Document:

Exhibit
10.18

 

GRANT
OF THE RIGHT OF FIRST REFUSAL  

 

Parties:

 

Motorsport
Gaming US LLC

 

and

 

Luminis
International B.V.

 

19 May 2020

 

    	 

    	 

    

 

THIS
GRANT OF THE RIGHT OF FIRST REFUSAL TO PURCHASE is made between:

 

	I.	Motorsport
    Gaming US LLC, a limited liability company incorporated under the laws of the State of Florida, United States of America,
    with its registered seat in Miami, United States of America, and its place of business at 5972 NE 4th Ave, FL 33
    137, (“MSG”);

 

and

 

	II.	Luminis
    International B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid),
    incorporated under the laws of the Netherlands, with its registered seat in Amersfoort, The Netherlands, and its place of
    business at Stadsring 107, 3811 HP Amersfoort, registered in the trade register of the Dutch Chamber of Commerce under number
    58261869 (“Luminis”);

 

hereinafter
jointly referred to as the “Parties” and each individually as a “Party”.

 

Recitals:

 

	A.	Luminis
    is the owner of one hundred percent (100%) of the shares in Studio397 B.V., a private company with limited liability (besloten
    vennootschap met beperkte aansprakelijkheid), incorporated under the laws of the Netherlands, with its registered seat
    in Apeldoorn, the Netherlands, and its place of business at Regentesselaan 11 in 7316 AA Apeldoorn, registered in the trade
    register of the Dutch Chamber of Commerce under number 66752973 (“Studio397”).
	 	 
	B.	Studio397
    is a simracing company that specializes in near-real game experiences using their rFactor Technology platform.
	 	 
	C.	The
    Studio397 strategy is to exploit the rFactor Technology platform using the following business models:

 

	 	1.	To
    develop and sell simracing games to end users;
	 	 	 
	 	2.	To
    license and support the rFactor Technology platform to third parties as a basis for bespoke game development;
	 	 	 
	 	3.	To
    offer esports services like competitions, events, broadcasts and other media services like for instance adds and betting using
    the Studio397 games, rFactor Technology platform and other technologies and concepts.

 

	D.	Studio397
    seeks investment to accelerate this strategy.

 

    	 

    	 

    

 

	E.	MSG
    has expressed interest in purchasing some or all of the ownership of shares in Studio397 to accelerate the Studio397 strategy
    at an undetermined time in the future.
	 	 
	F.	Under
    this agreement, Luminis has agreed to grant to MSG a right of first refusal to purchase shares in Studio397 that it decided
    to sell during the term of this Agreement (the “Term”), subject to the terms set out herein.
	 	 
	1.	Right
    of First Refusal
	 	 
	1.1.	If,
    at any time during the Term Luminis decides to sell any shares in Studio397, such that the sale of these shares would result
    in a change-of-control of Studio397 or the authority to change agreements between MSG and Studio397, including any sale or
    transfer of shares or assets with a similar effect, Luminis shall grant to MSG the first right of refusal to make an offer
    that is equal or better to purchase these shares from Luminis by giving notice to MSG of its desire to sell these shares.

 

	1.2.	If,
    at any time during the Term, Luminis receives a bona fide offer for the purchase of any or all of its shares in Studio397,
    such that the sale of these shares would result in a change-of-control of Studio397 or the authority to change agreements
    between MSG and Studio397, from a potential third party purchaser, Luminis will notify MSG of such an offer so as to allow
    MSG to make an offer for the purchase of these shares that is equal or better than the existing bona fide offer.
	 	 
	1.3.	MSG
    shall, within ten (10) business days of receipt of notice from Luminis under either Clause 2.1or 2.2 notify Luminis in writing
    whether it wishes to purchase the shares, the price that it wishes to offer, and the terms of such offer. If Luminis accepts
    the offer, Luminis and MSG shall be bound to implement the transaction within 30 days, subject to MSG’s satisfaction
    after performing reasonable due diligence.
	 	 
	1.4.	If
    MSG elects not to purchase the shares or fails to give notice of its intention within the ten (10) business days period, Luminis
    shall be free to convey, assign or otherwise transfer such interest to a third party.
	 	 
	2.	Term
    and Termination
	 	 
	2.1.	This
    Agreement shall be effective for as long as parties are bound by other agreements that pertain to the rFactor Technology platform
    or any other technology that is supplied by Studio397.
	 	 
	2.2.	This
    Agreement shall be evaluated annually on desirability and applicability and will be terminated only upon mutual agreement.
    This mutual agreement on termination shall be confirmed in writing and shall take effect upon signature of the document.
	 	 
	2.3.	Either
    Party may terminate this Agreement forthwith on written notice if the other Party shall become insolvent or bankrupt or makes
    an arrangement with its creditors or goes into liquidation.

 

    	 

    	 

    

 

	3.	Governing
    law and dispute resolution
	 	 
	3.1.	This
    Agreement and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in
    accordance with the laws of the Netherlands.
	 	 
	3.2.	Except
    as otherwise provided in this Agreement, all disputes arising out of or in connection with this Agreement shall, if no amicable
    settlement can be reached between the Parties, in first instance be submitted to the competent courts in Amsterdam.

