Document:

Exhibit 4.90

 

Entrusted Management Agreement

 

Of

 

Shenzhen Qfun Internet Technology Co., Ltd.

 

 

 

Between

 

Shenzhen Qfun Internet Technology Co., Ltd.

 

And

 

Qfun Information Technology (Shenzhen) Co.,
Ltd.

 

 

 

January 10, 2017

 

    	 	 	 

     

    

  

Entrusted Management Agreement

 

This Agreement is made and entered into on
January 10, 2017 in Shenzhen.

 

Party A: Shenzhen Qfun Internet Technology
Co., Ltd.

 

Registered Address: A09, 11/F, East Block,
SKYWORTH Semiconductor Design Building, High Tech South Four Road, Nanshan District, Shenzhen Legal Representative: WANG Ying

 

Party B1:ZHANG Jiahui

 

ID Card No.:220104198806164441

 

Party B2: CAO Yu

 

ID Card No.:211302198507211639

 

Party B3: ZHU Nianyang

 

ID Card No.:370212198801151519

 

Party B4 : Shenzhen Guangtiandi Technology
Co., Ltd. (hereinafter referred to as “Guangtiandi”)

 

Domicile: Room 2-A, Complex Building (including
affiliated equipment room), Shenxianling Sports Center, Central City, Longgang District, Shenzhen

Legal Representative: YIN Zhiwei

 

(Party B1, Party B2, Party B3 and Party B4
shall be hereinafter collectively referred to as “Party B” or “Party A's Shareholders”)

 

Party C: Qfun Information Technology (Shenzhen)
Co., Ltd.

 

Domicile: Room 101-1, Building No.3, North
Block, Pingshan Dayuan Industrial Park, Pingshan 1st Road, Taoyuan Street, Nanshan District, Shenzhen

Legal Representative: WANG Ying

 

(hereinafter referred to as “Party
C” or “WFOE”)

 

In this Agreement, Party A, Party B and Party
C shall be hereinafter referred to collectively as the “Parties” and individually as a “Party”.

 

Whereas

 

		1.	Party A is a limited liability company registered and incorporated in Shenzhen under PRC laws,
engaging in the development and operation of Internet games, and Party B1, Party B2, Party B3 and Party B4 jointly own all issued
shares of Party A and constitute all Party A's Shareholders.

 

    	 	 	 

     

    

  

		2.	Party C is a wholly foreign owned enterprise (“WFOE”) registered and incorporated
in Shenzhen under PRC laws, and its scope of business includes: computer software development; software services; marketing strategy;
development of database technology and network engineering technology; sale of technical achievements independently developed and
relevant technical services, development of wireless technologies and mobile phone software; undertaking system applications management
and maintenance, information technology support management, software development and other information technology and technology
research and development by means of service outsourcing.

 

		3.	Party A and Party B propose to entrust Party C to take charge of Party A’s operation and
provide management and consulting services for Party A’s operation. Party C agrees to accept the entrustment of Party A and
Party B in accordance with the provisions of this Agreement.

 

Upon friendly negotiation, the Parties, intending
to be legally bound, enter into this Agreement in order to specify the rights and obligations of the Parties.

 

Article 1 Definitions and Interpretation

 

		1.1	Unless otherwise provided herein or the context otherwise requires, when used herein, the following
terms have the following meaning:

 

	“Party A’s Operation”	 	refers to all business activities operated and developed by Party A currently and at any time during the term of this Agreement, including but not limited to the network technologies development; technical development, technical consulting and on-site maintenance of computer software and hardware; development of game software; on-site maintenance of database and computer network; software system integration business and other business operated with approval and permission of the competent authority.
	 	 	 
	“Service Fee”	 	refers to the fee payable by Party A to Party C as the consideration for Party C to provide management service.
	 	 	 
	“Party A’s Shareholders”	 	collectively refer to Party B1, Party B2, Party B3 and Party B4 which jointly hold all issued shares of Party A.
	 	 	 
	“PRC”	 	refers to the People’s Republic of China (excluding Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan);

 

    	 	 	 

     

    

  

	“Business Day”	 	refers to any business day other than Saturday, Sunday or legal holidays in the PRC.
	 	 	 
	“Tax”	 	refers to any and all taxes and charges imposed on Party A’s Operation by a tax authority under the PRC laws.
	 	 	 
	“Senior Officer”	 	refers to the president, chairman, director, legal representative, general manager, technical manager, financial manager, marketing manager, or any person who exercises the authority of the aforesaid persons in the operation of Company, of Party A.
	 	 	 
	“ Customer information”	 	refers to all customer information and other relevant data in connection with Party A’s Operation and services provided by Party C.
	 	 	 
	“Confidential Information”	 	refers to the trade secrets, proprietary information, Customer Information and all other information of a confidential nature of other Parties known in the execution and performance of this Agreement.
	 	 	 
	“Defaulting Party”	 	refers to any Party materially breaching any provision hereunder or materially failing to perform or delaying in performance of any of its obligations hereunder.
	 	 	 
	“Default”	 	refers to the act of any Party hereto materially breaching any provision hereunder or materially failing to perform or delaying in performance of any of its obligations hereunder.

 

		1.2	References to any law or regulation (hereinafter referred to as the “Laws”)
herein shall be deemed to:

 

		(1)	Include amendment, change, supplement and reenactment of such Laws, regardless of they take effect
before or after the conclusion of this Agreement; and

 

		(2)	Include other decisions, notices and rules formulated under or effective due to such Laws.

 

		1.3	Unless the context otherwise requires herein, references to article, paragraph, item and sub-item
herein shall refer to the corresponding content in this Agreement.

 

    	 	 	 

     

    

 

 

Article 2 Entrusted Services

 

		2.1	During the term of this Agreement, Party A and Party B exclusively entrust Party C to provide management
and consulting services for Party A. Party C shall diligently provide services to Party A based on the needs of Party A's business
and the specific requirements as Party A may propose from time to time.

 

		2.2	The Parties understand that the services actually provided by Party C are subject to the approved
scope of business of Party C; if the services which Party A requires Party C to provide are beyond the approved scope of business
of Party C, Party C will apply to extend its scope of business to the maximum extent permitted by the Laws, and provide relevant
services after it is approved to extend its scope of business.

 

		2.3	Notwithstanding other provisions herein, Party C may designate any third party to provide any or
all services hereunder, or perform any obligation of Party C hereunder on behalf of Party C. Party A and Party B hereby agree that
Party C may assign its rights and obligations hereunder to any other third party after giving a written notice to Party A.

 

Article 3 Fee

 

		3.1	As the consideration for Party C to provide management and consulting services, Party A shall pay
a Service Fee to Party C, and the amount of Service Fee shall the remaining amount after Party A's pre-tax profits deduct relevant
costs and reasonable expenses.

 

		3.2	The Parties agree that, within 5 Business Days before ending of any quarter, Party C shall issue
a bill of Service Fee of the quarter to Party A in accordance with Article 3.1 hereof. Unless otherwise exempted by Party C, Party
A shall pay the Service Fee to Party C per the amount of Service Fee indicated in the bill of Service Fee before the last day of
the quarter.

 

		3.3	All bank charges arising out of payment shall be borne by Party A. All payments shall be transferred
into the bank account designated by Party C by means of remittance or other means recognized by the Parties. The Parties agree
that Party C may change such payment instructions by giving a notice to Party A from time to time.

 

		3.4	The Parties agree that, the payment of such Service Fee shall in principle not cause any difficulty
to the operation of any Party, and for this purpose and to the extent of realizing such principle, Party C may agree on Party A's
delay in payment of Service Fee, or upon reaching consensus after negotiation, the Parties may adjust the schedule for Party A's
payment of Service Fee to Party C under Article 3.2 in writing.

 

    	 	 	 

     

    

 

 

		3.5	The Parties shall respectively bear the Taxes which are required to be paid for their execution
and performance of this Agreement under the Laws. At the request of Party C, Party A shall make efforts to assist Party C in obtaining
any exemption or credit of Tax for all or part of the Service Fee to be obtained by Party C hereunder.

 

Article 4 Party A’s Obligations

 

		4.1	Party C’s services herein are exclusive and during the term of this Agreement, without prior
written consent of Party C, Party A may not enter into any agreement with any other third party or otherwise accept other services
provided by such third party identical or similar to Party C’s services.

