Document:

Exhibit 10.1

 

EXECUTION VERSION

 

SEVENTH AMENDMENT TO LOAN DOCUMENTS

 

THIS SEVENTH AMENDMENT TO LOAN
DOCUMENTS (this “Amendment”), dated as of June 24, 2021, is among Stratos Management
Systems, Inc. (f/k/a Tango Merger Sub Corp.), a Delaware corporation (“Stratos”), American
Virtual Cloud Technologies, Inc. (f/k/a Pensare Acquisition Corp.), a Delaware corporation (“Parent” and together
with Stratos, collectively and individually, “Borrower”), COMPUTEX, INC., a Texas corporation (“Computex”),
FIRST BYTE COMPUTERS, INC., a Minnesota corporation (“First Byte”), ENETSOLUTIONS, L.L.C., a Texas limited liability
company (“eNET”, and together with Computex and First Byte, collectively, “Existing Guarantors”,
and each, individually, an “Existing Guarantor”), AVCTECHNOLOGIES USA INC., a Delaware corporation (“AVC”),
and KANDY COMMUNICATIONS LLC, a Delaware limited liability company (“KC”, and together with AVC, the “New
Guarantors”, and each individually, a “New Guarantor”, and together with the Existing Guarantors, the “Guarantors”
and individually, a “Guarantor”), and COMERICA BANK (“Bank”).

 

RECITALS:

 

A. Borrower
and Bank are party to that certain Credit Agreement dated as of December 18, 2017 (as the same has been or may hereafter be amended, restated
or otherwise modified from time to time, the “Credit Agreement”).

 

B. In
connection with the Credit Agreement, (i) Borrower and the Existing Guarantors (other than Parent) are party to that certain Security
Agreement dated as of December 18, 2017 in favor of Bank, (ii) Parent is party to that certain Security Agreement dated as of
April 7, 2020 in favor of Bank and (iii) New Guarantors are party to that certain Security Agreement dated as of December 1, 2020
in favor of Bank (collectively, as the same have been or may be amended, restated or modified from time to time, the “Security
Agreement”).

 

C. In
connection with the Credit Agreement, (i) the Existing Guarantors (other than Parent) are party to that certain Guaranty dated as of December
18, 2017 in favor of Bank, and (ii) Parent is party to that certain Guaranty dated as of April 7, 2020 in favor of Bank and (iii) New
Guarantors are party to that certain Guaranty dated as of December 1, 2020 in favor of Bank (collectively, as the same have been or may
hereafter be amended, restated or otherwise modified from time to time, the “Guaranties”).

 

D. In
connection with the Credit Agreement, the Borrower and Existing Guarantors are party to that certain Advance Formula Agreement dated as
of December 18, 2017 (as the same has been or may hereafter be amended, restated or otherwise modified from time to time, the “Advance
Formula Agreement”).

 

E. Borrower,
Guarantors, and Bank now desire to amend the Credit Agreement and the other Loan Documents as provided herein.

 

     

     

    

 

NOW, THEREFORE, in consideration
of the premises herein contained and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the parties hereto agree as follows (all provisions of this Amendment being effective as of the date hereof unless otherwise stated herein):

 

ARTICLE I

Definitions

 

Section 1.1
Definitions. Capitalized terms used in this Amendment, to the extent not otherwise defined herein, shall have the same meanings
as in the Credit Agreement, as amended hereby.

 

ARTICLE II

Amendments to Loan Documents

 

Section 2.1
Additions to Definitions in Section 1(a) of the Credit Agreement. The following definitions are hereby added to Section 1(a)
of the Credit Agreement in alphabetical order to read in their entirety as follows:

 

“Revolving
Credit Maximum Amount” shall mean the lesser of (a) (i) $13,000,000 from the Seventh Amendment Effective Date through
and including September 30, 2021, (ii) $12,000,000 from October 1, 2021 through and including October 31, 2021, (iii) $11,000,000 from
November 1, 2021 through and including November 30, 2021, and (iv) $10,000,000 from December 1, 2021 and thereafter, or (b) the maximum
amount permitted by the Advance Formula Agreement.

 

“SEC”
means the Securities and Exchange Commission of the United States of America.

 

“Seventh
Amendment Effective Date” shall mean June __, 2021.

 

Section 2.2
Amendment to Definitions in Section 1(a) of the Credit Agreement. The following definitions in Section 1(a) of the Credit
Agreement are amended and restated to read in their entirety as follows:

 

“Revolving
Credit Note” shall mean the Fifth Amended and Restated Master Revolving Note dated the Seventh Amendment Effective Date in the
maximum original principal amount of $13,000,000 made by Borrower payable to the order of Bank, as the same has been or may be renewed,
extended, modified, increased, or restated from time to time.

 

“Term Note”
shall mean the Third Amended and Restated Term Note dated the Seventh Amendment Effective Date in the maximum original principal amount
of $4,000,000.00 made by Borrower payable to the order of Bank, as the same has been or may be amended, renewed, extended, modified, increased
or restated from time to time.

 

“Unused Availability”
shall mean, on any date of determination, the amount equal to the sum of (a) the Revolving Credit Maximum Amount, minus (b) the aggregate
outstanding principal amount under the Revolving Credit Note.

 

Section 2.3
Addition to Section 2(b) of the Credit Agreement. A new clause (iv) is added to the end of Section 2(b) of the
Credit Agreement to read in its entirety as follows:

 

(iv) Borrower
shall deliver to Bank evidence, in form and substance satisfactory to Bank, that after making the requested Advance to Borrower, the aggregate
principal amount of all Advances under the Revolving Credit Note, including such new Advance, shall not exceed the Revolving Credit Maximum
Amount.

