Document:

Exhibit 10.1
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EYEGATE PHARMACEUTICALS, INC.
 2014 EQUITY INCENTIVE PLAN
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(as amended on June 24, 2021)
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ARTICLE 1. INTRODUCTION.
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The Board adopted the Plan to become effective immediately, although no Awards may be granted prior to the Registration Date. The purpose of the Plan is to promote the long-term success of the Company and the creation of stockholder value by (a) encouraging Service Providers to focus on critical long-range corporate objectives, (b) encouraging the attraction and retention of Service Providers with exceptional qualifications and (c) linking Service Providers directly to stockholder interests through increased stock ownership. The Plan seeks to achieve this purpose by providing for Awards in the form of Options (which may constitute ISOs or NSOs), SARs, Restricted Shares, Stock Units and Performance Cash Awards.
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ARTICLE 2. ADMINISTRATION.
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2.1 General.  The Plan may be administered by the Board or one or more Committees. Each Committee shall have the authority and be responsible for such functions as have been assigned to it.
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2.2 Section 162(m).  To the extent an Award is intended to qualify as “performance-based compensation” within the meaning of Code Section 162(m), the Plan will be administered by a Committee of two or more “outside directors” within the meaning of Code Section 162(m).
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2.3 Section 16.  To the extent desirable to qualify transactions hereunder as exempt under Exchange Act Rule 16b-3, the transactions contemplated hereunder will be approved by the entire Board or a Committee of two or more “non-employee directors” within the meaning of Exchange Act Rule 16b-3.
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2.4 Powers of Administrator.  Subject to the terms of the Plan, and in the case of a Committee, subject to the specific duties delegated to the Committee, the Administrator shall have the authority to (a) select the Service Providers who are to receive Awards under the Plan, (b) determine the type, number, vesting requirements and other features and conditions of such Awards, (c) determine whether and to what extent any Performance Goals have been attained, (d) interpret the Plan and Awards granted under the Plan, (e) make, amend and rescind rules relating to the Plan and Awards granted under the Plan, including rules relating to sub-plans established for the purposes of satisfying applicable foreign laws or for qualifying for favorable tax treatment under applicable foreign laws, (f) impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any resales by a Participant of any Common Shares issued pursuant to an Award, including restrictions under an insider trading policy and restrictions as to the use of a specified brokerage firm for such resales, and (g) make all other decisions relating to the operation of the Plan and Awards granted under the Plan.
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2.5 Effect of Administrator’s Decisions.  The Administrator’s decisions, determinations and interpretations shall be final and binding on all Participants and any other holders of Awards.
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2.6 Governing Law.  The Plan shall be governed by, and construed in accordance with, the laws of the State of Delaware (except its choice-of-law provisions).
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ARTICLE 3. SHARES AVAILABLE FOR GRANTS.
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3.1 Basic Limitation.  Common Shares issued pursuant to the Plan may be authorized but unissued shares or treasury shares. The aggregate number of Common Shares issued under the Plan shall not exceed the sum of (a) 806,005 Common Shares, which includes (i) the 48,573 Common Shares originally reserved and available for issuance under the Plan, plus (ii) 140,765 Common Shares previously added through January 1, 2021 in accordance with the evergreen provision of Section 3.2 of the Plan, plus (iii) an additional 16,667 Common Shares reserved and available for issuance under the Plan in accordance with an amendment dated as of June 21, 2017, plus (iv) an additional 400,000 Common Shares reserved and available for issuance under the Plan in accordance with an amendment dated as of July 10, 2018, plus (v) an additional 200,000 Common Shares reserved and available for
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issuance under the Plan in accordance with an amendment dated as of June 24, 2021 and (b) the additional Common Shares described in Articles 3.2 and 3.3. The number of Common Shares that are subject to Stock Awards outstanding at any time under the Plan may not exceed the number of Common Shares that then remain available for issuance under the Plan. The numerical limitations in this Article 3.1 shall be subject to adjustment pursuant to Article 9.
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3.2 Annual Increase in Shares.  As of the first business day of each fiscal year of the Company during the term of the Plan, commencing on the first day of the Company’s 2016 fiscal year, the aggregate number of Common Shares that may be issued under the Plan shall automatically increase by a number equal to the least of (a) 4% of the total number of Common Shares outstanding on the last calendar day of the prior fiscal year, (b) subject to adjustment under Article 9, 23,333 Common Shares, or (c) a number of Common Shares determined by the Board.
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3.3 Shares Returned to Reserve.  To the extent that Options, SARs or Stock Units granted under this Plan are forfeited or expire for any other reason before being exercised or settled in full, the Common Shares subject to such Options, SARs or Stock Units shall again become available for issuance under the Plan. If SARs are exercised, then only the number of Common Shares (if any) actually issued to the Participant in settlement of such SARs shall reduce the number available under Article 3.1 and the balance shall again become available for issuance under the Plan. If Stock Units are settled, then only the number of Common Shares (if any) actually issued to the Participant in settlement of such Stock Units shall reduce the number available under Article 3.1 and the balance shall again become available for issuance under the Plan. If Restricted Shares or Common Shares issued upon the exercise of Options or otherwise under the Plan are reacquired by the Company pursuant to a forfeiture provision, repurchase right or for any other reason prior to the shares having become vested, then such Common Shares shall again become available for issuance under the Plan. Common Shares applied to pay the Exercise Price of Options or to satisfy tax withholding obligations related to any Award shall again become available for issuance under the Plan. To the extent that an Award is settled in cash rather than Common Shares, the cash settlement shall not reduce the number of Shares available for issuance under the Plan.
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3.4 Awards Not Reducing Share Reserve in Article 3.1.  Any dividend equivalents paid or credited under the Plan with respect to Stock Units shall not be applied against the number of Common Shares that may be issued under the Plan, whether or not such dividend equivalents are converted into Stock Units. In addition, Common Shares subject to Substitute Awards granted by the Company shall not reduce the number of Common Shares that may be issued under Article 3.1, nor shall shares subject to Substitute Awards again be available for Awards under the Plan in the event of any forfeiture, expiration or cash settlement of such Substitute Awards.
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3.5 Code Section 162(m) and 422 Limits.  Subject to adjustment in accordance with Article 9:
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(a) The aggregate number of Common Shares subject to Options and SARs that may be granted under this Plan during any fiscal year to any one Participant shall not exceed 66,667, except that the Company may grant to a new Employee in the fiscal year in which his or her Service as an Employee first commences Options and/or SARs that cover (in the aggregate) up to an additional 66,667 Common Shares;
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(b) The aggregate number of Common Shares subject to Restricted Share awards and Stock Units that may be granted under this Plan during any fiscal year to any one Participant shall not exceed 66,667, except that the Company may grant to a new Employee in the fiscal year in which his or her Service as an Employee first commences Restricted Share awards and Stock Units that cover (in the aggregate) up to an additional 66,667 Common Shares;
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(c) No Participant shall be paid more than $6 million in cash in any fiscal year pursuant to Performance Cash Awards granted under the Plan; and
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(d) No more than 806,005 Common Shares plus the additional Common Shares described in Article 3.2 may be issued under the Plan upon the exercise of ISOs.
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ARTICLE 4. ELIGIBILITY.
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4.1 Incentive Stock Options.  Only Employees who are common-law employees of the Company, a Parent or a Subsidiary shall be eligible for the grant of ISOs. In addition, an Employee who owns more than 10% of the total combined voting power of all classes of outstanding stock of the Company or any of its Parents or Subsidiaries shall not be eligible for the grant of an ISO unless the additional requirements set forth in Code Section 422(c)(5) are satisfied.
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4.2 Other Awards.  Awards other than ISOs may only be granted to Service Providers.
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ARTICLE 5. OPTIONS.
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5.1 Stock Option Agreement.  Each grant of an Option under the Plan shall be evidenced by a Stock Option Agreement between the Optionee and the Company. Such Option shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan. The Stock Option Agreement shall specify whether the Option is intended to be an ISO or an NSO. The provisions of the various Stock Option Agreements entered into under the Plan need not be identical.
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5.2 Number of Shares.  Each Stock Option Agreement shall specify the number of Common Shares subject to the Option, which number shall adjust in accordance with Article 9.
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5.3 Exercise Price.  Each Stock Option Agreement shall specify the Exercise Price, which shall not be less than 100% of the Fair Market Value of a Common Share on the date of grant. The preceding sentence shall not apply to an Option that is a Substitute Award granted in a manner that would satisfy the requirements of Code Section 409A and, if applicable, Code Section 424(a).
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5.4 Exercisability and Term.  Each Stock Option Agreement shall specify the date or event when all or any installment of the Option is to become vested and/or exercisable. The Stock Option Agreement shall also specify the term of the Option; provided that, except to the extent necessary to comply with applicable foreign law, the term of an Option shall in no event exceed 10 years from the date of grant. A Stock Option Agreement may provide for accelerated vesting and/or exercisability upon certain specified events and may provide for expiration prior to the end of its term in the event of the termination of the Optionee’s Service.
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5.5 Death of Optionee.  After an Optionee’s death, any vested and exercisable Options held by such Optionee may be exercised by his or her beneficiary or beneficiaries. Each Optionee may designate one or more beneficiaries for this purpose by filing the prescribed form with the Company. A beneficiary designation may be changed by filing the prescribed form with the Company at any time before the Optionee’s death. If no beneficiary was designated or if no designated beneficiary survives the Optionee, then any vested and exercisable Options held by the Optionee may be exercised by his or her estate.
5.6 Modification or Assumption of Options.  Within the limitations of the Plan, the Administrator may modify, reprice, extend or assume outstanding options or may accept the cancellation of outstanding options (whether granted by the Company or by another issuer) in return for the grant of new Options for the same or a different number of shares and at the same or a different exercise price or in return for the grant of a different type of Award. The foregoing notwithstanding, no modification of an Option shall, without the consent of the Optionee, impair his or her rights or obligations under such Option.
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5.7 Buyout Provisions.  The Administrator may at any time (a) offer to buy out for a payment in cash or cash equivalents an Option previously granted or (b) authorize an Optionee to elect to cash out an Option previously granted, in either case at such time and based upon such terms and conditions as the Administrator shall establish.
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5.8 Payment for Option Shares.  The entire Exercise Price of Common Shares issued upon exercise of Options shall be payable in cash or cash equivalents at the time when such Common Shares are purchased. In addition, the Administrator may, in its sole discretion and to the extent permitted by applicable law, accept payment of all or a portion of the Exercise Price through any one or a combination of the following forms or methods:
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(a) Subject to any conditions or limitations established by the Administrator, by surrendering, or attesting to the ownership of, Common Shares that are already owned by the Optionee with a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Common Shares as to which such Option will be exercised;
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(b) By delivering (on a form prescribed by the Company) an irrevocable direction to a securities broker approved by the Company to sell all or part of the Common Shares being purchased under the Plan and to deliver all or part of the sales proceeds to the Company;
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(c) Subject to such conditions and requirements as the Administrator may impose from time to time, through a net exercise procedure;
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(d) By delivering a full-recourse promissory note, on such terms approved by the Administrator; or
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(e) Through any other form or method consistent with applicable laws, regulations and rules.
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ARTICLE 6. STOCK APPRECIATION RIGHTS.
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6.1 SAR Agreement.  Each grant of a SAR under the Plan shall be evidenced by a SAR Agreement between the Optionee and the Company. Such SAR shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan. The provisions of the various SAR Agreements entered into under the Plan need not be identical.
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6.2 Number of Shares.  Each SAR Agreement shall specify the number of Common Shares to which the SAR pertains, which number shall adjust in accordance with Article 9.
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6.3 Exercise Price.  Each SAR Agreement shall specify the Exercise Price, which shall in no event be less than 100% of the Fair Market Value of a Common Share on the date of grant. The preceding sentence shall not apply to a SAR that is a Substitute Award granted in a manner that would satisfy the requirements of Code Section 409A.
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6.4 Exercisability and Term.  Each SAR Agreement shall specify the date when all or any installment of the SAR is to become vested and exercisable. The SAR Agreement shall also specify the term of the SAR; provided that except to the extent necessary to comply with applicable foreign law, the term of a SAR shall not exceed 10 years from the date of grant. A SAR Agreement may provide for accelerated vesting and exercisability upon certain specified events and may provide for expiration prior to the end of its term in the event of the termination of the Optionee’s Service.
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6.5 Exercise of SARs.  Upon exercise of a SAR, the Optionee (or any person having the right to exercise the SAR after his or her death) shall receive from the Company (a) Common Shares, (b) cash or (c) a combination of Common Shares and cash, as the Administrator shall determine. The amount of cash and/or the Fair Market Value of Common Shares received upon exercise of SARs shall, in the aggregate, not exceed the amount by which the Fair Market Value (on the date of surrender) of the Common Shares subject to the SARs exceeds the Exercise Price. If, on the date when a SAR expires, the Exercise Price is less than the Fair Market Value on such date but any portion of such SAR has not been exercised or surrendered, then such SAR shall automatically be deemed to be exercised as of such date with respect to such portion. A SAR Agreement may also provide for an automatic exercise of the SAR on an earlier date.
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6.6 Death of Optionee.  After an Optionee’s death, any vested and exercisable SARs held by such Optionee may be exercised by his or her beneficiary or beneficiaries. Each Optionee may designate one or more beneficiaries for this purpose by filing the prescribed form with the Company. A beneficiary designation may be changed by filing the prescribed form with the Company at any time before the Optionee’s death. If no beneficiary was designated or if no designated beneficiary survives the Optionee, then any vested and exercisable SARs held by the Optionee at the time of his or her death may be exercised by his or her estate.
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6.7 Modification or Assumption of SARs.  Within the limitations of the Plan, the Administrator may modify, reprice, extend or assume outstanding SARs or may accept the cancellation of outstanding SARs (whether granted by the Company or by another issuer) in return for the grant of new SARs for the same or a different number of shares and at the same or a different exercise price or in return for the grant of a different type of Award. The foregoing notwithstanding, no modification of a SAR shall, without the consent of the Optionee, impair his or her rights or obligations under such SAR.
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ARTICLE 7. RESTRICTED SHARES.
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7.1 Restricted Stock Agreement.  Each grant of Restricted Shares under the Plan shall be evidenced by a Restricted Stock Agreement between the recipient and the Company. Such Restricted Shares shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan. The provisions of the various Restricted Stock Agreements entered into under the Plan need not be identical.
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7.2 Payment for Awards.  Restricted Shares may be sold or awarded under the Plan for such consideration as the Administrator may determine, including (without limitation) cash, cash equivalents, property, cancellation of other equity awards, full-recourse promissory notes, past services and future services, and such other methods of payment as are permitted by applicable law.
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7.3 Vesting Conditions.  Each Award of Restricted Shares may or may not be subject to vesting and/or other conditions as the Administrator may determine. Vesting shall occur, in full or in installments, upon satisfaction of the conditions specified in the Restricted Stock Agreement. Such conditions, at the Administrator’s discretion, may include one or more Performance Goals. A Restricted Stock Agreement may provide for accelerated vesting upon certain specified events.
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7.4 Voting and Dividend Rights.  The holders of Restricted Shares awarded under the Plan shall have the same voting, dividend and other rights as the Company’s other stockholders, unless the Administrator otherwise provides. A Restricted Stock Agreement, however, may require that any cash dividends paid on Restricted Shares (a) be accumulated and paid when such Restricted Shares vest, or (b) be invested in additional Restricted Shares. Such additional Restricted Shares shall be subject to the same conditions and restrictions as the shares subject to the Stock Award with respect to which the dividends were paid. In addition, unless the Administrator provides otherwise, if any dividends or other distributions are paid in Common Shares, such Common Shares shall be subject to the same restrictions on transferability and forfeitability as the Restricted Shares with respect to which they were paid.
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ARTICLE 8. STOCK UNITS.
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8.1 Stock Unit Agreement.  Each grant of Stock Units under the Plan shall be evidenced by a Stock Unit Agreement between the recipient and the Company. Such Stock Units shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan. The provisions of the various Stock Unit Agreements entered into under the Plan need not be identical.
