Document:

SEPARATION AGREEMENT

      This Separation Agreement (the "Agreement") is made effective as of the
16th day of June, 2006 (the "Effective Date") between SteelCloud, Inc., a
Virginia corporation (the "Company"), and Thomas P. Dunne ("Dunne").

                                    RECITALS

      A. Dunne was Chairman and Chief Executive Officer of the Company from the
time he founded the Company in 1987 until he retired from his position as Chief
Executive Officer on June 7, 2006.

      B. As of the Effective Date, Dunne is the Chairman of the Company and a
member of its Board of Directors.

      C. Dunne has agreed to resign as Chairman and as a director of the
Company, end any employment relationship and resign from all officer and other
positions he has with the Company and its affiliates.

      D. In recognition of the substantial past services of Dunne to the Company
and Dunne's willingness to provide the Company with transitional consulting
services as requested, the parties desire to amicably conclude Dunne's
employment and director relationship with the Company and its affiliates on the
terms in this Agreement.

      In consideration of the mutual promises contained in this Agreement, and
for other good and valuable consideration, the receipt and sufficiency of which
are acknowledged, the undersigned parties, intending to be legally bound, agree
as follows:

      AGREEMENTS

      1. RESIGNATION. Dunne hereby resigns as Chairman and as a director of the
Company as of the Effective Date. Any employment relationship, officer position
or directorship between Dunne and the Company and its affiliates is concluded as
of the Effective Date.

      2. SEVERANCE PAYMENTS. Subject to Dunne's continuing compliance with all
the terms of this Agreement, the Company shall pay Dunne the aggregate sum of
$575,000 (the "Severance"). The Severance shall be payable in forty-six (46)
equal semi-monthly installments in accordance with the Company's customary
payroll practices and shall be reduced by all appropriate tax withholdings and
other customary payroll deductions.

      3. MEDICAL INSURANCE. For a period of twenty-three (23) months from the
Effective Date, the Company shall either continue to provide Dunne with coverage
under the Company's current medical and dental insurance plans (collectively,
"Medical Insurance") or, in the event Dunne shall not be eligible for such
coverage, pay the cost of COBRA coverage for Dunne, which coverage shall be
substantially equivalent to the Medical Insurance, for eighteen (18) months and
then shall pay the premiums on a substantially equivalent individual policy for
Dunne for the following five (5) months. The benefits set forth in this Section
3 shall, in addition, include such benefits for those of Dunne's immediate
family dependents who are currently included in Dunne's Medical Insurance
coverage and which would be subject to COBRA to the extent such benefits
otherwise are in effect for Dunne as of the Effective Date, understanding,
however, that Dunne is responsible for complying with all terms and conditions
of any such insurance plan except for timely payments of the premium, which
shall be the sole responsibility of the Company.
<PAGE>

      4. STOCK OPTIONS. Dunne's Company stock options shall remain in effect in
accordance with their terms, which options shall be exercisable as provided
under the terms of the Company's stock option plans.

      5. AUTOMOBILES. The Company shall continue to make lease payments covering
the automobile currently used by Dunne for the balance of the lease term. The
Company also agrees to re-title the 1997 Jaguar Dunne is using in the name of
Dunne's wife, Claudia Dunne, in consideration for the forgiveness of any
payables the Company may owe to Dunne or his family.

      6. CONDITIONS TO SEVERANCE AND MEDICAL INSURANCE.

      (a) The Severance payment provided in Section 2, the Medical Insurance or
COBRA payments provided in Section 3 and the lease payments provided in Section
5 shall continue only until such time as Dunne shall perform any services for a
"Competing Business" (as defined in Section 8), without having received the
prior written consent of the President of the Company. The rendering of
consulting or other services to any Competing Business, without first having
obtained prior written consent for such activity from the President of the
Company, shall entitle the Company to terminate all remaining Severance
payments, Medical Insurance or COBRA benefit payments and automobile lease
payments.

      (b) The severance obligations of the Company set forth in Sections 2, 3,
4, and 5 herein shall constitute the total payment and severance obligations
under this Agreement. Dunne understands and warrants that no monetary or other
benefit other than as set forth in Sections 2, 3, 4, and 5 is or shall be due or
claimed to be due from the Company or from any "Released Parties" (as defined in
Section 9), including, but not limited to, any and all claims for wages, salary,
severance pay, vacation pay, bonuses, commissions, expense reimbursement or
other compensation arising under the Employment Agreement dated April 15, 1997,
between Dunne and the Company (the "Employment Agreement"), any other agreement
or contract, whether written or oral, or any other Company benefit plan, program
or policy, or for any other monetary claim that he may have under any federal,
state or local law, common law or in equity.

      7. ADVISORY SERVICES. Effective with Dunne's termination of employment as
of the Effective Date, and continuing until the earlier of Dunne taking a
position with a Competing Business with the consent of the President,
termination of this Agreement, or the date that is twenty-three (23) months from
the Effective Date hereof (the "Consulting Term"), Dunne's status shall change
to that of a consultant to, and not an employee of, the Company. During the
Consulting Term, Dunne shall be available, following reasonable notice, up to
five (5) hours per week to Company personnel by telephone during normal business
hours for advice on matters relating to the Company's business operations and
strategies, including, but not limited to, assisting the Company's new Chief
Executive Officer with transition matters, the Company's sales efforts and key
customer relationships.

                                       2
<PAGE>

      8. RESTRICTIVE COVENANTS.

      (a) Dunne hereby covenants and agrees with the Company that, in
consideration for the payments and other valuable consideration to be provided
to Dunne under this Agreement, for a period (the "Restricted Period") of
twenty-three (23) months from the Effective Date, Dunne shall not, without the
prior written consent of the President of the Company (which consent shall not
be unreasonably withheld), either directly or indirectly, on his own account or
as an executive, consultant, agent, partner, joint venturer, owner, director or
shareholder of any other person, firm, corporation, partnership, limited
liability company or other entity:

            (i) Perform services for any Competing Business, as hereinafter
      defined, that are substantially similar in whole or in part to those that
      he performed for the Company, including specifically, but not limited to,
      participating in the financing or executive management of a business
      marketing information technology solutions, products and services or the
      management of individuals involved in the marketing and sale of
      information technology solutions, products and services. For purposes of
      this Agreement, the term "Competing Business" shall mean any entity
      engaged in the research, financing, development, marketing or sale of
      products or services which are or would be competitive with those products
      and services being marketed by the Company at the Effective Date. This
      covenant shall apply only within the "Territory" that is defined as the
      fifty states of the United States. Dunne recognizes and agrees that in his
      capacity as Chairman and Chief Executive Officer of the Company, his
      duties extended throughout the entire service area of the Company, which
      includes, at a minimum, the fifty states of the United States and that,
      because of the executive nature of Dunne's position with the Company, in
      order to afford the Company protection from unfair competition by Dunne
      following his resignation, this covenant must extend throughout the stated
      Territory. Dunne further acknowledges that this covenant does not prohibit
      him from engaging in his entire trade or business, but only a very limited
      segment of the information technology solutions industry. This covenant
      also shall not prohibit Dunne from owning up to five (5) percent of the
      common stock of any publicly traded information technology solutions
      company for investment purposes, which investment shall not be deemed, in
      and of itself, to be a violation of this Section 8(a)(i); or

            (ii) Solicit any current employee, supplier, customer, or client of
      the Company with whom Dunne dealt, or with whom anyone in Dunne's direct
      chain of command dealt, on behalf of the Company within the year preceding
      the Effective Date, for the purpose of researching, financing, developing
      or purchasing, selling or marketing products or services which are or
      would be competitive with those products or services marketed by the
      Company at the Effective Date.

