Document:

atec-ex105_209.htm

 

Exhibit 10.5

 

 

ALPHATEC SEVERANCE AGREEMENT

 

	
I.
	
INTRODUCTION

 

This Severance Agreement (the “Agreement”) is entered into as of September 17, 2018 (the “Commencement Date”), by and between Alphatec Spine, Inc., a subsidiary of Alphatec Holdings, Inc. (“AHI”) (collectively, “Alphatec” or the “Company”) and Mark Ojeda (the “Executive”) to provide severance benefits to the Executive in the event his employment is terminated involuntarily under certain circumstances. All benefit determinations under this Severance Agreement and any interpretation of provisions in this Severance Agreement will be made by the Board of Directors of AHI (the “Board”) or its designee in its sole discretion. The Agreement is described in further detail below. 

 

	
II.
	
ELIGIBILITY

 

In the event Executive is terminated involuntarily he will be eligible for severance benefits described in Section III of this Agreement, PROVIDED each of the following requirements is met: 

 

A.      The termination of employment is involuntary.

B.      The termination is not due to retirement, death or disability of the Executive.

C.      The termination of employment is not for “Cause” (as defined below). For purposes of the Agreement, “Cause” shall mean the following: 

 

1.      Executive’s repeated failure to satisfactorily perform Executive’s job duties; 

2.      refusal or failure to follow the lawful directions of Executive's direct supervisor, the Company's Chief Executive Officer or Board, as applicable; 

3.      conviction of, or plea of guilty or nolo contendere to a crime involving moral turpitude; or 

4.      engaging in acts or omissions constituting gross negligence, recklessness or willful misconduct on the part of the Executive with respect to his obligations or otherwise relating to the business of the Company, its affiliates or customers. 

 

The Executive must be provided a period of at least thirty (30) days following receipt of written notice outlining with specificity all acts or omissions that the Company alleges give rise to a termination for cause pursuant to Section II, C. 1 or C.2 immediately above, during which period he may effect a cure of any curable actions or omissions forming the basis for the termination for cause. The Board, will, in its sole discretion, apply the definitions of “Cause” herein to determine if a termination of employment is for “Cause.” 

 

D.      The Executive is not a temporary employee or a new hire who has not yet started to work on a regular, full-time or part-time basis (as appropriate). 

 

 

 

E.      The Executive is not covered under any other severance-type plan, policy, arrangement or agreement that provides severance payments and benefits more favorable in the aggregate to those provided herein. If any such plan, policy, arrangement or agreement exists, the Executive will receive payments and benefits pursuant to that plan, policy, arrangement or agreement and shall not receive any of the severance payments and benefits described herein. In no case will the Executive receive severance payments and benefits under any other such severance-type plan, policy, arrangement or agreement and this Agreement. 

F.      In the event that the Executive is party to a “Change in Control” Agreement with Company that also provides for severance benefits, in the event of a “Change in Control” (as defined therein) the Executive shall not receive benefits under this Agreement, but instead shall receive only the severance benefits provided under such “Change in Control” Agreement (i.e., there shall be no “double-dipping” and only the “Change in Control” Agreement shall apply in such an event). 

G.      The Executive has not agreed in writing to waive severance benefits under this Agreement or otherwise payable from the Company. 

H.      The Executive (or, in the event of the executive’ s death or incapacity, the Executive’s executor, representative or guardian, as applicable) signs and does not revoke a separation agreement and general release of all claims in such form as the Company may from time-to-time reasonably require (“Separation Agreement”). 

I.      The Executive has returned all Company property and equipment that was assigned to, or taken general control of by, him during his tenure with the Company. 

 

If terminated, the Executive must satisfy all of the requirements set forth above in order to receive severance benefits under this Agreement. Eligibility for severance benefits under this Agreement will be determined by the Company upon the Executive’s termination of employment. The Company has full power and authority to interpret the provisions of this Agreement and render decisions on eligibility for benefits. If the Company determines that the Executive satisfies all of the eligibility conditions described above, the Executive will receive severance benefits calculated in accordance with Section III below. The severance benefits will be paid following the Executive’s termination of employment in accordance with the terms set forth below and in the respective Separation Agreement. 

 

	
III.
	
