Document:

EX-4.5

  Exhibit 4.5

   

  CERTAIN CONFIDENTIAL INFORMATION (MARKED BY BRACKETS AS “[***]”) HAS BEEN

  EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT KEEPS PRIVATE OR CONFIDENTIAL.

   

  Execution Version

  Dated 12//2021

  Stock Purchase Agreement

   

  among

  				
	GDC America, Inc.
	 
	 
	Peter Schoenke

	Purchaser
	 
	 
	Seller 1

	 
Gambling.com Group Limited
Parent (solely for purposes of Section 2.02 to the extent related to issuance of Parent Shares, Section 3.06, Section 4.03, Section 4.04, Section 4.05, Section 4.09, Section 5.10, Section 5.11, Article VI, and Article VIII)
	 
	 
	 
Herbert Ilk
Seller 2
 
Jeffrey Erickson
Seller 3
 
Timothy Schuler
Seller 4

	 
	 
	 
	 
Christopher Liss
Seller 5

	 
	 
Trustee Services Group, PLLC, as Trustee of The Ilk 2021 Charitable Remainder Unitrust dated November 22, 2021
Seller 2A

	 
	 
Trustee Services Group, PLLC, as Trustee of The Erickson 2021 Charitable Remainder Unitrust dated November 22, 2021
Seller 3A

	 
	 
Trustee Services Group, PLLC, as Trustee of The Schuler 2021 Charitable Remainder Unitrust dated November 22, 2021
Seller 4A

   

   

   

  			
	 
	 
	 

   

  

   

  Table of Contents

  Page

  			
	Article I Definitions
	1

	Section 1.01
	Definitions
	1

	Section 1.02
	Additional Defined Terms
	8

	Section 1.03
	Construction
	9

	Section 1.04
	Annexes, Exhibits and the Seller Disclosure Letter
	9

	Section 1.05
	Knowledge
	9

	Article II Sale of Shares
	10

	Section 2.01
	Sale of Shares
	10

	Section 2.02
	Purchase Price; Delivery of Funds; Payment of Indebtedness and Company Transaction Expenses
	10

	Section 2.03
	Determination of Purchase Price Adjustment
	12

	Section 2.04
	Closing; Closing Deliverables
	14

	Section 2.05
	Tax Treatment of Payments
	16

	Section 2.06
	Relationships among Sellers and the Sellers’ Representative
	16

	Section 2.07
	Withholding Rights
	17

	Article III Representations and Warranties of Sellers
	17

	Section 3.01
	Due Organization, Good Standing and Corporate Power of Seller
	17

	Section 3.02
	Authorization; Noncontravention
	17

	Section 3.03
	Ownership of Shares
	18

	Section 3.04
	Company and its Subsidiaries
	19

	Section 3.05
	Capitalization
	19

	Section 3.06
	Private Placement Matters
	19

	Section 3.07
	Consents and Approvals
	21

	Section 3.08
	Financial Statements; Undisclosed Liabilities
	21

	Section 3.09
	Absence of Certain Changes
	22

	Section 3.10
	Compliance with Laws
	22

	Section 3.11
	Permits
	22

	Section 3.12
	Litigation
	23

	Section 3.13
	Employee Benefit Plans
	23

	Section 3.14
	Labor Matters
	25

	Section 3.15
	Tax Matters
	27

	Section 3.16
	Cybersecurity and Intellectual Property
	29

	Section 3.17
	Broker’s or Finder’s Fees
	32

	Section 3.18
	Material Contracts
	33

	Section 3.19
	Environmental Matters
	35

	Section 3.20
	Real Property
	36

	Section 3.21
	Interests in Clients, Suppliers, Etc.; Affiliate Transactions
	36

	Section 3.22
	Suppliers and Customers
	37

	Section 3.23
	Title to Personal Properties
	37

	Section 3.24
	No Additional Representations; No Reliance.
	37

	Section 3.25
	Exclusivity of Representations
	38

	Article IV Representations and Warranties of Purchaser
	38

	Section 4.01
	Due Organization, Good Standing and Corporate Power of Purchaser and of Parent
	38

	Section 4.02
	Authorization; Noncontravention
	38

   

   

  			
	 
	(i)
	 

   

  

   

   

  Page

  			
	Section 4.03
	Parent Shares
	39

	Section 4.04
	No Shareholder Approval
	39

	Section 4.05
	Parent SEC Reports
	39

	Section 4.06
	Consents and Approvals
	40

	Section 4.07
	Financial Ability
	40

	Section 4.08
	Exclusivity of Representations
	40

	Section 4.09
	Broker’s or Finder’s Fees
	40

	Article V Covenants
	40

	Section 5.01
	Access to Information Concerning Properties and Records
	40

	Section 5.02
	Confidentiality
	40

	Section 5.03
	Conduct of the Business of the Company Pending the Closing Date
	41

	Section 5.04
	Exclusive Dealing
	44

	Section 5.05
	Reasonable Best Efforts; Consents
	45

	Section 5.06
	Public Announcements
	45

	Section 5.07
	Notification of Certain Matters
	45

	Section 5.08
	Non‐Competition; Non‐Interference
	46

	Section 5.09
	Non‐Solicitation of Employees
	47

	Section 5.10
	Lock-Up Agreements
	47

	Section 5.11
	Rule 144 and Restrictive Legends; Nasdaq Listing
	48

	Section 5.12
	Employment and Benefit Arrangements.
	48

	Article VI Conditions Precedent
	49

	Section 6.01
	Conditions to the Obligations of Each Party
	49

	Section 6.02
	Conditions to the Obligations of Purchaser
	50

	Section 6.03
	Conditions to the Obligations of Sellers
	51

	Section 6.04
	Frustration of Closing Conditions
	51

	Article VII Tax Matters
	51

	Section 7.01
	Returns and Payment of Taxes
	51

	Section 7.02
	Controversies
	53

	Section 7.03
	Notification
	54

	Section 7.04
	Indemnification for Taxes
	54

	Section 7.05
	Post‐Closing Retention, Access and Cooperation
	54

	Article VIII Termination and Abandonment; Indemnification
	55

	Section 8.01
	Termination
	55

	Section 8.02
	Effect of Termination
	56

	Section 8.03
	Survival of Representations and Warranties
	56

	Section 8.04
	Indemnification by Sellers
	56

	Section 8.05
	Indemnification by Purchaser
	57

	Section 8.06
	Limitation on Indemnification
	57

	Section 8.07
	Losses Net of Insurance, etc.
	57

	Section 8.08
	Indemnification Procedure
	58

	Section 8.09
	Third Party Claims
	59

	Section 8.10
	Sole Remedy/Waiver
	60

	Section 8.11
	Sellers’ Waiver
	60

   

   

  			
	 
	(ii)
	 

   

  

   

   

  Page

  			
	Article IX Miscellaneous
	60

	Section 9.01
	Fees and Expenses
	60

	Section 9.02
	Extension; Waiver
	60

	Section 9.03
	Notices
	61

	Section 9.04
	Entire Agreement
	62

	Section 9.05
	Binding Effect; Benefit; Assignment
	62

	Section 9.06
	Amendment and Modification
	62

	Section 9.07
	Counterparts
	62

	Section 9.08
	Applicable Law; Arbitration
	62

	Section 9.09
	Severability
	64

	Section 9.10
	Specific Enforcement; Limitation on Damages
	64

	Section 9.11
	Waiver of Jury Trial
	64

	Section 9.12
	Rules of Construction
	64

	Section 9.13
	Headings
	64

	Section 9.14
	No Recourse
	64

	Annex 1
	Sellers
	68

	Annex 2
	Additional Defined Terms
	69

	Exhibit 1.1
	Form of Employment Agreement
	71

	Exhibit 1.2
	Form of Employment Agreement
	72

	Exhibit 2
	Form of Confidential Information and Invention Assignment Agreement (CIIAA)
	73

	Exhibit 3
	Form of Accredited Investor Questionnaire
	74

	 
	 
	 

   

   

   

   

   

  			
	 
	(iii)
	 

   

  

   

  This STOCK PURCHASE AGREEMENT (this “Agreement”) is dated December 13, 2021 by and among GDC America, Inc (“Purchaser”), a corporation organized under the laws of the State of Florida, and Peter Schoenke (“Seller 1” or “Sellers’ Representative”), a private individual residing in the State of Wisconsin, Herbert Ilk (“Seller 2”), a private individual residing in the State of Wisconsin, Jeffrey Erickson (“Seller 3”), a private individual residing in the State of California, Timothy Schuler (“Seller 4”), a private individual residing in the State of California, Christopher Liss (“Seller 5”), a private individual residing in Portugal (any and each of Seller 1, Seller 2, Seller 3, Seller 4, and Seller 5 individually an “Individual Seller” and collectively the “Individual Sellers”), Trustee Services Group, PLLC, as trustee of The Ilk 2021 Charitable Remainder Unitrust dated November 22, 2021 (“Seller 2A”), Trustee Services Group, PLLC, as trustee of The Erickson 2021 Charitable Remainder Unitrust dated November 22, 2021 (“Seller 3A”), Trustee Services Group, PLLC, as trustee of The Schuler 2021 Charitable Remainder Unitrust dated November 22, 2021 (“Seller 4A”) (any and each of Seller 2A, Seller 3A, and Seller 4A a “Trust Seller” and collectively the “Trust Sellers”, and any and each of any of the Individual Sellers or the Trust Sellers a “Seller” and, collectively, the “Sellers”), being the sole shareholders of Roto Sports, Inc. (the “Company”), a corporation organized under the laws of the State of California, and, solely for purposes of Section 2.02 to the extent related to issuance of Parent Shares, Section 3.06, Section 4.03, Section 4.04, Section 4.05, Section 4.09, Section 5.10, Section 5.11, Article VI, and Article VIII, Gambling.com Group Limited (“Parent”), a public limited company registered under the laws of the Channel Island of Jersey with company registration number 562225 listed on the Nasdaq Global Market under the ticker symbol “GAMB”.

  W I T N E S S E T H:

  WHEREAS, the Sellers own 5,251 shares of common stock, par value of US$1.00 per share, of the Company (“Common Stock”) and 14,871 shares of preferred stock, par value of US$1.00 per share, of the Company (“Preferred Stock”, and together with Common Stock, the “Shares”), such Shares representing all of the issued and outstanding shares of capital stock of the Company;

  WHEREAS, the Sellers desire to sell, and the Purchaser desires to purchase, the Shares pursuant to the terms and subject to the conditions set forth in this Agreement; and

  WHEREAS, it is the intention of the parties hereto that, upon consummation of the purchase and sale of the Shares pursuant to this Agreement, the Purchaser shall own all of the issued and outstanding shares of capital stock of the Company.

  NOW, THEREFORE, in consideration of the premises and of the mutual covenants, representations, warranties and agreements herein contained, the parties, intending to be legally bound, agree as follows:

  ARTICLE I

  Definitions

  Section 1.01   Definitions. When used in this Agreement, the following terms shall have the respective meanings specified therefor below.

  “409A Deferred Compensation Arrangement” shall mean (x) those certain Supplemental Executive Retirement Plans sponsored by the Company and disclosed on Schedule 3.13(a) of the Seller Disclosure Letter, and (y) any other “nonqualified deferred compensation plan” within the meaning of Section 409A of the Code that would be aggregated with the items in clause (x) pursuant to Treasury Regulations Sections 1.409A-1(c) and 1.409A-3(j)(4)(ix)(B).

   

  

   

  “Affiliate” of any Person shall mean any other Person directly or indirectly controlling, controlled by, or under common control with, such Person; provided, that, for the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by Contract or otherwise; provided, further, that an Affiliate of any Person shall also include (a) any Person that directly or indirectly owns, or in which such Person directly or indirectly owns more than five percent (5%) of any class of capital stock or other equity interest of such Person, (b) in the case of a corporation, any officer or director of such corporation, (c) in the case of a partnership, any general partner of such partnership, (d) in the case of a trust, any trustee or beneficiary of such trust, (e) any spouse, parent, sibling or child or lineal descendant of any individual described in clauses (a) through (d) above, and (f) any trust for the benefit of any individual described in clauses (a) through (e) above.

  “Antitrust Authorities” shall mean the Federal Trade Commission, the Antitrust Division of the United States Department of Justice, the attorneys general of the several states of the United States and any other Governmental Entity having jurisdiction with respect to the transactions contemplated hereby pursuant to applicable Antitrust Laws.

  “Antitrust Laws” shall mean the Sherman Act, 15 U.S.C. §§ 1‐7, as amended; the Clayton Act, 15 U.S.C. §§ 12‐27, 29 U.S.C. §§ 52‐53, as amended; the HSR Act; the Federal Trade Commission Act, 15 U.S.C. § 41‐58, as amended; and all other Laws and Orders that are designed or intended to prohibit, restrict or regulate actions having the purpose or effect of monopolization, restraint of trade, or lessening of competition through merger or acquisition.

  “Bad Actor” shall mean an Individual Seller’s (i) conviction of, or entering a guilty plea or plea of no contest with respect to, a felony or a crime involving fraud or moral turpitude (excluding a first offense for DWI, DUI or the like which does not include a greater charge), (ii) willful misconduct that materially discredits the Company or is materially detrimental to the reputation of the Company, or (iii) breach of Section 5.08, 5.09, or any restrictive covenant contained in an Employment Agreement or CIIAA with such Individual Seller.

  “Business Day” shall mean any day except a Saturday, a Sunday or any other day on which commercial banks are required or authorized to close in the State of New York.

  “CARES Act” shall mean the Coronavirus Aid, Relief, and Economic Security Act (P.L. 116-136), enacted March 27, 2020. 

  “Cash and Cash Equivalents” shall mean cash, checks, money orders, marketable securities, short‐term instruments and other cash equivalents, funds in time and demand deposits or similar accounts, cash security deposits and other cash collateral posted with vendors, landlords, and other parties, and any evidence of indebtedness issued or guaranteed by the United States government.

  “Cash Consideration” shall have the meaning assigned to this term in Section 2.02(c).

  “CIIAA” shall have the meaning assigned to this term in Section 6.02(e).

  “Closing Cash” shall mean the aggregate book balance of Cash and Cash Equivalents of the Company calculated in accordance with the historical accounting practices of the Company, consistently applied, as of 11:59 P.M. on the Business Day immediately prior to the Closing Date.

  “Closing Indebtedness” shall mean the aggregate outstanding amount of Indebtedness of the Company as of 11:59 P.M. on the Business Day immediately prior to the Closing Date.

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  “Closing Working Capital” shall mean the current assets of the Company less the current liabilities of the Company (excluding all Closing Cash, Closing Indebtedness, Company Transaction Expenses (to the extent deducted from the Initial Purchase Price or the Final Purchase Price, as the case may be) and any Tax assets or Tax liabilities of the Company and its Subsidiaries) as determined in accordance with the historical accounting practices of the Company, consistently applied, as of 11:59 P.M. on the Business Day immediately prior to the Closing Date.

  “Code” shall mean the United States Internal Revenue Code of 1986, as amended, and the regulations promulgated and the rulings issued thereunder.

  “Company IT Assets” shall mean any and all IT Assets, in each case owned, licensed, leased, or outsourced by the Company and its Subsidiaries or necessary, used, or held for use to conduct the respective businesses of the Company and its Subsidiaries as presently conducted or contemplated to be conducted in the future.

  “Company Transaction Expenses” shall mean all expenses of the Company incurred or to be incurred prior to and through the Closing Date in connection with the negotiation, preparation and execution of this Agreement and the consummation of the transactions contemplated hereby and the Closing, including out‐of-pocket costs, fees and disbursements of financial advisors, attorneys, accountants and other advisors and service providers, severance payments to directors, officers and employees, bonuses, retention payments and any other change‐of‐control or similar payments under agreements entered into or plans adopted by the Company prior to the Closing Date payable as a result of or in connection with the transactions contemplated by this Agreement (including the employer portion of any Taxes relating to such payments), including pursuant to termination of the 409A Deferred Compensation Arrangements, payable by the Company (prior to and through and including the Closing Date) pursuant to Section 9.01 and which have not been paid as of the Closing Date.

  “Confidential Material” shall mean all information (written or oral) that is confidential or proprietary to the Company or any of its Subsidiaries or is not otherwise generally available to the public regarding the Company and its Subsidiaries. The term “Confidential Material” shall not include (a) information that is or becomes generally available to the public, other than as a result of disclosure by Seller or its Representatives in violation of this Agreement or (b) becomes available to Purchaser or its Representatives from a Person other than the Sellers, the Company or the Company’s Subsidiaries on a non‐confidential basis, provided that such Person was not known by Purchaser or its Representatives to be bound by a confidentiality agreement with or other contractual, legal or fiduciary obligation of confidentiality to the Sellers, the Company or any of the Company’s Subsidiaries or its Representatives with respect to such materials.

  “Confidentiality Agreement” shall mean that certain Confidentiality Agreement by and between the Paramax Corporation (as agent for the Company) and KAX Media America, Inc. dated October 15, 2019.

  “Consideration” shall mean, collectively, any Cash Consideration together with any Share Consideration.

  “Consideration Payment 1” shall have the meaning assigned to this term in Section 2.02(a)(i).

  “Contract” shall mean any note, bond, mortgage, indenture, guarantee, license, franchise, permit, agreement, understanding, arrangement, contract, commitment, letter of intent, or other instrument or obligation (whether oral or written), and any amendments thereto.

  “Deferred Consideration Payment 1” shall have the meaning assigned to this term in Section 2.02(a)(ii).

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  “Deferred Consideration Payment 2” shall have the meaning assigned to this term in Section 2.02(a)(iii).

  “Employment Agreement” shall have the meaning assigned to this term in Section 6.02(e).

  “Environmental Law” shall mean any Law, Order or other requirement of Law, including common law, relating to pollution, natural resources, the protection or restoration of the environment, the protection of human health (to the extent concerned with the exposure to Hazardous Materials), or Hazardous Materials.

  “Estimated Working Capital Adjustment” shall mean any amount (which may be expressed as a negative number) equal to the amount of the Estimated Closing Working Capital less the Target Working Capital.

  “Exchange Rule” shall mean the determination of the number of Parent Shares making up a value of any Share Consideration, which shall be determined using the volume weighted average price of such Parent Shares for the 10-day period prior to each of the Share Consideration payment dates; provided that, in the event the Closing Date occurs on a date other than the date hereof, such volume weighted average price of any Parent Shares provided as part of Consideration Payment 1 shall be determined based on the 10-day period prior to the date hereof.

  “Final Purchase Price” shall mean an amount equal to the sum of (a) $27,500,000.00, (b) plus the amount of the Working Capital Adjustment (which may be expressed as a positive or negative number), if any, (c) plus Closing Cash, (d) minus Closing Indebtedness, (e) minus Company Transaction Expenses, (f) minus any offset amount under Section 8.08(e) minus the Sales Tax Holdback.

  “Foreign Corrupt Practices Act” shall mean the Foreign Corrupt Practices Act of the United States, 15 U.S.C. Sections 78a, 78m, 78dd‐1, 78dd‐2, 78dd‐3, and 78ff, as amended, if applicable, or any similar Law of any jurisdiction where one or more properties owned or leased by the Company or any of its Subsidiaries are located or where the Company or any of its Subsidiaries transacts business or any other jurisdiction, if applicable.

  “Funded Indebtedness” shall mean all Indebtedness listed on Section 2.02(g) of the Seller Disclosure Letter.

  “GAAP” shall mean generally accepted accounting principles of the United States of America consistently applied, as in effect from time to time.

  “Government Contract” shall mean any bid, quotation, proposal, Contract, work authorization, lease, commitment or sale or purchase order of the Company with any Governmental Entity, including all Contracts and work authorizations to supply goods and services to any Governmental Entity.

  “Governmental Entity” shall mean any United States or non‐United States federal, state, provincial or local court, arbitral tribunal, administrative agency or commission or other governmental or regulatory agency or authority or any securities exchange.

  “Hazardous Material” shall mean any waste or other substance that is listed, defined, designated, or classified as, or otherwise determined to be, hazardous, radioactive, or toxic or a pollutant or a contaminant under or pursuant to any Environmental Law and specifically including petroleum and all derivatives thereof, asbestos or asbestos‐containing materials, polychlorinated biphenyls, per- and polyfluoroalkyl substances, and any substances regulated under Environmental Law.

  “HSR Act” shall mean the Hart‐Scott‐Rodino Antitrust Improvements Act of 1976, 15 U.S.C. § 18a et seq., as amended, and the rules and regulations promulgated thereunder.

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  “IFRS” shall mean the international financial reporting standards issued by the International Accounting Standards Board as in effect from time to time.

  “Indebtedness” of any Person shall mean and include (a) indebtedness for borrowed money or indebtedness issued or incurred in substitution or exchange for indebtedness for borrowed money, (b) amounts owing as deferred purchase price for property or services, including all seller notes and “earn‐out” payments, whether or not matured, (c) indebtedness evidenced by any note, bond, debenture, mortgage or other debt instrument, debt security or other similar instrument, (d) indebtedness secured by a Lien on assets or properties of such Person, (e) obligations or commitments to repay deposits or other amounts advanced by and owing to third parties or to deliver goods or services to prepaying customers (except to the extent included in the calculation of Closing Working Capital as a current liability of the Company), (f) any liability of such Person in respect of banker’s acceptances or letters of credit (to the extent drawn), (g) obligations under any interest rate, currency or other hedging agreement, (h) all obligations of such Person as lessee under leases that have been or should be, in accordance with GAAP, recorded as capital leases, (i) all obligations of such Person to purchase, redeem, retire, defease or otherwise acquire for value any capital stock of such Person or any warrants, rights or options to acquire such capital stock, valued, in the case of redeemable preferred stock, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends, (j) direct or indirect guarantees or other contingent liabilities with respect to any indebtedness, obligation, claim or liability of any other Person of a type described in clauses (a) through (i) above, (k) the amount of all accrued and unpaid income Taxes of the Company and the Company Subsidiaries, with respect to the portion of the Pre-Closing Period ending on or before the Closing Date; or (l) any Taxes of the Company, or any of the Company Subsidiaries for the Pre-Closing Period deferred pursuant to the CARES Act and/or the Presidential Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster, signed on August 8, 2020 (or any similar non-U.S. Laws) which have not otherwise been paid as of the Closing Date or (m) with respect to any indebtedness, obligation, claim or liability of a type described in clauses (a) through (l) above, all accrued and unpaid interest, premiums, penalties, breakage costs, unwind costs, fees, termination costs, redemption costs, expenses and other charges with respect thereto. Indebtedness shall not, however, include (x) accounts payable to trade creditors, (y) accrued expenses arising in the ordinary course of business or (z) endorsements of negotiable instruments for collection in the ordinary course of business.

  “Initial Purchase Price” shall mean an amount equal to the sum of (a) $20,000,000.00, (b) plus the amount of the Estimated Working Capital Adjustment (which may be expressed as a positive or negative number), if any, (c) plus Estimated Closing Cash, (d) minus Estimated Closing Indebtedness, (e) minus Estimated Company Transaction Expenses, (f) minus the Sales Tax Holdback.

  “Intellectual Property” shall mean any and all intellectual property and all rights, title, and interests therein and thereto and all similar proprietary rights throughout the world, including any and all United States, international and/or foreign rights in, arising out of or associated with any of the following, whether registered or unregistered: (a) patents, patent applications, patent disclosures and inventions, including any continuations, divisions, continuations‐in‐part, renewals, divisionals, renewals, extensions, reissues or foreign counterparts of any of the foregoing; (b) trademarks, service marks, trade dress, trade names, brand names, logos, slogans, corporate names, registrations and applications for registration thereof, and other indicia of origin, together with all of the goodwill associated therewith, and Internet Domain Names; (c) copyrights, works of authorship, copyrightable works and registrations and applications for registration thereof, design rights, moral and economic rights of authors and inventors and rights of attribution, and similar rights; (d) mask works and registrations and applications for registration thereof; (e) rights in Software, websites, and related Technology; (f) trade secrets and other confidential or proprietary information (including ideas, formulas, compositions, inventions (whether patentable or unpatentable and whether or not reduced to practice), know‐how, manufacturing and production processes and techniques, research and development information, drawings, specifications, designs, plans, proposals, technical data, copyrightable works, financial and marketing plans and customer and supplier lists and information) 

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  (collectively, “Trade Secrets”); (g) rights of publicity or privacy, including with respect to name, likeness or persona, and in social media usernames, handles, and accounts; (h) rights to sue or recover and retain damages and costs and attorneys’ fees for the past, present or future infringement, dilution, misappropriation, or other violation of any of the foregoing anywhere in the world; (i) other intellectual or industrial property rights; (j) registrations and applications for any of the foregoing; and (k) copies and tangible embodiments thereof (in whatever form or medium).

  “Internet Domain Names” shall mean www.rotowire.com, www.coverwire.com, mockdraft.com, mockdraftcentral.com, egamernews.com, fantasyfootballadnetwork.com, fantasysportsadnetwork.com, rotodaily.com, rotonews.info, rotonews.com, rotonews.net, rotonews.org, rotosportsinc.com, rotowire.in, rotowire.biz, rotowire.co.uk, rotowire.info, rotowire.net, rotowire.org, rotowire.tv, rotowire.us, sportsrate.com, draftsheet.com, fantasybaseballcalculator.com, rotonews.mobi, and tryrotowire.com, tennis-reference.com, nhl-reference.com, nhlreference.com, databasebaseball.com, databasebasketball.com, databaseboxing.com, databasecricket.com, databasefootball.com, databasegolf.com, databasehockey.com, databaseolympics.com, databasepoker.com, databaseracing.com, databaserugby.com, databasesocer.com, databasesports.com, databasetennis.com, rotosyn.com, rotosynthesis.com, databaseolym.pics.

  “IRS” shall mean the United States Internal Revenue Service.

  “IT Assets” shall mean any and all computers, Software, Technology, systems, hardware, servers, networks, workstations, routers, hubs, switches, platforms, applications, data communications lines, websites (including the content thereon), operational technology, automated processes, and all other information technology equipment and assets owned, used or operated, including those procured via outsourced or cloud computing arrangements.

  “Law” shall mean any statute, law, ordinance, policy, rule or regulation of any Governmental Entity and all judicial interpretations thereof.

  “Liabilities” shall mean any and all Indebtedness, liabilities and obligations, whether accrued or fixed, known or unknown, absolute or contingent, matured or unmatured or determined or determinable.

  “Liens” shall mean any liens, security interests, options, rights of first refusal, claims, easements, mortgages, charges, indentures, deeds of trust, rights of way, restrictions on the use of real property, encroachments, licenses to third parties, leases to third parties, security agreements, or any other encumbrances and other restrictions or limitations on ownership or use of real or personal property or irregularities in title thereto.

  “Loss” or “Losses” shall mean, without duplication, (a) any and all damages, losses, claims, actions, causes of action, judgments, Liabilities, or costs, including reasonable fees and expenses of attorneys, accountants and other professional advisors, whether involving a dispute solely between the parties hereto or otherwise, and (b) any losses or costs incurred in investigating, defending or settling any of claim, action or cause of action described in clause (a), whether or not the underlying claim, action or cause of action is actually asserted or is merely alleged or threatened.

  “Material Adverse Effect” shall mean any event, circumstance, development, state of facts, occurrence, change or effect that is materially adverse to the business, assets, financial condition, or results of operations of the Company, taken as a whole; provided, however, that a Material Adverse Effect does not include a material adverse effect or impact on the Company’s business, assets, financial condition, or results of operations that is caused by (i) one or more downturns in the economy, the securities markets, the financing markets or the credit markets in general which does not disproportionately affect the Company relative to other industry participants of similar size and geographic location, (ii) one or more downturns in the industries in which the Company operates which does not disproportionately affect the Company 

  6

  

   

  relative to other industry participants of similar size and geographic location, (iii) geopolitical conditions, acts of war, armed hostilities, sabotage or terrorism, or any escalation or worsening of any such conditions, acts of war, armed hostilities, sabotage or terrorism which does not disproportionately affect the Company relative to other industry participants of similar size and geographic location, (iv) changes in applicable Law which do not disproportionately affect the Company relative to other industry participants of similar size and geographic location, (v) the announcement or consummation of the Closing, (vi) the effect of any action or any failure to act taken by the Company or the Sellers as contemplated by and in accordance with this Agreement, or otherwise with the written consent of the Purchaser, or (vii) the effect of any action or any failure to act taken by the Purchaser.

  “Order” shall mean any judgment, order, injunction, decree, writ, permit or license of any Governmental Entity or any arbitrator.

  “Overlap Period” shall mean with respect to the Company and its Subsidiaries, the portion of any taxable year or period beginning on or before and ending after the Closing Date.

  “Owned IP” shall mean any and all Intellectual Property owned (or purported to be owned), in whole or in part, by the Company or any of its Subsidiaries and includes all Registered Intellectual Property and Proprietary Software.

  “Parent Shares” shall mean ordinary shares issued by the Parent.

  “Permitted Liens” shall mean (a) Liens expressly reflected on the balance sheet of the Company (or any related notes) on the Balance Sheet Date, (b) Liens consisting of zoning, building code or planning restrictions or regulations, easements, Permits, restrictive covenants, encroachments, rights‐of‐way and other restrictions or limitations on the use of real property or irregularities in, or exceptions to, title thereto which, individually or in the aggregate, do not materially detract from the value of, or impair the use of, such property by the Company or its Subsidiaries, (c) Liens for Taxes not yet due and payable or which may thereafter be paid without penalty, in each case for which adequate reserves have been made with respect thereto, (d) mechanics’, carriers’, workmen’s, repairmen’s or other like Liens arising in the ordinary course of business securing amounts that are not past due, and (e) other imperfections of title or non monetary encumbrances, if any, which do not, individually or in the aggregate, materially impair the continued use and operation of any real property or tangible personal property of the Company to which they relate as currently used or operated.

  “Person” shall mean and include an individual, a partnership, a limited partnership, a limited liability partnership, a joint venture, a corporation, a limited liability company, an association, a trust, an unincorporated organization, a group, a Governmental Entity or other body corporate or analogous entity

  “Pre‐Closing Period” shall mean all taxable years or other taxable periods that end on or before the Closing Date and, with respect to any Overlap Period, the portion of such Overlap Period ending on and including the Closing Date.

   “Proprietary Software” shall mean any and all proprietary Software owned (or purported to be owned), in whole or in part, by the Company or any of its Subsidiaries.

  “Purchase Price” shall have the meaning assigned to this term in Section 2.02(a).

  “Representatives” of any Person shall mean such Person’s directors, managers, officers, employees, agents, attorneys, consultants, advisors or other Persons acting on behalf of such Person.

  “Sales Tax Holdback” shall mean Three Hundred Thousand Dollars ($300,000).

  “SEC” shall mean the United States Securities and Exchange Commission.

  7

  

   

  “Software” shall mean any and all (a) software, firmware, middleware, computer programs, operating systems, applications, and other code, including APIs, tools, compilers, files, scripts, architecture, algorithms, heuristics, data, databases, data compilations, data files, databases, protocols, specifications, user interfaces, menus, buttons, icons, and other items, as well as foreign language versions, fixes, upgrades, updates, enhancements, and past and future versions and releases, in each case, including all source code, intermediate/byte code, executable code, interpreted code or object code form, (b) deep learning, machine learning, and other artificial intelligence or machine learning technologies (collectively, “AI/ML”), and (c) source code annotations, manuals, notes, comments, or documentation, including user and installation manuals and training software, for or related to any of the foregoing.

  “Subsidiary”, with respect to any Person, shall mean (a) any corporation or body corporate more than fifty percent (50%) of the stock or shares of any class or classes of which having by the terms thereof ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time stock or shares of any class or classes of such corporation or body corporate shall have or might have voting power by reason of the happening of any contingency) is owned by such Person directly or indirectly through one or more subsidiaries of such Person and (b) any partnership, association, joint venture, limited liability company, body corporate or other entity in which such Person directly or indirectly through one or more subsidiaries of such Person has more than a fifty percent (50%) equity interest.

  “Target Working Capital” shall mean $824,000.

  “Taxes” shall mean all taxes, assessments, charges, duties, fees, levies or other governmental charges including all United States federal, state, local, foreign and other income, franchise, profits, gross receipts, capital gains, capital stock, transfer, sales, use, value added, occupation, property, excise, severance, windfall profits, stamp, license, payroll, social security, withholding and other taxes, assessments, charges, duties, fees, levies or other governmental charges of any kind whatsoever (whether payable directly or by withholding and whether or not requiring the filing of a Return), all estimated taxes, deficiency assessments, additions to tax, penalties and interest and shall include any liability for such amounts as a result of (a) being a transferee or successor or member of a combined, consolidated, unitary or affiliated group, or (b) a contractual obligation to indemnify any Person.

  “Technology” shall mean collectively, designs, formulae, algorithms, procedures, methods, techniques, ideas, know-how, results of research and development, Software, tools, data, inventions, apparatus, creations, improvements, works of authorship and other similar materials, and all recordings, graphs, drawings, analyses, and any other embodiments of the above, in any form whether or not specifically listed herein, and all related technology, that are used, incorporated or embodied in or displayed by any of the foregoing or used in the design, development, reproduction, sale, marketing, maintenance or modification of any of the foregoing.

  “Treasury Regulations” shall mean the Treasury Regulations promulgated pursuant to the Code, as amended from time to time, including the corresponding provisions of any successor regulations.

  “Working Capital Adjustment” shall mean any amount (which may be expressed as a negative number) equal to the amount of the Closing Working Capital less the Target Working Capital.

  Section 1.02   Additional Defined Terms. In addition to the terms defined in Section 1.01, additional defined terms used herein shall have the respective meanings assigned thereto in the Sections indicated on Annex 2.

  8

  

   

  Section 1.03   Construction. In this Agreement, unless the context otherwise requires:

  
   (a)
   
    references to “writing” or comparable expressions include a reference to electronic or telephonic transmission or comparable means of communication (including electronic mail, provided the sender complies with the provisions of Section 9.03 hereof);
   

  

  
   (b)
   
    the phrases “delivered” or “made available” shall mean that the information referred to has been physically or electronically delivered to the relevant parties (including, in the case of “made available” to Purchaser, material that has been posted, retained and thereby made available to Purchaser through the on‐line “virtual data room” established by the Company);
   

  

  
   (c)
   
    words expressed in the singular number shall include the plural and vice versa; words expressed in the masculine shall include the feminine and neuter gender and vice versa;
   

  

  
   (d)
   
    references to Articles, Sections, Annexes, Sections of the Seller Disclosure Letter, the Preamble and Recitals are references to articles, sections, annexes, disclosure schedules, the preamble and recitals of this Agreement, and the descriptive headings of the several Articles and Sections of this Agreement and the Seller Disclosure Letter (as applicable) are inserted for convenience only, do not constitute a part of this Agreement and shall not affect in any way the meaning or interpretation of this Agreement;
   

  

  
   (e)
   
    whenever this Agreement refers to a number of days, that number shall refer to calendar days unless Business Days are specified and whenever any action must be taken under this Agreement on or by a day that is not a Business Day, then that action may be validly taken on or by the next day that is a Business Day;
   

  

  
   (f)
   
    the words “hereof”, “herein”, “hereto” and “hereunder”, and words of similar import, shall refer to this Agreement as a whole and not to any provision of this Agreement;
   

  

  
   (g)
   
    this “Agreement” or any other agreement or document shall be construed as a reference to this Agreement or, as the case may be, such other agreement or document as the same may have been, or may from time to time be, amended, varied, novated or supplemented;
   

  

  
   (h)
   
    “include”, “includes”, and “including” are deemed to be followed by “without limitation” whether or not they are in fact followed by such words or words of similar import; and
   

  

  
   (i)
   
    references to “Dollars”, “dollars” or “$”, without more are to the lawful currency of United States of America.
   

  

  Section 1.04   Annexes, Exhibits and the Seller Disclosure Letter. The Annexes, Exhibits, and the Seller Disclosure Letter are incorporated into and form an integral part of this Agreement.

  Section 1.05   Knowledge. When any representation, warranty, covenant or agreement contained in this Agreement is expressly qualified by reference to the Sellers’ “Knowledge”, “Knowledge of the Sellers” or words of similar import, it shall mean the actual and constructive knowledge of the individuals set forth in Section 1.05 of the Seller Disclosure Letter after such inquiry as such individuals would normally conduct in the ordinary course of their duties to the Sellers.

  9

  

   

  ARTICLE II

  Sale of Shares

  Section 2.01   Sale of Shares. On the terms, and subject to the conditions set forth in this Agreement, the Sellers shall sell, assign, transfer, and deliver to the Purchaser at the Closing, and the Purchaser shall purchase from the Sellers at the Closing, the Shares free and clear of all Liens and together with all accrued rights and benefits attached thereto. The Sellers shall take such action as is reasonably necessary and legally required to reflect the sale, assignment, transfer and delivery of the Shares on the books and records of the Company, free and clear of all Liens and together with all accrued rights and benefits attached thereto, and to provide the Purchaser with such evidence of the same as is legally required or as the Purchaser shall reasonably request. The Sellers shall cure any deficiencies identified by the Purchaser to the Sellers in writing within five (5) days of the Closing with respect to the endorsement of the certificates representing the Shares or with respect to the stock power accompanying any such certificates. At the Closing, upon the terms and subject to the conditions of this Agreement, each Seller shall sell, transfer and deliver to Purchaser, and Purchaser shall purchase from each Seller, the Shares owned by such Seller as listed on Annex 1 for such Seller’s pro rata portion of the Purchase Price, payable in accordance with Section 2.02, free and clear of all Liens and together with all accrued rights and benefits attached thereto.

  Section 2.02   Purchase Price; Delivery of Funds; Payment of Indebtedness and Company Transaction Expenses.

  
   (a)
   
    The aggregate purchase price for the Shares (the “Purchase Price”) shall be an amount equal to $27,500,000 (as such amount may be adjusted pursuant to Section 2.03 or otherwise paid pursuant to this Section 2.02), payable in four (4) tranches of cash and Parent Shares as follows:
   

  

  
   (i)
   
    An amount equal to the sum of the Initial Purchase Price, which consists of an amount of up to $5,000,000 paid in Parent Shares, with the number of shares being determined under the Exchange Rule, and the balance paid in cash (“Consideration Payment 1”);
   

  

  
   (ii)
   
    Subject to Section 8.08(e), an amount equal to $2,500,000 paid no later than the date which is 12 months from the Closing Date, with up to $1,250,000 in Parent Shares, with the number of shares being determined under the Exchange Rule, and the balance paid in cash (“Deferred Consideration Payment 1”);
   

  

  
   (iii)
   
    Subject to Section 8.08(e), an amount equal to $5,000,000 paid no later than the date which is 24 months from the Closing Date, with up to $2,500,000 in Parent Shares, with the number of shares being determined under the Exchange Rule, and the balance paid in cash (“Deferred Consideration Payment 2”); and
   

  

  
   (iv)
   
    An amount equal to the Sales Tax Holdback, less any Losses incurred by the Purchaser or an Affiliate thereof relating to the Sales Tax Indemnity pursuant to Section 8.04(d) as of the date that is the earlier of (A) the date that is 60 days following the expiration of the latest applicable statute of limitations (giving effect to any extensions and waivers thereof) relating to the Sales Tax Indemnity and (B) the date that the Purchaser determines in its sole discretion that no additional Losses may be incurred pursuant to the Sales Tax Indemnity (such earlier date, the “Holdback Expiration Date”), paid in cash within three (3) Business Days following the Holdback Expiration Date.
   

  

  10

  

   

  
   (b)
   
    The determination of the ratio of Parent Shares and cash in each of Consideration Payment 1, Deferred Consideration Payment 1 and Deferred Consideration Payment 2 shall be in the sole discretion of the Parent, subject to the maximum amounts set forth above. For the avoidance of doubt, Parent may choose not to issue any Parent Shares and pay each of Consideration Payment 1, Deferred Consideration Payment 1 and Deferred Consideration Payment 2 solely in cash. Any Share Consideration shall be issued pursuant to and in compliance with an exemption from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”) within 45 days from the payment date (subject to the availability of an applicable exemption from registration under the Securities Act and the receipt of an accredited investor questionnaire with respect thereto). In the event that any Parent Shares are issued on or prior to January 18, 2022, each Seller shall enter into a lock up agreement substantially in the form set forth in Exhibit A to the underwriting agreement filed as Exhibit 1.1 to Amendment No. 2 to the registration statement on Form F-1 filed by Parent with the SEC on July 12, 2021 prior to the issuance of such Parent Shares.
   

  

  
   (c)
   
    The amount of cash payable as part of each of Consideration Payment 1, Deferred Consideration Payment 1, and Deferred Consideration Payment 2 shall be referred to as the “Cash Consideration”. The amount of any Parent Shares payable as part of each of Consideration Payment 1, Deferred Consideration Payment 1 and Deferred Consideration Payment 2 shall be referred to as “Share Consideration”. As provided in Section 5.10, any Share Consideration shall be subject to the Lock-Up Period. Any Consideration shall only be paid to the Sellers on a pro rata basis in line with Annex 1.
   

  

  
   (d)
   
    If an Individual Seller is a Bad Actor at the point in time when the Deferred Consideration Payment 1 and Deferred Consideration Payment 2 or any portion thereof is due, (i) the amount equal to the pro rata portion of the Cash Consideration or Share Consideration remaining due to such Individual Seller who is a Bad Actor shall no longer be due and payable to such Seller who is a Bad Actor; and (ii) as applicable, (A) if the Individual Seller who is a Bad Actor pursuant to subsection (i), above, is Seller 2, then the amount equal to the pro rata portion of the Cash Consideration or Share Consideration remaining due to Seller 2A shall no longer be due and payable to Seller 2A, (B) if the Individual Seller who is a Bad Actor pursuant to subsection (i), above, is Seller 3, then the amount equal to the pro rata portion of the Cash Consideration or Share Consideration remaining due to Seller 3A shall no longer be due and payable to Seller 3A, and (C) if the Individual Seller who is a Bad Actor pursuant to subsection (i), above, is Seller 4, then the amount equal to the pro rata portion of the Cash Consideration or Share Consideration remaining due to Seller 4A shall no longer be due and payable to Seller 4A.
   

  

  
   (e)
   
    At least three Business Days, but not more than five Business Days prior to the Closing Date, the Sellers’ Representative shall cause the Company to prepare and deliver to Purchaser a statement (the “Estimated Closing Statement”) setting forth (i) the Company’s good faith estimate of the amount of the Closing Indebtedness (the “Estimated Closing Indebtedness”), (ii) the Company’s good faith estimate of the amount of the Closing Cash (the “Estimated Closing Cash”), (iii) the Company’s good faith estimate of the Company Transaction Expenses (the “Estimated Company Transaction Expenses”), (iv) the Company’s good faith estimate of the Closing Working Capital (the “Estimated Closing Working Capital”) and (v) the amount of the Estimated Working Capital Adjustment, which statement shall quantify in reasonable detail the estimates of the items constituting such Closing Indebtedness, such Closing Cash, such Company Transaction Expenses, such Closing Working Capital and such Estimated Working Capital Adjustment, if any, and in each case calculated in accordance with the terms of this Agreement. The Estimated Closing Statement shall be prepared in a manner consistent with the policies and principles used by the Company in connection with the preparation of the Financial Statements, consistently applied. During the period after the delivery of the Estimated Closing Statement and prior to the Closing Date, the Purchaser shall have an opportunity to review the Estimated Closing Statement and the Sellers’ Representative shall cooperate with the Purchaser in good faith to mutually agree upon the Estimated Closing Statement in the event the Purchaser disputes any item proposed to be set forth on such statement; 
   

  

  11

  

   

  
   
    provided, that, if the Sellers’ Representative and Purchaser are not able to reach mutual agreement prior to the Closing Date, the Estimated Closing Statement provided by the Sellers’ Representative to the Purchaser shall be binding for purposes of this Section 2.02, but not, for the avoidance of doubt, for purposes of Section 2.03.
   

  

  
   (f)
   
    Method of Payment
   

  

  
   (i)
   
    At the Closing, the Purchaser shall pay to each of the Sellers, on a pro rata basis in line with Annex 1, in partial consideration for the purchase by the Purchaser of the Shares (subject to the adjustments set forth in Section 2.03 hereof), an amount equal to the Initial Purchase Price, which shall be payable at least seventy-five percent (75%) as Cash Consideration and up to, with no minimum amount, twenty-five percent (25%) as Share Consideration. The payment of Cash Consideration shall be made by wire transfers of immediately available funds to the respective Sellers’ accounts designated by the Sellers’ Representative in writing to the Purchaser at least three (3) Business Days prior to the Closing.
   

  

  
   (ii)
   
    Following the Closing and always subject to Section 2.02, all cash payments pursuant to this Article II shall be made by wire transfer of immediately available funds to an account that the recipient has designated in writing.
   

  

  
   (g)
   
    At the Closing, the Purchaser shall pay to the holders of the Funded Indebtedness an amount sufficient to repay all such Funded Indebtedness, with the result that immediately following the Closing there will be no further monetary obligations of the Company or any of its Subsidiaries with respect to any Funded Indebtedness outstanding immediately prior to the Closing.
   

  

  
   (h)
   
    At the Closing, the Purchaser shall pay any amounts due to employees, officers and directors of the Company constituting Company Transaction Expenses and shall pay all other Company Transaction Expenses for which invoices have been submitted to the Company at least two (2) Business Days prior to the Closing Date.
   

  

  Section 2.03   Determination of Purchase Price Adjustment.

  
   (a)
   
    Promptly after the Closing Date, and in any event not later than sixty (60) Business Days following the Closing Date, the Purchaser shall cause the Company to prepare and deliver to the Sellers’ Representative a statement (the “Closing Statement”) setting forth the Purchaser’s good faith calculations of (i) the amount of the Closing Indebtedness, (ii) the amount of the Closing Cash, (iii) the Company Transaction Expenses, (iv) the Closing Working Capital, (v) the amount of the Working Capital Adjustment, (vi) the Sales Tax Holdback, and (vii) a calculation of the Final Purchase Price based on the amounts set forth in the Closing Statement. The Closing Statement shall be prepared in a manner consistent with the policies and principles used by the Company in connection with the preparation of the Financial Statements, consistently applied. Upon delivery of the Closing Statement by the Purchaser, the Purchaser shall cause the Company to provide the Sellers’ Representative and its Representatives with reasonable access, during normal business hours, to the Company’s accounting and other personnel and to the books and records of the Company, as the case may be, and any other document or information reasonably requested by the Sellers’ Representative, in order to allow the Sellers’ Representative and its Representatives to verify the accuracy of the Closing Statement.
   

  

  
   (b)
   
    In the event that the Sellers’ Representative does not object to the Closing Statement by written notice of objection (the “Notice of Objection”) delivered to Purchaser within 30 Business Days after the Sellers’ Representative’s receipt of the Closing Statement, the recalculation of the Initial Purchase Price pursuant to the Closing Statement shall be deemed final and binding. A Notice of Objection under 
   

  

  12

  

   

  
   
    this Section 2.03(b) hereof shall set forth in reasonable detail the Sellers’ Representative’s alternative calculations of (i) as applicable, (A) the amount of the Closing Indebtedness, (B) the amount of the Closing Cash, (C) the Company Transaction Expenses, and/or (D) the Closing Working Capital and the Working Capital Adjustment calculated by reference thereto and (ii) a recalculation of the Final Purchase Price based on such applicable alternative calculations.
   

  

  
   (c)
   
    If the Sellers’ Representative delivers a Notice of Objection to the Purchaser within the thirty (30) Business Day period referred to in Section 2.03(b) hereof, then any element of the Closing Statement that is not in dispute on the date such Notice of Objection is given shall be treated as final and binding and any dispute (all such amounts, the “Disputed Amounts”) shall be resolved as set forth in this Section 2.03(c):
   

  

  
   (i)
   
    The Sellers’ Representative and Purchaser shall promptly endeavor in good faith to resolve the Disputed Amounts listed in the Notice of Objection. If a written agreement determining the Disputed Amounts has not been reached within 10 Business Days (or such longer period as may be agreed by the Sellers’ Representative and Purchaser) after the date of receipt by Purchaser from Sellers’ Representative of the Notice of Objection, the resolution of such Disputed Amounts shall be submitted to an office in the United States of an impartial, nationally-recognized firm of independent certified public accountants, other than the Sellers’ accountants or the Purchaser's accountants, who the Sellers and the Purchaser shall appoint by mutual agreement (the “Arbitrator”). The Sellers’ Representative and Purchaser shall submit to the Arbitrator and exchange with each other in advance of the hearing a single figure representing the amount it believes should be awarded. The Arbitrator shall be limited to awarding only one of the two figures submitted.
   

  

  
   (ii)
   
    The Sellers’ Representative and Purchaser shall use their commercially reasonable efforts to cause the Arbitrator to render a decision in accordance with this Section 2.03(c) along with a statement of reasons therefor within 30 days of the submission of the Disputed Amounts, or a reasonable time thereafter, to the Arbitrator. The decision of the Arbitrator shall be final, binding and non-appealable upon each party hereto and the decision of the Arbitrator shall constitute an arbitral award that is final, binding and non‐appealable and upon which a judgment may be entered by a court having jurisdiction thereover.
   

  

  
   (iii)
   
    The Final Purchase Price shall be recalculated based upon the final determination (or deemed determination) of the Arbitrator with respect to the Disputed Amounts and the Final Purchase Price, as so recalculated, shall be deemed to be final and binding.
   

