Document:

Exhibit
10.2

 

ASSIGNMENT,
ASSUMPTION AND AMENDMENT AGREEMENT

 

This
Assignment, Assumption and Amendment Agreement (this “Agreement”) is made as of November 30, 2021, by
and among DD3 Acquisition Corp. II, a Delaware corporation, with offices at Pedregal 24, 3rd Floor, Interior 300, Colonia Molino
del Rey, Del. Miguel Hidalgo, 11040 Mexico City, Mexico (the “Company”), Codere Online Luxembourg, S.A., a
public limited liability company (société anonyme) governed by the laws of the Grand Duchy of Luxembourg
with its registered office at 7 rue Robert Stümpert, L-2557 Luxembourg, Grand Duchy of Luxembourg and registered with the
Luxembourg Trade and Companies Register (Registre de Commerce et des Sociétés, Luxembourg) (“Holdco”),
and Continental Stock Transfer & Trust Company, a New York limited purpose trust company, with offices at 1 State Street,
30th Floor, New York, New York 10004, as warrant agent (the “Warrant Agent”). Capitalized terms used herein
but not otherwise defined in this Agreement shall have the meanings ascribed to such terms in the Existing Warrant Agreement (as
defined below).

 

WHEREAS,
the Company and the Warrant Agent are parties to that certain Warrant Agreement, dated as of December 7, 2020, and filed with
the United States Securities and Exchange Commission on December 11, 2020 (the “Existing Warrant Agreement”);

 

WHEREAS,
pursuant to the Existing Warrant Agreement, the Company issued (a) an aggregate of 185,000 warrants (“Private Warrants”)
that were part of the private units sold in connection with the closing of the Company’s initial public offering (the “Public
Offering”), each whole Private Warrant entitling the holder thereof to purchase one share of Class A common stock, par
value $0.0001 per share (“Class A Common Stock”), at an exercise price of $11.50 per share, subject to adjustment,
and (b) an aggregate of 6,250,000 warrants (the “Public Warrants” and, together with the Private Warrants,
the “Warrants”) that were part of the units sold in the Public Offering, each whole Public Warrant entitling
the holder thereof to purchase one share of Class A Common Stock at an exercise price of $11.50 per share, subject to adjustment;
for the avoidance of doubt, no Working Capital Warrants nor Post IPO Warrants have been issued as of the date hereof;

 

WHEREAS,
all of the Warrants are governed by the Existing Warrant Agreement;

 

WHEREAS,
on June 21, 2021, a Business Combination Agreement (the “Business Combination Agreement”) was entered into
by and among the Company, Codere Newco, S.A.U., a corporation (sociedad anónima unipersonal) registered and incorporated
under the laws of Spain and with its registered office at Avenida de Bruselas 26, 28108, Alcobendas (Madrid, Spain) (“Parent”),
Servicios de Juego Online S.A.U., a corporation (sociedad anónima unipersonal) registered and incorporated under
the laws of Spain and with its registered office at Avenida de Bruselas 26, 28108, Alcobendas (Madrid, Spain) (“SEJO”),
Holdco and Codere Online U.S. Corp., a Delaware corporation (“Merger Sub”);

 

WHEREAS, pursuant
to the Business Combination Agreement and that certain Contribution and Exchange Agreement, dated as of June 21, 2021, entered
into by and among Holdco, SEJO and Parent (the “Exchange Agreement”), (a) Parent will contribute its ordinary
shares in SEJO to Holdco in exchange for additional ordinary shares of Holdco with a nominal value of €1.00 per share (“Holdco
Ordinary Shares”), to be subscribed for by Parent, (b) as a result of the Exchange (as defined in the Business Combination
Agreement), SEJO will become a wholly-owned subsidiary of Holdco and Parent will continue to hold all the issued and outstanding
Holdco Ordinary Shares, and (c) Merger Sub will merge with and into the Company, with the Company surviving such merger and becoming
a direct wholly-owned subsidiary of Holdco (the “Merger”) and, in connection with the Merger, all shares of
Class A Common Stock issued and outstanding immediately prior to the Merger Effective Time (as defined in the Business Combination
Agreement), but after the SPAC Class B Conversion (as defined in the Business Combination Agreement), will be exchanged for Holdco
Ordinary Shares pursuant to a share capital increase of Holdco, as set forth in the Business Combination Agreement;

 

WHEREAS,
upon consummation of the Merger, as provided in Section 4.5 of the Existing Warrant Agreement, each of the issued and outstanding
Warrants will no longer be exercisable for shares of Class A Common Stock but instead will be exercisable (subject to the terms
and conditions of the Existing Warrant Agreement as amended hereby) for Holdco Ordinary Shares;

 

WHEREAS,
the board of directors of the Company has determined that the consummation of the transactions contemplated by the Business Combination
Agreement will constitute a Business Combination (as defined in Section 3.2 of the Existing Warrant Agreement);

 

     

     

    

 

WHEREAS,
in connection with the Merger, the Company desires to assign all of its right, title and interest in the Existing Warrant Agreement
to Holdco and Holdco wishes to accept such assignment; and

 

WHEREAS,
Section 9.8 of the Existing Warrant Agreement provides that the Company and the Warrant Agent may amend the Existing Warrant
Agreement without the consent of any registered holders for the purpose of curing any ambiguity or to correct any mistake, or
curing, correcting or supplementing any defective provision contained therein or adding or changing any other provisions with
respect to matters or questions arising under the Existing Warrant Agreement as the Company and the Warrant Agent may deem necessary
or desirable and that the Company and the Warrant Agent deem shall not adversely affect the interest of the registered holders.