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8.2 Payment for Awards.  To the extent that an Award is granted in the form of Stock Units, no cash consideration shall be required of the Award recipients.
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8.3 Vesting Conditions.  Each Award of Stock Units may or may not be subject to vesting, as determined by the Administrator. Vesting shall occur, in full or in installments, upon satisfaction of the conditions specified in the Stock Unit Agreement. Such conditions, at the Administrator’s discretion, may include one or more Performance Goals. A Stock Unit Agreement may provide for accelerated vesting upon certain specified events.
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8.4 Voting and Dividend Rights.  The holders of Stock Units shall have no voting rights. Prior to settlement or forfeiture, Stock Units awarded under the Plan may, at the Administrator’s discretion, provide for a right to dividend equivalents. Such right entitles the holder to be credited with an amount equal to all cash dividends paid on one Common Share while the Stock Unit is outstanding. Dividend equivalents may be converted into additional Stock Units. Settlement of dividend equivalents may be made in the form of cash, in the form of Common Shares,
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or in a combination of both. Prior to distribution, any dividend equivalents shall be subject to the same conditions and restrictions as the Stock Units to which they attach.
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8.5 Form and Time of Settlement of Stock Units.  Settlement of vested Stock Units may be made in the form of (a) cash, (b) Common Shares or (c) any combination of both, as determined by the Administrator. The actual number of Stock Units eligible for settlement may be larger or smaller than the number included in the original Award, based on predetermined performance factors, including Performance Goals. Methods of converting Stock Units into cash may include (without limitation) a method based on the average Fair Market Value of Common Shares over a series of trading days. Vested Stock Units shall be settled in such manner and at such time(s) as specified in the Stock Unit Agreement. Until an Award of Stock Units is settled, the number of such Stock Units shall be subject to adjustment pursuant to Article 9.
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8.6 Death of Recipient.  Any Stock Units that become payable after the recipient’s death shall be distributed to the recipient’s beneficiary or beneficiaries. Each recipient of Stock Units under the Plan may designate one or more beneficiaries for this purpose by filing the prescribed form with the Company. A beneficiary designation may be changed by filing the prescribed form with the Company at any time before the Award recipient’s death. If no beneficiary was designated or if no designated beneficiary survives the Award recipient, then any Stock Units that become payable after the recipient’s death shall be distributed to the recipient’s estate.
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8.7 Modification or Assumption of Stock Units.  Within the limitations of the Plan, the Administrator may modify or assume outstanding stock units or may accept the cancellation of outstanding stock units (whether granted by the Company or by another issuer) in return for the grant of new Stock Units for the same or a different number of shares or in return for the grant of a different type of Award. The foregoing notwithstanding, no modification of a Stock Unit shall, without the consent of the Participant, impair his or her rights or obligations under such Stock Unit.
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8.8 Creditors’ Rights.  A holder of Stock Units shall have no rights other than those of a general creditor of the Company. Stock Units represent an unfunded and unsecured obligation of the Company, subject to the terms and conditions of the applicable Stock Unit Agreement.
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ARTICLE 9. ADJUSTMENTS; DISSOLUTIONS AND LIQUIDATIONS; CORPORATE TRANSACTIONS.
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9.1 Adjustments.  In the event of a subdivision of the outstanding Common Shares, a declaration of a dividend payable in Common Shares or a combination or consolidation of the outstanding Common Shares (by reclassification or otherwise) into a lesser number of Common Shares, corresponding proportionate adjustments shall automatically be made in each of the following:
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(a) The number and kind of shares available for issuance under Article 3, including the numerical share limits in Articles 3.1, 3.2 and 3.5;
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(b) The number and kind of shares covered by each outstanding Option, SAR and Stock Unit; and
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(c) The Exercise Price applicable to each outstanding Option and SAR, and the repurchase price, if any, applicable to Restricted Shares.
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In the event of a declaration of an extraordinary dividend payable in a form other than Common Shares in an amount that has a material effect on the price of Common Shares, a recapitalization, a spin-off or a similar occurrence, the Administrator shall make such adjustments as it, in its sole discretion, deems appropriate in one or more of the foregoing. Any adjustment in the number of and kind of shares subject to an Award under this Article 9.1 shall be rounded down to the nearest whole share, although the Administrator in its sole discretion may make a cash payment in lieu of a fractional share. Except as provided in this Article 9, a Participant shall have no rights by reason of any issuance by the Company of stock of any class or securities convertible into stock of any class, any subdivision or consolidation of shares of stock of any class, the payment of any stock dividend or any other increase or decrease in the number of shares of stock of any class.
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9.2 Dissolution or Liquidation.  To the extent not previously exercised or settled, Options, SARs and Stock Units shall terminate immediately prior to the dissolution or liquidation of the Company.
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9.3 Corporate Transactions.  In the event that the Company is a party to a merger, consolidation, or a Change in Control (other than one described in Article 14.6(d)), all Common Shares acquired under the Plan and all Awards outstanding on the effective date of the transaction shall be treated in the manner described in the definitive transaction agreement (or, in the event the transaction does not entail a definitive agreement to which the Company is party, in the manner determined by the Administrator, with such determination having final and binding effect on all parties), which agreement or determination need not treat all Awards (or portions thereof) in an identical manner. Unless an Award Agreement provides otherwise, the treatment specified in the transaction agreement or by the Administrator shall include (without limitation) one or more of the following with respect to each outstanding Award:
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(a) The continuation of such outstanding Awards by the Company (if the Company is the surviving entity);
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(b) The assumption of such outstanding Awards by the surviving entity or its parent, provided that the assumption of an Option or a SAR shall comply with applicable tax requirements;
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(c) The substitution by the surviving entity or its parent of an equivalent award for outstanding Awards (including, but not limited to, an award to acquire the same consideration paid to the holders of Common Shares in the transaction), provided that the substitution of an Option or a SAR shall comply with applicable tax requirements;
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(d) The cancellation of outstanding Options and SARs without payment of any consideration. The Optionees shall be able to exercise such Options and SARs (to the extent the Options and SARs are vested or become vested as of the effective date of the transaction) during a period of not less than five full business days preceding the closing date of the transaction, unless (i) a shorter period is required to permit a timely closing of the transaction and (ii) such shorter period still offers the Optionees a reasonable opportunity to exercise such Options and SARs. Any exercise of such Options and SARs during such period may be contingent on the closing of the transaction;
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(e) Full exercisability of outstanding Options and SARs and full vesting of the Common Shares subject to Options and SARs, followed by cancellation of such Options and SARs. The full exercisability of such Options and SARs and full vesting of such Common Shares may be contingent on the closing of the transaction. The Optionees shall be able to exercise such Options and SARs during a period of not less than five full business days preceding the closing date of such merger or consolidation, unless (i) a shorter period is required to permit a timely closing of such merger or consolidation and (ii) such shorter period still offers the Optionees a reasonable opportunity to exercise such Options and SARs. Any exercise of such Options and SARs during such period may be contingent on the closing of such merger or consolidation;
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(f) The cancellation of the Options and SARs and a payment to the Optionee with respect to each Share subject to the portion of the Award that is vested as of the transaction date equal to the excess of (A) the value, as determined by the Administrator in its absolute discretion, of the property (including cash) received by the holder of a Common Share as a result of the transaction, over (B) the per-share Exercise Price of the Option or SAR (such excess, the “Spread”). Such payment shall be made in the form of cash, cash equivalents, or securities of the surviving entity or its parent having a value equal to the Spread. In addition, any escrow, holdback, earn-out or similar provisions in the transaction agreement may apply to such payment to the same extent and in the same manner as such provisions apply to the holders of Common Shares, but only to the extent the application of such provisions does not adversely affect the status of the Option or SAR as exempt from Code Section 409A. If the Spread applicable to an Option or SAR is zero or a negative number, then the Option or SAR may be cancelled without making a payment to the Optionee;
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(g) The cancellation of outstanding Stock Units and a payment to the holder thereof with respect to each Common Share subject to the Stock Unit (whether or not such Stock Unit is then vested) equal to the value, as determined by the Administrator in its absolute discretion, of the property (including cash) received by the holder of a Common Share as a result of the transaction (the “Transaction Value”). Such payment shall be made in the form of cash, cash equivalents, or securities of the surviving entity or its parent having a value equal to the Transaction Value. In addition, such payment may be subject to vesting based on the Participant’s continuing Service, provided that the vesting schedule shall not be less favorable to the Participant than the schedule under
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which such Stock Units would have vested, and if required under applicable tax rules, such payment may be deferred until the settlement date specified in the Stock Unit Agreement. In addition, any escrow, holdback, earn-out or similar provisions in the transaction agreement may apply to such payment to the same extent and in the same manner as such provisions apply to the holders of Common Shares. In the event that a Stock Unit is subject to Code Section 409A, the payment described in this clause (g) shall be made on the settlement date specified in the applicable Stock Unit Agreement, provided that settlement may be accelerated in accordance with Treasury Regulation Section 1.409A-3(j)(4); or
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(h) The assignment of any reacquisition or repurchase rights held by the Company in respect of an Award of Restricted Shares to the surviving entity or its parent, with corresponding proportionate adjustments made to the price per share to be paid upon exercise of any such reacquisition or repurchase rights.
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For avoidance of doubt, the Administrator shall have the discretion, exercisable either at the time an Award is granted or at any time while the Award remains outstanding, to provide for the acceleration of vesting upon the occurrence of a Change in Control, whether or not the Award is to be assumed or replaced in the transaction, or in connection with a termination of the Participant’s Service following a transaction.
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Any action taken under this Article 9.3 shall either preserve an Award’s status as exempt from Code Section 409A or comply with Code Section 409A.
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ARTICLE 10. OTHER AWARDS.
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10.1 Performance Cash Awards.  A Performance Cash Award is a cash award that may be granted subject to the attainment of specified Performance Goals during a Performance Period. A Performance Cash Award may also require the completion of a specified period of continuous Service. The length of the Performance Period, the Performance Goals to be attained during the Performance Period, and the degree to which the Performance Goals have been attained shall be determined conclusively by the Administrator. Each Performance Cash Award shall be set forth in a written agreement or in a resolution duly adopted by the Administrator which shall contain provisions determined by the Administrator and not inconsistent with the Plan. The terms of various Performance Cash Awards need not be identical.
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10.2 Awards Under Other Plans.  The Company may grant awards under other plans or programs. Such awards may be settled in the form of Common Shares issued under this Plan. Such Common Shares shall be treated for all purposes under the Plan like Common Shares issued in settlement of Stock Units and shall, when issued, reduce the number of Common Shares available under Article 3.
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ARTICLE 11. LIMITATION ON RIGHTS.
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11.1 Retention Rights.  Neither the Plan nor any Award granted under the Plan shall be deemed to give any individual a right to remain a Service Provider. The Company and its Parents, Subsidiaries and Affiliates reserve the right to terminate the Service of any Service Provider at any time, with or without cause, subject to applicable laws, the Company’s Restated Certificate of Incorporation and Amended and Restated Bylaws and a written employment agreement (if any).
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11.2 Stockholders’ Rights.  Except as set forth in Article 7.4 or 8.4 above, a Participant shall have no dividend rights, voting rights or other rights as a stockholder with respect to any Common Shares covered by his or her Award prior to the time when a stock certificate for such Common Shares is issued or, if applicable, the time when he or she becomes entitled to receive such Common Shares by filing any required notice of exercise and paying any required Exercise Price. No adjustment shall be made for cash dividends or other rights for which the record date is prior to such time, except as expressly provided in the Plan.
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11.3 Regulatory Requirements.  Any other provision of the Plan notwithstanding, the obligation of the Company to issue Common Shares under the Plan shall be subject to all applicable laws, rules and regulations and such approval by any regulatory body as may be required. The Company reserves the right to restrict, in whole or in part, the delivery of Common Shares pursuant to any Award prior to the satisfaction of all legal requirements relating to the issuance of such Common Shares, to their registration, qualification or listing or to an exemption
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from registration, qualification or listing. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed necessary by the Company’s counsel to be necessary to the lawful issuance and sale of any Common Shares hereunder, will relieve the Company of any liability in respect of the failure to issue or sell such Common Shares as to which such requisite authority will not have been obtained.
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11.4 Transferability of Awards.  The Administrator may, in its sole discretion, permit transfer of an Award in a manner consistent with applicable law. Unless otherwise determined by the Administrator, Awards shall be transferable by a Participant only by (a) beneficiary designation, (b) a will or (c) the laws of descent and distribution. An ISO may only be transferred by will or by the laws of descent and distribution and may be exercised during the lifetime of the Optionee only by the Optionee or by the Optionee’s guardian or legal representative.
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11.5 Other Conditions and Restrictions on Common Shares.  Any Common Shares issued under the Plan shall be subject to such forfeiture conditions, rights of repurchase, rights of first refusal, other transfer restrictions and such other terms and conditions as the Administrator may determine. Such conditions and restrictions shall be set forth in the applicable Award Agreement and shall apply in addition to any restrictions that may apply to holders of Common Shares generally. In addition, Common Shares issued under the Plan shall be subject to such conditions and restrictions imposed either by applicable law or by Company policy, as adopted from time to time, designed to ensure compliance with applicable law or laws with which the Company determines in its sole discretion to comply including in order to maintain any statutory, regulatory or tax advantage.
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ARTICLE 12. TAXES.
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12.1 General.  As a condition to an Award under the Plan, a Participant or his or her successor shall make arrangements satisfactory to the Company for the satisfaction of any federal, state, local or foreign withholding tax obligations that arise in connection with any Award granted under the Plan. The Company shall not be required to issue any Common Shares or make any cash payment under the Plan until such obligations are satisfied.
​
12.2 Share Withholding.  To the extent that applicable law subjects a Participant to tax withholding obligations, the Administrator may permit such Participant to satisfy all or part of such obligations by having the Company withhold all or a portion of any Common Shares that otherwise would be issued to him or her or by surrendering all or a portion of any Common Shares that he or she previously acquired. Such Common Shares shall be valued at their Fair Market Value on the date when they are withheld or surrendered. Any payment of taxes by assigning Common Shares to the Company may be subject to restrictions including any restrictions required by SEC, accounting or other rules.
​
12.3 Section 162(m) Matters.  The Administrator, in its sole discretion, may determine whether an Award is intended to qualify as “performance-based compensation” within the meaning of Code Section 162(m). The Administrator may grant Awards that are based on Performance Goals but that are not intended to qualify as performance-based compensation. With respect to any Award that is intended to qualify as performance-based compensation, the Administrator shall designate the Performance Goal(s) applicable to, and the formula for calculating the amount payable under, an Award within 90 days following commencement of the applicable Performance Period (or such earlier time as may be required under Code Section 162(m)), and in any event at a time when achievement of the applicable Performance Goal(s) remains substantially uncertain. Prior to the payment of any Award that is intended to constitute performance-based compensation, the Administrator shall certify in writing whether and the extent to which the Performance Goal(s) were achieved for such Performance Period. The Administrator shall have the right to reduce or eliminate (but not to increase) the amount payable under an Award that is intended to constitute performance-based compensation.
​
12.4 Section 409A Matters.  Except as otherwise expressly set forth in an Award Agreement, it is intended that Awards granted under the Plan either be exempt from, or comply with, the requirements of Code Section 409A. To the extent an Award is subject to Code Section 409A (a “409A Award”), the terms of the Plan, the Award and any written agreement governing the Award shall be interpreted to comply with the requirements of Code Section 409A so that the Award is not subject to additional tax or interest under Code Section 409A, unless the Administrator expressly provides otherwise. A 409A Award shall be subject to such additional rules and requirements as specified by the Administrator from time to time in order for it to comply with the requirements of Code Section 409A. In this regard, if any amount under a 409A Award is payable upon a “separation from service” to an individual who is considered a “specified employee” (as each term is defined under Code Section 409A), then no such payment shall
​

