Document:

Exhibit 10.17

 

INTERNAL AFFILIATE PROGRAM

MASTER AGREEMENT

 

 

Dated 12 March, 2021

 

 

 

 

 

 CODERE NEWCO, S.A.U.

 

as Retail Topco  

 

 

and  

 

 

SERVICIOS DE JUEGO ONLINE, S.A.U.

 

as Online Topco

 

 

 

 

 

 

   

   

     

     

     

    

 

THIS AGREEMENT (this “Agreement”)
is dated 12 March, 2021 and made amongst:

 

		(1)	Codere Newco, S.A.U. ( “Newco” or “Retail Topco”), and

 

		(2)	Servicios de Juego Online, S.A.U. (“SEJO” or “Online Topco”).

 

		A.	WHEREAS the Codere Group (as defined below) is a leading international gaming operator throughout
Europe and Latin America, currently operating retail gaming venues across seven jurisdictions (Spain, Italy, Mexico, Argentina, Uruguay,
Panama and Colombia) and providing regulated online gaming across four jurisdictions (Spain, Mexico, Colombia and Panama) with upcoming
online launches in Italy and Argentina;

 

		B.	WHEREAS the Codere Group seeks to implement and promote an omni-channel strategy in the Online
Jurisdictions (the “Omni-Channel Strategy”) that it expects will be to the benefit of all the Parties.

 

		C.	WHEREAS, as part of the Omni-Channel Strategy, the Parties have agreed that Newco, as topco of
the Retail Subsidiaries (as defined below), and SEJO, as topco of the Online Subsidiaries (as defined below), shall enter into an internal
affiliate program master agreement establishing the terms of conditions of the revenue sharing between the retail business and the online
business in the Omni-Channel Jurisdictions.

 

NOW, THEREFORE, in view
of the foregoing, the Parties hereby agree as follows:

 

		1	DEFINITIONS AND INTERPRETATION

 

		1.1	In this Agreement, unless the context otherwise requires:

 

“Accession Letter”
means a document substantially in the form set out in Schedule 3 (Form of Accession Letter).

 

“Active” means having
had wagering activity in the 120 day period prior to any applicable measurement date.

 

“Codere Group” means
Codere, S.A. and its controlled entities (for these purposes, “control” shall have the meaning ascribed to it in section 42
of the Spanish Commercial Code).

 

    	 	2	 

     

    

 

“Confidential Information”
means

 

		(i)	all information relating to
the Codere Group or to a Party, its shareholders and its related parties which is provided by one Party or any of its affiliates or advisers
to another, or is obtained by a Party, in whatever form, and includes information given orally and any document, electronic file or any
other way of representing or recording information which contains or is derived or copied from such information but excludes information
that:

 

		a)	is or becomes public information other than as a direct or indirect result of any breach of this Agreement
by a Party; or

 

		b)	is identified in writing at the time of delivery as non-confidential by the disclosing Party or its advisers;
or

 

		c)	is lawfully obtained by a Party after that date, from a source which did not obtain it in breach of, and
is not otherwise subject to, any obligation of confidentiality; and

 

		(ii)	any document or information
in whatever form produced on the basis of the information provided pursuant to paragraph (i).

 

“Customer
Information” has the meaning provided in Clause 11.1.

 

“Deposit”
means the transfer of money into an Online Account.

 

“MAR”
means the Market Abuse Regulation (EU) No 596/2014.

 

“Material
Price Sensitive Information” has the meaning provided in Clause 9.1.2(ii).

 

“Net Win”
means gross win after free-play, cost of loyalty programs and other promotions plus service charge less gaming Taxes.

 

“Omni-Channel
Customer” means a customer that is Active in both the retail and online channel.

 

“Omni-Channel
Jurisdiction” means an Online Jurisdiction in which one or more Retail Subsidiaries operate one or more Retail Venues.

 

“Omni-Channel
Strategy” has the meaning provided in Recital B.

 

“Online Account”
means an account established by an Online Subsidiary that a customer uses to make a Deposit or withdraw funds.

 

“Online Invoiced
Amount” has the meaning provided in Clause 2.1(2)(ii).

 

“Online Jurisdiction”
means a country within which the Codere Group offers, both at the time of this Agreement and from time to time, regulated online gaming
to customers residing within any such country.

 

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“Online License”
means a valid gaming license to operate online gaming that is in force and issued by the appropriate governmental authority.

 

“Online Only
Customer” means a customer that is Active in the online channel but not in the retail channel.

 

“Online Omni-Channel
Customer” means an Omni-Channel Customer that was, prior to becoming an Omni-Channel Customer, an Online Only Customer.

 

“Online Participation”
has the meaning provided in Clause 2.1(2)(i).

 

“Online Subsidiaries”
means (i) each of the entities set out in Schedule 2 (The Online Subsidiaries) so long as they continue to operate pursuant to
an Online License, and (ii) any Codere Group entity that obtains an Online License in an Omni-Channel Jurisdiction from time to time.

 

“Online Topco”
means Servicios de Juego Online, S.A.U.

 

“Party”
means a party to this Agreement.

 

“Processing
Fee” has the meaning provided in Clause 3.1.

 

“Representatives”
has the meaning provided in Clause 9.1.2(ii).

 

“Retail Invoiced
Amount” has the meaning provided in Clause 2.1(1)(ii).

 

“Retail License”
means a valid gaming license to operate Retail Venues that is in force and issued by the appropriate governmental authority.

 

“Retail Omni-Channel
Customer” means an Omni-Channel Customer that was, prior to becoming an Omni-Channel Customer, a Retail Only Customer.

 

“Retail Only
Customer” means a customer that is Active in the retail channel but not in the online channel.

 

“Retail Participation”
has the meaning provided in Clause 2.1.(1)(i)

 

“Retail Subsidiaries”
means (i) each of the entities set out in Schedule 1 (The Retail Subsidiaries) so long as they continue to operate pursuant to
a Retail License, and (ii) any Codere Group entity that obtains a Retail License in an Omni-Channel Jurisdiction from time to time.

 

“Revenue Sharing
Principles” has the meaning provided in Clause 2.1.

 

“Retail Topco”
means Codere Newco, S.A.U.

 

“Retail Venues”
means (i) an establishment that offers retail gaming and (ii) that is controlled by the Codere Group.

 

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“Surviving
Conditions” means each of the following provisions of this Agreement:

 

		a)	Clause 1 (Definitions and Interpretation);

 

		b)	Clause 9 (Confidentiality);

 

		c)	Clause 10 (Data Protection);

 

		d)	Clause 12.4 (Waiver of Defences); and

 

		e)	Clause 13 (Governing Law and Jurisdiction).

 

“Taxes”
means any tax, charge, levy, contribution, fiscal or quasi-fiscal imposition, or any obligation to withhold or prepay tax established
by the applicable legislation from time to time in force (including central, autonomous region or local government legislation), as well
as any charge or amount related thereto (including fines, penalties, interest and surcharges).

 

		1.2	In this Agreement, unless indicated otherwise:

 

		(i)	any reference to this Agreement
must be deemed to be made to this Agreement and to its Schedules;

 

		(ii)	any reference to “clause”
or to “Schedule” must be deemed to be made to a clause of, or schedule to, this Agreement.

 

		(iii)	any reference to a “person”
includes any individual, legal entity, entity, organization, association without legal personality, or public authority;

 

		(iv)	wherever the terms “includes”,
“included”, “include” and “including” are used, they shall be deemed to be followed by the expression
“without limitation”; 

 

		(v)	any reference to one gender
includes the other, and words in the singular shall include the plural, and vice versa; 

 

		(vi)	any reference to “days”
shall be deemed to be made to “calendar days”. Any periods expressed in days shall start to be counted from the day immediately
following that on which the period starts. If the last day of a period is not a Business Day, the period in question shall be deemed to
have been automatically extended until the first following Business Day. Periods expressed in months shall be counted from date to date
unless in the last month of the period such date does not exist, in which case the period shall end on the following Business Day, where
“Business Day” means any day except Saturdays, Sundays or public holidays in Madrid; 

 

		(vii)	any reference to “from”
or “as from” a given date shall be understood to include such date; and

 

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		(viii)	the headings used in this Agreement
are included for reference only and shall not form part of this Agreement for any other purpose or affect the interpretation of any of
its clauses.

 

		2	REVENUE SHARING PRINCIPLES

 

		2.1	NEWCO and SEJO shall cause their respective Retail Subsidiaries and Online Subsidiaries operating in the
Omni-Channel Jurisdictions, to apply and adhere to the following corporate revenue sharing principles (the “Revenue Sharing Principles”):

 

		1.	Participation of retail business in online revenue generated by Retail Omni-Channel Customers:

 

		i.	In each Omni-Channel Jurisdiction, the Online Subsidiary which registers the online wagering activity
of a Retail Omni-Channel Customer, shall pay to the Retail Subsidiary that operates the Retail Venue in which said customer was Active
at the time of becoming a Retail Omni-Channel Customer1, 35% of the Net Win of such customer generated in any online platform
operated by SEJO or its affiliates and subsidiaries from the time he becomes a Retail Omni-Channel Customer and until 18 months thereafter
(the “Retail Participation”).

 

		ii.	On a monthly basis, the aggregate Retail Participation related to all Retail Omni-Channel Customers of
each such Retail Subsidiary shall be invoiced net of any corresponding Online Participation to the relevant Online Subsidiary (the “Retail
Invoiced Amount”) and will be due and payable 30 days thereafter. For clarity sake, in the event that in any given month the
Online Participation is greater than the Retail Participation, no invoice would be issued by the Retail Subsidiary for that month.

 

		iii.	The applicable Online Subsidiary(ies) will, within 10 days following the close of each month, provide
the applicable Retail Subsidiary(ies) with the monthly Net Win of each Retail Omni-Channel Customer in the online channel to allow for
the Retail Subsidiary(ies) to issue any such invoice.

 

 

 

 

		1	In the event that, at the time of becoming a Retail Omni-Channel
Customer, such customer was Active in more than one Retail Venue, those Retail Subsidiaries in which such customer was Active would have
to agree, in good faith, to a pro-rata sharing of the Retail Participation.

 

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		2.	Participation of online business in revenue generated by Online Omni-Channel Customers:

 

		i.	In each Omni-Channel Jurisdiction, the Retail Subsidiary which registers the retail wagering activity
of an Online Omni-Channel Customer, shall pay the Online Subsidiary in which said customer was Active at the time of becoming an Online
Omni-Channel Customer, 35% of the Net Win of such customer from the time he becomes an Online Omni-Channel Customer and until 18 months
thereafter (the “Online Participation”).

 

		ii.	On a monthly basis, the aggregate Online Participation related to all Online Omni-Channel Customers of
each such Online Subsidiary shall be invoiced net of any corresponding Retail Participation to the relevant Retail Subsidiary by the relevant
Online Subsidiary (the “Online Invoiced Amount”) and will be due and payable 30 days thereafter. For clarity sake,
in the event that in any given month the Retail Participation is greater than the Online Participation, no invoice would be issued by
the Online Subsidiary for that month.

 

		iii.	The applicable Retail Subsidiary(ies) will, within 10 days following the close of each month, provide
the applicable Online Subsidiary(ies) with the monthly Net Win of each Online Omni-Channel Customer in the online channel to allow for
the Online Subsidiary(ies) to issue any such invoice.

 

		3.	Ineligibility for additional participation in revenue generated by a customer after completion of the
18-month period for any such Retail Participation or Online Participation, as applicable.

 

 

Unless otherwise agreed
between the Parties, to be formalized by way of amendment to this Agreement, after 18 months have passed from the time a customer becomes
a Retail Omni-Channel Customer or an Online Omni-Channel Customer, as the case may, no Retail Subsidiary or Online Subsidiary will be
entitled to any Retail Participation or Online Participation, as applicable, in regards to any customer upon which either a Retail Participation
or Online Participation had previously applied.

 

		4.	Application of the Revenue Sharing Principles in certain circumstances:

 

		i.	In the event there is an Omni-Channel Jurisdiction in which both the Retail License and the Online License
are held by the same Codere Group entity, the Revenue Sharing Principles shall be applied through internal management reporting procedures
until such time as another Codere Group entity holds or otherwise obtains a standalone Online License, at which point it shall accede
to this Agreement pursuant to Clause 8 (Accessions) and comply with Clause 2.1(1)(i),(ii) and (iii), or Clause 2.1(2)(i), (ii)
and (iii), as applicable.

 

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		ii.	In the event there is an Omni-Channel Jurisdiction in which there is a contractual agreement between a
Retail Subsidiary and an Online Subsidiary for the provision of online and/or retail operating services between them, the Parties shall
ensure that the agreed fee economics of such contractual agreement reflect the Revenue Sharing Principles.

 

		2.2	Non-compliance with the Revenue Sharing Principles shall constitute a material breach of this Agreement.

 

		3	PROCESSING FEE

 

		3.1	Newco and SEJO shall ensure that in each Omni-Channel Jurisdiction, the Online Subsidiaries pay, on a
monthly basis, a processing fee equal to 3.0% of any Deposit made by an online customer in a Retail Venue (the “Processing Fee”)
to the Retail Subsidiary that operates the Retail Venue where such Deposit was made. Any such amounts would be invoiced by the applicable
Retail Subsidiary to the applicable Online Subsidiary and due and payable 30 days thereafter. For clarity sake, no fee shall be payable
by the relevant Online Subsidiary for any withdrawals made from an Online Account in a Retail Venue.

 

		3.2	Non-compliance with payment of the Processing Fee in the terms of Clause 3.1 above shall constitute a
material breach of this Agreement.

 

		4	TERM

 

		4.1	The initial term of this Agreement shall be 1 year from 1 January, 2021 (the “Initial Term”),
unless terminated pursuant to Clause 5.1. This Agreement will be automatically extended for successive one year periods (each such year-to-year
renewal term, a “Renewal Term”), unless Newco or SEJO provides the other with written notice of its objection to any
such renewal, delivered at least 30 days before the end of the Initial Term or any Renewal Term.

 

		5	TERMINATION

 

		5.1	This Agreement will terminate in any of the following circumstances:

 

		5.1.1	Expiry of the Initial Term or expiry of any Renewal Term, if either Newco or SEJO objects to the automatic
extension in the manner provided for in Clause 4.1;

 

		5.1.2	at any time by either Newco or SEJO with 30 day’s prior written notice to the other;

 

		5.1.3	by mutual agreement between Newco and SEJO;

 

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		5.1.4	by Newco, in the event of a material breach of this Agreement by SEJO or by any of the Online Subsidiaries,
upon receipt of written notice by SEJO stating Newco’s desire to terminate this Agreement and the cause of termination; except where
the breach can be cured and is cured no later than 15 days from the date SEJO was notified of the breach.

 

		5.1.5	by SEJO, in the event of a material breach of this Agreement by Newco or by any of the Retail Subsidiaries,
upon receipt of written notice by Newco stating SEJO’s desire to terminate this Agreement and the cause of termination; except where
the breach can be cured and is cured no later than 15 days from the date Newco was notified of the breach.

 

		6	EFFECT OF TERMINATION 

 

		6.1	This Agreement will cease to have any further effect on the date on which it is terminated save for the
Surviving Provisions which shall remain in full force and effect, and save in respect of any liability arising or breaches of this Agreement
that occurred prior to termination. Termination of this Agreement by expiry of the Initial Term or expiry of the Renewal Term will not
grant any Party any right of indemnity for harm or losses or the right to any other compensation.

 

		6.2	Any obligations of the Parties with respect to the application of the Revenue Sharing Principles or payment
of a Processing Fee shall survive the termination of this Agreement. For clarity sake, if a customer becomes a Retail Omni-Channel Customer
or an Online Omni-Channel Customer and thereafter this Agreement is terminated, the relevant Retail Subsidiary or Online Subsidiary will
still have to pay the Online Participation or Retail Participation, as applicable, until 18 months thereafter.

