agreement.
	 	 	 	 
	10	EXERCISE
    OF VOTING RIGHTS
	 	 	 	 
	 	Each
    Shareholder undertakes with the other as follows:
	 	 	 	 
	 	10.1	to
    exercise all voting rights and powers of control available to it in relation to the Company so as to give full effect to the
    terms and conditions of this agreement including, where appropriate, the carrying into effect of its terms as if they were
    embodied in the Articles; and
	 	 	 	 
	 	10.2	generally
    to use its best endeavours to promote the Business and the interests of the Company.
	 	 	 	 
	11	WARRANTIES
	 	 	 	 
	 	Each
    Party warrants to the other as at the date of this agreement that:
	 	 	 	 
	 	11.1	it
    has full power and authority to enter into this agreement; and
	 	 	 	 
	 	11.2	it
    has full power and authority and has obtained all necessary consents to perform the obligations expressed to be assumed by
    it under this agreement (and any other agreement or arrangement required to be entered into by it in connection with this
    agreement), that the obligations expressed to be assumed by it hereunder are legal and valid and are binding and enforceable
    against it in accordance with their terms and that the execution, delivery and performance by it of this agreement and each
    such other agreement and arrangement will not:
	 	 	 	 
	 	 	11.2.1	result
    in a breach of, or constitute a default under, any agreement or arrangement to which it is a party or by which it is bound
    or, in the case of a corporation, under its constitutional documents; or
	 	 	 	 
	 	 	11.2.2	result
    in a breach of any law or order, judgement or decree of any court governmental agency or regulatory body to which it is a
    party or by which it is bound.
	 	 	 	 
	12	anti-corruption
	 	 	 	 
	 	Each
    Shareholder undertakes to the other that:
	 	 	 	 
	 	12.1	it
    will not, and will procure that the Company will not engage in any activity, practice or conduct which would constitute an
    offence under the Bribery Act 2010;
	 	 	 	 
	 	12.2	it
    has and will maintain in place, and will procure that the Company has and will maintain in place adequate procedures (within
    the meaning of section 7 of the Bribery Act 2010) to prevent any Associated Person from undertaking any conduct that would
    give rise to an offence under section 7 of the Bribery Act; and

 

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	 	12.3	from
    time to time, at the reasonable request of the other Shareholder, it will confirm in writing that it has complied with its
    undertakings under clause 12.1 and 12.2 and will provide any information reasonably requested by the other Party to demonstrate
    compliance.
	 	 	 	 
	13	SURRENDER
    OF LOSSES ELIGIBLE FOR TAX RELIEF
	 	 	 	 
	 	Unless
    the Shareholders otherwise agree in writing, all of the Company’s trading losses and other amounts eligible for relief
    from taxation shall be carried forward by the Company and not surrendered (in whole or in part) to the Shareholders.
	 	 	 	 
	14	Call
    Option
	 	 	 	 
	 	14.1	If
    either Shareholder commits or suffers an Event of Default (the Defaulting Shareholder), then the other Shareholder
    shall be entitled in its discretion to require the defaulting Shareholder to sell all (but not part) of the Shares held or
    beneficially owned by the Defaulting Shareholder (the Call Option Shares) by delivering a Call Option Notice.
	 	 	 	 
	 	14.2	If
    a Call Option is exercised, the Shareholder exercising the Call Option shall deliver to the other Shareholder within 10 Business
    Days of the date of the Call Option Notice a duly executed transfer of the Call Option Shares in favour of the other Shareholder
    (or as it may direct) for the Prescribed Price. The Call Option Shares so transferred shall be deemed to be sold by the transferor
    with full title guarantee free from any lien, charge or encumbrance and with all rights attaching to those Call Option Shares
    with effect from the date of the transfer and clause 15 shall apply.
	 	 	 	 
	 	14.3	For
    the purpose of this clause 14 the following expressions shall have the following meanings:
	 	 	 	 
	 	 	Call
    Option means the call option set out in clause 14.1;
	 	 	 	 
	 	 	Call
    Option Notice means a written notice delivered to a Defaulting Shareholder at any time within 15 Business Days of the
    date of the occurrence of the Event of Default stating that the Call Option is exercised;
	 	 	 	 
	 	 	Event
    of Default means the occurrence of any of the following:
	 	 	 	 
	 	 	(a)	that
    Shareholder commits a material breach of its obligations under this agreement or the Articles and, in the case of a breach
    capable of remedy, failing to remedy that breach within 10 Business Days of being notified of that material breach in writing
    by the other Shareholder; or
	 	 	 	 
	 	 	(b)	any
    distress, execution, sequestration or other process being levied or enforced upon or sued out against the property of that
    Shareholder which is not discharged within five Business Days; or
	 	 	 	 
	 	 	(c)	the
    inability of either Shareholder to pay its debts in the normal course of business; or

 

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	 	 	(d)	either
    Shareholder ceasing or threatening to cease wholly or substantially to carry on its business, otherwise than for the purpose
    of a reconstruction or amalgamation without insolvency previously approved by the other Shareholder (such approval not to
    be unreasonably withheld or delayed); or
	 	 	 	 
	 	 	(e)	any
    encumbrancer taking possession of or an administrator, receiver or trustee being appointed over the whole or any part of the
    undertaking, property or assets of that Shareholder; or
	 	 	 	 
	 	 	(f)	the
    making of an order or the passing of a resolution for the winding up of that Shareholder, otherwise than for the purpose of
    a reconstruction or amalgamation without insolvency previously approved by the other Shareholder (such approval not to be
    unreasonably withheld);
	 	 	 	 
	 	 	(g)	an
    event analogous to any of the events set out in paragraphs (b) to (f) (inclusive) in any overseas jurisdiction or under any
    foreign law; and
	 	 	 	 
	 	 	Prescribed
    Price shall mean such sum in respect of the Call Option Shares forming the subject matter of the Call Option as may be
    agreed between the Shareholders within 10 Business Days of the date of the Call Option Notice or (if such agreement cannot
    be reached) such sum as the auditors of the Company for the time being shall state to be in their opinion the fair value of
    the Call Option Shares forming the subject matter of the option as between a willing buyer and a willing seller contracting
    on arm’s length terms, having regard to the fair value of the Business as a going concern as at the date of the Call
    Option Notice and by reference to the current revenue and order book of the Company at that applicable time, but without taking
    into account (if it is the case) that the Call Option Shares represent a minority or majority interest in the Company.
	 	 	 	 
	15	COMPLETION
    OF SALES OF SHARES
	 	 	 	 
	 	15.1	All
    sales of Shares to be made under this agreement between the Shareholders shall be completed at the registered office of the
    Company when, subject to the provisions of clause 15.2:
	 	 	 	 
	 	 	15.1.1	the
    purchasing Shareholder (the Buyer) shall pay to the selling Shareholder (the Seller) the purchase price of the
    Shares in pounds sterling by way of CHAPS transfer;
	 	 	 	 
	 	 	15.1.2	the
    Seller shall deliver to the Buyer a duly executed transfer of the shares to be sold accompanied by the relative certificate
    or certificates and such other documents as may be necessary to transfer the shares to the Buyer or its nominees;
	 	 	 	 
	 	 	15.1.3	the
    Shareholders shall procure that any such transfer shall, subject to stamping, be approved for registration by the Board; and
	 	 	 	 
	 	 	15.1.4	the
    Seller shall procure that the directors and officers of the Company who are nominees of the Seller shall resign.
	 	 	 	 
	 	15.2	By
    way of security for the performance of a Defaulting Shareholder of its respective obligations under the Call Option, each
    of the Shareholders irrevocably appoints the other as his agent to do all such acts and execute all such documents as may
    be necessary to effect the sale and transfer of the Call Option Shares in accordance with clause 14.

 

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	 	15.3	Notwithstanding
    any other provisions of this agreement or any other rights of the parties (including rights of set off at common law or in
    equity) the Company and/or the Buyer, as the case may be, shall be entitled to set off against any monies which would (but
    for this clause 15.3) be payable or repayable by the Company or the Buyer to the Seller any amount or amounts owed to or claimed
    by the Company or the Buyer, as the case may be, by or from the Seller (including any sums in respect of breaches of the provisions
    of this agreement).
	 	 	 	 
	16	Intellectual
    Property
	 	 	 	 
	 	16.1	Any
    Intellectual Property owned by a Shareholder or created by a Shareholder during the course of this agreement shall remain
    the property of that Shareholder and that Intellectual Property shall not vest in the Company or the other Shareholder.
	 	 	 	 
	 	16.2	The
    parties acknowledge that Party A intends to exclusively licence the brand “24 Hours of Le Mans” or such other
    brand as agreed by Party A to the Company subject always to a licence agreement in a form acceptable to by Party A.
	 	 	 	 
	17	CONFIDENTIALITY
	 	 	 	 
	 	17.1	Each
    Shareholder shall use its best endeavours to keep confidential (and to ensure that its employees, agents, subsidiaries and
    other companies controlled by it, and the employees and agents of those subsidiaries and other companies, shall keep confidential)
    any Confidential Information and shall not use or disclose any such information except:
	 	 	 	 
	 	 	17.1.1	with
    the prior written consent of the other Shareholder;
	 	 	 	 
	 	 	17.1.2	as
    may be required by law (including without limitation any order of a court of competent jurisdiction) or by the rules of any
    recognised stock exchange, or governmental or other regulatory body (when the party concerned shall, if practicable, supply
    a copy of the required statement, release or disclosure to the other Shareholder and incorporate any amendments or additions
    reasonably requested by it);
	 	 	 	 
	 	 	17.1.3	where
    it relates to the Company or any of its subsidiaries and is disclosed in good faith for the advancement of the business of
    the Company or its subsidiaries or;
	 	 	 	 
	 	 	17.1.4	where
    it has come into the public domain otherwise than by the breach by that Party of this clause.
	 	 	 	 
	 	17.2	Each
    of the Shareholders shall use all reasonable endeavours to procure that the Company and, if applicable, each of its subsidiaries
    ensure that their officers, employees and agents observe a corresponding obligation of confidence to that set out in clause
    17.1.
	 	 	 	 
	 	17.3 	The
    obligations of each of the Shareholders in clause 17.1 shall continue without limit in time and notwithstanding termination
    of this agreement for any cause.
	 	 	 	 
	 	17.4 	No
    Party shall be entitled to make or permit or authorise the making of any press release or other public statement or disclosure
    concerning this agreement or any of the transactions contemplated in it except as permitted above or with the prior written
    consent of the other parties.

 

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	18	NO
    PARTNERSHIP
	 	 	 	 
	 	None
    of the provisions of this agreement shall be deemed to constitute a partnership between the Shareholders and neither of them
    shall have any authority to bind the other in any way.
	 	 	 	 
	19	COSTS
	 	 	 	 
	 	19.1	Each
    Shareholder shall bear its own costs in connection with the preparation and execution of this agreement.
	 	 	 	 
	 	19.2	All
    costs, legal fees, registration fees, capital duty and other expenses incurred in the formation of the Company shall be borne
    and paid by the Company.
	 	 	 	 
	20	DURATION
	 	 	 	 
	 	20.1	This
    agreement shall continue in full force and effect until the first to occur of the following dates:
	 	 	 	 
	 	 	20.1.1	the
    date on which the Shareholders cease to be beneficially entitled in aggregate to 25 per cent or more of the equity share capital
    of the Company or otherwise cease between them to control (as defined by section 450 of the CTA) the affairs of the Company;
    or
	 	 	 	 
	 	 	20.1.2	the
    date of commencement of the Company’s winding-up, provided that the terms of this agreement shall nevertheless continue
    to bind the Shareholders after such termination to such extent and for so long as may be necessary to give effect to the rights
    and obligations embodied in this agreement.
	 	 	 	 
	 	20.2	This
    agreement shall cease to have effect as regards any Shareholder who ceases to hold any shares in the Company save for any
    provisions of this agreement which are expressed to continue in force after that termination (including without limitation,
    clauses 17 (Confidentiality), 25 (Severability) 30 (Choice of Law and Jurisdiction) and to give effect to the rights and obligations
    embodied in this agreement.
	 	 	 	 
	21	ASSIGNMENT
	 	 	 	 
	 	Neither
    of the Shareholders shall assign or transfer or purport to assign or transfer any of its rights or obligations under this
    agreement without the prior written consent of the Board, except to a wholly owned subsidiary of the proposing assignor upon
    that subsidiary executing a deed in accordance with the provisions of clause 22 and the assignor guaranteeing by deed under
    seal the due performance of the assignee’s obligations under that deed.
	 	 	 	 
	22	SUCCESSORS
    AND ASSIGNS
	 	 	 	 
	 	This
    agreement shall enure for the benefit of and be binding on the respective successors in title and permitted assigns of each
    Shareholder who shall procure that upon transferring any of its Shares in accordance with this agreement or the Articles,
    that each transferee shall execute a deed of adherence.
	 	 	 	 
	23	THIRD
    PARTY RIGHTS
	 	 	 	 
	 	A
    person who is not a party to this agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce
    any term of this agreement but this does not affect any right or remedy of a third party which exists or is available apart
    from that Act.

 

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	24	WAIVER,
                                         FORBEARANCE AND VARIATION

 

	 	24.1	No
    failure or delay in exercising or enforcing any right or remedy under this agreement shall constitute a waiver of that right
    or remedy and no single or partial exercise or enforcement of any right or remedy under this agreement shall preclude or restrict
    the further exercise or enforcement of any such right or remedy. A waiver of a breach of any of the terms of this agreement
    or of a default under this agreement does not constitute a waiver of any other breach or default and shall not affect the
    other terms of this agreement. A waiver or a breach of any of the terms of this agreement or of a default under this agreement
    will not prevent a Party from subsequently requiring compliance with the waived obligation. The rights and remedies provided
    in this agreement are cumulative and not exclusive of any rights and remedies provided by law.
	 	 	 
	 	24.2	This
    agreement shall not be varied or cancelled, unless that variation or cancellation shall be expressly agreed in writing by
    a duly authorised director of each Party.

 

	25	SEVERABILITY

 

If
any of the provisions of this agreement is found by a court or other competent authority to be void or unenforceable, that provision
shall be deemed to be deleted from this agreement and the remaining provisions of this agreement shall continue in full force
and effect. Notwithstanding the foregoing, the Shareholders shall, immediately following the decision as to the validity or enforceability
of a provision, negotiate in good faith in order to agree the terms of a mutually satisfactory provision to be substituted for
the provision so found to be void or unenforceable.

 

	26	ENTIRE
                                         AGREEMENT

 

	 	26.1	This
    agreement and the documents referred to in it, constitutes the entire agreement and understanding of the parties and supersedes
    any previous agreement between the parties relating to the subject matter of this agreement. Each of the Shareholders acknowledges
    and agrees that in entering into this agreement, and the documents referred to in it, it does not rely on, and shall have
    no remedy in respect of, any statement, representation, warranty or understanding, (whether negligently or innocently made)
    of any person (whether a Party or not) other than as expressly set out in this agreement as a warranty. The only remedy available
    to the Shareholders for breach of the Warranties shall be for breach of contract under the terms of this agreement. Nothing
    in this clause shall, however, operate to limit or exclude any liability for fraud.
	 	 	 
	 	26.2	Notwithstanding
    clause 26.1, it is acknowledged that the parties intend to review and, if required, amend the contents of this agreement when
    the Board determines that the Company is ready to implement the development of an e-gaming platform in connection with Business
    which will be made available to the wider public.

 

	27	THE
                                         TERMS OF THIS AGREEMENT TO PREVAIL

 

In
the event of any ambiguity or conflict arising between the terms of this agreement and those of the Articles, the terms of this
agreement shall prevail as between the Shareholders.

 

	28	NOTICES

 

	 	28.1	Any
    notice given under this agreement may be:
	 	 	 	 
	 	 	28.1.1	delivered
    by hand or courier;

 

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	 	 	28.1.2	sent
    by prepaid first class recorded delivery post (airmail if posted to or from a place outside the United Kingdom) to the postal
    address and for the attention of the person specified or referred to in clause 28.5 (or such other address or person as each
    Party may notify to the other in accordance with clause 28.6); or
	 	 	 	 
	 	 	28.1.3	sent
    by email.
	 	 	 	 
	 	28.2	Any
    notice referred to in clause 28.1 shall be deemed to have been given:
	 	 	 	 
	 	 	28.2.1	if
    delivered by hand or courier, at the time of delivery;
	 	 	 	 
	 	 	28.2.2	if
    sent by pre-paid first class recorded delivery post, at 10.00 am on the second Business Day after the day it is posted;
	 	 	 	 
	 	 	28.2.3	if
    sent by airmail, at 10.00 am local time (at the place of receipt) on the fifth Business Day after it is posted; or
	 	 	 	 
	 	 	28.2.4	if
    sent by email, one hour after the time of despatch provided it is sent before 4.00 pm local time (at the place of receipt)
    on any Business Day and in any other case at 10.00 am local time (at the place of receipt) on the next following Business
    Day after the date of despatch.
	 	 	 	 
	 	28.3	Where
    a notice is sent to a Party (the Recipient) by email, the Party sending the notice (the Sender) must send or
    deliver a copy of such notice to the Recipient in accordance with the provisions of clause 28.1.1 or clause 28.1.2 by 5.00
    pm on no later than the fifth Business Day after the date on which the original notice is deemed to have been delivered in
    accordance with clause 28.2.4. Failure by the Sender to send or deliver such copy notice shall not invalidate the service
    or delivery of the original notice (or delay the time the original notice is deemed to have been given under clause 28.2).
	 	 	 	 
	 	28.4	In
    proving the sending or delivery of a notice it shall be enough to prove that delivery was made, that the envelope containing
    the notice was properly addressed and sent to the relevant postal address as a pre-paid first class recorded delivery letter
    or a valid email was properly sent to the relevant email address, in each case in accordance with this clause 28.
	 	 	 
	 	28.5	The
    following are (or refer to) the addresses of Party A and Party B for the purposes of this clause 28:

 

	 	Party
    A	 	Party
    B
	 	 	 	 
	 	Address:
    As set out at the start of this agreement (marked for the attention of Pierre Lucas).	 	Address:
    As set out at the start of this agreement (marked for the attention of Amanda LeCheminant).
	 	 	 	 
	 	Email
    address: p.lucas@lemans.org 	 	Email
    address: amanda@motorsport.com 

 

	 	28.6	A
    Party may notify the other Party of a change to its name, postal address, email address or relevant contact for the purposes
    of clause 28.5. Such notice shall be effective on the fifth Business Day after the date on which such notice is deemed to
    have been sent or delivered in accordance with this clause 28 or such later date as may be specified in the notice.
	 	 	 
	 	28.7	For
    the purposes of this clause 28, notice shall include any request, demand, instruction, information, communication or
    other document.

 

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	 	28.8	This
    clause 28 does not apply to the service of any proceedings or other documents in any legal action or proceedings.

 

	29	COUNTERPARTS

 

This
agreement may be executed in any number of counterparts by the different parties or separate counterparts, each of which, when
executed and delivered, shall constitute an original but all of which shall together constitute one and the same instrument. Delivery
of an executed counterpart of this agreement (but, for the avoidance of doubt, not just the signature page) by facsimile transmission
or in pdf format shall take effect as delivery of an executed counterpart of this agreement. If such method is adopted, without
prejudice to the validity of this agreement, each Party shall provide the others with the original assigned counterpart agreement
as soon as reasonably practicable following the date of this agreement.

 

	30	CHOICE
                                         OF LAW AND JURISDICTION

 

	 	30.1	This
    agreement shall be governed by and construed in accordance with English Law.
	 	 	 
	 	30.2	Each
    Party irrevocably submits to the exclusive jurisdiction of the English courts in relation to all matters (including non-contractual
    matters) arising out of or in connection with this agreement).

 

This
agreement has been signed and dated by and on behalf of the Parties on the date stated at the beginning of it.

 

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SCHEDULE
1 – Deed of adherence

 

	THIS
    DEED OF ADHERENCE is made on 	20[●]

 

BETWEEN:

 

	(1)	[[●]
    of [●]] [[●] LIMITED (company number [●]) whose registered office is at [●]] (“Covenantor”);
	 	 
	(2)	[●]
    LIMITED (registered in England and Wales under number [●]) whose registered office is at [●] (the “Company”);
	 	 
	(3)	[Current
    Shareholders].

 

BACKGROUND:

 

	(A)	This
    deed is supplemental to a shareholders’ agreement made on 20[●] between [●] (as amended by [insert details
    of any instrument modifying the original agreement])] (Shareholders’ Agreement).
	 	 
	(B)	The
    Covenantor wishes to be registered as the holder of [number] [A] [B] Shares.

 

AGREED
TERMS:

 

	1	Words
    and expressions defined in the Shareholders’ Agreement shall (unless the context requires otherwise) have the same meaning
    when used in this deed.
	 	 
	2	The
    Covenantor confirms that [it][he] has been supplied with a copy of the Shareholders’ Agreement (a copy of which is attached
    to this deed and has been initialled by or on behalf of each of the parties (Parties)) and covenants with each of the
    Parties to observe, perform and be bound by all the terms of the Shareholders’ Agreement other than Clauses [●]
    as if [it][he] were a party to it or named in it as [●].
	 	 
	3	Each
    of the other parties to this deed covenants with the Covenantor that the Covenantor shall be entitled to the benefit of the
    terms of the Shareholders’ Agreement as if [it][he] were a party to it and named in it as [●].
	 	 
	4	The
    Covenantor acknowledges, for the avoidance of doubt, that [it][he] is not relying on any warranties or representation made
    to [it][him] by any other shareholder.
	 	 
	5	This
    deed shall be governed by and construed in accordance with English law.

 

The
Parties intend this document to be a deed and accordingly they execute and deliver it as such.

 

[SIGNATURE
BLOCKS]

 

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	SIGNED
    on behalf of AUTOMOBILE CLUB DE L’OUEST	)	/s/
Pierre Fillon
	 	)	Authorised
                                         Signatory

        Pierre
        Fillon

 

[JV
Agreement signature page – Party A] 

 

    	 

    	 

    

 

Execution
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	SIGNED
    on behalf of MOTORSPORT GAMING US LLC	)	/s/
Mike Zoi
	 	)	Authorised
                                         Signatory

        Mike
        Zoi

 

[JV Agreement signature page –
Party B] 

 

    	 

    	 

    

 

Execution
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	SIGNED
    on behalf of LE MANS ESPORTS SERIES LIMITED	)	/s/
Gerard Neveu
	 	)	Authorised
                                         Signatory

        Gerard
        Neveu

 

[JV
Agreement signature page – Company]Exhibit
10.6

 

LIMITED
LIABILITY COMPANY AGREEMENT

 

 

RACING
PRO LEAGUE, LLC

(A
Delaware Limited Liability Company)

 

 

THESE
SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION
THEREFROM. MEMBERS SHOULD BE AWARE THAT THEY SHALL BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE
PERIOD OF TIME.