9
​

be made prior to the date that is the earlier of (i) six months and one day after the Participant’s separation from service or (ii) the Participant’s death, but only to the extent such delay is necessary to prevent such payment from being subject to Code Section 409A(a)(1).
​
12.5 Limitation on Liability.  Neither the Company nor any person serving as Administrator shall have any liability to a Participant in the event an Award held by the Participant fails to achieve its intended characterization under applicable tax law.
​
ARTICLE 13. FUTURE OF THE PLAN.
​
13.1 Term of the Plan.  The Plan, as set forth herein, shall become effective on the Registration Date. The Plan shall remain in effect until the earlier of (a) the date when the Plan is terminated under Article 13.2 or (b) the 10th anniversary of the date when the Board adopted the Plan.
​
13.2 Amendment or Termination.  The Board may, at any time and for any reason, amend or terminate the Plan. No Awards shall be granted under the Plan after the termination thereof. The termination of the Plan, or any amendment thereof, shall not affect any Award previously granted under the Plan.
​
13.3 Stockholder Approval.  An amendment of the Plan shall be subject to the approval of the Company’s stockholders only to the extent required by applicable laws, regulations or rules.
​
ARTICLE 14. DEFINITIONS.
​
“Administrator” means the Board or any Committee administering the Plan in accordance with Article 2.
​
“Affiliate” means any entity other than a Subsidiary, if the Company and/or one or more Subsidiaries own not less than 50% of such entity.
​
“Award” means any award granted under the Plan, including as an Option, a SAR, a Restricted Share, a Stock Unit or a Performance Cash Award.
​
“Award Agreement” means a Stock Option Agreement, an SAR Agreement, a Restricted Stock Agreement, a Stock Unit Agreement or such other agreement evidencing an Award granted under the Plan.
​
“Board” means the Company’s Board of Directors, as constituted from time to time.
​
“Change in Control” means:
​
(a) Any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the total voting power represented by the Company’s then-outstanding voting securities;
​
(b) The consummation of the sale or disposition by the Company of all or substantially all of the Company’s assets;
​
(c) The consummation of a merger or consolidation of the Company with or into any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) more than fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation; or
​
(d) Individuals who are members of the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the members of the Board over a period of 12 months; provided, however, that if the appointment or election (or nomination for election) of any new Board member was approved or recommended by a majority
​

10
​

vote of the members of the Incumbent Board then still in office, such new member shall, for purposes of this Plan, be considered as a member of the Incumbent Board.
​
A transaction shall not constitute a Change in Control if its sole purpose is to change the state of the Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction. In addition, if a Change in Control constitutes a payment event with respect to any Award which provides for a deferral of compensation and is subject to Code Section 409A, then notwithstanding anything to the contrary in the Plan or applicable Award Agreement the transaction with respect to such Award must also constitute a “change in control event” as defined in Treasury Regulation Section 1.409A-3(i)(5) to the extent required by Code Section 409A.
​
“Code” means the Internal Revenue Code of 1986, as amended.
​
“Committee” means a committee of one or more members of the Board, or of other individuals satisfying applicable laws, appointed by the Board to administer the Plan.
​
“Common Share” means one share of the common stock of the Company.
​
“Company” means Eyegate Pharmaceuticals, Inc., a Delaware corporation.
​
“Consultant” means a consultant or adviser who provides bona fide services to the Company, a Parent, a Subsidiary or an Affiliate as an independent contractor and who qualifies as a consultant or advisor under Instruction A.1.(a)(1) of Form S-8 under the Securities Act of 1933, as amended.
​
“Employee” means a common-law employee of the Company, a Parent, a Subsidiary or an Affiliate.
​
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
​
“Exercise Price,” in the case of an Option, means the amount for which one Common Share may be purchased upon exercise of such Option, as specified in the applicable Stock Option Agreement. “Exercise Price,” in the case of a SAR, means an amount, as specified in the applicable SAR Agreement, which is subtracted from the Fair Market Value of one Common Share in determining the amount payable upon exercise of such SAR.
​
“Fair Market Value” means the closing price of a Common Share on any established stock exchange or a national market system on the applicable date or, if the applicable date is not a trading day, on the last trading day prior to the applicable date, as reported in a source that the Administrator deems reliable. If Common Shares are no longer traded on an established stock exchange or a national market system, the Fair Market Value shall be determined by the Administrator in good faith on such basis as it deems appropriate. The Administrator’s determination shall be conclusive and binding on all persons.
​
“ISO” means an incentive stock option described in Code Section 422(b).
​
“NSO” means a stock option not described in Code Sections 422 or 423.
​
“Option” means an ISO or NSO granted under the Plan and entitling the holder to purchase Common Shares.
​
“Optionee” means an individual or estate holding an Option or SAR.
​
“Outside Director” means a member of the Board who is not an Employee.
​
“Parent” means any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, if each of the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of a Parent on a date after the adoption of the Plan shall be considered a Parent commencing as of such date.
​
“Participant” means an individual or estate holding an Award.
​
​

11
​

“Performance Cash Award” means an award of cash granted under Article 10.1 of the Plan.
​
“Performance Goal” means a goal established by the Administrator for the applicable Performance Period based on one or more of the performance criteria set forth in Appendix A. Depending on the performance criteria used, a Performance Goal may be expressed in terms of overall Company performance or the performance of a business unit, division, Subsidiary, Affiliate or an individual. A Performance Goal may be measured either in absolute terms or relative to the performance of one or more comparable companies or one or more relevant indices. The Administrator may adjust the results under any performance criterion to exclude any of the following events that occurs during a Performance Period: (a) asset write-downs, (b) litigation, claims, judgments or settlements, (c) the effect of changes in tax laws, accounting principles or other laws or provisions affecting reported results, (d) accruals for reorganization and restructuring programs, (e) extraordinary, unusual or non-recurring items, (f) exchange rate effects for non-U.S. dollar denominated net sales and operating earnings, or (g) statutory adjustments to corporate tax rates; provided, however, that if an Award is intended to qualify as “performance-based compensation” within the meaning of Code Section 162(m), such adjustment(s) shall only be made to the extent consistent with Code Section 162(m).
​
“Performance Period” means a period of time selected by the Administrator over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to a Performance Cash Award or an Award of Restricted Shares or Stock Units that vests based on the achievement of Performance Goals. Performance Periods may be of varying and overlapping duration, at the discretion of the Administrator.
​
“Plan” means this Eyegate Pharmaceuticals, Inc. 2014 Equity Incentive Plan, as amended from time to time.
​
“Registration Date” means February 2, 2015, the effective date of the initial registration statement filed by the Company with the Securities and Exchange Commission pursuant to Form S-1.
​
“Restricted Share” means a Common Share awarded under the Plan.
​
“Restricted Stock Agreement” means the agreement between the Company and the recipient of a Restricted Share that contains the terms, conditions and restrictions pertaining to such Restricted Share.
​
“SAR” means a stock appreciation right granted under the Plan.
​
“SAR Agreement” means the agreement between the Company and an Optionee that contains the terms, conditions and restrictions pertaining to his or her SAR.
​
“Service” means service as an Employee, Outside Director or Consultant.
​
“Service Provider” means any individual who is an Employee, Outside Director or Consultant.
​
“Stock Award” means any award of an Option, a SAR, a Restricted Share or a Stock Unit under the Plan.
​
“Stock Option Agreement” means the agreement between the Company and an Optionee that contains the terms, conditions and restrictions pertaining to his or her Option.
​
“Stock Unit” means a bookkeeping entry representing the equivalent of one Common Share, as awarded under the Plan.
​
“Stock Unit Agreement” means the agreement between the Company and the recipient of a Stock Unit that contains the terms, conditions and restrictions pertaining to such Stock Unit.
​
“Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, if each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of a Subsidiary on a date after the adoption of the Plan shall be considered a Subsidiary commencing as of such date.
​

12
​

“Substitute Awards” means Awards or Common Shares issued by the Company in assumption of, or substitution or exchange for, Awards previously granted, or the right or obligation to make future awards, in each case by a corporation acquired by the Company or any Affiliate or with which the Company or any Affiliate combines to the extent permitted by NASDAQ Marketplace Rule 5635 or any successor thereto.
​
​

13
​

APPENDIX A
​
PERFORMANCE CRITERIA
​
The Administrator may establish Performance Goals derived from one or more of the following criteria when it makes Awards of Restricted Shares or Stock Units that vest entirely or in part on the basis of performance or when it makes Performance Cash Awards:
​
	​

	​

	
●
Earnings (before or after taxes)

	
●
Sales or revenue (using a measure thereof that complies with Section 162(m))

	
●
Earnings per share

	
●
Expense or cost reduction

	
●
Earnings before interest, taxes and depreciation

	
●
Working capital

	
●
Earnings before interest, taxes, depreciation and amortization

	
●
Economic value added (or an equivalent metric)

	
●
Total stockholder return

	
●
Market share

	
●
Return on equity or average stockholders’ equity

	
●
Cash measures including cash flow and cash balance

	
●
Return on assets, investment or capital employed

	
●
Operating cash flow

	
●
Operating income

	
●
Cash flow per share

	
●
Gross margin

	
●
Share price

	
●
Operating margin

	
●
Debt reduction

	
●
Net oprating income

	
●
Customer satisfaction

	
●
Net operating income after tax

	
●
Stockholders’ equity

	
●
Return on operating revenue

	
●
Contract awards or backlog

	
●
Objective corporate or individual strategic goals

	
●
Objective individual performance goals

	
●
To the extent that an Award is not intended to comply with Code Section 162(m), other measures of performance selected by the Administrator

​

14
​Exhibit 10.13

 

Dated June 21, 2021

 

Servicios de Juego Online
S.A.U.

 

as Company

 

and

 

Codere Newco, S.A.U.

 

as Parent

 

RELATIONSHIP AND LICENSE AGREEMENT

 

This Relationship and License Agreement
(the “Agreement”) is made as of the 21st day of June 2021, by and among:

 

		(1)	Servicios de Juego Online S.A.U., a company organized under the laws of the Kingdom of Spain (the
“Company”); and

 

		(2)	Codere Newco, S.A.U., a company organized under the laws of the Kingdom of Spain (the “Parent”).

