Document:

Exhibit 10.4

 

STATEMENT
OF MAIN TERMS

This
Statement, together with the Restrictive Covenants, forms part of your Terms and Conditions of Employment and sets out particulars
of the main terms on which of Esports Technologies, Inc.

 

 

Employs: Bart
Barden

 

Your employment begins
on October 1, 2020 no previous employment counts as part of your period of continuous employment.

 

JOB TITLE

You are employed as Chief
Operating Officer (“COO”) and Managing Director Esports Technologies Ireland and your duties will be as advised by
the CEO. Your duties may be modified from time to time to suit the needs of the business.

 

You will serve on the board
of directors within 12 months beginning of employment with responsibilities and renumeration to be determined upon position acceptance.

 

APPLICABLE LAW

The terms and conditions
of your employment shall be governed under the laws applicable to the Republic of Ireland.

 

PLACE OF WORK

Your normal place of employment will be working
from your home office at 21 Bushfield Terrace Donnybook Dublin 4. However, you also agree
to work at any Company place of business on a temporary or permanent basis as the Company or the Company may reasonably require.
You will also be prepared to undertake any reasonable travel on business which is deemed necessary by the Company or the Company.

 

As this is a homeworking
arrangement you agree to complete a self-certification risk assessment confirmation in respect of the suitability of your home
as a workplace and to comply with the Company’s policy on homeworking. You further agree to notify your home insurance provider
that you will be working from home and to make the necessary amendments to your insurance policy to ensure that the Company is
indemnified against any claims in respect of your homeworking arrangement including but not limited to personal injuries.

 

However, the Company reserves
the right and by signing this agreement you hereby agree to carry out your work, either on a temporary or permanent basis, at such
location as the Company may reasonably require from time to time.

 

The Company reserves the right to change the place
of your employment, in which event you will be given reasonable notice.

 

HOURS OF WORK

Your normal hours of work
are 8 per day, 40 per week, 10.00 a.m. to 6.00 p.m. Monday to Friday. You will receive appropriate unpaid rest breaks depending
on the length of your shift and in accordance with the Organisation of Working Time Act 1997.

 

From time to time, you may
be required to travel and/or work such additional time outside normal core hours as may be required to complete your responsibilities
without additional remuneration, holidays or leave.

 

 

 

    	 	1	 

     

    

 

MINIMUM REST PERIODS

As part of your employment, and in accordance with
the Organisation of Working Time Act, if you work more than 4.5 hours you will be entitled to a 15 minute unpaid rest break each
day. If you work for more than six hours you will be entitled to a 30 minute unpaid rest break each day (which may be inclusive
of the previous 15 minute break). As part of your employment you will also be entitled to a daily rest period of 11 consecutive
hours in a 24 hour period and a weekly rest period of 24 consecutive hours per seven days, following a daily rest period. Should
you fail to receive your breaks or rest periods you should notify the Director in writing, within one week and they will seek
to ensure you are afforded this as soon as possible. Breaks over and above Minimum entitlements are specified in the ‘Hours
of Work’ section.

 

REMUNERATION

Your salary is currently
€160,000 per annum payable monthly by credit transfer as detailed on your pay statement. Your salary is subject to deduction
of tax, USC, PRSI and any other deductions required by law or provided for under this agreement. In accordance with section 23
of the National Minimum Wage Act, 2000, you may request a written statement of your average hourly rate of pay for any pay reference
period falling within the previous 12 months. For the purposes of the National Minimum Wage Act, the pay reference period is a
calendar month.

 

You are not entitled to
payment for additional hours as this is reflected in your current salary. The Company will ensure at all times that its obligations
under National Minimum Age regulations are met.

 

BENEFITS

Your salary amount includes
a €1,300 per month health care and benefit stipend, which will be paid as an addition to your monthly salary payments. The
company has complete discretion to manage and adjust these amounts based on internal or external factors. This stipend will no
longer be made, if the company provides adequate health care and benefits package to their employees.