 

    	 

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page(s)
	 	 	 
	ARTICLE
    I	 
	 	 
	GENERAL	 
	 	 
	1.1	Formation
    of Company	1
	1.2	Defined
    Terms	1
	1.3	Conflicts
    with the Certificate of Formation and the Delaware Act	1
	1.4	Purpose
    and Powers	1
	1.5	Name	1
	1.6	Principal
    Office	2
	1.7	Registered
    Agent and Office	2
	1.8	Status
    of Members	2
	 	 	 
	ARTICLE
    II	 
	 	 
	CAPITALIZATION	 
	 	 
	2.1	Capitalization
    Schedule	2
	2.2	Types
    of Units	2
	2.3	Issuances
    of Securities	2
	2.4	Preemptive
    Rights	2
	2.5	Resignation
    of Member Status	3
	2.6	Cessation
    Events; Effect on Member Status	3
	 	 	 
	ARTICLE
    III	 
	 	 
	CAPITAL
    CONTRIBUTIONS	 
	 	 
	3.1	Capital
    Contributions	3
	3.2	Service
    Contributions	5
	3.3	No
    Third Party Rights	6
	3.4	Loans	6
	3.5	No
    Interest on Capital	6
	3.6	No
    Redemption or Return of Capital	6
	 	 	 
	ARTICLE
    IV	 
	 	 
	ALLOCATION
    OF NET PROFITS AND NET LOSSES	 
	 	 
	4.1	Fiscal
    Year and Tax Year	6
	4.2	Capital
    Accounts	7
	4.3	Members
    Receiving Allocations	7
	4.4	Allocation
    of Net Profits and Net Losses	7
	4.5	Special
    Allocations	7
	4.6	Loss
    Limitation	8
	4.7	Curative
    Allocations	8
	4.8	Tax
    Allocations: Code Section 704(c)	9
	4.9	Other
    Allocation Rules	9
	4.10	Adjustments
    to Capital Accounts	9
	4.11	Proposed
    Regulations Election	9

 

    	i

     

    

 

TABLE
OF CONTENTS

(continued)

 

	 	Page(s)
	 	 
	ARTICLE
    V	 
	 	 
	DISTRIBUTIONS	 
	 	 
	5.1	Persons
    Entitled to Distributions	10
	5.2	Timing
    of Distributions	10
	5.3	Conditions
    to and Terms of Distributions	10
	5.4	Distribution
    Priorities	10
	5.5	Distribution
    of Assets In Kind	10
	5.6	Tax
    Distributions	11
	5.7	Amounts
    Withheld	11
	 	 
	ARTICLE
    V	 
	 	 
	GOVERNANCE	 
	 	 
	6.1	General
    Power and Authority of the Board	12
	6.2	General
    Power and Authority of the Members	12
	6.3	Designation
    of Managers	13
	6.4	Compensation
    of Managers; Reimbursement of Expenses	14
	6.5	Meetings
    and Actions of the Board	14
	6.6	Matters
    Requiring Approval of the Board	16
	6.7	No
    Appraisal Rights	16
	6.8	Delegation
    of Authority; Officers	16
	6.9	Other
    Company Entity Boards	18
	 	 	 
	ARTICLE
    VII	 
	 	 
	DUTIES;
    STANDARDS OF CONDUCT; LIABILITY; INDEMNIFICATION	 
	 	 	 
	7.1	Duties;
    Standards of Conduct	18
	7.2	Conflict
    of Interest Transactions	19
	7.3	Business
    Opportunities	19
	7.4	Limited
    Liability; Exculpation	20
	7.5	Indemnification	20
	 	 
	ARTICLE
    VIII	 
	 	 
	TRANSFER
    LIMITATIONS	 
	 	 	 
	8.1	Transfers
    Generally	22
	8.2	Transfer
    to Affiliates	22
	8.3	Transfer
    Upon Death	23
	8.4	Rights
    and Obligations of Transferors	23
	8.5	Rights
    and Obligations of Transferees	23
	8.6	Admission
    of Transferees as Members	23
	8.7	Further
    Restrictions on Transfer	24
	8.8	Indemnification
    by Transferor	24

 

    	ii

     

    

 

TABLE
OF CONTENTS

(continued)

 

	 	 	Page(s)
	 	 	 
	ARTICLE
    IX	 
	 	 
	RIGHTS
    OF REFUSAL; TAG-ALONG RIGHTS	 
	 	 
	9.1	Right
    of Refusal	24
	9.2	Tag-Along
    Rights	25
	9.3	Exclusions	27
	 	 	 
	ARTICLE
    X	 
	 	 
	DRAG-ALONG
    RIGHT	 
	 	 
	10.1	Actions
    to be Taken in a Drag-Along Transaction	
	10.2	Conditions
    to Application	
	 	 	 
	ARTICLE
    XI	 
	 	 
	REDEMPTION
    RIGHTS	 
	 	 
	11.1	Overview	27
	11.2	Notice
    of Cessation Event	
	11.3	Exercise
    of the Redemption Right	
	11.4	The
    Redemption Price	
	11.5	Closing	
	11.6	Binding
    on Subsequent Holders	
	11.7	Liabilities
    after Purchase	
	 	 	 
	ARTICLE
    XII	 
	 	 
	CERTAIN
    COVENANTS	 
	 	 
	12.1	Information
    Rights	27
	12.2	Confidential
    Information	28
	 	 	 
	ARTICLE
    XIII	 
	 	 
	DISPUTE
    RESOLUTION; REMEDIES	 
	 	 
	13.1	Dispute
    Resolution	28
	13.2	Equitable
    Relief	29
	13.3	Jury
    Trial Waiver	29
	 	 	 
	ARTICLE
    XIV	 
	 	 
	ACCOUNTING
    AND RECORDS	 
	 	 
	14.1	Books
    and Records	29
	14.2	Tax
    Matters	30
	14.3	Tax
    as Partnership	30
	14.4	Tax
    Returns and Information	30
	14.5	Tax
    Withholding	30
	14.6	Tax
    Refunds and Exemptions	30
	14.7	Electronic
    Delivery of Schedule K-1	30
	14.8	Valuation
    of Company Assets	30

 

    	iii

     

    

 

TABLE
OF CONTENTS

(continued)

 

	 	 	Page(s)
	 	 	 
	ARTICLE
    XV	 
	 	 
	DISSOLUTION
    AND WINDING UP	 
	 	 
	15.1	Term	31
	15.2	Events
    of Dissolution	31
	15.3	Winding
    Up the Company	31
	15.4	No
    Deficit Capital Account Restoration	31
	15.5	Allocations
    During Liquidation	31
	15.6	Character
    of Liquidating Distributions	31
	15.7	Deemed
    Distribution and Recontribution	32
	15.8	Sharing
    of Proceeds From a Sale of the Company	32
	 	 	 
	ARTICLE
    XVI	 
	 	 
	MISCELLANEOUS	 
	 	 
	16.1	Costs
    and Expenses	32
	16.2	Notices	32
	16.3	Amendment
    of this Agreement	32
	16.4	Construction	32
	16.5	Reproduction
    of Documents	33
	16.6	Further
    Assurances	33
	16.7	Governing
    Law; Severability	33
	16.8	Waiver
    of Compliance; Consents	33
	16.9	Severability	34
	16.10	Third-Party
    Beneficiary	34
	16.11	Counterparts	34
	16.12	Integration;
    Entire Agreement	34
	16.13	Binding
    Provisions	34
	16.14	Certain
    Acknowledgements	35

 

	ARTICLE
    XVII	 
	 	 
	DEFINED
    TERMS	 
	 	 
	EXHIBITS	 
	 	 
	Exhibit
    A	-	Capitalization
    Schedule	 
	Exhibit
    B	-	Joinder
    Certificate	 
	Exhibit
    C	-	Matters
    Requiring Board Approval	 
	Exhibit
    D	-	ELeague
    Structure	 
	Exhibit
    E	-	704Games
    Deliverables	 
	Exhibit
    F	-	RTAP
    Deliverables	 

 

    	iv

     

    

 

LIMITED
LIABILITY COMPANY AGREEMENT

OF

RACING
PRO LEAGUE, LLC

(A
Delaware Limited Liability Company)

 

This
LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”), made and entered into effective as of March
1, 2019 (the “Effective Date”), is by and between the Persons fully executing this Agreement below and RACING
PRO LEAGUE, LLC, a Delaware limited liability company (the “Company”).

 

BACKGROUND
STATEMENT

 

The
Company was formed on February 18, 2019 by the filing of its certificate of formation
by the Delaware Secretary of State. The parties hereto hereby set
forth this agreement regarding the management of the Company and the respective
rights and obligations of the parties hereto.

 

STATEMENT
OF AGREEMENT

 

The
parties hereto agree as follows:

 

ARTICLE
I

 

GENERAL

 

1.1
Formation of Company. The Company was formed and organized under and shall be operated in accordance with the Delaware
Act.

 

1.2
Defined Terms. Capitalized terms not otherwise defined in the text hereof shall have the meanings given to them in
Article XVII.

 

1.3
Conflicts with the Certificate of Formation and the Delaware Act. To the
extent permitted by law, if this Agreement conflicts with the Company’s certificate of formation, this Agreement shall control
and govern. To the extent permitted by law, if this Agreement conflicts with the Delaware Act, this Agreement shall control and
govern. Further, if (a) this Agreement addresses a matter for which the Delaware Act
provides a default rule, (b) the Delaware Act permits a limited liability company agreement to modify such default rule, and (c)
this Agreement so modifies such default rule (even if such modification does not explicitly refer to such rule), this Agreement
shall control and govern.

 

1.4
Purpose and Powers. The Company is formed for the purpose of (i) creating, owning and operating a stock car and/or
stock truck racing themed, mass market, Esports multiplayer competition video gaming league based on the
NASCAR Heat video game series, as more fully set forth herein (the “ELeague”), as described on
Exhibit D, and pursuant to the terms and conditions of the NTP License Agreement and NASCAR License Agreement for
so long as such agreements are in effect, and thereafter, pursuant to the terms and conditions of any other applicable third party
license agreements which may or may not incorporate the NASCAR Heat title, and (ii) engaging in all other lawful transactions
and business activities determined from time to time by the Board. The Company shall have any and all powers necessary or desirable
to carry out the purposes and business of the Company, to the extent that the same may be lawfully exercised by limited liability
companies under the Delaware Act.

 

1.5
Name. The business of the Company shall be conducted under the name Racing Pro League, LLC, or such other name determined
by the Board.

 

    	 

     

    

 

1.6
Principal Office. The principal office of the Company shall be maintained
at such place determined by the Board.

 

1.7
Registered Agent and Office. The registered agent and office of the Company
shall be as provided in the Company’s certificate of formation or as otherwise
determined by the Board.

 

1.8
Status of Members. The Members shall not be managers of the Company for purposes of the Delaware Act by virtue of their
status as Members.

 

ARTICLE
II

 

CAPITALIZATION

 

2.1
Capitalization Schedule. The Board shall create and maintain a schedule (the “Capitalization Schedule”)
that sets forth the Units issued by the Company and the holders thereof. Any changes to such schedule made by the Board pursuant
to the preceding sentence shall not constitute an amendment of this Agreement. The Capitalization Schedule as of the date hereof
is attached hereto as Exhibit A. To the extent not already admitted, the Persons identified thereon are hereby admitted
as Members as of the date hereof.

 

2.2
Types of Units. Each Interest shall be represented by Units. The Units shall be deemed securities for purposes of any
applicable Uniform Commercial Code. The Units may be certificated in a form determined by the Board.

 

2.3
Issuances of Securities. The Company is hereby authorized to issue an unlimited number of securities. Subject to the
other terms and conditions of this Agreement, the Board may create a new class or series
of securities of the Company, having such terms, rights, benefits, powers, privileges
and obligations as the Board shall determine. Subject to the other terms and conditions
of this Agreement, the Board shall have the power and authority to offer and sell securities of the Company to any Person and
admit a Person as a Member. Subject to the other terms and conditions of this Agreement, the issuance of securities may be
made in exchange for such cash, property, or services, and on such other terms and conditions, as the Board determines.
A Person to whom securities in the Company have been issued shall not become a Member, with the rights and privileges associated
therewith, until such Person becomes a party to this Agreement by executing the Joinder Certificate attached hereto as Exhibit
B.

 

2.4
Preemptive Rights.

 

(a)
Overview. Subject to the other terms and conditions of this Agreement (including
Supermajority Approval by the Board), except for Excluded Securities, the Company shall not, and shall cause each other Company
Entity not to, issue, sell, offer, or exchange any securities in the Company or such Company Entity (as applicable) unless, in
each case, the Company or the applicable Company Entity shall have first given written notice (an “Offer Notice”)
to each Member, which shall state the Company’s or such Company Entity’s intention to offer securities, the types
and amount of securities to be offered, the purchase price to be paid therefor and a summary of
the other material terms of the proposed offering, and offer (a “Preemptive Offer”) to issue to each
Member such Person’s Pro Rata Share of such securities upon the terms and subject to the conditions set forth in the Offer
Notice.

 

    	2

     

    

 

(b)
Exercise of Rights. A Preemptive Offer shall remain open and irrevocable for a period of 30 days from the date it is delivered
to the Members (the “Initial Acceptance Period”). A Member may accept a Preemptive Offer, in whole or in part,
by delivering a written notice to the Company within the Initial Acceptance Period specifying the amount of securities the Member
elects to purchase (the “Accepted New Securities”). Any such acceptance shall constitute an irrevocable, legally
binding obligation of such Member to purchase the Accepted New Securities on the terms set forth in the Offer Notice.

 

(c)
Allocation of Available Securities. If, at the end of the Initial Acceptance Period, the Members collectively have not
accepted for purchase all of the securities subject to a Preemptive Offer, such remaining securities (the “Available
New Securities”) shall be re-allocated for purchase among those Members agreeing to purchase their full Pro Rata Share
of the securities pursuant to this Section 2.4, such re-allocation to be made
as follows: (i) First, each such Member shall be entitled to purchase its Pro Rata Share of the Available New Securities (treating
such Members as the only Members for purposes of determining their Pro Rata Share); (ii) Second, if any Available New Securities
are not so purchased, each Member that agreed to acquire its adjusted Pro Rata Share of the remaining Available New Securities
pursuant to clause (i) shall be entitled to purchase its Pro Rata Share of the then
remaining Available New Securities (treating such Members as the only Members for purposes of determining their Pro Rata Share);
and (iii) Third, the process set forth in clause (ii) shall be repeated with respect to any remaining Available New Securities
until all of the securities are allocated and accepted for purchase among the Members
or such Members notify the Company that they do not intend to purchase any more securities. Notwithstanding the foregoing, the
allocation of Available New Securities for purchase among the Members shall be completed within 35 days of the end of the Initial
Acceptance Period (such period, together with the Initial Acceptance Period, the “Acceptance Period”).

 

(d)
Open Issuance Period. If the Members do not elect to purchase all of the securities subject to a Preemptive Offer, the
Company or the applicable Company Entity may, subject to the other terms of this
Agreement, issue, sell, offer or exchange the remaining unsubscribed portion of such securities to any Person or
Persons at a price not less than, and upon terms (including terms that may be included
in any side letter or other similar agreement) no more favorable to the offeree than,
those specified in the Offer Notice at any time within 90 days after the expiration of the Acceptance Period (the “Open
Issuance Period”). If the Company or such Company Entity does not issue, sell, offer or
exchange the remaining unsubscribed portion of such securities during the Open Issuance Period, then the right of the Company
or such Company Entity to do so shall expire with respect to any such unsold securities and the obligations of this Section
2.4 shall be reinstated.

 

2.5
Resignation of Member Status. A Member may resign and withdraw from the Company in its capacity as a Member, as contemplated
by Section 18-603 of the Delaware Act,
only with the approval of the Board. A resigning and withdrawing Member (a) shall cease to be a Member, (b) shall no longer be
entitled to participate as a Member in accordance with the terms of this Agreement. A resigning and withdrawing Member shall not
be entitled to and shall not receive any special distribution from the Company in connection with such resignation and withdrawal
(such as the distributions contemplated by Section 18-604 of the Delaware Act). Any
attempted resignation and withdrawal not made in accordance with this Section 2.5 shall be null and void.

 

ARTICLE
III

 

CAPITAL
CONTRIBUTIONS

 

3.1
Capital Contributions.

 

(a)
Initial Contributions. As of the date hereof, each of the initial Members
hereby contributes, transfers, assigns and conveys to the Company, free and clear of any Liens, the business plan of the Company
and any and all right, title and interest it has in such business plan, as currently conducted and as contemplated to be conducted
pursuant to such business plan or otherwise, and shall receive the Units in exchange therefor set forth opposite their name on
the Capitalization Schedule effective as of the date hereof.

 

    	3

     

    

 

(b)
Additional Contributions.

 

(i)
Commitment Period of the 704Games Member.

 

(A)
From the Effective Date through December 31, 2021 (the “Commitment Period”), if the Company’s cash flow
with respect to Fiscal Years 2019, 2020 and 2021, as applicable, is insufficient to fund the payment of those Company Liabilities
incurred by the Company with respect to each such Fiscal Year, then the 704Games Member shall pay such Company Liabilities or
make capital contributions to the Company in an amount necessary to fund such operational shortfalls up to
a maximum aggregate annual amount of Seven Hundred Thousand Dollars ($700,000) (the “Cap”) as reasonably
required to pay Company Liabilities from time to time, and the 704Games Member shall not receive any additional Units in exchange
for any such additional capital contributions relating to the Commitment Period (such obligation of the 704Games Member to make
capital contributions during the Commitment Period, the “Capital Commitment”). Notwithstanding the foregoing
and subject to Board governance and approval terms as enumerated in Article VI, the Board may elect to raise the
Cap in any given year.

 

(B)
If the 704Games Member fails to make any capital contribution required during the Commitment Period, or if the Cap is reached
and the Company still requires funding, then each Member will be given the opportunity to participate in a Member Loan (as defined
below). Each Member that elects to make a Member Loan (each, a “Funding Member”) may, without limiting any
other remedies available to such Members or the Company, fund all or a portion of the 704Games Member’s capital contribution
obligation or the Company’s funding needs, as applicable, and if more than one Member desires to fund all or a portion thereof,
then such Funding Members shall fund such capital contribution obligation pro rata in accordance with their respective
Units or on such other basis as the Funding Members may agree. The entire amount
funded by the Funding Member shall be treated as a loan (a “Member Loan”) to the Company (and not as a capital
contribution), bearing interest at a rate, compounded annually, equal to the then-current fair market interest rate applicable
to similar loan transactions available to the Company from third parties on arms’-length terms, as reasonably determined
by the Board.

 

(ii)
After the Commitment Period. After the
Commitment Period, the Board may from time to time submit written requests to the Members (each, a “Capital Call”)
to make capital contributions to the Company to fund Company Liabilities. If the Members elect to satisfy any such Capital Call
by making capital contributions to the Company pro rata in accordance with their respective Units, then no additional Units
shall be issued to the Members in exchange for any such additional capital contributions. If any Member elects not to make a capital
contribution in response to such a Capital Call, then any Members electing to make a capital contribution and any other Persons
that may desire to make a capital contribution in connection with an issuance pursuant to Section 2.3 shall receive Units
in exchange for such capital contributions in accordance with such terms as may be mutually
agreed upon by the Board and such Member(s) and/or other Person(s).

 

    	4

     

    

 

(iii)
Contribution Limits. Except as otherwise
set forth herein, other than the 704Games Member and its Capital Commitment during the Commitment Period, no Member shall be (i)
permitted to make additional capital contributions to the Company without the approval of the
Board, or (ii) required to make additional capital contributions to the Company without the consent of such Person.

 

(c)
Contribution of Property In-Kind. Any capital contribution of assets other than cash shall be valued at their fair market
value as of the date of contribution, as agreed to by the contributing Person and the Board.

 

3.2
Service Contributions.

 

(a)
704Games Member. Subject to the limitations set forth herein and all required approvals and Supermajority approvals
of the Board, all day-to-day operations of the Company and the ELeague will be managed by the 704Games Member, acting as a manager
of the Company for all purposes under the Delaware
Act and other applicable law (the 704Games Member, when acting in such capacity hereunder may be referred to as the “Managing
Member”). The Managing Member shall create an annual budget and operating plan for the Company for each Fiscal Year
(the “Operating Plan”), which shall be submitted to the Board for approval on an annual basis no later than
forty-five (45) days in advance of the start of the ELeague regular season for which Operating Plan is to be applied (or, in the
case of the first year of the Commitment
Period, promptly following the execution of this Agreement), in each case together with a statement of
cash flows for the then-current year and a projected statement of
cash flows for the immediately succeeding year for the Company and the 704Games Member, together with such additional information
as the Board may request to ensure that the 704Games Member will be able to satisfy its Capital Commitment. The Managing Member
shall provide all personnel and other support reasonably required, considering the Company’s overall needs, for the
first-class execution of the Operating Plan for the Company, including without limitation the Company’s technical,
development and back-office functional needs, and subject to the limitations set forth herein and all required approvals and Supermajority
approvals of the Board, may sign any deeds, mortgages, bonds, contracts, or other instruments that may be executed lawfully on
behalf of the Company, except where the signing and execution thereof is delegated
by the Board to another Officer or agent.
Any fees payable to the Managing Member for such services will be subject to approval by a Supermajority of the Board; it being
understood that if the fees for such services are set forth in the Operating Plan
approved by the Board no further approval from the Board is needed for the
payment of such fees. In addition to the Capital Commitment contemplated by Section 3.1(b)(i)(A) and the
support and services to be provided by the Managing Member pursuant to this Section 3.2, the 704Games Member shall
provide the support and services to the Company set forth in Exhibit E (the “704Games Deliverables”),
and further, the 704Games Member hereby grants to the Company a non-exclusive free license to use the
technology and platform included in the NASCAR Heat-entitled video games, which license shall remain in effect regardless
of whether the 704Games Member is a Member. Each Member acknowledges and agrees that
any original design, materials, engineering, services, data, graphics, products, artwork or compilation or derivative created
for, on behalf of, or as part of the services provided by the
704Games Member to the Company shall be deemed to be “work for hire”
and owned by the Company or assigned to the Company throughout the universe in perpetuity, excluding the engineering, data, technology,
platform, underlying source code, game engines and intellectual property rights relating thereto (including technical oversight
of servers, registration, storefront, administration, lobbies and web app) specifically relating to the NASCAR Heat-entitled
video games only, and that are not created for use in the ELeague. No Member shall use any such materials contrary to the rights
of the Company or in any way other than as contemplated by this Agreement. The 704Games Member shall execute promptly all papers,
documents and/or letters of assignment requested by the Board to assign and convey to the Company all rights, including without
limitation any copyrights and rights to obtain copyrights in copyrightable subject matter, to products and services developed
for the Company by the 704Games Member. If the 704Games Member ceases to be a Member, the Board may appoint a Person to serve
as a replacement Managing Member and provide services to the Company similar to those set forth herein with respect to the 704Games
Member in its capacity as the Managing Member or such other services as may be agreed by the Board and such Person.

