Document:

Exhibit
10.2

 

AMENDMENT
LETTER

 

To:          
Inspired Entertainment, Inc.

c/o
Ground Floor

3
The Maltings

Wetmore
Road

Burton
on Trent

Staffordshire

DE141SE

(as
the Parent acting for itself and as Obligors’ Agent) (the “Parent”)

 

24th
April 2019

 

Dear
Sirs

 

REVOLVING
FACILITIES AGREEMENT DATED 13 AUGUST 2018 AND MADE BETWEEN, AMONGST OTHERS, INSPIRED ENTERTAINMENT, INC (AS PARENT), LLOYDS BANK
PLC (AS ARRANGER, ORIGINAL LENDER AND AGENT) AND CORTLAND CAPITAL MARKET SERVICES LLC (AS SECURITY AGENT) AS AMENDED ON 25 SEPTEMBER
2018 AND AS FURTHER AMENDED, RESTATED, SUPPLEMENTED OR VARIED FROM TIME TO TIME PRIOR TO THE DATE OF THIS LETTER (THE “FACILITIES
AGREEMENT”)

 

		1.	DEFINITIONS
                                         AND CAPACITY

 

		1.1	Unless
                                         a contrary intention is indicated, terms used in this letter shall have the meaning given
                                         to them in the Facilities Agreement. References to Clauses, Paragraphs, and Schedules
                                         are references to Clauses and Paragraphs of and Schedules to the Facilities Agreement
                                         unless otherwise specified.

 

		1.2	In
                                         addition:

 

			“Effective
                                         Date” means the date on which the Agent receives a copy of this letter duly
                                         signed by the Parent; and

 

			“Party”
                                         means a party to this letter.

 

		2.	DESIGNATION

 

		2.1	This
                                         letter is a Finance Document.

 

		2.2	This
                                         letter constitutes an amendment letter as contemplated by Clause 39 (Amendments and
                                         waivers).

 

		3.	AMENDMENT

 

		3.1	The
                                         Parties agree that the Facilities Agreement shall be amended in accordance with paragraph
                                         3.2 below by:

 

		(a)	amending
                                         Clause 1.1 (Definitions)  to add the following definition in appropriate alphabetical
                                         order:

 

			““Project
                                         Alabama” means the consolidation of the Birmingham, Bangor, London, Wolverhampton
                                         and Burton-on-Trent offices into a new office in Burton-on-Trent.”

 

		(b)	deleting
                                         paragraph (b) of Clause 15.1 (Commitment fee) and replacing it with:

 

    

    

    

 

		(b)	The
                                         accrued commitment fee is payable on the Closing Date and after the Closing Date on the
                                         last day of each successive period of three Months which ends during the relevant Availability
                                         Period on the last day of the relevant Availability Period and on the cancelled amount
                                         of the relevant Lender’s Commitment at the time the cancellation is effective.”

 

		(c)	adding
                                         the following words after the words “new customer or geographical markets”
                                         at the end of paragraph (b) of the definition of “Consolidated Growth Capital Expenditures”
                                         in Clause 24.1
                                         (Financial definitions):

 

			“(including
                                         the first $1,500,000 of capital expenditures made pursuant to the expansion and/or upgrading
                                         of Parent’s corporate headquarters in connection with Project Alabama).”

 

		(d)	deleting
                                         subsection (i)(b)(1) of the definition of “Fixed Charge Cover Ratio” in Clause
                                         24.1 (Financial definitions)
                                         and replacing it with:

 

			“(1)
                                         cash expenditures in an amount not to exceed (x) $6,000,000
                                         in any Relevant Period ending on or before 30 September 2019 in respect of any extraordinary,
                                         exceptional or unusual items (including fees,
                                         costs
                                         and expenses associated with Project Alabama), (y) $5,500,000 in any Relevant Period
                                         ending on 31 December 2019,
                                         31 March 2020 and 30 June 2020 in respect of any extraordinary, exceptional or unusual
                                         items (including fees, costs
                                         and expenses associated with Project
                                         Alabama) and (z) $2,000,000 for any Relevant Period ending on 31 December 2020 and thereafter
                                         in respect of any extraordinary, exceptional or unusual items,”

 

		(e)	deleting
                                         “$5,000,000”
                                         in the final line of paragraph (c) of Clause 24.2 (Financial condition) and replacing
                                         it with “£5,000,000”.

 

		3.2	The
                                         amendment set out in paragraph 3.1
                                         above shall be effective from the Effective Date.

 

		4.	CONFIRMATIONS

 

		4.1	The
                                         Parent (for itself and as Obligors’ Agent for and on behalf of each other Obligor)
                                         confirms that, notwithstanding the amendment effected by this letter:

 

		(a)	each
                                         of the Transaction Security Documents will remain in full force and effect and will continue
                                         to constitute legal, valid and binding obligations of the Obligors (subject to all necessary
                                         registrations of the Transaction Security Documents) enforceable in accordance with their
                                         terms; and

 

		(b)	each
                                         of the security interests created by the Transaction Security Documents will continue
                                         in full force and effect.