 

Agreed
upon and signed by:

 

	 	/s/
    Dmitry Kozko	 
	Motorsport Gaming US LLC	 
	By:	Dmitry
    Kozko	 
	Position:	CEO	 
	Place:	Miami,
    Florida, USA	 
	Date:	18
    May 2020	 

 

	 	/s/
    Hans Bossenbroek	 
	Luminis International B.V.	 
	By:	Hans
    Bossenbroek	 
	Position:	CEO	 
	Place:	Apeldoorn,
    NL	 
	Date:	19-05-2020Exhibit
10.19

 

[***]
Certain information in this document has been excluded pursuant to Regulation S-K, Item (601)(b)(10). Such excluded information
is not material and would likely cause competitive harm to the registrant if publicly disclosed.

 

SOFTWARE
DEVELOPMENT AND LICENSE AGREEMENT

 

Parties:

 

Motorsport
Gaming US LLC

 

and

 

Studio397
B.V.

 

19th
May 2020

 

    	 

     

    

 

CONTENTS

 

	1.	Definitions
    and interpretation	2
	2.	Scope	4
	3.	rFactor
    Technology License	4
	4.	Sub-license	5
	5.	Software
    Development	5
	6.	Development
    Activities & Planning	6
	7.	Delivery
    and Testing	6
	8.	(Post-Release)
    Support	6
	9.	Fees
    and payment	7
	10.	Intellectual
    Property Rights	7
	11.	RFactor
    Technology	8
	12.	Source
    Code Escrow	8
	13.	Indemnity	9
	14.	Confidentiality	9
	15.	App
    Stores	10
	16.	Warranties	10
	17.	Proprietary
    Notices	11
	18.	Term
    and Termination	11
	19.	Right
    of First Refusal	12
	20.	Miscellaneous	12
	21.	Governing
    law and dispute resolution	13

 

SCHEDULES

 

	Schedule
    1 – Software Functional and Technical Requirements 
	Schedule
    2 – rFactor Technology
	Schedule
    3 – Planning and Milestones 
	Schedule
    4 – License Fee
	Schedule
    5 – Services
	Schedule
    6 – Review & Approval Process

 

    	(i)

     

    

 

THIS
SOFTWARE DEVELOPMENT AND LICENSE AGREEMENT IS MADE BETWEEN:

 

	I.
    	Motorsport
    Gaming US LLC, a limited liability company incorporated under the laws of the State of Florida, United States of America,
    with its registered seat in Miami, United States of America, and its place of business at 5972 NE 4th Ave, FL 33 137, (“MSG”);

 

and

 

	II.	Studio397
B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid), incorporated
under the laws of the Netherlands, with its registered seat in Apeldoorn, the Netherlands, and its place of business at Regentesselaan
11 in Apeldoorn (7316 AA), registered in the trade register of the Dutch Chamber of Commerce under number 66752973 (“Studio397”);

 

hereinafter
jointly referred to as the “Parties” and each individually as a “Party”.

 

RECITALS:

 

	A.	MSG
    offers an integrated digital platform that is intended to be the destination for everything cars and racing;
	 	 
	B.	Studio397
    is a simracing company that specializes near-real game experiences and uses/makes available their rFactor Technology platform
    as a basis for bespoke game development.;
	 	 
	C.	MSG
    is the creator, owner and oversees the publishing of the game ‘NASCAR Next’;
	 	 
	D.	Studio397
    will make available to and develop for MSG certain software and software elements, which will be incorporated in said game
    by MSG, as further specified herein;

 

	E.	under
    this software development and license agreement (“Agreement”), Studio397 will license to MSG certain proprietary
    pre-existing software currently called rFactor 2 Technology, as well as create new custom-made software on top of the rFactor
    2 Technology software in relation to which the intellectual property rights will be transferred and assigned to MSG, as further
    set out herein.

 

    	 	 	1

    	 	 	 

    

 

IT
IS HEREBY AGREED AS FOLLOWS:

 

	1.	DEFINITIONS
    AND INTERPRETATION

 

	1.1.	In
    this Agreement, unless where explicitly provided otherwise, capitalised words and expressions have the following meanings:

 

	 	Agreement	as
    defined in Recital E;
	 	 	 
	 	Confidential
    Information	as
    defined in Clause 14.1;
	 	 	 
	 	Confidentiality
    Agreement	the
    confidentiality agreement executed between the Parties dated 31 July 2019;
	 	 	 
	 	Deposit
    Materials	as
    defined in Clause 12.2;
	 	 	 
	 	Development
    Fee	as
    defined in Clause 8;
	 	 	 
	 	Effective
    Date	19th
    May 2020;
	 	 	 
	 	Error	any
    failure of the Software to meet its defined, documented and accepted functional specifications and detected in defined acceptance
    tests;
	 	 	 
	 	Error
    Report	a
        written report of the Errors found during the

        acceptance
        test, specifying the nature of the Errors;

	 	 	 
	 	Game	the
    cross-platform video game currently entitled NASCAR Next, and including any sequels thereto, as well as the relevant source
    codes and object codes, created by MSG and owned by MSG and/or its licensors as applicable, in which the Software and rFactor
    Technology will be incorporated for inter alia offering the best gameplay;
	 	 	 
	 	Intellectual
    Property Rights	means
    trademarks, service marks, trade names, domain names, logos, patents, inventions, design rights, copyrights, database rights
    and all other similar rights in any part of the world, including rights in trade secrets and know-how, and where such rights
    are obtained or enhanced by registration, any registration of such rights and applications and rights to apply for such registrations;

 

    	 	 	2

    	 	 	 

    

 

	 	License
    Fee	the
    amount payable by MSG for the rights to the rFactor Technology, which includes fees for related support services, as set forth
    in Schedule 4;
	 	 	 
	 	Major
    Error	any
    Error other than a Minor Error;
	 	 	 