 

NOW,
THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the receipt and
sufficiency of which is hereby acknowledged, and intending to be legally bound, the parties hereto hereby agree as follows:

 

1. Assignment
and Assumption; Consent.

 

1.1. Assignment
and Assumption. The Company hereby assigns to Holdco all of the Company’s right, title and interest in and to the Existing
Warrant Agreement (as amended hereby) as of the Merger Effective Time. Holdco hereby assumes, and agrees to pay, perform, satisfy
and discharge in full, as the same become due, all of the Company’s liabilities and obligations under the Existing Warrant
Agreement (as amended hereby) arising from and after the Merger Effective Time.

 

1.2. Consent.
The Warrant Agent hereby consents to the assignment of the Existing Warrant Agreement by the Company to Holdco pursuant to Section 1.1
hereof effective as of the Merger Effective Time, the assumption of the Existing Warrant Agreement by Holdco from the Company
pursuant to Section 1.1 hereof effective as of the Merger Effective Time, and to the continuation of the
Existing Warrant Agreement in full force and effect from and after the Merger Effective Time, subject at all times to the Existing
Warrant Agreement (as amended hereby) and to all of the provisions, covenants, agreements, terms and conditions of the Existing
Warrant Agreement and this Agreement.

 

2. Amendment
of Existing Warrant Agreement. The Company and the Warrant Agent hereby amend the Existing Warrant Agreement as provided in
this Section 2, effective as of the Merger Effective Time, and acknowledge and agree that the amendments to the
Existing Warrant Agreement set forth in this Section 2 are necessary or desirable and that such amendments
do not adversely affect the interests of the registered holders:

 

2.1. Preamble.
The first paragraph on page one of the Existing Warrant Agreement is hereby amended by deleting “DD3 Acquisition Corp. II,
a Delaware corporation, with offices at Pedregal 24, 3rd Floor, Interior 300, Colonia Molino del Rey, Del. Miguel Hidalgo, 11040
Mexico City, Mexico” and replacing it with “Codere Online Luxembourg, S.A., a public limited liability company (société
anonyme) governed by the laws of the Grand Duchy of Luxembourg with its registered office at 7 rue Robert Stümper, L-2557
Luxembourg, Grand Duchy of Luxembourg and registered with the Luxembourg Trade and Companies Register (Registre de Commerce
et des Sociétés, Luxembourg)”. As a result thereof, all references to the “Company” in the
Existing Warrant Agreement shall be references to Holdco rather than the Company.

 

2.2. Recitals.
The recitals on page one of the Existing Warrant Agreement are hereby deleted in their entirety and replaced with the following:

 

“WHEREAS,
on December 10, 2020, DD3 Acquisition Corp. II (“DD3”) consummated an initial public offering (“Public
Offering”) of 12,500,000 units (including 1,500,000 units pursuant to the underwriters’ partial exercise of their
over-allotment option) (“Public Units”), each Public Unit comprised of one share of Class A common stock of
DD3, par value $0.0001 per share (“Common Stock”), and one-half of one warrant, where each whole warrant entitled
the holder to purchase one share of Common Stock at a price of $11.50 per share, subject to adjustment as described herein, and,
in connection therewith, issued and delivered 6,250,000 warrants (the “Public Warrants”) to the public investors
in connection with the Public Offering; and

 

    2

     

    

 

WHEREAS,
DD3 filed with the Securities and Exchange Commission (the “SEC”) Registration Statements on Form S-1, File
Nos. 333-250212 and 333-251190 (collectively, the “Registration Statement”), and a prospectus (the “Prospectus”)
for the registration, under the Securities Act of 1933, as amended (“Act”), of the Public Units, the Public
Warrants and the Common Stock included in the Public Units; and

 

WHEREAS,
pursuant to binding commitments from DD3 Sponsor Group, LLC (the “Sponsor”) and certain other investors, DD3
sold an aggregate of 370,000 units to the Sponsor and such investors, which included an aggregate of 185,000 warrants (the “Private
Warrants”, and together with the Public Warrants, the “DD3 Warrants”) bearing the legend set forth
in Exhibit B hereto, in a private placement transaction that occurred simultaneously with the consummation of the Public Offering;
and

 

WHEREAS,
the Company, DD3, Codere Newco, S.A.U., a corporation (sociedad anónima unipersonal) registered and incorporated
under the laws of Spain and with its registered office at Avenida de Bruselas 26, 28108, Alcobendas (Madrid, Spain), Servicios
de Juego Online S.A.U., a corporation (sociedad anónima unipersonal) registered and incorporated under the laws
of Spain and with its registered office at Avenida de Bruselas 26, 28108, Alcobendas (Madrid, Spain), and Codere Online U.S. Corp.,
a Delaware corporation (“Merger Sub”) are parties to that certain Business Combination Agreement, dated as
of June 21, 2021 (the “Business Combination Agreement”), which, among other things, provides for the merger
of Merger Sub with and into DD3, with DD3 surviving such merger and becoming a direct wholly-owned subsidiary of the Company (the
“Merger”), and, as a result of the Merger, all shares of Common Stock will be exchanged for ordinary shares
of the Company (“Company Ordinary Shares”) pursuant to a share capital increase of the Company, as set forth
in the Business Combination Agreement; and