 

		4.2	The
                                         Parent (for itself and as Obligors’ Agent for and on behalf of each other
                                         Obligor)
                                         confirms that, notwithstanding the amendment to the Facilities Agreement being effected
                                         by this letter, the guarantee and indemnity given by it in Clause 21 (Guarantee and
                                         Indemnity) will remain in full force and effect and will continue to constitute its
                                         legal, valid and binding obligations enforceable in accordance with its terms.

 

		5.	CONTINUANCE
                                         OF THE FACILITIES AGREEMENT

 

		5.1	Save
                                         as expressly amended by this letter, all terms and conditions contained in the Facilities
                                         Agreement and the other Finance Documents shall remain in full force and effect. The
                                         Facilities Agreement and this letter shall after the Effective Date be read and construed
                                         as one document and references in the Facilities Agreement and in each Finance Document
                                         to the Facilities Agreement shall be read and construed as references to the Facilities
                                         Agreement as amended by this letter. If there is any inconsistency between paragraph
                                         3 of this letter and the Facilities Agreement, the terms of this letter shall prevail.

 

    

    

    

 

		5.2	The
                                         Parent (for itself and as Obligors’ Agent for and on behalf of each other Obligor)
                                         confirms its knowledge and acceptance of the Facilities Agreement as amended by this
                                         letter with effect from the Effective Date and agrees that, with effect from the Effective
                                         Date, it will be bound by the terms of the Facilities Agreement as amended by this letter.

 

		6.	REPEATING
                                         REPRESENTATIONS

 

		6.1	The
                                         Repeating Representations are deemed to be repeated by the Parent (for itself and as
                                         Obligors’ Agent for and on behalf of each other Obligor) as at the date of this
                                         letter and as at the Effective Date.

 

		6.2	The
                                         Parent (for itself and as Obligors’ Agent for and on behalf of each other Obligor)
                                         acknowledges that the Lenders have entered into this letter in full reliance on the representations
                                         and warranties made by it in the terms stated in this paragraph 6.

 

		7.	FURTHER
                                         ASSURANCE

 

			The
                                         Parent shall, and the Parent shall procure that each other member of the Group shall,
                                         at the request of the Agent and at its own expense, do all such acts and things necessary
                                         to give full effect to the amendment to the Facilities Agreement effected or to be effected
                                         pursuant to this letter.

 

		8.	FEES,
                                         COSTS AND EXPENSES

 

		8.1	The
                                         Parent shall, or shall procure than another Obligor shall, within three Business Days
                                         of demand, reimburse each of the Agent and the Security Agent for the amount of all costs
                                         and expenses (including agreed legal fees) reasonably incurred by the Agent and the Security
                                         Agent (and, in the case of the Security Agent, by any Receiver or Delegate) together
                                         with any VAT thereon incurred by them in connection with the negotiation, preparation
                                         and execution of this letter.

 

		9.	AFFIRMATION

 

		9.1	For
                                         the avoidance of doubt, no waivers are given under this letter in respect of any breach
                                         of, or Default under, the Facilities Agreement or any other Finance Document at any time.

 

		9.2	This
                                         letter is delivered without prejudice to any rights the Finance Parties may have at any
                                         time now or in the future in relation to any outstanding Default or any other circumstances
                                         or matters other than as specifically referred to in this letter (and whether subsisting
                                         at the date of this letter or otherwise), which rights shall remain in full force and
                                         effect.

 

		10.	COUNTERPARTS

 

			This
                                         letter may be executed in any number of counterparts, each of which when executed shall
                                         be an original but all of which when taken together shall constitute a single instrument.

 

		11.	GOVERNING
                                         LAW AND JURISDICTION

 

		11.1	This
                                         letter and any non-contractual obligations arising out of or in connection with it are
                                         governed by English law.

 

    

    

    

 

		11.2	Clause
                                         45 (Enforcement) of the Facilities Agreement shall apply to this letter as if
                                         set out in full in this letter and as if reference in those provisions to this “Agreement”
                                         were a reference to this letter.

 

Please
sign and return the attached copy of this letter to indicate your acknowledgement, and acceptance, of the terms of this letter.

 

Hogan
Lovells 

 

    

    

    

 

	Yours faithfully
	 
	/s/ Steven O’Kelly	 
	for and on behalf of
	Lloyds Bank plc
	as Agent for and on behalf of the Finance Parties

 

Hogan
Lovells

 

    

    

    

 

We
hereby accept the amendment contain in your letter dated 24 April 2019 of which this is a duplicate and confirm our agreement
to the terms and conditions therein contained.

  

	 	/s/
Stewart Baker (signature)
	 	Stewart Baker (name)
	 	24 April 2019 (date)

 

Hogan
LovellsExhibit
10.3

 

Time-Based
Form of RSU Agreement

2019
Awards

Three-Year Vesting

 

 

INSPIRED
ENTERTAINMENT, INC.