      (b) Dunne acknowledges and agrees that breach by him of the provisions of
this Section 8 shall entitle the Company, at its option and in addition to any
other remedies available to it at law or in equity, to terminate this Agreement,
including, but not limited to, termination of the remaining payments and
benefits, if any, to be made to Dunne under Sections 2, 3, 4, and 5 hereof. Said
termination shall not negate or affect the release of claims made by Dunne under
Section 9(a), which shall remain in full force and effect. If the Company should
elect to terminate the remaining payments and benefits to be made to Dunne in
the event of Dunne's breach of this Section 8, however, it agrees that the
restrictive covenants contained in this Section 8 shall, from that point in
time, no longer be in effect.

                                       3
<PAGE>

      9. MUTUAL RELEASE OF CLAIMS.

      (a) Dunne, and anyone claiming through Dunne or on Dunne's behalf, agree
to release the Company and the other Released Parties (as defined below) with
respect to any and all claims, whether currently known or unknown, that Dunne
now has, has ever had, or may ever have against the Company and any of the other
Released Parties arising from or related to any agreement, act, omission, or
thing occurring or existing at any time prior to the Effective Date. Without
limiting the foregoing, the claims released by Dunne hereunder include, but are
not limited to:

            (i) All claims for or related in any way to Dunne's employment,
      compensation, other terms and conditions of employment, or termination
      from employment with the Company, including without limitation all claims
      for salary, bonus, severance pay, vesting of options or any other
      compensation or benefit whether under the Employment Agreement, any other
      agreement, any Company policy, plan or program or otherwise;

            (ii) All claims that were or could have been asserted by Dunne or on
      Dunne's behalf: (a) in any federal, state, or local court, commission, or
      agency; (b) under any common law theory; or (c) under any employment,
      contract, tort, federal, state, or local law, regulation, ordinance,
      constitutional provision, or executive order; and

            (iii) All claims that were or could have been asserted by Dunne or
      on Dunne's behalf arising under any of the following laws, as amended from
      time to time: the Age Discrimination in Employment Act, Title VII of the
      Civil Rights Act of 1964, the Americans with Disabilities Act, the
      Employee Retirement Income Security Act, the Family and Medical Leave Act,
      the Worker Adjustment and Retraining Notification Act, Virginia Wage Act,
      Virginians With Disabilities Act, and Virginia Human Rights Act.

      (b) The Company and the Released Parties agree to release Dunne with
respect to any and all claims, whether currently known or unknown, that the
Company and the Released Parties now have, have ever had, or may ever have
against Dunne arising from or related to any agreement, act, omission, or thing
occurring or existing at any time prior to the Effective Date The only
exceptions shall be that this release shall not prohibit the Company (i) from
bringing an action against Dunne in the event that any third-party action is
brought against the Company alleging criminal or fraudulent acts or omissions by
Dunne, or (ii) with respect to any criminal or fraudulent acts or omissions by
Dunne that are unknown by the Company as of the Effective Date.

      (c) The term "Released Parties" as used in this Agreement includes: (i)
the Company and its past, present, and future parents, divisions, subsidiaries,
partnerships, affiliates, and other related entities (whether or not they are
wholly owned); and (ii) the past, present, and future owners, trustees,
fiduciaries, administrators, shareholders, directors, officers, partners,
agents, representatives, members, associates, employees, and attorneys of each
entity listed in subpart (i) above; and (iii) the predecessors, successors, and
assigns of each entity listed in subparts (i) and (ii) above.

                                       4
<PAGE>

      (d) The parties acknowledge and agree that the releases provided in this
Section 9 shall not apply to material breaches of the terms of this Agreement.

      10. MUTUAL COVENANT NOT-TO-SUE.

      (a) Dunne covenants and agrees not to file or initiate a lawsuit against
any of the Released Parties in regard to any claims, demands, causes of action,
suits, damages, losses and expenses, arising from acts or omissions of the
Company occurring on or before the Effective Date, and Dunne will ask no other
person or entity to initiate such a lawsuit on his behalf. If Dunne breaches
this covenant and agreement, the remaining payments and benefits, if any, to be
paid to Dunne under Sections 2, 3, 4, and 5 shall immediately terminate, and
Dunne shall indemnify and hold harmless the Company and any of the Released
Parties from any and all costs incurred by any and all of them, including their
reasonable attorneys' fees, in defending against such lawsuit.

      (b) The Company covenants and agrees not to file or initiate a lawsuit
against Dunne in regard to any claims, demand, causes of action, suits, damages
losses and expenses, arising from acts or omissions of Dunne occurring on or
before the Effective Date, and the Company will ask no other person or entity to
initiate such a lawsuit on its behalf. The only exceptions shall be that this
covenant-not-to-sue shall not prohibit the Company (i) from bringing an action
against Dunne in the event that any third-party action is brought against the
Company alleging criminal or fraudulent acts or omissions by Dunne, or (ii) with
respect to any criminal or fraudulent acts or omissions by Dunne that are
unknown by the Company as of the Effective Date. If the Company breaches this
covenant and agreement, the Company shall indemnify and hold harmless Dunne from
any and all costs incurred by him, including his reasonable attorneys' fees, in
defending against such lawsuit.

      11. NO PROCEEDINGS INITIATED. Dunne represents and warrants that neither
he nor anyone acting on his behalf has filed or initiated any charge or claim
against the Company in any administrative or judicial proceeding.

      12. COVENANTS OF THE PARTIES.

      (a) Dunne ratifies and confirms the confidentiality provisions of Section
8 of the Employment Agreement and acknowledges that notwithstanding the
execution of this Agreement and the termination of the Employment Agreement,
such covenants and agreements survive the termination of employment of Dunne
with the Company and remain in full force and effect in accordance with their
terms.

      (b) Dunne agrees that he shall not disparage the Company or its officers,
directors, employees, shareholders, agents or representatives or its products or
services or products or services in development, or otherwise seek to reduce the
good will of the Company or the reputation of the Company or its officers,
directors, employees, agents, or representatives. The Company, on behalf of its
directors and executive officers, agrees not to disparage Dunne or to act in any
way to diminish Dunne's reputation.

                                       5
<PAGE>

      (c) Immediately after the Effective Date of this Agreement and except as
otherwise set forth in Section 5 hereof, Dunne shall deliver to the Company
possession of any and all property owned or leased by the Company which may then
be in Dunne's possession or under his control, including, without limitation,
any and all such keys, credit cards, equipment, supplies, books, records, files,
computer equipment, computer software and other such tangible and intangible
property of any description whatsoever. If, following the date of this
Agreement, Dunne shall receive any mail, including, but not limited to,
electronic mail, addressed to the Company or to Dunne as an officer of the
Company, Dunne shall immediately deliver or forward such mail, unopened, and in
its original envelope or package, to the Company. If, following the date of this
Agreement, the Company shall receive any mail, including, but not limited to,
electronic mail, addressed to Dunne individually and not in his former capacity
as an officer of the Company, the Company shall immediately deliver or forward
such mail, unopened, and in its original envelope or package, to Dunne.