 

		7	CONSEQUENCES OF BREACH

 

		7.1	Pursuant to the terms of Article 1,124 of the Spanish Civil Code, upon a material breach of this Agreement
by:

 

		i.	SEJO and/or the Online Subsidiaries: Newco may opt between (a) specific performance of this Agreement,
or (b) terminating this Agreement pursuant to Clause 5.1.4. Additionally, in both (a) and (b) Newco may seek damages and claim payment
of interest on any outstanding amounts. If Newco opts for (a) but specific performance of the Agreement is not possible, Newco has the
right to terminate the Agreement pursuant to Clause 5.1.4.

 

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		ii.	Newco and/or the Retail Subsidiaries: SEJO may opt between (a) specific performance of this Agreement,
or (b) terminating this Agreement pursuant to Clause 5.1.5. Additionally, in both (a) and (b), SEJO may seek damages and claim payment
of interest on outstanding amounts. If SEJO opts for (a) but specific performance of the Agreement is not possible, SEJO has the right
to terminate the Agreement pursuant to Clause 5.1.5.

 

		7.2	Newco and SEJO hereby acknowledge and agree that (i) Newco, as Retail Topco, shall be responsible for
any breaches of this Agreement by the Retail Subsidiaries, and (ii) SEJO, as Online Topco, shall be responsible for any breaches of this
Agreement by the Online Subsidiaries.

 

		8	ACCESSIONS

 

		8.1	In furtherance of the Omni-Channel Strategy, at all times after the date which is 30 days from the date
of this Agreement:

 

		8.1.1	Newco shall cause each of the Retail Subsidiaries to accede to this Agreement by executing an Accession
Letter, which shall be reviewed and amended by the relevant Retail Subsidiary in order to comply with any law or formality requirements
in its jurisdiction.

 

		8.1.2	SEJO shall cause each of the Online Subsidiaries to accede to this Agreement by executing an Accession
Letter, which shall be reviewed and amended by the relevant Online Subsidiary in order to comply with any law or formality requirements
in its jurisdiction.

 

		8.2	For clarity sake, a Codere Group entity that, as of the date of this Agreement is not a Retail Subsidiary
or an Online Subsidiary, but thereafter becomes a Retail Subsidiary or an Online Subsidiary, shall accede to this Agreement in the terms
of Clause 8.1 as soon as possible and no later than 30 days from becoming a Retail Subsidiary or an Online Subsidiary.

 

		9	CONFIDENTIALITY

 

		9.1	During the term of this Agreement, and at all times thereafter, the Parties undertake:

 

		9.1.1	to hold all Confidential Information in strict confidence; to use the Confidential Information only for
the purposes permitted under this Agreement, and to ensure that all Confidential Information is protected with security measures and a
degree of care that they would apply to their own confidential information;

 

		9.1.2	not to directly or indirectly disclose it to any other person or entity, except:

 

		(i)	as authorised in writing by the Party providing the Confidential Information;

 

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		(ii)	to its agents or professional advisors (the “Representatives”) on a strictly ‘need
to know’ basis, provided they are informed in writing of its confidential nature and that some or all of such Confidential Information
may be material non-public price sensitive information (“Material Price Sensitive Information“), and provided that they
sign, before receiving any such Confidential Information, a non-disclosure agreement in similar terms to those included in this Agreement,
except that there shall be no such requirement to enter into a non-disclosure agreement if the recipient is subject to professional obligations
to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential
Information; and

 

		(iii)	to governmental, banking, taxation or other regulatory authority or similar body when required o requested
by the rules of any relevant stock exchange or pursuant to any applicable law or regulation, so long as the content of said disclosure
is previously agreed with the Party providing the Confidential Information, to enable such Party to seek an appropriate protective order
or other appropriate remedy or waive compliance with the provisions of this Agreement.

 

		9.1.3	To the extent permitted by law and regulation, the disclosing Party will inform the Party providing the
Confidential Information of the circumstances of any disclosure of Confidential Information pursuant to paragraph 9.1.2(iii) above. Likewise,
the disclosing Party shall also inform the Party providing the Confidential Information upon becoming aware that Confidential Information
has been disclosed in breach of this Agreement.

 

		9.1.4	The disclosing Party will, at all times, remain liable under the terms of this Agreement for any unauthorized
disclosure or use by any of its Representatives of Confidential Information.

 

		9.1.5	The Parties agree that, upon termination of the Agreement, to the extent feasible, the Party to whom the
Confidential Information has been provided will promptly return to the Party that provided the Confidential Information all material containing
or consisting of Confidential Information in its possession and all copies thereof.

 

		9.1.6	No Party, nor any of its officers, employees or advisers make any representation or warranty, express
or implied, as to the accuracy, reliability or completeness of the Confidential Information, or shall be under any obligation to update
or correct any inaccuracy in the Confidential Information or be otherwise liable to any Party or any third party to whom such Confidential
is disclosed; and

 

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		9.1.7	The Parties hereby acknowledge and agree that some or all of the information that may be provided by the
Parties pursuant to this Agreement is or may be Material Price Sensitive Information and that the use and dissemination of such Material
Price Sensitive Information may be regulated or prohibited by applicable legislation, including securities law, MAR, regulations or principles
of conduct relating to insider-dealing and market abuse that prohibit the purchase and sale of securities by persons who possess material
non-public information and restrict the disclosure of material non-public information relating to any Party or the Codere Group in certain
circumstances.

 

		9.1.8	This Clause 9 shall survive the termination of the Agreement.

 

		10	DATA PROTECTION

 

		10.1	The Parties to this Agreement shall carry out the processing of personal data as of the date of this Agreement,
in accordance with the following obligations:

 

		-	It shall be limited to carrying out the necessary actions in accordance with the provisions of this Agreement.

 

		-	The Parties undertake not to conduct any further processing on personal data, or apply or use the data
for any purpose other than the service referred to in this Agreement, or to use the personal data for its owns means.

 

		-	The Parties undertake to keep, under its control and custody, the personal data provided as of the date
of this Agreement and not to disclose, transfer, or otherwise communicate the data to third parties, even for storage purposes.

 

		-	Should it be required to transfer personal data to a third country, in accordance with the law of the
European Union or of any of the member states to which it applies, it shall inform the relevant Party of this legal requirement in advance,
unless the law prohibits this for important reasons of public interest.

 

		10.2	Personal data security and notification of data breaches:

 

		-	The Parties shall implement the appropriate technical security measures set out in Article 32 of the Regulation
(EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing
of personal data and on the free movement of such data, to ensure a level of security consistent with the risk.

 

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		-	The Parties shall notify each other, without undue delay and, in any case, within 24 hours, of any breaches
to the security of the personal data in its possession of which it is aware, including all relevant information for documenting and reporting
the incident.

 

		10.3	The Parties can choose one of the two following options:

 

		-	Option A- Destruction. Following termination of the obligations under this Agreement, the Parties
undertake to destroy all information containing personal data that has been provided by the other Parties pursuant to this Agreement.
Once destroyed, it shall issue to the other Parties a certificate of destruction, reporting the information, physical means and documentation
destroyed.

 

		-	Option B- Return. Following termination of the obligations under this Agreement, the Parties undertake
to return all information containing personal data that has been transmitted by the other Parties pursuant to this Agreement.

 

		11	CUSTOMER INFORMATION

 

		11.1	All right, title and interest in any information provided by a Party with respect to the Net Win of an
Online Omni-Channel Customer or Retail Omni-Channel Customer, as applicable (the “Customer Information”), shall be
and remain vested in that disclosing Party. No licence, right or interest is granted to the Party receiving the Customer Information in
respect of such Customer Information pursuant to this Agreement, other than the right to receive the Customer Information for the purposes
of reviewing and evaluating such information to apply the Revenue Sharing Principles.

 

		12	MISCELLANEOUS PROVISIONS

 

		12.1	Entire agreement

 

This Agreement contains
the whole agreement between the Parties relating to the subject matter of this Agreement at the date hereof to the exclusion of any terms
implied by law which may be excluded by contract and supersedes any previous written or oral agreement between the Parties in relation
to matters dealt with in this Agreement.

 

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		12.2	Amendments and Waivers

 

Any term of this Agreement
may be amended or waived if agreed in writing by Newco and SEJO, and any such amendment or waiver shall be binding on all Parties.

 

		12.3	Partial invalidity

 

If, at any time, any
provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither
the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under
the law of any other jurisdiction will in any way be affected or impaired.

 

		12.4	Waiver of defences

 

No failure to exercise,
nor any delay in exercising, on the part of any Party, any right or remedy under this Agreement shall operate as a waiver, nor shall any
single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy.
The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law.

 

		12.5	Third Party Rights

 

Except as otherwise
expressly provided herein, a person who is not a party to this Agreement has no right to enforce or to enjoy the benefit of any term of
this Agreement.

 

		12.6	Expenses and Taxes

 

		12.6.1	Each Party shall bear the expenses that it incurs in preparing, negotiating and perfecting the Agreement.

 

		12.6.2	Any Taxes levied on the transactions provided for in this Agreement shall be borne by the Parties in accordance
with the law.

 

		12.7	Counterparts

 

This Agreement may be executed in any
number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

 

		12.8	Assignment

 

Newco and SEJO may not assign its position
or any of its rights or obligations under this Agreement without the consent of the other. Upon accession to this Agreement pursuant to
Clause 8 (Accessions), the Retail Subsidiaries and the Online Subsidiaries may not assign their position or any of their rights
or obligations under this Agreement without the consent of Newco and SEJO.

 

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		12.9	Notices 

 

		12.9.1	Any communication to be made under or in connection with this Agreement shall be made in writing by letter,
email, bureaufax or certified telegram with acknowledgment of receipt, or by any other means that evidences their receipt by express confirmation
of their correct receipt (thus including fax).

 

		12.9.2	The Parties indicate the following addresses for notification purposes:

 

		i.	Codere Newco, S.A.U.

 

Avenida de Bruselas
26, 28108

 

Alcobendas, Madrid

 

Spain

 

Att: Oscar Iglesias
Sánchez

 

		ii.	Servicios de Juego Online, S.A.U.

 

Avenida de Bruselas
26, 28108

 

Alcobendas

 

Madrid, Spain

 

Att: Ángel
Corzo Uceda

 

		12.9.3	All communications delivered to the Parties shall be deemed effective when received.

 

		12.9.4	Only notices sent to the above addresses and in the manner indicated above shall be considered received.

 

		12.9.5	Notices sent to the new address of any Party shall only be effective if the recipient has notified the
other Parties in advance of a change of address. Unless the Parties receive notice of such changes, notices served in accordance with
these rules and the original information shall be deemed correctly served.

 

		13	GOVERNING LAW AND JURISDICTION

 

		13.1	Governing Law

 

This Agreement shall be governed and
interpreted in accordance with the laws of Spain, and the rules on conflict of laws shall not apply.

 

		13.2	Jurisdiction

 

The courts of the city of Madrid have
exclusive jurisdiction to settle any dispute arising out of or in connection with this Letter and the Parties hereby waive their rights
to any other jurisdiction that may apply by virtue of their present or any future domicile or for any other reason.

 

[Signature page to follow]

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IN WITNESS WHEREOF, the Parties have caused this
Agreement to be duly executed as of the date first written above.

 

	Codere Newco, S.A.U.	 
	 	 
	/s/ Vicente Di Loreto	 
	Name:	Vicente Di Loreto	 
	Title:	Authorised Signatory	 
	 	 
	Servicios de Juego Online, S.A.U.	 
	 	 
	/s/ Angel Corzo Uceda	 
	Name:	Angel Corzo Uceda	 
	Title:	Authorised Signatory	 
	 	 
	/s/ Alvaro de Ansorena Cao	 
	Name:	Alvaro de Ansorena Cao	
	Title:	Authorised Signatory	 

 

    	 	16	 

     

    

 

Schedule 1

 

The Retail Subsidiaries

 

		1.	SPAIN:

 

		·	Betslots Cr-Cod, S.L.U.

		·	Codere Alicante, S.L.U.

		·	Codere Apuestas Aragón, S.L.U.

		·	Codere Apuestas Asturias, S.A.U.

		·	Codere Apuestas Baleares, S.A.

		·	Codere Apuestas Cantabria, S.A.

		·	Codere Apuestas Castilla La Mancha, S.A.

		·	Codere Apuestas Castilla y Leon, S.A.U.

		·	Codere Apuestas La Rioja, S.A.U.

		·	Codere Apuestas Extremadura, S.A.U.

		·	Codere Apuestas Navarra, S.A.U.

		·	Codere Apuestas Valencia, S.A.

		·	Codere Apuestas Galicia, S.L.U.

		·	Codere Apuestas, S.A.U.

		·	Codere Logroño, S.L.

		·	Comercial Yontxa, S.A.

		·	Garaipen Victoria Apustuak, S.L.

		·	I.P.M. Maquinas, S.L.

		·	Millenial Gaming, S.A.U.

		·	Misuri, S.A.

		·	Operiberica, S.A.U.

		·	Operoeste, S.A.

		·	Recreativos Obelisco, S.L.

		·	Sport Bet Extremadura, S.L.

 

		2.	MEXICO:

 

		·	Administradora Mexicana Hipódromo S.A. de C.V.

		·	Recreativos Marina, S.A. de C.V.

		·	Libros Foráneos, S.A. de C.V.

		·	Operadora Cantabria, S.A. de C.V.

		·	Operadora de Espectáculos Deportivos, S.A. de C.V.

		·	Promojuegos de México, S.A. de C.V.

		·	Mio Games, S.A. de C.V.

 

		3.	ITALY

 

		·	Operbingo Italia, S.p.A.

		·	King Bingo, S.R.L.

 

    	 	17	 

     

    

 

		·	King Slot, S.R.L.

		·	New Joker, S.R.L.

 

		4.	COLOMBIA:

 

		·	Codere Colombia, S.A.

		·	Intersare, S.A.

		·	Bingos Codere, S.A.

 

		5.	PANAMA:

 

		·	Alta Cordillera, S.A.

		·	Hípica de Panamá, S.A.

 

    	 	18	 

     

    

 

Schedule 2

 

The Online Subsidiaries

 

		1.	SPAIN:

 

		·	Codere Online, S.A.

 

		2.	MEXICO:

 

		·	Libros Foráneos, S.A. de C.V.

 

		3.	ITALY:

 

		·	Codere Scommesse, S.R.L.

 

		4.	COLOMBIA:

 

		·	Codere Colombia, S.A.

 

		5.	PANAMA:

 

		·	Hípica de Panama, S.A.

 

    	 	19	 

     

    

 

Schedule 3 

 

Form of Accession Letter2

 

		To:	Codere Newco, S.A.U.

Servicios de Juego Online, S.A.U.

 

From: [Acceding Retail Subsidiary or Online Subsidiary]

 

Date: [●] [●], [●]

 

Dear Sirs

 

Accession Letter to the Internal Affiliate Program
Master Agreement dated 12 March, 2021 (the “IAP Agreement”)

 

		1.	We refer to the IAP Agreement. This is an Accession Letter. Terms defined in the IAP Agreement have the
same meaning in this Accession Letter unless given a different meaning in this Accession Letter.

 

		2.	[Acceding Retail Subsidiary or Online Subsidiary] (the “Acceding Subsidiary”) agrees
to be bound by the terms of the IAP Agreement as a Party (and, in particular, as a [Retail Subsidiary] / [Online Subsidiary]), with effect
from the date of this Accession Letter.

 

		3.	The Acceding Subsidiary confirms that it has been provided with, and read a copy of, the IAP Agreement.

 

		4.	On and as of the date of this Accession Letter, the Acceding Subsidiary makes the representations and
warranties set out in Appendix I to each other Party.