SEVERANCE BENEFITS

A.      Severance Pay and Benefits. The following severance pay and benefits are payable under this Agreement:

 

1.      Severance Pay. The severance pay provided to the Executive if involuntarily terminated under the terms of this Agreement consists of an amount equal to one times (lx) his regular annual base salary. 

 

 

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The amount of severance pay to the Executive shall be based upon the Executive’ s regular annual base salary in effect immediately before the Executive’s termination of employment, determined without regard to any overtime, bonuses, fringe benefits, reimbursements or other irregular payments. The Executive’ s general release of all claims referred to in Section II.H. must be effective no later than the sixtieth (60th) day following the Executive’s termination of employment in order for the Executive to receive any severance pay or benefits under the Agreement. Severance pay will be paid in a single cash lump-sum on the sixtieth (60th) day following the Executive’s termination of employment (or as soon as administratively practicable after such sixtieth (60th day).  

 

2.      Benefits Continuation. Upon an involuntary termination of employment pursuant to which the Executive is entitled to severance pay under Section III.A.1., subject to the Executive’s timely election of continuation coverage under the Consolidated Budget Omnibus Reconciliation Act of 1985, as amended (“COBRA”), the Company will pay the premiums for the Executive for a period of eighteen (18) months based on the level of coverage in effect as of the date of the Executive’s termination. Notwithstanding the foregoing, in the event that the Executive becomes eligible to receive substantially similar or improved medical, dental or vision benefits from a subsequent employer (whether or not the Executive accepts such benefits), the Company’s obligations under this Section III.A.2. shall immediately cease. The Executive will notify the Company of his eligibility for such benefits from a subsequent employer within thirty (30) days of such eligibility. 

 

In the event that the Company’s making payments under this Section III.A.2 would violate nondiscrimination rules or result in the imposition of penalties under the Patient Protection and Affordable Care Act of 2010 (“PPACA”) and related regulations and guidance promulgated thereunder, the parties agree to reform this Section III.A.2. in such manner as is necessary to comply with tax laws and the PPACA, as applicable. 

 

3.      Equity Awards. Upon an involuntary termination of employment pursuant to which the Executive is entitled to severance pay under Section III.A.l., any vested stock option awards held by Executive at the time of his termination will remain exercisable by the Executive for the greater of (i) 90 days following the effective date of the Executive’s termination and (ii) the remaining term of such option award, and all other Company equity awards held by Executive that remain unvested upon the effective date of his termination will be forfeited for no consideration. 

 

	
IV.
	
OTHER PROVISIONS

A.      No Separate Fund. All severance benefits payable under this Agreement are payable from the Company’s general assets. There is no separate trust or fund established for the payment of severance benefits under this Agreement. All amounts payable hereunder shall be less all appropriate deductions, including federal, state and local withholding taxes.

 

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B.Section 409A.

 

1.      It is the intent of the parties that the payments and benefits provided hereunder are exempt from Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), and should be interpreted and construed in such a manner. 

 

2.      “Termination of employment”, “resignation”, “separation from service”, correlative phrases or terms, as used in this Agreement means, for purposes of any payments under this Agreement that are payments of deferred compensation, has the same meaning as “separation from service” as defined in Section 409A. 

 

3.      If a payment obligation under this Agreement arises on account of the Executive’s separation from service while the Executive is a “specified employee” (as defined under Section 409A and determined in good faith by the Board), any payment of “deferred compensation” (as defined under Treasury Regulation Section 1.409A-1 (b)(1), after giving effect to the exemptions in Treasury Regulation Sections 1.409A-1(b)(3) through (b)(12)) that is scheduled to be paid within six (6) months after such separation from service shall accrue with interest and shall be paid within 15 days after the end of the six-month period beginning on the date of such separation from service or, if earlier, within 15 days  after the appointment of the personal representative or executor of the Executive’s estate following his death. 

4.      Each payment and benefit payable under this Agreement, and each other benefit required to be aggregated with the payment and benefits under this Agreement pursuant to Section 409A, is hereby designated as a separate payment, as provided in Treasury Regulation section 1.409A-2(b)(2)(iii), and will not collectively be treated as a single payment. 

C.      Amendment or Waiver. No provisions of this Agreement may be amended, modified, waived or discharged unless Executive and the Company agree to such amendment, modification, waiver or discharge in writing. 