 

Section 2.4
Amendment to Section 2(c) of the Credit Agreement. Section 2(c) of the Credit Agreement is amended and restated
in its entirety to read as follows:

 

(c) Amendment
Fee. An amendment fee equal to $100,000 (the “Amendment Fee”) shall be deemed fully earned as of the Seventh
Amendment Effective Date and shall be due and payable as follows:

 

(i) $50,000
is due and payable as of the Seventh Amendment Effective Date, and

 

(ii) $50,000
shall be due and payable on October 1, 2021; provided, however, if the Borrower satisfied one of the following conditions, then Bank agrees
that payment of this portion of the Amendment Fee is waived:

 

(1) Borrower
has paid in full all Indebtedness and all of Bank’s commitments under the Credit Agreement have been terminated; or

 

(2) Borrower
has provided sufficient cash collateral to Bank to secure all of the outstanding Indebtedness.

 

    2 

     

    

 

Section 2.5
Amendment to Section 2(d)(i) of the Credit Agreement. Section 2(d)(i) of the Credit Agreement is amended and restated
to read in its entirety as follows:

 

(i) Notwithstanding
anything contained in this Agreement to the contrary, the aggregate principal amount of all Advances under the Revolving Credit Note at
any time outstanding shall not exceed the Revolving Credit Maximum Amount. If said limitations are exceeded at any time, Borrower shall
immediately, without demand by Bank, pay to Bank an aggregate amount not less than such excess. Each prepayment under this clause (i)
shall be applied to the outstanding advances under the Revolving Credit Note.

 

Section 2.6
Amendment to Section 4(k) of the Credit Agreement. Section 4(k) of the Credit Agreement is amended and restated
in its entirety to read as follows:

 

(k) Capital
Expenditures. Not make or incur consolidated unfinanced Capital Expenditures in excess of $3,000,000 in aggregate during any
fiscal year of the Borrower.

 

Section 2.7
Amendment to Section 4(q) of the Credit Agreement. Section 4(q) of the Credit Agreement is amended and restated
in its entirety to read as follows:

 

(q) Landlord
Waivers. On or before December 31, 2021, Borrower shall deliver to Bank a written landlord waiver or subordination agreement
for the benefit of Bank and executed by each landlord for leased premises where Collateral may be located, in form and substance satisfactory
to Bank, together with copies of all documents evidencing, guarantying, securing or otherwise pertaining to the leases, unless a waiver
or agreement is otherwise waived by Bank in writing.

 

Section 2.8
Amendment to Section 4(s) of the Credit Agreement. Section 4(s) of the Credit Agreement is amended and restated
in its entirety to read as follows:

 

(s) Delivery
of Borrower Stock Certificate. Within thirty (30) days of the Seventh Amendment Effective Date, Borrower shall deliver to Bank a stock
certificate evidencing Parent’s Equity Interest in the Borrower, in form and substance satisfactory to the Bank.

 

Section 2.9
Amendment to Section 4(t) of the Credit Agreement. Section 4(t) of the Credit Agreement is amended and restated
in its entirety to read as follows:

 

(t) Escrow
Account. Beginning on the Seventh Amendment Effective Date, Borrower shall no longer be required to maintain an escrow account with
Bank to service the Indebtedness. Any funds held in the previously established escrow account of the Borrower shall be deposited into
the Borrower’s operating accounts held at Bank.

 

Section 2.10
Addition of Section 4(y) to the Credit Agreement. The following Section 4(y) is added to the end of Article IV of the Credit
Agreement to read in its entirety as follows:

 

(y) Following
filing thereof and upon Bank’s request, Borrower shall deliver to Bank a true, correct and complete copy of the Parent S-3 Statement
(with all exhibits and schedules) and all other material agreements, documents and instruments related thereto and evidence of consummation
of the transactions described therein.

 

Section 2.11
Amendment to Section 5(d)(xi) of the Credit Agreement. Section 5(d)(xi) of the Credit Agreement is amended and
restated in its entirety to read as follows:

 

(xi) unsecured
Debt incurred for the sole purpose of financing insurance premiums, including without limitation, directors and officers liability insurance
premiums, all on terms acceptable to Bank, in an aggregate outstanding amount not to exceed $2,200,000 at any time.

 

    3 

     

    

 

ARTICLE III

Limited Consent; No Other Consent or Waiver

 

Section 3.1
Limited Consent to the Transactions. Borrower has requested that Bank expressly consent to the filing of a Form S-3
Registration Statement by Parent (the “Parent S-3 Statement”) with the SEC and the issuance of additional Equity
Interests by Parent (collectively, the “Transactions”), notwithstanding any restrictions to the contrary in the Credit
Agreement. Upon the terms and subject to the conditions set forth in this Amendment, Bank hereby consents to the Transactions. This consent
shall be effective only in this specific instance and for the specific purpose for which it is given, and this consent shall not entitle
the Borrower to any other or further consent in any similar or other circumstances.

 

Section 3.2
No Other Consent or Waiver. Except as contained in Section 3.1, nothing contained herein shall be construed as a
consent to or waiver of any Default or Event of Default, which may now exist or hereafter occur or any violation of any term, covenant
or provision of the Credit Agreement or any other Loan Document. All rights and remedies of Bank are hereby expressly reserved with respect
to any such Default or Event of Default. Nothing contained herein shall affect or diminish the right of Bank to require strict performance
by each Loan Party of each provision of any Loan Document to which such Loan Party is a party, except as expressly provided herein. Except
as amended hereby, all terms and provisions and all rights and remedies of Bank under the Loan Documents shall continue in full force
and effect and are hereby confirmed and ratified in all respects.

 

ARTICLE IV

Conditions Precedent

 

Section 4.1
Conditions Precedent. The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent:

 

(a)  Bank shall have received this Amendment properly executed by Borrower, Guarantors and Bank.

 

(b)
Bank shall have received a Fifth Amended and Restated Revolving Credit Note and Third Amended and Restated Term Note, each executed
by Borrower, all in form and substance satisfactory to Bank.

 

(c)  Bank shall have received UCC searches, evidence of insurance, evidence of title and such other information as Bank may reasonably
require, and all of the foregoing shall be in form and content acceptable to Bank.

 

(d)
Bank shall have received copies of the organizational documents and evidence of existence, good standing, qualification to conduct
business and authority for each Loan Party.