 

		5.	For the purpose of Clause 12.9 (Notices), the Acceding Subsidiary’s administrative and contact
details are as follows:

 

Name: [●]

Registered address: [●]

Attention: [●]

Telephone No: [●]

Email: [●]

 

		6.	This Accession Letter and any non-contractual obligations arising out of or in connection with it are
governed by Spanish law. Clause 13 (Governing Law and Jurisdiction) shall apply to this Accession Letter as if set out in full
herein.

 

 

 

 

		2	Where applicable, the Acceding Subsidiary must include any requirements specific to the jurisdiction in
which the relevant Retail Subsidiary or Online Subsidiary acceding to the IAP Agreement is incorporated.

 

    	 	20	 

     

    

 

 Appendix I

 

The Acceding Subsidiary makes the following representations
and warranties to each other Party on the date hereof:

 

		i.	it is duly incorporated or duly established and validly existing under the law of its jurisdiction of
incorporation or formation;

 

		ii.	the obligations expressed to be assumed by it in the IAP Agreement are legal, valid, binding and enforceable;

 

		iii.	the entry into and performance by it of the IAP Agreement do not and will not conflict with any law or
regulation applicable to it or its constitutional documents where such conflict would have a material adverse effect on its ability to
implement the Revenue Sharing Principles, [or to pay the Processing Fee,] or otherwise comply with the terms of the IAP Agreement;

 

		iv.	it has the power to enter into, perform and deliver, and has taken all necessary action to authorize its
entry into, perform and deliver this Accession Letter; and has the power to accede, perform and deliver, and has taken all necessary action
to authorize its accession into, perform and deliver the IAP Agreement; and

 

		v.	all necessary authorizations required for the performance by it of the IAP Agreement and to make the IAP
Agreement admissible in evidence in its jurisdiction of incorporation have been obtained or effected and are in full force and effect.

 

IN WITNESS WHEREOF, the undersigned has executed
this Accession Letter on the date first written above.

 

[Acceding Subsidiary]

 

	 	 
	Name:	 	 
	Title:	 	 

 

    	 	21Exhibit 10.18

 

ANNEX 1 – AGREED FORM OF SERVICES AGREEMENT

 

SERVICES AGREEMENT

 

October 9, 2018 (the “Effective
Date”)

 

BY AND BETWEEN

 

On the one part,

 

CODERE ONLINE MANAGEMENT
SERVICES LTD, with its registered office in Level 3 (Suite no. 2265) Tower Business Centre, Tower Street Swatar, Birkirkara BKR 4013,
(Malta) VAT number MT25603025, with register no. C88406 (hereinafter, “Codere” or the “Company”).

 

And on the other part,

 

Novelly Investments Limited,
with its registered office in POB 146, Road Town, Tortola, British Virgin Islands, holder of Identification Number G205465 (hereinafter
“NOVELLY”); and

 

Mr. Moshe Edree, of legal
age, of British nationality, holder of Passport number 538990693, with professional domicile at England. He will hereinafter be referred
to as “Mr. Edree”. Mr. Edree acts in his own name in order to personally and directly assume the obligations contained
in this Agreement that expressly refer to him.

 

The parties shall hereinafter
be referred to collectively as the “Parties” and individually as a “Party.”

 

The Parties mutually acknowledge
their necessary legal capacity to contract and bind themselves, to which effect

 

WITNESSETH

 

		I.	Whereas Codere is a company part of an international group, the Codere Group, that engages in the gaming
and gambling industry in a number of jurisdictions.

 

		II.	Whereas Mr. Edree (as defined below) is the majority holder of the issued share capital and the key manager
of NOVELLY, a British Virgin Island company, and has majority voting powers and right to elect the board members of NOVELLY (hereinafter
“Control”), that engages in NOVELLY.

 

		III.	Whereas NOVELLY and Mr. Edree have experience and is a reputed expert in the field of online and digital
businesses and, in particular, in the areas of management, marketing and development of online projects for the gaming and gambling industry.

 

		IV.	Whereas, Codere is interested in (i) boosting its online and digital division (the “OD”)
in accordance with the on-line strategic business plan (the “OLBP”) of the Company attached hereto as Annex III,
which has been approved by its Board of Directors on the Board meeting held on May 17th 2018) and (ii) developing omni-channel
capabilities of the Codere Group.

 

    1

     

    

 

		V.	Whereas, in light of the above, the Parties have agreed to enter into the present services agreement (the
“Agreement”), in keeping with the following:

 

CLAUSES

 

		1.	PURPOSE

 

		1.1.	By virtue of the present Agreement, NOVELLY and Mr. Edree (the latter to the extent and for the purposes
expressly stated herein) agree to provide Codere and its group of companies (collectively, the “Codere Group”) with
the services described and under the terms and conditions of this Agreement.

 

		1.2.	NOVELLY and Mr. Edree shall provide such services as required by the Chief Executive Officer of Codere,
which will include, but are not limited to, the following (the “Services”):

 

		a)	lead the online division of Codere and, concretely, the management of the online business of Codere Group,
including a potential license in Malta, reporting to the Company’s CEO;

 

		b)	develop and prepare a three-year business plan for the online division of the Codere Group;

 

		c)	develop and prepare the annual budget for the online division of the Codere Group and support the development
of the omni-channel capabilities of the Codere Group;

 

		d)	undertake such activities as are necessary or desirable to execute the OLBP and operating budget for the
online division of Codere Group;

 

		e)	negotiate and manage strategic agreements with third parties regarding the online division in support
of the Codere Group;

 

		f)	support the Codere Group in any recruiting (as employees of the Codere Group) of necessary talents to
implement the OLBP, to complement those of the Codere Group, leveraging on their extended network of relationships.

 

		g)	support the Codere Group in leading, providing relevant directions and organizing the online team in all
and any jurisdictions where the Codere Group operates.

 

		h)	upon solicited by the CEO, provide updates and information to the Board of Directors of Codere regarding
the strategic, financial, and business condition of each of the companies in the Codere Group by the deadlines and in the form agreed
between NOVELLY and the CEO, CFO or Board of Directors;

 

		i)	assist in and support any financing activities directly related to the services listed in Sub-clauses
a) through h) above, under the direction of the CFO and CEO of Codere Group; and

 

    2

     

    

 

		j)	actively promote and facilitate the knowledge sharing between retail and online teams, relating thereto.

 

Any reference in this Agreement to
“Budget” shall mean any financial or operational plan that estimates income and expenses for any given year. For the avoidance
of doubt, it shall also include cash-flow needs or surplus and capital expenditures needs for the relevant period.

 

		1.3.	In performing the duties hereunder, NOVELLY and Mr. Edree will
be subject to the rules of the Codere Group including its compliance plan and procedures and, consequently, shall act honestly and in
good faith with a view to the best interest of the Codere Group, and shall exercise the care, diligence and skill that a reasonably prudent
businessman and relevant market standards would exercise in comparable circumstances. NOVELLY and Mr. Edree will comply with all policies
of the Codere Group, including without limitation, the Insider Trading Policy, as amended from time to time (the “Policy”)
and with all codes of conduct/ethics applicable from time to time to senior executives and services suppliers set by the compliance department
of Codere Group to the extent actually submitted by e-mail to NOVELLY’s email address provided for this purpose. A copy of the current
Policy is attached as hereto as Annex 1.3. To the extent that there is any conflict between the terms and conditions of this Agreement
and those in the Policy, the terms and conditions of the Policy shall prevail. 

 

		1.4.	The Services shall be provided, and the relevant fees (as described in Clause 3 below) shall be paid,
provided the following assumptions are complied with:

 

		a)	Codere will fund (i) all investments required for the development of the online division, in accordance
with the OLBP to be approved by its Board of Directors and (ii) all marketing investments (retention, acquisition and branding) of the
online division, with fifty (50) % of global Codere brand spend allocated to the online division. All relevant brand expenses will be
discussed and approved in Codere ́s marketing committee;

 

		b)	on-line platform and sports betting product will be provided by the respective Codere ́s division
(currently led by Mr. Felipe Ludeña). In this respect, the Parties acknowledge that a separate service level agreement will be
negotiated and executed after the signing of this Agreement;

 

		c)	the online division will pay a fifty (50) % affiliation fee to the Codere retail business units for digital
revenues that will be derived from existing land-based customers; and

 

		d)	all costs and expenses associated with Codere ́s online activity, including but not limited to charges
for its employees, technology platform, branding, third party service providers, rent, services, and corporate support functions will
be allocated to such online division. Common fixed costs will be allocated on reasonable basis and according to market standards.

 

For the sake of
clarity, the Parties acknowledge that NOVELLY and Mr. Edree shall not bear any costs and/or expenses related to the execution of any of
the recommendations and/or actions deriving from the Services and/or the performance thereof, all of which to the extent so decided by
Codere, shall be borne exclusively by Codere. NOVELLY and Mr. Edree shall abide by the Budget and shall ask for relevant authorization
upon incurrence of any costs or expenses related to the Services that are not, in any respect, included in the foregoing assumptions.

 

    3

     

    

 

		1.5.	In addition to the Services to be provided by NOVELLY, Mr. Edree shall also be appointed as (i) a member
of the marketing committee of Codere and (ii) any other committee of the Company reasonably considered by the CEO of Codere as part of
the necessary coordination between retail and digital businesses across the Codere Group. The consideration for this position(s) is, in
any case, included in the consideration stated in the following Clause 3, and shall be considered as part of NOVELLY and Mr. Edree’s
assignment under this Agreement.

 

		2.	DEDICATION

 

		2.1.	It is expected that Mr. Edree, personally and NOVELLY, will have an exclusive dedication to the provision
of the Services hereunder. For clarity purposes only, Codere acknowledges that Mr. Edree has certain holdings in other companies which
are disclosed in Annex 2.1, which are unrelated to those in this Agreement. Accordingly, NOVELLY and Mr. Edree shall be free to
manage time, energy, efforts and skills as they see fit as long as both comply with the above mandatory percentage of dedication and duties
are performed in a timely manner and at an adequate level and standard of quality.

 

		2.2.	The contractual relationship between Codere and/or the companies of Codere’s Group, NOVELLY and
Mr. Edree and/or their successors is and shall be of mercantile nature. NOVELLY and/ or Mr. Edree and/or their successors are independent
professionals and nothing in this Agreement shall constitute or be deemed to constitute a partnership between Codere and NOVELLY and/
or Mr. Edree or constitute or be deemed to constitute NOVELLY and/or Mr. Edree or, if applicable, their successors as an agent, partner,
employee, investment advisor or representative of the Codere Group for any purpose whatsoever. NOVELLY and Mr. Edree shall be deemed to
be independent contractors and Mr.Edree shall not be deemed to be employed by any of the companies of the Codere Group.

 

		2.3.	Codere is hereby contracting with NOVELLY and Mr. Edree (to the extent and for the purposes expressly
mentioned herein) for the Services. NOVELLY and Mr. Edree reserve the right to determine the method, manner and mean by which the Services
will be performed, without prejudice to the terms and conditions contained in this Agreement. NOVELLY and Mr. Edree and/or their successors
shall have no authority or power to bind Codere (and/or the companies of Codere’s Group) in any way or for any purpose.

 

		2.4.	NOVELLY and Mr. Edree and, if applicable, their successors must fulfil the obligations inherent to their
position as independent professionals and contractors, which include:

 

		a)	obtaining, to the extent required, all permits, authorisations and licenses needed to render the Services
to Codere; and,

 

		b)	complying fully and punctually with all tax, labor and social security obligations incumbent, if any,
upon it in relation to the Services.

 

    4

     

    

 

		3.	FEES

 

		3.1.	In consideration for the Services provided, NOVELLY will receive from Codere the fixed fees, the variable
fees, and the SF (as defined in Section 3.1(c) below) as indicated below:

 

		a)	Fixed Fees

 

From the date hereof until the termination
of the Agreement, NOVELLY will receive, prorated, a fixed annual fee equivalent to TWO HUNDRED FIFTY THOUSAND EUROS (€250,000) gross
(the “Fixed Fees”). The Fixed Fees will be paid in twelve (12) equal monthly installments, no later than the 9th
of each month, each of them upon receipt of the relevant duly issued invoice by Codere in accordance with the notices mechanism stated
under following Clause 9.

 

		b)	Variable Fees

 

NOVELLY shall receive from Codere an
annual variable fee of up to € 125,000 depending on the fulfilment of the objectives established for each full calendar year in the
Budget, measured in terms of EBITDA (60%), and Net Gaming Revenue (40%).

 

Such variable fee will be paid no later
than March 31 of each calendar year.

 

EBITDA = Revenue - Expenses (excluding
income tax, interest, depreciation and amortization). Or, equals net income plus interest, income taxes, depreciation and amortization.

 

Net Gaming Revenue = the gross total
bets, less the payout from any transaction, less returns, bonuses and chargebacks.

 

		c)	Success Fee (“SF”)

 

The SF will be an 8% share of the incremental
value that is created by the OD as a consequence of the Services rendered by NOVELLY. The incremental value (IV) that is the basis of
the SF will be calculated as follows:

 

IV= EV-BV-IC 

 

Where:

 

EV = Exercise Value. Which
will be calculated on the lapse of the fifth (5th) anniversary of the Effective Date (“Exercise Date”). It will be
calculated as 9 times the normalized run rate EBITDA [last 6 months up to the first semester of 2023 multiplied by 2] (taking out
any reasonable marketing expenses incurred for growth and non-recurring items).

 

    5

     

    

 

BV = Base Value. Which will
be calculated as a nine (9) times the normalized run rate EBITDA [last 2017 quarter multiplied by 4] of 2017 (taking out any reasonable
marketing expenses incurred for growth and non-recurring items), capitalized up to the Exercise Date at a rate of 8% per annum. NOVELLY
can conduct a due diligence of the Company ́s 2017 OD income statement, at his own expense.

 

IC = Invested Capital. Which
will be calculated as the total investment made by Codere whether in cash, assets or other form of contribution (at fair market value)
to the OD from the Effective Date, capitalized up to the Exercise Date at a rate of 8% per annum.

 

The SF will vest at a rate of twenty
(20)% per year and will be fully vested on the fifth anniversary of the Effective Date (the “Exercise Date”), unless
there is a Company Sale Event, defined as:

 

		(a)	a transaction involving a binding offer to acquire (together with the shares held by the prospective purchaser
and any related parties) 100% of the shares in the Company for cash consideration that is successfully completed (provided that it shall
be deemed to have been successfully completed if the purchaser achieves control in the Company as a result of such transaction); or

 

		(b)	a transaction involving a binding offer to acquire (together with the shares held by the prospective purchaser
and any related parties) at least 51% of the shares in the Company for cash consideration that is successfully completed; or

 

		(c)	a merger of the Company resulting in a change of control of the Company.

 

If a Company Sale Event occurs the
SF will be immediately considered fully vested at 100% on the consummation of the Sale Event.

 

The resulting SF amount will be subject
to:

 

		(a)	A maximum of €10 million.

 

20% of the SF will be payable only
if the total shareholder return targets (“TSR”) of the whole Company are achieved in accordance to Codere’s management
long term incentive plan.

 

“TSR” means the
result of the following formula:

 

TSR = (Final Price
+ Dividends) / Initial Price

 

Where:

 

“Dividends”
means the aggregate gross sum of all dividends paid per share by the Company to its shareholders from December 31st 2017 to
April 30th 2021;

 

“Final
Price” means the Price of each share of the Company on April 30th 2021 converted to USD at the then prevailing foreign
exchange rate if the price is quoted in a currency other than USD;

 

“Initial Price”
means USD 0.3655 per share; and

 

TSR targets are met if the TSR is
above 3.5.