      (d) The Company hereby agrees to indemnify and hold harmless, in
accordance with Virginia law and the Articles of Incorporation and By-Laws of
the Company, Dunne from and against any and all actions, suits, proceedings,
claims, demands, judgments, expenses (including reasonable attorney fees),
losses and damages arising or resulting from Dunne's good faith performance of
his duties as Chairman and a director of the Company.

      13. NO VOLUNTARY ASSISTANCE. Dunne hereby covenants and agrees that,
except under compulsion of law, he will not voluntarily assist, support, or
cooperate with, directly or indirectly, any entity or person alleging or
pursuing any claim, administrative charge, or cause of action against the
Company, including without limitation, by providing testimony or other
information, audio or video recordings, or documents. If compelled to testify,
nothing contained herein shall in any way inhibit or interfere with Dunne
providing completely truthful testimony or producing documents. In addition, and
notwithstanding anything elsewhere appearing in this Agreement, nothing herein
shall prevent or hinder Dunne's full cooperation with any investigation or other
proceeding by any federal, state or local governmental agency, including, but
not limited to, U.S. Securities and Exchange Commission.

      14. NO ADMISSION OF LIABILITY. The parties agree and acknowledge that this
Agreement is a full and complete compromise of the matters released herein
between the parties hereto; that neither the releases nor the negotiations for
this Agreement and the settlement embodied herein, including all statements or
communications made to date, shall be considered admissions by them.

                                       6
<PAGE>

      15. CONFIDENTIALITY.

      (a) Dunne acknowledges that the information, observations and data that
has been obtained by him during his involvement with the Company as an employee
concerning the business or affairs of the Company which has not been released
publicly by authorized representatives of the Company ("Confidential
Information") is the property of the Company. Accordingly, Dunne agrees, on
behalf of himself and any affiliate, that he will not disclose to any person not
authorized by the Company to receive such Confidential Information, or use for
his own account, any of the Confidential Information previously obtained during
his employment or which is hereafter obtained during the Consulting Term without
the prior written consent of the Company, unless, and to the extent that, the
aforementioned matters (i) are or become generally known to and available for
use by the public otherwise than as a direct or indirect result of Dunne's acts
or omissions to act in the protection of such Confidential Information (ii) are
disclosed to Dunne by a third party who, to the best knowledge of Dunne, is not
thereby in breach of any duty to the Company or any of its affiliates.
Notwithstanding the foregoing, Dunne shall be entitled to disclose Confidential
Information if required by law, court order, or similar compulsory process;
provided, that Dunne shall promptly notify the Company of any disclosure
proposed to be made pursuant to this sentence in order to afford the Company a
reasonable opportunity to contest such disclosure or obtain appropriate
confidentiality assurances. For purposes of this Agreement, the term "affiliate"
means any person, partnership, corporation or business entity controlling,
controlled by or under common control with the Company or Dunne, as the case may
be.

      (b) Dunne acknowledges that the Confidential Information is proprietary
and of value to the Company and, accordingly, Dunne will follow reasonable
security practices with regard to the protection and non-disclosure of the
Confidential Information. If Dunne is required to disclose any Confidential
Information in accordance with applicable law, Dunne will, whenever possible,
first provide to the Company a copy of the proposed disclosure so that the
Company may have a sufficient opportunity to review and comment thereon and
Dunne agrees to seek such maximum confidential treatment of such disclosure as
the Company requests or may be permitted by applicable law. Dunne's obligations
under this Article will survive any termination of this Agreement.

      (c) Dunne acknowledges and agrees that breach by him of the provisions of
this Section 15 shall entitle the Company, at its option and in addition to any
other remedies available to it at law or in equity, to terminate this Agreement,
including, but not limited to, termination of the remaining payments and
benefits, if any, to be made to Dunne under Sections 2, 3, 4, and 5 hereof. Said
termination shall not negate or affect the release of claims made by Dunne under
Section 9(a). If the Company should elect to terminate the remaining payments
and benefits to be made to Dunne in the event of Dunne's breach of this Section
15, however, it agrees that the confidentiality provision contained in this
Section 15 shall, from that point in time, no longer be in effect.

                                       7
<PAGE>

      16. OWBPA RIGHTS.

      (a) Dunne is advised to seek legal counsel regarding the terms of this
Agreement. Dunne acknowledges that he has sought legal counsel regarding the
terms and effect of this Agreement.

      (b) Dunne acknowledges that this Agreement releases only those claims
which exist as of the Effective Date.

      (c) Dunne acknowledges that he may take a period of twenty-one (21) days
from the Effective Date (July 7, 2006) within which to consider and sign this
Agreement. To the extent Dunne has executed this Agreement prior to the
expiration of such twenty-one (21) day period, Dunne acknowledges that his
decision to execute this Agreement prior to such expiration was entirely
voluntary.

      (d) Dunne acknowledges that he will have seven (7) days from the date of
signing this Agreement to revoke the Agreement in writing in its entirety
("Revocation Period"). Dunne acknowledges that the Agreement will not become
enforceable until the Revocation Period has expired and that pending acceptance
of this Agreement by Dunne, the Company shall not be obligated to make any of
the payments or to provide any of the benefits to be provided to Dunne under
this Agreement. In the event Dunne chooses to revoke this Agreement, within the
Revocation Period, he will:

            (i) Revoke the entire Agreement in a signed writing, delivered to
      the following person on or before the seventh (7th) day after he executed
      the Agreement:

                        SteelCloud, Inc.
                        14040 Park Center Road, Suite 210
                        Herndon, VA  20171
                        Attn: President

            (ii) Forfeit all severance and other consideration from the Company
      that is contemplated by this Agreement; and

            (iii) Return the full amount of any consideration received under
      this Agreement, if any, to the company along with the signed writing.

      (e) Dunne expressly acknowledges that the payments and the other
consideration that he is receiving under this Agreement constitute material
consideration for his execution of this Agreement, and represent valuable
consideration to which he would not otherwise be entitled.

      17. JURISDICTION/CHOICE OF FORUM. This Agreement, including its
interpretation or performance, or any controversy or dispute (including any
statutory claim) arising out of or otherwise related to this Agreement, shall be
governed by, and construed in accordance with, the laws of the Commonwealth of
Virginia without giving any force or effect to the provisions of any conflict of
law rule thereof. The parties further agree that any controversy or dispute
(including any statutory claim) arising out of or otherwise related to this
Agreement shall be tried exclusively in the state courts of Fairfax County,
Virginia or the United States District Court for the Eastern District of
Virginia, Alexandria Division, as appropriate.

                                       8
<PAGE>

      18. ADVICE OF ATTORNEYS. The parties acknowledge that they have fully
read, understood and unconditionally accepted this Agreement after consulting
with their attorneys or having the opportunity to consult with an attorney, and
acknowledge that this Agreement is mutual and binding upon all parties hereto
regardless of the extent of damages allegedly suffered by any of the parties
hereto.

      19. COUNTERPARTS. This Agreement may be signed in counterpart originals
with the same force and effect as if signed in a single original document.

      20. COOPERATION OF THE PARTIES. The parties to this Agreement agree to
cooperate fully and to execute any and all supplementary documents and to take
all additional actions that may be necessary or appropriate to give full force
and effect to the basic terms and intent of this Agreement and the settlement
embodies herein. Dunne further agrees to fully cooperate with the Company in any
and all pending or future investigations, inquiries or litigation whether in any
judicial, administrative, or public, quasi-public or private forum, in which the
Company is involved or may become involved, whether or not Dunne is a defendant
in such investigations, inquiries, proceedings or litigation. Dunne shall
provide truthful and accurate testimony, background information, and other
support and cooperation as the Company may reasonably request. The Company will
compensate Dunne for all reasonable travel and other out-of-pocket expenses
incurred by him in assisting the Company under this Section 19 upon submission
of supporting documentation reasonably acceptable to the Company.

