Document:

Exhibit 10.1

 

EXECUTION VERSION

 

DATED 13
July 2016  

 

SHARE SALE AGREEMENT

 

made among

 

THOSE PERSONS IDENTIFIED IN SCHEDULE
1 

 

as Vendors

 

and

 

HYDRA INDUSTRIES ACQUISITION CORP.

 

as Purchaser

 

relating to the sale and purchase of

shares in DMWSL 633 Limited

 

  

     

     

    

 

CONTENTS

 

	1.	Definitions and Interpretation/Basis of Obligations	2
	 	 	 
	2.	Sale and Purchase of Sale Shares	2
	 	 	 
	3.	Sale and Purchase of Minority Shares and Minority Shareholder Loan Notes	2
	 	 	 
	4.	Pre-Completion Restructuring and Sale and Purchase of Shareholder Loan Notes	3
	 	 	 
	5.	Transfer of Growth Shares	3
	 	 	 
	6.	Conditions Precedent/Termination Rights	4
	 	 	 
	7.	Consideration	9
	 	 	 
	8.	Pre-Completion Matters	10
	 	 	 
	9.	Completion	17
	 	 	 
	10.	Leakage	18
	 	 	 
	11.	Trust Fund Matters	19
	 	 	 
	12.	Warranties	20
	 	 	 
	13.	Undertakings	26
	 	 	 
	14.	Announcements/Confidentiality	26
	 	 	 
	15.	Termination of Existing Investment Agreement	28
	 	 	 
	16.	Remedies and Waivers	28
	 	 	 
	17.	Assignment	28
	 	 	 
	18.	Vendors' Representatives	29
	 	 	 
	19.	Further Assurance	30
	 	 	 
	20.	Entire Agreement	31
	 	 	 
	21.	Counterparts	31
	 	 	 
	22.	Invalidity	32
	 	 	 
	23.	Rights of Third Parties	32
	 	 	 
	24.	Variation	32
	 	 	 
	25.	Consequences of Termination	32
	 	 	 
	26.	Notices	32

 

     

     

    

 

	27.	General	33
	 	 	 
	28.	Governing Law, Jurisdiction and Service of Process	34
	 	 	 
	Schedule 1 – The Vendors	35
	 	 
	Schedule 2 - The Company	38
	 	 
	Schedule 3 – Pre-Completion Undertakings	39
	 	 
	Schedule 4 - Completion Obligations	43
	 	 
	Schedule 5 – Earn-Out Consideration	46
	 	 
	Schedule 6 – Purchase Price Allocation	56
	 	 
	Schedule 8 - Definitions and Interpretation	58
	 	 
	Execution	 

 

    	i

     

    

 

THIS AGREEMENT is made on the 13th
day of July 2016

 

AMONG:

 

		(1)	THE SEVERAL PERSONS IDENTIFIED IN SCHEDULE 1 (the "Vendors");

 

		(2)	Hydra Industries Acquisition Corp., a company incorporated in the State of Delaware, USA,
having its executive offices at 250 West 57th Street, New York NY 10107 (the "Purchaser");

 

		(3)	DMWSL 633 Limited, a company incorporated in England and Wales with registered number 07176544
and having its registered office at 3 The Maltings, Wetmore Road, Burton-on-Trent, Staffordshire DE14 1SE (the "Company");

 

		(4)	DMWSL 632 Limited, a company incorporated in England and Wales with registered number 07176582
and having its registered office at 3 The Maltings, Wetmore Road, Burton-on-Trent, Staffordshire DE14 1SE ("DMWSL 632");
and

 

		(5)	Gaming Acquisitions Limited, a company incorporated in England and Wales with registered
number 07120910 and having its registered office at 3 The Maltings, Wetmore Road, Burton-on-Trent, Staffordshire DE14 1SE (the
"Management Incentive Parent").

 

BACKGROUND

 

		(A)	The Vendors are the legal and beneficial owners of (or are otherwise entitled to transfer the legal
and beneficial ownership of) (i) that number of Sale Shares as are set out directly opposite their respective names in column (3)
of the tables in Schedule 1, and (ii) that number of Shareholder Loan Notes as are set out directly opposite their respective names
in column (4) of the tables in Schedule 1.

 

		(B)	Each of the Vendors has agreed to sell the Sale Shares and the Shareholder Loan Notes held by it,
and the Purchaser has agreed to purchase such Sale Shares and Shareholder Loan Notes, in each case on the terms and subject to
the conditions set out in this Agreement.

 

		(C)	The sale of the Sale Shares on the terms and subject to the conditions set out in this Agreement
is intended to comprise a "Relevant Sale" for the purposes of the Articles. Therefore, upon this Agreement becoming unconditional,
the Purchaser is entitled to require the Company as agent for the Purchaser to serve notices on the Minority Shareholders requiring
them to sell the Minority Shares to the Purchaser upon the terms set out in the Articles.

 

		(D)	Prior to Completion pursuant to the terms of this Agreement the Shareholder Loan Notes are to be
restructured, with the new loan notes issued as part of this restructuring containing a drag right. As above, upon this Agreement
becoming unconditional, the Purchaser will therefore be entitled to require the Company as agent for the Purchaser to serve notices
on the Minority Shareholders requiring them to sell their Shareholder Loan Notes to the Purchaser upon the terms set out in the
relevant instrument.

 

		(E)	The sale of the Sale Shares on the terms and subject to the conditions set out in this Agreement
is also intended to comprise a Parent Exit Event for the purposes of the articles of association of Inspired Gaming Group Limited.
Following signing, the Management Incentive Parent will serve a Call Exercise Notice on the Growth Shareholders requiring them
to sell the shares they hold in Inspired Gaming Group Limited.

 

     

     

    

 

		(F)	Hydra Industries Sponsor LLC and MIHI LLC (together, the "Sponsors") have delivered
to the Company a side letter to the Voting and Support Agreement (the "Sponsor Voting Agreement"),
dated as of the date hereof, pursuant to which, among other things, the Persons indicated in that document have agreed to vote
their Purchaser Stock in favour of certain matters (including the Transaction (as defined below) and certain other proposals of
the Purchaser set forth in its Proxy Statement), all on the terms and subject to the conditions set forth therein).

 

IT IS AGREED as follows.

 

		1.	Definitions and Interpretation/Basis of Obligations

 

		1.1.	In this Agreement and the Schedules unless the context shall otherwise require, words and expressions
shall be interpreted in accordance with and have the meaning ascribed to them in Schedule 8.

 

		1.2.	For the avoidance of doubt the obligations of each of the Vendors under this Agreement are entered
into on a several basis and so no claim may be made against any Vendor in respect of a breach of this Agreement by any other Vendor.

 

		2.	Sale and Purchase of Sale Shares

 

		2.1.	Each of the Vendors agrees to sell those Sale Shares as are set out directly opposite their name
in column (3) of the table in Part A of Schedule 1 or column (3) of the table in Part B of Schedule 1, and to sell the Exchange
Shares held by them as at Completion, on the terms and subject to the Conditions Precedent set out in this Agreement. The Purchaser
agrees to buy the Sale Shares on those terms and subject to the Conditions Precedent.

 

		2.2.	The Sale Shares are sold free from Encumbrances and purchased together with all rights attached
to them (including the right to receive any dividends) at Completion or accruing after Completion.

 

		2.3.	Each of the Vendors waives any restrictions on transfer (including pre-emption rights) enforceable
by it in relation to the transfer of the Sale Shares under this Agreement and consents to such transfer for all relevant purposes,
including for the purposes of the Articles.

 

		3.	Sale and Purchase of Minority Shares and Minority Shareholder
Loan Notes

 

		3.1.	Each of the Vendors hereby acknowledges and agrees that the sale of the Sale Shares pursuant to
this Agreement is intended to constitute a "Relevant Sale" for the purposes of Article 43.1 (Institutional Drag Along)
of the Articles (the "Drag Provision"). Each of the Loan Noteholders further acknowledges and agrees that the
sale of the Shareholder Loan Notes is also be intended to constitute a "Relevant Sale" for the purposes of the Drag Right
to be contained in the 633 Loan Note Instrument.

 

		3.2.	Each of the Vendors, for so long as they hold shares in the Company, hereby undertakes to
the Purchaser to exercise their rights as a shareholder in the Company (including by voting in favour of any required shareholder
resolutions) as reasonably required by the Purchaser in order to facilitate the operation of the Drag Provision.

 

    	 	2	 

     

    

 

		3.3.	Each of the 633 Loan Note Vendors hereby undertakes to the Purchaser that they will exercise their
rights as a holder of 633 Loan Notes (including by voting in favour of any loan note holder resolutions) as reasonably required
by the Purchaser in order to facilitate the operation of the drag provision to be contained in the 633 Loan Note Instrument (the
"633 Drag Provision") created as part of the Pre-Completion Restructuring.

 

		3.4.	The Company hereby undertakes to the Purchaser that it will, promptly upon receipt of a written
notice from the Purchaser to the Company (on or no later than 2 Business Days after the date on which it is notified that the Conditions
Precedent are satisfied), serve notices on the Minority Shareholders as required under the Drag Provision and the 633 Drag Provision
with the expectation that completion of the procedure under the Drag Provision and the 633 Drag Provision shall occur not later
than 10 Business Days after Completion.

 

		4.	Pre-Completion Restructuring and Sale and Purchase of Shareholder
Loan Notes

 

		4.1.	Following receipt of the CP Satisfaction Notice, each of the Vendors who are also holders of Shareholder
Loan Notes, the Company and DMWSL 632 shall comply with the provisions of Schedule 7 (to the extent applicable to them) in accordance
with the timescales set out therein, to restructure the Shareholder Loan Notes prior to Completion.

 

		4.2.	Each of the 633 Loan Note Vendors agrees to sell such number of Shareholder Loan Notes as are held
by them following the Pre-Completion Restructuring on the terms set out in this Agreement. The Purchaser agrees to buy the Shareholder
Loan Notes on those terms and subject to the Conditions Precedent.

 

		4.3.	The Shareholder Loan Notes are sold free from Encumbrances and purchased together with all rights
attached to them (including the right to receive any interest) at Completion or accruing after Completion.

 

		4.4.	Each of the Vendors waives any restrictions on transfer (including pre-emption rights) enforceable
by it in relation to the restructuring or transfer of the Shareholder Loan Notes under this Agreement and consents to such restructuring
and transfer for all relevant purposes.

 

		4.5.	The Vendors, in their capacity as holders of Shareholder Loan Notes, agree that the Company shall
not repay the outstanding amounts of principal (or interest accrued thereon) on any Shareholder Loan Notes as a result of Completion.
This Agreement is intended to be an agreement by the Majority Noteholders for the purposes of Clause 5.2 of the Shareholder Loan
Note Instrument (and any equivalent provision in the 633 Loan Note Instrument).

 

		5.	Transfer of Growth Shares

 

		5.1.	The Management Incentive Parent hereby acknowledges that the sale of the Sale Shares pursuant to
this Agreement is intended to constitute a Parent Exit Event for the purposes of paragraph 8 of the schedule of the Articles of
Association of Inspired Gaming Group Limited (the "Opco Articles").

 

    	 	3	 

     

    

 

		5.2.	The Management Incentive Parent hereby undertakes to the Purchaser that promptly following the
signing of this Agreement and prior to Completion, it shall serve on the Growth Shareholders a notice specifying that it intends
to issue a Call Exercise Notice on the Growth Shareholders requiring them to transfer their Growth Shares to it on Completion,
such transfer being conditional only upon the Completion of this Agreement. The Management Incentive Parent further undertakes
that at least two Business Days prior to Completion of this Agreement it will serve such a Call Exercise Notice on the Growth Shareholders
to acquire the Growth Shares on Completion.

 

		5.3.	The Management Incentive Parent, for so long as it holds shares in Inspired Gaming Group Limited,
hereby undertakes to the Purchaser to exercise its rights as a shareholder in Inspired Gaming Group Limited (including by voting
in favour of any required shareholder resolutions) as reasonably required by the Purchaser in order to facilitate the transfer
of the Growth Shares, subject to the terms of this Agreement.

 

		6.	Conditions Precedent/Termination Rights

 

Conditions Precedent

 

		6.1.	The obligation of the parties to proceed to Completion is conditional upon:

 

		(a)	the Purchaser Stockholder Approval having been duly obtained and the Charter Amendment having been
duly approved and adopted by the stockholders of the Purchaser by the requisite vote under the laws of the State of Delaware and
the Purchaser's certificate of incorporation;

 

		(b)	receipt of written confirmation from the Gambling Commission that all Operating Licences held by
Inspired Gaming (UK) Limited shall continue to have effect following Completion of the transaction envisaged by this Agreement
without the imposition of any new and unduly onerous conditions, remedies or requirements which are not accepted by the Purchaser,
having regard to the requirements of Clause 6.2 (the "Gambling Commission Condition");

 

		(c)	the licensing authority of Gibraltar (the "Gibraltar Licensing Authority")
having given their written approval to Completion of the proposed transaction under paragraph 4 of Schedule 1 of the Gambling Act
2005 (the "Gibraltar Gambling Act") without the imposition of any new and unduly onerous conditions, remedies
or requirements which are not accepted by the Purchaser, having regard to the requirements of Clause 6.2 (the "Gibraltar
Condition");

 

		(d)	receipt of written confirmation from the Alderney Gambling Control Commission ("AGCC")
confirming that the Core Services Provider Associate Certificate (as defined in the Alderney & Gambling Regulations 2009) held
by Inspired Gaming (UK) Limited shall continue to have effect following Completion without the imposition of any new and unduly
onerous conditions, remedies or requirements which are not accepted by the Purchaser, having regard to the requirements of Clause
6.2 (the "AGCC Condition");

 

		(e)	DMWSL 631 Limited delivering a certificate (signed by an authorised signatory) confirming that
no Event of Default (as defined in the Group's Existing Financing Arrangements) has occurred under the terms of the Group's Existing
Financing Arrangements;

 

    	 	4	 

     

    

 

		(f)	the Consideration Shares shall have been approved for listing on the NASDAQ Capital Market, subject
to official notice of issuance;

 

		(g)	the Offer shall have been completed in accordance with the Proxy Statement/Information Statement;
and

 

		(h)	Purchaser shall have at least $5,000,001 of net tangible assets (as determined in accordance with
Rule 3a51-1(g)(1) of the Exchange Act) remaining after the closing of the Offer.

 

		6.2.	The Purchaser shall accept all conditions, undertakings, remedies or assurances required or imposed
in relation to the Gambling Commission Condition, the Gibraltar Condition and/or the AGCC Condition, provided always that the Purchaser
shall be entitled to refuse to accept any new or unduly onerous condition, undertaking, remedy or assurance required or imposed
in relation to the Gambling Condition Approval, the Gibraltar Condition and/or the AGCC Condition that would materially reduce
the value of the Business taken as a whole and/or those separate parts of the Business which are known as "VLT and ETG"
or "Digital", in each case, such separate part taken as a whole.

 

		6.3.	The obligation of the Institutional Vendors to proceed to Completion is conditional upon

 

		(a)	the designees selected by the Institutional Vendors' Representative (provided that such designees
have been duly designated at least 10 Business Days prior to the Completion Date) shall have been approved and duly elected or
appointed to the board of directors of Purchaser, effective as of the Completion, and Purchaser shall have offered each of such
designees the same opportunity as the existing directors of the Purchaser to enter into an agreement for indemnification (in addition
to the indemnification provided for in Purchaser's organizational documents), substantially in the agreed form ;

 

		(b)	the Purchaser having available upon Completion cash in an aggregate amount sufficient to pay all
liabilities and obligations of (i) the Purchaser due and required to be paid at Completion or by reason of Completion; and (ii)
the Group which are due and required to be paid at Completion or by reason of Completion, in each case as identified in writing
by the Institutional Vendors' Representative and the Purchaser prior to the date hereof or as otherwise agreed in writing between
the Institutional Vendors' Representative and the Purchaser not less than 2 Business Days prior to the Completion Date and provided
further that this condition shall not be satisfied if there is a reasonable requirement for any Vendor to provide funds for such
purposes (the "Roll-over Condition");

 

		(c)	the Purchaser having drawn down the sum of US$20,000,000 under the Purchaser's Macquarie Agreement;
and

 

		(d)	the Purchaser having confirmed in writing that there is no deduction required by law to be made
from any of the sums payable (including in relation to the issuance of the Consideration Shares) to the Vendors under this Agreement,

 

(Clauses 6.1 and 6.3 collectively,
the "Conditions Precedent").

 

    	 	5	 

     

    

 

Responsibility for Satisfaction –
Purchaser's Obligations

 

		6.4.	The Purchaser hereby undertakes at its own expense to use all reasonable endeavours (and the Vendors
acknowledge that these are limited unless it receives the cooperation of the Company in accordance with Clause 6.5) to ensure the
satisfaction of the Conditions Precedent as soon as practicable and in any event prior to the Long Stop Date. In particular (but
without limitation) the Purchaser hereby undertakes to prepare (and with the co-operation of the Company) submit fully any and
all necessary filings or clearance requests as soon as reasonably possible following the date of this Agreement (and in any event
within 25 Business Days), to subsequently comply with and satisfy all further requests for filings, submissions or information
from the Gambling Authorities and to give (or procure the giving) by any or all members of the Purchaser's Group and any entity
that the Purchaser or such member of the Purchaser's Group has the ability to control or materially influence the policies of,
all reasonable undertakings, behavioural remedies or assurances required or requested by the Gambling Authorities in order to obtain
the clearances referred to in Clause 6.1 (but subject always to the proviso in Clause 6.2), including, without limitation:

 

		(a)	in the preparation of a submission to the Gambling Commission of an application under Sections
102(2)(b) and 103(3) of the Gambling Act 2005 detailing the proposed transaction and the resulting changes of corporate control
(within the meaning of those sections) as soon as reasonably practicable after the date of this Agreement (such application to
be prepared by the Purchaser but submitted by the Company pursuant to the provisions of Clause 6.9);

 

		(b)	in the preparation of a submission to the AGCC seeking confirmation that the Core Services Provider
Associate Certificate (as defined in the Alderney & Gambling Regulations 2009) held by Inspired Gaming (UK) Limited shall continue
to have effect following Completion as soon as reasonably practicable after the date of this Agreement (such application to be
prepared by the Purchaser but submitted by the Company pursuant to the provisions of Clause 6.9);

 

		(c)	to cooperate and comply with any reasonable request of the Company, and provide the Company with
any information or documentation reasonably required, in relation to (i) the Company submitting a proposal to the Gibraltar Licensing
Authority under paragraph 4(1) of Schedule 1 of the Gibraltar Gambling Act notifying the Gibraltar Licensing Authority of the proposed
transaction and the resulting Material Change, and (ii) any further or subsequent representations the Company believes are necessary
to make to the Gibraltar Licensing Authority in connection with the proposal; and

 

		(d)	at its own expense to deliver to the Gibraltar Licensing Authority, to the extent required by the
Gibraltar Licensing Authority, a duly completed application for the grant of a licence in such form and manner, and containing
such information and documents, as may be prescribed by the Gibraltar Licensing Authority in accordance with paragraph 1 of Schedule
1 of the Gibraltar Gambling Act, including (without limitation) procuring that any or all members of the Purchaser's Group and
its and their directors, officers, and employees, and where possible any other individuals reasonably required by the Gibraltar
Licensing Authority, deliver any information, undertakings or documentation required in connection therewith.

 

    	 	6	 

     

    

 

		6.5.	Subject always to Clause 6.9 below, the Purchaser undertakes to keep the Vendors' Representatives
reasonably and promptly informed as to the progress towards satisfaction of the Conditions Precedent and undertakes to:

 

		(a)	as soon as reasonably practicable, notify the Vendors' Representatives and provide to them (or
their nominated advisers) copies (or in the case of non-written communications, reasonable details) of any communications from
the Gambling Authorities or any other person in relation to the subject matter of the Conditions Precedent which are of significance
to the Conditions Precedent; and

 

		(b)	provide the Company and the Vendors' Representatives (or their nominated advisers) with draft copies
of all submissions and material communications to the Gambling Authorities, in relation to the subject matter of the Conditions
Precedent with sufficient time so as to allow the Company and their representatives a reasonable opportunity to provide comments
on such submissions and communications before they are submitted or sent (and also to take into account all reasonable comments
of the Company in the preparation of such drafts prior to their submission) and as soon as reasonably possible (and in any event
within two Business Days of being submitted or sent) to provide the Company and the Vendors' Representatives (or their nominated
advisers) with copies of all such submissions and material communications in the form submitted or sent; provided that if any information
to be provided includes the Purchaser's commercially sensitive information or any individual's personal data, then the Purchaser
need only provide copies which have had such commercially sensitive information and/or personal data redacted.

 

		6.6.	Subject only to the obtaining of the Purchaser Stockholder Approval, the Purchaser warrants to
the Vendors that there exists no reason in relation to the Purchaser's Group (including any entity that has the ability to control
or materially influence the policies of the Purchaser or the Purchaser's Group and any entity that a member of the Purchaser's
Group has the ability to control or materially influence the policies of) and/or any of its or their officers or managers or, to
the best of its knowledge, otherwise which would prevent the Purchaser from satisfying the Conditions Precedent before the Long
Stop Date.

 

		6.7.	The Purchaser shall bear all filing, licence and registration fees incurred in relation to any
filing required to be made in any jurisdiction in connection with the acquisition of the Sale Shares, the Shareholder Loan Notes,
and the Minority Shares by the Purchaser, and the Growth Shares by the Management Incentive Parent.

 

Responsibility for Satisfaction –
Joint Obligations 

 

		6.8.	Each of the Purchaser and Landgame S.à.r.l. severally
undertake that between the date of this Agreement and the Completion Date they will not (and they will procure that (i) any entity
that has the ability to control or materially influence the policies of any member of their group will not, and (ii) no member
of their group, or any entity that a member of their group has the ability to control or materially influence the policies of will
not) do or instruct any act the effect of which is reasonably likely to prejudice the satisfaction of the Conditions Precedent
in good time or at all (and without limitation shall not acquire or agree to acquire any business or assets which are competitive
with the business of the Group).

 

    	 	7	 

     

    

 

		6.9.	The Company and each of the Vendors undertakes to cooperate fully and in good faith with the Purchaser
in respect of any information, assistance or otherwise which is within the control of the Company and or the relevant Vendor and
which is reasonably required by a Regulatory Authority in order to allow the Purchaser in order to satisfy the Conditions Precedent.

 

		6.10.	The Company and the Purchaser shall, where permitted by the Gambling Authorities, use reasonable
efforts to ensure that both the Purchaser and the Company be allowed to attend all meetings with the Gambling Authorities and,
where appropriate, to make oral submissions at such meetings. Further, the Company and the Purchaser shall, where permitted by
the Gambling Authorities, and where requested by the Institutional Vendors' Representative, allow a person nominated by the Vendors
to attend all meetings with the Gambling Authorities and, where appropriate, to make oral submissions at such meetings.

 

Responsibility for Satisfaction –
Company's Obligations

 

		6.11.	The Company shall ensure that each Group Company:

 

		(a)	provides, as soon as is reasonably practicable, on written request, such information about the
operations of the Group and submits all documents and other information as is available to them and is reasonably required to enable
the Purchaser to fulfil the Conditions Precedent;

 

		(b)	provides such assistance as the Purchaser may reasonably require in order to fulfil the Conditions
Precedent; and

 

		(c)	signs and makes all submissions to the Gambling Authorities which are reasonably required by the
Purchaser to satisfy the Conditions Precedent, provided that the Purchaser has first provided a draft of these submissions to the
Company and the Company has approved them, such approval not to be unreasonably withheld or delayed.

 

		6.12.	Without prejudice to the foregoing and except as otherwise regulated by Clause 6.5 above, the Vendors
and the Purchaser shall notify each other of all requests and enquiries from any government, governmental, supranational or trade
agency, court or regulatory body relevant to the transaction evidenced by this Agreement and those requests and enquiries shall
be dealt with by the Vendors and the Purchaser in consultation with each other and the Vendors and the Purchaser shall co-operate
with and provide all necessary information available to them and assistance reasonably required by such government, agency, court
or body upon being requested to do so by the other.

 

Notices of Satisfaction

 

		6.13.	The Purchaser shall give notice to the Vendors' Representatives of the satisfaction of the Conditions
Precedent promptly and in any event within one Business Day of becoming aware of the same (the "CP Satisfaction
Notice"). Each of the Purchaser and the Vendors shall promptly notify the other of (and furnish to it any information
it may reasonably request with respect to) any event or condition or the existence to the Purchaser's or the Vendors' awareness,
as applicable, of any fact that would be likely to cause the Conditions Precedent not to be fulfilled.

 

    	 	8	 

     

    

 

		6.14.	The Purchaser acknowledges that the applications to the Gambling Authorities do not reflect the
statutory approval regimes of the Gambling Authorities (in particular because they are to be made in anticipation of Completion)
and that the Gambling Authorities may not be able to issue a statement in the form envisaged by Clause 6.1 or provide any formal
confirmation. The Purchaser hereby accepts and acknowledges that in such case a substantially equivalent statement or other written
acknowledgement to the effect that the relevant Gambling Authority will not object to the transaction contemplated by this Agreement
or consents to it subject to the transaction taking place as described in the submission shall be sufficient to satisfy the relevant
Condition Precedent in the absence of a form of statement as provided for in Clause 6.1.

 

Long Stop Date 

 

		6.15.	If the Conditions Precedent are not satisfied or waived on or before the Long Stop Date, either
the Purchaser or the Vendors (acting through the Vendors' Representatives) may by notice in writing to the other terminate this
Agreement in which case this Agreement shall lapse and no party shall have any claim against any other party under or in relation
to it, save that such termination will be without prejudice to (a) any right which the Vendors may have to take action against
the Purchaser, or that the Purchaser may have to take action against the Vendors, for a breach of the terms of this Clause 6, (b)
any provision of this Agreement which is specifically stated to survive termination; and (c) Clause 25 of this Agreement.

 

		7.	Consideration

 

		7.1.	The consideration for the sale and purchase of the Sale Shares and the Shareholder Loan Notes shall
be the aggregate of:

 

		(a)	the Base Consideration; LESS

 

		(b)	the Accruing Negative Consideration; and PLUS

 

		(c)	the Earn-Out Consideration,

 

(the "Purchase
Price").

 

		7.2.	The aggregate of the Base Consideration and the Accruing Negative Consideration (the "Completion
Payment") shall be satisfied by (i) the Cash Element and (ii) the Stock Element, in each case as calculated in accordance
with Schedule 6.

 

		7.3.	The Earn-Out Consideration will be determined and will be satisfied in favour of the holders of
the Shareholder Loan Notes pro rata to their holdings of the Shareholder Loan Notes in accordance with Schedule 5.

 

		7.4.	The Purchase Price shall be attributed as follows:

 

		(a)	£1 for the Sale Shares; and

 

		(b)	the remainder for the Shareholder Loan Notes (the "Loan Note Payment").

 

		7.5.	For the avoidance of doubt, the Earn-Out Consideration shall be applied in its entirety to the
satisfaction of the Loan Note Payment.

 

		7.6.	The parties agree, to the extent reasonably possible, to treat the Loan Note Payment as being paid
firstly in respect of the principal amounts owing under the Shareholder Loan Notes and any balance shall be treated as being in
relation to the remaining accrued interest. For these purposes, the parties shall treat any Shareholder Loan Notes that have been
issued and received as payment in kind notes for accrued interest as if they were accrued interest and not principal.

 

    	 	9	 

     

    

 

Transaction Calculation and Allocation

 

		7.7.	Not later than one Business Day before Completion the Company shall provide to the Institutional
Vendors' Representative and the Purchaser details of the outstanding amount of PIK interest and cash interest accrued under the
Groups' Existing Financing Arrangements in each case as at the expected Completion Date. Following receipt of this information
the Institutional Vendors' Representative and the Purchaser shall agree (each acting reasonably and in good faith) the final calculation
of the Base Consideration, the Accruing Negative Consideration, the Completion Payment and the Cash Element.

 

		7.8.	Not later than two Business Days before Completion, the Vendors' Representatives shall provide
to the Purchaser a transaction allocation setting out the allocation of the Purchase Price and the Loan Note Payment as between
the Vendors and as between the different classes of Sale Shares and Shareholder Loan Notes (but always in accordance with the terms
of Clause 7.4) (the "Transaction Allocation"). The parties agree to adopt this allocation for all purposes under
this Agreement.

 

		7.9.	The Purchaser shall discharge its obligation to pay the consideration by
paying or satisfying the Completion Payment in accordance with the provisions of paragraph 4.1 of Schedule 4.

 

Payments

 

		7.10.	All cash payments under this Clause 7 shall (unless the parties agree otherwise or the recipient
notifies with at least five Business Days' prior notice a suitable alternative bank account) be paid by electronic transfer of
cleared funds for same day value to the Vendors' Solicitors' Bank Account (which shall constitute a full discharge of the Purchaser's
liability to make such a payment and the Purchaser shall not be further concerned with or responsible for the application of such
monies).

 

		8.	Pre-Completion Matters

 

Pre-Completion Undertakings

 

		8.1.	Subject to Clause 8.2 and unless otherwise approved in writing by the Purchaser (such approval
not to be withheld or delayed unreasonably):

 

		(a)	the Management Vendors each undertake to exercise all of their rights and powers as shareholders,
directors and/or employees of the Group (subject to any fiduciary duty to which they are subject) so as to ensure that between
the date of this Agreement and the Completion Date:

 

		(i)	the business of the Group (taken as a whole) shall be conducted in the ordinary course; and

 

		(ii)	each Group Company shall comply with Part B of Schedule 3;

 

		(b)	the Institutional Vendors each undertake to exercise all of their rights and powers as shareholders
in the Company and to instruct any directors appointed to the board of a Group Company by any of them, not to approve or vote in
favour of any action that would mean that:

 

    	 	10	 

     

    

 

		(i)	the business of the Group (taken as a whole) is not conducted in the ordinary course; and

 

		(ii)	any Group Company fails to comply with Part B of Schedule 3;

 

		(c)	the Company undertakes that between the date of this Agreement and the Completion Date it shall
procure that:

 

		(i)	the business of the Group (taken as a whole) shall be conducted in the ordinary course; and

 

		(ii)	it and each Group Company shall comply with Parts A and B of Schedule 3.

 

		8.2.	Clauses 8.1(a), 8.1(b), 8.1(c) and Schedule 3 shall not operate so as to restrict or prevent or
require:

 

		(a)	any matter undertaken in good faith in an emergency or disaster situation with the intention of
minimising any adverse effect thereof where it is not reasonably possible to first obtain the Purchaser's prior consent provided
that the Purchaser will be notified and their consent sought for any further steps as soon as reasonably practicable thereafter;

 

		(b)	the completion or performance of any obligations undertaken pursuant to any contract or arrangement
entered into by any member of the Group prior to the date of this Agreement which has been made available to the Purchaser in the
Data Room;

 

		(c)	any increase in normal payments made to employees of any member of the Group where such increase
is (i) required by law or (ii) contractually required or (iii) made in accordance with the normal practice of the relevant employer(s)
so long as it does not exceed an aggregate annual cost of £500,000 provided that where an amount falls under both this clause
and paragraphs 15 and 16 of Schedule 3, the amount shall count towards both of the relevant baskets and shall reduce the remaining
permitted amount available in both clauses;

 

		(d)	any matter the undertaking of which is specifically contemplated in this Agreement or any other
Transaction Document or which is in the agreed form including the termination of the Existing Investment Agreement;

 

		(e)	the completion or performance of any obligations undertaken in relation to the Pre-Completion Restructuring
(including the incurrence of non-material costs and expenses in relation to documenting the Pre-Completion Restructuring but no
other expenditure);

 

		(f)	the incurrence and/or payment of any fee in relation to the transaction envisaged by this Agreement
or any of the Transaction Documents, provided that the Purchaser has given its prior written consent (including by e-mail); or

 

		(g)	any matter undertaken at the written request of the Purchaser (although neither the Vendors nor
any member of the Group shall be obliged to comply with any such request) except to the extent that they are otherwise required
to pursuant to this Agreement.

 

    	 	11	 

     

    

 

		8.3.	Any material breach of the undertakings given by the Company in Part A of Schedule 3 to this Agreement
shall not give rise to any right of damages other than in instances where the outcome resulting from the breach is directly within
the control of the Vendors or the Company.

 

		8.4.	Unless otherwise approved in writing by the Institutional Vendors' Representative (such approval
not to be unreasonably withheld or delayed), the Purchaser shall not take any of the following actions:

 

		(a)	make any amendment or modification to any of its organizational documents or take any action in
violation or contravention thereof, applicable law or any applicable rules and regulations of the SEC and NASDAQ;

 

		(b)	issue, sell or deliver any of its equity securities or issue or sell any securities convertible
into or exercisable or exchangeable for, or options with respect to, or warrants to purchase or rights to subscribe for, any of
its equity securities;

 

		(c)	make any redemption or purchase of its equity interests, except pursuant to the Offer;

 

		(d)	effect any recapitalization, reclassification, equity split or similar change in its capitalization;

 

		(e)	make any amendment or modification to the Investment Management Trust Agreement, dated as of 29
October 2014 (the "Trust Agreement"), by and between Purchaser and Continental Stock Transfer & Trust Company;

 

		(f)	make or allow to be made any reduction in the Purchaser Trust Amount, other than as expressly permitted
by Purchaser’s organisational documents;

 

		(g)	subject to the Communications Plan, contact (or permit any of its employees, agents, representatives
or Affiliates to contact) any customer, supplier, distributor, joint-venture partner, lessor or other material business relation
of any Group Company regarding any Group Company, its businesses or the Transaction;

 

		(h)	amend, waive or terminate, in whole or in part, the Sponsor Voting Agreement;

 

		(i)	establish any subsidiary or acquire any interest in any asset or enter into any binding agreement,
tender or offer for another business combination; or

 

		(j)	enter into any agreement or commitment to do any of the foregoing, or any action or omission that
would result in any of the foregoing.