 

		4.2	In order to facilitate Party C to provide services, Party A shall provide relevant materials to
Party C timely and according to the requirements as Party C may from time to time propose, including but not limited to all information,
files, certificates and licenses, customer data, development plans and developed and developing products, etc. in connection with
Party A's Operation.

 

		4.3	Without written consent of Party C, Party A and Party B may not carry out any activity which may
affect Party A's assets, increase Party A's liabilities and affect Party A's Operation, including but not limited to:

 

		(1)	Incurring any debts to others;

 

		(2)	Any sale or transfer of Party A's assets or property interests or exemption of debts or interests
owed to Party A by a third party, etc.;

 

		(3)	Any security set up on its own assets or interests to intellectual property rights for a third
party;

 

		(4)	Entering into any agreement with any third party to transfer or change the control of the Company;
and

 

		(5)	Merger with other enterprise or change of the current shareholding structure.

 

		4.4	Party C shall take full charge of Party A's Operation, including appointment and removal of members
of the board of directors and employment of Senior Officers. Party A shall implement the instructions in Party C’s notice
within 20 Business Days upon receipt of Party C’s notice on appointment or removal of any Senior Officer.

 

		4.5	Except for performance of oblations agreed in this Agreement and other agreement in connection
with the performance of this Agreement, without written consent of Party C, Party A's Shareholders may not:

 

    	 	 	 

     

    

  

		(1)	Set up any pledge over their equity in Party A, or set up any encumbrance which will impede the
normal exercise of their shareholder's right s; and

 

		(2)	Sell, gift or otherwise dispose their equity in Party A (or any shareholder’s interest).

 

		4.6	Party A shall maintain its good reputation and actively expand business to strive for income maximization.

 

		4.7	During the term of this Agreement, Party A and Party B agree to cooperate with Party C and Party
C’s parent (directly or indirectly) for audit of related parties transactions and other audits, and provide relevant information
and materials relating to Party A's Operation, business, customers, finance and employees to Party C or its parent or auditors
engaged by it, and agree that Party C's parent may disclose such information and materials for the purpose of satisfying regulatory
requirements at the place where its securities are listed.

 

Article 5 Representations and Warranties

 

		5.1	Each Party represents and warrants that:

 

		(1)	It is a limited liability company duly registered and lawfully existing under the PRC Laws with
independent legal personality, has full and independent legal status and capacity to execute, deliver and perform this Agreement
and may sue or be sued as an independent party.

 

		(2)	It has full internal corporate power and authorization to execute and deliver this Agreement and
all other documents to be executed by it in connection with the transactions contemplated hereunder as well as full power and authorization
to consummate the transactions contemplated hereunder. This Agreement will be lawfully and duly executed and delivered by it. This
Agreement will constitute its legal and binding obligations enforceable against it in accordance with terms of this Agreement.

 

		(3)	It has all business licenses required for its operation at the time of effectiveness of this Agreement,
and has full rights and qualifications to engage in its business currently carrying out in the PRC.

 

    	 	 	 

     

    

  

		5.2	Party A represents and warrants that:

 

		(1)	It will provide the quarterly financial statements and budget of next quarter to Party C within
15 Business Days upon ending of each quarter, and provide the annual financial statements and budget of next year to Party C within
30 Business Days upon ending of each year.

 

		(2)	It will timely report any circumstance which will or may have material adverse effect on Party
A’s business and Party A's Operation to Party C, and make best efforts to prevent the occurrence of such circumstance and/or
the enlargement of loss.

 

		(3)	At the written request of Party C, it will take all accounts receivable and/or all other assets
legally owned by it and at its disposal at that time, as the guarantee for its performance of the payment obligation set forth
in Article 3 hereof by means permitted by the Laws applicable at that time.

 

		(4)	It will indemnify and hold harmless Party C against any and all losses Party C suffers or may suffer
as a result of the provision of services, including without limitation any losses arising out of any suit, recourse, arbitration
or claims brought by any third party against Party C or any administrative investigation or sanction by any governmental authorities,
unless such losses are caused by any willful misconduct or gross negligence of Party C.

 

		(5)	Without written consent of Party C, it may not enter into any other agreement or arrangement which
conflicts with this Agreement or may damage Party C's rights and interests hereunder.

 

Article 6 Confidentiality

 

		6.1	During the term of this Agreement, all Customer Information and other relevant data in connection
with Party A’s Operation and services provided by Party C shall be jointly owned by the Parties.

 

		6.2	Whether this Agreement has been terminated or not, the Parties shall strictly keep confidential
the trade secrets, proprietary information, Customer Information and all other information of a confidential nature of other Parties
known in the execution and performance of this Agreement. Except with prior written consent of the Party disclosing the Confidential
Information or where disclosure to a third party is mandated by relevant laws or regulations or by applicable listing rules at
the place where an affiliate of a Party is listed, the Party receiving the Confidential Information shall not disclose any Confidential
Information to any third party. The Party receiving the Confidential Information shall not use, either directly or indirectly,
any Confidential Information other than for the purpose of performing this Agreement.

 

    	 	 	 

     

    

  

		6.3	The following information shall not be deemed as the Confidential Information:

 

		(1)	any information which, as shown by written evidence, has previously been known to the receiving
Party by way of legal means; or

 

		(2)	any information which enters the public domain other than as a result of a fault of the receiving
Party; or

 

		(3)	any information lawfully acquired by the receiving Party from other source subsequent to the receipt
of relevant information.

 

		6.4	A receiving Party may disclose the Confidential Information to its relevant employees, agents or
its engaged professionals, provided that such receiving Party shall ensure that such persons shall comply with relevant terms and
conditions of this Agreement and that it shall assume any liability arising out of any breach by such persons of relevant terms
and conditions of this Agreement.

 

		6.5	Notwithstanding any other provisions of this Agreement, the validity of this Article shall not
be affected by termination of this Agreement. Upon termination or rescission of this Agreement, the Parties shall still assume
the confidentiality obligation agreed herein.

 

Article 7 Term and Termination of Agreement

 

		7.1	This Agreement shall take effect from duly execution by the representatives of the Parties. Once
effective, this Agreement shall become irrevocable. Unless otherwise explicitly specified herein, or the Parties determines to
terminate this Agreement in writing, this Agreement shall be in full effect and force permanently. Parties

 

		7.2	Each Party hereto shall complete the approval and registration procedures to extend its business
term within 3 months before expiry thereof, so that the term of this Agreement may continue.

 

		7.3	In case of any Default of any Party, the non-defaulting Party shall issue a notice to the Defaulting
Party to require for correction within the prescribed time limit, and if the Defaulting Party still fails to make correction within
10 Business Days upon receipt of such notice, the non-defaulting Party shall be entitled to immediately terminate this Agreement
in writing, and seek to hold the other Party liable for the Default liability in accordance with Article 9.1.

 

    	 	 	 

     

    

  

		7.4	Upon termination of this Agreement, Party C shall return all documents and records in connection
with Party A’s Operation, including but not limited to all operation documents, financial books and original vouchers, etc.
to Party A in accordance with Party A's requirements.

 

Article 8 Notice

 

		8.1	Any notice, request, demand and other correspondence required or given hereunder shall be delivered
to relevant Parties in writing.

 

		8.2	Such notice or other correspondence, if sent by fax or telegraph, shall be deemed properly served
once sent, or if delivered by personal delivery, shall be deemed properly served once delivered in person, or if sent by post,
shall be deemed properly served after 3 Business Days after posting, or if sent by email, shall be deemed to properly served when
the notice email is deemed to enter into the email receipt system of the other Party after the sender correctly fills in the email
address and the email is not returned by the system.

 

		8.3	The addresses, contact persons and electronic communication terminals agreed herein shall be the
addresses for work contacts between the Parties and the service of legal instruments and for the arbitration institution and/or
people's court to serve instruments during dispute resolution, and legal instruments served via such addresses and/or the addresses
disclosed in information registered with the administration for industry and commerce (or the registered address on the resident
ID Card) shall be deemed as validly served. The notice and service provisions in Article 8 hereof shall be independent provisions,
not affected by the validity of the entire Agreement or other provisions hereof.