D.      Entire Agreement. This Agreement represents the entire agreement between Executive and the Company with respect to the matters set forth herein and supersedes and replaces any prior agreements in their entirety. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter of this Agreement will be made by either party which are not set forth expressly herein. No future agreement between Executive and the Company may supersede this Agreement, unless it is in writing and specifically makes reference to this Section IV.D. 

E.      Executive’s Successors. This Agreement shall inure to the benefit of and be enforceable by Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If Executive dies while any amounts are still payable hereunder, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to Executive’s devisee, legatee, or other designee or, if there be no such designees, to Executive’s estate. 

 

F.      Headings. All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement. 

G.      Counterparts; Electronic Signatures. This Agreement may be executed (including via electronic signature) in counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument. 

 

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IN WITNESS WHEREOF, this Agreement is executed effective as of the date set forth above.

 

	
Alphatec Holdings, Inc.

	
Alphatec Spine, Inc.

	
 

	
By:
	
 
	
/s/ Craig E. Hunsaker

	
 
	
 
	
Craig E. Hunsaker

	
 
	
 
	
Executive Vice President, People &

	
 
	
 
	
Culture

 

 

	
	
ACCEPTED AND AGREED TO AS 

	
OF THE DATE FIRST SET FORTH

	
ABOVE:

	
 

	
/s/ Mark Ojeda

	
Mark Ojeda

 

-5-Exhibit 10.1

 

May
6, 2020

 

AHG
Entertainment Associates, LLC

700 West Morse Blvd, Ste.220, Winter Park, Florida 32789

Attn:
Gene Harris

 

RE: Binding
Letter of Intent between Esports Entertainment Group, Inc. and AHG Entertainment, LLC

 

This
term sheet and binding letter of intent (the “Letter of Intent”) sets forth the general terms and conditions for a
transaction between AHG ENTERTAINMENT ASSOCIATES, LLC, a limited liability company incorporated under the laws of Florida,
USA, with registered address 700 West Morse Blvd, Ste. 220, Winter Park, Florida 32789 together with its wholly owned subsidiaries,
the AHG Entities (as defined below), hereinafter referred to collectively as (the “Seller”) and ESPORTS
ENTERTAINMENT GROUP, INC., a Nevada corporation with registered address 112 North Curry Street, Carson City, Nevada 89703-4934,
USA (the “Buyer”) whereby, the Buyer will purchase, and the Seller will sell, 100% of the outstanding share
capital (the “Sale Shares”) of LHE Enterprises Limited (“LHE”), a company incorporated under the
laws of Gibralter, a wholly-owned subsidiary of the Seller, (the “Transaction”), pursuant to the terms of a
definitive stock purchase agreement. The Transaction will result in Buyer’s purchase of 100% of the ownership of LHE, including
the LHE Entities. “LHE Entites” means the following wholly-owned subsidiaries of LHE Enterprises Limited:(i)
ARGYLL ENTERTAINMENT AG, a company incorporated under the laws of Switzerland (the “Licensed Company”); (ii)
Argyll Productions Limited, a company incorporated under the laws of England and Whales (the “Services Company”);
and (iii) Nevada Holdings Limited, reg. no. C65659, a company incorporated under the laws of Malta (the “Maltese Company”).
Each of the Buyer and Seller is hereinafter referred to individually as a “Party” and, jointly, as the
“Parties”.

 

The
proposed terms of the Transaction are as follows:

 

1. Definitive
Agreement. Consummation of the Transaction as contemplated hereby will be subject to the negotiation and execution of a mutually
satisfactory definitive stock purchase and/or merger agreement (the “Definitive Agreement”), setting forth
the specific terms and conditions of the Transaction proposed hereby. The closing of the Definitive Agreement (the “Closing”)
is subject to the completion by the Buyer of a satisfactory review of the legal, financial and business conditions of LHE and
the LHE Entities and the approval of Buyer’s board of directors. The Parties will use their commercially reasonable best
efforts to negotiate and execute in good faith the Definitive Agreement by not later than July 3, 2020. The Definitive Agreement
will contain, among other standard terms and conditions, including the following provisions:

 

(a) Buyer
will purchase all of the authorized and outstanding shares of LHE for (i) $1,250,000 in cash (the “Cash Payment”);
(ii) 650,000 shares of Buyer’s restricted common stock (the “Stock Payment”) and (iii) warrants to purchase
up to 1,000,000 shares of Buyer’s common stock (the “Warrants” and, together with the Cash Payment and
Stock Payment, the “Purchase Price”).

