Document:

Exhibit 10.4

 

Certain information identified by [***] has
been omitted from this exhibit because it is both not material and is the type that the registrant treats as private or confidential.

 

LICENSE AGREEMENT

 

This License Agreement (“Agreement”) is made and entered
into as of the date of last signature below (“Effective Date”) by and between:

 

		(1)	Playboy Enterprises International, Inc., a Delaware corporation, with its principal place of business at 10960 Wilshire Blvd, Suite
2200, Los Angeles, CA 90024 (“Licensor”); and

 

		(2)	Gaming Technologies, Inc., a Delaware corporation, with its principal place of business at 413 West 14th Street, New York, New York
10014 (“Licensee”).

 

Licensor and Licensee are collectively referred to herein as the “Parties”,
and at times, each is individually referred to herein as a “Party.”

 

WHEREAS:

 

		A.	Licensor is the owner of or authorized licensee of certain copyrights, trademarks, trade names, artwork, logos, and designs; and

 

		B.	Licensee is the developer of certain skill-based mobile games; and

 

		C.	Licensor and Licensee have agreed that Licensee shall be granted certain rights to create and distribute certain games incorporating
the Licensed Property (as defined below) upon the terms and conditions set forth herein.

 

In consideration of the above premises and the mutual covenants contained
herein, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

DEFINITIONS

 

In this Agreement the following expressions shall have the
meanings set out against them:

 

		a.	“Branded Game” has the meaning set forth in Exhibit A, attached hereto and hereby incorporated by reference, which
bear the Licensed Property or are marketed in conjunction with the Licensed Property and/or any advertising, promotional, marketing, or
associated materials bearing one or more of the Licensed Property.

 

		b.	“Distribution Channels” shall mean the channels through which the Branded Games may be offered and distributed
to End Users for End User play, and through which the Branded Games may generally be made available, used, promoted, and distributed,
as more fully described in Exhibit A.

 

		c.	“End User(s)” means individual players (or prospective players) of the Branded Games within the Territory.

 

		d.	“Gross Gaming Revenue” shall mean the settled cash handle (excluding wagers from Player Incentives (as defined
below)) received from End Users of a Branded Game.

 

		e.	“Law” means any statute, law, ordinance, regulation, rule, code, order, license, permit, constitution, treaty,
common law, judgment, award, decree, other requirement, or rule of law of any federal, state, local or foreign government, or political
subdivision thereof, including any authority, department, administrative body, or inspectorate of any government, or any court or tribunal
of competent jurisdiction, or of any stock exchange or over-the-counter market having jurisdiction over a Party.

 

		f.	“License Year” means each twelve (12) consecutive calendar month period commencing on each January 1 of the Term
and ending at 11:59 p.m., Los Angeles time, on each following December 31 of the Term, except that the first License Year shall commence
on the Effective Date and end at 11:59 p.m., PST, on December 31, 2021. If the termination of this Agreement is effective other than at
the end of any such period, then the final period ending on the effective date of such termination shall be deemed to be a License Year.

 

 

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		g.	“Licensed Property” means collectively, certain of Licensor’s Trademarks, copyrights, images, designs, patterns,
graphics from Licensor’s art and photo archives and style guides, trade dress, and symbols as provided by Licensor to Licensee hereunder.
Notwithstanding the foregoing, Licensee shall not have the right to use or permit others to use any Licensed Property in any manner whatsoever
unless it has first been specifically provided by and/or approved in writing by Licensor.

 

		h.	“Net Gaming Revenue” means Gross Gaming Revenue, less the following documented, out of pocket expenses actually
paid by Licensee to unaffiliated third parties in connection with the Branded Games: (i) any gaming-specific taxes which may be payable
in a jurisdiction in the Territory where such taxes are required and (ii) Transaction Costs. Any additional costs to be deducted from
revenue must be mutually agreed upon in advance in writing (email shall be sufficient) by Licensor and Licensee. Computation of Net Gaming
Revenue (including the computation of the Gross Gaming Revenue) shall not include deductions for cash discounts, or costs incurred by
Licensee in the manufacture, distribution, operation, maintenance, advertising, promotion, or exploitation of the Branded Games, or any
indirect or overhead expense of any kind whatsoever. Similarly, such deductions and costs shall not be deducted from Royalties.

 

		i.	“Player Incentives” means sign-up bonuses, retention bonuses, cash credits, tournament entry tickets or dollars,
odds or profit boosts, or other monetary inducements awarded to and used by an End User of the Branded Games at no cost to such End User.

 

		j.	“Prohibited Jurisdiction” means any country, state, province, region or other political subdivision, as applicable,
in which the availability, operation, distribution, download, offer for download, offer for sale, sale, use, advertising, promotion or
other disposition or exploitation of the Branded Games is prohibited by applicable Laws or similar governing order.

 

		k.	“Territory” means the countries listed in Exhibit A.

 

		l.	“Trademarks” means those trademarks, service marks, as identified in Exhibit B, attached hereto and hereby incorporated
by reference, to the extent registered in the Territory or as otherwise authorized for use.

 

		m.	“Transaction Costs” means (i) platform fees actually paid by Licensee to the Distribution Channels in connection
with distribution of the Branded Games, (ii) winnings and Player Incentives paid to End Users; and (iii) refunds, credits, chargebacks,
and charges for credit card or other payment processing related to payments made by End Users in and/or in connection with the Branded
Games..

 

STANDARD TERMS AND CONDITIONS

 

1.            
GRANT OF RIGHTS.

 

1.1         
Subject to the terms herein, Licensor grants to Licensee an exclusive (subject to Section 1.3 and Exhibit A), limited, revocable (on the
terms set forth herein), non-transferable license, to use the Licensed Property on and in connection with the design, creation, promotion,
marketing, advertisement, sales, operation, maintenance, and distribution of the Branded Games solely within the Territory via the Distribution
Channels during the Term. Licensee may submit to Licensor a request to use certain of Licensor’s intellectual property to be added
to this Agreement, but such request will be granted in Licensor’s sole discretion in writing and based on appropriateness for the
Branded Games, Licensor’s current strategic or business plans and availability of rights. For the avoidance of doubt, any use of
the Licensed Property by any third party for promotion or other purposes shall require Licensor’s prior written consent.

 

1.2         
Third Party Manufacturers. Subject to all terms of this Agreement, Licensee has the limited right to authorize third party designers
and software engineers to use the Licensed Property in the creation of the Branded Games; provided that such authorization is limited
to producing the Branded Games solely on behalf of Licensee. Licensee shall require all designers and software engineers to sign the Subcontractor
Agreement set forth in Exhibit C, attached hereto and hereby incorporated by reference, or to sign an agreement which incorporates the
terms contained in the Subcontractor Agreement which has been pre-approved in writing by Licensor. Licensee shall be responsible for ensuring
that its designers’ and software engineers’ use of the Licensed Property and the design and creation of the Branded Games
and Branded Games satisfy all the requirements of this Agreement. Licensee assumes all responsibility for any actions and/or omissions
by such designers and software engineers relating to the use of the Licensed Property and the design, creation, or distribution of the
Branded Games.

 

 

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1.3         
Licensor’s Use of Intellectual Property. Nothing contained in this Agreement shall be deemed to restrict or prohibit Licensor’s
right to use, or to license others to use, the Licensed Property for any purpose, including without limitation, in connection with products
similar to the Branded Games, except such use as would violate Licensee’s exclusive rights set forth in Exhibit A.

 

1.4         
Reservation of Rights. Licensee acknowledges and agrees that it has no rights in the Licensed Property except such rights granted
by this Agreement, and Licensee irrevocably waives and releases any claim to title and ownership rights (including, without limitation,
copyright and trademark ownership) in the Licensed Property. Licensee acknowledges and agrees that there is valuable goodwill associated
with the Licensed Property and that the Licensed Property has a secondary meaning in the mind of the public. Licensee further acknowledges
and agrees that the Licensed Property (including all rights therein and goodwill associated therewith) shall be and remain insofar as
the Licensee is concerned the exclusive property of Licensor and its designees. Licensee shall not use nor authorize nor permit the use
of the Licensed Property in any manner at any time nor at any place not specifically licensed herein and all right and interest of whatsoever
nature with respect to the Licensed Property, which are not specifically granted to Licensee herein, shall be and are specifically reserved
by Licensor and/or its designees without limitation. Licensee shall exercise the rights granted under this Agreement strictly in accordance
with the terms, conditions, restrictions, and limitations contained herein. Licensee acknowledges and agrees that its use of the Licensed
Property shall not create in Licensee’s favor any right title or interest in the same and that all uses of the Licensed Property
by Licensee (as are permitted under this Agreement) shall inure to the benefit of Licensor.

 

1.5         
Withdrawal Right. Notwithstanding anything to the contrary contained herein, Licensor may withdraw or modify any or all elements
of the Licensed Property, or replace such Licensed Property with alternative materials, in all or any portion of the Territory upon written
notice to Licensee in the event Licensor determines in its sole discretion that:

 

		(a)	the exploitation thereof would or would likely (i) violate or infringe trademark or other proprietary rights of any third party; (ii)
subject Licensor to liability or litigation; or (iii) violate any Law, court order, government regulation or other ruling of any governmental
agency; or

 

		(b)	it cannot adequately protect its rights in the Licensed Property under the trademark or other Laws of any jurisdiction in the Territory.

 

		(c)	For the avoidance of doubt, a withdrawal and/or modification in accordance with this Section shall not be deemed a breach of this
Agreement, and Licensee shall promptly comply with any such withdrawal and/or modification in accordance with Licensor’s written
instructions.

 

1.6         
Upon expiration or termination of this Agreement, Licensee shall have no right to design, create, advertise, distribute, sell, promote,
make available or otherwise deal in any manner with the Branded Games or otherwise use the Branded Games, and Licensee shall not itself
(and shall not permit any affiliate of Licensee or any third party to) engage in any such activity, other than as set forth in Section
10.5.

 

2.            
TERM

 

2.1         
Initial Term. This Agreement shall be effective and expire as of the date specified in Exhibit A, unless earlier terminated under
operation of Law or in accordance with the terms and conditions herein, or renewed as provided herein (the “Initial Term”).

 

2.2         
Renewal. This Agreement may be renewed on the terms and conditions specified in Exhibit A, if any, or as otherwise mutually agreed
in an amendment hereto signed by the Parties (each a “Renewal Term”). Except as otherwise modified, all terms of this Agreement,
shall remain in full force and effect throughout all renewal periods. The Initial Term and all Renewal Terms (if any) are referred to
collectively herein as the “Term.”

 

3.            
ROYALTIES; STATEMENTS AND PAYMENTS

 

3.1         
Royalties. Licensee shall pay to Licensor the royalty specified in Exhibit A (“Royalties”).

 

 

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3.2         
Statements. Within twenty (20) days following the last day of each calendar quarter, Licensee shall furnish to Licensor or its
designee a complete and accurate statement (“Statement;” in a format to be agreed upon by the Parties) detailing for such
calendar quarter and the License Year through such period or for the Sell-Off Period: (a) a listing of Licensee’s distribution data
for each Distribution Channel; (b) detailed computation of Gross Gaming Revenue and Net Gaming Revenue, and the amount of Royalties due
and payable for each Branded Game; and (c) the Minimum Advertising Spend made by Licensee pursuant to Section 5.1 hereof and the details
of all such expenditures, supported by copies of vouchers and copies of all advertising for or relating to the period covered by such
Statement. Acceptance by Licensor of any payment and/or Statement (as applicable) for any calendar quarter shall not preclude Licensor
from questioning their accuracy at any time during the Term or for three (3) years after the expiration of the Term. Each such Statement
shall be certified by an officer of Licensee as being true and accurate.