      21. MODIFICATION IN WRITING ONLY. Neither this Agreement nor any provision
of this Agreement may be modified or waived in any way except by an agreement in
writing signed by each of the parties hereto consenting to such modification or
waiver.

      22. CONSTRUCTION OF THIS AGREEMENT. The parties agree that they each have
participated in the drafting of this Agreement, and that, as a result, this
Agreement shall not be construed in favor of or against any party hereto.

      23. HEADINGS AND CAPTIONS. The heading and captions used in the Agreement
are for convenience of reference only, and shall in no way define, limit,
expand, or otherwise affect the meaning or construction of any provision of this
Agreement.

      24. REMEDIES. Dunne agrees that money damages cannot adequately compensate
the Company in case of a breach or threatened breach of the covenants contained
in Sections 8 or 15 and that, accordingly, the Company would be entitled to
injunctive relief upon such breach. Dunne understands that it is the Company's
intent to have the covenants contained in Sections 8 and 15 enforced to their
fullest extent. Accordingly, Dunne and the Company agree that, if any portion of
the restrictions contained in Sections 8 or 15 are deemed unenforceable, the
court shall construe and enforce these covenants to the fullest extent permitted
by law.

      25. NOTICES. Any and all notices necessary or desirable to be served
hereunder shall be in writing and shall be

                                       9
<PAGE>

      (a) personally delivered, or

      (b) sent by certified mail, postage prepaid, return receipt requested, or
guaranteed overnight delivery by a nationally recognized express delivery
company, in each case addressed to the intended recipient at the address set
forth below.

      (c) For notices sent to the Company:

                        SteelCloud, Inc.
                        14040 Park Center Road, Suite 210
                        Herndon, VA  20171
                        Attention: President

      (d) For notices sent to Dunne:

                        To the address on file with the Company

Either party hereto may amend the addresses for notices to such party hereunder
by delivery of a written notice thereof served upon the other party hereto as
provided herein. Any notice sent by certified mail as provided above shall be
deemed delivered on the third (3rd) business day next following the postmark
date which it bears.

      26. BINDING AGREEMENT. This Agreement shall be binding upon and inure to
the benefit of the parties hereto, jointly and severally, and the past, present
and future heirs, executors, administrators, agents, executors, servants,
attorneys, affiliated persons and entities, predecessors and successors in
interest and assigns, regardless of form, trustees in bankruptcy or otherwise,
and any other representative or entity acting on behalf of, pursuant to, or by
virtue of the rights of each.

      27. NON-ASSIGNABILITY: Assignment in the Event of Acquisition or Merger.
This Agreement, and the benefits hereunder are not assignable or transferable by
Dunne, and the rights and obligations of the Company under this Agreement will
automatically be deemed to be assigned by the Company to any corporation or
entity acquiring all or substantially all of the assets or stock of the Company
or of any corporation or entity with or into which the Company may be merged or
consolidated; provided, however, that in the event of Dunne's death, the Company
shall make such payments as may then be due and owing to Dunne, if any, to
Dunne's estate.

      28. ENTIRE AGREEMENT. This Agreement contains the entire agreement of the
parties concerning the subject matter hereof, and is intended and shall be
construed as an integrated agreement. Each party understands, acknowledges and
hereby represents and warrants that this Agreement supersedes any and all prior
or contemporaneous understandings, agreements, representations and/or promises,
whether oral or written, which are not expressly set forth herein or expressly
referred to in this Agreement, including, but not limited to, the Employment
Agreement, and no understanding, agreement, representation, warranty, promise or
inducement has been made concerning the subject matter of this Agreement other
than as set forth in this Agreement, and that each party enters into this
Agreement without any reliance whatsoever upon any understanding, agreement,
representation, warranty or promise not set forth herein.

                                       10
<PAGE>

      IN WITNESS WHEREOF, the undersigned have executed this Separation
Agreement as of the Effective Date set forth above.

                                              /s/ Thomas P. Dunne
                                              -------------------
                                                  Thomas P. Dunne

                                              Date: June 16, 2006

                                              STEELCLOUD, INC.

                                              By: /s/ Kevin Murphy
                                                  ----------------
                                                  Name: Kevin Murphy
                                                  Title: Chief Financial Officer

                                              Date: June 16, 2006

                                       11Share Sale and Purchase Agreement

    Exhibit
      10.172

    SHARE
      SALE AND PURCHASE 
AGREEMENT

     

    hereinafter referred to as the "Agreement", concluded on
      June
      13, 2006 in ________ between:

     

    - Małgorzata
      Maria Rogowicz-Angierman,
a citizen of Poland, residing at ul. Turkusowa 13, 05-806
      Komorow, Poland, hereinafter referred to as "Seller No. 1", and

     

    - Jerzy
      Cieślak, a citizen of Poland, residing at ul. Wsplona 37, 05-806
      Granica, Poland, hereinafter referred to as "Seller No. 2", and

     

    - Piotr Marcin Nassius, a citizen of Poland,
      residing at ul. Polnej Rozy 2/4 m. 62, 02-798 Warszawa, Poland, hereinafter
      referred to as "Seller No. 3", and

     

    - Przemysław
      Dariusz Tomaszewski,
a citizen of Poland, residing at ul. Polna 1A, 05-500 Chyliczki,
      Poland, hereinafter referred to as "Seller No. 4",
  on one side,
      cumulatively referred to as the "Sellers" and any of one
      individually as a "Seller" 

     

    and

     

    -
Century
      Casinos Europe GmbH, incorporated and
      existing under the laws of Austria, whose registered office is Wipplinger Str.
      30, 1010, Vienna, Austria, represented by Dr Christian Gernert acting in the
      capacity of a managing director,

     

    on the other side hereinafter referred to as the
      "Purchaser"

     

    WHEREAS

     

    The Purchaser, subject to the occurrence of certain
      events, desires to purchase all the Shares No. 1 in G5 free of any claim and
      encumbrance, provided that G5 is the owner of Shares No. 2 in Casinos Poland,
      free of any claim and encumbrance at the time of the transfer of Shares
      No. 1 to the Purchaser.

     

    WHEREAS

     

    G5 is obliged to pay to the Polish Entities all the
      Receivables which stem from the Original Loan Agreements, and timely payment,
      by
      G5 of certain of the Receivables of certain of the Polish Entities is secured
      by
      the Pledge established over Shares No. 2 in Casinos Poland.

     

    WHEREAS

    The Purchaser desires G5 to pay, with the usage of
      finance to be obtained by G5 under the New Loan Agreement, to the Polish
      Entities, all the Receivables the Polish Entities have under the Original Loan
      Agreements, so that the Pledge expires and G5 is free of any liabilities of
      whatsoever nature.

     

    NOW AND THERFORE, the parties agree as
      follows:

    
    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    § 1.