 

(i) The
Cash Payment shall be paid as follows: (a) $500,000 as a non-redundable advance of the Purchase Price payble upon the the execution
of this Letter of Intent and (b) $750,000 due upon Closing of the Transaction.

 

(ii) The
Stock Payment and the Warrants will be issued at closing of the Transaction. The Warants will be exercisable at price of $10.00
per share (the “Exercise Price”). If the price of the common stock of the Buyer remains greater than 125% of
the Exercise Price for 20 consecutive business days (the “Trigger Date”), the Seller shall have 60 days from
the day after the Trigger Date to exercise the Warrants, after which time they will expire (the “Forced Exercise Provision”),
however, notwithstanding the foregoing, the Warrants will expire and shall no longer be exercisable if they have not been exercised
by the third anniversary date of the Closing of the Transaction. The Buyer shall be responsible for registering the common stock
underlying the Warrants.

 

     

     

    

 

(b) Customary
representations and warranties.

 

(c) Customary
indemnification provisions.

 

(d) Final
satisfaction or waiver by each party of the following closing conditions (as applicable):

 

		(i)	Due
                                         Diligence. Satisfaction by the Company of the results of their respective legal,
                                         financial, and operational due diligence of LHE and the LHE Entities. The Buyer will
                                         be given an opportunity to conduct a financial audit of LHE and the LHE Entities in accordance
                                         with US Generally Accepted Accounting Principles (“US GAAP”). As soon
                                         as possible after the signing of this Letter of Intent, the Seller shall provide Buyer
                                         and its advisors with reasonable access to all facilities, books, records and other business,
                                         financial and other relevant information in relation to LHE and the LHE Entities; all
                                         as reasonably requested by the Buyer in order to complete the US GAAP audit.

 

		(ii)	No
                                         Conflict. No court or governmental or regulatory authority would have enacted or
                                         issued any statute, rule, regulation, judgment, injunction or other order which prohibits
                                         the consummation of, or materially adversely affects the anticipated benefits from, the
                                         transactions contemplated by the Definitive Agreement and schedules, exhibits, schedules
                                         and acillary documents related thereto (collective the “Transaction Documents”).

 

		(iii)	Consents.
                                         Obtaining all consents to the transactions contemplated by the Transaction Documents
                                         which are required by law, all approvals required under all licenses, leases, loan documents
                                         and other material contracts pertaining to the business of LHE and satisfying any and
                                         all governmental and regulatory approval or permit or licensing requirements for consummation
                                         of the transactions contemplated by the Transaction Documents.

 

		(iv)	Authority.
                                         The Transaction and Definitive Agreement shall have been duly authorized and approved
                                         by the Company and Seller in accordance with their relevant governing agreements.

 

2. Conduct
of Business.

 

(a) Prior
to the execution of a Definitive Agreement and the Closing of the Transaction, Seller will procure that LHE and the LHE Entities
conduct their operations in the ordinary course consistent with past practice and will not issue any capital stock or grant any
options or warrants with respect to its capital stock, nor will it make any distributions, dividends or other payments to any
affiliate or shareholders.

 

		(b)	Until
                                         such time as the Definitive Agreement has been executed and delivered, Buyer will not
                                         contact any potential financing sources regarding, or provide to such potential financing
                                         sources any information relating to the Seller, LHE or the LHE Entities, this Letter
                                         of Intent or the transactions contemplated hereby.

 

    2

     

    

 

3. Exclusivity.
The Seller shall in good faith negotiate exclusively with the Buyer with respect to the Transaction. This exclusivity undertaking
shall apply for a period up to and including July 3, 2020 or such later date which the Parties agree upon in writing (the “Exclusivity
Period”). During the Exclusivity Period, the Seller shall not directly or indirectly, in relation to the Transaction:
(i) solicit or entertain, (ii) negotiate with or in any manner encourage, or (iii) discuss or consider any proposal
or offer of any entity or individual other than the Buyer or its affiliates.