 

    6

     

    

 

		(b)	eighty (80) % of the SF will be paid independently of the TSR targets;

 

		(c)	Claw back provisions: twenty-five (25) % of the due payments will be made with restricted shares of the
Company and will be effectively released to NOVELLY upon the first (1st) anniversary of the Exercise Date and only if the run-rate
EBITDA [based on the last six months multiplied by 2 at the anniversary] normalized for growth expenses [taking out any reasonable
marketing expenses incurred for growth and non-recurring items] at such first (1st) anniversary has not deteriorated by more
than 15% compared to the run-rate EBITDA used to calculate the SF.

 

The Company will calculate the SF and
it will be approved by the Audit Committee of the Board of Directors of Codere and/or any other internal Codere body, as applicable. If
NOVELLY does not agree with the calculations, the Audit Committee will hire a reputable independent expert to calculate the SF.

 

If the SF is higher from what was calculated
by the Company, then the costs of the expert will be paid by the Company, and vice versa, in any case to the extent such costs are duly
justified and reasonable.

 

Once the first SF is paid up, a new
SF with similar characteristics may be negotiated between the Parties. The BV of a subsequent SF will be the EV of the previous one.

 

Notwithstanding the foregoing, should
the EBITDA on the third (3rd) anniversary of the agreement negatively deviate by a delta equal to or higher than 25% from the
OLBP, the SF will consequently be reduced by 25%.

 

		3.2.	Unless otherwise agreed, all payments hereunder shall be made by wire transfer into an account which NOVELLY
shall expressly designate for such purpose.

 

		3.3.	All payments made to NOVELLY shall bear VAT or any other taxes, as applicable, which will be included
in the relevant invoices to be paid to NOVELLY.

 

		4.	TERM AND TERMINATION

 

		4.1.	Subject to the Parties’ rights and obligations, the following provisions shall govern the term and
termination of this Agreement. For the avoidance of doubt, when reference is made to a certain percentage of the SF, it will be understood
to refer to the SF calculated at the Exercise Date as per Clause 3 above.

 

		4.1.1.	Term

 

This Agreement shall take effect as
of the Effective Date and shall remain in force until the third (3rd) anniversary of the Effective Date (the “Term”),
unless terminated in accordance with the terms hereof.

 

    7

     

    

 

		4.1.2.	Renewal

 

Once the Term is elapsed and subject
to compliance with the Parties’ rights and obligations, this Agreement will be automatically renewed for an additional two (2) year
period.

 

		4.1.3.	Termination by Codere with Cause

 

Codere may terminate this Agreement
at any time with Cause, subject to a thirty (30) day prior written notice and provided that NOVELLY failed to cure the claimed breach
within the notice period, in which case NOVELLY pay and benefits will cease as of the date of termination. NOVELLY shall not be entitled
to the SF.

 

		4.1.4.	Non-renewal

 

		a)	Once the Term is elapsed, Codere may terminate this Agreement on providing at least two (2) months prior
written notice to NOVELLY. In this event, NOVELLY shall be entitled to receive the 100% of SF on the Exercise Date.

 

		b)	On the other hand, once the Term is elapsed, NOVELLY may terminate this Agreement on providing at least
two (2) months prior written notice to Codere in which case, NOVELLY shall be entitled to receive 30% of the SF on the Exercise Date.
For the purposes of clarification, should NOVELLY terminate this Agreement without Good Reason before the lapse of the Term, then NOVELLY
pay and benefits will cease as of the date of termination and NOVELLY shall not be entitled to the SF.

 

		4.1.5.	Termination as a result of Death or Disability

 

In the event of Mr. Edree’s Death
or Disability, this Agreement shall immediately terminate, in which case NOVELLY pay and benefits will cease as of the date of Death or
Disability. This notwithstanding, Mr. Edree’s lawful estate shall be entitled to receive the percentage of the SF that is equal
to the number of full calendar months counted from the Effective Date until the date of Death or Disability divided by 60 on the Exercise
Date.

 

		4.1.6.	Termination as a Result of Change of Control in NOVELLY

 

Mr. Edree expressly acknowledges that
it is an essential element for Codere to enter into this Agreement that NOVELLY is, at all times during the term of this Agreement, directly
controlled by Mr. Edree (i.e. Mr. Edree must retain more than 50% of the shareholding in NOVELLY, or have equivalent means of directly
controlling NOVELLY by way of vote, as defined in applicable law under the concept of “control”). In the event that this would
no longer be the case, for any reason whatsoever, this Agreement shall immediately terminate and NOVELLY shall not be entitled to the
SF.

 

    8

     

    

 

		4.1.7.	Resignation with Good Reason

 

NOVELLY may terminate this Agreement
with Good Reason at any time, on providing a one (1) month prior written notice to Codere, in which case NOVELLY’s pay and benefits
will cease as of the actual date of termination and NOVELLY shall be entitled to receive the greater of the following: (i) 60% of SF;
or (ii) the percentage of the SF that is equal to the number of full calendar months counted from the Effective Date until the date of
termination for Good Reason, divided by 60 on the Exercise Date.

 

NOVELLY may terminate this Agreement
in the event of a material breach by Codere of its obligations under this Agreement on providing a three (3) month notice to Codere. Should
Codere fail to cure or remedy the breach during such notice period, then NOVELLY shall be entitled to receive 100% of the SF on the Exercise
Date.

 

		4.2.	Without prejudice to termination, Clauses 3, 4.2, 5, 6, 7, 9, 10, 11 and 14 will survive the termination
of the Agreement.

 

		4.3.	For the purposes of this Clause 4, the terms used above will be understood to have the following meanings:

 

“Cause”
means:

 

(A) in the event NOVELLY
and/or Mr. Edree:

 

		(a)	knowingly or recklessly appropriate any business opportunities of the Codere Group to themselves or to
any person other than Codere or the Codere Group;

 

		(b)	materially breach or threat to breach obligations including, but not limited to, (i) non-competition obligations,
(ii) confidentiality provisions, (iii) material underperformance of the online division versus the annually agreed OLBP (where
“material underperformance” shall be understood to occur in the event that the EBITDA or Net Gaming Revenues deviate by thirty
(30)% or more in one (1) year in aggregate), (iv) breach of preferred treatment rule, and (v) dedication of less than 75% of the working
time of Mr. Edree to the provision of the Services;

 

		(c)	any of them is found guilty of committing any criminal offence or is declared unsuitable by any competent
gaming or other authority;

 

		(d)	(i) deliberately cause material harm (whether by act or omission) to the business of the Codere Group,
or

 

(ii) act or fail to
act in a manner which constitutes a conflict of interest with the Codere Group and which results, or is reasonably expected to result,
in a material harm to the Codere Group’s business;

 

    9

     

    

 

		(e)	repeatedly or fundamentally refuse without reasonable reason, to perform duties and/or tasks under this
Agreement, provided that such refusal was not cured within the notice period set forth in Clause 4.1.3 above (but for greater certainty,
consistent refusal and subsequent curing upon the provision of notice shall not be permitted hereunder in order to circumvent the definition
of cause); or

 

		(f)	violate in any material respect any policies of Codere or the Codere Group, which have been properly disclosed
to NOVELLY in writing.

 

(B) in the event that
the Spanish Securities Exchange Commission (CNMV) or any other stock exchange commission or authority on which Codere or any successor
entity is listed, requires that NOVELLY and/or Mr. Edree rendering of the Services should cease for any reason.

 

“Good Reason”
means: (i) a material deterioration in NOVELLY and/or Mr. Edree’s scope of work in effect immediately prior to such deterioration
(but excluding any change resulting necessarily as a result of Codere becoming a business unit within another entity), or (ii) a change
in management of Codere that has a substantial negative impact on the performance of the Services or on the OLBP.

 

“Disability”
means a physical or mental impairment that substantially limits a major life activity and that precludes Mr. Edree’s performing all of
the essential functions of his position for a period of more than six (6) consecutive months.

 

		5.	NON-COMPETITION 

 

		5.1.	Definitions

 

For the purposes
of Clause 5, the terms used above will be understood to have the following meanings:

 

“compete”
means to undertake, carry on, be engaged in, be concerned with, have any financial or other interest in, provide any financial assistance
to, guarantee the debts or obligations of, provide any consulting or advisory services to, permit his or its name or any part of his or
its name to be used by, be employed by, be associated with, or be otherwise involved in, and “competition” has a comparable
meaning.

 

“Business”
means the business of developing, marketing, licensing, distributing, providing services with respect to, and/or operating gaming activities.

 

“Client”
means any Person from whom the Codere Group has obtained any business or solicited any business from during the twenty-four (24) months
preceding the termination of this Agreement.

 

“Competitor”
means any Person that is contemporaneously active in gaming activities.

 

“Person”
includes (a) any corporation, limited liability company, partnership, governmental authority, joint venture, fund, trust, association,
syndicate, organization, or other entity or group of persons, whether incorporated or not, and (b) any individual, including in his or
her capacity as trustee, executor, administrator, or other legally appointed representative.

 

“Territory”
means the territories where the Codere Group is operating (or in which it might operate in the future) at any time during the term of
this Agreement, as applicable.

 

    10

     

    

 

		5.2.	Non-competition

 

During the term
of this Agreement and for a period of eighteen (18) months after its termination for any reason, NOVELLY and Mr. Edree shall not, for
any reason directly or indirectly, provide services equal or similar to the Services provided under this Agreement, to a Competitor of
Codere or its Group that is or will be the same, or that is or will be in competition with, any part of the Business in any part of the
Territory. Notwithstanding the above, the period following the termination of the Agreement, as set forth above, shall not apply in the
event of termination by NOVELLY for Good Reason.

 

The list of companies
attached here to as Annex 5.2 shall be considered excluded from the definition of “Competitor” for the purposes of
this Clause only.

 

		5.3.	Non-solicitation of Clients

 

During the term of
this Agreement and for a period of twenty-four (24) months after its termination for any reason, NOVELLY and Mr. Edree shall not, for
any reason and whether directly or indirectly, do or attempt to do any of the following (provided that the period following the termination
of the Agreement, as set forth above, shall not apply in the event of termination by NOVELLY for Good Reason):

 

		a)	solicit, divert, or take away the Business of any Client or business partner of the Codere Group,

 

		b)	influence, encourage, persuade, or induce any Client or Business partner to cease or refrain from doing
Business with the Codere Group, or

 

		5.4.	accept the business of, perform duties for, or supply or procure any goods or services to, any Client
or business partner of the Codere Group.

 

		5.5.	Non-solicitation and non-hiring of employees

 

During the term of
this Agreement and for a period of twenty-four (24) months after its termination for any reason (provided that the period following the
termination of the Agreement, as set forth above, shall not apply in the event of termination by NOVELLY for Good Reason), NOVELLY and
Mr. Edree shall not, for any reason and whether directly or indirectly, do or attempt to do any of the following:

 

		(i)	employ, engage, offer employment or engagement to, or solicit the employment
or engagement of,

 

(A) any
individual whom Codere, the Codere Group or any other affiliate of Codere employs or engages as a consultant as of the termination
of this Agreement, whether or not that individual would commit a breach of his or her terms of employment or contract by leaving
such entity’s employ or engagement, or

 

(B) any
individual who has resigned from or terminated his or her engagement by Codere, the Codere Group or any other affiliate of Codere
less than ninety (90) days before his or her employment, engagement, offer of employment or engagement, or solicitation by NOVELLY
and/or Mr. Edree, or

 

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		(ii)	influence, encourage, persuade, or induce any current employee or consultant
of Codere, the Codere Group or any other affiliate of Codere to terminate his or her employment or engagement or become employed or engaged
by any Person other than Codere or the applicable affiliate of Codere.

 

		(iii)	The above notwithstanding, the placing of an advertisement for a post generally
available to a member of the public and which was not targeted or aimed at any such employee, and the recruitment of a person as a result
of a response to the said advertisement or through a recruitment or employment agency performing a generalised recruitment search shall
not constitute a breach of this Clause 5.5.

 

		5.6.	Non-interference

 

During the term of
this Agreement and for a period of twenty-four (24) months after its termination for any reason, NOVELLY and Mr. Edree shall not, for
any reason and whether directly or indirectly, do or attempt to do any of the following:

 

		a)	interfere with the Business of the Codere Group, or

 

		b)	influence, encourage, persuade, or induce any Client, business partner or supplier of the Codere Group
to discontinue or alter in any adverse manner that Person’s relationship with the Codere Group.

 

		5.7.	Extent of obligations

 

NOVELLY and Mr. Edree’s
obligations under this Section 5 extend to any actions carried out by NOVELLY and/or Mr. Edree on their own behalf or on behalf of any
other Person, directly or indirectly, in any capacity.

 

		5.8.	Reasonableness of restrictions

 

NOVELLY and Mr. Edree
acknowledge that his agreement to be bound by the obligations under this Clause 5 (including the scope, term, and Territory of these obligations)
(i) were a material inducement for Codere to enter into this Agreement, and (ii) are reasonable to adequately protect the Codere Group
and its business interests.

 

		5.9.	Enforcement of restrictions

 

If any restriction imposed under this
Clause 5 is, for any reason and in any jurisdiction, held to be excessively broad, whether as to scope, term, Territory, or otherwise,
that restriction will be interpreted, in that jurisdiction, by limiting the particular term so as to be enforceable to the extent compatible
with the applicable law in that jurisdiction.

 

		5.10.	Equitable remedies

 

NOVELLY and Mr. Edree acknowledge
that breach of this Clause 5 would not be susceptible to adequate relief by way of monetary damages only. Accordingly, Codere may, in
that case, apply to court for any applicable equitable remedies (including injunctive relief).

 

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		6.	CONFIDENTIALITY

 

		6.1.	For the purposes of the present Agreement, confidential information shall be considered all information
about the Codere Group and its business, which may be provided to NOVELLY and Mr. Edree verbally, in writing, or by any other means or
medium, whether tangible or intangible, currently known or which the state of the art in the future makes possible or which by any other
medium reaches NOVELLY and/or Mr. Edree (the “Confidential Information”). This includes but is not limited to reports,
memoranda, analyses, studies, presentations, and other writings in general, such as graphics, tables, designs, and computer applications
for any of the Codere Group projects, products, or businesses, its client list, data bases, contacts, industrial secrets, etc., which
are not generally known outside Codere or which does not enter the public domain by a means other than breach of the confidentiality agreement
by NOVELLY, Mr. Edree or a third party. Notwithstanding the foregoing, Confidential Information shall not include information that: (i)
is now or subsequently becomes generally available in the public domain through no fault or breach by way of an act or omission on the
part NOVELLY and/or Mr. Edree; (ii) NOVELLY and/or Mr. Edree can reasonably demonstrate in their records to have had rightfully in their
possession prior to disclosure of the Confidential Information; (iii) NOVELLY and/or Mr. Edree rightfully obtained from a third party
who has the right to transfer or disclose it, without default or breach of any confidentiality undertaking to Codere; and (iv) NOVELLY
and/or Mr. Edree can reasonably demonstrate in their records to have independently developed, without breach of this Agreement and use
of or reference to the Confidential Information, or to any part thereof. Furthermore, NOVELLY and/or Mr. Edree shall not be deemed to
be in breach of their obligations set forth in this Clause 6, in the event that the Confidential Information is required to be disclosed
pursuant to the order or requirement of a court, administrative agency, or other governmental body; provided, however, that to the extent
permissible NOVELLY and/or Mr. Edree provide prompt notice of such court order or requirement to Codere to enable Codere to seek a protective
order or otherwise prevent or restrict such disclosure.