 

Article 9 Default Liabilities

 

		9.1	The Parties agree and confirm that if any Party hereto materially breaches any provision hereunder
or materially fails to perform or delays in performance of any of its obligations hereunder, it shall constitute the Default hereunder,
and the non-defaulting Party may demand the Defaulting Party to make correction or take remedy measures within a reasonable time
limit. Should the Defaulting Party still fail to make correction or take remedy measures within such reasonable time limit or 10
Business Days after the non-defaulting Party notifies the Defaulting Party in writing and requests for correction, the non-Defaulting
Party may at its liberation decide: (1) to terminate this Agreement and demand the Defaulting Party to pay liquidated damages;
or (2) to demand specific performance of the obligations of the Defaulting Party hereunder and demand the Defaulting Party to pay
all liquidated damages.

 

    	 	 	 

     

    

  

		9.2	Despite Article 9.1 above, the Parties agree and confirm that Party A and Party B shall in no case
require the termination of this Agreement on any ground, unless otherwise provided under the Laws or in this Agreement.

 

		9.3	Notwithstanding any other provisions of this Agreement, the validity of this Article shall not
be affected by termination of this Agreement.

 

Article 10 Force Majeure

 

In case of any natural disaster, storm, tornado
or other weather conditions, strike, shutdown, stoppage or other industrial problems, war, riot or civil commotion, conspiracy,
hostility, terrorist or violence of criminal organization, blockage, serious disease or plague, earthquake or other crustal movement,
flood or other acts of God, bomb explosion or other explosion, fire, accident, or other Force Majeure Event which is unpredictable
or the consequence of which is unpreventable or inevitable, and such Force Majeure Event directly affects a Party’s performance
of this Agreement or causes the failure of such Party to perform per the agreed conditions, the affected Party shall immediately
give a notice thereof to the other Party by fax, and within 20 Business Days, provide details of Force Majeure and supporting documents
on the reasons for the non-performance or delay in performance of this Agreement, and such supporting documents shall be issued
by the notarization authority at the place where the Force Majeure occurs. Based on the degree of influence of the Force Majeure
Event on the performance of this Agreement, the Parties shall negotiate whether to partially exempt the performance of this Agreement
or delay the performance of this Agreement. Neither Party shall be liable for compensation for the economic loss of each Party
caused by Force Majeure.

 

Article 11 Dispute Resolution

 

		11.1	Any dispute arising out of and in connection with this Agreement shall be resolved by the Parties
upon negotiation.

 

    	 	 	 

     

    

  

		11.2	Where the Parties fail to reach a consensus within 20 Business Days after the dispute occurs, either
Party may submit such dispute to South China International Economic and Trade Arbitration Commission (the “Commission”)
for arbitration in Shenzhen in accordance with the arbitration rules of the Commission in force at the time of submittal for arbitration.
The arbitration tribunal shall consist of three arbitrators, and the arbitration language shall be Chinese, and the arbitration
award shall be final and binding upon the Parties.

 

		11.3	Subject to the PRC Laws, the Commission shall have the right to render award on the following:
(1) with respect to equity, land assets or other assets of the Company, remedy measures; (2) injunction relief, for example, requiring
the Company to carry out business operation or compulsorily transfer assets of the Company; (3) liquidation of the Company.

 

		11.4	Subject to the PRC Laws, before the Commission forms an arbitration tribunal in accordance with
the arbitration rules or under appropriate circumstances, the courts with jurisdiction at the following places shall have the right
to render a ruling on remedy measures to support the arbitration: (1) Hong Kong Special Administrative Region, (2) place of registration
of Party A, (3) place of registration of Party C, and (4) place where major assets of Party A or Party C locate.

 

		11.5	Unless otherwise ruled by the arbitration tribunal, all expenses paid or advanced for arbitration
(including but not limited to the arbitration fee, fee for arbitrators and attorneys, travel expenses, etc.) shall be borne by
the defeated Party.

 

Article 12 Miscellaneous

 

		12.1	This Agreement shall be written in Chinese and made in septuplicate, with Party B4 holding two
copies and other Parties each holding one copy, of the same legal effect.

 

		12.2	The formation, effectiveness, performance, amendment, interpretation and termination of this Agreement
shall be governed by the PRC Laws.

 

		12.3	Any right, power or remedy granted to a Party under any provision hereof shall not preclude such
Party from other rights, powers or remedies available to it under the Laws and other provisions hereof, and a Party's exercise
of its rights, powers and remedies shall not preclude the exercise of other rights, powers and remedies available to it.

 

		12.4	Failure to exercise or delay in exercising any right, power or remedy under this Agreement or available
under the Laws by a Party shall not cause waiver of such rights, and any single or partial waiver of rights of such Party shall
not prevent it from exercising such rights in other ways or exercising its other rights.

 

    	 	 	 

     

    

  

		12.5	Each provision hereof shall be separable and independent from every other provision, and if any
or several provisions hereof become invalid, illegal or unenforceable at any time, the validity, legality and enforceability of
other provisions hereof shall not be affected thereby. The Parties shall, through good faith negotiation, make efforts to replace
such invalid, illegal or unenforceable provisions with valid provisions to the maximum extent permitted by the Laws and meeting
expectations of the Parties, and the economic effects produced by such valid provisions shall be close to the economic effects
of such invalid, illegal or unenforceable provisions as much as possible.

 

		12.6	Any amendment or supplement to this Agreement shall be made in writing, and shall only become effective
upon duly execution by the Parties.

 

		12.7	This Agreement shall be binding upon the legal assignees and successors of the Parties. 

 

		12.8	This Agreement shall constitute the entire agreement among the Parties with respect to the content
of this Agreement and supersede all previous oral and written agreements, contracts, understandings and communications among the
Parties with respect to the content hereof.

 

(The following page is intentionally left blank,
and is followed by the signature page.)

 

    	 	 	 

     

    

  

(No text on this page. This is the signature
page of the Entrusted Management Agreement on Shenzhen Qfun Internet Technology Co., Ltd.)

Party A (Seal): Qfun Information Technology
(Shenzhen) Co., Ltd. 

Legal Representative or Authorized Representative:
/s/ Authorized Representative (Signature)

 

Party B1: ZHANG Jiahui /s/ ZHANG Jiahui
(Signature)

Party B2: CAO Yu /s/ CAO Yu (Signature) 

Party B3: ZHU Nianyang /s/ ZHU Nianyang
(Signature)

Party B4 (Seal): Shenzhen Guangtiandi Technology
Co., Ltd. 

Legal Representative or Authorized Representative:
/s/ Authorized Representative (Signature)

 

Party C (Seal): Shenzhen Qfun Internet Technology
Co., Ltd.

Legal Representative or Authorized Representative:
/s/ Authorized Representative (Signature)Exhibit 4.93

 

Execution version

 

 

A NUMBER OF SELLERS
AND

 

500.COM LIMITED

 

 

 

SHARE PURCHASE AGREEMENT

REGARDING THE MULTI GROUP LTD

 

 

  

    	 	 	 

    	 	 

    

 

APPENDICES 

 

	Appendix A	Sellers and ownership of the Shares
	 	 
	Appendix 1.3	Group structure
	 	 
	Appendix 4.1	Calculation of Purchase Price
	 	 
	Appendix 5.1	Gaming Authorities
	 	 
	Appendix 6.2 f)	Shareholder ́s agreement
	 	 
	Appendix 7.1	Due Diligence
	 	 
	Appendix 7.5.1	Accounts
	 	 
	Appendix 7.5.2	Locked Box Accounts
	 	 
	Appendix 7.6.1	Material Agreements
	 	 
	Appendix 7.7.1	Intellectual Property Rights

 

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This share purchase agreement including its appendices
(this “Agreement”)
is entered into on this day (“Signing Date”)
between:

 

		(1)	The persons and legal entities set out in Appendix A
(jointly the “Sellers”
and each a “Seller”);
and

 

		(2)	500.com Limited, Reg. No. 186078, a company duly incorporated
and organised under the laws of Cayman Islands, having its registered address at P.O. Box 309, Ugland House, Grand Cayman, KY1-1104,
Cayman Islands (the “Buyer”).

 

The
Sellers and the Buyer are each referred to as a “Party”
and jointly as the “Parties”.

 

		1	Background

 

		1.1	The Sellers own 100% of all issued and outstanding shares
in The Multi Group Ltd, a Maltese limited liability company with Reg. No. C 71212 (the “Company”).
The Company has a share capital of EUR 10,500 divided into 10,500 shares.

 

		1.2	The Sellers wish to sell the shares set out in Appendix
A, corresponding to 93% of all issued and outstanding shares in the Company
(the “Shares”).