	 	Milestone	specific
    progress points relating to various phases in the development of the Software and related deliverables, as further specified
    in Schedule 3;
	 	 	 
	 	Minor
    Error	an
    Error which does not materially affect the use of the Software;
	 	 	 
	 	rFactor
    Technology	the
    racing simulation software, including a game engine, authoring tools, software development kit, build scripts, runtime and
    related materials developed by Studio397 which can be used for the purpose of supporting, developing, modifying, testing and
    evaluating the Game and which may be incorporated into the Game on the conditions set out herein, as further specified in
    Schedule 2;
	 	 	 
	 	Review
    & Approval Process	means,
    in relation to Software, the Parties’ process for reviewing work product, the remedy of Major Errors as applicable and
    approval, set out in Schedule 6;
	 	 	 
	 	Services	the
    services to be rendered by Studio397 pursuant to this Agreement, as specified in Schedule 5;
	 	 	 
	 	Software	the
    custom-made software, code and data elements developed by Studio397 exclusively for MSG for the purpose of integrating and
    incorporating the rFactor Technology in the Game, and any other related technical activities and work product in that regard,
    as further specified in Schedule 1;
	 	 	 
	 	Third
    Party Software	means
    third party software components included in the rFactor Technology;

 

    	 	 	3

    	 	 	 

    

 

	1.2.	In
    this Agreement, unless specified otherwise:

 

	 	a.
    	a
    “Clause”, “Recital”, “Schedule” or “Annex” means
    a clause (including all sub clauses), a recital, a schedule or an annex in or to this Agreement;
	 	 	 
	 	b.
    	the
    Recitals, Schedules, Annexes and any other attachments to this Agreement, form an integral part of this Agreement and shall
    have the same force and effect as if expressly set out in the body of this Agreement and a reference to this Agreement includes
    the Recitals, Schedules, Annexes and any other attachments to this Agreement;
	 	 	 
	 	c.
    	the
    headings are included for convenience of reference only and shall not affect the interpretation of this Agreement or of any
    provisions thereof;
	 	 	 
	 	d.
    	legal
    terms refer to Dutch legal concepts only; references to legal terms or concepts apply even where the concept referred to by
    such term does not exist outside the Netherlands and, if necessary, shall include a reference to the term in that jurisdiction
    outside the Netherlands that most approximates the Dutch term;
	 	 	 
	 	e.
    	the
    words “include”, “includes” and “including” shall be deemed to be followed by the phrase
    “without limitation” and interpreted accordingly;
	 	 	 
	 	f.
    	the
    singular includes the plural and vice versa, and use of one gender includes any other.

 

	2.	SCOPE

 

	2.1.	Studio
    397 shall develop the Software, provide MSG with, and license to MSG, the rFactor Technology, and render the Services in accordance
    with this Agreement.

 

	3.	RFACTOR
    TECHNOLOGY LICENSE

 

	3.1.	Studio397
    hereby grants to MSG a non-exclusive, non-transferable, sublicensable (to the extent permitted herein) worldwide license to
    install, reproduce, display, use and operate the rFactor Technology for the purpose of developing, modifying, testing and
    evaluating the Game, on the terms and conditions of this Agreement for an indefinite period, unless terminated pursuant to
    this Agreement.

 

    	 	 	4

    	 	 	 

    

 

	3.2.	MSG
    is allowed to distribute:

 

	 	a.	the
    rFactor Technology incorporated in object code format only as an inseparable part of the Game to end users pursuant to an
    end user license agreement that grants Studio397 equal or better protection than this Agreement;
	 	 	 
	 	b.
    	the
    rFactor Technology incorporated in object code format only as an inseparable part of the Game to an end user for which MSG
    specifically developed the Game in exchange for a fee. Prior to this distribution, MSG must ensure that the end user is subject
    to a license agreement that grants Studio397 equal or better protection than this Agreement;
	 	 	 
	 	c.	the
    rFactor Technology to a different (third) party that has received a license to the rFactor Technology from Studio397.

 

	3.3.	MSG
    must take active measures to prevent end users from modifying the rFactor Technology. Examples of active measures are encryption
    of assets, using proprietary fileformats for assets that are specific for the Game and the use of checksums as a basis for
    integrity checks.
	 	 
	3.4.
    	MSG
    is not allowed to disassemble, decompile, modify or reverse engineer the rFactor Technology, or permit / authorize a third
    party to do so, except to the extent that these activities are expressly and specifically permitted by this Agreement or by
    law.

 

	3.5.	MSG
    has the right to grant sublicenses as provided for in Clause 4.

 

	3.6.	Studio397
    shall provide the Services as outlined in Schedule 3.

 

	4.	SUBLICENSE

 

	4.1.	MSG
    may at its discretion sublicense the rights to the rFactor Technology to its subsidiaries and affiliates involved in the co-development
    and related marketing of the Game, including but not limited to 704Games Company, a North Carolina corporation. Further sub-licensing
    shall only be allowed with Studio 397’s prior written consent.

 

	5.	SOFTWARE
    DEVELOPMENT

 

	5.1.
    	Studio397
    shall develop the Software, under Studio397’s own cost, responsibility and risk and by means of its own organization,
    in accordance with this Agreement, including but not limited as regards functional requirements, distribution platforms, planning,
    expertise and budget.
	 	 
	5.2.
    	In
    the event that MSG should desire to launch a new game (in addition to the Game) within 2 years from the Effective Date, and
    should desire to engage Studio397 for its development services and for licensing the rFactor Technology or certain aspects
    thereof, Studio397 agrees to work with MSG to negotiate reasonable and mutually agreeable unit fees and terms in good faith.