  

  
   (iv)
   
    If the Sellers’ Representative and Purchaser submit any Disputed Amounts to the Arbitrator for resolution, the Sellers’ Representative and Purchaser shall each pay their own costs and expenses incurred under this Section 2.03(c). The Sellers’ Representative shall be responsible for that fraction of the fees and costs of the Arbitrator where (A) the numerator is the absolute value of the difference between Sellers’ Representative’s aggregate position with respect to the Final Purchase Price and the Final Purchase Price as recalculated based upon Arbitrator’s final determination with respect to the Disputed Amounts and (B) the denominator is the absolute value of the difference between Sellers’ Representative’s aggregate position with respect to the Final Purchase Price and Purchaser’s aggregate position with respect to the Final Purchase Price, and Purchaser shall be responsible for the remainder of such fees and costs.
   

  

  
   (v)
   
    The Arbitrator shall act as an arbitrator to determine, based upon the provisions of this Section 2.03(c), only the Disputed Amounts and the determination of each amount of the 
   

  

  13

  

   

  
   
    Disputed Amounts shall be made in accordance with the procedures set forth in Section 2.04(a) hereof. 
   

  

  
   (d)
   
    Upon the determination, in accordance with Section 2.03(b) or Section 2.03(c) hereof, of the Final Purchase Price, the Sellers’ Representative or Purchaser, as the case may be, shall make the payment required by subsections (i) or (ii) of this Section 2.03(d). The amount payable by the Sellers’ Representative or Purchaser pursuant to this Section 2.03(d) is referred to herein as the “Purchase Price Adjustment” and shall be treated as an adjustment to the purchase price for federal, state, local and foreign income Tax purposes:
   

  

  
   (i)
   
    If the Final Purchase Price is greater than the Initial Purchase Price, then the Purchaser shall pay to each of the Sellers their respective pro rata shares (as set forth in Annex 1) of the difference between the Final Purchase Price and the Initial Purchase Price within three (3) Business Days of the determination of the Final Purchase Price, such Purchase Price Adjustment to be paid by wire transfer of immediately available funds to such accounts designated by the Sellers’ Representative in writing to the Purchaser promptly after the final determination of the Final Purchase Price. 
   

  

  
   (ii)
   
    If the Final Purchase Price is less than the Initial Purchase Price, then within three (3) Business Days after the determination of the Final Purchase Price each Seller shall pay or cause to be paid to the Purchaser their respective pro rata shares (as set forth in Annex 1) of the difference between the Final Purchase Price and the Initial Purchase Price, with such Purchase Price Adjustment to be paid by wire transfer in immediately available funds to an account designated by the Purchaser in writing to the Sellers’ Representative promptly after the final determination of the Final Purchase Price. 
   

  

  Section 2.04   Closing; Closing Deliverables.

  
   (a)
   
    Subject to the satisfaction or waiver of all of the conditions set forth in Article VI, the purchase and sale referred to in Section 2.01 hereof and the closing of such other transactions as are contemplated hereby (the “Closing”) shall be conducted remotely through the mutual exchange via email, facsimile or other electronic means of executed copies of this Agreement and all other instruments and agreements to be delivered as contemplated hereby on the date that is no later than three Business Days after the last of the conditions set forth in Article VI is satisfied or waived (other than those conditions that by their nature are to be satisfied at the Closing, but subject to the fulfillment or waiver of those conditions), or at such other time, date or place as the parties hereto shall agree in writing. Such date of the Closing is herein referred to as the “Closing Date”, and if the Closing occurs, the Closing shall be deemed to have become effective as of 12:01 a.m. Eastern time on the Closing Date (the “Effective Time”).
   

  

  
   (b)
   
    At the Closing, the Sellers’ Representative shall deliver or cause to be delivered to the Purchaser:
   

  

  
   (i)
   
    certificates representing the Shares, duly endorsed in blank, or accompanied by either stock powers duly executed in blank by the Sellers or such other instruments of transfer as are reasonably acceptable to the Purchaser in each case, with all necessary transfer tax and other revenue stamps, obtained at the Sellers’ expense (the cost of which shall be allocated as set forth in Section 7.01(d) hereof);
   

  

  
   (ii)
   
    a certificate signed by the Sellers’ Representative, dated as of the Closing Date, confirming the matters set forth in Section 6.02(a), Section 6.02(b), Section 6.02(d), Section 6.02(g) and Section 6.02(h) hereof;
   

  

  14

  

   

  
   (iii)
   
    copies of the certificate of incorporation or other equivalent governing document of the Company and each of its Subsidiaries, to the extent that the relevant jurisdiction provides such a certificate, including all amendments thereto, in each case certified by the Secretary of State or other appropriate official of its jurisdiction of incorporation;
   

  

  
   (iv)
   
    a certificate from the Secretary of State or other appropriate official of their respective jurisdictions of incorporation or organization to the effect that the Company or its applicable Subsidiary, to the extent that the relevant jurisdiction provides such a certificate, is in good standing (or the equivalent thereof) or subsisting in such jurisdiction;
   

  

  
   (v)
   
    a copy of the bylaws of the Company, certified by the Secretary of the Company as being true and correct and in effect on the Closing Date;
   

  

  
   (vi)
   
    for each Trust Seller, a trust certification dated within ten (10) Business Days of the Closing Date in the form provided by the Laws of the State that governs such Trust Seller’s governing documents containing all of the information required to be set forth therein and identifying the specific provisions of such Trust Seller’s governing documents that authorize the trustee of such Trust Seller (each, a “Trustee”) to enter into the transactions contemplated hereby on behalf of such Trust Seller; 
   

  

  
   (vii)
   
    a non‐foreign person affidavit from each Seller dated as of the Closing Date as required by Section 1445 of the Code;
   

  

  
   (viii)
   
    a duly executed pay‐off letter from each of the holders of the Funded Indebtedness, in a form reasonably satisfactory to the Purchaser, certifying that all such Funded Indebtedness owing to such holder shall have been fully paid upon the receipt by such holder of funds pursuant to Section 2.02(g) hereof;
   

  

  
   (ix)
   
    copies of duly executed Employment Agreements between the Company on the one hand and each of the Individual Sellers, except Seller 5, on the other hand, substantially in the form attached hereto as Exhibit 1.1 or Exhibit 1.2 as applicable, providing for the continued employment of such Persons with the Company for at least twelve (12) consecutive months following the Closing; 
   

  

  
   (x)
   
    a copy of duly executed termination of the Shareholders Agreement, dated March 1, 2003, by and between Peter Schoenke, Herbert Ilk, Jeffrey Erickson, Timothy Schuler, Christopher Liss and Roto Sports, Inc. as set forth in Section 6.02(h);
   

  

  
   (xi)
   
    evidence of termination of each 409A Deferred Compensation Arrangement and any associated insurance policy, trust or other funding arrangement as set forth in Section 6.02(f); 
   

  

  
   (xii)
   
    evidence of termination of all insurance policies as set forth in Section 6.02(g); 
   

  

  
   (xiii)
   
    evidence of termination of each contract set forth in Section 6.02(i); 
   

  

  
   (xiv)
   
    a duly executed pay‐off letter for Costco Visa Credit Card and City National Bank Credit Card, in a form reasonably satisfactory to the Purchaser, certifying that all balances owing on such credit cards have been fully paid as set forth in Section 6.02(j); 
   

  

  15

  

   

  
   (xv)
   
    copies of duly executed CIIAAs between the Company and each of the Individual Sellers;
   

  

  
   (xvi)
   
    if applicable, fully completed Accredited Investor Questionnaires duly executed by each of the Sellers in the form attached hereto as Exhibit 3; and
   

  

  
   (c)
   
    At the Closing, the Purchaser shall deliver or cause to be delivered to the Sellers’ Representative a certificate signed by an authorized officer of the Purchaser, dated as of the Closing Date, confirming the matters set forth in Section 6.03(a) and Section 6.03(b).
   

  

  Section 2.05   Tax Treatment of Payments. Any payment made pursuant to Section 2.03, Section 7.04 or Article VIII hereof shall be deemed to be, and each of Seller and Purchaser shall treat such payments as an adjustment to the purchase price for all federal, state, local and foreign income Tax purposes; except for any imputed interest (as required by Sections 483 or 1274 of the Code)

  Section 2.06   Relationships among Sellers and the Sellers’ Representative.

  
   (a)
   
    Each Seller hereby irrevocably appoints the Sellers’ Representative as the sole representative of the Sellers to act as the agent and on behalf of the Sellers regarding any matter relating to or under this Agreement, including for the purposes of: (i) making decisions with respect to the determination of the Final Purchase Price under Section 2.03 hereof; (ii) determining whether the conditions to Closing in Article VI hereof have been satisfied and supervising the Closing, including waiving any condition, as determined by the Sellers’ Representative, in its sole discretion; (iii) taking any action that may be necessary or desirable, as determined by the Sellers’ Representative, in its sole discretion, in connection with the termination of this Agreement in accordance with Article VIII hereof; (iv) taking any and all actions that may be necessary or desirable, as determined by the Sellers’ Representative, in its sole discretion, in connection with the amendment of this Agreement in accordance with Section 9.07 hereof; (v) accepting notices on behalf of the Sellers in accordance with Section 9.03 hereof; (vi) taking any and all actions that may be necessary or desirable, as determined by the Sellers’ Representative, in its sole discretion, in connection with negotiating or entering into settlements and compromises of any claim for indemnification pursuant to Section 7.04 or Article VIII hereof; (vii) executing and delivering, on behalf of the Sellers, any and all notices, documents or certificates to be executed by the Sellers, in connection with this Agreement and the transactions contemplated hereby; and (viii) granting any consent or approval on behalf of the Sellers under this Agreement. As the representative of the Sellers under this Agreement, the Sellers’ Representative shall act as the agent for all Sellers, shall have authority to bind each such Person in accordance with this Agreement, and the Parent and Purchaser may rely on such appointment and authority until the receipt of notice of the appointment of a successor upon two (2) Business Days’ prior written notice to the Parent and Purchaser. The Parent and Purchaser may conclusively rely upon, without independent verification or investigation, all decisions made by the Sellers’ Representative in connection with this Agreement in writing and signed by the Sellers’ Representative.
   

  

  
   (b)
   
    Each Seller hereby appoints the Sellers’ Representative as such Seller’s true and lawful attorney‐in‐fact and agent, with full powers of substitution and resubstitution, in such Seller’s name, place and stead, in any and all capacities, in connection with the transactions contemplated by this Agreement, granting unto said attorney‐in‐fact and agent, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection with the sale of such Seller’s Shares as fully to all intents and purposes as such Seller might or could do in person.
   

  

  
   (c)
   
    The Sellers’ Representative shall have no liability to the Parent or Purchaser for any default under this Agreement by any other Seller. Except for fraud, criminal activity, or willful misconduct on its part, the Sellers’ Representative shall have no liability to any other Seller under this Agreement for 
   

  

  16

  

   

  
   
    any action or omission by the Sellers’ Representative on behalf of the other Sellers. The Sellers’ Representative shall not resign its position without the written consent of the Purchaser (which consent shall not be unreasonably withheld).
   

  

  
   (d)
   
    The Sellers shall reimburse the Sellers’ Representative for all losses and expenses, including out-of-pocket expenses, incurred in connection with his duties and obligations as the Sellers’ Representative hereunder, including, without limitation, all losses and expenses incurred in connection with the duties and obligations set forth in this Section 2.06.
   

  

  
   (e)
   
    The power of attorney granted by each Seller to the Sellers’ Representative pursuant to this Section 2.04 is coupled with an interest and is irrevocable and shall not terminate or otherwise be affected by the death, disability, incompetence, bankruptcy or insolvency of any Seller.
   

  

  Section 2.07   Withholding Rights. Purchaser and Parent shall be entitled to deduct and withhold from the amounts otherwise payable to any Person pursuant to this Article II or otherwise under this Agreement, such amounts as it is required to deduct and withhold with respect to the making of such payment under any provision of federal, state, local or foreign Tax Law. If Purchaser or Parent withholds any such amounts, the amounts so withheld shall be treated for all purposes of this Agreement as having been paid to the Person that otherwise would have received such amount but for such withholding.

  ARTICLE III

  Representations and Warranties of Sellers

  Except as set forth in the disclosure letter delivered by the Sellers to the Purchaser (the “Seller Disclosure Letter”) concurrently with the execution of this Agreement and except for representations and warranties in Section 3.01, Section 3.02, and Section 3.03, and Section 3.06, for which each of the Sellers represents and warrants solely with respect to itself, the Sellers hereby jointly and severally represent and warrant to the Purchaser as follows as of the date hereof and as of the Closing Date (except those representations and warranties which address matters as of or for a particular date or time period, which statements shall be true and correct only as of such date or for such time period):

  Section 3.01   Due Organization, Good Standing and Corporate Power of Seller. Each Individual Seller is a natural person, of legal age, and legal capacity (or the equivalent thereof) under the Laws governing such matters and has all requisite power and authority to own, lease and operate its properties and to carry on its business as now being conducted. Each Trust Seller has been duly formed and is validly existing and in good standing (or the equivalent thereof) under the Laws of the jurisdiction(s) in which it was created and is administered, its Trustee has all requisite power and authority under applicable Law and such Trust Seller’s governing documents to own, operate, lease or otherwise hold its properties and assets and to carry on its business as presently conducted, and each Trust Seller is duly qualified to do business, and is in good standing, in each of the jurisdictions in which the character or location of the properties and assets it owns, operates, occupies or leases or the nature of the business it conducts makes such qualification necessary, except where the failure to have such qualification or be in good standing would not, individually or in the aggregate, reasonably be expected to materially impair or delay the ability of such Trust Seller to consummate the transactions contemplated hereby. 

  Section 3.02   Authorization; Noncontravention. 

  
   (a)
   
    Each Seller has the requisite legal capacity and has taken all action necessary to execute and deliver this Agreement and all other instruments and agreements to be delivered by such Seller as contemplated hereby, to perform its obligations hereunder and thereunder and to consummate the 
   

  

  17

  

   

  
   
    transactions contemplated hereby and thereby. There are no restrictions on the Trustee of any Trust Seller that would restrict such Trust Seller from entering into, and such Trustee is duly authorized on behalf of such Trust Seller to enter into, this Agreement and all other instruments and agreements to be delivered by such Trust Seller as contemplated hereby. The execution, delivery and performance by each Seller of this Agreement and all other instruments and agreements to be delivered by such Seller as contemplated hereby, the consummation by the Sellers of the transactions contemplated hereby and thereby and the performance of its obligations hereunder and thereunder have been, and in the case of documents required to be delivered at Closing will be, duly authorized and approved by all necessary action. This Agreement has been, and all other instruments and agreements to be executed and delivered by the Sellers as contemplated hereby will be, duly executed and delivered by the Sellers. Assuming that this Agreement constitutes a valid and binding obligation of the Purchaser and each other Person (other than the Sellers) party thereto, this Agreement constitutes a valid and binding obligation of the Sellers enforceable against each Seller in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting the enforcement of creditors’ rights generally and by general equitable principles. Assuming that all other instruments and agreements to be delivered by the Sellers’ Representative as contemplated hereby and thereby constitute valid and binding obligations of the Purchaser and each other Person (other than the Sellers) party thereto, such instruments and agreements will constitute valid and binding obligations of the Sellers enforceable against each Seller in accordance with their terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting the enforcement of creditors’ rights generally and by general equitable principles.
   

  

  
   (b)
   
    The Trustee of each Trust Seller is the sole duly appointed and presently acting trustee of such Trust Seller. The governing documents of each Trust Seller are currently in full force and effect, pursuant to its respective terms. No beneficiary, creditor or trustee of any Trust Seller has any material outstanding claims (whether asserted or unmatured) against such Trust Seller or against any past or current trustee or other fiduciary of such Trust Seller that may potentially be satisfied, in whole or in part, by the assets of such Trust Seller.
   

  

  
   (c)
   
    The execution and delivery of this Agreement and all other instruments and agreements to be delivered by each Seller as contemplated hereby do not, and the consummation of the transactions contemplated hereby and thereby will not (i) conflict with any of the provisions of the certificate of incorporation or by‐laws or equivalent charter documents of the Company, in each case as amended to the date of this Agreement, or the governing documents of any of the Trust Sellers, (ii) create any Lien (other than Permitted Liens) upon any of the properties or assets of any Seller, the Company or any of its Subsidiaries, (iii) conflict with or result in a breach of, or constitute a default under, or result in the acceleration of any obligation or loss of any benefits under, any Contract or other instrument to which any Seller, the Company or any of its Subsidiaries is a party or by which any of their respective properties or assets are bound, or (iv) subject to (A) the applicable requirements of the Antitrust Laws and (B) receipt of the consents, approvals, authorizations, declarations, filings and notices referred to in Section 3.02(b) of the Seller Disclosure Letter, contravene any Contract, Law or any Order applicable to any Seller, the Company or any of its Subsidiaries or by which any of their respective properties or assets are bound, except, in the case of clauses (ii), (iii) and (iv) above, for such Liens, conflicts, breaches, defaults, consents, approvals, authorizations, declarations, filings or notices which have not had and would not reasonably be expected to be, individually or in the aggregate, material to the Company.
   

  

  Section 3.03   Ownership of Shares. Each Seller has good and valid title to those certain shares of the Shares owned by such Seller as set forth in Section 3.05 of the Seller Disclosure Letter free and clear of all Liens, and is the record and beneficial owner thereof. All of the Shares were acquired from third parties or the Company in compliance with applicable Law. There is no Contract with any Person to purchase, redeem or otherwise acquire any shares of the capital stock of the Company. Upon payment of 

  18

  

   

  the Initial Purchase Price to the Sellers at the Closing, each Seller will convey good and valid title to those certain shares of the Shares owned by such Seller as set forth in Section 3.05 of the Seller Disclosure Letter, free and clear of all Liens, Orders, Contracts or other limitations whatsoever. The assignments, endorsements, stock powers and other instruments of transfer delivered by each Seller to the Purchaser at the Closing will be sufficient to transfer such Seller’s entire interest, record and beneficial, in such Seller’s certain shares of the Shares to the Purchaser.

  Section 3.04   Company and its Subsidiaries. 

  
   (a)
   
    The Company is a corporation duly incorporated, validly existing and in good standing (or the equivalent thereof) under the Laws of the State of California and has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now being conducted. The Company is duly qualified or licensed to do business and is in good standing (or the equivalent thereof) in each jurisdiction in which the character or location of the properties owned, leased or operated by the Company or the nature of the business conducted by the Company makes such qualification necessary, except where the failure to so qualify has not been and would not reasonably be expected to be, individually or in the aggregate, material to the Company.
   

  

  
   (b)
   
    The Company does not own, directly or indirectly, any capital stock or other equity, ownership, proprietary or voting interest in any Person.
   

  

  
   (c)
   
    There are no restrictions of any kind that prevent or restrict the payment of dividends or other distributions by the Company other than those imposed by the Laws of general applicability of their respective jurisdictions of organization.
   

  

  Section 3.05   Capitalization. The authorized capital stock of the Company consists of 20,000 shares of common stock, par value of $1.00 per share and 20,000 shares of preferred stock, par value of $1.00 per share. Section 3.05 of the Seller Disclosure Letter sets forth the outstanding capital stock (or other equity interests) of the Company and the record owners of such outstanding capital stock (or other equity interests). The Shares constitute all of the issued and outstanding equity interests of the Company. The Shares have been duly authorized and validly issued and are fully paid and nonassessable, were offered, issued, sold and delivered in compliance with all applicable Laws governing the issuance of securities, and are not subject to, and were not issued in violation of, any preemptive rights or other similar rights. Except for the Shares, no shares of capital stock or other equity interests of the Company are issued, reserved for issuance or outstanding. The Company is not a party to any outstanding or authorized option, warrant, right (including any preemptive right), subscription, claim of any character, agreement, obligation, convertible or exchangeable securities, or other commitments contingent or otherwise, relating to the capital stock or other equity or voting interests in the Company or any of its Subsidiaries, pursuant to which the Company is or may become obligated to issue, deliver or sell or cause to be issued, delivered or sold, shares of capital stock of or other equity or voting interests in, the Company or any securities convertible into, exchangeable for, or evidencing the right to subscribe for or acquire, any shares of the capital stock of or other equity or voting interests in the Company. There are no outstanding or authorized stock appreciation, phantom stock, profit participation or similar rights with respect to the capital stock of, or other equity or voting interests in, the Company. The Company does not have any authorized or outstanding bonds, debentures, notes or other Indebtedness the holders of which have the right to vote (or convertible into, exchangeable for, or evidencing the right to subscribe for or acquire securities having the right to vote) with the stockholders of the Company on any matter. There are no irrevocable proxies and no voting agreements with respect to any capital stock of, or other equity or voting interests in, the Company.

  19

  

   

  Section 3.06   Private Placement Matters. 

  
   (a)
   
    Offering Exemption. Each of the Sellers understands that any Parent Shares to be acquired by Sellers as Share Consideration pursuant to this Agreement have not been registered under the Securities Act or qualified under any state securities Laws and that such Parent Shares are being offered and transferred pursuant to an exemption from such registration and qualification based in part upon the representations contained herein. Each of the Sellers is an “accredited investor” as that term is defined in Rule 501(a) under the Securities Act.
   

  

  
   (b)
   
    Knowledge and Experience; Ability to Bear Risks. Each of the Sellers has such knowledge and experience in financial and business matters that such Seller is capable of evaluating the merits and risks of the investment contemplated by this Agreement, and each of the Sellers is able to bear the economic risk of this investment in the Parent Shares that may be delivered to such Seller pursuant to this Agreement (including a complete loss of such Seller’s investment or a reduction in the price of Parent Shares, whether at the time it is held by such Seller).
   

  

  
   (c)
   
    Investment Purpose. Each of the Sellers is acquiring any Parent Shares pursuant to this Agreement solely for such Seller’s own account for investment and not with a view toward the resale or distribution thereof, nor with any present intention of transferring or distributing such Seller’s interest in such Parent Shares, in each case in a manner that would require registration of such Parent Shares prior to such registration. None of the Sellers has contract, undertaking, agreement or arrangement with any person to sell, transfer, assign or pledge to such person or anyone else all or any part of any Parent Shares being issued under this Agreement, and none of the Sellers has current plans or intentions to enter into any such contract, undertaking or arrangement, in each case in a manner that would require registration of such Parent Shares prior to such registration.
   

  

  
   (d)
   
    Resale Restrictions. Each of the Sellers acknowledges that any Parent Shares that such Seller may acquire pursuant to this Agreement (i) have not been registered under the Securities Act or the securities statutes of any state or other jurisdiction, (ii) have the status of securities acquired in a transaction under Section 4(a)(2) of the Securities Act, and (iii) are “restricted securities” (as that term is defined in Rule 144(a)(3) under the Securities Act), and, therefore, each of the Sellers further acknowledges that any Parent Shares that such Seller is acquiring pursuant to this Agreement cannot be resold unless they are registered under applicable federal and state securities laws (including the Securities Act) or unless exemptions from all such applicable registration requirements are available, and consequently, each of the Sellers must bear the economic risk of investment for an indefinite period of time. None of the Sellers will sell or otherwise transfer any Parent Shares that such Seller may acquire pursuant to this Agreement without either the prior registration thereof under the Securities Act and all other applicable statutes, or applicable exemptions from the registration requirements of each of those statutes.
   

  

  
   (e)
   
    Legend. Each of the Sellers understands that certificates or book entries representing any Parent Shares being issued hereunder will, subject to the terms of Section 5.11, bear the following legend reflecting the foregoing restrictions on transfer: 
   

  

  THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. THE SECURITIES MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME UNLESS (I) THEY ARE REGISTERED UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS OR (II) IN THE OPINION OF LEGAL COUNSEL FOR GAMBLING.COM GROUP LIMITED 

  20

  

   

  OR OTHER LEGAL OPINION REASONABLY SATISFACTORY TO GAMBLING.COM GROUP LIMITED SUCH DISPOSITION WILL NOT RESULT IN A VIOLATION OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES LAWS OR (III) SOLD PURSUANT TO RULE 144 UNDER THE ACT (PROVIDED THAT THE TRANSFEROR PROVIDES GAMBLING.COM GROUP LIMITED WITH REASONABLE ASSURANCES (IN THE FORM OF A SELLER REPRESENTATION LETTER AND, IF APPLICABLE, A BROKER REPRESENTATION LETTER) THAT THE SECURITIES MAY BE SOLD PURSUANT TO SUCH RULE).

  Section 3.07   Consents and Approvals. Except as set forth in Section 3.02(b) of the Seller Disclosure Letter, no consent of or filing with any Governmental Entity or any other Person, must be obtained or made in connection with the execution and delivery of this Agreement by any Seller or the consummation by the Sellers and the Company of the transactions contemplated by this Agreement, except for any consents, approvals, authorizations or filings which have been obtained or made or, if not made or obtained, would not reasonably be expected to be, individually or in the aggregate, material to the Company.

  Section 3.08   Financial Statements; Undisclosed Liabilities. 

  
   (a)
   
    The Sellers have furnished the Purchaser with true, correct and complete copies of (i) the balance sheet of the Company as at December 31, 2020 (the “Balance Sheet Date”), December 31, 2019, and December 31, 2018, the related statements of income, stockholders’ equity and cash flows, retained earnings and changes in financial position for the fiscal years ended December 31, 2020, December 31, 2019, and December 31, 2018, and (ii) the interim balance sheet of the Company as at September 30, 2021, and the related interim statements of income, stockholders’ equity and cash flows, retained earnings and changes in financial position for the nine (9) months then ended (the interim statements referred to in this clause (ii) being referred to as the “Interim Financial Statements”). The financial statements referred to in clauses (i) and (ii) above (collectively, the “Financial Statements”), except as described therein, have been prepared in accordance with the historical accounting practices of the Company, consistently applied throughout the periods indicated in all material respects, except that the Interim Financial Statements may be subject to year-end adjustments in accordance with the historical accounting practices of the Company. 
   

  

  
   (b)
   
    The Company maintains books and records reflecting its assets and liabilities that are accurate and complete in all material respects, and a system of internal accounting controls that are designed to provide reasonable assurance that: (i) transactions are executed with management’s general or specific authorization, (ii) transactions are recorded as necessary to permit preparation of its financial statements in accordance with the historical accounting practices of the Company, consistently applied, and to maintain accountability for assets, (iii) access to its assets is permitted only in accordance with the management’s general or specific authorization, (iv) all transactions are executed with management’s authorization and accurately recorded in the correct period as necessary to permit the preparation of the Financial Statements, and (v) all material information concerning the Company is made known on a timely basis to the individuals responsible for the preparation of the Financial Statements. Since the Balance Sheet Date, the Company has not effected any change in any method of accounting or keeping of books of account or accounting practice, except for any such change required because of a concurrent change in GAAP.
   

  

  
   (c)
   
    Except as described in Section 3.08(a), the balance sheets of the Company referred to in Section 3.08(a)(i) and (ii) are true and correct and fairly present, in all material respects, the financial position of the Company as at their respective dates, and the related statements of income, stockholders’ equity and cash flows, retained earnings and changes in financial position are true and correct and fairly present, in all material respects, the results of operations, stockholders’ equity and cash flows of the Company and the changes in its financial position for the periods indicated.
   

  

  21

  

   

  
   (d)
   
    The Company does not have any claims or Liabilities, whether primary or secondary, direct or indirect, absolute, accrued, contingent or otherwise, except for (i) claims or Liabilities set forth in the balance sheet of the Company as at the Balance Sheet Date, and (ii) accounts payable to trade creditors and accrued expenses incurred subsequent to the Balance Sheet Date in the ordinary course of business consistent with past practice and that are not and would not reasonably be expected to be, individually or in the aggregate, otherwise material to the Company. As of the date hereof, the Company has no Liabilities for Indebtedness except as set forth in Section 3.08(d) of the Seller Disclosure Letter.
   

  

  
   (e)
   
    The Company is not a party to, or has any commitment to become a party to, any off balance sheet arrangement, including any “off balance sheet arrangement” (as defined in Item 303(a) of Regulation S‐K promulgated by the Securities and Exchange Commission). During and with respect to the time periods or dates reflected on the Financial Statements, none of the Sellers or the Company has received any written material complaint, allegation, assertion or claim regarding deficiencies with respect to the Company in the accounting practices, procedures, methodologies or methods of the Company or its internal accounting controls, including any material written complaint, allegation, assertion or claim that the Sellers or the Company has engaged in legally-improper accounting practices with respect to the Company.
   

  

  Section 3.09   Absence of Certain Changes. Since the Balance Sheet Date, except as set forth in Section 3.09 of the Seller Disclosure Letter, (a) there has not been any event, circumstance, development, state of facts, occurrence, change or effect which has had a Material Adverse Effect, and no event, circumstance, development, state of facts, occurrence, change or effect exists or has occurred which would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect and (b) the Company has not taken any action that, if taken subsequent to the execution of this Agreement and on or prior to the Closing Date, would constitute a breach of any of the covenants set forth in Section 5.03(b).

  Section 3.10   Compliance with Laws. Except as set forth on Section 3.10 of the Seller Disclosure Letter:

  
   (a)
   
    The Company is not currently conducting, and has since January 1, 2017 not conducted, its operations in material violation of any Law or Order applicable to the Company. No Seller has received any notice that any violation of the foregoing is being or may be alleged.
   

  

  
   (b)
   
    Since January 1, 2017, none of the Sellers have received any warning letters, notices of adverse findings, or similar documents that assert a lack of substantial compliance with any applicable Laws, Orders, or regulatory requirements that have not been fully resolved to the satisfaction of specific regulatory authority or any other Governmental Entity, as applicable, and there is no pending or, to the Knowledge of the Seller, threatened regulatory action, investigation or inquiry of any sort (other than non‐material routine or periodic inspections or reviews) against the Company or any of its Subsidiaries.
   

  

  
   (c)
   
    The Company has not, and, to the Knowledge of the Sellers, no Representative of the Company, has, (i) made, paid or received any unlawful bribes, kickbacks or other similar payments to or from any Person (including any customer or supplier) or Governmental Entity, (ii) made or paid any contributions, directly or indirectly, to a domestic or foreign political party or candidate or (iii) made or paid any improper foreign payment (as defined in the Foreign Corrupt Practices Act). The internal accounting controls of the Company are adequate to detect any of the foregoing.
   

  

  Section 3.11   Permits. The Company and its Subsidiaries possess all material federal, state, local and foreign permits, approvals, licenses, authorizations, certificates, rights, exemptions and orders from Governmental Entities (collectively, the “Permits”) that are necessary for the operation of the business of the Company as presently conducted, or that are necessary for the lawful ownership of its respective properties and assets. The Sellers have delivered or made available to the Purchaser for inspection a true 

  22

  

   

  and correct copy of each Permit obtained or possessed by the Company. All such Permits are valid and have not lapsed, been cancelled, terminated or withdrawn. The Company is in compliance with all such Permits in all material respects. No proceeding to modify, suspend, revoke, withdraw, terminate or otherwise limit any such Permit is pending, or, to the Knowledge of the Sellers, threatened, and, to the Knowledge of the Sellers, there is no valid basis for such proceeding, including the transactions contemplated hereby. No administrative or governmental action or proceeding has been taken, or, to the Knowledge of the Sellers, threatened, in connection with the expiration, continuance or renewal of any such Permit and, to the Knowledge of the Sellers, there is no valid basis for any such proceeding.

  Section 3.12   Litigation. There is no investigation, action, suit, proceeding at law or in equity, or any arbitration or any administrative or other proceeding by, before or against any Governmental Entity or any other Person, pending, or, to the Knowledge of the Sellers, threatened, against or affecting the Company, or any of its respective properties, assets or rights, which is or would reasonably be expected to be, individually or in the aggregate, material to the Company. To the Knowledge of the Sellers, there is no valid basis for any such action, proceeding or investigation. The Company is not subject to any Order that materially restricts the operation of the business of the Company or which is or would reasonably be expected to be, individually or in the aggregate, material to the Company.

  Section 3.13   Employee Benefit Plans.

  
   (a)
   
    Section 3.13(a) of the Seller Disclosure Letter sets forth an accurate and complete list of each benefit or compensation plan, program, policy, practice, contract, agreement or other arrangement, covering current or former employees, directors or consultants of the Company, including, but not limited to, “employee benefit plans” within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), employment, consulting, retirement, severance, termination or change in control agreements, deferred compensation, vacation, sick, stock option, stock purchase, stock appreciation rights, stock-based or other equity-based, incentive, bonus, supplemental retirement, profit sharing, insurance, medical, welfare, fringe or other benefits or remuneration of any kind, whether or not in writing and whether or not funded, in each case, which is sponsored, maintained or contributed to, or required to be maintained or contributed to, or with respect to which any potential liability is borne by the Company or any of its respective ERISA Affiliates (each, a “Company Plan” and collectively, the “Company Plans”). The Company has separately identified in Section 3.13(a) of the Seller Disclosure Letter each Company Plan that contains a change in control provision. For purposes of this Agreement, “ERISA Affiliate” means all employers (whether or not incorporated) that would be treated together with the Company as a “single employer” within the meaning of Section 414 of the Code.
   

  

  
   (b)
   
    With respect to each Company Plan, the Company has made available to the Purchaser, to the extent applicable, true, correct and complete copies of (1) all documents embodying such Company Plan, including (without limitation) all amendments thereto and all related trust documents, insurance contracts or other funding vehicles, (2) written descriptions of any Company Plans that are not set forth in a written document, (3) the most recent summary plan description together with the summary or summaries of material modifications thereto, (4) the three most recent annual actuarial valuations, (5) the most recent determination or opinion letter issued by the IRS with respect to any Company Plan and related trust intended to be qualified under Section 401(a) of the Code and any pending request for such a determination letter, (6) the three most recent annual reports (Form 5500 or 990 series and all schedules and financial statements attached thereto), (7) all material correspondence to or from the IRS, the United States Department of Labor (“DOL”), the Pension Benefit Guaranty Corporation or any other Governmental Authority received in the last three years with respect to any Company Plan, including any filings under the IRS’ Employee Plans Compliance Resolution System Program or any of its predecessors or the DOL’s Delinquent Filer Program, (8) the most recent nondiscrimination tests performed under the Code (including 401(k) and 401(m) tests), and (9) all material written agreements and contracts currently 
   

  

  23

  

   

  
   
    in effect, including (without limitation) administrative service agreements, group annuity contracts, and group insurance contracts.
   

  

  
   (c)
   
    Each Company Plan (including any related trusts), other than “multiemployer plans” within the meaning of Section 3(37) of ERISA (each, a “Multiemployer Plan”), has been established, operated and administered in compliance with its terms and applicable Laws, including, without limitation, ERISA and the Code. The Company and each ERISA Affiliate have performed all obligations required to be performed by them under each Company Plan. With respect to the Company Plans, no event has occurred and there exists no condition or set of circumstances in connection with which the Company or any ERISA Affiliate would reasonably expect to be subject to any material liabilities (other than for liabilities with respect to routine benefit claims) under the terms of, or with respect to, such Company Plans, ERISA, the Code or any other applicable Law. The Company nor, to the Knowledge of the Sellers, any other Person or Entity, has made any binding commitment to modify, change or terminate any Company Plan, other than with respect to a modification, change or termination required by ERISA or the Code, and there has been no amendment to, or written interpretation or announcement by the Company regarding any Company Plan that would increase the expense of maintaining such Company Plan above the level or expense incurred with respect to that plan for the most recently completed fiscal year.
   

  

  
   (d)
   
    Each Company Plan intended to be “qualified” within the meaning of Section 401(a) of the Code has received a favorable determination or opinion letter from the IRS or is entitled to rely upon a favorable opinion issued by the IRS, and to the Knowledge of the Sellers, there are no existing circumstances that could reasonably be expected to affect adversely the qualified status of any such Company Plan. 
   

  

  
   (e)
   
    Neither the Company, any Company Plan nor any trustee, administrator or other third-party fiduciary and/or party-in-interest thereof, has engaged in any breach of fiduciary responsibility or any “prohibited transaction” (as such term is defined in Section 406 of ERISA or Section 4975 of the Code) to which Section 406 of ERISA or Section 4975 of the Code applies and which could subject the Company or any ERISA Affiliate to the tax or penalty on prohibited transactions imposed by Section 4975 of the Code. The Company has not engaged in a transaction that would reasonably be expected to result in a civil penalty under Sections 409 or 502(i) of ERISA.
   

  

  
   (f)
   
    Neither the Company nor any ERISA Affiliate is subject to any liability or penalty under Sections 4976 through 4980 of the Code or Title I of ERISA with respect to any Company Plan. All required contributions in respect of any Company Plan have been timely made or properly accrued on the financial statements, and all such contributions are deductible under Section 47 or 404 of the Code. No “reportable event” within the meaning of Section 4043 of ERISA (excluding any such event for which the thirty (30) day notice requirement has been waived under the regulations to Section 4043 of ERISA) has occurred with respect to any Company Plan, nor has any event described in Sections 4062, 4063 or 4041 of ERISA occurred.
   

  

  
   (g)
   
    There are no loans by the Company to any of its current or former employees, other than loans under any Company Plan intended to qualify under Section 401(k) of the Code and routine travel advances made in the ordinary course of business.
   

  

  
   (h)
   
    No Company Plan is (i) a Multiemployer Plan, (ii) a “multiple employer plan” (within the meaning of the Code or ERISA), (ii) a “multiple employer welfare arrangement” (within the meaning of Section 3(40) of ERISA), (iii) a “funded welfare plan” within the meaning of Section 419 of the Code, (iv) a “voluntary employees’ beneficiary associations” under Section 501(c)(9) of the Code, or (v) sponsored by a human resources or benefits outsourcing entity, professional employer organization or other similar vendor or provider.
   

  

  24

  

   

  
   (i)
   
    Except as required by applicable Law, no Company Plan provides retiree or post-employment medical, disability, life insurance or other welfare benefits to any Person, and the Company has no obligation to provide such benefits. To the extent that the Company sponsors any such plan, the Company has reserved the right to amend, terminate or modify at any time all plans or arrangements providing for retiree health or medical or life insurance coverage.
   

  

  
   (j)
   
    The Company has never maintained, established, sponsored, participated in or contributed to any self-insured plan that provides benefits to employees (including any such plan pursuant to which a stop loss policy or contract applies).
   

  

  
   (k)
   
    The Company is in material compliance with (i) the applicable health care continuation and notice provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), or any state Law governing health care coverage extension or continuation; (ii) the applicable requirements of the Family and Medical Leave Act of 1993 and the regulations thereunder; (iii) the applicable requirements of HIPAA; (iv) the applicable requirements of the Patient Protection and Affordable Care Act and its companion bill, the Health Care and Education Reconciliation Act of 2010; and (v) the applicable requirements of the Cancer Rights Act of 1998. The Company has no material unsatisfied obligations to any current or former employees or their qualified beneficiaries pursuant to COBRA, HIPAA or any other Law governing health care coverage extension or continuation.
   

  

  
   (l)
   
    Neither the execution and delivery of this Agreement, shareholder or other approval of this Agreement nor the consummation of the Transactions could, either alone or in combination with another event, (i) entitle any employee, director, officer or independent contractor of the Company to severance pay or any material increase in severance pay, (ii) accelerate the time of payment or vesting, or materially increase the amount of compensation due to any such employee, director, officer or independent contractor, (iii) directly or indirectly cause the Company to transfer or set aside any assets to fund any material benefits under any Company Plan, (iv) otherwise give rise to any material liability under any Company Plan, (v) limit or restrict the right to merge, materially amend, terminate or transfer the assets of any Company Plan on or following the Effective Time, (vi) require a “gross-up,” indemnification for, or other payment to any “disqualified individual” within the meaning of Section 280G(c) of the Code due to the imposition of the excise tax under Section 4999 of the Code on any payment to such disqualified individual or due to the failure of any payment to such disqualified individual to be deductible under Section 280G of the Code or (vii) result in the payment of any amount that could, individually or in combination with any other such payment, constitute an “excess parachute payment” as defined in Section 280G(b)(1) of the Code. The Company has made available to the Purchaser true, correct and complete copies of any Section 280G calculations prepared (whether or not final) with respect to any disqualified individual in connection with the Transactions.
   

  

  
   (m)
   
    Each Company Plan can be amended, terminated or otherwise discontinued after the Effective Time in accordance with its terms, without material liabilities to the Purchaser, Parent or the Company other than ordinary administration expenses typically incurred in a termination event.
   

  

  
   (n)
   
    Each Company Plan that is a “nonqualified deferred compensation plan” (as such term is defined in Section 409A(d)(1) of the Code) has been administered in compliance with its terms and the operational and documentary requirements of Section 409A of the Code and the regulations thereunder. The Company has no obligation to gross up, indemnify or otherwise reimburse any individual for any excise taxes, interest or penalties incurred pursuant to Section 409A of the Code or otherwise.
   

  

  25

  

   

  Section 3.14   Labor Matters.

  
   (a)
   
    Section 3.14(a) of the Seller Disclosure Letter contains an accurate and complete list of each current employee of the Company as of the date hereof, including any employee who is on a leave of absence of any nature, paid or unpaid, authorized or unauthorized, including disability, family or other leave, sick leave or on layoff status subject to recall, and shows with respect to each such employee (as applicable): (i) the name of such employee and the date as of which such employee was originally hired by the Company, and whether the employee is on an active or inactive status, (ii) such employee’s title, (iii) such employee’s annualized compensation as of the date of this Agreement, including base salary, vacation and paid time off accrual amounts, bonus and commission potential, severance pay potential and any other compensation forms, if applicable, (iv) whether such employee is not fully available to perform work because of a qualified disability or other leave and, if applicable, the type of leave (e.g., disability, workers compensation, family or other leave protected by applicable Law) and the anticipated date of return to full service, (v) each employee's designation as either exempt or non-exempt from the overtime requirements of the Fair Labor Standards Act or other relevant Law, if applicable, (vi) the employee’s principal place of employment, (vii) visa status, and (ix) any governmental authorization, permit or license that is held by such employee and that is used in connection with the Company’s business.
   

  

  
   (b)
   
    Section 3.14(b) of the Seller Disclosure Letter contains an accurate and complete list of: (i) all current consultants, independent contractors, and Persons that have a consulting or advisory relationship with the Company, (ii) the location at which independent contractors, consultants and advisors have been or are providing services, and (iii) the rate of all regular payments, bonus or any other compensation payable to the current independent contractors, consultants and advisors. All independent contractors, consultants and advisors to the Company or any of its subsidiaries can be terminated without more than thirty (30) days’ notice or Liability on the part of the Company. The Company has no outstanding obligations with respect to former independent contractors, consultants and advisors. Neither the Company nor any of its subsidiaries engage any personnel through staffing agencies.
   

  

  
   (c)
   
    The Company has made available to the Purchaser copies of all employee manuals and handbooks, policy statements and other materials in effect as of the date hereof relating to the employment of the employees of the Company.
   

  

  
   (d)
   
    The Company is not a party to, bound by, negotiating or required to negotiate any collective bargaining agreement or other agreement with a labor union or other labor organization. No employees of the Company are represented by any labor union or other labor organization. There are no activities or proceedings of any labor union or other labor organization to organize any employees of the Company and no demand for recognition or certification as the exclusive bargaining representative of any employees has been made by or on behalf of any labor union or other labor organization. 
   

  

  
   (e)
   
    The Company has never engaged in any unfair labor practice that has resulted or could reasonably be expected to result, individually or in the aggregate, in any material liability to the Company. There is no unfair labor practice charge against the Company pending or, to the Knowledge of the Sellers, threatened before the National Labor Relations Board or any similar labor relations authority that could reasonably be expected to result in any material liability to the Company.
   

  

  
   (f)
   
    The Company is, and has been, in compliance in all material respects with all applicable Laws and Orders respecting labor, employment, fair employment practices (including equal employment opportunity laws), terms and conditions of employment, classification of employees, workers’ compensation, occupational safety and health, immigration, affirmative action, employee and data privacy, plant closings, and wages and hours. There is no pending or, to the Knowledge of the Sellers, threatened charge, complaint, arbitration, audit or investigation brought by or on behalf of, or otherwise involving, any 
   

  

  26

  

   

  
   
    current or former employee, any person alleged to be a current or former employee, any applicant for employment, or any class of the foregoing, or any Governmental Entity, that involve the labor or employment relations and practices of the Company that could reasonably be expected to result, individually or in the aggregate, in any material liability to the Company.
   

  

  
   (g)
   
    All payments due from the Company on account of any wages, salaries, commissions, bonuses or other direct compensation for any services performed for the Company, and employee health and welfare insurance and other benefits, have been paid or properly accrued as a liability on the books of the Company.
   

  

  
   (h)
   
    To the Knowledge of the Sellers, no senior executive or other key employee of the Company is party to any confidentiality, non-competition, non-solicitation, proprietary rights or other such agreement that would materially restrict the performance of such Person’s employment duties with the Company or the ability of the Company to conduct its business.
   

  

  
   (i)
   
    The Company has not incurred any liability or obligation under the Worker Adjustment and Retraining Notification Act or any similar state or local Law that remains unsatisfied.
   

  

  
   (j)
   
    All independent contractors are and were correctly classified as independent contractors and are not entitled to any employment rights or benefits from the Company. No individual who has performed services for the Company has been improperly excluded from participation in any Company Plan, and the Company has no direct or indirect liability, whether actual or contingent, with respect to any misclassification of any person as an independent contractor rather than as an employee, with respect to any misclassification of any employee as exempt versus non-exempt, or with respect to any employee leased from another employer. 
   

  

  
   (k)
   
    As of the date hereof, except as set forth in Section 3.14(k) of the Seller Disclosure Letter, no senior executive or other key employee of the Company has stated his or her intention to terminate his or her employment prior to or as a result of or following the consummation of the transactions contemplated by this Agreement.
   

  

  Section 3.15   Tax Matters.

  
   (a)
   
    Tax Returns. Except as set forth in Section 3.15(a) of the Seller Disclosure Letter, the Company has filed or caused to be filed, or shall file or cause to be filed, all material returns, statements, forms and reports for Taxes (each, a “Return”) that are required to be filed by, or with respect to, the Company on or prior to the Closing Date (taking into account any applicable extension of time within which to file).
   

  

  
   (b)
   
    Payment of Taxes. Except as set forth in Section 3.15(b) of the Seller Disclosure Letter, all material Taxes and material Tax liabilities of the Company that are due and payable on or prior to the Closing Date have been (or will be) paid on or prior to the Closing Date or accrued on the books and records of the Company. Any Taxes or Tax Liabilities that relate to a Pre-Closing Period that are not yet due and payable (i) for periods covered by the Financial Statements have been properly accrued and adequately disclosed on the Financial Statements and (ii) for periods not covered by the Financial Statements the Company has not incurred Taxes other than in the ordinary course of business.
   

  

  
   (c)
   
    Other Tax Matters. 
   

  

  
   (i)
   
    The Company is not currently or has not been the subject of an audit or other examination relating to the payment of a material amount of Taxes of the Company by the Tax 
   

  

  27

  

   

  
   
    authorities of any nation, state or locality (and no such audit is pending or, to the Knowledge of the Sellers, contemplated) nor has the Company received any written notices from any Taxing authority that such an audit or examination is pending or relating to any issue which would reasonably be expected to affect the Tax liability of the Company.
   

  

  
   (ii)
   
    The Company (A) has not entered into a written agreement or waiver extending any statute of limitations relating to the payment or collection of a material amount of Taxes of the Company that has not expired or (B) is not presently contesting any material Tax liability of the Company before any Governmental Entity.
   

  

  
   (iii)
   
    The Company has not been included in any “consolidated”, “unitary” or “combined” Return provided for under the Law of the United States, any non‐U.S. jurisdiction or any state or locality with respect to Taxes for any taxable period for which the statute of limitations has not expired.
   

  

  
   (iv)
   
    All Taxes that the Company are (or were) required by Law to withhold or collect in connection with amounts paid or owing to any employee, independent contractor, creditor, stockholder, member or other Person have been duly withheld or collected, and have been timely paid over to the proper authorities to the extent due and payable.
   

  

  
   (v)
   
    To the Knowledge of the Sellers, no written claim has ever been made by any Taxing authority in a jurisdiction where the Company does not file Returns that the Company is or may be subject to taxation by that jurisdiction.
   

  

  
   (vi)
   
    No Seller is a “foreign person” within the meaning of Section 1445 of the Code.
   

  

  
   (vii)
   
    There are no Tax‐sharing, allocation, indemnification or similar Contracts in effect as between the Company or any predecessor or Affiliate thereof and any other party (including the Sellers) under which the Purchaser or the Company could be liable for any Taxes or other claims of any party.
   

  

  
   (viii)
   
    The Sellers have delivered or made available to the Purchaser true and complete copies, including all amendments thereto, of each of the Returns for income Taxes filed on behalf of the Company since January 1, 2018.
   

  

  
   (ix)
   
    The Company will not be required to include any material item of income in, or exclude any material item of deduction from, taxable income for any taxable period (or portion thereof) ending after the Closing Date as a result of any of the following that occurred or exists on or prior to the Closing Date: (A) a “closing agreement” as described in Section 7121 of the Code (or any corresponding or similar provision of state, local or non‐U.S. income Tax Law); (B) an installment sale or open transaction; (C) a prepaid amount; (D) an intercompany item under Treasury Regulation Section 1.1502‐13 or an excess loss account under Treasury Regulation Section 1.1502‐19; or (E) a change in the accounting method of the Company pursuant to Section 481 of the Code or any similar provision of the Code or the corresponding Tax Laws of any nation, state or locality.
   