 

This Agreement shall become
effective at the Merger Effective Time on the Closing Date, as such terms are defined in the Business Combination Agreement the (“Effective
Date”)

 

RECITALS

 

		(A)	Prior to the Effective Date, Parent was, indirectly through certain of its Subsidiaries, including the
Company, engaged in the business of online gaming, gambling, casino, slots, poker, bingo, sports betting, betting exchanges, lottery operations,
racing and pari-mutuel activities (such business, at any time, the “Online Gaming Business”).

 

		(B)	Pursuant to the Transaction Documents, as defined in the Business Combination Agreement (as defined below),
Codere Online Luxembourg, S.A., a public limited liability company (société anonyme) governed by the laws of the
Grand Duchy of Luxembourg (“Holdco”), will at, or prior to, the Effective Date, acquire all of the issued and outstanding
equity interests in the Company and the Company’s Subsidiaries.

 

		(C)	Parent recognizes and acknowledges that, as a controlling person of Holdco, Parent will indirectly receive
significant and substantial consideration in connection with the transactions contemplated by the Business Combination Agreement and this
Agreement.

 

		(D)	Parent is the owner of certain trademarks (including logos and designs), domain names and related applications
and registrations in a number of jurisdictions around the world, which are currently used in connection with the Online Gaming Business,
and the Company desires to obtain, and Parent is willing to grant, certain rights to enable the Company to use the Licensed Marks (as
defined below).

 

     

     

    

 

		(E)	In connection with the closing of the transactions contemplated by the Business Combination Agreement,
Parent and the Company deem it to be appropriate and in their mutual best interests that the parties hereto enter into this Relationship
and License Agreement pursuant to the terms and conditions set forth herein.

 

Now, therefore, in consideration
of the mutual covenants and agreements contained in this Agreement and other good and valuable consideration (the receipt and sufficiency
of which are hereby acknowledged), the parties hereto agree as follows:

 

		1.	Interpretation

 

		1.1.	Definitions

 

In this Agreement, except where the
context otherwise requires, the following terms will have the following meanings:

 

“Affiliate” means,
with respect to a Person, any other Person that, now or in the future, directly or indirectly, through one or more intermediaries, controls
or is controlled by such Person, or is under common control of a third Person. For the avoidance of doubt, a Person shall be deemed to
control another Person if such first Person possesses, directly or indirectly, the power to direct, or cause the direction of, the management
and policies of such other Person, whether through the ownership of voting securities, by contract or otherwise, all the foregoing in
accordance with, as and further set out in, Article 42 of the Spanish Commercial Code;

 

“Applicable Percentage”
shall mean the amount, expressed as a percentage of Net Win, which reflects at all times the minimum consideration permitted pursuant
to applicable transfer pricing requirements for the license granted by Parent to the Company and its Sublicensees in Section ‎2.1
and ‎2.2, as determined in good faith and agreed to by Parent and
the Company in writing from time to time, and which, for the avoidance of doubt, will be 0% of Net Win as of the Effective Date;

 

“Beneficial Owner”
shall mean any Person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise has or
shares (i) voting power which includes the power to vote, or to direct the voting of, such security, and/or (ii) investment power which
includes the power to dispose, or to direct the disposition of, such security, and/or (iii) the right to become the beneficial owner of
such securities as set forth in (i) or (ii) above (whether such right is exercisable immediately or only after the passage of time or
the occurrence of conditions) pursuant to any agreement, arrangement or understanding, or upon the exercise of conversion rights, exchange
rights, rights, warrants or options, or otherwise. The term “Beneficially Own” shall have a correlative meaning;

 

“Business Combination Agreement”
means the Business Combination Agreement, dated June 21, 2021, among Parent, the Company and the other parties thereto, regulating a series
of related transactions whereby, among other things, Holdco will acquire the Company and its Subsidiaries;

 

“Business Day” means
every day except a Saturday or Sunday, or a legal holiday in the City of New York, the Grand Duchy of Luxembourg or Madrid on which banking
institutions are authorized or required by Law to close;

 

    2

     

    

 

“Consented Potential Opportunity”
has the meaning assigned thereto in Section ‎5.1.4 hereof;

 

“Company” has the
meaning assigned thereto in the preamble;

 

“Company’s Executive
Management” means, with respect to the Company, the senior managers of the Company;

 

“Company Group” means
Holdco, the Company and their direct and indirect Subsidiaries, including any Subsidiary of the Company formed or acquired after the Effective
Date, as described in Section ‎2.2;

 

“Company Indemnified Party”
has the meaning assigned thereto in Section ‎10.1 hereof;

 

“Current Territory”
means any jurisdiction in which any member of the Company Group conducts the Company Group’s Online Gaming Business as of the Effective
Date;

 

“Designated Territory”
has the meaning assigned thereto in Section ‎2.1 hereof;

 

“Effective Date”
has the meaning assigned thereto in the preamble;

 

“Existing Domain Names”
has the meaning assigned thereto in Section ‎2.7 hereof;

 

“Existing Licensed Marks”
has the meaning assigned thereto in Section ‎2.1 hereof;

 

“Fees” has the meaning
assigned thereto in Section ‎8.1 hereof;

 

“Governing Body”
means (i) with respect to a corporation, the board of directors of such corporation, (ii) with respect to a limited liability company,
the manager(s) or managing member(s) of such limited liability company, (iii) with respect to a limited partnership, the board, committee
or other body of the general partner of such partnership that serves a similar function or the general partner itself (or if any such
general partner is itself a limited partnership, the board, committee or other body of such general partner’s general partner that
serves a similar function or such general partner’s partner) and (iv) with respect to any other Person, the body of such Person
that serves a similar function, and in the case of each of (i) through (iv) includes any committee or other subdivision of such body and
any Person to whom such body has delegated any power or authority, including any officer and managing director;

 

“Governing Instruments”
means (i) the certificate of incorporation and bylaws in the case of a corporation, (ii) the articles of formation and operating agreement
in the case of a limited liability company, (iii) the partnership agreement in the case of a partnership, and (iv) any other similar governing
document under which an entity was organized, formed or created and/or operates;

 

“Governmental Authority”
means any (i) international, national, supra-national (including the European Union), multinational, federal, state, regional, municipal,
local or other government, governmental or public department, central bank, court, tribunal, arbitral body, commission, board, bureau,
agency or instrumentality, domestic or foreign (ii) self-regulatory organization or stock exchange, (iii) subdivision, agent, commission,
board, or authority of any of the foregoing, or (iv) quasi-governmental or private body exercising any regulatory, expropriation or taxing
authority under or for the account of any of the foregoing;

 

    3

     

    

 

“Holdco” has the
meaning assigned thereto in the preamble;

 

“Indemnified Party”
has the meaning assigned thereto in Section ‎10.3.1 hereof;

 

“Indemnifying Party”
has the meaning assigned thereto in Section ‎10.3.1 hereof;

 

“Laws” means any
and all applicable (i) laws, constitutions, treaties, statutes, codes, ordinances, principles of common law and equity, rules, regulations
and municipal bylaws whether domestic, foreign or international, (ii) judicial, arbitral, administrative, ministerial, departmental and
regulatory judgments, orders, writs, injunctions, decisions, and awards of any Governmental Authority, and (iii) policies, practices and
guidelines of any Governmental Authority which, although not actually having the force of law, are considered by such Governmental Authority
as requiring compliance as if having the force of law, and the term “applicable,” with respect to such Laws and in the context
that refers to one or more Persons, means such Laws that apply to such Person or Persons or its or their business, undertaking, property
or securities at the relevant time and that emanate from a Governmental Authority having jurisdiction over the Person or Persons or its
or their business, undertaking, property or securities;

 

“Lien” means any
lien, security interest, mortgage, deeds of trust, pledge, adverse claim, reservation, lease, sublease, exclusive license, covenants,
easements, usufruct, right-of-way, servitudes, collateral assignments, conditional sale or other sale agreements, title retention agreements,
hypothecations, pre-emptive right, community property interest, collateral assignment, charge, option, warrant, rights of first offer,
rights of first refusal, proxies, voting trusts or similar agreements, or title or transfer restrictions under any equity holder or similar
agreement (including, without limitation, any restriction on the voting of any security, any restriction on the transfer of any security
or other asset, any restriction on the possession, exercise or transfer or any other restriction attributable of ownership of any asset);

 

“Licensed Marks”
has the meaning assigned thereto in Section ‎2.1 hereof;

 

“Loss” has the meaning
assigned thereto in Section ‎10.1 hereof;

 

“Net Win” means all
gross amounts wagered of the Company and each Sublicensee (for only such periods of time that the Company and each of such Sublicensees
has used the Licensed Marks in any capacity), less: (i) player wins, (ii) player bonuses, (iii) promotional bets and (iv) applicable gaming
taxes;

 

“Online Gaming Business”
has the meaning assigned thereto in the recitals;

 

“Parent” has the
meaning assigned thereto in the preamble;

 

“Parent Group” means
Parent and its direct and indirect Subsidiaries at any time (other than any member of the Company Group);

 

“Parent Indemnified Party”
has the meaning assigned thereto in Section ‎10.2 hereof;

 

“Permit” means any
consent, license, approval, registration, permit, authorizations, registrations, findings of suitability, franchises, entitlements, communications,
waivers and exemptions granted by a Governmental Authority;

 

    4

     

    

 

“Permitted Activity”
means (i) any business of regulated gambling and gaming and related services accessible exclusively through physical retail or other offline
channel; (ii) any Restricted Activity, which (a) is accessory to any business of regulated gambling and gaming and related services accessible
exclusively through physical retail or other offline channel or any analogous business that the Parent Group acquires (collectively, an
“Accessory Activity”), and (b) generates, or is reasonably expected to generate, an annual turnover of less than 5%
of the turnover of the Company Group in the same fiscal year in each of the jurisdictions were the Accessory Activity will be conducted;
and (iii) any Potential Opportunity, which (a) is an Accessory Activity, and (b) generates, or is reasonably expected to generate, an
annual turnover of less than 5% of the turnover of the Company Group globally in the same fiscal year;

 

“Permitted Domain Name”
has the meaning assigned thereto in Section ‎2.7 hereof;

 

“Person” means any
natural person, partnership, limited partnership, limited liability partnership, joint venture, syndicate, sole proprietorship, company
or corporation (with or without share capital), limited liability corporation, unlimited liability company, joint stock company, unincorporated
association or entity, business entity, trust, trustee, executor, administrator or other legal personal representative, regulatory body
or agency, government or Governmental Authority however designated or constituted and pronouns have a similarly extended meaning;

 

“Potential Opportunity”
has the meaning assigned thereto in Section ‎5.1.4 hereof;

 

“Promotional Material”
means all material used in the promotion of, or otherwise in connection with, the Company Group’s Online Gaming Business (whether
written or recorded in any other medium) and includes artwork, advertising materials, display materials, packaging materials, brochures,
posters and internal and external signage;

 

“Quarter” means a
calendar quarter ending on the last day of March, June, September or December;

 

“Rejected Potential Opportunity”
has the meaning assigned thereto in Section ‎5.1.4 hereof;

 

“Request” has the
meaning assigned thereto in Section ‎5.1.4 hereof;

 

“Restricted Activity”
has the meaning assigned thereto in Section ‎5.1.1 hereof;

 

“Sublicensee” has
the meaning assigned thereto in Section ‎2.2 hereof;

 

“Subsidiary” means,
with respect to any Person, any other Person that, now or in the future, is directly or indirectly controlled by such Person, including
(i) any trust in which such Person holds all of the beneficial interests and (ii) any partnership, limited liability company or similar
entity in which such Person holds all of the interests other than the interests of any general partner, managing member or similar Person.
For the avoidance of doubt, a Person shall be deemed to control another Person if such first Person possesses, directly or indirectly,
the power to direct, or cause the direction of, the management and policies of such other Person, whether through the ownership of voting
securities, by contract or otherwise, all the foregoing in accordance with, as and further set out in, Article 42 of the Spanish Commercial
Code;

 

    5

     

    

 

“Term” has the meaning
assigned thereto in Section ‎11.1 hereof;

 

“Territory” means
any jurisdiction in which (i) any member of the Company Group conducts the Company Group’s Online Gaming Business from time to time,
(ii) the Governing Body of Holdco has expressly decided to expand Company Group’s Online Gaming Business, or (iii) the Company Group
has taken actual formal steps towards obtaining the required Permits to conduct the Online Gaming Business in such jurisdiction. For the
avoidance of doubt, as at the date of this Agreement, the “Territory” means Spain, Italy, Mexico, Brazil, United States of
America, Colombia, Panama, Argentina, Malta and Israel.

 

“Third Party Claim”
has the meaning assigned thereto in Section ‎10.3.2 hereof;

 

“URL” means universal
resource locator, the computer internet address of a website; and

 

“World Wide Information Distribution
Medium” is a means of simultaneously (or nearly simultaneously) distributing information in an electronic format to all or most
countries in the world and which permits contemporaneous (or nearly contemporaneous) access to that information in those countries, and
includes the internet.

 

		1.2.	Headings

 

The inclusion of headings in this Agreement
are for convenience of reference only and will not affect the construction or interpretation hereof.

 

		1.3.	Interpretation

 

Unless otherwise expressly provided
for herein, this Agreement shall be interpreted in accordance with (i) the general interpretation and construction provisions included
in Sections 1,281, 1,282, 1,283, 1,284, 1,285 and 1,286 of the Spanish Civil Code (Código Civil); and (ii) the specific
rules of construction set forth below:

 

		1.3.1.	words importing the singular shall include the plural and vice versa, words importing gender shall include
all genders or the neuter, and words importing the neuter shall include all genders;

 

		1.3.2.	the words “include”, “includes”, “including”, or any variations thereof,
when following any general term or statement, are not to be construed as limiting the general term or statement to the specific items
or matters set forth or to similar items or matters, but rather as referring to all other items or matters that could reasonably fall
within the broadest possible scope of the general term or statement;

 

		1.3.3.	references to any Person include such Person’s successors and permitted assigns;

 

		1.3.4.	any reference to a statute, regulation, policy, rule or instrument shall include, and shall be deemed
to be a reference also to, all amendments made to such statute, regulation, policy, rule or instrument and to any statute, regulation,
policy, rule or instrument that may be passed which has the effect of supplementing or superseding the statute, regulation, policy, rule
or instrument so referred to;

 

		1.3.5.	any reference to this Agreement or any other agreement, document or instrument shall be construed as a
reference to this Agreement or, as the case may be, such other agreement, document or instrument as the same may have been, or may from
time to time be, amended, varied, replaced, amended and restated, supplemented or otherwise modified;

 

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		1.3.6.	in the event that any day on which any amount is to be determined or any action is required to be taken
hereunder is not a Business Day, then such amount shall be determined or such action shall be required to be taken at or before the requisite
time on the next succeeding day that is a Business Day; and

 

		1.3.7.	except where otherwise expressly provided, all amounts in this Agreement are stated and shall be paid
in euro.