 2018
OMNIBUS INCENTIVE PLAN  

 

Restricted
Stock Unit Award Agreement

 

This
RESTRICTED STOCK UNIT AWARD AGREEMENT (this “Agreement”) is entered into as of January 28, 2019 (the “Grant
Date”), and is between Inspired Entertainment, Inc., a Delaware corporation (the “Company”), and
[PARTICIPANT NAME] (the “Participant”), an employee of the Company or one of its subsidiaries. Any term capitalized
but not defined in this Agreement shall have the meaning set forth in the Inspired Entertainment, Inc. 2018 Omnibus Incentive
Plan (the “Plan”).

 

1.          
Grant of Units. In accordance with the terms of the Plan and subject to the terms and conditions of the Plan and this Agreement,
the Company hereby grants to the Participant [NUMBER] Restricted Stock Units (each a “Unit” and collectively,
the “Units”).

 

2.          
Vesting of Units. Subject to Section 20 of this Agreement, the Units shall vest (i.e., the restrictions shall lapse) in
one-third increments on each of December 31, 2019, December 31, 2020 and December 31, 2021. Notwithstanding the foregoing, and
except as otherwise provided in Section 5 of this Agreement or the Plan, if the Participant ceases to provide employment or other
services to the Company or a subsidiary of the Company for any reason, all unvested Units shall be automatically and immediately
forfeited and terminated.

 

3.          
Settlement of Units. Within thirty (30) days of an applicable vesting date, the Company will issue in certificated or uncertificated
form to the Participant a number of shares of the Company’s common stock (the “Stock”) corresponding
to the number of Units that vested, less the number, if any, withheld in satisfaction of applicable withholding taxes as discussed
in Section 4.

 

4.          
 Taxes; Withholding Obligation.

 

(a)          The Participant shall be ultimately liable and responsible for all federal, state, local or foreign income or employment taxes
owed in connection with the Units and/or required to be withheld, regardless of any action the Company takes with respect to any
tax withholding obligations that arise in connection with the Units. The Company makes no representation or undertaking regarding
the domestic or foreign tax treatment of the Participant in connection with the grant or vesting of the Units, the issuance of
shares of Stock upon settlement of the Units or the subsequent sale of such shares of Stock. The Company is not committed and
is not under any obligation to structure the Units to reduce or eliminate the Participant’s tax liability.

 

(b)         As a condition to the Company’s delivery of shares of Stock pursuant to Section 3, the Participant shall be required to
make appropriate arrangements for the satisfaction of any applicable domestic or foreign tax or employment or social insurance
withholding obligation which may include tendering to the Company a cash payment equal to the withholding amount due in accordance
with procedures adopted from time to time by the Company.  If withholding of taxes and/or social insurance is required at
the time of vesting and the Participant has not made other arrangements satisfactory to the Company, the Company will withhold
from any shares deliverable upon the vesting of Units a number having a Fair Market Value equal to the withholding taxes due.

 

     

    

    

 

5.          
Effect of Termination of Employment/Service. If the Participant ceases to provide employment or other services to the Company
or a subsidiary of the Company for any reason all unvested Units shall be automatically and immediately forfeited and terminated;
provided that, if there is a conflict between this provision and the provisions of any employment (or similar) agreement between
the Company (or a subsidiary of the Company) and the Participant in effect at the time of termination, the provisions of such
employment (or similar) agreement shall govern. Notwithstanding the foregoing, in the event:

 

		●	the
                                         Participant ceases to provide employment or other services due to the Participant’s
                                         death or

 

		●	a
                                         Change in Control occurs AND the Participant’s employment or other services are
                                         terminated without Cause within the twelve (12) month period immediately following such
                                         Change in Control (such that the Participant’s Units would otherwise be cancelled
                                         (e.g., not be retained in accordance with Section 14(g) of the Plan)), 

 

the
Participant’s unvested Units shall vest as of the date of such termination.

 

6.          
Clawback. By accepting the award of Units, the Participant agrees that the Company may recover some or all of the shares
of Stock delivered with respect to such award or recoup some or all of the value thereof via offset from other amounts owed by
the Participant to the Company or any of its Affiliates, at any time in the three calendar years following delivery thereof, if
and to the extent that the Committee concludes that (i) U.S. federal or state law, the laws of any other jurisdiction in which
the Participant has been employed by or providing services to the Company during the term of the award, or the listing requirements
of any exchange on which the Company’s stock is listed for trading so require, or (ii) as required by Section 304 of the
U.S. Sarbanes-Oxley Act of 2002, Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act or otherwise after
a restatement of the Company’s financial results as reported to the U.S. Securities and Exchange Commission. By accepting
an award hereunder, and by accepting any delivery of shares of Stock hereunder, the Participant agrees to promptly comply with
any Company demand for recovery or recoupment hereunder.