 

(e)  The representations and warranties contained herein and in all other Loan Documents, as amended hereby, shall be true and correct
in all material respects as of the date hereof as if made on the date hereof.

 

(f)  No Default or Event of Default shall have occurred and be continuing.

 

(g)
Bank shall have received a payment of at least $488,095.20 to be applied as a prepayment of the Term Note in such order and manner
acceptable to Bank.

 

    4 

     

    

 

ARTICLE V

Ratifications, Representations and Warranties

 

Section 5.1
Ratifications. The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and
provisions set forth in the Credit Agreement and except as expressly modified and superseded by this Amendment, the terms and provisions
of the Credit Agreement and the other Loan Documents are ratified and confirmed and shall continue in full force and effect. Each of Borrower,
Guarantors and Bank agree that the Credit Agreement, as amended hereby, and the other Loan Documents shall continue to be legal, valid,
binding and enforceable in accordance with their respective terms. Each Guarantor hereby consents and agrees to this Amendment and agrees
that each Loan Document to which such Person is a party shall remain in full force and effect and shall continue to (a) in the case of
the Guaranty, guarantee the Indebtedness (as defined in the Guaranty) and the other amounts and obligations as provided in the Guaranty,
and (b) be the legal, valid and binding obligation of such Person and enforceable against such Person in accordance with its terms.

 

Section 5.2
Representations and Warranties. Each of Borrower and Guarantors hereby represents and warrants to the Bank that (a) with
respect to Borrower, the execution, delivery and performance of this Amendment and any and all other Loan Documents executed and/or delivered
in connection herewith have been authorized by all requisite company or other action on the part of Borrower and will not violate the
charter or organizational documents of Borrower, (b) the representations and warranties contained in the Credit Agreement and each other
Loan Document are true and correct in all material respects on and as of the date hereof as though made on and as of the date hereof (except
for such representations and warranties as are limited by their express terms to a specific date), and (c) effective upon the execution
of this Amendment and the Loan Documents executed in connection herewith, no Default or Event of Default has occurred and is continuing.

 

ARTICLE VI

Miscellaneous

 

Section 6.1
Survival of Representations and Warranties. All representations and warranties made in this Amendment or any other document
executed in connection herewith shall survive the execution and delivery of this Amendment, and no investigation by Bank or any closing
shall affect the representations and warranties or the right of Bank to rely upon them.

 

Section 6.2
Reference to Agreement. Each of the Credit Agreement, the Loan Documents and any and all other agreements, documents, or
instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Credit Agreement and
the Loan Documents, as amended hereby, are hereby amended so that any reference in such documents to the Credit Agreement and the Loan
Documents shall mean a reference to the Credit Agreement and the Loan Documents as amended hereby.

 

Section 6.3
Expenses of Bank. As provided in the Credit Agreement, each of Borrower agrees to pay on written demand all reasonable and
documented costs and expenses incurred by Bank in connection with the preparation, negotiation, and execution of this Amendment and any
other documents executed pursuant hereto and any and all amendments, modifications, and supplements thereto, including without limitation
the reasonable costs and fees of Bank’s legal counsel, and all costs and expenses incurred by Bank in connection with the enforcement
or preservation of any rights under the Credit Agreement, as amended hereby, or any other document executed in connection therewith, including
without limitation the costs and reasonable fees of Bank’s legal counsel.

 

    5 

     

    

 

Section 6.4
Severability. Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall
not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid
or unenforceable.

 

Section 6.5
Applicable Law. This Amendment and all other documents executed pursuant hereto shall be deemed to have been made and to
be performable in Dallas, Dallas County, Texas and shall be governed by and construed in accordance with the laws of the State of Texas.

 

Section 6.6
Successors and Assigns. This Amendment is binding upon and shall inure to the benefit of Bank, each Borrower, each Guarantor,
and their respective successors, assigns, heirs, executors and personal representatives, except neither Borrower, nor any Guarantor may
assign or transfer any of its rights or obligations hereunder without the prior written consent of Bank.

 

Section 6.7
Counterparts. This Amendment may be executed in any number of counterparts and by different parties on separate counterparts,
each of which shall be an original and all of which taken together shall constitute one and the same agreement. The signature of a party
to any counterpart shall be sufficient to legally bind such party. Bank may remove the signature pages from one or more counterparts
and attach them to any other counterpart for the purpose of having a single document containing the signatures of all parties. Delivery
of an executed counterpart of a signature page to this Amendment by facsimile, emailed portable document format (“pdf”),
or tagged image file format (“tiff”) or any other electronic means that reproduces an image of the actual executed
signature page shall be effective as delivery of an original executed counterpart of a signature page to this Amendment. Any party sending
an executed counterpart of a signature page to this Amendment by facsimile, pdf, tiff or any other electronic means shall also send the
original thereof to Bank within five (5) days thereafter, but failure to do so shall not affect the validity, enforceability, or binding
effect of this Amendment.

 

Section 6.8
Headings. The headings, captions, and arrangements used in this Amendment are for convenience only and shall not affect
the interpretation of this Amendment.

 

Section 6.9
ENTIRE AGREEMENT. THE CREDIT AGREEMENT, THIS AMENDMENT AND ALL OTHER INSTRUMENTS, DOCUMENTS AND AGREEMENTS EXECUTED AND
DELIVERED IN CONNECTION WITH THE CREDIT AGREEMENT OR THIS AMENDMENT EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO AND SUPERSEDE
ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THIS AMENDMENT, AND
MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO.
THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO.