 

Standstill

 

		8.5.	Neither Landgame S.à.r.l nor any investment fund advised or managed by Vitruvian Partners
LLP (but specifically excluding any investors in those funds and any investee entities of those funds) shall, directly or indirectly
engage in any transactions involving the securities of the Purchaser prior to the time of the making of a public announcement of
the transactions contemplated by this Agreement.

 

    	 	12	 

     

    

 

Proxy Statement/Information Statement

 

		8.6.	As soon as is reasonably practicable after receipt by the Purchaser from the Company and the Vendors
of all financial and other information relating to the Company and the Vendors as the Purchaser may reasonably require for its
preparation, the Purchaser shall prepare in accordance with Clause 8.7 and file with the SEC under the United States Securities
Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the "Exchange Act"),
and with all other applicable regulatory bodies, materials in the form of a proxy statement/information statement to be used for
the purpose of soliciting proxies from holders of Purchaser Stock for the matters to be acted upon at the Special Meeting (as defined
below) (the "Proxy Statement/Information Statement") and offering such holders (other than the Sponsors) the opportunity
to redeem up to 100% of their shares of Purchaser Stock (the "Offer"). The Proxy Statement/Information Statement
shall include proxy materials for the purpose of soliciting proxies from holders of Purchaser Stock to vote, at a meeting of holders
of Purchaser Stock to be called and held for such purpose (the "Special Meeting"), in favour of (a) the adoption
of this agreement and the approval of the Transaction ("Purchaser Stockholder Approval"), (b) amending and
restating the Purchaser's certificate of incorporation, effective upon Completion, to be substantially in the agreed form, providing
for, among other things, (i) the change of the name of the Purchaser to "Inspired Entertainment Inc."; (ii) the
existence of the Purchaser to be perpetual; and (iii) the removal of Article IX and Section 5.2(b) (the "Charter Amendment");
(c) the election of the members of the board of directors of Purchaser (including the designees
of the Vendors); and (d) an adjournment proposal, if necessary, to adjourn the Special Meeting if, based on the tabulated
vote count, the Purchaser is not authorised to proceed with the Transaction. The Purchaser shall provide the Company with copies
of any written comments, and shall inform them of any material oral comments, that Purchaser or any of its Representatives receive
from the SEC or its staff with respect to the Proxy Statement/Information Statement promptly after the receipt of such comments
and shall give the Company a reasonable opportunity to review and comment on any proposed written or material oral responses to
such comments. The Purchaser shall use commercially reasonable endeavours to "clear" comments from the SEC and its staff
with respect to the Proxy Statement/Information Statement and to, to the extent reasonably possible, permit the Company to participate
with Purchaser or its Representatives in any material discussions or meetings with the SEC and its staff regarding the Proxy Statement/Information
Statement.

 

Proxy Statement/Information Statement
– Obligations of the Purchaser

 

		8.7.	The Purchaser shall be responsible for drafting, filing and making any subsequent amendments to
the Proxy Statement/Information Statement.

 

		8.8.	The Purchaser shall cause the Proxy Statement/Information Statement to comply in all material respects
with the applicable requirements of the Federal Securities Laws (as defined below). If at any time prior to Completion, any material
information relating to the Purchaser, the Group Companies or any of their respective subsidiaries, affiliates, officers or directors,
should be discovered by the Purchaser, that should be set forth in an amendment or supplement to the Proxy Statement/Information
Statement (or any of the documents included or referred to therein, together with any supplements, amendments and/or exhibits thereto),
so that such documents would not include any misstatement of a material fact or omit to state any material fact necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading, an appropriate amendment or supplement
describing such information shall be promptly filed by the Purchaser with the SEC and, to the extent required by law, disseminated
to the stockholders of the Purchaser.

 

    	 	13	 

     

    

 

		8.9.	As soon as reasonably practicable following approval by the SEC, and in any event within 3 Business
Days, the Purchaser shall distribute the Proxy Statement/Information Statement to the holders of Purchaser Stock and, pursuant
thereto, shall call the Special Meeting in accordance with the General Corporation Law of the State of Delaware (the "DGCL")
for a date no later than thirty (30) days following the approval of the Proxy Statement/Information Statement by the SEC and,
subject to the other provisions of this Agreement, solicit proxies from the holders of Purchaser Stock to vote in favour of the
adoption of this Agreement and the approval of the Transaction and the other matters presented to the stockholders of the Purchaser
for approval or adoption at the Special Meeting.

 

		8.10.	The Purchaser, acting through its board of directors, shall include in the Proxy Statement/Information
Statement the recommendation of its board of directors that the holders of Purchaser Stock vote in favour of the adoption of this
Agreement and the approval of the Transaction, and shall otherwise use all reasonable endeavours to obtain the Purchaser Stockholder
Approval.

 

		8.11.	The Purchaser shall cause the Proxy Statement/Information Statement, as so amended or supplemented
(as applicable), to be filed with the SEC and to be disseminated to its stockholders, in each case, as and to the extent required
by applicable Federal Securities Laws.

 

Proxy Statement/Information Statement
– Obligations of the Company

 

		8.12.	The Company shall promptly provide to the Purchaser such information concerning the Company, the
Group Companies and their respective officers and directors as is either required by the United States federal securities laws
and the rules and regulations of the SEC promulgated thereunder (the "Federal Securities Laws") or otherwise reasonably
requested by the Purchaser for inclusion in the Proxy Statement/Information Statement. The Company shall, and shall cause each
of the Group Companies to, make their respective directors, officers and employees, upon reasonable advance notice, reasonably
available to Purchaser and its Representatives in connection with the drafting by the Purchaser of the public filings with respect
to the Transaction (including the Proxy Statement/Information Statement) and to enable the Purchaser to respond in a timely manner
to comments from the SEC or its staff.

 

		8.13.	If at any time prior to Completion, any material information relating to the Company, the Group
Companies or any of their respective subsidiaries, affiliates, officers or directors, should be discovered by the Company, that
should be set forth in an amendment or supplement to the Proxy Statement/Information Statement (or any of the documents included
or referred to therein, together with any supplements, amendments and/or exhibits thereto), so that such documents would not include
any misstatement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading, the Company shall notify the Purchaser as soon as reasonably practicable
upon discovering such and an appropriate amendment or supplement describing such information shall be promptly filed by the Purchaser
with the SEC and, to the extent required by law, disseminated to the stockholders of the Purchaser.

 

    	 	14	 

     

    

 

		8.14.	The Company shall cause the senior management of its Group to participate in meetings, management
presentations, roadshows and other activities as is reasonably required and related to the seeking and obtaining of the Purchaser
Stockholder Approval and the approval of the Proxy Statement/Information Statement by the SEC.

 

Proxy Statement/Information Statement
– Obligations of the Vendors

 

		8.15.	The Institutional Vendors' Representative shall promptly provide to the Purchaser such information
concerning the Vendors as is reasonably available to it and is either required by the applicable requirements of the Federal Securities
Laws or otherwise reasonably requested by the Purchaser for inclusion in the Proxy Statement/Information Statement. The Vendors
shall use reasonable endeavours to cause the Company to, and shall cause each of the Group Companies to, make their respective
directors, officers and employees, upon reasonable advance notice, reasonably available to Purchaser and its Representatives in
connection with the drafting by the Purchaser of the public filings with respect to the Transaction (including the Proxy Statement/Information
Statement) to enable the Purchaser to respond in a timely manner to comments from the SEC or its staff.

 

Stockholder Vote - Recommendation of
the Board of the Purchaser 

 

		8.16.	The board of directors of Purchaser shall recommend that the Purchaser's stockholders vote in favour
of this Agreement and consummating the Transaction, and the Purchaser shall include such recommendation in the Proxy Statement/Information
Statement. Prior to the termination of this Agreement, neither the board of directors of the Purchaser nor any committee or agent
or representative thereof shall (i) withdraw (or modify in any manner adverse to the Company or the Vendors), or propose to withdraw
(or modify in any manner adverse to the Company or the Vendors), the Purchaser's Board's recommendation in favour of this Agreement
and the Transaction, (ii) approve, recommend or declare advisable, or propose publicly to approve, recommend or declare advisable,
any Purchaser Acquisition Transaction (as defined below), (iii) approve, recommend or declare advisable, or propose to approve,
recommend or declare advisable, or allow the Purchaser to execute or enter into, any agreement related to a Purchaser Acquisition
Transaction, (iv) enter into any agreement, letter of intent, or agreement in principle requiring the Purchaser to abandon, terminate
or fail to consummate the transactions contemplated hereby or breach its obligations hereunder, (v) fail to recommend against any
Purchaser Acquisition Transaction, (vi) fail to re-affirm the aforementioned Purchaser's board's recommendation at the written
request of the Vendors within five (5) Business Days or (vii) resolve or agree to do any of the foregoing.

 

Listing

 

		8.17.	From the date of this Agreement through to Completion, the Purchaser shall use all reasonable endeavours
to remain listed as a public company on, and for shares of Purchaser Stock to be tradable over, the NASDAQ Capital Market. The
Purchaser shall use all reasonable endeavours to obtain the listing of the Consideration Shares for trading on the NASDAQ Capital
Market prior to Completion.

 

    	 	15	 

     

    

 

Exclusive Dealing

 

		8.18.	During the period from the date hereof through to Completion or the earlier termination of this
Agreement, the Purchaser will not, directly or indirectly, initiate, solicit or engage in discussions or negotiations with, or
knowingly provide any information to, any person (other than the Company and the Company's Representatives) concerning any alternative
business combination transaction involving Purchaser, including any purchase or sale of equity or assets of the Purchaser or any
other Person or a merger, combination or recapitalisation of the Purchaser or any subsidiary thereof (each such transaction, a
"Purchaser Acquisition Transaction"); provided that this Clause 8.18 will not apply to Purchaser in connection
with communications to its stockholders related to the transactions contemplated by this Agreement. The Purchaser will, and will
cause its subsidiaries and Representatives to, cease and cause to be terminated any existing discussions, communications or negotiations
with any Person (other than the Company and the Company’s Representatives) conducted heretofore with respect to any Purchaser
Acquisition Transaction.

 

Sponsor Voting Agreement

 

		8.19.	The Purchaser hereby acknowledges and agrees that the Vendors have the right to cause the Purchaser
to enforce the Purchaser's rights and perform Purchaser's obligations under the Sponsor Voting Agreement, and Purchaser further
acknowledges that money damages would not be an adequate remedy at law if any Stockholder (as defined therein) fails to timely
perform in any material respect any of such Stockholder's obligations under the Sponsor Voting Agreement and accordingly, upon
the written request of the Institutional Vendors' Representative, the Purchaser shall, in addition to any other remedy at law or
in equity, seek an injunction or similar equitable relief restraining such Stockholder from committing or continuing any such breach
or threatened breach or to seek to compel specific performance of the obligations of any other party under the Sponsor Voting Agreement,
without the posting of any bond, in accordance with the terms and conditions of the Sponsor Voting Agreement in any court of having
jurisdiction, and if any action should be brought in equity to enforce any of the provisions of the Sponsor Voting Agreement, the
Purchaser shall not raise the defence that there is an adequate remedy at law.

 

Access Pending Completion

 

		8.20.	In order to facilitate an orderly transition of ownership, pending Completion the Vendors shall
instruct the Group to allow the Purchaser and its representatives reasonable access during normal working hours to the premises,
senior management, and books and records of the Group (and the Purchaser hereby agrees to be bound by and treat such information
and access as being Confidential Information in terms of the Confidentiality Agreement as if it were a party thereto) and provided
that the relevant Group Company may refuse such access if it would be contrary to any applicable laws or regulations or legal privilege
or would cause undue disruption to the relevant business or its management.

 

		8.21.	In order to facilitate the refinancing and/or extension of the Group's Existing Financing Arrangements
pending completion the Vendors shall instruct the Group to provide reasonable assistance to the Purchaser in relation to such refinancing
and/or extension so long as in doing so (a) no liability or obligation shall be placed on a Group Company, (b) the Vendor and each
Group Company shall not have an obligation to accept, pay or incur any liability (contingent or otherwise) in complying with this
Clause 8.21, in each case other than as set out in the A&R Agreement.

 

    	 	16	 

     

    

 

		8.22.	In connection with the Proxy Statement/Information Statement, the Vendors shall and shall use reasonable
endeavours to ensure the Company shall furnish to Purchaser in writing the information relating to it which is strictly required
by the applicable United States Federal Securities Laws and the rules and regulations promulgated thereunder to be set forth in
the Proxy Statement/Information Statement, including, without limitation, all required audited and unaudited consolidated financial
statements of the Company and any Group Company.

 

		8.23.	The Vendors will, as soon as reasonably practicable upon becoming aware, notify the Purchaser of
any incorrect information provided by it or them for use in the Proxy Statement/Information Statement, if and to the extent that
it shall have become false or misleading in any material respect prior to the Special Meeting.

 

		8.24.	The Company will, as soon as reasonably practicable upon becoming aware, notify the Purchaser of
any incorrect information provided by it or them for use in the Proxy Statement/Information Statement, if and to the extent that
it shall have become false or misleading in any material respect prior to the Special Meeting.

 

		9.	Completion 

 

		9.1.	The sale and purchase of the Sale Shares and the Shareholder Loan Notes shall be completed at the
offices of the Vendors' Solicitors on the Completion Date (or at such other place or time as may be agreed in writing between the
Purchaser and the Vendors' Representatives), when the parties shall each comply with their respective obligations set out in Schedule
4.

 

		9.2.	None of the Vendors nor the Purchaser shall be obliged to complete the sale or purchase of any
of the Sale Shares or the Shareholder Loan Notes unless all of the Sale Shares and Shareholder Loan Notes held by the Vendors (as
such exist following the Pre-Completion Restructuring) are sold and purchased simultaneously.

 

		9.3.	The Purchaser shall not be obliged to complete the purchase of any of the Sale Shares or the Shareholder
Loan Notes where:

 

		(a)	a breach of the Warranties given by the Vendors in Clause 12 of this Agreement as at the date of
this Agreement has occurred;

 

		(b)	a breach of the Warranties given by the Vendors in Clause 12 of this Agreement immediately prior
to Completion has occurred; or

 

		(c)	a breach of the warranties given by certain managers under the Warranty Deed (as such warranties
are qualified by any disclosures provided pursuant to Clause 8 of the Warranty Deed) has occurred where such breach (or such breaches
in the aggregate) would constitute a Material Adverse Effect.

 

		9.4.	Subject to the provisions of Clauses 9.5 to 9.9, the Purchaser shall not be obliged to complete
the purchase of any of the Sale Shares or the Shareholder Loan Notes where a Material Adverse Effect has occurred between the date
of this Agreement and Completion.

 

		9.5.	If the Purchaser becomes aware of a fact, event or circumstances which it believes entitles it
to terminate this Agreement in accordance with Clauses 9.3 or 9.4 (including following any notification made under Clause 9.6)
it shall as soon as reasonably possible (and in any event within one Business Day) give written notice of this to the Institutional
Vendors' Representative (the "Possible Termination Event Notice").

 

    	 	17	 

     

    

 

		9.6.	If any of the Management Vendors or the Company become aware of a fact, event or circumstance which
relates to the Group and which it believes would entitle the Purchaser to terminate in accordance with Clauses 9.3 or 9.4 , such
person shall as soon as reasonably possible (and in any event within one Business Day) give written notice of this to each of the
Purchaser and the Institutional Vendors' Representative.

 

		9.7.	If the Purchaser serves a Possible Termination Event Notice in accordance with Clause 9.5, the
Purchaser and the Institutional Vendors' Representative shall meet as soon as reasonably possible (and in any event within two
Business Days) to discuss and negotiate in good faith as to whether the fact, event or circumstance(s) notified by the Purchaser
in fact entitles the Purchaser to terminate this Agreement .

 

		9.8.	If following that meeting the Purchaser, acting reasonably and in good faith, still considers that
the relevant fact, event or circumstances entitles the Purchaser to terminate this Agreement then it shall be entitled to serve
a notice of termination on the Institutional Vendors' Representative following which this Agreement shall be terminated and the
Purchaser shall not be obliged to proceed to Completion.

 

		9.9.	If the Purchaser serves a Possible Termination Event Notice and the process of discussion and negotiation
set out in Clause 9.7 above has not been resolved on or before the date falling five (5) Business Days before the date on which
Completion would otherwise be due to occur under this Agreement, then the date on which Completion shall occur shall be the date
falling five (5) Business Days after the date when the process referred to in Clauses 9.7 and 9.8 has been completed.

 

		10.	Leakage 

 

		10.1.	Each Vendor severally and for its or his own account only undertakes to the Purchaser that, from
the Locked Box Date up to and including the date of Completion, no Leakage has occurred or will occur and which any such Vendor
or its Connected Persons has received or benefitted from. The Purchaser's only remedy in respect of any breach or alleged breach
of this undertaking is as set out in Clause 10.3.

 

		10.2.	If the Purchaser considers that any Leakage has occurred in breach of the undertaking in Clause
10.1, it may at any time and from time to time, prior to the date 12 months from the Completion Date, give notice of that fact
to the relevant Vendor(s) setting out in reasonable detail the nature, timing and amount of such Leakage.

 

		10.3.	If, in relation to any Vendor or its Connected Persons, any Leakage as it set out in Clause 10.1
has occurred, the relevant Vendor(s) severally will pay to the Purchaser the amount of any such Leakage to the extent received
or benefited from by each such Vendor or any of their Connected Persons.

 

		10.4.	If any Vendor(s) are required to make a payment in relation to Leakage in accordance with Clause
10.3 then they shall also pay an additional amount equal to the amount of Tax (if any) incurred by the Group to the extent directly
attributable to such of the relevant Leakage received or benefitted from by such Vendor or its Connected Persons.

 

		10.5.	For the purposes of this Clause 10, where a Vendor has received or benefited from any Leakage the
amount payable by such Vendor shall be the amount that they can be shown to have individually received or benefited from such Leakage
or, in circumstances where all (or any smaller group) of the Vendors or their respective Connected Persons have benefited from
but not actually received any such Leakage, each individual Vendor's portion of the Leakage shall be calculated as the proportion
of such Leakage that its holding of Shareholder Loan Notes bears to the total number of Shareholder Loan Notes (or in the case
of a smaller group of Vendors, to the total number of Shareholder Loan Notes held by such group of Vendors).

 

    	 	18	 

     

    

 

		11.	Trust Fund Matters

 

		11.1.	Notwithstanding anything else in this agreement, the Company and the Vendors acknowledge that each
has read the sections captioned "The Offering – Proceeds to be held in trust account" (page 17) and "Release
of funds in trust account on closing of our initial business combination" (pages 24-25)of the Purchaser's final prospectus
dated October 24, 2014 (the "Prospectus") and understands that the Purchaser has established a trust account administered
by Continental Stock Transfer & Trust Company (the "Trust Fund") for the benefit of the Purchaser's public
stockholders and that the Purchaser may disburse monies from the Trust Fund only (a) to the Purchaser's public stockholders in
the event they elect to convert their Purchaser Stock into cash in accordance with the Purchaser's certificate of incorporation
and/or the liquidation of the Purchaser, (b) to the Purchaser after, or concurrently with, the consummation of a business combination,
and (c) to the Purchaser in limited amounts for its working capital requirements and tax obligations.

 

		11.2.	The Company and the Vendors further acknowledge that, if the transactions contemplated by this
Agreement, or, upon termination of this agreement, another business combination, are not consummated by the date required by the
Purchaser's certificate of incorporation, the Purchaser will be obligated to return to its stockholders the amounts being held
in the Trust Fund. Accordingly, the Company, for itself and its subsidiaries, affiliated entities, directors, officers, employees,
stockholders, representatives, advisors and all other associates and Affiliates, and each Vendor, for itself, hereby waive all
rights, title, interest or claim of any kind against the Purchaser to collect from the Trust Fund any monies that may be owed to
them by the Purchaser for any reason whatsoever, including but not limited to a breach of this Agreement by the Purchaser or any
negotiations, agreements or understandings with the Purchaser (whether in the past, present or future), and will not, seek recourse
against the Trust Fund at any time for any reason whatsoever. This Clause 11.2 shall not limit or prohibit (i) the Company's or
any Vendor's right to pursue a claim against the Purchaser for legal relief against monies or other assets held outside the Trust
Fund or (ii) any claims that the Company or the Vendors may have in the future against Purchaser's assets or funds that are not
held in the Trust Fund (including any funds that have been released from the Trust Fund to the Purchaser and any assets that have
been purchased or acquired with any such funds). This Clause 11.2 shall not limit the Company's
or any Vendor's right to seek specific performance against Purchaser pursuant to Clause 16.4, including the right to seek
specific performance against Purchaser to require Purchaser to take such actions contemplated by this Agreement subject to the
satisfaction of Purchaser's conditions precedent to the Completion, and to comply with the terms of the Trust Agreement,
including distribution of funds from the Trust Fund upon the Completion in accordance with the terms of this Agreement.
This Clause 11.2 will survive the termination of this Agreement for any reason.

 

		11.3.	The Purchaser shall cause the Trust Fund to be disbursed to the Purchaser and as otherwise contemplated
by this Agreement immediately upon Completion. All liabilities and obligations of the Purchaser due and owing or incurred at or
prior to Completion shall be paid as and when due, including all amounts payable (i) to stockholders of the Purchaser who elect
to have their shares converted to cash in accordance with the provisions of the Purchaser's certificate of incorporation, (ii)
all amounts payable in connection with any of the arrangements or transactions involving the repurchase or redemption of Purchaser
Stock for the purpose of enhancing the likelihood of and securing approval of the transactions contemplated by this Agreement by
the holders of Purchaser Stock, (iii) for income tax or other tax obligations of the Purchaser prior to Completion, (iv) as repayment
of loans and reimbursement of expenses to directors, officers and founding stockholders of the Purchaser, and (v) to third parties
(e.g. professionals, printers, etc.) who have rendered services to the Purchaser in connection with its operations and efforts
to effect a business combination, including the transaction contemplated by this Agreement.

 

    	 	19	 

     

    

 

		12.	Warranties 

 

Vendors' Warranties 

 

		12.1.	Each of the Vendors warrants to the Purchaser that as at the date of this Agreement and in the
case of the Management Vendors only, also as at the Completion Date:

 

		(a)	it is the sole legal and beneficial owner (or is otherwise entitled to transfer the legal and beneficial
ownership of) and is entitled to sell and transfer the full legal and beneficial ownership of those Sale Shares set out directly
opposite its name in column (3) of the table in Part A of Schedule 1 or column (3) of the table in Part B of Schedule 1 to the
Purchaser free from Encumbrances and otherwise on the terms set out in this Agreement; and

 

		(b)	it is the sole legal and beneficial owner (or is otherwise entitled to transfer the legal and beneficial
ownership of) and is entitled to sell and transfer the full legal and beneficial ownership of those Shareholder Loan Notes set
out directly opposite its name in column (4) of the table in Part A of Schedule 1 or column (4) of the table in Part B of Schedule
1 to the Purchaser free from Encumbrances and otherwise on the terms set out in this Agreement.

 

		12.2.	Each of the Institutional Vendors warrants to the Purchaser that as at the Completion Date:

 

		(a)	it is the sole legal and beneficial owner (or is otherwise entitled to transfer the legal and beneficial
ownership of) and is entitled to sell and transfer the full legal and beneficial ownership of those (i) Sale Shares set out directly
opposite its name in column (3) of the table in Part A of Schedule 1 or column (3) of the table in Part B of Schedule 1, and (ii)
Exchange Shares as notified to the Purchaser pursuant to the terms of Schedule 7, to the Purchaser free from Encumbrances and otherwise
on the terms set out in this Agreement; and

 

		(b)	it is the sole legal and beneficial owner (or is otherwise entitled to transfer the legal and beneficial
ownership of) and is entitled to sell and transfer the full legal and beneficial ownership of those 633 Loan Notes as set out in
the notice provided to the Purchaser in accordance with Schedule 7 of this Agreement, to the Purchaser free from Encumbrances and
otherwise on the terms set out in this Agreement.

 

		12.3.	Each of the Vendors further warrants to the Purchaser that as at the date of this Agreement;

 

		(a)	it has the requisite power and authority to enter into and perform this Agreement;

 

    	 	20	 

     

    

 

		(b)	this Agreement and each of the documents which are to be entered into by it pursuant to or otherwise
in connection with this Agreement will constitute binding obligations on it in accordance with their respective terms;

 

		(c)	to the extent it is a body corporate, it is not insolvent or unable to pay its debts as they fall
due within the meaning of any relevant insolvency legislation and it has not stopped paying its debts as they fall due;

 

		(d)	to the extent that he or she is an individual, he is not bankrupt and no order or petition has
been presented for his bankruptcy and no trustee in bankruptcy has been appointed in respect of him or his assets and he has not
received any notification from any third party that it intends to initiate such a presentation or appointment; and

 

		(e)	entry into and, subject to the satisfaction of the Conditions Precedent, compliance with the terms
of this Agreement and each of the documents which are to be entered into by it pursuant to or otherwise in connection with this
Agreement do not constitute a default or a breach under any provision of any law, order, judgment, decree, regulation, or agreement
by which the relevant Vendors(s) are bound that could be reasonably be expected to prevent the relevant Vendor(s) from proceeding
to Completion.

 

		12.4.	For the avoidance of doubt, the warranties in Clauses 12.1, 12.2 and 12.3 are given by each Vendor
severally and only in relation to its/his (as the case may be) own authority, power, title and capacity. The maximum aggregate
liability of each Vendor under or in respect of any and all breaches by it/him of the warranties in Clauses 12.1, 12.2 and 12.3
and/or any other claim under or in relation to this Agreement and the transaction evidenced by it shall not exceed the amount of
the Purchase Price actually received by it/him.

 

Purchaser's Warranties

 

		12.5.	The Purchaser warrants to each Vendor that as at the date of this Agreement:

 

		(a)	subject only to obtaining the Purchaser Stockholder Approval, it has the requisite power and authority
to enter into and to perform this Agreement;

 

		(b)	this Agreement and each of the documents which are to be entered into by the Purchaser pursuant
to or otherwise in connection with this Agreement will constitute binding obligations of the Purchaser in accordance with their
respective terms;

 

		(c)	subject only to the release of funds from the Purchaser's Trust Fund, it is not insolvent or unable
to pay its debts as they fall due within the meaning of any relevant insolvency legislation and it has not stopped paying its debts
as they fall due; and

 

		(d)	entry into and, subject to the satisfaction of the Conditions Precedent, compliance with the terms
of this Agreement and each of the agreements which are to be entered into by it do not constitute a default or a breach under any
provision of any law, order, judgment, decree, regulation or agreement by which the Purchaser is bound that could be reasonably
be expected to prevent the Purchaser from proceeding to Completion.

 

    	 	21	 

     

    

 

		12.6.	The Purchaser further warrants to each Vendor that, as at the date of this Agreement and as at
the Completion Date;

 

		(a)	subject only to each of the Purchaser Stockholder Approval
being obtained and the Roll-over Condition being satisfied, the Purchaser has financial resources required, including committed,
unconditional funds pursuant to the Purchaser's Macquarie Agreement, in an aggregate amount sufficient to pay all liabilities
and obligations of (i) the Purchaser due and required to be paid at Completion or by reason of Completion; and (ii) the Group
which are due and payable at Completion or by reason at Completion, as identified in writing by the Institutional Vendors' Representative
and the Purchaser prior to the date hereof or as otherwise agreed in writing between the Institutional Vendors' Representative
and the Purchaser not less than 2 Business Days prior to the Completion Date (including without limitation amounts required by
the Company in relation to payments to the Participating Executives of their Entitlements under the Management Bonus Scheme
on the Completion Date as so identified), and so far as the Purchaser is aware it will be able to (i) satisfy all conditions of
drawdown to such committed facilities at or prior to Completion, and (ii) satisfy the obligations of the Group described above
(acknowledging that in no event shall any Vendor be required to provide funds for that purpose);

 

		(b)	other than as specifically disclosed to (and accepted in writing by) the Vendors (it being acknowledged
that in respect of the management incentive package to be provided generally to management, only summary details of such package
need be disclosed), or as may otherwise be specifically contemplated or provided for in any of the Transaction Documents, there
are no contracts, agreements, arrangements or other understandings, (whether reduced to writing or not) between the Purchaser or
any of its Connected Persons and any of the employees of the Group (or any of their Connected Persons):

 

		(a)	involving any payment of money or other benefits or the giving of any indemnity or other assurances,
in connection with the transactions contemplated by this Agreement;

 

		(b)	otherwise concerning the transactions contemplated by this Agreement; or

 

		(c)	which is conditional upon the transactions contemplated
by this Agreement;

 

		(c)	no default or draw stop event under the Purchaser's Macquarie
Agreement has occurred and there is no condition precedent not able to be satisfied nor is the Purchaser aware of any event or
circumstance which could reasonably be expected to constitute such a default or draw stop event or result in any condition precedent
not being satisfied which would enable the funder to refuse to provide funds under the Purchaser's Macquarie Agreement on the
Completion Date;

 

		(d)	the Purchaser is not entering into this Agreement with the intent to hinder, delay or defraud either
present or future creditors of the Company;

 

    	 	22	 

     

    

 

		(e)	the Purchaser has timely filed all forms, reports and documents required to be filed by it with
the SEC since October 14, 2014, together with any amendments, restatements or supplements thereto. The Purchaser has provided to
the Company, in the form filed with the SEC, except to the extent available in full without redaction on the SEC’s EDGAR
website, (i) its Annual Reports on Form 10-K for the periods ended December 31, 2014, and December 31, 2015 (ii) its Quarterly
Reports on Form 10-Q for the periods ended September 30, 2014, March 31, 2015, June 30, 2015, September 30, 2015 and March 31,
2016, and (iii) the Prospectus, all registration statements and other forms, reports and documents (other than Annual Reports on
Form 10-K and the Quarterly Reports on Form 10-Q not referred to in clauses (i) and (ii) above) filed by the Purchaser with the
SEC since October 14, 2014 (the forms, reports and other documents referred to in clauses (i) through (iii) above (including those
available on the SEC’s EDGAR website) being, collectively, the "Purchaser SEC Reports"). The Purchaser SEC
Reports were prepared in all material respects in accordance with the requirements of the Securities Act and the Exchange Act,
as the case may be, and the rules and regulations thereunder. The Purchaser SEC Reports did not at the time they were filed with
the SEC (except to the extent that information contained in any Purchaser SEC Report has been superseded by a later timely filed
Purchaser SEC Report) contain any untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading;

 

		(f)	each of the financial statements (including, in each case, any notes thereto) contained in the
Purchaser SEC Reports was prepared in accordance with U.S. GAAP applied on a consistent basis throughout the periods indicated
(except as may be indicated in the notes thereto or, in the case of unaudited statements, as permitted by Form 10-Q of the SEC)
and each fairly presents, in all material respects, the financial position, results of operations and cash flows of the Purchaser
as at the respective dates thereof and for the respective periods indicated therein;

 

		(g)	except as and to the extent set forth on the balance sheet of the Purchaser at March 31, 2016 (the
"Purchaser Balance Sheet"), the Purchaser has no liability or obligation of any nature (whether accrued, absolute,
contingent or otherwise), except for (i) liabilities and obligations incurred since the date of the Purchaser Balance Sheet in
the ordinary course of business which are not, individually or in the aggregate, material to the Purchaser; (ii) liabilities and
obligations incurred in connection with the transactions contemplated by this Agreement; and (iii) liabilities and obligations
which are not, individually or in the aggregate, material to the Purchaser;

 

		(h)	the Purchaser has heretofore furnished to the Company complete and correct copies of all amendments
and modifications that have not been filed by the Purchaser with the SEC to all material agreements, documents and other instruments
that previously had been filed by the Purchaser with the SEC and are currently in effect;

 

		(i)	all comment letters received by the Purchaser from the SEC or the staff thereof since its inception
and all responses to such comment letters filed by or on behalf of the Purchaser are publicly available on the SEC's EDGAR website;

 

    	 	23	 

     

    

 

		(j)	to the Purchaser's Knowledge, since October 14, 2014, each director and executive officer of the
Purchaser has filed with the SEC on a timely basis all statements required by Section 16(a) of the Exchange Act and the rules
and regulations thereunder;

 

		(k)	since October 14, 2014, the Purchaser has timely filed and made available to the Company all certifications
and statements required by (x) Rule 13a-14 or Rule 15d-14 under the Exchange Act or (y) 18 U.S.C. Section 1350 (Section 906
of the Sarbanes-Oxley Act of 2002) with respect to any Purchaser SEC Report (the "Purchaser Certifications").
Each of the Purchaser Certifications is true and correct. The Purchaser maintains disclosure controls and procedures required by
Rule 13a-15 or Rule 15d-15 under the Exchange Act; such controls and procedures are reasonably designed to ensure that all material
information concerning the Purchaser is made known on a timely basis to the individuals responsible for the preparation of the
Purchaser's SEC filings and other public disclosure documents. As used in this Clause 12.5(k) the term "file" shall be
broadly construed to include any manner in which a document or information is furnished, supplied or otherwise made available to
the SEC;

 

		(l)	the Purchaser maintains and will continue to maintain a standard system of accounting established
and administered in accordance with U.S. GAAP. The Purchaser has designed and maintains a system of internal controls over financial
reporting, as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act, sufficient to provide reasonable assurances regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S.
GAAP. The Purchaser maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions
are executed in accordance with management's general or specific authorisations, (ii) transactions are recorded as necessary to
permit preparation of financial statements in conformity with U.S. GAAP and to maintain asset accountability, (iii) access to assets
is permitted only in accordance with management's general or specific authorization, and (iv) the recorded accountability for assets
is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences;

 

		(m)	all non-audit services were approved by the audit committee of the Board of Directors and committees
of the Purchaser. The Purchaser has no off-balance sheet arrangements;

 

		(n)	neither the Purchaser nor, to the Knowledge of Purchaser, any manager, director, officer, employee,
auditor, accountant or representative of the Purchaser has received or otherwise had or obtained knowledge of any complaint, allegation,
assertion or claim, whether written or oral, regarding the accounting or auditing practices, procedures, methodologies or methods
of the Purchaser or their respective internal accounting controls, including any complaint, allegation, assertion or claim that
the Purchaser has engaged in questionable accounting or auditing practices. No attorney representing the Purchaser, whether or
not employed by the Purchaser, has reported evidence of a material violation of securities laws, breach of fiduciary duty or similar
violation by the Purchaser or any of its officers, directors, employees or agents to the Board of Directors of the Purchaser (or
any committee thereof) or to any director or officer of the Purchaser. Since the Purchaser's inception, there have been no internal
investigations regarding accounting or revenue recognition discussed with, reviewed by or initiated at the direction of the chief
executive officer, chief financial officer, general counsel, the Board of Directors of the Purchaser or any committee thereof;

 

    	 	24	 

     

    

 

		(o)	none of the information supplied or to be supplied by the Purchaser or any of its Affiliates expressly
for inclusion in the Purchaser SEC Reports, mailings to the Purchaser's stockholders with respect to the Offer and/or the Transaction,
any supplements thereto and/or in any other document filed with any Governmental Entity in connection herewith (including the Proxy
Statement/Information Statement), will, at the date of filing and/or mailing, as the case may be, contain any untrue statement
of a material fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances
under which they are made, not misleading (subject to the qualifications and limitations set forth in the materials provided by
the Purchaser or that is included in the applicable filings). No representation or warranty is made by the Purchaser with respect
to statements made or incorporated by reference therein based on information supplied or to be supplied by, the Company, the Vendors
or any of their respective affiliates;

 

		(p)	as of 30 June 2016, the Trust Fund has a rounded-off balance of US$80,031,318.87 (the "Purchaser
Trust Amount"), such monies invested in United States Government securities or money market funds meeting certain conditions
under Rule 2a-7 promulgated under the Investment Company Act and held in trust by Continental Stock Transfer & Trust Company
pursuant to the Trust Agreement. The Trust Agreement is valid and in full force and effect and enforceable in accordance with its
terms and has not been amended or modified. There are no separate agreements, side letters or other agreements or understandings
(whether written or unwritten, express or implied) that would cause the description of the Trust Agreement in the Purchaser SEC
Reports to be inaccurate in any material respect and/or that would entitle any person (other than the underwriters of the Purchaser's
initial public offering for deferred underwriting commissions as described in the Purchaser SEC Reports and stockholders of the
Purchaser holding shares of Purchaser Stock sold in the Purchaser's initial public offering who shall have elected to redeem their
shares of Purchaser Stock pursuant to the Purchaser's certificate of incorporation, as amended) to any portion of the proceeds
in the Trust Fund. Prior to the Completion, none of the funds held in the Purchaser's Trust may be released except (a) to pay income
and franchise taxes or for working capital purposes from any interest income earned in the Trust Fund and (b) to redeem shares
of Purchaser Stock in accordance with the provisions of the Purchaser's certificate of incorporation, as amended, as described
in the Purchaser SEC Reports; and

 

		(q)	Purchaser Stock is registered pursuant to Section 12(b) of the Exchange Act and is listed
for trading on the NASDAQ Capital Market as of the date hereof. There is no proceeding pending or, to the Knowledge of the Purchaser,
threatened in writing against the Purchaser by the SEC with respect to any intention by the SEC to deregister the Purchaser Stock.
There is no proceeding pending or, to the Knowledge of the Purchaser, threatened in writing against the Purchaser by NASDAQ with
respect to any intention by NASDAQ to prohibit or terminate the listing of Purchaser Stock on the NASDAQ Capital Market. The Purchaser
has not taken any action that is designed to terminate the registration of Purchaser Stock under the Exchange Act.