 

3.3         
Payment Requirements. Within thirty (30) days following the last day of the applicable calendar quarter, Licensee shall remit the
Royalty payment due during such quarter.

 

3.4         
No Deduction. All sums payable hereunder by Licensee to Licensor shall be made without deduction or offset for any taxes, except
as specifically permitted in this Agreement. The purpose of this subsection is to preserve the payments to Licensor from being reduced
in connection with income tax, withholding taxes, duties and other taxes and assessments which may be imposed by a jurisdiction in which
Licensee operates or is subject to taxation, payment of duties or assessments. In the event that Licensee is compelled to make any deduction
by Law, Licensee shall provide Licensor with evidence that such tax has been paid in the proper amount. Licensee shall give due notice
to Licensor of any such proposed deductions. Licensee shall make no further deductions without prior approval from Licensor based on satisfactory
documentation present by Licensee to Licensor.

 

3.5         
Exchange Rate. Licensee shall calculate Royalties on a quarterly basis in local currency (with each such calendar quarter considered
to be a separate accounting period for the purpose of computing Royalties. Licensee shall compute a conversion of each monthly total during
a quarter into United States currency utilizing the average rate of exchange for buying United States dollars as quoted in the currency
table published by OANDA Corporation located at https://www,oanda.com/currency/table for the relevant calendar month. If there are two
rates for a currency, Licensee shall use the most favorable rate to Licensor. The converted amounts (in U.S. currency) shall be added
together on a cumulative basis and will be reflected in the Statement required pursuant to Section 3.2. All costs of conversion and wire
transfer shall be the sole expense of Licensee.

 

3.6         
Late Payments. Royalties that are not paid on the due date by Licensee shall bear interest from such due date until the date on
which such amount is paid in full at an amount equal to four percent (4%), or the maximum rate allowable by law, over the prime rate of
interest as established by JP Morgan Chase on the date such sums should have been paid. In addition, should any payment due to Licensor
from Licensee hereunder be more than fifteen (15) days overdue, Licensor may add an additional fifteen percent (15%) one-time charge to
the amount due. Should any such payment (including the interest payment due thereon) remain outstanding for thirty (30) days from the
original due date, Licensor may treat such failure as an incurable default hereunder.

 

3.7         
Inspection of Records. Licensee shall: (a) keep complete and accurate books of account and records covering all transactions relating
to or arising out of the License and this Agreement (which books and records shall be maintained separately from Licensee’s documentation
relating to other items manufactured or sold by Licensee); and (b) upon not less than forty-eight (48) hours written notice from Licensor,
permit Licensor or its nominees, employees, agents or representatives to have full access to such books and records in order to inspect
such books and records during regular business hours, to conduct an examination of and to copy (at Licensor’s expense), all such
books and records. Licensee shall maintain in good order and condition all such books and records for a period of two (2) years after
the expiration or termination of the License and this Agreement or, in the event of a dispute between the Parties hereto, until such dispute
is resolved, whichever date is later, and such books and records shall be kept at the address stated in Exhibit A, as the same may be
updated in accordance with this Agreement. Receipt or acceptance by Licensor of any Statement furnished pursuant hereto or any sums paid
by Licensee hereunder shall not preclude Licensor from questioning the correctness thereof at any time, and if one or more inconsistencies
or mistakes are discovered by Licensor in such Statement, it or they shall be rectified in an amended Statement to be provided to Licensor
no later than ten (10) days after the date of receipt by Licensee of notice of such inconsistencies or mistakes.

 

 

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3.8         
Discrepancy. If any inspection or examination referred to in Section 3.7 discloses, or Licensor or Licensee otherwise discovers,
an underpayment of Royalties or other royalty required hereunder, the amount of such underpayment shall be paid by Licensee to Licensor
no later than thirty (30) days after receipt of notice or knowledge thereof by Licensee. In the event of such an underpayment by Licensee
in excess of nine percent (9%) in any License Year, then Licensor may elect to treat such occurrence as an incurable default by Licensee
under this Agreement. If such inspection or examination: (a) discloses or Licensor or Licensee otherwise discovers an overpayment of earned
Royalties, the amount of such overpayment shall be credited against future payment of any or all of the earned Royalties or, in the event
of the expiration or termination of the License and this Agreement and there is or are no such future payments, such amount shall be paid
by Licensor to Licensee not later than thirty (30) days after the discovery thereof by Licensor, subject to Licensor’s rights of
setoff, recoupment and counterclaim; or (b) reveals that for the period covered by such inspection or examination there is an underpayment
of five percent (5%) or more in the earned Royalties previously reported on the Statement(s) as being due from Licensee, all expenses
involved in the conducting of such inspection or examination shall be borne by Licensee. Licensee shall pay to Licensor the amount of
such expenses no later than ten (10) days after Licensee’s receipt of Licensor’s invoice therefor. If such error is less than
five percent (5%), such expenses shall be borne by Licensor.

 

4.            
TERRITORY & PROHIBITED JURISDICTIONS.

 

4.1         
Territory. The Territory shall be as set forth in Exhibit A, and Licensee shall not exploit the rights granted hereunder outside
of such Territory without the prior written approval of Licensor. In the event that Licensee desires to exploit the License and distribute
any Branded Game in any jurisdiction outside of the Territory, Licensee shall provide Licensor with an exploitation plan in writing, specifying,
among other things, the jurisdictions where Licensee desires to exploit the License and make available and distribute Branded Games, and
Licensor shall determine, in its sole discretion, whether the Territory can be expanded into the requested jurisdictions. Licensor may
remove any country of the Territory upon not less than thirty (30) days notice to Licensee.

 

4.2         
Prohibited Jurisdictions. In addition to Licensor’s other rights and remedies hereunder, in the event Licensee or any Distribution
Channel has reasonably commenced distribution or exploitation of any Branded Game into or within a jurisdiction which is a legal gaming
jurisdiction, and due to a change in applicable Laws, the jurisdiction becomes a Prohibited Jurisdiction, then such Prohibited Jurisdiction
shall be automatically excluded from the Territory, and Licensee shall cease and shall cause any applicable Distribution Channels to cease,
distribution and exploitation of the Branded Games therein no later than the effective date of such jurisdiction becoming a Prohibited
Jurisdiction. Without limiting the foregoing and for the avoidance of doubt, the Territory shall exclude any country or so-called state
that is then-subject to United States embargo. Licensee shall notify Licensor in writing of any change(s) to the Prohibited Jurisdictions
of which it becomes aware. Without limiting the foregoing, and for the avoidance of doubt, Licensee alone bears the responsibility to
determine the legal and regulatory risk for Licensee and Licensor associated with the operation, use or distribution of the Branded Games
and/or Licensed Property in any state, region or other geographic and/or government area within the Territory. Licensee shall not, and
shall ensure that no Distribution Channel shall (directly or indirectly), (a) permit any person located or resident in any Prohibited
Jurisdiction to participate in or otherwise use or play any Branded Game; (b) accept any payments from persons located in a Prohibited
Jurisdiction in relation to any Branded Game; (c) undertake any promotional or marketing activity that could reasonably be considered
to be attempting to attract persons in a Prohibited Jurisdiction to any Branded Game; or (d) otherwise use, operate or distribute any
Branded Game in any Prohibited Jurisdiction.

 

5.            
ADVERTISING AND MARKETING 

 

5.1         
Minimum Advertising Commitment. Each calendar quarter, Licensee shall submit a report, identifying the advertising and promotion
activities during the preceding calendar quarter. In addition to any other amounts or payments to be made by Licensee under this Agreement,
and not to be credited to or offset against any Royalties payable hereunder, Licensee agrees to expend within each License Year for advertising
and promoting the Branded Games in media directed to the consumer not less than the Minimum Advertising Commitment, as set forth in Exhibit
A to this Agreement. If the Statement for the immediately preceding quarter of a License Year shows that such amount has not been spent
as set forth herein, the difference between the amount actually spent and the amount required to be spent must be remitted to Licensor
along with such Statement for use in Licensor’s advertising and promotion pool.

 

 

    	 	5	 

     

    

 

5.2         
Any marketing or other promotions by Licensee in connection with the Branded Games must be approved in advance in writing by Licensor.

 

5.3         
Licensee shall provide Licensor with samples of all promotional materials, marketing materials, and advertisements associated with the
Branded Games, and any other materials containing, displaying, or used in conjunction with the Licensed Property (“Collateral Materials”),
for Licensor’s inspection and written approval prior to any use.

 

5.4         
Licensee will include such marketing within the Branded Games as may be directed by Licensor. Licensee may not include any marketing or
promotion of any other game or product within any Branded Game.

 

6.            
OWNERSHIP, GOODWILL AND PROTECTION OF RIGHTS

 

6.1         
Ownership. Licensee acknowledges that Licensor is and shall remain the owner of all right, title and interest in and to the Licensed
Property; in all copyrights, Trademarks, and other rights associated with the Licensed Property; in all artwork, packaging, copy, literary
text, advertising and promotional material of any sort which utilize the Licensed Property, including all such materials developed by
or for Licensee (collectively, the “Copyrighted Materials”); and the goodwill pertaining to all of the foregoing, and to the
extent that Licensee acquires any right, title and/or interest in and to the Copyrighted Materials, Licensee hereby irrevocably and unconditionally
assigns to Licensor all such right, title and interest, including without limitation any copyrights, throughout the universe in perpetuity
in and to the Copyrighted Materials and, if applicable and to the fullest extent permissible by Law, irrevocably and unconditionally waives
in perpetuity any moral rights, droît morale or similar rights that Licensee may have under the Laws of any jurisdiction with respect
to the Copyrighted Materials. Licensee acknowledges that Licensor shall be entitled to invoke the foregoing assignment and waiver. All
individuals who prepare any Copyrighted Materials for or on behalf of Licensee shall either (a) be full-time, salaried employees of Licensee;
or (b) assign in writing to Licensor any and all rights, of any kind or nature whatsoever, in and to all Copyrighted Materials, and if
applicable and to the fullest extent permissible by Law, such individual shall irrevocably and unconditionally waive in perpetuity any
moral rights, droît morale or similar rights under the Laws of any jurisdiction that the individual may have with respect to the
Copyrighted Materials.

 

6.2         
Licensee Intellectual Property. Notwithstanding anything to the contrary contained herein, Licensee shall retain all right, title
and interest in and to: (a) all code (including the underlying source code, object code and back-end software) incorporated in the Branded
Games; (b) Licensee’s proprietary software, development tools, software libraries, game engines, rendering engines and subroutines
used in or used to develop and create the Branded Games; and (c) all future games or products developed by Licensee which are not developed
specifically for Licensor or governed by a separate agreement (collectively, the “Licensee IP”).