 

		1.3	The Company is the parent company of the subsidiaries listed
in Appendix 1.3 (jointly the “Group Companies”
and the Company or any of the subsidiaries listed in the mentioned appendix a “Group
Company”).

 

		1.4	The Buyer has expressed an interest to acquire the Shares
from the Sellers, and the Sellers have expressed an interest in selling the Shares to the Buyer, subject to the terms and conditions
set out in this Agreement.

 

		2	Definitions

 

		2.1	In this Agreement, the following definitions are used:

 

“Accounting
Principles” means the accounting principles which are in accordance
with
applicable laws and generally accepted accounting principles applied by each Group
Company respectively;

 

“Accounts”
means the statutory consolidated audited annual accounts of the Company
and the statutory audited annual accounts of each of the Group Companies for the
financial year ended on the Accounts Date, attached hereto as Appendix 7.5.1;

 

“Accounts
Date” means 31 December 2016;

 

“Affiliate”
means all companies, partnerships or other forms of legal entities directly or 
indirectly controlling or controlled by or under common control with a Seller, excluding
the Group Companies;

 

“Borrowings”
means any outstanding borrowing and outstanding indebtedness of the 
Group Companies, including any interest, break-fees, pre-payment fees or similar;

 

    	 	3

    	 	 

    

 

“Business”
means the operational day to day business of the Group Companies as currently conducted;

 

“Business
Day” means a day when banks are open for general banking business
in Sweden and in Malta (other than for internet-banking only);

 

“Claim”
means any bona fide claim made by the Buyer against the Sellers in respect of a Loss;

 

“Closing”
means the completion of the transaction contemplated by this Agreement;
“Closing Date”
means either (i) the date occurring 5 Business Days from the date the necessary approvals or clearances pursuant to Section
5.1 have been received or (ii) such other date as the Parties may agree on in writing;

 

“Confidential
Information” means any information of any kind or nature
whatsoever, whether written or oral, including, without limitation, this Agreement, financial information, trade secrets, customer
lists and other information, regarding the Buyer, the Sellers and any of the Group Companies which is not known to the general
public;

 

“Due
Diligence” means the due diligence procedure described
in Section 7.1;
“Encumbrance”
means an option, lien, mortgage, or any other encumbrance;
“EUR”
means the currency Euro;

 

“Gaming
Authorities” means the gaming authorities in the jurisdictions
listed in Appendix 5.1;

 

“Intellectual
Property Rights” means the intellectual property rights owned
or licensed by any of the Group Companies as listed in Appendix 7.7.1;

 

“Key
Employee” means any person employed by a Group Company
as of Signing Date with a monthly salary exceeding EUR 4,500;

 

“Leakage”
means (i) any dividend or other distribution in accordance with the Maltese Companies Act to the Sellers (whether in cash
or in kind) or any of their Affiliates; (ii) any professional fees, expenses or other costs paid or incurred owing to any adviser
of a Group Company for the benefit of the Sellers in connection with the transaction contemplated by this Agreement, excluding
professional fees, expenses or other costs paid or incurred to any such adviser prior to or on the Locked Box Date; and (iii) any
new Borrowings, guarantees provided or any significant capital expenditure except for in the ordinary course of business;

 

“Locked
Box Accounts” means the consolidated financial statements
of the Group Companies for the period ended on the Locked Box Date, attached hereto as Appendix 7.5.2;

 

“Locked
Box Date” means 31 March 2017;

 

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“Loss”
means any direct loss, damage or expense (excluding any indirect or 
consequential damage, loss or expense), resulting from a breach of the Warranties or
other breach of this Agreement by the Sellers;

 

“Material
Agreements” means the agreements listed in Appendix 7.6.1;

“Purchase
Price” means the purchase price for the Shares set out in Section
4.1;
“Sellers’ Knowledge”
means the actual knowledge of the managing director of the
Company on the date hereof;

 

“Taxes”
means income taxes, duties, charges and withholding taxes and any other taxes
imposed by any tax authority, including penalties and interest relating to such taxes;

 

“Third
Party Claim” means any claim by a third party (including tax
and other 
authorities) against any of the Group Companies; and

 

“Warranties”
means the warranties of the Sellers set out in Section 7.

 

		3	Sale and Purchase

 

		3.1	Upon the terms and subject to the conditions set out in
this Agreement, the Sellers agree to sell the Shares, and the Buyer agrees to purchase the Shares, together with all rights attached
to them.

 

		3.2	The Shares shall be transferred to the Buyer on the Closing
Date after payment of the Purchase Price.

 

		4	Purchase Price and Payment

 

		4.1	The purchase price for the Shares shall be EUR 49,753,803
(the “Purchase Price”),
calculated as set out in Appendix 4.1.

 

		4.2	The Purchase Price shall be paid in EUR by the Buyer in
immediately available funds as follows:

 

		4.2.1	The sum of EUR 500,000 on the Signing Date to Helmet
Ltd ́s (as the Sellers’ authorised representative)
bank account number 365.015 with Bendura Bank, swift code HYIBLI22 and IBAN: LI11 0880 3103 6501 5000 0 (the
“Advance Payment”); and

 

		4.2.2	the sum of EUR 49,253,803 on the Closing Date to
the bank accounts as instructed by the Sellers in writing or by e-mail at least within 3 Business Days prior to the Closing Date.

 

		5	Conditions Precedent

 

		5.1	The respective obligations of the Buyer and the Sellers
to complete the transaction contemplated by this Agreement shall be subject to the receipt of clearances and approvals by the
Gaming Authorities in the jurisdictions listed in Appendix 5.1.

 

    	 	5

    	 	 

    

 

		5.2	In order to obtain the clearances and approvals set out
in Section 5.1 above, the Buyer shall prepare and submit qualitative and all (except for criminal records for certain directors
which however will be obtained as soon as possible) necessary notifications/applications to the Gaming Authorities no later than
10 Business Days after the Signing Date (and shall submit a copy to the Sellers of such application in advance). All
the Buyer’s costs and expenses (including filing and advisors’ fees) shall be borne by the Buyer.

 

		5.3	The Buyer shall use its best endeavours and take all reasonable
measures to fulfil the condition precedent set out in Section 5.1 as soon as possible. The Sellers shall procure that the Group
Companies provides the Buyer with necessary assistance and information for preparation of such application/filings.

 

		5.4	In the event that the condition precedent set out in Section
5.1 above has not been fulfilled within 8 weeks from the Signing Date or the Buyer in any other way fails to consummate and complete
the transaction contemplated by this Agreement, the Sellers shall be entitled (and thereby not obliged), in their sole discretion,
to terminate this Agreement forthwith in writing and keep EUR 200,000 of the Advance Payment as liquidated damages. The remaining
amount of the Advance Payment (i.e. EUR 300,000) shall be repaid to the Buyer and the Buyer shall not be entitled to any additional
compensation of any kind due to such termination.

 

		5.5	The Sellers shall not be entitled to exercise their right
to terminate this Agreement in accordance with Section 5.4 above if the Gaming Authorities, during the said 8 weeks period, have
given a clear and written indication that the clearances and approvals set out in Section 5.1 will be issued at the latest one
week after the said 8 weeks period (i.e. the said 8 weeks will thereby be prolonged with one additional week). For the avoidance
of doubt, in the event that the Gaming Authorities, despite their communication, do not issue the clearances and approvals set
out in Section 5.1 within said 9 weeks period, the Sellers shall have the right to terminate the Agreement in accordance with
Section 5.4 above.

 

		5.6	The Buyer shall, at any time (if not the Sellers have terminated
the Agreement in accordance with Section 5.4 above), be entitled to waive any or all condition precedents as set forth in Section
5.1 of this Agreement and complete the transaction contemplated by this Agreement and thereby complete all Closing steps set out
in Section 6 below.