 

    	 	25	 

     

    

 

		13.	Undertakings 

 

Purchaser's Undertakings

 

		13.1.	The Purchaser undertakes to the Company and each Vendor:

 

		(a)	that it will take all steps necessary to preserve and enforce its rights and remedies (or the rights
and remedies of any other member of the Purchaser's Group) in relation to the Trust Fund in order to make payment on the Completion
Date of each of the amounts payable by it to the Vendors pursuant to Clause 7 and Schedule 4;

 

		(b)	to satisfy or procure the satisfaction of all documentary conditions required to be satisfied under
the Purchaser's Macquarie Agreement; and

 

		(c)	promptly to notify the Vendors' Representatives upon becoming aware of the occurrence of any default
or draw stop event under the Purchaser's Macquarie Agreement or of any event which prevents any of the conditions precedent under
the Purchaser's Macquarie Agreement being satisfied of which it becomes aware between the date of this Agreement and Completion
which may prevent it from complying with its obligations to make payment at Completion under Clause 7 and Schedule 4 , setting
out the details of such default or event and any action taken or proposed to be taken to remedy it and the Purchaser undertakes
to use all reasonable endeavours to remedy any such default or event prior to Completion.

 

Purchaser's and Company's Undertakings

 

		13.2.	The Company and the Purchaser shall each use all reasonable endeavours to ensure that the conditions
precedent to the Effective Date occurring (as defined in the A&R Agreement) are satisfied on or prior to Completion of this
Agreement.

 

		14.	Announcements/Confidentiality 

 

		14.1.	No public announcements or press or media releases regarding the existence or contents of this
Agreement (other than may be required by law, or by the rules or regulations of, or any undertakings given to, any recognised investment
exchange (as such term is defined in the Financial Services and Markets Act 2000)) shall be made by any of the parties unless and
until the form and content of such announcement or release (including any mention of the Purchase Price or the Loan Note Payment)
have been submitted to and agreed by the Vendors' Representatives and the Purchaser (which consent shall not be unreasonably withheld
or delayed). The parties agree that it shall be reasonable to withhold consent to any announcement or release which contains any
details of the Purchase Price or the Loan Note Payment.

 

		14.2.	Where any announcement or disclosure is made in reliance on the exception in Clause 14.1 the
party making the announcement or disclosure shall, where possible, consult with the other party as to the form, content and timing
of the announcement or disclosure.

 

		14.3.	Subject to Clause 14.4, the Purchaser shall (and shall procure that each member of the Purchaser's
Group shall) and each Vendor shall treat as strictly confidential and not use or disclose any information which relates to:

 

    	 	26	 

     

    

 

		(a)	the provisions of this Agreement, including the amount, allocation or calculation of the Purchase
Price and the Loan Note Payment (or any other agreement to be delivered at Completion);

 

		(b)	the negotiations relating to this Agreement (and such other agreements); or

 

		(c)	any other party to this Agreement and the business carried on by each of them.

 

		14.4.	The provisions of Clause 14.3 shall not prohibit disclosure or use if and to the extent:

 

		(a)	the disclosure contains no information or commentary other than in respect of details contained
in an announcement agreed under Clause 14.1;

 

		(b)	it is required by law or regulation or for the purpose of any judicial proceedings arising out
of this Agreement or any other agreement entered into under or pursuant to this Agreement;

 

		(c)	it is required by the applicable rules of any stock exchange on which the securities of the parties
to this Agreement (or one of their Associated Companies) are listed or quoted (or on which it is proposed that such securities
be listed or quoted during the process of applying to become so listed or quoted) or any other competent regulatory authority;

 

		(d)	it becomes publicly available (other than as a result of disclosure by the relevant party to this
Agreement or the Confidentiality Agreement, or any other person, in breach of such agreements);

 

		(e)	that the other parties have given prior written approval to the disclosure; or

 

		(f)	the information is subsequently obtained free of any restrictions on use or obligations of confidentiality
from a third party which is itself free of any restrictions on use or obligations of confidentiality with respect to that information,

 

provided that except where prohibited
by any applicable law or regulation prior to disclosure of any information pursuant to Clause 14.4(a) or 14.4.(b), the party concerned
shall, where possible, promptly notify the other party of such requirement with a view to providing the other party with the opportunity
to contest such disclosure or otherwise to agree the timing of, conditions to and content of such disclosure.

 

		14.5.	Regardless of any information that becomes publicly available or is obtained in accordance with
Clause 13 above, neither the Vendors nor the Purchaser shall (and the Purchaser shall procure that each member of the Purchaser's
Group shall not) discuss the amount, allocation or calculation of the Purchase Price with any party without the prior written approval
of the Vendors' Representatives.

 

		14.6.	Notwithstanding any other provisions of this Clause 14, following the initial announcement by the
Purchaser of the execution of this Agreement (which shall take place no more than 4 Business Days after the date of this Agreement)
an Institutional Vendor shall be permitted to disclose on a confidential basis to any investor or prospective investor in funds
managed by it or one of its affiliated entities such details regarding the existence and contents of this Agreement as are required
under the fund documentation relating to any such fund.

 

    	 	27	 

     

    

 

		14.7.	Notwithstanding any other provisions of this Clause 14, the Management Vendors shall be permitted
to disclose on a confidential basis to their professional advisers and any taxation authority such details regarding the existence
and content of this Agreement as are reasonably necessary from time to time.

 

		15.	Termination of Existing Investment Agreement

 

		15.1.	Each Vendor and the Company hereby acknowledges that the Existing Investment Agreement will be
terminated in accordance with its terms upon Completion. Subject to and conditional upon Completion occurring each Vendor confirms
that it shall have no claims, demands, damages or costs of whatsoever nature against any Group Company or any other Vendor pursuant
to the Existing Investment Agreement and to the extent that any such claim exists, each Vendor waives such claim.

 

		16.	Remedies and Waivers

 

		16.1.	No delay or omission on the part of any party to this Agreement in exercising any right, power
or remedy provided under this Agreement or any other documents referred to in it shall:

 

		(a)	impair such right, power or remedy; or

 

		(b)	operate as a waiver thereof.

 

		16.2.	The single or partial exercise of any right, power or remedy provided under this Agreement shall
not preclude any other or further exercise thereof or the exercise of any other right, power or remedy.

 

		16.3.	No party shall be entitled to terminate or rescind this Agreement (whether as a result of a repudiatory
breach or otherwise) other than pursuant to the right of termination contained in Clause 6.15. The Purchaser acknowledges that
its only remedy in respect of the transaction evidenced by this Agreement shall be a claim in contract under the terms of the Transaction
Documents (including, for the avoidance of doubt, any claim for specific performance as contemplated by Clause 16.4) and not any
other claim (including any claim in equity or tort or under the Misrepresentation Act 1967 or otherwise).

 

		16.4.	Each of the parties acknowledges and agrees that any party to this Agreement shall be entitled
to seek the remedy of specific performance if any other party fails to comply with is respective obligations under this Agreement.
This is without prejudice to any other remedies that the parties or any of them may seek in respect of any breach of this Agreement.

 

		17.	Assignment

 

		17.1.	Subject to Clauses 17.2 and 17.3, the rights of the Purchaser under this Agreement shall not be
assignable without the prior written consent of the Vendors' Representatives. The rights of the Vendors under this Agreement shall
not be assignable without the prior written consent of the Purchaser.

 

		17.2.	Subject to Clause 17.3, the Purchaser may assign its rights under this Agreement (by way of security
only) to its principal provider of bank finance in relation to the transaction evidenced by this Agreement but so that, notwithstanding
any such assignment in security, the Vendors may unless they receive written notice of enforcement of the relevant security interest,
deal with the Purchaser in connection with all matters arising under this Agreement.

 

    	 	28	 

     

    

 

		17.3.	In the case of any assignment of rights under this Clause 17, in each such case:

 

		(a)	the assignor shall remain liable for its obligations under this Agreement;

 

		(b)	the assignee's rights under this Agreement following such assignment shall be no greater than the
assignor's rights would have been had any such assignment not occurred; and

 

		(c)	the liability of the parties under this Agreement shall be no greater than such liabilities would
have been had any such assignment not occurred.

 

		18.	Vendors' Representatives

 

		18.1.	Each of the Institutional Vendors hereby irrevocably appoints the Institutional Vendors' Representative
as their sole representative to act on their behalf for all purposes under this Agreement including for the purposes of:

 

		(a)	delivering instructions to the Purchaser in connection with the payment of any Purchase Price payable
and the corresponding issue of Consideration Shares to the relevant Institutional Vendor hereunder;

 

		(b)	agreeing with the Purchaser the allocation of the Purchase Price as between the Cash Element and
Consideration Shares in accordance with Schedule 6;

 

		(c)	accepting notices on behalf of the Institutional Vendors in accordance with Clause 26;

 

		(d)	taking any and all actions that may be necessary or desirable, as determined by the Institutional
Vendors' Representative in its sole discretion, in connection with the payment of the costs and expenses incurred with respect
to the transactions contemplated by this Agreement; and 

 

		(e)	granting any consent or approval on behalf of the Vendors or any of them under this Agreement including
any variation or waiver which is not material in the context of this Agreement,

 

together 18.1(a)to 18.1(e) above
being the "Authorisations".

 

		18.2.	Each of the Management Vendors hereby irrevocably appoints the Management Vendors' Representative
as their sole representative to act on their behalf for all purposes under the Agreement including for the purposes of the Authorisations
described in Clause 18.1 but with changes made so that any references to each "Institutional Vendor" are references to
each "Management Vendor" and references to the "Institutional Vendors' Representative" are references to the
"Management Vendors' Representative".

 

		18.3.	Each of the Institutional Vendors hereby irrevocably (by
way of security for the performance of their obligations under this Agreement) appoints the Institutional Vendors' Representative
as its attorney with full authority on its behalf and in the Institutional Vendor's name or otherwise to do all acts and to execute
and deliver such documents or deeds as are required by law or as may, in the reasonable opinion of the Institutional Vendors'
Representative, be required to give effect to the matters described in Clause 18.1. Each Institutional Vendor hereby indemnifies
the Institutional Vendors' Representative against all losses, liabilities, costs, claims, actions, demands or expenses which he
may incur or which may be made against him as a result of, or in connection with, anything lawfully done by virtue of the power
of attorney conferred by this Clause 18.3.

 

    	 	29	 

     

    

 

		18.4.	Each Management Vendor hereby irrevocably (by way of security for the performance of their obligations
under this Agreement) appoints the Management Vendors' Representative as their attorney with full authority on their behalf and
in the Management Vendor's name or otherwise to do all acts and to execute and deliver such documents or deeds as are required
by law or as may, in the reasonable opinion of the Management Vendors' Representative, be required to give effect to the matters
described in Clause 18.2. Each Management Vendor hereby indemnifies the Management Vendors' Representative against all losses,
liabilities, costs, claims, actions, demands or expenses which he may incur or which may be made against him as a result of, or
in connection with, anything lawfully done by virtue of the power of attorney conferred by this Clause 18.4.

 

		18.5.	Subject to Clause 18.6, the Purchaser and each Vendor acknowledges that in exercising the powers
and authorities conferred by this Clause 18 upon the relevant Vendors' Representative, the relevant Vendors' Representative shall
not, save for as expressly provided herein, be acting, or be construed as acting, as the agent or trustee on behalf of the Vendor
who appointed him, and each Vendor and the Purchaser agrees that the relevant Vendors' Representative shall have no liability whatsoever
to the Purchaser or the Vendor who appointed him in relation to the exercise of those powers and authorities, save to the Vendor
who has appointed him in the case of fraud or bad faith.

 

		18.6.	Notwithstanding Clause 18.5, the Purchaser shall be entitled to rely on the exercise of the powers
and authorities conferred on the relevant Vendors' Representative as if the relevant Vendor is exercising such powers and authorities.

 

		18.7.	The provisions of this Clause 18 are intended to be for the express benefit of, and will be enforceable
by, each Vendors' Representative as a third party beneficiary in accordance with Clause 23.

 

		19.	Further Assurance

 

		19.1.	For a period of nine months following Completion, each of the parties shall from time to time,
on being reasonably required to do so by another party now or at any time in the future, do or procure that there is done (at the
expense of the party making the request) all such acts and/or execute or procure the execution of all such documents as may reasonably
be within its power as necessary for giving full effect to this Agreement.

 

		19.2.	The Purchaser and the Vendors each acknowledge that the Vendors and/or the Purchaser may need access
from time to time after Completion to certain accounting, Tax, insurance and other records and information (including any CRC Information)
held by the members of the Group or each Vendor's Group (as applicable) to the extent such records and information pertain to events
occurring prior to Completion for the purpose of:

 

		(a)	filing its tax returns or dealing with the relevant Tax Authority in respect of such returns; or

 

    	 	30	 

     

    

 

		(b)	complying with applicable laws or regulations (including the CRC Order); or

 

		(c)	preparing consolidated financial information in respect of the Group as required for SEC purposes
for fiscal years 2013, 2014, 2015 and 2016 (or any subsequent periods),

 

and, accordingly, the Purchaser
and the Vendors each agree that it shall, to the extent reasonably practicable, upon being given reasonable notice by the Vendors
or the Purchaser (as applicable) and subject to the Vendors or the Purchaser (as applicable) giving such undertaking as to confidentiality
as the Purchaser or the Vendors (as applicable) shall reasonably require (provided that such undertaking will not restrict the
provision of information as may be necessary to HMRC, any other Tax Authority, any securities exchange or otherwise as required
by applicable law), and shall cause the Group or each Vendor's Group (as applicable) to properly retain and maintain such records
(including CRC Information) until the earlier of the date that is three years after Completion or such time as the Vendors or the
Purchaser (as applicable) agree in writing that such retention and maintenance is no longer necessary.

 

		20.	Entire Agreement

 

		20.1.	This Agreement, the Warranty Deed and the other documents to be delivered at Completion in accordance
with Schedule 4 (the "Transaction Documents") contain the entire agreement between the parties with respect to
the transactions contemplated in this Agreement and shall (save where there has been a fraudulent misrepresentation) supersede
all prior proposals, representations, agreements and negotiations relating thereto, whether written, oral or implied, between the
parties or any of them or their respective advisers or any of them.

 

		20.2.	The Purchaser acknowledges that, as between it and the Vendors, their Connected Persons and their
respective advisers, it has not entered into this Agreement in reliance on any warranties, representations, undertakings or covenants
not expressly set out in the Transaction Documents, and that no Vendor, their Connected Persons and their respective advisers shall
have any liability to it in such respect. In addition, the Purchaser undertakes that no claim under any warranty, undertaking or
covenant not expressly set out in the Transaction Documents will be pursued against any Vendor, their Connected Persons and their
respective advisers by it and that it will procure that no such claim be made by any member of the Purchaser's Group.

 

		20.3.	The Purchaser further acknowledges that no Connected Person of any Vendor or any of their respective
advisers is authorised to make or give any warranty, representation, statement, undertaking or covenant of any nature on behalf
of any Vendor in respect of the transaction contemplated by this Agreement and that no Vendor, no Connected Person of a Vendor,
nor any of their respective advisers shall have any liability to it in such respect (whether for vicarious acts or otherwise).

 

		21.	Counterparts

 

		21.1.	This Agreement may be executed in the form of one or more counterparts in like form each of which
shall be deemed to be an original when taken together and shall constitute one and the same document.

 

    	 	31	 

     

    

 

		22.	Invalidity

 

		22.1.	If at any time any provision of this Agreement is or becomes illegal, invalid or unenforceable
in any respect under the law of any jurisdiction, that shall not affect or impair:

 

		(a)	the legality, validity or enforceability in that jurisdiction of any other provision of this Agreement;
or

 

		(b)	the legality, validity or enforceability under the law of any other jurisdiction of that or any
other provision of this Agreement.

 

		23.	Rights of Third Parties

 

		23.1.	Subject to Clause 23.2, no person who is not a party to this Agreement shall have any right to
enforce any term of it.

 

		23.2.	Notwithstanding Clause 23.1:

 

		(a)	each Vendor's Representative may enforce the terms of Clause 18 as though they were a party hereto;
and

 

		(b)	each relevant Connected Person and the relevant advisers as described in Clause 20.2 and Clause
20.3 may enforce the terms of Clause 20.2 and Clause 20.3 as though they were a party hereto.

 

		23.3.	The parties to this Agreement may amend the terms of this Agreement without the consent of any
other party.

 

		24.	Variation

 

No variation of this Agreement
shall be valid unless it is in writing and signed by or on behalf of each of the parties to it (or, in the case of a waiver, by
the party granting such waiver).

 

		25.	Consequences of Termination

 

		25.1.	On termination or expiry of this Agreement, the following Clauses shall continue in full force
and effect: Clause 14 (Announcements/Confidentiality), Clause 17 (Assignment) and Clause 20 (Entire Agreement).

 

		25.2.	Notwithstanding anything to the contrary in Clause 6.15, termination or expiry of this Agreement
shall not affect any rights, remedies, obligations or liabilities of the parties that have accrued up to the date of termination
or expiry, including the right to claim damages in respect of any breach of the Agreement which existed at or before the date of
termination or expiry.

 

		26.	Notices

 

		26.1.	Any notice, demand or other communication given or made under or in connection with the matters
contemplated by this agreement shall be in writing and in English.

 

		26.2.	All notices, requests, demands or other communications to or upon the respective parties may be
given by personal delivery or by being sent by first class recorded mail if posted to an address in the same country as the country
of posting or by air mail if posted to an address in a country different to the country of posting:

 

    	 	32	 

     

    

 

		(a)	in the case of the Purchaser to its executive offices from time to time or such other address as
it may notify for the purposes of this Clause;

 

		(b)	in the case of each Vendor, to their address specified
in Schedule 1 or such other address as they may notify for the purposes of this Clause; and

 

		(c)	in the case of either of the Vendor's Representatives, to its address specified in the definition
in Schedule 5 of "Institutional Vendors' Representative" or "Management Vendors' Representative" (as applicable)
or such other address as it may notify for the purposes of this Clause.

 

		26.3.	Any such notice, request, demand or communication shall:

 

		(a)	if delivered personally, be deemed to have been received at the time of such delivery or if delivery
is not on a Business Day on the Business Day following such delivery;

 

		(b)	if given by first class recorded mail posted in the same country as the country of address, be
deemed to have been received on the second Business Day occurring after the date of posting; and

 

		(c)	if given by air mail posted from a country different to the country of address, be deemed to have
been received on the fifth Business Day after posting.

 

		26.4.	All such notices, requests, demands, or communications to the Vendors shall be clearly marked on
the exterior and on the first page "For the urgent attention of DMWSL 633 Limited" and shall be copied to the Vendors'
Solicitors (facsimile number +44 20 7628 0027) clearly marked on the exterior and on the first page "Urgent: Ref: V027/050/ADN".

 

		26.5.	All notices or communications to the Purchaser shall be clearly marked on the exterior and on the
first page "for the urgent attention of Marty Schloss" and shall be copied to the Purchaser's Solicitors (facsimile number
+44 20 3761 1899, email andrew.rimmington@mishcon.com; and facsimile number 001-212-715-8000, email
psmith@kramerlevin.com) clearly marked on the exterior and on the first page "Urgent: Ref: Project Ciao - Indiana".

 

		26.6.	For the avoidance of doubt, notices, requests, demands or other communications may be given by
other means (including by e-mail) but such other means will not benefit from the presumption of delivery set out in Clause 26.2.

 

		27.	General

 

Costs And Expenses

 

		27.1.	Save as otherwise expressly provided to the contrary in any of the Transaction Documents, the parties
shall each pay their own costs in connection with the preparation and negotiation of the acquisition evidenced by this Agreement
and in preparing and negotiating this Agreement and any other documents referred to in this Agreement or prepared in connection
with the underlying transaction. The Purchaser shall be responsible for any stamp duties or other transaction duties, payable in
connection with this Agreement.

 

    	 	33	 

     

    

 

Exclusion of Limitations on Fraud

 

		27.2.	Nothing in this Agreement shall operate to limit the liability of a party (or the remedies available
to the other party(ies)) in respect of a fraudulent act or representation by it.

 

Interest

 

		27.3.	Where in terms of or pursuant to this Agreement payment is expressed to fall to be paid on a particular
day or date or would have been paid on a particular date but for the parties not having agreed the amount of the payment or not
having received the determination of a court or arbitrator interest shall be paid at the rate of four per cent. per annum over
the base rate of Lloyds Bank (the "Interest Rate") by the party due to make the payment of principal from the
date upon which payment would have been made had the payment been agreed until the date actually paid. Such interest shall accrue
both before and after judgment.

 

Currency

 

		27.4.	Any amount to be converted from one currency into a second currency for the purposes of the following
provisions of this Agreement shall be converted into an equivalent amount at the Conversion Rate prevailing at the Relevant Conversion
Date. The "Relevant Conversion Date" for the purposes of:

 

		(a)	the determination of the Earn-out EBITDA and the consequent number of Earn-Out Shares to be issued,
shall be determined as set out in Schedule 5; and

 

		(b)	the determination of the number of Consideration Shares to be issued, shall be calculated by reference
to the average of the Conversion Rates for the 15 Business Days prior to the Completion Date.

 

		28.	Governing Law, Jurisdiction and Service of Process

 

		28.1.	This Agreement and any non-contractual obligations arising out of it shall be governed by English
law and the parties agree that all disputes arising under or in connection with it, and any and all disputes arising from or in
connection with its negotiation, its validity or invalidity or its enforceability or unenforceability, or otherwise howsoever (including
any non-contractual disputes), shall be governed by and determined exclusively in accordance with English law. The parties further
agree that the courts of England are to have exclusive jurisdiction over all such disputes.

 

		28.2.	The Purchaser hereby irrevocably appoints Andrew Rimmington/Stuart McMaster Mishcon de Reya LLP
of Africa House, 70 Kingsway, London WC2B 6AHas its agent for the service of process in England.

 

		28.3.	Nothing contained in this Agreement shall affect the right to serve process in any other manner
permitted by law or the right to bring proceedings in any other jurisdiction for the purposes of the enforcement or execution of
any judgment or other settlement in any other courts.

 

IN WITNESS WHEREOF this Agreement has been
duly executed and delivered by the parties as a deed the day and year first above written.

 

    	 	34	 

     

    

 

Schedule
1 – The Vendors

 

Part A – The Institutional Vendors

 

	(1)
 Vendor
	 	(2)
 Address
	 	(3)
 No. of Shares
	 	(4)
 No. of Loan Notes
	 
	Landgame S.à.r.l.	 	1, rue Hildegard von Bingen, L-1282 Luxembourg	 	7,441,370 A Ordinary	 	 	8,858,068,467	 
	Ares Capital Europe Limited	 	First Floor, Pellipar House, 9 Cloak Lane, London EC4R 2RU	 	418,780 A Ordinary	 	 	498,507,924	 
	Trident Private Equity Fund III L.P.	 	Ground Floor, Ryder Court, 14 Ryder Street, London SW1Y 6QB	 	653,294 A Ordinary	 	 	777,668,823	 
	Harwood Capital Nominees Limited (Account A)	 	6 Stratton Street, Mayfair, London W1J 8LD	 	121,756 A Ordinary	 	 	144,935,535	 
	Harwood Capital Nominees Limited (Account B)	 	6 Stratton Street, Mayfair, London W1J 8LD	 	1,885 A Ordinary	 	 	2,243,275	 
	Harwood Capital Nominees Limited (Account SC)	 	6 Stratton Street, Mayfair, London W1J 8LD	 	50,253 A Ordinary	 	 	59,820,679	 
	Harwood Capital Nominees Limited (Account NS)	 	6 Stratton Street, Mayfair, London W1J 8LD	 	12,563 A Ordinary	 	 	14,955,170	 
	Harwood Capital Nominees Limited (Account C)	 	6 Stratton Street, Mayfair, London W1J 8LD	 	36,668 A Ordinary	 	 	43,649,155	 
	Harwood Capital Nominees Limited (Account D)	 	6 Stratton Street, Mayfair, London W1J 8LD	 	377 A Ordinary	 	 	448,655	 
	Harwood Capital Nominees Limited (Account E)	 	6 Stratton Street, Mayfair, London W1J 8LD	 	1,884 A Ordinary	 	 	2,243,275	 
	Harwood Capital Nominees Limited (Account H)	 	6 Stratton Street, Mayfair, London W1J 8LD	 	754 A Ordinary	 	 	897,310	 
	 	 	TOTAL	 	8,739,584 A Ordinary	 	 	10,403,438,268	 

 

    	 	35	 

     

    

 

Part B – The Management Vendors

 

	(1)
 Vendor
	 	(2)
 Address
	 	(3)
 No. of Shares
	 	(4)

No. of Loan Notes

	 
	David Wilson	 	Basement, 43 Palace Gardens Terrace, London W8 45B	 	113,473 B1 Ordinary 
6,010 B2 Ordinary 
51,500 B3 Ordinary	 	 	-	 
	Jim O'Halleran	 	Churchill Cottage, Bishopton Hill Farm, Stratford-Upon-Avon, Warwickshire CV37 0RG	 	103,203 B Ordinary 
4,900 B2 Ordinary 
51,500 B3 Ordinary	 	 	-	 
	Lee Gregory	 	8 Crofters View, Little Wenlock, Shropshire TF6 5AL	 	52,797 B1 Ordinary	 	 	-	 
	Steven Rogers	 	16 Fern Valley Chase, Todmorden, West Yorkshire OL14 7HB	 	52,797 B1 Ordinary	 	 	-	 
	Steven Holmes	 	19 St Peters Street, Stamford PE9 2PQ	 	42,497 B1 Ordinary	 	 	-	 
	Alistair Hopkins	 	Berthen Gron, Ffordd Marchlyn, Deniolen, Caernarfon, Gwynedd LL55 3LU	 	52,797 B1 Ordinary	 	 	-	 
	Ziria Enterprises Ltd (held for on behalf of Harmen Brenninkmeijer)	 	Kyprianou & Agiou Andreou Street 2, G. Pavlides Court, 5th Floor, 3036 Limassol, Cyprus	 	52,797 B Ordinary	 	 	-	 
	Tariq Tufail	 	33 Ffordd Gewnlian, Llanfairpwllgwyngyll, Anglesey LL61 5QD	 	5,555 B Ordinary	 	 	-	 
	Carlton Terry	 	15 Redruth Drive, Baswich, Stafford, Staffordshire ST17 OFJ	 	5,555 B Ordinary	 	 	-	 
	Steve Collett	 	7 Field Lane, Burton on Trent DE13 ONH	 	5,555 B Ordinary	 	 	-	 
	Lucy Buckley	 	83 Lauderdale Tower, Barbican, London EC2Y 8BY	 	3,333 B Ordinary	 	 	-	 
	Andrew Barber	 	18 Grange Farm Close, Sutton in Ashfield, Nottinghamshire NG17 INJ	 	6,666 B Ordinary	 	 	-	 
	Alex Macgregor-Devlin	 	1 Grosvenor Crescent, Burbage, Leicestershire LE10 2BQ	 	3,333 B Ordinary	 	 	-	 
	Steven Davies	 	Hollinwood, Trawscoed Road, Llysfaen, Colwyn Bay LL29 8LJ	 	4,444 B Ordinary	 	 	-	 
	Richard White	 	17 Egerton Road, Whitefield, Manchester Lancashire M45 7FU	 	4,444 B Ordinary	 	 	-	 
	Matt Ingram	 	10 Broadfern Road, Knowle, West Midlands B93 9DD	 	69,754 B Ordinary	 	 	-	 
	 	 	TOTAL	 	264,639 B Ordinary / 314,361 B1 Ordinary / 10,910 B2 Ordinary / 103,000 B3 Ordinary	 	 	-	 

 

    	 	36	 

     

    

 

Part C – The Minority Shareholders

 

	(1)
 Vendor
	 	(2)
 Address
	 	(3)
 No. of Shares 
	 	(4)
 No. of Loan Notes
	 
	Barclayshare Nominees Limited	 	1 Churchill Place, London E14 5HP	 	591 A Ordinary	 	 	703,515	 
	Tom Callanan	 	Prague, Castleknock Road Dublin 15	 	36 A Ordinary	 	 	42,853	 
	JM Finn (Own name) Nominees Limited	 	4 Coleman Street, London EC2R 5TA	 	6,331 A Ordinary	 	 	7,536,304	 
	Michael John Kelly	 	22 Haywards Croft, Greenleys, Milton Keynes, Bucks MK12 6AH	 	2 A Ordinary	 	 	2,380	 
	Mary McCarthy	 	32 Merlyn Road, Ballsbridge, Dublin 4, Irish Republic	 	8 A Ordinary	 	 	9,523	 
	Morstan Nominees Limited	 	25 Cabot Square, Canary Wharf, London E14 4QA	 	31 A Ordinary	 	 	36,901	 
	Pershing Nominees Limited	 	Capstan House, One Clove Crescent, East India Dock, London E14 2BH	 	301 A Ordinary	 	 	358,304	 
	TD Waterhouse Nominees (Europe) Limited	 	Exchange Court, Duncombe Street, Leeds LS1 4AX	 	149 A Ordinary	 	 	177,366	 
	John Stergides	 	Co National Bank of Greece, 75 King William Street, 5th Floor, London EC4N 7BC	 	1,675 A Ordinary	 	 	1,993,888	 
	Bank of New York Nominees Limited	 	One Piccadilly Gardens, Manchester M1 1RN	 	1,292 A Ordinary	 	 	1,537,972	 
	 	 	TOTAL	 	10,416 A Ordinary	 	 	12,388,006	 

 

    	 	37	 

     

    

 

Schedule
2 - The Company

 

(For Information Only)

 

	Name of Company:	DMWSL 633 Limited
	 	 
	Place and Date of Incorporation:	England and Wales, incorporated on 3 March 2010
	 	 
	Registered Number:	07176544
	 	 
	Registered Office:	3 The Maltings, Wetmore Road, Burton-on-Trent, Staffordshire DE14 1SE
	 	 
	Directors:	
        Luke Alvarez

        Jeremy Brade

        James O'Halleran

        Vitruvian Directors I Limited

        Vitruvian Directors II Limited

        David Wilson

	 	 
	Secretary:	Steven Holmes
	 	 
	Issued Share Capital:	
        8,750,000 A Ordinary Shares

        264,639 B Ordinary Shares

        314,361 B1 Ordinary Shares

        11,150 B2 Ordinary Shares

        154,500 B3 Ordinary Shares

        985,361 Deferred Shares

	 	 
	Accounting Ref. Date:	30 September 

 

    	 	38	 

     

    

 

Schedule
3 – Pre-Completion Undertakings

 

Part A – Positive
Undertakings

 

Pursuant to Clause 8.1(c), each Group Company
shall (subject always to compliance by each Group Company of the Negative Covenants in Part B below):

 

		1.	continue its business in the ordinary and usual course of its trading;

 

		2.	use all commercially reasonable efforts to comply with all applicable laws and agreements to which
it is a party;

 

		3.	use all commercially reasonable efforts to properly maintain its statutory registers and books;

 

		4.	use all commercially reasonably efforts to maintain its existing Permits in accordance with their
terms, renew such Permits in accordance with their terms and to prevent the Permits becoming void or voidable;

 

		5.	not incur costs and professional fees in relation to the transactions contemplated by this Agreement
except to the extent such costs or fees are specifically approved pursuant to (a) Clause 8.2(f) of this Agreement, (b) included
in the Waterfall, (c) which fall under paragraph (ix) of the definition of Permitted Leakage, or (d) comprise ancillary travel
and subsistence or administrative expenses;

 

		6.	except to the extent such actions are otherwise restricted by Part B of this Schedule, use all
commercially reasonable endeavours to comply with the Business Plan; and

 

		7.	use all commercially reasonable efforts to settle any debts occurring in the normal course of trading
in accordance with the ordinary course of its trading.