 

    6 

     

    

 

Section 6.10
INDEMNIFICATION OF BANK. EACH OF THE LOAN PARTIES HEREBY AGREES TO INDEMNIFY BANK AND EACH AFFILIATE THEREOF AND THEIR RESPECTIVE
OFFICERS, DIRECTORS, SHAREHOLDERS, EMPLOYEES, ATTORNEYS, AFFILIATES, AND AGENTS (COLLECTIVELY, “RELEASED PARTIES”)
FROM, AND HOLD EACH OF THEM HARMLESS AGAINST, ANY AND ALL LOSSES, LIABILITIES, CLAIMS, DAMAGES, PENALTIES, JUDGMENTS, DISBURSEMENTS, COSTS,
AND EXPENSES (INCLUDING ATTORNEYS’ FEES) TO WHICH ANY OF THEM MAY BECOME SUBJECT WHICH DIRECTLY OR INDIRECTLY ARISE FROM OR RELATE
TO (a) ANY AND ALL FAILURES BY SUCH LOAN PARTY TO COMPLY WITH ITS AGREEMENTS CONTAINED IN THE LOAN DOCUMENTS, (b) THE NEGOTIATION,
EXECUTION, DELIVERY, PERFORMANCE, ADMINISTRATION, OR ENFORCEMENT OF ANY OF THE LOAN DOCUMENTS PRIOR TO THE DATE HEREOF, (c) ANY OF
THE TRANSACTIONS CONTEMPLATED BY THE LOAN DOCUMENTS PRIOR TO THE DATE HEREOF, (d) ANY BREACH PRIOR TO THE DATE HEREOF BY SUCH LOAN
PARTY OR SUMMIT OF ANY REPRESENTATION, WARRANTY, COVENANT, OR OTHER AGREEMENT CONTAINED IN ANY OF THE LOAN DOCUMENTS OR (e) ANY INVESTIGATION,
LITIGATION, OR OTHER PROCEEDING, INCLUDING, WITHOUT LIMITATION, ANY THREATENED INVESTIGATION, LITIGATION, OR OTHER PROCEEDING RELATING
TO ANY OF THE FOREGOING (COLLECTIVELY, “RELEASED CLAIMS”). WITHOUT LIMITING ANY PROVISION OF THIS AMENDMENT, IT IS
THE EXPRESS INTENTION OF THE PARTIES HERETO THAT EACH PERSON TO BE INDEMNIFIED UNDER THIS SECTION SHALL BE INDEMNIFIED FROM AND HELD HARMLESS
AGAINST ANY AND ALL LOSSES, LIABILITIES, CLAIMS, DAMAGES, PENALTIES, JUDGMENTS, DISBURSEMENTS, COSTS, AND EXPENSES (INCLUDING ATTORNEYS’
FEES) ARISING OUT OF OR RESULTING FROM THE SOLE OR CONTRIBUTORY NEGLIGENCE OF SUCH PERSON; PROVIDED, HOWEVER, NO PERSON SHALL BE INDEMNIFIED
HEREUNDER FOR ITS OWN GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.

 

Section 6.11
WAIVER AND RELEASE. TO INDUCE BANK TO AGREE TO THE TERMS OF THIS AMENDMENT, EACH OF THE LOAN PARTIES REPRESENTS AND WARRANTS
THAT AS OF THE DATE OF THIS AMENDMENT IT OR HE HAS NO CLAIMS AGAINST RELEASED PARTIES AND IN ACCORDANCE THEREWITH IT:

 

(a)   
WAIVER. WAIVES ANY AND ALL SUCH CLAIMS, WHETHER KNOWN OR UNKNOWN, ARISING PRIOR TO THE DATE OF THIS AMENDMENT; AND

 

    7 

     

    

 

(b)
RELEASE. RELEASES, ACQUITS AND FOREVER DISCHARGES RELEASED PARTIES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE STATE
AND FEDERAL LAW, FROM ANY AND ALL OBLIGATIONS, INDEBTEDNESS, LIABILITIES, CLAIMS, COUNTERCLAIMS, CONTROVERSIES, COSTS, DEBTS, SUMS OF
MONEY, ACCOUNTS, BONDS, BILLS, RIGHTS, CAUSES OF ACTION OR DEMANDS WHATSOEVER, WHETHER KNOWN OR UNKNOWN, SUSPECTED OR UNSUSPECTED, IN
LAW OR EQUITY, WHICH SUCH LOAN PARTY EVER HAD, NOW HAS, CLAIMS TO HAVE OR MAY HAVE AGAINST ANY RELEASED PARTY ARISING PRIOR TO THE DATE
HEREOF AND FROM OR IN CONNECTION WITH THIS AMENDMENT, THE LOAN DOCUMENTS OR THE TRANSACTIONS DIRECTLY OR INDIRECTLY CONTEMPLATED THEREBY.

 

Section 6.12
COVENANT NOT TO SUE. EACH OF THE LOAN PARTIES FURTHER COVENANTS NOT TO SUE THE RELEASED PARTIES ON ACCOUNT OF ANY OF THE
RELEASED CLAIMS, AND EXPRESSLY WAIVES ANY AND ALL DEFENSES IT OR HE MAY HAVE IN CONNECTION WITH ITS OR HIS OBLIGATIONS UNDER THIS AMENDMENT
OR THE OTHER LOAN DOCUMENTS. THIS SECTION IS IN ADDITION TO AND SHALL NOT IN ANY WAY LIMIT ANY OTHER RELEASE, COVENANT NOT TO SUE, OR
WAIVER BY SUCH LOAN PARTY IN FAVOR OF THE RELEASED PARTIES.

 

[Remainder of Page Intentionally Left Blank. Signature
Pages Follow.]

 

    8 

     

    

 

Executed as of the date first
written above.

 

	 	BORROWER:
	 	 	 
	 	Stratos Management Systems, Inc.
	 	(f/k/a Tango Merger Sub Corp.) and
	 	 	 
	 	By: 	/s/ Thomas King
	 	 	Thomas H. King
	 	 	Chief Financial Officer, Treasurer and Secretary
	 	 	 
	 	American Virtual Cloud
	 	Technologies, Inc.
	 	(f/k/a Pensare Acquisition Corp.)
	 	 	 
	 	By: 	/s/ Thomas King
	 	 	Thomas H. King
	 	 	Chief Financial Officer
	 	 	 
	 	GUARANTORS:
	 	 	 
	 	COMPUTEX, INC.
	 	FIRST BYTE COMPUTERS, INC.
	 	eNETsolutions, L.L.C.
	 	KANDY COMMUNICATIONS LLC
	 	 	 
	 	By: 	/s/ Thomas King
	 	 	Thomas H. King
	 	 	Chief Financial Officer, Treasurer and of each entity listed above
	 	 	 
	 	AVCTECHNOLOGIES USA INC.
	 	 	 