  

  
   (x)
   
    During the five (5) year period ending on the date of this Agreement, the Company was not a distributing corporation or a controlled corporation in a transaction intended to be governed by Section 355 of the Code.
   

  

  28

  

   

  
   (xi)
   
    The Company has not engaged in a “reportable transaction” within the meaning of Treasury Regulations Section 1.6011‐4(b).
   

  

  
   (xii)
   
    The Company is and has been since inception treated as a subchapter C corporation for U.S. federal income tax purposes. 
   

  

  
   (xiii)
   
    There are no Liens for Taxes upon the assets or properties of the Company, except for Permitted Liens.
   

  

  
   (xiv)
   
    The Company has not deferred or delayed the payment of any Taxes under provisions of the CARES Act or any executive order, or has otherwise availed themselves of any Tax benefits or deferrals provided under the CARES Act.
   

  

  Section 3.16   Cybersecurity and Intellectual Property. 

  
   (a)
   
    Section 3.16(a) of the Seller Disclosure Letter sets forth a complete, true and accurate list of all patented or registered Intellectual Property and patent applications and other applications for registration of Intellectual Property owned by (or relating to, used in, or held for use in the business of) the Company or any of its Subsidiaries (the “Registered Intellectual Property”), listing for each entry the record and beneficial owner(s), jurisdiction(s) and registration and application number(s) and date(s). Copies of all items of Owned IP that have been reduced to writing or other tangible form have been delivered by Sellers to Purchaser (including true and complete copies of all related licenses, and amendments and modifications thereto, and advertising materials). The Registered Intellectual Property is valid, subsisting and enforceable
   

  

  
   (b)
   
    Except as otherwise indicated on such schedule, the Registered Intellectual Property required to be listed in Section 3.16(a) of the Seller Disclosure Letter has been duly registered in, filed in, or issued by the United States Patent and Trademark Office (“USPTO”), United States Copyright Office (“USCO”), a duly accredited and appropriate domain name registrar, the appropriate offices in the various states of the United States, and the appropriate offices of other jurisdictions (foreign and domestic), and each such registration, filing, and issuance remains valid and binding and has not been terminated or repudiated as of the Closing Date. None of the Registered Intellectual Property has been cancelled, abandoned, or otherwise terminated, and all renewal and maintenance fees in respect thereof have been duly paid. There are no actions that must be taken or payments that must be made by the Company within one hundred eighty (180) days following the Closing Date that, if not taken, will adversely affect the Registered Intellectual Property. The Company has the exclusive right to file, prosecute and maintain all applications and registrations with respect to the Registered Intellectual Property.
   

  

  
   (c)
   
    Except as set forth in Section 3.16(c) of the Seller Disclosure Letter, the Company possesses and solely and exclusively owns all right, title, and interest in and to all Owned IP and owns or has the right to use pursuant to a valid and enforceable written license agreement listed in the Seller Disclosure Letter all other Intellectual Property and IT Assets used in or necessary for the conduct of their businesses, in each case, free and clear of all Liens (other than Permitted Liens) or any restrictive Orders, and none of the foregoing will be adversely impacted by (nor will require the payment or grant of additional amounts or consideration as a result of or the consent, approval or authorization of, notification to or waiver from any Person) the execution, delivery, or performance of this Agreement or the consummation of the transactions contemplated hereby. Neither the Company nor any of its Subsidiaries is subject to any outstanding Order that would restrict their use or ownership of any Owned IP, or would impair the validity or enforceability of any Owned IP.
   

  

  29

  

   

  
   (d)
   
    (i) None of the Company or its Subsidiaries nor the conduct of their businesses (including the manufacturing, marketing, licensing, sale or distribution of products and services and the general conduct and operations of the respective businesses of the Company and its Subsidiaries) did or does violate, infringe, dilute, misappropriate, misuse, or otherwise conflict with any Intellectual Property rights of any Person, including any right of privacy or publicity, and is not libelous, slanderous, or defamatory nor constitute unfair competition or trade practices. (ii) Neither the Company nor any of its Subsidiaries has received any oral or written notice, threat, offer to license, or claim from any Person (and there are no pending or, to the Knowledge of the Sellers, threatened, claims, litigations or proceedings by any Person or Governmental Entity) either (A) alleging any of the foregoing or (B) contesting the enforceability, validity, ownership of, or the Company’s or any of its Subsidiaries’ right to use any Owned IP (including Internet domain names) and neither the Company, its Subsidiaries, nor any of the Sellers know of any valid basis for any such claims. There are no interferences, cancellation proceedings, oppositions, or other contested proceedings pending or, to the Knowledge of the Sellers, threatened, in the USPTO, USCO, or any Governmental Entity or other entity relating to any pending application, registration or issuance with respect to Owned IP. 
   

  

  
   (e)
   
    Neither the execution, delivery or performance of this Agreement or any other agreements or instruments of transfer, conveyance and assignment contemplated hereby or thereby will, with or without notice or lapse of time, result in, or give any other Person the right or option to cause or declare, (i) any alteration, encumbrance, impairment, or extinguishing of any Intellectual Property right of the Company or any of its Subsidiaries or any Company IT Asset (including a loss of, or Lien on, any Owned IP), (ii) a breach of or default under any of the IP Licenses, or (iii) the grant, assignment or transfer to any other Person of any license, immunity, covenant not to assert or compete, or other right, title, or interest in, to or under any Owned IP or any Intellectual Property rights owned or controlled by Purchaser or any of its Affiliates.
   

  

  
   (f)
   
    To the Knowledge of the Sellers, no Person is infringing, diluting, violating, misappropriating or otherwise misusing Owned IP nor has the Company or any of its Subsidiaries made any claim of a violation, infringement, misuse, dilution or misappropriation by any Person (including any employee or former employee of Seller or the Company) of its rights to, or in connection with any Owned IP, which claim is still pending.
   

  

  
   (g)
   
    The Company has executed and secured valid written assignments of ownership from all Persons (including past and present consultants, contractors and employees) who have contributed to the creation or development of any Intellectual Property for or on behalf of the Company or any of its Subsidiaries pursuant to which all rights, title, and interest therein and thereto are presently and validly assigned to the Company (or all such rights, title, and interest therein have vested in the Company by operation of Law). Such assignments also contain representations from such Persons that no Person owns Intellectual Property covering the work that such Person has contributed or will contribute to the respective businesses of the Company.
   

  

  
   (h)
   
    The Company has taken all necessary or reasonable steps consistent with best practices in the industry in which the Company and its Subsidiaries operate to (a) protect and maintain the Owned IP and (b) protect and preserve the secrecy and confidentiality of all of their Trade Secrets and all use by, or, disclosure to or appropriation thereof by or to any Person (including any past or present consultant, contractor or employee) has been pursuant to the terms of a written agreement between such Person and the Company and its Subsidiaries. None of the Company or its Subsidiaries has breached any Contracts of non‐disclosure or confidentiality with respect to Intellectual Property.
   

  

  30

  

   

  
   (i)
   
    The Company has not entered into any Contract to indemnify any other Person against any charge of infringement of any Intellectual Property, other than indemnification provisions contained in purchase orders or license agreements arising in the ordinary course of business.
   

  

  
   (j)
   
    Neither the Company nor an of its Subsidiaries has received any funding or other resources from, or used any resources, personnel, or facilities of, any Governmental Entity, university, institution or similar Person in connection with the creation, development, marketing, distribution, sale, offer for sale or other commercialization of any Owned IP, nor does any Governmental Entity, university, institution or similar Person have any rights, title or interest in or to any Owned IP (whether express or implied, whether contractual or by operation of Law). Neither the Company nor an of its Subsidiaries is a member of or party to any patent pool, industry standards body, trade association or other organization pursuant to the rules of which it is obligated to license any Owned IP to any Person.
   

  

  
   (k)
   
    The Company and its Subsidiaries are in compliance with the terms and conditions of all licenses for “free software,” “open source software” or under a similar licensing or distribution term (“Open Source Materials”, which includes, for clarity, the GNU General Public License (GPL), GNU Lesser General Public License (LGPL), Affero General Public License (AGPL), Mozilla Public License (MPL), MIT license, BSD licenses, the Artistic License, the Netscape Public License, the Sun Community Source License (SCSL), the Sun Industry Standards License (SISL) and the Apache License) used by the Company or any of its Subsidiaries or the Owned IP in any way. Neither the Company nor any of its Subsidiaries has (i) incorporated Open Source Materials into, or combined Open Source Materials with, any Proprietary Software or other Owned IP, (ii) distributed Open Source Materials in conjunction or connection with any Proprietary Software or other Owned IP, or (iii) used Open Source Materials in or in connection with any Proprietary Software or other Owned IP (including, in each case, any Open Source Materials that require, as a condition of use, modification and/or distribution of such Open Source Materials that other Software incorporated into, derived from or distributed with such Open Source Materials be (A) disclosed or distributed in source code form, (B) licensed for the purpose of making derivative works or (C) redistributable at no charge), in each case of the foregoing clauses (i), (ii) and (iii), in such a way that grants or otherwise requires the Company or any of its Subsidiaries to license, grant rights or otherwise provide or disclose to any third party any Proprietary Software or other Owned IP, including the source code for any Proprietary Software or otherwise imposes any limitation, restriction or condition on the right or ability of the Company to use, distribute or enforce any Owned IP in any manner (collectively, “Copyleft Terms”). No third Person has been granted any current or contingent right, license, access (except access to employees or contractors who are subject to reasonable nondisclosure and nonuse obligations with respect thereto solely to the extent necessary for such Persons to provide development services to the Company or its Subsidiaries regarding such Proprietary Software), or interest in or to the source code of any Proprietary Software. No source code for any Proprietary Software has been disclosed to, is in the possession of, or has been placed in escrow with any Person, except to employees or contractors who are subject to reasonable nondisclosure and nonuse obligations with respect thereto solely to the extent necessary for such Persons to provide development services to the Company or its Subsidiaries regarding such Proprietary Software.
   

  

  
   (l)
   
    The Company IT Assets are adequate, sufficient, and satisfactory for, and operate and perform as currently required in accordance with their documentation and functional specifications and otherwise as required in connection with, the operation of the Company’s and its Subsidiaries’ respective businesses in the manner in which they are presently conducted and presently contemplated to be conducted in the future. The Company and its Subsidiaries have implemented commercially reasonable security (or have required that commercially reasonable security be implemented) regarding the confidentiality, integrity, and availability of (i) data and information in its possession, custody, or control or held or processed on its behalf and (ii) Company IT Assets and Proprietary Software products, including backup, anti-virus, security and disaster recovery technology, policies and procedures consistent with applicable 
   

  

  31

  

   

  
   
    legal and regulatory standards and customary industry practices. During the three (3) years prior to the date of this Agreement, no Person has gained unauthorized access to any Company IT Assets or Proprietary Software, and there has been no material failure thereof. The Company has not experienced any security incident that has compromised the integrity or availability of the Company IT Assets or Proprietary Software in any material respect and there has been no material loss, damage, or unauthorized access, disclosure, use, or breach of security of any information in its possession, custody or control or otherwise held or processed on its behalf. None of the Company IT Assets or Proprietary Software contains any “time bombs,” “Trojan horses,” “back doors,” “trap doors,” worms, viruses, spyware, keylogger software, or other faults or malicious code or damaging devices. 
   

  

  
   (m)
   
    Neither Sellers nor any of their Affiliates, other than the Company and its Subsidiaries, has any rights in or to any Owned IP or is a party to any Contract involving Owned IP. The Company IT Assets are not shared with any Person (other than the Company).
   

  

  
   (n)
   
    The Company complies with, and has complied with, all applicable Laws, consents, Contracts, industry standards, and its own rules, policies and procedures, relating to privacy, data security, cybersecurity and data protection in all relevant jurisdictions. There are no claims, investigations, or alleged violations of Law or Contract with respect to personal data or information security-related incidents that have been asserted or threatened against the Company and the consummation of the transactions contemplated by this Agreement will not result in any such violation. The Company has not been notified or been required by applicable Law or Contract to notify in writing, any person or entity of any personal data or information security-related incident.
   

  

  
   (o)
   
    The Company has in place privacy policies regarding the collection, use and disclosure of personal information in its possession, custody or control, or otherwise held or processed on its behalf. The execution, delivery and performance of this Agreement complies with all applicable Laws relating to privacy and with the Company's privacy policies. The Company has at all times made all disclosures required by applicable Laws relating to privacy, data, data security or cybersecurity, and none of such disclosures made or contained in any such privacy policy has been inaccurate, misleading or deceptive or in violation of any applicable Laws.
   

  

  
   (p)
   
    The Company has implemented, and required that its third party vendors implement, adequate policies and commercially reasonable security (a) regarding the collection, use, disclosure, retention, processing, transfer, confidentiality, integrity, and availability of personal data, and business proprietary or sensitive information, in its possession, custody, or control, or held or processed on its behalf, and (b) regarding the integrity and availability of the Company IT Assets. The Company has not experienced any information security incident that has compromised the integrity or availability of the Company IT Assets, and there has been no loss, damage, or unauthorized access, disclosure, use, or breach of security of any Company information in its possession, custody, or control, or otherwise held or processed on its behalf.
   

  

  Section 3.17   Broker’s or Finder’s Fees. 

  
   (a)
   
    Except for the fees of Paramax Corporation (whose fees and expenses shall be paid by the Sellers), no agent, broker, Person or firm acting on behalf of either the Sellers or the Company is, or shall be, entitled to any broker’s fees, finder’s fees or commissions from the Company or any of the other parties hereto, or from any of their Affiliates, in connection with this Agreement or any of the transactions contemplated hereby.
   

  

  
   (b)
   
    Set forth in Section 3.17(b) of the Seller Disclosure Letter is a list of the consultants, financial advisors, attorneys, accountants and other similar agents, service providers and representatives 
   

  

  32

  

   

  
   
    retained by the Sellers or the Company who are providing services in connection with the transactions contemplated by this Agreement. The fees, costs and expenses of the Persons set forth in Section 3.17(b) of the Seller Disclosure Letter, to the extent not paid by the Sellers prior to the Closing, shall constitute Company Transaction Expenses. The Company has no or shall have no liability for any expenses of the Sellers incurred in connection with the preparation, execution and consummation of this Agreement and the Closing other than the expenses of such Persons which constitute Company Transaction Expenses.
   

  

  Section 3.18   Material Contracts. 

  
   (a)
   
    Section 3.18(a) of the Seller Disclosure Letter sets forth an accurate and complete list as of the date hereof of the following Contracts (each such Contract required to be set forth on such Schedule, a “Material Contract”) to which the Company or any of its Subsidiaries is a party or by which any of them are bound:
   

  

  
   (i)
   
    all Contracts that contain restrictions with respect to payment of dividends or any other distribution in respect of the capital stock or other equity interests of the Company;
   

  

  
   (ii)
   
    all Contracts (A) relating to capital expenditures or (B) other purchases of material, supplies, equipment or other assets or properties or services (other than purchase orders for inventory or supplies in the ordinary course of business) for consideration of at least $10,000;
   

  

  
   (iii)
   
    all Contracts involving a loan (other than accounts receivable owing from trade debtors in the ordinary course of business) or advance to (other than travel and entertainment advances to the employees of the Company extended in the ordinary course of business), or investment in, any Person or any Contract relating to the making of any such loan, advance or investment;
   

  

  
   (iv)
   
    all Contracts involving Indebtedness of the Company (except, for the purposes of this Section 3.18(a)(iv), not including Contracts with obligations or commitments to deliver goods or services to prepaying customers) or granting or evidencing a Lien on any property or asset of the Company, other than a Permitted Lien;
   

  

  
   (v)
   
    all Contracts under which any Person (other than the Company) has directly or indirectly guaranteed Indebtedness of the Company or the Company has directly or indirectly guaranteed Indebtedness of any other Person;
   

  

  
   (vi)
   
    any management service, consulting, financial advisory or any other similar type Contract and all Contracts with investment or commercial banks under which the Company will continue to have obligations following the Closing;
   

  

  
   (vii)
   
    all Contracts materially limiting the ability of the Company to engage in any line of business or to compete with any Person or in any geographical area;
   

  

  
   (viii)
   
    all Contracts (other than this Agreement and any agreement or instrument entered into pursuant to this Agreement) with (A) any Seller, any other Affiliate of the Company or any Affiliate of any Seller (other than the Company) or (B) any current or former officer or director of the Company;
   

  

  
   (ix)
   
    all Contracts (including letters of intent) (A) involving the future disposition or acquisition of assets or properties, or any merger, consolidation or similar business combination transaction, whether or not enforceable, or (B) relating to the acquisition or disposition by the 
   

  

  33

  

   

  
   
    Company of any operating business or the capital stock or other equity interests of any other Person pursuant to which the Company has continuing rights or obligations as of the date hereof;
   

  

  
   (x)
   
    all Contracts with consideration of at least [***] involving any joint venture, partnership, strategic alliance, shareholders’ agreement, co‐marketing, co‐promotion, co‐packaging, joint development or similar arrangement;
   

  

  
   (xi)
   
    all Contracts involving any resolution or settlement of any actual or threatened litigation, arbitration, claim or other dispute;
   

  

  
   (xii)
   
    all Contracts (A) for the employment of any officer, individual employee or other Person on a full‐time or consulting basis who cannot be dismissed immediately without notice and without liability or obligation of any kind whatsoever and (B) Contracts requiring the severance payments or payments upon a change‐in‐control;
   

  

  
   (xiii)
   
    all customer Contracts under which Company and its Subsidiaries have received, in the aggregate, more than [***] in gross revenue within the twelve (12) month period prior to the date hereof or in the 12 month period following the Closing Date;
   

  

  
   (xiv)
   
    all Contracts that involve the performance of services for, or delivery of goods or materials to, the Company during the twelve (12) month period immediately prior to the date hereof which Company and its Subsidiaries paid or are obligated to pay, in the aggregate, more than $75,000 relating to such services, goods, or materials during such twelve (12) month period;
   

  

  
   (xv)
   
    all Contracts pursuant to which the Company or any of its Subsidiaries (A) grants to a Person of any right or immunity relating to or under any Owned IP that is (1) exclusive or (2) otherwise material; (B) is restricted from using any Owned IP; or (C) receives any right or immunity relating to or under the Intellectual Property of any Person or Company IT Assets material to the conduct of the businesses (collectively, “IP Licenses”), provided, however, that none of the following shall be required to be listed on Schedule 3.18(a)(xv) but shall be deemed to be listed on such schedule for hereof if they otherwise qualify: (x) non-exclusive licenses of Owned IP granted to customers or service providers in the ordinary course of business consistent with past practice or (y) licenses of uncustomized, mass-marketed or otherwise generally commercially available Software licensed on standard terms and conditions;
   

  

  
   (xvi)
   
    any Contract that restricts the Company or any of its Affiliates from competing with any Person or engaging in any line of business or activity in any part of the world;
   

  

  
   (xvii)
   
    any Contract providing for the grant to any third-party of any right of first refusal or other similar rights to purchase any of the Company’s assets, properties or businesses;
   

  

  
   (xviii)
   
    each contract in which the Company or any of its Affiliates has granted “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase a minimum quantity of goods or services or has agreed to purchase goods or services exclusively from a specified person (or group of persons); and
   

  

  
   (xix)
   
    any Contract providing for on-going indemnification obligations as of the date of this Agreement by the Company other than in respect of the performance of its obligations under Contracts or other arrangement to which it is a party for goods or services furnished by or to it.Each Material Contract set forth in Section 3.18(a) of the Seller Disclosure Letter (or required to be set forth in Section 3.18(a) of the Seller Disclosure Letter) has not been terminated or been repudiated.
   

  

  34

  

   

  
   (b)
   
    Each Material Contract is in full force and effect and is the legal, valid and binding obligation of the Company and each of the other parties thereto, enforceable in accordance with the terms thereof, except to the extent that its enforceability may be subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar Laws relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or at Law) or the implied covenant of good faith and fair dealing. To the Knowledge of the Sellers, there exists no default or event of default, nor any event, occurrence, condition or act (including the purchase of the Shares hereunder) which, with the giving of notice, the lapse of time or the happening of any other event or condition, would become a default or event of default thereunder with respect to any Material Contract other than any such default, event of default, event, occurrence, condition or act which has not had and would not reasonably be expected to be, individually or in the aggregate, material to the Company. To the Knowledge of the Sellers, all of the covenants to be performed by any other party to any Material Contract set forth in Section 3.18(a) of the Seller Disclosure Letter (or required to be set forth in Section 3.18(a) of the Seller Disclosure Letter) have been fully performed in all material respects. The Sellers have delivered or made available to the Purchaser true and complete copies, including all amendments, of each Contract set forth in Section 3.18(a) of the Seller Disclosure Letter.
   

  

  Section 3.19   Environmental Matters. 

  
   (a)
   
    The Sellers have delivered to the Purchaser complete and accurate copies and results of all reports, studies, analyses, tests, or monitoring possessed or initiated by any of the Sellers or the Company pertaining to Hazardous Materials in, on, or under any real property or facility at any time owned, leased, or operated by the Company or any of its corporate predecessors, or concerning compliance by the Sellers, the Company or any other Person for whose conduct any of the Sellers or the Company is or may be held responsible, with Environmental Laws. 
   

  

  
   (b)
   
    The Company and each real property or facility at any time owned, leased, or operated by the Company or any of its corporate predecessors is, and since January 1, 2017 has been, in compliance with all applicable Environmental Laws and Permits required under applicable Environmental Law (which compliance includes having obtained all such Permits), other than, in each case, any such non‐compliance that, individually or in the aggregate, is not and would not reasonably be expected to be material to the Company. 
   

  

  
   (c)
   
    To the Knowledge of the Sellers, neither the Company nor any or real property or facility at any time owned, leased, or operated by the Company or any of its corporate predecessors has any obligation with respect to any response costs, corrective action costs, personal injury, natural resource damages, property damage or any investigative, corrective or remedial activities with respect to the release, manufacture, marketing, distribution, labeling, transportation or handling of, or the exposure to, any substance (including any Hazardous Materials) at any property, pursuant to any requirements of Environmental Law or any Permit required under Environmental Law, except as, individually or in the aggregate, is not and would not reasonably be expected to be material to the Company.
   

  

  
   (d)
   
    There are no claims, proceedings, investigations or actions by any Governmental Entity or other Person pending, or to the Knowledge of the Sellers, threatened against the Company under any Environmental Law except as, individually or in the aggregate, are not and would not reasonably be expected to be material to the Company. 
   

  

  
   (e)
   
    The Company has not assumed, either contractually or by operation of Law, the Liability of any other Person under any Environmental Law except as provided under any real property lease agreement and as, individually or in the aggregate, is not and would not reasonably be expected to be material to the Company. 
   

  

  35

  

   

  
   (f)
   
    Neither the Company nor any of its corporate predecessors has released any Hazardous Materials at any real property or facility at any time owned, leased, or operated by the Company or any of its corporate predecessors, at levels that would reasonably be expected to give rise to any claim, proceeding, or action, or to any Liability under any Environmental Law except as, individually or in the aggregate, are not and would not reasonably be expected to be material to the Company. 
   

  

  Section 3.20   Real Property. 

  
   (a)
   
    The Company does not own, and has never owned, any interest in real property.
   

  

  
   (b)
   
    Section 3.20(b) of the Seller Disclosure Letter contains an accurate and complete list as of the date hereof of all leases of real property (collectively with all amendments and modifications thereto and guarantees thereof, the “Real Property Leases”) to which the Company is a party (as lessee, sublessee, sublessor or lessor) and sets forth the role of the Company and the street address of such leased real property. Each Real Property Lease is valid and binding and has not been terminated or repudiated. True and complete copies of such Real Property Leases have been delivered or made available to the Purchaser. To the Knowledge of the Sellers, all of the covenants to be performed by any other party under any such Real Property Lease have been fully performed in all material respects by such Person.
   

  

  
   (c)
   
    The Company does not sublease or sublicense any of the leased real property or any portion thereof to any other Person.
   

  

  
   (d)
   
    With respect to each Real Property Lease pursuant to which the Company is a lessee or sublessee: the Company has valid leasehold interests in all leased real property described in each Real Property Lease, free and clear of any and all Liens, except for Permitted Liens, and in each case, the Company has been in peaceable possession since the commencement of the original term of such Real Property Lease and is not in default thereunder and there exists no default or event, occurrence, condition or act (including the purchase of the Shares hereunder) in respect of or on the part of the Company which, with the giving of notice, the lapse of time or the happening of any further event or condition, would become a default or event of default under any such Real Property Lease, other than any such default or event of default which has not had and would not reasonably be expected to be, individually or in the aggregate, material to the Company. Each Real Property Lease is in full force and effect and is the legal, valid and binding obligation of the Company and each of the other parties thereto, enforceable in accordance with the terms thereof, except to the extent that its enforceability may be subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar Laws relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or at law) or the implied covenant of good faith and fair dealing. To the Knowledge of the Sellers, all of the buildings, structures and appurtenances that are the subject of the Real Property Leases are in good operating condition (ordinary wear and tear excepted), are adequate and suitable for the purposes for which they are presently being used and, with respect to each, the Company has adequate rights of ingress and egress for operation of the business of the Company in the ordinary course. To the Knowledge of the Sellers, no condemnation proceeding is pending or threatened which would preclude or impair the use of any such leased real property by the Company for the purposes for which it is currently used.
   

  

  Section 3.21   Interests in Clients, Suppliers, Etc.; Affiliate Transactions. Except as set forth in Section 3.21 of the Seller Disclosure Letter: (a) there are no Contracts or Liabilities between the Company, on the one hand, and any Seller or any of their Affiliates (other than the Company), on the other hand and (b) the Sellers, its Affiliates (other than the Company) and the directors and officers of the Company do not possess, directly or indirectly, any financial interest in, or hold a position as a director, officer or employee of, any Person which is a client, supplier, customer, lessor, lessee, or competitor or potential competitor of the Company. Ownership of securities of a company whose securities are registered under the Securities 

  36

  

   

  Exchange Act of 1934, as amended (the “Exchange Act”), of one percent (1%) or less of any class of such securities shall not be deemed to be a financial interest for purposes of this Section 3.21.

  Section 3.22   Suppliers and Customers. Section 3.22 of the Seller Disclosure Letter sets forth an accurate and complete list of each supplier and customer accounting for more than five percent (5%) of the consolidated purchases and sales, as the case may be, of the Company for the nine-month period ended September 30, 2021 and the twelve-month period ended December 31, 2020. No such supplier or customer has canceled or otherwise terminated, or threatened in writing to cancel or otherwise terminate, its relationship with the Company. None of the Sellers or the Company has received any written notice that any such supplier or customer may cancel or otherwise materially and adversely modify its relationship with the Company or limit its services, supplies or materials to the Company, or its usage or purchase of the services and products of the Company either as a result of the transactions contemplated hereby or otherwise.

  Section 3.23   Title to Personal Properties. The Company has good and valid title or, in the case of leased assets, a valid leasehold interest, free and clear of all Liens, except for Permitted Liens, to all of the material tangible and intangible personal property and assets reflected in the Financial Statements or thereafter acquired, except for properties and assets disposed of in the ordinary course of business, consistent with past practice, since the Balance Sheet Date. Except as set forth in Section 3.23 of the Seller Disclosure Letter, the Company owns or has the right to use all of the tangible personal properties and assets necessary for the conduct of its business as currently conducted. Except as has not been or would not reasonably be expected to be, individually or in the aggregate, material to the Company, all of the tangible personal property used in the business of the Company is in good operating condition, ordinary wear and tear excepted, and is adequate and suitable for the purposes for which it is presently being used. Neither the Sellers nor any of their Affiliates (other than the Company) possesses, or has the right to use, any tangible or intangible personal property owned or leased by the Company. The tangible and intangible personal property owned or leased by the Company, together with all leased real property of the Company, all owned, leased or licensed Intellectual Property of the Company, and all other assets and rights (including rights under Contracts) of the Company, are sufficient for the operation of the businesses of the Company and its Subsidiaries as currently conducted.

  Section 3.24   No Additional Representations; No Reliance.

  
   (a)
   
    Except as specifically provided herein, the Sellers acknowledge and agree that neither the Parent, the Purchaser or their respective Affiliates, nor any other Person, have made any representation or warranty, express or implied, as to the accuracy or completeness of any information regarding the Parent or Purchaser or other matters that is not specifically included in this Agreement. Without limiting the generality of the foregoing, neither the Parent, the Purchaser or their respective Affiliates, nor any other Person has made a representation or warranty to the Sellers with respect to, and neither the Parent, the Purchaser or their respective Affiliates, nor any other Person, shall be subject to any liability to the Sellers or any other Person resulting from, the Parent, Purchaser or their respective representatives making available to the Sellers, (i) any projections, estimates or budgets related to the Parent’s business, or (ii) any materials, documents or information relating to the Parent’s business made available to the Sellers or their counsel, accountants or advisors in certain “data rooms,” offering memorandum, confidential information memorandum, management presentations or otherwise, in each case, except as expressly covered by a representation or warranty set forth in Article IV of this Agreement. In connection with the Sellers’ investigation of the Parent and the Parent’s business, the Parent has delivered, or made available to the Sellers and their respective Affiliates, agents and representatives, certain projections and other forecasts, including but not limited to, projected financial statements, cash flow items and other data of the Parent and its Subsidiaries and certain business plan information of the Parent and its business. The Sellers acknowledge that there are uncertainties inherent in attempting to make such 
   

  

  37

  

   

  
   
    projections and other forecasts and plans and accordingly is not relying on them, that the Sellers are familiar with such uncertainties, that the Sellers are taking full responsibility for making its own evaluation of the adequacy and accuracy of all projections and other forecasts and plans so furnished to it, and that the Sellers and their respective Affiliates, agents and representatives shall have no claim against any Person with respect thereto. Accordingly, the Sellers acknowledge that neither the Parent nor any of its representatives, agents or Affiliates, have made any representation or warranty with respect to such projections and other forecasts and plans.
   

  

  
   (b)
   
    In furtherance of the foregoing, the Sellers acknowledge that it is not relying on any representation or warranty of the Purchaser other than those representations and warranties specifically set forth in Article IV of this Agreement. The Sellers acknowledge that they have conducted to its satisfaction an independent investigation of the financial condition, Liabilities, results of operations and projected operations of the Parent and its business and the nature and condition of its properties, assets and businesses and, in making the determination to proceed with the transactions contemplated hereby, has relied solely on the results of its own independent investigation and the representations and warranties set forth in Article IV and the other terms and conditions set forth in this Agreement.
   

  

  Section 3.25   Exclusivity of Representations. The representations and warranties made by the Sellers in this Article III are the exclusive representations and warranties made by the Sellers. The Sellers hereby disclaim any other express or implied representations or warranties with respect to themselves or any other Person.

  ARTICLE IV

  Representations and Warranties of Purchaser

  Except as set forth in any report, schedule, form, statement, prospectus, registration statement or other document filed or furnished, as applicable, by the Parent with or to the SEC, Purchaser hereby represents and warrants to the Sellers as follows:

  Section 4.01   Due Organization, Good Standing and Corporate Power of Purchaser and of Parent. The Purchaser is a corporation duly organized, validly existing and in good standing (or the equivalent thereof) under the Laws of the State of Florida and has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now being conducted. The Parent is a publicly listed corporation duly organized, validly existing and in good standing (or the equivalent thereof) under the Laws of the Channel Island of Jersey and has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now being conducted.

  Section 4.02   Authorization; Noncontravention. 

  
   (a)
   
    The Purchaser has the requisite corporate power and authority and has taken all corporate or other action necessary to execute and deliver this Agreement and all other instruments and agreements to be delivered by the Purchaser as contemplated hereby, to perform its obligations hereunder and thereunder and to consummate the transactions contemplated hereby. The execution, delivery and performance by the Purchaser of this Agreement and all other instruments and agreements to be delivered by the Purchaser as contemplated hereby, the consummation by it of the transactions contemplated hereby and thereby and the performance of its obligations hereunder and thereunder have been duly authorized and approved by the board of directors of the Purchaser. This Agreement has been, and all other instruments and agreements to be executed and delivered by the Purchaser as contemplated hereby will be, duly executed and delivered by the Purchaser. Assuming that this Agreement constitutes valid and binding obligations of the Sellers and each other Person (other than the Parent and Purchaser) party thereto, this 
   

  

  38

  

   

  
   
    Agreement constitutes valid and binding obligations of the Purchaser, enforceable against the Purchaser in accordance with their terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting the enforcement of creditors’ rights generally, and by general equitable principles. Assuming that all other instruments and agreements to be delivered by the Purchaser as contemplated hereby constitute valid and binding obligations of the Sellers and each other Person (other than the Parent and Purchaser) party thereto, such instruments and agreements will constitute valid and binding obligations of the Purchaser enforceable against the Purchaser in accordance with their terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting the enforcement of creditors’ rights generally and by general equitable principles. 
   

  

  
   (b)
   
    The execution and delivery of this Agreement and all other instruments and agreements to be delivered by the Purchaser as contemplated hereby do not, and the consummation of the transactions contemplated hereby and thereby will not, (i) conflict with any of the provisions of the certificate of incorporation or by‐laws or equivalent charter documents of the Purchaser, as amended to the date of this Agreement, (ii) create or impose any Lien (other than Permitted Liens) upon any of the properties or assets of the Purchaser, (iii) conflict with or result in breach of, or constitute a default under, or result in the acceleration of any obligation or loss of any benefits under, any material Contract or other instrument to which the Purchaser is a party or by which the Purchaser or any of its properties or assets are bound or (iv) subject to the applicable requirements of the Antitrust Laws, contravene any Law or any Order applicable to the Purchaser or by which any of its properties or assets are bound, except, in each case, as would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on the ability of the Purchaser to consummate the transactions contemplated hereby.
   

  

  Section 4.03   Parent Shares. Upon issuance (whether as part of Consideration Payment 1 or hereafter as part of Deferred Consideration Payment 1 or Deferred Consideration Payment 2), the Purchaser Shares will be duly authorized, validly issued, fully paid and non-assessable and will not be subject to any option, call, preemptive, subscription or similar rights or Liens, other than restrictions on transfer imposed by state and federal securities laws or as otherwise disclosed in Parent’s filings with the SEC. 

  Section 4.04   No Shareholder Approval. The issuance and delivery by Purchaser of the Parent Shares to the Sellers does not require any vote or other approval or authorization of any holder of any capital stock of Purchaser or Parent. 

  Section 4.05   Parent SEC Reports. 

  
   (a)
   
    Parent has filed with the SEC true and complete copies of all reports, schedules, forms and statements required to be filed by Parent pursuant to the Exchange Act since July 22, 2021 (the “SEC Filings”), each of which has complied in all material respects with the Exchange Act and the rules and regulations promulgated thereunder, as in effect on the date so filed, except to the extent updated, amended, restated or corrected by a subsequent SEC Filing filed or furnished to the SEC by Parent and in either case, publicly available as of the date hereof. None of the SEC Filings (including, any financial statements or schedules included or incorporated by reference therein) contained when filed any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, except to the extent updated, amended, restated or corrected by a subsequent SEC Filing.
   

  

  
   (b)
   
    Except to the extent updated, amended, restated or corrected by a subsequent SEC Filing filed on or prior to the date hereof, all of Parent’s financial statements included in the SEC Filings, in each case, including any related notes thereto, as filed with the SEC (those filed with the SEC are collectively referred to as the “Parent Financial Statements”), have been prepared in accordance with IFRS 
   

  

  39

  

   

  
   
    applied on a consistent basis through the periods involved. The consolidated statements of financial position included in such Parent Financial Statements (if applicable, as updated, amended, restated or corrected in a subsequent SEC Filing) fairly present, in all material respects, the consolidated financial position of Parent and its consolidated subsidiaries at the respective dates thereof, and the consolidated statements of comprehensive (loss) and income, changes in equity and cash flows (in each case, including the related notes) included in such Parent Financial Statements (if applicable, as updated, amended, restated or corrected in a subsequent SEC Filing) fairly present, in all material respects, the consolidated statements of operations, stockholders' equity and cash flows of Parent and its consolidated subsidiaries for the periods indicated.
   

  

  Section 4.06   Consents and Approvals. No consent of or filing with any Governmental Entity or any other Person, must be obtained or made in connection with the execution and delivery of this Agreement by the Purchaser or the consummation by the Purchaser of the transactions contemplated by this Agreement, except for any consents, approvals, authorizations or filings, which have been obtained or made or, if not made or obtained, would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on the ability of the Purchaser to consummate the transactions contemplated hereby. 

  Section 4.07   Financial Ability. At the Closing, the Purchaser and its Affiliates’ available cash and cash equivalents and immediately available internal organization funds and committed capital will be sufficient for Purchaser to satisfy all of its payment obligations under this Agreement.

  Section 4.08   Exclusivity of Representations. The representations and warranties made by the Purchaser in this Article IV are the exclusive representations and warranties made by the Purchaser. Purchaser hereby disclaims any other express or implied representations or warranties with respect to itself or such other Person.

  Section 4.09   Broker’s or Finder’s Fees. No agent, broker, Person or firm acting on behalf of either the Purchaser or the Parent is, or shall be, entitled to any broker’s fees, finder’s fees or commissions from the Purchaser or the Parent or any of the other parties hereto, or from any of their Affiliates, in connection with this Agreement or any of the transactions contemplated hereby.

  ARTICLE V

  Covenants

  Section 5.01   Access to Information Concerning Properties and Records. The Sellers shall, and shall cause the Company to, upon reasonable prior notice and during regular business hours, afford the Purchaser, its financing sources and each of their respective Representatives reasonable access to the Representatives, properties, books and records of the Company to the extent the Purchaser reasonably believes necessary or advisable to familiarize itself with such properties and other matters and, during such period, the Sellers shall furnish promptly to the Purchaser all financial and operating data and other information concerning the Company’s businesses, properties and personnel as the Purchaser may reasonably request; provided, that such access shall not unreasonably disrupt the operations of the Company.

  Section 5.02   Confidentiality. 

  
   (a)
   
    From and after the date of this Agreement, the Purchaser and Sellers agree they will be bound by and comply with the obligations of the Confidentiality Agreement. 
   

  

  40

  

   

  
   (b)
   
    The Sellers acknowledge that they are in possession of Confidential Material concerning the Company and its respective businesses and operations. From and after the Effective Time, Sellers shall, and shall cause their Affiliates and Representatives to, treat confidentially and not disclose all or any portion of such Confidential Material and will use such Confidential Material solely for the purpose of consummating the transactions contemplated by this Agreement and for no other purpose; provided, that the Company and its Subsidiaries may also use the Confidential Material for the purpose of operating its respective businesses in the ordinary course. The Sellers acknowledge and agree that such Confidential Material is proprietary and confidential in nature and may be disclosed to its Representatives only to the extent necessary for the Sellers to consummate the transactions contemplated by this Agreement (it being understood that the Sellers shall be responsible for any disclosure by any such Representative not permitted by this Agreement). If the Sellers or any of their Affiliates or Representatives are requested or required to disclose (after the Sellers have used their commercially reasonable efforts to avoid such disclosure and after promptly advising and consulting with the Purchaser about the Sellers’ intention to make, and the proposed contents of, such disclosure) any of the Confidential Material (whether by deposition, interrogatory, request for documents, subpoena, civil investigative demand or similar process), the Sellers shall, or shall cause such Affiliate or Representative, to provide the Purchaser with prompt written notice of such request so that the Purchaser may seek an appropriate protective order or other appropriate remedy. At any time that such protective order or remedy has not been obtained, the Sellers or such Affiliate or Representative may disclose only that portion of the Confidential Material which such Person is legally required to disclose or of which disclosure is required to avoid sanction for contempt or any similar sanction, and the Sellers shall exercise their commercially reasonable efforts to obtain assurance that confidential treatment will be accorded to such Confidential Material so disclosed. The Sellers further agree that, from and after the Closing Date, the Sellers and their Affiliates and Representatives, upon the request of the Purchaser or the Company, promptly will deliver to the Purchaser or the Company all documents, or other tangible embodiments, constituting Confidential Material or other information with respect to the Company, without retaining any copy thereof, and shall promptly destroy all other information and documents constituting or containing Confidential Material.
   

  

  Section 5.03   Conduct of the Business of the Company Pending the Closing Date. 

  
   (a)
   
    The Sellers agree that during the period commencing on the date hereof and ending on the Closing Date or, if earlier, the date of the termination of this Agreement (the “Interim Period”), the Company shall conduct its respective operations (including their respective working capital and cash management practices) in the ordinary course of business consistent with past practice and to use their commercially reasonable efforts to preserve intact their respective business organizations, keep available the services of their officers and employees and maintain satisfactory relationships with licensors, suppliers, distributors, clients and others having business relationships with them.
   

  

  
   (b)
   
    In furtherance and not in limitation of Section 5.03(a) hereof, the Sellers agree that during the Interim Period the Company shall not effect any of the following without the prior written consent of the Purchaser (such consent not to be unreasonably withheld, conditioned or delayed):
   

  

  
   (i)
   
    amend or restate its articles of incorporation or bylaws or other equivalent charter documents in any material respect;
   

  

  
   (ii)
   
    authorize for issuance, issue, sell or deliver (A) any capital stock of, or other equity or voting interest in, the Company or any of its Subsidiaries or (B) any securities convertible into, exchangeable for, or evidencing the right to subscribe for or acquire any (1) shares of capital stock of, or other equity or voting interest in, the Company, (2) securities convertible into, exchangeable for, or evidencing the right to subscribe for or acquire, any shares of the capital stock 
   

  

  41

  

   

  
   
    of, or other equity or voting interest in, the Company including rights, warrants or options, or (3) phantom stock or similar equity‐based payment option;
   

  

  
   (iii)
   
    declare, pay or set aside any dividend or make any non-cash distribution with respect to, or split, combine, redeem, reclassify, purchase or otherwise acquire directly, or indirectly, any shares of capital stock of, or other equity or voting interest in, the Company, or make any other change in the capital structure of the Company;
   

  

  
   (iv)
   
    except as set forth in Section 5.03(b) of the Seller Disclosure Letter, in furtherance of and as provided in the Company’s 2021 budget set forth in Section 5.03(b) of the Seller Disclosure Letter or as reflected on the Financial Statements, or as otherwise required by applicable Law, (i) increase in any manner the compensation, bonus, pension, welfare, fringe or other benefits, severance or termination pay of any of the current or former directors, officers, employees or consultants of the Company, (ii) pay any bonus to any of the current or former directors, officers, employees or consultants of the Company, (iii) adopt, enter into, establish, amend, modify or terminate any Company Plan or any employment, consulting, bonus or other incentive compensation, health or other welfare, pension, retirement, severance, deferred compensation or other compensation or benefit plan with, for or in respect of any shareholder, director, officer, other employee or consultant that would constitute a Company Plan had it been in effect as of the date of this Agreement, (iv) promote any employee who is an officer to a position more senior than such employee’s position as of the date of this Agreement, or promote a non-officer employee to an officer position, (v) grant any new awards under any Company Plan, (vi) amend or modify any outstanding award under any Company Plan, (vii) take any action to amend, waive or accelerate the vesting criteria or vesting requirements of payment of any compensation or benefit under any Company Plan or remove any existing restrictions in any Company Plans or awards made thereunder, (viii) take any action to accelerate the payment, or to fund or in any other way secure the payment, of compensation or benefits under any Company Plan, to the extent not already provided in any such Company Plan, (ix) change any actuarial or other assumptions used to calculate funding obligations with respect to any Company Plan or to change the manner in which contributions to such plans are made or the basis on which such contributions are determined, except as may be required by GAAP or applicable Laws, (x) forgive any loans, or issue any loans (other than routine travel advances issued in the ordinary course of business), to directors, officers, contractors or employees of the Company, (xi) enter into, amend or terminate any collective bargaining agreement or other agreement with a labor union, works council or similar organization, or (xii) plan, announce, implement or effect any reduction in force, lay-off, early retirement program, severance program or other program or effort concerning the termination of employment of employees of the Company (other than routine employee terminations for cause in the ordinary course of business consistent with past practice and in compliance with applicable Law;
   

  

  
   (v)
   
    except in furtherance of and as provided in the Company’s 2021 budget set forth in Section 5.03(b) of the Seller Disclosure Letter or as reflected on the Financial Statements, hire any employee or engage any independent contractor (who is a natural person) other than as disclosed in the Company’s hiring plan as set forth in Section 5.03(b) of the Seller Disclosure Letter, or terminate the employment or engagement, other than for cause, of any employee or independent contractor; provided, however, that the compensation and benefits granted to any such newly hired employee or newly engaged independent contractor shall be consistent with, and be no more favorable in the aggregate than the compensation and benefits (excluding equity awards) provided as of the date of this Agreement to the Company’s similarly situated employees or independent contractors;
   

  

  42

  

   

  
   (vi)
   
    communicate with the directors, officers, employees or consultants of the Company regarding the compensation, benefits or other treatment they will receive in connection with the transactions contemplated hereby, unless any such communications are consistent with prior directives or documentation provided to the Company by the Parent (in which case, the Company shall provide the Parent with prior notice of and the opportunity to review and comment upon any such communications);
   

  

  
   (vii)
   
    enter into any Contract which, if entered into prior to the date hereof would be required to be set forth in Section 3.18 of the Seller Disclosure Schedule or commit or agree (whether or not such Contract, commitment or agreement is legally binding) to enter into such Contract, or materially amend or terminate any Material Contract or any Real Property Lease, in each case outside of the ordinary course of business consistent with past practice;
   

  

  
   (viii)
   
    permit any of its properties or assets to be subject to any Lien not already disclosed in Section 3.18 of the Seller Disclosure Letter (other than Permitted Liens);
   

  

  
   (ix)
   
    (A) sell, assign, transfer, lease, license, sublicense, covenant not to assert, abandon, permit to lapse, cancel or otherwise dispose of (1) any tangible assets or properties except for (a) sales of inventory in the ordinary course of business consistent with past practice and (b) non-exclusive leases or licenses entered into in the ordinary course of business consistent with past practice or (2) any of its material Owned IP (other than non-exclusive licenses of Owned IP granted to customers or service providers in the ordinary course of business consistent with past practice) or mortgage, pledge or subject any of the foregoing to any additional Lien, except for Permitted Liens; or (B) disclose any material Trade Secrets to any Person (except pursuant to sufficiently protective non-disclosure agreements); or (C) subject any Proprietary Software to Copyleft Terms;
   

  

  
   (x)
   
    acquire any business, line of business or Person by merger or consolidation, purchase of substantial assets or equity interests, or by any other manner, in a single transaction or a series of related transactions, or enter into any Contract, letter of intent or similar arrangement (whether or not enforceable) with respect to the foregoing;
   

  

  
   (xi)
   
    except in furtherance of and as provided in the Company’s 2021 budget set forth in Section 5.03(b) of the Seller Disclosure Letter or as reflected on the Financial Statements, make any capital expenditure or commitment therefor or enter into any operating lease or otherwise acquire any assets or properties (other than inventory in the ordinary course of business consistent with practice) or enter into any Contract, letter of intent or similar arrangement (whether or not enforceable) with respect to the foregoing;
   

  

  
   (xii)
   
    form any Subsidiary;
   

  

  
   (xiii)
   
    write off as uncollectible any notes or accounts receivable, except write‐offs in the ordinary course of business consistent with past practice;
   

  

  
   (xiv)
   
    except as required by GAAP, make any material change in any method of accounting practice;
   

  

  
   (xv)
   
    make any material Tax election or settle and/or compromise any Tax liability; prepare and file any Returns in a manner which is inconsistent with the past practices of the Company, as applicable, with respect to the treatment of items on such Returns; incur any material liability for Taxes other than in the ordinary course of business, enter into any closing agreement, extend the statute of limitations period for the assessment or collection of any material amount of 
   

  

  43

  

   

  
   
    Tax, or file an amended Return or a claim for refund of Taxes with respect to the income, operations or property of the Company;
   

  

  
   (xvi)
   
    pay, discharge, settle or satisfy any actions, Liabilities, including with respect to any of the matters set forth in Section 3.12 of the Seller Disclosure Letter;
   

  

  
   (xvii)
   
    incur, assume, guarantee or modify any Indebtedness, except Indebtedness incurred pursuant to existing credit agreements disclosed in Section 3.18 of the Seller Disclosure Letter, or in the ordinary course of business consistent with past practice and which such incurrences of Indebtedness, individually and in the aggregate, does not have and would not reasonably be expected to be, individually or in the aggregate, material to the Company;
   

  

  
   (xviii)
   
    make any loans, advances or capital contributions to, or investments in, any other Person; or
   

  

  
   (xix)
   
    enter into any Contract or commit or agree (whether or not such Contract, commitment or agreement is legally binding) to do any of the foregoing.
   

  

  
   (c)
   
    During the Interim Period, the Sellers shall keep, or cause the Company to keep, all insurance policies currently maintained with respect to the Company and its respective assets and properties, or suitable replacements or renewals, in the Sellers’ Representatives sole discretion, in full force and effect.
   

  

  Section 5.04   Exclusive Dealing. 