 

		6	Closing

 

		6.1	Closing shall take place at the offices of the Company
at 10.00 a.m. on the Closing Date. 6.2At Closing:

 

		a)	the Buyer shall pay the Purchase Price (minus the Advance
Payment) in cash to the bank accounts instructed by the Sellers in accordance with Section 4.2.2 above;

 

		b)	the Sellers shall deliver, to the Buyer, a resolution in
writing executed in original by the sole director of the Company in terms of Article 33 of the Articles of Association of the
Company, and a resolution of the shareholders in original or certified true copy, expressly approving the transfer of the Shares
to the Buyer and the registration of the Buyer as a member of the Company in the register of members maintained by the Company;

 

		c)	the Sellers shall deliver, to the Buyer, the register of
members of the Company in which the Buyer has been inserted as the owner of all Shares;

 

    	 	6

    	 	 

    

  

		d)	the Sellers shall, if requested by the Buyer, cause the
Company to issue powers of attorney, enabling the persons appointed by the Buyer to sign for and on behalf of the Company until
new signatories have been duly registered;

 

		e)	the Sellers shall A) deliver consents from i) Red
Rake Tech S.L., (ii) Yellow Square S.L., (iii) Playson (Alderney) Ltd, (iv) Leaseweb Netherlands B.V. and (v) Quickspin AB to
the change of control of the Company as contemplated by this Agreement and B) notify Wirecard Bank AG regarding the transaction
contemplated by this Agreement;

 

		f)	the Buyer shall, and shall procure that Helmet Ltd
shall, enter into the shareholder ́s agreement on the terms set out in Appendix 6.2 f);

 

		g)	the Sellers shall ensure that all board members of
the Group Companies appointed by the Sellers, other than Mr Thomas Biro, retire from their respective offices, unless necessary
under local requirements or unless instructed otherwise by the Buyer; and

 

		h)	the Buyer shall appoint new board members to the board
of directors of the Group Companies.

 

		6.3	All of the actions to be taken and documents to be executed
and delivered by each of the Parties at Closing as set out in Section 6.2 above shall be deemed to be taken, executed and delivered
simultaneously, and no such action, execution or delivery shall be effective until all such other actions, executions and deliveries
are complete.

 

		6.4	The Buyer shall procure, with the reasonable assistance
of the Sellers, that as soon as possible following Closing, and in no case more than 14 days thereafter, all duly completed statutory
forms required for the registration of the transfer of the Shares, the filing of the updated Memorandum and Articles of Association
of the Company and the Group Companies reflecting the change of members and directors (if applicable) of the respective companies,
together with all other notices, forms, documents and the like required for this purpose are registered with the Registrar of
Companies in Malta. All required documentation shall also be provided by the Buyer to the Gaming Authorities (to the extent legally
required) confirming that the transfer of the Shares has been completed.

 

		7	Warranties of the Sellers

 

		7.1	The Buyer and its professional advisors have during the
period from 6 March 2017 to the Signing Date conducted a due diligence investigation of the Group Companies, during which the
Buyer and its advisors have had access to a virtual data room organized by Merrill Corporation,
have been given full access to the Group Companies’ operations and  financial affairs and have, inter alia,
(i) reviewed the data room documents listed in Appendix 7.1, (ii) raised the questions and received the answers listed
in said appendix, and (iii) attended management presentations including meetings with the management of the
Group Companies (the “Due Diligence”).

 

		7.2	The Sellers makes the following Warranties to the Buyer,
all of which are made as of the Signing Date and the Closing Date (unless the context provide otherwise).

 

    	 	7

    	 	 

    

 

		7.3	Corporate Existence and Power

 

		7.3.1	The Group Companies are duly incorporated and validly existing
under the laws of the jurisdictions in which they were incorporated, and the Sellers have the requisite power and authority to
enter into and perform this Agreement.

 

		7.3.2	None of the Group Companies has filed (or have had filed
against them) any petition for their winding-up, are not insolvent within the meaning of applicable laws, rules or regulations
or similar requirements, and have not made any assignment in favour of their creditors, nor has any petition for receivership
or any administration order been presented in respect of any of the Group Companies. None of the Group Companies has initiated
any proceedings with respect to a compromise or arrangement with their creditors or for the dissolution, liquidation or reorganisation
of any of the Group Companies or the winding-up or cessation of the Business. No receiver or administrative receiver or liquidator
has been appointed in respect of any of the Group Companies or any of their material assets.

 

		7.3.3	All material documentation concerning the Group Companies,
including its shareholders register, certificate of incorporation, memorandum and articles of association, minutes from
shareholders’ meetings and board meetings (if any) and meetings of any other existing corporate body of the respective
Group Company (if any) as well as accounts, financial records and other records required by law, have been properly kept, are
up to date, and the required filings of the same have been duly effected with relevant authorities in accordance with the applicable
law in the relevant jurisdiction of such Group Company.

 

		7.4	Ownership of the Shares and Capitalisation of the Group
Companies

 

		7.4.1	The Sellers own the Shares which constitute 93% of the
issued share capital of the Company. The Shares are free and clear from any Encumbrances and there is no agreement to create any
Encumbrance over Shares.

 

		7.4.2	All the shares of the subsidiaries listed in Appendix 1.3
are directly owned by the Company as set out in said appendix and the details in said appendix regarding the shares of such subsidiaries
are correct and all such shares are fully paid.

 

		7.4.3	There are no arrangements or commitments which call for
the issue or transfer of any shares, warrants, convertible debentures or other securities of the subsidiaries listed in Appendix
1.3. The Company’s shares in said subsidiaries are not subject
to any  Encumbrances.

 

		7.5	Accounts, Accounting Records and Statutory Books

 

		7.5.1	In all material respects, the Accounts, Appendix 7.5.1,
give a true and fair view of the financial position and the results of the operations of the Company on a consolidated basis as
of the Accounts Date and they have been prepared in accordance with the Accounting Principles.

 

		7.5.2	The Locked Box Accounts, Appendix 7.5.2, have been
prepared in accordance with the Accounting Principles as consistently applied by the Group Companies and they give, in all material
respects, a true and fair view of the financial position and results of the operations of each of the Group Companies and for
the consolidated group as of the Locked Box Date.

 

    	 	8

    	 	 

    

 

		7.5.3	The accounting records of the Group Companies are up-to-date
and contain, in all material respects, complete and accurate details of the business activities of the Group Companies to the
extent required by applicable law, in the jurisdiction of the respective Group Company, to be included in such records.

 

		7.5.4	Since the Locked Box Date, the Group Companies have carried
out the Business in the ordinary course, consistent with past practices and the Sellers have not declared, paid or caused any
Leakage.

 

		7.6	Material Agreements

 

		7.6.1	There are no other Material Agreements than those listed
in Appendix 7.6.1. The Material Agreements listed in said appendix are in full force and effect and the text of the agreements
accurately reflects the contents of the agreements.

 

		7.6.2	To
the Sellers’ Knowledge, (i) none of the Group Companies are per the Signing Date in breach or default under any Material
Agreement, and (ii) the Group Companies are complying in all material respects with their Material Agreements, and no party to
such contracts has per the Signing Date given notice of that it will terminate any such contract.

 

		7.6.3	Except those Material Agreements which have been disclosed
that require approval for change of control, no other Material Agreement will become terminable as a result of this Agreement
or the Closing.

 

		7.7	Intellectual Property Rights

 

		7.7.1	The respective Group Company is the owner of the Intellectual
Property Rights set out in Appendix 7.7.1 or has been granted rights to use such, as applicable and such Intellectual Property
Rights are held free and clear of any Encumbrances.

 

		7.7.2	The Group Companies hold (either by ownership or license)
all necessary Intellectual Property Rights for conducting their respective business, including all software licenses used in the
Business.

 

		7.7.3	No Person infringes any of the Intellectual Property Rights
of any of the Group Companies.

 

		7.7.4	In addition to the above, as of the date of this Agreement,
apart from the disclosed claim received from Lottoland in respect of
a claimed breach of Lottoland’s Intellectual  Property Rights, no other Group Company has received any written claim
stating that it is in infringement of any Intellectual Property Rights
of any other Person. To the Seller’s  knowledge none of the Group Companies are infringing any material Intellectual
Property rights of any other Person.

 

		7.7.5	To
the Sellers’ Knowledge, none of the Group Companies have received any third party claims regarding potential infringement
of intellectual property rights except as disclosed to the Buyer during the Due Diligence.

 

    	 	9

    	 	 

    

  

		7.8	Insurance

 

All material insurance policies in respect of
the Group Companies have been disclosed to the Buyer and all such policies are in full force and effect until the Closing
Date.

 

		7.9	Employment and labour matters

 

		7.9.1	The Key Employees including their employment contracts
have been disclosed during the Due Diligence, and the information in said appendix correctly and exhaustively reflects the full
terms of employment for the Key Employees, including their benefits.