 

    	 	 	5

    	 	 	 

    

 

	6.	DEVELOPMENT
    ACTIVITIES & PLANNING

 

	6.1.	Studio397
    shall develop the Software as needed to comply with the general functional requirements specified in Schedule 1, and in doing
    so comply with the Milestones further specified in Schedule 3.
	 	 
	6.2.	All
    development activities shall be carried out by Studio397 in accordance with the Review & Approval Process.
	 	 
	6.3.	Studio397
    will provide reasonable assistance to MSG to ensure that any Software developed will function together with the rFactor Technology
    and other planned integrations and technology.
	 	 
	6.4.
    	MSG
    shall provide Studio397 with information and assistance reasonable requested by Studio397 in relation to the development of
    the Software.
	 	 
	6.5.
    	The
    Software developed pursuant to this Agreement shall not include any open source software that is licensed under the GNU General
    Public License or another open source code license having a similar “contaminating” effect on MSG’s Intellectual
    Property Rights or proprietary assets, or that would otherwise require MSG to release any portion of its source code, or to
    permit free redistribution, reverse engineering or modification of any of MSG proprietary assets, including the Game.

 

	7.	DELIVERY
    AND TESTING

 

	7.1.	Studio397
    shall deliver the Software to MSG as per the applicable Milestone in the format agreed by the Parties. The deliverables in
    relation to the Software per each Milestone will be signed off by MSG in accordance with the Review & Approval Process.
	 	 
	7.2.
    	As
    part of the delivery of the Software to MSG, Studio397 shall deliver a copy of the source code of such Software and any components
    and libraries included therein.

 

	8.	(POST-RELEASE)
    SUPPORT

 

	8.1.	Upon
    acceptance in accordance with the Review & Approval Process, Studio397 shall provide post-release support services in
    relation to the Software and rFactor Technology, which is charged as a proportion of the agreed development rate of EUR 1,000.00
    per person per day for a period of nine (9) months post-Completion of development.

 

    	 	 	6

    	 	 	 

    

 

	9.	FEES
    AND PAYMENT

 

	9.1.
    	Subject
    to acceptance of each Milestone in accordance with the Review & Approval Process, MSG shall pay Studio397 a monthly instalment
    of EUR [***] (for a total development fee of EUR [***]) payable by MSG on the first day of each month following the Milestone
    date.
	 	 
	9.2.	For
    the rights to the rFactor Technology, MSG shall pay Studio397 the License Fee. Studio397 shall invoice MSG for the License
    Fee in accordance with Schedule 4.
	 	 
	9.3.
    	Studio397
    shall not be entitled to invoice any fees other than specified in this Agreement, or as otherwise agreed in writing by MSG.

 

	9.4.	Any
    fees shall be exclusive of VAT.

 

	10.	INTELLECTUAL
    PROPERTY RIGHTS

 

	10.1.
    	The
    Intellectual Property Rights to the Game are owned exclusively by MSG and/or its licensors as applicable. Nothing in this
    Agreement shall result in or be interpreted as an assignment of any Intellectual Property Rights from Studio397 to MSG or
    vice versa, in relation to the Game.
	 	 
	10.2.
    	Any
    Intellectual Property Rights to Software developed by Studio397 pursuant to this Agreement and any additional work order or
    addendum hereunder shall be owned by MSG.
	 	 
	10.3.	 Studio397
    hereby assigns, transfer and delivers in advance (bij voorbaat) to MSG any Intellectual Property Rights to the Software,
    and MSG hereby accepts such assignment, transfer and delivery in advance. This Agreement constitutes the instrument of delivery
    of such Intellectual Property Rights to MSG.
	 	 
	10.4.
    	Insofar
    the Software developed pursuant to this Agreement includes any components or libraries which are not owned by Studio397, Studio397
    hereby grants MSG an unlimited non-exclusive perpetual irrevocable transferable license to use such components and libraries
    as part of the Software, for any purpose. MSG shall be free to make any changes to such components and libraries.
	 	 
	10.5.
    	Studio397
    shall not re-use any of the Intellectual Property Rights to any Software developed pursuant to this Agreement, assigned and
    transferred to MSG pursuant to this Agreement for any purpose without MSG’s prior written approval.
	 	 
	10.6.	Studio397
    shall not in any way reproduce or redistribute the Game or any content of the Game, including but not limited to any images,
    brands or names without MSG’s prior written approval, unless to the extent strictly necessary for developing the Software
    in accordance with this Agreement.

 

    	 	 	7

    	 	 	 

    

 

	11.	RFACTOR
    TECHNOLOGY

 

	11.1.
    	Studio397
    hereby confirms that the rFactor Technology and Libraries do not include any open source software other than as described
    in Clause 6.5.
	 	 
	11.2.
    	The
    license specified in Clause 3 shall survive termination of this Agreement for any reason.

 

	12.	SOURCE
    CODE ESCROW

 

	12.1.	At
    the completion of the development of the Software, MSG shall have the option to require Studio397 to enter into a source code
    escrow agreement with a mutually agreed source code escrow company (such as Iron Mountain Incorporated) setting forth source
    code escrow deposit procedures and source code release procedures relating to the rFactor Technology and shall deposit and
    maintain in escrow all source code within the rFactor Technology, which escrow agreement shall remain in effect for no less
    than five (5) years from the completion of the development of the Software.