 

WHEREAS,
on November 30, 2021, pursuant to the terms of the Business Combination Agreement, the Company, DD3 and the Warrant Agent entered
into an Assignment, Assumption and Amendment Agreement (the “Warrant Assumption Agreement”), pursuant to which
DD3 assigned its rights and obligations under this Agreement to the Company and the Company assumed DD3’s rights and obligations
under this Agreement from DD3; and

 

WHEREAS,
pursuant to the Business Combination Agreement, the Warrant Assumption Agreement and Section 4.5 of this Agreement, effective
as of the Merger Effective Time (as defined in the Business Combination Agreement), each of the issued and outstanding DD3 Warrants
were no longer exercisable for shares of Common Stock but instead became exercisable (subject to the terms and conditions of this
Agreement) for Company Ordinary Shares (each a “Warrant” and collectively, the “Warrants”);
and

 

WHEREAS,
the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection
with the issuance, registration, transfer, exchange, redemption, and exercise of the Warrants; and

 

WHEREAS,
the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised,
and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants;
and

 

WHEREAS,
all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company
and countersigned by or on behalf of the Warrant Agent, as provided herein, the valid, binding, and legal obligations of the Company,
and to authorize the execution and delivery of this Agreement.”

 

    3

     

    

 

2.3. Reference
to Company Ordinary Shares. All references in the Existing Warrant Agreement (including all Exhibits thereto) to: (i) “Common
Stock” or “shares of Common Stock” shall mean “Company Ordinary Shares” with a nominal value of
€1.00 per share, (ii) “stockholders” shall mean “shareholders” and (iii) “par value”
shall mean “nominal value”.

 

2.4. Form
of Warrants. The first sentence of Section 2.1 of the Existing Warrant Agreement is hereby deleted and replaced with
the following:

 

“Each
Warrant shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto, the provisions of which
are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board of Directors or
Chief Executive Officer.”

 

2.5. Uncertificated
Warrants. The first sentence of Section 2.2 of the Existing Warrant Agreement is hereby deleted and replaced with the following:

 

“Notwithstanding
anything herein to the contrary, any Warrant may be issued in uncertificated or book-entry form through the Warrant Agent and/or
the facilities of The Depository Trust Company or other book-entry depositary system, in each case as determined by the Board
of Directors of the Company or by an authorized committee thereof.”

 

2.6. Detachability
of Warrants. Section 2.5 of the Existing Warrant Agreement is hereby deleted and replaced with the following:

 

“[INTENTIONALLY
OMITTED]”

 

Except
that the defined term “Business Day” set forth therein shall be retained for all purposes of the Existing Warrant
Agreement.

 

2.7.
Post IPO Warrants and Working Capital Warrants.

 

2.7.1.
Section 2.7 of the Existing Warrant Agreement is hereby deleted in its entirety.

 

2.7.2.
All references to “Post IPO Warrants” and “Working Capital Warrants” in the Existing Warrant
Agreement (including all Exhibits thereto) shall be deleted.

 

2.8. Warrant
Price. The last sentence of Section 3.1 of the Existing Warrant Agreement is hereby deleted and replaced with the following:

 

“The
Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period
of not less than twenty (20) Business Days; provided, that the Company shall provide at least twenty (20) days’ prior
written notice of such reduction to registered holders of the Warrants, provided further that any such reduction shall be applied
consistently to all of the Warrants, and provided further that the Warrant Price shall not be less than the nominal value of the
underlying Company Ordinary Shares.”

 

2.9. Duration
of Warrants. The first sentence of Section 3.2 of the Existing Warrant Agreement is hereby deleted and replaced with
the following:

 

“A
Warrant may be exercised only during the period commencing on December 30, 2021 and terminating at 5:00 p.m., New York City time
on the earlier to occur of: (i) five years from the consummation of the transactions contemplated by the Business Combination
Agreement (“Business Combination”), (ii) the Redemption Date as provided in Section 6.2 of this Agreement and
(iii) the liquidation of the Company (“Expiration Date”).”

 

    4

     

    

 

2.10.
Issuance of Company Ordinary Shares. The fourth sentence of Section 3.3.2 of the Existing Warrant Agreement is hereby
deleted and replaced with the following:

 

“In
the event that the condition in the immediately preceding sentence is not satisfied with respect to a Warrant, the holder of such
Warrant shall not be entitled to exercise such Warrant for cash and such Warrant may have no value and expire worthless.”

 

2.11.
Valid Issuance. Section 3.3.3 of the Existing Warrant Agreement is hereby deleted and replaced with the following:

 

“All
Company Ordinary Shares issued upon the proper exercise of a Warrant in conformity with this Agreement and the Articles of Association
of the Company, following the necessary updates to the shareholder register of the Company, shall be validly issued and fully
paid.”