 

		7.9.2	None of the Key Employees has given or received notice
of termination of his or her employment and, to the Sellers’ Knowledge,
no such Key Employee has any current intention of giving such notice.

 

		7.9.3	There are no share incentive, share option, bonus, deferred
compensation, profit sharing, severance pay, other incentive scheme or similar arrangements in force with respect to any current
or former directors, officers or other employees of the Group Companies.

 

		7.10	Leased Premises and Real Property

 

		7.10.1	All leases, pursuant to which the Group Companies lease
real property have been disclosed during the Due Diligence.

 

		7.10.2	The Group Companies occupy and use the leased properties
for the sole purpose of conducting the Business.

 

		7.10.3	None of the Group Company owns any real property.

 

		7.11	Taxes

 

		7.11.1	The Group Companies have filed the required tax returns
and reports with the appropriate tax authorities and all Taxes that have become due for payment under decisions of appropriate
tax authorities have been paid.

 

		7.11.2	There are no tax audits pending with respect to any of
the Group Companies.

 

		7.11.3	The Group Companies have not obtained from appropriate
tax authorities any subsidies, preferential Tax treatments, state aids or grants of whatever kind, which the Group Companies are
not entitled to and which the Group Companies will be obliged to refund or repay in view of the Agreement.

 

		7.12	Litigation

 

The Group Companies are not engaged in any pending
or threatened litigation or arbitration proceedings whether as plaintiffs, defendants or otherwise.

 

    	 	10

    	 	 

    

 

		7.13	Regulatory and Compliance

 

		7.13.1	To
the Sellers’ Knowledge, the Group Companies conduct and have conducted their business, in all material respect, in
accordance with applicable licences, permits, certificates, authorizations, law and regulations in the relevant jurisdiction of
such Group Company, including, for the avoidance of doubt, with respect to gambling operations, information security, data protection
and player privacy.

 

		7.13.2	The Group Companies currently hold all licenses, permits,
certificates and authorizations required to carry on the businesses conducted by them.

 

		7.13.3	No Group Company, nor any of their directors, officers
or employees, agents or representatives has taken any actions in furtherance of an offer, payment, promise to pay, or authorization
or approval of the payment or giving of money, property, gifts or anything else of value, directly or indirectly, to any government
official (including any officer or employee of a government or government-owned or controlled entity or of a public international
organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or
party official or candidate for political office) to influence official action or secure an improper advantage.

 

		7.13.4	The Group Companies have conducted their businesses in
compliance with applicable anti-corruption laws and have instituted and maintained policies and procedures designed to promote
and achieve compliance with such laws.

 

		7.13.5	The operations of the Group Companies are and have been
conducted at all times in compliance with applicable financial recordkeeping and reporting requirements and anti- money laundering
statutes in the relevant jurisdiction of such Group Company and the rules and regulations thereunder and any related or similar
rules, regulations or guidelines, issued, administered or enforced by
any governmental agency (together the “Anti-Money Laundering
Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any
arbitrator involving the Group Companies with respect to Anti-Money Laundering
Laws is pending or, to the Sellers’ Knowledge,  threatened.

 

		7.14	Ordinary Course

 

Unless disclosed during the Due Diligence,
during the period from Lock Box Date until the Signing Date, no Group Company has operated its business other than in the
ordinary course of business and more specifically has not:

 

		a)	incurred any additional Borrowings;

 

		b)	acquired or agreed to acquire any share or other interest
in any company, partnership or other venture;

 

		c)	created, allotted or issued any share capital or loan
capital of the Group Companies or any option to subscribe for the same;

 

		d)	made any transfer of value, including but not limited
to dividend payments, distribution of profits or assets, from the Group Companies;

 

		e)	repaid, redeemed or repurchased any share capital
or loan capital of the Group Companies;

 

		f)	made any material amendment to the terms and conditions
of employment (including, without limitation, remuneration, pension entitlements and other benefits) of any employee (other than
non-material increases of salary in the ordinary course of business) or offered any employee a share option incentive scheme;

 

    	 	11

    	 	 

    

 

		g)	created, amended or agreed to create or amend any
Encumbrance over any of its assets;

 

		h)	made any change to its accounting practices or policies
or change its accounting reference date;

 

		i)	made any amendment to the articles of association
of the Group Companies;

 

		j)	entered into dissolution or winding-up proceedings
of the Group Companies;

 

		k)	entered into or amended or terminated a material contract
or licence to which it is a party other than in the ordinary course of business;

 

		l)	entered into any transaction with the Seller or any
of their Affiliates;

 

		m)	initiated or settled any legal, arbitration or other
such proceedings otherwise than for the purpose of debt collection in the ordinary course of business;

 

		n)	decreased any marketing spend or made changes in bonus
levels; or o)agreed to enter into any arrangement to do any
of the foregoing.

 

		7.15	Information

 

The information provided to the Buyer in the Due
Diligence is, to the Sellers’ Knowledge, true, accurate
and complete in all material respect and not misleading and no information which reasonably should have been disclosed by the
Sellers acting in good faith to a potential buyer of shares and a company or which a prudent buyer of shares and a company would
otherwise reasonably expect to be made available, has been withheld.

 

		7.16	No other Warranties

 

The Buyer agrees that
the Sellers have made no, and the Buyer has not relied on any, express or implied representation or warranty other than the
Warranties contained in this Agreement and no action or omission by the Sellers or any of the Group Companies shall be
construed as implying any representation or warranty.

 

		8	Warranties of the Buyer

 

The Buyer make the
following warranties to the Sellers, all of which are made as of the Signing Date and as of the Closing Date.

 

		8.1	Corporate Existence and Power

 

The Buyer is
duly incorporated and validly existing under the laws of the jurisdiction in which the Buyer was incorporated, has the
requisite power and authority, and the necessary funds, to enter into and perform this Agreement and any other undertaking to
be executed by the Buyer pursuant to this Agreement. The Buyer has not filed (or has had filed against it) any petition for
its winding up, is not insolvent within the meaning of applicable laws, rules or regulations or similar requirements, and has
not made any assignment in favour of its creditors or any class of them, nor has any petition for receivership or any
administration order been presented in respect of the Buyer. The Buyer has not initiated any proceedings for a compromise or
arrangement with its creditors or for the dissolution, liquidation or reorganisation of the Buyer or the winding- up or
cessation of the business the Buyer. No receiver or administrative receiver or liquidator has been appointed in respect of
the Buyer or any of its material assets and no execution have been levied upon any of its material assets.

 

    	 	12

    	 	 

    

 

		8.2	Corporate Authorisation and Non-Contravention

 

		8.2.1	This Agreement and any other documents or instruments to
be executed by the Buyer pursuant to this Agreement and the performance by the Buyer of its obligations under them, have been
duly authorised by all necessary corporate action on the part of the Buyer, and this Agreement, and any other documents or instruments
to be executed by the Buyer pursuant to this Agreement, will, when executed, constitute valid and binding obligations of the Buyer
in accordance with their respective terms.

 

		8.2.2	The Buyer is not aware of any fact or circumstance which
would entitle the Buyer to make a Claim against the Sellers or which the Buyer would reasonably have concluded could lead to a
Claim against the Sellers.

 

		8.3	Financing

 

The Buyer has obtained
or will have obtained by the time of Closing the necessary financing for the payment of all amounts to be paid under this
Agreement.

 

		9	Covenants

 

		9.1	Conduct of Business

 

		9.1.1	Subject to Section 9.1.2 below, the Sellers shall procure
that from the Signing Date to Closing no Group Company will take any corporate or other action (without the prior consent of the
Buyer, such consent not to be unreasonably withheld or delayed) to operate its business other than in the ordinary course of business,
and, more specifically that no Group Company will take any of the actions listed in Section 7.14 and/or employ any new Key Employees,
without the approval of the Buyer.

 

		9.1.2	Provided that the Buyer is informed beforehand, Section
9.1.1 above shall not operate as to restrict or prevent

 

		a)	any matter reasonably undertaken by a Group Company
in an emergency or a disaster situation with the intention of minimizing any adverse effect of such situation;

 

		b)	the completion or performance of any obligations undertaken
pursuant to any agreement or arrangement entered into by the Group Companies prior to the Signing Date;

 

		c)	any action pursuant to a requirement under applicable
law; or

 

		d)	any action provided for under this Agreement.