    DEFINITIONS

     

    In this Agreement:

     

    "Business Day" means a day, other than a
      Saturday, or a Sunday, on which commercial banks are open for business in
      Warsaw, Poland;

     

    "Casinos Poland" means Casinos Poland
      Sp. z o.o., a company incorporated and existing under the laws of the
      Republic of Poland, whose registered office is at ul. Wolność 3A, 01-018 Warsaw,
      Poland, registered in the National Court Register – Register of Entrepreneurs,
      under number KRS No. 16809;

     

    "Confirmation No. 1" means a document to be
      issued by the Purchaser to any of the Sellers in written form to confirm the
      fact that the Purchaser has finished analyzing the legal and financial situation
      of G5 and Casinos Poland, and is willing to purchase Shares No. 1 hereunder;
      the
      contents of Confirmation No. 1 are appended hereto as Schedule No. 1 to this
      Agreement;

     

    "Confirmation No. 2" means an original of a
      complete application bearing a competent court’s seal to confirm a proper filing
      of that application, to be signed and filed by the Sellers at their own expense,
      for the deletion of the Pledge from the Polish Register of Pledges, to be based
      on the fact of the repayment in full of the relevant of the Receivables solely
      by use of the finance to be extended to G5 under the New Loan Agreement, which
      Confirmation No. 2 is to be delivered to the Purchaser by any of the
      Sellers;

     

    "Confirmation No. 3" means an original of a
      decision of a relevant Polish court, to be issued at the expense of the Sellers
      who are to ensure issuance of it, effecting the deletion of the Pledge from
      the
      Polish Register of Pledges to be delivered to the Purchaser by any of the
      Sellers;

     

    "Confirmation No. 4" means a document to be
      issued by G5 and all the Sellers to the Purchaser in written form that has
      signatures certified by a notary, at the expense of the Sellers who are to
      ensure issuance of it, to confirm the fact that: (i) the conditions precedent
      for the entry of this Agreement into force set forth in the § 4 section 5 items
      1 and 4 of the Agreement have been met and(ii) the Sellers received payment
      in
      full of all the dues, whatsoever, the Sellers, or any of them, had ever had
      from
      G5 before the date of the entry of this Agreement into force under § 4 section
      5, below;;

     

    "G5" means G5 Sp. z o.o., a company
      incorporated and existing under the laws of the Republic of Poland, whose
      registered office is at ul. Żelazana
      82/84 no. 51, 00-894 Warsaw, registered in the National Court Register –
Register of Entrepreneurs, under number KRS No. 90606;

     

    "Information" means all information
      contained in this Agreement, including but not limited to the terms of the
      purchase of Shares No. 1, hereunder, and any information on the intent to
      conclude this Agreement;

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    "New Loan Agreement" means the loan
      agreement to be concluded between G5, as a borrower, and the Purchaser, as
      a
      lender, in order for G5 to be able to pay the Receivables of the Polish Entities
      stemming from the Original Loan Agreements; the contents of the New Loan
      Agreement are attached hereto as Schedule No. 4 to this Agreement;

     

    "Original Loan Agreements" means,
      cumulatively, all the loan agreements between the Polish Entities and G5 under
      the provisions of which the Receivables of the Polish Entitles from G5 have
      arisen, the copies of all the Original Loan Agreements are appended hereto
      as
      Schedule No. 9;

     

    "Party" means a party to this Agreement and
      "Parties" means all of them;

     

    "Pledge" means the right of
      ordinary/registered pledge over 1/3 of all the shares in Casinos Poland that
      has
      been established in favour of certain of the Polish Entities by G5 to secure
      payment of certain of the Receivables;

     

    "Polish Entities" means, cumulatively, all
      creditors entitled to the payment of the Receivables under the Original Loan
      Agreements;

     

    "Purchase Price" means any of Purchase Price
      No. 1, Purchase Price No. 2, Purchase Price No. 3, or Purchase Price No. 4;
      and
      "Purchase Prices" means, collectively Purchase Price No. 1,
      Purchase Price No. 2, Purchase Price No. 3, and Purchase Price No. 4;

     

    "Purchase Price No. 1" means the purchase
      price of EURO 730,000 which is to be paid to Seller No. 1, by the Purchaser ̧ for
      Shareholding No. 1 of Shares No. 1 in accordance with § 5 below;

     

    "Purchase Price No. 2" means the purchase
      price of EURO 730,000 which is to be paid to Seller No. 2, by the Purchaser
      for
      Shareholding No. 2 of Shares No. 1 in accordance with § 5 below;

     

    "Purchase Price No. 3" means the purchase
      price of EURO 730,000 which is to be paid to Seller No. 3, by the Purchaser ̧ for
      Shareholding No. 3 of Shares No. 1 in accordance with § 5 below;

     

    "Purchase Price No. 4" means the purchase
      price of EURO 730,000 which is to be paid to Seller No. 4, by the Purchaser ̧ for
      Shareholding No. 4 of Shares No. 1 in accordance with § 5 below;

     

    "Receivables" means all receivables by the
      Polish Entities from G5 totalling PLN 15,000,000.00, for the repayment of the
      entire principal amounts of loans and payment of the entire interest accrued
      thereon, which stem from the Original Loan Agreements;

     

    "Shareholding No. 1 of Shares No. 1" means
      those shares of Shares No. 1 that belong to Seller No. 1 comprising 20 said
      shares; 

     

    "Shareholding No. 2 of Shares No. 1" means
      those shares of Shares- No. 1 that belong to Seller No. 2 comprising 20 said
      shares;

     

    "Shareholding No. 3 of Shares
      No.1" means those shares of Shares No. 1 that belong
      to Seller No. 3 comprising 20 said shares;

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    "Shareholding No. 4 of Shares No. 1" means
      those shares of Shares No. 1 that belong to Seller No. 4 comprising 20 said
      shares;

     

    "Shares No. 1" – means 80 shares in the
      share capital of G5 of a nominal value of PLN 11,250 for each share, which
      comprise all the shares in the share capital of G5;

     

    "Shares No. 2" - means 100 shares in the
      share capital of Casinos Poland of a nominal value of PLN 17,000, each share,
      which comprise 1/3 of all the shares in the share capital of Casinos
      Poland;

     

    § 2.

    REPRESENTATIONS AND WARRANTIES OF THE
      PURCHASER

     

    The Purchaser represents and warrants that 

     

    1) the Purchaser has sufficient funds to fulfil the
      obligations it has under this Agreement, and at the same time

     

    2) the Purchaser is registered in a country that is a Member
      State of the European Union and does not need a foreign exchange permit to
      fulfil the obligations it has hereunder.

     

    § 3.