	 	By: 	/s/ Thomas King
	 	 	Thomas H. King
	 	 	Chief Financial Officer
	 	 	 
	 	BANK:
	 	 	 
	 	COMERICA BANK
	 	 	 
	 	By:	/s/ Chris D. Reed
	 	 	Chris D. Reed
	 	 	Vice President

 

 

9EX-10.2

 Exhibit 10.2 

INDEMNIFICATION AGREEMENT 

This Indemnification Agreement (“Agreement”) is made as of [•], 2021 by and between Gambling.com Group Limited, a
Bailiwick of Jersey company (the “Company”), and [a member of the board of directors][an officer] of the Company (“Indemnitee”). This Agreement supersedes and replaces any and all previous agreements between the
Company and Indemnitee covering indemnification and advancement. 
 RECITALS 

WHEREAS, the board of directors of the Company (the “Board”) believes that highly competent persons have become more
reluctant to serve publicly-held corporations as directors or officers or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification and advancement of expenses against inordinate risks of
claims and actions against them arising out of their service to and activities on behalf of the corporation; 
 WHEREAS, the Board has
determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from certain
liabilities. Although the furnishing of such insurance has been a customary and widespread practice among corporations and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be
available to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and
time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself. The Articles of Association (the “Articles”) of the Company permit
indemnification of the directors and officers of the Company. Indemnitee may also be entitled to indemnification pursuant to the Companies (Jersey) Law 1991, as amended (the “Companies Law”). The Articles and the Companies Law
expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the Board, officers and other persons with respect to
indemnification and advancement of expenses; 
 WHEREAS, the uncertainties relating to such insurance, to indemnification, and to
advancement of expenses may increase the difficulty of attracting and retaining such persons; 
 WHEREAS, the Board has determined that the
increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company and its shareholders and that the Company should act to assure such persons that there will be increased certainty of such protection
in the future; 
 WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to
advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified; 

WHEREAS, this Agreement is a supplement to and in furtherance of the Articles and any resolutions adopted pursuant thereto, and is not a
substitute therefor, nor diminishes or abrogates any rights of Indemnitee thereunder; and 
 WHEREAS, Indemnitee does not regard the
protection available under the Articles, Companies Law and insurance as adequate in the present circumstances, and may not be willing to serve or continue to serve as a director or an officer without adequate additional protection, and the Company
desires Indemnitee to serve or continue to serve in such capacities. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that Indemnitee be so indemnified and be
advanced expenses. 

 NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the
Company and Indemnitee do hereby covenant and agree as follows: 
 Section 1. Services to the Company. Indemnitee agrees to
serve as [a director][an officer] of the Company. Indemnitee may, at any time and for any reason, resign from such position (subject to any other contractual obligation or any obligation imposed by operation of law). This Agreement does not create
any obligation on the Company to continue Indemnitee in such position and is not an employment contract between the Company (or any of its subsidiaries or any Enterprise (as defined herein)) and Indemnitee. 

Section 2. Definitions. As used in this Agreement: 

(a) “Agent” means any person who is authorized by the Company or an Enterprise to act for or represent the interests of the
Company or an Enterprise, respectively. 
 (b) “Corporate Status” describes the status of a person who is or was acting as a
director, officer, employee, fiduciary, or Agent of the Company or an Enterprise. 
 (c) “Enterprise” means any other
corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other entity, for which Indemnitee is or was serving at the request of the Company as a director, officer, employee, or Agent. 

(d) “Expenses” includes all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts and
other professionals, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or
deemed receipt of any payments under this Agreement, excise taxes and penalties related to the Employee Retirement Income Security Act of 1974, as amended, and all other disbursements or expenses of the types customarily incurred in connection with
prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses also include (i) Expenses incurred in connection with any appeal resulting
from any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent, and (ii) for purposes of Section 13(c) of this Agreement
only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement, by litigation or otherwise. The parties agree that for the purposes of any advancement of Expenses
for which Indemnitee has made written demand to the Company in accordance with this Agreement, all Expenses included in such demand that are certified by affidavit of Indemnitee’s counsel as being reasonable in the good faith judgment of such
counsel will be presumed conclusively to be reasonable. Expenses, however, do not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee. 

(e) “Proceeding” includes any threatened, pending or completed action, suit, claim, counterclaim, cross claim, arbitration,
mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal,
administrative, legislative, or investigative (formal or informal) nature, including any appeal therefrom, in which Indemnitee was, is or will be involved as a party, potential party, non-party witness or
otherwise by reason of Indemnitee’s Corporate Status or by reason of any action taken by Indemnitee (or a failure to take action by Indemnitee) or of any action (or failure to act) on Indemnitee’s part while acting pursuant to
Indemnitee’s Corporate Status, in each case whether or not serving in such capacity at the time any liability or Expense is incurred for which indemnification, reimbursement, or advancement of Expenses can be provided under this Agreement. A
Proceeding also includes a situation the Indemnitee believes in good faith may lead to or culminate in the institution of a Proceeding. 

  
 2 

 Section 3. Indemnity in Third-Party Proceedings. The Company will indemnify
Indemnitee in accordance with the provisions of this Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its
favor. Pursuant to this Section 3, the Company will indemnify Indemnitee to the fullest extent permitted by applicable law against all Expenses, judgments, fines and amounts paid in settlement (including all interest, assessments and other
charges paid or payable in connection with or in respect of such Expenses, judgments, fines and amounts paid in settlement) actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any
claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding had no reasonable cause to
believe that Indemnitee’s conduct was unlawful. 
 Section 4. Indemnity in Proceedings by or in the Right of the Company.
The Company will indemnify Indemnitee in accordance with the provisions of this Section 4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in
its favor. Pursuant to this Section 4, the Company will indemnify Indemnitee to the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with
such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. Except as permitted by Article 77 of the Companies
Law, the Company will not indemnify Indemnitee for Expenses under this Section 4 related to any claim, issue or matter in a Proceeding for which Indemnitee has been finally adjudged by a court to be liable to the Company. 