 

		2.	Grant of License

 

		2.1.	License

 

Subject to the terms
and conditions of this Agreement, Parent hereby grants to the Company, and the Company hereby accepts, during the Term, an exclusive (except
as otherwise set forth herein and without prejudice to Parent’s right to engage in any Permitted Activity), sublicensable (solely
as set forth in Section 2.2), and non-transferable (except as set forth in Section 12.2.2) license and authority to use any and all marks
set forth in Schedule A (the “Existing Licensed Marks” and such other marks of Parent that Parent shall have
specifically authorized the Company in writing to use pursuant to a written notice acknowledged by the Company in the form of Exhibit
A hereto, together with the Existing Licensed Marks, the “Licensed Marks”) within the Territory (provided that
such license is only granted with respect to jurisdictions outside the Current Territory to the extent that the Licensed Marks are registered
in jurisdictions outside of the Current Territory), in connection with the operation of the Company Group’s Online Gaming Business.

 

In the event that
the Company notifies Parent in writing, during the Term, that it or any member of the Company Group intends to carry out the Online Gaming
Business in a jurisdiction which is outside the Current Territory but within the Territory, Parent shall cause the Licensed Mark to be
registered, at Parent’s sole cost and expense, in such jurisdiction (each such jurisdiction, a “Designated Territory”),
provided that, if registration of any of the Licensed Marks in any Designated Territory is not legal or otherwise permitted under the
Law of the Designated Territory or cannot be performed by Parent without unreasonable or unusual efforts, Parent and the Company shall
reasonably cooperate in good faith to reach a satisfactory solution to the failure to register any Licensed Marks in such Designated Jurisdiction.

 

During the Term, neither
Parent nor any member of the Parent Group shall market, promote, sell or provide any product or service bearing the Licensed Marks or
grant any license to any member of the Parent Group or any other Person to use the Licensed Marks, except to the extent such actions are
not prohibited by Section ‎5 or are a Permitted Activity.

 

		2.2.	Sublicensing

 

The Company shall have no right to sublicense
the Licensed Marks without Parent’s prior written approval, which approval shall not be unreasonably withheld, conditioned or delayed,
except that the Company may sublicense the Licensed Marks to a member of the Company Group (each, a “Sublicensee”)
without requiring Parent’s prior written approval. Any Sublicensee shall have no right to further sublicense such right except to
another member of the Company Group. The Company shall (i) be responsible for ensuring that each Sublicensee shall be in strict compliance
with the terms and conditions of this Agreement, and (ii) assume all responsibilities for any breach of any terms or conditions of this
Agreement by each Sublicensee and for any acts and omissions of each Sublicensee relating to the Licensed Marks. Any sublicense granted
to any entity that ceases to be a member of the Company Group during the Term of this Agreement shall terminate immediately upon such
cessation unless Parent and the Company agree otherwise.

 

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The parties hereto acknowledge that,
for the avoidance of doubt, any Subsidiary of the Company formed or acquired after the Effective Date that is not a Subsidiary of the
Company on the Effective Date may become a Sublicensee of the Company under this Agreement. In the event that such Subsidiary has a contract
with an Affiliate of Parent for the licensing of certain or all of the Licensed Marks and such contract is not terminated at the time
of the acquisition of the Subsidiary by the Company Group, (i) the parties to such contract shall terminate such contract with respect
to the Licensed Marks and (ii) the Subsidiary shall automatically become a Sublicensee with respect to the Licensed Marks that are expressly
covered by the scope of such contract.

 

		2.3.	Use of Licensed Marks

 

The Company undertakes to Parent during
the Term, and without limiting its other obligations under this Agreement (i) not to use the Licensed Marks in any manner which may prejudice
or would be likely to prejudice the rights of Parent in and to the Licensed Marks, (ii) to give any information as to its use of the Licensed
Marks which Parent may reasonably require, and (iii) to protect the reputation and goodwill of the Licensed Marks and not conduct the
Company Group’s Online Gaming Business in any way that may adversely reflect upon such reputation or be contrary to good business
practice or any applicable Law.

 

The Company shall use, and permit the
use by its Sublicensees of, the Licensed Marks only in form stipulated by Parent and shall conform to and observe, and shall procure that
such Sublicensees conform to and observe, such standards as Parent from time to time prescribes, including standards relative to the quality,
design, identity, size, position, appearance, marking and color of the Licensed Marks, and the manner, disposition and use of the Licensed
Marks and accompanying designations, on any document or other media including, without limitation, any Promotional Material. The standards,
directions and specifications set or given by Parent pursuant to this Section ‎2.3
shall be reasonable having regard to the Company’s or any Sublicensees’ use of the Licensed Marks and must not be changed
capriciously or without giving the Company prior written notice as set forth in Section ‎2.6.

 

		2.4.	Use with Other Marks, Etc.

 

The Company shall not use and shall
cause its Sublicensees not to use any of the Licensed Marks with any other trademarks or in any company name, trade name, URL or domain
names in any manner likely to jeopardize the exclusiveness or distinctiveness of any of the Licensed Marks or have an adverse effect on
the goodwill, or the value of, any of the Licensed Marks; it being understood that the use of the Licensed Mark “Codere” in
the Company’s company name, trade name URL and domain name shall be deemed not to deceive or cause confusion in trade or jeopardize
the exclusiveness or distinctiveness of any of the Licensed Marks.

 

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		2.5.	Internet Usage

 

Parent acknowledges and agrees that
if the Company publishes, disseminates or otherwise uses any of the Licensed Marks by means of a World Wide Information Distribution Medium,
including in the Company’s company name, such conduct may have the effect of causing those Licensed Marks to be published outside
the Territory. In such cases only, and subject to the Company not being in breach of this Agreement or it otherwise infringing the rights
in the Licensed Marks, Parent waives its right to make any claim against the Company in respect of such use of the Licensed Marks during
the Term.

 

		2.6.	Licensed Marks

 

In the event that Parent changes, or
intends to change, the use of any Licensed Mark in connection with the operation of Parent’s business, Parent shall notify the Company
in writing. Upon the Company’s receipt of such notice, the Company shall, and shall cause each Sublicensee to, at its own cost and
expense, within ninety (90) days (or six (6) months, if in the reasonable judgment of the Company such change of any Licensed Mark is
unreasonable or unnecessary) after the date of such notice, change such Licensed Mark to the applicable new Licensed Mark, in all instances
where the Company or any Sublicensee is using such Licensed Mark and in the Company’s or Sublicensee’s company name accordingly,
provided that the Company and each Sublicensee shall be entitled to exhaust their existing supply of printed Promotional Materials before
implementing such changes to the use of such Licensed Mark in any printed Promotional Materials.

 

In the event that Parent ceases, or
intends to cease, the use of any Licensed Mark in connection with the operation of Parent’s business, Parent shall notify the Company
in writing. Upon the Company’s receipt of such notice, the Company may, at its discretion, continue the use of such Licensed Mark
during the Term of this Agreement as such Licensed Mark was used immediately prior to the notification date.

 

		2.7.	Website Links; Domain Names

 

		2.7.1.	The Company shall maintain a website for its business and shall include a link on the homepage of such
website to Parent’s website (as identified by Parent), which link shall be comparable in prominence to other links included on such
homepage. Parent has registered, or caused the registration of, the domain names set forth on Schedule B (the “Existing
Domain Names”) and hereby assigns all of Parent’s right, title and interest in and to Parent’s Existing Domain Names
to the Company and undertakes to use its best efforts to assign the rights, title and interest in and to any Existing Domain Names identified
on Schedule B as not being owned by Parent to the Company promptly following the Effective Date. Parent grants the Company the right to
register, maintain and use at Company’s sole cost and expense any domain name comprising any Licensed Marks or similar to the Existing
Domain Names (to the extent assigned to the Company as specifically set forth in the preceding sentence) in connection with the operation
of the Company Group’s Online Gaming Business (a “Permitted Domain Name”). Parent will defend the Company against
any allegations, claims or demands (actual or threatened) against the Company or any of its Sublicensees for infringement of any rights
of third parties by reason of the Company or Sublicensees use of Existing Domain Names (to the extent assigned to the Company as specifically
set forth in this Section ‎2.7.1) or Permitted Domain Names.

 

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		2.7.2.	The Company will assign the Existing Domain Names and Permitted Domain Names registered by the Company
pursuant to Section ‎2.7.1 back to Parent in less than one (1) year in case of expiration
or termination of this Agreement.

 

		2.8.	Reservation of Rights; No Implied Licenses

 

All rights to the Licensed Marks not
expressly granted by Parent to the Company in this Agreement are hereby expressly reserved to Parent. Except as expressly provided in
this Agreement, neither party grants to the other party any right, title or interest in, or a license to use, any intellectual property
belonging to such party, whether by implication, estoppel or otherwise.

 

		2.9.	Quality Supervision

 

		2.9.1.	All services performed under the Licensed Marks and all products to which the Licensed Marks are applied
shall at all times be in compliance with applicable Laws, and such services performed or products supplied shall in each case be effected
in a manner so as not to harm the reputation and goodwill of the Licensed Marks.

 

		2.9.2.	Parent shall have the right to inspect any designation, document or other media including any Promotional
Material, and any facilities or records, used or maintained by the Company in connection with the performance of any services or supply
of goods under one or more of the Licensed Marks upon providing the Company with one (1) week prior written notice. Such inspection shall
only be permitted during the Company’s normal business hours. If at any time Parent should find that the use by the Company or any
Sublicensees of one or more of the Licensed Marks is not in full compliance with Parent’s quality standards or other specifications
as set forth herein or established in connection herewith, Parent shall promptly notify the Company in writing, describing in detail the
non-compliance, and as soon as practicable, but in no event later than thirty (30) days thereafter, the Company will take the necessary
steps to correct any such deficiencies and to fully comply with Parent’s quality standards and other specifications.

 

		2.9.3.	Without limiting any of its other obligations under this Agreement, the Company must, if requested in
writing by Parent, ensure that there appears on all written Promotional Material in which any Licensed Mark is being used, a written statement
to the effect that the relevant Licensed Mark is a registered trademark of Parent and is used by the Company or any Sublicensees under
license.

 

		3.	Ownership of Intellectual Property

 

		3.1.	Parent’s Ownership Acknowledged

 

The Company acknowledges and agrees
that: (i) all right, title and interest in and to the Licensed Marks is and shall be owned solely and exclusively by Parent; (ii)
all use of the Licensed Marks by the Company, and all goodwill arising therefrom, shall inure to the exclusive benefit of Parent;
and (iii) the Company shall not at any time acquire any rights in the Licensed Marks, or associated goodwill, by virtue of any use it
may make thereof.

 

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		3.2.	No Adverse Actions

 

The Company shall not: (i) attack, challenge,
oppose, petition to cancel, or initiate legal action or proceedings in connection with any of the Licensed Marks; (ii) apply for
or seek to register any of the Licensed Marks or any trademarks, service marks, trade names, domain names, or other designations that
incorporate, or are confusingly similar to, any of the Licensed Marks (except as expressly permitted in Section 2.7.1 with respect to
Permitted Domain Names), unless approved in writing by Parent; (iii) use any of the Licensed Marks in any manner in breach of this
Agreement; (iv) file any document with any Governmental Authority or take any other action that would reasonably be expected to adversely
affect Parent’s ownership of any of the Licensed Marks; (v) do, or allow to be done, any action or omission in derogation of
any of the rights of Parent in or to any of the Licensed Marks; or (vi) use any of the Licensed Marks in any manner, or take or allow
any action, that might diminish, dilute or adversely affect the reputation of any of the Licensed Marks, the goodwill associated with
any of the Licensed Marks or Parent.

 

		3.3.	Filing, Prosecution and Maintenance

 

		3.3.1.	Parent shall file, prosecute, defend and maintain applications and registrations for the Licensed Marks
in good standing (which, for the avoidance of doubt, includes, without limitation, the payment of applicable maintenance fees, filing
of all required filings, including renewals, declarations of use, responses to office actions and/or disclosure of any required information
where required pursuant to the applicable Laws or by any Governmental Authority). The Company shall reasonably cooperate with and assist
Parent in filing, prosecuting and maintaining applications and registrations for, and Parent’s rights in, the Licensed Marks, provided
that Parent shall reimburse the Company for any out of pocket expenses incurred by the Company in connection with providing such cooperation
within thirty (30) days after the Company’s delivery of an invoice to Parent documenting such expenses, subject to Section ‎3.3.3
with respect to any expenses in connection with new or additional registrations requested by the Company.

 

		3.3.2.	Parent shall endeavor in good faith to inform the Company of its intention to abandon or cease (including
by intentional failure to pay renewal or other maintenance fees or actively informing any relevant trademark registry of an intention
to abandon, cease or surrender) any application or registration for the Licensed Marks in the Territory. In such event, the Company may
opt to pay the renewal or other maintenance fees or take any other action required to maintain such application or registration with respect
to the Licensed Marks on Parent’s behalf. Parent shall retain ownership of all right, title and interest in such application or
registration.

 

		3.3.3.	If the Company believes that new or additional registrations for the Licensed Marks are required in any
jurisdictions within the Territory or would otherwise be beneficial to the Company in the Territory, it shall notify Parent in writing
and request that Parent file such new or additional applications. Upon receipt of such written request, Parent shall file such applications
within a reasonable period of time, unless, in the reasonable judgment of Parent, such new or additional registrations are not registrable
or such applications are otherwise not legally permitted, in which case Parent shall notify the Company of that decision. All costs incurred
by Parent in connection with the filing, prosecution and maintenance of such new or additional application or registration shall be at
the Company’s sole cost and expense. Parent shall retain ownership of all right, title and interest in any such application or registration.