 

	12.2.	The
    source code delivered to the source code escrow company will be in a form suitable for reproduction by MSG. The source code
    deposit will comprise: (i) the complete source code for the RFactor Technology; (ii) source code for any third- party software
    used in support, maintenance or enhancement of the deposited RFactor Technology, which is not reasonably commercially available
    from third parties, provided that Studio397 has access to such third party code; and (iii) complete documentation (the “Deposit
    Materials”).

 

	12.3.	In
    the event that (i) Studio397 becomes insolvent or bankrupt, (ii) Studio397 makes an assignment for the benefit of creditors,
    (iii) Studio397 consents to a trustee or receiver appointment, (iv) a trustee or receiver is appointed for Studio397 or for
    a substantial part of its property without its consent, (v) Studio397 voluntarily initiates bankruptcy, insolvency, or reorganization
    proceedings, or is the subject of involuntary bankruptcy, insolvency, or reorganization proceedings, or (vi) such other event
    as mutually agreed upon by the Parties and the escrow company in the source code escrow agreement (any or all of these events
    to be considered a “Release Condition”), then MSG may give written notice to the source code escrow company,
    specifying that a release condition has occurred, and the source code escrow company will promptly deliver to MSG all Deposit
    Materials. In the event of a release of the Deposit Materials pursuant to this section, said source code shall continue to
    be the Intellectual Property Rights of Studio397 or its successor in and MSG may only use, copy and/or modify the source code
    consistent with the rights of MSG under this Agreement.
	 	 
	12.4.	All
    costs associated with Escrow, including costs incurred by Studio397 for administration of the Escrow provision shall be borne
    by MSG.

 

    	 	 	8

    	 	 	 

    

 

	13.	INDEMNITY

 

	13.1.	Studio397
    will indemnify MSG from and against any claim that the Software, rFactor Technology infringe on any third party’s rights.
    Studio397 will pay the resulting costs, damages and attorney fees awarded by a court in a final judgment, not open to appeal,
    provided that:

 

	 	a.	MSG
    shall, after and if it has become aware, notify Studio397 in writing with reasonable detail of any: (i) actual, suspected,
    or threatened infringement of the Software or rFactor Technology; (ii) actual, suspected, or threatened claim that use of
    the Software or rFactor Technology infringes the rights of any third party; or (iii) any other actual, suspected, or threatened
    claim to which the Software or rFactor Technology may be subject;
	 	 	 
	 	b.
    	Studio397
    shall have exclusive control over, and conduct of, all claims and proceedings regarding matters concerning the rFactor Technology
    and MSG shall provide Studio397 with all assistance that Studio397 may reasonably require in the conduct of any claims or
    proceedings.

 

	13.2.
    	In
    the event that the Software or rFactor Technology are found to infringe on any third Party’s rights, Studio397 shall
    have the right at its expense, and after consultation with MSG, to:

 

	 	a.	modify
    the Software or rFactor Technology to cure the infringement;

 

	 	b.	obtain
    a license for MSG to continue using the rFactor Technology, or

 

	 	c.
    	accept
    return of the Software and refund the License Fee in respect of the Software.

 

	14.	CONFIDENTIALITY

 

	14.1.	“Confidential
    Information” is all information and data disclosed by one party (the “Disclosing Party”) to the other party
    (the “Recipient”).

 

	14.2.	In
    particular the following information is considered Confidential Information:

 

	 	A.
    Information regarding released or unreleased software or hardware products;

 

	 	B.
    Product development plans;

 

	 	C.
    (Other) information about software & technology;

 

	 	D.
    Financial information

 

	 	E.
    Information regarding suppliers, products and customers;

 

	 	F.
    Intellectual and/or industrial property;

 

	 	G.
    Know how;

 

    	 	 	9

    	 	 	 

    

 

	14.3.	Information
    is not Confidential Information if:

 

	 	A.
    The information is, or subsequently becomes, public knowledge other than as a direct or indirect result of the information
    being disclosed in breach of this Agreement; or
	 	 
	 	B.
    The Recipient can establish to the reasonable satisfaction of the Disclosing Party that it found out the information from
    a source not connected with Disclosing Party and that the source is not under any obligation of confidence in respect of the
    information; or
	 	 
	 	C.
    The Recipient can establish to the reasonable satisfaction of the Disclosing Party that the information was known to the Recipient
    before the date of this agreement and that it was not under any obligation of confidence in respect of the information; or
	 	 
	 	D.
    The parties agree in writing that it is not confidential.

 

	14.4.	In
    return for the Disclosing Party making Confidential Information available to the Recipient, the Recipient must:

 

	 	a.
    Keep the Confidential Information secret;
	 	 
	 	b.
    Use the Confidential Information only to consider, evaluate or negotiate about the Collaboration;
	 	 
	 	c.
    Refrain from using or exploiting the Confidential Information for its own benefit and/or purposes or for the benefit and/or
    purposes of any third party;
	 	 
	 	d.
    Refrain from disclosing the Confidential Information to any third party, unless the Disclosing Party agrees in writing that
    this third party may receive the Confidential Information;
	 	 
	 	e.
    Inform the Disclosing Party immediately upon becoming aware or suspecting that an unauthorised person has access to the Confidential
    Information.

 

	15.	APP
    STORES

 

	15.1.	Insofar
    as necessary, Studio397 shall provide MSG with all cooperation necessary, at the then standard rates used by Studio397, to
    update any registration in Valve’s Steam store or similar app store relating to the Software to reflect the assignment
    and transfer effectuated by this Agreement.