 

    	5

     

    

 

(b)
RTAP Member. Each year the RTAP Member shall deliver (or shall cause
its members that are ETeams to deliver, as the case may be) the support and services to the Company as set forth as the RTAP Deliverables
in Exhibit F (the “RTAP Deliverables”). Regarding the RTAP Deliverables, the Members acknowledge
and agree that: (i) the RTAP Member’s support of the ELeague is vital to the overall success of the ELeague; and (ii) at
the request of the RTAP Managers, the Board shall review and discuss in good faith
the RTAP Deliverables on an annual basis to ensure that (y) such deliverables make sense in light of the level of success of their
execution, and (z) reflect the items best suited for the most successful support
of the ELeague by the RTAP Member.

 

3.3
No Third Party Rights. No third party shall have any interest in or right to any asset or claim of the Company that
represents a Capital Commitment or a capital contribution of a Member that has not been contributed to the Company. The provisions
of this Article III are not intended and shall not be construed to be for the benefit of any creditors or other Persons
(other than the Members in their capacity as such) to whom any debts, liabilities or obligations are owed by (or who otherwise
have any claim against) the Company or any of the Members, and no such creditor or
other Person shall obtain any right under any such provision or shall by reason of any such provision make any claim in respect
of any debt, liability or obligation, or otherwise, against the Company or any of the
Members. In no event shall any Member be deemed to have any obligation to make capital
contributions to the Company except to the extent required by this Agreement. The foregoing provisions of this Section 3.3
shall not be construed to limit the obligation of the 704Games Member to make capital contributions specifically contemplated
hereunder or restrict the right of the Board to make Capital Calls specifically contemplated
or permitted hereunder.

 

3.4
Loans. Other than a Member Loan, an Member may make a loan to the Company only with the approval of the
Board, any such loan shall not be considered a capital contribution, and the interest rate on any such loan shall be a
market rate agreed upon by the Member making the loan and the Board.

 

3.5
No Interest on Capital. Except as specifically provided for herein, no interest shall be paid by the Company on capital
contributions made by the Members or on positive balances in their Capital Accounts.

 

3.6
No Redemption or Return of Capital.
Except as specifically provided for herein, no Member shall have the right to require the Company to redeem any of
its Units or to return any portion of its contributed capital.

 

ARTICLE
IV

 

ALLOCATION
OF NET PROFITS AND NET LOSSES

 

4.1
Fiscal Year and Tax Year. The fiscal year of the Company (the “Fiscal Year”) for financial statement
purposes shall end on December 31 or such other date determined by the Board. The tax year of the Company (the “Tax Year”)
for U.S. federal income tax purposes shall end on December 31 unless otherwise required by law.

 

    	6

     

    

 

4.2
Capital Accounts. A separate Capital Account shall be maintained for each Member shall have only one Capital Account.

 

4.3
Members Receiving Allocations. All Net Profits and Net Losses shall be allocated to the Members as of the last day
of the Tax Year for which the allocation is to be made. Notwithstanding the foregoing,
if there is a Transfer of Units during a Tax Year, Net Profits and Net Losses shall
be allocated between the transferor and the transferee of such
Units to reflect their varying interests during the year in a manner selected by the Board and permissible under U.S. federal
tax law, which in all cases shall take into account any extraordinary non-recurring items of profit or loss of the Company.

 

4.4
Allocation of Net Profits and Net Losses. As of the end of each Fiscal
Year, and after giving effect to the other allocations contemplated by this Agreement and any contributions and distributions
made during such Fiscal Year, the Net Profits and Net Losses (if any) for such Fiscal
Year shall be allocated among the Members so that, as nearly as possible, the balance of each such Member’s Capital Account
is the same as such Member’s Target Capital Account balance.

 

4.5
Special Allocations. The following special allocations shall be made in the following

order:

 

(a)
Minimum Gain Chargeback. Except as otherwise provided in Regulations Section 1.704- 2(f), notwithstanding any other provision
of this Article IV, if there is a net decrease in Company Minimum Gain during any year, each Member shall be specially
allocated items of Company income and gain for such year (and, if necessary, subsequent
years) in an amount equal to such Member’s share of the net decrease in Company Minimum Gain, determined in accordance with
Regulations Section 1.704-2(g). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts
required to be allocated to each Member pursuant thereto. The items to be so allocated
shall be determined in accordance with Regulations Sections 1.704-2(f)(6) and 1.704-2(j)(2). This Section 4.5(a) is intended
to comply with the minimum gain chargeback requirement in Regulations Section 1.704-2(f) and shall be interpreted consistently
therewith.

 

(b)
Member Nonrecourse Debt Minimum Gain Chargeback. Except as otherwise provided in Regulations Section 1.704-2(i)(4), notwithstanding
any other provision of this Article IV, if there is a net decrease in Member Nonrecourse Debt Minimum Gain attributable
to a Member Nonrecourse Debt during any year, each Member that has a share of the
Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Regulations Section
1.704-2(i)(5), shall be specially allocated items of Company income and gain for such year (and, if necessary, subsequent years)
in an amount equal to such Member’s share of the net decrease in Member Nonrecourse Debt, determined in accordance with
Regulations Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to the respective
amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined in accordance
with Regulations Sections 1.704-2(i)(4) and 1.704-2(j)(2). This Section 4.5(b) is intended to comply with the minimum gain
chargeback requirement in Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

 

(c)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described
in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6),
items of Company income and gain shall be specially allocated to such Member in an
amount and manner sufficient to eliminate, to the extent required by the Regulations,
the Adjusted Capital Account Deficit of the Member as quickly as possible, provided that an allocation pursuant to this Section
4.5(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other
allocations provided for in this Article IV have been made as if this Section 4.5(c) were not in this Agreement.

 

    	7

     

    

 

(d)
Gross Income Allocation. In the event any Member has a deficit balance in its Capital Account at the end of any year that
is in excess of the amount such Member is obligated to restore pursuant to the penultimate sentences of
Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), each such Member shall be specially allocated items of Company income
and gain in the amount of such excess as quickly as possible, provided that an allocation pursuant to
this Section 4.5(d) shall be made only if and to the extent that such Member would have a deficit balance in its
Capital Account in excess of the amount the Member is obligated to restore after
all other allocations provided for in this Article IV have been made as if
Section 4.5(c) and this Section 4.5(d) were not in this Agreement.

 

(e)
Nonrecourse Deductions. Nonrecourse Deductions for any year shall be specially allocated to the Members pro rata in
accordance with their respective Capital Account balances.

 

(f)
Member Nonrecourse Deductions. Any Member Nonrecourse Deductions for any year shall be specially allocated to the Member
that bears the economic risk of loss with respect to the Member Nonrecourse Debt
to which such Member Nonrecourse Deductions are attributable in accordance with Regulations Section 1.704-2(i)(1).

 

(g)
Section 754 Adjustments. To the extent that, under Regulations Section 1.704-1(b)(2)(iv)(m)(2) or 1.704-1(b)(2)(iv)(m)(4),
an adjustment to the adjusted tax basis of any Company asset pursuant to Code Section 734(b) or Code Section 743(b) is required
in determining apital Accounts as the result of a distribution to a Member in complete liquidation of such Member’s Units,
the amount of such adjustment to Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of
the asset) or loss (if the adjustment decreases such basis) and such gain or loss shall be specially allocated to the Members
in accordance with their respective Capital Account balances in the event Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies,
or to the Member to whom such distribution was made in the event Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies.

 

4.6
Loss Limitation. Net Losses allocated pursuant to Sections 4.4 and 4.5 shall not exceed the maximum amount
of Net Losses that can be allocated without causing any Member to have an Adjusted Capital Account Deficit at the end of any year.
In the event some but not all of the Members would have Adjusted Capital Account Deficits as a consequence of
an allocation of Net Losses pursuant to Sections 4.4 and 4.5, the limitation set forth in this Section
4.6 shall be applied on an Member by Member basis, and Net Losses not allocable to any Member as a result of such limitation
shall be allocated to the other Members in accordance with the positive balances in such Members’ Capital Accounts to allocate
the maximum permissible Net Losses to each Member under Regulations Section 1.704-1(b)(2)(ii)(d).

 

4.7
Curative Allocations. The allocations set forth in Sections 4.5 and 4.6 (the “Regulatory Allocations”)
are intended to comply with certain requirements of the Regulations. It is the intent of the Members that, to the extent possible,
all Regulatory Allocations shall be offset either with other Regulatory Allocations or with special allocations of other items
of Company income, gain, loss or deduction pursuant to this Section 4.7. Therefore, notwithstanding any other provision
of this Article IV (other than the Regulatory Allocations), the Board shall make such offsetting special allocations of
Company income, gain, loss or deduction in whatever manner it determines appropriate so that, after such offsetting allocations
are made, each Member’s Capital Account balance is, to the extent possible, equal to the Capital Account balance such Member
would have had if the Regulatory Allocations were not part of this Agreement and all Company items were allocated pursuant to
Section 4.4.

 

    	8

     

    

 

4.8
Tax Allocations: Code Section 704(c). In accordance with Code Section 704(c) and the Regulations thereunder, income,
gain, loss, and deduction with respect to any property contributed to the capital of the Company shall, solely for tax purposes,
be allocated to the Members to take account of any variation between the adjusted
basis of such property to the Company for U.S. federal income tax purposes and its initial Gross Asset Value (computed in accordance
with the definition of Gross Asset Value) using one or more methods set forth in
Regulations Section 1.704-3 selected by the Board. In the event the Gross Asset Value of
any Company asset is adjusted pursuant to subparagraph (b) of the definition
of Gross Asset Value, subsequent allocations of income, gain, loss, and deduction
with respect to such asset shall take account of any variation between the adjusted
basis of such asset for U.S. federal income tax purposes and its Gross Asset Value in the same manner as under Code Section 704(c)
and the Regulations thereunder. Any elections or other decisions relating to such
allocations shall be made by the Board. Allocations pursuant to this Section 4.8 are solely for purposes of
U.S. federal, state, and local taxes and shall not affect, or in any way be taken into account in computing, any Member’s
Capital Account or share of Net Profits, Net Losses, other items, or distributions
pursuant to any provision of this Agreement.

 

4.9
Other Allocation Rules. The Members are aware of the income tax consequences
of the allocations made by this Article IV and hereby agree to be bound by the provisions of this Article IV in
reporting their shares of Company income and loss for income tax purposes. Solely for purposes of
determining a Member’s proportionate share of the “excess nonrecourse
liabilities” of the Company within the meaning of Regulations Section 1.752-3(a)(3), the Members’ interests in the
Company’s Net Profits are in proportion to their Units. To the extent permitted by Regulations Section 1.704-2(h)(3), the
Board shall endeavor to treat distributions as having been made from the proceeds of a Nonrecourse Liability or an Member Nonrecourse
Debt only to the extent that such distributions would cause or increase an Adjusted Capital Account Deficit for any Member.

 

4.10
Adjustments to Capital Accounts. The Board may, upon the sale or other issuance of securities, the making of additional
capital contributions, or at such other times permitted by Regulations Section 1.704-1(b)(2)(iv), adjust the book value of the
Company’s assets pursuant to Regulations Section 1.704-1(b)(2)(iv)(f) to reflect their then fair market value, and
in such event the Capital Account of each Member shall be adjusted to reflect that Member’s share of unrealized gain or
loss, as provided in this Article IV, as if such assets had been sold for its then fair market value as determined by the
Board.

 

4.11
Proposed Regulations Election. The Company and each current and future Member hereby agree, pursuant to Proposed Regulations
Section 1.83-3(e), Notice 2005-43, and all final or successor regulations, revenue procedures and similar authority, that (a)
the Company is authorized and directed to elect the safe harbor under which the fair market value of securities of the
Company that are issued in connection with the performance of services is
treated as being equal to the liquidation value of those securities on or after the date such regulations become final, and (b)
the Company and each Member, including any Person to whom securities in the Company are issued in connection with the performance
of services, agree to comply with all requirements of the safe harbor with respect to all securities issued in connection with
the performance of services while the election remains effective. The Company shall
prepare and execute such documents and retain such records as are required by the final
regulations. In the discretion of the Board, the Company may revoke such safe harbor election in such manner as the final regulations
provide.

 

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ARTICLE
V

 

DISTRIBUTIONS

 

5.1
Persons Entitled to Distributions. Distributions of Company assets shall be made to the Persons that are Members on
the actual date of distribution. Any distribution by the Company to a Person shown
on the Company’s records as a Member shall acquit the Company, the Managers and the Officers of all liability to any other
Person that may be interested in such distribution by reason of any Transfer of
such Person’s Units for any reason.

 

5.2
Timing of Distributions. Except as otherwise provided herein, the Company shall make distributions to the Members at
any time and from time to time as determined by the Board in its sole and absolute discretion, provided that such distributions
are permitted under any lending agreements to which the Company is a party and under applicable law.

 

5.3
Conditions to and Terms of Distributions. The determination by the Board to make a distribution may include the imposition
on all Members of certain terms and conditions on the receipt of any distributions hereunder (including, but not limited to, the
repayment or return of all or any portion of such distributions to the Company in order to satisfy the Company’s indemnification
and other obligations in connection with the divestiture of any assets of any Company Entities). All distributions shall be further
subject to the retention and establishment of reserves, or payment to third parties,
of such funds as the Board deems necessary with respect to Company Liabilities.

 

5.4
Distribution Priorities. Except as otherwise set forth herein, subject to the prior repayment in full of any principal
and interest amounts owed in connection with any Member Loans, all distributions of distributable cash and, subject to Section
5.5 below, other assets by the Company shall be made to the Members and debited to their respective Capital Accounts in accordance
with the following:

 

(a)
First, one hundred percent (100%) to the Members with a Net Capital Contribution, pro rata in accordance with their respective
Net Capital Contributions, until the Net Capital Contributions of all Members have been reduced to zero; and

 

(b)
Thereafter, to the Members pro rata in accordance with their respective Units.

 

The
Company shall not have the power to consummate a Sale of the Company unless the acquisition agreement, purchase agreement, agreement
or plan of merger or consolidation or other similar agreement for such transaction provides that the consideration payable to
the Members shall be distributed in a manner consistent with this Section 5.4. For purposes of this Agreement, distributions shall
not include any redemptions, repurchases, recapitalizations or exchanges of Units or other securities of the Company, any subdivision
(by Unit split or otherwise) or any combination (by reverse Unit split or otherwise) of any outstanding Units.

 

5.5
Distribution of Assets In Kind.

 

(a)
General. No Member shall have any right to demand or receive a distribution in a form other than cash. The Board, as determined
by a Supermajority of the Board, shall have the authority to distribute assets other than cash to the Members so long as (i) each
Member receives an undivided interest in such assets in proportion to its share of the distribution to be made, or (ii) each Member
receives a combination of cash and assets with a value at the time of distribution equal to the value of its proportionate share
of the total assets to be distributed.

 

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(b)
Valuation. Any assets of the Company distributed in kind shall be valued at
their fair market value at the time of distribution, which shall be determined by a Supermajority of the Board. The Net Profits
or Net Losses for each distributed asset shall be determined as if the asset had been sold at its fair market value, and such
Net Profits or Net Losses shall be allocated to the Members as provided in Article IV and shall be properly credited or
charged to the Capital Accounts of the Members prior to the distribution of the assets.

 

5.6
Tax Distributions. With respect to each Fiscal Year, the Board shall cause the Company to use commercially reasonable
efforts to distribute to each Member an amount of cash estimated by the Board to equal the aggregate U.S. federal, state, local
and non-U.S. tax liability such Member would have incurred in respect of its Interests for such year (such distribution a “Tax
Distribution”), to the extent each Member has not already received sufficient distributions for such Fiscal Year for
such purpose. With respect to each Member, such amount shall be determined (a) as if such Member was subject to tax on all taxable
income and gains allocated to it by the Company with respect to such Fiscal Year (net of all items of deductible loss or expenses)
at an assumed tax rate of forty percent (40%) (taking into account, in determining U.S. federal taxable income, any allowable
deduction for state or local taxes) with respect to the character of the allocated
income and gain, as determined from time to time by the Board, (b) as if any increase in such tax liability as a result of any
audit adjustment with respect to tax items for prior Fiscal Years (and any liability for interest and penalties attributable to
such adjustment) constituted a tax liability of such Member with respect to the current Fiscal Year, and (c) as if all allocations
of losses to such Member for prior Fiscal Years had been carried forward by such Member and applied to reduce, to the maximum
extent permitted under applicable law, such Member’s tax liability with respect to income and gains allocated to such Member
by the Company in such Fiscal Year. Tax Distributions made to an Member shall constitute an advance of, and shall be charged against,
the next distributions to be made to such Member pursuant to Section 5.4(a)(ii) or 5.4(b), as applicable. No Tax
Distributions shall be made in violation of applicable law, with respect to the issuance of securities to any Person, or with
respect to a Sale of any Company Entity or a dissolution of any Company Entity.

 

5.7
Amounts Withheld.

 

(a)
General. All amounts withheld pursuant to the Code or any provision of any state, local or foreign tax law with respect
to any payment, distribution or allocation to the Members shall be treated as amounts paid or distributed, as the case may be,
to the Members with respect to which such amount was withheld. The Company is authorized to withhold from payments, distributions
or allocations to the Members, and to pay over to any U.S. federal, state and local government or any foreign government, any
amounts required to be so withheld pursuant to the Code or any provisions of any
other U.S. federal, state or local law or any foreign law, and shall allocate any
such amounts to the Members with respect to which such amounts were withheld. Any “imputed underpayment amount” within
the meaning of Section 6225 of the Code (as amended by the Bipartisan Budget Act of 2015) paid or payable by the Company as a
result of an adjustment with respect to any Company item, including any interest or penalties with respect to any such adjustment,
shall be treated as if it were paid by the Company as a withholding payment with respect to the appropriate Members, and the
Board shall determine in its discretion the portion of an imputed underpayment amount attributable to each Member or former
Member. The Board shall be entitled to make such adjustments to allocations and distributions hereunder as it may deem necessary
or advisable in connection with the foregoing provisions.

 

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(b)
Indemnification and Reimbursement. If the Company is obligated to pay any amount to a governmental agency (or otherwise
makes a payment) with respect to a Member (including, without limitation, U.S. federal
withholding taxes with respect to foreign members, state personal property taxes, state unincorporated business taxes, etc.),
then such Member shall indemnify the Company in full for the entire amount paid (including, without limitation, any interest,
penalties and expenses associated with such payments). The amount to be indemnified shall be charged against the Capital Account
of the indemnifying Member, as applicable, in a manner determined by the Board and, at the option of the Board, either:

 

(i)
The indemnifying Member shall make a cash payment
to the Company equal to the full amount to be indemnified promptly upon notification of an obligation to indemnify the Company,
plus interest at a rate equal to the lower of 12% and the highest rate permitted
by law, compounded annually, on such amount from the date of payment by the Company (and the
indemnification amount, but not the interest, shall be added to the indemnifying Member’s Capital Account in a manner
determined by the Board but shall not be treated as a capital contribution); or

 

(ii)
The Company shall reduce subsequent distributions
that otherwise would be made to the indemnifying Member until the Company has recovered the amount to be indemnified, plus
interest at a rate determined by the Board on such amount from the date of payment
by the Company (and, notwithstanding anything to the contrary contained herein, the amount withheld shall not be treated as a
capital contribution to the Company).

 

ARTICLE
VI

 

GOVERNANCE

 

6.1
General Power and Authority of the Board. Subject to the terms of this Agreement and notwithstanding anything to the
contrary in the Delaware Act, the authority to manage the business and operations
of the Company shall be vested exclusively in the Board, and the Board is hereby authorized and empowered, on behalf and in the
name of the Company to (a) carry out any and all of the powers, objectives and purposes of the Company, (b) perform all acts and
enter into and perform all contracts and other undertakings, and (c) engage in all activities and transactions which it may in
its sole and absolute discretion deem necessary, advisable or incidental thereto. The members of the Board (each a “Manager”)
shall constitute the Company’s managers for all purposes under the Delaware Act and other applicable law. Notwithstanding
the foregoing or anything to the contrary in the Delaware Act, no Manager, acting in his capacity as a Manager, shall be entitled
to sign for or take any action individually on behalf of the Company without being
authorized by the Board.

 

6.2
General Power and Authority of the Members. Except for the Managing Member, and except as specifically set forth herein
and notwithstanding anything to the contrary contained in the Delaware Act, (a) a Member shall not take any part in the management
or control of the affairs of
the Company, shall not undertake any activities on behalf of the Company and
shall have no power to sign for or to bind the Company, and (b) a Member shall have no right or authority to vote or otherwise
approve any action to be taken by or on behalf of the Company. There shall be no
requirement for any meeting of the Members or any group of Members, but any Member may request a meeting of the Members by giving
at least three (3) business days’ notice to all other Members (which meeting may be held by means of conference telephone
or similar communications equipment by which all persons participating in the meeting
can hear each other). With respect to those matters specifically requiring the consent or approval of any Members pursuant to
this Agreement, such consent or approval shall be effective only if one or more written
consents, describing the action or matter to be approved, shall be signed by those Members required to approve such action or
matter hereunder and delivered to the Company for inclusion in the Company’s records; provided, however, that
if any Member to whom a proposed written consent is delivered either (i) does not execute and deliver to the
Company such consent within 30 days after the receipt thereof, or
(ii) does not notify the Company in writing within such 30-day period that such Member is not in favor of
and does not approve the action or matter contemplated by such consent, then such Member shall be deemed to have approved
the action or matter contemplated by such consent for purposes of
this Agreement. Consents may be delivered by electronic mail or other customary electronic means. Except to the extent
(if any) expressly provided herein or required by law, no action, transaction or decision proposed to be taken by the Company
shall require the unanimous approval of the
Members.

 

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6.3
Designation of Managers.

 

(a)
Overview; Appointments. Subject to Section 6.3(e), the number of Managers constituting the Board shall be seven
(7). The Managers shall be designated and appointed as follows:

 

(i)
The 704Games Managers. For so long as
it is a Member, the 704Games Member shall have the right to appoint two (2) Managers (each, a “704Games Manager”),
which appointment may be made in writing by the 704Games Member, with a notice to the Board but shall not require the approval
of the Board.

 

(ii)
The RTAP Managers. The RTAP Member shall
have the right to appoint two (2) Managers (each, a “RTAP Manager”),
which appointment may be made in writing by the RTAP Member, with a notice to the Board but shall not require the
approval of the Board.

 

(iii)
The NASCAR Managers. For so long as NASCAR
is a service provider and licensor of the Company pursuant to the NASCAR License Agreement, NASCAR shall have the right to appoint
two (2) Managers that are representatives of NASCAR (each, a “NASCAR Manager”), which appointment may be
made in writing by NASCAR, with a notice to the Board but shall not require the approval of
the Board. If the NASCAR License Agreement expires or is terminated, the offices of the NASCAR Managers shall terminate
and the number of Managers constituting the Board shall be reduced by two (2). For clarity, the NASCAR Managers shall only have
rights to vote pursuant to Section 6.5(d) with respect to the NASCAR Voting Matters, and the participation of the NASCAR
Managers on the Board, attendance at meetings of the Board and access to information related thereto shall otherwise be in a nonvoting
observer capacity.

 

(iv)
Chairperson. The RTAP Member shall have
the right to appoint one (1) Manager to serve as the Chairperson of the
Board (the “Chairperson”), which appointment shall initially be the Executive Director of
the RTAP Member and any successor appointment to which may be made by written consent resolution.