 

7.          
Transferability of Units. Except as otherwise provided herein, the Participant may not sell, transfer, pledge, assign or
otherwise alienate or hypothecate Units other than by will or the laws of descent and distribution or equivalent laws in the jurisdiction
of the Participant’s employment. Any attempt to transfer Units in contravention of this Section 7 is null and void ab
initio.

 

8.          
Compliance with Securities Laws and other Requirements. Notwithstanding anything herein to the contrary, if at any time
the Company determines that issuing or distributing shares of Stock would violate applicable securities laws or other legal or
regulatory requirements, the Company will not issue or distribute such shares until such time as distribution of the shares would
not violate applicable securities laws and other requirements. The Committee may declare any provision of this Agreement or action
of its own null and void, if it determines the provision or action fails to comply with the applicable short-swing trading rules
under the securities laws. As a condition to issuing or distributing shares of Stock to the Participant, until such time as such
shares have been registered pursuant to an effective registration statement under the securities laws, or an exemption from such
requirements is available, the Company may require the Participant to make such written representations as it deems necessary
or desirable to comply with applicable securities laws.

 

    2 

    

    

 

9.          
No Limitation on Rights of the Company. The grant of Units does not and will not in any way affect the right or power of
the Company to make adjustments, reclassifications or changes in its capital or business structure, or to merge, consolidate,
dissolve, liquidate, sell or transfer all or any part of its business or assets.

 

10.         Plan and Agreement Not a Contract of Employment or Service. Neither the Plan nor this Agreement is a contract of employment
or services, and no terms of the Participant’s employment or services agreement shall be affected in any way by the Plan,
this Agreement or related instruments, except to the extent specifically expressed therein. Neither the Plan nor this Agreement
shall be construed as conferring any legal rights on the Participant to continue to be employed or remain in service with the
Company or any of its Affiliates, nor will it interfere with the Company’s or any of its Affiliates’ right to discharge
the Participant with or without Cause or to otherwise deal with the Participant regardless of the existence of the Plan, this
Agreement or Units.

 

11.         Participant to Have No Rights as a Stockholder. Before the date as of which the shares of Stock are issued to the Participant,
the Participant will have no rights as a shareholder with respect to those shares.

 

12.         Notice. Any notice or other communication required or permitted under this Agreement must be in writing and must be delivered
personally, sent by certified, registered or express mail, or sent by overnight courier, at the sender’s expense. Notice
shall be deemed given when delivered personally or, if mailed, three days after the date of deposit in the United States mail
or, if sent by overnight courier, on the regular business day following the date sent. Notice to the Company should be sent to
Inspired Entertainment, Inc., 250 West 57th Street, Suite 2223, New York, NY 10107, Attention: General Counsel. Notice
to the Participant should be sent to the address the Participant has on file with the Company. Either party may change the person
and/or address to whom or which the other party must give notice under this Section 12 by giving such other party written notice
of such change, in accordance with the procedures described above.

 

13.         Successors. All obligations of the Company under this Agreement will be binding on any successor to the Company, whether
the existence of the successor results from a direct or indirect purchase of all or substantially all of the business of the Company,
or a merger, consolidation, or otherwise.

 

14.         Governing Law. To the extent not preempted by federal law, this Agreement will be construed and enforced in accordance
with, and governed by, the laws of the State of New York, without giving effect to any conflicts of law principles that would
require the application of the law of any other jurisdiction. The Company and the Participant hereby irrevocably and unconditionally
(i) agree that any action or proceeding arising out of or in connection with the Units and this Agreement shall be brought only
in the courts in the State of New York, County of New York, including the federal courts located therein should federal jurisdiction
requirements exist, and (ii) consent to submit to the exclusive jurisdiction of the such courts for purposes of any action or
proceeding arising out of or in connection with the Units or this Agreement.

 

    3 

    

    

 

15.         Plan Document Controls. The rights granted under this Agreement are in all respects subject to the provisions set forth
in the Plan to the same extent and with the same effect as if set forth fully in this Agreement. If the terms of this Agreement
conflict with the terms of the Plan document, the Plan document will control.

 

16.         Amendment of the Agreement. The Company and the Participant may amend this Agreement only by a written instrument signed
by both parties.

 

17.         Counterparts. The parties may execute this Agreement in one or more counterparts, all of which together shall constitute
but one Agreement.

 

18.         Code Section 409A. The issuance of shares of Stock under this Agreement shall be provided in a manner that complies with
Code Section 409A and any ambiguity herein shall be interpreted so as to be consistent with the intent of this paragraph. In no
event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Participant
by Code Section 409A or damages for failing to comply with Code Section 409A. Notwithstanding anything herein to the contrary,
if the Participant is a “specified employee” as such term is defined under Code Section 409A at the time of a separation
from service and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such
separation from service is necessary in order to prevent any accelerated recognition of income or additional tax under Code Section
409A, then the Company will defer the issuance of shares of Stock hereunder (without any reduction therein) until the date that
is at least six (6) months following the Participant’s separation from service with the Company or the earliest date permitted
under Code Section 409A (e.g., immediately upon the Participant’s death), whereupon the Company will promptly issue to the
Participant the shares of Stock that would have otherwise been previously issued to the Participant under this Agreement during
the period in which such issuance was deferred.