 

	16.	WARRANTIES

 

	16.1.	Studio397
    hereby represents and warrants to MSG that:

 

	 	a.
    	Studio397
    is the exclusive legal and beneficial owner of the Intellectual Property Rights relating to any software developed pursuant
    to this Agreement, and such Intellectual Property Rights are free of any encumbrance.

 

    	 	 	10

    	 	 	 

    

 

	 	b.
    	Studio397
    is the exclusive legal and beneficial owner of, or is entitled to grant licenses relating to, the Intellectual Property Rights
    to the rFactor Technology and Libraries and any components and libraries included in Software developed pursuant to this Agreement;
	 	 	 
	 	c.
    	There
    is no unauthorised use by a person of any Software developed pursuant to this Agreement; and
	 	 	 
	 	d.
    	The
    Intellectual Property Rights to the rFactor Technology and Libraries, as well as any Software developed pursuant to this Agreement
    and any components and libraries included in Software developed pursuant to this Agreement, do not infringe any Intellectual
    Property Rights of any third party, and that no claim has been made against Studio397 in respect of such an infringement.

 

	17.	PROPRIETARY
    NOTICES

 

	17.1.
    	If
    the Game contains credits, MSG is obliged to place the following notice(s) in the credits:
	 	 
	 	“[Game
    name] uses rFactor 2 Technology. rFactor 2 is a trademark or registered trademark of Studio 397 in The Netherlands and elsewhere”
	 	 
	 	“rFactor
    2 Technology, Copyright 2016 – 2021, Studio 397. All rights reserved”.

 

	18.	TERM
    AND TERMINATION

 

	18.1.	This
    Agreement shall be effective for an indefinite term as from the Effective Date.

 

	18.2.	MSG
    may rescind the Agreement (ontbinden) forthwith on written notice if (i) Studio397 fails to provide one or more deliverable(s)
    associated with each Milestone and after it has failed to remedy the relevant breach in accordance with the Review & Approval
    Process, or (ii) if all steps set out in the Review & Approval Process are followed, fails to provide acceptable Software,
    provided that the Parties have not come to agreement on a mutually acceptable solution.

 

	18.3.	Either
    Party may terminate this Agreement forthwith on written notice if the other Party shall become insolvent or bankrupt or makes
    an arrangement with its creditors or goes into liquidation.

 

	18.4.
    	MSG
    may terminate (opzeggen) this Agreement for convenience by written notice to Studio 397 taking into account a notice
    period of at least one (1) month, in which event it (i) shall pay any outstanding portion of the License Fee within thirty
    (30) days of termination; and (ii) shall be entitled to receive the Software developed up until that moment in consideration
    of the applicable development fees. For the avoidance of doubt MSG shall not be responsible for any future monthly instalment
    payments of the development fee for work not yet completed as of the date of termination under this clause.

 

    	 	 	11

    	 	 	 

    

 

	18.5.
    	Termination
    of this Agreement shall not prejudice any rights of either Party which have arisen on or before the date of termination and
    all provisions of this Agreement which expressly or by implication are intended to continue in force following termination
    shall so do.
	 	 
	18.6.	Termination
    of this Agreement for whatever reason shall not affect the transfer of (i) any Intellectual Property Rights pursuant to this
    Agreement and (ii) any licenses to the extent stated in this Agreement.
	 	 
	18.7.	If
    any of the events under the Clause 18.2 and 18.3 were to materialize, the Parties will work together in good faith to develop
    a mutually agreed plan for either the continuation of or the termination of the License Agreement.

 

	19.	RIGHT
    TO LICENSE RFACTOR TECHNOLOGY

 

	19.1.	MSG
    shall have the right to license the rFactor Technology for use in future product franchises under similar financial terms
    as agreed under this Agreement. This right to future license(s) does not automatically commit Studio397 to provide development
    services or otherwise supply engineering resources necessary to integrate and use the rFactor Technology. Where development
    help is required, this will be negotiated with Studio397 and on a case-by-case basis, but it is expected that MSG will be
    able to integrate the rFactor Technology into other games without the help of Studio397. For example, car handling and AI
    parameters and data can be worked on using available tools and processes already freely available to the community.

 

	20.	MISCELLANEOUS

 

	20.1.
    	Unless
    explicitly provided otherwise in this Agreement, the Parties shall each bear their own costs, charges and expenses incurred
    in relation to this Agreement.
	 	 
	20.2.
    	This
    Agreement, together with any documents referred to herein, contains the entire agreement between the Parties relating to its
    subject matter and replaces and supersedes any previous written or oral agreement between the Parties in relation to the matters
    dealt with in this Agreement.
	 	 
	20.3.
    	Any
    variation of this Agreement is not valid unless and until it is in writing and has been signed by or on behalf of all Parties.

 

    	 	 	12

    	 	 	 

    

 

	20.4.
    	If
    a provision of this Agreement is or becomes invalid or non-binding, the Parties shall remain bound by the remaining provisions.
    In that event, the Parties shall replace the invalid or non-binding provision by provisions that are valid and binding and
    that have, to the greatest extent possible, a similar effect as the invalid or non- binding provision, given the contents
    and purpose of this Agreement.
	 	 
	20.5.
    	A
    single or partial exercise of any right or remedy under this Agreement by a Party shall not preclude any other or further
    exercise of that right or remedy or the exercise of any other right or remedy. A waiver of any breach of this Agreement by
    a Party shall not be deemed to be a waiver of any subsequent breach.
	 	 
	20.6.
    	Unless
    explicitly provided otherwise in this Agreement, this Agreement does not contain any stipulation in favour of a third party
    (derdenbeding). In the event that any stipulation in favour of a third party (derdenbeding) contained in this
    Agreement is accepted by any third party, such third party will become a Party to this Agreement for that particular purpose
    only.
	 	 