 

    	 	13

    	 	 

    

 

		9.1.3	The
Buyer hereby authorises the individual specified as the Buyer’s contact in Section 17 (Notices) to, during the period
between the Signing Date and the Closing Date, represent the Buyer and give such consents as stipulated in Section 9.1.1.

 

		9.1.4	The Sellers hereby authorises the individual specified
as the Sellers’ contact in Section 17 (Notices) to, during
the period between the Signing Date and the Closing Date, represent the Sellers under this Agreement.

 

		9.2	Non-competition

 

		9.2.1	From the Closing Date until the date falling 36 (thirty-six)
months thereafter, the Sellers agree not to, and shall procure that their respective Affiliates shall not, engage or prepare to
engage, directly or indirectly, as a principal or for its own account, or solely or jointly with others, or as holder of any shares
or business interest in any Person, or in any business which directly competes with the Business of the Group Companies as it
is conducted on the Closing Date.

 

		9.2.2	Notwithstanding Section 9.2.1, the Sellers shall be entitled
to make investments in listed companies provided that such investment does not exceed five (5) per cent of the votes or issued
share capital of the listed company.

 

		9.3	Non-solicitation

 

From the Signing Date
until the date falling 36 (thirty-six) months thereafter, the Sellers undertake to, and shall procure that their respective
Affiliates shall, refrain from employing, offering or negotiating employment with, or enticing away, or receiving or
accepting the performance of services by, any of the employees of the Group Companies.

 

		10	Indemnification

 

		10.1	Indemnification

 

		10.1.1	Subject to Section 10.2 below, in the event of a breach of any of the Warranties, covenants or agreements made or to be performed by the Sellers pursuant to this Agreement, the Buyer shall be entitled to a reduction of
                                                                                the Purchase Price with an amount corresponding to the Loss EUR by EUR. Consequently, it is specifically agreed that the Sellers’ liability
                                                                                in relation to the Shares is exclusively governed by this Section 10 and thus no remedy whatsoever under the Swedish Sale of
                                                                                Goods Act, the International Sale of Good Act or any other acts, or any similar legal principles in any jurisdiction, shall
                                                                                apply for the transaction under this Agreement or between the Parties.

 

		10.1.2	Instead of compensating the Buyer in accordance with the
above, the Sellers shall have the right to remedy the subject matter of a Claim that is capable of being remedied, provided that
the Sellers (i) within five Business Days after receipt of a notice of a Claim in accordance with Section 10.2.4 below notify
the Buyer that the Sellers will exercise their right to remedy such subject matter of the Claim, and (ii) remedy the subject matter
of a Claim within 30 Business Days from such notice.

 

    	 	14

    	 	 

    

  

		10.2	Limitation of Indemnification

 

The Sellers’ liability
in respect of any breach of any of the Warranties, covenants or agreements made or to be performed by the Sellers pursuant to
this Agreement is subject to the following limitations:

 

		10.2.1	The Buyer shall not be entitled to a reduction of the Purchase
Price unless the aggregate amount of all Losses, subject to any restrictions made under this Section 10, exceeds EUR 300,000,
in which case only the excess shall be payable. For the purposes hereof no individual Loss which is less than EUR 50,000 shall
be taken into account.

 

		10.2.2	The maximum aggregate liability of the Sellers in respect
of all Claims shall in no event exceed 25 % of the Purchase Price.

 

		10.2.3	Each
Sellers’ liability under this Agreement is individual (and not jointly) and shall not  exceed the portion of a Claim equal
to such Sellers’ portion of the Purchase Price.

 

		10.2.4	No Claim shall entitle the Buyer to a reduction of the
Purchase Price unless notice in writing of any such Claim, accompanied by reasonable particulars thereof specifying the nature
of the Claim and, as far as practicable, the amount of the Loss, has been given to the Sellers within 30 days from the date when
the Buyer or the relevant Group Company became aware of the circumstances giving rise to the Claim, and in any event no later
than 18 months after the Closing Date. Any such Claim which may be made, which has not been previously satisfied, settled or withdrawn,
shall be deemed to have been withdrawn four months subsequent to when the Claim was made, unless legal proceedings in accordance
with in Section 20 below have been commenced against the Sellers in respect thereof by then.

 

		10.2.5	For the purposes of this Agreement, a liability, which
is contingent, shall not constitute a Loss unless and until such contingent liability becomes an actual liability and is due and
payable.

 

		10.2.6	If any Loss is a tax deductible item, or relates to an
untaxed reserve, the recoverable Loss shall be reduced by an amount equivalent to the Loss multiplied by the actual corporate
tax rate applicable in the relevant jurisdiction of the Group Companies (or, as the case may be, the Buyer) during the relevant
fiscal year.

 

		10.2.7	No Claim may be made and no liability shall arise if and
to the extent that

 

		a)	such Claim is based on facts or circumstances which
have been disclosed to the Buyer or its advisors in this Agreement, during the Due Diligence or otherwise through the information
disclosed in writing or by e-mail to the Buyer, or which were otherwise known or reasonably should have been known to the Buyer
or the Buyer ́s advisors prior to the Closing Date. The Buyer specifically understand that the Warranties do not release
the Buyer from carrying out a prudent investigation of the state of affairs of the Group Companies;

 

		b)	a provision or allowance for the matter of the Loss
(whether as a specific reserve or as a general reserve) has been made in the Accounts, or the same is otherwise taken account
of or reflected in the Accounts;

 

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		c)	such Claim occurs as a result of the passing of any
legislation not in force at the Closing Date, or which takes effect retroactively, or occurs as a result of any increase in the
tax rate in force on the Closing Date or any change in the generally established practice of the relevant tax authorities or courts;

 

		d)	such Claim which is recoverable under an insurance
policy or which would have been recoverable had the insurance protection level, which existed at the Closing Date, been continued;
or

 

		e)	such Claim would not have arisen but for an act, omission
or transaction carried out by any Buyer, or persons deriving title from any Buyer or any of the Group Companies after the Closing
Date.

 

		10.3	Third Party Claims

 

		10.3.1	In case a Third Party Claim that could lead to a breach
of any of the Warranties should come to the Buyer ́s knowledge, the Buyer, in order to preserve its right to bring a Claim
against the Sellers, either itself, or shall procure that the relevant Group Company:

 

		a)	shall give notice thereof to the Sellers in accordance
with Section 10.2.4;

 

		b)	shall not make any admission of liability and not
agree to settle or compromise with any person, body or authority in relation thereto, without obtaining the prior written consent
of the Sellers;

 

		c)	procure that the Sellers are able to provide advice
and non-binding recommendations to the Buyer with respect to a potential Third Party Claim;

 

		d)	shall
give the Sellers, or the Sellers’ duly authorised representatives, reasonable access to the personnel of the Buyer
and/or the relevant Group Company, as the case may be, and to any relevant premises, accounts, documents and records within their
respective possession, and to take copies thereof, in order to enable
the Sellers, or the Sellers’ duly authorised representatives, to examine the basis of any potential Third Party Claim.

 

		10.3.2	If the Sellers make any payment to the Buyer as a settlement
of a Claim and the Buyer or any of the Group Companies have the right to recover from any third party any amount that has formed
the basis of the Claim, the Buyer shall promptly and without request from the Sellers assign that right to the Sellers.

 

		11	Specific Indemnities

 

		11.1	Notwithstanding
any limitation of the Sellers’ liability set forth in this Agreement, except for (i) the cap in Section 10.2.2 and
(ii) each Sellers’ liability in Section 10.2.3 which shall apply, the Sellers shall indemnify and hold the Buyer
or the Group Companies harmless

 

		a)	from any and all costs, losses, liabilities or expenses
arising out of or in relation to any and all liability arising out of
the alleged breach of Lottoland’s intellectual property rights  prior to Closing;

 

		b)	from any and all liability arising under the Occupational
Health and Safety Act, in respect of an alleged offence committed prior to Closing in relation of the holding a risk assessment
of the place of work; and

 

    	 	16

    	 	 

    

  

		c)	from the amount of any Taxes that the Sellers or the
Group Companies incurred or are assessed, in connection with the Sellers’
or relevant Group Company’s failure to timely file any and all Tax report, pay or remit, or any failure of Sellers
or the Group Companies to withhold or to assist in withholding from payments to Sellers any Taxes arising from the transaction
contemplated by this Agreement or the transfer of the intellectual property rights to the Company’s
subsidiary Multi Warehouse Ltd.