 

		6.2.	NOVELLY and Mr. Edree acknowledge that they have been and will be entrusted with Confidential Information
and trade secrets (including information and trade secrets conceived, originated, discovered or developed by the officers, employees or
consultants either employed by or retained by the Codere Group) concerning the business and affairs of the Codere Group and its officers,
employees, consultants, suppliers, vendors, customers and potential customers and the disclosure of any such detailed Confidential Information
and trade secrets to those outside of the Codere Group or to the general public would be highly detrimental to the best interests of the
Codere Group. NOVELLY and Mr. Edree further acknowledge and agree that the right to maintain confidential such detailed Confidential Information
and trade secrets constitutes a valid proprietary right which the Codere Group is entitled to protect and that such confidential information
and trade secrets shall be held by NOVELLY and Mr. Edree in a fiduciary capacity and solely for the benefit of the Codere Group.

 

    13

     

    

 

		6.3.	Both during the Term of this Agreement and until a five (5) year period after its termination for any
reason is elapsed, NOVELLY and/or Mr. Edree:

 

		a)	may not divulge the Confidential Information
                                            to any other person or company, whether in Spain or abroad, without Codere's express authorization.

 

		b)	must maintain strict secrecy regarding
                                            the characteristics and peculiarities of Codere's operation and businesses in regard to the
                                            Confidential Information.

 

		c)	must treat any information with
                                            respect to Codere's clients to which they have access by virtue of this Agreement and providing
                                            the Services as Confidential Information and, in particular, undertake to refrain from using
                                            such information in his own benefit or that of a third party.

 

		7.	OWNERSHIP OF INTELLECTUAL PROPERTY

 

All discoveries,
inventions, designs, works of authorship, improvements and ideas (whether or not patentable or copyrightable) and legally recognized proprietary
rights (including, but not limited to, patents, copyrights, trademarks, topographies, know-how and trade secrets), and all records and
copies of records relating to the foregoing, that

 

		a)	result or derive from the provision
                                            of NOVELLY and/or Mr. Edree’s Services or knowledge or use of Confidential Information;

 

		b)	are conceived or made by NOVELLY and/or
                                            Mr. Edree (individually or in collaboration with others) in the provision of the Services
                                            hereunder;

 

		c)	result from or derive from the use
                                            or application of the resources of the Codere Group; or

 

		d)	relate to the business operations of
                                            actual or demonstrably anticipated research and development by the Codere Group (collectively,
                                            the “Developments”),

 

will be the exclusive property of
the Codere Group, and the Codere Group will have sole discretion to deal with Developments. For greater certainty, all work done during
the term of this Agreement by NOVELLY and Mr. Edree for the Codere Group is a work for hire of which the Codere Group is the first author
for copyright purposes and in respect of which all copyright will vest in the Codere Group. NOVELLY and Mr. Edree hereby assign and agree
to assign all rights, title and interest in the Developments to the Codere Group or its nominee.

 

NOVELLY and Mr. Edree will keep complete,
accurate and authentic notes, reference materials, data and records of all Developments in the manner and form reasonably requested by
the Codere Group. All these materials will be Confidential Information upon their creation and will be disclosed promptly to the Codere
Group.

 

To the extent allowed by applicable
law, NOVELLY and Mr. Edree hereby irrevocably waive all moral rights howsoever arising under legislation in any applicable jurisdiction,
or at common law, that NOVELLY and/or Mr. Edree may have now or in the future with respect to the Developments, including, without limitation,
any rights NOVELLY and/or Mr. Edree may have to have their name being associated or not associated with the Developments, any rights NOVELLY
and Mr. Edree may have to prevent the alteration, translation or destruction of the Developments, and any rights NOVELLY and/or Mr. Edree
may have to control the use of the Developments in association with any product, service, cause or institution. NOVELLY and Mr. Edree
agree that this waiver may be invoked by the Codere Group, and by any of its authorized agents or assignees in respect of any or all of
the Developments.

 

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NOVELLY and Mr. Edree will do all
further things that may be reasonably necessary or desirable in order to give full effect to the foregoing. If NOVELLY and Mr. Edree’s
co-operation is required in order for the Codere Group to obtain or enforce legal protection of the Developments following the termination
of this Agreement, NOVELLY and Mr. Edree will provide that co-operation, at the cost and expense of Codere.

 

		8.	PERSONAL DATA PROTECTION

 

The Parties undertake
to treat the personal data to which they have access, as provided by the other Party for the proper provision of the Services described
in the present Agreement in keeping with the indications of the other Party, as well as to refrain from divulging such data to third parties,
not even to conserve them, and to apply the legally required security measures to preserve the integrity, confidentiality, and availability
of the personal data.

 

		9.	NOTICES

 

		9.1.	Any notices or requests relating to the present Agreement shall be sent to the addresses given at the
outset of this Agreement, or any other address for which they have served notice as provided in this Clause, provided that any notice
to Codere shall include a copy (which shall not serve as notice) to the Chief Executive Officer or the Board of Directors of Codere.

 

		9.2.	Notices may be served by any means allowed by law which permits verification of reception.

 

		10.	APPLICABLE LAW AND JURISDICTION

 

		10.1.	This Agreement shall be governed and interpreted in accordance with Spanish legislation.

 

		10.2.	Any dispute, controversy or claim arising out of or relating to this Agreement, or the breach, termination
or invalidity thereof, shall be referred to and finally settled by arbitration in accordance with the Rules of Arbitration of the International
Chamber of Commerce then in force (the "ICC Rules"). The number of arbitrators shall be 1 (one). The seat of arbitration
shall be Paris, France. The arbitration proceedings shall be conducted, and the award shall be rendered, in English. Any award rendered
by the arbitrator shall be in writing, state the reasons on which it is based and shall be final and binding upon the Parties.

 

		11.	ACKNOWLEDGEMENTS

 

		11.1.	NOVELLY and Mr. Edree acknowledge that:

 

		a)	the performance of the Services as
                                            services providers of the Codere Group does not breach any agreement or other obligation
                                            to keep confidential the proprietary information of any third party; 

 

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		b)	NOVELLY and Mr. Edree are not bound
                                            by any agreement with or obligation to any third party that conflicts with their obligations
                                            as a services providers of the Codere Group;

 

		c)	NOVELLY and Mr. Edree have received
                                            a copy of this Agreement;

 

		d)	NOVELLY and Mr. Edree have had sufficient
                                            time to review and consider this Agreement thoroughly;

 

		e)	NOVELLY and Mr. Edree have read and
                                            understand the terms of this Agreement and their obligations under this Agreement;

 

		f)	NOVELLY and Mr. Edree have been given
                                            an opportunity to obtain independent legal advice, or other advice as they may desire, concerning
                                            the interpretation and effect of this Agreement, and by signing this Agreement, NOVELLY and
                                            Mr. Edree have either obtained advice or voluntarily waived the opportunity to receive same;
                                            and

 

		g)	this Agreement is entered into voluntarily
                                            by NOVELLY and Mr. Edree.

 

		11.2.	NOVELLY and Mr. Edree (the latter to the extent expressly referred to in this Agreement) hereby agree
to defend, indemnify and hold the Codere Group (and/or its assignee, as the case may be) harmless from any and all claims and/or demands
(hereinafter “Claim”), giving rise to liabilities, damages, losses, reasonable and documented costs and expenses (including,
without limitation, attorney's fees) incurred by the Codere Group (and/or its assignee, as the case may be) as a result of (i) NOVELLY
and/or Mr. Edree's failure to fulfil their obligations hereunder and/or (ii) any tax and/or labour claim filed by any tax or labour authority
against the Codere Group (and/or its assignee, as the case may be) as a consequence of the terms and conditions of this Agreement. In
any of the above (i) and (ii) cases, provided that the following is fulfilled: (i) Codere Group notifies NOVELLY in writing of any Claims
immediately on becoming aware of any such potential or actual Claim, so as not to prejudice NOVELLY in its defence or settlement thereof;
(ii) the Codere Group shall assist NOVELLY on a best efforts basis in the conduct of defence of any such Claim, including by providing
any relevant information in relation thereto; and (iii) NOVELLY shall have sole control of the management, conduct and negotiation and
defence of any such Claim as long as there is no potential or actual impact on the Codere Group or the Business and shall keep Codere
informed of all relevant actions and steps taken in such defence at all times.

 

		11.3.	The Codere Group shall be entitled to bring action or claims and/or have recourse, jointly and severally,
against NOVELLY and Mr. Edree, for the breach by NOVELLY and/or Mr. Edree of the following Clauses:1.2 (scope of Services), 1.3 (compliance
with Codere Group Policy), 2 (Dedication), 4 (Termination), 5 (Non-Competition); 6 (Confidentiality); 7 (Ownership of Intellectual Property)
and 8 (Data Protection) otherwise, all other claims and/or recourse (for breach of contract, tort (including negligence and strict liability,
or otherwise) sought by the Codere Group, which may arise from the breach of this Agreement (other than those set forth above in this
Clause 11.3), shall be capable of being brought by the Codere Group solely and exclusively against NOVELLY, and shall not be capable of
being brought against Mr. Edree for any reason. For the purposes of clarification, Mr. Edree shall not be held liable for any claims and/or
loss or damage related to the normal course of business of the Codere Group that are not directly or indirectly linked to any acts or
omissions of Mr Edree where he would have acted (or omitted to act) with wilful misconduct or negligence.

 

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		11.4.	The aggregate of Mr. Edree’s and/or NOVELLY liability, as the case may be, shall be limited to the
total amount actually paid to NOVELLY under this Agreement calculated as the aggregate of Fixed Fees, Variable Fees and SF accrued up
to the Exercise Date as if the Agreement had been in force and effect for five (5) years from the Effective Date. Notwithstanding the
foregoing, such limitation of liability shall not apply in the case of death or personal injury, fraud or any sort of liability that,
by law, cannot be excluded or limited, breach of any Codere Group Policy, breach of applicable date protection and/ or IP rules and regulations
and any deliberate breach of obligations under this Agreement.

 

		12.	ASSIGNMENT

 

		12.1.	Agreement binding on
successors and permitted assignees

 

This Agreement shall be binding on and
inure for the benefit of the successors and permitted assignees of the parties.

 

		12.2.	No assignment generally

 

No party may assign, transfer, declare
a trust of the benefit of, or in any other way alienate, or create rights over, any of its rights or benefits under this Agreement whether
in whole or in part save as provided in clause 12.3.

 

		12.3.	Permitted assignments

 

Codere may, without the consent of
NOVELLY and Mr. Edree, assign all or any part of the benefit of, or its rights or benefits under, this Agreement together with any causes
of action arising in connection with any of them to any company of the Codere Group, provided that NOVELLY and Mr. Edree are informed
in writing in advance of such assignment; and

 

		12.4.	Unpermitted assignment
void

 

Any purported assignment in contravention
of clauses 12.2 and 12.3 shall be void.

 

		13.	GENERAL

 

		13.1.	Remedies cumulative

 

The rights, remedies,
and powers provided to a party under this Agreement are cumulative and in addition to, and are not exclusive of or in substitution for,
any rights, remedies, and powers otherwise available to that party.

 

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		13.2.	No third-party beneficiaries

 

This Agreement does
not confer any rights or remedies upon any Person other than the parties and their respective heirs, trustees, executors, administrators,
and other legally appointed representatives, successors and permitted assigns.

 

		13.3.	Severability

 

The invalidity or
unenforceability of any particular term of this Agreement will not affect or limit the validity or enforceability of the remaining terms.

 

		13.4.	Waiver

 

		a)	Requirements. No waiver of satisfaction
                                            of a condition or non-performance of an obligation under this Agreement is effective unless
                                            it is in writing and signed by the party granting the waiver.

 

		b)	Scope of waiver. No waiver by
                                            a party will extend to any subsequent non-satisfaction or non-performance of an obligation
                                            under this Agreement, whether or not of the same or similar nature to that which was waived.

 

		c)	Rights and remedies. No waiver
                                            by a party will affect the exercise of any other rights or remedies by that party under this
                                            Agreement. Any failure or delay by a party in exercising any right or remedy will not constitute,
                                            or be deemed to constitute, a waiver by that party of that right or remedy. No single or
                                            partial exercise by a party of any right or remedy will preclude any other or further exercise
                                            by that party of any right or remedy.

 

In witness whereof, the Parties
sign the present document in duplicate to one sole purpose. Without prejudice to any of the foregoing, the Parties reserve the right to
execute this Agreement via electronic means with the assistance of counsel and shall exchange printed originals as early as possible.

 

	/s/ Gonzalo de Osma	 
	/s/ Moshe Edree	 
	 	 
	CODERE	 
	 	 
	/s/ Thekla Christofi	 
	(for Bestserve Nominees LTD  - Director)	 
	 	 
	NOVELLY	 
	 	 
	/s/ Moshe Edree	 
	Mr. Moshe Edree	 

 

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Annex III

 

The OLBP

 

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Annex 1.3

 

Copy of the Policy

 

    20

     

    

 

 

 

 

 

 

Avda. de Bruselas, 26

28108 Alcobendas

Madrid

Tel.: 91 354 28 00

Fax: 91 662 70 70

 

CODE
OF CONDUCT

IN
THE SECURITIES MARKETS

 

INTRODUCTION
OR PREAMBLE

 

PRELIMINARY
TITLE. DEFINITIONS

Article
1.- Definitions

 

TITLE
I.- SCOPE OF APPLICATION

Article
2.- Persons to whom the Internal Code of Conduct applies

Article 3.- Register of persons subject to the Internal Code of Conduct

 

TITLEII.-RULESOFCONDUCTINCONNECTIONWITHPERSONAL
TRANSACTIONS IN AFFECTED SECURITIES

Article
4.- Duty to inform Related Parties

Article
5.- Reporting of Personal Transactions in Affected Securities

Article 6.- Limitations to Personal Transactions in Affected Securities

Article 7.- Portfolio Management

 

TITLE
III.- RULES OF CONDUCT IN CONNECTION WITH INSIDE INFORMATION

Article
8.- List of Insiders

Article
9.- Obligations with respect to Inside Information

Article
10.- Safeguards and handling of Inside Information

Article
11.- Prohibitions on Inside Information

Article
12.- Public dissemination of Inside Information

Article
13.- Delays in the public dissemination of Inside Information

Article
14.- Market Prospecting and Inside Information

 

TITLE
IV.- RULES OF CONDUCT TO AVOID MARKET MANIPULATION

Article
15.- Market manipulation

 

TITLE
V.- TREASURY SHARE POLICY

Article
16.- Treasury share transactions on Company shares

 

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TITLE
VI.- CONTROL AUTHORITY

Article
17.- Composition and functions of the Control Authority

 

TITLE
VII.- CONFLICTS OF INTEREST

Article
18. Definition and principle of action.

Article 19. Management of conflicts of interest

 

TITLE
VIII.- NON-COMPLIANCE

Article
20.- Effects of non-compliance

 

TITLE
IX.- VALIDITY

Article
21.- Entry into force

 

TRANSITORY
DISPOSITIONS

 

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CODE
OF CONDUCT

 

IN
THE SECURITIES MARKETS OF CODERE, S.A.

 

INTRODUCTION
OR PREAMBLE

 

This
Internal Code of Conduct (the “Code of Conduct” or the “Code”) of CODERE, S.A. (“Codere”
or the “Company”) and its subsidiaries (“CODERE Group” or the “Group”
) in the Securities Markets has been approved by the Board of Directors of Codere, S.A., in compliance with the provisions of the revised
text of the Law on the Securities Markets approved by Royal Legislative Decree 4/2015 of 23 October (hereinafter the “Securities
Market Act” or “LMV” for the Spanish initials). It has been developed in accordance with LMV, Regulation
(EU) 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (the “Market Abuse Directive”)
and its implementing regulations.

 

The
purpose of this Code is to regulate the rules of conduct to be observed by persons included in the scope of its application in their
actions on the securities markets. The Code provides appropriate controls and the transparency needed for proper management and control
by the Company of Inside Information and its dissemination, market prospecting, treasury share transactions, personal transactions subject
to communication, and preparation or execution of conduct that may involve market manipulation. Additionally the Code includes some regulation
to reduce conflicts of interests. All this in order to protect the interests of investors in the securities of the Company and in the
benefit of market integrity.