Section 5. Indemnification for Expenses of a Party Who is Wholly or Partly Successful. To the fullest extent permitted by
applicable law, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in connection with any Proceeding the extent that Indemnitee is successful, on the merits or otherwise. If Indemnitee is not
wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company will indemnify Indemnitee against all Expenses actually and reasonably
incurred by Indemnitee or on Indemnitee’s behalf in connection with or related to each successfully resolved claim, issue or matter to the fullest extent permitted by law. For purposes of this Section 5 and without limitation, the
termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, will be deemed to be a successful result as to such claim, issue or matter. 

Section 6. Indemnification for Expenses of a Witness. To the fullest extent permitted by applicable law, the Company will
indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with any Proceeding to which Indemnitee is not a party but to which Indemnitee is a witness, deponent, interviewee,
or otherwise asked to participate. 
 Section 7. Partial Indemnification. If Indemnitee is entitled under any provision of this
Agreement to indemnification by the Company for some or a portion of Expenses, but not, however, for the total amount thereof, the Company will, subject to the Companies Law, indemnify Indemnitee for the portion thereof to which Indemnitee is
entitled. 

  
 3 

 Section 8. Additional Indemnification. Notwithstanding any limitation in
Sections 3, 4, or 5 of this Agreement, the Company will indemnify Indemnitee to the fullest extent permitted by applicable law (including, but not limited to, the Companies Law and any amendments to or replacements of the Companies Law adopted after
the date of this Agreement that expand the Company’s ability to indemnify its directors and officers) if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to
procure a judgment in its favor). No indemnification, hold harmless or exoneration rights shall be available under this Section 8 on account of Indemnitee’s conduct which constitutes a breach of Indemnitee’s duty to the Company or is
an act or omission not in good faith or which involves intentional misconduct or a knowing violation of the Companies law. 

Section 9. Exclusions. Notwithstanding any provision in this Agreement, the Company is not obligated under this Agreement to make
any indemnification payment to Indemnitee in connection with any Proceeding: 
 (a) for which payment has actually been made to or on behalf
of Indemnitee under any insurance policy or other indemnity provision, except to the extent provided in Section 14(b) of this Agreement and except with respect to any excess beyond the amount paid under any insurance policy or other indemnity
provision; or 
 (b) for (i) an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities
of the Company within the meaning of Section 16(b) of the Exchange Act or similar provisions of applicable law, (ii) any reimbursement of the Company by the Indemnitee of any bonus or other incentive-based or equity-based compensation or
of any profits realized by the Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to
Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the
Sarbanes-Oxley Act) or (iii) any reimbursement of the Company by Indemnitee of any compensation pursuant to any compensation recoupment or clawback policy adopted by the Board or the compensation committee of the Board, including but not
limited to any such policy adopted to comply with stock exchange listing requirements implementing Section 10D of the Exchange Act; or 

(c) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its
directors, officers, employees or other indemnitees, unless (i) the Proceeding or part of any Proceeding is to enforce Indemnitee’s rights to indemnification or advancement, of Expenses, including a Proceeding (or any part of any
Proceeding) initiated pursuant to Section 13 of this Agreement, (ii) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (iii) the Company provides the indemnification, in its sole
discretion, pursuant to the powers vested in the Company under applicable law. 
 Section 10. Advances of Expenses. 

(a) The Company will advance, to the extent not prohibited by law, the Expenses incurred by Indemnitee in connection with any Proceeding (or
any part of any Proceeding) not initiated by Indemnitee or any Proceeding (or any part of any Proceeding) initiated by Indemnitee if (i) the Proceeding or part of any Proceeding is to enforce Indemnitee’s rights to obtain indemnification
or advancement of Expenses from the Company or Enterprise, including a proceeding initiated pursuant to Section 13 of this Agreement or (ii) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation. The
Company will advance the Expenses within 30 days after the receipt by the Company of a statement or statements requesting such advances from time to time, whether prior to or after final disposition of any Proceeding. 

(b) Advances will be unsecured and interest free. Indemnitee undertakes to repay the amounts advanced (without interest) to the extent that it
is ultimately determined that Indemnitee is not entitled to be indemnified by the Company, thus Indemnitee qualifies for advances upon the execution of this Agreement and delivery to the Company. No other form of undertaking is required other than
the execution of this Agreement. The Company will make advances without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this
Agreement. 

  
 4 

 Section 11. Procedure for Indemnification or Advancement. 

(a) Indemnitee shall notify the Company in writing of any Proceeding with respect to which Indemnitee intends to seek indemnification or
advancement of Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof. Indemnitee shall include in the written notification to the Company a description of the nature of the Proceeding and
the facts underlying the Proceeding and provide such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the
final disposition of such Proceeding. Indemnitee shall specify in the written notification the Expenses Indemnitee seeks payment under this Agreement. Indemnitee’s failure to notify the Company will not relieve the Company from any obligation
it may have to Indemnitee under this Agreement, and any delay in so notifying the Company will not constitute a waiver by Indemnitee of any rights under this Agreement. 

(b) The Company will be entitled to participate in the Proceeding at its own expense. 

(c) Subject to the provisions of this Agreement, the Company shall make payment of such Expenses to Indemnitee within 30 days after receipt of
the written notification. 
 Section 12. Presumptions and Effect of Certain Proceedings. 

(a) In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such
determination will, to the fullest extent not prohibited by law, presume Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 11(a) of this
Agreement, and the Company will, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption. Neither the failure of the Company (including by its directors or independent legal counsel) to have made a
determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including
by its directors or independent legal counsel) that Indemnitee has not met such applicable standard of conduct, will be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct. 

(b) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of
nolo contendere or its equivalent, will not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and
in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.