 

		1.	Option Grant. On the Effective Date, Employee will be entitled to
                                                               receive an option grant (the “Option Grant”), to purchase 1,400,000 shares of Company common stock at an exercise
                                                               price of $.25
per share. The Option Grant shall have a term of ten years and shall vest (provided Employee remains continuously employed by
Company on and does not resign prior to each such vesting) as follows: (i) 1,200,000 shares underlying the Option Grant shall
vest in four (4) equal instalments of 300,000 shares on each of the succeeding four anniversary dates of the date of grant,; and
(ii) up to 200,000 shares underlying the Option Grant shall vest upon the closing of the Company’s U.S. initial public offering
(“IPO”) as follows: (A) if the gross proceeds (number of shares multiplied by the share price) from the IPO do not
exceed $18.0 million, zero shares shall vest; and (B)  
if the gross proceeds from the IPO exceed $18.0 million, for every $100 dollars of gross proceeds in excess of $18.0 million
1.45 shares shall vest (up to a maximum of 200,000 shares);.

		a.	Notwithstanding the foregoing, the vesting of the 1st instalment
of 300,000 shares under

		(i)	above shall be accelerated and granted if the employee is terminated without cause.

		b.	Notwithstanding the foregoing, the vesting of the second instalment of 300,000
shares under (i) above shall be accelerated prior to the scheduled vesting date, if the 451st
day the Company is listed on a national securities exchange is sooner.

		c.	Notwithstanding the foregoing, the vesting of the full option grant will
occur upon any acquisition or merger transaction where a majority control of the company is transferred.

		d.	The Option Grant shall be made pursuant to the eSports Technologies, Inc.
2020 Stock Plan, and shall in all respects be subject to the terms and conditions of such plan. The share restrictions are outlined
in Exhibit A attached hereto.

 

 

 

    	 	2	 

     

    

 

		2.	Bonus Structures:

		a.	$100,000 cash signing bonus (“Signing Bonus”) upon the listing
of the Company’s common stock on a public stock exchange, to be paid on the first day of trading. – Signing Bonus to
be paid back if not employed on 12-month anniversary.

		b.	$25,000 cash bonus on day 181 of the company listing on a national securities
exchange. Additional $25,000 bonus if on this day, the company stock has traded on or above $7.00 per share for 10 consecutive
days and gross revenue has totalled $3M from January 1st 2021.

		c.	Bonus up to 40% of base salary: Commencing the first full fiscal quarter
after the IPO and terminating at the end of 2022, you will be entitled to a performance bonus of 10% of your base salary each fiscal
quarter, payable as 50% common stock with a 3 year vesting schedule and 50% cash upon the Company achieving EBITDA equal to 10%
of its revenue for such fiscal quarter. The payment of the bonus will be made upon the filing of the Company’s Form 10-Q
for such fiscal quarter (or Form 10-K for the fourth fiscal quarter) and the common stock portion of the bonus shall be priced
based on the closing price of the Company’s common stock on the filing date of the Form 10-Q (or Form 10- K for the fourth
fiscal quarter).

		d.	You may also be eligible to earn a bonus subject to such conditions (including
but not limited to, conditions for and timing of payment) as the Company and/or Company may in its absolute discretion determine
from time to time. The terms of the bonus plan will be provided by and discussed with your manager. The Company and/or Company
reserve the right to amend the terms of the bonus plan at its absolute discretion.

		e.	You are eligible to participate in any company recruiting bonus or referral
bonus programs, as deemed relevant by Company management.

 

The terms of your employment
shall not be affected in any way by your participation or entitlement to participate in any long-term incentive plan or share option
scheme. Except for the above, such schemes and/or plans shall not form part of the terms of your employment (express or implied).
In calculating any payment, compensation or damages on the termination of your employment for whatever reason (whether lawful or
unlawful) which might otherwise be payable to you, no account shall be taken of your participation in any such schemes and/or plans
or any impact upon participation such termination may have. The Company reserves the right to withdraw or vary any such plans or
schemes at its absolute discretion and your participation in any such schemes or plans is a privilege rather than a contractual
entitlement.

 

ANNUAL HOLIDAYS

Your holiday year begins on 1st January
and ends on 31st December each year. If you work for at least 1365 hours during the holiday year you will receive a paid holiday
entitlement of five of your working weeks during the complete holiday year. Alternatively you will receive a paid holiday entitlement
of 8% of the total hours worked in the leave year, subject to a maximum of four of your working weeks. You must remain in employment
with the Company for the complete holiday year to avail of the full entitlement.

 

For part years of service
your entitlement will be calculated as 1/52nd of the annual entitlement for each completed week of service during that holiday
year.

 

Conditions relating to
the taking of annual holidays are shown in the Employee Handbook to which you should refer.