 

2.12.
Maximum Percentage. Section 3.3.5 of the Existing Warrant Agreement is amended by deleting the phrase “the Company’s
most recent annual report on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or other public filing with
the SEC as the case may be” and hereby replacing it with “the Company’s most recent annual report on Form 20-F,
report of foreign private issuer on Form 6-K or other public filing with the SEC as the case may be”.

 

2.13. Share
Dividends/Split Ups. The first sentence of Section 4.1 of the Existing Warrant Agreement is amended by deleting the phrase
“Section 4.6” and hereby replacing it with “Section 4.8”.

 

2.14. Extraordinary
Dividends. Section 4.3 of the Existing Warrant Agreement is hereby deleted and replaced with the following:

 

“If
the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution in cash,
securities or other assets to the holders of the Company Ordinary Shares or other shares of the Company’s share capital
into which the Warrants are convertible (an “Extraordinary Dividend”), then the Warrant Price shall be decreased,
effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and the fair market value
(as determined by the Company’s Board of Directors, in good faith) of any securities or other assets paid in respect of
such Extraordinary Dividend divided by all outstanding shares of the Company at such time (whether or not any shareholders waived
their right to receive such dividend); provided, however, that none of the following shall be deemed an Extraordinary Dividend
for purposes of this provision: (a) any adjustment described in subsection 4.1 above or (b) any cash dividends or cash distributions
which, when combined on a per share basis with all other cash dividends and cash distributions paid on the Company Ordinary Shares
during the 365-day period ending on the date of declaration of such dividend or distribution does not exceed $0.50 per share (taking
into account all of the outstanding shares of the Company at such time (whether or not any shareholders waived their right to
receive such dividend) and as adjusted to appropriately reflect any of the events referred to in other subsections of this Section
4 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of Company
Ordinary Shares issuable on exercise of each Warrant) but only with respect to the amount of the aggregate cash dividends or cash
distributions equal to or less than $0.50. Solely for purposes of illustration, if the Company, at a time while the Warrants are
outstanding and unexpired, pays a cash dividend of $0.35 and previously paid an aggregate of $0.40 of cash dividends and cash
distributions on the Company Ordinary Shares during the 365-day period ending on the date of declaration of such $0.35 dividend,
then the Warrant Price will be decreased, effectively immediately after the effective date of such $0.35 dividend, by $0.25 (the
absolute value of the difference between $0.75 (the aggregate amount of all cash dividends and cash distributions paid or made
in such 365-day period, including such $0.35 dividend) and $0.50 (the greater of (x) $0.50 and (y) the aggregate amount of all
cash dividends and cash distributions paid or made in such 365-day period prior to such $0.35 dividend)).”

 

2.15. Adjustments
in Exercise Price. Section 4.4 of the Existing Warrant Agreement is hereby deleted and replaced with the following:

 

“Whenever
the number of Company Ordinary Shares purchasable upon the exercise of the Warrants is adjusted, as provided in Sections 4.1 and
4.2 above, the Warrant Price, which shall correspond to at least the nominal value of the Company Ordinary Shares underlying the
Warrant, shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction
(x) the numerator of which shall be the number of Company Ordinary Shares purchasable upon the exercise of the Warrants immediately
prior to such adjustment, and (y) the denominator of which shall be the number of Company Ordinary Shares so purchasable immediately
thereafter; provided, however, that neither the Warrant Price nor the exercise price of a Warrant shall be less than the nominal
value of the underlying Company Ordinary Shares.”

 

    5

     

    

 

2.16.
Issuance in connection with a Business Combination. Section 4.6 of the Existing Warrant Agreement is hereby deleted
and replaced with the following:

 

“[INTENTIONALLY
OMITTED]”

 

2.17.
Notices of Changes in Warrant. The second sentence of Section 4.7 of the Existing Warrant
Agreement is amended by deleting the phrase “Sections 4.1, 4.2, 4.3, 4.4, 4.5, or 4.6” and hereby replacing it with
“Sections 4.1, 4.2, 4.3, 4.4 or 4.5”.

 

2.18. No
Fractional Warrants or Shares. The second sentence of Section 4.8 of the Existing Warrant Agreement is amended by deleting
the phrase “round up” and hereby replacing it with “round down”.

 

2.19.
No Adjustment. Section 4.11 of the Existing Warrant Agreement is hereby deleted and
replaced with the following:

 

“[INTENTIONALLY
OMITTED]”

 

2.20. Fractional
Warrants. Section 5.3 of the Existing Warrant Agreement is hereby amended by deleting the phrase, “, except as
part of the Units”.

 

2.21.
Private Warrants. Section 5.6 of the Existing Warrant Agreement is hereby deleted and replaced with the following:

 

“[INTENTIONALLY
OMITTED]”

 

Except
that the defined term “Permitted Transferee” set forth therein shall be retained for all purposes of the Existing
Warrant Agreement.

 

2.22. Transfers
Prior to Detachment. Section 5.7 of the Existing Warrant Agreement is hereby deleted and replaced with the following:

 

“[INTENTIONALLY
OMITTED]”

 

2.23.
Reservation of Company Ordinary Shares. Section 7.3 of the Existing Warrant Agreement is
hereby deleted and replaced with the following:

 

“The
Company shall at all times reserve and keep available an authorized share capital that will be sufficient to permit the exercise
in full of all outstanding Warrants issued pursuant to this Agreement.”