 (c) For purposes of any determination of good faith, Indemnitee will be deemed to have acted in good faith if Indemnitee acted based on
the records or books of account of the Company, its subsidiaries, or an Enterprise, including financial statements, or on information supplied to Indemnitee by the directors or officers of the Company, its subsidiaries, or an Enterprise in the
course of their duties, or on the advice of legal counsel for the Company, its subsidiaries, or an Enterprise or on information or records given or reports made to the Company or an Enterprise by an independent certified public accountant or by an
appraiser, financial advisor or other expert selected with reasonable care by or on behalf of the Company, its subsidiaries, or an Enterprise. Further, Indemnitee will be deemed to have acted in a manner “not opposed to the best interests of
the Company,” as referred to in this Agreement, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan. The provisions of
this Section 12(c) is not exclusive and does not limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement. 

  
 5 

 (d) The knowledge and/or actions, or failure to act, of any director, officer, trustee,
partner, managing member, fiduciary, agent or employee of the Enterprise may not be imputed to Indemnitee for purposes of determining Indemnitee’s right to indemnification under this Agreement. 

Section 13. Remedies of Indemnitee. 

(a) In the event that the Indemnitee makes a request for payment of Expenses under Section 3, Section 4, Section 5,
Section 6, Section 7 and Section 8 herein or a request for an advancement of Expenses under Section 10 herein and the Company fails to make such payment or advancement in a timely manner pursuant to the terms of this Agreement,
the Indemnitee may petition a court to enforce the Company’s obligations under this Agreement. 
 (b) Subject to the provisions of the
Articles and the Companies Law, the Company agrees to reimburse the Indemnitee in full for any Expenses incurred by the Indemnitee in connection with investigating, preparing for, litigating, defending or settling any action brought by the
Indemnitee under Section 13(a) above; provided, however, that if the Indemnitee is unsuccessful on the merits in such action, then the Company shall have no obligation to the Indemnitee under this Section 13(b). 

(c) The Company is, to the fullest extent not prohibited by law, precluded from asserting in any judicial proceeding or arbitration commenced
pursuant to this Section 13 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and will stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this
Agreement. 
 (d) It is the intent of the Company that, to the fullest extent permitted by law, the Indemnitee not be required to incur legal
fees or other Expenses associated with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by litigation or otherwise because the cost and expense thereof would substantially detract from the benefits intended
to be extended to the Indemnitee hereunder. The Company, to the fullest extent permitted by law, will (within 30 days after receipt by the Company of a written request therefor) advance to Indemnitee such Expenses which are incurred by Indemnitee in
connection with any action concerning this Agreement, Indemnitee’s right to indemnification or advancement of Expenses from the Company, or concerning any directors’ and officers’ liability insurance policies maintained by the
Company, and will indemnify Indemnitee against any and all such Expenses unless the court determines that each of the Indemnitee’s claims in such action were made in bad faith or were frivolous or are prohibited by law. 

Section 14. Non-exclusivity; Survival of Rights; Insurance; Subrogation. 

(a) The indemnification and advancement of Expenses provided by this Agreement are not exclusive of any other rights to which Indemnitee may at
any time be entitled under applicable law, the Articles, any agreement, a vote of shareholders or a resolution of directors, or otherwise. The indemnification and advancement of Expenses provided by this Agreement may not be limited or restricted by
any amendment, alteration or repeal of this Agreement in any way with respect to any action taken or omitted by Indemnitee in Indemnitee’s Corporate Status occurring prior to any amendment, alteration or repeal of this Agreement. To the extent
that a change in applicable law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the Articles or this Agreement, it is the intent of the parties hereto that
Indemnitee enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy is cumulative and in addition to every
other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, will not prevent the concurrent assertion or employment of any other
right or remedy. 

  
 6 

 (b) The Company hereby acknowledges that Indemnitee may have certain rights to
indemnification, advancement of Expenses and/or insurance provided by one or more other Persons with whom or which Indemnitee may be associated. The relationship between the Company and such other Persons, other than an Enterprise, with respect to
the Indemnitee’s rights to indemnification, advancement of Expenses, and insurance is described by this subsection, subject to the provisions of subsection (d) of this Section 14 with respect to a Proceeding concerning
Indemnitee’s Corporate Status with an Enterprise. 
 (i) The Company hereby acknowledges and agrees: 

(A) the Company is the indemnitor of first resort with respect to any request for indemnification or advancement of Expenses
made pursuant to this Agreement concerning any Proceeding; 
 (B) the Company is primarily liable for all indemnification
and indemnification or advancement of Expenses obligations for any Proceeding, whether created by law, organizational or constituent documents, contract (including this Agreement) or otherwise; 

(C) any obligation of any other Persons with whom or which Indemnitee may be associated to indemnify Indemnitee and/or advance
Expenses to Indemnitee in respect of any proceeding are secondary to the obligations of the Company’s obligations; 

(D) the Company will indemnify Indemnitee and advance Expenses to Indemnitee hereunder to the fullest extent provided herein
without regard to any rights Indemnitee may have against any other Person with whom or which Indemnitee may be associated or insurer of any such Person; and 

(ii) the Company irrevocably waives, relinquishes and releases (A) any other Person with whom or which Indemnitee may be associated from
any claim of contribution, subrogation, reimbursement, exoneration or indemnification, or any other recovery of any kind in respect of amounts paid by the Company to Indemnitee pursuant to this Agreement and (B) any right to participate in any
claim or remedy of Indemnitee against any Person, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive from any Person, directly or
indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right. 

(iii) In the event any other Person with whom or which Indemnitee may be associated or their insurers advances or extinguishes any liability
or loss for Indemnitee, the payor has a right of subrogation against the Company or its insurers for all amounts so paid which would otherwise be payable by the Company or its insurers under this Agreement. In no event will payment by any other
Person with whom or which Indemnitee may be associated or their insurers affect the obligations of the Company hereunder or shift primary liability for the Company’s obligation to indemnify or advance of Expenses to any other Person with whom
or which Indemnitee may be associated. 
 (iv) Any indemnification or advancement of Expenses provided by any other Person with whom or
which Indemnitee may be associated is specifically in excess over the Company’s obligation to indemnify and advance Expenses or any valid and collectible insurance (including but not limited to any malpractice insurance or professional errors
and omissions insurance) provided by the Company. 