 

4. Expenses
and Legal Fees. The Buyer and the Sellers shall pay their own fees and expenses and those of its respective agents, advisors,
attorneys and accountants with respect to carrying out due diligence, negotiating this Letter of Intent, the Transaction Documents,
and closing the Transaction (“Transaction Fees”). Upon the execution of this Letter of Intent and pending the agreed
upon due diligence period, Seller will direct its counsel to commence preparation of the Transaction Documents which Transaction
Documents shall be delivered to Buyer in substantively complete format by no later than June 15, 2020.

 

5. Due
Diligence; Confidentiality Agreement. Each Party and its representatives, officers, employees and advisors, including
accountants and legal advisors, as applicable, will provide the other party and its representatives, officers, employees and advisors,
including accountants and legal advisors, as applicable, with all information, books, records and property (collectively, “Transaction
Information”) that such other party reasonably considers necessary or appropriate in connection with its due diligence inquiry.
The previously agreed and executed non-disclosure agreement (labelled Mutual Confidentiality Agreement) as detailed in Exhibit
A for reference shall remain in force through the termination date hereof and that the terms and conditions of this Letter of
Intent shall not in any way result in the reduction or limitation of any damages arising out of any breach of such confidentiality
obligations.

 

6. Public
Announcements. Neither party will make any public disclosure concerning the matters set forth in this Letter of Intent
or the negotiation of the proposed Transaction without the prior written consent of the other party, which consent shall not be
unreasonably withheld. If and when either party desires to make such public disclosure, after receiving such prior written consent,
the disclosing party will give the other party an opportunity to review and comment on any such disclosure in advance of public
release. Notwithstanding the above, to the extent that either party is advised by counsel that disclosure of the matters set forth
in this Letter of Intent is required by applicable securities laws or to the extent that such disclosure is ordered by a court
of competent jurisdiction or is otherwise required by law, then such disclosing party will provide the other party, if reasonably
possible under the circumstances, prior notice of such disclosure as well as an opportunity to review and comment on such disclosure
in advance of the public release.

 

7. Governing
Law. The Letter of Intent shall be governed by the laws of the State of New York without regard to its choice of law provisions.

 

8. Prior
Agreements. This Letter of Intent supersedes any prior agreement regarding the subject matter of this Letter of Intent. Any
such prior agreement (other than the Confidentiality Agreement) shall not be effective for any purpose.

 

9. Miscellaneous.

 

(a) Assignment.
Neither party hereto may assign any of its rights or obligations under this Letter of Intent to any third party without the other
party’s prior written consent, except a Party is permitted to assign its rights and obligations under this Letter of Intent
to an affiliate of such Party.

 

(b) Section
Headings. Section headings used in this Letter of Intent are for reference purposes only and shall not be construed in the
interpretation or construction of this Letter of Intent.

 

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(c) Counterparts.
This Letter of Intent may be executed in two or more counterparts and each such counterpart executed shall for all purposes be
deemed an original, and all counterparts together shall constitute but one and the same instrument.

 

10. Termination
of Letter of Intent. Either Party may terminate this Letter of Intent for any reason or no reason, upon written notice, at
any time on or before July 3, 2020. This Letter of Intent shall automatically terminate upon the earlier of the execution of the
Definitive Agreement or July 3, 2020.

 

11. Closing.
The parties will use their commercially reasonable best efforts to enter into the Definitive Agreement by no later than July 3,
2020 and for Transaction Closing to occur on or about November 3, 2020.

 

12. Representation
on Authority of Signatories. The undersigned represent and warrant that they have the authority to execute this Letter of
Intent on behalf of their respective party.

 

[-remainder
of page intentionally left blank-]

 

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In
Witness whereof, this Letter of Intent has
been signed digitally by all parties and each party has received a copy of the fully executed Letter of Intent.

 

	THE BUYER	 	THE SELLER
	 	 	 
	Esports Entertainment Group, Inc	 	AHG Entertainment Associates, LLC
	 	 	 
	 	 	 
	Name:	 	Name:

 

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Exhibit
A

 

Non-Disclosure
Agreement

 

As
previously executed (Mutual Confidentiality Agreement)

 

MUTUAL
CONFIDENTIALITY AGREEMENT

 

AGREEMENT dated
              2020

 

PARTIES:

 

		(1)	ARGYLL
                                         ENTERTAINMENT AG a company incorporated under the laws of Switzerland whose registered
                                         office is at Bahnhofstrasse 10, 6300 Zug, Switzerland (“Company”); and

 

		(2)	ESPORTS
                                         ENTERTAINMENT GROUP, INC, reg. no. E0473092008-2, a limited liability company incorporated
                                         under the laws of Nevada, USA, with registered address 112 North Curry Street, Carson
                                         City, Nevada 89703-4934, USA (“Partner”).