 

6.3         
Trademark Notices. Licensee shall include on or in connection with the distribution of the Branded Games, and any associated materials
by means of a tag, imprint or other device approved in advance in writing by Licensor, such copyright, trademark or service mark notices
as Licensor may designate. Specific trademark notices may be identified on Exhibit A or designated from time to time in writing by Licensor.
Licensee shall not use alternate notices without the prior written consent by Licensor. In addition to the notices required under the
Exhibit, all Licensed Property and Copyrighted Materials shall fully comply with (a) the notice provisions of the Universal Copyright
Convention, the Berne Convention, and any other related Laws in the Territory, and (b) any other legal notice requirements established
by Licensor from time to time.

 

6.4         
Goodwill. Licensee acknowledges the great value of the publicity and goodwill associated with the Licensed Property and the worldwide
recognition thereof, acknowledges that the Licensed Property are inherently distinctive or have acquired secondary meaning, and that all
related rights and goodwill belong exclusively to Licensor. All additional goodwill associated with the Trademarks created through the
use of such Trademarks by Licensee shall inure to the sole benefit of Licensor. During and after the Term, Licensee shall not:

 

		(a)	conduct any activity or produce goods, which in any way question Licensor’s ethics or lawful practices,
nor shall Licensee do anything that damages or reflects adversely upon Licensor, the Branded Games, or the Licensed Property;

 

 

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		(b)	attack or question the validity of, or assist any individual or entity in attacking or questioning, the
title or any rights of or claimed by Licensor, its subsidiaries and affiliates and their respective licensees and sublicensees in and
to the Licensed Properties or any other trademarks, copyrights or such other intellectual or intangible property associated or connected
with any or all of Licensor, its subsidiaries and affiliates, their publications, published material, activities, licensees and sublicensees;

 

		(c)	directly or indirectly seek for itself, or assist any third party or parties to use or acquire, any rights,
proprietary or otherwise, in any patent, trademark, copyright or such other intellectual or intangible property associated or connected
with the Licensed Property (including without limitation URLs and domain names), without the prior written approval of Licensor;

 

		(d)	in any way seek to avoid Licensee’s duties or obligations under this Agreement because of the assertion
or allegation by any individual(s), entity or entities that any or all of the Licensed Property are invalid or by reason of any contest
concerning the rights of or claimed by Licensor; or

 

		(e)	file or prosecute one or more trademark applications regarding the Licensed Property, unless first requested
to do so in writing by Licensor. (Licensee will cooperate with Licensor in connection with any and all such filings.)

 

6.5         
User Data. Subject to applicable Laws related to user data, including, but not limited to, collection, sharing, and use thereof,
Licensor and Licensee shall co-own all data collected from End Users in connection with the distribution and operation of the Branded
Games. Licensee shall implement a privacy policy (“Privacy Policy”) applicable to End Users of the Branded Games that is no
less protective of user privacy than is required under the Laws of or otherwise applicable in the Territory. Such Privacy Policy shall
be prominently displayed to End Users and shall otherwise be accessible within each Branded Game. Licensee shall not take any action,
and the Branded Games shall not be operated, in contravention of such Privacy Policy or of any applicable Law, including, but not limited
to, data protection provisions imposed by the Territory and other applicable laws. Subject to applicable Law, the Privacy Policy shall
contain a provision that states that Licensee has the right to transfer the User Data to Licensor and shall provide appropriate mechanisms
within the Licensed Properties (e.g., opt-ins) in order to permit and effectuate such transfer. 

 

6.6         
Opt-In Opportunities. Licensee agrees that it will use commercially reasonable efforts to provide opportunities to its End Users
of the Branded Games, in consultation with Licensor, in order to obtain the permission of such End Users to receive communications directly
from Licensor. Such opportunities may include but will not be limited to, providing opt-in opportunities where Licensee gives End Users
the opportunity to receive communications from Licensee

 

7.            
PROTECTION OF LICENSED PROPERTY

 

7.1         
Protection of Copyrights, Trademarks and Goodwill. Licensee agrees to assist Licensor, at Licensor’s request and expense,
in procuring and maintaining Licensor’s rights in the Licensed Property (including copyright and trademark rights). In connection
therewith, Licensee agrees to execute and/or deliver to Licensor, in such form as Licensor may reasonably request, all instruments necessary
to effectuate copyright and trademark protection for, or to establish or confirm Licensor as owner of all intellectual property rights
in and to, the Licensed Property, the Branded Games and the Copyrighted Materials, or to record Licensee as a registered user of any trademarks,
or to cancel such registration. If Licensee fails to deliver any such instrument within ten (10) days from Licensor’s request, Licensor
shall be deemed appointed as Licensee’s attorney in fact for purposes of executing and filing or registering any such instruments,
which appointment is a power coupled with an interest. Licensor shall solely control all infringement litigation or disputes brought against
third parties involving or affecting the Licensed Property. Licensee shall provide all assistance requested by Licensor in connection
with such litigation or disputes, at Licensor’s expense.

 

7.2         
Unauthorized Use. If Licensee uses the Licensed Property without Licensor’s prior written approval as required herein, Licensor
may, at its sole option, elect to immediately terminate Licensee’s right to continue using any of the Licensed Property, without
any right to cure. Licensee also acknowledges that irreparable injury to Licensor shall occur if the use continues, and that Licensor
shall be entitled to injunctive relief, and applicable damages, costs and reasonable attorneys' fees, arising from any such unauthorized
use.

 

 

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7.3         
Use of Other Marks. Licensee shall not use any trademark, service mark, trade name, logo, symbol or devices other than its own
in combination with the Licensed Property without the prior written consent of Licensor. Licensee shall not affix a copyright notice other
than Licensor’s copyright notice or attempt to obtain copyright or trademark in any artwork which contains or is derived from the
Licensed Property without the prior written consent of Licensor. Promptly upon Licensor’s request, Licensee shall remove from any
Branded Game or associated materials bearing the Licensed Property and under Licensee’s control or access, any element which Licensor
reasonably believes will harm the Licensed Property or Licensor’s reputation.

 

7.4         
During and after the Term, Licensee shall not use, cause or authorize to be used any word, device, design, slogan or symbol confusingly
similar, in whole or in part, to any or all of the Licensed Property, or any permutation of the Licensed Property. During the Term and
the Sell-Off Period, none of the following shall be used on or in connection with any Branded Game or the Collateral Materials without
Licensor’s prior written consent: (i) portions or permutations of any or all of the Licensed Properties; (ii) secondary marks; or
(iii) new words, devices, designs, slogans or symbols. In the event that Licensor grants such authorization, any use by Licensee of a
portion, permutation, secondary mark, word, device, design, slogan and/or symbol shall inure to the benefit of the Licensor, shall be
the property of Licensor and shall be included as one of the Licensed Properties, subject to the terms of this Agreement. Should Licensee
create or develop any advertising, promotion, packaging or trade dress unique to any Branded Game, all such advertising, promotion, packaging
or trade dress shall be the property of Licensor and shall not be used by Licensee on or in connection with any other product or merchandise
during and after the Term. No later than ten (10) days after expiration or termination of this Agreement or at any other time upon Licensor’s
request, Licensee will assign to Licensor, without charge, all of Licensee’s right, title and interest (including without limitation
all goodwill associated therewith and all copyrights) in and to such advertising, promotion, packaging or trade dress and shall cooperate
fully with Licensor in preparing and recording whatever documentation may be necessary or desirable or requested by Licensor to effect
such assignment.

 

7.5         
Works Made For Hire. Any art work or other materials developed or created by Licensee or on Licensee’s behalf for any Branded
Game, including, but not limited to, copyrighted materials, artwork, Trademarks, trade names, trade dress, and service marks ("Work")
are or shall become the exclusive property of Licensor. Licensor shall be free to use the Work without restriction from Licensee and without
further consideration. Licensee agrees to transfer to Licensor all rights, title and interest in the Work. Such Work shall be considered
a "Work Made for Hire" for purposes of the 1976 Copyright Act, as amended. In no event shall the Work be considered a joint
work. To the extent the Work does not fit within the definition of “Work Made for Hire” under the Copyright Act of 1976, or
any successor Law, all intellectual property rights in the Work, including all copyright and trademark rights, are by this Agreement assigned
to Licensor. Licensee shall not claim any right, title or interest in any Work created pursuant to this Agreement and shall not use any
Work created pursuant to this Agreement without Licensor’s prior written consent, which may be given or withheld in Licensor’s
sole discretion. Licensee agrees to obtain the proper and necessary written releases or other agreements from its employees and/or independent
contractors who develop such Work and provide Licensor with copies of such releases or other agreements.

 

7.6         
Unauthorized Activities. Licensee shall promptly notify Licensor in writing of any: (a) infringing or unlawful use or proposed
use by another person or entity of any part of the Licensed Property or any Branded Game in violation of the rights granted under this
Agreement; (b) claim by a third party that Licensor’s or Licensee’s activities hereunder or the distribution or operation
of any Branded Game infringes the rights of a third party, regardless of whether such claim has become the subject of a legal proceeding;
or (c) distribution or use of any Branded Game outside the Territory other than, to the extent expressly permitted in this Agreement,
of which Licensee may become aware. Licensor shall have the sole right to determine whether or not any action shall be taken on account
of any such infringement or unauthorized distribution described in (a) and (c) above. In addition, Licensee shall not, without Licensor’s
prior written consent, design, manufacture, advertise, promote, distribute, or deal with in any way in the Territory any product or material
that is or are in Licensor’s sole and absolute judgment competitive with or confusingly similar to any elements of the Branded Games
and the Collateral Materials.

 

 

    	 	8	 

     

    

 

8.            
QUALITY CONTROL AND APPROVALS

 

8.1         
Quality Standards. Licensee warrants that the Branded Games, and the distribution methods thereof, including any mobile app(s)
and/or website(s), and all promotional and advertising material shall be of high quality and suitable for the purpose intended, meet Licensor’s
quality standards and requirements, including but not limited to those standards set forth in Exhibit D, attached hereto and hereby incorporated
by reference, and be of a quality equal to or higher than the samples provided to Licensor for review and approval in accordance with
this Agreement. Licensee shall design, make available, distribute, promote, advertise, market, and sell the Branded Games in an ethical
manner and in accordance with the provisions and the intent of this Agreement, and shall not engage in unfair or anti-competitive business
practices. Moreover, the Branded Games shall be designed, made available, distributed, promoted, advertised, marketed and sold according
to Licensee’s approved standard quality control and manufacturing procedures and requirements and all applicable international,
national, federal, state and local Laws, treaties and governmental orders and regulations, and shall meet (or exceed) all applicable government
and industry standards, regulations, guidelines, rules, Laws, and the like regarding such product(s). Approval of a particular product
pursuant to this Agreement shall not be deemed a waiver of any of the quality and standard requirements set forth in Exhibit D. Licensee
shall not offer for use, advertise, promote, or distribute for any purpose any Branded Games that are damaged, defective, contain malware,
or that otherwise fail to meet the specifications or quality requirements set forth in this Agreement or deviate in type or quality from
the products which have been approved in writing by Licensor.

 

8.2         
Product Sample Approval. Licensee agrees to submit initial samples of the Branded Games (including each variation of thereof),
for Licensor’s inspection, testing, analysis and written approval prior to any marketing, advertisement, or distribution of any
such Branded Games.

 

8.3         
Approval of Collateral Materials. Licensee shall provide Licensor with samples of all promotional materials, marketing materials,
and advertisements associated with the Branded Games and any other materials containing, displaying, or used in conjunction with the Licensed
Property (“Collateral Materials”) for Licensor’s inspection and written approval prior to any use.