 

(b)
Persons Who May Serve As Managers. Managers must be natural persons, but need not be residents of Delaware or Members.

 

(c)
Term. Notwithstanding anything to the contrary in the Delaware Act, the term of each natural person serving as a Manager
shall expire and such natural person shall cease to be a Manager upon (i) the duly-effected removal of such natural person as
a Manager, (ii) the natural person’s death or Incapacity, (iii) the delivery of written notice of resignation by such natural
person to the Board, or (iv) the Member that appointed such Manager ceasing to be
a Member.

 

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(d)
Removals. A Manager may be removed only by the Person(s) with the authority to appoint such Manager pursuant to Section
6.3(a), notice of which shall be given in writing by such Party to the Board.

 

(e)
Vacancies. Any vacancy occurring in the Board may be filled only by the Person(s)
having the ability to appoint the Manager represented by such vacancy pursuant to Section 6.3(a). If for any reason such
Person(s) fail to fill any Manager vacancy, such position shall remain vacant until filled in accordance with this Agreement.
For purposes of determining quorum and the number of Manager votes required for approval or Supermajority approval of the Board
or unanimous votes (unless expressly stated otherwise), the number of Managers of
the Company shall not include any Manager positions that are vacant.

 

(f)
Initial Managers. As of the Effective Date, (i) the 704Games Managers were
Colin Smith and Ed Martin, (ii) the RTAP Managers shall be Jon Wood and Joseph Damato, (iii) the NASCAR Managers shall be Craig
Neeb and Tim Clark, and (iv) the Chairperson shall be Jonathan Marshall. As of December 1, 2019, the 704 Games Managers shall
be Dmitry Kozko and Ben Rossiter-Turner.

 

(g)
Quorum. A quorum of any meeting of the Board shall require the presence, whether in person or by proxy, of
at least one 704 Games Manager, one RTAP Manager and one NASCAR Manager. No action may be taken by the Board unless the
appropriate quorum is present at a meeting.

 

6.4
Compensation of Managers; Reimbursement of Expenses. A Manager shall not receive compensation from the Company for
serving as a Manager unless otherwise approved by the Board; provided, that nothing contained herein shall prohibit a Manager
from being compensated by the Company pursuant to a separate agreement for services rendered as an employee or independent contractor
of the Company or any of its Affiliates. The Company shall reimburse the Managers for the fair market value of
reasonable out-of-pocket expenses incurred by them in the good faith performance of their duties hereunder, including expenses
incurred in connection with the attendance of meetings of the
Board.

 

6.5
Meetings and Actions of the Board.

 

(a)
Meetings Generally. Regular meetings of the Board may be held at such places within or without the State of Delaware and
at such times as the Board may from time to time determine, provided the Board shall have a regular meeting no less frequently
than quarterly. The Board may provide, by resolution, the time and place for the holding
of regular meetings. Special meetings of the Board may be called by or at the request
of the Chairperson of the Board or any Manager. Such a meeting may be held either
within or outside the State of Delaware, as fixed by the Person or Persons calling the meeting.

 

(b)
Notice of Meetings. Regular meetings of the Board may be held with ten (10) business days prior written notice. The Person
or Persons calling a special meeting of the Board shall, at least two business days before the meeting, give or cause to be
given written notice thereof to all Managers. The Company shall take all actions reasonably requested by the
Person or Persons calling a meeting to facilitate the delivery of such written
notice. Such notice must specify the purpose for which the meeting is called. When
a meeting is adjourned to a different date, time or place, written notice shall be given of the new date, time or place. Any Manager
may waive notice of any meeting before, during or after the meeting. The waiver must
be in writing, signed by the Manager and delivered to the Company for inclusion in the Company’s records. A Manager’s
attendance at or participation in a meeting waives objection to lack of notice or defective notice of
the meeting, unless the Manager at the beginning of the meeting, or promptly upon arrival, objects to holding the meeting
or transacting business at the meeting and does not thereafter vote for or assent to any action taken at the meeting.

 

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(c)
Proxies. A Manager may vote in person or by proxy and such proxy may be granted in writing, including by means of Electronic
Transmission . Every proxy shall be revocable in the discretion of the Manager executing it unless otherwise provided in such
proxy, provided that such right to revocation shall not invalidate or otherwise affect actions taken under such proxy prior to
such revocation.

 

(d)
Voting Rights. Except as otherwise set forth in this Agreement and notwithstanding anything to the contrary in the Delaware
Act, each Manager other than the Chairperson shall have one vote with respect to each matter presented to the Board for approval
or determination; provided, that the NASCAR Managers shall only have rights to vote with respect to the matters indicated
on Exhibit C as “Including NASCAR” (such matters, the “NASCAR Voting Matters”),
and the participation of the NASCAR Managers on the Board, attendance at meetings of the Board and access to information related
thereto shall otherwise be in a nonvoting observer capacity. In the event a matter is presented to the Board for approval or
determination for which approval of a Supermajority of the Board is needed, and there is only a Majority of the
Board following the voting of the Managers other than the Chairperson, then the Managers constituting the votes representing
the Majority may petition the Chairperson to cast an affirmative vote in order to secure the approval of a Supermajority of the
Board, and in such case, the Chairperson shall have one vote with respect to such matter presented to the Board for approval or
determination.

 

(e)
Action by the Board. Except as otherwise provided herein and notwithstanding anything to the contrary in the Delaware Act,
the following shall be the act of the Board hereunder and for purposes of the Delaware Act:

 

(i)
with respect to any action or determination other
than matters requiring a Supermajority of the Board, the affirmative vote of
a Majority of the Board. “Majority” with respect to a vote of the Board means (i) with respect to any action
or determination other than NASCAR Voting Matters or matters requiring a Supermajority of the Board, the affirmative vote of three
(3) out of four (4) of the Managers on the Board (excluding the NASCAR Managers) and (ii)
with respect to NASCAR Voting Matters that do not require a Supermajority of the Board, the affirmative vote of four (4)
out of six (6) of the Managers on the Board.

 

(ii)
with respect to any action or determination requiring a Supermajority of the Board, the affirmative vote of a Supermajority of
the Board. “Supermajority” with respect to a vote of the Board means (i) with respect to any action or determination
other than NASCAR Voting Matters, the affirmative vote of four (4) out of four (4)
of the Managers on the Board (excluding the NASCAR Managers) and (ii) with respect
to NASCAR Voting Matters, the affirmative vote of five (5) out of six (6) of the
Managers on the Board.

 

Except
to the extent expressly provided herein or required by law, no action, transaction or decision proposed to be taken by the Company
shall require unanimous approval of the Managers. Any action required or permitted to be taken by
the Board, whether or not a meeting of the Board was held in connection with such action, shall be deemed taken when one
or more written consents, describing and approving the action to be taken, shall be provided (including by electronic mail) by
the Managers required to take such action pursuant to this Agreement and delivered to the Company for inclusion in its records,
and if such an action is to be taken in the absence of a meeting, then all Managers shall be given a copy of any such proposed
written consent at least two Business Days prior to the effectiveness of such action to provide their approval or disapproval
of such action.

 

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(f)
Presumption of Assent. A Manager who is present at a meeting of the Board or a committee of the Board when board action
is taken is deemed to have assented to the action taken unless (i) he or she objects
at the beginning of the meeting, or promptly upon his or her arrival, to holding the meeting or to transacting business at the
meeting, (ii) his or her dissent or abstention from the action taken is entered in the minutes of the meeting, or (iii) he
or she files written notice of his or her dissent or abstention with the presiding individual of the meeting before its
adjournment or with the Company immediately after the
adjournment of the meeting. Such right of dissent or abstention is not available to a Manager who votes in favor of the
action taken.

 

(g)
Participation in Meeting by Telephone. Members of the Board, or of any committee thereof, may participate in a meeting
of such board or committee by means of conference telephone or similar communications equipment by which all persons participating
in the meeting can hear each other and such participation shall constitute presence in person at such meeting.

 

(h)
Committees of the Board. The Board may create committees of the Board and appoint Managers and other Persons to serve on
such committees; provided, that at least one (1) 704Games Manager, one (1) RTAP Manager, and one (1) NASCAR Manager shall
be offered the right to join each such committee; provided, further, that any such committee shall act by a vote
in a manner consistent with the manner in which the Board votes and in the event
a Supermajority is needed to pass a measure and only a Majority vote is obtained, the members of a committee may petition the
Chairperson to cast an affirmative vote in order to secure the approval of a committee in a manner similar to the Board, and in
such case, the Chairperson shall have one vote with respect to such matter being considered by such committee for approval or
determination. Each committee shall have and may exercise any authority specifically granted to it by the Board. The Board shall
form a committee to create the competition structure, a code of conduct and other
related player/gamer requirements of the ELeague, the initial descriptions as of the date hereof for which are set forth as the
“Competition Structure” on Exhibit D. Except as may be otherwise
authorized by the Board, the provisions in this Agreement governing meetings, action without meetings, notice and waiver of notice,
and quorum and voting requirements of the Board apply to committees of the Board established under this Section 6.5(h).

 

6.6
Matters Requiring Approval of the Board. The actions identified on Exhibit C as “Matters Requiring
Board Approval” may not be taken by or on behalf of
any Company Entity (by amendment, merger, consolidation or otherwise), including by the Managing Member or any officer
of any Company Entity or any committee of the
Board, without the Majority approval of the Board or
Supermajority approval of the Board, as specified therein. To the extent any such action is taken without such approval,
such action shall be voidable by the Board.

 

6.7
No Appraisal Rights. To the greatest extent permitted by law, no Member
shall have any contractual appraisal rights, dissenters’ rights or other similar rights with respect to any transaction
or other matter involving or relating to the Company.

 

6.8
Delegation of Authority; Officers.

 

(a)
General. The Board may from time to time delegate to one or more natural persons (each an “Officer”)
any portion of its authority granted hereunder and under the Delaware Act as the Board deems appropriate. No such delegation shall
relieve any Manager of its duties and obligations, or limit the power and authority of the Board, set forth herein and under the
Delaware Act. The same natural person may hold any two or more offices, but no Officer
may act in more than one capacity where action of two or more Officers is required. Each Person selected to become an Officer
must execute the Joinder Certificate attached hereto as Exhibit B, pursuant to which such Person agrees to be bound
by the provisions of this Agreement, prior to taking office.

 

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(b)
Appointment and Term. The Officers of the Company shall be appointed and removed by the Board or by a duly appointed Officer
authorized by the Board to appoint and remove one or more Officers. Each Officer
shall hold office until his or her death, Incapacity, resignation, retirement or removal. Any Officer may be
removed by the Board or such other Officer appointing such Officer at any time with or without cause. An Officer may resign
at any time by communicating his or her resignation to the Board or to such other Officer responsible for appointing him or her,
orally or in writing. A resignation is effective when communicated unless it specifies in writing a later effective date.

 

(c)
Compensation of Officers. The compensation of all Officers shall be fixed by or under the authority of the Board or, subject
to Section 6.5, another Officer with the power and authority to appoint and remove such Officer, and no Officer shall serve
the Company in any other capacity and receive compensation therefor unless such additional compensation shall be duly authorized.
The appointment of an Officer does not itself create contract rights.

 

(d)
General Authority. Each Officer shall be subject to the authority, oversight and supervision of the Board and each Officer
having the power and authority to appoint and remove such Officer, and each Officer shall be responsible for implementing the
decisions of such Persons and for conducting the Ordinary Course of Business of the
Company, including, subject to the policies and limitations established by, and the authority, oversight and supervision of, such
Persons and subject to the terms of this Agreement, including Section 6.5: (i) the making of tax, regulatory and other
filings, or rendering of periodic or other reports to governmental or other agencies
having jurisdiction over the business or assets of the Company; (ii) the acquisition or disposition of assets of the Company in
the Ordinary Course of Business; (iii) the use of the assets of the Company in the Ordinary Course of Business (including the
conduct of the operations of the Company and the repayment of obligations of the
Company); and (iv) the negotiation, execution and performance of any contracts or
other instruments on behalf of the Company in the Ordinary Course of Business. The
acts of the Officers shall bind the Company when taken within the scope of their
authority.

 

(e)
Officer Positions.

 

(i)
General Manager. Subject to the control
of the Board and the terms of this Agreement, the General Manager shall be an executive
officer of the Company and shall control the management of the Company. The General
Manager may sign any deeds, mortgages, bonds, contracts, or other instruments that may be
executed lawfully on behalf of the Company, except where the signing and execution thereof is delegated by the
Board to another Officer or agent. Further, the General Manager shall perform all duties incident to the office and such
other duties assigned to him or her by the Board from time to time.

 

(ii)
Vice Presidents. The Vice Presidents,
in the order of their appointment unless otherwise determined by the Board, shall be executive officers of the
Company and, in the absence or Incapacity of the General Manager, perform the duties
and exercise the powers of that office. Further, they shall perform such other duties assigned to them by the General Manager
or the Board from time to time.

 

(iii)
Secretary. The Secretary shall be an executive
officer of the Company and shall (A) keep accurate records of the acts and proceedings of all meetings of the Board, the committees
thereof and the Members, (B) maintain the Company’s books and records, (C) sign such instruments as may require his or her
signature, (D) attest to the signature or certify the incumbency or signature of any other Officer, and (E) perform all duties
incident to the office of secretary and such other duties assigned to him or her by the General Manager or the Board from time
to time. The Secretary may assign all or any portion of his or her responsibilities to one or more Assistant Secretaries.

 

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6.9
Other Company Entity Boards. All Company Entities other than the Company shall be governed in a manner consistent with
the applicable provisions of this Agreement in all material respects (including with respect to board composition, quorum and
notice requirements and approval requirements); provided, however, that this Section 6.9 shall be deemed
satisfied where the Company is the sole member and manager of any Company Entity
that is a limited liability company. Subject to the foregoing provisions of this Section 6.9, the Company shall take such
actions, and shall cause the other Company Entities to take such actions, to ensure that the provisions of the organizational
documents applicable to the board of managers, board of directors or other similar governing body of any Company Entity are consistent
with the corresponding provisions of this Agreement.

 

ARTICLE
VII

 

DUTIES;
STANDARDS OF CONDUCT; LIABILITY; INDEMNIFICATION

 

7.1
Duties; Standards of Conduct.

 

(a)
Managers and Officers. The Managers and the Officers shall have a duty not
to commit an act or omission that represents Misconduct. Officers may have other
duties and may be subject to other standards of conduct, in each case as prescribed
by the Board from time to time. Except as set forth in the preceding sentences with
respect to Managers and Officers or as otherwise expressly set forth in this Agreement, to the maximum extent permitted by law
(including Section 18-1101(c) of the Delaware Act), and notwithstanding applicable provisions of law or
equity or otherwise, Exculpated Parties shall have no fiduciary duties (whether by contract, under agency law, under common
law or otherwise) to the Company, its Members or other Persons and shall not be subject
to any standards of conduct; provided, that if the Chairperson is petitioned to cast a vote on a matter submitted to the
Board for approval pursuant to Section 6.5(d), then in connection with exercising such right to vote, the Chairperson shall
have a duty of loyalty to act in the best interest of the Company and the Members
by not putting any interest of an individual Member ahead of the interests of the
Company and the Members taken as a whole; provided, that the foregoing shall
not be deemed to limit the presumption of business judgment to which the Chairperson
is entitled in connection with exercising such right to vote. A Manager and an Officer may consult with legal counsel, accountants,
appraisers, investment bankers and other similar consultants and advisers selected by him or her with reasonable care, and any
act or omission made in reliance upon the opinion of any such Person as to matters that such Manager or Officer reasonably believes
to be within such Person’s professional or expert competence shall conclusively be presumed to have been made in accordance
with the duties and standards of conduct of such Manager or Officer under this Section
7.1(a), so long as such Manager or Officer made a good faith effort to inform
such Person of all the material facts pertinent to such opinion. Each Member may have different financial, regulatory, income
tax, and other status and circumstances in comparison to other Members, which may give rise to conflicts of interest among the
Members with respect to the operation of the Company Entities’ business and affairs. Exculpated Parties shall not be required,
when making decisions or taking action with respect to the Company or any other Company
Entity, to take into consideration any such differences.

 

(b)
Members. To the maximum extent permitted by law (including Section 18-1101(c) of
the Delaware Act), and notwithstanding applicable provisions of law or equity or otherwise, Members (in their capacity
as Members) shall have no fiduciary duties (whether by contract, under agency law, under common law or otherwise) to the Company,
its Members or other Persons and shall not be subject to any standards of conduct.

 

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7.2
Conflict of Interest Transactions. Except for transactions expressly contemplated
herein, the Company may not, directly or indirectly, engage in any contract or transaction with one or more of its Managers or
Officers or with any entity in which one or more of its Managers or Officers have
a financial interest unless the material facts of the
transaction and the Manager’s or Officer’s interest were disclosed
or known to the Board and a majority of the disinterested members of the Board authorized, approved or
ratified the transaction.

 

7.3
Business Opportunities.

 

(a)
Each Member shall offer to the Company any business opportunity created or obtained by or presented to it relating to any opportunity
for professional esports leagues relating to the official NASCAR related series for Cup, Xfinity or Truck (to the extent such
series are still active), and is intended to replicate authentic NASCAR racing competition rules and structure (including, but
not limited to, points standings calculation, schedule, multiple national series, inclusion of NASCAR-sanctioned tracks, race
duration, etc.), but excluding professional esports leagues based on third-party casual games that may include some core characteristics
of authentic NASCAR racing but also include distinguishing creative liberties which are not consistent with authentic NASCAR racing,
including but not limited to virtually-recreated racetracks where various fictitious elements such as obstacles, zero gravity,
etc. are introduced to render the gameplay more challenging (and thus less authentic in nature) (a “Business Opportunity”).
The Board shall determine whether such Business Opportunity should be pursued by the Company (whether directly or through a subsidiary
or joint venture in which the Company would participate). If a Member presents such
a Business Opportunity to the Company and the Board affirmatively declines to accept or pursue such Business Opportunity, then
such Member shall be entitled to pursue such Business Opportunity independently (without the use or benefit of any Company assets,
and subject to the Member’s continued compliance with its obligations hereunder).

 

(b)
Subject to Section 7.3(a), the Members expressly acknowledge and agree that, notwithstanding anything to the contrary contained
in this Agreement: (i) each Member and their respective Affiliates, and its and their respective directors, managers, officers,
owners, employees, agents and representatives are permitted to have, and may presently or in the future have, investments or other
business relationships with entities engaged in any business in which a Company Entity is engaged (an “Other Business”);
(ii) Members have and may develop a strategic relationship with businesses that are and may be competitive or complementary with
a Company Entity; (iii) none of the Members shall be prohibited, by virtue of its respective investment in the Company or its
service on the Board or other services to the Company, from pursuing and engaging
in any such activities or Other Business; (iv) none of the Members shall be obligated to inform or present the Company or the
Board of any such opportunity, relationship or investment; (v) the Members shall
not acquire or be entitled to any interest or participation in any Other Business
as a result of the participation therein of any of the Members; (vi) the involvement
of the Members in any Other Business shall not constitute a conflict of interest by such Persons with respect to the Company or
its Members or any Company Entity; and (vii) the Members shall not be precluded, restricted, or limited in any way from engaging
in any and all business activities and receiving fees or any other remuneration in connection with any activities of any type
or nature, in each case for their own account or for the accounts of others.

 

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7.4
Limited Liability; Exculpation.

 

(a)
Overview. To the maximum extent permitted by law, no current or past Manager, Officer or Member shall be liable for the
debts, liabilities or obligations of the Company solely by reason of being a Manager, Officer or Member or participating in the
management of the Company’s affairs.

 

(b)
Actions or Omissions Relating to the Company. Subject to Section 7.4(c), to the maximum extent permitted by law,
a Manager, a Member (when acting as such), an Officer and each such Person’s Affiliates, and each such Person’s and
its Affiliates respective directors, managers, officers, owners, employees, agents and representatives (each an “Exculpated
Party”) shall not be liable to the Company or any Member for any cost, expense (including attorneys’ fees), damage,
liability, or other similar amount (collectively, “Damages”) arising, directly or indirectly, from or in connection
with any act or omission of such Exculpated Party or any of its Affiliates, directors, managers, officers, owners, employees or
representatives that in any way relates to or is incidental to the Company, any other Company Entity or of any of their respective
properties, business, or affairs.

 

(c)
Exculpation Exceptions. Except as otherwise provided herein or in any separate agreement between an Exculpated Party and
the Company, the limitation of or exculpation from liability under Section 7.4(b) with respect to any Manager or Officer,
shall not apply to any Damages that arise, directly or indirectly, from or in connection with any act or omission that represents
Misconduct.

 

(d)
Amendment. Any amendment, repeal or modification of this Section 7.2 shall not alter any right or protection of
any Person hereunder in respect of any act or omission occurring prior to the time of such amendment, repeal or modification.

 

(e)
Consequential Damages. IN NO EVENT SHALL ANY EXCULPATED PARTY BE LIABLE TO THE COMPANY OR ANY MEMBER FOR CONSEQUENTIAL,
INCIDENTAL, SPECIAL, PUNITIVE, OR ANY OTHER INDIRECT DAMAGES.

 

7.5
Indemnification.

 

(a)
Overview. Subject to Section 7.5(b), to the maximum extent permitted by law, the Company shall indemnify and hold
harmless each Exculpated Party (each an “Indemnitee”) who was or is made a party or is threatened to be made
a party to or is otherwise involved in any threatened, pending or completed civil, criminal, administrative, investigative or
arbitrative action, suit or proceeding (and any appeal therein) relating to the Company, whether or not brought by or on behalf
of the Company (a “Proceeding”), by reason of the fact that he or she, or a Person of whom he or she is the
legal representative, is or was a Manager or Officer, or while a Manager or Officer is or was serving at the request of the Company
as a manager, director, officer, partner, venture partner, proprietor, trustee, employee, agent or similar functionary of another
foreign or domestic limited liability company, corporation, partnership, joint venture, sole proprietorship, trust, employee benefit
plan or other enterprise, against all Damages reasonably incurred by such Indemnitee arising, directly or indirectly, from or
in connection with any act or omission of such Indemnitee or any of its Affiliates, directors, managers, officers, owners, employees
or representatives that in any way relates to or is incidental to the Company, any other Company Entity or of any of their respective
properties, business, or affairs.

 

(b)
Indemnification Exceptions. Except as otherwise provided herein or in any separate agreement between an Indemnitee and
the Company, the indemnification protection under Section 7.5(a) with respect to any Manager or Officer shall not apply
to any Damages that arise, directly or indirectly, from or in connection with any act or omission that represents Misconduct.