 

		12	Confidentiality

 

		12.1	Each Party undertakes not to use or disclose any Confidential
Information unless (i) required to do so by law or pursuant to any order of court or other competent authority or tribunal (ii)
required to do so by any applicable stock exchange regulations or the regulations of any other recognised market place (iii) such
disclosure has been consented to by the other Party in writing (such consent not to be unreasonably withheld) or (iv) to its professional
advisers who are bound to such Party by a duty of confidence which applies to any information disclosed. If a Party becomes required,
in circumstances contemplated by (i) or (ii) to disclose any information, the disclosing Party shall use its reasonable endeavours
to consult with the other Party prior to any such disclosure.

 

		12.2	If this Agreement is terminated, irrespective of the cause
of such termination, the Buyer shall – and shall procure
that its advisors – upon a request in writing from the Sellers,
return or destroy any document containing Confidential Information, and any copy thereof.

 

		13	Announcements

 

		13.1	All press releases, public announcements and public relations
activities by the Parties with regard to this Agreement or the transaction contemplated by it shall be mutually approved by the
Parties in advance of such release or announcement. A Party shall, however, not be prevented from, after reasonable consultation
with the other Party, disclosing such information which is required under applicable law or stock exchange regulations.

 

		13.2	Notwithstanding Section 13.1 above, the Buyer undertakes,
on Signing Date, to announce to the public (including applicable stock exchange) the announcement as per SEC rules.

 

		14	Costs

 

Each Party shall pay its
own costs and expenses in connection with the preparation and completion of the transaction contemplated by this Agreement. 

 

		15	Entire Agreement

 

This Agreement represents the entire understanding
and agreement between the Parties
with respect to the subject matter hereof and supersedes all prior negotiations,
understandings and agreements with respect to the subject matter hereof.

 

    	 	17

    	 	 

    

 

		16	Amendments and Waivers

 

This Agreement may only
be amended by an instrument in writing duly executed by the Parties. No change, termination, modification or waiver of any
provision, term or condition of this Agreement shall be binding on the Parties, unless it is made in writing.

 

		17	Notices

 

		17.1	All notices, requests, demands, approvals, waivers and
other communications required or permitted under this Agreement must be in writing in the English language and shall be deemed
to have been received by a Party when:

 

		a)	delivered by hand, on the day of delivery;

 

		b)	delivered by e-mail, upon confirmation by the receiving
Party.

 

		17.2	All such notices and communications shall be addressed
as set out below or to such other addresses as may be given by written notice in accordance with this Section.

 

	If to the Sellers:	Helmet Ltd
	 	Suites 41/42, Victoria House,
	 	26 Main Street, Gibraltar
	 	GX 11 1AA, Gibraltar
	 	E-mail: thomas@themultigroup.com
	 	 
	With a copy (not serving as	Grey Advokatbyrå AB
	a notice) to:	Attention: Philip Asmar
	 	Birger Jarlsgatan 12, 114 34 Stockholm,
	 	Sweden
	 	E-mail: philip.asmar@greyadvokat.se
	 	 
	If to the Buyer:	500.com Limited
	 	Attention: Tianshi Zhou
	 	Vice President of Corporate Development
	 	500.com Building, Shenxianling Sports  
	 	Center, Longgang District,
	 	Shenzhen, China
	 	E-mail: zhouts@500wan.com
	 	 
	With a copy (not serving as	WH Partners
	a notice) to:	Attention: Robert Zammit
	 	Level 5, Quantum House, 75 Abate Rigord

Street, Ta' Xbiex XBX 1120
	 	Malta
	 	E-mail: robert.zammit@whpartners.eu

 

		18	Assignments

 

No Party may assign,
delegate, sub-contract, or otherwise transfer or pledge or grant any other security interest in or over any of its rights or
obligations under this Agreement without the prior written consent of the other Party.

 

    	 	18

    	 	 

    

  

		19	Partial Invalidity

 

If any provision of this
Agreement or the application of it shall be declared or deemed void, invalid or unenforceable in whole or in part for any
reason, the remaining provisions of this Agreement shall continue in full force and effect. The Parties shall seek to amend
such void, invalid or unenforceable provisions and thereby this Agreement in order to give effect to, so far as is possible,
the spirit of this Agreement and to achieve the purposes intended by the Parties.

 

		20	Governing Law and Disputes

 

		20.1	This Agreement shall be governed by and construed in accordance
with the laws of Sweden.

 

		20.2	Any dispute, controversy or claim arising out of, or in
connection with, this Agreement, or the breach, termination or invalidity of the Agreement, shall be finally settled by arbitration
in accordance with the Arbitration Rules of the Arbitration Institute of the Stockholm Chamber of Commerce. The place of arbitration
shall be Stockholm, Sweden. The language to be used in the arbitral proceedings shall be English. The arbitral tribunal shall
be composed of three arbitrators.

 

		20.3	The Parties undertake and agree that all arbitral proceedings
conducted with reference to this arbitration clause will be kept strictly confidential. This confidentiality undertaking shall
cover all information disclosed in the course of such arbitral proceedings, as well as any decision or award that is made or declared
during the proceedings. Information covered by this confidentiality undertaking may not, in any form, be disclosed to a third
party without the written consent of the other Party. This notwithstanding, a Party shall not be prevented from disclosing such
information in order to safeguard in the best possible way his rights in connection with the dispute, or if obligated to do so
pursuant to statute, regulation, a decision by an authority, a stock exchange agreement or similar.

 

		20.4	In case this Agreement or any part of it is assigned or
transferred to a third party, such third party shall automatically be bound by the provisions of this arbitration clause.

 

____________________________

 

[SIGNATURE PAGE TO FOLLOW]

 

    	 	19

    	 	 

    

 

This Agreement has been duly
executed in two originals, of which the Sellers have taken one and the Buyer have taken one.

 

26 May 2017

  

	ATHENA NIKOU HOLDING AB	 	500.COM LIMITED
	 	 	 
	/s/ Athena Nikou	 	/s/ Zhengming Pan
	Athena Nikou	 	Zhengming Pan (CEO, Director)
	 	 	 
	 	 	/s/ Bo Yu
	 	 	Bo Yu (Director)
	 	 	 
	KARL RAUSING HOLDING AB	 	 
	 	 	 
	/s/ Karl Rausing	 	 
	Karl Rausing	 	 
	 	 	 
	CROSSBONE LTD	 	 
	 	 	 
	/s/ Maria Zembyla	 	 
	Maria Zembyla	 	 
	 	 	 
	DC COACHING AB	 	 
	 	 	 
	/s/ Maria Hamrin	 	 
	Maria Hamrin	 	 

 

    	 	20

    	 	 

    

 

	MR BILL SVERIGE AB  	 
	 	 
	/s/ Edvard Plepel	 
	Edvard Plepel	 
	 	 
	JENNY PLEPEL HOLDING AB  	 
	 	 
	/s/ Jenny Plepel	 
	Jenny Plepel	 
	 	 
	PER WIDELÖV HOLDING AB	 
	 	 
	/s/ Per Widelöv	 
	Per Widelöv  	 
	 	 
	ANNA WIDELÖV HOLDING AB	 
	 	 
	/s/ Anna Widelöv	 
	Anna Widelöv  	 
	 	 
	TOLGA ISLERCELIK HOLDING AB	 
	 	 
	/s/ Tolga Islercelik	 
	Tolga Islercelik	 

 

    	 	21

    	 	 

    

 

	BATES HOLDINGBOLAG AB  	 
	 	 
	/s/ Michael Evenholt	 
	Michael Evenholt	 
	 	 
	WILHELM BUHRING HOLDING AB	 
	 	 
	/s/ Wilhelm Bühring	 
	Wilhelm Bühring	 
	 	 
	JOHAN TÖRNSTRÖM HOLDING AB	 
	 	 
	/s/ Johan Törnström	 
	Johan Törnström	 
	 	 
	TIMOTHY AB	 
	 	 
	/s/ Tim Holmberg	 
	Tim Holmberg	 
	 	 
	HELMET LTD	 
	 	 
	/s/ Thomas Biro	 
	Thomas Biro	 

 

    	 	22

    	 	 

    

 

	/s/ Jonas Ejevärn 	 
	Jonas Ejevärn  	 
	 	 
	/s/ Ivan Fialdini	 
	Ivan Fialdini   	 

 

    	 	23

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