 

PRELIMINARY
TITLE. DEFINITIONS

 

Article
1.- Definitions

 

For
the purposes of this Code, the following definitions shall apply:

 

External
advisers: Natural or legal persons who are not considered Affected Personas, that provide financial, legal, consultancy services
or any other assistance to the Company through a civil or commercial relationship, on their own behalf or on behalf of another and which,
as a result, may gave them access to Inside Information.

 

CNMV:
The Spanish National Securities Market Commission

 

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Confidential
documents: The documents, regardless of medium, that contain Inside Information.

 

Codere
Group: “Codere” and its subsidiaries and affiliated companies that are, with respect to the former, in any of the
situations provided for under Article 42 of the Code of Commerce.

 

Inside
Information: Any information of a precise nature which has not been made public, relating, directly or indirectly, to “Codere”
or any other Group company, or one or more of the Affected Securities, and which, if made public, could materially influence the price
of the Affected Securities.

 

Information
of a precise nature is considered as that which refers to a series of circumstances that exist, or may reasonably be expected to exist,
or a fact that has happened, or could reasonably be expected to happen, always provided that said information is specific enough to allow
any conclusions about the effects of those circumstances or that fact could have on the prices of the Affected Securities.

 

In
this regard, in the case of a process extending over time which is intended to generate or that results in certain circumstances or a
specific fact, both said circumstance or future fact and the intermediate stages of said process which are linked to the generation or
result of said future circumstance or fact may be regarded as information of a precise nature.

 

An
intermediate stage of a lengthy process in time will be considered Inside Information if it, by itself, meets the criteria for Inside
Information mentioned in this Code.

 

The
information which can have a significant effect on the prices of the Affected Securities of the derivative financial instruments related
thereto, is considered as information that a reasonable investor would likely use as one of the basic elements behind their investment
decisions.

 

List
of Insiders: List to be created, maintained and updated during operations, projects, processes or situations where information
is generated or received which may be classified as Inside Information, in which the personal data of the Insiders is reflected as required
under applicable law.

 

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Personal
Transactions: Any transaction executed on your own behalf by the Affected Persons on the Affected Securities, which include not
only transactions for the purchase or sale of the Affected Securities, but also loans, pledges, free receipt and transactions carried
out within the framework of a life insurance policy resulting in an investment in Affected Securities, as well as any other provided
for in applicable legislation.

 

Control
Authority: The body governed under Title VI of this Code of Conduct.

 

Affected
Persons: The following:

 

		1.	Persons
                                            with Management Responsibilities.

		2.	Any
                                            other persons linked in a stable manner with the Company who keep a relationship with the
                                            Company and may have access to Inside Information.

		3.	Any
                                            other personnel of the Company whose work is related to activities in the securities market.

		4.	Any
                                            other personnel determined by the Company.

 

Insiders:
People who have an employment contract with the Company or serve as External Advisers, which regularly or recurrently, have temporary
or transient access to Inside Information of “Codere” in connection with their participation or involvement in an operation
or internal process, during the time that they are included on the Insider List.

 

Persons
with Management Responsibilities: Members of the governing body or other management or supervision bodies in the Company and
Senior Executives that do not form part of such bodies but directly or indirectly have regular access to Inside Information of the issuer
and have decision-making management powers affecting the future developments and business prospects of the Company.

 

Related
Parties: Those who maintain any of the following links to Persons with Management Responsibilities:

 

		(i)	The
                                            spouse of the Person with Management Responsibilities or the person in an equivalent situation
                                            in accordance with national legislation.

 

		(ii)	The
                                            dependent children of the Person with Management Responsibilities.

 

		(iii)	Those
                                            other relatives living with the Person with Management Responsibilities or are dependent
                                            thereon, for at least one year before the date on which the existence of such status is determined.

 

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		(iv)	A
                                            legal person, trust or partnership in which the Person with Management Responsibilities or
                                            the persons mentioned in the previous sections hold a managerial position, or it is directly
                                            or indirectly controlled by such person, or has been set up for the benefit thereof, or whose
                                            economic interests are substantially equivalent to those of such person.

 

		(v)	Any
                                            other person or entity so considered under the legislation in force at such time.

 

Market
prospecting: It consists of communicating information to one or more potential investors, prior to the announcement of an operation,
to assess their interest in a possible transaction and the conditions relating thereto, such as the potential price or volume.

 

Market
Prospecting is also considered as providing Inside Information when the goal is to make a tender offer for securities or a merger when
(a) the information is necessary to enable the holders of the securities to form an opinion on their willingness to offer their securities
and (b) the disposition of such holders to offer their securities is reasonably necessary to take the decision to make the tender offer
or merger.

 

Market
Abuse Directive: EU Regulation No. 596/2014, of the European Parliament and of the Council of 16 April 2014 on market abuse.

 

Company:
Codere, S.A.

 

Affected
Securities:

 

		(i)	Equity
                                            or fixed income securities issued by the Company which are traded on a secondary market or
                                            other regulated exchange, MTFs or other organised secondary markets, or for which the Company
                                            has completed an application for admission to trading in any such markets or systems.

 

		(ii)	Financial
                                            instruments and contracts of any kind that grant the right to acquire the securities indicated
                                            in (i).

 

		(iii)	Financial
                                            instruments and contracts with underlying securities mentioned in (i).

 

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		(iv)	For
                                            the sole purpose of the rules of conduct in relation to Inside Information contained in Title
                                            III of this Code, the securities and financial instruments issued by other companies or entities
                                            other than the Company, for which Inside Information is available.

 

TITLE
I.- SCOPE OF APPLICATION

 

Article
2.- Persons to whom the Internal Code of Conduct applies

 

		1.	This
                                            Code applies to the Affected Persons.

 

		2.	The
                                            Related Parties will have the obligations that apply under the Market Abuse Directive and
                                            its implementing regulations, which also are contained in Title II (Personal Transactions
                                            on Affected Securities) of this Code.

 

		3.	The
                                            Insiders will have the obligations that apply under the Market Abuse Directive and its implementing
                                            regulations, which also are contained in Title III (Inside Information) of this Code.

 

Article
3.- Register of persons subject to the Internal Code of Conduct

 

		1.	The
                                            Company shall maintain a record of the Persons to whom this Code shall apply. Said register
                                            will be available to the competent authorities.

 

		2.	The
                                            Affected Persons shall be informed of their inclusion in this register and that they are
                                            subject to the Code and the offences and penalties, if any, arising from the breach thereof,
                                            as well as the criteria provided in the regulations on Protection of Personal Data. Accordingly,
                                            the said persons shall be given a copy of the Code and sign proof of receipt and acceptance.

 

TITLEII.-RULESOFCONDUCTINCONNECTIONWITHPERSONAL
TRANSACTIONS IN AFFECTED SECURITIES

 

Article
4.- Duty to inform Related Parties

 

Persons
with Management Responsibilities shall inform their respective Related Parties in writing on the obligations of the latter under
Market Abuse Directive and its implementing regulations, particularly those arising from the performance of Personal Transactions on
Affected Securities, certifying to the Company the performance of such notification. They must also report all changes that occur in
the relationship with Related Parties. The Company shall prepare a list of Persons with Management Responsibilities and their
Related Parties.

 

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Article
5.- Reporting of Personal Transactions in Affected Securities

 

		1.	Persons
                                            with Management Responsibilities and Related Parties, in accordance with the provisions of
                                            the Market Abuse Directive and its implementing regulations, must notify the Control Authority
                                            of the Company, by any means proving acknowledgement of receipt and within three working
                                            days, of the performance of Personal Transactions in Affected Securities indicating the date,
                                            type, volume, price, number and description of the Affected Securities, and the proportion
                                            of voting rights attributed to the Affected Securities in their personal power after the
                                            operation, and the market venue on which the Personal Transaction was executed, if applicable.

 

The
provisions of the preceding paragraph shall apply to any Personal Transaction when a total of five thousand (5,000) euro is or will be
reached within a calendar year or any higher amount as determined by the CNMV. The above threshold shall be calculated as the sum of
all Personal Transactions without any offsetting against each for other Personal purchase and sale Transactions.

 

		2.	Persons
                                            Affected different from those mentioned in the previous paragraph must notify the Control
                                            Authority of the Company, by any means proving acknowledgement of receipt, and within three
                                            working days of the execution of Personal Transactions in Affected Securities, in accordance
                                            with the communication model set by the Control Authority, and the minimum threshold outlined
                                            in the second paragraph of section 1 above shall apply.

 

		3.	The
                                            Company, through the Control Authority may require the persons referred to in the preceding
                                            paragraphs to expand the information provided on the Personal Transactions in Affected Securities
                                            which they have reported.

 

		4.	The
                                            Control Authority of the Company shall maintain a file of the communications referred to
                                            the preceding paragraphs. The contents of that file will be kept confidential and may only
                                            be disclosed to the board of directors or the person designated thereby during the course
                                            of a specific transaction, as well as to judicial and administrative authorities under the
                                            relevant procedures.

 

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		5.	The
                                            provisions of the preceding paragraphs shall be without prejudice the mandatory notifications
                                            of Personal Transactions to the CNMV by Directors, Senior Executives and other persons to
                                            whom the Internal Code applies, under the current regulations.

 

Article
6.- Limitations to Personal Transactions in Affected Securities

 

		1.	The
                                            persons listed below shall refrain from transactions on their own or on behalf of others,
                                            directly or indirectly, in the Affected Securities, in the following periods:

 

		a)	Affected
                                            Persons, during a period of thirty (30) calendar days prior to the date of publication by
                                            the Company of the annual, semi-annual or quarterly financial reports or interim management
                                            statements and in any case, from the time they are first aware of such statements and reports
                                            and until their publication.

 

		b)	Insiders
                                            when they become aware of Inside Information on the Affected Securities and/or the Company,
                                            until they cease to be such, in accordance with the provisions of this Code.

 

		c)	During
                                            the period expressly set the Control Authority, in special cases, for the purpose of better
                                            compliance with the rules of conduct or exigency of the circumstances at any given time.

 

		2.	Notwithstanding
                                            the provisions of Titles III (Inside Information) and IV (Market Manipulation) of this Code
                                            and other applicable regulations, the Control Authority may authorize the Affected Persons
                                            to perform Personal Transactions in Affected Securities during a particular period for a
                                            limited time within those described in the 3.a) section of this Article in the following
                                            cases, and in any case, upon written request addressed to the Control Authority describing
                                            and justifying the Personal Transaction they are desire to perform and the specific transaction
                                            cannot be performed at any different time other than the limited period:

 

		a)	In
                                            exceptional circumstances, such as severe financial difficulties, requiring the immediate
                                            sale of Affected Securities, due to the need of the Affected Person to confront a claim or
                                            legally enforceable financial commitment or duty to attend to a situation involving a payment
                                            to third party, including, tax debts.

 

		b)	In
                                            the case of Personal Transactions in Affected Securities under or in connection with stock-
                                            option incentive schemes, or preferential subscription rights or free allotment of shares,
                                            or other employee plans that meet the legal requirements.

 

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		c)	In
                                            the case of Personal Transactions in Affected Securities in which no change in ownership
                                            of the securities in question.

 

		3.	The
                                            Control Authority shall report at least once a year to the Appointments, Compensation and
                                            Corporate Governance Committee of Codere, S.A. on the authorisations requested.

 

Article
7.- Portfolio management.

 

When
Affected Persons have signed a contract of discretionary portfolio management, in order to comply with reporting obligations on Personal
Transactions in Affected Securities referred to in Article 5 of this Code, such contracts shall include in the obligation of the discretionary
manager to immediately report the execution of transactions in Affected Securities.

 

TITLE
III.- RULES OF CONDUCT IN CONNECTION WITH INSIDE INFORMATION

 

Article
8.- List of Insiders.

 

		1.	When
                                            studying or negotiating any kind of legal or financial transaction or internal processes
                                            that generate or receive Inside Information, the persons knowing this information because
                                            of their work, position or function in connection with the Company, shall confidentially
                                            notify the Control Authority for the purpose of opening the corresponding section of the
                                            List of Insiders.

 

		2.	The
                                            Insiders shall be added to the List of Insiders, the content and format of which shall comply
                                            with the applicable rules and, in any event, contain the following:

 

		a)	Identity
                                            and Contact Data of Insider Persons.

		b)	The
                                            reasons why such persons have been included in the List of Insiders.

		c)	Date
                                            and time that the insiders had access to Inside Information.

		d)	Date
                                            and time of creation and updating of the List of Insiders.

 

		3.	The
                                            List of Insiders will be divided into separate sections that correspond to different Inside
                                            Information that have been identified. Each section will include the personal data of people
                                            who have access to the Inside Information that the section relates. The Company may insert
                                            in a supplementary section on the List of Insiders containing the data of persons who have
                                            permanent access to Inside Information. Insiders registered in this section will not be entered
                                            in the sections corresponding to each case of Inside Information.

 

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		4.	The
                                            List of Insiders must be updated, indicating date and time, in the following cases:

 

		a)	When
                                            there is a change in the reasons why a person has been included in the List of Insiders;

		b)	When
                                            necessary to add a new Insider;

		c)	When
                                            an Insider ceases to have access to Inside Information.

 

		5.	When
                                            during the stages of study and negotiation referred to in section 1 of this Article, the
                                            Company ceases to have an interest in such transaction or process or an Insider stops participating
                                            in the study or negotiation and no longer has access to the relevant Inside Information,
                                            the cessation of access to Inside Information shall be recorded in the appropriate section
                                            of the List. People who no longer have access to Inside Information, if the Inside Information
                                            still exists in the Company, the said Persons shall refrain from executing any transaction
                                            on their own behalf or on behalf of any third party, directly or indirectly, in the Affected
                                            Securities for thirty (30) calendar days following the date of cessation of access. This
                                            is without prejudice to the obligations and prohibitions on Insider Trading incumbent on
                                            both the Company and the Insiders.

 

		6.	The
                                            data of the List of Insiders will be kept in electronic form available to the competent authorities
                                            for five (5) years from the date of creation or update.

 

		7.	Insiders
                                            must be informed of their inclusion in the List of Insiders, that they are subject to these
                                            Rules, the rights and other criteria provided in the law regarding the protection of personal
                                            data, as well as their obligation to inform the Control Authority of the Company of the identity
                                            of any person who, in the normal course of their work, profession or position, provides Inside
                                            Information, so that these Insiders may be included in the List of Insiders. In the case
                                            of External Advisers, they must sign a confidentiality agreement, unless for professional
                                            status they are already subject to a duty of professional secrecy, and the provisions of
                                            Article 10.4 hereof shall apply.

 

		8.	Insiders
                                            shall express written acknowledgement of their legal and regulatory obligations regarding
                                            Inside Information, the prohibitions on use and offences and penalties, if any, arising from
                                            Insider Trading and unlawful disclosure.

 

Article
9.- Obligations with respect to Inside Information

 

		1.	All
                                            persons subject to this Code that have access to Inside Information are required to safeguard
                                            it and take appropriate measures to prevent such the abuse or unfair use of said information
                                            and, where appropriate, shall immediately take the necessary measures to correct the consequences
                                            that would have resulted without prejudice to its duty of cooperation or communication with
                                            the judicial
and administrative authorities under the terms provided in the Securities Market Act and other applicable legislation.

 

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		2.	The
                                            general meetings with analysts, investors or media should be pre-planned so that people who
                                            participate in them do not disclose Inside Information that has not been previously disclosed
                                            to the market as stated in Article 12 of this Code.