 

WHEREAS
each party is interested in receiving certain information relating to the business carried on by the other party for the purpose
of discussing a potential investment opportunity (the “Purpose”).

 

	1.	In
                                         this Agreement:
	 	 
	1.1	“Confidential
Information” shall mean:-
	 	 

		(a)	all
                                         information of whatever nature relating to the Purpose disclosed or to be disclosed to
                                         the Recipient by the Disclosing Party or on its behalf or otherwise learnt by the Recipient
                                         from whatever source, whether within the Purpose or from its advisers, customers or suppliers
                                         or otherwise;
	 	 	 
		(b)	all
                                         other information of whatever nature relating to the business of the Disclosing Party
                                         which might be disclosed to or otherwise learnt by the Recipient during the course of
                                         the Disclosing Party disclosing information relating to the Purpose;
	 	 	 
		(c)	all notes, reports, analyses and reviews of such information
made or compiled therefrom by the Recipient or on its behalf;

 

PROVIDED
THAT the expression “Confidential Information” shall not include any such information which:-

 

		(i)	at
                                         the time of its disclosure to the Recipient is in the public domain;
	 	 	 

		(ii)	after
                                         its disclosure to the Recipient, comes into the public domain for any reason except through
                                         breach by the Recipient of its obligations to the Disclosing Party under this Agreement;

 

		(iii)	the
                                         Recipient can demonstrate was lawfully in the Recipient’s possession prior to the
                                         disclosure to the Recipient by the Disclosing Party;

 

		(iv)	is
                                         hereafter received by the Recipient from a third party who (to the best of the Recipient’s
                                         knowledge upon reasonable enquiry in each circumstance) owes no obligation of confidence
                                         to the Disclosing Party in relation to the information in question;

 

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		(v)	is
                                         trivial or obvious or otherwise clearly of a non-confidential nature; and/or

 

		(vi)	is
                                         required to be disclosed by an applicable law or order of a court of competent jurisdiction
                                         or stock exchange or government department or agency or other regulatory authority to
                                         which the Recipient is subject to, whether or not having the force to law provided that
                                         any such disclosure shall only be the minimum required to be so disclosed and provided
                                         further that prior to such disclosure the Recipient shall consult the Disclosing Party
                                         (which shall respond within such reasonable period) as to the proposed form, timing,
                                         nature and purpose of the disclosure.

 

	1.2	“Recipient” and “Disclosing Party” shall mean either party in each capacity as appropriate.
	 	 

		2.	NOW IN CONSIDERATION of each party disclosing Confidential Information to each other
and agreeing to enter into discussions with each other, and in consideration of each Party giving the undertakings set out in this
Agreement the parties hereto agree and undertake as follows that:-

 

		2.1	         the Recipient shall keep the Confidential Information strictly confidential and will
keep in safe custody all documentation and other papers and all disks, tapes and other media recording or storing the Confidential
Information and will not, without the Disclosing Party’s previous written consent, divulge the Confidential Information to
any other person, firm or company (except as provided in clause 2.2 below);
	 	 	 

		2.2	         the Recipient shall be entitled to disclose the Confidential Information to those of
its directors, officers, senior employees and professional advisers actively and necessarily engaged in considering, evaluating
and examining the same (the “Authorised Representatives”). The Recipient shall ensure that the Authorised Representatives
are aware of and shall comply with the confidentiality, non-disclosure and other obligations of the Recipient under this Agreement
as if they had personally entered into such obligations;

 

		2.3	         the Recipient will not, and it will procure that the Authorised Representatives will
not, take or make copies of the Confidential Information or any of it, or authorise any other person so to do other than for the
purpose of supplying the Confidential Information to the Authorised Representatives; and

 

		2.4	         in the event that the Recipient does not proceed with the negotiations with the Disclosing
Party, or if the Disclosing Party by written notice to the Recipient requires the Recipient to do so at any time and for any reason,
the Recipient will forthwith return to the Disclosing Party all Confidential Information in the possession or control of the Recipient
or its Authorised Representatives in so far as the same shall be in tangible form, including all copies thereof. In the case of
Confidential Information held on computer or computer media, the Recipient shall, as far as practicable, in either of such events
aforesaid cause such Confidential Information to be erased therefrom and, on request by the Disclosing Party, shall certify in
writing to the Disclosing Party that it has been so erased or that none of the Confidential Information has been so held.