 

2.24. Notices.

 

2.24.1.
Section 9.2 of the Existing Warrant Agreement is hereby amended in part to change the delivery
of notices to the Company to the following:

 

Codere
Online Luxembourg, S.A.

7
rue Robert Stümpert,

L-2557
Luxembourg

Attention:
Oscar Iglesias

Email:
oscar.iglesias@codere.com

 

    6

     

    

 

2.24.2.
Section 9.2 of the Existing Warrant Agreement is hereby further amended in part to delete references
to the delivery of a copy of notices to Greenberg Traurig, P.A., Graubard Miller and EarlyBirdCapital, Inc., to be replaced with
the following:

 

Davis
Polk & Wardwell LLP

Paseo
de la Castellana, 41

28046
Madrid, Spain

Attention:
Michael J. Willisch

Email:
michael.willisch@davispolk.com

 

2.25. Currency.
A new Section 9.11 is hereby inserted as follows:

 

“Currency.
Unless otherwise specified in this Agreement, all references to currency, monetary values and dollars set forth herein shall mean
U.S. dollars (USD) and all payments hereunder shall be made in U.S. dollars (USD).”

 

2.26.
Warrant Certificate. Exhibit A to the Existing Warrant Agreement is hereby amended by deleting Exhibit A in its entirety
and replacing it with a new Exhibit A attached hereto.

 

3. Miscellaneous
Provisions.

 

3.1. Effectiveness
of Warrant. Each of the parties hereto acknowledges and agrees that the effectiveness of this Agreement shall be expressly
subject to the occurrence of the Exchange and the Merger and shall automatically be terminated and shall be null and void if the
Business Combination Agreement shall be terminated for any reason.

 

3.2. Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure
to the benefit of their respective successors and assigns.

 

3.3. Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

3.4. Applicable
Law. The validity, interpretation and performance of this Agreement shall be governed in all respects by the laws of the State
of New York, without giving effect to conflict of law principles that would result in the application of the substantive laws
of another jurisdiction. The parties hereby agree that any action, proceeding or claim against a party arising out of or relating
in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District
Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.
Each of the parties hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum.

 

3.5. Examination
of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant
Agent in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Warrant. The Warrant
Agent may require any such holder to submit his Warrant for inspection by it.

 

3.6. Counterparts.
This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all
purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. Signatures
to this Agreement transmitted by electronic mail in PDF form, or by any other electronic means designed to preserve the original
graphic and pictorial appearance of a document (including DocuSign), will be deemed to have the same effect as physical delivery
of the paper document bearing the original signatures.

 

    7

     

    

 

3.7. Effect
of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not affect
the interpretation thereof.

 

3.8. Reference
to and Effect on Agreements; Entire Agreement.

 

3.8.1.
Any references to “this Agreement” in the Existing Warrant Agreement will mean the Existing
Warrant Agreement as amended by this Agreement. Except as specifically amended by this Agreement, the provisions of the Existing
Warrant Agreement shall remain in full force and effect.

 

3.8.2.
This Agreement and the Existing Warrant Agreement, as modified by this Agreement, constitutes the entire understanding of the
parties and supersedes all prior agreements, understandings, arrangements, promises and commitments, whether written or oral,
express or implied, relating to the subject matter hereof, and all such prior agreements, understandings, arrangements, promises
and commitments are hereby canceled and terminated.

 

[Remainder
of page intentionally left blank.]

 

    8

     

    

 

IN
WITNESS WHEREOF, each of the parties has caused this Agreement to be duly executed as of the date first above written.

 

	 	DD3
    ACQUISITION CORP. II
	 	 	 
	 	By:	/s/
    Martin Werner
	 	Name:
    	Martin
    Werner
	 	Title:
    	Chief
    Executive Officer
	 	 
	 	CODERE
    Online Luxembourg, S.A.
	 	 	 
	 	By:	/s/
    Moshe Edree
	 	Name:
    	Moshe
    Edree
	 	Title:
    	Managing
    Director
	 	 
	 	CONTINENTAL
    STOCK TRANSFER & TRUST COMPANY, as Warrant Agent
	 	 	 
	 	By:	/s/
    Stacy Aqui
	 	Name:
    	Stacy
    Aqui
	 	Title:
    	Vice
    President

 

[Signature
Page to Assignment, Assumption and Amendment Agreement]

 

    9

     

    

 

EXHIBIT
A

 

FORM
OF WARRANT CERTIFICATE

 

See
attached.

 

    A-1

     

    

 

	 	 	NUMBER	(SEE
        REVERSE SIDE FOR LEGEND)

        THIS WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO

        THE EXPIRATION DATE (DEFINED BELOW)
	WARRANTS
	 	-		 
	 	 	 	 

 

Codere
Online Luxembourg, S.A.