    REPRESENTATIONS, WARRANTIES, AND A COVENANT OF
      THE
      SELLERS

     

    1. The Sellers represent and warrant that:

     

        1)
      they are lawful
      owners of Shares No. 1, whereas G5 is the lawful owner of Shares No. 2

     

        2)
      Shares No. 1
      comprise the entirety of the shares issued by G5; whereas Shares No. 2 comprise
      1/3 of all the shares issued by Casinos Poland;

     

        3)
      Shares No. 1 and
      Shares No. 2 legally exist and have been paid in full; enjoy all rights given
      thereto under the provisions of the Polish Commercial Companies’ Code; and
      are free of encumbrance, save for the Pledge which will expire at the date
      of
      the entry of this Agreement into force, at the latest;

     

        4)
      Shares No. 1 and
      Shares No. 2 are not subject to any dispute (including specifically litigation),
      and have not been seized in any enforcement proceedings, or by a temporary
      writ;

     

        5)
      G5 legally exists
      and is incorporated in accordance with Polish law;

     

        6)
      G5 has, up to the
      date of this Agreement, and - if relevant – will have , by the date of entry of
      this Agreement into force under § 4 section 5 below, properly fulfilled all: (i)
      acts of law that include timely payment of taxes and social security
      contributions under relevant legislations in force in Poland, and (ii)
      agreements, binding upon, or applying to, G5; 

    
    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

        7)
      all the assets of
      G5 are, and will remain such at the date of the entry of this Agreement into
      force under § 4 section 5 below, validly owned by G5 and free of any claims of
      third parties of whatsoever nature, the list of all the assets of G5 constitutes
      Schedule No. 5 to this Agreement;

        

        8)
      none of the assets
      of G5 have been encumbered, and will not have been encumbered at the date of
      the
      entry of this Agreement into force under § 4 section 5 below, with pledges,
      mortgages, or any other encumbrances of whatsoever nature, save for those
      disclosed in Schedule No. 6 of this Agreement;

     

        9)
      G5 is solvent and
      the financial statements of the company for the past 3 years reveal true,
      complete and accurate standing of G5; Schedule No. 7 to this Agreement comprises
      the copies of the entirety of the financial statements of G5 for the past 3
      years, and auditors reports if those were necessary to be prepared under Polish
      law in force at a relevant time, certified as being true copies of the originals
      by all the Sellers;

     

        10)
      G5 is not, and
      will not be, to the date of the entry of this Agreement into force under § 4
      section 5 below, a party to any litigation, or administrative procedures and
      proceedings of whatsoever nature, save for that that have been disclosed to
      the
      Purchaser; Schedule No. 8 of this Agreement contain a list of all such disclosed
      details;

     

        11)
      outstanding
      liabilities of G5 consist, exclusively, of the Receivables of the Polish
      Entities under the Original Loan Agreements;

     

        12)
      the conclusion,
      or the fulfilment, of this Agreement will not contravene any of the obligations
      which burden the Sellers in relation to Shares No. 1;

     

        13)
      a dividend from
      any of Shares No. 1 for the financial year 2005 has not yet been paid, has
      not
      become payable, by G5 to any of the Sellers, and after the date of this
      Agreement, up to the date of the entry of this Agreement into force under § 4
      section 5 below, any dividend from any of Shares No. 1, including the dividend
      for the financial year 2005, will not be paid, or payable, to any of the
      Sellers;

     

        14)
      the Sellers have
      disclosed, or will have disclosed by the date of the entry of this Agreement
      into force under § 4 section 5 below, to the Purchaser, all the documents and
      information that can influence the perception of the legal and financial
      standing of G5 and Casinos Poland; the list of the documents disclosed to the
      Purchaser constitutes Schedule No. 9 of this Agreement;

     

        15)
      G5 will not
      without the prior written approval of the Purchaser consent, in any manner
      whatsoever, for so long as this Agreement has not entered into force under
§4
      section 5 below, to any of the shares in Casinos Poland being transferred by
      any
      of the shareholders of Casinos Poland to a third party;

        

        16)
      G5 will not
      breach, in any manner whatsoever, for so long as this Agreement has not entered
      into force under § 4 section 5 below, any of the provisions of the New Loan
      Agreement;

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

        17)
      Any of the
      Sellers is not, and will not be, at the date of the entry of this Agreement
      into
      force under § 4 section 5 below, a sole entrepreneur;

     

        18)
      None of the
      Sellers, as at the entry of this Agreement into force under § 4 section 5 below,
      will be bound by any contractual legal relationship between a Seller and G5,
      nor
      between a Seller and Casinos Poland except of the Sellers’ labour
      contracts;

     

        19)
      Receivables
      amount to PLN 15,000,000, can be paid anytime before each relevant maturity
      date
      they have, stem exclusively from the Original Loan Agreements, and can be
      effectively repaid into the bank accounts indicated in Schedule No. 3 of the
      New
      Loan Agreement;

     

        20)
      the Sellers have
      received payment in full of all the dues, whatsoever, the Sellers, or any of
      them, had ever had from G5 before the date of the entry of this Agreement into
      force under § 4 section 5, below, and

     

        21)
      Sellers are no
      longer members of the management board of G5 as at the day of the entry of
      this
      Agreement into force under § 4 section 5 below.

     

    Unless expressly stated to the contrary above, each of
      the
      above representations and warranties of the Sellers is to remain true, correct,
      and accurate as of the date of the entry of this Agreement into force under
§ 4 section 5 below, and the Sellers are solely liable to ensure the
      aforementioned. 

     

    2. Sellers covenant to the Purchaser that within 7 Business
      Days of an adequate notice being served upon any of them by the Purchaser,
      all
      of the Sellers will ensure that all of the persons, or some of them, who have
      been indicated by G5 to the management board, or – as the case may be – the
      supervisory board of Casinos Poland, will resign from their respective posts
      and
      will duly inform of that fact Casinos Poland, which is to be evidenced by the
      delivery, within the said deadline, to the Purchaser, of the originals of the
      relevant resignations bearing signatures certified by a notary public together
      with originals of documents evidencing that the relevant resignations have
      been
      duly serviced upon Casinos Poland.

     

    § 4.

    SALES AND PURCHASES OF SHARES NO. 1,
      CONDITIONS

     

    1. Seller No. 1, hereby, sells Shareholding No. 1 of Shares
      No. 1, and rights attached thereto, to the Purchaser and the Purchaser, hereby,
      purchases Shareholding No. 1 of Shares No. 1, and rights attached thereto,
      from
      Seller No. 1 for Purchase Price No. 1.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    2. Seller No. 2, hereby, sells Shareholding No. 2 of Shares
      No. 1, and rights attached thereto, to the Purchaser and the Purchaser, hereby,
      purchases Shareholding No. 2 of Shares No. 1, and rights attached thereto,
      from
      Seller No. 2 for Purchase Price No. 2.

     

    3. Seller No. 3, hereby, sells Shareholding No. 3 of Shares
      No. 1, and rights attached thereto, to the Purchaser and the Purchaser, hereby,
      purchases Shareholding No. 3 of Shares No. 1, and rights attached thereto,
      from
      Seller No. 3 for Purchase Price No. 3.

     

    4. Seller No. 4, hereby, sells Shareholding No. 4 of Shares
      No. 1, and rights attached thereto, to the Purchaser and the Purchaser, hereby,
      purchases Shareholding No. 4 of Shares No. 1, and rights attached thereto,
      from
      Seller No. 4 for Purchase Price No. 4.

     

    5. The entry into force of this Agreement is conditional
      upon
      the Sellers, or – as applicable - the Purchaser, ensuring that all of the
      following conditions precedent have occurred within 90 days of the date of
      this
      Agreement:

     

        1)
      All the
      Receivables have been repaid by G5 to the Polish Entities, exclusively with
      the
      usage of the finance to be obtained by G5 on the basis of the New Loan
      Agreement;

     

        2)
      The originals of
      Confirmation No. 1, Confirmation No. 2, Confirmation No. 3 and Confirmation
      No.
      4 have been delivered to any of the Sellers or, as applicable, the Purchaser;
      and 

     

        3)
      The Purchaser has
      obtained all permits and clearances that under Polish law, or any other
      applicable laws, are required from competent authorities, including antimonopoly
      authorities, for completion of the transaction contemplated herein; 

     

        4)
      all the Sellers
      have resigned from their respective posts in the bodies of G5 and delivered
      to
      the Purchaser originals of relevant documents of resignations bearing signatures
      that has been certified by a notary; and

     

        5)
      Payment of the
      part of the Purchase Price in the amount of EURO 370,000.00 to each of the
      Sellers as described in §5.1 below.