 

    	20

     

    

 

(c)
Indemnification Priority. The Company hereby acknowledges that the rights to indemnification, advancement of expenses and/or
insurance provided pursuant to this Section 7.5 may also be provided to certain Indemnitees by other sources (such other
sources, collectively, the “Affiliate Indemnitors”). The Company hereby agrees that, as between itself and
the Affiliate Indemnitors: (i) the Company is the indemnitor of first resort with respect to all such indemnifiable claims against
such Indemnitees, whether arising under this Agreement or otherwise (i.e., its obligations to such Indemnitees are primary
and any obligation of the Affiliate Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities
incurred by such Indemnitees are secondary); (ii) the Company shall be required to advance the full amount of expenses incurred
by such Indemnitees and shall be liable for the full amount of all Damages paid in settlement to the extent legally permitted
and as required by the terms of this Agreement (or any other agreement between the Company and such Indemnitees), without regard
to any rights such Indemnitees may have against the Affiliate Indemnitors; and (iii) the Company irrevocably waives, relinquishes
and releases the Affiliate Indemnitors from any and all claims against the Affiliate Indemnitors for contribution, subrogation
or any other recovery of any kind in respect thereof. The Company agrees to indemnify the Affiliate Indemnitors directly for any
amounts that the Affiliate Indemnitors pay as indemnification or advancement on behalf of any such Indemnitee and for which such
Indemnitee may be entitled to indemnification from the Company in connection with serving as a Manager or Officer (or equivalent
titles) of the Company or any other Company Entity. The Company further agrees that no advancement or payment by the Affiliate
Indemnitors on behalf of any such Indemnitee with respect to any claim for which such Indemnitee has sought indemnification from
the Company shall affect the foregoing and the Affiliate Indemnitors shall be subrogated to the extent of such advancement or
payment to all of the rights of recovery of such Indemnitee against the Company, and the Company shall cooperate with the Affiliate
Indemnitors in pursuing such rights. The Company and the Indemnitees acknowledge that the Affiliate Indemnitors are express third-party
beneficiaries of the terms of this Section 7.5.

 

(d)
Insurance. The Company may purchase and maintain insurance, at its expense, to protect itself and any Indemnitee against
any Damages, whether or not the Company would have the power to indemnify such Indemnitee against such Damages under this Section
7.5. Without limiting the foregoing, the Company shall obtain, within ninety (90) days of the date hereof, from a financially
sound and reputable insurance company, directors’ and officers’ liability insurance in an amount determined by, and
on terms and conditions reasonably acceptable to, the Members, and shall use commercially reasonable efforts to cause such insurance
to be maintained until such time as the Board determines that such insurance should be discontinued.

 

(e)
Expenses. If an Indemnitee becomes involved in any capacity in any Proceeding, the Company shall periodically reimburse
the Indemnitee for its reasonable legal and other expenses (including the cost of any investigation and preparation) incurred
in connection therewith; provided, however, that (i) such periodic reimbursement of expenses shall not be available
in the case of a legal action brought against an Indemnitee by or on behalf of the Company to the extent such action reasonably
includes claims that, if resolved against such Indemnitee, would not be indemnifiable under this Agreement (provided this clause
(i) shall not affect the Indemnitee’s right to recover such expenses if and to the extent it ultimately prevails on such
claims), and (ii) the Indemnitee promptly shall repay to the Company the amount of any such reimbursed expenses paid to it if
it shall ultimately be determined that the Indemnitee is not entitled to be indemnified by the Company in connection with such
Proceeding pursuant to this Section 7.5.

 

(f)
Company Contributions. If for any reason (other than solely by operation of the terms of this Agreement) the indemnification
provided herein is unavailable to an Indemnitee, or insufficient to hold it harmless, then the Company shall contribute to the
amount paid or payable by such Indemnitee as a result of such loss, claim, damage or liability in such proportion as is appropriate
to reflect not only the relative benefits received by the Company on the one hand and the Indemnitee on the other, but also the
relative fault of the Company and the Indemnitee as well as any other relevant equitable considerations, taking into account any
Misconduct on the part of the Indemnitee.

 

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(g)
Amendment. Any amendment, repeal or modification of this Section 7.5 shall not alter any right or protection of
any Person hereunder in respect of any act or omission occurring prior to the time of such amendment, repeal or modification.

 

(h)
Non-Exclusivity of Rights. The right to indemnification and to the advancement of expenses conferred in this Section
7.5 shall not be exclusive of any other right that any Person may have or hereafter acquire under any applicable law or any
other agreement or document with the Company.

 

ARTICLE
VIII 

 

TRANSFER
LIMITATIONS

 

8.1
Transfers Generally.

 

(a)
Overview. Notwithstanding anything to the contrary in the Delaware Act, any Transfer or purported Transfer of Units (including,
without limitation, the Economic Interest associated therewith) shall be null and void unless made strictly in accordance with
the terms and conditions of this Agreement, including the provisions of this Article VIII. Except as otherwise specified
herein, the restrictions, terms and conditions of this Agreement shall remain in effect as to all Units held now or in the future
by a Member, whether or not disposed of in accordance with the terms and conditions of this Agreement.

 

(b)
Transfer of Units. No Member may Transfer any Units, voluntarily or involuntarily, unless such Transfer is approved by
the Board (other than a Transfer pursuant to Section 8.3 (Transfer upon death) or a Sale unanimously approved by the Members)
and:

 

(i)
Such Transfer is made to the Company;

 

(ii)
Such Transfer is made pursuant to Section 8.2 (Transfer to an Affiliate) or Section 8.3 (Transfer upon death); or

 

(iii)
Such Transfer is made after compliance with Article IX (Transfer made in accordance with the right of first refusal process
or in a Tag-Along Transaction).

 

All
Transfers to be made pursuant to clauses (ii) and (iii) above also shall be subject to Section 8.7. No transferee of Units
shall be a Member unless admitted in accordance with Section 8.6.

 

8.2
Transfer to Affiliates. A Member may Transfer Units to an Affiliate of such Member so long as such Member and such
Affiliate execute and deliver a document pursuant to which (a) such Transferring Member and the proposed transferee represent
and warrant that the transferee is an Affiliate of the Transferring Member, (b) such Affiliate agrees not to Transfer its Units
except back to the Transferring Member, to another Affiliate of the Transferring Member, or as otherwise permitted by Section
8.1, and (c) such Transferring Member and the proposed transferee agree to be jointly and severally liable for all obligations
of such Persons hereunder. No Transfer of Units under this Section 8.2 shall be effective unless and until the foregoing
requirements are satisfied in full. Additionally, all Transfers of Units made pursuant to this Section 8.2 shall be subject
to the provisions of Section 8.7.

 

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8.3
Transfer Upon Death if a Member is a natural person. The legal representative of a deceased Member may Transfer the
deceased Member’s Units, without liquidation thereof, to the Person or Persons entitled thereto under the applicable laws
of testate or intestate succession without the approval of any Person. The legal representative of a deceased Member shall promptly
notify the Company of such Member’s death. Except as expressly set forth herein, the legal representative of the deceased
Member and any distributee of the deceased Member’s Units may not require that any such Units be purchased or liquidated
by the Company. Additionally, all Transfers of Units made pursuant to this Section 8.3 shall be subject to the provisions
of Section 8.7.

 

8.4
Rights and Obligations of Transferors. Notwithstanding anything to the contrary in the Delaware Act:

 

(a)
Rights. To the extent applicable, any transferor of Units shall, after the effectiveness of the Transfer, cease to be a
Member with respect to the Transferred Units and no longer be entitled to participate as a Member in accordance with the terms
of this Agreement with respect to the Transferred Units; and

 

(b)
Obligations. Any transferor of Units (i) unless otherwise approved by the Board, shall remain liable to the Company for
all of the obligations associated with the Transferred Units (notwithstanding the assumption of such obligations by the transferee),
and (ii) except to the extent otherwise provided for herein, shall remain subject to the terms and conditions of this Agreement
that, by their context, would reasonably be likely to apply following a Transfer (including, without limitation, Sections 12.2,
13.1, 14.7, 16.1, 16.7, 16.8, 16.9 16.10, 16.12 and 16.14).

 

8.5
Rights and Obligations of Transferees. Notwithstanding anything to the contrary in the Delaware Act:

 

(a)
Rights. Any transferee of Units that is not admitted as a Member with respect to the Transferred Units in accordance with
Section 8.6 (i) shall not be a Member with respect to the Transferred Units, (ii) shall not be entitled to participate
as a Member in accordance with the terms of this Agreement with respect to the Transferred Units,. A transferee of Units shall
be deemed to have made the capital contributions in respect of such Units that the transferor made or was deemed to have made
with respect to such Units, and any reference in this Agreement to a distribution to a transferee of Units shall include any distributions
previously made to the transferor of such Units; and

 

(b)
Obligations. Any Permitted Transferee of Units (i) shall assume all of the obligations of the transferor with respect to
the Transferred Units (but such assumption shall not release the transferor from such obligations unless otherwise approved by
the Board), (ii) shall be subject to the terms and conditions of this Agreement, and (iii) shall be subject to any claims or offsets
that the Company has against the transferor with respect to the Transferred Units regardless of when any such claims or offsets
may arise.

 

8.6
Admission of Transferees as Members. Notwithstanding anything to the contrary in the Delaware Act, a transfer shall
only be effective, and the transferee of Units shall be admitted as a Member with respect thereto, only after the following conditions
are satisfied: (a) the Board approves the admission of the transferee as a Member, which approval shall not be unreasonably withheld,
conditioned or delayed; (b) the transferee becomes a party to this Agreement by executing the Joinder Certificate attached hereto
as Exhibit B; and (c) the transferor and transferee execute and acknowledge any additional documents and instruments
the Board may deem reasonably necessary or desirable to effect such Transfer and admission.

 

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8.7
Further Restrictions on Transfer. The Board may condition the effectiveness of a Transfer of Units upon the Company’s
receipt of evidence, in form and substance acceptable to the Board, that all tax withholding obligations have been satisfied in
connection with such Transfer. Except for Transfers of Units made to the Company or in a Sale unanimously approved by the Members,
a Member may not Transfer any Units, and a Transfer by a Member shall not be effective, unless and until the transferor or transferee
provides the Company with a written opinion of counsel, in form and substance reasonably acceptable to the Board, (a) that the
Transfer shall not cause the Company to become subject to any additional regulatory requirements or restrictions of any nature,
(b) that the Transfer shall not cause a violation of applicable law (including U.S. federal and state securities laws) or this
Agreement, (c) that the Transfer shall not cause the Company to become a “publicly traded partnership” within the
meaning of Code Section 7704(b), and (d) as to such other matters requested by the Board. The Board may waive this requirement
in whole or in part. Further, the transferor or transferee of the Units shall reimburse the costs and expenses (including reasonable
attorneys’ fees) incurred by the Company in connection with the Transfer.

 

8.8
Indemnification by Transferor. If the Company or any Manager becomes involved in any capacity in any Proceeding (including
any Proceeding relating to the failure to withhold all applicable amounts for tax purposes) brought by or against any Person in
connection with any Transfer or proposed Transfer by a Member of its Units or the admission as a Member of the corresponding transferee,
the Transferring Member shall be liable for reimbursing the Company and such Manager for all legal and other expenses (including
the cost of any investigation and preparation) incurred by them in connection therewith, and to the fullest extent permitted by
law shall indemnify each of them against all Damages to which any of them may become subject in connection with such Transfer
or proposed Transfer. In the case of a Transfer that is consummated, the transferor and its transferee shall be jointly and severally
liable for the payment of all such expenses and for such indemnification. The foregoing provisions shall survive any termination
of this Agreement.

 

ARTICLE
IX

 

RIGHTS
OF REFUSAL; TAG-ALONG RIGHTS

 

9.1
Right of Refusal. Subject to Section 9.3, a Member may Transfer Units only in accordance with the following
procedures:

 

(a)
Member’s Offer. The Member shall first deliver to the Company and the Members a written notice (a “Notice
of Transfer”), which shall (i) state the Member’s intention to Transfer Units to any buyer(s), the name or names
of such buyer(s), the amount and type of Units to be Transferred, the purchase price to be paid therefor and the nature thereof,
and a summary of the other material terms of the proposed Transfer, and (ii) offer the Members the right and option to acquire
such Units upon the terms and subject to the conditions of the proposed Transfer as set forth in the Notice of Transfer. Any such
offer shall remain open and irrevocable for the periods set forth below (and to the extent such offer is accepted during such
periods, until the consummation of the Transfer contemplated thereby).

 

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(b)
Right of Refusal. The Members shall have the right and option, for a period of 30 days after the delivery of the Notice
of Transfer (the “Initial Refusal Right Acceptance Period”), to accept all or any part of the Units so offered,
at the purchase price and on the terms stated in the Notice of Transfer. In connection with the exercise of its rights contemplated
by this Section 9.1(b), each Member may accept for purchase all or any part of such Member’s Pro Rata Share of the
Units to be Transferred by the Member. Each Member shall accept such offer by delivering a written notice to the Member within
the Initial Refusal Right Acceptance Period specifying the amount of Units such Member shall purchase (the “Member Accepted
Units”). Any such acceptance shall constitute an irrevocable, legally binding obligation of such Member to purchase
such Member Accepted Units on the terms set forth in the Notice of Transfer. If, at the end of the Initial Refusal Right Acceptance
Period, the Members collectively have not accepted for purchase all of the Units to be Transferred by the Member, such remaining
Units (the “Available Units”) shall be re-allocated for purchase among those Members agreeing to purchase their
entire Pro Rata Share of the Units pursuant to this Section 9.1(b) ̧ such re-allocation to be made as follows: (i)
first, each such Member shall be entitled to purchase its Pro Rata Share of the Available Units (treating such Members as the
only Members for purposes of determining their Pro Rata Share); (ii) second, if any Available Units are not so purchased, each
Member who agreed to acquire its entire adjusted Pro Rata Share of the remaining Available Units pursuant to clause (i) shall
be entitled to purchase its Pro Rata Share of the then remaining Available Units (treating such Members as the only Members for
purposes of determining their Pro Rata Share); and (iii) third, the process set forth in clause (ii) shall be repeated with respect
to any remaining Available Units until all of the Units are allocated and accepted for purchase among the Members or such Members
notify the Member that they do not intend to purchase any more Units. Notwithstanding the foregoing, the allocation of Available
Units for purchase among the Members shall be completed within 20 days of the end of the Initial Refusal Right Acceptance Period
(such period, together with the Initial Refusal Right Acceptance Period, the “Refusal Right Acceptance Period”).

 

(c)
Open Transfer Period. If the Members do not elect to purchase all of the Units offered for Transfer by the Member pursuant
to Section 9.1(b), the Member may, subject to the other terms of this Agreement, sell all (but not less than all) of the
unsold Units originally proposed to be sold, at the purchase price to the proposed buyer(s), and on the other terms stated in
the Notice of Transfer, at any time within 90 days after the expiration of the Refusal Right Acceptance Period (the “Open
Transfer Period”). To the extent the Member Transfers such Units during the Open Transfer Period, the Member shall promptly
notify the Company of (i) the amount of Units, if any, that the Member then owns, (ii) the amount of Units the Member has Transferred,
(iii) the terms of such Transfer, and (iv) the name of the new owner or owners of any Units that are Transferred. If the Member
does not Transfer all of the offered Units during the Open Transfer Period, then the right of the Member to Transfer such unsold
Units shall expire with respect to any such unsold Units and the obligations of this Section 9.1 shall be reinstated; provided,
however, that at any time during the Open Transfer Period, the Member may terminate the offer and reinstate the procedure
provided in this Section 9.1 without waiting for the expiration of the Open Transfer Period.

 

(d)
Closing. All Transfers of Units to the Members subject to a Notice of Transfer shall be consummated contemporaneously at
the principal office of the Company on the later of (i) a mutually reasonably acceptable business day as soon as practicable,
but in no event more than 30 days after the expiration of the Refusal Right Acceptance Period, (ii) the fifth business day following
the expiration or termination of all waiting periods under any law applicable to such Transfers, and (iii) at such other time
and/or place as the parties to such Transfers may agree. The delivery of certificates or other instruments evidencing such Units,
duly endorsed for transfer, shall be made on such date against payment of the purchase price for such Units in accordance with
the terms set forth in the Notice of Transfer. If the consideration originally proposed to be paid for such Units, as set forth
in the Notice of Transfer, was property, services or other non-cash consideration, and any applicable Member is unable for any
reason to pay for such Units in the same form of non-cash consideration, such Member may pay the cash value equivalent thereof,
as determined in good faith by the Board.

 

9.2
Tag-Along Rights.

 

(a)
Tag-Along Transaction and Notice. If any Units proposed to be Transferred by a Member are not purchased by the Members
pursuant to Section 9.1 and will be Transferred by such Member pursuant to a transaction permitted under Section 9.1(c)
(a “Tag-Along Transaction”), the Member (the “Tag-Along Member”) shall promptly deliver
to the Company and the Members a written notice (a “Tag-Along Notice”) of its intention to Transfer Units to
any buyer(s), the identity of such buyer(s), the amount and type of the Units to be Transferred, the purchase price to be paid
therefor and the nature thereof, the Implied Transaction Value, and a summary of the other material terms of the proposed Transfer.

 

    	25

     

    

 

(b)
The Tag-Along Right. In any Tag-Along Transaction, the Tag-Along Member shall grant to each Member the right (the “Tag-Along
Right”), but not the obligation, which right shall be irrevocable for a period of 15 days after the beginning of the
Open Transfer Period (the “Tag-Along Period”), to Transfer up to a number of Units in the Tag-Along Transaction
(in addition to the Units to be sold by the Tag-Along Member) having the same aggregate Implied Transaction Value as the Units
to be sold by the Tag-Along Member to such buyer(s), on the same terms and conditions set forth in the Tag-Along Notice.

 

(c)
Exercise of the Tag-Along Right. The Tag-Along Right may be exercised in whole or in part at the option of each Member.
Notice of a Member’s exercise its Tag-Along Right shall be evidenced by a writing signed by the Member and delivered to
the Company and the selling Member prior to the end of the Tag-Along Period, setting forth the number of Units the Member elects
to Transfer (the “Tag-Along Participation Amount”).

 

(d)
Reduction of Units Sold. The Tag-Along Member shall use commercially reasonable efforts to obtain the inclusion of the
entire Tag-Along Participation Amount of each Member in the proposed Tag-Along Transaction. If the applicable buyer(s) are unwilling
to purchase all the Units requested to be sold (i.e., all of the Units to be sold by the Tag-Along Member and the Tag-Along
Participation Amounts of all Members exercising their Tag-Along Right), then the number of Units to be sold in the Tag-Along Transaction
shall be allocated among the Tag-Along Member and such Members so that each such Person may sell, to the greatest extent possible,
a number of Units representing its Pro Rata Share of the total purchase price to be paid by the buyer(s).

 

(e)
Type of Securities to be Transferred. For the avoidance of doubt, if a Member exercises its Tag-Along Right, it shall Transfer
Units in the Tag-Along Transaction, notwithstanding any additional economic rights or other rights, privileges and benefits associated
with such securities in comparison to the Units subject to the Tag-Along Right.

 

(f)
Closing.

 

(i)
Overview. Subject to Section 9.2(f)(ii), as a condition precedent to participating in a Tag-Along Transaction, each
participating Member shall join (pro rata based on the consideration to be received) in any purchase documentation evidencing
the Tag-Along Transaction agreed to by the Tag-Along Member and all indemnification obligations (including escrows, holdback or
other similar arrangements to support such indemnity obligations) and other obligations to which the Tag-Along Member agrees in
connection with such transaction (other than any obligations that relate specifically to such participating Member, such as indemnification
with respect to representations and warranties given by the participating Member regarding title to and ownership of its Units,
as to which obligations such participating Member shall be solely liable), in each case so long as such documentation and obligations
are consistent with the terms and conditions specified in the Tag-Along Notice, provided no Member shall be required to enter
into any covenants not to compete or not to solicit. The closing of any Tag-Along Transaction shall occur in accordance with the
terms and conditions of such documentation. Each party to such transaction shall bear its own costs and expenses associated therewith,
unless otherwise agreed to by the applicable parties.

 

    	26

     

    

 

(ii)
Form and Allocation of Consideration. In connection with a Tag-Along Transaction, (i) each participating Member shall receive
the same form of consideration for Units as is received by other participating Persons in respect of their Units, and (ii) if
the Tag-Along Member is given an option as to the form or amount of consideration to be received in the Tag- Along Transaction,
each participating Member shall be given the same option.

 

9.3
Exclusions. The requirements of this Article IX shall not apply to (a) any Transfer of Units with respect to
which the Board waives the application of this Article IX, (b) any Transfer of Units made to the Company, (c) any Transfer
of Units made in compliance with Section 8.2 (Transfer to an Affiliate) or Section 8.3 (Transfer upon death), and
(d) any Transfer of Units made pursuant to a Sale unanimously approved by the Members.

 

ARTICLE
X

 

[INTENTIONALLY
OMITTED]

 

ARTICLE
XI

 

11.1
[INTENTIONALLY OMITTED]

 

ARTICLE
XII

 

CERTAIN
COVENANTS

 

12.1
Information Rights.

 

(a)
Deliverables. The Company shall, and shall cause the other Company Entities to, deliver to each Member:

 

(i)
Annual Audited Financial Statements. To the extent requested in writing by a Member, as soon as practicable after the end
of each Fiscal Year a consolidated balance sheet of the Company Entities as at the end of such Fiscal Year, and consolidated statements
of income and cash flows of the Company Entities for such Fiscal Year, audited by an independent accounting firm and prepared
in accordance with PCAOB standards or GAAP, the cost of which audit shall once requested be borne by the Company and reflected
in the Operating Plan;

 

(ii)
Quarterly Financial Statements. As soon as practicable after the end of the first, second and third quarterly accounting
periods in each Fiscal Year an unaudited consolidated balance sheet of the Company Entities as at the end of such quarterly period
and unaudited consolidated statements of income and cash flows of the Company Entities for such period and for the current Fiscal
Year to date, prepared in accordance with PCAOB standards or GAAP; and

 

(iii)
Other Information. Any other financial or operational information relating to any Company Entity reasonably requested by
such Member in writing promptly following the delivery of the request therefor.

 

(b)
Access to Information. The Company shall, and shall cause the other Company Entities to, provide each Member and its agents
and representatives with reasonable access to their respective personnel, services providers (including auditors), properties,
contracts, books and records, and other documents and data, whether in written, electronic or visual form, subject to time, location
and other restrictions as the applicable Company Entity may reasonably impose.

 

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12.2
Confidential Information. The following provisions shall apply to each Member:

 

(a)
Confidentiality. An Member shall keep all Confidential Information in strict confidence. Without limiting the foregoing,
an Member shall use the same degree of care in protecting the Confidential Information as such Member uses to protect its own
confidential information and trade secrets. Confidential Information may be disclosed by such Member only to such natural persons
affiliated with such Member who have a reason to have access to such Confidential Information in connection with their duties
and responsibilities; provided, however, that all such Persons are apprised of the contents of this Section 12.2
and are directed to treat such information confidentially; and provided, further, that such disclosing Member
shall accept liability for any acts or omissions by any such Person that would be in contravention of this Section 12.2 if
such Person were a party to this Agreement. Each Member acknowledges and agrees that the Company Entities derive independent economic
value from the Confidential Information not being generally known, that the Confidential Information is the subject of reasonable
efforts to maintain its secrecy, and that disclosure of the Confidential Information is likely to cause substantial and irreparable
competitive harm to the Company Entities.