 

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		4.	Infringement of Proprietary Rights

 

		4.1.	Infringement of Proprietary Rights

 

Each party hereto shall immediately
notify the other party hereto of any unauthorized or improper use by any Person in the Territory of any Licensed Mark that is reasonably
expected, directly or indirectly, to have a material adverse effect on the Licensed Mark or on such other party’s rights over such
Licensed Mark, and all particulars relating to such infringement, upon the notifying party having knowledge of same.

 

		4.2.	Action by Parent

 

Parent may, and shall at the Company’s
reasonable request, take any action, legal or otherwise, to halt or otherwise in connection with any infringement of Parent’s or
the Company’s rights to the Licensed Marks. Parent may require the Company to lend its name to such proceedings and provide reasonable
assistance. The Company may, with the prior written consent of Parent (or without the prior written consent of Parent if Parent does not
initiate proceedings or otherwise take action within ninety (90) days after the Company’s written request to Parent), initiate proceedings
or otherwise take action with respect to any unauthorized use of the Licensed Marks (at Parent’s cost); provided that the Company
keeps Parent fully and promptly informed of the conduct and progress of such action or proceedings; and provided, further, that the Company
shall not conduct any settlement negotiations or take any step to terminate such proceedings without Parent’s prior written consent.
Any damages or settlement amounts recovered for the Licensed Marks in any such action or proceeding shall first be used to reimburse each
party hereto for their respective costs incurred in the enforcement action, and then shall belong solely and exclusively to the party
that initiated such enforcement action, provided that any amounts recovered with respect to an action initiated by Parent at the Company’s
request with respect to the Territory shall belong to the Company.

 

		5.	Relationship between Parent and the Company Group

 

		5.1.	Other Activities

 

		5.1.1.	Within the Territory, Parent shall not, and shall cause any other member of the Parent Group not to, and
shall not grant any right to any third party to, individually or as a principal, owner, officer, director, manager, employee, shareholder,
promoter, consultant, contractor, partner, member, joint venturer, agent, equity owner, lender or in any other capacity whatsoever, directly
or indirectly:

 

		(i)	engage or invest in, operate, control, fund, assist, participate in the operation, control or funding,
or render services or advice to any Person (other than the Company Group) that owns or operates, any Online Gaming Business;

 

		(ii)	advise, request, induce, attempt to induce or otherwise divert any customer, supplier, licensee or other
business relation of any member of the Company Group to curtail, limit or cease doing business with any member of the Company Group or
in any way interfere with the relationship between any such customer, supplier, joint venture partner, licensee or business relation and
any member of the Company Group;

 

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		(iii)	directly or indirectly own, acquire, attempt to acquire or solicit the acquisition, or participate in
the ownership, acquisition, attempt to acquire or solicitation of the acquisition, of (A) any direct or indirect interests in any Online
Gaming Business (other than the Company Group) or (B) any interest in any Person (other than the Company Group) with direct or indirect
interests in any Online Gaming Business;

 

		(iv)	interfere with any of the direct or indirect interests in the Online Gaming Business or any other business
of any members of the Company Group;

 

		(v)	license, sublicense, sell or otherwise transfer or confer rights with respect to the Licensed Marks and/or
other similar or identical marks to any Person (other than the Company Group) operating the Online Gaming Business; and/or

 

		(vi)	in any way attempt to do any of the foregoing or assist any other Person to do or attempt to do any of
the foregoing.

 

(any of the foregoing, a “Restricted
Activity”).

 

		5.1.2.	Parent acknowledges and agrees that (i) the geographic, activity and time limitations of the provisions
contained in this Agreement are fair, reasonable, necessary and properly required for the adequate and legitimate protection of the business
interests of the Company Group and (ii) Parent fully understands the nature and purpose of such restrictions and expressly accepts them.

 

		5.1.3.	Parent also acknowledges and agrees that, in the event that any geographic, activity or time limitation
set forth in this Agreement is deemed to be unreasonable or excessively broad by a court of competent jurisdiction, Parent shall submit
to the reduction of either said geographic, activity or time limitation to such geographic, activity or period as the court shall deem
reasonable and such offending provision will be construed by limiting or reducing it, so as to be valid and enforceable to the extent
compatible with applicable Laws or the determination by a court of competent jurisdiction.

 

		5.1.4.	Parent shall submit a written request (a “Request”) to the Governing Body of the Company
regarding any action or activity the Parent Group proposes to take in a jurisdiction that is outside the Territory that would be a Restricted
Activity, but for the fact that such activity is not conducted within the Territory (a “Potential Opportunity”), other
than a Permitted Activity. Each Request shall describe the Potential Opportunity in reasonable detail, including the parties and jurisdictions
involved, the proposed action or activity and the related economic and other terms thereof. The Governing Body of the Company shall refer
the Request to the Governing Body of Holdco, which shall adopt and submit to the Company a resolution either consenting to Parent’s
undertaking of the Potential Opportunity, in which case Parent shall not be prohibited from taking the action or activity to the extent
set forth in the Request (a “Consented Potential Opportunity”), or prohibiting Parent’s undertaking of the Potential
Opportunity because such Potential Opportunity will instead be undertaken by the Company (a “Rejected Potential Opportunity”),
in compliance with Holdco’s conflict of interest, related-party transaction or similar internal policies and procedures in effect
from time to time, which, in any case, for the avoidance of doubt, shall require the affirmative vote of the majority of members of the
Governing Body of Holdco, excluding non-independent directors of Holdco appointed by Parent. Holdco’s Governing Body’s resolution
shall be binding on the Company, which shall promptly inform Parent of Holdco’s Governing Body’s determination; provided,
however, that if the Company does not inform Parent of a determination within sixty (60) Business Days following receipt of a Request,
such Potential Opportunity shall thereafter be deemed a Consented Potential Opportunity; provided further that any Rejected Potential
Opportunity which is not consummated or materially undertaken by the Company within six (6) months of Holdco’s Governing Body’s
determination shall thereafter be deemed a Consented Potential Opportunity. Any Consented Potential Opportunity (including, for the avoidance
of doubt, any Potential Opportunity that is deemed a Consented Potential Opportunity) shall thereafter be deemed a Permitted Activity
for the purposes of this Agreement.

 

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		5.1.5.	Notwithstanding anything to the contrary set forth in Sections ‎5.1.1,
the members of the Parent Group may at any time engage in any Permitted Activity.

 

		6.	Cooperation

 

The parties hereto agree to use their
best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary or desirable under applicable
Laws to consummate or implement expeditiously the transactions contemplated by this Agreement, including filings with appropriate Governmental
Authorities and the receipt of any necessary governmental approvals in respect of the transactions contemplated hereby.

 

		7.	Independent Contractor, No Partnership or Joint Venture

 

Nothing in this Agreement shall be construed
to establish a joint venture, partnership, agency, employment or other business relationship between the parties hereto. Neither party
is authorized or empowered to act for or represent the other party. Each party hereto agrees not to do or authorize any act which would
imply apparent authority to act for any other party.

 

		8.	Fees and Expenses

 

		8.1.	Fees

 

As consideration for
the license granted by Parent to the Company and its Sublicensees in Section ‎2.1, the Company shall pay to Parent in the manner hereinafter
provided for the duration of the Term a royalty equal to the Applicable Percentage of the Net Win (the “Fees”). If
the Company and Parent are unable to reach an agreement on the applicable transfer pricing requirements in connection with the Applicable
Percentage, the then-applicable Applicable Percentage shall remain in effect until the earlier of (i) the Company terminates the Agreement
pursuant to Section ‎11.3 or (ii) Parent and the Company reach an agreement on the Applicable
Percentage or fee arrangement and provided, in each case, that the Company shall thereafter indemnify and hold harmless, and cause each
other Sublicensee to indemnify and hold harmless, the Parent Group for, and up to, the amount of any tax liabilities incurred by, or imposed
on, the Parent Group by a court or tax authority of competent jurisdiction pursuant to a final and non-appealable judgement for any tax
periods ending thereafter as a result of any failure of the Applicable Percentage to reflect the minimum applicable transfer pricing requirements.

 

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		8.2.	Computation and Payment of Quarterly Fees Amount

 

The Company shall deliver to Parent
each Quarter a detailed written statement of the Fees due to Parent for the prior Quarter (or, in the case of the first completed Quarter
after the Effective Date, partial Quarter) based on the Net Win for such Quarter (or partial Quarter). The Company will compute the Fees
for each Quarter as soon as practicable following the end of the Quarter with respect to which such payment is due, but in any event no
later than forty-five (45) Business Days following the end of such Quarter and will send the corresponding detailed written statement
of the Fees due to the Parent. The Company Group shall remit the corresponding payment within fifteen (15) days after the statement date.
Any dispute relating to the computation of the Fees for any Quarter shall be resolved in accordance with Section ‎12.4 hereof. Parent
shall have the right at its sole cost and expense to cause an independent certified public accountant firm reasonably acceptable to the
Company to examine and inspect the books and records of the Company and any Sublicensees for the purpose of determining the accuracy of
statements rendered by the Company. Such inspection shall only be permitted during the Company’s normal business hours.

 

		8.3.	Expenses

 

Except as otherwise provided herein,
all costs and expenses incurred in connection with this Agreement shall be paid by the party incurring such cost or expense.

 

		9.	Representations and Warranties of Parent and the Company

 

		9.1.	Representations and Warranties of Parent

 

Parent hereby represents and warrants
to the Company that, as of the date hereof and as of the Effective Date:

 

		9.1.1.	it is validly organized and existing under the Laws of the Kingdom of Spain;

 

		9.1.2.	Schedule A contains a true, correct and complete list of the Licensed Marks;

 

		9.1.3.	(i) it is the sole, exclusive and lawful owner of all Licensed Marks, free and clear of all Liens, (ii)
it has the full right, ability and authority to license to the Company and any Sublicensees all of the rights granted to Company hereunder,
and (iii) the Company has the ability to use and exploit the Licensed Marks as set forth hereunder, without breaching any agreement to
which Parent is a party;

 

		9.1.4.	the Licensed Marks (i) have not been abandoned, cancelled or adjudged invalid or unenforceable in whole
or in part, (ii) have been maintained effective by all requisite filings, renewals and payments and (iii) are subsisting and in full force
and effect and, to the Company’s knowledge, valid and enforceable;

 

		9.1.5.	there is no other existing license, and Parent has not granted any such license, to any member of the
Parent Group or any Person, to use during the Term hereof the Licensed Marks, except to the extent such license is not prohibited by Section
‎5 or is a Permitted Activity;

 

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		9.1.6.	there are no actions, claims, suits, legal proceedings or formal investigations pending, or, to the knowledge
of Parent, threatened, against or affecting Parent before any court, arbitrator or Governmental Authority (i) contesting the validity,
use, ownership, enforceability or registrability of any Licensed Marks; or (ii) alleging that the Licensed Marks infringe, misappropriate
or conflict with any marks or intellectual property of any Person;

 

		9.1.7.	to the knowledge of Parent, the use of the Licensed Marks by the Company and its Sublicensees in accordance
with this Agreement shall not infringe or otherwise violate any third-party intellectual property rights;

 

		9.1.8.	it holds, and shall hold, such Permits as are necessary to perform its obligations hereunder and is not
aware of, or shall inform the Company promptly upon knowledge of, any reason why such Permits might be cancelled;

 

		9.1.9.	it has the power, capacity and authority to enter into this Agreement and to perform its obligations hereunder;

 

		9.1.10.	it has taken all necessary action to authorize the execution, delivery and performance of this Agreement;

 

		9.1.11.	the execution and delivery of this Agreement by it and the performance by it of its obligations hereunder
do not and will not contravene, breach or result in any default under its Governing Instruments, or under any mortgage, lease, agreement
or other legally binding instrument, Permit or applicable Law to which it is a party or by which it or any of its properties or assets
may be bound, except for any such contravention, breach or default which would not have a material adverse effect on the business, assets,
financial condition or results of operations of Parent;

 

		9.1.12.	no authorization, consent or approval, or filing with or notice to any Person is required in connection
with the execution, delivery or performance by it of this Agreement;

 

		9.1.13.	this Agreement constitutes a valid and legally binding obligation, enforceable against it in accordance
with its terms, subject to (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other Laws of
general application limiting the enforcement of creditors’ rights and remedies generally and (ii) general principles of equity,
including standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability
of equitable remedies, whether such principles are considered in a proceeding at law or in equity;

 

		9.1.14.	all Licensed Marks are duly registered in the jurisdictions set out in Schedule A. Parent has taken
all actions necessary to be taken prior to the date hereof to prosecute and maintain the registration and registration applications of
the Licensed Marks, including payment of applicable maintenance fees, filing of all required filings, including renewals, declarations
of use, responses to office actions and disclosure of any required information and recording assignments where required pursuant to the
applicable Laws or by any Governmental Authority. All registrations of Licensed Marks are subsisting and in good standing and are valid
and enforceable;

 

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		9.1.15.	the Licensed Marks, along with the Company-Owned IP specified in the Business Combination Agreement constitutes
all material Intellectual Property (as this term is defined in the Business Combination Agreement) right used in and necessary for the
operation of the Online Gaming Business, and is sufficient for the conduct of such Online Gaming Business as currently conducted and contemplated
to be conducted as of the date hereof; and

 

		9.1.16.	no loss or expiration of any of the Licensed Marks is expected or threatened in writing, or other than
upon expiration of its statutory term in the ordinary course, pending.