     

    Should any of the above conditions precedent not be fulfilled
      within 90 days of the date of this Agreement, the Agreement will expire. The
      conditions precedent for the entry of this Agreement into force set forth in
      items 1, 2, 3, and 4 above are stipulated for the sole benefit of the Purchaser
      which can, any time, waive the fulfilment of any of them. If this Agreement
      expires because of the non-delivery of Confirmation No. 2 or Confirmation No.
      4
      to the Purchaser, none of the Sellers will be entitled to assert against the
      Purchaser any claim, whatsoever, relating to the expiry of this Agreement,
      and
      the Purchaser will be entitled to seek compensation for loss incurred as a
      result of such a situation (including loss of profits). For the avoidance of
      doubt, the Parties unanimously confirm that the date of this Agreement is to
      be
      understood for the interpretation of this clause as the date when the signature
      of the Parties given, hereunder, have been certified by a notary public. 

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    6. The Sellers are jointly and severally,
within the meaning of article 366
§ 1 of the Polish Civil Code, obliged
      to sell all of Shares No. 1 to the Purchaser, hereunder and the Purchaser is
      obliged to buy all Shares No. 1. Therefore, among others, should any of the
      conditions precedent under this Agreement not be fulfilled, or any
      representations, or warranties of the Sellers contained in § 3 above, be
      breached, by some, but not all of the Sellers, the Purchaser, within its sole
      discretion, can deem such a condition precedent not to have been fulfilled
      at
      all, or such a representation, or warranty, to have been breached in such a
      way
      as to allow valid rescission of this Agreement under § 6, below. Should at any
      time a claim for reduction, or repayment ̧ of any of the Purchase Prices arise on
      the part of the Purchaser, that claim is to be made good by all the Sellers
      jointly and severally. 

     

    § 5.

    PURCHASE PRICES

     

    1. Purchase Prices of EURO 730.000, each one, for, as
      applicable, Shareholding No. 1 of Shares No. 1, Shareholding No. 3 of
      Shares No. 1, and Shareholding No. 4 of Shares No. 1, are to be paid by transfer
      of the relevant Purchase Price to the relevant of the Sellers by the Purchaser
      in the following mode: (i) EURO 370,000 of each of the Purchase Prices is to
      be
      paid by the Purchaser within 5 Business Days of the fulfilment, or waiver,
      of
      the conditions precedent set forth in § 4 section 5 item 1, 2, 3 and 4 above,
      and (ii) the remaining EURO 360,000 of each of the Purchase Prices is to be
      paid
      by the Purchaser no later than on 31st of December 2006,
      however, not earlier than 3 Business Days after the later of: (a) the fulfilment
      of the conditions precedent set forth in § 4 section 5 items 1, 2 and 4 if the
      fulfilment of those conditions precedent has been waived by the Purchaser in
      relation to the entry of this Agreement into force, and (b) the due fulfilment
      by the Sellers of the covenant set forth in § 3 section 2 above. Purchase Price
      of EURO 730.000 for Shareholding No. 2 of Shares No. 1 is to be paid by transfer
      to Seller No. 2 by the Purchaser within 5 Business Days of the fulfilment,
      or
      waiver, of the conditions precedent set forth in § 4 section 5 item 1, 2, 3 and
      4 above. All the above conditions precedent for payment of the Purchase Prices,
      or any part of them, are stipulated for the sole benefit of the Purchaser which
      can, at any time, waive the fulfilment of any of those conditions precedent.
      The
      Purchaser does not bear any liability for non-fulfilment of any of the above
      conditions precedent.

     

    2. At any time when any part of any of the Purchase Prices
      is
      outstanding, the Purchaser can set-off against that part of the Purchase Price
      any claim, of whatsoever nature, the Purchaser may have against the relevant
      Seller under this Agreement, or under provisions of law applying to the
      conclusion, existence, validity, fulfilment or termination of this Agreement
      that to include among others: (i) a claim for payment of compensation for breach
      of any of the representations and warranties made by the Sellers under § 3
      above, (ii) a claim for reduction of a relevant Purchase Price for legal defects
      in any of Shares No. 1, or (iii) a claim for repayment of all the Purchase
      Prices in the situation of the rescission of this Agreement. 

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    § 6.

    RIGHT TO RESCIND THE AGREEMENT

     

    1. The Purchaser has the right to rescind this Agreement
      by
      giving written notification to be served upon any of the Sellers, before payment
      of the entirety of the Purchase Prices, if:

     

        1)
      any of the
      representations and warranties of the Sellers contained in § 3 above do not
      remain true, correct, and accurate, as of the date of the entry of this
      Agreement into force under § 4 section 5 above; or

     

        2)
      the Pledge has not
      been deleted from the Polish Register of Pledges.

     

     2.
      Any
      of the Sellers has the right to rescind this Agreement by giving written
      notification to be served upon the Purchaser, if the Purchaser is late with
      the
      payment of any part of the relevant Purchase Price more than 3 Business Days
      after receipt of written notice on a delay in payment of that Purchase Price
      from any of the Sellers. 

    § 7.

    OTHER OBLIGATIONS OF THE PARTIES

     

    1. The Seller
      and the
      Purchaser:

     

        1)
      must not disclose
      to any third party any of the Information, and must keep the
      Information confidential; and 

        2)
      must make every
      effort to prevent use, or disclosure, of the Information by third parties.

     

    2. The Parties can disclose the Information to those of
      its
      employees and advisers for whom it is necessary, for the purpose of entering
      into this Agreement, and for the performance of the obligations, hereunder,
      provided that the Parties ensure that the employees and advisers keep the
      Information confidential.

     

    3. Any public announcement, or disclosure, to be made is
      to
      be determined and made by the Parties acting jointly, except for announcements
      required by law to be made.

    § 8.

    MANNER OF PAYMENTS

     

    1. Unless expressly provided herein to the contrary, on
      each
      date on which any sum is due from any of the Parties to the other Party under
      this Agreement, the Party obliged to pay will make that sum available to the
      other Party without set off, by payment in EURO in immediately available, freely
      transferable, cleared funds to an account designated herein. All costs in
      connection with payment of any sum (including the costs of transfer of payments)
      are for the account of the Party obliged to pay and may, therefore, not be
      deducted from such sum.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    2. Unless expressly provided herein to the contrary, all
      payments under this Agreement are to be made without withholding, or deducting,
      for or on account of any present, or future taxes, duties, assessments, or
      governmental charges of whatsoever nature ("Taxes") imposed, or levied by,
      or on
      behalf of, the Republic of Poland, or any political subdivision, or any
      authority thereof, or therein, unless the withholding, or deduction, of such
      Taxes is required by law, or regulation. In that event, the Party obliged to
      pay
      will pay to the other Party such additional amounts as may be necessary in
      order
      that the net amounts received by the Party entitled to receive payment after
      such withholding, or deduction, are equal to the amount which would have been
      receivable in the absence of such withholding, or deduction. 

    
    

     

    3. Any payment under this Agreement must be made into the
      following bank accounts, properly indicated to the Party obliged to pay by
      the
      Party entitled to receive payment.

     

    §
      9.