 

(b)
Use of Confidential Information. Confidential Information may be used by Members only for monitoring their investment in
the Company. The Members agree that they shall not use any Confidential Information for any other purpose, including use in conducting
or furthering their own business or that of any Affiliates or any competing businesses.

 

(c)
Exceptions. The obligations of limited use and nondisclosure as contained herein shall not be deemed to restrict use or
disclosure of any Confidential Information by a party if (i) such Confidential Information is or becomes generally publicly known
without breach of this Agreement, (ii) such Confidential Information was known to a party prior to receipt thereof from or on
behalf of the Board or the Company, (iii) such party subsequently acquires lawful means to such Confidential Information from
a third party who is under no obligation of confidentiality or non-use owed to any Company Entity, (iv) the Board approves such
use or disclosure, or (v) such party is required by law to disclose such Confidential Information and such party complies with
Section 12.2(d).

 

(d)
Disclosure Required by Law. If any Member is required by law or is required or requested by any regulatory, self-regulatory
or other supervisory authority having jurisdiction or authority over such Member to disclose any Confidential Information and
intends to make such disclosure, such Member shall, unless prohibited by law, promptly notify the Board in writing, which notification
shall include the nature of the legal or other requirement or request and the extent of the required or requested disclosure.
In the case of disclosures required by law or in connection with litigation as contemplated above, an Member shall disclose only
that portion of the Confidential Information that is legally required to be disclosed and shall disclose such Confidential Information
only to those third parties to which disclosure is legally required. In the case of all disclosures pursuant to this Section
12.2(d), the disclosing Member shall exercise commercially reasonable efforts, and shall cooperate with the Board, to preserve
the confidentiality of such disclosed Confidential Information consistent with applicable law.

 

ARTICLE
XIII

 

DISPUTE
RESOLUTION; REMEDIES

 

13.1
Dispute Resolution.

 

(a)
Negotiation. The parties agree to attempt to resolve any dispute arising out of or relating to this Agreement by good faith
negotiation, which negotiation attempt shall occur between or among the parties involved in such dispute (the “Dispute
Parties”) within fifteen (15) Business Days after written notice of the dispute.

 

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(b)
Mediation. If the Dispute Parties are unable to reach agreement, the Dispute Parties shall submit the matter for mediation
before resorting to arbitration. The mediation shall be conducted on a confidential basis by a mediator agreed to by the Dispute
Parties. The Dispute Parties shall select a mediator within fifteen (15) Business Days after reaching an impasse in negotiations
and schedule the mediation within twenty (20) more days, or at the earliest date the mediator is available thereafter.

 

(c)
Arbitration. Any dispute arising out of or relating to this Agreement or alleged breach thereof that cannot be resolved
as provided in Section 13.1(a) or 13.1(b) shall be resolved by binding arbitration administered by the American
Arbitration Association (“AAA”) under its Commercial Arbitration Rules, and judgment on the award rendered
by the arbitrator(s) may be entered in any court having jurisdiction thereof. The parties agree to arbitration before a single
arbitrator. The Dispute Parties shall mutually agree to an arbitrator from a list of arbitrators recognized by AAA, and if they
are unable to so agree, they shall follow AAA’s rules to select the arbitrator. The Dispute Parties shall share the costs
of such arbitrator equally between or among them. Each party shall bear its own expenses of preparation for arbitration. The location
of any arbitration will be Charlotte, North Carolina.

 

13.2
Equitable Relief. Each party hereto acknowledges and agrees that any breach of this Agreement would result in substantial
harm to the other parties hereto for which monetary damages alone could not adequately compensate. Therefore, notwithstanding
the provisions of Section 13.1, nothing contained herein shall limit the ability of a party to seek a temporary restraining
order, preliminary injunctive relief, appointment of a receiver, specific performance or other equitable remedies or relief to
which a party may be entitled or to exercise any other right granted hereunder. In the event a party violates the provisions hereof,
and in addition to any other remedy provided by law, any other party may seek to enjoin the other by appropriate injunctive proceedings
from violating this Agreement. The parties hereby agree to submit to the exclusive jurisdiction of the state and federal courts
in North Carolina for purposes of any action contemplated by this Section 13.2 and further agree that the proper and exclusive
venues for the resolution of any such actions are the Mecklenburg County, North Carolina Superior Court or the United States District
Court for the Western District of North Carolina, Charlotte Division.

 

13.3
Jury Trial Waiver. To the fullest extent permitted by law, each party hereby expressly irrevocably waives any rights
to a jury trial in connection with any litigation arising out of or relating to this Agreement, and each party may file an original
counterpart or a copy of this Section 13.3 with any court of competent jurisdiction as written evidence of the forgoing
jury trial waiver by the parties.

 

ARTICLE
XIV 

 

ACCOUNTING
AND RECORDS

 

14.1
Books and Records. The Board and the Officers shall cause the Company to maintain at the Company’s principal
place of business separate books of accounts which shall show a complete and accurate record of the assets, liabilities, operations,
transactions and financial condition of the Company Entities, including the costs and expenses incurred, all charges made, all
credits made and received, and all income derived in connection with the conduct of, and transactions by, the Company Entities
and the operation of their business and affairs in accordance with both GAAP and U.S. federal income tax accounting rules as provided
in this Agreement. The accounting methods of the Company Entities shall be consistently applied.

 

    	29

     

    

 

14.2
Tax Matters. The Board shall cause to be prepared and filed on a timely basis all necessary foreign, U.S. federal,
state, and local tax returns of the Company. The Board shall appoint a Person to serve as the Company’s “partnership
representative” in accordance with Section 6223 of the Code (“Company Representative”). The initial Company
Representative shall be the 704Games Member. Notwithstanding any other provision hereof, the Company Representative (a) shall
provide each Member with prompt notice of all tax audits, appeals, litigation, and related matters with respect to any Company
Entity and keep them informed of developments relating thereto, (b) shall give each Member an opportunity for it and its legal
or tax advisors to participate in all such proceedings, (c) shall not concede or settle any such tax matters without the approval
of the Board, (d) to the greatest extent possible shall make the election described in Section 6226(a) of the Code unless otherwise
approved by Board, and (e) shall endeavor to make decisions and elections and allocate tax burdens among Members in an equitable
manner.

 

14.3
Tax as Partnership. The Members intend that the Company shall be treated as a partnership for U.S. federal income tax
purposes and for state income tax purposes in those states that follow U.S. federal tax classifications. Accordingly, this Agreement
shall be construed in a manner that ensures the Company’s classification as a partnership for U.S. federal income tax purposes
at all times.

 

14.4
Tax Returns and Information. The Board shall cause all tax returns that the Company is required to file to be prepared
and timely filed (including extensions) with the appropriate authorities. The Board shall use commercially reasonable efforts
to cause to be delivered to each Member within 90 days after the end of each Fiscal Year or a Sale of the Company, information
pertaining to the Company and its operations for the previous Fiscal Year that is necessary for the Members to prepare their respective
U.S. federal and state income tax returns for such Fiscal Year.

 

14.5
Tax Withholding. The Company shall provide a Member with (a written notice before withholding and paying over (or causing
the Company or any other entity involved in managing the Company to withhold and pay over) to any taxing authority any amount
purportedly representing a tax liability of such Member with respect to its Units, and (b) the opportunity to contest with the
Company or the relevant taxing authority that such withholding and payment is required, in whole or in part. Any such notice shall
include a description of the basis for such withholding and payment, as well as a copy or description of any claim of the relevant
taxing authority that such withholding and payment is required by law.

 

14.6
Tax Refunds and Exemptions. The Company shall exercise commercially reasonable efforts to assist each Member in obtaining
any available tax refunds, exclusions from income, exemptions from withholding, benefits under tax treaties, and other similar
relief, and in otherwise making any tax- related filings, applications, or elections, in connection with such Member’s investment
in the Company and any investment by the Company, including, without limitation, by assisting such Member in obtaining information
concerning the source, character and amount of the Company’s income required for the making of any applicable tax filings,
applications or elections or the contesting of any taxes.

 

14.7
Electronic Delivery of Schedule K-1. Each Member (a) consents to receive Schedule K-1 (Partner’s Share of Income,
Deductions, Credits, etc.) from the Company electronically via electronic mail, the Internet or another electronic reporting medium
in lieu of paper copies, and (b) agrees to confirm this consent electronically at a future date in a manner set forth by the Company
at such time.

 

14.8
Valuation of Company Assets. The Board shall value the assets and liabilities of the Company at such times as a valuation
may be necessary or advisable pursuant to this Agreement. The valuation of assets hereunder shall be at fair market value, which
shall be determined using information, techniques and pricing methods that the Board determines to be reliable and consistent.
The Board may subject any asset or security value to an illiquidity discount, minority position discount or other similar discount,
if the Board deems it appropriate or necessary.

 

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ARTICLE
XV 

 

DISSOLUTION
AND WINDING UP

 

15.1
Term. The Company shall begin on the date of the filing of its certificate of formation and shall continue until dissolved
in accordance with the terms hereof. Except as expressly provided herein or in the Delaware Act, no Member shall have the right
to cause a dissolution of the Company. The representations, warranties and covenants of the parties hereto shall survive any dissolution
of the Company, except where a provision explicitly states otherwise or the context of a provision implicitly contemplates a finite
duration.

 

15.2
Events of Dissolution. The Company shall be dissolved upon the earlier of any of the following (each an “Event
of Dissolution”): (a) the approval of a dissolution by the Board and each of the 704Games Member and the RTAP Member
(in each case, solely to the extent such Person is a Member as of such time); and (b) any other event that requires or results
in a dissolution of the Company under the Delaware Act.

 

15.3
Up the Company. If an Event of Dissolution occurs, the Board shall cause the winding up of the affairs of the Company
and a reasonable time shall be allowed for the orderly liquidation of the assets of the Company and the discharge of liabilities
to creditors to enable the Members to minimize the normal losses attendant upon a liquidation. In connection with winding up the
affairs of the Company, the Board shall cause the collection of the Company’s assets, the disposition of those assets that
shall not be distributed in kind to the Members, and the discharge of the Company’s liabilities. The proceeds from liquidation
of Company assets shall be applied as follows: (a) first, payment shall be made to the creditors of the Company to the extent
permitted by law, and reasonable reserves shall be established for any unforeseen liabilities or obligations if appropriate; and
(b) second, all remaining proceeds shall be distributed to the Members in accordance with Section 5.4.

 

15.4
No Deficit Capital Account Restoration. If any Member has a deficit balance in its Capital Account (after giving effect
to all contributions, distributions and allocations for all years, including the year during which such liquidation occurs), such
Member shall have no obligation to make any contribution of capital to the Company with respect to such deficit, and such deficit
shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever.

 

15.5
Allocations During Liquidation. During the period commencing on the first day of the year during which an Event of
Dissolution occurs and ending on the date on which all of the assets of the Company have been distributed to the Members pursuant
to Section 15.3, the Members shall continue to share Net Profits, Net Losses, gain, loss and other items of Company income,
gain, loss or deduction in the manner provided in Article IV.

 

15.6
Character of Liquidating Distributions. All payments made in liquidation of Units of a Member shall be made in exchange
for Units of such Member in property pursuant to Code Section 736(b)(1), including the interest of such Member in Company goodwill.

 

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15.7
Deemed Distribution and Recontribution. Notwithstanding any other provision of this Article XV, in the event
the Company is liquidated within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), but no Event of Dissolution has occurred,
the Company’s assets shall not be liquidated, the Company’s liabilities shall not be paid or discharged, and the Company’s
affairs shall not be wound up. Instead, solely for U.S. federal income tax purposes, the Company shall be deemed to have distributed
its assets in kind to the Members, who shall be deemed to have taken such assets subject to all liabilities of the Company. Immediately
thereafter, the Members shall be deemed to have recontributed the assets in kind to the Company, which shall be deemed to have
taken the assets subject to all such liabilities.

 

15.8
Sharing of Proceeds From a Sale of the Company. The parties agree that, to the extent cash and other assets are received
by the Members directly in connection with a Sale of the Company, such cash and assets shall be deposited with the Company promptly
after the receipt thereof and divided among the Members in proportion to the total distributions they would receive pursuant to
Section 5.4. The Members may, however, waive the application of all or any portion of this Section 15.8 to any transaction
or series of related transactions if the Members unanimously determine that the deposit of such cash and assets with the Company
is unnecessary to achieve the intent hereof.

 

ARTICLE
XVI 

 

MISCELLANEOUS

 

16.1
Costs and Expenses. Each party to this Agreement shall pay its own costs and expenses, including attorneys’ fees,
incurred in connection with the preparation, execution and delivery of this Agreement; except as described in the definition
of “Net Capital Contribution.”

 

16.2
Notices. All notices, consents, waivers and other communications required hereunder shall be in writing and shall be
either delivered by hand, delivered by electronic mail, or mailed by registered or certified mail or by a nationally recognized
overnight delivery service, postage prepaid, or as otherwise may be specifically required by the Company, if to an Member, to
the Member at the electronic mail or physical address set forth in such Member’s signature page to this Agreement, and if
to the Company, to the physical address of the Company’s registered office or principal place of business. Each such notice
or other communication shall be deemed to have been duly given and to be effective (a) if delivered by hand, immediately upon
delivery if delivered on a Business Day during normal business hours and, if otherwise, on the next Business Day, (b) if delivered
by electronic mail, on the calendar day immediately following the day on which such transmission was sent, (c) if mailed, on the
third Business Day following deposit in the U.S. mail, or (d) if sent by a nationally recognized overnight delivery service, on
the day of delivery by such service or, if not a Business Day, on the first Business Day after delivery.

 

16.3
Amendment of this Agreement. This Agreement may be amended with the written agreement of all of the Members.

 

16.4
Construction. Each party acknowledges that such party and its attorneys have been given an equal opportunity to negotiate
the terms and conditions of this Agreement and that any rule of construction to the effect that ambiguities are to be resolved
against the drafting party or any similar rule operating against the drafter of an agreement shall not be applicable to the construction
or interpretation of this Agreement. References to “Sections” or “Articles” refer to corresponding Sections
or Articles of this Agreement unless otherwise specified. Unless the context requires otherwise, the words “include,”
“including” and variations thereof mean without limitation, the words “hereof,” “hereby,”
“herein,” “hereunder” and similar terms refer to this Agreement as a whole and not any particular Section
or Article in which such words appear, and any reference to a statute, regulation or law shall include any amendment thereof or
any successor thereto and any rules and regulations promulgated thereunder. Unless the context requires otherwise, words in the
singular include the plural, words in the plural include the singular, and words importing any gender shall be applicable to all
genders. If a term is defined as one part of speech (such as a noun), it shall have a corresponding meaning when used as another
part of speech (such as a verb). Currency amounts referenced herein are in U.S. Dollars. References to a number of days refer
to calendar days unless Business Days are specified. Except as otherwise specified, whenever any action must be taken on or by
a day that is not a Business Day, then such action may be validly taken on or by the next day that is a Business Day. All accounting
terms used herein and not expressly defined herein shall have the meanings given to them under generally accepted accounting principles
as recognized by the American Institute of Certified Public Accountants. Except as otherwise expressly provided in this Agreement,
including without limitation Article VII, a Manager, Member and Member may vote, consent, approve or disapprove of any
matter, make any determination, election or calculation, or otherwise take any action permitted or required of such Peron under
this Agreement, in each case in such Person’s sole and absolute discretion.

 

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16.5
Reproduction of Documents. This Agreement and all documents relating thereto, including, without limitation, any consents,
waivers, amendments and modifications that may hereafter be executed, and certificates and other information previously or hereafter
furnished to any party hereto, may be reproduced by any party by any photographic, microfilm, miniature photographic, electronic
data storage or other similar process, and any party may destroy any original document so reproduced. The parties hereto agree
and stipulate that any such reproduction shall be as admissible in evidence as the original itself in any judicial or administrative
Proceeding (whether or not the original is in existence) and that enlargement, fax or further reproduction of such reproduction
shall likewise be admissible in evidence.

 

16.6
Further Assurances. At any time or from time to time after the date hereof, each Member shall cooperate in good faith
with the Board and the Company and, at the request of the Board, execute and deliver any further instruments or documents and
take all such further action as the Board may deem reasonably necessary or advisable to evidence or effectuate the consummation
of the transactions contemplated hereby and to otherwise carry out the intent of the parties hereunder.

 

16.7
Governing Law; Severability. This Agreement shall be governed by and construed in accordance with the laws of the State
of Delaware. In particular, it shall be construed to the maximum extent possible to comply with all of the terms and conditions
of the Delaware Act. If, nevertheless, it shall be determined by a court of competent jurisdiction that any provision or wording
of this Agreement shall be invalid or unenforceable under the Delaware Act or other applicable law, such invalidity or unenforceability
shall not invalidate the entire Agreement. In that case, this Agreement shall be construed to limit any term or provision to make
it enforceable or valid within the requirements of any applicable law, and, in the event such term or provision cannot be so limited,
this Agreement shall be construed to omit such invalid or unenforceable provisions.

 

16.8
Waiver of Compliance; Consents. A Person’s noncompliance with any provision of this Agreement may be waived prospectively
or retroactively in writing by those Persons that have the power to amend such provision. No failure or delay by any party in
exercising any right, power, or privilege under this Agreement shall operate as a waiver of such right, power, or privilege, and
no single or partial exercise of any such right, power, or privilege shall preclude any other or further exercise of such right,
power, or privilege or the exercise of any other right, power, or privilege. To the maximum extent permitted by applicable law,
(a) no claim or right arising out of this Agreement can be discharged by one party, in whole or in part, by a waiver or renunciation
of the claim or right unless such waiver or renunciation is set forth in a signed writing, (b) no waiver that may be given by
a party shall be applicable except in the specific instance for which it is given, and (c) no notice to or demand on one party
shall be deemed to be a waiver of any obligation of such party or of the right of the party giving such notice or demand to take
further action without notice or demand as provided in this Agreement. Any consent or waiver required or permitted by this Agreement
shall be binding only if in writing.

 

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16.9
Severability. If any provision of this Agreement or the application thereof to any Person or circumstance shall be
invalid or unenforceable to any extent, the remainder of this Agreement and the application of such provision to other Persons
or circumstances shall not be affected thereby and shall be enforced to the greatest extent permitted by law.

 

16.10
Third-Party Beneficiary. Except with respect to Article V, Section 16.14 and as otherwise expressly set
forth in this Agreement, no provision hereunder is intended to be for the benefit of or enforceable by any third party, including
any creditor of the Company; provided, that for so long as NASCAR is a service provider and licensor of the Company pursuant
to the NASCAR License Agreement, NASCAR shall be deemed a third party beneficiary for purposes of enforcing the rights herein
related to the NASCAR Managers.

 

16.11
Counterparts. This Agreement may be executed simultaneously in multiple counterparts, each of which shall be deemed
an original and all of which, when taken together, shall constitute the same document. Counterparts may be delivered via facsimile,
electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com)
or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid
and effective for all purposes. The signature of any party to any counterpart shall be deemed a signature, and may be appended,
to any other counterpart.

 

16.12
Integration; Entire Agreement. This Agreement, as amended hereafter from time to time in accordance with the terms
hereof, sets forth the entire agreement and understanding of the parties hereto with respect to the subject matter hereof, constitutes
the one and only limited liability company agreement in respect of the Company’s business and affairs, and supersedes all
prior written and oral statements, including any prior representation, statement, condition or warranty, term sheet, letter of
intent, memorandum of understanding or other similar document. Notwithstanding the foregoing, the parties acknowledge and agree
that the Company or an Affiliate thereof may enter into an employment agreement, restricted interest agreement, award agreement,
indemnification agreement or other similar agreement with a party that has the effect of establishing rights under, or altering
or supplementing the terms of, this Agreement with respect to such party. In furtherance, but not in limitation, of the foregoing,
the parties acknowledge and agree that (a) the application of any provisions of this Agreement relating to the Transfer of Interests
or confidentiality with respect to any party hereto shall be in addition to and shall supplement, and shall not waive, modify,
supersede or otherwise amend, any provisions relating to the same subject matters contained in any other such agreement between
the Company and such party (e.g., any employment agreement, restricted interest agreement or award agreement), and to the
extent such provisions conflict or are inconsistent, the provisions that provide the greater or more beneficial rights or remedies
to the Company with respect to such subject matter shall control and govern, and (b) the application of any provisions of this
Agreement relating to the exculpation and indemnification protection of any party hereto shall be in addition to and shall supplement,
and shall not waive, modify, supersede or otherwise amend, any provisions relating to the same subject matters contained in any
other such agreement between the Company and such party (e.g., any indemnification agreement), and to the extent such provisions
conflict or are inconsistent, the provisions that provide the greater or more beneficial rights or remedies to such party with
respect to such subject matter shall control and govern. Each party acknowledges and agrees that each such agreement is a separate
agreement solely between the parties thereto, no such agreement shall be deemed to be incorporated into this Agreement or to make
any other party a third-party beneficiary thereof, and no Members shall be entitled to copies of any such agreements entered into
with any other party.

 

16.13
Binding Provisions. This Agreement is binding upon, and inures to the benefit of, the parties hereto and their respective
heirs, executors, administrators, personal and legal representatives, successors and permitted transferees.

 

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16.14
Certain Acknowledgements. Upon execution and delivery of a counterpart to this Agreement or a joinder to this Agreement,
each Member shall be deemed to acknowledge to the Company as follows: (a) such Member is duly organized, validly existing and
in good standing under the laws of the state of its incorporation or organization; (ii) such Member has the full capacity, power,
right and authority to enter into this Agreement, to be legally bound hereby and to fully perform its obligations hereunder, and
such actions have been duly and validly authorized by all necessary corporate action on the part of such Member; (c) the determination
of such Member to acquire Units in connection with this Agreement or any other agreement that has been made by such Member independent
of any other Member and independent of any statements or opinions as to the advisability of such purchase or as to the properties,
business, prospects or condition (financial or otherwise) of the Company and its Subsidiaries which may have been made or given
by any other Member or by any agent or employee of any other Member; and (d) no other Member has acted as an agent of such Member
in connection with making its investment hereunder and no other Member shall be acting as an agent of such Member in connection
with monitoring its investment hereunder.

 

ARTICLE
XVII 

 

DEFINED
TERMS

 

The
following capitalized terms shall have the meanings specified below:

 

“704Games
Member” or “704Games” means 704Games Company, a Delaware corporation.

 

“AAA”
has the meaning set forth in Section 13.1(c).

 

“Accepted
New Securities” has the meaning set forth in Section 2.4(b).

 

“Acceptance
Period” has the meaning set forth in Section 2.4(c).

 

“Adjusted
Capital Account Deficit” means, with respect to any Member, the deficit balance, if any, in such Member’s Capital
Account as of the end of the relevant year, after giving effect to the following adjustments:

 

(a)
Credit to such Capital Account of any amounts which such Member is obligated to restore pursuant to the penultimate sentences
in Regulations Sections 1.704-2(g)(1) and 1.704- 2(i)(5); and

 

(b)
Debit to such Capital Account the items described in Regulations Sections 1.704- 1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) and
1.704-1(b)(2)(ii)(d)(6).