 

Pursuant to Clause 8.1, the Company shall:

 

		8.	supply the Purchaser with monthly management accounts (prepared on a consistent basis with the
Management Accounts for the twelve month period to the date of this Agreement) as soon as reasonably practicable following the
time such accounts are available to the board of the Company;

 

		9.	make available Luke Alvarez, Steven Holmes and Charles Woods (as requested) for a monthly conference
call or meeting to discuss all material developments affecting the Group during the preceding month; and

 

		10.	allow the Purchaser that access to the Group as is described in Clause 8.20.

 

Part B Negative Undertakings

 

Pursuant to Clause 8.1, the matters which
the Group shall not do (or enter into any agreement or arrangement, or make any commitment, to do) are as follows:

 

Constitution and Shareholders

 

		1.	Amend the memorandum or articles of association (or equivalent constitutional documents) of any
Group Company.

 

    	 	39	 

     

    

 

		2.	Other than as expressly provided for in this Agreement, create, allot, issue, redeem, reduce, consolidate,
reorganise, repurchase or repay any share or loan capital or create any right to call for the allotment, issue or transfer of any
share, or loan capital or other securities, except the accrual of interest on any loan notes issued by any Group Company.

 

		3.	Other than is expressly provided for pursuant to Schedule 7, recommend, declare, make or pay any
dividend or distribution (whether in cash or in kind).

 

		4.	Take any action with a view to commencing winding up, administration or receivership proceedings
(or any analogous proceedings in any jurisdiction) against any subsidiary.

 

Financial Matters and Lending

 

		5.	Change any accounting reference date of any member of the Group or materially alter the principles,
practices, policies or methodologies used in the preparation of its audited accounts except as required by an amendment to the
applicable accounting standard from time to time.

 

		6.	Appoint auditors to any member of the Group or remove auditors from any member of the Group.

 

		7.	Create any Encumbrance relating to any of its assets except liens arising by operation of law in
the ordinary course of business (other than as required pursuant to the Group's Existing Financing Arrangements or the A&R
Agreement).

 

		8.	Incur any third party borrowings in the nature of indebtedness except:

 

		(a)	in the ordinary course of trading (such ordinary course borrowings not to exceed £250,000
or its equivalent in another currency in the aggregate); or

 

		(b)	any borrowing that relates to a drawdown under the Group's Existing Financing Arrangements so long
as the aggregate amount drawn under the Revolving Facility (as defined in the Group's Existing Financing Arrangements) does not
exceed £9,500,000.

 

		9.	Other than as required pursuant to the Group's Existing Financing Arrangements, give any guarantee
or indemnity or security in respect of the obligations of any person firm or company, not being a member of the Group, (other than
normal trade credit on commercially reasonable terms in the ordinary course of the Group's business).

 

		10.	Other than pursuant to or in connection with the A&R Agreement, agree any variation to the
Group's Existing Financing Arrangements or redeem any Encumbrance over an asset except in the ordinary course of trading where
there is a disposal of any Machine by the Group which is permitted under the Group's Existing Financing Arrangements which allows
for the release of any Encumbrance to which such Machines are subject (subject always to the Group complying in full with the terms
of the Group's Existing Financing Arrangements in relation to any proceeds of any sale of Machines).

 

Arrangements with Shareholders and Employees

 

		11.	Enter into any agreement or transaction with or for the benefit of any Institutional Vendor or
its Connected Persons which does not constitute Permitted Leakage.

 

    	 	40	 

     

    

 

		12.	In each case excluding (i) any replacement of existing employees, (ii) the appointment of the new
managing director for Europe and the Middle East and (iii) the appointment of the new managing director for the UK, employ any
new employee with an annual salary in excess of £85,000 per annum, or employ such number of new employees for whom the aggregate
annual salary bill exceeds £1,500,000 per annum.

 

		13.	Dismiss any employee of the Group with an annual salary of £85,000 or more unless summarily
dismissed (for the purposes of this Schedule such person being a "Senior Employee").

 

		14.	Amend any existing pension scheme or adopt any new pension scheme.

 

		15.	Except in relation to any non-discretionary bonus or non-discretionary element of any bonus provided
for in the relevant individual's service contract or the terms of the senior employee bonus scheme in effect prior to the Locked
Box Date, in each case as contained within the Data Room, grant any Senior Employee a bonus or make any increase in their salaries
except in the ordinary course of trading not exceeding an annual aggregate cost to the Group of £100,000.

 

		16.	Make any material changes (other than those required by applicable law) to the terms and conditions
of employment (including the provision of any contractual or non-contractual benefits) of directors, officers or employees (including
granting any new options or other entitlements under existing schemes or benefits) in each case having an annual aggregate cost
to the Group of over £250,000.

 

		17.	Fail to maintain the insurance cover currently held over the Group as at the date hereof (to the
extent such cover is reasonably available in the insurance market and continues to be reasonably affordable for the Group) or deliberately
do any thing or take any step which would make any such policies void or voidable.

 

Acquisition and Disposal of Shares and
Assets

 

		18.	Dispose of any share in the capital of any of its subsidiaries or alter, increase or reduce the
authorised or issued share capital of any of its subsidiaries.

 

		19.	Sell or otherwise dispose of the undertaking of the Company or any of its subsidiaries or any substantial
part thereof.

 

		20.	Otherwise than in the ordinary course of trading, sell any fixed asset of any member of the Group
for a consideration of or having a book value or market value of more than £100,000 whether by a single transaction or a
series of transactions.

 

		21.	Acquire any fixed asset or incur any capital expenditure (i) more than £250,000 in excess
of the amounts for the relevant periods in the Business Plan or (ii) otherwise than in the ordinary course for a consideration
of or having a book value or market value of more than £100,000 (whether by a single transaction or a series of transactions).

 

		22.	Excluding the entry into of (i) a new lease for the existing property of the Group in Bangor, and
(ii) a new leases for additional floors 3 and 4 in the existing property of the Group in Manchester purchase or acquire, or sell
or dispose of, or terminate or surrender (or accept the termination or surrender of) or modify, any heritable or freehold or leasehold
property or any interest therein.

 

    	 	41	 

     

    

 

		23.	Enter into any material contract or material arrangement which is likely to involve expenditure
in excess of £250,000 per annum.

 

		24.	Give notice to terminate or agree to amend in a material way any contract with an annual revenue
for or cost to the Group of £250,000.

 

		25.	Enter into any contract with an expected annual revenue for the Group in excess of £2,000,000.

 

		26.	Acquire any business or undertaking or any interest in another corporate entity with a cost to
the Group of £100,000 or more.

 

Company Administration

 

		27.	Change the nature of the business or activities as undertaken by the Group in the 12 months prior
to the date of this Agreement.

 

		28.	With the exception of the dispute currently outstanding between the Group and the Performance Rights
Society (including any claims that may become joined to this dispute), instigate, compromise, release, discharge, compound or settle
any litigation or arbitration where the value of the claim exceeds or is reasonably likely to exceed £100,000 (exclusive
of costs) or where the costs of conducting such action are reasonably likely to exceed £100,000 other than to recover trade
debt in the ordinary course of business.

 

Taxation

 

		29.	Other than in (a) the ordinary course of trading, (b) in relation to any ongoing dispute the details
of which have been made available in the Data Room, or (c) where the amount concerned is under £100,000: (i) settle or compromise
any proceeding, dispute or litigation with respect to any liability to Tax, (ii) consent to any extension or waiver of the limitation
period applicable to any determination, notice or assessment issued by any Tax Authority, (iii) make any change to Tax or accounting
policies, methods or practices, (iv) permit a balancing event to occur for capital allowance purposes, (v) change any Tax accounting
period, (vi) surrender any right to claim any refund of Taxes, (vii) change residence for Tax purposes, (viii) enter into any Tax
allocation agreement, Tax sharing agreement, Tax indemnity agreement or advance pricing agreement relating to any Tax, or (ix)
fail on a timely basis to pay and discharge Taxes due and payable by it to a Tax Authority prior to Completion, in each case provided
that such change is not effected to comply with law, regulation, guidance from a Tax Authority or a change in generally accepting
accounting practice or principles.

 

    	 	42	 

     

    

 

Schedule
4 - Completion Obligations

 

At Completion, the following shall occur. 
All of the steps described below are intended to take effect simultaneously and conditional on performance by each other party
of their obligations set out in this Schedule 4.  If and to the extent any party has executed a document or transferred funds
or issued shares or otherwise performed an obligation set out in this Schedule 4 before the other parties have performed their
obligations, (i) such document shall be held as undelivered and to the order of the executing party, (ii) such funds shall be held
to the order of the paying party, (iii) such shares shall be held to the order of the issuing company and (iv) such other performance
shall to the extent legally possible be treated as in abeyance pending compliance with the remaining obligations in this Schedule
4.

 

		1.	At Completion each Vendor shall deliver as applicable (or procure that there shall be delivered)
to the Purchaser or the Purchaser's Solicitors:

 

		1.1.	a duly executed stock transfer form in favour of the Purchaser for such number of Sale Shares as
are set out opposite that Vendor's name in column (3) of the tables in Schedule 1;

 

		1.2.	certificates in respect of such Sale Shares (or lost share certificate indemnities in a form acceptable
to the Purchaser acting reasonably);

 

		1.3.	a duly executed loan note transfer instrument in favour of the Purchaser for its holding of Shareholder
Loan Notes (as it is following the Pre-Completion Restructuring);

 

		1.4.	a duly executed power of attorney valid for a period of 30 days from the Completion Date authorising
the Purchaser to exercise the rights attached to such number of Sale Shares as are set out opposite that Vendor's name in column
(3) of the tables in Schedule 1 pending transfers in favour of the Purchaser being registered;

 

		1.5.	in respect of each Vendor that is a body corporate, a copy of the minutes (or the relevant extract
thereof) of a duly held meeting of the Board of Directors of the Vendor (or a duly constituted committee thereof) authorising the
execution by the Vendor of the relevant documents; and

 

		1.6.	in respect of each Vendor who does not personally sign the documents referred to in this Schedule,
as evidence of the authority of each person executing such documents on such Vendor's behalf a certified copy of the powers of
attorney conferring such authority.

 

		2.	At Completion Landgame S.à.r.l. shall:

 

		2.1.	deliver duly signed resignation letters from Vitruvian Directors I Limited and Vitruvian Directors
II Limited resigning from their posts as directors of the Company; and

 

		2.2.	procure that Vitruvian Directors I Limited and Vitruvian Directors II Limited shall grant their
written consent to the sale and purchase of the Sale Shares, to the Pre-Completion Restructuring, and to the transfer of the Shareholder
Loan Notes pursuant to this Agreement.

 

    	 	43	 

     

    

 

		3.	At Completion, the Minority Investor Shareholders shall deliver a duly signed resignation letter
from Jeremy Brade resigning from his post as a director of the Company.

 

		4.	At Completion the Purchaser shall:

 

		4.1.	make a payment by electronic transfer of cleared funds for same day value on the Completion Date
to the Vendors' Solicitors' Client Account for an amount equal to the Cash Element of the Purchase Price (and the Purchaser shall
not be concerned as to the application of the moneys so paid);

 

		4.2.	issue the Vendors the Consideration Shares in respect of the Stock Element of the Purchase Price;

 

		4.3.	provide such documentation as may be reasonably requested by the Institutional Vendors in respect
of anti-money laundering checks;

 

		4.4.	make a payment for and on behalf of the Management Incentive Parent by electronic transfer of cleared
funds for same day value on the Completion Date to the Vendors' Solicitors' Client Account for an amount equal to the Parent Put/Call
Consideration;

 

		4.5.	procure that the Company shall, in accordance with its obligations under the Management Bonus Scheme,
make a payment not exceeding £4,155,000 in the aggregate (including employer national insurance contributions) through the
payroll system of the Group on the Completion Date to the Participating Executives for amounts equal to their Entitlements; and

 

		4.6.	deliver to the Vendors' Representatives or the Vendor's Solicitors:

 

		4.6.1.	a duly signed copy of the Warranty Deed;

 

		4.6.2.	a copy of resolutions of the shareholders of the Buyer adopted at the Special Meeting certified
by the Corporate Secretary of the Buyer which includes the details of the percentage of participation by the Purchaser's stockholders
in the current transaction; and

 

		4.6.3.	as evidence of the authority of each person executing this Agreement or a document referred to
in this Schedule 4 on the Purchaser's behalf:

 

		(a)	a copy of the minutes (or the relevant extract thereof) of a duly held meeting of the Board of
Directors of the Purchaser (or a duly constituted committee thereof) authorising the transaction and the execution by the Purchaser
of the relevant documents; and

 

		(b)	a certified copy of the powers of attorney conferring the authority; or

 

		(c)	such other evidence as may be acceptable to the Vendors' Representative acting reasonably.

 

    	 	44	 

     

    

 

		5.	At Completion, the Purchaser and the Vendors shall together:

 

		5.1.	cause the directors of the Company to hold a meeting of the board of the Company at which the directors
shall pass resolutions approving:

 

		(a)	the transfers of the Sale Shares pursuant to this Agreement and approving such transfers for registration
(subject only to the transfers being duly stamped);

 

		(b)	the transfer of the Shareholder Loan Notes and approving such transfer for registration and issue
of new loan note certificates (subject only to the presentation of the duly executed loan note transfer instrument);

 

		(c)	the resignation of each of Vitruvian Directors I Limited, Vitruvian Directors II Limited and Jeremy
Brade as directors of the Company;.

 

		5.2.	deliver:

 

		(a)	a duly signed copy of the Stockholders' Agreement;

 

		(b)	a duly signed copy of the Registration Rights Agreement.

 

		6.	Simultaneously with:

 

		(a)	delivery of all documents and items required to be delivered at Completion (or waiver of the delivery
thereof by the person entitled to receive the relevant document or item); and

 

		(b)	receipt of the electronic funds transfers referred to in paragraphs 4.1 above,

 

the documents and items delivered
in accordance with this Schedule 4 shall cease to be held to the order of the person delivering the same and Completion shall be
deemed to have taken place.

 

Completion Obligations of the Management
Vendors

 

		7.	At completion, the Management Vendors shall procure delivery to the Purchaser of:

 

		7.1.	a duly signed copy of the Completion Disclosure Letter (if any);

 

		7.2.	a duly signed copy of the Stockholders' Agreement; and

 

		7.3.	a duly signed copy of the Registration Rights Agreement.

 

    	 	45	 

     

    

 

Schedule
5 – Earn-Out Consideration

 

Part
A – Calculation

 

		1.	If, for the 12 month period ending September 30, 2018 (the "Earn-out Period"),
Purchaser’s Group EBITDA in respect of all operations (whether in place at the date of this agreement or not) undertaken
in relation to China, Colombia, Greece, Norway, Spain and Ukraine (collectively, the "Earn-out Jurisdictions"
and the EBITDA in respect thereof, "Earn-out EBITDA") is equal to or greater than £15,000,000, the Purchaser
shall issue to the Vendors, pro rata in accordance with their holding of Shareholder Loan Notes as of immediately prior to the
Effective Time, an aggregate of 2,500,000 shares of Purchaser Stock, which shall constitute Consideration Shares subject to the
Registration Rights Agreement. If, for the Earn-out Period, Earn-out EBITDA is less than £15,000,000 but more than £0
("Non-Whole EBITDA"), the Purchaser shall issue to the Vendors, pro rata in accordance with their holding of Shareholder
Loan Notes as of immediately prior to the Effective Time, an aggregate number of shares of Purchaser Stock equal to the product
of (x) 2,500,000 and (y) a fraction, the numerator of which is Non-Whole EBITDA and the denominator of which is £15,000,000,
i.e.:

 

 

The shares of Purchaser Stock
issuable to the Vendors pursuant to this paragraph 1 are referred to as the "Earn-out Shares".

 

		2.	Notwithstanding paragraph 1 above, if the capital expenditures of the Purchaser and its Subsidiaries
in the Earn-out Jurisdictions exceed £14,300,000 in the 24 month period to September 30, 2018 (the "Capex Excess"),
the aggregate number of Earn-out Shares issuable to the Vendors shall be reduced by that number of shares of Purchaser Stock having
a Market Value equal to such excess. Notwithstanding this the Institutional Vendors' Representative may by written notice require
the Purchaser to exclude the Capex Excess from the calculation of the number of Earn-out Shares in which case there shall be no
reduction in the number of the Earn-Out Shares due to the Capex Excess.

 

		3.	The calculation of Earn-out EBITDA shall be determined by reference to the management accounts
of the Purchaser's Group (after making any accounting adjustments necessary to bring these management accounts in line with the
accounting policies set out in the Accounts and also with US GAAP at such time) and shall thereafter be calculated using the pro
forma format and specific accounting policies set out in Parts B and C of this Schedule 5.

 

		4.	It is the intention of the parties that the number of Earn-out Shares shall have been calculated
within 15 Business Days after the completion of the Group's audited financial statements for the fiscal year ended September 30
2018

 

		5.	The Earn-out Shares, if any, shall be issued to the relevant Vendors no later than thirty (30)
days after the EBITDA Calculation becomes conclusive and binding. If the Earn-out Shares have not been issued/determined to be
zero by such date, the Purchaser shall pay interest at the Interest Rate on the monetary equivalent of any un-issued Earn-out Shares.

 

    	 	46	 

     

    

 

		6.	The Purchaser acknowledges that the purpose of this Schedule is to ensure that the Vendors are
able to participate in the future value arising out of the Earn-Out Jurisdictions. Accordingly the Purchaser undertakes to act
in good faith in relation to its operation of the Purchaser's Group business in the Earn-Out Jurisdictions so as to develop the
potential of these businesses provided however that this shall not require the Purchaser to act in a way that is contrary to its
overall commercial interests (but excluding any interest it may have in reducing the number of Earn-Out Shares to be issued).

 

		7.	The Purchaser further agrees and undertakes that:

 

		7.1.	in the period from the Completion Date to the end of the Earn-out Period that they will not participate
in a transaction or series of transactions or any agreement, arrangement or understanding which is/are designed or intended to
avoid (or that has the reasonably anticipated effect of avoiding) the application of this Schedule 5 (or reducing the amounts that
would otherwise be payable pursuant to its application) and which in substance is a transaction, agreement, arrangement or understanding
which, notwithstanding such steps, should and give the Vendors the opportunity to participate in value as aforesaid;

 

		7.2.	to continue to operate the business of the Group in a manner consistent with the operation of the
Group in the 12 month period immediately prior to the Completion Date and generally in accordance with the business plan of the
Group as to planned growth in the Earn-out Jurisdictions provided that the Purchaser shall not be required to operate the business
in a manner which is contrary to its overall commercial interests; and

 

		7.3.	it will not and it will procure that the Group does not sell, dispose of or wind-down any of the
Group's operations in any of the Earn-out Jurisdictions except to the extent, if any, required by any applicable laws or regulations.

 

		8.	If at any point prior to the issuance of the Earn-out Shares, there is:

 

		8.1.	a subdivision or consolidation or reclassification of Purchaser Stock;

 

		8.2.	a reduction of capital (of whatever nature, but excluding a cancellation of capital that is lost
or not represented by available assets), or any other reduction in the number of Purchaser Stock in issue from time to time;

 

		8.3.	an issue of Purchaser Stock by way of dividend or distribution;

 

		8.4.	an issue of Purchaser Stock by way of capitalisation of profits or reserves (including share premium
account and any capital redemption reserve);

 

		8.5.	a consolidation, amalgamation or merger of the Purchaser with or into another entity (other than
a consolidation, amalgamation or merger following which the Purchaser is the surviving entity and which does not result in any
reclassification of, or change in, the Purchaser Stock); or

 

    	 	47	 

     

    

 

		8.6.	an issue of Purchaser Stock at a discount of more than 20% to the mid-market value of the Purchaser's
Stock based on a weighted average for the 15 day period prior to the date of such issue, or earlier commitment to issue, provided
always that this paragraph 8.6 shall not apply in relation to any issue of Purchaser Stock in connection with any management equity
plan or other incentive plan implemented from time to time for the benefit of employees or consultants of the Purchaser's Group,
in an aggregate amount not to exceed 12% of the shares of Purchaser Stock as is in existence as at the Completion Date (after giving
effect to the issuance of shares under any such plan) and diluted by the Stock Element (but specifically not diluted by reference
to the Earn-out Shares or the warrants currently existing in relation to the Purchaser),

 

then the Purchaser shall adjust
the Earn-out Shares conditional on any such event occurring, but with effect from the date of the relevant event or, if earlier,
the record date for the event (an "Adjustment") so that, after such Adjustment:

 

		(a)	other than in the case of paragraph 8.6, the total number of Earn-out Shares carry as nearly as
possible (and in any event not less than) the same proportion of the voting rights attached to the entire issued share capital
of the Purchaser and the same entitlement to participate in the profits and assets of the Purchaser (including on liquidation)
as if there had been no such event giving rise to the Adjustment; or

 

		(b)	in the case of paragraph 8.6, the total number of Earn-out Shares carry as nearly as possible (and
in any event not less than) the same proportion of the voting rights attached to the entire issued share capital of the Purchaser
and the same entitlement to participate in the profits and assets of the Purchaser (including on liquidation) as if the event under
paragraph 8.6 giving rise to the Adjustment resulted in a lesser number of shares of Purchaser Stock being issued, such lesser
number being calculated by dividing the same aggregate consideration as was payable for such shares actually issued by a price
per share equal to 80% of such mid-market value of the Purchaser's Stock.

 

		8.7.	The Purchaser shall give the Institutional Vendors' Representative written notice of any event
described in paragraphs 8.1 to 8.6, together with details of the relevant Adjustment, at the time of, or as soon as reasonably
possible after the earlier of the (i) occurrence of such event or (ii) the relevant board or general meeting of stockholders which
has resolved to implement the event giving rise to the Adjustment.

 

		8.8.	If the Institutional Vendors' Representative notifies the Purchaser in writing within 20 Business
Days of receipt of a notice given under paragraph 8.7 that it disagrees with any Adjustment (an "Adjustment Objection Notice"),
the provisions of Part D of Schedule 5 shall apply.

 

    	 	48	 

     

    

 

Part
B – Accounting Balances, Policies and Procedures for the Earn-Out Consideration

 

		1.	The Earn-Out Consideration as it relates to the Earn-out EBITDA shall be determined in accordance
with the following hierarchy:

 

		(a)	firstly, on the basis set out in paragraph 3 of Part A of this Schedule 5;

 

		(b)	secondly, the specific instructions as set out in paragraphs 2 to 7 of this Part B of Schedule
5;

 

		(c)	thirdly, those accounting principles, treatments, policies, practices and procedures (including
in relation to the exercise of accounting discretion and judgement) applied in the preparation of the Accounts (but as adjusted
to comply with US GAAP); and

 

		(d)	fourthly, except as specifically contemplated by this Schedule 5, be prepared in accordance with
Generally Accepted Accounting Standards, Principles and Policies in the United States of America (as such exist at Completion)
("US GAAP").

 

		2.	The EBITDA Calculation, shall be calculated and prepared by applying the revenue recognition policies
of the Group on a basis consistent with that applied in the preparation of the Management Accounts (as adjusted for US GAAP) (provided
however that all revenue generated by reference to each of the Earn-Out Jurisdictions shall be included in the calculation of the
Earn-Out Revenue whether or not the revenue recognition policies of the Group would have allocated such revenue to a different
jurisdiction).

 

		3.	Any currency conversions required in the calculation of the Earn-Out EBITDA shall be made in accordance
with the average between the relevant currency and £ sterling for the relevant period(s) in all cases in accordance with
the requirements of US GAAP.

 

		4.	The Earn-out Consideration shall:

 

		4.1.	take no account of information which becomes available, or events which occur, after the date on
which the Purchaser delivers the draft EBITDA Calculation to the Vendors; and

 

		4.2.	be expressed in pounds sterling.

 

		5.	To the extent that the relevant management accounts (as used pursuant to paragraph 3 of Part A
of this Schedule 5) do not allocate overhead costs, a separate calculation will be made of costs directly attributable to the Earn-out
Jurisdictions with the balance of un-attributable costs in each case being allocated on the basis set out in this Part B of Schedule
5.

 

    	 	49	 

     

    

 

		6.	Pro forma EBITDA Calculation

 

	Pro forma	 	 	 	FY15 (millions)	 	 	FY18 (millions)	 
	Earn-Out Jurisdictions	 	 	 	 	 	 	 	 
	 	 	Revenue	 	 	1.2	 	 	 	[=]	 
	 	 	COS	 	 	(0.2	)	 	 	[=]	 
	 	 	Gross Margin	 	 	1.0	 	 	 	[=]	 
	 	 	Field Operations	 	 	-	 	 	 	[=]	 
	 	 	Market & Product Costs	 	 	(2.0	)	 	 	[=]	 
	 	 	Contribution	 	 	(1.0	)	 	 	[=] 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	Corporate Costs	 	 	(0.1	)	 	 	[=]	 
	 	 	Earn-out EBITDA *	 	 	(1.2	)	 	 	[=] 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	Machine Capex	 	 	(3.0	)	 	 	[=] 	 
	 	 	Development Capex	 	 	(1.9	)	 	 	[=] 	 
	 	 	Maximum Capex	 	 	-	 	 	£	(14,300,000	)
	 	 	Capex Excess	 	 	(6.1	)	 	 	[=] 	 

 

* Subject to adjustment for a Capex Excess as required
under paragraph 2 of Part A of Schedule 5.

 

		7.	A description of the line items that are to be included in the calculation of Earn-out EDITDA is set out below and a further
description of the items to be included in each of these line items is included at paragraph 7 below.

 

"Revenue" shall
be calculated on the same basis of the Management Accounts of the Group for the 12 month period to the Locked Box Date (as adjusted
for US GAAP) and shall specifically include all elements of revenue earned by the Group from external sources by reference to the
Earn-Out Jurisdictions (whether or not the accounting policies of the Group would otherwise have allocated that revenue to a jurisdiction
other than the Earn-out Jurisdictions).

 

"Cost of Sales"
means any expenditure of the Group directly attributable to the fulfilment of contractual obligations of its customers in each
case relating to the generation of revenue in the Earn-Out Jurisdictions.

 

"Gross Margin"
means the aggregate of all revenues generated in the Earn-out Jurisdictions less Cost of Sales in the Earn-out Jurisdictions.

 

"Field Operations"
shall be calculated on the basis of the expenditure of the Group in servicing the VLTs located in the Earn-Out Jurisdictions.

 

"Market and Product Costs"
means that expenditure incurred by the Group which are directly attributable to the provision of support linked to local markets,
products and non-capitalised development costs relating to the Group's goods and/or services in each Earn-out Jurisdiction (but
excluding the expenditure in respect of any Field Operations).

 

    	 	50	 

     

    

 

"Corporate Costs"
shall be the total corporate overheads of the Group which are not otherwise able to be directly attributed to any specific business(es)
of the Group and shall be allocated to the Earn-Out Jurisdictions pro rata to the aggregate amount of gross margin earned in the
Earn-Out Jurisdictions as compared to the total amount of Group Gross Margin.

 

"Machine Capex"
shall comprise the expenditure incurred by the Group in providing Machines to its customers to the extent directly attributable
to the Earn-Out Jurisdictions.

 

"Development Capex"
shall comprise the cost of labour incurred by the Group in the development of games and products of the Group to the extent directly
attributable to the Earn-Out Jurisdictions and appropriate to be capitalised under US GAAP.

 

"Group Gross Margin"
means the revenue of the Group less the Cost of Sales of the Group.

 

"Market Value"
means US$10.

 

		8.	A further description of the items noted in paragraph 6 above are as follows:

 

	Revenue
	Recurring Revenue shares
	Upfront platform and licence sales
	Hardware Sales
	Marketing Contributions
	SLA's
	 
	Cost of Sales
	Consumables
	Repairable Parts
	Third party VLT servicing costs
	Labour cost to diagnose and repair VLT's, VLT parts including pc's, screens etc
	Minor refurb costs for VLT's prior to deployment
	Game Content Royalties to 3rd parties
	Certification costs of 3rd party games
	Royalties, rebates to 3rd parties
	Hardware Cost of Sales
	Software Costs incurred matching any revenue recognised that is not an Intangible asset
	Sales Commissions
	Connectivity costs
	 
	Field Operations
	Field Service Engineers employment costs
	Managers of the above
	Regionals Managers and Operation Management
	3rd Party Field Service costs
	Logistics cost of moving parts between repair centre, venues and Engineers
	 
	Market and Product Costs
	Sales, Business Development, Customer Account Management and in Country Market Teams
	Global Operator Support Services

 

    	 	51	 

     

    

 

	VLT Operations
	Hardware Design and Manufacture
	Project Management Office (PMO)
	Net Overheads (non capitalised element) :
	- Product Strategy & Customer Experience (PSCE)
	- Product Development
	- Game Development
	- Innovation
	- Insight
	- Technical Support Services
	 
	Corporate Overheads
	Finance
	Board
	HR
	Legal
	Facilities
	Enterprise IT
	Business Services
	Marketing

 

    	 	52	 

     

    

 

Part
C – Process for Preparation of Earn-out Statement

 

		1.	The Purchaser shall prepare (or procure that the Group prepares) drafts of its calculation of the
Earn-out EBITDA (the "EBITDA Calculation") in the format set out in paragraph 5 of Part B of Schedule 5, on the
basis of the accounting balances, policies and procedures set out in this Schedule 5.

 

		2.	Following the preparation of such draft EBITDA Calculation, the Company shall arrange for the EBITDA
Calculation to be reviewed and verified (and to the extent appropriate, amended) by an independent firm of reputable and internationally
recognised charted accountants (the "Reviewing Accountants") appointed on the basis set out below.  The Company
shall supply the Reviewing Accountants with copies of its relevant supporting calculations and working papers at the same time.
The Institutional Vendors' Representative shall be entitled to waive the obligation to have the EBITDA Calculation reviewed and
verified by notice in writing to the Purchaser.

 

		3.	The identity of the Reviewing Accountants shall be agreed upon by Institutional Vendors' Representative
and the Purchaser or, failing such agreement within five Business Days following the first discussion on such matter, to be selected,
on the application of either the Institutional Vendors' Representative or the Purchaser, by the President for the time being of
the Institute of Chartered Accountants in England and Wales or his duly appointed deputy. The Reviewing Accountants shall be engaged
by the Company on the terms set out in this Schedule 5 and otherwise on such terms as shall be agreed between the Company, the
Institutional Vendors' Representative, the Purchaser and the Reviewing Accountants.  The parties agree and acknowledge that
the scope of review of the Reviewing Accountants shall be such that the cost of engaging the Reviewing Accountants to undertake
such review and verification shall not exceed UK £50,000.

 

		4.	The Reviewing Accountants shall review and verify the draft EBITDA Calculation for the purposes
of confirming whether it has been prepared on the basis as set out in this Schedule 5 and whether it shows a true, fair and reasonable
view of the EBITDA Calculation and, if not, it shall determine (and make) those alterations it considers should be made to the
EBITDA Calculation to ensure that it complies with the requirements of this Schedule 5 and shows a true, fair and reasonable view
of the EBITDA Calculation.  The draft EBITDA Calculation, after the making of any such alterations, shall then comprise the
EBITDA Statement for all purposes of this Agreement.

 

		5.	The Reviewing Accountants shall act as an expert (and not as an arbitrator) in making their determination
and their determination of any matter falling within their jurisdiction shall be final and binding on the Vendors and the Purchaser
(in the absence of manifest error). Where any relevant part of the Reviewing Accountants determination is void because of manifest
error the matter shall be resubmitted to the Reviewing Accountants by the Company for correction as soon as is reasonably practicable.

 

    	 	53	 

     

    

 

Part
D – Process and Dispute Resolution

 

		1.	The following process shall occur in relation to any Adjustment Objection Notice:

 

		1.1.	the Institutional Vendors' Representative shall set out in the Adjustment Objection Notice their
reasons in reasonable detail for such non-acceptance (being the items which they dispute and the basis upon which they dispute
such items) and specify the adjustments which, in their opinion, should be made to the Adjustment in order to comply with the requirements
of this agreement; and

 

		1.2.	the parties shall use all reasonable endeavours to:

 

		(a)	discuss the objections of the Vendors; and

 

		(b)	try to reach agreement upon the adjustments (if any) required to be made to the Adjustment,

 

in each case, within 20 Business Days of the Adjustment
Objection Notice (or such other time as the Institutional Vendors' Representative and the Purchaser may agree in writing).

 

		2.	If the Institutional Vendors' Representative is satisfied with the Adjustment (either as originally
submitted or after the adjustments agreed between the Purchaser and the Institutional Vendors' Representative) or if the Institutional
Vendors' Representative fails to serve an Adjustment Objection Notice within the 20 Business Day period referred to in paragraph
8.8 of Part A of Schedule 5 above then the Adjustment (incorporating any agreed adjustments) shall constitute the Adjustment for
the purposes of this Agreement and shall be final and binding on each of the Vendors and the Purchaser.