 

		3.	Persons
                                            subject to this Code shall notify the Control Authority of the existence of evidence of abusive
                                            or unfair use of Inside Information, and complete the instructions that the Control Authority
                                            issues.

 

Article
10.- Safeguards and handling of Inside Information

 

		1.	During
                                            the period of preparation, planning or studying a decision that could lead to Inside Information,
                                            Affected Persons must exercise due diligence in its use and handling and adopt an attitude
                                            of secrecy, in order to avoid confusion or create false expectations in the markets.

 

		2.	Regarding
                                            Inside Information, the following safeguards shall be enforced:

 

		a)	Limit
                                            knowledge strictly to those persons, internal or external to the Company and the Group, to
                                            whom it is essential to disclose such information.

 

		b)	Maintain
                                            a List of Insiders for each transaction or internal process that may entail access to Inside
                                            Information in accordance with the provisions of Article 8 of this Code.

 

		c)	Adopt
                                            security measures regarding custody, filing, access, reproduction and distribution of the
                                            information.

 

		d)	Monitor
                                            developments in the market on trading prices and trading volumes of the Affected Securities
                                            and rumours and news that the professional sources of financial information and media issue
                                            on this issue.

 

		e)	Submit
                                            performing transactions in the Affected Securities to measures to prevent the investment
                                            or divestment decisions may be affected by insider knowledge.

 

		f)	If
                                            an abnormal fluctuation of the price or the trading volume of the Affected Securities occurs,
                                            and prima facie evidence exists that such performance is occurring as a result of a premature,
                                            partial or distorted dissemination of the operation, you must take appropriate measures,
including, where appropriate, a communication under applicable law, that report clearly and accurately state what the current operation
is or contains a preview of the information to be supplied.

 

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		3.	In
                                            addition to the provisions of the preceding section and the List of Insiders provided for
                                            in Article 8 above, the treatment of Inside Information must comply with the following:

 

		a)	Identification
                                            of the information as confidential. All documents containing Inside Information shall be
                                            clearly marked with the word “confidential” to indicate that its use is restricted
                                            to Insiders. In the case of electronic documents, the confidentiality thereof shall be indicated
                                            before access to the information is granted.

 

		b)	Codename.
                                            When any operation or internal process qualifies as Inside Information, it shall be given
                                            a codename with which the transaction documents or internal process in question and the section
                                            of the List of Insiders referring to that Inside Information shall be designated.

 

		c)	Filing.
                                            Confidential Documents shall be filed separately from other ordinary documents in different
                                            places designated for this purpose, which have special protective measures to ensure access
                                            only to Insiders. In particular, such files will be protected in restricted access areas
                                            under lock and key or using products with regular updating of passwords.

 

		d)	Distribution
                                            and reproduction The general distribution and dispatch of Confidential Documents will always
                                            be made by a secure means to ensure the maintenance of confidentiality. In particular, you
                                            will seek to limit to the e-mail transmission to a minimum. The recipients of reproductions
                                            or copies of Confidential Documents shall refrain from making additional copies or making
                                            any distribution thereof and will be included in any case, in the List of Insiders, with
                                            the consequences set out in Article 8 above.

 

		e)	Return
                                            or destruction of Confidential Documents. If an operation or internal process for withdrawal
                                            is concluded, all persons with access to Inside Information must return or destroy the Confidential
                                            Documents when so required by the Company.

 

		f)	Liability.
                                            Insiders shall be severally liable for compliance with the measures described above, and
                                            any other with which they are required to comply by access to Inside Information, and without
                                            prejudice to other security measures as be provided by the Company to the Affected Persons.

 

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		4.	When
                                            Inside Information is transmitted to External Advisers, it should be restricted to the maximum
                                            and performed as late as possible, adopting the following measures designed to ensure confidentiality:

 

		a)	Before
                                            proceeding to the transmission of the information, confirmation must be obtained from the
                                            External Adviser this it has measures to safeguard the confidentiality of the information
                                            they will receive.

 

		b)	Also,
                                            equally before transmission, External Advisers must sign a confidentiality agreement, which
                                            recognize the character of the information they are transmitted as Inside Information, and
                                            the specific conditions under which they must keep the confidentiality thereof.

 

		c)	External
                                            Advisers may not transmit the information to any third parties.

 

		d)	The
                                            External Adviser shall appoint, if applicable, a person or internal body responsible for
                                            advising and enforcing appropriate measures and procedures to maintain the confidentiality
                                            of the information.

 

		e)	The
                                            obligation of confidentiality of the External Adviser will remain until the Inside Information
                                            is no longer considered as such.

 

Article
11.- Prohibitions on Inside Information

 

		1.	None
                                            of the persons included in article 2 of this Code shall:

 

		a)	Perform
                                            or try to perform insider dealings.

 

		b)	Recommend
                                            to others to engage in insider dealing, or inducing another person to engage in insider dealing.

 

		c)	Unlawfully
                                            disclose Inside Information.

 

		2.	For
                                            the purposes of the above provisions, insider dealings arises where a person possesses Inside
                                            Information and uses it:

 

		-	Acquiring
                                            or disposing of, for its own account or for the account or a third party, directly or indirectly,
                                            Affected Securities.

 

		-	Cancelling
                                            or amending an order concerning the Affected Securities where the order was placed before
                                            the person concerned possessed the Inside Information.

 

		-	Following
                                            the recommendation or induction, when the person who follows it know or should know that
                                            it was based on Inside Information.

 

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		3.	For
                                            the purposes of the above provisions, recommending that another person engage in insider
                                            dealing, or inducing another person to engage in insider dealing, arises where the person
                                            possesses inside information and:

 

		-	Recommends,
                                            on the basis of that information, that another person acquire or dispose of Affected Securities
                                            to which that information relates, or induces that person to make such an acquisition or
                                            disposal, or

 

		-	Recommends,
                                            on the basis of that information, that another person cancel or amend an order concerning
                                            the Affected Securities to which that information relates, or induces that person to make
                                            such a cancellation or amendment.

 

		4.	For
                                            the purposes of the above provisions, unless the CNMV determines that there is no legitimate
                                            reason for their performance, a person who possesses Inside Information that has operated
                                            in the following cases will not be regarded as a person subject to this Code:

 

		a)	Provided
                                            that such person executes a transaction to acquire, transfer or assign Affected Securities
                                            and this transaction is made in good faith in compliance with a matured obligation and not
                                            to circumvent the ban on Insider Trading, and:

 

		(i)	This
                                            obligation is derived from an order given or an agreement concluded before the person concerned
                                            had knowledge of Inside Information, or

 

		(ii)	The
                                            transaction is intended to comply with a law or regulation prior to the date on which the
                                            person concerned was aware of Inside Information.

 

		b)	In
                                            general, those made in accordance with applicable law.

 

		5.	It
                                            shall not be deemed from the mere fact that a legal person is or has been in possession of
                                            inside information that that person has used that information and has thus engaged in insider
                                            dealing on the basis of an acquisition or disposal, where that legal person:

 

		a)	Has
                                            established, implemented and maintained adequate and effective internal arrangements and
                                            procedures that effectively ensure that neither the natural person who made the decision
                                            on its behalf to acquire or dispose of financial instruments to which the information relates,
                                            nor another natural person who may have had an influence on that decision, was in possession
                                            of the inside information; and

 

		b)	Has
                                            not encouraged, made a recommendation to, induced or otherwise influenced the natural person
                                            who, on behalf of the legal person, acquired or disposed of financial instruments to which
                                            the information relates.

 

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Article
12.- Public dissemination of Inside Information

 

		1.	Without
                                            prejudice to the obligations regarding Inside Information and duty to safeguard the same
                                            regulated in Articles 9 and 10 hereof, the Company shall publish Inside Information which
                                            directly concerns the Company as soon as possible in order to allow fast and complete access
                                            and correct and timely assessment of the information by the public. The content of the communication
                                            shall be true, clear, complete and, when required by the nature of the information, quantified,
                                            so that it does not cause confusion or deception. The public disclosure of Inside Information
                                            cannot be combined with the marketing of Company activities.

 

		2.	For
                                            the purpose of meeting the obligations outlined in the previous section, the Company shall
                                            send Inside Information to the CNMV for dissemination and inclusion in the official register
                                            regulated under the rules of the securities market act.

 

		3.	Inside
                                            Information will also be disseminated through their inclusion on the website of the Company,
                                            maintaining the same for at least five (5) years.

 

		4.	When
                                            a significant change occurs in the Inside Information previously communicated, it must be
                                            immediately disclosed to the market in the same way.

 

		5.	In
                                            any case, the content and dissemination of Inside Information shall comply with the provisions
                                            of the securities market act as may be applicable at any time.

 

Article
13.- Delays in the public dissemination of Inside Information

 

		1.	The
                                            Company, under its responsibility, may delay the public disclosure of Inside Information,
                                            provided that all the following conditions are met:

 

		a)	That
                                            immediate disclosure could prejudice the legitimate interests of the Company;

 

		b)	That
                                            the delay in disclosure could not lead the public to confusion or deception;

 

		c)	The
                                            Company is able to ensure the confidentiality of the Inside Information.

 

		2.	For
                                            processes extended over time developed in different stages with which it is intended to generate
                                            or that results in certain circumstances or a specific event, the Company may delay the public
                                            disclosure of Inside Information regarding this process, subject to the conditions set out
                                            in the preceding section.

 

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		3.	In
                                            the event that the public dissemination of Inside Information as stated in the preceding
                                            paragraphs is delayed, the Company shall inform the CNMV of the decision to delay its dissemination,
                                            under the terms established in the applicable legislation.

 

		4.	Also,
                                            in the case of the delayed dissemination of Inside Information and the confidentiality thereof
                                            can no longer be guaranteed (e.g. in cases where a rumour refers expressly to such information,
                                            when the degree of accuracy of the rumour is sufficient to indicate that confidentiality
                                            is no longer guaranteed), the Company shall make the information public as soon as possible.

 

Article
14.- Market Prospecting and Inside Information

 

		1.	When
                                            the Company decides to conduct Market Prospecting to establish internal procedures to carry
                                            it out.

 

		2.	Before
                                            starting the Market Prospecting, it will assess whether such prospecting involves the communication
                                            Inside Information, recording their conclusion and the reasons therefore in writing.

 

		3.	Prior
                                            to the communication of Inside Information within the framework of Market Prospecting, the
                                            following requirements must be met:

 

		a)	Obtain
                                            the consent of the person receiving the Market Prospecting to receive Inside Information.

 

		b)	Inform
                                            the recipients that they are prohibited from using such information, or attempting to use,
                                            performing any Transaction in the Affected Securities based on this Inside Information.

 

		c)	Inform
                                            the person receiving the Inside Information that by accepting the information they are obligated
                                            to maintain its confidentiality.

 

		4.	When
                                            the information has been communicated to a person in the course of a market prospecting is
                                            no longer considered Inside Information at the discretion of the company, the Company must
                                            report that fact to the recipient as soon as possible.

 

		5.	The
                                            Company shall maintain a record of the information provided in the context of Market Prospecting
                                            that must conform to the provisions of applicable legislation at all times. The data recorded
shall be maintained for at least five (5) years and shall be communicated to the CNMV when so required.

 

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TITLE
IV.- RULES OF CONDUCT TO AVOID MARKET MANIPULATION

 

Article
15.- Market Manipulation

 

		1.	Affected
                                            Persons, and in any case the Insiders will refrain from preparing or performing any type
                                            of practice that may involve market manipulation, in accordance with applicable law at all
                                            times. They should also refrain from the mere attempt to perform any of the above behaviours.

 

		2.	For
                                            this purpose, market manipulation shall include the following activities, without prejudice
                                            to any other that may be established by applicable legislation:

 

		a)	Execute
                                            a transaction, give an order to trade or any other behaviour that:

 

		(i)	transmit
                                            or may transmit false or misleading signals as to the supply, demand or price of an Affected
                                            Security, or

 

		(ii)	set
                                            or may set an abnormal or artificial level for the price of one or more Affected Securities,
                                            unless the person who entered into the transaction or had given the order to trade or made
                                            any other conduct demonstrates that operation, order or behaviour is legitimate and in accordance
                                            with market practice accepted by the CNMV.

 

		b)	Execute
                                            a transaction, give an order to trade or any other activity or conduct that affects or may
                                            affect, through fictitious mechanisms or any other form of deception or contrivance, the
                                            price of one or more Affected Securities.

 

		c)	Disseminating
                                            information through the media, including the Internet, or by any other means, and transmitting
                                            or which may transmit false or misleading signals as to the supply, demand or price of an
                                            Affected Security, or can be set an abnormal or artificial price for one or more Affected
                                            Securities, including the dissemination of rumours, when the author of the dissemination
                                            knew or should have known that the information was false or misleading.

 

Conduct
consisting of taking advantage of access, occasionally or regularly, to the media, traditional or electronic, to present an opinion on
the Affected Securities (or, indirectly, on the Company) after having traded in these securities, and then taking advantage of the effects
that the views expressed have on price, without having simultaneously revealed to the public the conflict of interest in an adequate
and effective manner shall also be considered market manipulation.

 

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		d)	Transmitting
                                            false or misleading information or providing false information in relation to a benchmark,
                                            when the author of transmission or data knew or should have known that they were false or
                                            misleading, or any other conduct involving manipulation of calculating a benchmark index.

 

		e)	The
                                            intervention of a person, or several in concert, to secure a dominant position on the supply
                                            or demand of the Affected Securities, which affects or could affect the fixing, directly
                                            or indirectly, purchase or sales price, which creates or can create unfair trading conditions.

 

		f)	The
                                            formulation of orders, including cancellation or modification thereof, through any trading
                                            methods available, including electronic means such as algorithmic and high frequency trading
                                            strategies, producing some of the effects referred to in sections a) and b) above.

 

		g)	The
                                            purchase or sale of Affected Securities, at the time of opening or closing of the market,
                                            which has or may have the effect of misleading or deceiving investors based on the prices
                                            shown, including opening or closing prices.

 

		3.	The
                                            following orders or trades shall not be considered market manipulation:

 

		a)	Those
                                            which originate in the execution by the Company of buyback or stabilisation programmes, provided
                                            that the legally established conditions for them are met; and

 

		b)	In
                                            general, those made in accordance with applicable law.

 

TITLE
V.- TREASURY SHARE POLICY

 

Article
16.- Treasury share transactions on Company shares

 

		1.	For
                                            the purposes of this Code, those transactions carried out directly or indirectly, by the
                                            Company in its own shares or other financial instruments or contracts of any kind, whether
                                            or not traded on an organised stock exchange or other secondary markets, conferring the right
                                            to acquire or whose underlying assets are shares of the Company shall be deemed treasury
                                            shares.

 

		2.	The
                                            treasury share transactions for legitimate purposes, such as, among others, to provide investors
                                            with liquidity and sufficient trading volume of the shares of the Company, buyback programmes
                                            agreed in the General Meeting of Shareholders of Company or by the Board of Directors, to
                                            comply with previously legitimate commitments, or any other acceptable purposes in
accordance with applicable law. In no case shall treasury share transactions respond to a purpose of intervention in the free process
of price formation in the market or the favouring of certain shareholders.

 

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		3.	The
                                            Company is required to submit to performing transactions in the Treasury Shares to measures
                                            that prevent investment or divestment decisions may be affected by Inside Information.

 

		4.	In
                                            the case of treasury share transactions carried out in the framework of a buyback programme
                                            or for stabilisation of securities, or that are made under liquidity contracts or under other
                                            accepted market practices, or the sales during a public offering of securities or private
                                            placements or any other carried out on market to meet legal requirements that do not result
                                            in the application of prohibitions on Insider Trading.

 

		5.	The
                                            Company shall observe all obligations arising from the requirements applicable legislation
                                            in all treasury share transactions.