 

The
foregoing definition of Adjusted Capital Account Deficit is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d)
and shall be interpreted consistently therewith.

 

“Affiliate”
means, with respect to any Person to which it refers, any other Person that, directly or indirectly through one or more intermediaries,
Controls or is Controlled by, or is under common Control with, such subject Person.

 

“Affiliate
Indemnitor” has the meaning set forth in Section 7.5(c).

 

“Agreement”
has the meaning set forth in the introductory statement of this document.

 

    	35

     

    

 

“Available
New Securities” has the meaning set forth in Section 2.4(c).

 

“Available
Units” has the meaning set forth in Section 9.1(b).

 

“Bankruptcy”
means, with respect to any Person, the occurrence of any of the events contemplated by Section 18-304 of the Delaware Act with
respect to such Person.

 

“Board”
means the group of Managers with full, exclusive and complete authority and discretion in the management of the Company’s
affairs as more specifically set forth in Article VI.

 

“Business
Day” means any day or part of a day on which the New York Stock Exchange is open for business.

 

“Business
Opportunity” has the meaning set forth in Section 7.3(a).

 

“Cap”
has the meaning set forth in Section 3.1(b)(i)(A).

 

“Capital
Account” means, with respect to any Member, the capital account maintained for such Member in accordance with the following
provisions:

 

(a)
To each Member’s Capital Account there shall be credited (i) such Member’s capital contributions, (ii) such Member’s
distributive share of Net Profits and any items in the nature of income or gain that are specially allocated to such Member pursuant
to Sections 4.5, 4.6 or 4.7, and (iii) the amount of any Company liabilities assumed by such Member or which
are secured by any property distributed to such Member. The principal amount of a promissory note that is not readily traded on
an established securities market and is contributed to the Company by the maker of the note (or an Member related to the maker
of the note within the meaning of Regulations Section 1.704-1(b)(2)(ii)(c)) shall not be included in the Capital Account of any
Member until the Company makes a taxable disposition of the note or until (and to the extent) principal payments are made on the
note, all in accordance with Regulations Section 1.704- 1(b)(2)(iv)(d)(2);

 

(b)
To each Member’s Capital Account there shall be debited (i) the amount of cash and the Gross Asset Value of any property
distributed to such Member pursuant to any provision of this Agreement, (ii) such Member’s distributive share of Net Losses
and any items in the nature of expenses or losses that are specially allocated to such Member pursuant to Sections 4.5,
4.6 or 4.7, and (iii) the amount of any liabilities of such Member assumed by the Company or which are secured by
any property contributed by such Member to the Company;

 

(c)
In the event Units are Transferred in accordance with the terms of this Agreement, the transferee shall succeed to the Capital
Account of the transferor to the extent it relates to the Transferred Units; and

 

(d)
In determining the amount of any liability for purposes of subparagraphs (a) and (b) above, there shall be taken into account
Code Section 752(c) and any other applicable provisions of the Code and Regulations.

 

    	36

     

    

 

The
foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to
comply with Regulations Section 1.704-1(b) and shall be interpreted and applied in a manner consistent with such Regulations.
In the event the Board shall determine that it is prudent to modify the manner in which the Capital Accounts, or any debits or
credits thereto (including, without limitation, debits or credits relating to liabilities which are secured by contributed or
distributed property or which are assumed by the Company or any Members), are computed in order to comply with such Regulations,
the Board may make such modification, provided it is not likely to have a material effect on the amounts distributed to any Person
pursuant to this Agreement upon the dissolution of the Company. The Board also shall (i) make any adjustments that are necessary
or appropriate to maintain equality between the Capital Accounts of the Members and the amount of capital reflected on the Company’s
balance sheet, as computed for book purposes, in accordance with Regulations Section 1.704- 1(b)(2)(iv)(q), and (ii) make any
appropriate modifications in the event unanticipated events might otherwise cause this Agreement not to comply with Regulations
Section 1.704-1(b).

 

“Capitalization
Schedule” has the meaning set forth in Section 2.1.

 

A
“Change of Control” means, with respect to any Person that is an entity, the consummation of a transaction
or series of transactions pursuant to which any “person” or “group” (as such terms are used in Sections
13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), becomes the beneficial owner, directly or indirectly, of
equity in such Person representing a majority of the total voting power of then-outstanding equity of such Person entitled to
vote generally in the election of (or otherwise appoint or designate) the Person’s directors, managers or other similar
management.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Company”
has the meaning set forth in the introductory statement of this document.

 

“Company
Entity” means the Company and each Subsidiary.

 

“Company
Liabilities” means the Company’s obligation or need (as determined by the Board) in the regular course of business
to (a) pay expenses, (b) establish reserves and pay liabilities of the Company, (c) fund the Company’s indemnification obligations
hereunder, and (d) meet any other need or obligation that the Board may determine.

 

“Company
Minimum Gain” means “partnership minimum gain” as defined in Regulations Section 1.704-2(b)(2) and determined
in accordance with Regulations Section 1.704-2(d).

 

“Company
Representative” has the meaning set forth in Section 14.2.

 

“Confidential
Information” means (a) the identity of the parties of this Agreement and the terms of this Agreement, and (b) all proprietary
or confidential business, financial, technical and other information of any Company Entity (whether in written, oral or electronic
form) relating to a Company Entity or any of its Affiliates, including but not limited to all product and service specifications,
marketing and business plans, customer and competitor information, supplier information, pricing information, business arrangements
with third parties, know-how, trade secrets and other intellectual property, investment and performance history, assets, policies,
plans, strategies, methods and procedures. Confidential Information shall not include any information belonging to a Member that
was independently developed by such Member.

 

“Control”
(including the terms “Controlled by” and “under common Control with”) means the possession,
directly or indirectly, of the power to direct or cause the direction of the management policies or affairs of a Person, whether
through ownership of voting securities, by contract, as executor or trustee, or otherwise. The existence and possession of Control
with respect to a Person shall be determined by the Board, provided that a Person’s ownership, directly or indirectly, of
more than 50% of the voting power or the value of another Person shall be deemed to constitute Control of such Person.

 

    	37

     

    

 

“Damages”
has the meaning set forth in Section 7.4(a).

 

“Delaware
Act” means the Delaware Limited Liability Company Act, as amended.

 

“Depreciation”
means, for any given Fiscal Year, an amount equal to the depreciation, amortization, or other cost recovery deduction allowable
with respect to an asset of the Company for such year, except that if the Gross Asset Value of an asset differs from its adjusted
basis for U.S. federal income tax purposes at the beginning of such year, Depreciation shall be an amount which bears the same
ratio to such beginning Gross Asset Value as the U.S. federal income tax depreciation, amortization, or other cost recovery deduction
for such year bears to such beginning adjusted tax basis; provided, however, that if the adjusted basis for U.S.
federal income tax purposes of an asset at the beginning of such year is zero, Depreciation shall be determined with reference
to such beginning Gross Asset Value using any reasonable method selected by the Board.

 

“Dispute
Parties” has the meaning set forth in Section 13.1(a).

 

“Economic
Interest” means the proprietary interest of a Member in the capital, income, losses, credits, and other economic rights
and interests of the Company, including the right of the Member to receive distributions from the Company. For the avoidance of
doubt, an Economic Interest also represents a “limited liability company interest” as defined in Section 18-101(8)
of the Delaware Act.

 

“Event
of Dissolution” has the meaning set forth in Section 15.2.

 

“Excluded
Securities” means:

 

(a)
The Units issued on the date hereof;

 

(b)
Units issuable upon a split, combination or other similar capitalization event with respect to the Company that is approved by
the Board;

 

(c)
Units issued or issuable pursuant to the acquisition of another business or the consummation of a joint venture, in each case
that is approved by the Board;

 

(d)
Units issued or issuable in connection with a collaboration, license, development, marketing or other similar agreement or strategic
partnership approved by the Board;

 

(e)
Securities of a wholly owned Subsidiary issued to the Company or another wholly owned Subsidiary of the Company;

 

(f)
Securities issued in a conversion of the Company into another form of business entity other than a limited liability company;
and

 

(g)
Any other securities to be issued by the Company or any other Company Entity that are excluded with the approval of the Board.

 

“Exculpated
Party” has the meaning set forth in Section 7.4(b).

 

“Fiscal
Year” has the meaning set forth in Section 4.1.

 

“Funding
Member” has the meaning set forth in Section 3.1(b)(i)(B).

 

    	38

     

    

 

“Gross
Asset Value” means, with respect to any asset, the asset’s adjusted basis for U.S. federal income tax purposes,
except as follows:

 

(a)
The initial Gross Asset Value of any asset contributed by an Member to the Company shall be the gross fair market value of such
asset, as determined by the Board;

 

(b)
The Gross Asset Values of all Company assets shall be adjusted to equal their respective gross fair market values (taking Code
Section 7701(g) into account), as determined by the Board as of the following times: (i) the acquisition of additional Units in
the Company by any Person in exchange for more than a de minimis capital contribution or upon the exercise of an option;
(ii) the distribution by the Company to an Member of more than a de minimis amount of Company property as consideration for Units;
(iii) the grant of an interest in the Company (other than a de minimis interest) as consideration for the provision of
services to or for the benefit of the Company; and (iv) liquidation of the Company within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g);

 

(c)
The Gross Asset Value of any item of Company assets distributed to any Member shall be adjusted to equal the gross fair market
value (taking Code Section 7701(g) into account) of such asset on the date of distribution as determined by the Board; and

 

(d)
The Gross Asset Values of Company assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of
such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into
account in determining Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m) and subparagraph (f) of the definition
of “Net Profits” and “Net Losses” or Section 4.10; provided, however, that Gross
Asset Values shall not be adjusted pursuant to this subparagraph (d) to the extent that an adjustment pursuant to subparagraph
(b) is required in connection with a transaction that would otherwise result in an adjustment pursuant to this subparagraph (d).

 

If
the Gross Asset Value of an asset has been determined or adjusted pursuant to subparagraph (b) or (d), such Gross Asset Value
shall thereafter be adjusted by the Depreciation taken into account with respect to such asset, for purposes of computing Net
Profits and Net Losses.

 

“Incapacity”
means, with respect to any natural person, the determination that such natural person lacks the capacity to manage his or her
affairs or make decisions regarding himself or herself, his or her family or his or her property, as agreed to by such person,
as determined by a court of competent jurisdiction, or as reasonably determined by the Board.

 

“Indemnitee”
has the meaning set forth in Section 7.5(a).

 

“Initial
Acceptance Period” has the meaning set forth in Section 2.4(b).

 

“Initial
Refusal Right Acceptance Period” has the meaning set forth in Section 9.1(b).

 

“Interest”
means all of an Member’s rights and obligations as an Member in the Company, including (a) any Economic Interest, (b) any
right to participate in the management or approve actions proposed by persons responsible for the management of the Company, and
(c) any right to inspect the books and records of or receive information from the Company.

 

“Implied
Transaction Value” means, with respect to any Unit, the value of such Unit determined as if the Company were to be liquidated
for proceeds with a value equal to the total value for the Company implied by the purchase price set forth in the applicable Tag-Along
Notice and assuming such proceeds were then distributed by the Company to the Members in a total liquidation in accordance with
the terms hereof.

 

    	39

     

    

 

 

“Liens”
means any mortgage, pledge, hypothecation, rights of others, claim, security interest, encumbrance, title defect, title retention
agreement, voting trust agreement, interest, option, lien, charge or similar restrictions or limitations, including any restriction
on the right to vote, sell or otherwise dispose of any security or asset.

 

“Manager”
has the meaning set forth in Section 6.1.

 

“Managing
Member” has the meaning set forth in Section 3.2.

 

“Member”
means a member of the Company, as such term is used in Section 18-101(11) of the Delaware Act.

 

“Member
Accepted Units” has the meaning set forth in Section 9.1(b).

 

“Member
Loan” has the meaning set forth in Section 3.1(b)(i)(B).

 

“Misconduct”
means, with respect to a Person, that a court of competent jurisdiction has made a final determination without further opportunity
for appeal that such Person has committed an act or omission in connection with the management and operation of the Company that
constitutes actual fraud, gross negligence, willful misconduct or a material breach of this Agreement. Unless there is a specific
finding that Misconduct has occurred (or where such a finding is an essential element of a judgment or order), the termination
of any Proceeding by judgment, order or settlement, or upon a plea of nolo contendere or its equivalent, shall not, by itself,
create a presumption for the purposes of this Agreement that the Person in question committed Misconduct. Notwithstanding anything
to the contrary contained herein, an act or omission taken by a Person in connection with the management and operation of the
Company shall not constitute Misconduct if such act or omission is (a) in the reasonable judgment of such Person, necessitated
by any applicable law, rule, request or regulation or order of any court or administrative agency, or (b) made in compliance with
the terms of this Agreement.

 

“NASCAR”
means National Association for Stock Car Auto Racing, Inc., a Florida corporation.

 

“NASCAR
License Agreement” means the Letter of Intent, dated December 6, 2018, among NASCAR, the RTAP Member and the 704Games
Member until such time as it is terminated or superseded by a separate “License Agreement” as contemplated therein,
in either case pursuant to which NASCAR has (i) granted to the Company a right and license to use certain names, trademarks, trade
names, service marks, trade dress, and logos of NASCAR (“NASCAR Marks”) for purposes of advertising, marketing
and promoting the ELeague and ELeague events, and (ii) committed to execute certain expected deliverables as enumerated therein.

 

“Net
Capital Contributions” means, with respect to a Member as of any given time, an amount equal to:

 

(a)
The aggregate value of the cash capital contributions made by such Member to the
Company, on or after the date hereof, with respect to its Units as of such time, which (i) for the RTAP Member shall include any
third party documented out-of-pocket expenses actually incurred in connection with the drafting and negotiation of this Agreement,
the ETeam Agreement, and the other agreements and materials related to the formation of the ELeague up to an amount of $50,000
unless any such excess has been approved by a Supermajority of the Board, and (ii) for the 704Games Member, its cash Capital Commitment
contributions and its reasonable, verifiable and direct out-of-pocket ELeague-specific programming/technology costs incurred in
connection with the services provided pursuant to Section 3.2, but only if such costs are necessary for ELeague play (as
opposed to NASCAR Heat video game play), and are approved by the Board (pursuant to its approval of the applicable Operating
Plan or by separate approval); minus

 

    	40

     

    

 

(b)
The aggregate amount of the cash and the fair market value of the assets distributed by the Company to such Member with respect
to such Member’s Units pursuant to Section 5.4(a) as of such time.

 

“Net
Profits” or “Net Losses” means, with respect to any Fiscal Year, an amount equal to the Company’s
taxable income or loss for such year, determined in accordance with Code Section 703(a) (for this purpose, all items of income,
gain, loss, or deduction required to be stated separately pursuant to Code Section
703(a)(1) shall be included in taxable income or loss), with the following adjustments (without duplication):

 

(a)
Any income of the Company that is exempt from U.S. federal income tax and not otherwise taken into account in computing Net Profits
or Net Losses pursuant to this definition of “Net Profits” and “Net Losses” shall be added to such taxable
income or loss;

 

(b)
Any expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant
to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Profits or Net Losses pursuant
to this definition of “Net Profits” and “Net Losses” shall be subtracted from such taxable income or loss;

 

(c)
In the event the Gross Asset Value of any Company asset is adjusted pursuant to subparagraphs (b) or (c) of the
definition of Gross Asset Value, the amount of such adjustment shall be treated as an item of gain (if the
adjustment increases the Gross Asset Value of the asset) or an item of loss
(if the adjustment decreases the Gross Asset Value of the asset) from the disposition
of such asset and shall be taken into account for purposes of computing Net Profits or Net Losses;

 

(d)
Gain or loss resulting from any disposition of property with respect to which gain or loss is recognized for U.S. federal income
tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted
tax basis of such property differs from its Gross Asset Value;

 

(e)
In lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income
or loss, there shall be taken into account Depreciation for such year, computed in accordance with the definition of Depreciation;

 

(f)
To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Code Section 734(b) is required, pursuant
to Regulations Section 1.704- (b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as a result of a distribution
other than in liquidation of a Member’s interest in the Company, the amount of such adjustment shall be treated as an item
of gain (if the adjustment increases
the basis of the asset) or loss (if the adjustment decreases such basis) from the
disposition of such asset and shall be taken into account for purposes of computing Net Profits or Net Losses; and

 

    	41

     

    

 

(g)
Notwithstanding any other provision of this definition, any items that are specially allocated pursuant to Sections 4.5,
4.6 or 4.7 shall not be taken into account in computing Net Profits or Losses.

 

The
amounts of the items of Company income, gain, loss or deduction available to be specially allocated pursuant to Sections 4.5,
4.6 or 4.7 shall be determined by applying rules analogous to those set forth in subparagraphs (a) through (f) above.

 

“Nonrecourse
Deductions” has the meaning set forth in Regulations Section 1.704-2(b)(1) and 1.704-2(i)(2).

 

“Nonrecourse
Liability” has the meaning set forth in Regulations Section 1.704-2(b)(3).

 

“Notice
of Transfer” has the meaning set forth in Section 9.1(a).

 

“NTP
Rights Agreement” means that certain Amended and Restated Distribution and License Agreement between the 704Games Member
and NASCAR Team Properties (“NTP”) as of August 1, 2018, as amended, and including any extensions and/or renewals
thereof, pursuant to which NTP licensed to the 704Games Member the exclusive right to utilize certain intellectual property rights
of NASCAR and NASCAR Cup Series competitors to (i) develop, manufacture and commercially exploit NASCAR- branded video games (e.g.
the NASCAR Heat video game series) intended to replicate authentic NASCAR-sanctioned racing competition rules and structure
(including but not limited to points standings calculation, schedule, multiple national series, inclusion of NASCAR-sanctioned
tracks, race duration and which includes 12 or more active drivers, etc.) and (ii) create and administer Esports competitions
based upon such aforementioned video games. For purposes of this Agreement, the NTP Rights Agreement shall be deemed to include
any subsequent or substitute agreement between NTP and the 704Games Member (or their respective affiliates, successors or assigns)
relating to the rights granted in the NTP Rights Agreement.

 

“Offer
Notice” has the meaning set forth in Section 2.4(a).

 

“Officer”
has the meaning set forth in Section 6.8(a).

 

“Open
Issuance Period” has the meaning set forth in Section 2.4(d).

 

“Open
Transfer Period” has the meaning set forth in Section 9.1(c).

 

“Operating
Plan” has the meaning set forth in Section 3.2.

 

“Ordinary
Course of Business” means, with respect to any Company Entity, an action taken by such Company Entity that (a) is consistent
with the past practices of such Company Entity and is taken in the ordinary course of
the normal day-to-day operations of such Company Entity, and (b) is similar in nature and magnitude to actions customarily taken,
without any authorization by the board of directors (or by any Person or group of Persons exercising similar authority), in the
ordinary course of the normal day-to-day operations of other Persons that are in
the same line of business as such Company Entity.

 

“Other
Business” has the meaning set forth in Section 7.3(b).

 

“Member
Nonrecourse Debt” has the same meaning as the term “partner nonrecourse debt” in Regulations Section 1.704-2(b)(4).

 

    	42

     

    

 

“Member
Nonrecourse Debt Minimum Gain” means an amount, with respect to each Member Nonrecourse Debt, equal to the Company Minimum
Gain that would result if such Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with
Regulations Section 1.704- 2(i)(3).

 

“Member
Nonrecourse Deductions” has the same meaning as the term “partner nonrecourse deductions” in Regulations
Sections 1.704-2(i)(l) and 1.704-2(i)(2).

 

“Person”
means and includes a natural person, corporation, partnership, association, limited liability company, trust, estate, or other
entity.

 

“Preemptive
Offer” has the meaning set forth in Section 2.4(a).

 

“Pro
Rata Share” means:

 

(a)
Preemptive Right. With respect to a Preemptive Offer made to a Member under
Section 2.4, the quotient (expressed as a percentage) obtained by dividing (i) the total number of outstanding Units held
by such Member on the first day of the Acceptance Period, by (ii) the total number
of outstanding Units on the first day of the Acceptance Period;

 

(b)
Right of First Refusal. With respect to the exercise of a Member’s right
of first refusal under Section 9.1, the quotient (expressed as a percentage) obtained by dividing (i) the
total number of outstanding Units held by such Member on the first day of
the Refusal Right Acceptance Period, by (ii) the total number of outstanding Units on the first day of the Refusal Right Acceptance
Period; and

 

(c)
Tag-Along Right. With respect to a Person’s percentage share of the
total purchase price to be paid by buyer(s) in a Tag-Along Transaction under Section 9.2, an amount equal to the quotient
(expressed as a percentage) obtained by dividing (i) the total Implied Transaction Value of
the Units that such Person intended or elected to sell in such transaction (e.g., the Implied Transaction Value
of the Units to be sold by the Tag-Along Member or the
Implied Transaction Value of the Tag-Along Participation Amount of an exercising
Member), by (ii) the total Implied Transaction Value of all Units that all Persons
intended or elected to sell in such transaction (e.g., the Implied Transaction Value of the
Units to be sold by the Tag-Along Member and the Implied Transaction Value
of the Tag-Along Participation Amount of all exercising Members).

 

“Proceeding”
has the meaning set forth in Section 7.5(a).

 

“Refusal
Right Acceptance Period” has the meaning set forth in Section 9.1(b).

 

“Regulations”
means the regulations promulgated by the U.S. Department of the Treasury pursuant to and in respect of provisions of the Code.
All references herein to sections of the Regulations shall include any corresponding provision or provisions of succeeding, similar,
substitute, proposed or final Regulations.

 

“Regulatory
Allocations” has the meaning set forth in Section 4.7.

 

“RTAP
Member” means RTA Promotions, LLC, a North Carolina limited liability company, together with its permitted Transferees.

 

    	43

     

    

 

“Sale”
means, with respect to any entity:

 

(a)
The acquisition of securities in such entity (whether from such entity or the owners thereof) by any “person” or “group”
(as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act
of 1934, as amended) by means of any transaction or series of related transactions (including, without limitation, any equity
acquisition, reorganization, merger or consolidation), other than a transaction or series of related transactions in which the
beneficial owners of the outstanding securities of such entity on a fully-diluted
basis immediately prior to such transaction or series of related transactions continue to retain, in substantially the same proportion
of ownership as prior to the transaction or series of related transactions (either by such securities remaining outstanding or
by such securities converting into securities of the surviving entity), at least a majority of both the total voting power and
the total economics associated with the outstanding securities of such entity or such surviving entity on a fully-diluted basis
immediately after such transaction or series of related transactions; or

 

(b)
The sale, lease, transfer, exclusive license, conveyance or other disposition, in a single transaction or series of related transactions,
by such entity or one or more direct or indirect subsidiaries thereof, of all or substantially all of the
assets of such entity and its subsidiaries taken as a whole, or the sale or
disposition (whether by merger or otherwise) of one or more direct or
indirect subsidiaries of such entity if all or substantially all of the assets of such entity and its subsidiaries taken
as a whole are held by such subsidiary or subsidiaries, except in each case where such sale, lease, transfer, exclusive license,
conveyance or other disposition is to a direct or indirect wholly owned subsidiary
of such entity.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Seller”
has the meaning set forth in Section Error! Reference source not found..