 

8.4         
Quality Maintenance. Licensee warrants that all Branded Games it distributes, makes available, and operates hereunder, shall be
substantially identical to and of no lesser quality than the final samples approved by Licensor. Once a Branded Game has been approved
by Licensor in writing, additional approvals will not be required for general app version updates; provided however, that Licensee shall
submit to Licensor for written approval any proposed change from the final samples approved involving any alteration in the design or
quality of the Branded Games, or any change in the use of the Licensed Property or any change that would materially affect End User experience
in a Branded Game, prior to Licensee’s distribution of such Branded Game.

 

8.5         
Disposal of Unapproved Products. Licensee shall destroy and certify the destruction of all unapproved Branded Games.

 

8.6         
Approval Suspension. If Licensee has been notified in the manner set forth in Section 10 that it is in breach of one or more of
the provisions of this Agreement, then Licensor may, in its sole discretion, suspend the review and approval of additional Branded Games
and/or Collateral Material submissions until such time as Licensee has cured all such breach(es).

8.7         
Reasonable Approvals. Approvals required from Licensor under this Agreement shall not be unreasonably delayed by Licensor.

 

9.            
INSURANCE

 

9.1         
Licensee shall acquire and maintain at its sole cost and expense throughout the Term and any renewal of this Agreement, and for a period
of two (2) years following the termination or expiration of this Agreement, the following insurance policies, in each case, reasonably
satisfactory to Licensor and with limits no less than Three Million U.S. Dollars (U.S.$3,000,000) per occurrence and Three Million U.S.
Dollars (U.S.$3,000,000) in the aggregate: (a) a general commercial liability policy; (b) an errors and omissions liability policy. The
Parties acknowledge and agree that any of the foregoing coverages can be achieved through a combination of primary and umbrella policies.
Each policy shall be through an insurer with a Best’s rating of “A” (or better), and qualified to transact business
in the Territory (and each such insurance policy shall name Licensor as an additional insured and shall evidence the insurer’s agreement
that such insurance shall not be amended, cancelled, terminated or permitted to lapse without thirty (30) days’ prior written notice
to Licensor). Licensee shall provide Licensor with a certificate of such insurance upon the Effective Date and on each anniversary date
of the grant or issuance of each such policy, evidencing that each such policy has not been altered with respect to Licensor in any way
whatsoever nor permitted to lapse for any reason, and evidencing the payment of the premium for each such policy. Without limiting the
foregoing, Licensee shall cause each such policy to be in full force and effect prior to the commencement of any design, distribution
of or dealing with the Branded Games whatsoever. Failure by Licensee to obtain the required insurance prior to such commencement or failure
by Licensee to adequately maintain such insurance shall be a default by Licensee under this Agreement and such default must be cured within
ten (10) days following notice by Licensor.

 

 

    	 	9	 

     

    

 

10.         
TERMINATION AND EXPIRATION

 

10.1       
Expiration. Except as otherwise provided herein, the Term of this Agreement shall expire in accordance with Section 2.

 

10.2       
Licensor’s Immediate Right of Termination. Unless otherwise provided herein, Licensor shall have the right and option to
terminate this Agreement immediately upon written notice to Licensee if Licensee does any of the following, and no penalties, break fees,
termination charges or Sell-Off Period shall apply:

 

		(a)	Manufactures, distributes, operates, promotes, distributes or uses, in any way, any Branded Game or Licensed Property without having
the prior written approval of Licensor, or continues to manufacture, promote, distribute, operate, or use, in any way, any Branded Game
after receipt or notice from Licensor disapproving or withdrawing approval of the same; or 

 

		(b)	Any Branded Game is deemed illegal for any reason and Licensee continues to distribute or otherwise operate such Branded Game displaying
Licensed Property without correcting the condition or defect in a manner reasonably acceptable to Licensor; or

 

		(c)	Except under federal bankruptcy Laws, files a petition in bankruptcy, is adjudicated as bankrupt or insolvent, makes an assignment
for the benefit of creditors or an arrangement pursuant to any bankruptcy Law, discontinues all or a significant portion of its business,
or its business is appointed a receiver; or

 

		(d)	Breaches any of the material conditions or provisions of this Agreement and fails to cure (if capable of curing) within thirty (30)
days after receiving written notice from Licensor, or within ten (10) days for a failure to make any payment when due; or

 

		(e)	Breaches any material provision of this Agreement twice in any eighteen (18) month period; or

 

		(f)	(i) a substantial portion of the assets or controlling stock in Licensee’s business is sold or transferred; or (ii) there is
a substantial change in the controlling interest in Licensee’s business, or a merger or consolidation of Licensee’s business
with any other entity, or a substantial change in the character or reputation of Licensee or its business or in the management of Licensee;
or (iii) Licensee’s business is or becomes, in Licensor’s reasonable judgment, inconsistent with the image or reputation of
Licensor or is likely to tarnish the goodwill associated with Licensor’s brand or the Licensed Property; or (iv) any Licensee IP
is expropriated, confiscated or nationalized by any government; or (v) any government assumes de facto control of Licensee’s business,
in whole or in part;

 

		(g)	Any breach of Licensee’s confidentiality obligations as provided in Section 12 hereof; or

 

		(h)	Failure by Licensee to launch a Branded Game to the public in the Territory on a Distribution Channel by its Launch Date, or to meet
the Minimum Net Gaming Revenue requirement in any License Year, as set forth in Exhibit A.

 

10.3       
Licensee’s Immediate Right of Termination. Except as otherwise provided herein, Licensee shall have the right to terminate
this Agreement immediately upon written notice to Licensor if Licensor does any of the following:

 

		(a)	Breaches any of the material conditions or provisions of this Agreement and fails to cure such breach within thirty (30) days after
receiving written notice from Licensee; or

 

		(b)	Except under federal bankruptcy Laws, files a petition in bankruptcy, is adjudicated as bankrupt or insolvent, makes an assignment
for the benefit of creditors or an arrangement pursuant to any bankruptcy Law, discontinues all or a significant portion of its business,
or its business is appointed a receiver; or

 

		(c)	Any breach of Licensor’s confidentiality obligations as provided in Section 12, hereof.

 

 

    	 	10	 

     

    

 

10.4       
Duties Upon Termination. Termination of the Agreement shall be without prejudice to any rights that the terminating Party may otherwise
have against the other Party. Subject to any Sell-off Period pursuant to Section 10.5, upon any expiration or termination of this Agreement:
(a) all money owed or accrued shall become immediately due and payable; (b) Licensee shall immediately discontinue the updating, availability,
distribution, and operation of all Branded Games, and the use of the Licensed Property; (c) Licensee shall destroy any advertising/promotional
materials using the Licensed Property; (d) notify all Distribution Channels that they must promptly remove the Branded Games within a
period not longer than the Sell-Off Period, if any; and (e) notify all End Users that their accounts will be closed and all money must
be used by the End Users or refunded to them.

 

10.5       
Continued Operation After Expiration or Termination. Provided that upon expiration of this Agreement, Licensee is not in arrears
in the payment of any amounts due to Licensor and that Licensee is in compliance with all of the terms and conditions of this Agreement,
or if this Agreement is terminated then only upon Licensor’s prior written approval (which may be withheld at Licensor’s discretion),
Licensee may, during the Sell-Off Period, permit Distribution Channels to continue to make available the Branded Games through the existing
platforms. No new or additional Distribution Channels may be added during the Sell-Off Period. If a Sell-Off Period is permitted, End
Users may continue to play games and use currency stored in connection each such End User’s account associated with the Branded
Games, and Licensee shall pay Royalties and furnish Statements with respect to the Sell-Off Period in accordance with the terms and conditions
of this Agreement as though the License and this Agreement were still in effect. It is expressly understood and agreed by Licensee that
the Sell-Off Period shall be non-exclusive and considered a separate accounting period for the purpose of computing Royalties due to Licensor
for amounts generated during such period. Licensee acknowledges that during the Sell-Off Period the Branded Games may be distributed only
in the normal course of business via the approved Distribution Channels and at regular prices (unless otherwise agreed by the Licensor
in writing). The Trademarks may not be removed, hidden or altered in any way.

 

10.6       
It is agreed that all accounting and payments required herein shall survive and continue beyond the expiration or earlier termination
of this Agreement. Wherever the obligations of Licensee hereunder are expressed to be subject to a limit of time it shall be deemed that
time shall be of the essence of this Agreement.

 

11.         
INJUNCTIVE RELIEF/DAMAGES

 

11.1       
Injunctive Relief. It is expressly agreed that Licensor would suffer irreparable harm from a breach or threatened breach by Licensee
of any of its covenants contained in this Agreement, and that remedies other than injunctive relief may not fully compensate or adequately
protect Licensor for such a violation. Therefore, without limiting the right of Licensor to pursue all other legal and equitable remedies
available for violation of this Agreement, in the event of actual or threatened breach by Licensee of any of the provisions of this Agreement,
Licensee consents that Licensor shall be entitled seek to injunctive or other relief in order to enforce or prevent any such violation
or continuing violation thereof without necessity of posting bond or other security, any requirements therefor being expressly waived
by Licensee. Licensee agrees not to raise the defense of an adequate remedy at Law in any such proceeding. Licensee acknowledges and agrees
that the provisions of this Section are reasonably necessary and commensurate with the need to protect Licensor against irreparable harm
and to protect its legitimate and proprietary business interests and property. Licensor shall also be entitled to recover from Licensee,
in addition to any other remedies in the event of default, reasonable attorney’s fees, costs and expenses, including collection
agency fees incurred by Licensor in the enforcement of the provisions hereof.

 

11.2       
Limitation of Liability. EXCEPT IN THE EVENT OF ANY BREACH OF SECTION 12 (CONFIDENTIALITY), LIABILITY PURSUANT TO SECTION 14 (INDEMNIFICATION),
OR ANY CLAIMS BASED ON A PARTY’S WILLFUL MISCONDUCT, INTENTIONAL OR RECKLESS ACTS OR GROSS NEGLIGENCE, IN NO EVENT SHALL EITHER
PARTY BE LIABLE FOR ANY SPECIAL, INCIDENTAL, INDIRECT, OR CONSEQUENTIAL DAMAGES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, DAMAGES FOR
LOSS OF BUSINESS PROFITS, BUSINESS INTERRUPTION, LOSS OF BUSINESS INFORMATION, OR ANY OTHER PECUNIARY LOSS) ARISING OUT OF OR RELATING
TO A BREACH OR FAILURE TO PERFORM ITS OBLIGATIONS UNDER THIS AGREEMENT, EVEN IF THE BREACHING PARTY HAS BEEN ADVISED OF THE POSSIBILITY
OF SUCH DAMAGES.