  
   (a)
   
    During the Interim Period, the Sellers shall not, and shall cause the Company and the respective Affiliates, Representatives and other agents of the Company, and the Sellers to refrain from taking any action to, directly or indirectly, approve, authorize, encourage, entertain, initiate, solicit, or engage in discussions or negotiations with, or provide any information to, any Person other than the Purchaser and its Affiliates or Representative concerning any Alternate Transaction, (as defined below) and the Sellers shall use their commercially reasonable efforts to prevent the Company from entering into any Alternate Transaction. For purposes hereof, an “Alternate Transaction” shall mean (i) any stock purchase, merger, consolidation, reorganization, change in organizational form, spin‐off, split‐off, recapitalization, sale of equity interests or other similar transaction involving the Company or any of its Affiliates, (ii) any sale of all or any significant portion of the assets of the Company, (iii) any other transaction in respect of the Company which results directly or indirectly, in a change of control of the Company or sale of any minority equity interest in the Company (except as specifically permitted by Section 5.03(b)), or (iv) any other transaction or series of transactions which has substantially similar economic effects as the foregoing clauses (i)–(iii), in each such case, in which transaction the Purchaser does not participate. Neither the Sellers nor the Company will vote their capital stock of the Company in favor of any purchase of any capital stock of the Company, or any other Alternate Transaction. The Sellers and/or the Company will notify the Purchaser as soon as practicable if any Person makes any proposal, offer, inquiry to, or contact with, the Sellers or the Company, as the case may be, with respect to an Alternate Transaction and shall describe in reasonable detail the identity of any such Person and the substance and material terms of any such contact and the material terms of any such proposal.
   

  

  
   (b)
   
    Immediately following the execution of this Agreement, the Sellers shall, and shall cause each of its Affiliates, and shall direct each of their respective Representatives, to terminate any existing discussion or negotiations with any Persons, other than the Purchaser (and its Affiliates and Representatives), concerning any Alternate Transaction. The Sellers shall, and shall direct the Company and its and their respective Representatives to, request the return of any due diligence materials provided 
   

  

  44

  

   

  
   
    to any Persons (other than the Purchaser and its Affiliates and Representatives) in connection with any potential Alternate Transaction.
   

  

  Section 5.05   Reasonable Best Efforts; Consents. 

  
   (a)
   
    Subject to the terms and conditions contained in this Section 5.05, the Sellers and Purchaser (including the Parent) shall, and the Sellers shall cause the Company to, cooperate and use their respective reasonable best efforts to take, or cause to be taken, all appropriate action, and to make, or cause to be made, all filings necessary, proper or advisable under applicable Laws and to consummate and make effective the transactions contemplated by this Agreement, including their respective reasonable best efforts to obtain, prior to the Closing Date, all Permits, consents, approvals, authorizations, qualifications and Orders of Governmental Entities and parties to Contracts with the Company (including landlords) as are necessary for consummation of the transactions contemplated by this Agreement and to fulfill the conditions to consummation of the transactions contemplated hereby set forth in Section 6.02 and Section 6.03; provided, that no Indebtedness for borrowed money shall be repaid, except as otherwise required pursuant to the terms of the applicable loan agreement, and no Material Contract shall be amended to increase the amount payable thereunder or otherwise to be materially more burdensome to the Company, to obtain any such consent, approval or authorization, without first obtaining the written approval of the Purchaser.
   

  

  
   (b)
   
    The Purchaser’s obligations under this Section 5.05 to use reasonable best efforts shall not include defending any judicial or administrative action or similar proceeding instituted (or threatened to be instituted) by any Person under any Antitrust Law or seeking to have any stay, restraining order, injunction or similar order entered by any Governmental Entity vacated, lifted, reversed, or overturned.
   

  

  Section 5.06   Public Announcements. The Sellers and Purchaser each shall (a) consult with each other before issuing any press release or otherwise making any public statement with respect to the transactions contemplated by this Agreement, (b) in the event any public statement is required by applicable Law or regulations of the Nasdaq Stock Market, use commercially reasonable efforts to provide to the other party for review a copy of any such press release or public statement and (c) not issue any such press release or make any such public statement prior to such consultation and review and, except as required by applicable Law or regulations of the Nasdaq Stock Market, the receipt of the prior consent of the other party to this Agreement.

  Section 5.07   Notification of Certain Matters. During the Interim Period, the Sellers and the Company shall promptly notify the Purchaser of (a) any material actions, suits, claims or proceedings in connection with the transactions contemplated by this Agreement that, to the Knowledge of the Sellers, are commenced or threatened against any of the Sellers, the Company, or the Purchaser, as the case may be, (b) the occurrence or non-occurrence of any fact or event which would be reasonably likely to cause any condition set forth in Article VI not to be satisfied, (c) any notice of, or other communication relating to, a default or event that, with notice or lapse of time or both, would become a default under any Material Contract, (d) the occurrence or existence of any fact, circumstance or event which would reasonably be expected, individually or in the aggregate, to result in any representation or warranty made by the Sellers in this Agreement or in any schedule, exhibit or certificate or delivered herewith, to be untrue or inaccurate, (e) any notice or other communication from any Person alleging that the consent of such Person is or may be required in connection with the transactions contemplated by this Agreement, or (f) the occurrence of any event, circumstance, development, state of facts, occurrence, change or effect which has had a Material Adverse Effect or the occurrence or non-occurrence of any event, circumstance, development, state of facts, change or effect which would reasonably be expected, individually or in the aggregate, to result in a 

  45

  

   

  Material Adverse Effect; provided, that no such notification, nor the obligation to make such notification, shall affect the representations, warranties or covenants, or the conditions to the obligations of, the Sellers.

  Section 5.08   Non‐Competition; Non‐Interference.

  
   (a)
   
    In consideration of the purchase of the Shares by the Purchaser, from the date of this Agreement until the second (2nd) anniversary of the Closing, the Sellers shall not, and the Sellers shall cause their Affiliates to not, and the Sellers shall not direct, encourage, induce or affirmatively approve any key employees of the Company (including those employees specified on Section 5.08 of the Seller Disclosure Letter) to:
   

  

  
   (i)
   
    within any jurisdiction or marketing area in which the Company or Affiliates was, prior to the date hereof, doing business or qualified to do business, directly or indirectly own, manage, operate, control, be employed by or participate in the ownership, management, operation or control of any business engaged in or assisting others in engaging in (i) providing online performance marketing services, otherwise known as affiliate marketing services, to an operator of any form of online gambling (including but not limited to online casino, sports betting, daily fantasy sports, lottery and poker) and (ii) producing or distributing sports media content of any variety (including but not limited to fantasy sports, statistics, betting, scores and news content) via any channel, whether on a business to business (commonly known as B2B) or a business to consumer (commonly known as B2C) basis and whether freely distributed or paid, in each case, in the United States, Canada, the United Kingdom, Ireland, Australia or New Zealand (any such business, a “Competing Business”). For these purposes, neither (1) the ownership of securities of 2% or less of any class of securities of a public company nor (2) the engagement by any Individual Seller in the activities specified in Section 5.08 of the Seller Disclosure Letter, which activities such Individual Seller had engaged in prior to the Closing Date in an individual capacity (and not as a service of the Company’s business), shall be considered ownership in a “Competing Business” or otherwise to be competition with the Company or any of its Affiliates;
   

  

  
   (ii)
   
    persuade or attempt to persuade any potential customer or client to which the Company has made a presentation in the two (2) years prior to the Closing Date, or with which the Company has had discussions in the two (2) years prior to the Closing Date, not to hire the Company, or to hire another company;
   

  

  
   (iii)
   
    solicit for the Sellers or any Person other than the Company the business of any Person which is or was a customer or client of the Company within two (2) years prior to the date of this Agreement or in any way interfere with the relationship between the Company and any such Person or business relationship (including making any negative or disparaging statements or communications about the Company); or
   

  

  
   (iv)
   
    acquire (through merger, stock purchase or purchase of all or substantially all of the assets or otherwise) the ownership of or any equity interest in any Person if the annual revenues of such Person from any Competing Business are more than twenty percent (20%) of such Person’s total consolidated annual net sales (based on the most recent full fiscal year revenues of such Person); provided, that if such consolidated annual net sales are in excess of twenty percent (20%), then the Sellers or any of their Affiliates shall be permitted to acquire such Person and the Sellers shall or shall cause such Affiliate to enter into a definitive agreement to divest the Competing Business within six (6) months of the closing of such acquisition.
   

  

  
   (b)
   
    It is the desire and intent of the parties to this Agreement that the provisions of this Section 5.08 shall be enforced to the fullest extent permissible under the Laws and public policies applied 
   

  

  46

  

   

  
   
    in each jurisdiction in which enforcement is sought. If any particular provisions or portion of this Section 5.08 shall be adjudicated to be invalid or unenforceable, this Section 5.08 shall be deemed amended to delete therefrom such provision or portion adjudicated to be invalid or unenforceable, such amendment to apply only with respect to the operation of this Section 5.08 in the particular jurisdiction in which such adjudication is made.
   

  

  
   (c)
   
    The parties recognize that the performance of the obligations under this Section 5.08 by the Sellers is special, unique and extraordinary in character, and that in the event of the breach by any Seller of the terms and conditions of this Section 5.08 to be performed by the Sellers, the Purchaser and the Company may seek, if they so elect, to obtain damages for any breach of this Section 5.08, or to enforce the specific performance thereof by such Seller or to enjoin such Seller or its Affiliates from performing services for any Person with respect to a Competing Business.
   

  

  Section 5.09   Non‐Solicitation of Employees. 

  
   (a)
   
    From and after the Closing Date, the Sellers shall not, and shall cause their Affiliates not to, for a period of two years after the Closing Date, knowingly solicit for employment any employee of the Company who was employed by the Company at any time during the two (2) years preceding the Closing Date; provided, that this paragraph shall not preclude the Sellers or their Affiliates from soliciting for employment or hiring any such employee who (i) responds to a general solicitation through a public medium or general or mass mailing or posting by or on behalf of the Sellers or any of their Affiliates that is not targeted at employees of the Company or (ii) contacts any of the Sellers or its Affiliates directly on such individual’s own initiative.
   

  

  
   (b)
   
    From and after the Closing Date, the Sellers shall not, and shall cause their Affiliates not to, for a period of two years after the Closing Date, hire any of the employees of the Company listed in Section 5.09(b)of the Seller Disclosure Letter.
   

  

  
   (c)
   
    It is the desire and intent of the parties to this Agreement that the provisions of this Section 5.09 shall be enforced to the fullest extent permissible under the Laws and public policies applied in each jurisdiction in which enforcement is sought. If any particular provisions or portion of this Section 5.09 shall be adjudicated to be invalid or unenforceable, this Section 5.09 shall be deemed amended to delete therefrom such provision or portion adjudicated to be invalid or unenforceable, such amendment to apply only with respect to the operation of this Section 5.09 in the particular jurisdiction in which such adjudication is made.
   

  

  
   (d)
   
    The parties recognize that the performance of the obligations under this Section 5.09 by the Sellers is special, unique and extraordinary in character, and that in the event of the breach by the Sellers of the terms and conditions of this Section 5.09 to be performed by the Sellers, the Purchaser and the Company may seek, if they so elect, to obtain damages for any breach of this Section 5.09, or to enforce the specific performance thereof by the Sellers or to enjoin any employees of the Sellers or their Affiliates from performing services for any Person.
   

  

  Section 5.10   Lock-Up Agreements. 

  
   (a)
   
    Each Seller agrees that the Share Consideration consisting of any Parent Shares whether acquired as part of Consideration Payment 1 or hereafter acquired by any of the Sellers as part of Deferred Consideration Payment 1 or Deferred Consideration Payment 2 (collectively, the “Lock-Up Shares”) shall be subject to the restrictions and obligations as set forth in this Section 5.10.
   

  

  47

  

   

  
   (b)
   
    The Sellers shall not, without the prior written consent of the Parent, directly or indirectly, during the Lock-Up Period (as defined below): (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, make any short sale or otherwise transfer or dispose of or lend, directly or indirectly, Lock-Up Shares; (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Lock-Up Shares, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Parent Shares or such other securities, in cash or otherwise; or (iii) publicly disclose the intention to do any of the foregoing (each of the foregoing a “Transfer”). Notwithstanding the foregoing, during the Lock-Up Period, any Seller may convey or otherwise Transfer Lock-Up Shares (1) to a trust for the direct or indirect benefit of such Seller or such Seller’s immediate family; or (2) by will or intestacy to legal representatives, heirs, or legatees upon a Seller’s death; provided that such transfers are in compliance with securities laws and in the case of (1) and (2) if the recipient also agrees to abide by the Lock-Up in this Agreement for the remainder of the Lock-Up Period and executes an agreement to that effect. The “Lock-Up Period” shall mean the period commencing on the date of issuance of the applicable tranche of the Share Consideration and continuing until and including the date that is six months after the date of issuance of the applicable tranche of the Share Consideration, at which time the Lock-Up Period shall automatically terminate without any action by any party, unless otherwise mutually agreed to in writing by the Parent and such Seller.
   

  

  
   (c)
   
    Each of the Sellers agrees that, subject to the terms of Section 5.11, the Parent may place an appropriate restrictive legend on any stock certificates representing the Lock-Up Shares, or if the applicable Lock-Up Shares are evidenced by a book entry notification, state that such restrictions apply to such Lock-Up Shares on the books and records of the transfer agent issued to such Seller to indicate that such shares are subject to the terms of this Agreement. 
   

  

  Section 5.11   Rule 144 and Restrictive Legends; Nasdaq Listing. With a view to making available to Sellers the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit Sellers to sell Parent Shares to the public without registration, the Purchaser, for a period of three (3) years from Closing Date, shall use commercially reasonable efforts to (a) make and keep available adequate current public information, as those terms are understood and defined in SEC Rule 144, at all times, and (b) file with the SEC in a timely manner all reports and other documents required of the Purchaser under the Securities Act and the Exchange Act. The Purchaser agrees to use commercially reasonable efforts, including furnishing any opinions of counsel necessary, to remove any restrictive legends pertaining to restrictions on transfer imposed by the Securities Act (but not legends related to other contractual obligations, as applicable) on the Parent Shares received hereunder, for any Seller who is not an Affiliate of the Purchaser at the time and has not been an Affiliate in the 90 days preceding such date, at any time after the date that is six (6) months after the Closing Date upon request in anticipation of a sale, and in any event on (or as soon as reasonably practicable thereafter) the first Business Day after the date that is one year after the Closing Date. 

  Section 5.12   Employment and Benefit Arrangements.

  
   (a)
   
    The Purchaser shall use commercially reasonable efforts to ensure that those eligible employees (other than the Individual Sellers) of the Company as of the Closing Date who remain so employed immediately following the Closing Date (each such employee, a “Continuing Employee”) shall receive service credit with respect to service with the Company prior to the Closing Date for purposes of eligibility and vesting under any employee benefit plans and arrangements (excluding any defined benefit pension plans, deferred compensation, equity or equity-based, or post-termination or retiree welfare benefit plans and arrangements) in which each such Continuing Employee is eligible to participate immediately following the Closing Date; provided that no retroactive contributions will be required and provided, further, except to the extent such credit would result in the duplication of benefits, and provided, further, 
   

  

  48

  

   

  
   
    that such service shall only be credited to the same extent and for the same purpose as such service was credited under an analogous Benefit Plan provided by the Company immediately prior to the Closing Date. To the extent, during the plan year in which the Closing Date occurs, that the Purchaser modifies any group health coverage or benefit plans under which the employees of the Company participate, the Purchaser shall use commercially reasonable efforts to waive any applicable waiting periods, pre-existing conditions or actively-at-work requirements and shall use commercially reasonably efforts to give such employees credit under the new coverages or benefit plans for deductibles, co-insurance and out-of-pocket payments that have been paid during the plan year in which such coverage or plan modification occurs. Through the one (1) year anniversary of the Closing Date, Purchaser shall take all actions required so that each Continuing Employee who continues in employment with the Company and its Affiliates during such period (i) receives base salary and target bonus opportunity that is substantially comparable as provided by the Company to such employee immediately prior to the Closing Date (as evidenced by such Continuing Employee’s most-recent Company W-2 wages) and (ii) receives benefits (excluding any defined benefit pension, deferred compensation, equity or equity-based, or post-termination or retiree welfare benefits) that, in the aggregate, are materially comparable to those benefits (excluding any defined benefit pension, deferred compensation, equity or equity-based, or post-termination or retiree welfare benefits) provided by the Company (excluding any defined benefit pension, deferred compensation, equity or equity-based, or post-termination or retiree welfare benefits) to such Continuing Employee immediately prior to the date hereof or are substantially comparable in the aggregate to those benefits provided by Purchaser or its Affiliates to any similarly situated employees. Subject to Purchaser’s review, Purchaser agrees to pay the incentive bonuses for the Company’s 2021 incentive plan in the form and amounts set forth in Section 5.12(a) of the Seller Disclosure Letter.
   

  

  
   (b)
   
    Nothing contained in this Section 5.12 shall obligate Purchaser, the Company, or any of the Purchaser’s Affiliates to continue the employment of any employee of, or the service relationship of any other service provider to, the Company for any period of time after the Closing, and this Section 5.12 shall not be construed to limit the ability of Purchaser, the Company, or any of the Purchaser’s Affiliates to terminate the employment of any employee of, or the service relationship of any other service provider to, the Company or any of its Subsidiaries following the Closing in accordance with applicable Law and any pre-existing contractual relationship. Further, this Section 5.12 shall be binding upon and inure solely to the benefit of the parties to this Agreement, and nothing in this Section 5.12, express or implied, shall confer upon any other Person any rights or remedies of any nature whatsoever under or by reason of this Section 5.12 or be construed as an amendment, waiver, termination, or creation of any benefit or compensation plan, program, agreement, Contract, policy, or arrangement of Purchaser, the Company, or any of the Purchaser’s Affiliates.
   

  

  ARTICLE VI

  Conditions Precedent

  Section 6.01   Conditions to the Obligations of Each Party. The respective obligations of the Sellers and Purchaser to consummate the transactions contemplated hereby are subject to the satisfaction or waiver in writing by the Sellers’ Representative and Purchaser, at or before the Closing Date, of each of the following conditions:

  
   (a)
   
    Injunctions; Illegality. No Governmental Entity shall have issued, enacted, entered, promulgated or enforced any Law or Order (that has not been vacated, withdrawn or overturned) restraining, enjoining or otherwise prohibiting the transactions contemplated by this Agreement.
   

  

  
   (b)
   
    Governmental Approvals; Consents. All consents, waivers and approvals from Governmental Entities or third parties, if any, disclosed in Section 6.01(b) of the Seller Disclosure Letter 
   

  

  49

  

   

  
   
    or that are otherwise required to consummate the transactions contemplated hereby shall have expired, been terminated, been made or been obtained.
   

  

  Section 6.02   Conditions to the Obligations of Purchaser. The obligations of the Purchaser to consummate the transactions contemplated hereby are subject to the satisfaction or waiver by Purchaser on or prior to the Closing Date of the following further conditions:

  
   (a)
   
    Performance. All of the agreements and covenants of the Sellers to be performed prior to the Closing pursuant to this Agreement shall have been duly performed in all material respects.
   

  

  
   (b)
   
    Representations and Warranties. The representations and warranties of the Sellers contained in Section 3.01, Section 3.02, Section 3.03, Section 3.05, Section 3.06 and Section 3.17 shall be true and correct in all respects as of the date of this Agreement and as of the Closing Date as if made at and as of such time, and (ii) all other representations and warranties of the Sellers contained in Article III shall be true and correct (without giving effect to any “material”, “materially”, “materiality”, “Material Adverse Effect”, “material adverse effect”, “material adverse change” or similar qualifiers contained in any of such representations and warranties other than those contained in Section 3.08(b), Section 3.08(c), Section 3.08(d) or Section 3.09(a)) in all material respects as of the Closing Date as if made at and as of such time (other than those representations and warranties made as of a specified date, which such representations and warranties shall be true and correct in all respects as of such specified date).
   

  

  
   (c)
   
    Closing Deliverables. The Sellers’ Representative shall have delivered or caused to be delivered to the Purchaser the items set forth in Section 2.04(b).
   

  

  
   (d)
   
    No Material Adverse Effect. Since the date hereof there shall not have occurred any event, circumstance, development, state of facts, occurrence, change or effect that has had or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.
   

  

  
   (e)
   
    Sellers’ Employment Agreements. Each of the Individual Sellers, except Seller 5, shall have duly executed (i) individual employment agreements with the Company, substantially in the form attached hereto as Exhibit 1.1 or Exhibit 1.2 as applicable (the “Employment Agreement”), providing for the continued employment of each of the Individual Sellers, except Seller 5, with the Company for at least twelve (12) consecutive months following the Closing, and (ii) a Confidential Information and Invention Assignment Agreement substantially in the form attached hereto as Exhibit 2 (the “CIIAA”).
   

  

  
   (f)
   
    Termination of 409A Deferred Compensation Arrangements. The Company shall have terminated each 409A Deferred Compensation Arrangement and any associated insurance policy, trust or other associated funding arrangement.
   

  

  
   (g)
   
    Termination of Seller Insurance Policies. The Company has terminated each of the “key man” life insurance policies, death benefits insurance policies, and other life insurance or disability insurance policies sponsored by the Company covering any Individual Seller, including, but not limited to, life insurance policies for Herbert T Ilk III issued by Northwestern Mutual, Policy Numbers 21437519 and 21618066. 
   

  

  
   (h)
   
    Termination of Shareholders Agreement. The Sellers and the Company shall have terminated the Shareholders Agreement, dated March 1, 2003, by and between Peter Schoenke, Herbert Ilk, Jeffrey Erickson, Timothy Schuler, Christopher Liss and Roto Sports, Inc.
   

  

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   (i)
   
    Termination of Certain Contracts. The Company shall have terminated (i) the contract by and between Victoria Schoenke and the Company and (ii) the contract by and between Melissa Stromberg and the Company, each as set forth on Schedule 3.21 of the Seller Disclosure Letter.
   

  

  
   (j)
   
    Termination of Credit Cards. The Company shall have paid the balance and terminated each of the Company credit cards, including the Costco Visa Credit Card and the City National Bank Credit Card, each as set forth on Section 3.14(a) of the Seller Disclosure Letter. 
   

  

  Section 6.03   Conditions to the Obligations of Sellers. The obligations of the Sellers to consummate the transactions contemplated hereby are subject to the satisfaction or waiver by the Sellers’ Representative, on or prior to the Closing Date, of the following further conditions:

  
   (a)
   
    Performance. All of the agreements and covenants of Purchaser to be performed prior to the Closing pursuant to this Agreement shall have been duly performed in all material respects.
   

  

  
   (b)
   
    Representations and Warranties. The representations and warranties of the Purchaser contained in Article IV shall be true and correct in all material respects at and as of the Closing Date as if made at and as of such time.
   

  

  
   (c)
   
    Closing Deliverables. Purchaser shall have delivered or caused to be delivered to the Sellers’ Representative the items set forth in Section 2.04(c).
   

  

  Section 6.04   Frustration of Closing Conditions. Neither the Purchaser nor any of the Sellers may rely on the failure of any condition set forth in this Article VI to be satisfied if such failure was caused by such party’s failure to act in good faith or such party’s failure to use its reasonable best efforts to cause the Closing to occur, as required by Section 5.05.

  ARTICLE VII

  Tax Matters

  Section 7.01   Returns and Payment of Taxes. 

  
   (a)
   
    Except with respect to any Returns relating to Applicable Sales/Use Taxes and the Sales Tax Indemnity, the Sellers’ Representative shall have the authority and obligation to prepare, or cause to be prepared, all Returns of the Company that are due with respect to any taxable year or other taxable period ending on or before the Closing Date. Such Returns shall be prepared by treating items on such Returns in a manner consistent with the past practices of the Company with respect to such items. Such Returns shall be provided to Purchaser for their consent no later than thirty (30) days prior to the due date, such consent not to be unreasonably withheld, conditioned or delayed. If the Purchaser consents to such Returns (which consent shall not be unreasonably withheld, conditioned or delayed) the Company shall execute and file such Returns as prepared by the Sellers’ Representative. In addition, the Sellers shall pay, on or prior to the due date, any amount due and payable on such Returns (except to the extent such amount was taken into account in calculating Closing Working Capital or Indebtedness). Notwithstanding the foregoing, the Company shall, if requested by the Sellers’ Representative, make the safe harbor election allowed for any success-based fees pursuant to Revenue Procedure 2011-29.
   

  

  
   (b)
   
    Except as provided in Section 7.01(a), the Purchaser shall have the exclusive authority and obligation to prepare and timely file, or cause to be prepared and timely filed, all Tax Returns of the Company; provided, that with respect to Returns that include the portion of the overlap Period ending on or prior to the Closing Date, except with respect to any Returns relating to Applicable Sales/Use Tax 
   

  

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    and the Sales Tax Indemnity, (i) the Purchaser shall prepare such Returns in a manner consistent with the past practices of the Company, and (ii) the Purchaser shall not file such Returns without the prior written consent of the Sellers’ Representative, such consent not to be unreasonably withheld, conditioned or delayed.
   

  

  
   (c)
   
    Subject to the limitation with respect to the Sales Tax Indemnity set forth in Section 8.06, all Taxes and Tax liabilities with respect to the income, property or operations of the Company that relate to the Overlap Period shall be apportioned between the Sellers and Purchaser as follows: (i) in the case of Taxes other than income, sales and use and withholding Taxes, on a per‐diem basis, and (ii) in the case of income, sales and use and withholding Taxes, as determined from the books and records of the Company as though the taxable year of the Company terminated at the close of business on the Closing Date. The Sellers shall be liable for Taxes of the Company that are attributable to the portion of the Overlap Period ending on and including the Closing Date, and shall pay such amounts to the Purchaser on or before five (5) days prior to the due date of such Taxes (except to the extent such amount was taken into account in calculating Closing Working Capital or Indebtedness).
   

  

  
   (d)
   
    Any and all deductions related to (i) Company Transaction Expenses and (ii) expenses with respect to Indebtedness being paid in connection with the Closing that are deductible for Tax purposes (at a more likely than not or higher level of comfort) shall be claimed in a Pre-Closing Period, except as otherwise required by applicable Law.
   

  

  
   (e)
   
    Except as required under applicable Law or, in the case of Purchaser or any Affiliate of the Purchaser, in connection with the Sales Tax Indemnity, including pursuant to Section 7.05(d) or Section 8.04(d) hereof, none of the Purchaser, the Company, or any Affiliate of the Purchaser shall make or change any Tax election, amend, re-file or otherwise modify any Tax Return relating in whole or in part to the Company with respect to any taxable period ending on or prior to the Closing Date, or take any other action that would increase any Tax liability of the Company in respect of any taxable period ending on or prior to the Closing Date, in each case, which could reasonably be expected to result in an obligation of the Sellers to indemnify the Purchaser under this Agreement, without the prior written consent of the Sellers’ Representative. Any Tax refund or application of such refund as a credit against a Tax liability in a post-Closing period in lieu of such refund (including any interest paid or credited with respect thereto but net of any costs, including Taxes, incurred by Purchaser or any of its Affiliates) that does not relate to a deduction or credit arising with respect to amounts incurred by Purchaser (a “Tax Refund”) received by the Company for Taxes paid for any Pre-Closing Tax Period shall be the property of the Sellers. The Purchaser shall pay any such Tax Refunds to the Sellers’ Representative within ten (10) days after such Tax Refund is received by the Purchaser or its Affiliates (including for the sake of clarity the Parent and the Company) in either cash or the application of a credit against Taxes otherwise due. At the Sellers’ Representative’s written reasonable request, the Purchaser shall use reasonable efforts to timely and properly prepare, or cause to be prepared, and file, or cause to be filed, any claim for refund, amended Tax Return, or other Tax Return required to obtain any available material Tax Refunds from any Pre-Closing Tax Period. If any Tax Refund previously paid to the Sellers is required to be repaid to a Taxing Authority or is subsequently disallowed by a Taxing Authority, the Sellers shall promptly repay to the Purchaser such previously paid amounts. Notwithstanding anything else in this Section 7.01(e) to the contrary, Purchaser shall not be obligated to pay any Tax Refund under this Section 7.01(e) to the extent that any such Tax Refund is the result of the carrying back of any net operating loss or other Tax attribute or Tax credit incurred in a taxable period beginning after the Closing Date (including the portion of any Overlap Period beginning after the Closing Date) or to the extent such Tax Refund is accounted for as an asset in Closing Working Capital. 
   

  

  
   (f)
   
    No election under Section 336 or Section 338 of the Code (or any similar provision of state, local or foreign applicable Law) shall be made or allowed to be made by any party with respect to 
   

  

  52

  

   

  
   
    the transactions contemplated by this Agreement. The parties agree that the purchase and sale of the stock between the Purchaser and the Sellers shall be treated as the purchase and sale of stock for all Tax purposes.
   

  

  
   (g)
   
    All transfer, sales and use, registration, stamp, recording, documentary and similar Taxes (“Transfer Taxes”) imposed in connection with the sale of the Shares or any other transaction that occurs pursuant to this Agreement shall be borne by the Sellers. Seller’s Representative shall remit the payment for all of the Transfer Taxes and file or cause to be filled all Tax Returns and other documentation required to be filed by Sellers with respect to any such Transfer Taxes, and, if required by applicable Law, Purchaser shall, or shall cause the Company, as applicable, to join in the execution of any such Tax Returns and other documentation with respect thereto. The Parties shall cooperate in good faith to take such commercially reasonable actions as will minimize or reduce the amount of such Transfer Taxes.
   

  

  
   (h)
   
    The Sellers shall terminate or cause to be terminated any and all of the tax sharing, allocation, indemnification or similar agreements, arrangements or undertakings in effect, written or unwritten, on the Closing Date as between the Sellers or any predecessor or Affiliate thereof, on the one hand, and the Company, on the other hand, for all Taxes imposed by any government or taxing authority, regardless of the period in which such Taxes are imposed, and there shall be no continuing obligation to make any payments under any such agreements, arrangements or undertakings.
   

  

  Section 7.02   Controversies. 

  
   (a)
   
    Except with respect to matters relating to the Sales Tax Indemnity, the Purchaser shall promptly notify the Sellers’ Representative upon receipt by the Purchaser or any Affiliate of the Purchaser (including the Company after the Closing Date) of written notice of any inquiries, claims, assessments, audits or similar events with respect to Taxes relating to a taxable period ending on or prior to the Closing Date for which the Sellers may be liable under this Agreement (any such inquiry, claim, assessment, audit or similar event, a “Tax Matter”). Except with respect to matters relating to the Sales Tax Indemnity, the Sellers’ Representative, or its Representative, at the Sellers’ sole expense, shall have the authority to represent the interests of the Company with respect to any Tax Matter before the IRS, any other taxing authority or any other Governmental Entity and shall have the right to control the defense, compromise or other resolution of any Tax Matter, including responding to inquiries, filing Tax Returns and contesting, defending against and resolving any assessment for additional Taxes or notice of Tax deficiency or other adjustment of Taxes of, or relating to, a Tax Matter; provided, that (i) the Purchaser, at its own expense, shall be allowed to participate in such Tax Matters and (ii) neither the Sellers’ Representative, any Seller nor any of its Affiliates shall enter into any settlement of or otherwise compromise any Tax Matter that adversely affects or may adversely affect the Tax liability of the Purchaser, the Company or any Affiliate of the foregoing for any period ending after the Closing Date, including the portion of the Overlap Period that is after the Closing Date, without the prior written consent of the Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed. The Sellers’ Representative, the Sellers or their Representative shall keep the Purchaser fully and timely informed with respect to the commencement, status and nature of any Tax Matter. The Sellers’ Representative shall, in good faith, allow the Purchaser to make comments to the Sellers’ Representative, the Sellers or their Representative, regarding the conduct of or positions taken in any such proceeding.
   

  

  
   (b)
   
    Except as otherwise provided in Section 7.02(a), or if the Sellers’ Representative does not elect to control a proceeding pursuant to Section 7.02(a), the Purchaser shall have the sole right to control any audit or examination by any Tax authority and contest, resolve and defend against any assessment for additional Taxes, notice of Tax deficiency or other adjustment of Taxes of or relating to, the income, assets or operations of the Company for all taxable periods; provided, however, that, except with respect to any Returns relating to Applicable Sales/Use Tax and the Sales Tax Indemnity, the Purchaser shall not, and shall cause the Company not to, enter into any settlement of any contest or otherwise 
   

  

  53

  

   

  
   
    compromise any issue with respect to the portion of the Overlap Period ending on or prior to the Closing Date that could increase the Tax liability of the Sellers without the prior written consent of the Sellers’ Representative, which consent shall not be unreasonably withheld, conditioned or delayed. Except with respect to any Returns relating to Applicable Sales/Use Tax and the Sales Tax Indemnity, in the event the Sellers may be liable for any amount related to an Overlap Period, the Sellers’ Representative may participate in, but not control, any audit or examination, at his own expense.
   

  

  Section 7.03   Notification. Except with respect to matters relating to the Sales Tax Indemnity, the Purchaser, the Company, and their respective Affiliates shall promptly forward to the Sellers’ Representative all written notifications and other communications from any Tax authority received by the Company relating to any Tax Matters relating to the federal and consolidated income Tax liability of the Company with respect to a Pre‐Closing Period.

  Section 7.04   Indemnification for Taxes. Except with respect to indemnification for the Sales Tax Indemnity which are exclusively covered under Section 8.04, the Sellers shall indemnify, defend and hold the Purchaser and its Affiliates (including the Company) and their respective stockholders, Representatives, partners, members, managers, officers and directors harmless on an after‐tax basis from and against: (i) all Taxes, losses, claims and expenses resulting from, arising out of, or incurred with respect to, any claims that may be asserted by any party based on, attributable to, or resulting from the failure of any representation or warranty made pursuant to Section 3.15 to be true and correct in all respects on and as of the Closing Date (without giving effect to any “material”, “materially”, “materiality”, “Material Adverse Effect”, “material adverse effect”, “material adverse change” or similar qualification contained therein); (ii) all Taxes imposed on, asserted against or attributable to the properties, income or operations of the Company or any Taxes for which the Company are otherwise liable, for all Pre‐Closing Periods (including, for the avoidance of doubt, any sales (or similar) Taxes); (iii) all Taxes imposed on the Company as a result of the provisions of Treasury Regulations Section 1.1502‐6 or the analogous provisions of any state, local or foreign Law; and (iv) all Taxes imposed on the Company, or for which the Company may be liable, as a result of any transaction contemplated by this Agreement, except to the extent such amounts mentioned herein under this Section 7.04 were taken into account in calculating Closing Working Capital or Indebtedness. The Sellers’ indemnification obligations pursuant to this Section 7.04 shall survive until 60 days following the expiration of the applicable statute of limitations (giving effect to any extensions and waivers thereof).

  Section 7.05   Post‐Closing Retention, Access and Cooperation. 

  
   (a)
   
    From and after the Closing Date, the Purchaser shall, and shall cause Company to, preserve and keep all Tax-related Records held by Company at the Closing Date, and any Tax-related Records related to the period prior to the Closing for a period of seven (7) years after the Closing Date. 
   

  

  
   (b)
   
    After the Closing Date, the Purchaser, the Company, on the one hand, and the Sellers, on the other hand, shall furnish or cause to be furnished to each other, upon request, as promptly as practicable, such information and assistance (including access to books, records, work papers and Returns for Pre‐Closing Periods) relating to the Company as is reasonably necessary for the preparation of any Return, claim for refund or audit, and the prosecution or defense of any claim, suit or proceeding relating to any proposed Tax adjustment. Upon reasonable notice, each of the Sellers and Purchaser shall make their, or shall cause the Company, as applicable, to make their, employees and facilities available on a mutually convenient basis to provide reasonable explanation of any documents or information provided hereunder.
   

  

  
   (c)
   
    Any request for information or documents pursuant to this Section 7.05 shall be made by the requesting party in writing. The other party hereto shall promptly (and in no event later than twenty 
   

  

  54

  

   

  
   
    (20) days after receipt of the request) provide the requested information. The requesting party shall indemnify the other party for the reasonable out‐of‐pocket expenses incurred by such party in connection with providing any information or documentation pursuant to this Section 7.05. Any information obtained under this Section 7.05 shall be kept confidential, except as otherwise reasonably may be necessary in connection with the filing of Returns or claims for refund or in conducting any Tax audit, dispute or contest.
   

  

  
   (d)
   
    Notwithstanding anything to the contrary contained herein, from and after the Closing Date, solely with respect to matters relating to the Sales Tax Indemnity, the Purchaser shall at all times have the sole discretion regarding the review process of evaluating potential Losses relating to Taxes that may be due relating to the Sales Tax Indemnity (such Taxes, including any penalties and interest thereon, referred to as the “Applicable Sales/Use Taxes”), including but not limited to determining whether any such Applicable Sales/Use Taxes are owed to a Governmental Entity and whether such Applicable Sales/Use Taxes may be reported and/or remitted pursuant to a voluntary disclosure agreement, an original or amended Return, or any one or more settlement or other agreement with such applicable Tax authority or other Governmental Entity. 
   

  

  ARTICLE VIII

  Termination and Abandonment; Indemnification

  Section 8.01   Termination. This Agreement may be terminated and the transactions contemplated hereby may be abandoned, at any time prior to the Closing:

  
   (a)
   
    by mutual written consent of the Sellers’ Representative and Purchaser;
   

  

  
   (b)
   
    by either the Sellers’ Representative or Purchaser, if:
   

  

  
   (i)
   
    any court or other Governmental Entity shall have issued, enacted, entered, promulgated or enforced any Law or Order (that is final and non‐appealable and that has not been vacated, withdrawn or overturned) restraining, enjoining or otherwise prohibiting the transactions contemplated by this Agreement; provided, that the party seeking to terminate pursuant to this Section 8.01(b)(i) shall have complied with its obligations, if any, under Section 5.05; or
   

  

  
   (ii)
   
    one or more of the conditions and obligations set forth in Section 6.01, Section 6.02, or Section 6.03 remains unsatisfied or unwaived pursuant thereto and the Closing Date shall not have occurred on or prior to January 31, 2022 or such other later date to be agreed to by the parties hereto (the “End Date”); provided, that neither party may terminate this Agreement pursuant to this Section 8.01(b)(ii) if such party is in material breach of this Agreement;
   

  

  
   (c)
   
    by the Sellers’ Representative, if: (i) there shall be a breach by the Purchaser of any covenant or agreement of the Purchaser in this Agreement that, in either case, (A) would result in the failure of a condition set forth in Section 6.03(a) or Section 6.03(b) and (B) which is not curable or, if curable, is not cured upon the occurrence of the earlier of (1) the thirtieth (30th) day after written notice thereof is given by the Sellers’ Representative to the Purchaser and (2) the day that is five (5) Business Days prior to the End Date; provided that the Sellers’ Representative may not terminate this Agreement pursuant to this Section 8.01(c) if any of the Sellers is in material breach of this Agreement;
   

  

  
   (d)
   
    by the Purchaser, if: (i) there shall be a breach by the Sellers of any covenant or agreement of the Sellers in this Agreement that, in either case, (A) would result in the failure of a condition set forth in Section 6.02(a) or Section 6.02(b) and (B) which is not curable or, if curable, is not cured upon the occurrence of the earlier of (1) the thirtieth (30th) day after written notice thereof is given by the 
   

  

  55

  

   

  
   
    Purchaser to the Sellers’ Representative and (2) the day that is five (5) Business Days prior to the End Date; provided that the Purchaser may not terminate this Agreement pursuant to this Section 8.01(d) if the Purchaser is in material breach of this Agreement; or
   

  

  
   (e)
   
    by the Purchaser if there has been any event, development, state of facts, occurrence or change (or any series of events, developments, state of facts, occurrences or changes) with respect to the Company that has had or which would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.
   

  

  Section 8.02   Effect of Termination. In the event of the termination of this Agreement pursuant to Section 8.01 by the Purchaser, on the one hand, or the Sellers’ Representative, on the other hand, written notice thereof shall forthwith be given to the other party specifying the provision hereof pursuant to which such termination is made, and this Agreement shall be terminated and become void and have no effect and there shall be no liability hereunder on the part of the Sellers, Purchaser or the Company, except that Section 8.01 (Termination), this Section 8.02, and Article IX shall survive any termination of this Agreement. 

  Section 8.03   Survival of Representations and Warranties. The respective representations and warranties of the Sellers and Purchaser contained in this Agreement or the Seller Disclosure Letter shall survive the Closing until the date that is 24 months from the Closing Date, except that (i) the representations and warranties contained in Section 3.02(a) (Authorization), Section 3.03 (Ownership of Shares), Section 3.05 (Capitalization), Section 3.17 (Broker’s or Finder’s Fees), and Section 4.02(a) (Authorization) shall survive indefinitely; and (ii) the representations and warranties contained in Section 3.13 (Employee Benefit Matters), Section 3.15 (Tax Matters), shall survive until 60 days following the expiration of the applicable statute of limitations (giving effect to any extensions and waivers thereof). Each covenant and other agreement of the Purchaser or Sellers hereunder shall survive in accordance with its terms. No Person shall be liable for any claim for indemnification under Article VIII unless a Claim Certificate is delivered by the Person seeking indemnification to the Person from whom indemnification is sought prior to the expiration of the applicable survival period, in which case the representation, warranty, covenant or agreement which is the subject of such claim shall survive, to the extent of the claims described in such Claim Certificate only, until such claim is resolved, whether or not the amount of the Losses resulting from such breach has been finally determined at the time the notice is given.

  Section 8.04   Indemnification by Sellers. Subject to the other provisions of this Article VIII, from and after the Closing, the Individual Sellers shall jointly and severally, and the Trust Sellers shall severally but not jointly, indemnify the Parent, the Purchaser, the Company and each of their respective Subsidiaries, including, for the avoidance of doubt, GDC Media Limited (“GDC Media”), a private limited company registered under the laws of Ireland, (the “Purchaser Indemnitees”) and save and hold each of them harmless against any Losses suffered, incurred or paid, directly or indirectly, by them as a result of, arising out of or related to: (a) any failure of any representation or warranty made by the Sellers in this Agreement (whether or not contained in Article III) (other than (i) the representations and warranties contained in Section 3.15 (Tax Matters), which are addressed in Section 7.04 and (ii) the representations and warranties in Section 3.01, Section 3.02, Section 3.03, and Section 3.06, for which each of the Sellers’ obligations to indemnify the Purchaser Indemnitees shall be several and not joint) to be true and correct in all respects on and as of the date of this Agreement and on and as of the Closing Date as if made on such date (other than those made on a specified date, which shall be true and correct in all respects as of such specified date); (b) any breach of any covenant or agreement by the Sellers contained in this Agreement (c) any Company Transaction Expenses to the extent not paid by the Sellers prior to the Closing Date, paid by the Purchaser at the Closing pursuant to Section 2.02(h), or included in the calculation of the Working Capital Adjustment pursuant to Section 2.02; and (d) the Company’s historical practices with respect to the collection and remittance of sales and use Taxes to relevant state Governmental Entities relating to transactions that could be deemed taxable sales of “software as a service”, online subscriptions, or similar offerings for any Pre-Closing Period 

  56

  

   

  (this subsection (d) referred to herein as the “Sales Tax Indemnity”). For the avoidance of doubt, the Sellers’ obligations to indemnify and hold harmless Purchaser Indemnitees pursuant to clause (b) of the immediately preceding sentence shall not terminate until the full performance of the relevant covenants in accordance with their terms. Notwithstanding the foregoing, the obligation of the Sellers hereunder to indemnify the Purchaser Indemnities with respect to the Sales Tax Indemnity shall be exclusive to clause (d), above, and for the sake of clarity shall not be governed by clause (a), above. 

  Section 8.05   Indemnification by Purchaser. Subject to the limitations set forth in this Article VIII, from and after the Closing, the Purchaser agrees to and shall indemnify the Sellers (the “Seller Indemnitees”) and save and hold each of them harmless against any Losses suffered, incurred or paid, directly or indirectly, by them as a result of, arising out of, or related to: (a) any failure of any representation or warranty made by the Purchaser in this Agreement (whether or not contained in Article IV) or in any schedule, exhibit or certificate delivered pursuant to this Agreement to be true and correct in all respects on and as of the date of this Agreement and on and as of Closing Date as if made on such date (other than those made on a specified date, which shall be true and correct in all respects as of such specified date); and (b) any breach of any covenant or agreement by the Purchaser contained in this Agreement. For the avoidance of doubt, the Purchaser’s obligations to indemnify and hold harmless the Seller Indemnitees pursuant to clause (b) of the immediately preceding sentence shall not terminate until the full performance of the relevant covenants in accordance with their terms.

  Section 8.06   Limitation on Indemnification. Notwithstanding anything to the contrary contained in this Agreement, (a) neither the Purchaser and the Parent nor the Sellers, as the case may be, shall be liable for any claim for indemnification pursuant to Section 8.04(a) or Section 8.05(a), as the case may be, unless and until the aggregate amount of Losses which may be recovered from the Sellers or the Purchaser, as the case may be, equals or exceeds $150,000 (the “Basket”), in which case the Sellers or the Purchaser, as the case may be, shall be liable for the aggregate amount of Losses including the amount of the Basket; provided, that the maximum aggregate amount of indemnifiable Losses which may be recovered for indemnification pursuant to Section 8.04(a) or Section 8.05(a), as the case may be, shall be, as of the date of any Claim Certificate evidencing any such Losses, an amount equal to $12,000,000 for Losses incurred prior to the first anniversary of the Closing Date, and, thereafter, an amount equal to $10,000,000, in each case, subject to Section 8.03; and (b) the maximum aggregate amount of indemnifiable Losses which may be recovered with respect to the Sales Tax Indemnity shall be an amount equal to the Sales Tax Holdback and, for the avoidance of doubt, the Basket limitation set forth under (a) above shall not apply with respect to the Sales Tax Indemnity. The foregoing limitations shall not apply to Losses incurred by any Purchaser Indemnitee in connection with or arising from any breach of any representation or warranty of the Sellers in Section 3.01 (Due Organization, Good Standing, etc.), Section 3.02 (Authorization), Section 3.03 (Ownership of Shares), Section 3.05 (Capitalization), Section 3.15 (Tax Matters) (other than Losses relating to the Sales Tax Indemnity), Section 3.16 (Cybersecurity and Intellectual Property) and Section 3.17 (Broker’s or Finder’s Fee), but the maximum aggregate amount of indemnifiable Losses which may be recovered for indemnification pursuant to Section 8.04(a) or Section 8.05(a), as the case may be, in connection with or arising from any breach of the foregoing representations or warranties of the Sellers shall be an amount equal to $27,500,000. With respect to any and all indemnification payments required to be made to the Purchaser Indemnitees hereunder that are a result of, relate to or arise from a claim for indemnification pursuant to the Sales Tax Indemnity, the Purchaser Indemnitees’ sole recourse shall be to recover amounts from and to the extent of the Sales Tax Holdback.

  Section 8.07   Losses Net of Insurance, etc. The amount of any Loss for which indemnification is provided under Section 8.04 or Section 8.05 shall be net of (a) any specific accruals or reserves on the Financial Statements referenced in Section 3.08, (b) any amount for which a reserve or accrual is included in final Closing Working Capital or which has been taken into account as a current liability for purposes of the calculation of the Final Purchase Price, (c) any amounts recovered by the Indemnified Party (net of any 

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  costs of investigation of the underlying claim and of collection) pursuant to any indemnification by or indemnification agreement with any Person (other than this Agreement), (d) any insurance proceeds (net of any costs of investigation of the underlying claim and of collection and net of any Taxes arising as a result of the receipt of such insurance proceeds) received as an offset against such Loss, and (e) any Tax benefit available to the Company or the Purchaser or any Affiliate thereof as a result of such Loss in or prior to the year in which the Loss is claimed (each such source of recovery referred to in clauses (c), (d) and (e), a “Collateral Source”). In computing the amount of any such Tax benefit, the indemnified party shall be deemed to recognize all other items of income, gain, loss, deduction or credit before recognizing any item arising from the incurrence or payment of any indemnified Loss. If the amount to be netted hereunder in connection with a Collateral Source from any payment required under Section 8.04 or Section 8.05 is received after payment by the Indemnifying Party of any amount otherwise required to be paid to an Indemnified Party pursuant to this Article VIII, the Indemnified Party shall repay to the Indemnifying Party, promptly after such receipt, any amount that the Indemnifying Party would not have had to pay pursuant to this Article VIII had such receipt occurred at the time of such payment. Each Indemnified Party shall take commercially reasonable steps to mitigate any Losses as soon as reasonably practicable after such Indemnified Party becomes aware of any event which does, or could reasonably be expected to, give rise to any such Losses, and shall take commercially reasonable steps to recover such Losses from any Collateral Source.

  Section 8.08   Indemnification Procedure.

  
   (a)
   
    Promptly after the incurrence of any Losses by any Person entitled to indemnification pursuant to Section 8.04 or Section 8.05, including, any claim by a Person described in Section 8.09 (an “Indemnified Party”), which might give rise to indemnification hereunder, the Indemnified Party shall deliver to the party from which indemnification is sought (the “Indemnifying Party”) a certificate (a “Claim Certificate”), which Claim Certificate shall:
   

  

  
   (i)
   
    state that the Indemnified Party has incurred or anticipates that it will incur Losses for which such Indemnified Party believes it is entitled to indemnification pursuant to this Agreement; and
   

  

  
   (ii)
   
    specify in reasonable detail each individual item of Loss included in the amount so stated, the date such item was paid (if paid), the basis for any anticipated Loss and the nature of the misrepresentation, breach of warranty, breach of covenant or claim to which each such item is related and the computation, if possible, of the amount to which such Indemnified Party claims to be entitled hereunder; provided that the failure to so notify shall not relieve the Indemnifying Party of its obligations hereunder, except to the extent that the Indemnifying Party is actually prejudiced thereby.
   