	20.7.
    	This
    Agreement may be entered into in any number of counterparts, all of which taken together shall constitute one and the same
    instrument. The Parties may enter into this Agreement by signing any such counterpart.

 

	21.	GOVERNING
    LAW AND DISPUTE RESOLUTION

 

	21.1.	This
    Agreement and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in
    accordance with the laws of the Netherlands.
	 	 
	21.2.
    	Except
    as otherwise provided in this Agreement, all disputes arising out of or in connection with this Agreement shall, if no amicable
    settlement can be reached between the Parties, in first instance be submitted to the competent courts in Amsterdam.

 

	Agreed
    upon and signed by:

 

	/s/
    Stephen Hood	 	/s/
    Marcel Offermans
	Motorsport
        Gaming US LLC

        By:
        Stephen Hood
	 	Studio397
        B.V.

        By:
        Marcel Offermans

	Position:
        President

                                                         Place: England

        Date:
        18th May 2020
	 	Position:
        Managing Director

                                                         Place: Netherlands

        Date:
        18th May 2020

 

    	 	 	13

    	 	 	 

    

 

Schedule
1 – Software Functional and Technical Requirements

 

MSG
intends to release the Game on three (3) platforms, including PC, Sony PlayStation and Microsoft Xbox (with respect to Sony PlayStation
and Microsoft Xbox consoles, the game is to be launched on the new hardware expected to be released to market in winter 2020).
The Software should enable these releases.

 

    	 	 	14

    	 	 	 

    

 

Schedule
2 – RFactor Technology

 

The
RFactor Technology are critical to the proper functioning of the Game.

 

The
RFactor Technology may be used for (a combination of) the following purposes: 1) providing car handling physics and balance tuning
to represent agreed season Cup car in the Game; 2) balancing performance of cars and team cars to represent agreed season cup
performance; 3) balancing and tuning of component parts of a car to simulate mechanical reliabilities; 4) tuning as relates to
pre-determined DLC cars (some of which may be historic/iconic); 5) Artificial Intelligence for AI cars to compete on all tracks
in varying conditions and sessions; 6) tuning to balance competitiveness of AI opponents in relation to difficulty modes and tracks;
8) allowing for the ability of MSG to tune global and detailed AI opponent competitiveness at will; 9) creating rules code to
represent authentic race sessions and those required by game specification; and 10) managing game states.

 

    	 	 	15

    	 	 	 

    

 

Schedule
3 – Planning and Milestones

 

Milestone
1: March 27th, 2020

 

	 	●	rFactor
    stock car physics engine implemented
	 	●	Designed
    to be ready to adjust for 2021 Next Gen car
	 	●	rFactor
    tire model integrated
	 	●	Setup
    parameters and impound rules are integrated
	 	●	Track
    specific simulation is integrated (Homestead Specifically)
	 	●	Dynamic
    racing line
	 	●	Temperature
	 	●	Practice
    session & qualifying modes complete (Homestead Specifically)
	 	●	Garage
    waypoints / Driving
	 	●	In
    Game Camera specification provided to Moscow team
	 	●	Pipeline
    tooling for tracks (able to edit/save vehicle spawn points, AI waypoints on tracks and collision models)

 

Milestone
2: June 19th, 2020

 

	 	●	rFactor
    damage model integrated (Mechanical)
	 	●	Events
    for sound and VFX for replay and networking (instead of using vehicle physics states)
	 	●	Expose
    state for visualisation of tyre deformation
	 	●	Pit
    stop mechanics integrated
	 	●	Pit
    road waypoints
	 	●	Pit
    Stop repairs
	 	●	rFactor
    AI integration (Not refined)
	 	●	Race
    session state complete
	 	●	Rule
    states (Black / Yellow flags)
	 	●	Pace
    car
	 	●	Gameplay
    logic for:
	 	●	NASCAR
    flags (current RF2 behavior has been ported)

 

	 	○	Caution
    / restarts (current RF2 behavior has been ported)
	 	○	Stages
	 	○	Drafting
    (current RF2 behavior has been ported)
	 	○	AI
    behavior for above mentioned gameplay logic (current RF2 behavior has been ported)

 

	 	●	8
    Functional tracks (waypoints, driving mechanics, collisions)

 

	 	○	Homestead
    (Done)
	 	○	Sonoma
	 	○	Bristol
	 	○	Daytona
	 	○	Charlotte
	 	○	Charlotte
    Roval
	 	○	Kentucky
	 	○	Las
    Vegas

 

Milestone
3: September 11th, 2020

 

	 	●	Porting
    rF2 physics to Next Gen Xbox
	 	●	Porting
    rF2 physics to PS5
	 	●	Wheel
    integration and configuration in Unreal
	 	●	Expose
    weather system API

 

    	 	 	16

    	 	 	 

    

 

	 	●	Expose
    Real Road Visualization API
	 	●	Refine
    AI (Racing lines, tactics, characteristics, choreography)

 

	 	○	Refine
    pit stop mechanics
	 	○	Differing
    strategies, possibilities
	 	○	Assists
    Settings / Difficulty Implementation
	 	○	Yellow
    Flag Replay Mode implemented
	 	○	Caution
    replays (for accidents)
	 	○	Integrate
    RF2 replay system

 

	 	●	8
    (More) Functional tracks (waypoints, driving mechanics, collisions)

 