 

		3.	The Recipient’s obligations of confidence under this Agreement shall continue not withstanding
the expiry or termination of this Agreement.

 

		4.	Save as expressly agreed in writing between the parties, each of the parties to this Agreement
understands that the Confidential Information does not purport to be all inclusive and that no representation or warranty is made
by any person as to the accuracy, reliability or completeness of any of the Confidential Information. Accordingly each of the parties
to this Agreement agrees with the other that neither party shall have any liability to the other or any other person resulting
from the use of Confidential Information by any person.

 

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	5.	Without prejudice to any other rights and remedies the Disclosing Party may have, the Recipient
agrees that the Confidential Information is valuable and that damages may not be an adequate remedy for any breach by the Recipient
of this Agreement. Accordingly, the Recipient agrees that the Disclosing Party shall be entitled without proof of special damage
to the remedies of an injunction and other equitable relief for any actual or threatened breach by the Recipient of this Agreement.
	 	 
	6.	In the event of either party becoming aware of or suspecting any disclosure of all or part
of the Confidential Information in breach of this Agreement, the Recipient shall forthwith co-operate with the Disclosing Party
in taking any action to limit and remedy the breach. Any such action taken by the Disclosing Party under this paragraph shall be
without prejudice to the Disclosing Party’s other rights hereunder.
	 	 
	7.	This Agreement shall be governed by the laws of the State of New York without regard to its
choice of law provisions.
	 	 
	8.	The provisions of this Agreement shall apply to Confidential Information supplied to the
Recipient by the Disclosing Party in the course of correspondence and discussions occurring as a consequence of this Agreement,
and all provisions of this Agreement shall take effect and be interpreted accordingly.
	 	 
	9.	The Parties hereto may introduce each other to individuals, entities, and/or opportunities
who/which may represent to the Parties potential gain or benefit, directly or indirectly, now and/or in the future. The Parties
hereto intend to be legally bound, and hereby irrevocably agree and guarantee each other that they shall not, directly or indirectly
interfere with, circumvent or attempt to circumvent, avoid, by-pass, or obviate each other’s interest, or the interest or relationship
between the Parties or avoid directly or indirectly payment of established or to be established fees, commissions, success compensation
of any kind, in connection with any on-going or future business.
	 	 
	10.	If any provision of this Agreement shall be held to be illegal or unenforceable, the enforceability
of the remainder of this Agreement shall not be affected.
	 	 
	11.	This Agreement shall be binding upon and for the benefit of the undersigned parties, their
successors and assigns. Failure or delay to enforce any provision of this Agreement shall not constitute a waiver of any term hereof.
	 	 
	12.	This document contains the entire Agreement between the parties with respect to the subject
matter contained herein and supersedes any previous understandings or commitments, oral or written. This Agreement may not be varied
except by written agreement of both parties to this Agreement.
	 	 
	13.	This Agreement does not commit either party to enter any proposed venture arising out of
the Purpose (or otherwise).
	 	 
	14.	Neither party (without the prior written consent of the other party) can assign this Agreement.
	 	 
	15.	This Agreement may be executed in two counterparts each of which when executed and delivered
is an original, but the counterparts together constitute the same document.
	 	 
	16.	Both Parties warrant that they are entitled to enter this Agreement and perform their obligations
herein.

 

EXECUTED under hand the day and
year first before written.

 

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Signed by a duly authorised signatory

for and on behalf of 

Argyll Entertainment AG by:

 

	 	Name: Stuart Tilly	 	Title: 	Director
	 	 	 	 
	Signed by a duly authorised signatory

 for and on behalf of	 	 
	Esports Entertainment Group, Inc by:	 	 
	 	 	 	 
	 	Name:	 	Title: 	 

 

 

9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00309-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00309-of-00352.parquet"}]]