  
 7 

 (c) To the extent that the Company maintains an insurance policy or policies providing
liability insurance for directors, officers, employees or agents of the Company, the Company will obtain a policy or policies covering Indemnitee to the maximum extent of the coverage available for any such director, officer, employee or agent under
such policy or policies, including coverage in the event the Company does not or cannot, for any reason, indemnify or advance Expenses to Indemnitee as required by this Agreement. If, at the time of the receipt of a notice of a claim pursuant to
this Agreement, the Company has director and officer liability insurance in effect, the Company will give prompt notice of such claim or of the commencement of a Proceeding, as the case may be, to the insurers in accordance with the procedures set
forth in the respective policies. The Company will thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such
policies. Indemnitee agrees to assist the Company efforts to cause the insurers to pay such amounts and will comply with the terms of such policies, including selection of approved panel counsel, if required. 

(d) The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee for any Proceeding concerning Indemnitee’s
Corporate Status with an Enterprise will be reduced by any amount Indemnitee has actually received as indemnification or advancement of Expenses from such Enterprise. The Company and Indemnitee intend that any such Enterprise (and its insurers) be
the indemnitor of first resort with respect to indemnification and advancement of Expenses for any Proceeding related to or arising from Indemnitee’s Corporate Status with such Enterprise. The Company’s obligation to indemnify and advance
Expenses to Indemnitee is secondary to the obligations the Enterprise or its insurers owe to Indemnitee. Indemnitee agrees to take all reasonably necessary and desirable action to obtain from an Enterprise indemnification and advancement of Expenses
for any Proceeding related to or arising from Indemnitee’s Corporate Status with such Enterprise. 
 (e) In the event of any payment
made by the Company under this Agreement, the Company will be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee from any Enterprise or insurance carrier. Indemnitee will execute all papers required and take all
action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. 

Section 15. Duration of Agreement. This Agreement continues until and terminates upon the later of: (a) 10 years after the date
that Indemnitee ceases to have a Corporate Status or (b) one year after the final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any
Proceeding commenced by Indemnitee pursuant to Section 13 of this Agreement relating thereto. The indemnification and advancement of Expenses rights provided by or granted pursuant to this Agreement are binding upon and be enforceable by the
parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), continue as to an
Indemnitee who has ceased to be a director, officer, employee or agent of the Company or of any other Enterprise, and inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other
legal representatives. 
 Section 16. Severability. If any provision or provisions of this Agreement is held to be invalid,
illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any Section of this Agreement containing any such
provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) will not in any way be affected or impaired thereby and remain enforceable to the fullest extent permitted by law; (b) such provision
or provisions will be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including,
without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) will be construed so as to give effect to the intent
manifested thereby. 

  
 8 

 Section 17. Interpretation. Any ambiguity in the terms of this Agreement will be
resolved in favor of Indemnitee and in a manner to provide the maximum indemnification and advancement of Expenses permitted by law. The Company and Indemnitee intend that this Agreement provide to the fullest extent permitted by law for
indemnification and advancement in excess of that expressly provided, without limitation, by the Articles, vote of the Company shareholders or applicable law. 

Section 18. Enforcement. 

(a) The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order
to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving or continuing to serve as a director or officer of the Company. 

(b) This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all
prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Articles and
applicable law, and is not a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder. 
 Section 19.
Modification and Waiver. No supplement, modification or amendment of this Agreement is binding unless executed in writing by the parties hereto. No waiver of any of the provisions of this Agreement will be deemed or constitutes a waiver of
any other provisions of this Agreement nor will any waiver constitute a continuing waiver. 
 Section 20. Notice by Indemnitee.
Indemnitee agrees promptly to notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or
advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company does not relieve the Company of any obligation which it may have to the Indemnitee under this Agreement or otherwise. 

Section 21. Notices. All notices, requests, demands and other communications under this Agreement will be in writing and will be
deemed to have been duly given if (a) delivered by hand to the other party, (b) sent by reputable overnight courier to the other party or (c) sent by facsimile transmission or electronic mail, with receipt of oral confirmation that
such communication has been received: 
 (a) If to Indemnitee, at the address indicated on the signature page of this Agreement, or such
other address as Indemnitee provides to the Company. 
 (b) If to the Company to: 

Gambling.com Group Limited 

Chief Executive Officer 

Gambling.com Group Ltd 
 22
Grenville Street 
 St. Helier, Channel Islands of Jersey JE4 8PX 

Attention: Charles Gillespie 

  
 9 

 with a copy, which shall not constitute notice, to: 

and 
 White & Case LLP

 1221 Avenue of the Americas 

New York, NY 10020 
 Attention:
Jessica Y. Chen, Esq. 
 Telephone: (212) 819-8200 

or to any other address as may have been furnished to Indemnitee by the Company. 

Section 22. Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for in this
Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, will contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be
paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to
reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers,
employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). 
 Section 23. Applicable Law and
Consent to Jurisdiction. This Agreement and the legal relations among the parties are governed by, and construed and enforced in accordance with, Jersey law. The parties irrevocably agree that the courts of Jersey have exclusive jurisdiction to
settle any dispute or claim arising out of, or in connection with, this agreement or its subject matter or formation (including any dispute or claim relating to non-contractual obligations). 

Section 24. Identical Counterparts. This Agreement may be executed in one or more counterparts, each of which will for all
purposes be deemed to be an original but all of which together constitutes one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this
Agreement. 
 Section 25. Headings. The headings of this Agreement are inserted for convenience only and do not constitute part
of this Agreement or affect the construction thereof. 
 [Signature Pages Follow] 

 

  
 10 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and
year first above written. 
  

			
	Gambling.com Group Limited
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Indemnification Agreement] 

 
			
	Indemnitee
		
	By:	 	  

		 	Name:
		 	Address:

 [Signature Page to Indemnification Agreement]

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