 

 

    	 	11	 

     

    

 

12.         
CONFIDENTIALITY

 

12.1       
Confidentiality. Each party (the “Receiving Party”) acknowledges that in connection with this Agreement it will gain
access to the proprietary information of the other Party (the “Disclosing Party”), including information about its business
operations and strategies, goods and services, technology, customers, pricing, marketing, style guides, and other sensitive and proprietary
information (collectively, the “Confidential Information”). Confidential Information shall not include information that: (a)
is or becomes generally available to and known by the public other than as a result of, directly or indirectly, any breach of this Section
12 by the Receiving Party; (b) is or becomes available to the Receiving Party on a non-confidential basis from another person or entity,
provided that such person or entity is not and was not prohibited from disclosing such Confidential Information; (c) was known by or in
the possession of the Receiving Party prior to being disclosed by or on behalf of the Disclosing Party; or (d) is required to be disclosed
by Law, including disclosure made pursuant to the terms of a court order; provided, that the Receiving Party has given the Disclosing
Party prior written notice of such disclosure and an opportunity to contest such disclosure and to seek a protective order or other remedy.
The Receiving Party shall: (x) protect and safeguard the confidentiality of the Disclosing Party’s Confidential Information with
at least the same degree of care as the Receiving Party would protect its own Confidential Information, but in no event with less than
a commercially reasonable degree of care; (y) not use the Disclosing Party’s Confidential Information, or permit it to be accessed
or used, for any purpose other than to exercise its rights or perform its obligations under this Agreement; and (z) not disclose any such
Confidential Information to any person or entity, except to the Receiving Party's officers, employees, consultants, accountants and legal
advisors who are bound by written confidentiality obligations and have a need to know the Confidential Information to assist the Receiving
Party (or act on its behalf) or to exercise its rights or perform its obligations under this Agreement.

 

12.2       
Confidentiality of Terms and Conditions of Agreement. Neither Party shall (nor shall it permit or cause its employees or agents
to) divulge, disseminate or publicize information relating to this Agreement or the financial or other terms of this Agreement (including
any information on the specifications or methods of reproduction of the Licensed Property) to any third party (other than its agents,
attorneys, financial sources, auditors, or accountants), except as may be required by Law or to fulfill the terms of this Agreement. In
the event Licensee is required by Law to publicly disclose any of the terms of this Agreement, Licensee must use best efforts to request
confidential treatment from the applicable government agency to the extent permitted by applicable Law.

 

13.         
REPRESENTATIONS AND WARRANTIES

 

13.1       
Mutual Representations and Warranties: Each Party represents and warrants to the other Party that:

 

		(a)	it is validly existing and in good standing as a corporation or other entity as represented herein under
the Laws of its jurisdiction of incorporation or organization;

 

		(b)	it has the full right, power and authority to enter into this Agreement and to perform its obligations
hereunder; and

 

		(c)	when executed and delivered by a Party, this Agreement shall constitute a legal, valid and binding obligation
of such Party, enforceable against each such Party in accordance with its terms.

 

13.2       
Licensee’s Representations and Warranties: Licensee represents, warrants and covenants that:

 

		(a)	all Branded Games shall be designed, developed, manufactured, advertised, promoted, marketed, conducted
and distributed (as applicable) in compliance with all Laws, including, without limitation, all Laws relating to gambling, gaming, and
gaming-related activities, all applicable privacy Laws and Laws applicable to personally identifiable information and all Laws relating
to product safety, labor and anti-money laundering compliance;

 

		(b)	Licensee shall comply with any and all regulatory agencies which have jurisdiction over the Branded Games
and will procure and maintain in full force and effect any and all permissions, approvals, permits, certifications and/or other authorizations
from governmental and/or other official authorities that may be required in connection with the exercise of the License;

 

 

    	 	12	 

     

    

 

		(c)	The Branded Games will comply at all times with all rules and requirements of the Distribution Channels;

 

		(d)	Licensee will not take any action, directly or indirectly, in violation of, (i) the U.S. Foreign Corrupt
Practices Act, 15 U.S.C. Section 78dd-1 and 78dd-2 or other applicable anti-corruption Laws; (ii) any applicable Laws with respect to
export, re-export, sale, supply or distribution, directly or indirectly, to any government, nation, person or entity that is identified
in the U.S. Treasury Department’s Office of Foreign Assets Control’s list of Specially Designated Nationals or otherwise subject
to an OFAC embargo or sanctions program; (iii) OFAC’s sanctions program regulations; or (iv) any other applicable antiterrorism
Laws, rules or regulations;

 

		(e)	Licensee shall not pledge, grant a lien or security interest in, or otherwise encumber, any rights in
and to the Licensed Property;

 

		(f)	Licensee owns or controls the rights necessary, including without limitation with regard to the Licensee
IP, to produce and operate the Branded Games and no materials furnished or created by Licensee hereunder (or otherwise used in connection
with any Branded Game) shall violate the rights of any third party;

 

		(g)	Licensee shall ensure that all Collateral Materials created by Licensee in connection with this Agreement
will be wholly original or fully cleared by Licensee (i.e., Licensee shall obtain all required authorizations, consents and releases
and shall pay all required compensation to third parties) and that no such materials will infringe upon any copyright, patent, trademark,
right of publicity or privacy, or any other right of any third party; and

 

		(h)	Licensee shall only use the Licensed Property as and to the extent authorized by this Agreement and in
accordance with the terms and intent of this Agreement.

 

13.3       
Commercialization by Licensee. Licensee agrees that during the Term of this Agreement it will diligently develop or have developed,
distribute, operate, maintain, promote, and sell the Branded Games, and that it will make and maintain adequate arrangements for the distribution
of the Branded Games. Any determination that Licensee has failed to diligently develop, or have developed, distribute, promote, or sell
any Branded Game at any given time during the Term or Renewal Term shall permit Licensor to remove such country from the Territory unless
Licensee remedies the failure within thirty (30) days of Licensee’s receipt of written notice from Licensor of its intended action.

 

14.         
INDEMNIFICATION

 

14.1       
By Licensor. Licensor agrees to indemnify, defend and hold harmless Licensee and affiliates, officers, directors, employees, agents,
sublicensees, successors and assigns from and against all losses, penalties, damages, liabilities, suits and expenses (including without
limitation reasonable outside attorneys’ fees) (collectively, “Losses”) arising out of or in connection with any third
party claim (each a “Claim”) relating to (a) an allegation that the Licensed Property, used as permitted hereunder, infringes
upon or otherwise violates any third party proprietary rights; or (b) any breach or alleged breach by Licensor of any of its representations,
warranties or covenants under this Agreement.

 

14.2       
By Licensee. Licensee shall indemnify, defend and hold harmless Licensor and its affiliates, officers, directors, employees,
agents, sublicensees, successors and assigns from and against all Losses arising out of or in connection with any Claim relating to: (a)
any breach or alleged breach by Licensee of any of its representations, warranties or covenants under this Agreement; (b) infringement,
dilution or other violation of any Intellectual Property or other personal or proprietary rights of any person or entity resulting from
the production or use of any Branded Game or Collateral Materials (other than to the extent based solely on the authorized use of the
Licensed Property in compliance with the terms of this Agreement); (c) any use of the Licensed Property in any manner not permitted hereunder;
(d) the design, development, manufacture, advertisement, promotion, marketing, conduct, operation or distribution of any Branded Game
or Collateral Materials (including, without limitation, any defect in the Branded Game (whether obvious or hidden and whether or not present
in any sample approved by Licensor) or any personal injury or death to any third party by the use of any Branded Game); (e) Claims brought
by End Users; or (f) Licensee’s failure to comply with all applicable Laws, regulations and standards or any of its obligations
under this Agreement, including, but not limited to, Licensee’s determination of whether any Branded Game and/or the distribution
thereof is legal or otherwise not prohibited in any jurisdiction, country, state, province or region.

 

 

    	 	13	 

     

    

 

14.3       
Procedure. If an indemnifiable Claim is made against an indemnified Party, such Party will promptly notify the indemnifying party
of such Claim. Failure to so notify the indemnifying Party will not relieve the indemnifying Party of any liability which the indemnifying
Party might have, except to the extent that such failure materially prejudices the indemnifying Party’s legal rights. The indemnifying
Party shall assume control of the defense of such Claim, and the indemnified Party shall cooperate with the indemnifying Party in the
defense and/or settlement of the Claims at the indemnifying Party’s expense. The indemnified Party may participate in the defense
of the Claim at its own cost. Notwithstanding anything contained herein, (a) the indemnified Party shall not enter into any settlement
or compromise that provides for any remedy of the Claim without the prior written approval of the indemnifying Party, which approval will
not be unreasonably withheld; and (b) Licensee may not enter into any settlement or compromise that involves or affects any Licensed Property
without Licensor’s prior written approval.

 

15.         
MISCELLANEOUS

 

15.1       
Notices, Statements, and Payments. All notices, statements or payments to be made hereunder shall be in writing and shall be given
to or made at the respective addresses of the Parties as set forth in Exhibit A, unless written notification of a change of address is
given to the other Party. To be effective, all communications and notices relating to this Agreement are to be in writing and delivered
personally, or sent by first class mail postage prepaid (effective three (3) business days after postmark date), by a national overnight
courier service (e.g., FedEx), or via email (with a copy also sent by first class mail or overnight courier for confirmation), to the
respective addresses set forth in Exhibit A, or to such other addresses as either Party shall designate by notice given as set forth herein.

 

15.2       
No Joint Venture. This Agreement does not create, is not intended to create, and shall not be interpreted or construed as creating
a franchise, partnership, joint venture, agency, employment, or similar relationship between Licensor, on the one hand, and Licensee,
on the other hand. Neither Party shall have the power to obligate or bind the other or its subsidiaries or affiliates in any manner whatsoever.
Licensor will have no fiduciary duty or fiduciary obligation to Licensee under this Agreement.

 

15.3       
Force Majeure. Neither Party shall be deemed in default or otherwise liable hereunder due to its inability to perform by reason
of any fire, earthquake, flood, epidemic, accident, explosion, casualty, strike, lockout, pandemic, labor controversy, riot, civil disturbance,
act of public enemy, embargo, war, act of God, or any municipal, county, state, national or international ordinance or Law or any executive,
administrative, judicial or similar order (which order is not the result of any act or omission to act which would constitute a default
under this Agreement), or any failure or delay of any transportation, power, or other essential thing required, or similar causes beyond
the Party’s reasonable control. In such case, the Party affected by the force majeure event shall promptly notify the other Party
in writing of its inability to perform. Any delay in performance shall be no greater than the event of force majeure causing the delay.
If force majeure event continues uninterrupted for a period exceeding three (3) calendar months, either Party may elect to terminate this
Agreement upon written notice to the other, but such right of termination, if not exercised, shall expire immediately upon the discontinuance
of the force majeure event. Notwithstanding anything to the contrary in this Section 15.3, the exercise of such right of termination shall
not affect Licensee’s obligation to pay Royalties which accrued prior to and including the termination date of this Agreement.

 

15.4       
Assignment. Licensor, in entering into this Agreement, is relying entirely upon Licensee’s skills, reputation and personnel,
including without limitation its officers, managers, directors, owners and/or shareholders. This Agreement and all rights, duties and
obligations hereunder are personal to Licensee and shall not, without the prior written consent of Licensor (which may be given or withheld
in the sole discretion of Licensor), be assigned, delegated, sold, transferred, leased, mortgaged or otherwise encumbered by Licensee
or by operation of Law. Any attempt to do so without such consent shall be void and shall constitute an incurable default under this Agreement.
The consent of Licensor to any such assignment, delegation, sale, transfer, lease, mortgage, other encumbrance or change shall not be
deemed to be consent to any subsequent assignment, delegation, sale, transfer, lease, mortgage, other encumbrance or change.