 

CUSIP
L18268 117

 

WARRANT

 

THIS
CERTIFIES THAT, for value received [__________] is the registered holder of a warrant or warrants (the “Warrant”)
of Codere Online Luxembourg, S.A., a public limited liability company (société anonyme) governed by the laws
of the Grand Duchy of Luxembourg with its registered office at 7 rue Robert Stümper, L-2557 Luxembourg, Grand Duchy of Luxembourg
and registered with the Luxembourg Trade and Companies Register (Registre de Commerce et des Sociétés, Luxembourg)
(the “Company”), expiring at 5:00 p.m., New York City time, on the five year anniversary of the consummation
of the Business Combination (as such term is defined in the Warrant Agreement (defined below)), or earlier upon redemption or
liquidation, to purchase one fully paid ordinary share with a nominal value of €1.00 per share (“Shares”),
of the Company for each Warrant evidenced by this Warrant Certificate. The Warrant entitles the holder thereof to purchase from
the Company, commencing on December 30, 2021, such number of Shares of the Company at the Warrant Price (as defined below), upon
surrender of this Warrant Certificate and payment of the Warrant Price at the office or agency of Continental Stock Transfer &
Trust Company (the “Warrant Agent”), but only subject to the conditions set forth herein and in the Warrant
Agreement between the Company and the Warrant Agent, as amended (the “Warrant Agreement”). In no event will
the Company be required to net cash settle any warrant exercise. The Warrant Agreement provides that upon the occurrence of certain
events the Warrant Price, the Redemption Trigger Price (as defined below) and the number of Shares purchasable hereunder, set
forth on the face hereof, may, subject to certain conditions, be adjusted. The term “Warrant Price” as used
in this Warrant Certificate refers to the price per Share at which Shares may be purchased at the time the Warrant is exercised.
The initial Warrant Price per Share for any Warrant is equal to $11.50 per share.

 

No
fraction of a Share will be issued upon any exercise of a Warrant. If the holder of a Warrant would be entitled to receive a fraction
of a Share upon any exercise of a Warrant, the Company shall, upon such exercise, round down to the nearest whole number the number
of Shares to be issued to such holder.

 

Upon
any exercise of the Warrant for less than the total number of full Shares provided for herein, there shall be issued to the registered
holder hereof or the registered holder’s assignee a new Warrant Certificate covering the number of Shares for which the
Warrant has not been or could not be exercised.

 

Warrant
Certificates, when surrendered at the office or agency of the Warrant Agent by the registered holder in person or by attorney
duly authorized in writing, may be exchanged in the manner and subject to the limitations provided in the Warrant Agreement, but
without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor and evidencing in
the aggregate a like number of Warrants.

 

Upon
due presentment for registration of transfer of the Warrant Certificate at the office or agency of the Warrant Agent, a new Warrant
Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to
the transferee in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without
charge except for any applicable tax or other governmental charge.

 

The
Company and the Warrant Agent may deem and treat the registered holder as the absolute owner of this Warrant Certificate (notwithstanding
any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution
to the registered holder, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice
to the contrary.

 

This
Warrant does not entitle the registered holder to any of the rights of a shareholder of the Company.

 

    A-2

     

    

 

The
Company reserves the right to call the Warrant at any time prior to its exercise with a notice of call in writing to the holders
of record of the Warrant, giving at least 30 days’ notice of such call, at any time while the Warrant is exercisable, if
the last sale price of the Shares has been at least $18.00 per share (the “Redemption Trigger Price”) on each
of 20 trading days within any 30 trading day period (the “30-day trading period”) ending on the third business
day prior to the date on which notice of such call is given and if, and only if, there is a current registration statement in
effect with respect to the Shares underlying the Warrants commencing five business days prior to the 30-day trading period and
continuing each day thereafter until the date of redemption. The call price of the Warrants is to be $0.01 per Warrant. Any Warrant
either not exercised or tendered back to the Company by the end of the date specified in the notice of call shall be cancelled
on the books of the Company and have no further value except for the $0.01 call price.

 

	By	 	 	 
	 	 	 	 
	 	Chief Executive Officer	 	Secretary

 

    A-3

     

    

 

SUBSCRIPTION
FORM

 

To
Be Executed by the Registered Holder in Order to Exercise Warrants

 

The
undersigned Registered Holder irrevocably elects to exercise Warrants represented by this Warrant Certificate, and to purchase
the Shares issuable upon the exercise of such Warrants, and requests that Certificates for such Shares shall be issued in the
name of

 

 

 

(PLEASE
TYPE OR PRINT NAME AND ADDRESS)

 

 

 

 

 

 

 

 

 

(SOCIAL
SECURITY OR TAX IDENTIFICATION NUMBER)

 

	and be
delivered to	 
	 	(PLEASE PRINT OR TYPE NAME AND ADDRESS)	 

 

 

 

and,
if such number of Warrants shall not be all the Warrants evidenced by this Warrant Certificate, that a new Warrant Certificate
for the balance of such Warrants be registered in the name of, and delivered to, the Registered Holder at the address stated below:

 

	Dated: _____________________	 
	 	(SIGNATURE)
	 	 
	 	 
	 	(ADDRESS)
	 	 
	 	 
	 	 
	 	 
	 	(TAX
                                        IDENTIFICATION NUMBER)

 

    A-4

     

    

 

ASSIGNMENT

 

To Be Executed by the Registered Holder in Order to Assign Warrants

 

For
Value Received, ________________ hereby sell, assign, and transfer unto

 

 

 

(PLEASE
TYPE OR PRINT NAME AND ADDRESS)

 

 

 

 

 

 

 

 

 

(SOCIAL
SECURITY OR TAX IDENTIFICATION NUMBER)

 

	and be
delivered to	 
	 	(PLEASE PRINT OR TYPE NAME AND ADDRESS)	 

 

________________ of
the Warrants represented by this Warrant Certificate, and hereby irrevocably constitute and appoint ________________ Attorney to
transfer this Warrant Certificate on the books of the Company, with full power of substitution in the premises.