 

		9.2.	Representations and Warranties of the Company

 

The Company hereby represents and warrants,
on its behalf and on behalf of each of the other Sublicensees, to Parent that, as of the date hereof and as of the Effective Date:

 

		9.2.1.	it is validly organized and existing under the Laws of the Kingdom of Spain;

 

		9.2.2.	it, or the relevant Sublicensees, holds such Permits necessary to use the Licensed Marks granted to Company
hereunder from time to time and is not aware of any reason why such Permits might be cancelled;

 

		9.2.3.	it has the power, capacity and authority to enter into this Agreement and to perform its duties and obligations
hereunder;

 

		9.2.4.	it has taken all necessary action to authorize the execution, delivery and performance of this Agreement;

 

		9.2.5.	the execution and delivery of this Agreement by it and the performance by it of its obligations hereunder
do not and will not contravene, breach or result in any default under its Governing Instruments, or under any mortgage, lease, agreement
or other legally binding instrument, Permit or applicable Law to which it is a party or by which any of its properties or assets may be
bound, except for any such contravention, breach or default which would not have a material adverse effect on the business, assets, financial
condition or results of operations of the Company and the Sublicensees as a whole;

 

		9.2.6.	no authorization, consent or approval, or filing with or notice to any Person is required in connection
with the execution, delivery or performance by it of this Agreement; and

 

		9.2.7.	this Agreement constitutes a valid and legally binding obligation, enforceable against it in accordance
with its terms, subject to: (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other Laws of
general application limiting the enforcement of creditors’ rights and remedies generally; and (ii) general principles of equity,
including standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability
of equitable remedies, whether such principles are considered in a proceeding at law or in equity.

 

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		10.	Liability and Indemnification

 

		10.1.	Parent Indemnity

 

Parent agrees, to
the fullest extent permitted by applicable Laws, to indemnify and hold harmless the Company and each Sublicensee, as applicable, and any
of their respective directors, officers, agents, members, partners, stockholders and employees and other representatives of the Company
Group (each, a “Company Indemnified Party”), on demand, and on an after-tax basis without any withholding or deduction,
from and against any claims, liabilities, losses, damages, costs or expenses (including legal fees) payable to third parties (each, a
“Loss”) incurred by any Company Indemnified Party in connection with (i) any falsehood, breach or inaccuracy of any
representations and warranties included in Section ‎9.1, and/or (ii) any breach by Parent
of any of its obligations, undertakings and covenants under this Agreement; provided that no Company Indemnified Party shall be so indemnified
with respect to any Loss (i) arising as a result of breach by the Company of any of its representations and warranties in Section ‎9.2,
(ii) arising as a result of the exercise of Parent’s rights and obligations under this Agreement, (iii) that is finally determined
by a final and non-appealable judgment entered by a court of competent jurisdiction, or pursuant to a settlement agreement agreed to by
such Company Indemnified Party, to have resulted from such Company Indemnified Party’s bad faith, fraud, willful misconduct or gross
negligence or, in the case of a criminal matter, conduct undertaken with knowledge that the conduct was unlawful, or (iv) that involves
a claim for which Parent is entitled to indemnification from the Company pursuant to Section ‎10.2.

 

		10.2.	Company Indemnity

 

The Company agrees,
to the fullest extent permitted by applicable Laws, to indemnify and hold harmless, and to cause each other Sublicensee to indemnify and
hold harmless, each member of the Parent Group and any directors, officers, agents, members, partners, stockholders and employees and
other representatives of the Parent Group (each, a “Parent Indemnified Party”), on demand, and on an after-tax basis
without any withholding or deduction, from and against any Losses incurred by any Parent Indemnified Party in connection with (i) any
falsehood, breach or inaccuracy of any representations and warranties included in Section ‎9.2,
(ii) any breach by the Company of any of its obligations, undertakings and covenants under this Agreement, and/or (iii) any and all actions,
suits, investigations, proceedings or claims, whether arising under statute or action of a Governmental Authority or otherwise and in
connection with the business, investments and activities of the Company and any Sublicensees or in respect of or arising from this Agreement
or the use by the Company and any of its Sublicensees of the Licensed Marks by Company and any Sublicensees; provided that no Parent Indemnified
Party shall be so indemnified with respect to any Loss (i) arising as a result of breach by Parent of any of its representations and warranties
in Section ‎9.1, (ii) arising as a result of the exercise of the Company’s rights and obligations under this Agreement,
(iii) that is finally determined by a final and non-appealable judgment entered by a court of competent jurisdiction, or pursuant to a
settlement agreement agreed to by such Parent Indemnified Party, to have resulted from such Parent Indemnified Party’s bad faith,
fraud, willful misconduct or gross negligence or, in the case of a criminal matter, conduct undertaken with knowledge that the conduct
was unlawful, or (iv) that involves a claim for which the Company is entitled to indemnification from Parent pursuant to Section ‎10.1.

 

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		10.3.	Indemnification Procedure

 

		10.3.1.	Any party entitled to indemnification under Section ‎10.1 or Section ‎10.2 (an “Indemnified
Party”) shall promptly provide written notice to the party obliged to provide indemnification (the “Indemnifying Party”)
of any facts or circumstances that, in its reasonable opinion, give rise to an indemnifiable Loss, provided that the failure to
notify such Indemnifying Party shall not relieve such Indemnifying Party from any Loss that it may have hereunder except to the extent
that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure. Each notification shall
state, with respect to such particular claim: (i) the obligations, covenants or undertakings set forth in this Agreement which have been
breached; (ii) a description of the claim; (iii) the nature and to the extent reasonably practicable, the amount of the Loss; and (iv)
to the extent already available to an Indemnified Party, any supporting documentation to its claim. The Indemnifying Party shall have
ten (10) Business Days from the date of receipt of notification of such claim to respond to the Indemnified Party, indicating whether
it accepts or rejects, totally or partially, such indemnification claim. If the Indemnifying Party does not provide a response within
such ten (10) Business Days, it shall be understood that the Indemnifying Party accepts such claim. If the Indemnifying Party accepts
such claim, it shall become final and binding and the Indemnifying Party shall pay to the Indemnified Party the amount determined in the
relevant notification of claim within five (5) Business Days, by means of a wire transfer of immediately available funds without any withholding,
deductions or commissions. If the Indemnifying Party rejects such claim, the parties shall resolve the dispute in the Courts set forth
in Section ‎12.8.

 

		10.3.2.	If Parent, the Company, any Parent Indemnified Parties, any Company Indemnified Parties or any of their
respective Affiliates receives notice of any pending or threatened claims, actions, proceedings or investigations asserted by a third
party (a “Third Party Claim”) which may give rise to indemnification as an Indemnified Party under this Agreement,
the following rules shall apply:

 

		(i)	Such Indemnified Party shall submit a notice of claim to the Indemnifying Party within ten (10) Business
Days from the receipt of the Third Party Claim (and in any event, to the extent possible, before the expiration of the first one-third
(1/3) of the term resulting from the applicable Laws to respond, appeal or oppose such Third Party Claim). Such notice of claim shall
include (a) a copy of the Third Party Claim; (b) if available, the value or an estimation of the Third Party Claim (as identified therein);
(c) any deadline to reply to the Third Party Claim. Upon the Indemnifying Party ́s written request the Indemnified Party shall furnish
any other documentation which may be deemed reasonably necessary in order to enable the Indemnifying Party’s defense against such
Third Party Claim and that may be available to the Indemnified Party. If the Indemnified Party is Parent, Parent shall also indicate whether
it desires to assume the defense of such Third Party Claim (subject to paragraph (ii) below);

 

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		(ii)	Parent may, but shall not be obligated to, assume the defense of such Third Party Claim (for the avoidance
of doubt, whether Parent is the Indemnified Party or the Indemnifying Party), by providing written notice to the Company within the earlier
of (a) ten (10) days of receiving written notice of such Third Party Claim; or (b) before the expiration of the first two-thirds (2/3)
of the term resulting from the applicable Laws to respond, appeal or oppose such Third Party Claim. Notwithstanding the foregoing, if
Parent does not expressly elect to assume the defense of a Third Party Claim within such deadline, the Company shall have the right to
assume the defense of such Third Party Claim. However, in the event of any Third Party Claim against a Company Indemnified Party for equitable
or injunctive relief or with respect to potential criminal liability of a Company Indemnified Party, Parent shall not be entitled to assume
the defense of such Third Party Claim with respect to the Company Indemnified Party, and the Company shall have the right to assume such
defense with respect to the Company Indemnified Party.

 

		(iii)	If Parent assumes the defense of any Third Party Claim under the terms of the paragraph (ii) above, it
shall not, without the prior written consent of the Company, enter into any settlement or compromise or consent to the entry of any judgment
with respect to such Third Party Claim if such settlement, compromise or judgment (a) involves a finding or admission of wrongdoing, fault,
culpability or a failure to act by a Company Indemnified Party, (b) does not include an unconditional written release by the claimant
or plaintiff from all liability in respect of such Third Party Claim or (c) imposes equitable remedies or any obligation on any Company
Indemnified Party other than solely for the payment of monetary damages for which such Company Indemnified Party will be indemnified hereunder.
If the Company assumes the defense of any Third Party Claim, the Company shall not, without the prior written consent of Parent (which
consent shall not be unreasonably withheld, conditioned or delayed), settle or compromise any action or consent to the entry of any judgment.

 

		(iv)	Without prejudice to the foregoing, any Indemnified Party shall retain the right to employ its own counsel
and to participate in the defense of any Third Party Claim (regardless of which party leads the defense pursuant to paragraph (iii) above),
but such Indemnified Party shall bear and shall be solely responsible for the costs and expenses in connection with such participation,
unless (x) the Indemnified Party receives the written opinion of counsel that representation of such Indemnified Party and the Indemnifying
Party by the same counsel presents a conflict of interest under applicable standards of professional conduct or (y) the Indemnified Party
receives the written opinion of counsel that there may be legal defenses available to such Indemnified Party which are different from
or in addition to the defenses available to the Indemnifying Party, and in the reasonable judgment of such counsel it is advisable for
such Indemnified Party to employ separate counsel.

 

		10.3.3.	The parties agree that payments in respect of Losses shall be made by wire transfer of immediately available
funds to one or more accounts designated for such purposes by the Indemnified Party. Consequently, in the event that any amounts are due
and payable by the Indemnifying Party to one or more Indemnified Parties under the terms of this Section ‎10,
the Indemnifying Party shall pay to each Indemnified Party a sum equal to the amount which, if received by such Indemnified Party, would
be necessary to put such Indemnified Party into the financial position it would have had if no such Losses had been incurred or suffered
by such Indemnified Party (including legal expenses). The Company shall have the right to set off any amounts for which the Company is
entitled to indemnification hereunder against any amounts payable by the Company or any member of the Company Group to Parent under Section
‎8.

 

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		10.3.4.	Furthermore, if any indemnification payments pursuant to this Section ‎10
are taxable, the Indemnifying Party shall pay to the Indemnified Party such additional amounts to ensure that the amount received by each
Indemnified Party, as applicable, less taxes, is equal to the full amount of indemnification that would otherwise be payable pursuant
to this Section ‎10.

 

		10.3.5.	The parties hereto expressly acknowledge and agree that the right to indemnity provided in this Section
‎10 shall be in addition to and not in derogation of any other liability which any Indemnifying
Party in any particular case may have or of any other right to indemnity or contribution which any Indemnified Party may have by statute
or otherwise at Law.

 

		10.3.6.	The indemnity provided in this Section ‎10 shall survive
for a period of five (5) years following the termination or purported termination of, this Agreement.

 

		10.3.7.	Parent and the Company hereby acknowledge and agree that (i) Parent shall be responsible for any breaches
of this Agreement by any member of the Parent Group, and (ii) the Company shall be responsible for any breaches of this Agreement by any
member of the Company Group, including any Sublicensee. Parent and the Company hereby acknowledge and agree that (i) Parent may enforce
any of the covenants in this Section ‎10 on behalf of itself and/or any of the Parent
Indemnified Parties, and (ii) the Company may enforce any of the covenants in this Section ‎10
on behalf of itself and/or any member of the Company Group, including any Sublicensee.

 

		11.	Term and Termination

 

		11.1.	Term

 

This Agreement shall become effective
on the Effective Date and shall continue in effect indefinitely, unless (i) terminated under Section ‎11.2 or ‎11.3 or (ii) the
parties hereto otherwise mutually agree in writing (the “Term”).

 

		11.2.	Termination by either party

 

Either party to this Agreement may terminate
this Agreement at any time without payment of any termination fee (but without prejudice to any liability that it may have incurred pursuant
to the terms and conditions of this Agreement):

 

		(i)	if the other party defaults in the performance or observance of any material term, condition or agreement
contained in this Agreement in a manner that results in material harm to the non-defaulting party or its group, and such default continues
uncured or unremedied for a period of ninety (90) days after written notice thereof specifying such default and requesting that the same
be remedied in such 90-day period;

 

		(ii)	if a non-affiliated third party or a group of non-affiliated third parties acting in concert with each
other, directly or indirectly, acquires in one transaction or a series of related transactions or otherwise becomes the Beneficial Owner
of more than fifty percent (50)% of the share capital of Holdco or the Company at the time of such transaction (or series of related transactions);
or

 

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		(iii)	if the Company Group, directly or indirectly sells, transfers, or conveys to a non-affiliated third party
or a group of non-affiliated third parties acting in concert with each other, directly or indirectly, all or substantially all of the
assets of (including shares owned by) the Company Group, on a consolidated basis;

 

provided however that neither Holdco,
Parent, and/or one or more of Parent’s future or current Affiliates, successors, assigns or any entity acquiring all or substantially
all of the assets and/or businesses of Parent, whether by operation of law or otherwise, shall be deemed to be “non-affiliated third
parties” for purposes of Sections ‎11.2(ii) or ‎11.2(iii).

 

For the avoidance of doubt, Parent’s
mere failure to control or own, directly or indirectly, a majority of the share capital of Holdco or the Company will not satisfy the
condition in Section ‎11.2(ii) unless a non-affiliated third party or a group of non-affiliated third parties acting in concert with
each other, directly or indirectly, acquires in one transaction or a series of related transactions or otherwise becomes the Beneficial
Owner of more than fifty percent (50)% of the share capital of Holdco or the Company at the time of such transaction (or series of related
transactions).

 

		11.3.	Termination by the Company

 

The Company may terminate this Agreement
at any time, upon prior written notice of termination to Parent.