 

		3.	If the Institutional Vendors' Representative and the Purchaser do not reach agreement within the
20 Business Day period referred to in paragraph 1.2 (or such other time as the Institutional Vendors' Representative and Purchaser
may agree in writing) then the matters in dispute and in respect of which reasonable details have been provided by the Vendors
to the Purchaser in an Adjustment Objection Notice (and only those) shall be referred, on the application of either the Vendors
or the Purchaser, for determination by an independent firm of internationally recognised chartered accountants to be agreed upon
by the Institutional Vendors' Representative and the Purchaser or, failing such agreement within five Business Days following the
end of the 20 Business Day period referred to in paragraph 1.2, to be selected, on the application of either the Institutional
Vendors' Representative or the Purchaser, by the President for the time being of the Institute of Chartered Accountants in England
and Wales or his duly appointed deputy (the "firm"). The firm shall be engaged by the Vendors and the Purchaser
on the terms set out in this Schedule 5 and otherwise on such terms as shall be agreed between the Vendors, the Purchaser and the
firm. The firm shall determine its own procedure, subject to the following provisions that shall apply to the firm's determination:

 

		3.1.	the Purchaser and/or the Purchaser's accountants and the Vendors and/or the Vendors' accountants
shall each promptly (and in any event within such time as reasonably enables the firm to make its decision in accordance with the
timing set out in paragraph 6.3) prepare and deliver to the firm a written statement on the matters in dispute (together with the
relevant supporting documents) and deliver a copy of such written statement and supporting documents to the Purchaser or the Institutional
Vendors' Representative (as the case may be);

 

    	 	54	 

     

    

 

		3.2.	following delivery of their respective submissions, the Purchaser and the Vendors shall have the
opportunity to comment only once (provided that nothing in this sub-paragraph shall prevent the Purchaser or the Vendors responding
to any requests from the firm under paragraph 8 below) on the other party's submissions by written comment delivered to the firm
not later than 20 Business Days after the written statement was first submitted to the firm and copied to the other party pursuant
to paragraph 6.1;

 

		3.3.	the firm shall be requested to give its decision within 20 Business Days of the expiry of the 20
Business Day period referred to in paragraph 6.2 (or such later date as the Purchaser and the Institutional Vendors' Representative
agree in writing) of the confirmation and acknowledgment by the firm of its appointment hereunder;

 

		3.4.	apart from procedural matters, the firm shall determine only:

 

		(a)	whether any of the arguments for an adjustment to the draft Adjustment put forward in the written
statements under paragraph 6.1 is correct in whole or part; and

 

		(b)	if so, what alterations should be made
to the draft Adjustment in order to correct the relevant inaccuracy
in it;

 

		3.5.	in giving such determination which shall be in writing and made available for collection by the
Vendors and the Purchaser at the offices of the firm, the firm shall state what adjustments (if any) are necessary to the draft
Adjustment solely in respect of the matters in dispute in order to comply with the requirements of this agreement and to determine
finally the Adjustment and shall give its reasons for each relevant determination (unless otherwise agreed by the Institutional
Vendors' Representative and the Purchaser);

 

		3.6.	the firm shall act as an expert (and not as an arbitrator) in making any such determination and
their determination of any matter falling within their jurisdiction shall be final and binding on the Vendors and the Purchaser
(in the absence of manifest error). Where the relevant part of the firm's determination is void the matter shall be resubmitted
to the firm by either party for correction as soon as is reasonably practicable);

 

		3.7.	the firm shall not be entitled to determine the scope of its own jurisdiction; and

 

		3.8.	each of the Vendors and the Purchaser shall bear the costs and expenses of all counsel and other
advisers, witnesses and employees retained by them and the costs and expenses of the firm shall be borne between the Vendors and
the Purchaser in such proportions as the firm shall in its discretion determine or, in the absence of any such determination, equally
between the Vendors on the one part and the Purchaser on the other.

 

		3.9.	When the Vendors and the Purchaser reach (or pursuant to paragraph 6 are deemed to reach) agreement
on the Adjustment or when the Adjustment is finally determined at any stage in accordance with the procedures set out in this Part
D, the Adjustment as so agreed or determined shall be the Adjustment for the purposes of this agreement and shall be final and
binding on the Purchaser and the Vendors.

 

		4.	The Purchaser and the Vendors shall, and shall procure that its accountants and other advisers
shall, and shall instruct the firm to, keep all information and documents provided to them pursuant to this Part D confidential
and shall not use them for any purpose, except for disclosure or use in connection with the Adjustment, the proceedings of the
firm or any other matter arising out of this agreement or in defending any claim or argument or alleged claim or argument relating
to this agreement or its subject matter.

 

    	 	55	 

     

    

 

Schedule
6 – Purchase Price Allocation

 

Following the Purchaser Stockholder Approval
the Purchaser shall calculate the balance of funds which are to be released from the Trust Fund together with the funds available
to be drawn down under the Purchaser's Macquarie Agreement as well as the balance of funds standing to it credit in any bank accounts
(together the "Available Funds").

 

The Purchaser shall then determine the
amount of the Cash Element in the following way:

 

		1.	it shall take the amount of the Available Funds;

 

		2.	it shall deduct the amount of the "Purchaser Costs" as set out in the Waterfall in the
agreed form (or if an adjustment to the Base Consideration has been made pursuant to sub-paragraph (ii) of the definition of Base
Consideration then the amount in the Waterfall increased by the amount of such adjustment);

 

		3.	it shall deduct the amount of the "Target Costs" as set out in the Waterfall in the agreed
form (or if an adjustment to the Base Consideration has been made pursuant to sub-paragraph (iii) of the definition of Base Consideration
then the amount in the Waterfall increased by the amount of such adjustment);

 

		4.	it shall deduct the amount of the repayment required under the A&R Agreement together with
any costs and fees associated with the A&R Agreement;

 

		5.	it shall deduct an amount equal to the US Dollar equivalent of UK £5 million for the purposes
of the Purchaser's Group having cash on its balance sheet;

 

		6.	the balance following such deductions shall comprise the funding in US Dollars that the Purchaser
must use to satisfy the Cash Element of the Completion Payment; and

 

		7.	the actual amount of the Cash Element shall be paid in Pounds Sterling and shall comprise that
amount available to the Purchaser following conversion by the Purchaser of the US Dollar amount into Pounds Sterling (after the
deduction of any applicable costs and commissions).

 

		8.	At least 1 Business Day prior to Completion the Purchaser, acting reasonably and in good faith,
shall provide to the Institutional Vendors' Representatives their calculation of the Cash Element for the confirmation and agreement
of the Institutional Vendors' Representative as required under Clause 7.7.

 

    	 	56	 

     

    

 

Schedule 7 – Pre-Completion Restructuring of Shareholder Loan Notes

 

The following definitions shall have the
following meanings when used in this Schedule 7:

 

"Relevant Proportion"
means, in relation to any Vendor, that proportion which the value of the principal and accrued interest of the 633 Loan Notes held
by them equates to the total value of the principal and accrued interest of all the 633 Loan Notes in issue;

 

"Vendor Loan Note Holder"
means a Vendor that is the owner of any Shareholder Loan Notes;

 

Restructuring

 

		1.1.	Following receipt of the CP Satisfaction Notice, the Institutional Vendors' Representative shall
calculate the Loan Note Payment, the Exchanged Loan Notes and the Remaining 633 Notes (each as defined below) in accordance with
the terms set out in the SPA and based on the expected Completion Date. The Purchaser shall provide any information reasonably
requested by the Institutional Vendors' Representative to assist in these calculations as soon as possible to enable the Institutional
Vendors' Representative to comply with the time frames set out herein. The Institutional Vendors' Representative shall provide
a copy of these calculations to the Purchaser within two Business Days of receipt of the CP Satisfaction Notice. The Purchaser
shall provide any comments it may have on these calculations within one Business Day of receipt of the calculations.

 

		1.2.	Following agreement on the calculations as detailed above, each of the Vendor Loan Note Holders,
the Company, and DMWSL 632 undertakes to carry out the below steps to the extent they apply to them in the order set out below:

 

		1.2.1.	Step 1 – the Vendor Loan Note Holders shall enter into a written resolution of the
majority holders of the Shareholder Loan Notes agreeing that all of the Shareholder Loan Notes in issue shall be exchanged for
an equivalent value of shareholder loan notes to be issued by the Company (the "633 Loan Notes"). The Company
shall issue a PIK Loan Note Instrument for these purposes on the same terms as the Shareholder Loan Note Instrument, with the added
inclusion of a drag right enabling the holders of 633 Loan Notes to be dragged on substantially the same terms and conditions as
the drag right contained in Article 43 of the Articles (the "633 Loan Note Instrument"). The Company shall agree
to issue the 633 Loan Notes for the benefit of DMWSL 632 by way of a capital contribution to DMWSL 632 for which the Company shall
receive in the aggregate one ordinary share in the share capital of DMWSL 632; and

 

		1.2.2.	Step 2 - the Vendors who, following Step 1 above, are holders of 633 Loan Notes (the "633
Loan Note Vendors") shall enter into a written resolution of the majority holders of the 633 Loan Notes agreeing to exchange
the right to repayment of such amount of interest (and if such amount of interest is insufficient, principal) on a proportion of
the 633 Loan Notes (the "Exchanged Loan Notes") for ordinary shares in the Company, such that after the exchange
the number of 633 Loan Notes remaining in issue (the "Remaining 633 Notes") shall be equal in value to the Loan
Note Payment. Each holder of 633 Loan Notes shall have their loan note holding reduced in accordance with their Relevant Proportion
and shall be entitled to be issued one ordinary share each in the Company in exchange for compromising all of the interest together
with such amount of the principal amount of the Exchanged Loan Notes as is required to ensure that the Remaining 633 Notes are
equal in value to the Loan Note Payment (the "Exchange Shares").

 

		1.3.	Each of the Company, and DMWSL 632 undertake to procure that any board minutes, filings, authorisations
and other corporate formalities required to give effect to the Pre-Completion Restructuring shall be held, passed, and filed.

 

    	 	57	 

     

    

 

Schedule
8 - Definitions and Interpretation

 

		1.	In this Agreement, except so far as the context otherwise requires, the following terms shall have
the following meanings:

 

"633 Loan Note Instrument"
has the meaning given in Schedule 7;

 

"633 Loan Note Vendors"
has the meaning given in Schedule 7;

 

"Accounts" means
the audited consolidated accounts for the Group for the financial year ending on 30 September 2015 provided at document 1.2.1.1
in the Data Room;

 

"Accruing Negative
Consideration" means the sum of £21,500 for each day from (but excluding) the Locked Box Date to (and including)
the date of Completion;

 

"A Ordinary Shares"
means the A ordinary shares of £0.01 nominal value each issued in the share capital of the Company;

 

"Accounts Date"
means 30 September 2015;

 

"AGCC" shall
bear the meaning given in Clause 6.1(d);

 

"A&R Agreement"
means the agreement dated on or about the date of this Agreement effecting the amendment and restatement of the Group's Existing
Financing Arrangements between, among others, DMWSL 631 Limited and Ares Management Limited as Agent and Security agent;

 

"Articles" means
the articles of association of the Company as at the date of this Agreement;

 

"Base
Consideration" means the sum of the following:

 

		(i)	£100,363,394.31; plus

 

		(ii)	any amount by which the "Purchaser Costs" to be used in the calculation of the Cash Element
pursuant to Schedule 6 exceed £8,237,909.41; less

 

		(iii)	any amount that comes within the terms of sub-paragraph (ix) of the definition of Permitted Leakage;
less

 

		(iv)	any amount of issued PIK notes and accrued PIK interest that exceeds £7,785,855.80 and any
amount of cash interest that exceeds £134,778 in each case on the Group's Existing Financing Agreements as at Completion;

 

"B Ordinary Shares"
means the B ordinary shares of £0.01 nominal value each issued in the share capital of the Company;

 

"B1 Ordinary Shares"
means the B1 ordinary shares of £0.001 nominal value each issued in the share capital of the Company;

 

"B2 Ordinary Shares"
means the B2 ordinary shares of £0.75 nominal value each issued in the share capital of the Company;

 

"B3 Ordinary Shares"
means the B3 ordinary shares of £0.01 nominal value each issued in the share capital of the Company;

 

    	 	58	 

     

    

 

"Business" means
the business and activities of the Group as carried out at the date of this Agreement;

 

"Business Day"
means a day (other than a Saturday or Sunday) on which clearing banks are open for normal business in London and New York;

 

"Business Plan"
means the management plan related to the Group as set out in the Data Room at reference 1.2.3.19;

 

"Call Exercise
Notice" has the meaning given to it in the Opco Articles;

 

"Cash Element"
means that part of the Purchase Price which is payable in cash calculated in accordance with the requirements of Schedule 6 which
in no event shall be less than zero;

 

"Completion"
means the completion of the matters set out in Schedule 4;

 

"Completion Date"
means the date which is a maximum of three Business Days after the Parties have been notified that all of the Conditions Precedent
have been (or as appropriate remain) satisfied (or such other time as may be agreed in writing between the Vendor's Representatives
and the Purchaser);

 

"Completion Payment"
bears the meaning given to it in Clause 7.2;

 

"Communications Plan"
means the communications plan in form agreed in writing between the Institutional Vendors' Representative and the Purchaser following
the date of this agreement;

 

"Conditions Precedent"
has the meaning given to it in Clause 6.3;

 

"Confidentiality Agreement"
means the confidentiality agreement dated 10 November 2015 between the Company and Hydra Industries Acquisition Corp. ;

 

"Connected Person"
means:

 

		(i)	in relation to any person, a member of that person's family within the meaning of section 253 of
the Companies Act 2006;

 

		(ii)	in relation to any person, a family trust established for the benefit of that person or a member
of that person's family as defined above;

 

		(iii)	in relation to any person, a company which such person controls (within the meaning of section
435(10) of the Insolvency Act 1986), but excluding any portfolio investee entity of any investment funds owned, managed or advised
by any of the Institutional Vendors; and/or

 

		(iv)	in relation to any company, a company which controls such company or which is controlled by the
same person as such company (within the meaning of section 435(10) of the Insolvency Act 1986), but excluding any portfolio investee
entity of any investment funds owned, managed or advised by any of the Institutional Vendors;

 

"Consideration Shares"
means the common stock of the Purchaser issued to the Vendors hereunder, valued, for the purposes of this Agreement, at US$10.00
per share, which shall have the same rights as the existing Purchaser Stock as at the date of this Agreement;

 

    	 	59	 

     

    

 

"CP Satisfaction Notice"
has the meaning given in Clause 6.13;

 

"Completion Disclosure
Letter" means the disclosure letter against the Warranty Deed to be delivered by the Management Vendors at Completion;

 

"Conversion Rate"
means the average of the spot selling and buying rates for a transaction between the two currencies in question as quoted on the
relevant Reuters page as at the close of business (London time) on the 15 Business Days prior to the Relevant Conversion Date (as
defined in Clause 27.4) or, if no such rate is quoted on that date, on the preceding date on which such rates are quoted;

 

"CRC Information"
means any information regarding the CRC Scheme or required by either the Vendors' Group or the Purchaser's Group in connection
with their respective obligations to comply with the CRC Order;

 

"CRC Order"
means the CRC Energy Efficiency Scheme Order 2013 and the CRC Energy Efficiency Scheme Order 2010 (as amended by the CRC Energy
Efficiency Scheme Order 2013 and the CRC Energy Efficiency Scheme (Amendment) Order 2011) and such laws relating to the CRC Scheme,
any guidance issued by any relevant authority and any re-enactment or variation of any such laws or guidance in force from time
to time;

 

"CRC Scheme"
means the CRC Energy Efficiency Scheme established by the CRC Order;

 

"Data Room"
means the data room of documents relating to the Company hosted by Intralinks under the name "Project Ciao – Indiana"
for the purposes of the transaction evidenced by this Agreement;

 

"Data Room Documents"
means the documents comprising the Project Ciao - Indiana on-line data room made available to the Purchaser and listed in the data
room index downloaded on 11 July 2016 and annexed to the Disclosure Letter;

 

"Disclosed"
means fairly disclosed (in a manner and with sufficient detail to enable a reasonable person to identify the nature and scope of
the matter disclosed) in or by:

 

		(i)	the Disclosure Letter;

 

		(ii)	the Disclosure Documents; and/or

 

		(iii)	the Reports;

 

"Disclosure Documents"
means the Data Room Documents together with any further documents annexed to or incorporated by reference into the Disclosure Letter;

 

"Disclosure Letter"
means the disclosure letter provided by the Warrantors and accepted by the Purchaser and dated on or about the date of this Agreement;

 

"Drag Provision"
has the meaning given to it in Clause 3.1;

 

"Earn-Out Consideration"
means that amount of the Purchase Price which is calculated by reference to Schedule 5 of this Agreement;

 

    	 	60	 

     

    

 

"Earn-Out Shares"
bears the meaning given to it in Part A of Schedule 5;

 

"EBITDA" shall
bear the meaning given in Schedule 5;

 

"Effective Time"
means immediately prior to Completion;

 

"Encumbrance"
means any charge, mortgage, pledge, security interest, lien, option, right of pre-emption, equity, power of sale, right of set-off,
hypothecation or other analogous third party right (but excluding any such right created by the articles of association of any
member of the Group);

 

"Entitlements"
has the meaning given to it in the Management Bonus Scheme;

 

"Existing Investment
Agreement" means the investment agreement relating to the Company entered into between the Company, DMWSL 632 Limited,
DMWSL 631 Limited, Gaming Acquisitions Limited, the Original Managers and the Original Institution (each as defined therein) dated
3 May 2010;

 

"Exchange Shares"
has the meaning given in Schedule 7;

 

"Gambling Authorities"
means:

 

		(i)	the Gambling Commission;

 

		(ii)	the Licensing Authority of Gibraltar; and

 

		(iii)	Alderney Gambling Control Commission;

 

"Gambling Commission"
means the Gambling Commission established by Part 2 of the Gambling Act 2005 (UK Statute) and which regulates gambling in Great
Britain;

 

"Gibraltar Gambling
Act" has the meaning given to it in Clause 6.1(c);

 

"Gibraltar Licensing
Authority" has the meaning given to it in Clause 6.1(c);

 

"Group" means
the Company and its subsidiaries;

 

"Group Company"
means any member of the Group;

 

"Group's Existing Financing
Arrangements" means all amounts outstanding under the senior term and revolving facilities agreement dated 18 March 2014
between, among others, DMWSL 631 Limited as Parent, certain of its subsidiaries as borrowers and guarantors, Ares Management Limited
and Lloyds Bank plc as Arrangers and Ares Management Limited as Agent and Security Agent as acceded to from time to time including
(but not limited to) all amounts of principal and interest and all costs, fees and other expenses which are or become due and payable
in connection with the repayment and/or prepayment of such facilities on the Completion Date;

 

"Growth Shares"
has the meaning given to it in the Opco Articles;

 

"Growth Shareholders"
means the holders of any Growth Shares at the relevant time;

 

"Institutional Vendors"
means those entities listed in column (1) of the table in Part A of Schedule 1;

 

    	 	61	 

     

    

 

"Institutional Vendors'
Representative" means Vitruvian Directors I Limited;

 

"Interest Rate"
has the meaning given in Clause 27.3;

 

"Long Stop Date"
means 31 December 2016;

 

"Leakage"
means:

 

		(i)	any dividend or distribution (in cash or in kind) declared, paid or made by a Group Company to
a Vendor or its Connected Persons;

 

		(ii)	any payments made to a Vendor or its Connected Persons by any Group Company in respect of any share
capital, or other securities of any Group Company being issued, redeemed, purchased or repaid, or any other return of capital including
without limitation any cash payment of interest on the Shareholder Loan Notes to the extent not provided for in the Locked Box
Accounts and any cash payment made in respect of the restructuring of the Shareholder Loan Notes (but for the avoidance of doubt
the steps comprising Pre-Completion Restructuring shall not constitute a cash payment for these purposes);

 

		(iii)	the waiver, forgiveness, release or discount (in whole or in part) by any Group Company of any
amount or obligation owed to such Group Company by a Vendor or its Connected Persons;

 

		(iv)	any indemnity, guarantee or other contingent liability or obligation granted or assumed by a Group
Company for the benefit of a Vendor or its Connected Persons;

 

		(v)	the purchase by a Group Company of any assets from a Vendor or its Connected Persons to the extent
that such transfer is at more than their market value;

 

		(vi)	the transfer by a Group Company to a Vendor or its Connected Persons of any assets to the extent
that such transfer is at less than market value;

 

		(vii)	any payment by a Group Company of, or obligation on a Group Company to pay or incur any costs,
professional fees or transaction bonuses to any person which are payable by a Vendor or its Connected Persons in connection with
the transactions contemplated by this Agreement;

 

		(viii)	any payment of management or investment or equivalent fees to any of the Vendors or their Connected
Persons;

 

		(ix)	any agreement or arrangement made or entered into by any Group Company to do or give effect to
any matter referred to in (i) to (viii) above;

 

		(x)	any Taxation arising and payable by a Group Company as a consequence of anything described in paragraphs
(i) to (ix) above; or

 

		(xi)	any other payment made to a Vendor or its Connected Persons by any Group Company to the extent
it is not on arm's-length terms and in the ordinary course of business,

 

    	 	62	 

     

    

 

but excludes
Permitted Leakage. For the avoidance of doubt each of the items included in the Waterfall which are described as being shared expenses
shall not comprise Leakage;

 

"Loan Noteholders"
means the holders of the Shareholder Loan Notes;

 

"Locked Box Accounts"
means the management accounts for the four week period to 4 June 2016 with an agreed walk forward to 2 July 2016 in the agreed
form;

 

"Locked Box Date"
means 2 July 2016;

 

"Machines"
means all betting, gaming and entertainment machines, vending machines, self service betting terminals, ATM machines and coin
operated telephones operated by the Group (including for the avoidance of doubt, all fixed odds betting terminals, bingo hand-held
devices, video lottery terminals, amusement-with-prizes machines, skill-with-prizes machines, pool machines and the like) together
with any other revenue generating machine operated by the Group in the ordinary course of trading and including all inputs and
components of such machines;

 

"Majority Noteholders"
has the meaning given in the Shareholder Loan Note Instrument;

 

"Management Accounts"
means the management accounts of the Group for the four week period ending on 4 June 2016;

 

"Management Bonus Scheme"
means collectively the UK Cash Bonus Scheme, the UK Phantom Bonus Scheme, the Gibraltar Cash Bonus Scheme; the Gibraltar Phantom
Bonus Scheme and the Growth Share Scheme and all sums payable in connection with the Growth Shares, as such documents are included
in Data Room Documents/folders 1.1.2.16.1.2 and 2.3.9;

 

"Management Vendors"
means those individuals listed in column (1) of the table in Part B of Schedule 1;

 

"Management Vendors'
Representative" means Steven Holmes of 3 The Maltings Wetmore Road, Burton-On-Trent, Staffordshire, DE14 1SE ;

 

"Material Adverse Effect"
means a matter, event, circumstance, change or occurrence in each case that occurs after the date of this Agreement (an "Event"):

 

		(a)	that is not an Event that was Disclosed by or on behalf of the Vendors (or any of them) to the
Purchaser prior to the date of this Agreement; and

 

		(b)	that (either alone or in combination) results in, or is reasonably likely to result in, a material
adverse effect on the assets, liabilities, business, operations, results of operations, financial condition or profits of the Group
(taken as a whole) or on the ability of the Vendors to consummate the transactions contemplated by this Agreement,

 

		(c)	which is in each case is not caused by:

 

		(i)	general changes in any financial market, or in interest rates or currency exchange rates or in
general economic, financial or political conditions;

 

    	 	63	 

     

    

 

		(ii)	changes in general laws, regulations or accounting practices (but excluding changes in laws, regulations
or accounting practices primarily applicable to the gambling industry, which shall be taken into account in determining whether
a Material Adverse Effect has occurred, irrespective of whether such change has been Disclosed and irrespective of whether such
change disproportionately impacts the Group);

 

		(iii)	any transaction contemplated by this Agreement; or

 

		(iv)	any act or omission of any member of the Purchaser's Group,

 

provided, however that a matter,
event, development, circumstance, change or occurrence the cause of which is set forth in items (i) or (ii) above shall be taken
into account in determining whether a Material Adverse Effect has occurred if and to the extent such Event has, or would reasonably
be expected to have, individually or in the aggregate, an impact on the assets, liabilities, business, operations, results of operations,
financial condition or profits of the Group (taken as a whole) which is substantially more adverse to the Group relative to other
similarly situated participants in the gambling industry segments in which the Group operates in the United Kingdom or any other
jurisdiction in which the Group conducts business;

 

"Material Change"
has the meaning given to it under paragraph 4(2) of Schedule 1 of the Gibraltar Gambling Act;

 

"Minority Investor
Shareholders" means the Institutional Vendors other than Landgame S.à.r.l.;

 

"Minority Shareholders"
means Barclayshare Nominees Limited, Tom Callanan, JM Finn Nominees Limited, Michael John Kelly, Mary McCarthy, Morstan Nominees
Limited, Pershing Nominees Limited, TD Waterhouse Nominees (Europe) Limited, John Stergides, and the Bank of New York Nominees
Limited;

 

"Minority Shares"
means those A Ordinary Shares held by the Minority Shareholders;

 

"NASDAQ"
means the NASDAQ Stock Market;

 

"Opco Articles"
has the meaning given to it in Clause 5.1;

 

"Operating Licence"
means an operating licence which is required by the Gambling Act 2005 and which comes within the meaning of and is issued pursuant
to Part 5 of the Gambling Act 2005;

 

"Parent Put/Call
Consideration" has the meaning given to it in the Opco Articles;

 

"Participating Executives"
has the meaning given to it in the Management Bonus Scheme;

 

"Permitted
Leakage" means:

 

		(i)	all payments of remuneration, benefit in kind, directors' fees and expenses made to or for the
benefit of any of the Vendors or any of their Connected Persons as employees or directors of any Group Company provided that such
payments are in the ordinary course of their employment and in accordance with the terms of their employment or service agreements
as disclosed to the Purchaser in the Data Room, including the payment and/or accrual of any ordinary course end-of-year bonuses;

 

    	 	64	 

     

    

 

		(ii)	payment of the fees and expenses of certain professional advisers or service providers of up to
£4,406,556.02 (such figure to be inclusive of any irrecoverable VAT) in the aggregate to such advisers or providers in relation
to advice or other services provided and in relation to matters contemplated by this Agreement;

 

		(iii)	directors' and monitoring fees in the aggregate of £41,414 per calendar quarter plus actually
incurred expenses of up to £5,000 in aggregate for the period from the Locked Box Date to Completion, payable to Vitruvian
Directors I Limited and Vitruvian Directors II Limited, and to Jeremy Brade;

 

		(iv)	continued accrual of interest on the Shareholder Loan Notes (but not the payment in cash of such
interest);

 

		(v)	the restructuring of the Shareholder Loan Notes as set out in Schedule 7;

 

		(vi)	all payments made to the Growth Shareholders made in exchange for the transfer of their Growth
Shares;

 

		(vii)	the payment of PIK interest accrued and/or paid and any other costs, fees and expenses incurred
in relation to the Group's Existing Financing Arrangements or connection with the A&R Agreement;

 

		(viii)	transaction bonuses in an amount of up to £4,155,000 (including any employer's national insurance
contributions) payable or paid to the Management Vendors pursuant to the Management Bonus Scheme in connection with the transactions
contemplated by this Agreement;

 

		(ix)	any additional payments not exceeding £3,000,000 notified in writing by the Institutional
Vendors' Representative to the Purchaser so long as an equivalent amount is also deducted from the Base Consideration;

 

		(x)	all payments approved in advance of being made by the Purchaser in writing (including by e-mail);
and

 

		(xi)	all payments to the extent directly related to any filing required to be made in any jurisdiction
in connection with the satisfaction of the Conditions Precedent;

 

"Permits"
means:

 

		(i)	all licences, permits, authorisations or consents required by law in order for it to supply or
provide gambling products or services in the same manner as currently supplied or provided by any Group Company; and

 

		(ii)	all other necessary licences, permits, authorisations or consents required by law (excluding IP
Licences) in order for it to carry on its business as now carried on, the absence of which would have a material adverse effect
on the business of the Group;

 

"Pre-Completion Restructuring"
means the process of restructuring the Shareholder Loan Notes as set out in Clause 3 and Schedule 7;

 

    	 	65	 

     

    

 

"Possible Termination
Event Notice" shall bear the meaning ascribed to it in Clause 9.5;

 

"Purchase Price"
has the meaning given in Clause 7.1;

 

"Purchaser's Group"
means the Purchaser, any holding company of the Purchaser, any subsidiary of the Purchaser or any such holding company from time
to time;

 

"Purchaser's Knowledge",
"Knowledge of the Purchaser" or any similar phrase, with respect to the Purchaser, means the actual knowledge
of Lorne Weil, George Peng and Martin Schloss;

 

"Purchaser's Macquarie
Agreement" means the agreement between the Purchaser and MIHI LLC for the contingent forward purchase of Purchaser Stock
for an aggregate price of USD$20,004,347.83;

 

"Purchaser's Solicitors"
means Mishcon de Reya LLP, Africa House, 70 Kingsway, London WC2B 6AH and Kramer Levin Naftalis & Frankel LLP, 177 Avenue of
the Americas, New York NY 10036, or their respective successors in business or any other firm appointed as solicitors by the Purchaser
for the purposes of this Agreement;

 

"Purchaser Stock"
means common stock, par value US$0.0001 per share, of the Purchaser;

 

"Purchaser Stockholder
Approval" shall bear the meaning ascribed to it in Clause 8.6;

 

"Registration Rights
Agreement" means the agreement between the Purchaser and the holders of the Consideration Shares in respect of the registration
of those shares on the NASDAQ Capital Market in the agreed form;

 

"Remaining 633 Loan Notes"
has the meaning given in Schedule 7;

 

"Reports" means
the following reports commissioned by or on behalf of the Purchaser or the Vendors in connection with the acquisition of the Sale
Shares pursuant to the Acquisition Agreement: (i) the financial due diligence report dated 7 January 2016 prepared by KPMG LLP
and trading update dated 5 February 2016, (ii) the legal due diligence report prepared by Dickson Minto W.S. dated 15 January 2016,
and (iii) the regulatory due diligence report prepared by DLA Piper LLP dated 22 June 2016;

 

"Representatives"
means the offices, directors, managers, employees, solicitors, accountants, advisors, representatives, consultants and agents of
a party;

 

"Sale Shares"
means the A Ordinary Shares, B Ordinary Shares, B1 Ordinary Shares, B2 Ordinary Shares, and B3 Ordinary Shares listed in column
(3) of the tables in Part A and Part B of Schedule 1, and shall include the Exchange Shares issued pursuant to the Pre-Completion
Restructuring held by the Vendors at Completion;

 

"SEC" means
the United States Securities and Exchange Commission;

 

"Senior Employee"
has the meaning given in paragraph 14 of Part B of Schedule 3;

 

"Shareholder Loan Notes"
means the 10,415,832,274 PIK loan notes issued by DMWSL 632 Limited pursuant to the Shareholder Loan Note Instrument held by the
Vendors as at the date hereof, and, following the completion of the Pre-Completion Restructuring, shall mean the Remaining 633
Loan Notes held by the Vendors at Completion;

 

    	 	66	 

     

    

 

"Shareholder Loan Note
Instrument" means the PIK loan note instrument adopted by DMWSL 632 Limited on 6 July 2010 or, following the completion
of the Pre-Completion Restructuring, the replacement instrument adopted by the Company prior to Completion;

 

"Stock Element"
means that part of the Purchase Price which consists of Consideration Shares in an amount equal to the Purchaser Price less the
Cash Element as such Cash Element is calculated in accordance with Schedule 6;

 

"Stockholders' Agreement"
means the agreement between the Purchaser and the holders of the Purchaser Stock in the agreed form;

 

"Taxation" or
"Tax" means all forms of taxation and statutory, governmental, state, provincial, local government, municipal,
federal, or cantonal impositions, duties, contributions and levies, in each case in the nature of taxation and wherever in the
world (but not including uniform business rates, water rates, community charges or council tax, or any tax, charge, rate or duty
similar to, corresponding with, replacing or replaced by any of them);

 

"Transaction Allocation"
has the meaning given to it in Clause 7.8;

 

"Transaction Documents"
has the meaning given to it in Clause 20.1;

 

"Vendors" means
the Institutional Vendors and the Management Vendors, as listed in Schedule 1;

 

"Vendors' Representatives"
means the Institutional Vendors' Representative and the Management Vendors' Representative acting together;

 

"Vendor's Solicitors"
means Dickson Minto W.S., Broadgate Tower, 20 Primrose Street, London EC2A 2EW;

 

"Vendor's Solicitors'
Bank Account" means the Vendor's Solicitors' client account as notified in writing by the Vendor to the Purchaser at least
two Business Days prior to the Completion Date;

 

"Warranty Deed"
means the deed entered into on or around the date hereof between the Warrantors (as defined therein) and the Purchaser relating
to the management warranties to be provided in connection with the transaction that is the subject of this Agreement; and

 

"Waterfall"
means the sheet in the agreed form setting out certain items relating to Permitted Leakage and the calculation of the Cash Element.