 

PUBLIC HOLIDAYS

In addition to the annual
holiday entitlement you are allowed the following public/bank holidays each year with pay or alternative days as decided by us:-

 

	New Year's Day	The first Monday in August
	St Patrick's Day	The last Monday in October
	Easter Monday	Christmas Day
	The first
Monday in May	St Stephen's Day
	The first Monday in June	 

 

 

 

    	 	3	 

     

    

 

For full time workers there
is no service requirement in respect of benefits for Public Holiday entitlements, for part time workers you must have worked 40
hours in the preceding five weeks to the Public Holiday to benefit from the Public Holiday entitlement. If you are not required
to work on one of the above days, and it is a day you do not normally work, you will receive one fifth of your last normal weekly
wage for that day. In the event of you working on one of the above days, in addition to basic pay for the hours worked, you will
either be paid an additional days pay calculated on the basis of the number of hours worked on your last working day before the
Public Holiday or you will receive the appropriate time off in lieu, at our discretion. The date when time off in lieu is taken
must be mutually agreed with us.

 

JOB FLEXIBILITY

It is an express condition
of employment that you are prepared, whenever necessary, to transfer to any alternative departments or duties either on a temporary
or permanent basis within our business. This flexibility is essential as the type and volume of work is always subject to change,
and it allows us to operate efficiently and gain maximum potential from our work force. This may also include performing services
for and on behalf of one or more of the Company's affiliated entities.

 

SICKNESS PAY AND CONDITIONS

There is no contractual sickness/injury payments
scheme in addition to state benefit.

 

In case of sickness or other
incapacity for work, you must comply with the Company's policy from time to time in force, regarding notification and medical certification.
Failure to do so may result in disciplinary action and/or termination of sick pay (if applicable).

 

The Company reserves the
right to have you medically examined by a doctor and/or medical consultant at any time during employment. By signing this Agreement
you agree that any information or report arising from such examination shall be disclosed to the Company and that the Company is
entitled to make relevant determinations based on the advice of its nominated doctor and/or consultant.

 

Failure to attend at a medical
examination when requested to do so may result in disciplinary action and/or termination of sick pay (if applicable).

 

The Company will be issuing
an Employee Handbook, and Employee agrees to those policies will be part of his agreement with the Company so long as they do not
contradict the terms set forth in this Agreement.

 

NOTICE OF TERMINATION TO BE GIVEN BY EMPLOYER

Under 13 weeks service – 90 Days

13 weeks but less than 2 years’ service
– 180 days 2 years but less than 3 years’ service – 240 days

3 years but less than 5 years’ service –
1 Year

5 years but less than 10 years’
service – 2 Years 10 years but less than 15 years’ service – 2 Years 15 years’ service or more
– 2 Years

 

NOTICE OF TERMINATION TO BE GIVEN BY EMPLOYEE

Under 13 weeks service - Nil.

13 weeks service or more - 4 weeks.

 

We reserve the contractual right to give pay in lieu
of all or any part of the above notice by either party.

 

 

 

    	 	4	 

     

    

 

In the event of notice
by either party, the Company may request you to take "garden leave" and not to attend for work or perform duties during
all or part of the notice period. During that time you will continue to be employed by the Company and continue to owe duties of
fidelity and good faith to the Company, but you will no longer continue to vest into any shares pursuant to any agreements with
the Company. You will remain bound by the terms of this Agreement and shall not be entitled to enter into any other employment.

 

TRAINING AGREEMENT

As part of your employment,
you may receive training from external providers from to time. Should your employment with the Company end within one year of receiving
such training you may be required to re- pay the Company a portion of the cost of providing such training. Further details are
provided for in the Training Agreement.

 

NON – DISPARAGEMENT

You acknowledge that the
Company and each affiliated entity would be irreparably damaged if you were to take actions that would damage or misappropriate
the goodwill of the Company and/or the affiliated entity. Accordingly, you agree during the Term of Employment and at all times
thereafter not to take any actions or to make, publish or endorse any statements or communications to any third party (whether
verbal or in writing) that: (i) disparage, defame, ridicule, criticize, or are derogatory or otherwise reflect adversely upon,
the Company and/or each affiliated entity, and their respective businesses, services, products (including, without limitation,
shows and other media content produced and/or distributed by the Company and/or each affiliated entity, and the host talent and
guests related to such shows and content), managers, directors, members, contractors or employees (in their capacity as such);
and/or (ii) could reasonably be expected to cause injury to the relationships between the Company and/or each affiliated entity
and their respective customers, subscribers, vendors, advertisers, suppliers, distributors, employees, contractors, consultants
or other business associates. The limitations in this paragraph apply to any and all statements and communications, including,
but not limited to, any statements and communications made via websites, blogs, and postings to the Internet, or e-mail messages,
whether or not they are made anonymously or through the use of a pseudonym. However, the limitations in this paragraph do not
apply to truthful statements made in connection with the legal process, governmental testimony or filings, or administrative or
arbitral proceedings (including, without limitation, depositions in connection with such proceedings), or in connection with statutorily
privileged statements made to governmental or law enforcement agencies relating to rights protected under Irish law; provided
that when possible, any public records or filings in connection with such legal process, governmental testimony, filings, administrative
or arbitral proceedings, and statements made to governmental agencies in connection therewith, shall be made on a sealed or other
confidential basis and made subject to a protective order. For the avoidance of doubt, nothing in this Agreement shall prevent
you from making a protected disclosure under the Protected Disclosures Act 2014.