	 	○	Auto
    Club
	 	○	Atlanta
	 	○	Texas
	 	○	Phoenix
	 	○	Talladega
	 	○	Watkins
    Glen
	 	○	New
    Hampshire
	 	○	Richmond

 

Milestone
4: December 4th, 2020

 

POTENTIAL
ALPHA MILESTONE

 

	 	●	Refine
    damage model (Visual / Mechanical)
	 	●	Refine
    difficulty
	 	●	Implement
    2021 Next Gen car rules / design
	 	●	All
    Functional tracks (waypoints, driving mechanics, collisions)

 

	 	○	Indianapolis
	 	○	Pocono
	 	○	Michigan
	 	○	Chicagoland
	 	○	Darlington
	 	○	Dover
	 	○	Kansas
	 	○	Martinsville

 

Milestone
5: February 26th, 2021

 

POTENTIAL
BETA MILESTONE

 

	 	●	Refine
    / Finalize 2021 Next Gen Car
	 	●	Finalize
    damage model (Visual / Mechanical) for Next Gen Car
	 	●	Finalize
    2021 rules states
	 	●	Refine
    modes
	 	●	Refine
    AI for all tracks
	 	●	Make
    adjustments and improvements to 2021 Next Gen car based on data from initial races of 2021 season.
	 	●	Adjust
    and refine AI behavior based on data from initial races of 2021 season.
	 	●	Pipeline
    tooling for vehicles (maybe manual process is sufficient)

 

    	 	 	17

    	 	 	 

    

 

Schedule
4 – License Fee

 

In
relation to the Software, the following License Fees apply:

 

A.
A one-time license fee of EUR [***] to be paid by MSG to Studio397 for the first platform in two instalments: 1) 50% upon the
Execution of the Agreement (paid within sixty (60) days of the final signature) and 2) 50% no later than sixty (60) days after
the Game, is made available for sale on the Steam platform..

 

B.
An additional EUR [***] for each additional platform, to be paid at the start of (re)development of the Game for each additional
platform. For the purposes of this Agreement, start of (re)development is considered to be delivery to Studio 397 of next-generation
PlayStation or Microsoft hardware necessary to begin development of the Game on those platforms.

 

    	 	 	18

    	 	 	 

    

 

Schedule
5 – Services

 

Studio397
will supply software technologies, development expertise and original code to meet the needs of the NASCAR NXT project as broadly
described in the Milestones set forth in Schedule 3 and in Schedule 2 – rFactor Technology. The software technologies provide
necessary core elements for the project and will be featured in the final product released to consumers. It is understood that
Studio397 will need to write original code and interfaces to meet product requirements so as to feature these technologies in
a form conducive to the product architecture. Additionally, Studio397 will be considered part of the “team” and as
such will be expected to contribute to production, development and strategic decisions around the use of the supplied technologies
and other components, be they from Studio397 or another source. This development expertise should be considered supplementary
to the core requirement of technology inclusion, but part of the services contracted for herein

 

    	 	 	19

    	 	 	 

    

 

Schedule
6 – Review & Approval Process

 

Simplified
Process of Approvals for Software

 

The
pre-agreed (details of which are to be agreed upon no less than two (2) weeks prior to the start of development for any particular
Milestone) Milestones tasks are demonstrated by Studio397 in the appropriate Milestone review meeting (The milestone review process
- held on the days the Milestone is due).

 

That
review build is then used to verify the status and functionality of the pre-agreed deliverables, independently (where possible)
of Studio397 and under supervision of the Technical Director and Creative Director (for Studio397 tasks).

 

This
post-Milestone review is carried out within 3 business days of the relevant Milestone date, to provide ample time for review by
the stakeholders.

 

The
work is either accepted, part-accepted (in the case of some elements functioning as agreed) or entirely rejected. Where Milestone
deliverables are accepted, in their entirety, this acceptance will be communicated to a designated authority (President) who will
convey acceptance directly to the MD of Studio397 stating our intent to accept the work and receive an invoice for said work.

 

In
the case of part-acceptance and rejection, a process of remedy is followed. The company will provide clear reasons for the work
not meeting expectations and will provide, within a reasonable time frame, a list of requirements for the work to meet the expected
standards for approval. Those elements identified as being rejected will be classed as relating to one of two categories. 1) Technical:
error or underperformance OR 2) Creative Change.

 

These
remedial requirements are communicated to the MD of Studio397 and a response with plan of action is expected in return within
3 business days.

 

That
plan of remedy is accepted or rejected within 1 business day. If accepted, it must allow for the remedial work to be carried out
within the proposed period and without affecting the delivery of future work. If this is communicated as not practical, S397 is
expected to manage this additional workload at their cost where elements relate to the technical category. Where work relates
to Creative Change, it will take place at cost to MSG and for that cost to be negotiated with S397 on a case by case basis.

 

When
remedial work has been carried out, Studio397 must request a remedial review – which will follow the Milestone review
process. When the work has been demonstrated and independently verified, Studio397 will invoice for the work.

 

If
changes need to be made to the milestone goals, either moving the order in which goals are delivered or adding or removing goals
from the milestones, the company will give Studio397 a period of four weeks’ notice of the change to the milestone goals.
The proposed changes will be discussed with Studio397 and the milestone goals will be amended, distributed and confirmation of
acceptance sought from S397.

 

All
Milestone work is reviewed by a Steering Committee comprising Hans Bossenbroek (CEO Luminis, Studio397 parent company)
and Stephen Hood (President, Motorsport Gaming US LLC). This purpose of this committee is to provide a means or arbitration during
the collaboration of development of NASCAR NEXT.

 

    	 	 	20

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