  

  
   (b)
   
    In the event that the Indemnifying Party shall object to the indemnification of an Indemnified Party in respect of any claim or claims specified in any Claim Certificate (other than a Third Party Claim, which is addressed in Section 8.09), the Indemnifying Party shall, within thirty (30) days after receipt by the Indemnifying Party of such Claim Certificate, deliver to the Indemnified Party a notice to such effect, specifying in reasonable detail the basis for such objection, and the Indemnifying Party and the Indemnified Party shall, within the 60 day period beginning on the date of receipt by the Indemnified Party of such objection and prior to submitting such dispute to the courts set forth in Section 10.8, attempt in good faith to agree upon the rights of the respective parties with respect to each of such claims to which the Indemnifying Party shall have so objected. If the Indemnified Party and the Indemnifying Party shall succeed in reaching agreement on their respective rights with respect to any of such claims, the Indemnified Party and the Indemnifying Party shall promptly prepare and sign a memorandum of agreement setting forth such agreement. Should the Indemnified Party and the Indemnifying Party be unable to agree as to 
   

  

  58

  

   

  
   
    any particular item or items or amount or amounts within such time period, then the Indemnified Party shall be permitted to submit such dispute to the courts set forth in Section 9.08. The party that receives a final judgment against it in such dispute shall reimburse the other party for all reasonable attorney and consultant fees or expenses incurred by the other party.
   

  

  
   (c)
   
    Claims for Losses specified in any Claim Certificate to which an Indemnifying Party shall not object in writing within thirty (30) days of receipt of such Claim Certificate (other than a Third Party Claim, which is addressed in Section 8.09), claims for Losses covered by a memorandum of agreement of the nature described in Section 8.08(b), and claims for Losses the validity and amount of which have been the subject of judicial determination as described in Section 8.08(b) and Section 9.08 hereof or shall have been settled as described in Section 8.09, are each hereinafter referred to as an “Agreed Claim”. Within 10 Business Days of the determination of the amount of any Agreed Claim (or at such other time as the Indemnified Party and the Indemnifying Party shall agree), the Indemnifying Party shall pay to the Indemnified Party an amount equal to the Agreed Claim by wire transfer in immediately available funds to the bank account or accounts designated by the Indemnified Party in a notice to the Indemnifying Party not less than two Business Days prior to such payment.
   

  

  
   (d)
   
    Under all circumstances the Sellers and the Seller Indemnitees shall act solely through the Sellers’ Representative and the Sellers’ Representative’s determination with respect to all matters under this Article VIII (including a determination as to whether to seek indemnity or not) shall be final and binding on each Seller Indemnitee.
   

  

  
   (e)
   
    Offset Right. 
   

  

  
   (i)
   
    Subject to the applicable limitations set forth in this Article VIII (including for the sake of clarity Section 8.08(e)(ii)), any amounts due by any of the Individual Sellers to the Purchaser and/or the Parent pursuant to this Article VIII may be offset against any unpaid balance of the Purchase Price due to the Individual Sellers, and any amounts due by any of the Trust Sellers to the Purchaser and/or the Parent pursuant to this Article VIII may be offset against any unpaid balance of the Purchase Price due to such Trust Seller(s), under this Agreement. To the extent that the Purchaser or the Parent is determined to be owed by any of the Individual Sellers amounts in excess of the unpaid balance of the Purchase Price, the Purchaser or the Parent may seek payment for such amounts in excess of such unpaid balance of the Purchase Price from the Individual Sellers, and to the extent that the Purchaser or the Parent is determined to be owed by any of the Trust Sellers amounts in excess of the unpaid balance of the Purchase Price, the Purchaser or the Parent may seek payment for such amounts in excess of such unpaid balance of the Purchase Price from such Trust Seller(s), in each case subject to the limitations set forth in Article VIII.
   

  

  
   (ii)
   
    The initial amount of such offset shall be in such amount as the Purchaser or the Parent reasonably determines to be necessary in order to cover the anticipated Loss to which it relates, and there shall be an appropriate adjustment between the parties at such time as the actual amount of the Loss has been finally determined.
   

  

  Section 8.09   Third Party Claims. 

  
   (a)
   
    If a claim by a third party is made against any or all of the Sellers (other than a claim for Taxes, which is addressed by Section 7.02 and Section 7.04 hereof) (a “Third Party Claim”), and if such party intends to seek indemnity with respect thereto under this Article VIII, such Seller or Sellers shall promptly notify the Purchaser of such Third Party Claim. 
   

  

  59

  

   

  
   (b)
   
    The Purchaser shall have thirty (30) days after receipt of such notice to assume the conduct and control, through Purchaser’s counsel, of the settlement or defense of such Third Party Claim and such Seller or Sellers shall cooperate with it in connection therewith.
   

  

  
   (c)
   
    If the Purchaser does not notify such Seller or Sellers within thirty (30) days after the receipt of such Seller’s or Sellers’ notice of a Third Party Claim of indemnity hereunder that it elects to undertake the defense thereof, such Seller or Sellers shall have the right to contest, settle or compromise the Third Party Claim but shall not thereby waive any right to indemnity therefor pursuant to this Agreement.
   

  

  
   (d)
   
    The Sellers and the Purchaser shall cooperate with each other in all reasonable respects in connection with the defense of any Third Party Claim, including making available records relating to such Third Party Claim and furnishing, without expense to the Purchaser and/or its counsel, such Seller or Sellers or such employees of such Seller or Sellers as may be reasonably necessary for the preparation of the defense of any such Third Party Claim or for testimony as witnesses in any proceeding relating to such Third Party Claim.
   

  

  Section 8.10   Sole Remedy/Waiver. Except as otherwise provided herein, or in the case of fraud, criminal activity or willful misconduct, the parties hereto acknowledge and agree that, in the event that the Closing occurs, the remedies provided for in Section 7.04 and this Article VIII shall be the parties’ sole and exclusive remedies for any breach of the representations and warranties or covenants contained in this Agreement or any claims relating to this Agreement, other documents, certificates or agreements delivered in connection with this Agreement, the Company or any Law or otherwise. The parties hereto expressly intend that the remedies provided for in Section 7.04 and this Article VIII shall apply to direct claims between the parties hereto (whether or not involving a third party).

  Section 8.11   Sellers’ Waiver. Notwithstanding anything to the contrary contained herein, the Sellers hereby waive and acknowledge that they shall not exercise or assert, any right of contribution or right to indemnity or any other right or remedy against the Company in connection with any indemnification obligation or any other Liability to which the Sellers may become subject under this Agreement or otherwise in connection with any of the transactions contemplated herein.

  ARTICLE IX

  Miscellaneous

  Section 9.01   Fees and Expenses. Except as set forth herein, all costs and expenses incurred in connection with this Agreement and the consummation of the transactions contemplated hereby shall be paid by the party incurring such costs and expenses; provided, that the Sellers shall pay all such costs and expenses incurred by the Company and not included within Company Transaction Expenses.

  Section 9.02   Extension; Waiver. Subject to the express limitations herein, at any time prior to the Closing, the parties hereto may (a) extend the time for the performance of any of the obligations or other acts of the other party hereto, (b) waive any inaccuracies in the representations and warranties contained herein by the other party or in any document, certificate or writing delivered pursuant hereto by such other party or (c) waive compliance with any of the agreements or conditions contained herein. Any agreement on the part of any party to any such extension or waiver shall be valid only if set forth in an instrument in writing signed by or on behalf of such party. No failure or delay on the part of any party hereto in the exercise of any right hereunder shall impair such right or be construed as a waiver of, or acquiescence in, any breach of any representation, warranty, covenant or agreement herein, nor shall any single or partial exercise of any such right preclude other or further exercise thereof or of any other right.

  60

  

   

  Section 9.03   Notices. Except as otherwise provided herein, all notices, requests, claims, demands, waivers and other communications hereunder shall be in writing and shall be delivered by hand or overnight courier service or sent by email transmission to the respective parties as follows (or, in each case, as otherwise notified by any of the parties hereto) and shall be effective and deemed to have been given (a) immediately when sent by email before 6:00 P.M. (New York City time) on any Business Day (and when after such time), on the next Business Day), and (b) when received if delivered by hand or overnight courier service on any Business Day:

  
   (a)
   
    If to the Sellers’ Representative or to any Seller, to:
   

  

  Peter Schoenke
[***]

   

  Email:	[***]

  with a copy (which shall not constitute notice or service of process) to:

  Husch Blackwell, LLP

  33 East Main Street, Suite 300

  Madison, WI 53703

  Attention:	Tom O’Day

  Email:	[***];

  
   (b)
   
    if to the Purchaser or to Parent, to:
   

  

  c/o Gambling.com Group Limited

  GDC America Inc.

  514 North Franklin St, Suite 201

  Tampa, FL 33602, United States

  Attention:	Michael J. Stein

  Email:	[***];

  with copies (which shall not constitute notice or service of process) to:

  White & Case LLP

  Bockenheimer Landstraße 20

  Frankfurt am Main, Germany 60323

  Attention:	Darragh Byrne

  Email:	[***]

   

  and

   

  White & Case LLP

  609 Main Street, Suite 2900

  Houston, TX 77002-4403

  Attention:	Morgan Hollins

  Email:	[***]

  Notices sent by multiple means, each of which is in compliance with the provisions of this Agreement will be deemed to have been received at the earliest time provided for by this Agreement.

  61

  

   

  Section 9.04   Entire Agreement. This Agreement, together with the Exhibits hereto and the Seller Disclosure Letter, contains the entire understanding of the parties hereto with respect to the subject matter contained herein and supersedes all prior agreements and understandings, oral and written, with respect thereto, other than the Confidentiality Agreement. This Section 9.04 shall not be deemed to be an admission or acknowledgement by any of the parties hereto that any prior agreements or understandings, oral or written, with respect to the subject matter hereof exist, other than the Confidentiality Agreement.

  Section 9.05   Binding Effect; Benefit; Assignment. This Agreement shall inure to the benefit of and be binding upon the parties hereto. Except with respect to Article VIII of this Agreement, which shall inure to the benefit of each Purchaser Indemnitee and Seller Indemnitee, all of whom are intended as express third‐party beneficiaries thereof, no Person, other than GDC Media Limited, who is not party to this Agreement shall be entitled to the benefits of this Agreement. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the parties hereto without the prior written consent of the other party including, without limitation, to any beneficiary of a Seller if such Seller is a trust (except as expressly set forth herein); provided, that the Purchaser may assign its rights, interests and obligations hereunder (a) to any direct or indirect wholly owned Subsidiary of the Parent or to any Affiliate of which the Purchaser is a direct or indirect wholly owned Subsidiary, (b) in connection with the transfer by the Purchaser of all or substantially all of the capital stock and/or assets of the Company and or its Subsidiaries and (c) for the purpose of securing any financing of the transactions contemplated hereby. Any attempted assignment in violation of this Section 9.05 will be void. The representations and warranties in this Agreement are the product of negotiations among the parties hereto and are for the sole benefit of the parties hereto. Any inaccuracies in such representations and warranties are subject to waiver by the parties hereto in accordance with Section 9.02 without notice or liability to any other person. In some instances, the representations and warranties in this Agreement may represent an allocation among the parties hereto of risks associated with particular matters regardless of the knowledge of any of the parties hereto. Consequently, persons other than the parties hereto may not rely upon the representations and warranties in this Agreement as characterizations of actual facts or circumstances as of the date of this Agreement or as of any other date.

  Section 9.06   Amendment and Modification. This Agreement may not be amended except by a written instrument executed by all parties to this Agreement.

  Section 9.07   Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all of which together shall be deemed to be one and the same instrument. Signed counterparts of this Agreement may be delivered by facsimile and by scanned .pdf image.

  Section 9.08   Applicable Law; Arbitration. 

  
   (a)
   
    THIS AGREEMENT AND THE LEGAL RELATIONS BETWEEN THE PARTIES HERETO SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.
   

  

  
   (b)
   
    Any dispute, controversy or claim arising out of, relating to or in connection with this Agreement, including any question regarding its existence, validity or termination, or regarding a breach of this Agreement, shall, subject to Section 9.08(e), be referred to and settled by arbitration under and in accordance with the Rules of Arbitration of the International Chamber of Commerce (the “ICC Rules”), as amended and in effect on the date that demand for arbitration is filed as set forth in Section 9.08(c). Each party hereto consents to such arbitration as the sole and exclusive method of resolving any such dispute.
   

  

  62

  

   

  
   (c)
   
    To initiate arbitration, any party shall submit its notice of arbitration to the International Court of Arbitration and to all other parties. The arbitration proceeding will take place in New York, New York and will be conducted in the English language. The arbitration panel will consist of three (3) arbitrators, all of whom (including the chairperson) shall be appointed by the International Court of Arbitration pursuant to the ICC Rules. The expenses of the arbitration shall be borne as determined by the arbitral tribunal. The award of the arbitral tribunal shall be final and binding on the parties thereto, including any joined or intervening party, who hereby agree to undertake it without recourse to any judicial proceedings in any jurisdiction whatsoever seeking annulment, setting aside, modification or any diminution or impairment of its terms or effect. Judgment upon any arbitral award rendered may be entered and a confirmation order sought in any court having jurisdiction thereof.
   

  

  
   (d)
   
    (i) Any respondent named in a notice of arbitration or counterclaim or cross‐claim hereunder may join any other party to any arbitral proceedings hereunder; provided that (A) such joinder is based upon a dispute, controversy or claim substantially related to the dispute, controversy or claim in the relevant notice of arbitration or counterclaim or cross‐claim, and (B) such joinder is made by written notice to the ICC and to all other parties within either thirty (30) days from the receipt by such respondent of the relevant notice of arbitration or counterclaim or cross‐claim or such longer time as may be determined by the ICC or the arbitrators.
   

  

  
   (ii)
   
    Any party may intervene in any arbitral proceedings hereunder; provided that (A) such intervention is based upon a dispute, controversy or claim substantially related to the dispute, controversy or claim in the relevant notice of arbitration or counterclaim or cross‐claim, and (B) such intervention is made by written notice to the ICC and to all other parties within either thirty (30) days from the receipt by such party of the relevant notice of arbitration or counterclaim or cross‐claim or such longer time as may be determined by the ICC or the arbitrators.
   

  

  
   (iii)
   
    Any joined or intervening party may make a counterclaim or cross‐claim against any party; provided that (A) such counterclaim or cross‐claim is based upon a dispute, controversy or claim substantially related to the dispute, controversy or claim in the relevant notice of arbitration or counterclaim or cross‐claim, and (B) such counterclaim or cross‐claim is made by written notice to the ICC and to all other parties within either thirty (30) days from the receipt by such party of the relevant notice of arbitration or counterclaim or such longer time as may be determined by the ICC or the arbitrators.
   

  

  
   (e)
   
    The parties hereto hereby acknowledge and agree that they may apply to any court having jurisdiction for interim relief, including temporary restraining orders or preliminary injunctions, in addition to any remedy to which the parties may be entitled in any arbitration proceeding or in equity.
   

  

  
   (f)
   
    For purposes of any proceeding to enforce or confirm an award of the arbitral tribunal pursuant to this Section 9.08 and/or any action brought pursuant to Section 9.08(d), each party hereto hereby expressly submits to the exclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in the City of New York. Each party hereby irrevocably waives, to the fullest extent permitted by Law, any objection which it may have or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum. Each party hereby consents to process being served in any such proceeding by the mailing of a copy thereof by registered or certified mail, postage prepaid, to its address specified in Section 9.03 or in any other manner permitted by Law. EACH PARTY HEREBY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUCH ACTION OR PROCEEDING.
   

  

  63

  

   

  Section 9.09   Severability. If any term or provision of this Agreement is invalid, illegal or incapable of being enforced by any applicable Law or public policy, all other conditions and provisions of this Agreement shall nonetheless remain in full force and effect so long as the economic and legal substance of the transactions contemplated by this Agreement 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 shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement are consummated as originally contemplated to the fullest extent possible; provided, that notwithstanding anything in this Agreement to the contrary, the parties hereto intend that the remedies and limitations thereon (including Article VIII, Section 9.05, Section 9.08, Section 9.10, and Section 9.11) to each be construed as an integral provision of this Agreement and that such remedies and limitations shall not be severable in any manner that increases any party’s liability or obligations hereunder and no party hereto shall be required to take any action that would increase any such obligations or liabilities of any such Person.

  Section 9.10   Specific Enforcement; Limitation on Damages. The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached or threatened to be breached and that an award of money damages would be inadequate in such event. Accordingly, it is acknowledged that the parties shall be entitled to seek equitable relief, without proof of actual damages, including an Order for specific performance to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, in addition to any other remedy to which they are entitled at law or in equity as a remedy for any such breach or threatened breach. Each party further agrees that neither the other party nor any other Person shall be required to obtain, furnish or post any bond or similar instrument in connection with or as a condition to obtaining any remedy referred to in this Section 9.10, and each party hereto irrevocably waives any right it may have to require the obtaining, furnishing or posting of any such bond or similar instrument. Each party further agrees that the only permitted objection that it may raise in response to any action for equitable relief is that it contests the existence of a breach or threatened breach of this Agreement.

  Section 9.11   Waiver of Jury Trial. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES, AND SHALL CAUSE ITS SUBSIDIARIES AND AFFILIATES TO WAIVE, ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

  Section 9.12   Rules of Construction. The parties hereto agree that they have been represented by counsel during the negotiation and execution of this Agreement and have participated jointly in the drafting of this Agreement and, therefore, waive the application of any Law, holding or rule of construction providing that ambiguities in an agreement or other document will be construed against the party drafting such agreement or document.

  Section 9.13   Headings. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

  Section 9.14   No Recourse. This Agreement may only be enforced against, and any claims or causes of action that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement may only be made against the entities that are expressly identified as parties hereto and no other Person that is not a party hereto shall have any liability for any obligations or liabilities of the parties to this Agreement or for any claim (whether (to the extent valid under applicable Law) in tort, contract or otherwise) based on, in respect of, or by reason of, the transactions 

  64

  

   

  contemplated hereby or in respect of any oral representations made or alleged to be made in connection herewith. In no event shall the Company or any of its Affiliates, and the Company agrees not to and to cause its Affiliates not to, seek to enforce this Agreement against, make any claims for breach of this Agreement against, or seek to recover monetary damages from, any Person not a party to this Agreement.

  [Remainder of page intentionally left blank.]

  65

  

   

  IN WITNESS WHEREOF, the Sellers, Purchaser, and Parent (solely for purposes of agreeing to the provisions listed below) have caused this Agreement to be duly executed by their respective officers thereunto duly authorized, all as of the date first above written.

   

   

  					
	PETER SCHOENKE
	 
	Seller 2A 

	 
	 
	 
	 
	 

	By: /s/ Peter Schoenke
	 
	Ilk 2021 Charitable Remainder Unitrust dated November 22, 2021

	 
	 
	 
	 

	 
	 
	By:
	Trustee Services Group, PLLC, Trustee 

	 
	 
	 
	 

	HERBERT ILK
	 
	By:
	 /s/ Steven S. Marken

	 
	 
	 
	 
	Steven S. Marken 

	By: /s/ Herbert Ilk
	 
	 
	 
	Managing Principal

	 
	 
	 
	 
	 

	 
	 
	Seller 3A 

	 
	 
	 

	 
	 
	Erickson 2021 Charitable Remainder Unitrust dated November 22, 2021

	 
	 
	 
	 
	 

	JEFFREY ERICKSON
	 
	By:
	 Trustee Services Group, PLLC, Trustee 

	 
	 
	 
	 
	 

	By: /s/ Jeffrey Erickson
	 
	By:
	 /s/ Steven S. Marken

	 
	 
	 
	 
	Steven S. Marken

	 
	 
	 
	 
	Managing Principal

	 
	 
	 
	 
	 

	TIMOTHY SCHULER
	 
	Seller 4A

	 
	 
	 
	 
	 

	By: /s/ Timothy Schuler
	 
	Schuler 2021 Charitable Remainder Unitrust dated November 22, 2021

	 
	 
	 
	 
	 

	 
	 
	By:
	 Trustee Services Group, PLLC, Trustee

	 
	 
	 
	 
	 

	CHRISTOPHER LISS
	 
	By:
	 /s/ Steven S. Marken

	 
	 
	 
	 
	Steven S. Marken 

	By: /s/ Christopher Liss
	 
	 
	 
	Managing Principal

   

   

   

   

   

   

   

   

   

   

   

   

  [Signature page to Stock Purchase Agreement]

   

  

   

   

  			
	GDC AMERICA, INC.

	 
	 
	 

	By:
	 
	/s/ William Hanson

	Name:
	 
	William Hanson

	Title:
	 
	President

   

   

   

   

   

   

   

   

  Joined solely for purposes of agreeing to the provisions of Section 2.02 to the extent related to issuance of Parent Shares, Section 3.06, Section 4.03, Section 4.04, Section 4.05, Section 4.09, Section 5.10, Section 5.11, Article VI, and Article VIII:

   

   

  			
	GAMBLING.COM GROUP LIMITED

	 

	By:  
	 
	 /s/ Charles Gillespie

	Name:  
	 
	Charles Gillespie

	Title:  
	 
	Chief Executive Officer

   

   

  

   

  
   Annex 1A
   
    

Sellers
   

  

  					
	Seller
	Number of Common Shares
	Number of Preferred Shares
	Total Number of Shares
	% of Shares

	Seller 1
	[***]
	[***]
	[***]
	[***]

	Seller 2
	[***]
	[***]
	[***]
	[***]

	Seller 3
	[***]
	[***]
	[***]
	[***]

	Seller 4
	[***]
	[***]
	[***]
	[***]

	Seller 5
	[***]
	[***]
	[***]
	[***]

	Seller 2A
	[***]
	[***]
	[***]
	[***]

	Seller 3A
	[***]
	[***]
	[***]
	[***]

	Seller 4A
	[***]
	[***]
	[***]
	[***]

   

  68

   

  

   

  
   Annex 1A
   
    

Additional Defined Terms
   

  

   

  		
	Defined Term
	Section

	 
	 

	Agreed Claim
	Section 8.08(c)

	Agreement
	Preamble

	Alternate Transaction
	Section 5.04(a)

	Applicable Sales/Use Taxes
	Section 7.05(d)

	Arbitrator
	Section 2.03(c)(i)

	Balance Sheet Date
	Section 3.08(a)

	Basket
	Section 8.06

	Claim Certificate
	Section 8.08(a)

	Closing
	Section 2.04(a)

	Closing Date
	Section 2.04(a)

	Closing Statement
	Section 2.03(a)

	COBRA
	Section 3.13(k)

	Collateral Source
	Section 8.07

	Common Stock
	First Recital

	Company
	Preamble

	Company Plan
	Section 3.13(a)

	Competing Business
	Section 5.08(a)(i)

	Continuing Employee
	Section 5.12(a)

	Copyleft Terms
	Section 3.16(k)

	Disputed Amounts
	Section 2.03(c)

	DOL
	Section 3.13(b)

	End Date
	Section 8.01(b)(ii)

	ERISA
	Section 3.13(a)

	ERISA Affiliate
	Section 3.13(a)

	Estimated Closing Cash
	Section 2.02(e)

	Estimated Closing Indebtedness
	Section 2.02(e)

	Estimated Closing Statement
	Section 2.02(e)

	Estimated Closing Working Capital
	Section 2.02(e)

	Estimated Company Transaction Expenses
	Section 2.02(e)

	Exchange Act
	Section 3.21

	Financial Statements
	Section 3.08(a)

	HIPAA
	Section 3.13(h)

	ICC Rules
	Section 9.08(b)

	Indemnified Party
	Section 8.08(a)

	Indemnifying Party
	Section 8.08(a)

	Individual Seller
	Preamble

	Interim Financial Statements 
	Section 3.08(a)

	Interim Period
	Section 5.03(a)

	IP Licenses
	Section 3.18(a)(xv)

	Knowledge of the Sellers
	Section 1.05

	Lock-Up Period
	Section 5.10(b)

	Lock-Up Shares
	Section 5.10(a)

	Material Contract
	Section 3.18(a)

   

  69

   

  

   

   

  		
	Multiemployer Plan
	Section 3.13(c)

	Notice of Objection
	Section 2.03(b)

	Open Source Materials
	Section 3.16(k)

	Purchaser
	Preamble

	Parent Financial Statements
	Section 4.05(b)

	Permits
	Section 3.11

	Preferred Stock
	First Recital

	Purchase Price Adjustment
	Section 2.03(d)

	Purchaser
	Preamble

	Purchaser Indemnitees
	Section 8.04

	Real Property Leases
	Section 3.20(b)

	Registered Intellectual Property
	Section 3.16(a)

	Return
	Section 3.15(a)

	Sales Tax Indemnity
	Section 8.04(d)

	SEC Filings
	Section 4.05(a)

	Securities Act
	Section 2.02(b)

	Seller
	Preamble

	Seller 1
	Preamble

	Seller 2
	Preamble

	Seller 2A
	Preamble

	Seller 3
	Preamble

	Seller 3A
	Preamble

	Seller 4
	Preamble

	Seller 4A
	Preamble

	Seller 5
	Preamble

	Seller Disclosure Letter
	Article III

	Seller Indemnitees
	Section 8.05

	Sellers’ Representative
	Preamble

	Shares
	First Recital

	Tax Matter
	Section 7.02(a)

	Tax Refund
	Section 7.01(e)

	Third Party Claim
	Section 8.09(a)

	Trade Secrets
	Article I

	Transfer
	Section 5.10(b)

	Transfer Taxes
	Section 7.01(g)

	Trust Seller
	Preamble

	Trustee
	Section 2.04(b)(vi)

	USPTO
	Section 3.16(b)

	USCO
	Section 3.16(b)

   

  70

   

  

   

  Exhibit 1.1

Form of Employment Agreement

  71

   

  

   

  Exhibit 1.2

Form of Employment Agreement

   

  72

  

   

  Exhibit 2

  Form of Confidential Information and Invention Assignment Agreement (CIIAA)

  73

  

   

  
   Exhibit 3
   
    

Form of Accredited Investor Questionnaire
   

  

  74EX-4.6

   

   

  Exhibit 4.6

   

  Execution Version

   

   

   

  CERTAIN CONFIDENTIAL INFORMATION (MARKED BY BRACKETS AS “[***]”) HAS BEEN

  EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT KEEPS PRIVATE OR CONFIDENTIAL.

  Dated 31 January 2022

  Share Purchase Agreement

  relating to NDC Holding Limited

  between

  the Sellers

  as defined herein

  and

  the Buyer

  as defined herein

   

   

   

  White & Case LLP

  Bockenheimer Landstrasse 20

  60323 Frankfurt am Main

  Germany

   

   

  

   

  				
	1.
	Interpretation and Related Matters
	5

	2.
	Sale and Purchase and Related Matters
	7

	3.
	Purchase Price
	8

	4.
	Earn Out Period
	13

	5.
	Closing and Post-Closing
	14

	6.
	Representations and Warranties of the Sellers and the Warrantors
	18

	7.
	Guarantee
	19

	8.
	Specific Indemnities of the Warrantors
	20

	9.
	Lock-Up Agreements
	20

	10.
	Rule 144 and Restrictive Legends; Nasdaq Listing
	21

	11.
	Tax
	21

	12.
	Representations and Warranties of the Buyer
	25

	13.
	Offset Amount
	26

	14.
	Restrictions
	27

	15.
	Liability and Related Matters
	28

	16.
	Amendment and Waiver
	32

	17.
	Sellers’ Representatives
	33

	18.
	General Provisions
	34

	Definitions Schedule A
	General Terms
	48

	Definitions Schedule B
	Financial Terms
	64

	Schedule 1
	Group Companies
	 

	Schedule 2
	Warranties
	68

	Schedule 3
	Specific Accounting Policies
	86

	Schedule 4
	Key Employees
	 

	Schedule 5
	Accounts
	 

	Schedule 6
	Intellectual Property
	 

	Schedule 7
	Disclosure Letter
	 

	Schedule 8
	Exit Bonus Agreement Template
	 

	Schedule 9
	Real Property
	 

	Schedule 10
	List of Assets
	 

	Schedule 11
	Earn-Out Calculations
	 

	Schedule 12
	Business Plan
	 

   

   

   

   

  

   

  This Share Purchase Agreement (the “Agreement”) is executed on 31 January, 2022 between the following parties:

  
   (1)
   
    Ilkka Elias Heikkilä, [***];
   

  

  (“Seller 1”);

  
   (2)
   
    Miikka Samuli Mustonen, [***];
   

  

  (“Seller 2”);

  
   (3)
   
    Siurcom Oy, a limited liability company registered in Finland with company registration number 2992036-1, owned by Aku-Mikko Haljoki;
   

  

  (“Seller 3”);

  
   (4)
   
    Riku-Matti Juhani Vihreäsaari, [***];
   

  

  (“Seller 4”);

  
   (5)
   
    Antti Mikael Kareinen, [***];
   

  

  (“Seller 5”);

  
   (6)
   
    Rastas Investing Oy, a limited liability company registered in Finland with company registration number 2940997-7, owned by Mikko Tapio Valdemar Lang;
   

  

  (“Seller 6”);

  
   (7)
   
    Caracara Oy, a limited liability company registered in Finland with company registration number 2946437-8, owned by Sauli Petteri Konttila;
   

  

  (“Seller 7”);

  
   (8)
   
    IT & Web Consulting TK Oy, a limited liability company registered in Finland with company registration number 2174821-0, owned by Tero Petteri Kilkanen;
   

  

  (“Seller 8”);

  
   (9)
   
    Sipsikissa Oy, a limited liability company registered in Finland with company registration number 2840029-2, owned by Erkka Ilari Tohmo;
   

  

  (“Seller 9”);

  
   (10)
   
    Milan Nikolic, [***];
   

  

  (“Seller 10”);

  
   (11)
   
    Ory Weihs, [***]; and
   

  

  (“Seller 11”);

  
   (12)
   
    Contender Media Holdings B.V., a limited liability company registered in the Netherlands with company registration number 69176779, owned by Fintan Costello;
   

  

  (“Seller 12”),

  (Sellers 1 to 12 are collectively referred to as the “Sellers” and individually as the “Seller”);

   

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   (13)
   
    Fintan Costello, [***];
   

  

  
   (14)
   
    Aku-Mikko Haljoki, [***];
   

  

  
   (15)
   
    Mikko Tapio Valdemar Lang, [***];
   

  

  
   (16)
   
    Sauli Petteri Konttila, [***];
   

  

  
   (17)
   
    Tero Petteri Kilkanen, [***]; and
   

  

  
   (18)
   
    Erkka Ilari Tohmo, [***];
   

  

  (parties 13 to 18 are collectively referred to as the “Indirect Sellers” and individually as the “Indirect Seller”);

  
   (19)
   
    Finder Media B.V., a limited liability company organized under the laws of the Netherlands with company registration number 75379236  (the “Finder Media”); 
   

  

  (For the avoidance of any doubt, Finder Media shall be the party to this Agreement solely for the purpose of the provision of certain assurances to Buyer in relation to the FMH Asset Transfer);

  
   (20)
   
    Gambling.com Group Limited, a limited liability company registered under the laws of the Bailiwick of Jersey with company registration number 135800 (“GAMB”); and
   

  

  
   (21)
   
    GDC Malta Limited, a limited liability company organized under the laws of Malta with company registration number C77661 (the “Buyer”).
   

  

  Each of the Sellers, Indirect Sellers, the Buyer and GAMB are hereinafter individually referred to as a “Party” and jointly the “Parties”.

  RECITALS:

  
   (a)
   
    NDC Holding Limited is a private company limited by shares incorporated under the laws of the British Virgin Islands with company registration number 1931289 and whose registered office is at Ritter House, Wickhams Cay II, Road Town, Tortola, British Virgin Islands (the “Company”). The Company is authorised to issue up to 50,000 shares of no par value each (divided into 40,000 ordinary shares and 10,000 preferred shares), of which 1,330 ordinary shares and 74 preferred shares have been issued and are fully paid (together, the “Shares”).
   

  

  
   (b)
   
    The Company is involved in developing a comparison review website for the gambling industry  (the “Business”).
   

  

  
   (c)
   
    The Sellers are the legal and beneficial owners of the Shares in the proportions set out against their respective name in Schedule 1 to this Agreement. 
   

  

  
   (d)
   
    The Company is 100% shareholder of NDC Media Limited, a limited liability company registered under the laws of Malta with company registration number C73376 (“NDC Media”).
   

  

  
   (e)
   
    Finder Media Holdings B.V., a limited liability company organized under the laws of the Netherlands with company registration number 75373815 (“Finder Media Holdings”) is under the common control of the ultimate beneficial owners of the Company and is 100% shareholder of Finder Media. 
   

  

  
   (f)
   
    As part of a pre-sale reorganisation, Finder Media transferred the beneficial ownership in certain intellectual property assets to NDC Media pursuant to the terms of a Domain Name Purchase and 
   

  

   

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    Transfer Agreement dated 28 December 2021 (“FMH Asset Transfer”) and shall transfer the legal ownership of these intellectual property assets to NDC Media on Closing.  
   

  

  
   (g)
   
    GAMB is 100% shareholder of the Buyer and both are member of the Gambling.com group of companies, comprising GAMB and its Subsidiaries from time to time (“GAMB Group”). The Buyer, as part of the GAMB Group, is involved in the business on a worldwide basis of (i) providing online performance marketing services, otherwise known as affiliate marketing services, to an operator of any form of online gambling (including but not limited to online casino, sports betting, daily fantasy sports, lottery and poker) (“Operator”) and (ii) producing or distributing sports media content of any variety (including, but not limited to, fantasy sports, statistics, betting, scores and news content), with the businesses described in (i) and (ii) being facilitated through the operation by the GAMB Group of a portfolio of content websites covering the topic of online gambling.
   

  

  
   (h)
   
    The Sellers wish to sell (i) the Shares which constitute 100% of the issued shares in the Company; and (ii) indirectly NDC Media to the Buyer and the Buyer wishes to purchase the Shares and the NDC Media from the Sellers on the terms and conditions set out in this Agreement (the “Transaction”).  
   

  

  
   (i)
   
    Now, therefore, subject to and on the terms and conditions set out herein, the Parties hereto agree as follows:
   

  

  1.	Interpretation and Related Matters

  1.1	Definitions

  Unless the context of this Agreement provides otherwise, the entities defined in the heading and preamble of this Agreement shall retain such definitions and the following additional terms shall have the meanings set out below in Definitions Schedule A.

  1.2	Whenever any statement is made “to the Warrantors’ Knowledge” or is qualified by any similar expression, reference is made to the actual knowledge of the Warrantors having made reasonable and prudent enquiries of the directors and officers of the Target Group Companies and each of the Key Employees.

  1.3	Other Terms

  Other terms may be defined elsewhere in this Agreement (including in any Schedule hereto) and, unless otherwise indicated, shall have the respective meanings there ascribed to such terms.

  1.4	Interpretation

  1.4.1	The titles and headings included in this Agreement are for convenience only and do not express in any way the intended understanding of the Parties. They shall not be taken into account in the interpretation of the provisions of this Agreement.

  1.4.2	The Schedules (including the Definition Schedules) to this Agreement form an integral part thereof and any reference to this Agreement includes the Schedules (including the Definition Schedules) and vice versa.

  1.4.3	The original version of this Agreement has been drafted in English. Should this Agreement be translated into any other language, the English version shall prevail.

   

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  1.4.4	The words “herein”, “hereof”, “hereunder”, “hereby”, “hereto”, “herewith” and words of similar import shall refer to this Agreement as a whole and not to any particular clause, paragraph or other subdivision.

  1.4.5	The words “include”, “includes”, “including” and all forms and derivations thereof shall mean including but not limited to.

  1.4.6	All terms defined in this Agreement shall have the same meaning regardless of whether they are used in the singular or plural number.

  1.4.7	If any period is referred to in this Agreement by way of reference to a number of days, the days shall be reckoned exclusively of the first and inclusively of the last day unless the last day falls on a Saturday, Sunday or public holiday in the location of performance, in which case the last day shall be the next succeeding day which is not a Saturday, Sunday or public holiday in such location.

  1.4.8	Unless otherwise provided herein, all references to a fixed time of a day shall mean the time in Ireland being Greenwich Mean Time (“GMT”) or Irish Standard Time (“IST"), whichever is applicable.

  1.4.9	A reference to a statute or statutory provision shall be construed as a reference to the Laws of Ireland unless otherwise specified and includes:

  
   (a)
   
    any subordinate legislation made under it including all regulations, by-laws, orders and codes made thereunder;
   

  

  
   (b)
   
    any repealed statute or statutory provision which it re-enacts (with or without modification); and
   

  

  
   (c)
   
    any statute or statutory provision which modifies, consolidates, re-enacts or supersedes it;
   

  

  in each case, prior to the Signing Date. For the avoidance of doubt, any reference to applicable Law shall refer to the Laws of the relevant jurisdictions concerned.

  1.4.10	Any reference to an Irish legal term for any action, remedy, method of judicial proceedings, legal document, legal status, court, official or any legal concept or thing shall, in respect of any jurisdiction other than Ireland, be deemed to include a reference to what most nearly approximates to the Irish legal term in that jurisdiction.

  1.4.11	Save where expressly specified in this Agreement to be a joint and several liability or an obligation of the Sellers, any action or duty to be taken or performed by the Sellers or Indirect Sellers (or any of them) or any agreement, warranty, representation, indemnity, covenant, undertaking or liability of the Sellers or the Indirect Sellers (or any of them) arising under this Agreement are given or entered into by the Sellers and/or the Indirect Sellers (as the case may be) on a several basis (and not jointly or jointly and severally) and each Seller’s or Indirect Seller’s (as the case may be) several liability shall, in the case of the Sellers be equal to the percentage of such Seller’s shareholding in the Company.

  1.4.12	The Parties have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the Parties and no presumption or burden of proof will arise favouring or disfavouring a Party by the authorship of any of the provisions of this Agreement.

   

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  2.	Sale and Purchase and Related Matters

  2.1	Sale and Purchase of Shares

  2.1.1	Each Seller agrees to sell as legal and beneficial owner and the Buyer agrees to purchase, free from all Encumbrances and together with all rights of any nature whatsoever attaching or accruing to them now or in the future, the number of Shares listed opposite the name of each Seller in Schedule 1 and, as a result of such, indirectly NDC Media, on the date hereof pursuant to the terms of this Agreement. 

  2.2	Title

  Subject to the Sellers and the Buyer having performed all obligations to be performed by them pursuant to Clause 5.2.1 and Clause 5.2.2 respectively, beneficial and legal title of ownership to the Shares and, as a result of which, indirectly NDC Media shall transfer at Closing.

  2.3	Waiver of Pre-emption Rights and Liquidation Preference

  Each Seller waives any and all (i) liquidation preferences and (ii) pre-emption rights or other rights or restrictions on transfer in respect of Shares or interests in the Shares conferred on such Seller by the Companies Act, the memorandum and articles of association of the Company, any previous memorandum and articles of association of the Company (to the extent applicable), the Shareholders Agreement, any other agreement or applicable Law.

  2.4	No Dealing in Shares of GAMB

  The Parties acknowledge and agree that nothing in this Agreement shall constitute, or be construed to constitute, the Buyer dealing, directly or indirectly, in shares of GAMB.

  2.5	Affirmation of Marital Status

  Each of the Sellers and Indirect Sellers who are natural persons, with the exception of Seller 10, Seller 11, Indirect Seller 13, Indirect Seller 14 and Indirect Seller 15, hereby declare, represent and warrant to the Buyer that such Seller or Indirect Seller, as the case may be, is not married and there is no community property, community of acquests or similar interest  under any applicable Law (including acts of administration between spouses) which applies to or attaches to their legal or beneficial interest in the Shares. 

  3.	Purchase Price

  3.1	Purchase Price

  3.1.1	The purchase price for the Shares (the “Purchase Price”) shall be paid in 3 (three) instalments as follows:

  (a)	an amount equal to EUR 12,500,000, of which EUR 10,000,000 shall be paid in cash, and EUR 2,500,000 shall be paid in Parent Shares, with the exact number of shares being determined on the Closing Date, (the “Consideration Payment 1”);

  (b)	an amount between EUR zero and EUR 19,000,000, the exact amount of which shall be determined as forth in Clause 3.1.2, payable on 30 April 2023 (the “Consideration Payment 2”);

   

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  (c)	an amount between EUR 0 (zero Euro) and EUR 28,500,000, the exact amount of which shall be determined as forth in Clause 3.1.3, payable on 30 April 2024 (the “Consideration Payment 3”),

  it being understood and agreed that up to 50% of each of the Consideration Payment 2 and Consideration Payment 3 (if any) shall be paid in Parent Shares, with the exact number of Parent Shares being determined as set forth in Clause 3.1.4, and the balance in cash (the amount of cash payable as part of the Consideration Payment 1, Consideration Payment 2 and Consideration Payment 3 (if any) shall be referred to as the “Cash Consideration”. The amount of Parent Shares payable as part of the Consideration Payment 1, Consideration Payment 2 and Consideration Payment 3, if any, shall be referred to as the “Share Consideration”).

  3.1.2	The amount of the Consideration Payment 2 shall be determined as follows:

  (a)	by firstly selecting the lesser of the following 3 figures (“2022 Performance Amount”):

  (i)	[***];

  (ii)	EBITDA for calendar year 2022 multiplied by the Blended Multiple for calendar year 2022; or

  (iii)	the total amount calculated as follows: 

  (A)	Total Revenue for calendar year 2022; 

  multiplied by 

  (B)	the Blended Multiple for calendar year 2022; 

  multiplied by

  (C)	[***].

  (b)	to the extent the 2022 Performance Amount is greater than [***], Consideration Payment 2 shall then be equal to:

  (i)	the 2022 Performance Amount minus [***], and shall, where the total sum derived is positive, be paid subject to Clause 3.2.1; and

  (c)	to the extent the 2022 Performance Amount is equal to or less than [***], Consideration Payment 2 shall then be EUR zero and shall not be paid, with the amount equal to: 

  (i)	[***]; 

  minus 

  (ii)	the 2022 Performance Amount, 

  being the “Remaining Offset Amount”. 

  (d)	Part 1 of Schedule 11 sets out the Financial Model of the calculation of Consideration Payment 2. Part 2 of Schedule 11 sets out illustrative examples of the calculation of Consideration Payment 2. 

  (e)	In the event of any inconsistency between the Financial Model and the provisions of this Clause 3.1.2, the terms of this Clause 3.1.2 shall prevail over the Financial Model. In the 

   

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  event of any inconsistency between the illustrative examples and the wording in Clause 3.1.2, the illustrative examples shall prevail over the wording in this Clause 3.1.2.

  3.1.3	The amount of the Consideration Payment 3 shall be determined as follows: 

  (a)	by firstly selecting the lesser of the following 3 figures (“2023 Performance Amount”):

  (i)	[***];

  (ii)	2023 Incremental EBITDA multiplied by the Blended Multiple for 2023; and

  (iii)	the total sum of:

  (A)	2023 Incremental Regulated Revenue multiplied by [***];

  plus

  (B)	2023 Incremental Unregulated Revenue multiplied by [***];

  (b)	Consideration Payment 3 shall then be equal to:

  (i)	the 2023 Performance Amount;

  minus 

  (ii)	any Remaining Offset Amount, 

  and shall: 

  (iii)	where the sum derived is positive, be paid subject to Clause 3.2.2; and 

  (iv)	where the sum derived is zero or negative, then Consideration Payment 3 shall be EUR zero but not negative and shall not be paid;

  (c)	Part 1 of Schedule 11 sets out the Financial Model of the calculation of Consideration Payment 3. Part 2 of Schedule 11 sets out illustrative examples of the calculation of Consideration Payment 3. 

  (d)	In the event of any inconsistency between the Financial Model and the provisions of this Clause 3.1.3, the terms of this Clause 3.1.3 shall prevail over the Financial Model. In the event of any inconsistency between the illustrative examples and the wording in Clause 3.1.3, the illustrative examples shall prevail over the wording in this Clause 3.1.3.

  3.1.4	The determination of the ratio of Parent Shares and cash in each of Consideration Payment 2 and Consideration Payment 3 shall be in the sole discretion of GAMB, subject to the maximum amounts set forth above. For the avoidance of doubt, GAMB may choose not to issue any Parent Shares and pay each of Consideration Payment 2 and Consideration Payment 3 solely in cash.  The number of shares making up any Share Consideration shall be determined using the volume weighted average (“VWAP”) of such shares for the [***] day period prior to each of the payment dates and any Share Consideration shall be issued pursuant to and in compliance with an exemption from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”) within [***] days from the payment date (subject to the availability of an applicable exemption from registration under the Securities Act and the receipt of an accredited investor questionnaire with respect thereto). In the event that any Parent Shares are issued and there is a follow-on offering of the shares of GAMB, if so requested by GAMB’s underwriters acting at their discretion, each Seller shall use their commercially reasonable efforts to cooperate with GAMB to enter into a lock up agreement, 

   

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  substantially in the form set forth in Exhibit A to the underwriting agreement filed as Exhibit 1.1 to Amendment No. 2 to the registration statement on Form F-1 filed by Parent with the SEC on 12 July 2021 (except the duration of which will most likely be no longer than 90 (ninety) calendar days) or any other similar agreement as required by the underwriters or applicable Law. 

  3.1.5	The Purchase Price shall be allocated among the Sellers in proportion to the respective number of Shares sold by each of them hereunder. The Buyer shall only be liable for the payment of the Purchase Price in respect of the Shares in accordance with this Agreement, and shall have no liability for the actual distribution of such portion of the Purchase Price among the Sellers. 

  3.1.6	Any Share Consideration shall be subject to the Lock-Up Period. 

  3.1.7	If a Seller or, where relevant, Indirect Seller, is a Bad Actor at the point in time when the Consideration Payment 2 or Consideration Payment 3 or any portion thereof is due, respectively, the amount equal to the pro rata portion of the Cash Consideration or Share Consideration remaining due to such Seller or Indirect Seller, who is a Bad Actor shall no longer be due and payable to such Seller or Indirect Seller. 

  3.2	Consideration Payment 2 and Consideration Payment 3 Adjustment Procedure for Exit Bonus Program Participants

  3.2.1	Where Consideration Payment 2 is payable pursuant to Clause 3.1.2(b) and therefore the 2022 Exit Bonus Payment Amounts are then also payable, Consideration Payment 2 shall be reduced by the 2022 Exit Bonus Amount. 

  3.2.2	Where Consideration Payment 3 is payable pursuant to Clause 3.1.3(b) and therefore the 2023 Exit Bonus Payment Amounts are then also payable, Consideration Payment 3 shall be reduced by the 2023 Exit Bonus Amount from it. 

  3.3	Post-Closing Payment Adjustment Procedure

  3.3.1	Promptly after the Closing Date, and in any event no later than 31 March 2022, the Sellers will procure the completion of the audit of the financial statements of each Target Group Company (as applicable to the extent prepared), as well as the audited financial statements for the consolidated Target Group Companies, prepared in accordance with IFRS for the financial year ended 31 December 2021 (the “2021 Statutory Accounts”), based on which the Buyer shall cause the Company, to, on the basis of the 2021 Statutory Accounts and no sooner than 10 (ten) Business Days following receipt by the Buyer of the finalized 2021 Statutory Accounts, prepare and deliver to the Sellers’ Representatives a statement (the “Post-Closing Statement”) setting forth the Buyer’s good faith calculations of (i) the amount of the Closing Borrowings, (ii) the amount of the Closing Cash, (iii) the Company Transaction Expenses (iv) the Closing Working Capital, (v) the Tax liabilities of the Target Group Companies, (vi) the outstanding audit and Tax compliance fees incurred that relate to the financial year ended 31 December 2021 or any earlier financial year not included in the Closing Working Capital and (vii) a calculation of the Post-Closing Adjustment Payment based on the amounts set forth in the Post-Closing Statement. The Post-Closing Statement shall be prepared in a manner consistent with the policies and principles used by the Company in connection with the preparation of the 2021 Statutory Accounts, consistently applied, including, without limitation, the Specific Accounting Policies. 

  3.3.2	Determination of the Post-Closing Statement

  (a)	Within 60 (sixty) Business Days of receipt from the Buyer of the Post-Closing Statement, the Sellers’ Representatives shall either:

   

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  (i)	confirm to the Buyer in writing the acceptance of the Post-Closing Statement; or

  (ii)	notify the Buyer in writing of the non-acceptance of the Post-Closing Statement (the “Non-Acceptance Notice”), together with written details of each matter disputed and of their proposed modifications.

  (b)	If the Sellers’ Representatives serve a Non-Acceptance Notice pursuant to Clause 3.3.2(a)(ii), the Buyer and the Sellers’ Representatives shall use reasonable endeavours to meet and discuss the objections of the Sellers’ Representatives and to agree on the adjustments (if any) required to be made to the Post-Closing Statement within 20 (twenty) Business Days upon receipt by the Buyer of the Non-Acceptance Notice.

  (c)	If the Sellers’ Representatives confirm the acceptance of the Post-Closing Statement (either as originally submitted to him or with such modifications as the Sellers’ Representatives and the Buyer agree) or fails to notify the Buyer of the non-acceptance in accordance with Clause 3.3.2(a)(ii), the Post-Closing Statement (incorporating any modifications agreed in writing) shall constitute to be the final and binding on the Parties in the absence of manifest error or fraud.