 

19.         Data Privacy. The Participant explicitly and unambiguously consents to the collection, use, and transfer, in electronic
or other form, of personal data as described in this Section 19 by and among, as applicable, the Company and its Affiliates for
the exclusive purpose of implementing, administering, and managing the Plan and this Agreement. In furtherance of such implementation,
administration, and management, the Company and its Affiliates may hold certain personal information about the Participant, including,
but not limited to, the Participant’s name, home address, telephone number(s), date of birth, social security or insurance
number or other identification number, salary, nationality, job title(s), information regarding any securities of the Company
or any of its Affiliates, and details of this Agreement (the “Data”). In addition to transferring the Data
amongst themselves as necessary for the purpose of implementation, administration, and management of the Plan and this Agreement,
the Company and its Affiliates may each transfer the Data to any third parties assisting the Company in the implementation, administration,
and management of the Plan and this Agreement. Recipients of the Data may be located in the Participant’s country or elsewhere,
and the Participant’s country may have different data privacy laws and protections. The Participant authorizes such recipients
to receive, possess, use, retain, and transfer the Data, in electronic or other form, for the purposes of assisting the Company
in the implementation, administration, and management of the Plan and this Agreement, including any requisite transfer of such
Data as may be required to a broker or other third party with whom the Company or the Participant may elect to deposit any shares
of Stock. The Data related to the Participant will be held as long as is necessary to implement, administer, and manage the Plan
and this Agreement. The Participant may, at any time, view the Data held by the Company with respect to such Participant, request
additional information about the storage and processing of the Data with respect to such Participant, recommend any necessary
corrections to the Data with respect to the Participant, or refuse or withdraw the consents herein in writing, in any case without
cost, by contacting the Participant’s local human resources representative. The Company may cancel the Participant’s
eligibility to participate in the Plan, and in the Committee’s discretion, the Participant may forfeit any the Units if
the Participant refuses or withdraws the consents described herein.

 

    4 

    

    

 

20.         Subject to Stockholder Approval. The Plan was adopted by the Company on September 28, 2018. The Plan is subject to approval
by stockholders of the Company at an annual or special meeting of stockholders of the Company, and the Participant’s rights
with respect to the Units shall be subject to such approval by stockholders. This Agreement and the grant of the Units shall be
effective as of the date hereof but are subject to such stockholder approval, and if stockholders fail to approve the Plan prior
to December 31, 2019, all of the Units granted hereunder shall be cancelled as of such date.

 

21.         Entire Agreement. This Agreement and any other documents to be executed to implement its provisions together constitute
the entire agreement between the parties pertaining to the subject matter hereof, superseding all prior and contemporaneous agreements,
representations and understandings of the parties with respect to the subject matter hereof.

 

IN
WITNESS WHEREOF, the Company and the Participant have duly executed this Agreement as of the date first written above.

 

	INSPIRED
ENTERTAINMENT, INC.	
	 	 	 
	By: 	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 
	[Name]	 
	 	 	 

    5 

    

    

 

Exhibit 10.3

 

Performance-Based
Form of RSU Agreement

2019
Awards

One-Year Performance Period

Three-Year Time-Based Vesting Period

 

 

INSPIRED
ENTERTAINMENT, INC.

2018
OMNIBUS INCENTIVE PLAN

 

Performance
Unit Award Agreement

 

This
PERFORMANCE UNIT AWARD AGREEMENT (this “Agreement”) is entered into as of January 28, 2019 (the “Grant
Date”), and is between Inspired Entertainment, Inc., a Delaware corporation (the “Company”), and
[PARTICIPANT NAME] (the “Participant”), an employee of the Company or one of its subsidiaries. Any term capitalized
but not defined in this Agreement shall have the meaning set forth in the Inspired Entertainment, Inc. 2018 Omnibus Incentive
Plan (the “Plan”).

 

22.         Grant of Performance Units. In accordance with the terms of the Plan and subject to the terms and conditions of the Plan
and this Agreement, including the time-based service requirements through the scheduled Vesting Date (as defined in Section 2(b)
below), the Company hereby grants to the Participant [NUMBER] Performance Units (each a “Unit” and collectively,
the “Units”). The final number of Units that ultimately may become eligible to vest on the Vesting Date shall
be determined by the Compensation Committee of the Company’s Board of Directors (the “Committee”) in
accordance with the Threshold Performance Criteria for the Performance Period set forth in Appendix A hereto (the “Performance
Condition”), and may range from 0% to 200% of the Units.