 

		2.	In this Agreement, unless the context otherwise requires:

 

		2.1.	references to persons shall include individuals, bodies corporate (wherever incorporated),
unincorporated associations and partnerships and that persons legal personal representatives and successors;

 

		2.2.	the headings are inserted for convenience only and shall not affect the construction
of this Agreement;

 

    	 	67	 

     

    

 

		2.3.	references to one gender include all
genders;

 

		2.4.	any reference to an enactment or statutory provision is a reference to it as it may
have been, or may from time to time be, amended, modified, consolidated or re-enacted provided that any such amendment, consolidation
or re-enactment made after the date of this Agreement shall not increase the liability or obligation of any party;

 

		2.5.	reference to the singular will include
the plural and vice versa;

 

		2.6.	the words including and include shall mean including without limitation
and include without limitation respectively;

 

		2.7.	general words shall not be given a restrictive meaning by reason of the fact that they are preceded
or followed by words indicating a particular class of acts, matters or things;

 

		2.8.	any reference to any document other than this Agreement is a reference to that other document as
amended, varied, supplemented, or novated (in each case, other than in breach of the provisions of this Agreement) at any time;

 

		2.9.	any reference to a document in the agreed form is to the form of the relevant document
agreed between the parties and executed at the same time as this Agreement or for the purpose of identification initialled by or
on behalf of the parties (with such amendments as may be agreed by or on behalf of the parties);

 

		2.10.	where a word or expression is given a particular meaning, other grammatical forms or parts of speech
of such word or expression shall bear a corresponding meaning;

 

		2.11.	unless otherwise stated, reference to Recitals, Clauses and Schedules are to recitals, clauses,
and schedules of and to the Agreement;

 

		2.12.	references to any party to this Agreement shall include its successors and, where the benefit of
this Agreement has been assigned under Clause 17, shall mean the person or persons for the time being entitled to the benefit of
this Agreement;

 

		2.13.	words and expressions defined in the Companies Act 1985 or Companies Act 2006 should (unless given
an inconsistent meaning in this Agreement) bear the same meanings in this Agreement;

 

		2.14.	any reference to a "holding company" or a "subsidiary"
means a "holding company" or "subsidiary" as defined in section 1159
of the Companies Act 2006, save that a company shall be treated as a company whether or not formed or incorporated in the United
Kingdom and for the purposes of the membership requirement contained in sections 1159(1)(b) and (c) as a member of another company
even if its shares in that other company are registered in the name of (i) its nominee or (ii) another person (or its nominee)
by way of security or in connection with the taking of security. Any reference to an "undertaking" shall
be construed in accordance with section 1161 of the Companies Act 2006 and any reference to a "parent undertaking"
or a "subsidiary undertaking" means respectively a "parent undertaking"
or "subsidiary undertaking" as defined in section 1162 of the Companies Act 2006, save that an undertaking shall be treated
as an undertaking whether or not formed or incorporated in the United Kingdom and for the purposes of the membership requirement
in sections 1162(2)(b) and (d) and section 1162(3)(a) as a member of another undertaking even if its shares in that other undertaking
are registered in the name of (i) its nominee or (ii) another person (or its nominee) by way of security or in connection with
the taking of security;

 

    	 	68	 

     

    

 

		2.15.	in relation to a limited liability partnership, references to "directors"
or "employees" shall be taken as a reference to the designated members and (where applicable) employees
of that limited liability partnership; and

 

		2.16.	references to any English legal term for any action, remedy, method of judicial proceeding, legal
document, legal status, court, statute, official or any other legal concept shall, in respect of any jurisdiction other than England,
be deemed to include the legal concept which most nearly approximates in that jurisdiction to the English legal term.

 

		3.	The Schedules form part of this Agreement.

 

    	 	69	 

     

    

 

Execution

 

	SIGNED and DELIVERED as a DEED
    by for and on behalf of HYDRA INDUSTRIES ACQUISITION CORP. in the presence of:	 	/s/ Martin E-Schloss
	 	 	 	 
	 	 	 	 
	/s/ Debra Aronowitz     	Witness	 	 
	Debra Aronowitz             	Full Name	 	 
	149 W. 80th St #2A     	Address	 	 
	New York, NY 10024	 	 	 
	Lawyer	Occupation	 	 

 

     

     

    

 

	SIGNED and DELIVERED as a DEED by Luke Alvarez, Director for and
    on behalf of DMWSL 633 LIMITED in the presence of: 	 	/s/ Luke Alvarez
	 	 	 	DIRECTOR
	 	 	 	 
	/s/ Carys Damon   	Witness	 	 
	Carys
    Damon            	Full Name	 	 
	1-2 Berners St.	Address	 	 
	London WIT 32A	 	 	 
	Solicitor 	Occupation	 	 

 

 

     

     

    

 

	SIGNED and DELIVERED as a DEED by Steven Holmes, Director for
    and     on behalf of DMWSL 632 LIMITED in the presence of: 	 	/s/ Steven Holmes
	 	 	 	DIRECTOR
	 	 	 	 
	/s/ Carys Damon   	Witness	 	 
	Carys
    Damon            	Full Name	 	 
	1-2 Berners St.	Address	 	 
	London WIT 32A	 	 	 
	Solicitor 	Occupation	 	 

 

	SIGNED and DELIVERED as a DEED by Steven Holmes, Director for and on
    behalf of GAMING ACQUISITIONS LIMITED in the presence of: 	 	/s/ Steven Holmes
	 	 	 	DIRECTOR
	 	 	 	 
	/s/ Carys Damon   	Witness	 	 
	Carys
    Damon            	Full Name	 	 
	1-2 Berners St.	Address	 	 
	London WIT 32A	 	 	 
	Solicitor 	Occupation	 	 

  

 

     

     

    

 

	SIGNED and DELIVERED as a DEED by DAVID WILSON acting by
    his duly authorised Attorney, Steven Holmes in the presence of: 	 	/s/ Steven Holmes
	 	 	 	For and on behalf of
	 	 	 	DAVID WILSON
	 	 	 	 
	/s/ Carys Damon   	Witness	 	 
	Carys
    Damon            	Full Name	 	 
	1-2 Berners St.	Address	 	 
	London WIT 32A	 	 	 
	Solicitor 	Occupation	 	 

 

	SIGNED and DELIVERED as a DEED by JAMES O'HALLERAN acting
    by his duly authorised Attorney, Steven Holmes in the presence of:	 	/s/ Steven Holmes
	 	 	 	For and on behalf of
	 	 	 	JAMES O'HALLERAN
	 	 	 	 
	/s/ Carys Damon   	Witness	 	 
	Carys
    Damon            	Full Name	 	 
	1-2 Berners St.	Address	 	 
	London WIT 32A	 	 	 
	Solicitor 	Occupation	 	 

 

 

     

     

    

 

	SIGNED and DELIVERED as a DEED by LEE GREGORY acting by
    his duly authorised Attorney, Steven Holmes in the presence of: 	 	/s/ Steven Holmes
	 	 	 	For and on behalf of
	 	 	 	LEE GREGORY
	 	 	 	 
	/s/ Carys Damon   	Witness	 	 
	Carys
    Damon            	Full Name	 	 
	1-2 Berners St.	Address	 	 
	London WIT 32A	 	 	 
	Solicitor 	Occupation	 	 

 

	SIGNED and DELIVERED as a DEED by STEVEN ROGERS acting
    by his duly authorised Attorney, Steven Holmes in the presence of:	 	/s/ Steven Holmes
	 	 	 	For and on behalf of
	 	 	 	STEVEN ROGERS
	 	 	 	 
	/s/ Carys Damon   	Witness	 	 
	Carys
    Damon            	Full Name	 	 
	1-2 Berners St.	Address	 	 
	London WIT 32A	 	 	 
	Solicitor 	Occupation	 	 

 

 

	SIGNED and DELIVERED as a DEED by STEVEN HOLMES in the presence of:	 	/s/ Steven Holmes
	 	 	 	STEVEN HOLMES
	 	 	 	 
	/s/ Carys Damon   	Witness	 	 
	Carys
    Damon            	Full Name	 	 
	1-2 Berners St.	Address	 	 
	London WIT 32A	 	 	 
	Solicitor 	Occupation	 	 

 

 

     

     

    

 

	SIGNED and DELIVERED as a DEED by ALISTAIR HOPKINS acting
    by his duly authorised Attorney, Steve Holmes in the presence of: 	 	/s/ Steven Holmes
	 	 	 	For and on behalf of
	 	 	 	ALISTAIR HOPKINS
	 	 	 	 
	/s/ Carys Damon   	Witness	 	 
	Carys
    Damon            	Full Name	 	 
	1-2 Berners St.	Address	 	 
	London WIT 32A	 	 	 
	Solicitor 	Occupation	 	 

 

	SIGNED and DELIVERED as a DEED by ZIRIA ENTERPRISES LTD acting
    by its duly authorised Attorney, Steven Holmes in the presence of:	 	/s/ Steven Holmes
	 	 	 	For and on behalf of
	 	 	 	ZIRIA ENTERPRISES LTD
	 	 	 	 
	/s/ Carys Damon   	Witness	 	 
	Carys
    Damon            	Full Name	 	 
	1-2 Berners St.	Address	 	 
	London WIT 32A	 	 	 
	Solicitor 	Occupation	 	 

 

 

     

     

    

 

	SIGNED and DELIVERED as a DEED by TARIQ TUFAIL acting by
    his duly authorised Attorney, Steven Holmes in the presence of:	 	/s/ Steven Holmes
	 	 	 	For and on behalf of
	 	 	 	TARIQ TUFAIL
	 	 	 	 
	/s/ Carys Damon   	Witness	 	 
	Carys
    Damon            	Full Name	 	 
	1-2 Berners St.	Address	 	 
	London WIT 32A	 	 	 
	Solicitor 	Occupation	 	 

 

	SIGNED and DELIVERED as a DEED by CARLTON TERRY acting
    by his duly authorised Attorney, Steven Holmes in the presence of:	 	/s/ Steven Holmes
	 	 	 	For and on behalf of
	 	 	 	CARLTON TERRY
	 	 	 	 
	/s/ Carys Damon   	Witness	 	 
	Carys
    Damon            	Full Name	 	 
	1-2 Berners St.	Address	 	 
	London WIT 32A	 	 	 
	Solicitor 	Occupation	 	 

 

 

     

     

    

 

	SIGNED and DELIVERED as a DEED by STEVE COLLETT acting
    by his duly authorised Attorney, Steven Holmes in the presence of: 	 	/s/ Steven Holmes
	 	 	 	For and on behalf of
	 	 	 	STEVE COLLETT
	 	 	 	 
	/s/ Carys Damon   	Witness	 	 
	Carys
    Damon            	Full Name	 	 
	1-2 Berners St.	Address	 	 
	London WIT 32A	 	 	 
	Solicitor 	Occupation	 	 

 

	SIGNED and DELIVERED as a DEED by LUCY BUCKLEY acting
    by her duly authorised Attorney, Steven Holmes in the presence of:  	 	/s/ Steven Holmes
	 	 	 	For and on behalf of
	 	 	 	LUCY BUCKLEY
	 	 	 	 
	/s/ Carys Damon   	Witness	 	 
	Carys
    Damon            	Full Name	 	 
	1-2 Berners St.	Address	 	 
	London WIT 32A	 	 	 
	Solicitor 	Occupation	 	 

 

 

     

     

    

 

	SIGNED and DELIVERED as a DEED by ANDREW BARBER acting
    by his duly authorised Attorney, Steven Holmes in the presence of:  	 	/s/ Steven Holmes
	 	 	 	For and on behalf of
	 	 	 	ANDREW BARBER
	 	 	 	 
	/s/ Carys Damon   	Witness	 	 
	Carys
    Damon            	Full Name	 	 
	1-2 Berners St.	Address	 	 
	London WIT 32A	 	 	 
	Solicitor 	Occupation	 	 

 

	SIGNED and DELIVERED as a DEED by ALEX MACGREGOR-DEVLIN acting
    by his duly authorised Attorney, Steven Holmes in the presence of:  	 	/s/ Steven Holmes
	 	 	 	For and on behalf of
	 	 	 	ALEX MACGREGOR-DEVLIN
	 	 	 	 
	/s/ Carys Damon   	Witness	 	 
	Carys
    Damon            	Full Name	 	 
	1-2 Berners St.	Address	 	 
	London WIT 32A	 	 	 
	Solicitor 	Occupation	 	 

 

 

     

     

    

 

	SIGNED and DELIVERED as a DEED by STEVEN DAVIES acting
    by his duly authorised Attorney, Steven Holmes in the presence of:  	 	/s/ Steven Holmes
	 	 	 	For and on behalf of
	 	 	 	STEVEN DAVIES
	 	 	 	 
	/s/ Carys Damon   	Witness	 	 
	Carys
    Damon            	Full Name	 	 
	1-2 Berners St.	Address	 	 
	London WIT 32A	 	 	 
	Solicitor 	Occupation	 	 

 

	SIGNED and DELIVERED as a DEED by RICHARD WHITE acting
    by his duly authorised Attorney, Steven Holmes in the presence of:  	 	/s/ Steven Holmes
	 	 	 	For and on behalf of
	 	 	 	RICHARD WHITE
	 	 	 	 
	/s/ Carys Damon   	Witness	 	 
	Carys
    Damon            	Full Name	 	 
	1-2 Berners St.	Address	 	 
	London WIT 32A	 	 	 
	Solicitor 	Occupation	 	 

 

 

     

     

    

 

	SIGNED and DELIVERED as a DEED by MATT INGRAM acting by
    his duly authorised Attorney, Steven Holmes in the presence of:  	 	/s/ Steven Holmes
	 	 	 	For and on behalf of
	 	 	 	MATT INGRAM
	 	 	 	 
	/s/ Carys Damon   	Witness	 	 
	Carys
    Damon            	Full Name	 	 
	1-2 Berners St.	Address	 	 
	London WIT 32A	 	 	 
	Solicitor 	Occupation	 	 

 

 

 

     

     

    

 

	SIGNED and DELIVERED as a DEED by Gaël Sansy,
    Manager for and on behalf of LANDGAME S.À.R.L.  in the presence of:	 	/s/ Gaël Sansy
	 	 	 	For and on behalf of
	 	 	 	MANAGER
	 	 	 	 
	/s/ Christelle Petitjean 	Witness	 	 
	Christelle Petitjean         	Full Name	 	 
	5 RueGuillame Knoll	Address	 	 
	L-1882 Luxembourg	 	 	 
	Chartered Accountant 	Occupation	 	 

 

 

     

     

    

 

	SIGNED and DELIVERED as a DEED for and on behalf of ARES CAPITAL EUROPE LIMITED acting by its duly authorised Attorney, VITRUVIAN DIRECTORS I LIMITED in the presence of:	 	/s/ 
	 	 	 	Attorney
	 	 	 	 
	/s/ Susannah Thomas  	Witness	 	 
	Susannah Thomas      	Full Name	 	 
	529 Elgin Gardens 	Address	 	 
	Guildford, Surrey	 	 	 
	Executive Assistant	Occupation	 	 

 

	SIGNED and DELIVERED as a DEED for and on behalf of NORTH
ATLANTIC VALUE GP III LIMITED  acting in its capacity as General Partner, for and on behalf of TRIDENT PRIVATE
EQUITY FUND III LP acting by its duly authorised Attorney, VITRUVIAN DIRECTORS I LIMITED in the presence of:	 	/s/ 
	 	 	 	Attorney
	 	 	 	 
	/s/ Susannah Thomas  	Witness	 	 
	Susannah Thomas      	Full Name	 	 
	529 Elgin Gardens 	Address	 	 
	Guildford, Surrey	 	 	 
	Executive Assistant	Occupation	 	 

 

 

     

     

    

 

	SIGNED and DELIVERED as a DEED for and on behalf of HARWOOD CAPITAL NOMINEES LIMITED (CLIENT ACCOUNT A) acting by its duly authorised Attorney, VITRUVIAN DIRECTORS I LIMITED in the presence of:	 	/s/ 
	 	 	 	Attorney
	 	 	 	 
	/s/ Sofia Skliros 	Witness	 	 
	Sofia Skliros    	Full Name	 	 
	 363 Fulham Palace	Address	 	 
	Rd, London 3W66TA	 	 	 
	EA	Occupation	 	 

 

	SIGNED and DELIVERED as a DEED for and on behalf of HARWOOD CAPITAL NOMINEES LIMITED (CLIENT ACCOUNT B) acting by its duly authorised Attorney, VITRUVIAN DIRECTORS I LIMITED in the presence of:	 	/s/ 
	 	 	 	Attorney
	 	 	 	 
	/s/ Sofia Skliros 	Witness	 	 
	Sofia Skliros    	Full Name	 	 
	 363 Fulham Palace	Address	 	 
	Rd, London 3W66TA	 	 	 
	EA	Occupation	 	 

 

 

     

     

    

 

	SIGNED and DELIVERED as a DEED for and on behalf of HARWOOD CAPITAL NOMINEES LIMITED (CLIENT ACCOUNT SC) acting by its duly authorised Attorney, VITRUVIAN DIRECTORS I LIMITED in the presence of:	 	/s/ 
	 	 	 	Attorney
	 	 	 	 
	/s/ Sofia Skliros 	Witness	 	 
	Sofia Skliros    	Full Name	 	 
	 363 Fulham Palace	Address	 	 
	Palace Road London	 	 	 
	EA	Occupation	 	 

 

	SIGNED and DELIVERED as a DEED for and on behalf of HARWOOD CAPITAL NOMINEES LIMITED (CLIENT ACCOUNT NS) acting by its duly authorised Attorney, VITRUVIAN DIRECTORS I LIMITED in the presence of:	 	/s/ 
	 	 	 	Attorney
	 	 	 	 
	/s/ Sofia Skliros 	Witness	 	 
	Sofia Skliros    	Full Name	 	 
	 363 Fulham Palace	Address	 	 
	Palace Road London	 	 	 
	EA	Occupation	 	 

 

  

 

     

     

    

 

	SIGNED and DELIVERED as a DEED for and on behalf of HARWOOD CAPITAL NOMINEES LIMITED (CLIENT ACCOUNT C) acting by its duly authorised Attorney, VITRUVIAN DIRECTORS I LIMITED in the presence of:	 	/s/ 
	 	 	 	Attorney
	 	 	 	 
	/s/ Sofia Skliros 	Witness	 	 
	Sofia Skliros    	Full Name	 	 
	 363 Fulham Palace Road	Address	 	 
	London 5W66TA	 	 	 
	EA	Occupation	 	 

  

	SIGNED and DELIVERED as a DEED for and on behalf of HARWOOD CAPITAL NOMINEES LIMITED (CLIENT ACCOUNT D) acting by its duly authorised Attorney, VITRUVIAN DIRECTORS I LIMITED in the presence of:	 	/s/ 
	 	 	 	Attorney
	 	 	 	 
	/s/ Sofia Skliros 	Witness	 	 
	Sofia Skliros    	Full Name	 	 
	 363 Fulham Palace Road	Address	 	 
	London 5W66TA	 	 	 
	EA	Occupation	 	 

 

 

 

 

     

     

    

 

	SIGNED and DELIVERED as a DEED for and on behalf of HARWOOD CAPITAL NOMINEES LIMITED (CLIENT ACCOUNT D) acting by its duly authorised Attorney, VITRUVIAN DIRECTORS I LIMITED in the presence of:	 	/s/ 
	 	 	 	Attorney
	 	 	 	 
	/s/ Sofia Skliros 	Witness	 	 
	Sofia Skliros    	Full Name	 	 
	 363 Fulham Palace Road	Address	 	 
	London 5W66TA	 	 	 
	EA	Occupation	 	 

 

	SIGNED and DELIVERED as a DEED for and on behalf of HARWOOD CAPITAL NOMINEES LIMITED (CLIENT ACCOUNT H) acting by its duly authorised Attorney, VITRUVIAN DIRECTORS I LIMITED in the presence of:	 	/s/ 
	 	 	 	Attorney
	 	 	 	 
	/s/ Sofia Skliros 	Witness	 	 
	Sofia Skliros    	Full Name	 	 
	 363 Fulham Palace Road	Address	 	 
	London 5W66TA	 	 	 
	EA	OccupationEX-10.1

 Exhibit 10.1 
  

 
  

TAX RECEIVABLE AGREEMENT 

by and among 
 BIOVENTUS INC.

 BIOVENTUS LLC and 

the MEMBERS (as defined herein) 

Dated as of [●], 2016 
  

 
  

 CONTENTS 
  

							
	 	  	 	  	Page	 
		
	 Article I. DEFINITIONS
	  	 	2	  
			
	 Section 1.1
	  	 Definitions
	  	 	2	  
	 Section 1.2
	  	 Rules of Construction
	  	 	10	  
		
	 Article II. DETERMINATION OF REALIZED TAX BENEFIT
	  	 	11	  
			
	 Section 2.1
	  	 Basis Adjustments; 754 Election
	  	 	11	  
	 Section 2.2
	  	 Basis Schedules
	  	 	11	  
	 Section 2.3
	  	 Tax Benefit Schedules
	  	 	12	  
	 Section 2.4
	  	 Procedures; Amendments
	  	 	12	  
		
	 Article III. TAX BENEFIT PAYMENTS
	  	 	14	  
			
	 Section 3.1
	  	 Timing and Amount of Tax Benefit Payments
	  	 	14	  
	 Section 3.2
	  	 No Duplicative Payments
	  	 	16	  
	 Section 3.3
	  	 Pro-Ration of Payments as Between the Members
	  	 	16	  
	 Section 3.4
	  	 Optional Estimated Payment Procedure
	  	 	17	  
	 Section 3.5
	  	 Changes; Clawback
	  	 	18	  
		
	 Article IV. TERMINATION; change of control; breach of Agreement
	  	 	19	  
			
	 Section 4.1
	  	 Early Termination of Agreement; Change of Control; Breach of Agreement
	  	 	19	  
	 Section 4.2
	  	 Early Termination Notice
	  	 	21	  
	 Section 4.3
	  	 Payment Upon Early Termination
	  	 	22	  
		
	 Article V. SUBORDINATION AND LATE PAYMENTS
	  	 	22	  
			
	 Section 5.1
	  	 Subordination
	  	 	22	  
	 Section 5.2
	  	 Late Payments by the Corporation
	  	 	22	  
		
	 Article VI. TAX MATTERS; CONSISTENCY; COOPERATION
	  	 	23	  
			
	 Section 6.1
	  	 Participation in the Corporation’s and the LLC’s Tax Matters
	  	 	23	  
	 Section 6.2
	  	 Consistency
	  	 	23	  
	 Section 6.3
	  	 Cooperation
	  	 	23	  
		
	 Article VII. MISCELLANEOUS
	  	 	24	  
			
	 Section 7.1
	  	 Notices
	  	 	24	  
	 Section 7.2
	  	 Counterparts
	  	 	25	  
	 Section 7.3
	  	 Entire Agreement; No Third Party Beneficiaries
	  	 	25	  
	 Section 7.4
	  	 Governing Law
	  	 	25	  

  
 i 

							
	 Section 7.5
	  	 Severability
	  	 	25	  
	 Section 7.6
	  	 Assignments; Amendments; Successors; No Waiver
	  	 	26	  
	 Section 7.7
	  	 Titles and Subtitles
	  	 	27	  
	 Section 7.8
	  	 Resolution of Disputes
	  	 	27	  
	 Section 7.9
	  	 Reconciliation
	  	 	28	  
	 Section 7.10
	  	 Withholding
	  	 	29	  
	 Section 7.11
	  	 Admission of the Corporation into a Consolidated Group; Transfers of Corporate Assets
	  	 	29	  
	 Section 7.12
	  	 Confidentiality
	  	 	30	  
	 Section 7.13
	  	 Change in Law
	  	 	30	  
	 Section 7.14
	  	 Interest Rate Limitation
	  	 	31	  
	 Section 7.15
	  	 Independent Nature of Rights and Obligations
	  	 	31	  

 Exhibits 
  

					
	Exhibit A	  	-	  	Form of Joinder Agreement

  
 ii 

 TAX RECEIVABLE AGREEMENT 

This TAX RECEIVABLE AGREEMENT (this “Agreement”), dated as of [●], 2016, is hereby entered into by and among Bioventus
Inc., a Delaware corporation (the “Corporation”), Bioventus LLC, a Delaware limited liability company (the “LLC”), Smith & Nephew, Inc., a Delaware corporation (“S&N”) and Anthony Bihl
(“Mr. Bihl”). Capitalized terms used but not otherwise defined herein have the respective meanings set forth in Section 1.01. 

RECITALS 
 WHEREAS, the
LLC is treated as a partnership for U.S. federal income tax purposes; 
 WHEREAS, each of S&N and Mr. Bihl (such members, together with
each other Person who becomes party hereto by satisfying the Joinder Requirement, the “Members”) owns (or, in the case of such other Persons, will own) common limited liability company interests in the LLC (the
“Units”); 
 WHEREAS, the Corporation is the managing member of the LLC and is the registered owner of Units; 

WHEREAS, on the date hereof and exclusive of the Over-Allotment Option (as defined below), the Corporation issued [●] shares of its
Class A common stock, par value $0.01 per share (the “Class A Common Stock”) to certain purchasers in an initial public offering of its Class A Common Stock (the “IPO”); 

WHEREAS, on the date hereof, the Corporation used a portion of the net proceeds from the IPO to purchase newly-issued Units directly from the
LLC (the “Base Offering Capital Contribution”); 
 WHEREAS, on and after the date hereof, the Corporation may issue
additional Class A Common Stock in connection with the IPO as a result of the exercise by the underwriters of their over-allotment option (the “Over-Allotment Option”) and, if the Over-Allotment Option is in fact exercised in whole
or in part, any additional net proceeds will be used by the Corporation to acquire additional newly-issued Units directly from the LLC (the “Over-Allotment Capital Contribution” and, together with the Base Offering Capital
Contribution, the “Corporation’s Capital Contribution”); 
 WHEREAS, on and after the date hereof, pursuant to Article
IX of the LLC Agreement, each Member has the right, in its sole discretion, from time to time to require the LLC to redeem (a “Redemption”) all or a portion of such Member’s Units for Class A Common Stock or, under certain
circumstances, cash; provided that, at the election of the Corporation in its sole discretion, the Corporation may effect a direct exchange (a “Direct Exchange”) of such Class A Common Stock or, under certain circumstances,
cash for such Units; 
 WHEREAS, subject to Section 2.1(b), the LLC and any direct or indirect subsidiary (owned through a chain of
pass-through entities) of the LLC that is treated as a partnership for U.S. federal income tax purposes (together with the LLC and any direct or indirect subsidiary (owned through a chain of pass-through entities) of the LLC that is treated as a
disregarded entity 

  
 1 

 
for U.S. federal income tax purposes, the “LLC Group”) will have in effect an election under Section 754 of the Code (as defined herein) for the Taxable Year (as defined herein)
in which any Exchange (as defined below) occurs, which election will result in an adjustment to the Corporation’s share of the tax basis of the assets owned by the LLC Group as of the date of the Exchange, with a consequent result on the
taxable income subsequently derived therefrom; and 
 WHEREAS, the parties to this Agreement desire to provide for certain payments and make
certain arrangements with respect to any tax benefits to be derived by the Corporation as the result of Exchanges and the receipt of payments under this Agreement, as contemplated by the LLC Agreement. 

NOW, THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein, and intending to be legally
bound hereby, the parties hereto agree as follows: 
 ARTICLE I. 

DEFINITIONS 
 Section 1.1
Definitions. As used in this Agreement, the terms set forth in this Article I shall have the following meanings (such meanings to be equally applicable to both (i) the singular and plural and (ii) the active and passive forms of the terms
defined). 
 “Actual Interest Amount” is defined in Section 3.1(b)(vii) of this Agreement. 

“Advisory Firm” means an accounting firm selected by the Corporation that is nationally recognized as being an expert in
Covered Tax matters and is not an Affiliate of the Corporation. 
 “Advisory Firm Letter” means a letter, that has been
prepared by the Advisory Firm used by the Corporation in connection with the performance of its obligations under this Agreement, which states that the relevant Schedules, notices or other information to be provided by the Corporation to the
Members, along with all supporting schedules and work papers, were prepared in a manner that is consistent with the terms of this Agreement and, to the extent not expressly provided in this Agreement, on a reasonable basis in light of the facts and
law in existence on the date such Schedules, notices or other information were delivered by the Corporation to the Members. 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly, through one or more
intermediaries, Controls, is Controlled by, or is under common Control with, such first Person. 
 “Aggregate Adjusted Tax Benefit
Amount” is defined in Section 3.5(b). 
 “Aggregate Tax Benefit Payments” is defined in Section 3.5(b). 

“Agreed Rate” means LIBOR plus 100 basis points. 

“Agreement” is defined in the preamble. 

  
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 “Amended Schedule” is defined in Section 2.4(b) of this Agreement. 

“Attributable” is defined in Section 3.1(b)(i) of this Agreement. 

“Audit Committee” means the audit committee of the Board. 

“Basis Adjustment” means the increase or decrease to the tax basis of, or the Corporation’s share of, the tax basis of
the Reference Assets (i) under Section 734(b), 743(b) and 754 of the Code and, in each case, the comparable sections of U.S. state and local tax law (in situations where, following an Exchange, the LLC remains in existence as an entity for tax
purposes) and (ii) under Sections 732 and 1012 of the Code and, in each case, the comparable sections of U.S. state and local tax law (in situations where, as a result of one or more Exchanges, the LLC becomes an entity that is disregarded as
separate from its owner for tax purposes), in each case, as a result of any Exchange and any payments made under this Agreement. Notwithstanding any other provision of this Agreement, the amount of any Basis Adjustment resulting from an
Exchange of one or more Units shall be determined without regard to any Pre-Exchange Transfer of such Units and as if any such Pre-Exchange Transfer had not occurred. 

“Basis Schedule” is defined in Section 2.2 of this Agreement. 

“Beneficial Owner” means, with respect to any security, a Person who directly or indirectly, through any contract,
arrangement, understanding, relationship or otherwise, has or shares: (i) voting power, which includes the power to vote, or to direct the voting of, with respect to such security and/or (ii) investment power, which includes the power to dispose of,
or to direct the disposition of, such security. 
 “Board” means the Board of Directors of the Corporation. 

“Business Day” means any day excluding Saturday, Sunday and any day that is a legal holiday under the laws of the State of
New York or is a day on which banking institutions located in New York are closed. 
 “Change Notice” is defined in Section
3.5(a) of this Agreement. 
 “Change of Control” means the occurrence of any of the following events: 

(1) any “person” or “group” (within the meaning of Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
amended, or any successor provisions thereto (the “Exchange Act”) but excluding any employee benefit plan of such person and its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or
administrator of any such plan, and excluding the Permitted Investors) shall become the beneficial owner, directly or indirectly, of voting stock of the Corporation entitling such “person” or “group” to cast more than fifty
percent (50%) of the votes eligible to be cast in an election of directors of the Corporation; 

  
 3 

 (2) the shareholders of the Corporation approve a plan of complete liquidation or dissolution of
the Corporation or there is consummated an agreement or series of related agreements for the sale or other disposition, directly, or indirectly, by the Corporation of all or substantially all of the Corporation’s assets (on a consolidated
basis, including a sale of assets of the LLC and its subsidiaries), other than such sale or other disposition by the Corporation of all or substantially all of the Corporation’s assets to an entity at least fifty percent (50%) of the combined
voting power of the voting securities of which are owned by shareholders of the Corporation in substantially the same proportions as their ownership of the Corporation immediately prior to such sale; or 

(3) there is consummated a merger or consolidation of the Corporation or any direct or indirect subsidiary of the Corporation (including the
LLC) with any other corporation or other entity, and, immediately after the consummation of such merger or consolidation, either (x) the board of directors of the Corporation immediately prior to the merger or consolidation does not constitute at
least a majority of the board of directors of the company surviving the merger or, if the surviving company is a subsidiary, the ultimate parent thereof, or (y) all of the Persons who were the respective beneficial owners of the voting securities of
the Corporation immediately prior to such merger or consolidation do not beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities of the Person resulting from such merger or
consolidation. 
 Notwithstanding the foregoing, a “Change of Control” shall not be deemed to have occurred by virtue of the
consummation of any transaction or series of integrated transactions immediately following which the record holders of the Class A Common Stock and Class B Common Stock immediately prior to such transaction or series of transactions continue to have
substantially the same proportionate ownership in and voting control over, and own substantially all of the shares of, an entity which owns all or substantially all of the assets of the Corporation immediately following such transaction or series of
transactions. For purposes of this definition, the terms “beneficial owner” and “beneficially owned” are used within the meaning of such terms under Rules 13d-3 and 13d-5 under the Exchange Act. 

“Clawback Payment” is defined in Section 3.5(b). 

“Clawback Payment Date” is defined in Section 3.5(b). 

“Code” means the U.S. Internal Revenue Code of 1986, as amended, and applicable Treasury Regulations promulgated thereunder.

 “Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and
policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 “Corporation” is defined
in the preamble to this Agreement. 
 “Corporation’s Capital Contribution” is defined in the recitals to this
Agreement. 

  
 4 

 “Covered Taxes” means any and all U.S. federal, state and local taxes,
assessments or similar charges that are based on or measure with respect to net income or profits and any interest, penalties and additions to tax related thereto. 

“Cumulative Net Realized Tax Benefit” is defined in Section 3.1(b)(iii) of this Agreement. 

“Default Rate” means LIBOR plus 500 basis points. 

“Default Rate Interest” is defined in Section 3.1(b)(ix) of this Agreement. 

“Determination” shall have the meaning ascribed to such term in Section 1313(a) of the Code or similar provision of U.S.
state tax law, as applicable, or any other event (including the execution of IRS Form 870-AD) that finally and conclusively establishes the amount of any liability for tax. 

“Direct Exchange” is defined in the recitals to this agreement. 

“Dispute” is defined in Section 7.8(a) of this Agreement. 

“Early Termination Effective Date” means the date of an Early Termination Notice for purposes of determining the Early
Termination Payment. 
 “Early Termination Notice” is defined in Section 4.2 of this Agreement. 

“Early Termination Payment” is defined in Section 4.3(b) of this Agreement. 

“Early Termination Rate” means the lesser of (i) 6.50% per annum, compounded annually, and (ii) the Agreed Rate. 

“Early Termination Reference Date” is defined in Section 4.2 of this Agreement. 

“Early Termination Schedule” is defined in Section 4.2 of this Agreement. 

“Estimated Tax Benefit Payment” is defined in Section 3.4 of this Agreement. 

“Exchange” means any Direct Exchange or Redemption. 

“Exchange Date” means the date of any Exchange. 

“Expert” is defined in Section 7.9 of this Agreement. 