 

	Dated: __________________	 
	 	(SIGNATURE)

 

The
Signature to the Assignment of the Subscription Form Must Correspond to the Name Written upon the Face of this Warrant Certificate
in Every Particular, Without Alteration or Enlargement or Any Change Whatsoever, and Must be Guaranteed by a Commercial Bank or
Trust Company or a Member Firm of the NYSE American, Nasdaq, New York Stock Exchange, Pacific Stock Exchange, or Chicago Stock
Exchange.

 

    A-5Exhibit 10.3

 

November
30, 2021

 

DD3
Acquisition Corp. II

Pedregal
24, 3rd Floor, Interior 300

Colonia
Molino del Rey, Del. Miguel Hidalgo

11040
Mexico City, Mexico

 

Codere
Online Luxembourg, S.A.

7
rue Robert Stümper, L-2557

Luxembourg,
Grand Duchy of Luxembourg

 

Ladies
and Gentlemen:

 

Reference
is made to the business combination agreement (the “Business Combination Agreement”) entered into as of June 21, 2021
by and among DD3 Acquisition Corp. II (“SPAC”), Codere Newco, S.A.U. (“Parent”), Servicios de Juego
Online, S.A.U. (the “Company”), Codere Online Luxembourg, S.A. (“Holdco”) and Codere Online U.S.
Corp. (“Merger Sub”). Capitalized terms used but not otherwise defined in this letter agreement (this “Expense
Reimbursement Agreement”) have the respective meanings ascribed thereto in the Business Combination Agreement.

 

This
Expense Reimbursement Agreement, including the representations, warranties and agreements of DD3 Sponsor Group, LLC (“Sponsor”)
and Parent set forth herein, when accepted by the SPAC and Holdco, will evidence the agreement of the parties with respect to the matters
contained in this Expense Reimbursement Agreement. Parent, Sponsor, SPAC and Holdco further agree for good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, as follows:

 

1.
Sponsor, as shareholder of the SPAC, in consideration of the benefits that Sponsor will receive in connection with the Business Combination
Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, hereby agrees
to reimburse Holdco, as future sole shareholder of the Surviving Corporation under the Business Combination Agreement, for the aggregate
amount of SPAC Transaction Expenses payable by the Surviving Corporation in excess of the maximum SPAC Transaction Expenses required
to be paid by the Surviving Corporation under Section 11.03 of the Business Combination Agreement. For the avoidance of doubt, notwithstanding
the references in Section 11.03 of the Business Combination Agreement to the maximum amount of SPAC Transaction Expenses payable pursuant
to each of the concepts set forth in the Transaction Expenses Table, Sponsor shall not be required to reimburse Holdco if the aggregate
maximum amount of SPAC Transaction Expenses payable by the Surviving Corporation does not exceed the aggregate maximum SPAC Transaction
Expenses required to be paid by the Surviving Corporation under Section 11.03 of the Business Combination Agreement, regardless of whether
SPAC Transaction Expenses are exceeded in one or more of the concepts set forth in the Transaction Expenses Table.

 

     

    2

    

 

2.
Parent, as shareholder of the Company and Merger Sub, in consideration of the benefits that Parent will receive in connection with the
Business Combination Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
hereby agrees to reimburse Holdco, as shareholder of the Company and future sole shareholder of the Surviving Corporation under the Business
Combination Agreement, for the aggregate amount of Company Transaction Expenses payable by the Surviving Corporation, Holdco, the Company
or any Company Subsidiary in excess of the maximum Company Transaction Expenses required to be paid by the Surviving Corporation under
Section 11.03 of the Business Combination Agreement. For the avoidance of doubt, notwithstanding the references in Section 11.03 of the
Business Combination Agreement to the maximum amount of Company Transaction Expenses payable pursuant to each of the concepts set forth
in the Transaction Expenses Table, Parent shall not be required to reimburse Holdco if the aggregate maximum amount of Company Transaction
Expenses payable by the Surviving Corporation, Holdco, the Company or any Company Subsidiary does not exceed the aggregate maximum Company
Transaction Expenses required to be paid by the Surviving Corporation under Section 11.03 of the Business Combination Agreement, regardless
of whether Company Transaction Expenses are exceeded in one or more of the concepts set forth in the Transaction Expenses Table.

 

3.
The Chief Financial Officer of SPAC, solely in his or her capacity as such, provided written notice to the Company of the SPAC’s
good faith estimate of the SPAC Transaction Expenses, including reasonable supporting materials for the amount of each item included
in SPAC Transaction Expenses.

 

4.
The Chief Financial Officer of the Company, solely in his or her capacity as such, provided written notice to SPAC of the Company’s
good faith estimate of the Company Transaction Expenses, including reasonable supporting materials for the amount of each item included
in Company Transaction Expenses.