  (d)	If the Sellers’ Representatives and the Buyer are unable to agree on the Post-Closing Statement within 20 (twenty) Business Days after the Buyer’s receipt of the Non-Acceptance Notice, either the Buyer or the Sellers’ Representatives may request that the dispute be submitted for a final and binding determination to a jointly nominated independent internationally-represented firm of chartered accountants (the “Neutral Auditor”). In the event that the Buyer and the Sellers’ Representatives cannot agree to jointly nominate a Neutral Auditor within 20 (twenty) Business Days after such request by either Party, a Neutral Auditor shall be appointed by the President of Chartered Accountants Ireland by referral. 

  (e)	The following provisions shall apply in relation to the Neutral Auditor:

  (i)	in giving its determination, the Neutral Auditor shall state what adjustments (if any) are necessary to the Post-Closing Statement in relation to the disputed matters for the purposes of this Agreement;

  (ii)	the Neutral Auditor shall be requested to notify the Buyer and the Sellers of its decision within 20 (twenty) Business Days of its appointment, or such longer reasonable period as it may determine; 

  (iii)	the Neutral Auditor shall act as an expert (and not as an arbitrator) in making its determination;

  (iv)	the Neutral Auditor’s determination shall not be beyond the position of the Buyer as reflected in the Post-Closing Statement or the position of the Sellers as reflected in the Non-Acceptance Notice; and

  (v)	the Neutral Auditor’s determination shall be final and binding on the Parties in the absence of manifest error or fraud and shall be applied to the Post-Closing Statement which, as adjusted in the manner which the Neutral Auditor has determined is necessary, shall constitute the final and binding for the purposes of this Agreement.

  (f)	All fees and expenses of the Neutral Auditor shall be borne by the Buyer and the Sellers in the inverse proportion to the extent to which the Neutral Auditor decides in favour of either 

   

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  the Buyer or the Sellers. By way of example, where the Neutral Auditor renders a decision allocating 25% (twenty-five percent) of the disputed amount to the Sellers, then the Sellers shall pay 75% (seventy-five percent) of the fees and expenses.

  3.3.3	Access to Books and Records; Cooperation

  (a)	In connection with the review of the Post-Closing Statement, the Buyer shall (i) give the Sellers’ Representatives, their professional advisors and the Neutral Auditor, as the case may be, reasonable access to the 2021 Statutory Accounts, the work papers and other materials and documents used and produced by the Buyer and/or Target Group Companies in connection with the preparation of the Post-Closing Statement, and (ii) generally cooperate with the Neutral Auditor for purposes of achieving the determination.

  (b)	In connection with the review of the Post-Closing Statement and the Non-Acceptance Notice, if any, the Sellers’ Representatives shall (i) give the Buyer, its professional advisors and the Neutral Auditor, as the case may be, reasonable access to the 2021 Statutory Accounts, the work papers and other materials and documents used and produced by the Sellers’ Representatives in connection with the preparation of the Non-Acceptance Notice, and (ii) generally cooperate with the Neutral Auditor for purposes of achieving the determination.

  3.4	Payment of Cash Consideration of Consideration Payment 1

  On the Closing Date, the Buyer shall pay, or cause to be paid, the Cash Consideration component of Consideration Payment 1 to the Sellers by electronic transfer in immediately available funds (value date the Closing Date) to the Sellers’ Bank Account. 

  3.5	Payment of the Post-Closing Adjustment Payment

  3.5.1	Upon the determination, in accordance with Clause 3.3 hereof, of the Post-Closing Adjustment Payment, the Sellers or the Buyer, as the case may be, shall make the payment required by Clauses 3.5.1(a) and 3.5.1(b). The Post-Closing Adjustment Payment payable by the Sellers or the Buyer pursuant to this Clause 3.5.1 shall be treated as an adjustment to the purchase price:

  (a)	If the Post-Closing Adjustment Payment is greater than zero, then the Buyer shall pay each of the Sellers their respective pro rata shares of the Post-Closing Adjustment Payment within 3 (three) Business Days of the determination of the Post-Closing Adjustment Payment to be paid by wire transfer of immediately available funds to the Sellers’ Bank Account promptly after the final determination of the Post-Closing Adjustment Payment.

  (b)	If the Post-Closing Adjustment Payment is less than zero, then within 5 (five) Business Days after the determination of the Post-Closing Adjustment Payment each Seller shall pay or cause to be paid to the Buyer their respective pro rata shares of the Post-Closing Adjustment Payment, with such Post-Closing Adjustment Payment to be paid by wire transfer in immediately available funds to an account designated by the Buyer in writing to the Sellers’ Representatives promptly after the final determination of the Post-Closing Adjustment Payment. 

  4.	Earn Out Period

  4.1	From 1 January 2022 until 31 December 2023 (the “Earn Out Period”), the Sellers and the Buyer shall procure that the Target Group Companies are managed substantially in the same manner as it has been conducted heretofore subject to any regulatory obligations that GAMB Group has to 

   

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  operate the GAMB Business in a prudent manner in the ordinary course in accordance with applicable Law and in accordance with this Clause 4 to the extent permitted by any applicable Law.

  4.2	Subject always to the Buyer carrying on the Business in the ordinary and usual course, during the Earn Out Period and the Buyer, acting reasonably, shall be entitled to take decisions and do things commercially reasonably required of it in order to protect the GAMB Business from any material adverse effect. However, the Buyer shall not, without the prior written consent of the Sellers’ Representatives (such consent not to be unreasonably withheld or delayed), do anything which would result in a deviation from the Business Plan and/or which could have a material and adverse effect on the Target Group Company’s ability to generate profit, or which could be reasonably foreseeable and likely to materially negatively affect the financial performance of the Target Group Companies and so result in the reduction of the unpaid balance of the Purchase Price or any Consideration Payment 2 and 3, including:

  (a)	making any material change to the nature or scope of any Target Group Companies’ business or trading activities;

  (b)	doing any act or thing which materially and adversely affects the relationship of any of the Target Group Companies with its customers, suppliers or distributors or any other person who ordinarily does business with the Target Group Companies;

  (c)	presenting a petition for its liquidation or passing of any resolution for its winding up unless in the reasonable opinion of the directors of the Target Group Companies, any of the Target Group Companies is insolvent and such action is necessary or desirable to ensure that all directors of the relevant Target Group Company comply with their obligations;

  (d)	changing the accounting reference date of the Target Group Companies; and

  (e)	selling, transferring or otherwise disposing of, or granting any Encumbrance over, any of the shares in any of the Target Group Companies (or enter into any agreement to do so);

  (f)	it shall procure that none of the Target Group Companies shall sell, transfer or otherwise dispose of all or a material part of its business, assets or undertaking (or enter into an agreement to do so); and 

  (g)	it shall not cause or permit any of the Target Group Companies to cease to carry on all or a material part of its business.

  4.3	The Buyer shall also procure that, other than where, upon reasonable request by the Sellers’ Representatives, the Buyer has provided prior written consent, the Target Group Companies shall:

  (a)	not enter into any transactions other than in the ordinary course of the business, at arm’s length and on reasonable commercial terms;

  (b)	maintain sufficient working capital;

  (c)	not materially increase or decrease the levels of remuneration and/or compensation received by any of its employees, independent contractors or consultants from time to time;

  (d)	not acquire any shares or other membership interest in another entity, save for shares constituting no more than 5% (five percent) of the aggregate issued share capital of a company acquired for investment purposes only, or all of the assets or undertaking of another entity; or

  (e)	not relocate its business operations.

   

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  4.4	The provisions of Clauses 4.2 and 4.3 above do not apply to the extent that:

  (a)	the Company is unable to pay its debts as they fall due or is in winding-up, administration or administrative receivership or is insolvent within the meaning of section 8 of the Insolvency Act; and

  (b)	the act or omission concerned is required by Law or by the fiduciary duties of the directors of the Company.

  4.5	Where any matter set out in Clause 4.2 above requires the prior written consent of the Sellers’ Representatives and the Sellers’ Representatives have not responded in writing to the Buyer (whether it gives or withholds its consent or otherwise) within 10 (ten) Business Days of receiving written notice from the Buyer of the proposed matter, then, notwithstanding any other provision of this Agreement, the Sellers’ Representatives’ consent shall be deemed to be given in respect of such proposed matter.

  5.	Closing and Post-Closing

  5.1	Date and Place

  The Closing shall take place at a time and location to be agreed in writing by the Parties, immediately after signing this Agreement on the Closing Date. 

  5.2	Closing Obligations

  5.2.1	Obligations of the Sellers and Indirect Sellers

  At the Closing, the Sellers shall take (and the Indirect Sellers shall, procure that the Sellers shall take) each of the following actions (together, the “Sellers’ Closing Actions”):

  (a)	deliver to the Buyer:

  (i)	in respect of the Shares, duly executed instruments of transfer signed by each of the Sellers in respect of their Shares in favour of the Buyer or its nominee(s) (together with the share certificates (if any have been issued) in respect of the Shares or, if the share certificates are found to be missing, an express indemnity, in a form satisfactory to the Buyer);

  (ii)	the complete, correct and up to date corporate books for each of the Target Group Companies (i.e. all registers, minute books, and other statutory books required to be kept pursuant to applicable Law in the jurisdiction of the Target Group Companies, all certificates of incorporation and certificates of incorporation on change of name, memorandum and articles of association Provided that, any documents of the Company held by the registered agent in the British Virgin Islands shall be deemed to have been delivered to the Buyer at Closing;

  (iii)	a signed resignation letter from each existing director or officer of the Company;

  (iv)	all credit cards in the name of or for the account of each Target Group Company in the possession of any director, officer or employee of each Target Group Company resigning from the Business as at the Closing Date; 

   

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  (v)	a signed and dated letter of instruction to the Company’s registered agent from its client of record in the agreed form and countersigned by the Company's registered agent;

  (vi)	each Seller and Indirect Seller shall deliver any asset whatsoever (including bank balances, agencies or appointments) in his name or in the name of a company or companies controlled by him which is related to the business of each Target Group Company carried on at Closing or a deed of assignment in favour of each Target Group Company in respect of such asset;

  (vii)	a certificate of good standing for the Company dated no earlier than 5 (five) Business Days before the Closing Date;

  (viii)	a registered agent’s certificate for the Company dated no earlier than 2 (two) Business Days before the Closing Date;

  (ix)	a certified copy resolution of the members of the Company:

  (A)	approving the Transaction (per sub-regulation 10.11 of the Company’s articles of association);

  (B)	waiving certain rights under the Company’s articles of association in connection with the Transaction (including the restriction contained in sub-regulation 4.1 of the Company’s articles of association);

  (x)	a certified copy of the minutes of board meetings or resolutions of the directors passed in writing (or memorandum or resolutions of the sole director, as the case may be) of each Target Group Company, certified by the secretary of the board, in which the directors:

  (A)	approve the Transaction (including approval per sub-regulation 10.11 of the memorandum and articles of association of the Company) as well as, in the case of the Company, vote in favour of the transfer of the Shares to the Buyer (or its nominee(s)) and vote in favour of the registration of the Buyer (or its nominee(s)) as member(s) of the Company in respect of the Shares;

  (B)	cancel each existing share certificate for the Shares and authorize the issue of a new share certificate to the Buyer;

  (C)	revoke all existing mandates for the operation of any bank accounts and issue new mandates giving authority to Persons nominated by the Buyer;

  (D)	appoint 

  (1)	two Persons as the Buyer may nominate; and 

  (2)	one Person as the Sellers’ Representatives, may nominate, who shall be Fintan Costello, 

  as directors of the Company with immediate effect (subject to such persons having previously provided written consents to the Company, consenting to their appointment as directors of the Company); and

   

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  (E)	approve the resignations of all such other Persons as directors of the Company; and

  (F)	appoint such Persons as secretary and statutory auditors as may be required by the Buyer and approve the resignations of any such Persons as secretary and statutory auditors as may be required by the Buyer;   

  (xi)	duly executed resolutions of Sellers 3, Seller 6, Seller 7, Seller 8, Seller 9, and Seller 12 approving the Transaction, entry into this Agreement and the sale and transfer of the relevant Shares owned by such Seller to the Buyer; 

  (xii)	the duly executed Disclosure Letter; and

  (xiii)	spousal consents for Seller 10, Seller 11, Indirect Seller 13, Indirect Seller 14 and Indirect Seller 15, who are natural persons to whom the community of acquests and acts of administration between spouses applies;

  (b)	complete the transfer of the legal interest in all intellectual property assets in relation to the FMH Asset Transfer and take all other required actions to effectuate such transfer including, without limitation, updating the relevant registrations for the same (provided that the Sellers' obligation with regard to transferring legal interest in the EU trademark "018121164, Bonus Finder" is considered satisfied by filing of the recordal application of process number 25987720 with the European Union Intellectual Property Office on 27 January 2022);

  (c)	execution of  

  (d)	a termination agreement in relation to the Shareholders Agreement, dated 11 June 2020 between the Company and the Sellers (the “Shareholders Agreement”) which agreement shall incorporate a waiver and release of all claims of the Sellers thereunder; and

  (i)	the Non-US Affiliate Agreement

  (e)	termination of existing and entry by each Seller, each Indirect Seller (where relevant), and each of the Key Employees (other than Key Employee 5), including the Exit Bonus Program Participants (other than Key Employee 5), into a new employment or consulting agreement with NDC Media for a term equal to at least the Earn Out Period and with current base salaries to remain unchanged, and standard benefit packages to be provided commensurate with their respective responsibilities, with such agreements to be in a form acceptable to the Buyer acting reasonably; and

  (f)	discharge or procure the discharge of all monies owing to the Company (whether then due for payment or not) by the Sellers or by the Indirect Sellers or the directors or by any of them or by any Affiliates or otherwise Connected Persons of any of them, if any.

  5.2.2	Obligations of the Buyer and GAMB

  At the Closing, 

  (a)	the Buyer shall (or shall cause its Affiliates to) 

  (i)	pay the Cash Consideration component of Consideration Payment 1 in accordance with Clause 3.4;  

   

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  (ii)	deliver to Sellers a certified copy of applicable resolutions of the Buyer duly certified by the Vice President, General Counsel in which the Transaction is approved, (the “Buyer’s Closing Actions”); and

  (b)	GAMB shall (or shall cause its Affiliates to), 

  (i)	provided that GAMB has received a properly completed original issuance spreadsheet (the “Share Issuance Spreadsheet”) prior to the Closing Date, issue a letter of instruction to American Stock transfer & Trust Company, LLC (“AST”), the Buyer’s transfer agent to request that AST issue the Parent Shares to the Sellers in accordance with the Share Issuance Spreadsheet, 

  (ii)	subject to the Sellers completing the accredited investor questionnaire, ensure compliance with any applicable securities Laws or regulations in relation to the issuance of the Share Consideration; and 

  (iii)	deliver to Sellers a certified copy of applicable resolutions of GAMB duly certified by the Vice President, General Counsel in which the Transaction is approved and the issuance of Parent Shares to the Sellers as part of the Consideration Payments are duly authorized (the “GAMB’s Closing Actions”).

  5.3	Breach of Closing Deliverables

  5.3.1	The effectiveness of each of the Sellers’ Closing Actions is conditional upon the occurrence of all of the Buyer’s Closing Actions and GAMB’s Closing Actions and vice-versa, it being understood that: (i) each Sellers’ Closing Action is solely for the benefit of the Buyer and may be waived by the Buyer in its sole discretion without notice, liability or obligation to any Person; and (ii) the Buyer’s Closing Actions and the GAMB’s Closing Actions are solely for the benefit of Sellers and may be waived by the Sellers’ Representatives in their sole discretion without notice, liability or obligation to any Person.

  5.4	Post-Closing Matters

  5.4.1	At the request of the Buyer, the Sellers and, as applicable, the Indirect Sellers shall use their reasonable efforts to cause employees of the Target Group Companies other than those referred to in Clause 5.2.1(d) to enter into a new employment and/or independent contractor agreements with the Buyer or one of its Affiliates, in a form acceptable to the Buyer, acting reasonably.

  5.4.2	US Licensing and Operator arrangements

  The Buyer and the GAMB Group shall be responsible for making any required notifications to regulatory or Governmental Authority together with all the relevant forms and applications with regard to the US licensing and operator arrangements after Closing with all reasonable assistance from the Sellers and Indirect Sellers. 

  6.	Representations and Warranties of the Sellers and the Warrantors 

  6.1	General Principles

  6.1.1	Each of the Sellers hereby represent and warrants on a several and individual basis to the Buyer that each of the Fundamental Warranties (in so far as each of such Fundamental Warranties relates to such Seller and such that no Seller gives any such Fundamental Warranties in relation to any other Seller) is true and accurate at the Signing Date. 

   

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  6.1.2	The Warrantors jointly and severally represent and warrant to the Buyer and to GAMB and the other members of the GAMB Group, including for the avoidance of doubt, GDC Media for the purposes of IP Warranties only, that each of the General Warranties is true and accurate at the Signing Date.

  6.1.3	The General Warranties are qualified only by the disclosures in this Agreement and the disclosures in the Disclosure Letter. Accordingly, the Warrantors shall be deemed not to be in breach of the General Warranties to the extent a fact or matter which would otherwise constitute or result in a breach of any of the General Warranties is included in this Agreement or the Disclosure Letter, provided that such disclosure has been fair and accurate so as to enable a buyer to assess the potential breach of such warranty resulting from such matter or fact.

  6.1.4	Each of the Warranties shall be separate and independent and shall not be limited by reference to any other provision of Schedule 2 or by anything in this Agreement (other than the provisions of this Clause 6.1 and Clause 15).

  6.1.5	The Sellers and Indirect Sellers hereby agree to waive with effect from the Signing Date any rights, remedies or claims which they may have against any inaccuracy or omission in any information or advice supplied or given by the Target Group Companies and/or any of their respective employees, directors or officers in connection with assisting the Sellers in the making of any of the General Warranties or the preparation of the Disclosure Letter.

  6.1.6	The Sellers acknowledge that the Buyer entered into this Agreement in reliance, among other matters, upon the Warranties.

  6.1.7	The liability of the Sellers and/or the Warrantors for a breach of the Warranties shall be limited to the extent the Loss occasioned by the breach has been recovered in full under Clause 8 or Clause 11.

  7.	Guarantee

  7.1	Each of the Guarantors (in relation to their respective Guaranteed Entity) unconditionally, absolutely and irrevocably guarantees to the Buyer, as primary obligor and not merely as surety, the full, prompt and complete payment, as and when due and payable of all monetary obligations and the due and punctual performance, as and when due, of all covenants, agreements, obligations and liabilities of the respective Guaranteed Entity due to the Buyer, whether owed jointly or severally and whether owed as principal or surety or in any other capacity, in each case arising under and in accordance with or in respect of any provisions of this Agreement, as if such Guarantor was party thereto now or hereafter existing or arising, whether for any payment obligations, reimbursal obligations, interest, fees, expenses or otherwise and whether direct or indirect, absolute or contingent. As a further separate and independent obligation, each Guarantor (in relation to its respective Guaranteed Entity) hereby agrees fully at all times to indemnify and hold harmless the Buyer against all claims, demands, actions, suits, settlements, proceedings, losses, damages, liabilities, costs, interest and expenses directly or indirectly suffered or incurred by reason of the failure to comply with any of the provisions of this Agreement by respective Guaranteed Entity.

  7.1.1	The obligations of the Guarantors (in relation to their respective Guaranteed Entity) hereunder shall be an absolute and unconditional guarantee of payment and performance to be performed or made strictly in accordance with the terms hereof. The Guarantors further agree that this guarantee, to the extent it requires payment of monies, constitutes a guarantee of payment when due and not of collection and is in no way conditional or contingent upon any attempt to collect from the respective Guaranteed Entities.

   

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  7.1.2	The obligations of the Guarantors (in relation to their respective Guaranteed Entity) shall not be affected by any act, omission, matter or thing which, but for this provision, might operate to release or otherwise exonerate the Guarantors from their obligations and whether or not known to the Guarantors, including, but not limited to:

  (a)	any time, indulgence, waiver or consent at any time given to the Buyer or any other Person;

  (b)	any compromise or release of or abstention from perfecting or enforcing any right or remedies against the Buyer or any other Person;

  (c)	any legal limitation, disability, incapacity or other circumstances relating to the Buyer or any amendment to or variation of the terms of this Agreement or any other document referred to in this Agreement; or

  (d)	any irregularity, unenforceability or invalidity of any obligations of the Buyer under this Agreement, or the dissolution, amalgamation, reconstruction or insolvency of the Buyer.

  7.1.3	Each of the Guarantors (in relation to their respective Guaranteed Entity) hereby unconditionally waive any requirement that the Buyer proceeds or makes a demand first against the respective Guaranteed Entity or otherwise exhausts any right, power or remedy under this Agreement, before requiring payment or performance by the Guarantors hereunder or that the Buyer protects, secures, perfects or insures any security interest or lien or any property subject thereto or exhausts any other right to take any action against the respective guaranteed entity.

  7.1.4	Until all obligations of the respective Guaranteed Entity have been irrevocably discharged in full and unless the Buyer otherwise consents, each Guarantor will not exercise any rights which it may have by reason of performance by it of its obligations under this Agreement: (i) to be indemnified by the respective Guaranteed Entity; (ii) to claim any contribution from any guarantor of or provider of security for respective Guaranteed Entity obligations under this Agreement; and/or (iii) to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Buyer or any Target Group Company under this Agreement or any other guarantee or security taken pursuant to, or in connection with, this Agreement by the Buyer and, until all obligations of the respective Guaranteed Entity have been irrevocably discharged in full each of the Guarantors irrevocably undertakes and covenants to the Buyer not to take, or fail to take, any action that would directly or indirectly likely result in the solvent or insolvent reorganisation, liquidation, examination or receivership of the respective Guaranteed Entity.

  8.	Specific Indemnities of the Warrantors

  8.1	The Warrantors jointly and severally undertake towards the Buyer, GAMB and the other members of the GAMB Group, including for the avoidance of doubt, GDC Media, to indemnify and hold harmless the Buyer from and against any and all liabilities, losses, costs, charges, damages, expenses, fines, penalties, interest, Taxes, awards, claims, actions, proceedings and any judgments, decrees, directions or orders of any court or tribunal whatsoever (including, but not limited to, any reasonable legal and other professional fees, charges or expenses, together with any Taxes thereon if applicable), which are suffered or incurred by the Buyer or the Company arising out of or in connection with any of the matters described below which has not been cured within 20 (twenty) Business Days of notice of same to the Warrantors (such matters being the “Specific Indemnities”);

  (a)	the FMH Asset Transfer;

   

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  (b)	any claims by any employee of an Excluded Entity for future employment by the Buyer or any Target Group Company (i.e. on the theory of transfer of undertaking); and

  (c)	any amounts paid prior to the Closing Date which are owed by any Target Group Company relating to the Company Transaction Expenses.

  8.2	The Buyer’s knowledge regarding the Specific Indemnities and the underlying facts shall not limit the Warrantors’ liability under the Specific Indemnities. 

  8.3	Save for the limitations in Clause 15.1.3 and 15.4.1, none of the limitations set forth in Clause 15 shall apply to any claims relating to this Clause 8.

  8.4	The Buyer will not be entitled to a double recovery for a claim under Clause 8.1.The Warrantors shall not be liable to the extent that a claim under the Specific Indemnities relates to any matter provided for in the Closing Statement or reflected in Closing Cash, Closing Borrowings, or Closing Working Capital provided such provision is specifically agreed upon by the Buyer.

  9.	Lock-Up Agreements

  9.1	Each Seller and Indirect Seller agrees that the Share Consideration consisting of any Parent Shares whether acquired as part of Consideration Payment 1 or hereafter acquired by any of the Sellers as part of the Consideration Payment 2 or Consideration Payment 3 (collectively, the “Lock-Up Shares”) shall be subject to the restrictions and obligations as set forth in this Clause 9.

  9.2	The Sellers and Indirect Sellers shall not, without the prior written consent of GAMB, directly or indirectly, during the Lock-Up Period:

  9.2.1	offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, make any short sale or otherwise transfer or dispose of or lend, directly or indirectly, Lock-Up Shares;

  9.2.2	enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Lock-Up Shares, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Parent Shares or such other securities, in cash or otherwise; or

  9.2.3	publicly disclose the intention to do any of the foregoing (each of the foregoing a “Transfer”). 

  Notwithstanding the foregoing, during the Lock-Up Period, any Seller and any Indirect Seller may convey or otherwise Transfer Lock-Up Shares (i) to a trust for the direct or indirect benefit of such Seller or Indirect Seller or such Seller’s or Indirect Seller’s immediate family; or (ii) by will or intestacy to legal representatives, heirs, or legatees upon a Seller’s or Indirect Seller’s death; provided that such transfers are in compliance with securities Laws and in the case of (i) and (ii) if the recipient also agrees to abide by the Lock-Up in this Agreement for the remainder of the Lock-Up Period and executes an agreement to that effect.

  9.3	Each of the Sellers and Indirect Sellers agrees that, subject to the terms of Clause 10, GAMB may place an appropriate restrictive legend on any stock certificate representing the Lock-Up Shares, or if the applicable Lock-Up Shares are evidenced by a book entry notification, state that such 

   

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  restrictions apply to such Lock-Up Shares on the books and records of the transfer agent issued to such Seller to indicate that such shares are subject to the terms of this Agreement.

  10.	Rule 144 and Restrictive Legends; Nasdaq Listing

  10.1	With a view to making available to Sellers the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit Sellers to sell Parent Shares to the public without registration, the Buyer, for a period of 3 (three) years from Closing Date, shall use commercially reasonable efforts to (a) make and keep available adequate current public information, as those terms are understood and defined in SEC Rule 144, at all times, and (b) file with the SEC in a timely manner all reports and other documents required of the Buyer under the Securities Act and the Exchange Act. The Buyer agrees to use commercially reasonable efforts, including furnishing any opinions of counsel necessary, to remove any restrictive legends pertaining to restrictions on transfer imposed by the Securities Act (but not legends related to other contractual obligations, as applicable) on the Parent Shares received hereunder, for any Seller who is not an Affiliate of the Buyer at the time and has not been an Affiliate in the 90 (ninety) days preceding such date, at any time after the date that is 6 (six) months after the Closing Date upon request in anticipation of a sale, and in any event on (or as soon as reasonably practicable thereafter) the first Business Day after the date that is one year after the Closing Date.  

  11.	Tax

  11.1	Tax Indemnity

  The Warrantors jointly and severally undertake towards the Buyer to indemnify and hold harmless the Buyer from and against any and all Taxes whatsoever (including, but not limited to, all vouched disbursements, reasonable legal and other professional fees, charges or expenses reasonably incurred together with any Taxes thereon if applicable, which are suffered or incurred arising out of or in connection with any Tax liability for which any Target Group Company is liable under any applicable Law as described below (such matters being collectively the “Tax Indemnity”)): 

  (a)	which have arisen, arise or are increased as a result of or in connection with any act, omission, event, transaction or series of transactions occurring or deemed to have occurred during the Tax Period and/or by reference to income, profits or gains earned, accrued or received during the Relevant Tax Period for and on behalf of or by or with reference to any Target Group Company or Excluded Entity;

  (b)	which arise from or are increased as a result of any act, omission, event or transaction which occurs after Closing pursuant to a legally binding obligation entered into by any Target Group Company or Excluded Entity on or before Closing (including but not limited to pursuant to any indemnity, covenant, guarantee or charge entered into by any Target Group Company or Excluded Entity on or before the Closing); and

  (c)	which arise from or are increased by reference to an act, omission, event or transaction occurring during the Relevant Tax Period which any Tax authority has declared to be payable out of or charged or secured on any of the assets or shares of any Target Group Company.

  11.2	Tax Claims

  11.2.1	As from the Closing Date, the Buyer shall at the latest within 10 (ten) Business Days after obtaining knowledge as to the commencement of any Tax audit or administration or judicial proceeding or 

   

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  other claim of Tax authorities or issuance of a Tax assessment that relates to any Target Group Company and the Relevant Tax Period, notify the Sellers’ Representatives thereof. Such notice shall be in writing and shall include copies of any notice or other document received from any Tax authority in respect of any such asserted Tax liability. 

  11.2.2	The Sellers’ Representatives shall respond in writing to any claims made by the Buyer against the Sellers under this Clause 11 within 10 (ten) Business Days.

  11.2.3	The Buyer shall further without undue delay, however at the latest within 10 (ten) Business Days, notify the Sellers’ Representatives in writing of the receipt of any Tax Refund realized or received by the Buyer (or any of its Affiliates) or any Target Group Company.

  11.3	Tax Contest

  11.3.1	In relation to actions including legal remedies or appeals with respect to any audit, claim for refund or administrative or judicial proceeding involving any asserted liability with respect to the Relevant Tax Period or any Tax Refund (any such action, audit, claim for refund or other proceeding, a “Contest”), the Parties agree as follows:

  (a)	The Sellers’s Representatives may elect, at any time, to direct, through counsel of his own choice and at his own expense, any Contest.

  (b)	If the Sellers’ Representatives in writing elect to direct a Contest, then (i) the Sellers’ Representatives shall notify the Buyer of his intent to do so within 10 (ten) Business Days of becoming aware of the Contest and (ii) the Buyer shall cooperate and follow the Sellers’ Representatives’ instructions and shall cause the relevant Target Group Company or its respective successors to cooperate and follow the Sellers’ Representatives’ instructions in each phase of such Contest insofar as the Contest involves a potential Tax liability relating to the Relevant Tax Period or any Tax Refund.

  11.4	Tax Refunds

  From and after the Closing Date, the Buyer undertakes to pay to the Sellers any Tax refund (“Tax Refund”) realized or received by the Buyer after the Closing Date for the Relevant Tax Period or attributable to an amount paid (and not yet reimbursed) by the Sellers unless and to the extent reflected as a receivable in the Post-Closing Statement. The payment is due within 10 (ten) Business Days after the Tax Refund or portion thereof has been realized or received by the relevant Target Group Company.

  11.5	Tax Returns

  The Sellers’ Representatives shall prepare and file (or cause to be prepared and filed by the relevant Target Group Company) all Tax Returns that relate to the Relevant Tax Period due to be filed on or prior to the Closing Date. The Buyer shall prepare and file (or cause to be prepared and filed) all other Tax Returns relating to the Relevant Tax Period on a basis consistent with those prepared for prior taxable periods and in accordance with the instructions of the Sellers’ Representatives. The same applies to the amendment of filed Tax Returns. With respect to any Tax Return required to be filed by any Target Group Company after the Closing Date, and as to which an amount of Tax is allocable to the Relevant Tax Period, the Buyer shall provide the Sellers’ Representatives with a copy of such draft Tax Return for review and comments by the Sellers’ Representatives, at least 20 (twenty) Business Days, or in case of Tax Returns to be filed on a monthly basis at least 5 (five) Business Days, prior to the due date for the filing of such return. Such Tax Return shall only be filed or amended after the Sellers’ Representatives has approved it towards Buyer in writing, the approval is not to be unreasonably withheld.

   

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  11.6	Cooperation

  As from the Closing Date:

  (a)	the Sellers’ Representatives and the Buyer shall cooperate with each other and shall provide information to each other as either of them reasonably requests (and the Buyer shall cause the relevant Target Group Company to cooperate and provide information as set forth above) in filing any Tax Return, amended return or claim for refund, determining any liability for Taxes or a right to a Tax Refund or participating in or conducting any audit or other proceeding in respect of Taxes relating to any Target Group Company, or preparing of any financial statements including annual reports and related accounting matters. Such cooperation and information shall include the provision of copies of relevant Tax Returns, together with accompanying schedules and related work papers and documents relating to rulings or other assessments by Tax authorities. The Sellers’ Representatives and the Buyer shall make their respective employees available (and the Buyer shall cause the employees of the relevant Target Group Company to be available) on a mutually convenient basis to provide explanations of any documents or information provided hereunder; and

  (b)	the Buyer shall ensure that the Target Group Companies keep all returns, schedules and work papers and all material records and other documents and relating to Tax matters of the Target Group Companies for the Relevant Tax Period at least until the expiration of the relevant statutory keeping periods, provided, however, that the relevant keeping period shall in any case not end prior to the expiration of 6 (six) months after the Tax assessment, to which such returns and other documents relate, becomes final and binding.

  11.7	General Limitations on Tax Indemnity; Miscellaneous

  11.7.1	The liability of the Warrantors pursuant to Clause 11.1 shall be limited to the extent:

  (a)	the Tax has been paid on or prior to the Closing Date;

  (b)	the Tax arises as a result of the retrospective imposition of Tax directly due to a change in applicable Law enacted after the Closing Date unless such Tax relates to matters described in Clause 11.1(b), or Clause 11.2;

  (c)	specific provision, Relief or reserve in respect of the exact liability for the same matter giving rise to the liability was made or reflected in the Post-Closing Statement;

  (d)	the liability would not have arisen but for a voluntary act of the Buyer (including mergers or other reorganization measures) or by any Target Group Company after the Closing Date which the Buyer knew would or could reasonably be expected to give rise to a Tax unless such act was carried out:

  (i)	in the ordinary course of business;

  (ii)	pursuant to an obligation of any Target Group Company incurred prior to the Closing Date (including this Agreement);

  (iii)	in compliance with any Law, regulation or request (whether or not having the force of Law) of any Tax authority; or

  (iv)	with the written agreement or at the prior written request of the Sellers;

   

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  (e)	the tax is attributable to elections (including any change in the accounting or taxation policies or practices unless required by Law) made or initiated on or after the Closing Date by any Target Group Company, the Buyer or any Buyer Affiliate; or

  (f)	the Buyer or any Target Group Company has actually received cash reimbursement from any third party (net of Taxes, reasonable costs and expenses).

  11.7.2	The liability of the Warrantors under this Clause 11 shall be time-barred on the end of the relevant statutory period of limitation for the respective Tax assessment, unless a claim, describing in reasonable detail the nature of the claim and the calculation of the amount claimed, has been raised against the Buyer or any Target Group Company within 30 (thirty) Business Days before the end of the relevant statutory period of limitation for the respective Tax assessment, in which case the relevant statutory period of limitation shall be deemed extended for 30 (thirty) Business Days. 

  11.7.3	If any liability for Tax in respect of which a claim could have been made against the Warrantors (or any of them) under Clause 11.1 has been discharged or satisfied by payment by the Buyer or any Target Group Company (whether before or after the date hereof) the covenants and indemnities given under Clause 11.1 shall take effect as a covenant by the Warrantors to reimburse (or pay if reimbursed by any Target Group Company) to the Buyer for any amount so paid.

  11.7.4	None of the limitations contained in this Clause 11 shall apply to any claim which arises as a consequence of, or is delayed as a result of fraud, negligence, misrepresentation, dishonesty, wilful misconduct or wilful concealment by the Sellers (or any of them), or any shareholder, or officer of the Sellers (or any of them) or any of the directors or other officer of any of the Target Group Companies or relates to any statutory and/or criminal fine or penalty or any other circumstance which enables any Tax authority to raise, withdraw or modify an assessment or to levy a Tax at any other time.

  11.7.5	To the extent permitted by Law, the Warrantors and Buyer agree that all payments made pursuant to this Clause 11 shall constitute a decrease or increase of the Purchase Price (as the case may be). 

  11.7.6	Save for the limitation in Clause 15.1.3, none of the limitations set forth in Clause 17 or elsewhere in this Agreement shall apply to this Clause 11.

  12.	Representations and Warranties of the Buyer

  The Buyer represents and warrants to each of the Sellers that the following statements are true and correct: 

  12.1	Organization

  The Buyer is a private company limited by shares, duly organized and validly existing under the Laws of Malta and has the requisite corporate powers and authorities to own its properties and to carry on its business as presently being conducted.

  12.2	Authority and Validity

  The Buyer has the requisite corporate powers and authorities to execute, deliver and perform this Agreement. The execution and delivery of this Agreement by the Buyer and the consummation of the transactions contemplated hereby have been duly authorized by all necessary corporate action on the part of the Buyer. This Agreement has been duly executed and delivered by the Buyer and, assuming the due authorization, execution and delivery of this Agreement by the Sellers, this 

   

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  Agreement constitutes a legal, valid and binding obligation of the Buyer enforceable against it in accordance with its terms.

  12.3	Parent Shares

  Upon issuance (whether as part of the Consideration Payment 1 or hereafter as part of the Consideration Payment 2 or the Consideration Payment 3), the Parent Shares will be duly authorized, validly issued, fully paid and non-assessable and will not be subject to any option, call, preemptive, subscription or similar rights or Liens, other than restrictions on transfer imposed by state and federal securities Laws or as otherwise disclosed in GAMB’s filings with the SEC. 

  12.4	Acting in Own Name

  The Buyer is acting in its own name and is acting as principal on its sole account with the intention of owning the business of the Company, and not as agent on behalf of any other person (whether jointly with any such person or otherwise).

  12.5	Solvency

  The Buyer is solvent and the payment to the Sellers of the Purchase Price will not render it insolvent or unable to pay its debts as they fall due at the Signing Date or for a period of 12 (twelve) months thereafter.

  12.6	Timing of Warranties

  12.6.1	The Buyer Warranties are given on the Signing Date. 

  12.6.2	Each of the Buyer Warranties shall be separate and independent and shall not be limited by reference to any other provision of the Buyer Warranties or by anything in this Agreement.

  12.6.3	The Buyer acknowledges that the Sellers entered into this Agreement in reliance upon, amongst other matters, the Buyer Warranties.

  12.7	Screening of foreign direct investments

  The Buyer warrants that the acquisition of the Shares by Buyer and the matters contemplated in this Agreement do not fall within the scope of the National Foreign Direct Investment Screening Office Act and hereby agrees to indemnify and hold the Sellers harmless from any penalties that may be prescribed in the event of any breach of the National Foreign Direct Investment Screening Office Act.

  12.8	GAMB Warranties

  GAMB represents and warrants to each of the Sellers that the following statements are true and correct: 

  12.8.1	GAMB has the requisite corporate powers and authorities to execute, deliver and perform this Agreement. The execution and delivery of this Agreement by GAMB and the consummation of the transactions contemplated hereby have been duly authorized by all necessary corporate action on the part of GAMB. This Agreement has been duly executed and delivered by GAMB and, assuming the due authorization, execution and delivery of this Agreement by the Sellers, this Agreement constitutes a legal, valid and binding obligation of GAMB enforceable against it in accordance with its terms.

   

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  12.8.2	Upon issuance (whether as part of the Consideration Payment 1 or hereafter as part of the Consideration Payment 2 or the Consideration Payment 3), the Parent Shares will be duly authorized, validly issued, fully paid and non-assessable and will not be subject to any option, call, preemptive, subscription or similar rights or Liens, other than restrictions on transfer imposed by state and federal securities Laws or as otherwise disclosed in GAMB’s filings with the SEC. 

  12.8.3	The issuance and delivery by GAMB of the Parent Shares to the Sellers does not require any vote or other approval or authorization of any holder of any capital stock of GAMB. 

  The provisions of Clause 12.6 and Clause 12.7 shall apply to this Clause 12.8 mutatis mutandis.

  13.	Offset Amount

  13.1	The Parties hereby acknowledge and agree that, any amounts Finally Determined as due by any of the Sellers to the Buyer, GAMB and the other members of the GAMB Group, including for the avoidance of doubt, GDC Media, may be offset against any unpaid balance of the Purchase Price due to that relevant Seller under this Agreement.

  13.2	To the extent that the Buyer, GAMB and the other members of the GAMB Group, including for the avoidance of doubt, GDC Media, is Finally Determined to be owed by any of the Sellers amounts in excess of the unpaid balance of the Purchase Price, the Buyer, GAMB and the other members of the GAMB Group, including for the avoidance of doubt, GDC Media, may seek payment for such amounts in excess of such unpaid balance of the Purchase Price from the relevant Sellers, subject always to the limitations set out in Clause 15 hereto. 

  13.3	The Buyer shall be entitled to retain from any unpaid balance of the Purchase Price due to a Seller such an amount as is equal to any Estimated Loss subject to the actual amount of the Loss, if any, being Finally Determined in accordance with the provisions of Clause 15 hereto.

  13.4	The right to offset against any unpaid balance of the Purchase Price as set forth in Clause 13.1 above shall be separate and independent from (i) the forfeiture of the Consideration Payment 2 and the Consideration Payment 3 as set forth in Clause 3.1.7; and (ii) reduction of Consideration Payment 2 and Consideration Payment 3 for the Exit Bonus Program Participants as set forth in Clause 3.2 but shall at all times be subject always to the limitations set out in Clause 15 hereto.

  14.	Restrictions

  In further consideration of the Buyer entering into this Agreement and for the purpose of assuring to the Buyer the full benefit of the Business and goodwill of the Target Group, each of the Covenantors covenants with and undertakes to the Buyer (as trustee for itself and the Target Group) that it and its Affiliates will not (whether alone or jointly with any other Person and whether directly or indirectly, and whether as shareholder, partner, promoter, director, officer, agent, manager, employee or consultant of, in or to any other Person or otherwise) without the prior written consent of the Buyer:

  (a)	at any time during the Restricted Period, within the territories in which any of the Target Group Companies operates the Business, carry on or be engaged, employed, concerned or interested in carrying on any business in competition with the Business; 

  (b)	at any time during the Restricted Period, canvass, solicit, approach or entice away from any Target Group Company any Person who was a customer of any Target Group Company within 24 (twenty-four) months before Closing, or make or publish any derogatory, 

   

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  unfavourable, negative, disparaging, false, damaging or deleterious statements regarding any Target Group Company which would cause any Person to cease or refuse to do business with any Target Group Company;

  (c)	at any time during the Restricted Period, in competition with the Business, canvass, solicit, approach or entice away from any Target Group Company any Person who supplied goods or services to any Group Company within 24 (twenty-four) months before Closing, or interfere or seek to interfere or take steps which may interfere with supplies to any Target Group Company or the terms of business relating to such supplies;

  (d)	at any time during the Restricted Period 

  (i)	solicit or entice away, or endeavour to solicit or entice away, from any Target Group Company; or

  (ii)	employ or engage, or endeavour to employ or engage, any Person who is or was during the Restricted Period,

  an employee (save as a result of general bona fide recruitment advertisements in the ordinary course of business) or Key Employee (with no exceptions) of any of the Target Group Companies whether or not such Person would commit a breach of his employment contract by reason of leaving service;

  (e)	at any time after Closing, directly or indirectly use or attempt to use in the course of any business or otherwise on its own account or in connection with or on behalf of any Person:

  (i)	any Intellectual Property Rights owned by any Target Group Company; or

  (ii)	any name, combination of words or abbreviation used or owned by any Target Group Company including the Trade Names or any other name, combination of words or abbreviation which is likely to be confused with any Trade Name or any such name, combination of words or abbreviation (whether or not such Trade Name, name, combination of words or abbreviation is used in conjunction with any other name, place or description);

  (f)	save in the course of employment by any Target Group Company, the Buyer or any Buyer’s Affiliates, at any time after Closing in the course of carrying on any trade or business or for the purpose of obtaining or retaining any business or custom, claim, represent or otherwise indicate any present association with any Target Group Company or assert any rights whatsoever in respect of any goodwill of any Target Group Company.

  14.2	Modification

  14.2.1	Whilst the restrictions in Clause 14 are considered by the Buyer and the Covenantors to be reasonable and indispensable in all the circumstances as at the date of this Agreement, it is acknowledged that restrictions of that nature may be or become void or unenforceable because of changed circumstances or other unforeseen reasons; therefore, if any such restrictions are held to be or are reasonably likely to be held (in the opinion of Buyer) void or unenforceable by any court or regulatory authority but would be valid if part of the wording were amended or the relevant period or scope reduced, those restrictions will apply with the modifications necessary to make them valid and effective, and those modifications will not affect the validity or enforceability of any other restriction in or provisions of this Agreement.

   

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  14.2.2	During the Restricted Period, each of the Covenantors who is not an employee of the Buyer, a Buyer’s Affiliate or any of the Target Group Companies at such time, covenants to refer any enquiries about the Business they receive after Closing to the Buyer as soon as practicable.

  15.	Liability and Related Matters

  15.1	Certain Limitations

  15.1.1	Thresholds

  No claim, or recovery in respect thereof, for breach by the Warrantors of any of the General Warranties shall be allowed unless (i)  the amount recoverable in respect of all such qualifying claims or the Loss arising in connection with such claim exceeds EUR 50,000 (“a De minimis Claim”) and (ii) an aggregate liability in respect of all De minimis Claims exceeds EUR 200,000), in which case the Warrantors, subject to the other limitations and exclusions set forth in this Clause 15, shall be liable for the full amount of all such qualifying claims (and not merely the excess thereof). 

  15.1.2	Contingent Obligations

  (a)	The Sellers shall not be liable under this Agreement in respect of any liability which is contingent unless and until such contingent liability becomes an actual liability and is due and payable.

  (b)	This Clause 15.1.2 shall not operate to exclude liability in relation to a claim made for a contingent liability within the general time limit specified in Clause 15.4.

  (c)	Any claim for breach of the General Warranties in respect of which notice shall have been given in accordance with Clause 15.4.1, shall if it has not been previously satisfied, settled or withdrawn, be deemed to have been irrevocably withdrawn and lapsed unless proceedings in respect of such claim have been issued and served on the Sellers’ Representatives not later than the expiry of the period of 9 (nine) months from and including the date of such notice.

  (d)	Each of the Buyer and the Sellers’ Representatives shall act promptly and in good faith to resolve any breach of the General Warranties.

  15.1.3	Individual and Aggregate Caps

  (a)	In the event of a breach of the Fundamental Warranties by a Seller, the individual maximum aggregate liability of such Seller shall be limited to an amount equal to such proportion of the Purchase Price which corresponds to the relevant Seller’s pro-rata shareholding in the Company as of Closing.

  (b)	In respect of a breach of the General Warranties, the Specific Indemnities and/or the Tax Indemnity the maximum aggregate liability of the Warrantors for all such claims shall be limited to an amount equal to such proportion of the Purchase Price which corresponds to the relevant Warrantor’s pro-rata shareholding in the Company as of Closing.

  15.1.4	Following Recovery from Sellers or Warrantors

  (a)	Any amount for which the Sellers and/or Warrantors would otherwise have been liable under this Agreement in respect of any Losses suffered by the Buyer, GAMB and the other members of the GAMB Group, including for the avoidance of doubt, GDC Media, or any 

   

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  Target Group Company shall be reduced by the net amount of any recovery actually received by such Target Group Company from any third party (including insurance proceeds) in respect of such Losses. 

  (b)	The net amount of such recovery shall be equal to the amount received by such Target Group Company or the Buyer, GAMB and the other members of the GAMB Group, including for the avoidance of doubt, GDC Media, less: (i) any reasonable costs and expenses incurred by such Target Group Company or the Buyer, GAMB and the other members of the GAMB Group, including for the avoidance of doubt, GDC Media,  in respect of such indemnification or other recovery; (ii) when the recovery consists of insurance proceeds, the aggregate amount, if any, by which an independent insurance broker, jointly appointed by the Buyer and the Sellers’ Representatives, estimates that the Company’s (or the Buyer’s, GAMB’s and the other members’ of the GAMB Group, including for the avoidance of doubt, GDC Media’s,  or any Target Group Company’s, as applicable) insurance premiums are likely to be increased during the 2 (two) years following the making of the insurance claim; and (iii) any Taxes less any Taxes attributable to the recovery.

  15.2	Third Party Claims

  15.2.1	If a claim by a third party is made against any or all of the Sellers or the Indirect Sellers (a “Third Party Claim”), and if such party intends to bring a claim with respect thereto under this Clause 15, such Seller or Indirect Seller or Sellers or Indirect Sellers shall promptly notify the Buyer of such Third Party Claim.

  15.2.2	The Buyer shall have 30 (thirty) days after receipt of such notice to assume the conduct and control, through Buyer’s counsel, of the settlement or defense of such Third Party Claim and such Seller or Indirect Seller or Sellers or Indirect Sellers shall cooperate with it in connection therewith.

  15.2.3	If the Buyer, GAMB and the other members of the GAMB Group, including for the avoidance of doubt, GDC Media,  does not notify such Seller or Indirect Seller or Sellers or Indirect Sellers within 30 (thirty) days after the receipt of such Seller’s or Indirect Seller’s or Sellers’ or Indirect Sellers’ notice of a Third Party Claim hereunder that it elects to undertake the defense thereof, such Seller or Indirect Seller or Sellers or Indirect Sellers shall have the right to contest, settle or compromise the Third Party Claim but shall not thereby waive any right to indemnity therefor pursuant to this Agreement.

  15.2.4	The Sellers or, as applicable, the Indirect Sellers and the Buyer, GAMB and the other members of the GAMB Group, including for the avoidance of doubt, GDC Media, shall cooperate with each other in all reasonable respects in connection with the defense of any Third Party Claim, including making available records relating to such Third Party Claim and furnishing, without expense to the Buyer, GAMB and the other members of the GAMB Group, including for the avoidance of doubt, GDC Media,  and/or its counsel, such Seller or Indirect Seller or Sellers or Indirect Sellers or such employees of such Seller or Indirect Seller or Sellers or Indirect Sellers as may be reasonably necessary for the preparation of the defense of any such Third Party Claim or for testimony as witnesses in any proceeding relating to such Third Party Claim.]

  15.3	Adjustment to Purchase Price

  All amounts paid by the Sellers or the Buyer, GAMB and the other members of the GAMB Group, including for the avoidance of doubt, GDC Media, as the case may be, under this Clause 15 or under any other provision in this Agreement shall, to the extent permitted by applicable Law, be treated as adjustments to the Purchase Price for all purposes. 