 

23.         Vesting of Units. The vesting of Units is contingent on attainment of the Performance Condition for the Performance Period
and the Participant’s continued employment through the Vesting Date, except as otherwise provided in Section 5 of this Agreement
or in the Plan. The Committee shall make its determinations with respect to attainment of the Performance Condition following
the Performance Period.

 

		(a)	If
                                         the Committee determines that the Performance Condition has not been met, all of the
                                         Units shall be immediately forfeited and terminated.

 

		(b)	Subject
                                         to Sections 5 and 20 of this Agreement, if the Committee determines that the Performance
                                         Condition has been met, the number of Units determined by the Committee in accordance
                                         with Appendix A shall be eligible to vest (i.e., the restrictions lapse) if the Participant
                                         remains in employment through December 31, 2021 (the “Vesting Date”).

 

NOTE:
For the avoidance of doubt, except as provided under Section 5 of this Agreement (e.g.,
the Participant’s death, the Participant’s termination in connection with a Change in Control or pursuant to a specific
provision of the Participant’s employment agreement) or the Plan, the Units will
only be eligible to vest IF: 1) the Committee determines that the Performance Condition has been met AND 2) the Participant remains
employed throughout the three year period from the Grant Date to the Vesting Date. 

 

24.         Settlement of Units. Within thirty (30) days of the Vesting Date, the Company will issue in certificated or uncertificated
form to the Participant a number of shares of the Company’s common stock (the “Stock”) corresponding
to the number of Units that vested, less the number, if any, withheld in satisfaction of applicable withholding taxes as discussed
in Section 4. In no event shall the date of settlement be later than two-and-one-half
(2 1/2) months after the later of (i) the end of the Company’s fiscal year in which
the Vesting Date occurs or (ii) the end of the calendar year in which the Vesting Date occurs.

 

    6 

    

    

 

25.          Taxes;
Withholding Obligation.

 

(a)          The Participant shall be ultimately liable and responsible for all federal, state, local or foreign income or employment taxes
owed in connection with the Units and/or required to be withheld, regardless of any action the Company takes with respect to any
tax withholding obligations that arise in connection with the Units. The Company makes no representation or undertaking regarding
the domestic or foreign tax treatment of the Participant in connection with the grant or vesting of the Units, the issuance of
shares of Stock upon settlement of the Units or the subsequent sale of such shares of Stock. The Company is not committed and
is not under any obligation to structure the Units to reduce or eliminate the Participant’s tax liability.

 

(b)          As a condition to the Company’s delivery of shares of Stock pursuant to Section 3, the Participant shall be required to
make appropriate arrangements for the satisfaction of any applicable domestic or foreign tax or employment or social insurance
withholding obligation which may include tendering to the Company a cash payment equal to the withholding amount due in accordance
with procedures adopted from time to time by the Company.  If withholding of taxes and/or social insurance is required at
the time of vesting and the Participant has not made other arrangements satisfactory to the Company, the Company will withhold
from any shares deliverable upon the vesting of Units a number having a Fair Market Value equal to the withholding taxes due.

 

26.          Effect of Termination of Employment/Service. If the Participant ceases to provide employment or other services to the Company
or a subsidiary of the Company for any reason prior to the Vesting Date, the Units shall be automatically and immediately forfeited
and terminated; provided that, if there is a conflict between this provision and the provisions of any employment (or similar)
agreement between the Company (or a subsidiary of the Company) and the Participant in effect at the time of termination, the provisions
of such employment (or similar) agreement shall govern. Notwithstanding the foregoing, in
the event: 

 

		●	the
                                         Participant ceases to provide employment or other services due to the Participant’s
                                         death or 

 

		●	a
                                         Change in Control occurs AND the Participant’s employment or other services are
                                         terminated without Cause within the twelve (12) month period immediately following such
                                         Change
                                         in Control (such that the Participant’s Units would otherwise be cancelled (e.g.,
                                         not be retained in accordance with Section 14(g) of the Plan)),

 

the
Participant’s Units shall vest as of the date of such termination; and, for the avoidance of doubt, the number of Units
that vest shall equal the number specified in Section 1 above if the termination date is during the Performance Period (i.e.,
the number issuable for target-level performance) and otherwise shall be determined in accordance with Section 2 above if the
termination date is subsequent to the Performance Period (i.e., the number issuable based on the extent to which the Performance
Condition has been attained in accordance with Appendix A).

 

    7 

    

    

 

27.         Clawback. By accepting the award of Units, the Participant agrees that the Company may recover some or all of the shares
of Stock delivered with respect to such award or recoup some or all of the value thereof via offset from other amounts owed by
the Participant to the Company or any of its Affiliates, at any time in the three calendar years following delivery thereof, if
and to the extent that the Committee concludes that (i) U.S. federal or state law, the laws of any other jurisdiction in which
the Participant has been employed by or providing services to the Company during the term of the award, or the listing requirements
of any exchange on which the Company’s stock is listed for trading so require, (ii) the performance criteria required for
the vesting were not met, or not met to the extent necessary to support the amount of Units that vested, or (iii) as required
by Section 304 of the U.S. Sarbanes-Oxley Act of 2002, Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection
Act or otherwise after a restatement of the Company’s financial results as reported to the U.S. Securities and Exchange
Commission. By accepting an award hereunder, and by accepting any delivery of shares of Stock hereunder the Participant agrees
to promptly comply with any Company demand for recovery or recoupment hereunder.