 

		11.4.	Effect of Termination and Survival Upon Termination

 

Termination of this Agreement
shall be effective:

 

		(i)	in case that the Company terminates this Agreement pursuant to Section ‎11.3,
on the date which is ninety (90) days after the date of the written notice submitted by the terminating party pursuant to Section ‎12.10;

 

		(ii)	in case of termination as a consequence of a default pursuant to Section ‎11.2(i)
above, on the date which is ninety (90) days after the date of the written notice submitted by the terminating party pursuant to Section
‎12.10, unless the default is cured within such 90-day period;

 

		(iii)	in case that either Party terminates this Agreement pursuant to either Sections ‎11.2(ii)
or ‎11.2(iii), on the date which is two (2) years after the date of the written
notice submitted by the terminating party pursuant to Section ‎12.10;

 

and all of the foregoing dates, shall
be deemed to be an effective date of termination of this Agreement as per and for the purposes of Section ‎11.5
below.

 

If this Agreement is terminated pursuant
to this Section ‎11 (but other than as per Section ‎11.2(i)),
such termination will be without any further liability or obligation of any party hereto, except as provided in Section ‎1, Section
‎2.7.2, Section ‎5, Section ‎10, Section ‎11.5 and Section
‎11.6 hereof and except for any liabilities incurred by the parties prior to the termination date.

 

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		11.5.	Action Upon Termination

 

		11.5.1.	From and after the effective date of the termination of this Agreement, Parent shall not be entitled to
receive the Fees under this Agreement, but will be paid all Fees accruing to and including the date of termination (including such day).

 

		11.5.2.	On the effective date of the termination of this Agreement, the Company shall and shall cause each of
its Sublicensees to (i) cease using the Licensed Marks or any derivation thereof in any form and (ii) remove the Licensed Marks or any
derivation thereof or any other words associated therewith from its company name including the translation of the Licensed Marks or any
derivation thereof in English or any other languages and whether written in Roman script or any other script. The Company shall and shall
cause each of its Sublicensees to take such actions as are necessary and appropriate to (i) change its company name to a name that does
not include the Licensed Marks, (ii) amend its Governing Instruments accordingly and (iii) have, or cause to have, such name change and
such amended Governing Instruments approved by all necessary government, regulatory, securities exchange and other officials. If under
the Law of the Territory such a meeting cannot be convened immediately, the meeting shall be convened as soon as such Law permits. Any
costs associated with the change of name and logo of the Company and its Sublicensees shall be for the account of the Company. Should
the Company or any of its Sublicensees fail to cease using the Licensed Marks or change its company name in accordance with this Section
‎11.5.2, the Company agrees and hereby specifically consents to Parent obtaining a decree
of a court having jurisdiction over the Company and/or such Sublicensee ordering the Company and/or such Sublicensee to stop the use of
the Licensed Marks in any form. Said consent is based on a recognition by the Company that a monetary payment would be inadequate remedy
for Parent. Nevertheless, it is understood between the parties hereto that, in addition to the injunctive relief mentioned above, Parent
shall be entitled to any other relief which may be deemed proper and customary, whether at law or equity, as of the time such relief is
sought.

 

		11.5.3.	On the effective date of the termination of this Agreement, (i) Parent shall forthwith deliver to the
Company’s Executive Management all property and documents of the Company or any Sublicensees then in the custody of the Parent Group
and (ii) the Company shall forthwith deliver to Parent all property and documents of Parent then in the custody of the Company Group.

 

		11.5.4.	If Parent terminates this Agreement pursuant to either Sections ‎11.2(ii)
or ‎11.2(iii), for a period of five (5) years after the effective date of the termination
of this Agreement, the Parent Group shall not use the Licensed Marks, or otherwise license, sublicense, sell or otherwise transfer or
confer rights with respect to the Licensed Marks to any Person, in connection with the operation of any Online Gaming Business (either
by Parent or any third party) within any of the jurisdictions that comprise the Territory as of the effective date of the termination
of this Agreement.

 

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		11.6.	Preservation of Remedies

 

Termination of this
Agreement is without prejudice to the rights of either party with regard to a breach by the other party of this Agreement, or any obligation
surviving termination or expiration of this Agreement. Full legal remedies remain available for any such breach or continuing obligation,
including the right to recover damages or to secure other appropriate relief.

 

		12.	General Provisions

 

		12.1.	Amendment, Waiver

 

		12.1.1.	Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is
in writing and is signed, in the case of an amendment, by each party to this Agreement, or in the case of a waiver, by the party against
whom the waiver is to be effective.

 

		12.1.2.	No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as
a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any
other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies
provided by Law.

 

		12.2.	Assignment

 

		12.2.1.	This Agreement shall not be assigned by Parent without the prior written consent of the Company, except
pursuant to Section ‎2.2 or in the case of assignment to a Person that is Parent’s successor by merger, consolidation or purchase
of assets, in which case the successor shall be bound under this Agreement and by the terms of the assignment in the same manner as Parent
is bound under this Agreement. In addition, provided that Parent provides prior written notice to the Company for informational purposes
only, nothing contained in this Agreement shall preclude any pledge, hypothecation or other transfer or assignment of Parent’ rights
under this Agreement, including any amounts payable to Parent under this Agreement, to a bona fide lender as security.

 

		12.2.2.	This Agreement shall not be assigned by the Company without the prior written consent of Parent, except
in the case of assignment by the Company to a Person that is its successor by merger, consolidation or purchase of assets, in which case
the successor shall be bound under this Agreement and by the terms of the assignment in the same manner as the Company is bound under
this Agreement.

 

		12.2.3.	Any purported assignment of this Agreement in violation of this Section ‎12.2 shall be null and void.

 

		12.3.	Failure to Pay When Due

 

If payment in full in respect of any
statement of the Fees due to Parent is not received by the Parent Group from the Company Group as provided in Section ‎8.2 (except
for any amount in good faith disputed as provided in Section ‎12.4), Parent shall have the right, after giving sixty (60) days’
prior written notice thereof to the Company, to suspend the use of all or any portion of the Licensed Marks until such time as the Company
Group has paid in full all amounts then overdue.

 

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		12.4.	Disputes and Resolution

 

Within sixty (60) days following the
receipt of the applicable statement of the Fees due to Parent in accordance with Section ‎8.2, Parent shall notify the Company in
writing of any amounts paid by the Company Group (or required to be paid by the Company Group) that are in dispute and reasonably detail
the basis therefor. Upon receipt of such notice, the Company will research the items in question in a reasonably prompt manner and cooperate
with Parent to resolve any such dispute. The disputed Fees shall be paid to Parent within fifteen (15) days after settlement of such dispute
to the extent owed to Parent.

 

		12.5.	Invalidity of Provisions

 

Each of the provisions contained in
this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by
a court of competent jurisdiction will not affect the validity or enforceability of any other provision hereof. To the extent permitted
by applicable Law, the parties hereto waive any provision of Law which renders any provision of this Agreement invalid or unenforceable
in any respect. The parties hereto will engage in good faith negotiations to replace any provision which is declared invalid or unenforceable
with a valid and enforceable provision, the economic effect of which comes as close as possible to that of the invalid or unenforceable
provision which it replaces.

 

		12.6.	Entire Agreement

 

This Agreement constitutes the entire
agreement between the parties hereto pertaining to the subject matter of this Agreement. There are no warranties, conditions, or representations
(including any that may be implied by statute) and there are no agreements in connection with such subject matter except as specifically
set forth or referred to in this Agreement. No reliance is placed on any warranty, representation, opinion, advice or assertion of fact
made either prior to, contemporaneous with, or after entering into this Agreement, by any party to this Agreement or its directors, officers,
employees or agents, to any other party to this Agreement or its directors, officers, employees or agents, except to the extent that the
same has been reduced to writing and included as a term of this Agreement, and none of the parties to this Agreement has been induced
to enter into this Agreement by reason of any such warranty, representation, opinion, advice or assertion of fact. Accordingly, there
will be no liability, either in tort or in contract, assessed in relation to any such warranty, representation, opinion, advice or assertion
of fact, except to the extent contemplated above.

 

		12.7.	Limitation of Liability

 

NOTWITHSTANDING ANYTHING ELSE SET OUT
HEREIN, NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY OR ANY THIRD PARTY FOR ANY SPECIAL, CONSEQUENTIAL, EXEMPLARY OR INCIDENTAL DAMAGES
(INCLUDING LOST PROFITS) ARISING FROM ANY CLAIM RELATING TO THIS AGREEMENT, WHETHER THE CLAIM FOR SUCH DAMAGES IS BASED ON WARRANTY, CONTRACT,
TORT (INCLUDING NEGLIGENCE OR STRICT LIABILITY) OR OTHERWISE, EVEN IF SUCH PARTY IS ADVISED OF, KNOWS OF OR SHOULD KNOW OF THE POSSIBILITY
OR LIKELIHOOD OF SAME.

 

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		12.8.	Governing Law and Choice of Court

 

This Agreement shall be governed by
and construed in accordance with the internal Laws of the Kingdom of Spain (Derecho común español). This Agreement,
and any disputes arising out of or in connection with it, its subject matter, existence, negotiation, validity, termination or enforceability
(including non-contractual disputes or claims) and including all matters of constructions, interpretation, validity and performance will
in all respects be finally settled by the Courts of the City of Madrid.

 

		12.9.	Enurement

 

This Agreement will enure to the benefit
of and be binding upon the parties hereto and their respective successors and permitted assigns.

 

		12.10.	Notices

 

Any notice, demand or other communication
to be given under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given (i) when
delivered personally to the recipient, (ii) when sent by confirmed electronic mail if sent during normal business hours of the recipient;
but if not, then on the next Business Day, or (iii) one Business Day after it is sent to the recipient by overnight courier service (charges
prepaid). Such notices, demands and other communications shall be sent to the addresses specified below, or at such address or to the
attention of such other Person as the recipient party has specified by prior written notice to the sending party. Any party may change
such party’s address for receipt of notice by giving prior written notice of the change to the sending party as provided herein.
Notices and other communications will be addressed as follows:

 

If to the Company:

 

Servicios de Juego Online S.A.U.

Oscar Iglesias Sánchez

Oscar.iglesias@codere.com

Avenida de Bruselas 26, 28108, Alcobendas, Madrid

+34 913 542 836

 

With a copy to:

 

DD3 Acquisition Corp. II

Pedregal 24, Piso 3, Colonia Molino del Rey

Delegación Miguel Hidalgo

México C.P. 11040

Attn: Martín Werner and Daniel Salim

Email: martin.werner@dd3.mx and daniel.salim@dd3.mx

 

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If to Parent:

 

Codere Newco, S.A.U.

Attn: Ángel Corzo Uceda

Avenida de Bruselas 26, 28108, Alcobendas, Madrid

Ángel.corzo@codere.com

Tel: +34 913 542 836

 

		12.11.	Further Assurances

 

Each of the parties hereto will promptly
do, make, execute or deliver, or cause to be done, made, executed or delivered, all such further acts, documents and things as the other
party hereto may reasonably require from time to time for the purpose of giving effect to this Agreement and will use reasonable efforts
and take all such steps as may be reasonably within its power to implement to their full extent the provisions of this Agreement.

 

		12.12.	Counterparts

 

This Agreement may be signed in counterparts
and each of such counterparts will constitute an original document and such counterparts, taken together, will constitute one and the
same instrument.

 

(Signature pages follow)

 

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In witness whereof, the parties have executed
this Agreement as of the date first written above.

 

	Servicios de Juego Online S.A.U.
 as Company	 
	 	 
	By:	/s/ Óscar Iglesias Sánchez	 
	 	Name:	Óscar Iglesias Sánchez	 
	 	Title:	Director	 
	 	 	 
	By:	/s/ Ángel Corzo Uceda	 
	 	Name: 	Ángel Corzo Uceda	 
	 	Title:	Director	 

  

	Codere Newco, S.A.U.

as Parent	 
	 	 
	By:	/s/ Vicente Di Loreto	 
	 	Name:	Vicente Di Loreto            	 
	 	Title:	Authorized Signatory	 

 

 

[Signature page to Relationship and License
Agreement]

 

     

     

    

 

Exhibit A

 

NEW MARK NOTICE

 

[Date]

 

Servicios de Juego Online S.A.U.

[Address of Company]

 

Re: Relationship and License Agreement
dated June 21, 2021

 

Pursuant to the captioned Agreement, you
are hereby notified that effective as of the date hereof the undersigned consents to the inclusion of the proprietary [service name] [logo]
[insert or attach an exhibit] (the “New Mark”), as a “Licensed Mark” for the purposes of the Agreement.
You may only use the New Mark subject to and in accordance with the Agreement.

 

In connection herewith, the undersigned
hereby repeats and restates, as of the date hereof, the representation appearing in Section ‎2.3 of the Agreement with respect to
the New Mark.

 

	 	Sincerely,
	 	 
	 	[NAME OF LICENSOR]
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

ACKNOWLEDGED AND AGREED:

 

	[NAME OF LICENSEE]	 
	 	 
	By:	               	 
	 	Name:	                                          	 
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Schedule B

 

EXISTING DOMAIN NAMES

 

	Domain Name	 	Owner/Holder
	codere.co	 	Codere Newco, S.A.U.
	codere.com.co	 	Codere Colombia. S.A. 
	codere.es	 	Codere S.A.
	codere.mx	 	Codere Newco, S.A.U.
	codere.pa	 	Codere Newco, S.A.U.
	coderescommesse.eu	 	Codere Newco, S.A.U.
	coderescommesse.it	 	Codere Newco, S.A.U.
	coderescommesse.net	 	Codere Newco, S.A.U.
	coderescommesse.org	 	Codere Newco, S.A.U.
	codereslots.com	 	Codere Newco, S.A.U.
	codereslots.es	 	Miguel Angel de la Calle Sanz
	greenplay.co	 	Codere Newco, S.A.U.
	greenplay.com	 	Codere Newco, S.A.U.
	greenplay.com.co	 	Codere Newco, S.A.U.
	greenplay.com.mx	 	Codere Newco, S.A.U.
	greenplay.it	 	Codere S.A.
	greenplay.mx	 	Codere Newco, S.A.U.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}]]