   

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  15.4	Time Bars

  15.4.1	Warranty and Indemnity Claims

  (a)	No action or claim may be brought in respect of any breach of any of the Warranties, unless the claim, describing in reasonable detail the nature of the claim and the calculation of the amount claimed, is made in writing to the Sellers within 20 (twenty) Business Days of the end of the Earn Out Period; provided that actions or claims for any breach of any of the Fundamental Warranties shall be time-barred after a period of 6 (six) years.

  (b)	No action or claim may be brought in respect of any breach by the Sellers of the Specific Indemnities, unless the claim, describing in reasonable detail the nature of the claim and the calculation of the amount claimed, is made in writing to the Sellers within 28 (twenty-eight) months of the Closing Date.

  15.4.2	Other Claims

  Without prejudice of the foregoing, no action or claim may be brought under this Agreement unless the claim, describing in reasonable detail the nature of the claim and the calculation of the amount claimed, is made in writing to the Warrantors and/or Sellers (as applicable). 

  15.5	Exclusive Remedies

  15.5.1	Each Party acknowledges and agrees that its sole and exclusive remedy with respect to any and all claims relating to a breach of the Agreement shall be pursuant to the provisions set forth in this Clause 15 or elsewhere in this Agreement and hereby waives, to the fullest extent permitted under applicable Law, any and all other remedies (including but not limited to any right to rescind this Agreement) it may have against the other Parties in connection with the transactions contemplated hereby. Nothing in this Clause shall limit the right, if any, of such Party to obtain specific performance of this Agreement in the event of another Party’s breach of its obligations hereunder. 

  15.5.2	Without prejudice to the generality of the foregoing and unless otherwise set out in the Agreement, each Party waives any right it may have to seek termination of the Agreement for breach of the covenants or other obligations at any time under the Agreement (before or after the Closing Date).

  15.5.3	None of the limitations contained in Clause 15.5 shall apply to any claim which arises or is increased, or to the extent to which it arises or is increased, as a consequence of fraud or wilful misconduct by the Sellers (or any of them).

  15.5.4	Nothing in this Agreement will be deemed to relieve the Buyer from its duty to mitigate any loss or damage incurred by it. 

  15.6	Tax on payments

  If a Tax is imposed on any amount paid by the Sellers (or any of the Indirect Sellers) to the Buyer under this Agreement, then the amount so payable shall be free and clear of all deductions or withholdings whatsoever, save only as may be required by applicable Law and shall be grossed up by such amount as will ensure that after payment of such Tax there shall be left a sum equal to the initial amount which would otherwise be payable under this Agreement.

  15.7	Save as expressly provided in Clause 15.1.3, the provisions of this Clause 15 shall not apply to Clause 11.

   

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  15.8	Other Limitations

  15.8.1	None of the Warrantors will be liable for a claim under the General Warranties to the extent that the claim:

  (a)	is disclosed in the Agreement or Disclosure Letter; or

  (b)	relates to any matter specifically provided for in the Closing Statement and reflected in Closing Cash, Closing Borrowings, or Closing Working Capital, provided such provision has not been subsequently reversed (in whole or in part).

  15.8.2	None of the Warrantors shall be liable for any claim under the General Warranties to the extent that it arises or is increased or extended as a result of any of the following:

  (i)	a change in the Law or in any regulation, requirement or code of conduct of any relevant agency or administrative or other regulatory body, a change in any generally accepted interpretation or application of any legislation or any decision of any administrative or other regulatory body (including the withdrawal of any extra statutory concession of a Tax Authority); or 

  (ii)	any parliamentary statement or statement by any regulatory or government authority concerning any change in the practice adopted by any regulatory or government authority.

  15.8.3	The Buyer, GAMB and the other members of the GAMB Group, including for the avoidance of doubt, GDC Media, shall not be entitled to recover twice under the Warranties, the Specific Indemnities and/or under the Tax Indemnity in respect of the same subject matter or to recover more than once in respect of the same subject matter under two or more separate Warranties.

  15.8.4	Events following Closing

  (a)	None of the Warrantors shall be liable for any claim under the Warranties to the extent that such claim arises or is increased or extended as a result of: 

  (i)	any change in the accounting policies or practices of, or applicable to, the Target Group Companies introduced or having effect on or after the Closing (except for the Warranties under Paragraph 4 of Schedule 2);

  (ii)	any winding-up or cessation of, or any material change in, the nature or conduct of any business carried on by the Buyer or any Group Company, occurring after Closing, unless such change is required by applicable Law;

  (iii)	any Target Group Companies is insolvent and such action is necessary or desirable to ensure that all directors of the relevant Target Group Company comply with their obligations; and/or

  (iv)	any failure by the Buyer or any member of the GAMB Group to comply with, or failure to procure the compliance of the group with any of their respective obligations under this Agreement or any of the Transaction Documents unless such action or omission by GAMB is required by applicable Law.

  15.8.5	General Voluntary Act or Directions of the Buyer or any member of the GAMB Group

  None of the Warrantors shall have any liability under the Warranties to the extent that the liability is wholly or partly attributable to any voluntary act, omission, transaction or arrangement of or at 

   

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  the direction at any time, of the Buyer or any member of the GAMB Group, or at the direction after the date of this Agreement, except for (i) when such voluntary act, omission, transaction or arrangement was required under the applicable Law or stock exchange regulations which was in full force and effect as of the Closing Date; (ii) actions taken at the request of or with the agreement with the Warrantors or Sellers’ Representative; (iii) actions taken in connection with this Agreement; or (iv) actions taken pursuant to the arrangements between the Warrantors in relation to the Earn-Out Period.

  16.	Amendment and Waiver

  16.1	Amendments and Waivers

  16.1.1	Amendments

  This Agreement may not be amended except by an instrument in writing signed on behalf of each of the Parties hereto by their duly authorized Representatives.

  16.1.2	Waivers

  (a)	No delay or failure on the part of any Party to exercise any right, power or remedy in respect of this Agreement shall constitute a waiver thereof (other than a failure to provide a notice or take any action which is subject to a time limit as specified in this Agreement).

  (b)	Except as provided otherwise herein, no waiver shall be effective unless given in writing and signed by a duly authorized Representatives of the Party giving the waiver.

  17.	Sellers’ Representatives

  17.1.1	The Sellers and Indirect Sellers irrevocably agree with the Buyer that:

  (a)	the Sellers’ Representatives shall, on behalf of each of the Sellers and Indirect Sellers have full and irrevocable power and authority;

  (i)	to take any action, give any consent and to do or omit to do anything in connection with any claim under the General Warranties, the Tax Indemnity and Specific Indemnities as he shall in his absolute discretion decide;

  (ii)	to take any action, give any consent and to do or omit to do anything in connection or pursuant to or contemplated by Clause 3.2;

  and the Buyer may liaise and agree matters exclusively with the Sellers’ Representatives in respect of any such specific matter, (and all notices to be served by the Buyer to any of the Warrantors in respect of a claim under the General Warranties, Tax Indemnity and/or the Specific Indemnities will be deemed to be duly served on all or any of the Warrantors if served on the Sellers’ Representatives);

  (b)	a written decision, consent or instruction of the Sellers’ Representatives in relation to the matters referred to above in this Clause 17.1.1 shall constitute a decision of the Sellers and Indirect Sellers and shall be final, binding and conclusive upon the Sellers and Indirect Sellers.

  17.1.2	Solely in respect of any of the matters referred to above in this Clause 17.1.2, the Sellers’ Representatives shall, on behalf of the Sellers and Indirect Sellers, have full and irrevocable power 

   

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  and authority to take any action, give any consent and to do or omit to do anything pursuant to the authorities vested in them or contemplated by this Agreement as he shall in his absolute discretion decide and the Buyer may liaise and agree matters exclusively with the Sellers’ Representatives in respect of all such matters referred to above in this Clause 17.1.2 relating to the Sellers and Indirect Sellers.

  17.1.3	For the purpose of giving further effect to this Clause 17.1.3, each of the Sellers and Indirect Sellers hereby irrevocably by way of security duly appoints the Sellers’ Representatives, as his attorney with full power to execute, complete and deliver in the name of that Seller and Indirect Seller all documents necessary to give effect to the provisions of this Clause 17.1.3 and the appointments in this Clause 17.1.3 are irrevocable and are given to secure the performance of the obligations of each of the Sellers and Indirect Sellers under this Agreement.

  17.1.4	In the event of (i) the death or inability to act of the Sellers’ Representatives or (ii) the decision of the persons holding the beneficial interest in at least 51% of the Shares immediately prior to Closing, to replace the Sellers’ Representatives; each of the Sellers and Indirect Sellers hereby irrevocably undertakes to appoint a replacement Sellers’ Representatives (the “Replacement Sellers’ Representatives”), being one of the Sellers approved by the decision in (ii) above.  In the event that a Replacement Sellers’ Representatives is appointed, the provisions of the Transaction Documents relating to the Sellers and Indirect Sellers and the Sellers’ and Indirect Sellers’ Representatives shall apply mutatis mutandis.

  17.1.5	For the avoidance of doubt, the Sellers’ Representatives shall have no power or entitlement to settle any claim against any of the Sellers and Indirect Sellers (other than himself) in relation to the Fundamental Warranties.

  18.	General Provisions

  18.1	No Announcement

  Each Party hereto agrees to keep the existence and content of this Agreement confidential and to make no announcement or other disclosure with respect thereto other than as agreed with the other Parties. Such public announcement shall be in agreed form between the Buyer and the Sellers’ Representatives. This Clause 18.1 shall not apply if applicable Law or stock exchange regulations require otherwise.

  18.2	Business Secrets

  The Sellers and the Indirect Sellers shall maintain, and shall cause their Affiliates to maintain in strict confidence all non-public information relating to the operations or business of the Target Group Companies. Without limiting the generality of the foregoing, the Sellers and the Indirect Sellers undertake not to disclose, and shall cause their Affiliates not to disclose, to a third party any confidential information concerning any Target Group Company except when required to disclose such information by applicable Law, by the regulations of any relevant stock exchange, by any court or other judicial authority or pursuant to any enquiry or investigation by any Governmental Authority which is lawfully entitled to require any such disclosure, and only for the limited portion of information so required to be disclosed.

  18.3	Confidentiality

  18.3.1	None of the Parties hereto shall, and each Party hereto shall ensure that none of its Affiliates will, disclose any information of a confidential nature relating to the Business or the Buyer or to the 

   

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  Sellers or the Indirect Sellers (in the case of the Buyer) to any third Person. The obligation of the Parties under this Clause 18.3 shall not apply to any of the following:

  (a)	disclosure of such confidential information required by applicable Law, applicable stock exchange rules or any Tax authority; 

  (b)	disclosure of such confidential information to such Party’s professional advisors or statutory auditors who have been made aware of the confidential nature of such information;

  (c)	disclosure of such confidential information for the purpose of defending any claim against the other Parties under this Agreement or enforcing its rights hereunder (including making any claims or counterclaims against third parties pursuant to Clause 15.2); or

  (d)	disclosure of such confidential information which is or comes into the public domain other than as a result of the breach by such Party of this Clause 18.3.

  18.3.2	The Sellers shall have the right to retain copies of all documents delivered or made available to the Buyer in connection with the transactions contemplated hereby for the purpose of defending any claim against the Sellers under this Agreement or enforcing its rights hereunder (including making any claims or counterclaims against third parties pursuant to Clause 15.2).

  18.4	Cooperation

  Unless otherwise expressly provided in this Agreement, whenever any of the Parties are required to cooperate for any particular purpose hereunder, no Party, nor any of its Affiliates, shall be required to make any material monetary expenditure, commence or be a plaintiff in any litigation or offer or grant any material accommodation or concession (financial or otherwise) to any Person.

  18.5	Entire Agreement and Variation

  18.5.1	This Agreement, including its Exhibits and Schedules, constitutes the whole and only understanding of the Parties hereto with respect to the subject matter contained herein and supersedes and extinguishes any Pre-contractual Statements.

  18.5.2	Each Party acknowledges and represents that it has not relied on or been induced to enter into this Agreement by any Pre-contractual Statement given by the other Party or any document referred to in this Agreement and that no such Pre-contractual Statement is to be implied in it whether by virtue or any usage or course of dealing or otherwise, in each case except as expressly set out in this Agreement.  

  18.5.3	Neither Party will have any right of action against the other Party, nor will it have any liability to the other Party (whether in equity, contract or tort (including negligence)), arising out of or in connection with any Pre-contractual Statement, breach of fiduciary duty, misrepresentation or under Section 45 of the Sale of Goods and Supply of Services Act 1980 or for a representation, warranty or undertaking that is not set out in this Agreement or a document referred to in this Agreement.

  18.5.4	Each Party acknowledges that the exclusions set out in this Clause 18.5 are fair and reasonable for all lawful purposes (including Section 46 of the Sale of Goods and Supply of Services Act 1980).

  18.5.5	This Agreement may only be varied in writing signed by each of the Parties.

   

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  18.6	Severability

  If at any time any provision of this Agreement is or becomes invalid, illegal or unenforceable under applicable Law of any jurisdiction, the validity, legality and enforceability of the remainder of this Agreement in that jurisdiction shall not be affected, and the validity, legality and enforceability of the whole Agreement in any other jurisdiction shall not be affected. In the event any provision is held in any proceeding pursuant to Clause 18.10 to be invalid, illegal or unenforceable, the Parties shall replace that provision with a new provision permitted by Law and having an economic effect as close as possible to the deficient provision.

  18.7	Assignment

  None of the Parties may assign its rights or obligations under this Agreement to any Person without the prior written consent of the other Parties, save that the Buyer may at any time assign all or any part of its rights and benefits under this Agreement to any of its Affiliates provided that:

  (i)	if such assignee subsequently ceases to be an Affiliate of the Buyer, the Buyer shall procure that prior to its ceasing to be an Affiliate of the Buyer, such assignee reassigns so much of the rights and benefits and obligations under this Agreement as have been assigned to it to the Buyer or (upon giving further written notice to the Sellers’ Representatives) to another Affiliate of the Buyer;

  (ii)	the Buyer shall remain liable to the Sellers in the event that the assignee fails to perform any of the assigned obligations;

  (iii)	the Sellers’ respective liability to the assignee under this Agreement (including but not limited to any liability to Tax) shall be no greater than it would have been to the Buyer; and

  (iv)	if there is an assignment or encumbrance under this Clause 7, the amount of loss or damage recoverable by the permitted assignee will be calculated as if that person had been originally named as a party to this Agreement.

  18.8	Notices

  18.8.1	All notices and other communications that are required or permitted to be given under this Agreement shall be in writing, in the English language and hand delivered or sent by registered mail (return receipt requested) or by e-mail with signed PDF attachment to the following addresses (which may be changed in writing by notice to the appropriate address):

   

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	If to the Sellers’s representatives 
	 
Name:
	 
Fintan Costello

	 
	Address:
	[***]

	 
	E-mail:
	[***]

	with a copy to:
	Name:
	Ilkka Heikkilä

	 
	Address:
	[***]

	 
	E-mail:
	[***]

	 
	 
	 

	If to the Buyer:
	Name:
	GDC Malta Limited

	 
	Address:
	85 John St, Valletta VLT 1165, Malta

	 
	Attention:
	John O’Shea

	 
	E-mail:
	[***]

	with a copy to:
	Name:
	White & Case LLP 

	 
	Address:
	Bockenheimer Landstrasse 20
60323 Frankfurt am Main
Germany

	 
	Attention:
	Darragh Byrne

	 
	E-mail:
	[***] 

  The communications will be considered as having reached the addressee:

  (a)	if sent by courier, upon delivery;

  (b)	if sent by registered mail, within 2 (two) Business Days after the date the communication was mailed; or

  (c)	if sent by e-mail, within four hours from delivery of such email provided no delivery failure message was received.

  18.8.2	A Party must notify the other Parties of a change to its notice details. That notification shall only be effective on:

  (a)	any effective date specified in the notification; or

  (b)	if no effective date is specified or the effective date specified is less than five (5) clear Business Days after the date when notice is received, the date falling five (5) clear Business Days after the notification has been received.

  18.8.3	For the avoidance of doubt, if a change of notice details is not served in the manner required in this Agreement (or at all), then the notice details contained in this Agreement for the relevant Party 

   

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  shall apply and any such Party agrees that he or it shall not be entitled to plead as a defence to any claim made or action taken under this Agreement that notice was not properly served on that Party.

  18.9	Governing Law

  This Agreement and any dispute or claim arising out of or in connection with it or its subject matter, formation, existence, negotiation, validity, termination or enforceability (including non-contractual, disputes or claims) shall be governed by and construed in accordance with the Laws of Ireland.

  18.10	Dispute Resolution

  (a)	The Parties will use their reasonable efforts to resolve amicably any dispute, controversy or claim arising out of or in connection with this Agreement, or the breach or invalidity thereof.

  (b)	Thereafter each of the Parties hereto agrees that the Courts of Ireland shall have jurisdiction to hear and determine and settle any disputes which may arise out of or in connection with this Agreement or its performance and accordingly that any suit, action or proceedings so arising, including any proceedings relating to any non-contractual obligations, may be brought in such courts and for such purposes the Parties hereby submit to the jurisdiction of such courts 

  18.11	Costs and Expenses

  Unless otherwise expressly provided in this Agreement, all costs and expenses incurred in connection with the preparation, negotiation and implementation of this Agreement and the transactions contemplated hereby shall be borne by the Party incurring such costs and expenses. 

  18.12	Further Assurances

  After the Closing Date, each of the Sellers and the Indirect Sellers shall execute such other documents or take, or cause to be taken, such other actions as may be reasonably required to transfer the Shares to the Buyer in accordance with this Agreement and to give the Buyer the full benefit of this Agreement. 

  18.13	Partnership

  This Agreement shall not operate so as to create a partnership or joint venture of any kind between the Parties hereto or constitute any Party hereto as the agent to the others.

  18.14	Counterparts

  This Agreement may be executed in one or more counterparts (including by PDF (portable document format), JPEG or other agreed format), each of which when so executed shall be deemed to be an original copy of this Agreement, and all of which, when taken together, shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart signature page of this Agreement by e-mail (by PDF, JPEG or other agreed format) or facsimile shall be as effective as delivery of a manually executed counterpart of this Agreement. In relation to each counterpart, upon confirmation by or on behalf of the signatory that the signatory authorises the attachment of such counterpart signature page to the final text of this Agreement, such counterpart signature page shall take effect together with such final text as a complete authoritative counterpart.

  Each of the Parties hereto has caused this Agreement to be executed and delivered as a deed on the date first set forth above. 

   

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  (Signature pages to this Agreement follow)

   

   

  Page 38 of  86

   

  

   

  			
	 
	 
	 

	SIGNED AND DELIVERED 
by Ilkka Elias Heikkilä as a Deed in the presence of:
	 
	/s/ Ilkka Elias Heikkilä  

	 
	 
	Ilkka Elias Heikkilä

	/s/ Maria Jarvinen
	 
	 

	Witness – Maria Jarvinen
	 
	 

	[***]
	 

	Address
	 

	 
	 
	 

	 
	 
	 

	[***]
	 
	 

	Occupation
	 
	 

   

   

  			
	SIGNED AND DELIVERED 
by Miikka Samuli Mustonen as a Deed in the presence of:
	 
	/s/  Miika Samuli Mustonen

	 
	 
	Miika Samuli Mustonen

	/s/ Fintan Costello
	 
	 

	Witness – Fintan Costello
	 
	 

	[***]
	 

	Address
	 

	 
	 
	 

	 
	 
	 

	[***]
	 
	 

	Occupation
	 
	 

   

   

  			
	SIGNED AND DELIVERED as a Deed for and on behalf of Siurcom Oy
By Aku-Mikko Haljoki 
	 
	/s/ Aku-Mikko Haljoki

	 
	 
	Director

	 
	 
	 

   

   

   

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	SIGNED AND DELIVERED 
by Riku-Matti Juhani Vihreäsaari as a Deed in the presence of:
	 
	/s/ Riku-Matti Juhani Vihreäsaari

	 
	 
	Riku-Matti Juhani Vihreäsaari

	/s/ Henri Ojala
	 
	 

	Witness – Henri Ojala
	 
	 

	[***]
	 

	Address
	 

	 
	 
	 

	 
	 
	 

	[***]
	 
	 

	Occupation
	 
	 

   

   

  			
	SIGNED AND DELIVERED 
by Antti Mikael Kareinen as a Deed in the presence of:
	 
	/s/  Antti Mikael Kareinen

	 
	 
	Antti Mikael Kareinen

	/s/  Henna Rinnekangas
	 
	 

	Witness – Henna Rinnekangas
	 
	 

	[***]
	 

	Address
	 

	 
	 
	 

	 
	 
	 

	[***]
	 
	 

	Occupation
	 
	 

   

   

   

  			
	SIGNED AND DELIVERED as a Deed for and on behalf of Rastas Investing Oy
By Mikko Tapio Valdemar Lang
	 
	/s/ Mikko Tapio Valdemar Lang

	 
	 
	Director

	 
	 
	 

   

   

   

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	SIGNED AND DELIVERED as a Deed for and on behalf of Caracara Oy
By Sauli Petteri Konttila
	 
	/s/ Sauli Petteri Konttila

	 
	 
	Director

	 
	 
	 

   

  			
	SIGNED AND DELIVERED as a Deed for and on behalf of IT & Web Consulting TK Oy 
 
By Tero Petteri Kilkanen
	 
	/s/ Tero Petteri Kilkanen

	 
	 
	Director

	 
	 
	 

   

  			
	SIGNED AND DELIVERED as a Deed for and on behalf of Sipsikissa Oy 
 
By Erkka Ilari Tohmo
	 
	/s/ Erkka Ilari Tohmo 

	 
	 
	Director

	 
	 
	 

   

  			
	SIGNED AND DELIVERED 
by Milan Nikolic as a Deed in the presence of:
	 
	/s/  Milan Nikolic

	 
	 
	Milan Nikolic

	/s/  Lila Nikolic
	 
	 

	Witness – Lila Nikolic
	 
	 

	[***]
	 

	Address
	 

	 
	 
	 

	 
	 
	 

	[***]
	 
	 

	Occupation
	 
	 

   

   

   

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	SIGNED AND DELIVERED 
by Ory Weihs as a Deed in the presence of:
	 
	/s/  Ory Weihs

	 
	 
	Ory Weihs

	/s/  Anna Meissner
	 
	 

	Witness – Anna Meissner
	 
	 

	[***]
	 

	Address
	 

	 
	 
	 

	 
	 
	 

	[***]
	 
	 

	Occupation
	 
	 

   

   

   

  			
	SIGNED AND DELIVERED as a Deed for and on behalf of Contender Media Holdings B.V.
 
by Fintan Costello
	 
	/s/ Fintan Costello

	 
	 
	Director

	 
	 
	 

   

  			
	SIGNED AND DELIVERED 
by Fintan Costello as a Deed in the presence of:
	 
	/s/ Fintan Costello

	 
	 
	Fintan Costello

	/s/  Miikka Samuli Mustonen
	 
	 

	Witness – Miikka Samuli Mustonen
	 
	 

	[***]
	 

	Address
	 

	 
	 
	 

	 
	 
	 

	[***]
	 
	 

	Occupation
	 
	 

   

   

   

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	SIGNED AND DELIVERED 
by Aku-Mikko Haljoki as a Deed in the presence of:
	 
	/s/  Aku-Mikko Haljoki

	 
	 
	Aku-Mikko Haljoki

	/s/  Riku Vihreasaari
	 
	 

	Witness – Riku Vihreasaari
	 
	 

	[***]
	 

	Address
	 

	 
	 
	 

	 
	 
	 

	[***]
	 
	 

	Occupation
	 
	 

   

   

  			
	SIGNED AND DELIVERED 
by Mikko Tapio Valdemar Lang as a Deed in the presence of:
	 
	/s/   Mikko Tapio Valdemar Lang

	 
	 
	Mikko Tapio Valdemar Lang

	/s/  Henri Ojala
	 
	 

	Witness – Henri Ojala
	 
	 

	[***]
	 

	Address
	 

	 
	 
	 

	 
	 
	 

	[***]
	 
	 

	Occupation
	 
	 

	 
 
 
SIGNED AND DELIVERED 
by Sauli Petteri Konttila as a Deed in the presence of:
	 
	 

	 
	 
	/s/  Sauli Petteri Konttila

	/s/  Markus Nykänen
	 
	Sauli Petteri Konttila

	Witness – Markus Nykänen
	 
	 

	[***]
	 

	Address
	 

	 
	 
	 

	 
	 
	 

	[***]
	 
	 

	Occupation
	 
	 

   

   

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SIGNED AND DELIVERED 
by  Tero Petteri Kilkanen as a Deed in the presence of:
	 
	/s/  Tero Petteri Kilkanen

	 
	 
	Tero Petteri Kilkanen

	/s/  Riku Vihreasaari
	 
	 

	Witness – Riku Vihreasaari
	 
	 

	[***]
	 

	Address
	 

	 
	 
	 

	 
	 
	 

	[***]
	 
	 

	Occupation
	 
	 

	 
SIGNED AND DELIVERED 
by Erkka Ilari Tohmo as a Deed in the presence of:
	 
	/s/ Erkka Ilari Tohmo

	 
	 
	Erkka Ilari Tohmo

	/s/  Riku Vihreasaari
	 
	 

	Witness – Riku Vihreasaari
	 
	 

	[***]
	 

	Address
	 

	 
	 
	 

	 
	 
	 

	[***]
	 
	 

	Occupation
	 
	 

   

   

  			
	SIGNED AND DELIVERED as a Deed for and on behalf of Finder Media B.V.
 
By Fintan Costello
	 
	/s/ Fintan Costello

	 
	 
	Director

   

   

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	GAMBLING.COM GROUP LIMITED

	By: _/s/ Charles Gillespie_____________________
Name: Charles Gillespie
Title: Chief Executive Officer

   

   

   

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	GDC Malta Limited

	By: ____/s/ Ekaterina Smolinova_______________
Name: Ekaterina Smolinova
Title: Director

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

  (Signature page to Share Purchase Agreement)

   

   

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  List of Schedules

  		
	Definitions Schedule A
	General Terms

	Definitions Schedule B
	Financial Terms

	Schedule 1
	Group Companies

	Schedule 2
	Warranties

	Schedule 3
	Specific Accounting Policies

	Schedule 4
	Key Employees

	Schedule 5
	Accounts

	Schedule 6
	Intellectual Property

	Schedule 7
	Disclosure Letter

	Schedule 8
	Exit Bonus Agreement Template

	Schedule 9
	Real Property

	Schedule 10 
	List of Assets

	Schedule 11
	Earn-Out Calculations

	Schedule 12
	Business Plan

   

   

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  Definitions Schedule A	General Terms

   

  Definitions

   

  For the purposes of this Agreement, the following defined terms, which are identified by capitalization, shall always have the meaning as set forth in this Definitions Schedule A (General Terms), it being understood that these definitions are applicable to the singular as well as the plural forms of such terms.

   

  		
	Defined Term
	Meaning

	“Accounts Date”
	means 31 December 2021. 

	“Affiliate”
	Means in relation to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with, such Person; provided, that, for the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by Contract or otherwise; provided, further, that an Affiliate of any Person shall also include (a) any Person that directly or indirectly owns, or in which such Person directly or indirectly owns more than five percent (5%) of any class of capital stock or other equity interest of such Person, (b) in the case of a corporation, any officer or director of such corporation, (c) in the case of a partnership, any general partner of such partnership, (d) in the case of a trust, any trustee or beneficiary of such trust, (e) any spouse, parent, sibling or child or lineal descendant of any individual described in clauses (a) through (d) above, and (f) any trust for the benefit of any individual described in clauses (a) through (e) above.

	“Agreement”
	has the meaning given in the caption, as supplemented by Clause 1.4.2.

	“Allowed Jurisdictions”
	means: 
(a)	any jurisdiction in which NDC Media and its Affiliates currently operates as of the Closing Date, being:
[***]
 

   

   

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	“Allowed Operators”
	any Operators who:
[***];
 

	“AST”
	has the meaning given in Clause 5.2.2(a).

	“Bad Actor”
	[***].

	“Blended Multiple”
	means [***].

	“Borrowings”
	has the meaning given in Part 2 of Definitions Schedule B.

	“Business” 
	has the meaning given in Recital (B).

	“Business Day”
	means a day other than a Saturday or Sunday or public holiday in Ireland on which banks are open in Ireland.

	“Business Domain Names”
	means all rights in all World Wide Web addresses, Internet identifiers and domain names and applications and registrations owned, registered or applied for by or on behalf of any Target Group Company, including, but not limited to, the domain name registrations set out in Part 1 of the Schedule 6 to this Agreement. 

	“Business Intellectual Property Rights” 
	means all Intellectual Property Rights that are owned, used, held for use or licensed by any Target Group Company.

	“Business Plan”
	means the business plan, strategy and budget to be agreed between the Sellers and the Buyer in substantially the form set out in Schedule 13. 

	“Buyer”
	has the meaning given in the caption.

	“Buyer’s Affiliates”
	means all Affiliates of the Buyer.

	“Buyer’s Closing Actions” 
	has the meaning given in Clause 5.2.2.

	“Buyer’s Solicitors”
	means White & Case LLP.

   

   

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	“Buyer Warranties”
	means the warranties of the Buyer provided in Clause 12.1, Clause 12.2, Clause 12.3, Clause 12.4 and Clause 12.5.

	“BVI”
	means the British Virgin Islands.

	“BVI Companies Act”
	means the BVI Business Companies Act, 2004 (as amended).

	“Cash and Cash Equivalents” 
	has the meaning given in Part 1 of Definitions Schedule B.

	“Cash Consideration”
	has the meaning given in Clause 3.1.1.

	“CET”
	means Central European Time.

	“Closing” 
	means the completion (or waiving, as the case may be) of the matters set forth in Clause 5.

	“Closing Borrowings”
	means the aggregate outstanding amount of Borrowings of the Target Group Companies calculated in accordance with IFRS as of 11:59 P.M. on the Business Day immediately prior to the Accounts Date.

	“Closing Cash”
	means the aggregate book balance of Cash and Cash Equivalents of the Target Group Companies calculated in accordance with IFRS, as of 11:59 P.M. on the Business Day immediately prior to the Accounts Date.

	“Closing Date” 
	means the date of this Agreement.

	“Closing Working Capital”
	has the meaning given in Schedule 1 Part 4 of Definitions Schedule B. 

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

	“Company”
	has the meaning given in Recital (A).

	“Companies Act” 
	means the Companies Act 2014 and all other statutes and statutory instruments or parts thereof which are to be read as one with, or construed or read together as one with, the Companies Act 2014 and every statutory modification and re-enactment thereof for the time being in force.

   

   

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	“Company Transaction Expenses”
	means all expenses of the Company incurred or to be incurred prior to and through to the Closing Date, in connection with the negotiation, preparation and execution of this Agreement and the consummation of the transactions contemplated hereby and the Closing, including out of-pocket costs, fees and disbursements of financial advisors, attorneys, accountants and other advisors and service providers, severance payments to directors, officers and employees, bonuses, retention payments and any other change of control or similar payments under agreements entered into or plans adopted by the Company prior to the Closing,   payable as a result of or in connection with the transactions contemplated by this Agreement (including the employer portion of any Taxes relating to such payments), payable by the Company (prior to and through and including the Closing Date) and which have not been paid as of the Closing Date.

	“Computer Systems” 
	means all computer hardware and peripherals, telecommunications hardware, Software, servers, routers, hubs, networks, and other information technology and communications rights, assets, equipment, and systems, in each case, owned, used, held for use, or required to be used by, or used by any third party for the benefit of, any Target Group Company including all arrangements relating to the provision of maintenance and support, security, disaster recovery, facilities management, bureau and on-line services to any Target Group Company and all associated documentation.

	“Conditions Precedent”
	has the meaning given in Clause 4.1.1.

	“Connected Person” 
	means a Person who would be connected with another Person for the purposes of Section 220 of the Companies Act if that other Person was a director of a company.

	“Consideration Payment 1”
	has the meaning given in Clause 3.1.1(a).

	“Consideration Payment 2”
	has the meaning given in Clause 3.1.1(b).

	“Consideration Payment 3”
	has the meaning given in Clause 3.1.1(c).

	“Contest”
	has the meaning given in Clause 11.3.1.

	“Control”, “Controlling” or “Controlled”
	(including the terms “Controlling”, “Controlled by” and “under common Control with”) shall mean the possession, directly or indirectly, of the power to appoint, direct or cause the direction of the board of directors, management or policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

	“Covenantors”
	means each of the Indirect Sellers and each of the Sellers except for the Seller 11. 

   

   

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	“Disclosure Letter” 
	means the letter prepared by the Warrantors as at the Signing Date attached hereto as Schedule 7 to this Agreement, in which disclosures in relation to the General Warranties have been made by the Warrantors.

	“DP Laws” 
	means any and all data protection legislation applicable to the Business and/or in any jurisdiction in which the Target Group operates, including, but not limited to, the General Data Protection Regulation (EU) 2016/679.

	“Earn Out Period”
	has the meaning given in Clause 4.1.

	“EBITDA”
	has the meaning given in Part 3 of Definitions Schedule B.

	“Economic Substance Act”
	means the BVI Economic Substance (Companies and Limited Partnerships) Act, 2018, as amended.

	“Encumbrance”
	means a pledge, charge, mortgage, lien, license, option, retention of title, right of pre-emption, right of first refusal or other security right or interest option, usufruct, claim, restriction or encumbrance of any kind.

	“Environmental Law” 
	means all Laws and or other requirement having legal effect relating to the environment (including emission or discharge of any substance into air, water, or soil, as well as emission of noise and causation of oscillations and/or vibrations) which are or have been applicable to any of the Target Group Companies.

	“Equity Interests”
	means ordinary shares, convertible shares, common stock, share capital, membership interests, equity units and any other interests conferring voting rights, including the Shares.

	“Estimated Loss”
	means such amount not exceeding such sum reasonably required to satisfy an bona fide anticipated Loss, as determined by the Buyer acting reasonably and in good faith. 

	“EUR” or “Euro”
	means Euro, the lawful currency of the participating member states of the European Economic and Monetary Union.

	“Excluded Entity” and “Excluded Entities”
	means: [***]

	“Exit Bonus Agreement”
	means each exit bonus agreement setting out the terms and conditions of the Exit Bonus Program entered into by the Company with each of Key Employees 1 to 4 inclusive in advance of the Closing Date. 

	“Exit Bonus Arrangement”
	means the oral arrangement on the basis of the same terms and conditions set out in each Exit Bonus Agreement agreed to by the Company and the Key Employee 5 in advance of the Closing Date pursuant to which Key Employee 5 shall be deemed to be an Exit Bonus Program Participant, which oral arrangement shall be formalised during the Earn Out Period. 

   

   

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	“Exit Bonus Program”
	means the extraordinary bonus payment granted to the Exit Bonus Program Participants pursuant to a exit bonus program  established by the Company pursuant to each Exit Bonus Agreement and the Exit Bonus Arrangement in advance of the Closing Date. 

	“Exit Bonus Program Participant” or “Exit Bonus Program Participants”
	means: 
[***]. 

	“Finally Determined”
	means as (i) so determined by a court of competent jurisdiction, (ii) as ruled upon by an appointed arbitrator, or (iii) as the Sellers’ Representative and the Buyer so agree in writing.

	“Financial Measure”
	means any financial measure as defined in this Agreement whose calculation and presentation is ultimately approved by any registered public accounting firm appointed by the Buyer. 

	“Financial Model”
	means the financial model using the applicable formulae agreed between the Parties for the purposes of providing further illustrative examples for calculating Consideration Payment 2 and Consideration Payment 3 as set out in Part 1 of Schedule 14. 

	“Finder Media”
	has the meaning given in caption.

	“Finder Media Holdings”
	has the meaning given in Recital (E).

	“FMH Assets”
	has the meaning given in Schedule 3.

	“FMH Asset Transfer”
	means the transfer of the beneficial interest in all intellectual property assets of Finder Media (as set forth in Schedule 11) to NDC Media pursuant to the Domain Name Purchase and Asset Transfer Agreement.

	“Fundamental Warranties”
	means the warranties set out in Paragraph 1, Paragraph 2 and Paragraph 3 of Schedule 2.

	“GAMB”
	has the meaning given in caption.

	“GAMB Group”
	has the meaning given in Recital (F).

	“GAMB’s Closing Actions”
	has the meaning given in Clause 5.2.2(b)(iii).

	“GDC Media”
	has the meaning given in Clause 7.1.1.

	“General Warranties” 
	means the warranties set out in Paragraph 2, and Paragraphs 4 to 18 of Schedule 2.

	“Governmental Authority” 
	means any supranational, national, federal, regional, state, local or other court, legislature, administrative agency or commission or other governmental, administrative or regulatory body, authority, agency, tribunal or instrumentality.

   

   

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	“Guaranteed Entity”
	means  [***].

	“Guarantor”
	means [***]. 
 

	“IFRS”
	means international financial reporting standards issued by the International Accounting Standards Board as in effect from time to time.

	“Indirect Sellers”
	has the meaning given in caption.

	“Intellectual Property Rights”
	means (a) patents (including any patent families), utility models, and invention disclosures; (b) trademarks, service marks, trade names, brand names, slogans, logotypes, trade dress, and other indicia of source, and all goodwill arising from any of the foregoing; (c) copyrights, moral rights, rights of attribution, and neighbouring rights, (c) database rights, domain names, mask work rights, semi-conductor topography rights, design rights, registered designs, (d) rights of publicity and in social media usernames and accounts, (e) rights in inventions, works of authorship, content, technology, Software, trade secrets, confidential information and know-how and (f) other similar intellectual property or industrial property or proprietary rights which may subsist in any part of the world, whether registered or unregistered, including where such rights are obtained or enhanced by registration, any registrations of such rights and applications and rights to apply for such registrations.

	“IP Contracts” 
	means any agreement related to Intellectual Property Rights to which any Target Group Company is a party, except for: (a) licenses for non-customized, “off the shelf” Software that is generally commercially available on standard terms for a one-time or annual license fee of less than EUR 40,000 (forty thousand Euro); and (b) licenses for the Open Source Software listed in Part 2 of Schedule 6. 

	“IP Warranties” 
	means the warranties set out in paragraph  8, 13 and 18 of the Schedule 2.

	“Ireland”
	means Ireland excluding Northern Ireland.

	“Insolvency Act”
	Means the BVI Insolvency Act, 2003, as amended.

	“Key Employee” 
	means each of the employees listed in Schedule 4 (together, the “Key Employees”). 

	“Law” 
	means any statute, law, common law, ordinance, regulation, directive or rule of any Governmental Authority or any legally binding (in each case) administrative or judicial interpretations, guidelines, decisions, rulings, orders and decrees thereof.

   

   

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	“Leased Property” or “Leased Properties”
	has the meaning given in Schedule 9.

	“Liens”
	means any liens, security interests, options, rights of first refusal, claims, easements, mortgages, charges, indentures, deeds of trust, rights of way, restrictions on the use of real property, encroachments, licenses to third parties, leases to third parties, security agreements, or any other encumbrances and other restrictions or limitations on ownership or use of real or personal property or irregularities in title thereto.

	“LRJ”
	means the locally regulated jurisdictions that include any jurisdiction, whether now or in the future, which has regulated the provision of one or more online gambling products to individuals present in their jurisdictions and has established a local licensing regime to control access to their local market. 

	“Lock-Up Period”
	means the period commencing on the date of issuance of the applicable tranche of the Share Consideration and continuing until and including the date that is 6 (six) months after the date of issuance of the applicable tranche of the Share Considerations, at which time the Lock-Up Period shall automatically terminate without any action by any party, unless otherwise mutually agreed to in writing by GAMB and such Seller. 

	“Lock-Up Shares”
	has the meaning given in Clause 9.1.

	“Loss” or “Losses”
	means any and all direct and reasonably foreseeable (as at the time of Closing) losses, damages, liabilities, charges, costs and expenses but shall exclude all indirect and /or consequential loss. 

	“Material Contracts”
	means an agreement entered into by any of the Target Group Companies which: (i) has an annual contract value of at least EUR [***] ; (ii) is with any sole or single source supplier; (ii) has a fixed term of more than one (1) year; or (iii) is with any third-party concerning provision of Computer Systems services to or on behalf of any Target Group Company.

	“N-DEV”
	means N-DEV DOO Subotica, a limited liability company registered under the laws of Serbia with company number 21615447 whose 100% shareholder is Seller 10.

	“NDC Media”
	has the meaning given in Recital(D). 

	“Neutral Auditor”
	has the meaning given in Clause 3.3.2(d).

	“Non-Acceptance Notice”
	has the meaning given in Clause 3.3.2(a)(ii).

	“Non-US Affiliate Assignment”
	means the assignment of the beneficial interest all of the existing non-US affiliate accounts of Finder Media with operators to the NDC Media in the agreed form.

   

   

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	“Open Source Software”
	means any Software that allows access to its supporting source code (and may include supporting documentation) that:
(e)	contains, or is derived in any manner (in whole or in part) from, any Software that is available as free software, open source Software or copy left licensed Software (e.g., but without limitation, Linux, supporting libraries or applications);
(f)	requires as a condition of its use, modification or distribution that it, or other Software incorporated, distributed with, or derived from it, be disclosed or distributed in source code form or made available at no charge;
(g)	is licensed formally or informally without royalties; or
(h)	can be downloaded from the web (even if such Software is only available in executable or other binary form, without the supporting source code) which may include, without limitation, freeware, shareware, commercially licensed Software available at no cost, open standards, specifications or published sample code.

	“Operator”
	has the meaning given in Recital (G).

	“Overlap Period”
	means with respect to the Target Group Company, the portion of any taxable year or period beginning on or before and ending after the Closing Date.

	“Owned Business Intellectual Property Rights”
	means all Intellectual Property Rights owned by any Target Group Company.

	“Owned Business Software”
	means all Software that is the subject-matter of Intellectual Property Rights owned by any Target Group Company.  

	“Parent Shares”
	means ordinary shares issued by GAMB.

	“Party” or “Parties”
	has the meaning given in the caption.

	“Person” or “Persons”
	means any individual, company, partnership, trust, special fund under public Law, or other entity of any kind or Governmental Authority.

   

   

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	“Post-Closing Adjustment Payment”
	means
(i)	Closing Cash; 
(ii)	less Closing Borrowings;
(iii)	plus the amount difference between Target Working Capital and Closing Working Capital where the amount of the Closing Working Capital is the higher of the two amounts (provided that no downward adjustment shall take place where the amount of the Closing Working Capital is the lower of the two amounts);
(iv)	less Company Transaction Expenses;
(v)	less the Tax liabilities of the Target Group Companies for the period prior to the Accounts Date; and
(vi)	less the outstanding audit and Tax compliance fees incurred by the Target Group Companies that relate to the financial year ended 31 December 2021 or any earlier financial year not included in the Closing Working Capital.

	“Post-Closing Statement”
	has the meaning given in Clause 3.3.1. 

	“Pre-Closing Period”
	means all taxable years or other taxable periods that end on or before the Closing Date and, with respect to any Overlap Period, the portion of such Overlap Period ending on and including the Closing Date.

	“Pre-contractual Statement”
	means any agreement (including unexecuted drafts of this Agreement or any other agreement entered into in connection with this Agreement), undertaking, understanding, representation, misrepresentation, warranty, promise, assurance or arrangement of any nature whatsoever, whether or not in writing, relating to the subject matter of this Agreement or any other agreement entered into in connection with this Agreement made or given by a Party or any other Person at any time prior to the execution of this Agreement.

	“Purchase Price”
	has the meaning given in Clause 3.1.1.

	“Purchase Price Adjustment”
	has the meaning given in Clause 3.5.1.

	“Real Property Leases” 
	has the meaning set out in Paragraph 10(a) of Schedule 2.

	“Registered Business Intellectual Property Rights”
	means all registered Intellectual Property Rights and applications for registration of Intellectual Property Rights owned, used or held for use or licensed by any Target Group Company.

   

   

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	“Regulated Revenue”
	means Revenue which derives from player activity occurring within the LRJ by a business licensed to operate online gambling in the LRJ by the relevant gaming regulator of the same LRJ.

	“Regulated Revenue Percentage”
	shall be calculated by dividing the Regulated Revenue amount for a specified calendar year by the Total Revenue amount for the same calendar year.

	“Relevant Tax Period”
	means any taxable period or portion thereof ending on or prior to the Accounts Date.

	“Relief” 
	means any reliefs, loss, allowance, credit, deduction or set-off relevant to the computation of profits or Tax or any right to repayment of taxation.

	“Remaining Offset Amount”
	has the meaning given in Clause 3.1.2(c).

	“Replacement Sellers’ Representatives”
	has the meaning given in Clause 17.1.4.

	“Representatives” 
	shall mean, in relation to any Person, any of its directors, officers, employees, advisers or consultants.

	“Restricted Period”
	means as and from the Closing Date and for a period of 2 (two) years thereafter.

	“Revenue”
	means all revenue generated from the exploitation, use and maintenance of all of the Intellectual Property Rights which are used for the conduct of the business activities of the Target Group Companies and Finder Media, as the case may be.

	“Securities Act”
	has the meaning given in Clause 3.1.4.

	“Seller” or “Sellers”
	has the meaning given in the caption.

	“Sellers’ Bank Account”
	means the following nominated bank account [***]:

	“Sellers’ Closing Actions”
	has the meaning given in Clause 6.2.1.

	“Sellers’ Representatives”
	Means the following representatives of the Sellers and Indirect Sellers:
1.	Ilkka Elias Heikkilä [***]; and
2.	Fintan Costello [***].

   

   

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	“Sellers’ Solicitors” 
	Eugene F. Collins.

	“Shareholders Agreement”
	has the meaning given in Clause 4.1.1(b).

	“Shares” 
	has the meaning given in Recital (A).

	“Share Consideration”
	has the meaning given in Clause 3.1.1.

	“Share Issuance Spreadsheet”
	has the meaning given in Clause 5.2.2(a).

	“Signing Date”
	means the date of this Agreement.

	“Software” 
	means any and all: (i) computer code, applications and programs, whether in source code or object code; (ii) descriptions, flow-charts and other work product used to design, plan, organize and develop any of the foregoing, and (iii) source code annotations, documentation, including user and installation manuals and training software, relating to any of the foregoing.

	“Specific Accounting Policies”
	has the meaning given in Schedule 3.

	“Specific Indemnities” 
	has the meaning given in Clause 8.1.

	“Statutory Accounts” 
	means the audited consolidated financial statements of the Company for the financial year ended 31 December 2020, which are referred to in Part 1 of Schedule 5. 

	“Subsidiary” and “Subsidiaries”
	has the meaning given pursuant to Section 7 of the Companies Act.

	“Target Group Company”, “Target Group Companies” and “Target Group”
	means the Company and NDC Media.

	“Target Working Capital”
	means EUR [***].

	“Tax” or “Taxes”
	means any and all forms of taxes, fees, imposts, duties and similar government charges (including any interest, fines, assessments, penalties or additions to tax imposed in connection therewith or with respect thereto) imposed by any taxing, fiscal or other Governmental Authority of any country, including, without limitation, withholding taxes, taxes on gross or net income, wage taxes, payroll taxes, taxes on profits or gains and taxes on receipts, sales, use, turnover, occupation, franchise, value added and personal property, payroll taxes, social security contributions (including employer national insurance contributions, PAYE or similar), capital gains taxes, stamp taxes, transfer taxes, registration duties, customs duties and charges, and capital duties, in each case including any such payments and liabilities whether chargeable directly or primarily to any Target Group Company or any other Person (secondary liabilities), without limitation, arising in connection with the Excluded Entities.

   

   

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	“Tax Indemnity”
	has the meaning given to it in Clause 11.1.

	“Tax Refund”
	has the meaning given to it in Clause 11.4.

	“Tax Return”
	means any return, declaration, application, report, form due or similar statement required to be filed with respect to any Tax with any Tax authority (including if required pursuant to the rules of any economic or political union).

	“Third Party Business Software”
	means all Software (other than Open Source Software) that is (i) marketed, sold, distributed or licensed by a Target Group Company to third parties, or (ii) used by a Target Group Company, in each case in connection with the Business, and that is the subject-matter of Intellectual Property Rights owned by any other Person than any Target Group Company.

	“Third Party Claim” 
	has the meaning given in Clause 15.2.1.

	“Total Revenue”
	means all of the Revenue, both Regulated Revenue and Unregulated Revenue.

	“Trade Name(s)”
	means "BonusFinder", "Bonus Finder", "NDC", "NDC Media", "Bonus", "Top Casino Bonus", "Casino Games", "Canada Casino", “Bono”. 

	“Transaction” 
	has the meaning given in Recital (G).

	“Transfer”
	has the meaning given in Clause 9.2.3.

	“Unregulated Revenue”
	means [***]. 

	“VAT” 
	means any Tax levied by reference to added value or any sales or turnover tax of a similar nature.

	“Vultur”
	means Vultur Oy, a limited liability company registered under the laws of Finland with [***]

	“VWAP”
	has the meaning given in Clause 3.1.4.

	“Warranties”
	means the Fundamental Warranties and the General Warranties.

	“Warrantors”
	means the each of the Sellers except for Seller 11. 

	“Warrantors’ Knowledge”
	has the meaning given in Clause 1.2.

	“2021 Statutory Accounts”
	has the meaning given in Clause 3.2.1.

	“2022 Performance Amount”
	has the meaning given in Clause 3.1.2(a).