 

28.          Transferability of Units. Except as otherwise provided herein, the Participant may not sell, transfer, pledge, assign or
otherwise alienate or hypothecate Units other than by will or the laws of descent and distribution or equivalent laws in the jurisdiction
of the Participant’s employment. Any attempt to transfer Units in contravention of this Section 7 is null and void ab
initio.

 

29.          Compliance with Securities Laws and other Requirements. Notwithstanding anything herein to the contrary, if at any time
the Company determines that issuing or distributing shares of Stock would violate applicable securities laws or other legal or
regulatory requirements, the Company will not issue or distribute such shares until such time as distribution of the shares would
not violate applicable securities laws and other requirements. The Committee may declare any provision of this Agreement or action
of its own null and void, if it determines the provision or action fails to comply with the applicable short-swing trading rules
under the securities laws. As a condition to issuing or distributing shares of Stock to the Participant, until such time as such
shares have been registered pursuant to an effective registration statement under the securities laws, or an exemption from such
requirements is available, the Company may require the Participant to make such written representations as it deems necessary
or desirable to comply with applicable securities laws.

 

30.          No Limitation on Rights of the Company. The grant of Units does not and will not in any way affect the right or power of
the Company to make adjustments, reclassifications or changes in its capital or business structure, or to merge, consolidate,
dissolve, liquidate, sell or transfer all or any part of its business or assets.

 

31.          Plan and Agreement Not a Contract of Employment or Service. Neither the Plan nor this Agreement is a contract of employment
or services, and no terms of the Participant’s employment or services agreement shall be affected in any way by the Plan,
this Agreement or related instruments, except to the extent specifically expressed therein. Neither the Plan nor this Agreement
shall be construed as conferring any legal rights on the Participant to continue to be employed or remain in service with the
Company or any of its Affiliates, nor will it interfere with the Company’s or any of its Affiliates’ right to discharge
the Participant with or without Cause or to otherwise deal with the Participant regardless of the existence of the Plan, this
Agreement or Units.

 

    8 

    

    

 

32.          Participant to Have No Rights as a Stockholder. Before the date as of which the shares of Stock are issued to the Participant,
the Participant will have no rights as a shareholder with respect to those shares.

 

33.          Notice. Any notice or other communication required or permitted under this Agreement must be in writing and must be delivered
personally, sent by certified, registered or express mail, or sent by overnight courier, at the sender’s expense. Notice
shall be deemed given when delivered personally or, if mailed, three days after the date of deposit in the United States mail
or, if sent by overnight courier, on the regular business day following the date sent. Notice to the Company should be sent to
Inspired Entertainment, Inc., 250 West 57th Street, Suite 2223, New York, NY 10107, Attention: General Counsel. Notice
to the Participant should be sent to the address the Participant has on file with the Company. Either party may change the person
and/or address to whom or which the other party must give notice under this Section 12 by giving such other party written notice
of such change, in accordance with the procedures described above.

 

34.          Successors. All obligations of the Company under this Agreement will be binding on any successor to the Company, whether
the existence of the successor results from a direct or indirect purchase of all or substantially all of the business of the Company,
or a merger, consolidation, or otherwise.

 

35.          Governing Law. To the extent not preempted by federal law, this Agreement will be construed and enforced in accordance
with, and governed by, the laws of the State of New York, without giving effect to any conflicts of law principles that would
require the application of the law of any other jurisdiction. The Company and the Participant hereby irrevocably and unconditionally
(i) agree that any action or proceeding arising out of or in connection with the Units and this Agreement shall be brought only
in the courts in the State of New York, County of New York, including the federal courts located therein should federal jurisdiction
requirements exist, and (ii) consent to submit to the exclusive jurisdiction of the such courts for purposes of any action or
proceeding arising out of or in connection with the Units or this Agreement.

 

36.          Plan Document Controls. The rights granted under this Agreement are in all respects subject to the provisions set forth
in the Plan to the same extent and with the same effect as if set forth fully in this Agreement. If the terms of this Agreement
conflict with the terms of the Plan document, the Plan document will control.

 

37.          Amendment of the Agreement. The Company and the Participant may amend this Agreement only by a written instrument signed
by both parties.

 

38.          Counterparts. The parties may execute this Agreement in one or more counterparts, all of which together shall constitute
but one Agreement.