 

		6.	The
                                            Company shall determine the person responsible for managing the treasury share. This person
                                            will try to manage it separately, and will perform the following functions:

 

		a)	Manage
                                            the treasury shares in accordance with the provisions of this Code and such rules as may
                                            apply at any time.

 

		b)	Monitor
                                            developments in the shares of the Company in the markets.

 

		c)	Carry
                                            out official notifications of treasury share operations and liquidity contracts, as required
                                            by the provisions in force at any time.

 

		d)	Maintain
                                            proper records control and records of treasury share transactions ordered and executed.

 

		e)	Inform
                                            the Chairman of the Board of the Company, upon request thereof, on the evolution of the market
                                            price of the Company’s shares in the markets and on treasury share transactions and
                                            liquidity contracts that the Company has signed or subscribed.

 

		f)	Report
                                            regularly to the Audit Committee on treasury share transactions.

 

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TITLE
VI.- Control Authority.

 

Article
17.- Composition and functions of the Control Authority

 

		1.	The
                                            Control Authority shall be appointed by the Board of Directors of the Company and may be
                                            comprised of one or more persons.

 

		2.	The
                                            Control Authority shall ensure compliance with this Code, and for that purpose, its functions
                                            shall include:

 

		a)	Inform
                                            Affected Persons of the obligations and responsibilities they have by virtue of this Code.

 

		b)	Interpret
                                            this Code, resolving the doubts which may arise.

 

		c)	Guard
                                            and keep a record of communications received in compliance with the Code.

 

		d)	Develop,
                                            update and keep the List of Insiders and registration of Affected Persons, without prejudice
                                            to other possible charge of these functions within the Company.

 

		e)	Any
                                            other expressly established in the Code, and those which may be entrusted thereto by the
                                            Board of Directors, the CEO or the Audit Committee.

 

		3.	To
                                            fulfil its functions, the Control Authority may request information, documentation or records
                                            it deems necessary from the persons subject to the Code. It may also request the assistance
                                            of any employee of the Company.

 

		4.	The
                                            functions and powers of the Control Authority conferred by the Code do not limit, affect
                                            or determine the powers of the Board of Directors of the Company and the Audit Committee
                                            thereof, under current legislation, the Bylaws and Regulations of the Board of Directors.

 

TITLE
VII.- CONFLICTS OF INTEREST.

 

Article
18. Definition and principles of action.

 

		1.	To
                                            the effects and purposes of this Code, situations of conflict of interest shall be considered
                                            to be any situation in which a direct or indirect conflict arises, or may potentially arise,
                                            between the interests of the Codere Group and those Affected Persons or persons related to
                                            them, whether on account of the person’s personal circumstances or business activity,
                                            family relationships, assets
or for any other reason, and which could compromise the impartial conduct of such person subject to the Code in the eyes of an external
observer.

 

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		2.	The
                                            Affected Persons must adapt their actions in the context of conflicts of interest, in addition
                                            to what is stipulated in this Code, to the provisions in this regard established in the Regulations
                                            of the Board of Directors, to the extent in which such provisions apply.

 

The
actions of any Affected Person, involved in a conflict of interest, must be based on the principles of prudence, loyalty to the Company
and transparency.

 

Article
19. Management of conflicts of interest.

 

		1.	Affected
                                            Persons must avoid, as far as possible, the onset of any situation which could involve, or
                                            could potentially involve, a conflict of interest.

 

In
any case, whenever a situation arises that involves, or could potentially involve, a conflict of interest (and always before the closing
of the operation or before the corresponding decision is agreed), the Affected Persons must report such situation immediately to the
Secretary or Vice Secretary of the Board of Directors, making available to that body all of the information it may request in order to
assess the circumstances of the case.

 

		2.	The
Secretary or Vice Secretary of the Board of Directors shall refer the case to the Appointments, Remuneration and Corporate Governance
Committee to enable it to arrive at the appropriate decisions. Any doubt as to the possible existence of a conflict of interest must
be consulted with the Appointments, Remuneration and Corporate Governance Committee prior to making any decision whatsoever which could
be affected by such conflict of interest.

 

		3.	The
Secretary or Vice Secretary of the Board of Directors shall report on the conflict of interest existing to the person or persons involved
in the management of the situation or in the adopting of the decisions to which such conflict refers.

 

		4.	The
Affected Person affected by a conflict of interest shall abstain from intervening in or influencing, either directly or indirectly, the
transaction, decision or situation to which the conflict refers.

 

In
the case of a conflict of interest, and as a general rule derived from the duty of loyalty to the Company, the interest of the Company
and its Group must take precedence over that of the Affected Person.

 

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TITLE
VIII. NON-COMPLIANCE

 

Article
20.- Effects of non-compliance

 

		1.	Failure
                                            to comply with the provisions of these Internal Rules of Conduct, as said Rules develop the
                                            provisions of securities market legislation, may result in administrative penalties and criminal
                                            responsibilities as relevant under said law.

 

		2.	In
                                            the case of breach of this Code by people who have an employment relationship with the Company,
                                            it will be considered a labour violation in the terms resulting under applicable law and
                                            will be punished according to the provisions thereof.

 

TITLE
IX.- VALIDITY

 

Article
21.- Entry into force

 

		1.	This
                                            Code shall enter into force the day after its approval by the Board of Directors of the Company.

 

		2.	The
                                            Control Authority shall provide a copy of this Code to Affected Persons, who shall sign a
                                            document acknowledging receipt.

 

		3.	Upon
                                            entry into force of this Internal Code of Conduct in the field of securities markets, any
                                            previous regulation in force to date shall be repealed.

 

TRANSITORY
DISPOSITIONS

 

One.
Communication of Personal Transactions by the Directors of the Company

 

As far as it does not lead to a violation of the Spanish securities
market act, the threshold set for the communication of Personal Transactions mentioned in art. 5.1 of this Code shall not apply to the
Personal Transactions by Directors of the Company, who shall communicate all Personal Transactions performed. Similarly, the Directors
of the Company shall inform the CNMV and the Company of the proportion of voting rights attributed by the Affected Securities in their
possession at the time of acceptance of their appointment and that of their termination.

 

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Two.
Discretionary portfolio management

Contracts
for discretionary portfolio management formalized prior to the entry into force of this Code shall conform to it, and until such time
the portfolio manager shall not perform transactions in the Affected Securities.

 

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Annex 2.1

 

Companies owned by NOVELLY
and/or Mr. Edree

 

		●	Amandi Energy Ltd. [Chairman of the Board of Directors];

		●	Top Archive Ltd.; and

		●	Sageway Ltd.

 

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Annex 5.2

 

Companies owned by NOVELLY
and/or Mr. Edree excluded from the definition of “Competitor” for the purposes of Clause 5

 

		●	Mediaserve Ltd.;

		●	Global Traffic Media Ltd.;

		●	Moha ltd.;

		●	Marketplay Ltd. [owner of the website named: www.mrplay.com];

		●	Astex Group Corp. Ltd.; and

		●	Novelly Investments Ltd.

 

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Addendum One

 

This Addendum One ("Addendum One")
is made this 30 day of November, 2020 (the “Addendum Effective Date”), by and between:

 

Codere Online Management Services Ltd.
(hereinafter “Codere” or the “Company”);

 

And on the other part,

 

Novelly Investments Limited. (hereinafter
“Novelly”)

 

and

 

Mr. Moshe Edree (hereinafter “Mr.
Edree”)

 

The parties shall hereinafter be referred to collectively
as the “Parties” and individually as a “Party”.

 

Witnesses:

 

		i.	The Parties entered into that certain Service Agreement, which Effective Date is October 9, 2018 (hereinafter
the “Service Agreement”); and

 

		ii.	The Service Agreement determined that Novelly and Mr. Edree are to inter-alia lead the on-line division
of Codere and, concurrently, the management of the on-line business of the Codere Group, as well as to develop a business plan in connection
thereof; and

 

		iii.	The Service Agreement sets forth Codere’s undertaking to finance all investments required for the
development of the aforesaid on-line division, all marketing investments and all relevant brand expenses; and

 

		iv.	The Service Agreement further sets forth that Novelly and Mr. Edree shall not be required to bear any
costs and expenses related to the exertion of any of the recommendations and/or actions deriving from the Services; and

 

		v.	Based on the respective Parties undertaking and assumptions in the Service Agreement, inter-alia those
set forth in Section ii. through iv. above, the Parties consented to certain agreements in the Service Agreement, including in relation
to the Term of the Service Agreement and the consideration due and payable to Novelly and/or Mr. Edree therein; and

 

		vi.	Codere has recently informed Novelly and Mr. Edree that due to certain circumstances, which relate to
Codere’s cash-flow difficulties and the Covid-19 pandemic, Codere is unable, within 2020, to fulfill its financial undertakings
in the Service Agreement, including without limitation, those set forth in Section iii. above; and

 

		vii.	Both parties agree to waive the breaches of their duties, and specifically those set forth in Sections
vi above.

 

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		viii.	Consequent to Codere’s notice to Novelly and Mr. Edree (as set forth in Section vi above), the OLBP
first presented by Novelly and Mr. Edree per the Service Agreement is no longer implementable, and as a result, Codere required Novelly
and Mr. Edree to prepare a new business plan (“New forecast”) which is to be based on expenditure deriving solely from income
generated by the on-line business, and moreover, to seek an equity partner to gap Codere’s cash-flow difficulties; and

 

		ix.	Such actions to be taken by Novelly and Mr. Edree have adversely affected the financial benefit deriving
from the Service Agreement, both for Codere and for Novelly and Mr. Edree.

 

		x.	To mitigate the adverse effect, the Parties have agreed to enter into to this Amendment One, and to this
end by affixing their respective signatures hereunder the Parties confirm that this Addendum One is a sufficient written instrument evidencing
the changes set forth hereunder.

 

It is hereby agreed by the Parties as follows:

 

		1.	This Addendum One shall be effective as of the Addendum Effective Date.

 

		2.	Section 4.1.1 shall be deleted and replaced with the following wording:

 

“This Agreement shall take effect
as of the Effective Date and shall remain in force until December 31st, 2025 (the “Term”), unless terminated in
accordance with the terms hereof.”

 

Section 4.1.2. “Renewal”
and 4.1.4 “Non-renewal” shall be deleted and removed, and thus, will not produce effects.

 

		3.	Section 3.1.c) “Success Fee (“SF”) shall be deleted and replaced with the following
wording:

 

“c) Success Fee (“SF”)

 

The SF will be an 8% share of the
incremental value that is created by the OD as a consequence of the Services rendered by NOVELLY. The incremental value (IV) that is the
basis of the SF will be calculated as follows: 

 

IV= EV-BV-IC 

 

Where:

 

EV = Exercise Value.
Which will be calculated on the lapse of the seventh (7th) anniversary of the Effective Date (“Exercise Date”). It
will be calculated as 9 times the normalized run rate EBITDA [last 6 months up to the first semester of 2025 multiplied by 2] (taking
out any reasonable marketing expenses incurred for growth and non-recurring items). 

 

BV = Base Value.
Which will be calculated as a nine (9) times the normalized run rate EBITDA [last 2017 quarter multiplied by 4] of 2017 (taking out any
reasonable marketing expenses incurred for growth and non-recurring items), capitalized up to the Exercise Date at a rate of 8% per annum.
NOVELLY can conduct a due diligence of the Company ́s 2017 OD income statement, at his own expense. 

 

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IC = Invested Capital.
Which will be calculated as the total investment made by Codere whether in cash, assets or other form of contribution (at fair market
value) to the OD from the Effective Date, capitalized up to the Exercise Date at a rate of 8% per annum. 

 

The SF will vest at a rate of twenty
(20)% the first and second year, and at a rate of twelve (12)% the subsequent years, and will be fully vested on the seventh anniversary
of the Effective Date (the “Exercise Date”), unless there is a Company Sale Event, defined as: 

 

		(a)	a transaction involving a binding offer to acquire (together with the shares held by the prospective
purchaser and any related parties) 100% of the shares in the Company for cash consideration that is successfully completed (provided that
it shall be deemed to have been successfully completed if the purchaser achieves control in the Company as a result of such transaction);
or 

 

		(b)	a transaction involving a binding offer to acquire (together with the shares held by the prospective
purchaser and any related parties) at least 51% of the shares in the Company for cash consideration that is successfully completed; or

 

		(c)	a merger of the Company resulting in a change of control of the Company.

 

If a Company Sale Event occurs the
SF will be immediately considered fully vested at 100% on the consummation of the Sale Event.

 

The resulting SF amount will be
subject to: 

 

		(a)	A maximum of €10 million.

 

20% of the SF will be payable only
if the total shareholder return targets (“TSR”) of the whole Company are achieved in accordance to Codere’s management
long term incentive plan. 

 

“TSR” means
the result of the following formula:

 

TSR = (Final Price + Dividends)
/ Initial Price

 

Where: 

 

“Dividends”
means the aggregate gross sum of all dividends paid per share by the Company to its shareholders from December 31st 2017 to December 31st
2021; 

 

    49

     

    

 

“Final
Price” means the Price of each share of the Company on December 31st 2021 converted to USD at the then prevailing
foreign exchange rate if the price is quoted in a currency other than USD;

 

“Initial Price”
means USD 0.3655 per share; and 

 

TSR targets are met if the TSR
is above 3.5. 

 

		(b)	eighty (80) % of the SF will be paid independently of the TSR targets;

 

		(c)	Claw back provisions: twenty-five (25) % of the due payments will be made with restricted shares of
the Company and will be effectively released to NOVELLY upon the first (1st) anniversary of the Exercise Date and only if the
run-rate EBITDA [based on the last six months multiplied by 2 at the anniversary] normalized for growth expenses [taking out any reasonable
marketing expenses incurred for growth and non-recurring items] at such first (1st) anniversary has not deteriorated by more
than 15% compared to the run-rate EBITDA used to calculate the SF. 

 

The Company will calculate the SF
and it will be approved by the Audit Committee of the Board of Directors of Codere and/or any other internal Codere body, as applicable.
If NOVELLY does not agree with the calculations, the Audit Committee will hire a reputable independent expert to calculate the SF. 

 

If the SF is higher from what was
calculated by the Company, then the costs of the expert will be paid by the Company, and vice versa, in any case to the extent such costs
are duly justified and reasonable.

 

Once the first SF is paid up, a
new SF with similar characteristics may be negotiated between the Parties. The BV of a subsequent SF will be the EV of the previous one.

 

Notwithstanding the foregoing, should
the EBITDA on the third (3rd) anniversary of the agreement negatively deviate by a delta equal to or higher than 25% from the
OLBP, the SF will consequently be reduced by 25%.” 

 

		4.	In the event of the Company’s Sale Event, then the Company and each entity in the Codere Group applicable
to the Services rendered in the Service Agreement by Novelly and/or Mr. Edree, undertake to inform the acquiring party in the Sale Event
(or any other title given to the other party to the Sale Event), of the existence of the Service Agreement and this Amendment One, and
to maintain them in force.

 

		5.	Terms not otherwise defined in this Amendment One shall have the meaning ascribed to such capitalized
word in the Service Agreement.

 

		6.	Terms of the Service Agreement not otherwise specifically amended and/or replaced herein shall remain
in full force and effect and without change, unless obvious and necessary change are required in order to give full effect of the Parties
intentions under this Amendment One.

 

		7.	This Addendum One forms an integral part of the Service Agreement.

 

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In Witness Whereof, the Parties have signed
this Addendum One on the date Addendum Effective Date:

 

	
    /s/ Gonzalo de Osma

    /s/ Moshe Edree
	 	
    /s/ Marianthi Tanti

    (on behalf of Besterve Nominees LTD)
	 	/s/ Moshe Edree
	 	 	 	 	 
	Codere Online Management Services Ltd	 	Novelly Investments Limited	 	Mr. Moshe Edree

 

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