	“2022 Exit Bonus Amount”
	means, subject to Consideration Payment 2 being paid, the aggregate amount of any outstanding payments to be made to the participants of the Exit Bonus Program for the financial year ending December 31, 2022.

	“2023 Incremental EBITDA”
	means an amount equal to the greater of [***]:

   

   

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	“2023 Incremental Regulated Revenue”
	means an amount equal to the greater of [***]:

	“2023 Incremental Unregulated Revenue”
	means an amount equal to the greater of [***]:

	“2023 Performance Amount”
	has the meaning given in Clause 3.1.3(a). 

	“2023 Exit Bonus Amount”
	means, subject to Consideration Payment 3 being paid,   the aggregate amount of any outstanding payments to be made to the participants in the Exit Bonus Program for the financial year ending 31 December 2023.

   

   

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  Definitions Schedule B	Financial Terms

  Part 1	Cash and Cash Equivalents

  shall mean:

  
   a)
   
    cash;
   

  

  
   b)
   
    cheques;
   

  

  
   c)
   
    money orders;
   

  

  
   d)
   
    marketable securities;
   

  

  
   e)
   
    short‐term instruments and other cash equivalents;
   

  

  
   f)
   
    funds in time and demand deposits or similar accounts; and
   

  

  
   g)
   
    cash security deposits and other cash collateral posted with vendors, landlords, and other parties.
   

  

   

   

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  Part 2	Borrowings

  Borrowings of any Person shall mean and include;

  
   a)
   
    borrowed money or indebtedness issued or incurred in substitution or exchange for indebtedness for borrowed money;
   

  

  
   b)
   
    amounts owing as deferred purchase price for property or services, including all seller notes and “earn out” payments, whether or not matured;
   

  

  
   c)
   
    borrowings evidenced by any note, bond, debenture, mortgage or other debt instrument, debt security or other similar instrument;
   

  

  
   d)
   
    borrowings secured by a Lien on assets or properties of such Person;
   

  

  
   e)
   
    obligations or commitments to repay deposits or other amounts advanced by and owing to third parties or to deliver goods or services to prepaying customers (except to the extent included in the calculation of Closing Working Capital as a current liability of the Company);
   

  

  
   f)
   
    any liability of such Person in respect of banker’s acceptances or letters of credit (to the extent drawn);
   

  

  
   g)
   
    obligations under any interest rate, currency or other hedging agreement;
   

  

  
   h)
   
    all obligations of such Person as lessee under leases that have been or should be, in accordance with IFRS, recorded as capital leases;
   

  

  
   i)
   
    all obligations of such Person to purchase, redeem, retire, defease or otherwise acquire for value any capital stock of such Person or any warrants, rights or options to acquire such capital stock, valued, in the case of redeemable preferred stock, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends;
   

  

  
   j)
   
    direct or indirect guarantees or other contingent liabilities with respect to any borrowings, obligation, claim or liability of any other Person of a type described in clauses (a) through (i) above;
   

  

  
   k)
   
    the amount of all accrued and unpaid income Taxes of the Company, with respect to the portion of the Pre-Closing Period ending on or before the Closing Date; or 
   

  

  
   l)
   
    with respect to any borrowings, obligation, claim or liability of a type described in clauses (a) through (k) above, all accrued and unpaid interest, premiums, penalties, breakage costs, unwind costs, fees, termination costs, redemption costs, expenses and other charges with respect thereto. Borrowings shall not, however, include (x) accounts payable to trade creditors, (y) accrued expenses arising in the ordinary course of business or (z) endorsements of negotiable instruments for collection in the ordinary course of business.
   

  

   

   

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  Part 3	EBITDA

  EBITDA means a non-IFRS Financial Measure defined as, with respect to the Target Group Companies and all Revenue and costs attributable to the exploitation, use and maintenance of all of the Intellectual Property Rights which are used for the conduct of the business activities of the Target Group Companies, the earnings excluding net finance costs, income tax charges, depreciation, and amortization. 

   

  EBITDA shall be determined using a reconciliation from the IFRS financial measure “net income”. 

   

  EBITDA shall be adjusted to exclude means an amount equal to the greater of [***].

   

   

   

   

   

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  Part 4	Closing Working Capital

  means the current assets of the Target Group less the current liabilities of the Target Group (excluding all Closing Cash, Closing Borrowings, and any Tax assets or Tax liabilities of the Target Group) as determined in accordance IFRS as of the Accounts Date. 

   

   

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  Schedule 2	Warranties

  1.	Authorization and Non-Contravention

  (a)	Each Seller and Indirect Seller has the full power, legal capacity and authority to execute and deliver this Agreement and each other document or instrument delivered in connection herewith as well as to perform his obligations and consummate the transactions contemplated hereby. The execution of this Agreement and the performance by the Seller and the Indirect Seller of his obligations hereunder and the consummation of the transactions contemplated herein have been duly and validly authorized by all necessary actions by or on behalf of such Seller and Indirect Seller.

  (b)	There are no restrictions on the Guarantor of respective guaranteed entity that would restrict such guaranteed entity from entering into, and such Guarantor is duly authorized on behalf of respective guaranteed entity to enter into, this Agreement and all other instruments and agreements to be delivered by such guaranteed entity as contemplated hereby.

  (c)	The Guarantor of respective guaranteed entity is a shareholder and a duly appointed and presently acting director or corporate officer of such guaranteed entity. The governing documents of each guaranteed entity are currently in full force and effect, pursuant to its respective terms.  

  (d)	In respect of each Seller and Indirect Seller, the execution of this Agreement by him, the consummation by him of the transactions provided for herein and the fulfilment of the terms hereof will not result in a breach by such Seller or Indirect Seller of any judgment, decree or order from any court or government body, applicable Law or the constitution (or similar document) of any Target Group Company, or any agreement executed or commitment undertaken by such Seller or Indirect Seller, subject to the conditions precedent set out in Clause 4. In respect of each Seller, their Shares are free from all Encumbrances or agreements, arrangements or obligations to create or give an Encumbrance on, over or affecting the Shares, and no claim has been made by any Person to be entitled to any such Encumbrance. In respect of each Seller, their Shares have never been subject to any claims, demands or litigation and there are no actions outstanding or pending or, to the knowledge of each Seller with respect to himself, threatened against or affecting the Seller which would prevent such Seller from: (i) executing and delivering this Agreement; or (ii) performing such Seller's obligations pursuant to, or observing any of the terms and provisions of this Agreement

  (e)	All authorisations from, and notices or filings with, any Governmental Authority that are necessary to enable each Seller and Indirect Seller to execute, deliver and perform its obligations under the Agreement have been obtained or made by such Seller and Indirect Seller (as the case may be) on the Closing Date and are in full force and effect on the Closing Date and all conditions of each such authorization have been complied with by such Seller and Indirect Seller.

  (f)	This Agreement constitutes, and the documents to which each Seller and Indirect Seller is party which are referred to in this Agreement, which are to be executed by such Seller and Indirect Seller, when executed will constitute, valid and binding agreements of such Seller and Indirect Seller enforceable in accordance with their respective terms.

   

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  (g)	Each Seller and Indirect Seller is not insolvent or unable to pay its debts under applicable insolvency Law nor has stopped paying debts as they fall due. No administrator, receiver, manager or equivalent officer has been appointed by any Person in respect of the Seller and Indirect Seller or all or any of its assets, no steps have been taken to initiate any such appointment and no voluntary arrangement has been proposed relating to the Seller and Indirect Seller.

  (h)	Each Seller and Indirect Seller warrants that he/she/it:

  (i)	is able to pay its debts as they fall due;

  (ii)	is not subject to any circumstance that would render it capable of being deemed to be insolvent or unable to pay its debts as they fall due pursuant to any applicable Law;

  (iii)	has not had repayment of any debt demanded before its stated maturity, unless same has been discharged in full;

  (iv)	has not sought protection from enforcement action by its creditors, or take steps preparatory to so doing pursuant to any applicable Law;

  (v)	is not subject to any unsatisfied judgement for debt;

  (vi)	has not had a receiver appointed or invited the appointment of a receiver, over any part of its property or undertaking;

  (A)	being an individual, has not:

  
   (1)
   
    been served with a demand capable of grounding a bankruptcy summons, if unsatisfied, or had a bankruptcy summons or petition presented against him;
   

  

  
   (2)
   
    presented a debtor’s petition for bankruptcy or taken any action in preparation for presenting same;
   

  

  
   (3)
   
    been adjudicated bankrupt; or
   

  

  
   (4)
   
    availed of any of or sought to avail of any mechanisms provided under the Personal Insolvency Act 2012;
   

  

  (B)	being a body corporate, has not, 

  
   (1)
   
    called a meeting to pass a resolution for its winding up; or
   

  

  
   (2)
   
    taken any steps to present a petition, had a petition presented or presented a petition for its winding up or for the appointment of an examiner;
   

  

  (vii)	has not entered or proposed to enter into any composition or arrangement with or for its creditors (including an individual voluntary arrangement); or 

  (viii)	has not been the subject of any other event analogous to any of the foregoing in any jurisdiction.

   

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  2.	Corporate

  (a)	The contents of Recitals (A), (C) and (D) are true and accurate in all respects. The Shares comprise the whole of the allotted and issued shares of the Company. 

  (b)	The total issued and paid-in Equity Interests of each Target Group Company is set out in Schedule 1. The shares of NDC Media: (i) are fully paid up (to the extent applicable); (ii) are free from all Encumbrances; (iii) are freely transferable and have never been the subject of any litigation, claim or demand; (iv) constitute the entire issued share capital of NDC Media and 100% of the voting rights. No Person has the right, due to options, warrants, convertibles or otherwise, to call for the allotment, issue, sale or transfer of any Equity Interests of any of the Target Group Companies, nor are the Equity Interests of any of the Target Group Companies subject to any existing option rights (under any employee incentive plan or arrangement or otherwise), pre-emptive rights, trust agreements, shareholder agreements, sub-participations or other agreements. The Target Group Companies do not, directly or indirectly, own any share or other security (including, without limitation, silent participations and sub-participations) in any other legal entity. Other than as set forth in the Agreement there is no agreement or arrangement relating to the transfer of ownership of all or part of the Shares or other securities that will survive Closing.

  (c)	The Shares are properly issued and fully paid and comprise all of the issued shares of the Company.

  (d)	The share certificates for the Shares to be delivered to the Buyer at Closing are the only documents of title for the Shares.

  (e)	Except for the Company’s memorandum and articles of association and the Shareholders Agreement, there are no documents or arrangements in force governing the relationship between the shareholders of the Company, the management of the Company or the subscription for, or issue, purchase, transfer or ownership of shares in the Company.

  (f)	The Shares are not subject to any restriction or prohibition on transfer which would restrict or prohibit any transfer of the Shares to or by the Buyer (or its nominee).

  (g)	There is no agreement, arrangement or obligation

  (i)	which calls for the present or future allotment, issue or transfer of, or the grant to any Person of the right (whether conditional or otherwise) to call for the allotment, issue or transfer of any share or loan capital of the Company (including, without limitation, any option or right of pre-emption or conversion in the Company);

  (ii)	to create, allot, issue, redeem, acquire, or repay any of the Equity Interests in any Target Group Company.

  (h)	All corporate documents of the Target Group Companies including, but not limited to, share and other registers, minutes of the board of directors’ meetings and shareholders’ meetings, and stock transfer forms or similar documents transferring Equity Interests in any Target Group Company exist and are safely kept and comply with all applicable Laws, are in all material respects correct and complete and all registrations and applications related thereto have been filed with the relevant Governmental Authority and all applicable fees, stamp duties or other similar fees or charges have been paid and no notice or allegation has been received by any of the Target Group Companies that any of them is incorrect or should be rectified.

   

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  (i)	The constitution (and similar documents) of each Target Group Company, as well as the share (or member) registers of the Target Group Companies, comply with all applicable Laws and are correct and up to date. Any transfer of the Equity Interests of the Target Group Companies has been carried out in accordance with all applicable Laws (including stamp obligations) and has not violated any obligation of the Target Group Companies.

  (j)	The Target Group Companies were properly incorporated, are duly organized and validly existing under the respective Laws of the country of their incorporation, are in good standing and have full corporate power and authority to own, lease and operate their assets and properties and conduct the Business to the extent performed by such Target Group Company. Each Target Group Company complies and operates in accordance with: (i) all applicable Laws; and (ii) its constitution, by-laws or operating agreement as the case may be.

  (k)	None of the Target Group Companies has issued any preference shares (save as noted in Schedule 1), non-voting preference shares, any loan stock convertible into shares, exchangeable against shares or with a right to subscribe for Equity Interests, and, more generally, they have never issued any securities giving the right, either by way of conversion, exchange, reimbursement, presentation of warrants or otherwise to the attribution at any time or at a fixed date of securities which are or would be issued for this purpose and would represent a certain portion of the Equity Interests in any Target Group Company. No limitation has been imposed upon the voting rights in any Target Group Company.

  3.	Private Placement Matters

  (a)	Each of the Sellers and Indirect Sellers understands that any Parent Shares to be acquired by Sellers and Indirect Sellers as Share Consideration pursuant to this Agreement have not been registered under the Securities Act or qualified under any state securities Laws and that such Parent Shares are being offered and transferred pursuant to an exemption from such registration and qualification based in part upon the representations contained herein. Each of the Sellers is an “accredited investor” as that term is defined in Rule 501(a) under the Securities Act.

  (b)	Each of the Sellers and Indirect Sellers has such knowledge and experience in financial and business matters that such Seller or Indirect Seller is capable of evaluating the merits and risks of the investment contemplated by this Agreement, and each of the Sellers and Indirect Sellers is able to bear the economic risk of this investment in the Parent Shares that may be delivered to such Seller or Indirect Seller pursuant to this Agreement (including a complete loss of such Seller’s or Indirect Seller’s investment or a reduction in the price of Parent Shares, whether at the time it is held by such Seller or Indirect Seller).

  (c)	Each of the Sellers and Indirect Sellers is acquiring any Parent Shares pursuant to this Agreement solely for such Seller’s or Indirect Seller’s own account for investment and not with a view toward the resale or distribution thereof, nor with any present intention of transferring or distributing such Seller’s or Indirect Seller’s interest in such Parent Shares, in each case in a manner that would require registration of such Parent Shares prior to such registration. None of the Sellers or Indirect Sellers has contract, undertaking, agreement or arrangement with any person to sell, transfer, assign or pledge to such person or anyone else all or any part of any Parent Shares being issued under this Agreement, and none of the Sellers or Indirect Sellers has current plans or intentions to enter into any such contract, 

   

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  undertaking or arrangement, in each case in a manner that would require registration of such Parent Shares prior to such registration.

  (d)	Each of the Sellers and Indirect Sellers acknowledges that any Parent Shares that such Seller or Indirect Seller may acquire pursuant to this Agreement (i) have not been registered under the Securities Act or the securities statutes of any state or other jurisdiction, (ii) have the status of securities acquired in a transaction under Section 4(a)(2) of the Securities Act, and (iii) are “restricted securities” (as that term is defined in Rule 144(a)(3) under the Securities Act), and, therefore, each of the Sellers and Indirect Sellers further acknowledges that any Parent Shares that such Seller or Indirect Seller is acquiring pursuant to this Agreement cannot be resold unless they are registered under applicable federal and state securities Laws (including the Securities Act) or unless exemptions from all such applicable registration requirements are available, and consequently, each of the Sellers and Indirect Sellers must bear the economic risk of investment for an indefinite period of time. None of the Sellers and Indirect Sellers will sell or otherwise transfer any Parent Shares that such Seller or Indirect Seller may acquire pursuant to this Agreement without either the prior registration thereof under the Securities Act and all other applicable statutes, or applicable exemptions from the registration requirements of each of those statutes.

  (e)	Each of the Sellers and Indirect Sellers understands that certificates or book entries representing any Parent Shares being issued hereunder will bear the following legend reflecting the foregoing restrictions on transfer: 

  THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. THE SECURITIES MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME UNLESS (I) THEY ARE REGISTERED UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS OR (II) IN THE OPINION OF LEGAL COUNSEL FOR GAMBLING.COM GROUP LIMITED OR OTHER LEGAL OPINION REASONABLY SATISFACTORY TO GAMBLING.COM GROUP LIMITED SUCH DISPOSITION WILL NOT RESULT IN A VIOLATION OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES LAWS OR (III) SOLD PURSUANT TO RULE 144 UNDER THE ACT (PROVIDED THAT THE TRANSFEROR PROVIDES GAMBLING.COM GROUP LIMITED WITH REASONABLE ASSURANCES (IN THE FORM OF A SELLER REPRESENTATION LETTER AND, IF APPLICABLE, A BROKER REPRESENTATION LETTER) THAT THE SECURITIES MAY BE SOLD PURSUANT TO SUCH RULE).

  4.	Insolvency and Bankruptcy

  (a)	No resolution has been passed for the winding up of any of the Target Group Companies, Finder Media or Finder Media Holdings or for a liquidator to be appointed in respect of any of the Target Group Companies, Finder Media or Finder Media Holdings.

  (b)	The Company is not insolvent within the meaning of section 8 of the Insolvency Act and (to the best of its knowledge and belief) no steps have been taken, or resolutions passed, to appoint a liquidator of the Company or a receiver in respect of the Company or any of its assets. 

   

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  (c)	No Target Group Company, Finder Media or Finder Media Holdings has, and to the Warrantors’ Knowledge, no other Person has initiated or applied under applicable Law for bankruptcy, insolvency, or winding-up proceedings under applicable Law against any of the Target Group Companies, Finder Media or Finder Media Holdings. No enforcement measures (including, but not limited to, pursuant to the appointment of a receiver, administrative receiver or similar under the applicable Law) been served on any Target Group Company, Finder Media or Finder Media Holdings with respect to any property or other assets of any Target Group Company or to the FMH Assets of the Finder Media.

  (d)	None of the Target Group Companies is insolvent (as determined under applicable Law), unable to pay its debts, or has stopped paying its debts as they fall due, nor to the Warrantors’ Knowledge are any of the aforementioned situations imminent. 

  5.	Financial – Management of the Target Group Companies

  (a)	The Statutory Accounts, unless stated in the explanatory notes, have been prepared in accordance with IFRS and with the policies and principles consistently used and applied in all material respects since 1 January 2018 by that Target Group Company. The Statutory Accounts present a true and fair view of the financial position, assets and liabilities of the Target Group Companies as per the applicable reference date. In addition, the group and parent company audited financial statements of the Company for the financial year ended 31 December 2018, 31 December 2019, and 31 December 2020 present a true a fair view of the assets, liabilities and financial position of the Target Group at such financial year-end dates.

  (b)	Except for changes which are immaterial, there has been no change in the methods, accounting principles and policies within the accounting records of the Target Group Companies during the 3 (three) years preceding the Accounts Date and during the period from the Accounts Date until the Signing Date.

  (c)	The Statutory Accounts reflect all liabilities and contingent liabilities of the Target Group Companies to the extent required by Law.

  (d)	Except for deviations that are immaterial, since 1 January 2018, the Target Group Companies have kept their accounting records in accordance with the applicable statutory requirements. The administration and bookkeeping of the Target Group Companies is in all material aspects accurate and complete, has been maintained properly and is capable of providing adequate information as to the Target Group Companies’ financial position in all material aspects.

  (e)	None of the Target Group Companies have any liability to any broker, investment banker or other Person for any broker’s, finder’s or other similar fee or commission in connection with the Transaction.

  (f)	The Target Group Companies own or lease all movable tangible assets that are necessary to conduct their Business. The movable fixed tangible assets owned, leased, or otherwise used by the Target Group Companies, are in good working order (except for ordinary wear and tear) and have been properly and regularly repaired and maintained.

  (g)	(i) There is no charge or pledge over the assets of any Target Group Company; (ii) the Target Group Companies have not agreed to create any security interests on any of their assets or to give any other right to any third party in respect of such assets; and (iii) none of the assets used by the Target Group Companies in their respective Businesses is subject 

   

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  to a contractual clause that reserves the ownership of such assets for the benefit of any third party.

  (h)	(i) None of the Target Group Companies has entered into any agreements with any providers of borrowed money (whether or not contingent and whether or not a member of the Target Group), including without limitation any loans, credit facilities and advances, letters of credit or any similar instrument, and (ii) there is no outstanding guarantee or security given in respect of any obligation of any Target Group Company other than those listed in the Disclosure Letter.

  (i)	The Target Group Companies have not:

  (i)	given or agreed to give any guarantee securing any liability of any third party;

  (ii)	issued or agreed to issue any comfort letter (whether binding or not) in respect of any liability of any third party; or

  (iii)	received any grant or subsidy from any public authority, and they have not applied for any such grant or subsidy.

  6.	Certain Restrictions

  (a)	Since the Accounts Date: (i) there has not occurred any change, event or condition (whether or not covered by insurance) that, individually or in the aggregate with any other changes, events or conditions, has resulted in a material adverse effect on any Target Group Company; and (ii) no Target Group Company has experienced any material damage, destruction or loss (whether or not covered by insurance).

  (b)	Since the Accounts Date, the Target Group Companies: (i) have been operated only in the ordinary course of business (ii) have not incurred any Borrowings, (iii) have not incurred any liabilities or made any payments outside of the ordinary course of business including to the Sellers, the Indirect Sellers, or any Affiliate of the Sellers or Indirect Sellers, (iv) have not acquired any assets outside of the ordinary course of business; and (v) have not made any distribution of equity capital.  

  7.	Material Contracts

  (a)	All Material Contracts have been disclosed in the Disclosure Letter in the form of true and complete copies. All Material Contracts entered into by the Target Group Companies with suppliers and third parties with whom the Target Group Companies co-operate have been entered into at arm’s length. All contracts entered into by the Target Group Companies with their customers have been entered into in all material respects in accordance with the Target Group Companies’ standard terms and conditions disclosed in the Disclosure Letter (except as stated otherwise in the Disclosure Letter) and in each case at arm’s length terms and conditions.

  (b)	Each of the Target Group Companies has, and to the Warrantors’ Knowledge, the other parties to such Material Contracts have, complied with and performed all their obligations under these contracts. To the Warrantors’ Knowledge, there exists no event that is expected to bring about the nullification or termination of any of the Material Contracts or that is expected to create a liability of a Target Group Company arising from a breach of such Material Contract. No claim for any consequential, incidental, indirect or punitive damages of any kind or character, including loss of profit, loss of revenue, loss of product or loss or production has been served on any of the Target Group Companies, under such Material 

   

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  Contracts and to the Warrantors’ Knowledge, there are no grounds for any such liability claim.

  (c)	The Target Group Companies: (i) do not have any obligations or liabilities owed to any agents; (ii) have not paid any commissions to any agents during the last 5 (five) years; and (iii) have not entered into or terminated any agency relationships in the last 5 (five) years prior to Closing.

  (d)	The transfer of the Shares will neither increase the contractual obligations of each of the Target Group Companies nor restrict its contractual rights. Save for the agreements listed in Schedule 8, neither the execution nor the performance of the transactions pursuant to this Agreement will result in a breach or change of, or require the consent of a Person under, or enable a Person to terminate, or relieve a Person from an obligation under, an agreement or other arrangement to which any Target Group Company is a party. 

  (e)	To the Warrantors’ Knowledge, each Material Contract entered into by each of the Target Group Companies is valid and enforceable in accordance with its terms and is not unduly burdensome or onerous on the relevant Target Group Company.

  (f)	Except for any guarantee or warranty implied by Law and for those warranties contained in the standard terms of business and/or in the Material Contracts, no Target Group Company has given any indemnity, guarantee or warranty, or made any representation, in respect of goods or services supplied or to be supplied.

  8.	Licenses, Permits and Environment

  (a)	The Target Group Companies have all the necessary licenses, permits and authorizations, including workplace opening and operation permits and environmental licenses, for the ownership and use of their assets and to carry on their respective Businesses as conducted and to the Warrantors’ Knowledge, there is no pending action, investigation or other proceeding which seeks the revocation or suspension of any such existing licenses, permits or authorizations. All such licenses, permits and authorizations have been obtained by the Target Group Companies to enable them to carry on their Businesses in the places and in the manner in which such Businesses are now carried on and all such licenses, consents, permits and authorizations are valid and subsisting and to the Warrantors’ Knowledge there is no reason why any of them should be suspended, cancelled or revoked.

  (b)	Each Target Group Company is in compliance with all its licenses, permits, authorizations and registrations.

  (c)	The transfer of ownership of the Shares to the Buyer will not bring about the revocation or suspension of any licenses, permits, authorizations or registrations necessary for the conduct of the Business of any of the Target Group Companies.

  (d)	Except as per subsection above (c), to the Warrantors’ Knowledge, no consent, approval, waiver or authorisation is required to be obtained, and no notice or filing is required to be given to, any regulatory or Governmental Authority in connection with the execution and performance of this Agreement or otherwise.

  (e)	To the Warrantors’ Knowledge, the Leased Property is not polluted by any substances present on or under such real property. 

  (f)	The Target Group Companies have procedures to avoid any violation of any Environmental Law.

   

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  (g)	None of the Target Group Companies has over the last 5 (five) years violated any provision of any Environmental Law or has received any complaint or notification from any Person with respect to potential breach of any Environmental Laws and there is to the Warrantors’ Knowledge no reason, facts or circumstances which could give rise to any such complaint or notification.

  (h)	To the Warrantors’ Knowledge, there are no circumstances which may result in the relevant authorities cancelling or revising or amending any terms of any permit.

  (i)	No Target Group Company possesses and has not in the last 3 (three) years commissioned any, reports, surveys, investigations, assessments, audits, assessments of hazardous substances, relating to the application of Environmental Law to the Target Group Companies, their Businesses or Leased Properties or to the impact on the environment of any aspect of the Target Group Companies’ activities or proposed future activities.

  (j)	The Company has never carried on any financial services business (as defined in the BVI Financial Services Commission Act 2001).

  9.	Owned Property by Target Group Companies

  No Target Group Company owns any type of real property or has an interest in any land located in the British Virgin Islands, or shares, debt obligations or other securities of any body corporate, which has an interest in any land in the British Virgin Islands. 

   

  10.	Real Property Leased by Target Group Companies 

  (a)	A correct and complete list of all leases of all real property leased by the Target Group Companies, including all amendments, assignments, extensions, renewals, guarantees, or other agreements with respect thereto (the “Real Property Leases”), true and correct copies of which are disclosed in the Disclosure Letter, are as set out in Schedule 10 (together the “Leased Properties”). None of the Target Group Companies has received any notice of termination for any Real Property Lease. Each of the Target Group Companies (i) comply with all applicable Laws, and (ii) has, and the counterparties to the Real Property Leases have to the Warrantors’ Knowledge, complied with and performed all of their obligations under the Real Property Leases and, in each case, to the Warrantors’ Knowledge are not in breach of any of their obligations, including without limitation, insurance obligations, thereunder in respect of the Leased Properties. Except as set forth in the Disclosure Letter, none of the Target Group Companies is a party to any other lease, any sale and lease back agreement or any other rights of occupancy relating to any real property (including any lease or occupancy agreement pursuant to which any Target Group Company subleases or grants, as sublessor or grantor, any third party the right of use or occupancy of any portion of any of the Leased Properties) which will survive the Transaction.

  (b)	In the past 3 (three) years, the Target Group Companies have not received any notice from a Governmental Authority, including any expropriation procedure or other administrative measure, requesting the implementation of any repair, construction or renovation works in relation to any of the Leased Properties. To the Warrantors’ Knowledge, no such expropriation procedure or other administrative measure is pending or threatened by any Governmental Authority on any Target Group Company in respect of any of the Leased Properties. To the Warrantors’ Knowledge, there are no notices, disputes, complaints, liabilities, claims or demands relating to or in respect of any Target Group Company’s use or occupation of the Leased Properties.

   

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  (c)	The Target Group Companies have obtained all requisite licenses and authorizations for their use of the Leased Properties as required by Law from all applicable Governmental Authorities, and to Warrantors’ Knowledge there are no notices, disputes, complaints, liabilities, claims or demands in relation to any such licenses or authorizations.

  (d)	To the Warrantor’s Knowledge, all of the buildings, structures and appurtenances situated on the Leased Properties are in good and substantial condition and repair, and fit for the purposes for which they are presently used.

  11.	Information Technology 

  (a)	The Computer Systems are owned by the Target Group Companies or are licensed, leased or supplied under third party contracts to the Target Group Companies. None of the Target Group Companies or, to the Warrantors’ Knowledge, other parties to such third party contracts is in default of the terms of any such contracts and there are no existing disputes under any such contracts. Each Target Group Company is the owner of, or legally entitled to use, all of the Computer Systems necessary to conduct the Business, and to the Warrantors’ Knowledge none of the foregoing will be adversely impacted by (nor require the payment or grant of additional amounts or consideration as a result of) the execution, delivery or performance of this Agreement or the consummation of the Transaction.

  (b)	The Computer Systems are in working order and are functioning properly; are sufficient; are fit for the purposes of, carrying on the Business of the Target Group Companies; have sufficient scalability, capacity, functionality and performance to meet the present level requirements (business volume and number of users) of the Business; and, to the Warrantors’ Knowledge, are free from defects in design, material and workmanship.

  (c)	There has been no disruption to the commercial or operational activities of the Target Group Companies or of any customer of any Target Group Company which has had any material adverse effect on the business of such customer or such Target Group Companies or the Business in the last 12 (twelve) months and which has been caused by any failures or breakdowns of the Computer Systems used or held for use by the Target Group Companies.

  (d)	In the last 12 (twelve) months, to the Warrantor’s Knowledge, no Person has gained unauthorized access to the Computer Systems used by each of the Target Group Companies, nor to any data stored on them.

  (e)	The Target Group Companies have data storage and disaster recovery plans in the event of a failure or breakdown of the Computer Systems, copies of which have been disclosed in the Disclosure Letter.

  12.	Litigation

  (a)	None of the Target Group Companies is engaged, or has in the past 3 (three) years been engaged in any litigation or arbitration, administrative or criminal proceedings, whether as a claimant, defendant or otherwise, and to the Warrantors’ Knowledge there are no facts or circumstances (such as a threat of lawsuit from customers, distributors, suppliers, or any other third parties) which would result in any material judicial, criminal, administrative or arbitral proceedings which could involve or concern any of the Target Group Companies or any one of their directors, employees, or former directors or employees for which any of the Target Group Companies could be liable.

   

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  (b)	No notice has been received by any of the Target Group Companies from any Governmental Authority within the last 3 (three) years that any investigation or review by any Governmental Authority with respect to the Target Group Companies, their Business or assets is pending or threatened, and no such Governmental Authority has notified any Target Group Company within the last 3 (three) years of an intention to conduct any such investigation or review.

  (c)	Neither the Target Group Companies nor to the Warrantors’ Knowledge any of their directors and employees are subject to any continuing court or administrative order, judgment, injunction or decree or private settlement agreement, relating to the Business or assets of the Target Group Companies.

  13.	Intellectual Property Rights 

  (a)	A true and complete list of all Intellectual Property Rights which are used for the conduct of the business activities of the Target Group Companies are set out in Schedule 6. Each Target Group Company is the legal and beneficial owner of all Owned Business Intellectual Property Rights. Each Target Company has the valid right to use as used in the Business (free from all charges, Encumbrances, licenses or other rights and claims whatsoever), all other Business Intellectual Property Rights. To the Warrantor’s Knowledge, none of the Business Intellectual Property Rights will be adversely impacted by (including requiring the payment or grant of additional amounts or consideration as a result of) the execution, delivery or performance of this Agreement or the consummation of the Transaction. 

  (b)	Schedule 6 contains a true and complete list and particulars (including where applicable, each renewal fee due date) of all Registered Business Intellectual Property Rights and all Business Domain Names. All Registered Business Intellectual Property Rights have been maintained and no Registered Business Intellectual Property Right has lapsed, been revoked, cancelled, abandoned or terminated in the 4 (four) years prior to Closing. Each Target Group Company is the sole and exclusive, unrestricted legal and beneficial owner of all right, title, and interest in and to, all items of the Registered Business Intellectual Property Rights and all Business Domain Names. Each Target Group Company is the registered proprietor of, or applicant in respect of, each item of the Registered Business Intellectual Property Rights and each of the Business Domain Names.

  (c)	Schedule 10 contains a true and complete list of the FMH Assets. Finder Media was, on or before the date of the FMH Asset Transfer, the sole legal and beneficial owner of all rights, title and interest in the FMH Assets. 

  (d)	To the Warrantor’s Knowledge, the Target Group Companies, the conduct and operation of their businesses (including their products and services) and their use of the Business Intellectual Property Rights do not in any way infringe, misappropriate or otherwise violate, and have not infringed, misappropriated or otherwise violated, the Intellectual Property Rights of any Person. No claim, legal proceeding, or action against any Target Group Company contesting the rights of such Target Group Company to any Owned Business Intellectual Property Rights or the validity or enforceability of the Owned Business Intellectual Property Rights, or alleging the infringement, misappropriation or other violation by any Target Group Company of any Intellectual Property Rights of any Person, is pending or threatened or has been received in writing and to the Warrantors’ Knowledge, no circumstances exist which are reasonably likely to give rise to such claim or action and no such claims or actions have been made.  

   

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  (e)	None of the Target Group Companies nor, to the Warrantors’ Knowledge, any of their licensees has sent a written notice or issued any claims, legal proceedings, or actions (directly or through a third party) alleging that a third party is infringing, misappropriating or otherwise violating any of the Owned Business Intellectual Property Rights, and to the Warrantors’ Knowledge, no Person is infringing, misappropriating, or otherwise violating in any material manner any of the Owned Business Intellectual Property Rights. 

  (f)	No Target Group Company has entered into any license, sublicense or other agreement or arrangement with any third party pursuant to which any such third party is or will be granted, licensed, otherwise authorized to use, or provided any Owned Business Intellectual Property Rights. 

  (g)	No Target Group Company has entered into any contracts, agreements or documents under which any third party transfers or grants to any Target Group Company any Intellectual Property rights, immunities, or rights to use under Intellectual Property Rights, other than: (i) licenses for non-customized, “off the shelf” Software that is generally commercially available on standard terms for a one-time or annual license fee; and (b) licenses for the Open Source Software. 

  (h)	There is no Third Party Business Software and no Owned Business Software.

  (i)	No Governmental Authority, university, college, other educational institution or research centre has any rights in, under or to any Owned Business Intellectual Property Rights.

  (j)	No current or former employee, consultant, freelancer, shareholder or founder of any Target Group Company has made or threatened to make any claim relating to any rights that they may have in any Owned Business Intellectual Property Rights developed by any of them in the course of their employment by or service to any Target Group Company, and to the Warrantors’ Knowledge, there are no grounds for any such claim.  

  (k)	No employee or former employee or consultant or contractor of any Target Group Company has any right to payment with respect to the use of, or any interest in, any Owned Business Intellectual Property Rights. All Owned Business Intellectual Property Rights have been developed by employees or former employees of a Target Group Company acting in the scope and course of their employment or by external consultants or contractors, and all such employees, former employees, or consultants and/or contractors who have developed or who have contributed to the development of any Owned Business Intellectual Property Rights have assigned to a Target Group Company any right, title, and interest in such Owned Business Intellectual Property Rights which did not automatically vest in a Target Group Company by virtue of any relevant Law. 

  (l)	The Target Group Companies have taken all commercially reasonable steps that are required to protect the confidentiality of all confidential information and trade secrets of the Target Group Companies or of any third party that has provided any confidential information or trade secrets to any Target Group Company, including, without limitation, requiring each employee and former employee of any Target Group Company and consultant and any other Person with access to confidential information or trade secrets of any Target Group Company or of any such third party to execute a binding confidentiality agreement. No confidential information, trade secrets or other confidential Owned Business Intellectual Property Rights have been disclosed by any Target Group Company to any Person except pursuant to binding confidentiality agreements.

   

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  14.	Insurance

  (a)	The Target Group Companies have not taken out any insurance policies. 

  15.	Employment 

  (a)	Details of the employees of the Target Group, Vultur and N-DEV have been recorded in the appropriate books of the Target Group Companies, Vultur and N-DEV as the case may be, together with the remuneration payable to each of them, in accordance with applicable Laws. 

  (b)	Bonuses and payments in kind with respect to all Key Employees are contained in Schedule 4 as at 31 December 2021. No Target Group Company has been notified by any such Key Employee of an intent to resign his or her employment.

  (c)	The Target Group Companies, Vultur and N-DEV are, and have been since 1 January 2015 (or since their incorporation whichever is later), in compliance in all material respects with all applicable Laws respecting labor, employment, fair employment practices (including equal employment opportunity Laws), terms and conditions of employment, classification of employees and contractors, workers’ compensation, occupational safety and health, immigration, affirmative action, employee and data privacy, plant closings, and wages and hours. There is no pending or, to Warrantors’ Knowledge, threatened charge, complaint, arbitration, audit or investigation brought by or on behalf of, or otherwise involving, any current or former employee, any person alleged to be a current or former employee, any applicant for employment, or any class of the foregoing, or any Governmental Authority, that involve the labor or employment relations and practices of the Target Group Companies, Vultur and N-DEV.

  (d)	There is no negotiation of any agreement of whatever nature with the existing staff of any of the Target Group Companies, Vultur and N-DEV, whether in relation to any collective bargaining, works council, or similar agreement or the terms applicable to the individual employees. 

  (e)	No promise to hire any Person as an employee or consultant for an annual gross salary in excess of EUR [***] in any of the Target Group Companies has been made.

  (f)	There are no profit sharing, bonus or severance pay arrangements in force with respect to any current or former employee, consultant or director of the Target Group Companies other than the Exit Bonus Program. 

  (g)	The Target Group Companies, Vultur and N-DEV have not incurred any obligation of any kind toward former employees, including unfulfilled obligations resulting from the breach of any labour or service contract or for dismissal or unjustified dismissal. All claims in relation to termination of employment contracts of former employees have been duly and completely settled.

  (h)	Provisions have been made in the Statutory Accounts in accordance with Law for the amount of all liabilities in respect of present pension and all other benefit undertakings to be paid to current or former directors, officers, consultants or other employees of the Target Group Companies, Vultur and N-DEV.

   

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  (i)	The Target Group Companies, Vultur and N-DEV have complied:

  (i)	with all social security, payroll withholding and similar regulations. They are up-to-date in the payment of their contributions relating to social security, payroll withholding, family allowances and the various retirement and unemployment mandatory schemes and, more generally, in the payment of all other contributions in respect of their employees; and

  (ii)	with binding and mandatory obligations imposed by the competent authorities by labour Law, social security Law, health and safety Law and all other applicable employment Laws.

  (j)	None of the Target Group Companies has agreed to pay any transaction related fee or bonus, incentive or other benefit or commission to any of the directors, consultants, officers, managers or employees of any of the Target Group Companies in relation to the Transaction.

  (k)	There is no collective bargaining, works council or similar agreement entered into by, or applicable to, the Target Group Companies, Vultur or N-DEV or the employees, and there is no bargaining or negotiation in relation thereto. There have been no labor disputes between the Target Group Companies, Vultur or N-DEV and any trade union and to the Warrantors’ Knowledge, no circumstances exist that may lead to a collective labor dispute.

  (l)	None of the Target Group Companies, Vultur or N-DEV engage any consultants, independent contractors or subcontractors that are employees of that Target Group Company, Vultur or N-DEV under applicable Law.

  (m)	The Target Group Companies have not made any loan or advance, or provided any financial assistance to any employee or former or prospective employee of the Target Group Companies which is outstanding.

  (n)	No employee of the Target Group Companies, Vultur or N-DEV has been involved in any criminal proceedings relating to the Business as conducted by the Target Group Companies, Vultur or N-DEV.

  (o)	There have not occurred within the last five years, nor has the Target Group Companies, Vultur or N-DEV received any notice of, any strikes, slowdowns, work stoppages or other similar labour actions by any group of employees of the Target Group Companies, Vultur or N-DEV.

  (p)	There is no term of employment for any employee or consultant of any Target Group Company, Vultur and N-DEV which provides that a change of control of the Target Group Companies shall entitle such employee or consultant to treat the change of control as amounting to a breach of the contract. Neither the execution and delivery of this Agreement, shareholder or other approval of this Agreement nor the consummation of the transactions contemplated by this Agreement, either alone or in combination with another event (i) entitles any employee, director, officer, consultant or independent contractor of a Target Group Company, Vultur and N-DEV to severance pay or any material increase in severance pay, (ii) accelerates the time of payment or vesting, or materially increase the amount of compensation due to any such employee, director, officer, consultant or independent contractor, (iii) requires a “gross-up,” indemnification for, or payment to any individual for any Tax, or (iv) results in the payment of any amount that could, individually 

   

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  or in combination with any other such payment, give rise to any Taxes or penalties being owed by any Target Group Company. 

  (q)	To the Warrantors’ Knowledge, none of Target Group Companies,’ Vultur’s or N-DEV’s employees, consultants, and officers are bound by any non-compete agreements with third parties that impact their role with the Target Group Companies, Vultur and N-DEV.

  (r)	The Disclosure Letter contains a true, correct and complete list of the retention bonuses, special bonuses, termination severance agreement, retirement severance agreement and any other indemnification or severance between the Target Group Companies, Vultur and N-DEV and their directors, officers, employees and consultants.

  (s)	The Target Group Companies, Vultur and N-DEV are not or have not within the last five years been subject to any audit or inspection regarding its compliance with applicable labour Laws.

  16.	Benefit Plans

  None of (i) the Target Group Companies, (ii) Vultur or (iii) N-DEV has any employee or compensation benefit plan or agreement, including, without limitation, any share purchase, share issuance, stock option, equity-based, phantom equity, cash incentive, severance, retention, change in control, fringe benefit, welfare benefit (including death benefits or sickness, permanent health, disability or related benefits), deferred compensation, savings, pension or retirement plan, or any employment, severance, retention or similar agreement maintained sponsored, required to be contributed to by any Target Group Company, Vultur or N-DEV including without limitation any plan maintained or sponsored by a professional service organization which provides services to any Target Group Company, Vultur or N-DEV.

  17.	Taxes 

  With respect to Taxes:

  (a)	In the 5 (five) years prior to the Signing Date, all necessary Tax and other returns and reports required to be filed by the Target Group Companies have been duly filed within the prescribed periods with the appropriate authorities. Such returns, reports and declarations were complete and correct in accordance with applicable Law and to Warrantors’ Knowledge, there is no basis for the assessment of additional amounts of Taxes or interest or penalties thereon;

  (b)	all Taxes assessed or due by the Target Group Companies for the period up to and including the Accounts Date have, where applicable, been fully paid within the prescribed periods, or specific provisions therefore have been made in the Statutory Accounts to the extent required by Laws;

  (c)	no assessment of Taxes in respect of the period up to and including the Accounts Date has been claimed or made, nor to the Warrantors’ Knowledge will be claimed or made, by any Tax authority for any year or part thereof in respect of the Target Group Companies which has not been provided for in the Statutory Accounts. In the last 5 (five) years or in the years still open to Tax assessment by any Tax authority, no dispute with any Governmental Authority or administration concerning Taxes has occurred and there is to the Warrantors’ Knowledge no reason, facts or circumstances which could give rise to any such dispute; 

   

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  (d)	all amounts required to be deducted from monies paid to employees for the purposes of wage tax, social security, PAYE, insurance, pensions and the like have been deducted and have been properly operated and accounted for to the appropriate authority or Person; 

  (e)	all records that the Target Group Companies are required by Law or Tax practice to keep for Tax purposes have, in all material respects, been duly kept and duly notarized where applicable and are available for inspection at the premises of the Target Group Companies;

  (f)	the Target Group Companies are not involved in any dispute with any Tax authority which may have an adverse effect on the Target Group Companies. The Target Group Companies have not been subject to or are not currently subject to any investigation, audit or visit by any Tax authority, and to the Warrantors’ Knowledge no investigation, audit or visit is planned which may have an adverse effect on the Target Group Companies;

  (g)	the Target Group Companies have made all deductions and withholdings in respect within the prescribed periods, or on account, of any Tax from any payments made by them which they are obliged by Law to make and have accounted in full to the appropriate authority for all amounts so deducted or withheld;

  (h)	the Target Group Companies have complied in all respects with all statutory provisions, rules, regulations, orders and directions concerning VAT, including the making on time of accurate returns and payments and the maintenance of records and to Warrantors’ Knowledge, there is no issue with regards to such compliance obligation which may have an adverse effect on the Target Group Companies;

  (i)	the Target Group Companies have not made any exempt supplies in the current or preceding VAT year applicable to it or if the Target Group Companies have made any exempt supplies in the current or preceding VAT year applicable to it, the Target Group Companies complied with the applicable Law;

  (j)	each Target Group Company has complied with and has no liability for any stamp Tax, transfer Tax and similar Taxes or duties (including registration duties);

  (k)	the Target Group Companies have not participated in any transaction, scheme or arrangement of which the main purpose (or one of the main purposes) is the avoidance or evasion of a Tax liability;

  (l)	all of the agreements to which the Target Group Companies are a party have been made at arm’s length. The taxable profits of the Target Group Companies have been determined in each entity’s own interest and in accordance with Law or arm’s length principles. 

  (m)	there is no Encumbrance for Taxes against any Leased Properties of the Target Group Companies;

  (n)	to the Warrantors’ Knowledge, no Target Group Company has a permanent establishment in a jurisdiction different than where such Target Group Company is registered for Tax; and

  (o)	to the Warrantors’ Knowledge, there are no circumstances which may result in the relevant authorities cancelling, revising or amending any terms of any applicable Tax exemptions.

   

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  18.	Compliance with Laws

  (a)	Neither the Sellers nor the Target Group Companies, nor any of their respective directors, officers, employees, agents, contractors, Affiliates and Representatives have, directly or indirectly, made, offered or authorised the use of, or used any corporate funds or provided anything of value: (i) for unlawful payments, contributions, gifts, entertainment or other unlawful expenses related to political activity; (ii) to foreign or domestic government officials or employees in violation of anti-corruption or anti bribery Laws; or (iii) for a bribe, rebate, payoff, influence payment, kickback or other similar payment that would cause them to be in violation of the Bribery Act 2010 (UK), the United States Foreign Corrupt Practices Act or any other similar or equivalent anti-bribery or anti-corruption legislation applicable in any other jurisdiction. Neither the Target Group Companies, nor their respective directors, officers, employees or agents are and have been subject to any action or investigation pursuant to such legislation; and to the Warrantors’ Knowledge there are no ongoing, pending or threatened inquiries, investigations or other proceedings by any Governmental Authority in respect of any matters relating to such legislation.

  (b)	None of the Target Group Companies transacts or has transacted business: (i) directly with any parties located in, or conducting business directly with Iran, North Korea, Somalia or Sudan; or (ii) directly or indirectly with parties located in or connected with any country, organisation or individual which, at the time of such transacted business, were subject to trade embargoes or economic sanctions.  

  (c)	To the Warrantors’ knowledge, the Target Group Companies have not been party to agreement, arrangement or practice which contravenes any anti-trust, fair trading, dumping, state aid, consumer protection Laws, or similar legislation in any relevant jurisdiction. In particular and without prejudice to the generality of the foregoing, the Target Group Companies have not from the date of their incorporation been or are bound by any agreement, arrangement or concerted practice or carrying on any practice of any relevant jurisdiction, or in respect of which any filing, registration or notification is required pursuant to the legislation referred to in Paragraph 18(a) above.  

  (d)	The Target Group Companies are conducting and have conducted their business in compliance with all applicable Laws and regulations and have not breached any such Laws and regulations (including, without limitation, requirements imposed by the relevant social security administration) through regulations or code of practice which breach has not been subsequently remedied or cured.  

  (e)	The Target Group Companies have complied with in all material respects with all applicable DP Laws, including, without limitation:

  (i)	the Target Group Companies have, to the extent required by any applicable DP Law, filed and maintained a current entry in each relevant register maintained by all applicable authorities established pursuant to DP Laws and/or maintained suitable internal processing records;

  (ii)	the Target Group Companies have processed personal data only in accordance with applicable DP Laws; and

  (iii)	in each instance in which the Target Group Companies have engaged any third party to process personal data on their behalf, they have appointed such third party under a binding agreement which includes all necessary and appropriate data processing language in accordance with applicable DP Laws.

   

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  (f)	The Company has complied with the requirements of the Economic Substance Act, has completed such filings which the Company is required by the Economic Substance Act and the BVI Beneficial Ownership Secure Search System Act, 2017, as amended, to file with any authority in the BVI and all such filings have been correctly made and duly filed and were correct when filed. 

  19.	Relationship with the Sellers

  (a)	Except for any contracts of employment and for any agreements entered into in connection with the Transaction, there are no agreements or arrangements between the Sellers or any of their Affiliates, on the one hand, and any of the Target Group Companies, on the other hand, which will survive the Closing.

  (b)	There are no guarantees or similar commitments issued by any of the Target Group Companies for the obligations of the directors of any Target Group Company, any Seller or Seller Affiliate or any Connected Person to any of the foregoing.

   

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  Schedule 3	Specific Accounting Policies

  The Specific Accounting Policies include the following:

  1.	there shall be no closing statement on the Closing Date;

  2.	the Post-Closing Statement shall be drawn up within 10 (ten) Business Days following the completion of the audit of the financial statements of each Target Group Company (as applicable to the extent prepared), as well as the 2021 Statutory Accounts ( and in any event no later than 31 March 2022);

  3.	the Post-Closing Statement shall take into account information as of the Accounts Date based on the 2021 Statutory Accounts; and

  4.	the various elements required for the calculation of and the actual calculation of the Post-Closing Adjustment Payment.  

   

   

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