 

 

    9 

    

    

39.          Code Section 409A. The issuance of shares of Stock under this Agreement shall be provided in a manner that complies with
Code Section 409A and any ambiguity herein shall be interpreted so as to be consistent with the intent of this paragraph. In no
event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Participant
by Code Section 409A or damages for failing to comply with Code Section 409A. Notwithstanding anything herein to the contrary,
if the Participant is a “specified employee” as such term is defined under Code Section 409A at the time of a separation
from service and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such
separation from service is necessary in order to prevent any accelerated recognition of income or additional tax under Code Section
409A, then the Company will defer the issuance of shares of Stock hereunder (without any reduction therein) until the date that
is at least six (6) months following the Participant’s separation from service with the Company or the earliest date permitted
under Code Section 409A (e.g., immediately upon the Participant’s death), whereupon the Company will promptly issue to the
Participant the shares of Stock that would have otherwise been previously issued to the Participant under this Agreement during
the period in which such issuance was deferred.

 

40.          Data Privacy. The Participant explicitly and unambiguously consents to the collection, use, and transfer, in electronic
or other form, of personal data as described in this Section 19 by and among, as applicable, the Company and its Affiliates for
the exclusive purpose of implementing, administering, and managing the Plan and this Agreement. In furtherance of such implementation,
administration, and management, the Company and its Affiliates may hold certain personal information about the Participant, including,
but not limited to, the Participant’s name, home address, telephone number(s), date of birth, social security or insurance
number or other identification number, salary, nationality, job title(s), information regarding any securities of the Company
or any of its Affiliates, and details of this Agreement (the “Data”). In addition to transferring the Data
amongst themselves as necessary for the purpose of implementation, administration, and management of the Plan and this Agreement,
the Company and its Affiliates may each transfer the Data to any third parties assisting the Company in the implementation, administration,
and management of the Plan and this Agreement. Recipients of the Data may be located in the Participant’s country or elsewhere,
and the Participant’s country may have different data privacy laws and protections. The Participant authorizes such recipients
to receive, possess, use, retain, and transfer the Data, in electronic or other form, for the purposes of assisting the Company
in the implementation, administration, and management of the Plan and this Agreement, including any requisite transfer of such
Data as may be required to a broker or other third party with whom the Company or the Participant may elect to deposit any shares
of Stock. The Data related to the Participant will be held as long as is necessary to implement, administer, and manage the Plan
and this Agreement. The Participant may, at any time, view the Data held by the Company with respect to such Participant, request
additional information about the storage and processing of the Data with respect to such Participant, recommend any necessary
corrections to the Data with respect to the Participant, or refuse or withdraw the consents herein in writing, in any case without
cost, by contacting the Participant’s local human resources representative. The Company may cancel the Participant’s
eligibility to participate in the Plan, and in the Committee’s discretion, the Participant may forfeit any the Units if
the Participant refuses or withdraws the consents described herein.

 

    10 

    

    

 

41.          Subject to Stockholder Approval. The Plan was adopted by the Company on September 28, 2018. The Plan is subject to approval
by stockholders of the Company at an annual or special meeting of stockholders of the Company, and the Participant’s rights
with respect to the Units shall be subject to such approval by stockholders. This Agreement and the grant of the Units shall be
effective as of the date hereof but are subject to such stockholder approval, and if stockholders fail to approve the Plan prior
to December 31, 2019, all of the Units granted hereunder shall be cancelled as of such date.

 

42.          Entire Agreement. This Agreement and any other documents to be executed to implement its provisions together constitute
the entire agreement between the parties pertaining to the subject matter hereof, superseding all prior and contemporaneous agreements,
representations and understandings of the parties with respect to the subject matter hereof.

 

IN
WITNESS WHEREOF, the Company and the Participant have duly executed this Agreement as of the date first written above.

 

	INSPIRED
ENTERTAINMENT, INC.	
	 	 	 
	By: 	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 
	[Name]	 

 

    11 

    

    

 

 

Appendix
A

 

Performance
Condition Vesting Criteria and Methodology

 

	Participant:	[Name]
	Target
    Number of Units:	[#
    of RSUs]

 

A.
       Performance Period

 

[To
be Inserted]

 

B.       Threshold
Performance Criteria

 

[To
be Inserted]

 

C.
       Unit Calculations Assuming Threshold Performance Criteria are Achieved

 

[To
be Inserted]

 

D.
       Additional Factors or Information Regarding Performance Condition Methodology

 

[To
be Inserted]

 

E.       Committee
Determinations

 

Determinations
as to achievement of Performance Criteria and Unit calculations shall be made by the Committee in its sole discretion following
the Performance Period. The Committee may adjust awards and metrics based on extraordinary or unforeseen events and its determinations
shall be binding and conclusive.

 

NOTE:  
 Service Vesting Conditions Continue through Vesting Date

Notwithstanding
a Committee determination that applicable Performance Criteria for the Units have been achieved, the Units shall remain subject
to the time-based service conditions specified in the Agreement through the scheduled Vesting Date (i.e., December 31, 2021).

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