“Extension Rate Interest” is defined in Section 3.1(b)(viii) of this Agreement. 

“Final Payment Date” means any date on which a payment is required to be made pursuant to this Agreement. For the avoidance
of doubt, the Final Payment Date in respect of a Tax Benefit Payment is determined pursuant to Section 3.1(a) of this Agreement. 

  
 5 

 “GAAP” means generally accepted accounting principles in the United States, as
in effect from time to time; provided, however, that if the Corporation notifies the Members that the Corporation requests an amendment to any provision hereof to eliminate the effect of any change in GAAP or in the application thereof
occurring after the date of this Agreement (including through the adoption of International Financial Reporting Standards and applicable accounting requirements set by the International Accounting Standards Board or any successor thereto,
“IFRS”) on the operation of such provision (or if the Members notify the Corporation that they request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such
change in GAAP or in the application thereof (including through the adoption of IFRS), then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such
notice shall have been withdrawn or such provision amended in accordance herewith. 
 “Hypothetical Tax Liability” means,
with respect to any Taxable Year, the hypothetical liability of the Corporation that would arise in respect of Covered Taxes, using the same methods, elections, conventions and similar practices used on the actual relevant Tax Returns of the
Corporation but (i) calculating depreciation, amortization, or other similar deductions, or otherwise calculating any items of income, gain, or loss, using the Non-Adjusted Tax Basis as reflected on the Basis Schedule, including amendments thereto
for the Taxable Year and (ii) excluding any deduction attributable to Imputed Interest or Actual Interest Amounts for the Taxable Year. For the avoidance of doubt, the Hypothetical Tax Liability shall be determined without taking into account
the carryover or carryback of any tax item (or portions thereof) that is attributable to any of the items described in the previous sentence. 

“Imputed Interest” is defined in Section 3.1(b)(vi) of this Agreement. 

“Independent Directors” means the members of the Board other than members of the Board that have been appointed or designated
by a Member or any of such Member’s Affiliates. 
 “IPO” is defined in the recitals to this Agreement 

“IRS” means the U.S. Internal Revenue Service. 

“Joinder” means a joinder to this Agreement, in form and substance substantially similar to Exhibit A to this Agreement. 

“Joinder Requirement” is defined in Section 7.6(b) of this Agreement. 

“LIBOR” means during any period, a rate per annum equal to (i) the ICE USD LIBOR rate for a period of one year (“ICE
LIBOR”), as published on the applicable Bloomberg screen page (or such other commercially available source providing quotations of ICE LIBOR as may be designated by the Corporation from time to time) at approximately 11:00 a.m., London
time, two (2) Business Days prior to the commencement of such period, for dollar deposits (for delivery on the first day of such period) with a term equivalent to such period. 

  
 6 

 “LLC Agreement” means that certain Second Amended and Restated Limited Liability
Company Agreement of Bioventus LLC, dated as of the date hereof, as such agreement may be further amended, restated, supplemented and/or otherwise modified from time to time. 

“Market Value” means the Common Unit Redemption Price, as defined in the LLC Agreement, determined as of an Early Termination
Date. 
 “Members” is defined in the recitals to this Agreement. 

“LLC” is defined in the recitals to this Agreement. 

“Net Tax Benefit” is defined in Section 3.1(b)(ii) of this Agreement. 

“Non-Adjusted Tax Basis” means, with respect to any Reference Asset at any time, the tax basis that such asset would have had
at such time if no Basis Adjustments had been made. 
 “Objection Notice” is defined in Section 2.4(a)(i) of this
Agreement. 
 “Over-Allotment Option” is defined in the recitals to this Agreement. 

“Parties” means the parties named on the signature pages to this agreement and each additional party that satisfies the
Joinder Requirement, in each case with their respective successors and assigns. 
 “Person” means any individual,
corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity. 

“Permitted Investors” shall mean (i) Smith & Nephew plc and Essex Woodlands Health Ventures and their respective
affiliates (other than any portfolio company) and (ii) any “group” (within the meaning of Sections 13(d) and 14(d) of the Exchange Act) of which any of the foregoing are members; provided that in the case of such group and without
giving effect to the existence of such group or any other group, such persons referenced in clause (i) above, collectively, have beneficial ownership of more than 50% of the total voting power of the voting stock of the Corporation or any of its
direct or indirect parent companies. 
 “Pre-Exchange Transfer” means any transfer of one or more Units (including upon the
death of a Member or upon the issuance of Units resulting from the exercise of an option to acquire such Units) (i) that occurs after the IPO but prior to an Exchange of such Units and (ii) to which Section 743(b) of the Code applies. 

“Realized Tax Benefit” is defined in Section 3.1(b)(iv) of this Agreement. 

“Realized Tax Detriment” is defined in Section 3.1(b)(v) of this Agreement. 

“Reconciliation Dispute” is defined in Section 7.9 of this Agreement. 

  
 7 

 “Reconciliation Procedures” is defined in Section 2.4(a) of this Agreement. 

“Redemption” has the meaning in the recitals to this Agreement. 

“Reference Asset” means any tangible or intangible asset of the LLC or any of its successors or assigns, and whether held
directly by the LLC or indirectly by the LLC through any entity in which the LLC now holds or may subsequently hold an ownership interest (but only if such entity is treated as a partnership or disregarded entity for purposes of the applicable tax),
at the time of an Exchange. A Reference Asset also includes any asset the tax basis of which is determined, in whole or in part, by reference to the tax basis of an asset that is described in the preceding sentence, including “substituted basis
property” within the meaning of Section 7701(a)(42) of the Code. 
 “Schedule” means any of the following: (i) a Basis
Schedule, (ii) a Tax Benefit Schedule, or (iii) the Early Termination Schedule, and, in each case, any amendments thereto. 

“Senior Obligations” is defined in Section 5.1 of this Agreement. 

“Subsidiary” means, with respect to any Person and as of the date of any determination, any other Person as to which such
Person, owns, directly or indirectly, or otherwise controls, more than 50% of the voting power or other similar interests, or the sole general partner interest, or managing member or similar interest, of such Person. 

“Subsidiary Stock” means any stock or other equity interest in any subsidiary entity of the Corporation that is treated as a
corporation for U.S. federal income tax purposes. 
 “Tax Benefit Payment” is defined in Section 3.1(b) of this Agreement.

 “Tax Benefit Schedule” is defined in Section 2.3(a) of this Agreement. 

“Tax Return” means any return, declaration, report or similar statement required to be filed with respect to taxes (including
any attached schedules), including, without limitation, any information return, claim for refund, amended return and declaration of estimated tax. 

“Taxable Year” means a taxable year of the Corporation as defined in Section 441(b) of the Code or comparable section of U.S.
state or local tax law, as applicable (and, therefore, for the avoidance of doubt, may include a period of less than 12 months for which a Tax Return is made), ending on or after the closing date of the IPO. 

“Taxing Authority” shall mean any national, federal, state, county, municipal, or local government, or any subdivision,
agency, commission or authority thereof, or any quasi-governmental body, or any other authority of any kind, exercising regulatory or other authority in relation to tax matters. 

“Termination Objection Notice” is defined in Section 4.2 of this Agreement. 

  
 8 

 “Treasury Regulations” means the final, temporary, and (to the extent they can
be relied upon) proposed regulations under the Code, as promulgated from time to time (including corresponding provisions and succeeding provisions) as in effect for the relevant taxable period. 

“True-Up” is defined in Section 3.4 of this Agreement. 

“U.S.” means the United States of America. 

“Units” is defined in the recitals to this Agreement. 

“Valuation Assumptions” shall mean, as of an Early Termination Effective Date, the assumptions that: 

(1) in each Taxable Year ending on or after such Early Termination Effective Date, the Corporation will have taxable income
sufficient to fully use the deductions arising from the Basis Adjustments and the Imputed Interest during such Taxable Year or future Taxable Years (including, for the avoidance of doubt, Basis Adjustments and Imputed Interest that would result from
future Tax Benefit Payments that would be paid in accordance with the Valuation Assumptions) in which such deductions would become available; 

(2) the U.S. federal income tax rates and U.S. state income tax rates that will be in effect for each such Taxable Year will be
those specified for each such Taxable Year by the Code and other law as in effect on the Early Termination Effective Date, except to the extent any change to such tax rates for such Taxable Year have already been enacted into law; 

(3) all taxable income of the Corporation will be subject to the maximum applicable tax rates for each Covered Tax throughout
the relevant period; 
 (4) any loss carryovers or carrybacks generated by any Basis Adjustment or Imputed Interest
(including such Basis Adjustment and Imputed Interest generated as a result of payments under this Agreement) and available as of the date of the Early Termination Schedule will be used by the Corporation on a pro rata basis from the date of the
Early Termination Schedule through the scheduled expiration date of such loss carryovers or carrybacks; 
 (5) any
non-amortizable assets (other than Subsidiary Stock) will be disposed of on the fifteenth anniversary of the applicable Basis Adjustment; provided that, in the event of a Change of Control, such non-amortizable assets shall be deemed disposed of at
the time of sale of the relevant asset (if earlier than such fifteenth anniversary); 
 (6) any Subsidiary Stock will be
deemed never to be disposed of; 
 (7) if, on the Early Termination Effective Date, any Member has Units that have not been
Exchanged, then such Units shall be deemed to be Exchanged for the Market Value that would be received by such Member if such Units had been Exchanged 

  
 9 

 
on the Early Termination Effective Date, and such Member shall be deemed to receive the amount of cash such Member would have been entitled to pursuant to Section 4.3(a) had such Units actually
been Exchanged on the Early Termination Effective Date; and 
 (8) any payment obligations pursuant to this Agreement will be
satisfied on the date that any Tax Return to which such payment obligation relates is required to be filed excluding any extensions. 

Section 1.2 Rules of Construction. Unless otherwise specified herein: 

(a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms. 

(b) For purposes of interpretation of this Agreement: 

(i) The words “herein,” “hereto,” “hereof” and “hereunder” and words of similar import
when used in any Loan Document shall refer to such Loan Document as a whole and not to any particular provision thereof. 

(ii) References in this Agreement to a Schedule, Article, Section, clause or sub-clause refer to the appropriate Schedule to,
or Article, Section, clause or subclause in, this Agreement. 
 (iii) References in this Agreement to dollars or
“$” refer to the lawful currency of the United States of America. 
 (iv) The term “including” is by way
of example and not limitation. 
 (v) The term “documents” includes any and all instruments, documents, agreements,
certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form. 
 (c)
In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the
word “through” means “to and including.” 
 (d) Section headings herein are included for convenience of reference only
and shall not affect the interpretation of this Agreement. 
 (e) Unless otherwise expressly provided herein, (a) references to organization
documents (including the LLC Agreement), agreements (including this Agreement) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements and other modifications thereto, but only to
the extent that such amendments, restatements, extensions, supplements and other modifications are permitted hereby; and (b) references to any law (including the Code and the Treasury Regulations) shall include all statutory and regulatory
provisions consolidating, amending, replacing, supplementing or interpreting such Law. 

  
 10 

 ARTICLE II. 

DETERMINATION OF REALIZED TAX BENEFIT 

Section 2.1 Basis Adjustments; 754 Election. 

(a) Basis Adjustments. The Parties acknowledge and agree that (A) each Direct Exchange shall give rise to Basis Adjustments and (B)
each Redemption using cash or Class A Common Stock contributed to the LLC by the Corporation shall be treated as a direct purchase of Units by the Corporation from the applicable Member pursuant to Section 707(a)(2)(B) of the Code that will give
rise to Basis Adjustments. In connection with any Direct Exchange or Redemption, the Parties acknowledge and agree that pursuant to applicable law the Corporation’s share of the basis in the Reference Assets shall be increased by the excess, if
any, of (A) the sum of (x) the Market Value of Class A Common Stock or the cash transferred to a Member pursuant to an Exchange as payment for the Units, (y) the amount of payments made pursuant to this Agreement with respect to such Exchange and
(z) the amount of liabilities allocated to the Units acquired pursuant to the Exchange, over (B) the Corporation’s proportionate share of the basis of the Referenced Assets immediately after the Exchange attributable to the Units exchanged,
determined as if each member of the LLC Group remains in existence as an entity for tax purposes and no member of the LLC Group made the election provided by Section 754 of the Code. For the avoidance of doubt, payments made under this Agreement
shall not be treated as resulting in a Basis Adjustment to the extent such payments are treated as Imputed Interest or are Actual Interest Amounts. 

(b) Section 754 Election. In its capacity as the sole managing member of the LLC, the Corporation will ensure that, on and after
the date hereof and continuing throughout the term of this Agreement, the LLC and each of its direct and indirect Subsidiaries that is treated as a partnership for U.S. federal income tax purposes will have in effect an election under Section 754 of
the Code (and under any similar provisions of applicable U.S. state or local law); provided that with respect to any direct or indirect Subsidiary of the LLC that is treated as a partnership for U.S. federal income tax purposes for which the
Corporation or any of its Subsidiaries do not have the authority under the governing documents of such Subsidiary to cause such Subsidiary to have in effect an election under Section 754 of the Code (or under any similar provisions of applicable
U.S. state or local law), the Corporation shall only be required to take commercially reasonable efforts to cause such Subsidiary to have such an election in effect. 

Section 2.2 Basis Schedules. Within sixty (60) calendar days after the filing of the U.S. federal income Tax Return of the Corporation
for each relevant Taxable Year, the Corporation shall deliver to the Members a schedule (the “Basis Schedule”) that shows, in reasonable detail as necessary in order to understand the calculations performed under this Agreement: (a)
the Basis Adjustments with respect to the Reference Assets as a result of the relevant Exchanges effected in such Taxable Year and (b) the period (or periods) over which each Basis Adjustment is amortizable and/or depreciable. The Basis Schedule
will become final and binding on the Parties pursuant to the procedures set forth in Section 2.4(a) and may be amended by the Parties pursuant to the procedures set forth in Section 2.4(b). 

  
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 Section 2.3 Tax Benefit Schedules. 

(a) Tax Benefit Schedule. Within sixty (60) calendar days after the filing of the U.S. federal income Tax Return of the Corporation for
any Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment, the Corporation shall provide to the Members a schedule showing, in reasonable detail, the calculation of the Realized Tax Benefit or Realized Tax Detriment for
such Taxable Year (a “Tax Benefit Schedule”). The Tax Benefit Schedule will become final and binding on the Parties pursuant to the procedures set forth in Section 2.4(a), and may be amended by the Parties pursuant to the procedures
set forth in Section 2.4(b). 
 (b) Applicable Principles. Subject to the provisions of this Agreement, the Realized Tax Benefit or
Realized Tax Detriment for each Taxable Year is intended to measure the decrease or increase in the actual liability of the Corporation for Covered Taxes for such Taxable Year attributable to the Basis Adjustments, Imputed Interest and Actual
Interest Amounts, as determined using a “with and without” methodology described in Section 2.4(a). Carryovers or carrybacks of any Tax item attributable to any Basis Adjustment, Imputed Interest or Actual Interest Amounts shall be
considered to be subject to the rules of the Code and the Treasury Regulations or the appropriate provisions of U.S. state and local tax law, as applicable, governing the use, limitation and expiration of carryovers or carrybacks of the relevant
type. If a carryover or carryback of any Tax item includes a portion that is attributable to a Basis Adjustment, Imputed Interest or Actual Interest Amounts (a “TRA Portion”) and another portion that is not (a “Non-TRA
Portion”), such portions shall be considered to be used in accordance with the “with and without” methodology so that: (i) the amount of any Non-TRA Portion is deemed utilized first, followed by the amount of any TRA Portion (with
the TRA Portion being applied on a proportionate basis consistent with the provisions of Section 3.3(a)); and (ii) in the case of a carryback of a Non-TRA Portion, such carryback shall not affect the original “with and without” calculation
made in the prior Taxable Year. The Parties agree that (i) all Tax Benefit Payments (other than Imputed Interest and Actual Interest Amounts) attributable to an Exchange will (A) be treated as subsequent upward purchase price adjustments that give
rise to further Basis Adjustments for the Corporation and (B) have the effect of creating additional Basis Adjustments for the Corporation in the year of payment, and (ii) as a result, such additional Basis Adjustments will be incorporated into the
current Taxable Year continuing until any incremental current Taxable Year benefits equal an immaterial amount. 
 Section 2.4
Procedures; Amendments. 
 (a) Procedures. Each time the Corporation delivers an applicable Schedule to the Members under this
Agreement, including any Amended Schedule delivered pursuant to Section 2.4(b), but excluding any Early Termination Schedule or amended Early Termination Schedule delivered pursuant to the procedures set forth in Section 4.2, the Corporation shall
also: (x) deliver supporting schedules and work papers, as determined by the Corporation or as reasonably requested by the Members that provide a reasonable level of detail regarding the data and calculations that were relevant for purposes of
preparing the Schedule; (y) deliver an Advisory Firm Letter supporting such Schedule; and (z) allow the Members and their advisors to have reasonable access to the appropriate representatives, as determined by the Corporation or as reasonably
requested by the Members, at the Corporation and the Advisory Firm in connection with a review of such Schedule. Without limiting the generality of the preceding sentence, the Corporation shall ensure that any Tax Benefit Schedule that is
delivered to the Members along 

  
 12 

 
with any supporting schedules and work papers, provides a reasonably detailed presentation of the calculation of the actual liability of the Corporation for Covered Taxes (the “with”
calculation) and the Hypothetical Tax Liability of the Corporation (the “without” calculation), and identifies any material assumptions or operating procedures or principles that were used for purposes of such calculations. An applicable
Schedule or amendment thereto shall become final and binding on the Parties thirty (30) calendar days from the date on which the Members first received the applicable Schedule or amendment thereto unless: 

(i) a Member within thirty (30) calendar days after receiving the applicable Schedule or amendment thereto, provides the
Corporation with (A) written notice of a material objection to such Schedule that is made in good faith and that sets forth in reasonable detail the Member’s material objection (an “Objection Notice”) and (B) a letter from an
Advisory Firm (that is different from the Advisory Firm that was used by the Corporation to prepare the Schedule at issue) in support of such Objection Notice; or 

(ii) each of the Members provides a written waiver of its right to deliver an Objection Notice within the time period described
in clause (i) above, in which case such Schedule or amendment thereto becomes binding on the date the waiver from each of the Members is received by the Corporation. 

In the event that any Member timely delivers an Objection Notice pursuant to clause (i) above, and if the Parties, for any reason, are unable to successfully
resolve the issues raised in the Objection Notice within thirty (30) calendar days after receipt by the Corporation of the Objection Notice, the Corporation and the relevant Members shall employ the reconciliation procedures as described in
Section 7.9 of this Agreement (the “Reconciliation Procedures”). For the avoidance of doubt, and notwithstanding anything to the contrary herein, the expense of preparing and obtaining the letter from an Advisory Firm
referenced in clause (i) above shall be borne solely by the relevant Members and the Corporation shall have no liability with respect to such letter or any of the expenses associated with its preparation and delivery. 

(b) Amended Schedule. The applicable Schedule for any Taxable Year may be amended from time to time by the Corporation: (i) in
connection with a Determination affecting such Schedule; (ii) to correct inaccuracies in the Schedule identified as a result of the receipt of additional factual information relating to a Taxable Year after the date the Schedule was originally
provided to the Members; (iii) to comply with an Expert’s determination under the Reconciliation Procedures applicable to this Agreement; (iv) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year
attributable to a carryback or carryforward of a loss or other Tax item to such Taxable Year; (v) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to an amended Tax Return filed for such
Taxable Year; or (vi) to adjust a Basis Schedule to take into account any Tax Benefit Payments made pursuant to this Agreement (any such Schedule, an “Amended Schedule”). 

  
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 ARTICLE III. 

TAX BENEFIT PAYMENTS 

Section 3.1 Timing and Amount of Tax Benefit Payments. 

(a) Timing of Payments. Except as provided in Sections 3.4, 3.5(b) and 4.1(b), and subject to Sections 3.2 and 3.3, within three
(3) Business Days following the date on which each Tax Benefit Schedule that is required to be delivered by the Corporation to the Members pursuant to Section 2.3(a) of this Agreement becomes final in accordance with Section 2.4(a) of this
Agreement, the Corporation shall pay to each relevant Member the Tax Benefit Payment as determined pursuant to Section 3.1(b). Each such Tax Benefit Payment shall be made by wire transfer of immediately available funds to the bank account
previously designated by such Members or as otherwise agreed by the Corporation and such Members. For the avoidance of doubt, except as described in Section 3.5(b), the Members shall not be required under any circumstances to return any
portion of any Tax Benefit Payment previously paid by the Corporation to the Members (including any portion of any Estimated Tax Benefit Payment or any Early Termination Payment). 

(b) Amount of Payments. For purposes of this Agreement, a “Tax Benefit Payment” with respect to any Member means an
amount, not less than zero, equal to the sum of: (i) the Net Tax Benefit that is Attributable to such Member (including Imputed Interest calculated in respect of such amount); and (ii) the Actual Interest Amount. 

(i) Attributable. A Net Tax Benefit is “Attributable” to a Member to the extent that it is derived from
any Basis Adjustment, Imputed Interest, or Actual Interest Amount that is attributable to an Exchange undertaken by or with respect to such Member. 

(ii) Net Tax Benefit. The “Net Tax Benefit” for a Taxable Year equals the amount of the excess, if any,
of (x) 85% of the Cumulative Net Realized Tax Benefit as of the end of such Taxable Year over (y) the aggregate amount of all Tax Benefit Payments previously made to such Member under this Section 3.1 reduced by any Clawback Payments previously paid
to the Corporation by such Member pursuant to Section 3.5(b). For the avoidance of doubt, except as described in Section 3.5(b), if the Cumulative Net Realized Tax Benefit as of the end of any Taxable Year is less than the aggregate amount of
all Tax Benefit Payments previously made to a Member, such Member shall not be required to return any portion of any Tax Benefit Payment previously made by the Corporation to such Member. 

(iii) Cumulative Net Realized Tax Benefit. The “Cumulative Net Realized Tax Benefit” for a Taxable Year
equals the cumulative amount of Realized Tax Benefits for all Taxable Years of the Corporation, up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same period. The Realized Tax Benefit and Realized
Tax Detriment for each Taxable Year shall be determined based on the most recent Tax Benefit Schedule or Amended Schedule, if any, in existence at the time of such determination. 

  
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 (iv) Realized Tax Benefit. The “Realized Tax Benefit” for
a Taxable Year equals the excess, if any, of the Hypothetical Tax Liability over the actual liability of the Corporation for Covered Taxes. If all or a portion of the actual liability for such Covered Taxes for the Taxable Year arises as a result of
an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Benefit unless and until there has been a Determination. 

(v) Realized Tax Detriment. The “Realized Tax Detriment” for a Taxable Year equals the excess, if any,
of the actual liability of the Corporation for Covered Taxes over the Hypothetical Tax Liability for such Taxable Year. If all or a portion of the actual liability for such Covered Taxes for the Taxable Year arises as a result of an audit by a
Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Detriment unless and until there has been a Determination. 

(vi) Imputed Interest. The principles of Sections 1272, 1274, or 483 of the Code, as applicable, and the principles of
any similar provision of U.S. state and local law, will apply to cause a portion of any Net Tax Benefit payable by the Corporation to a Member under this Agreement to be treated as imputed interest (“Imputed Interest”). For the
avoidance of doubt, the deduction for the amount of Imputed Interest as determined with respect to any Net Tax Benefit payable by the Corporation to a Member shall be excluded in determining the Hypothetical Tax Liability of the Corporation for
purposes of calculating Realized Tax Benefits and Realized Tax Detriments pursuant to this Agreement. 
 (vii) Actual
Interest Amount. The “Actual Interest Amount” calculated in respect of the Net Tax Benefit for a Taxable Year will equal the amount of any Extension Rate Interest. For the avoidance of doubt, any deduction for any Actual
Interest Amount as determined with respect to any Net Tax Benefit payable by the Corporation to a Member shall be excluded in determining the Hypothetical Tax Liability of the Corporation for purposes of calculating Realized Tax Benefits and
Realized Tax Detriments pursuant to this Agreement. 
 (viii) Extension Rate Interest. Subject to Section 3.4, the
amount of “Extension Rate Interest” calculated in respect of the Net Tax Benefit (including previously accrued Imputed Interest) for a Taxable Year will equal interest calculated at the Agreed Rate from the due date (without
extensions) for filing the U.S. federal income Tax Return of the Corporation for such Taxable Year until the date on which the Corporation makes a timely Tax Benefit Payment to the Member on or before the Final Payment Date as determined pursuant to
Section 3.1(a). 
 (ix) Default Rate Interest. In the event that the Corporation does not make timely payment of all
or any portion of a Tax Benefit Payment to a Member on or before the Final Payment Date as determined pursuant to Section 3.1(a), the amount of “Default Rate Interest” calculated in respect of the Net Tax Benefit (including
previously accrued Imputed Interest and Extension Rate Interest) for a Taxable Year will equal interest calculated at the Default Rate from the Final Payment Date for a Tax Benefit Payment as 

  
 15 

 
determined pursuant to Section 3.1(a) until the date on which the Corporation makes such Tax Benefit Payment to such Member. For the avoidance of doubt, the amount of any Default Rate
Interest as determined with respect to any Net Tax Benefit payable by the Corporation to a Member shall be included in the Hypothetical Tax Liability of the Corporation for purposes of calculating Realized Tax Benefits and Realized Tax Detriments
pursuant to this Agreement. 
 (x) The Corporation and the Members hereby acknowledge and agree that, as of the date of this
Agreement and as of the date of any future Exchange that may be subject to this Agreement, the aggregate value of the Tax Benefit Payments cannot be reasonably ascertained for U.S. federal income or other applicable tax purposes. 

(c) Interest. The provisions of Section 3.1(b) are intended to operate so that interest will effectively accrue in respect of the
Net Tax Benefit for any Taxable Year as follows: 
 (i) first, at the applicable rate used to determine the amount of Imputed
Interest under the Code (from the relevant Exchange Date or date on which the relevant Tax Benefit Payment was made until the due date (without extensions) for filing the U.S. federal income Tax Return of the Corporation for such Taxable Year); 

(ii) second, at the Agreed Rate in respect of any Extension Rate Interest (from the due date (without extensions) for filing
the U.S. federal income Tax Return of the Corporation for such Taxable Year until the Final Payment Date for a Tax Benefit Payment as determined pursuant to Section 3.1(a)); and 

(iii) third, at the Default Rate in respect of any Default Rate Interest (from the Final Payment Date for a Tax Benefit Payment
as determined pursuant to Section 3.1(a) until the date on which the Corporation makes the relevant Tax Benefit Payment to a Member). 

Section 3.2 No Duplicative Payments. It is intended that the provisions of this Agreement will not result in the duplicative payment of
any amount (including interest) that may be required under this Agreement, and the provisions of this Agreement shall be consistently interpreted and applied in accordance with that intent. For purposes of this Agreement, and also for the
avoidance of doubt, no Tax Benefit Payment shall be required to be calculated or made in respect of any estimated tax payments, including, without limitation, any estimated U.S. federal income tax payments. 

Section 3.3 Pro-Ration of Payments as Between the Members. 

(a) Insufficient Taxable Income. Notwithstanding anything in Section 3.1(b) to the contrary, if the aggregate potential Covered Tax
benefit of the Corporation as calculated with respect to the Basis Adjustments, Imputed Interest and Actual Interest Amounts is limited in a particular Taxable Year because the Corporation does not have sufficient actual taxable income to fully
utilize available deductions, then the available Covered Tax benefit for the Corporation shall be allocated among the Members in proportion to the respective Tax Benefit Payment that 

  
 16 

 
would have been payable if the Corporation had in fact had sufficient taxable income so that there had been no such limitation. As an illustration of the intended operation of this Section
3.3(a), if the Corporation had $200 of aggregate potential Covered Tax benefits with respect to the Basis Adjustments, Imputed Interest and Actual Interest Amounts in a particular Taxable Year (with $50 of such Covered Tax benefits being
attributable to Member 1 and $150 of such Covered Tax benefits being attributable to Member 2), such that Member 1 would have potentially been entitled to a Tax Benefit Payment of $42.50 and Member 2 would have been entitled to a Tax Benefit Payment
of $127.50 if the Corporation had $200 of taxable income, and if at the same time the Corporation only had $100 of actual taxable income in such Taxable Year, then $25 of the aggregate $100 actual Covered Tax benefit for the Corporation for such
Taxable Year would be allocated to Member 1 and $75 of the aggregate $100 actual Covered Tax benefit for the Corporation would be allocated to Member 2, such that Member 1 would receive a Tax Benefit Payment of $21.25 and Member 2 would receive a
Tax Benefit Payment of $63.75. 
 (b) Late Payments. If for any reason the Corporation is not able to timely and fully satisfy
its payment obligations under this Agreement in respect of a particular Taxable Year, then Default Rate Interest will begin to accrue pursuant to Section 5.2 and the Corporation and other Parties agree that (i) the Corporation shall pay the Tax
Benefit Payments due in respect of such Taxable Year to each Member pro rata, without favoring one obligation over the other, and (ii) no Tax Benefit Payment shall be made in respect of any Taxable Year until all Tax Benefit Payments to all Members
in respect of all prior Taxable Years have been made in full. 
 Section 3.4 Optional Estimated Payment Procedure. As long as the
Corporation is current in respect of its payment obligations owed to each Member pursuant to this Agreement and there are no delinquent Tax Benefit Payments (including interest thereon) outstanding in respect of prior Taxable Years for any Member,
the Corporation may, at any time on or after the due date (without extensions) for filing the U.S. federal income Tax Return of the Corporation for a Taxable Year and at the Corporation’s option, in its sole discretion, make one or more
estimated payments to the Members in respect of any anticipated amounts to be owed with respect to a Taxable Year to the Members pursuant to Section 3.1 of this Agreement (any such estimated payments referred to as an “Estimated Tax Benefit
Payment”); provided that any Estimated Tax Benefit Payment made to a Member pursuant to this Section 3.4 is matched by a proportionately equal Estimated Tax Benefit Payment to all other Members then entitled to a Tax Benefit
Payment. Any Estimated Tax Benefit Payment made under this Section 3.4 shall be paid by the Corporation to the Members and applied against the final amount of any expected Tax Benefit Payment to be made pursuant to Section 3.1. The payment
of an Estimated Tax Benefit Payment by the Corporation to the Members pursuant to this Section 3.4 shall also terminate the obligation of the Corporation to make payment of any Extension Rate Interest that might have otherwise accrued with respect
to the proportionate amount of the Tax Benefit Payment that is being paid in advance of the applicable Tax Benefit Schedule being finalized pursuant to Section 2.4. Upon the making of any Estimated Tax Benefit Payment pursuant to this Section
3.4, the amount of such Estimated Tax Benefit Payment shall first be applied to any estimated Extension Rate Interest, then to Imputed Interest, and then applied to the remaining residual amount of the Tax Benefit Payment to be made pursuant to
Section 3.1. In determining the final amount of any Tax Benefit Payment to be made pursuant to Section 3.1, and for purposes of finalizing the Tax 

  
 17 

 
Benefit Schedule pursuant to Section 2.4, the amount of any Estimated Tax Benefit Payments that may have been made with respect to the Taxable Year shall be increased, if the finally determined
Tax Benefit Payment for a Taxable Year exceeds the Estimated Tax Benefit Payments made for such Taxable Year, with such increase being paid by the Corporation to the Members along with an appropriate amount of Extension Rate Interest in respect of
the amount of such increase (a “True-Up”). If the Estimated Tax Benefit Payment for a Taxable Year exceeds the finally determined Tax Benefit Payment for such Taxable Year, such excess, along with an appropriate amount of Extension
Rate Interest in respect of such excess (being charged by the Corporation to the Member), shall be applied to reduce the amount of any subsequent future Tax Benefit Payments (including Estimated Tax Benefit Payments, if any) to be paid by the
Corporation to such Member. As of the date on which any Estimated Tax Benefit Payments are made, and as of the date on which any True-Up is made, all such payments shall be made in the same manner and subject to the same terms and conditions as
otherwise contemplated by Section 3.1 and all other applicable terms of this Agreement. For the avoidance of doubt, as is the case with Tax Benefit Payments made by the Corporation to the Members pursuant to Section 3.1, the amounts of any Estimated
Tax Benefit Payments made pursuant to this Section 3.4 that are attributable to an Exchange shall also be treated, in part, as subsequent upward purchase price adjustments that give rise to Basis Adjustments in the Taxable Year of payment and as of
the date on which such payments are made (to the extent of the estimated Net Tax Benefit associated with such Estimated Tax Benefit Payment, less any Imputed Interest, and exclusive of any Extension Rate Interest). 

Section 3.5 Changes; Clawback. 

(a) Receipt of Change Notice. If any Party, or any Affiliate or Subsidiary of any Party, receives a 30-day letter, a final audit
report, a statutory notice of deficiency, or similar written notice from any Taxing Authority relating to the amount of the Net Tax Benefit calculated for purposes of this Agreement, or relating to any other material tax matter that is relevant to
the terms of this Agreement and the calculation of the Tax Benefit Payments that may be payable by the Corporation to the Members (a “Change Notice”), prompt written notification and a copy of the relevant Change Notice shall be
delivered by the Party, or its Affiliate or Subsidiary, that received such Change Notice to each other Party. 
 (b)
Clawback. If there has been a Determination with respect to any Taxable Year or Taxable Years (including for the avoidance of doubt any Taxable Year or Taxable Years that are impacted by such Determination), and the aggregate amount of
Tax Benefit Payments previously made to any Member pursuant to this Agreement for such relevant Taxable Years (reduced by any Clawback Payments previously paid to the Corporation by such Member pursuant to this Section 3.5(b) with respect to such
relevant Taxable Years) (such amount, the “Aggregate Tax Benefit Payments”) is greater than the aggregate amount that such Tax Benefit Payments for such relevant Taxable Years would equal if calculated by taking into account the
adjustments made in connection with such Determination (including, for the avoidance of doubt, interest, penalties and additions to tax related thereto) (such amount, an “Aggregate Adjusted Tax Benefit Amount”), then (i) the
Corporation shall deliver to the Members an Amended Schedule (in accordance with Section 2.4) for each relevant Taxable Year (and, for the avoidance of doubt, each such Amended Schedule shall reflect the adjustments, interest, penalties and
additions to 

  
 18 

 
tax related to such Determination which arise in the relevant Taxable Year) and (ii) each Member shall, within fifteen (15) days of such Amended Schedule becoming final in accordance with Section
2.4(a) of this Agreement (the “Clawback Payment Date”), pay to the Corporation the excess of (x) such Member’s Aggregate Tax Benefit Payments over (y) such Member’s Aggregate Adjusted Tax Benefit Amount, calculated in
accordance with such Amended Schedule(s) (such excess, a “Clawback Payment”). Notwithstanding the preceding sentence, Clawback Payments payable pursuant to this Agreement shall first be offset by the Tax Benefit Payment for the
Taxable Year in which the Determination is made, as reasonably estimated by the Corporation. In the event that a Member does not make timely payment of all or any portion of a Clawback Payment to the Corporation on or before the Clawback
Payment Date, interest (calculated at the Default Rate) in respect of such Clawback Payment shall accrue from the Clawback Payment Date until the date on which such Member makes such Clawback Payment to the Corporation. 