 

5.
Parent and Sponsor agree that payments hereunder shall be made by wire transfer of immediately available funds to one or more accounts
designated for such purposes by Holdco. If any payments pursuant to this Expense Reimbursement Agreement are taxable, the parties shall
cooperate and use reasonable best efforts to structure any payment pursuant to this Expense Reimbursement Agreement in a manner that
reduces, minimizes or eliminates any applicable Taxes to the extent reasonably permitted under applicable Tax Law while not adversely
affecting Parent or Sponsor, as applicable, in any material respect. Notwithstanding Section 11.02 of the Business Combination Agreement,
the representations, warranties, obligations, agreements and covenants in this Expense Reimbursement Agreement shall survive the Closing.

 

6.
The obligations of Parent and Sponsor under this Expense Reimbursement Agreement are not exclusive and shall not limit any rights or
remedies which may otherwise be available to the SPAC or Holdco at law or in equity and shall be in addition to any liability which it
may otherwise have.

 

7.
This Expense Reimbursement Agreement may not be assigned by any party without the prior written consent of each other party hereto. The
provisions of this Expense Reimbursement Agreement shall be for the benefit of and enforceable by the SPAC and Holdco. No other person
shall have any rights hereunder.

 

     

    3

    

 

8.
If any provision of this Expense Reimbursement Agreement is held to be illegal, invalid or unenforceable, the provision shall be fully
severable; this Expense Reimbursement Agreement shall be construed and enforced as if the illegal, invalid or unenforceable provision
had never comprised a part of this Expense Reimbursement Agreement, and the remaining provisions shall remain in full force and effect
and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Expense Reimbursement Agreement.
Furthermore, in lieu of the illegal, invalid or unenforceable provision, there shall be added automatically as a part hereof a provision
as similar in terms to the illegal, invalid or unenforceable provision as may be possible and be legal, valid and enforceable, and, as
changed or amended, continue to reflect the original intent of the parties hereto.

 

9.
The parties to this Expense Reimbursement Agreement each agree not to disclose the existence of this Expense Reimbursement Agreement
or the contents or subject matter hereof to any other party without the prior written consent of the other parties hereto unless required
by applicable Law, judicial process, regulatory action or stock exchange rules or regulations (in which case, to the extent permitted
by such Law, process, action, rule or regulation, the non-disclosing party shall allow the other party reasonable time to comment on
the contents of such disclosure in advance of such disclosure); provided that each party may disclose the existence, contents
and subject matter of this Expense Reimbursement Agreement to its officers, directors, attorneys, agents and other representatives (“Representatives”),
so long as such party makes its Representatives aware of its confidentiality obligations pursuant to this Section 9 and agrees
to be liable for any disclosure by its Representatives of the existence of this Expense Reimbursement Agreement or the contents or subject
matter hereof except to the extent permitted hereby, and that this Expense Reimbursement Agreement may be described in, and filed as
an exhibit to, any registration statement of Holdco filed with the U.S. Securities and Exchange Commission. Nothing contained herein
shall limit the SPAC or Holdco from disclosing this Expense Reimbursement Agreement and the subject matter hereof in connection with
the enforcement of their rights hereunder.

 

10.
The provisions of Section 11.01 (including Sponsor, which details are set forth below), 11.07, 11.08, and 11.12 of the Business
Combination Agreement are incorporated herein and shall apply to this Expense Reimbursement Agreement, mutatis
mutandis.

 

if
to Sponsor, to:

 

DD3
Sponsor Group, LLC

Pedregal
24, 3rd Floor, Interior 300

Colonia
Molino del Rey, Del. Miguel Hidalgo

11040
Mexico City, Mexico

Attention: Jorge Combe

Email: jorge.combe@dd3.mx

 

     

    4

    

 

with
a copy to:

 

Greenberg
Traurig, P.A.

333 SE 2nd Ave., Suite 4400

Miami, FL 33131

Attention: Alan Annex

Email: annexa@gtlaw.com

 

11.
This Expense Reimbursement Agreement may be executed by any one or more of the parties hereto in any number of counterparts, each of
which shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument.

 

[Signature
page follows]

 

     

    5

    
 

	 	Very truly
    yours,
	 	 
	 	Codere Newco,
    S.A.U.
	 	 
	 	By: 	/s/
    Vicente di Loreto
	 	Name: 	Vicente di Loreto
	 	Title: 	Authorized Signatory
	 	 
	 	DD3 Sponsor
    Group, LLC
	 	 
	 	By: 	/s/
    Jorge Combe
	 	Name: 	Jorge Combe
	 	Title: 	Manager

 

	Accepted and
    agreed by,	 
	 	 
	DD3 Acquisition
    Corp. II	 
	 	 
	By: 	/s/
    Martin Werner	 
	Name: 	Martin Werner	 
	Title: 	Chief Executive Officer	 
	 	 
	Codere Online
    Luxembourg, S.A.	 
	 	 
	By: 	/s/
    Moshe Edree	 
	Name: 	Moshe Edree	 
	Title: 	Managing Director	 

 

[Signature
page to Expense Reimbursement Agreement]

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