 

15.5       
Compliance with Applicable Laws. Licensor is granting this license solely for the lawful use of the Licensed Property in connection
with the Branded Games. By granting this License, or by approving any Branded Game, Licensor makes no representation or takes any position
on the legality of any Branded Game in any jurisdiction, state, country or territory. Licensor is relying entirely on Licensee to ensure
that the Branded Games comply with all applicable Laws and regulations in the Territory (or applicable portion thereof) and Licensee shall
be solely responsible for such compliance. Therefore, Licensee shall at all times be primarily liable for complying with all applicable
Laws. For clarity, Licensee shall be responsible and primarily liable for all activities, obligations and liabilities, if any, of its
affiliates with respect to this Agreement. Any breach of the terms of this Agreement by Licensee’s Affiliates shall be deemed a
breach of the Agreement by Licensee.

 

 

    	 	14	 

     

    

 

15.6       
Governing Law and Jurisdiction: This Agreement shall be construed in accordance with the laws of the State of California without
regard to its conflicts of law principles. Any claim arising under this Agreement shall be prosecuted in a federal or state court of competent
jurisdiction located within Los Angeles County, California and selected by Licensor, and Licensee consents to the jurisdiction of such
court and to the service of process by mail.

 

15.7       
Interpretation and Construction. The word “or” shall be interpreted to have both its conjunctive and disjunctive meaning
whenever possible. The section headings are intended solely for convenience and shall not affect the construction or interpretation of
any of the provisions of this Agreement. No provision of this Agreement shall be construed in favor of or against any Party on the ground
that such Party or its counsel drafted the provision. The language used herein, unless defined specifically, shall be construed according
to its reasonable and customary meaning in the United States. Terms of art used in this Agreement which are not defined herein shall be
defined as commonly understood in the United States licensing industry for similar products. In the event of a breach, this Agreement
may be specifically enforced. This Agreement shall at all times be construed so as to carry out its stated purposes.

 

15.8       
Integration. This Agreement, including without limitation any attached schedules and exhibits, constitutes the entire agreement
between the Parties pertaining to the subject matter contained herein and supersedes all prior and contemporaneous agreements, representations,
and understandings of the Parties.

 

15.9       
Survival and Severability: Notwithstanding anything to the contrary herein, all provisions hereof are hereby limited to the extent
mandated by any applicable Law or decisions. If any one or more paragraphs, clauses or other portions hereof should ever be determined
to be illegal, invalid or otherwise unenforceable by a court of competent jurisdiction, or be illegal, invalid or unenforceable within
any jurisdiction by reason of any existing Law or statute, then, to that extent and within the jurisdiction in which it is illegal, invalid
or unenforceable, it shall be limited, construed or severed and deleted herefrom, and the remaining extent and/or remaining portions hereof
shall survive, remain in full force and effect and continue to be binding, and shall not be affected except insofar as may be necessary
to make sense hereof, and shall be interpreted so as to give effect to the intention of the parties insofar as that is possible.

 

15.10    
Waiver, Amendment, Modification: The terms of this Agreement may not be waived, amended or modified except by an agreement in writing
executed by the Parties hereto. No waiver by either Party shall be deemed to be a waiver of any prior or succeeding breach.

 

15.11    
Electronic Transmission/Counterparts. This Agreement may be executed by written signature or digital signature (e.g., AdobeSign,
DocuSign) and delivered in multiple counterparts, including by facsimile, PDF, or other electronic counterparts, all of which will constitute
one and the same agreement. A signed copy of this Agreement delivered by means of electronic transmission is deemed to have the same legal
effect as delivery of an original signed copy of this Agreement.

 

 

    	 	15	 

     

    

 

IN WITNESS WHEREOF, the
Parties hereto, intending this Agreement to be effective as of the Effective Date, have caused this Agreement to be executed by the authorized
representative of each.

 

	LICENSOR:	 	LICENSEE:	 
	 	 	 	 	 	 
	PLAYBOY
    ENTERPRISES INTERNATIONAL, INC.	 	GAMING
    TECHNOLOGIES, INC.	 
	 	 	 	 	 	 
	By: 	 	 	By: 	 	 
	 	(Signature)	 	 	(Signature)	 
	 	 	 	 	 	 
	Name: 	 	 	Name: 	 	 
	 	(Print)	 	 	(Print)	 
	 	 	 	 	 	 
	Title: 	 	 	Title: 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	Date:	 	 	Date:	 	 

 

 

 

    	 	16	 

     

    

 

EXHIBIT A

 

 

BRANDED GAMES:

Playboy-branded real-money game mobile apps, specifically:
rummy, poker, fantasy sports and other games of skill, to the extent approved in advance, in writing by Playboy

 

SCOPE OF LICENSE:

Exclusive solely to the extent that, during the Term hereof,
Licensee will not license third parties the right to distribute in India, PLAYBOY-branded, skill-based, real-money mobile gaming apps

 

		TERRITORY:	

India, but solely to the extent that in
such country, state, province or region, online and/or mobile games involving cash gaming is affirmatively permitted, or are otherwise
not prohibited, by law.

 

DISTRIBUTION CHANNELS:

Via iOS app stores (such as the Apple App Store) and Android
app stores (such as the GooglePlay App Store), and such other stores as approved in advance in writing by Licensor.

 

INITIAL TERM/LICENSE YEARS:

LY1: Effective Date – 12/31/2021

LY2: 1/1/2022 – 12/31/2022

LY3: 1/1/2023 – 12/31/2023

LY4: 1/1/2024 – 12/31/2024

LY5: 1/1/2025 – 12/31/2025

 

LAUNCH DATE:

April 2021

 

ROYALTY RATE:

Fourteen percent (14%) of Net Gaming Revenue

 

ROYALTY PAYMENTS & REPORTING:

Reporting is due on a calendar quarterly basis within twenty
(20) days after the end of the applicable quarter, and payment is due within thirty (30) days after the end of the applicable quarter.

 

MINIMUM NET GAMING REVENUE:

LY1: US$261,409

LY2: US$705,072

LY3: US$1,098,397

LY4 & LY5: To be mutually determined
by the Parties within thirty (30) days of the 2nd anniversary of the Launch Date, and memorialized in a written amendment to
this Agreement signed by the Parties.

 

RENEWAL TERM

Assuming Licensee is not otherwise in breach of the agreement,
not less than sixty (60) days prior to the end of the Initial Term, the Parties agree to discuss the possible renewal of the Agreement
for an additional period (the “Renewal Term”) based on mutually agreed upon performance milestones as set forth in the Agreement.

 

SELL-OFF PERIOD:

Thirty (30) days after expiration of the Term or notice
of termination together with Licensor’s consent (pursuant to Section 10.5) of the Agreement).

 

 

    	 	17	 

     

    

 

MINIMUM ADVERTISING COMMITMENT: 

For each License Year, two percent (2%)
of Net Gaming Revenue or Minimum Net Gaming Revenue for such License Year, whichever is greater.

 

ADDRESS FOR PAYMENTS, ROYALTY STATEMENTS AND PRODUCT SUBMISSIONS:

 

All reports, Statements and Branded
Game submissions required be given and all payments to be made hereunder, shall be given or made in writing by email or via reputable
courier, as applicable, charges prepaid, to the addresses set forth below, unless notification of a change of address is given in writing.
The effective date of receipt shall be deemed the date such notice, report, Statement or Branded Game submission is received by the intended
recipient, provided that the sending of a notice by courier shall constitute notice hereunder even in the event of refusal to accept same
by the intended recipient.

 

	 LICENSOR:
	 LICENSEE:

	
    10960 Wilshire Blvd., Suite 2200

    Los Angeles, CA 90024

     

    Contact: [***]

    Email: [***]

    Phone: [***]
	
    184 Shepherds Bush Road

    London, UK

     

    Contact: [***]

    Email: [***]

    Phone: [***]

	
     

    w/ copy to: [***]

     
	
     

    w/ copy to: 

    [***]

 

ELECTRONIC TRANSFER INSTRUCTIONS:

 

All payments made hereunder shall be made by electronic bank transfer
and paid to:

 

	Account Name:	[***]
	Bank Name:	[***]
	Bank Address:	[***]
	 	[***]
	Account Number:	[***]
	ABA/Routing #:	[***]
	Swift Code:	[***]
	ACH:	[***]

 

 

    	 	18	 

     

    

 

EXHIBIT B

 

TRADEMARKS

 

 

 

PLAYBOY

 

(word mark)

 

 

(Rabbit Head Design)

 

 

 

    	 	19	 

     

    

 

EXHIBIT C

SUBCONTRACTOR AGREEMENT

 

This Agreement is
between __________________ (“Licensee”), a licensee of Playboy Enterprises International, Inc.,
(“Licensor”), and ___________________________ (“Subcontractor”), Licensee’s independent
contractor, with a principal place of business located at ______________________________________________, who is to
design, create, or produce mobile gaming apps which will bear or otherwise incorporate the trademarks owned by Licensor
(“Trademarks”). Hereinafter such products shall be referred to as “Branded Games”.

 

Subject to the terms and conditions
of the License Agreement between Licensee and Licensor (“License”), Subcontractor may produce Branded Games for sale and/or
distribution only to Licensee. Any other use, production, distribution, and/or sale of the Branded Games may not be made unless with the
express written authorization from Licensor.

 

Subcontractor acknowledges
that the Trademarks are owned by Licensor and agrees not to contest the validity or distinctiveness of any trademark or assert ownership
in any of the Trademarks or anything confusingly similar. Subcontractor recognizes the goodwill associated with the Trademarks and agrees
that any use of such Trademarks shall inure to the benefit of Licensor. Subcontractor agrees that any materials or information it receives
relating to Licensor or the Trademarks shall be deemed confidential and shall be protected as such.

 

All Branded Games, and all
elements thereof, created, designed, or produced by Subcontractor for Licensee shall be subject to all of the terms and conditions of
the License.

 

Subcontractor shall maintain
separate, accurate records of all transactions arising out of the creation, design, distribution, and/or sale of the Branded Games (“Records”).
Such Records shall be made available for inspection and audit by Licensor or its designee during normal business hours to verify Subcontractor’s
records and to ensure that there have been no unauthorized uses of the Trademarks.

 

Subcontractor acknowledges
and agrees that if it violates any term or condition of this Agreement, its right to continue using any Trademark shall cease immediately
and permanently, that irreparable injury to Licensor shall occur if Subcontractor’s use continues, and that Licensor shall be entitled
to temporary, preliminary and permanent injunctive relief, plus an award for damages, costs and reasonable attorneys’ fees arising
from any such violation.

 

This Agreement shall continue
during the term of the License unless sooner terminated by Licensee or Licensor upon written notice to Subcontractor.

 

	SUBCONTRACTOR:	 	LICENSEE:	 
	 	 	 	 	 	 
		 		 
	 	 	 	 	 	 
	By: 	 	 	By: 	 	 
	 		 	 		 
	 	 	 	 	 	 
	Name: 	 	 	Name: 	 	 
	 		 	 		 
	 	 	 	 	 	 
	Title: 	 	 	Title: 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	Date:	 	 	Date:	 	 

 

 

 

    	 	20	 

     

    

 

EXHIBIT D

QUALITY AND STANDARD REQUIREMENTS

 

		1.	The Branded Games are to be designed, created, sold and otherwise distributed by Licensee pursuant to this Agreement and in strict
compliance with all applicable federal, regional, state and local laws and regulations, and all industry standards and regulations. On
a periodic basis, Licensor may require Licensee to provide documentation of such compliance, including but not limited to, evidence of
certifications, copies of test results, copies of applicable approvals, legal analyses, and copies of design review documents if applicable.
If Licensee intends to re-badge existing product to create the Branded Games, or will concurrently distribute games otherwise identical
to the Branded Games except for the Licensed Property, Licensor may also request information concerning the brand names under which Licensee
is marketing the other games, the territories in which Licensee is marketing the other games, and the differences if any between the other
games and the Branded Games.