ARTICLE IV. 

TERMINATION; CHANGE OF CONTROL; BREACH OF AGREEMENT 

Section 4.1 Early Termination of Agreement; Change of Control; Breach of Agreement. 

(a) Corporation’s Early Termination Right. With the written approval of a majority of the Independent Directors, the
Corporation may completely terminate this Agreement, as and to the extent provided herein, with respect to all amounts payable to the Members pursuant to this Agreement by paying to the Members the Early Termination Payment; provided that
Early Termination Payments may be made pursuant to this Section 4.1(a) only if made to all Members that are entitled to such a payment simultaneously, and provided further, that the Corporation may withdraw any notice to execute its
termination rights under this Section 4.1(a) prior to the time at which any Early Termination Payment has been paid. Upon the Corporation’s payment of the Early Termination Payment, the Corporation shall not have any further payment obligations
under this Agreement, other than with respect to any: (i) prior Tax Benefit Payments that are due and payable under this Agreement but that still remain unpaid as of the date of the Early Termination Notice; and (ii) current Tax Benefit Payment due
for the Taxable Year ending on or including the date of the Early Termination Notice (except to the extent that the amount described in clause (ii) is included in the calculation of the Early Termination Payment). If an Exchange subsequently
occurs with respect to Units for which the Corporation has exercised its termination rights under this Section 4.1(a), the Corporation shall have no obligations under this Agreement with respect to such Exchange. 

(b) Change of Control. 

(i) Upon a Change of Control for which the Corporation has not elected to make an Early Termination Payment pursuant to Section
4.1(a), and subject to Section 4.1(b)(ii), all Tax Benefit Payments, whether payable with respect to Units that were Exchanged prior to the date of such Change of Control or on or after the date of such Change of Control, shall be calculated (A) by
using Valuation Assumptions (4), (5) and (6), substituting in each case the terms “the closing date of a Change of Control” for an 

  
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“Early Termination Effective Date” and (B) assuming that in each Taxable Year ending on or after the closing date of such Change of Control, the Corporation’s taxable income (prior
to the application of deductions arising from the Basis Adjustments, Imputed Interest, and Actual Interest Amounts) will equal the greater of (x) the actual taxable income (prior to the application of deductions arising from the Basis Adjustments,
Imputed Interest, and Actual Interest Amounts) for such Taxable Year and (y) the product of (i) four and (ii) the highest taxable income (calculated without taking into account extraordinary items of income or deduction and prior to the application
of deductions arising from the Basis Adjustments, Imputed Interest, and Actual Interest Amounts) in any of the four fiscal quarters ended prior to the closing date of such Change of Control. For all purposes of this Agreement, the amount
determined pursuant to clause (y) of the preceding sentence shall (A) be calculated as though the Corporation owned the same percentage of the LLC as it owned in the Taxable Year in respect of which the Tax Benefit Payment is being made and (B) be
increased by 10% (compounded annually) for each Taxable Year beginning with the second Taxable Year following the closing date of the Change of Control and shall be adjusted on a daily pro rata basis for any short Taxable Year following the Change
of Control. 
 (ii) Notwithstanding the foregoing, in the event that a Change of Control occurs prior to January 1, 2018, all
Tax Benefit Payments payable pursuant to this Section 4.1(b) shall be calculated using Valuation Assumptions (1), (4), (5) and (6), substituting in each case the terms “the closing date of a Change of Control” for an “Early
Termination Effective Date.” 
 (c) Acceleration Upon Breach of Agreement. In the event that the Corporation materially
breaches any of its material obligations under this Agreement, whether as a result of failure to make any payment when due, failure to honor any other material obligation required hereunder, or by operation of law as a result of the rejection of
this Agreement in a case commenced under the Bankruptcy Code or otherwise, then all obligations hereunder shall be accelerated and become immediately due and payable upon notice of acceleration from a Member (provided that in the case of any
proceeding under the Bankruptcy Code or other insolvency statute, such acceleration shall be automatic without any such notice), and such obligations shall be calculated as if an Early Termination Notice had been delivered on the date of such notice
of acceleration (or, in the case of any proceeding under the Bankruptcy Code or other insolvency statute, on the date of such breach) and shall include, but not be limited to: (i) the Early Termination Payment calculated as if an Early Termination
Notice had been delivered on the date of such acceleration; (ii) any prior Tax Benefit Payments that are due and payable under this Agreement but that still remain unpaid as of the date of such acceleration; and (iii) any current Tax Benefit Payment
due for the Taxable Year ending with or including the date of such acceleration. Notwithstanding the foregoing, in the event that the Corporation breaches this Agreement and such breach is not a material breach of a material obligation, a Member
shall still be entitled to enforce all of its rights otherwise available under this Agreement, excluding, for the avoidance of doubt, seeking an acceleration of amounts payable under this Agreement. For purposes of this Section 4.1(c), and
subject to the following sentence, the Parties agree that the failure to make any payment due pursuant to this Agreement within six (6) months of the 

  
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relevant Final Payment Date shall be deemed to be a material breach of a material obligation under this Agreement for all purposes of this Agreement, and that it will not be considered to be a
material breach of a material obligation under this Agreement to make a payment due pursuant to this Agreement within six (6) months of the relevant Final Payment Date. Notwithstanding anything in this Agreement to the contrary, it shall not be a
material breach of a material obligation of this Agreement if the Corporation fails to make any Tax Benefit Payment within six (6) months of the relevant Final Payment Date to the extent that the Corporation has insufficient funds, or cannot take
commercially reasonable actions to obtain sufficient funds, to make such payment; provided that the interest provisions of Section 5.2 shall apply to such late payment (unless the Corporation does not have sufficient funds to make such
payment as a result of limitations imposed by any Senior Obligations, in which case Section 5.2 shall apply, but the Default Rate shall be replaced by the Agreed Rate). 

Section 4.2 Early Termination Notice. If the Corporation chooses to exercise its right of early termination under Section 4.1 above,
the Corporation shall deliver to the Members a notice of the Corporation’s decision to exercise such right (an “Early Termination Notice”) and a schedule (the “Early Termination Schedule”) showing in reasonable
detail the calculation of the Early Termination Payment. The Corporation shall also (x) deliver supporting schedules and work papers, as determined by the Corporation or as reasonably requested by the Members, that provide a reasonable level of
detail regarding the data and calculations that were relevant for purposes of preparing the Early Termination Schedule; (y) deliver an Advisory Firm Letter supporting such Early Termination Schedule; and (z) allow the Members and their advisors to
have reasonable access to the appropriate representatives, as determined by the Corporation or as reasonably requested by a Member, at the Corporation and the Advisory Firm in connection with a review of such Early Termination Schedule. The Early
Termination Schedule shall become final and binding on each Party thirty (30) calendar days from the first date on which the Members received such Early Termination Schedule unless: 

(i) a Member within thirty (30) calendar days after receiving the Early Termination Schedule, provides the Corporation with (A)
notice of a material objection to such Early Termination Schedule made in good faith and setting forth in reasonable detail the Members’ material objection (a “Termination Objection Notice”) and (B) a letter from an Advisory
Firm (that is different from the Advisory Firm that was used by the Corporation to prepare the Early Termination Schedule) in support of such Termination Objection Notice; or 

(ii) each of the Members provides a written waiver of such right of a Termination Objection Notice within the period described
in clause (i) above, in which case such Early Termination Schedule becomes binding on the date the waiver from all Members is received by the Corporation. 

In the event that a Member timely delivers a Termination Objection Notice pursuant to clause (i) above, and if the Parties, for any reason, are unable to
successfully resolve the issues raised in the Termination Objection Notice within thirty (30) calendar days after receipt by the Corporation of the Termination Objection Notice, the Corporation and such Member shall employ the Reconciliation
Procedures. For the avoidance of doubt, and notwithstanding 

  
 21 

 
anything to the contrary herein, the expense of preparing and obtaining the letter from an Advisory Firm referenced in clause (i) above shall be borne solely by such Member, and the Corporation
shall have no liability with respect to such letter or any of the expenses associated with its preparation and delivery. The date on which the Early Termination Schedule becomes final in accordance with this Section 4.2 shall be the “Early
Termination Reference Date.” 
 Section 4.3 Payment Upon Early Termination. 

(a) Timing of Payment. Within three (3) Business Days after the Early Termination Reference Date, the Corporation shall pay to
each Member an amount equal to the Early Termination Payment for such Member. Such Early Termination Payment shall be made by the Corporation by wire transfer of immediately available funds to a bank account or accounts designated by the
Members or as otherwise agreed by the Corporation and the Members. 
 (b) Amount of Payment. The “Early Termination
Payment” payable to a Member pursuant to Section 4.3(a) shall equal the present value, discounted at the Early Termination Rate as determined as of the Early Termination Reference Date, of all Tax Benefit Payments that would be required to
be paid by the Corporation to such Member, whether payable with respect to Units that were Exchanged prior to the Early Termination Effective Date or on or after the Early Termination Effective Date, beginning from the Early Termination Effective
Date and using the Valuation Assumptions. 
 ARTICLE V. 

SUBORDINATION AND LATE PAYMENTS 

Section 5.1 Subordination. Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment or Early
Termination Payment required to be made by the Corporation to the Members under this Agreement shall rank subordinate and junior in right of payment to any principal, interest, or other amounts due and payable in respect of any obligations owed in
respect of secured indebtedness for borrowed money of the Corporation and its Subsidiaries (“Senior Obligations”) and shall rank pari passu in right of payment with all current or future unsecured obligations of the
Corporation that are not Senior Obligations. To the extent that any payment under this Agreement is not permitted to be made at the time payment is due as a result of this Section 5.1 and the terms of the agreements governing Senior
Obligations, such payment obligation nevertheless shall accrue for the benefit of the Members and the Corporation shall make such payments at the first opportunity that such payments are permitted to be made in accordance with the terms of the
Senior Obligations. 
 Section 5.2 Late Payments by the Corporation. Except as otherwise provided in this Agreement, the amount of
all or any portion of any Tax Benefit Payment or Early Termination Payment not made to the Members when due under the terms of this Agreement, whether as a result of Section 5.1 and the terms of the Senior Obligations or otherwise, shall be payable
together with any interest thereon, computed at the Default Rate and commencing from the Final Payment Date on which such Tax Benefit Payment or Early Termination Payment was first due and payable to the date of actual payment. 

  
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 ARTICLE VI. 

TAX MATTERS; CONSISTENCY; COOPERATION 

Section 6.1 Participation in the Corporation’s and the LLC’s Tax Matters. Except as otherwise
provided herein, and except as provided in Article IX of the LLC Agreement, the Corporation shall have full responsibility for, and sole discretion over, all tax matters concerning the Corporation and the LLC, including without limitation the
preparation, filing or amending of any Tax Return and defending, contesting or settling any issue pertaining to taxes. Notwithstanding the foregoing, the Corporation shall notify the Members of, and keep them reasonably informed with respect to, the
portion of any tax audit of the Corporation or the LLC, or any of the LLC’s Subsidiaries, the outcome of which is reasonably expected to materially affect the Tax Benefit Payments payable to such Members under this Agreement, and the Members
shall have the right to participate in and to monitor at their own expense (but, for the avoidance of doubt, not to control) any such portion of any such Tax audit. In addition to the foregoing, the Corporation shall not take any action outside the
ordinary course of business (other than exercising its early termination right under Section 4.1(a)) the purpose of which is to minimize Tax Benefit Payments determined in accordance with this Agreement; provided, that for the avoidance of
doubt, nothing in this sentence shall be construed to in any way limit or otherwise prohibit the Corporation from exercising its rights pursuant to this Agreement (including, for the avoidance of doubt, this Section 6.1). 

Section 6.2 Consistency. Except as otherwise required by law, all calculations and determinations made hereunder, including, without
limitation, any Basis Adjustments, the Schedules and the determination of any Realized Tax Benefits or Realized Tax Detriments, shall be made in accordance with the elections, methodologies or positions taken by the Corporation and the LLC on their
respective Tax Returns. Each Member shall prepare its Tax Returns in a manner that is consistent with the terms of this Agreement, and any related calculations or determinations that are made hereunder, including, without limitation, the terms
of Section 2.1 of this Agreement and the Schedules provided to the Members under this Agreement. In the event that an Advisory Firm is replaced with another Advisory Firm, such replacement Advisory Firm shall perform its services under this
Agreement using procedures and methodologies consistent with the previous Advisory Firm, unless otherwise required by law or unless the Corporation and all of the Members agree to the use of other procedures and methodologies. 

Section 6.3 Cooperation. 

(a) Each Member shall (i) furnish to the Corporation in a timely manner such information, documents and other materials as the Corporation may
reasonably request for purposes of making any determination or computation necessary or appropriate under this Agreement, preparing any Tax Return or contesting or defending any audit, examination or controversy with any Taxing Authority, (ii) make
itself available to the Corporation and its representatives to provide explanations of documents and materials and such other information as the Corporation or its representatives may reasonably request in connection with any of the matters
described in clause (i) above, and (iii) reasonably cooperate in connection with any such matter. 
 (b) The Corporation shall reimburse the
Members for any reasonable and documented out-of-pocket costs and expenses incurred pursuant to Section 6.3(a). 

  
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 ARTICLE VII. 

MISCELLANEOUS 
 Section 7.1
Notices. All notices, requests, consents and other communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by fax, by electronic
mail (delivery receipt requested) or by certified or registered mail (postage prepaid, return receipt requested) to the respective Parties at the following addresses (or at such other address for a Party as shall be as specified in a notice given in
accordance with this Section 7.1). All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the Party to receive such notice: 

If to the Corporation: 

Bioventus Inc. 
 4721 Emperor
Boulevard 
 Suite 100 
 Durham,
NC 27703 
 Attn: David Price 

E-mail: david.price@bioventusglobal.com 

with a copy (which shall not constitute notice to the Corporation) to: 

Latham & Watkins LLP 
 555 11th Street N.W. 
 Suite 1000 

Washington, D.C. 20004 

Attn: Andrea Ramezan-Jackson 

E-mail: andrea.ramezan@lw.com 

If to S&N: 
 Smith
& Nephew, Inc. 
 150 Minuteman Road 

Andover, MA 01810 
 Attn: Head of
Tax 
 E-mail: neil.eardley@smith-nephew.com 

  
 24 

 with a copy (which shall not constitute notice to S&N) to: 

Davis Polk & Wardwell LLP 

450 Lexington Avenue 
 New York,
NY 10017 
 Attn: Kathleen Ferrell 

E-mail: kathleen.ferrell@davispolk.com 

If to Mr. Bihl: 
 Attn:

 E-mail: 
 with a copy (which
shall not constitute notice to Mr. Bihl) to: 
 Attn: 

E-mail: 
 Any Party may change its address, fax
number or e-mail address by giving each of the other Parties written notice thereof in the manner set forth above. 
 Section 7.2
Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the Parties and
delivered to the other Parties, it being understood that all Parties need not sign the same counterpart. Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed
counterpart of this Agreement. 
 Section 7.3 Entire Agreement; No Third Party Beneficiaries. This Agreement constitutes the entire
agreement and supersedes all prior agreements and understandings, both written and oral, among the Parties with respect to the subject matter hereof. This Agreement shall be binding upon and inure solely to the benefit of each Party hereto and
their respective successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 Section 7.4 Governing Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of
Delaware, without regard to the conflicts of laws principles thereof that would mandate the application of the laws of another jurisdiction. 

Section 7.5 Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any
law or public policy, all other terms and provisions 

  
 25 

 
of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially
adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of
the Parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. 

Section 7.6 Assignments; Amendments; Successors; No Waiver. 

(a) Assignment. No Member may assign, sell, pledge, or otherwise alienate or transfer any interest in this Agreement, including
the right to receive any Tax Benefit Payments under this Agreement, to any Person without the prior written consent of the Corporation, which consent shall not be unreasonably withheld, conditioned, or delayed, and without such Person executing and
delivering a Joinder agreeing to succeed to the applicable portion of such Member’s interest in this Agreement and to become a Party for all purposes of this Agreement (the “Joinder Requirement”); provided, however, that
to the extent any Member sells, exchanges, distributes, or otherwise transfers Units to any Person (other than the Corporation or the LLC) in accordance with the terms of the LLC Agreement, the Members shall have the option to assign to the
transferee of such Units its rights under this Agreement with respect to such transferred Units, provided that such transferee has satisfied the Joinder Requirement. For the avoidance of doubt, if a Member transfers Units in accordance
with the terms of the LLC Agreement but does not assign to the transferee of such Units its rights under this Agreement with respect to such transferred Units, such Member shall continue to be entitled to receive the Tax Benefit Payments arising in
respect of a subsequent Exchange of such Units. The Corporation may not assign any of its rights or obligations under this Agreement to any Person without the prior written consent of each of the Members (and any purported assignment without
such consent shall be null and void). 
 (b) Amendments. No provision of this Agreement may be amended unless such amendment is
approved in writing by each of the Parties; provided that amendment of the definition of Change of Control will also require the written approval of a majority of the Independent Directors. No provision of this Agreement may be waived
unless such waiver is in writing and signed by the Party against whom the waiver is to be effective. 
 (c) Successors. All of
the terms and provisions of this Agreement shall be binding upon, and shall inure to the benefit of and be enforceable by, the Parties hereto and their respective successors, assigns, heirs, executors, administrators and legal
representatives. The Corporation shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporation, by written agreement,
expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Corporation would be required to perform if no such succession had taken place. 

(d) Waiver. No failure by any Party to insist upon the strict performance of any covenant, duty, agreement, or condition of this
Agreement, or to exercise any right or remedy consequent upon a breach thereof, shall constitute a waiver of any such breach or any other covenant, duty, agreement, or condition. 

  
 26 

 Section 7.7 Titles and Subtitles. The titles of the sections and subsections of this
Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 
 Section 7.8 Resolution of
Disputes. 
 (a) Except for Reconciliation Disputes subject to Section 7.9, any and all disputes which cannot be settled amicably,
including any ancillary claims of any Party, arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement (including the validity, scope and enforceability
of this arbitration provision) (each a “Dispute”) shall be finally resolved by arbitration in accordance with the International Institute for Conflict Prevention and Resolution Rules for Non-Administered Arbitration by a panel of
three arbitrators, of which the Corporation shall designate one arbitrator and the Members party to such Dispute shall designate one arbitrator in accordance with the “screened” appointment procedure provided in Resolution Rule 5.4. The
arbitration shall be governed by the Federal Arbitration Act, 9 U.S.C. §§ 1 et seq., and judgment upon the award rendered by the arbitrators may be entered by any court having jurisdiction thereof. The place of the arbitration
shall be New York, New York. 
 (b) Notwithstanding the provisions of paragraph (a), any Party may bring an action or special proceeding in
any court of competent jurisdiction for the purpose of compelling another Party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or enforcing an arbitration award and, for the purposes of this paragraph
(b), each Party (i) expressly consents to the application of paragraph (c) of this Section 7.8 to any such action or proceeding, and (ii) agrees that proof shall not be required that monetary damages for breach of the provisions of this Agreement
would be difficult to calculate and that remedies at law would be inadequate. For the avoidance of doubt, this Section 7.8 shall not apply to Reconciliation Disputes to be settled in accordance with the procedures set forth in Section 7.9. 

(c) Each Party hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Chancery
Court of the State of Delaware or, if such Court declines jurisdiction, the courts of the State of Delaware sitting in Wilmington, Delaware, and of the U.S. District Court for the District of Delaware sitting in Wilmington, Delaware, and any
appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or for recognition or enforcement of any judgment, and each of the Parties hereto irrevocably and unconditionally agrees that all claims in
respect of any such action or proceeding may be heard and determined in such Delaware State court or, to the fullest extent permitted by applicable law, in such U.S. District Court. Each Party agrees that a final judgment in any such action or
proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

(d) Each Party irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection that it may now or hereafter have
to the laying of venue of any suit, action 

  
 27 

 
or proceeding arising out of or relating to this Agreement in any court referred to in Section 7.8(c). Each Party irrevocably waives, to the fullest extent permitted by law, the defense of
an inconvenient forum to the maintenance of any such suit, action or proceeding in any such court. 
 (e) Each Party irrevocably consents to
service of process by means of notice in the manner provided for in Section 7.1. Nothing in this Agreement shall affect the right of any Party to serve process in any other manner permitted by law. 

(f) WAIVER OF RIGHT TO TRIAL BY JURY. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). 

(g) Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of Section 7.9, or a Dispute within the meaning of this
Section 7.8, shall be decided and resolved as a Dispute subject to the procedures set forth in this Section 7.8. 
 Section 7.9
Reconciliation. In the event that the Corporation and any Member are unable to resolve a disagreement with respect to a Schedule (other than an Early Termination Schedule) prepared in accordance with the procedures set forth in Section 2.4,
or with respect to an Early Termination Schedule prepared in accordance with the procedures set forth in Section 4.2, within the relevant time period designated in this Agreement (a “Reconciliation Dispute”), the Reconciliation
Dispute shall be submitted for determination to a nationally recognized expert (the “Expert”) in the particular area of disagreement mutually acceptable to both Parties. The Expert shall be a partner or principal in a nationally
recognized accounting firm, and unless the Corporation and such Member agree otherwise, the Expert shall not, and the firm that employs the Expert shall not, have any material relationship with the Corporation or such Member or other actual or
potential conflict of interest. If the Parties are unable to agree on an Expert within fifteen (15) calendar days of receipt by the respondent(s) of written notice of a Reconciliation Dispute, the selection of an Expert shall be treated as a Dispute
subject to Section 7.8 and an arbitration panel shall pick an Expert from a nationally recognized accounting firm that does not have any material relationship with the Corporation or such Member or other actual or potential conflict of
interest. The Expert shall resolve any matter relating to the Basis Schedule or an amendment thereto or the Early Termination Schedule or an amendment thereto within thirty (30) calendar days and shall resolve any matter relating to a Tax
Benefit Schedule or an amendment thereto within fifteen (15) calendar days or as soon thereafter as is reasonably practicable, in each case after the matter has been submitted to the Expert for resolution. Notwithstanding the preceding
sentence, if the matter is not resolved before any payment that is the subject of a disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting the subject of a disagreement is due, the undisputed amount shall be
paid on the date prescribed by this Agreement and such Tax Return may be filed as prepared by the Corporation, subject to adjustment or amendment upon resolution. The costs and expenses relating to the engagement of such Expert or amending any
Tax Return shall be borne by the Corporation except as provided in the next sentence. The Corporation and the Members shall 

  
 28 

 
bear their own costs and expenses of such proceeding, unless (i) the Expert adopts the Member’s position, in which case the Corporation shall reimburse the Member for any reasonable and
documented out-of-pocket costs and expenses in such proceeding, or (ii) the Expert adopts the Corporation’s position, in which case the Member shall reimburse the Corporation for any reasonable and documented out-of-pocket costs and expenses in
such proceeding. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this Section 7.9 shall be binding on the Corporation and the Members and may be entered and enforced in any court having
competent jurisdiction. 
 Section 7.10 Withholding. The Corporation shall be entitled to deduct and withhold from any payment that
is payable to any Member pursuant to this Agreement such amounts as the Corporation is required to deduct and withhold with respect to the making of such payment under the Code or any provision of U.S. state, local or foreign tax law. To the
extent that amounts are so withheld and paid over to the appropriate Taxing Authority by the Corporation, such withheld amounts shall be treated for all purposes of this Agreement as having been paid by the Corporation to the relevant
Member. Each Member shall promptly provide the Corporation with any applicable tax forms and certifications reasonably requested by the Corporation in connection with determining whether any such deductions and withholdings are required under
the Code or any provision of U.S. state, local or foreign tax law. 
 Section 7.11 Admission of the Corporation into a Consolidated
Group; Transfers of Corporate Assets. 
 (a) Subject to Section 4.1(b), if the Corporation is or becomes a member of an affiliated or
consolidated group of corporations that files a consolidated income Tax Return pursuant to Section 1501 or other applicable Sections of the Code governing affiliated or consolidated groups, or any corresponding provisions of U.S. state or local law,
then: (i) the provisions of this Agreement shall be applied with respect to the group as a whole; and (ii) Tax Benefit Payments, Early Termination Payments, and other applicable items hereunder shall be computed with reference to the consolidated
taxable income of the group as a whole. For the avoidance of doubt, and with respect to clause (ii) of the preceding sentence, if the Corporation is not a member of an affiliated or consolidated group of corporations that files a consolidated
income Tax Return prior to a Change of Control, but becomes a member of such a group immediately following such Change of Control, then the actual taxable income of the Corporation for purposes of clause (ii)(A) of the first sentence of Section
4.1(b) shall be calculated based on the consolidated taxable income of the group as a whole, while the taxable income of the Corporation for purposes of clause (ii)(B) of the first sentence of Section 4.1(b) shall be calculated based on the taxable
income of the Corporation on a stand-alone basis as determined prior to the closing date of such Change of Control. 
 (b) If any entity
that is obligated to make a Tax Benefit Payment or Early Termination Payment hereunder transfers one or more assets to a corporation (or a Person classified as a corporation for U.S. income tax purposes) with which such entity does not file a
consolidated Tax Return pursuant to Section 1501 of the Code, such entity, for purposes of calculating the amount of any Tax Benefit Payment or Early Termination Payment due hereunder, shall be treated as having disposed of such asset in a fully
taxable transaction on the 

  
 29 

 
date of such contribution. The consideration deemed to be received by such entity shall be equal to the fair market value of the contributed asset as determined by the Advisory Firm or a
valuation expert selected by the Corporation. For purposes of this Section 7.11, a transfer of a partnership interest shall be treated as a transfer of the transferring partner’s share of each of the assets and liabilities of that
partnership. Notwithstanding anything to the contrary set forth herein, if the Corporation or any other entity that is obligated to make a Tax Benefit Payment or Early Termination Payment hereunder transfers its assets pursuant to a transaction that
qualifies as a “reorganization” (within the meaning of Section 368(a) of the Code) in which such entity does not survive or pursuant to any other transaction to which Section 381(a) of the Code applies, the transfer will not cause such
entity to be treated as having transferred any assets to a corporation (or a Person classified as a corporation for U.S. income tax purposes) pursuant to this Section 7.11(b). 

Section 7.12 Confidentiality. Each Member and its assignees acknowledges and agrees that the information of the Corporation is
confidential and, except in the course of performing any duties as necessary for the Corporation and its Affiliates, as required by law or legal process or to enforce the terms of this Agreement, such Person shall keep and retain in the strictest
confidence and not disclose to any Person any confidential matters, acquired pursuant to this Agreement, of the Corporation and its Affiliates and successors, learned by any Member heretofore or hereafter. This Section 7.12 shall not apply to
(i) any information that has been made publicly available by the Corporation or any of its Affiliates, becomes public knowledge (except as a result of an act of any Member in violation of this Agreement) or is generally known to the business
community, (ii) the disclosure of information to the extent necessary for a Member or LLC Option Holder to prosecute or defend claims arising under or relating to this Agreement, and (iii) the disclosure of information to the extent necessary for a
Member to prepare and file its Tax Returns, to respond to any inquiries regarding the same from any Taxing Authority or to prosecute or defend any action, proceeding or audit by any Taxing Authority with respect to such Tax Returns. If a Member
or an assignee commits a breach, or threatens to commit a breach, of any of the provisions of this Section 7.12, the Corporation shall have the right and remedy to have the provisions of this Section 7.12 specifically enforced by injunctive relief
or otherwise by any court of competent jurisdiction without the need to post any bond or other security, it being acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to the Corporation or any of its
Subsidiaries and that money damages alone shall not provide an adequate remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available at law or in equity. 

Section 7.13 Change in Law. Notwithstanding anything herein to the contrary, if, in connection with an actual or proposed change in
law, a Member reasonably believes that the existence of this Agreement could cause income (other than income arising from receipt of a payment under this Agreement) recognized by such Member (or direct or indirect equity holders in such Member) in
connection with any Exchange to be treated as ordinary income rather than capital gain (or otherwise taxed at ordinary income rates) for U.S. federal income tax purposes or would have other material adverse tax consequences to such Member or any
direct or indirect owner of such Member, then at the written election of such Member in its sole discretion (in an instrument signed by such Member and delivered to the Corporation) and to the extent specified 

  
 30 

 
therein by such Member, this Agreement shall cease to have further effect and shall not apply to an Exchange occurring after a date specified by such Member, or may be amended by in a manner
reasonably determined by such Member, provided that such amendment shall not result in an increase in any payments owed by the Corporation under this Agreement at any time as compared to the amounts and times of payments that would have been
due in the absence of such amendment. 
 Section 7.14 Interest Rate Limitation. Notwithstanding anything to the contrary contained
herein, the interest paid or agreed to be paid hereunder with respect to amounts due to any Member hereunder shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If any Member
shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the Tax Benefit Payment, Estimated Tax Benefit Payment or Early Termination Payment, as applicable (but in each case exclusive of any
component thereof comprising interest) or, if it exceeds such unpaid non-interest amount, refunded to the Corporation. In determining whether the interest contracted for, charged, or received by any Member exceeds the Maximum Rate, such Member may,
to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and
spread in equal or unequal parts the total amount of interest throughout the contemplated term of the payment obligations owed by the Corporation to such Member hereunder. Notwithstanding the foregoing, it is the intention of the Lenders and
the Borrower to conform strictly to any applicable usury laws. 
 Section 7.15 Independent Nature of Rights and Obligations. The
rights and obligations of the each Member hereunder are several and not joint with the rights and obligations of any other Person. A Member shall not be responsible in any way for the performance of the obligations of any other Person
hereunder, nor shall a Member have the right to enforce the rights or obligations of any other Person hereunder (other than the Corporation). The obligations of a Member or an LLC Option Holder hereunder are solely for the benefit of, and shall
be enforceable solely by, the Corporation. Nothing contained herein or in any other agreement or document delivered at any closing, and no action taken by any Member pursuant hereto or thereto, shall be deemed to constitute the Members acting
as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Members are in any way acting in concert or as a group with respect to such rights or obligations or the transactions contemplated
hereby, and the Corporation acknowledges that the Members are not acting in concert or as a group and will not assert any such claim with respect to such rights or obligations or the transactions contemplated hereby. 

Section 7.16 LLC Agreement. This Agreement shall be treated as part of the LLC Agreement as described in Section 761(c) of the Code and
Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations. 
 [Signature Page Follows This Page] 

  
 31 

 IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this
Agreement as of the date first written above. 
  

					
	CORPORATION:
		
		 	BIOVENTUS INC.
			
		 	By:	 	  

		 	Name:	 	Anthony Bihl III
		 	Title:	 	Chief Executive Officer
	
	LLC:
		
		 	BIOVENTUS LLC
			
		 	By:	 	  

		 	Name:	 	Anthony Bihl III
		 	Title:	 	Chief Executive Officer
	
	MEMBERS:
		
		 	SMITH & NEPHEW, INC.
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	
		
		 	Anthony P. Bihl III
			
		 	By:	 	  

		 	Name:	 	Anthony P. Bihl III

 Exhibit A 

FORM OF JOINDER AGREEMENT 

This JOINDER AGREEMENT, dated as of             , 20     (this
“Joinder”), is delivered pursuant to that certain Tax Receivable Agreement, dated as of [●], 2016 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Tax Receivable
Agreement”) by and among Bioventus Inc., a Delaware corporation (the “Corporation”), Bioventus LLC, a Delaware limited liability company (“LLC”), and each of the Members from time to time party thereto.
Capitalized terms used but not otherwise defined herein have the respective meanings set forth in the Tax Receivable Agreement. 
  

	 	1.	Joinder to the Tax Receivable Agreement. The undersigned hereby represents and warrants to the Corporation that, as of the date hereof, the undersigned is a member of the LLC, and that it acquired
[                    ] Units in the LLC upon assignment from a Member. 

 

	 	2.	Joinder to the Tax Receivable Agreement. Upon the execution of this Joinder by the undersigned and delivery hereof to the Corporation, the undersigned hereby is and hereafter will be a Member under the Tax
Receivable Agreement and a Party thereto, with all the rights, privileges and responsibilities of a Member thereunder. The undersigned hereby agrees that it shall comply with and be fully bound by the terms of the Tax Receivable Agreement as if
it had been a signatory thereto as of the date thereof. 

  

	 	3.	Incorporation by Reference. All terms and conditions of the Tax Receivable Agreement are hereby incorporated by reference in this Joinder as if set forth herein in full. 

 

	 	4.	Address. All notices under the Tax Receivable Agreement to the undersigned shall be direct to: 

[Name] 
 [Address] 

[City, State, Zip Code] 
 Attn:

 Facsimile: 
 E-mail: 

[Signature Page Follows This Page] 

  
 [Exhibit A] 

 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Joinder as of the day
and year first above written. 
  

			
	[NAME OF NEW PARTY]
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	Acknowledged and agreed as of the date first set forth above:
	
	BIOVENTUS INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Exhibit A]

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