    DISPUTES,
      GOVERNING LAW, LEVIES

     

    1. Any dispute arising out of, or in connection with, this
      Agreement, including any question regarding its existence, validity, or
      termination, is to be referred to and finally resolved by arbitration under
      the
      Rules of Arbitration and Conciliation of the International Arbitral Centre
      of
      the Austrian Federal Economic Chamber, which rules are deemed to be incorporated
      by reference into this clause. The number of arbitrators is to be three. The
      location of arbitration is to be Vienna, Austria. The language to be used in
      the
      arbitral proceedings is to be English. The governing law of the contract is
      to
      be the substantive law of Poland. 

     

    2. The Purchaser is to pay the levy payable on civil law
      transactions in the amount of 1% of the total of all the Purchase Prices.

     

    3. The fee of the notary for certifying signatures under
      this
      Agreement is to be divided and paid equally by the Purchaser (50%) and the
      Sellers (50%). 

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    §
      10.

    LANGUAGE

     

    1. This Agreement has been executed in 5 (five) counterparts,
      each counterpart containing a Polish and English version of the Agreement for
      each Party. 

     

    2. The English language version of the Agreement is to
      prevail over any discrepancy between the language versions. 

     

    § 11.

    SCHEDULES

    
    

     

    The following Schedules constitute an integral part of
      this
      Agreement:

     

    1) Schedule No. 1 - Contents of Confirmation No. 1;

     

    2) Schedule No. 2 - Contents of Confirmation No. 4;

     

    3) Schedule No. 3 – Copies of all Original Loan
      Agreements;

     

    4) Schedule No. 4 - Contents of New Loan Agreement;

     

    5) Schedule No. 5 - List of all the assets of G5;

     

    6) Schedule No. 6 – List of encumbrances over the property of
      G5;

     

    7) Schedule No. 7 – Copies of financial statements of G5 for
      past 3 financial years;

     

    8) Schedule No. 8 – List of litigation and proceedings
      relating to G5;

     

    9) Schedule No. 9 – List of documents disclosed to the
      Purchaser

     

    IN WITNESS WHEREOF, the Parties hereto have
      signed this Agreement, on the date first written above.

     

    /s/ Christian Gernert                /s/
      Piotr Marcin
      Nassius

     

    /s/ Malgorzata Maria
      Rogowicz-Angierman    /s/ Przemyslaw Dariusz
      Tomaszewski   

     

    /s/ Jerzy Cieslak

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    Schedule
      No. 1 of Share Sale Agreement Dated _______

     

    Contents of Confirmation No. 1

    To:

     

    - Małgorzata Maria
      Rogowicz-Angierman

     

    - Jerzy Cieślak

     

    - Piotr Marcin Nassius

     

    - Przemysław
      Dariusz Tomaszewski 

     

    Dear Madam and Sirs,

     

    I, the undersigned, acting in the name of Century Casinos
      Europe GmbH, incorporated and existing under the laws of Austria, whose
      registered office is Wipplinger Str. 30, 1010, Vienna, Austria, in the capacity
      of managing director, further to the share sale and purchase agreement between
      you, as sellers, and Century Casinos Europe GmbH, as a purchaser, dated ___,
      hereby, confirm that Century Casinos Europe GmbH has finished analyzing the
      legal and financial situation, solely based on information provided by you,
      of:
      (i) G5 Sp. z o.o., a company
      incorporated and existing under the laws of the Republic of Poland, whose
      registered office is at ul. Żelazana 82/84 no. 51, 00-894 Warsaw, registered in
      the National Court Register – Register of Entrepreneurs, under number KRS No.
90606, and (ii) Casinos Poland
      Sp. z o.o., a company incorporated and existing under the laws of the
      Republic of Poland, whose registered office is at ul. Wolność 3A, 01-018 Warsaw,
      Poland, registered in the National Court Register – Register of Entrepreneurs,
      under number KRS No. 16809. 

     

    Based on the above, I inform that Century Casinos Europe
      GmbH
      is willing to purchase from you all of the shares in the share capital of G5
      Sp.
      z o. o. under the share sale and purchase agreement referenced above,
      subject to the occurrence of certain events provided, therein. 

     

    _____, /s/ Christian Gernert

    (date) (signature/s/)

     

    For and on behalf of:
Century Casinos Europe
      GmbH

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Schedule
      No. 2 of Share Sale Agreement Dated ______

     

    Contents of Confirmation No. 4

    To:

     

    Century Casinos Europe GmbH

     

     

    Dear Sirs, 

    We, the undersigned, acting in the name of: (i) G5
      Sp. z o.o., a company
      incorporated and existing under the laws of the Republic of Poland, whose
      registered office is at ul. Żelazna 82/84 no. 51, 00-894 Warsaw, (ii) Małgorzata
      Maria Rogowicz-Angierman, a citizen of Poland, residing at ul. ___, ___, Poland,
      (iii) Jerzy Cieślak, a citizen of Poland, residing at ul. ___, ___, Poland, (iv)
      Piotr Marcin Nassius, a citizen of Poland, residing at ul. ___, ___, Poland,
      and
      (v) Przemysław Dariusz Tomaszewski, a citizen of Poland, residing at ul. ___,
      ___, Poland, further to the share sale and purchase
      agreement between Century Casinos Europe GmbH, as a purchaser, and the
      aforementioned natural persons, as sellers, dated ____ (the "Agreement"),
      hereby, confirm that: (a) the conditions precedent for the entry of the
      Agreement into force set forth in the § 4 section 5 items 1 and 4 of the
      Agreement have been met (b) the Sellers received payment in full of
      all the dues, whatsoever, the Sellers had ever had from G5 before the date
      of
      the entry of the Agreement into force under § 4 section 5, below.

     

    Attachments:

        - originals
      of
      unconditional resignations from participations in the bodies of G5 bearing
      signatures confirmed by a notary public

     

    
    

    
      	
              _____, _______________

              (date) (signature/s/ certified by a notary)

              For and on behalf of:
G5
                Sp. z o. o.

            	
              _____, /s/
                Malgorzata M.
                Rogowicz-Angierman

              (date) (signature certified by a notary)

              Małgorzata Maria Rogowicz-Angierman

              
              

            
	
              _____, /s/ Jerzy Cieślak

              (date) (signature certified by a notary)

              Jerzy Cieślak

            	
              _____, /s/ Piotr Marcin Nassius

              (date) (signature certified by a notary)

              Piotr Marcin Nassius

            
	
              _____,
                /s/ Przemyslaw Dariusz Tomaszewski

              (date) (signature certified by a notary)

              Przemysław Dariusz Tomaszewski

            	 

    

    
    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Schedule
      No. 3 of Share Sale Agreement Dated _________

     

    Copies of All Original Loan Agreements

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Schedule
      No. 4 of Share Sale Agreement Dated ________

     

    Contents of the New Loan Agreement

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Schedule
      No. 5 of Share Sale Agreement Dated ________

     

    List of all the assets of G5

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Schedule
      No. 6 of Share Sale Agreement Dated ________

     

    List of encumbrances over the property of
      G5

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
    

    Schedule
      No. 7 of Share Sale Agreement Dated ________

     

    Copies of financial statements of G5 for the past
      3
      financial years

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Schedule
      No. 8 of Share Sale Agreement Dated ________

     

    List of litigation and proceedings relating to
      G5

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Schedule
      No. 9 of Share Sale Agreement Dated ________

     

    List of documents disclosed to the
      Purchaser

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