 

		2.	The Branded Games shall be of high quality in design, material, technology, and workmanship and suitable for the purpose intended.

 

		3.	Words, shapes, or devices that are obscene or scandalous are unacceptable.

 

		4.	When included within or in connection with Branded Games, the Licensed Property shall be clear and legible without bleeding of line
or color.

 

		5.	The Branded Games will not cause harm when used as instructed.

 

		6.	The Branded Games will provide use instructions that are understandable and accurate.

 

		7.	Forced Labor: Licensee, on its own behalf and on behalf of its subcontractors, will not do business with third parties that use forced
labor, prison labor, indentured labor or bonded labor, or permit their suppliers or subcontractors to do so.

 

		8.	Child Labor: Licensee, on its own behalf and on behalf of its subcontractors, will not purchase, distribute,
or utilize in any other manner products or components thereof manufactured by persons younger than 15 years of age or younger than the
age of completing compulsory education in the country of manufacture where such age is higher than 15.

 

		9.	Harassment or Abuse: Licensee and its subcontractors must treat their employees with respect and dignity.
No employee shall be subject to physical, sexual or psychological harassment or abuse.

 

		10.	Nondiscrimination: Licensee and its subcontractors shall not subject any person to discrimination in employment,
including hiring, salary, benefits, advancement, discipline, termination or retirement, on the basis of gender, race, religion, age, disability,
sexual orientation, nationality, political opinion, or social or ethnic origin.

 

		11.	Health and Safety: Licensee and its subcontractors shall provide a safe and healthy working environment
to prevent accidents and injury to health arising out of, linked with, or occurring in the course of work or as a result of the operation
of employer facilities. Licensee and its subcontractors must fully comply with all applicable workplace conditions, safety and environmental
laws.

 

		12.	Freedom of Association: Licensee and its subcontractors shall recognize and respect the right of employees
to freely associate in accordance with the laws of the countries in which they are employed.

 

		13.	Wages and Benefits: Licensee and its subcontractors recognize that wages are essential to meeting employees’
basic needs. Licensee and its subcontractors shall pay employees at least the minimum wage required by local law regardless of whether
they pay by the piece or by the hour and shall provide legally mandated benefits.

 

 

    	 	21	 

     

    

 

		14.	Work Hours: Licensee and its subcontractors shall not require their employees to work more than the limits
on regular and overtime hours allowed by the law of the country of manufacture. Except under extraordinary business circumstances, such
employees shall be entitled to no less than one day off in every seven-day period. Licensee and its subcontractors must inform their workers
at the time of their hiring if mandatory overtime is a condition of their employment. Licensee and its subcontractors shall not compel
their workers to work excessive overtime hours.

 

		15.	Overtime Compensation: Licensee’s and its subcontractors’ employees shall be compensated for
overtime hours and such premium rate as is legally required in the country of manufacture or, in countries where such laws do not exist,
at a rate at least equal to their regular hourly compensation rate.

 

		16.	Legal and Ethical Business Practices: Licensee and its subcontractors must fully comply with all applicable
local, state, federal, national and international laws, rules and regulations including, but not limited to, those relating to wages,
hours, labor, health and safety, and immigration. Licensee and its subcontractors must be ethical in their business practices.

 

		17.	Penalties: Licensor reserves the right to terminate its business relationship with Licensee and or any
of its subcontractors who violates these Quality And Standard Requirements or whose suppliers or subcontractors violate these Quality
And Standard Requirements. Licensor reserves the right to terminate this Agreement if Licensee or its subcontractors fail to provide written
confirmation to Licensor that Licensee and/or its subcontractors have a program in place to monitor Licensee’s and its subcontractors’
suppliers and subcontractors for compliance with these Quality and Standard Requirements.

 

 

 

    	 	22Exhibit
10.5

 

Certain information identified by [***] has
been omitted from this exhibit because it is both not material and is the type that the registrant treats as private or confidential.

 

SPONSORSHIP AGREEMENT

 

BETWEEN:

 

SA HOLIDAY, INC, owner of
Saul Alvarez Barragan or Canelo (“TALENT”)’s personality rights, having its principal place of business
at [***], USA (the “COMPANY ”) AND Gaming Technologies, Inc. owner of VALE (“BRAND”) ́s
rights, having its registered office at 413W 14TH ST, New York, NY 10014, USA. (“CLIENT”), (the COMPANY, TALENT
, BRAND and CLIENT together the “Parties” and each a “Party”).

 

WITNESSETH:

 

		1.	WHEREAS the CLIENT is well known as a U.S. company to develop games, license
third-party games for distribution, and operates a proprietary gaming platform that enables B2B partners to establish online gambling
presence.

 

		2.	WHEREAS the BRAND is well known as VALE. BRAND is 100% owned by the CLIENT
and is licensed to offer online casino and sports betting.

 

		3.	WHEREAS the COMPANY is the exclusive owner of TALENT’s personality
rights and shall provide the services of the TALENT and grant, on his behalf, the rights set out in this Agreement.

 

		4.	WHEREAS the CLIENT and the COMPANY wish to set forth in this Agreement the
terms and conditions upon which the COMPANY agrees to endorse the BRAND’s products and the conditions governing CLIENT ́S right
to use the name, photographs, images and other items identifying the TALENT to promote the BRAND

 

		5.	WHEREAS the TALENT is a famous multiple world champion boxer of Mexican nationality.

 

		6.	WHEREAS the CLIENT wishes to get TALENT’s cooperation in relation
to its promotion for the BRAND

 

NOW, THEREFORE, in consideration
of their mutual covenants hereinafter, the Parties agree as follows:

 

		1.	Term of Agreement:

 

		1.1.	Initial Term.. The term of this Agreement will commence as of the date of this Agreement
(“Effective Date”) and continue in full force and effect for a period of one (1) year (“Initial Term”).

		

 

		2.	Services:

 

		2.1.	During the Term of the Agreement, the COMPANY shall furnish the following services:

 

		2.1.1.	Use TALENT ́s image (including but not limited to images obtained pursuant to 2.1.2 and 2.1.3 below) in BRAND’s (or any of its subsidiaries’)
advertising campaigns, within the territory, for 12 months;

 

		2.1.2.	1 photoshoot with TALENT (to occur no earlier than June 1, 2021);

 

		2.1.3.	A television commercial or spot featuring TALENT for broadcast, pay TV, internet
(e.g., BRANDS’s web site(s), YouTube, etc.) and social networks;

 

		2.1.4.	BRAND’s logo on TALENT ́s shorts position: back under the belt
for 1 fight between TALENT Alvarez vs. Billy Joe Saunders on May 8th 2021 (or any date to which the fight may be postponed) (the “FIGHT”)
(exhibit A);

 

 

    	 	Page 1 of 8	 

     

    

 

		2.1.5.	6 VIP tickets for fight night MAY 8th 2021;

 

		2.1.6.	TALENT to publish 24 total social media posts per year in collaboration with the
BRAND (including both “stories” and “feed”) on TALENT’s Facebook, Instagram and Twitter accounts;

 

		2.1.7.	Placement of the BRAND logo on TALENT’s official page www.caneloteam.com;

 

		2.1.8.	12 pairs of boxing gloves signed by the TALENT;

 

		2.1.9.	Press release with TALENT to present the TALENT and BRAND alliance;

 

		2.1.10.	A video from TALENT giving the welcome to the BRAND prior to the FIGHT; and

 

		2.1.11.	The opportunity to negotiate a separate agreement for TALENT to wear BRAND logo
on TALENT’s boxing trunks for his other bouts occurring within the Initial Term.

 

		3.	Campaign Materials:

 

		3.1.	During the Term, BRAND shall have the right to produce and publicize the following
materials, subject to Talent’s reasonable final approval (collectively, the “Campaign Materials”):

 

		3.1.1.	An unlimited number of advertising, promotional, publicity and other materials of
any kind and in any format for use in the “Media” (as defined below).

 

		3.1.2.	Print advertisements: billboards, newspapers, and magazines (covers excluded).

 

		3.1.3.	Digital materials to be distributed/used on the internet, in new media, in interactive
media, or in any combination of the foregoing website and social media channels (covers of digital magazines or newspapers excluded).

 

		3.1.4.	Social media posts, updates and content (collectively, the “Social Media Posts”).

 

		3.1.5.	The use of TALENT ́s image on the BRAND’s website.

 

		3.2.	CLIENT shall have no right to use the Campaign Materials or TALENTS’s name,
image, likeness, or any intellectual property of TALENT or COMPANY for any purpose other than promotion of BRAND.

 

		3.3.	Promotional rights of the CLIENT:

 

		3.3.1.	All press releases, photographs, videos and final images shall be subject to TALENT’s
prior written approval (not to be unreasonably withheld), either directly or through the COMPANY.

 

		3.3.2.	TALENT shall have three (3) calendar days from receipt of CLIENTS’s requests
for approval (as described in 3.2.1), either directly or through the COMPANY, for approval of the photographs, videos or any other images
to examine and two (2) days for approval of press releases and either approve or disapprove such submission. The COMPANY shall procure
that TALENT shall notify the CLIENT of his decision via email a designated representative of the CLIENT. In the event that TALENT has
not made his determination as to approval or disapproval within three (3) calendar days of receipt of CLIENT’s request for approval,
either directly or through the COMPANY, TALENT’s approval shall be deemed granted.

 

		3.3.3.	If any submission is disapproved, the COMPANY shall procure that TALENT shall advise
the CLIENT of the specific reasons for such disapproval, and, without limiting TALENT’s approval rights hereunder, the CLIENT shall
be permitted to make a new submission taking into account TALENT’s concerns.

 

 

    	 	Page 2 of 8	 

     

    

 

		3.3.4.	Talent shall be entitled to a meaningful right of consultation with respect to:

 

		3.3.4.1.	The scripts for any Commercials;

 

		3.3.4.2.	Any Still Photos of Talent;

 

		3.3.4.3.	Talent’s wardrobe; and

 

		3.3.4.4.	Talent’s hair and make-up.

	 	 	 
		3.4.	Work Session:

 

		3.4.1.	Scheduling.
Production Days, photo shoots, be referred to herein as a “Work Session.” The CLIENT will have 1 work session, not
exceeding 10 consecutive hours, with the TALENT to shoot all the Campaign Materials. The Work Session shall occur on a
dates, at times, and at locations to be determined by CLIENT, subject to TALENT’s
availability and reasonable discretion. COMPANY agrees to use its best efforts to respond promptly to CLIENT’s
inquiries regarding Talent’s availability. COMPANY also agrees
to provide Client with thirty (30) days’ written notice if TALENT will
be unavailable to render services hereunder for any consecutive four (4) week period during the Term. If TALENT
is unavailable on a date requested by CLIENT (for permitted reasons
hereunder), TALENT shall promptly provide CLIENT
with two (2) alternate dates wherein TALENT will be available
to provide his services. The PARTIES agree that the Work Session will not occur
prior to June 1, 2021.