 

“Subsidiary”
means, with respect to the Company, any other Person that, directly or indirectly through one or more intermediaries, is Controlled
by the Company.

 

“Tag-Along
Member” has the meaning set forth in Section 9.2(a).

 

“Tag-Along
Notice” has the meaning set forth in Section 9.2(a).

 

“Tag-Along
Participation Amount” has the meaning set forth in Section 9.2(c).

 

“Tag-Along
Period” has the meaning set forth in Section 9.2(b).

 

“Tag-Along
Right” has the meaning set forth in Section 9.2(b).

 

“Tag-Along
Transaction” has the meaning set forth in Section 9.2(a).

 

“Target
Capital Account” means an amount, determined with respect to each Member, equal to (a) the hypothetical distributions
such Member would receive pursuant to Section 5.4 if (i) each asset of the Company (other than cash) was sold for an amount
of cash equal to such asset’s Gross Asset Value as of the end of the applicable Fiscal Year, (ii) each liability of the
Company was satisfied in cash in accordance with its terms (limited, with respect to each “Non-recourse liability,”
as defined in Section 1.704-2(b)(3) of the Regulations, to the Gross Asset Value of the asset or assets securing such Non- recourse
liability), and (iii) all remaining cash of the Company (including the net proceeds of such hypothetical transactions and all
cash otherwise available after the hypothetical satisfaction of all the aforementioned liabilities) were distributed in full to
the Members pursuant to Section 5.4; minus (b) if upon such hypothetical liquidation, instead of receiving a distribution
such Member would be obligated to make a capital contribution to the Company or would otherwise be
liable for the obligations of the Company, an amount equal to such hypothetical contribution obligation or liability (taking
into consideration any similar contribution obligations or liabilities of other Members so that their respective Capital Account
balances correspond as closely as possible to the manner in which economic responsibility for such items would be borne by the
Members under the terms of this Agreement and applicable law); minus (c) the
sum of (i) the amount of such Member’s share of partnership minimum gain (as defined in Regulations Sections 1.704-2(g)(1)
and (3)) and (ii) the amount of such Member’s share of partner nonrecourse
debt minimum gain (as defined in Regulations Section 1.704-2(i)(5)).

 

“Tax
Distribution” has the meaning set forth in Section 5.6.

 

“Tax
Year” has the meaning set forth in Section 4.1.

 

“Transfer”
means any sale, conveyance, pledge, donation, hypothecation, encumbrance, disposition, transfer (including, without limitation,
a transfer by divorce or by will or intestate distribution or in connection with
an equitable distribution), gift or attempt to create or grant a security interest in any security or interest therein or portion
thereof, whether voluntary or involuntary, by operation of law or otherwise, and any contract to do any of
the foregoing. A Change of Control of a Member shall be deemed to constitute a Transfer of
such Member’s Units. Notwithstanding the foregoing, a pledge of only an Economic Interest in a Member’s Units
shall not constitute a Transfer; provided, that the Member provides notice of such pledge to the Board.

 

“Units”
means the increments by which Interests are expressed.

 

[remainder
of this page intentionally left blank]

 

    	44

     

    

 

IN
WITNESS WHEREOF, this Agreement is hereby executed under seal as of the day and year first above written.

 

	RACING
    PRO LEAGUE, LLC	 	RTA
    Promotions, LLC
	 	 	 
	By:
    	704Games
    Company, its Managing Member	 	 	 
	 	 	 	 	 
	By:
    	 /s/
    Dmitry Kozko 	 	By:	 /s/
    Jonathan S. Marshall 
	Name:
    	Dmitry
    Kozko	 	Name:
    	Jonathan
    Marshall
	Title:	CEO	 	Title:
    	Executive
    Director
	Address:	 

        5972
        NE 4th Ave

        Miami,
        FL 33137

        USA
	 	Address:	 

        701
        North Church Street, Unit 1

        Charlotte,
        NC 28202

	Email:
    	dk@motorsport.com	 	Email:
    	jsm@raceteamalliance.com
	 	 	 	 	 
	704Games
    Company	 	 	 
	 	 	 	 
	By:
    	 /s/
    Dmitry Kozko 	 	 	 
	Name:
    	Dmitry
    Kozko	 	 	 
	Title:	CEO	 	 	 
	Address:	 

        301
        Camp Road, Suite 104.

        Charlotte,
        NC 28206
	 	 	 
	Email:
    	dk@motorsport.com,
    	 	 	 
	stephen.hood@motorsport.com,
    legal@motorsport.com	 	 	 

 

	 	EACH
                                         OTHER MEMBER SHALL BECOME A PARTY TO THIS AGREEMENT BY EXECUTING THE JOINDER CERTIFICATE
                                         ATTACHED HERETO AS EXHIBIT B, WHICH SHALL BE ATTACHED TO THIS AGREEMENT AND CONSTITUTE
                                         A PART HEREOF.

 

    	 

     

    

 

EXHIBIT
A

 

CAPITALIZATION
SCHEDULE

 

	Member	 	Units	 
	RTA Promotions, LLC	 	 	100,000	 
	704Games Company	 	 	100,000	 
	Total	 	 	200,000	 

 

    	 

     

    

 

EXHIBIT
B

 

JOINDER
CERTIFICATE

 

[certificate
follows this page]

 

    	 

     

    

 

JOINDER
CERTIFICATE

 

RACING
PRO LEAGUE, LLC

(a
Delaware Limited Liability Company)

 

By
signing this Joinder Certificate, the undersigned accepts and agrees to be a party to and bound by the terms and provisions of
the Limited Liability Company Agreement of RACING PRO LEAGUE, LLC, dated effective as of March 1, 2019, as it may be amended
from time to time.

 

The
undersigned is executing this Joinder Certificate in its capacity as Member.

 

		Dated:	_____________________________.	 

 

	 	PLEASE
    SIGN BELOW IF A NATURAL PERSON *
	 	 
	 	By:
    	 
	 	Name:
    	 
	 	Address:	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 		 
	 	Email:
    	 

 

	 	PLEASE
                                         SIGN BELOW IF NOT A NATURAL PERSON

                                                                      

	 	Entity
    Name:______________________________________
	 	By:
    	 
	 	Name:	                                                                      
	 	Title:
    	 
	 	Address:	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	Email:
    	 

 

*
If the signatory is a natural person, married and acquiring or holding an ownership interest in the company, such natural person’s
spouse must execute and deliver to the company a spousal consent in a form provided by the company as a condition to the effectiveness
of this joinder certificate.

 

    	 

     

    

 

EXHIBIT
C

 

MATTERS
REQUIRING BOARD APPROVAL

 

Supermajority
of the Board

 

	1.
    	The
    creation, authorization, designation, reclassification, modification, issuance or sale of any class or series of any securities
    of any Company Entity or any “phantom” equity or equity appreciation rights in any Company Entity;
	 	 
	2.
    	The
    admission of any Person as a member of any Company Entity or withdrawal of any Person as a member of
    any Company Entity (except relating to a Sale unanimously approved by the Members);
	 	 
	3.
    	The
    redemption or repurchase of any securities in any Company Entity;
	 	 
	4.	Any
    Transfer of Units (other than a Transfer pursuant to Section 8.3 (Transfer
    upon death) or a Sale unanimously approved by the Members) or waiver of the application
    of Article IX with respect to a Transfer;
	 	 
	5.
    	The
    filing or consent to the filing of a petition for or against any Company Entity under any U.S. federal or state bankruptcy,
    insolvency or reorganization act;
	 	 
	6.
    	The
    voluntary dissolution and winding up of any Company Entity, it being understood that, pursuant to Section 15.2, the
    approval of each of the 704Games Member and the RTAP Member (in each case, solely
    to the extent such Person is a Member as of such time) is also required;
	 	 
	7.
    	The
    consummation of a Sale by any Company Entity, except for a Sale of 100% of the Company or substantially all of the assets
    of the Company which shall require unanimous approval of the Members;
	 	 
	8.
    	Any
    transaction between the Company and the 704Games Member, including any fees payable for services provided by the 704Games
    Member to the extent not set forth in the approved Operating Plan;
	 	 
	9.
    	Any
    Capital Call or capital contributions (other than those of the 704Games Member in connection with its Capital Commitment during
    the Commitment Period), including the valuation of the Company and other terms of any issuance of Units to a Member or
    other Person;
	 	 
	10.
    	Any
    change to the number of ETeams available for sale and the terms on which those
    ETeams may be sold;
	 	 
	11.
    	The
    adoption of the Operating Plan for each Fiscal Year and any amendments or modifications thereto; provided, however,
    that if no such Operating Plan for a Company Entity is approved for any Fiscal Year, the last approved Operating Plan for
    such Company Entity shall represent the Operating Plan for such Company Entity for such Fiscal Year (excluding any extraordinary
    and nonrecurring items);
	 	 
	12.
    	The
    making of capital expenditures by any Company Entity in excess of what is contemplated by the then-current Operating Plan;

 

    	 

     

    

 

	13.
    	The
    making of a material change to any Company Entity’s principal line of business or the commencement of any new material
    line of business by any Company Entity that is not contemplated by the then-current Operating Plan;
	 	 
	14.
    	The
    creation, incurrence or assumption of any indebtedness for borrowed money of
    any Company Entity (which shall include for purposes hereof capitalized lease obligations and guarantees or other contingent
    obligations for indebtedness for borrowed money) other than Member Loans and trade payables and accrued expenses incurred
    in the Ordinary Course of Business;
	 	 
	15.
    	Except
    as otherwise permitted by this Agreement, the making of any agreement, contract, obligation, promise or undertaking (whether
    oral or written and whether express or implied) on behalf of any Company Entity
    that requires it to pay amounts in excess of $25,000 individually or $50,000 in the aggregate that is not contemplated by
    the then-current Operating Plan;
	 	 
	16.
    	The
    amendment of a Company Entity’s certificate of formation, limited liability company agreement or other organizational
    and governance documents, including this Agreement;
	 	 
	17.
    	Any
    change to the form of ETeam Agreement;
	 	 
	18.	“Including
    NASCAR”: Entering into, amending, or terminating any agreement for sponsorship, marketing or promotion of the
    ELeague, including any ELeague event; provided, that the Board shall not approve any such agreement with a third party
    that is a sponsor of NASCAR, with respect to its sponsor, or any ETeam (or an affiliate thereof that operates a NASCAR series
    race team), with respect to its sponsor, without the prior written consent of NASCAR or such ETeam, as applicable; and
	 	 
	19.	 Including
    NASCAR”: Any action set forth above that constitutes a change to the Competition Structure.
	 	 
	Majority
    of the Board
	 	 
	20.
    	“Including
    NASCAR”: Any changes to the Competition Structure, other than as set forth above as requiring Supermajority
    approval;
	 	 
	21.
    	“Including
    NASCAR”: Entering into, amending, or terminating any agreement for the broadcast or streaming of any ELeague
    event(s);
	 	 
	22.
    	Any
    use of the NASCAR Marks in advertising and promotion of the ELeague pursuant to the NASCAR License Agreement, which shall
    be “Including NASCAR” with respect to any such use outside of the normal course of
    the Company’s administrative and non-consumer facing common and customary business practices in its use of the
    NASCAR Marks, such as, without limitation, sales and promotional materials, all based upon previously approved mock-ups as
    reviewed and approved by a Supermajority of the Advisory Board, such approval not to be unreasonably withheld, conditioned
    or delayed;
	 	 
	23.
    	Any
    requested consent to a sale, transfer or change of control of an ETeam or other
    assignment of an ETeam’s rights under its applicable ETeam Agreement;
	 	 
	24.
    	Any
    amendment an ETeam Agreement or waiver of the Company’s rights or an ETeam’s obligations under an ETeam Agreement;

 

    	2

     

    

 

	25.
    	The
    creation of any new Company Entity;
	 	 
	26.
    	The
    appointment of any officer of any Company Entity;
	 	 
	27.
    	The
    declaration or payment of any dividends, distributions or other similar payments by any Company Entity to its owners;
	 	 
	28.
    	The
    repayment of any outstanding indebtedness of any Company Entity except when due in accordance with its terms or to the extent
    set forth in the then current Operating Plan;
	 	 
	29.
    	The
    mortgage, encumbrance, creation or incurrence of any Liens on any Company Entity’s assets other than: (i) in connection
    with indebtedness approved by Supermajority of the Board; (ii) imposed by law (such as Liens of carriers, warehousemen, mechanics,
    materialmen and landlords), and other similar Liens incurred in the Ordinary Course of Business for a Company Entity, for
    sums not constituting borrowed money and that are not overdue for a period of more than 30 days; (iii) Liens for taxes, assessments
    or other governmental charges or statutory obligations that are not delinquent or remain payable without penalty; and (iv)
    purchase money security interests with respect to equipment and other personal property acquired in the Ordinary Course of
    Business for the Company Entity, provided the Company Entity complies with the other provisions of this Exhibit C;
	 	 
	30.
    	The
    (i) hiring of any employee, or the engagement of any consultant, independent contractor or other Person who shall provide
    services to any Company Entity, to whom the Company Entity would pay more than $50,000 in any 12-month period, (ii) the appointment
    of a chief executive officer, chief financial officer or other C-suite executives for any Company Entity, or (iii) the modification,
    amendment or termination of any existing employment or other similar service arrangement with any Person contemplated by clauses
    (i) or (ii), unless relating to a modification or amendment made in the Ordinary Course of
    Business;
	 	 
	31.
    	The
    adoption of or increase in the payments or benefits payable under any profit-sharing, bonus, deferred compensation, savings,
    insurance, pension, retirement or other employee benefit plan for or with any employees or other service providers of any
    Company Entity;
	 	 
	32.
    	The
    initiation of a lawsuit by any Company Entity, the confession of any judgment against any Company Entity, or the settlement
    of any uninsured loss of a Company Entity;
	 	 
	33.
    	The
    conversion of any Company Entity into another form of business entity or into an entity organized under a jurisdiction other
    than its then-current jurisdiction of organization;
	 	 
	34.
    	The
    consummation of any joint venture by any Company Entity with another Person, an investment by any Company Entity in another
    Person (excluding wholly owned Subsidiaries), or the acquisition of substantially all of the assets or securities of another
    Person (excluding wholly owned Subsidiaries) and not requiring consent of a Supermajority of the Board;
	 	 
	35.
    	The
    making of any change to any accounting policy of any Company Entity that would deviate from GAAP;
	 	 
	36.
    	The
    approval of any ETeam sponsorship;
	 	 
	37.
    	“Including
    NASCAR”: Specific categories, types and brands of sponsors associated with ETeam sponsorships in the ELeague,
    subject to the provisions of the NASCAR License Agreement; and
	 	 
	38.
    	Other
    actions expressly described herein that require the approval of the Board.

 

    	3

     

    

 

EXHIBIT
D

 

ELEAGUE
STRUCTURE

 

The
ELeague will initially be structured to include up to a total of thirty-two (32) teams competing in the ELeague competitive events
(each an “ETeam”). ETeam ownership will be memorialized through a standard contract adopted by the Board and
entered into between the Company and the respective ETeam owner (the “ETeam
Agreement”). Notwithstanding the foregoing, the Company anticipates that the ELeague will have between twelve (12) and
sixteen (16) ETeams when it launches, which will be made up of ETeams owned by current members of the
RTAP Member (“RTAP Member Teams”) as well as Person(s) that are not current members of the
RTAP Member (“Non-RTAP Member Teams”) as follows:

 

	 	(a)	Each
    of the twelve (12) RTAP Member Teams will be offered one (1) ETeam at no cost
    in return for specific ELeague support obligations as outlined herein (RTAP Member Teams will not be required to accept an
    ETeam – only those that enter into an ETeam Agreement (as defined below) will receive an ETeam).
	 	 	 
	 	(b)	Once
    all RTAP Member Teams have notified the Company whether they are willing to enter into an ETeam Agreement or are otherwise
    declining the offer, the remaining open ETeams of the first “up to sixteen
    (16)” in the initial offering will be offered in the following order of preference:

 

	 	(i)	 First,
    to Non-RTAP Member Teams who hold a NASCAR Cup Series charter agreement;
	 	 	 
	 	(ii)
    	Second,
    provided that there is at least one (1) of the original sixteen (16) ETeams available,
    then one (1) ETeam will be offered to JR Motorsports; and
	 	 	 
	 	(iii)
    	Third,
    if any open ETeams remain after application of (i) and (ii) above, then any remaining
    ETeams of the original sixteen (16) ETeams shall be offered to the other race teams that compete on a full-time basis in one
    of any of the Cup, Xfinity or Truck series of races sanctioned by NASCAR.

 

	 	(c)
    	The
    sale of any ETeam as provided in subsection (i), (ii) or (iii) above shall be at the Additional Team Price (as defined below).
	 	 	 
	 	(d)	At
    some time in the future, as the Board shall determine, additional ETeams may be sold at the Additional Team Price.
	 	 	 
	 	(e)
    	The
    term “Additional Team Price” shall mean the ETeam sale price as determined by the Board, which may be
    adjusted from time to time.
	 	 	 
	 	(f)	Notwithstanding
    the foregoing, the Board may change the number of ETeams available for sale from time to time and the terms on which those
    ETeams may be sold.

 

    	4

     

    

 

COMPETITION
STRUCTURE

 

Driver
Draft:

 

	 	(a)	The
    following individuals will be eligible for the initial ELeague Driver Draft:

 

	 	●	The
    top 100 ELeague qualifiers from the NASCAR Heat video game “Tier 2” competition level (50 Xbox players
    and 50 PlayStation players); and
	 	 	 
	 	●	Any
    and all ETeam owner employees who satisfy a certain minimum criterion determined by the Board.

 

	 	(b)
    	704Games
    will track the statistics of the top 100 qualifiers and create a “draft book” of
    eligible drivers for the ETeam owners to review prior to the Driver Draft.
	 	 	 
	 	(c)
    	704Games
    will make commercially reasonable efforts to vet all eligible drivers prior to the Driver Draft.
	 	 	 
	 	(d)
    	Eligible
    drivers will be required to submit a short video of themselves prior to the
    Driver Draft.

 

Schedule
and Gameplay Competition:

 

	 	(a)	Fourteen
    (14) race schedule, with twelve (12) regular season races, a “wild card” race and a Championship finale;
	 	 	 
	 	(b)	Some
    race events may be executed live, in front of a live audience as determined by the Board;
	 	 	 
	 	(c)
    	Races
    will be thirty (30) to forty (40) minutes in duration;
	 	 	 
	 	(d)	Races
    across all three (3) NASCAR-sanctioned national series with two (2) Xfinity Series races, two (2) Gander Outdoors Series truck
    races and twelve (12) Cup Series races, each running in their respective race vehicles;
	 	 	 
	 	(e)	Inclusion
    of all track types: short tracks, speedways, superspeedways and road courses;
	 	 	 
	 	(f)	Exhibition
    races planned for off-weeks;
	 	 	 
	 	(g)
    	Race
    schedule structured to align with NASCAR Series race schedule where appropriate;
	 	 	 
	 	(h)
    	ELeague
    races will be scheduled on a standard weeknight so as to not conflict with iRacing events (and vice versa);
	 	 	 
	 	(i)
    	ELeague
    races to have multiple pit stops for more exciting racing;
	 	 	 
	 	(j)	Common,
    simple point system (similar to the NASCAR Cup Series point system); and
	 	 	 
	 	(k)	At
    the end of the ELeague regular season (after race #12), the top ten (10) ETeams (adding
    together the points earned by both of the ETeams’ eDrivers) qualify for the four (4) race playoff.

 

    	5

     

    

 

EXHIBIT
E

 

704GAMES
DELIVERABLES

 

	●	Annual
    technology and platform development required to build, maintain and operate NASCAR Heat, including underlying source code
    and game engines (including technical oversight of servers, registration, storefront, administration, lobbies and web app).
	 	 
	●	Necessary
    704Games, NASCAR and track licensing rights for use in creating and promoting the ELeague.
	 	 
	●	Motorsport
    Network digital media ELeague promotion (transferred from a commitment of hard assets as part of Motorsport Network’s
    investment in 704Games) of up to $150,000 annually.
	 	 
	●	704Games
    digital media promotion (allocated from 704Games’ digital media marketing budget to promote annual game sales) of up
    to $150,000 annually.
	 	 
	●	Coordination
    with third parties for ELeague broadcast/streaming rights, as well as gaming platform relationships.
	 	 
	●	All
    aspects and costs associated with the production and facilitation of live events (e.g., in-person championship events).
	 	 
	●	Non-cash
    weekly race prizing for winners of the ELeague up to an aggregate value of $10,000
    per year
	 	 
	●	Cash
    amounts as unanimously agreed by the Members for the prize fund, which prize fund the ETeams will also contribute to as mutually
    agreed.
	 	 
	●	Each
    ETeam will be allowed a maximum of four (4) different race vehicle liveries in total for use on its race vehicles per season
    free of charge, to be allocated amongst such ETeam’s race vehicles as determined by the ETeam. Beyond that, any additional
    race vehicle livery update will be charged by 704Games to the applicable ETeam
    (approximate cost is $4,500 per race vehicle livery update).

 

    	6

     

    

 

EXHIBIT
F

 

RTAP
DELIVERABLES

 

	●	Granting
    of ETeam owners’ relevant intellectual property rights to the Company on a non-exclusive basis for promotion and marketing
    of the ELeague.
	 	 
	●	Full-year
    commitment and participation of an ETeam will consist of resources to support
    two (2) race cars/EDrivers (one for each gaming platform of Xbox and PlayStation) throughout each season (including draft
    and the race schedule, or such other event schedule as determined by the Company).
	 	 
	●	Digital/social
    media promotion of ETeam and the ELeague (including on ETeam websites and social media outlets) for approximately twenty (20)
    weeks (ETeams will use reasonable, good faith efforts to include Cup Series driver websites and social media outlets to the
    above).
	 	 
	●	RTAP
    members who own ETeams will also commit (through the end of the 2020 Cup Series season) to utilize the “contingency
    space” on their respective Cup Series race cars at least one (1) Cup Series race to promote the ELeague (to be determined
    by the RTAP Member in its sole discretion but after meaningful consultation with the Company).
	 	 
	●	Facilitation
    of annual ETeam/EDriver agreements, including equivalent payment for services for two (2) EDrivers – payment will be
    capped at Seven Thousand Five Hundred Dollars ($7,500) per EDriver and contributed to the eNHPL prize pool.
	 	 
	●	Payment
    of expenses associated with ETeam participation in the ELeague, including EDriver travel and accommodations when necessary
    (up to $5,000 per EDriver).
	 	 
	●	NASCAR
    Cup Series driver appearances, as well as Team President and/or Team Owner appearances at select ELeague events, subject to
    mutually agreed upon scheduling.
	 	 
	●	Cup
    Series team and ETeam merchandise for weekly ELeague prizing (the “open” tier of competition structure), as mutually
    agreed upon.
	 	 
	●	Cash
    amounts as unanimously agreed by the Members for the prize fund, which prize fund the ETeams will also contribute to as mutually
    agreed.

 

    	7

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