 

		3.5.	Travel:

 

		3.5.1.	In the event that TALENT
shall be required by CLIENT to travel to specifically attend a work session outside Mexico City or San Diego, the entire costs of travel,
accommodation and meals for TALENT and two (2) persons of his staff will be paid by the CLIENT. Travel shall be at no less than business
class flights for TALENT and his companions, with VIP transfers provided on-site and accommodations of one suite for TALENT and deluxe
rooms for his companions.

 

		4.	Promotion and Communication:

 

		4.1.	During the INITIAL TERM, the PARTIES shall, at all times, cooperate and collaborate
closely in respect of any promotion and/or communication regarding TALENT's Endorsement and the performance of the Services.

 

		4.2.	Furthermore, the Parties agree and the COMPANY shall procure TALENT’s agreement
that whenever they or their representatives are interviewed or discussing the other Party, they will do so in a positive manner and shall
refrain from making any negative or detrimental comments which would affect their image or Products either during or following the term
of this Agreement.

 

		5.	Territory:

 

		5.1.	The “Territory” shall consist of: Mexico, the United States, Guatemala,
Honduras, El Salvador, Nicaragua, Costa Rica and Panama in Central America; Colombia, Venezuela, Ecuador, Peru, Bolivia, Brazil, French
Guiana, Paraguay, Chile, Argentina, Uruguay, Cuba, Haiti, the Dominican Republic and Puerto Rico.

		6.	Media/Usage of Campaign Materials:

 

		6.1.	During the Initial Term, CLIENT shall have the right to use the Campaign Materials
in the Territory in/for the applicable “Media/Usage” set forth below as follows: Commercials, (all forms of television), radio,
digital videos, Print, digital, internet, promotional and social media.

 

 

    	 	Page 3 of 8	 

     

    

 

		6.2.	Post-Term Uses: All Campaign Materials which were distributed or placed during
the Term of the Agreement that remain in distribution/circulation or on display/exhibition following the expiration of the Term of the
Agreement will require to be removal or cessation of any such distribution, circulation, display or exhibition. Social media posts placed
during the Term shall not be required to be removed from Client’s platforms.

 

		7.	Exclusivity:

 

		7.1.	COMPANY and TALENT agree that, during the Initial Term and any further term that
might be agreed upon thereafter, TALENT will not enter into any other personal services or endorsement contract with any other casino
or gambling website or application (“Gambling Platform”). However, CLIENT and BRAND understand and acknowledge that
TALENT will likely engage in boxing matches that occur in venues owned by or associated with other gambling platforms, that those matches
themselves might be sponsored by other gambling platforms, and that those matches may be broadcast by entities sponsored by still other
gambling platforms.

 

		8.	Compensation:

 

		8.1.	In consideration for the Services and rights granted by the COMPANY and TALENT
to the CLIENT and BRAND under this Agreement, CLIENT shall pay to the COMPANY a compensation in the form of an endorsement sum (the “Endorsement
Fees”) as follows:

 

		8.1.1.	CLIENT shall pay the COMPANY the sum of One million and six hundred thousand
U.S. Dollars ($1,600,000) which shall be paid in full within 5 days after the effective date of the present agreement.

	 	 	 
		8.1.2.	The above stated payment shall be wired to: Bank: Citibank, New York

 

ABA: [***]

Account Number: [***]

Bank Account Name: [***]For Credit to: [***]

 

		8.1.3.	The COMPANY shall be responsible for, and shall pay, any and all corporate and
individual taxes that are measured by net income or profit, or any other direct or indirect taxes, imposed by any governmental authority
of any country on COMPANY and/or TALENT and their employees due to the execution of this Agreement.

 

		8.2.	Any additional services that may be requested by Client shall be negotiated in
good faith between the Parties. No additional services shall be due, unless and until a written agreement is executed by the Parties.

 

		9.	Term and Termination:

 

		9.1.	This Agreement shall become effective on 16 April 2021 and shall, unless previously
terminated run for TWELVE (12) months. It will conclude on 15 April 2022.

 

		9.2.	CLIENT shall have a right of first negotiation for an extension of this Agreement.
If CLIENT makes a bona fide offer prior to one hundred twenty (120) days prior to the termination of this Agreement, COMPANY and TALENT
shall refrain from negotiation of any other potential personal services agreement with any other Gambling Platform for sixty (60) days
thereafter.

 

		9.3.	The aforementioned term notwithstanding, any PARTY may terminate this Agreement
in the event of a material breach of the Agreement by another PARTY. Prior to such termination, however, the breaching party must be given
written notice of the breach and seven (7) days to cure.

 

 

    	 	Page 4 of 8	 

     

    

 

		10.	Intellectual Property Rights:

 

		10.1.	Any intellectual property, including, but not limited to logos, trademarks, tradenames,
or tradedress owned by any Party shall remain the property of that Party. This Agreement does not transfer, assign, or provide any license
to any intellectual property for any Party.

 

		11.	Defense and Indemnity:

 

		11.1.	CLIENT guarantees and covets that it complies with all applicable rules, regulations,
and laws in the jurisdiction(s) where it operates. CLIENT agrees to defend, indemnify and hold harmless COMPANY and TALENT and its officers,
directors, members, and employees, agents, affiliates and successors and assigns from and against any and all losses, damages, claims,
suits, proceedings, liabilities, costs, and expenses (including, without limitation, settlement costs, interest, penalties, and reasonable
attorneys’ fees and any reasonable legal or other expenses for investigation or defense of any actions or threatened actions) (collectively
“Damages”) which may be imposed on, sustained, incurred or suffered by COMPANY or TALENT. as a result of, relating to, arising
out of, or in connection with (a) any negligence or willful misconduct of CLIENT; or (b) any breach of any term or provision of this agreement
by CLIENT; or (c) CLIENT’s

violation of any rule, regulation, requirement or law
of any federal, state or local governmental authority.

 

		12.	Confidentiality:

 

		12.1.	Parties agree that the provisions of this Agreement shall be kept strictly confidential
at all times, with the exception of their respective financial and professional advisors and representatives or as may be required by
law or any legal or regulatory authority. This Clause shall survive the expiry or termination of this Agreement.

 

		13.	Representations and Warranties:

 

		13.1.	The Parties represent, warrant and covenant that:

 

		13.1.1.	Each Party hereto has the right(s) to grant the rights granted herein and to fully
perform all of their respective obligations under this Agreement;

 

		13.1.2.	Any material supplied by any Party under this Agreement will be original to that
Party (except for material in the public domain) and will not infringe upon the copyright or any other right or interest of any third
party;

 

		13.1.3.	Each Party will be in compliance with all federal, state and local laws, statutes,
regulations and ordinances affecting or relating to activities under this Agreement;

 

		13.1.4.	The services performed by any Party will be rendered using sound, professional
practices and in accordance with the highest industry standards; and

 

		13.1.5.	There are no claims, litigation or other proceedings pending or threatened against
any Party that impacts that Party’s ability to perform hereunder.

 

		14.	Notices:

 

		14.1	For purposes of this Agreement, notices and all other communications provided for herein
shall be in writing and shall be deemed to have been duly given:

 

		14.1.1	When personally delivered; or

 

 

    	 	Page 5 of 8	 

     

    

 

		14.1.2	One business day after being sent by Federal Express (or other nationally recognized
overnight express delivery service); or

 

		14.1.3	Three (3) business days after being sent by United States registered or certified
mail, return receipt requested, postage prepaid, addressed as first set forth above. Any notices to Agency and Client should be sent with
a copy to Attn:

 

		14.2	Any notices to COMPANY and Talent shall be sent with a copy to:

 

[***]

[***]

[***]

 

		15.	Applicable Law and Arbitration:

 

		15.1.	This Agreement will be construed and enforced under and subject to the laws of
the State of California.

 

		15.2.	In the event that any dispute arises out of this Agreement, the Parties hereto
agree to meet in good faith in order to resolve the dispute amicably.

 

		15.3.	As the exclusive means of resolving through adversarial dispute resolution any
disputes arising out of this agreement – including, but not limited to, including the validity, invalidity, performance, breach,
expiry or termination thereof – a party may demand that any such dispute be resolved by arbitration administered by the American
Arbitration Association in accordance with its Commercial Arbitration Rules, and each party hereby consents to any such disputes being
so resolved. Judgment on the award rendered in any such arbitration may be entered in any court having jurisdiction.

 

		15.3.1.	The arbitration shall take place in Los Angeles, California, U.S.A and the language of the procedure shall be English. The arbitral tribunal
will be composed of one (1) arbitrator who will be designated in accordance with the Rules.

 

		16.	Final Provisions:

 

		16.1.	The Parties shall not be entitled to transfer any rights and/or obligations under
this Agreement, without the prior written approval of the other Party. CLIENT shall nonetheless be entitled to assign its rights and obligations
hereunder to any company belonging to the CLIENT, such as but not limited to in the event of a corporate restructuring. Such transfer
shall under no circumstances operate so as to change the BRAND which TALENT is endorsing.

 

		16.2.	Nothing in this Agreement shall be construed as establishing a partnership or joint
venture between the Parties and neither Party shall have the authority to bind or obligate the other in any manner outside the scope of
this Agreement.

 

		16.3.	In case of contradictions and/or discrepancies between this Agreement and any appendices,
the Parties agree that the terms of the Agreement shall prevail.

 

		16.4.	Drafting Acknowledgment. By executing the Agreement, the Parties agree
that any construction of the intent of the Parties, or language hereof, to be made by a court of law shall be neutral, and that no ambiguity
as to any of the terms or provisions of the Agreement shall be construed against any of the Parties hereto as drafter.

		16.5.	Integration and Amendment. No other understanding not specifically referred
to herein, oral or otherwise, shall be deemed to exist or bind the Parties, and any such

understandings, oral or otherwise,
not specifically referred to herein shall be merged into this Agreement and superseded by the provisions hereof. This Agreement may be
amended only by a subsequent agreement in writing signed by the Parties.

 

		16.6.	Severability. If any provision of this Agreement shall be held by a court
or other tribunal of competent jurisdiction to be unenforceable, then such provision shall be excised here from and the remaining provisions
of this Agreement and parts thereof shall remain in full force and effect.

 

		16.7.	No Waiver. No waiver of a provision by one Party shall inhibit that Party’s
ability to later reasonably enforce said provision.

 

 

    	 	Page 6 of 8	 

     

    

 

SIGNED on 14 April 2021 for the Parties by the persons below,
each duly authorized.

 

 

ACCEPTED AND AGREED:

 

 

	SA HOLIDAY, INC,	 	GAMING TECHNOLOGIES, INC.	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	/s/ [***]	 	By:	/s/ Jason Drummond	 
	Name:	[***]	 	Name:	JASON DRUMMOND	 
	Title:	SECRETARY	 	Title:	CEO	 

 

 

 

 

 

 

    	 	Page 7 of 8	 

     

    

 

  

EXHIBIT A

 

 

 

 

	FRONT	 	BACK
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

  

 

LOGO NAME: VALE.NET

POSITION: BACK/ BELOW BELT

 

 

 

    	 	Page 8 of 8

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