 

PERSONAL RETIREMENT SAVINGS ACCOUNT (PRSA)

There is a personal retirement
savings account (PRSA) scheme applicable to your employment, details of which are available separately. The Company does not contribute
to PRSA.

 

RESTRICTIVE COVENANTS

You confirm that you have
read, understood and agree to the terms and conditions of the Restrictive Covenants Agreement which has been provided to you separately.

 

You further confirm that
any breach by you of the provisions of the Restrictive Covenants Agreement will be regarded by the Company as a serious disciplinary
matter and may, if committed while you are employed by the Company, result in disciplinary actions being taken against you up to
and including dismissal without notice.

 

INTELLECTUAL PROPERTY

You confirm that you have
read, understood and agree to the terms and conditions of the Restrictive Covenants Agreement which has been provided to you separately.

 

You further confirm that
any breach by you of the provisions of the Restrictive Covenants Agreement will be regarded by the Company as a serious disciplinary
matter and may, if committed while you are employed by the Company, result in disciplinary actions being taken against you up to
and including dismissal without notice.

 

 

 

    	 	5	 

     

    

 

DATA PROTECTION

Details
of how and why the Company processes your personal data are contained in the Company's Data Protection Policy and Privacy Notice.
You will be asked to acknowledge receipt of the Data Protection and Privacy Notice.

 

The Company also has a Data
Protection Policy which is applicable to all employees. For further information on data protection procedures and processes please
refer to the Data Protection Policy.

 

The Company reserves the
right to change, replace or withdraw its Data Protection Policy at any time and you are required to comply with all policies and
procedures in force from time to time. Failure to comply with the Data Protection Policy may lead to disciplinary action, up to
and including dismissal.

 

RETIREMENT AGE

The normal retirement age in
our Company is in line with State Pension Age.

 

SAFETY

We take our obligations
regarding the safety, health and welfare of our employees seriously and in this regard your attention is drawn to our Safety Statement
which is available on the premises.

 

DEDUCTIONS FROM PAY

For the purpose of the Payment
of Wages Act 1991, as amended, the Company shall be entitled to deduct from your salary or other payments due to you any sums which
you may owe to the Company at any time (including but not limited to overpayment of wages, holiday pay, expenses, or sick pay,
if applicable).

 

You confirm that you have
read, understood and agree to the policies in relation to deductions from pay, and agree that the Company may make deductions in
line with the procedures set out in the Employee Handbook and the Deductions from Pay Agreement.

 

MISCELLANEOUS

Unless the context otherwise
requires, words denoting the singular include the plural and words denoting the masculine include the feminine and vice versa.

 

No failure or delay by
the Company in exercising any remedy, right, power of privilege under or in relation to this agreement or at law shall operate
as a waiver of the same nor shall any single or partial exercise of any remedy, right, power or privilege preclude any further
exercise of the same or the exercise of any other remedy, right, power or privilege.

 

This agreement contains
the entire agreement between the parties. All previous agreements, understandings, assurances, statements, promises, warranties,
representations or misrepresentations (whether written or oral) between the parties are superseded by this agreement.

 

If any provision of the
agreement should be declared void or unenforceable by a court of administrative body of competent jurisdiction, the validity of
the remaining provisions shall not be affected.

 

The information contained
in this agreement constitutes a written statement of particulars of your employment with the Company in accordance with the requirements
of section 3 of the Terms of Employment (Information) Act 1994 to 2014.

 

AMENDMENTS TO TERMS AND CONDITIONS OF EMPLOYMENT

The Company reserves the
right to make reasonable amendments to your terms and conditions of employment, and will provide you with 28 days’ notice
of any change coming into effect, taking into account the requirements of the business.

 

I hereby verify that through signing this statement of
main terms of employment I have read, understood and accept all terms and conditions in relation to my employment with
Esports Technologies, Inc.

 

 

 

 

    	 	6	 

     

    

 

Signature:
/s/ Keith Williams,                               For and on behalf of the Employer

 

Date: 10/19/2020

 

I
acknowledge receipt of this statement.

 

Signature: /s/ Bart Barden                                         

 

Date: 10/19/2020 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	7	 

     

    

 

EXHIBIT A

 

 

 

 

As such,
the undersigned hereby agrees that, the undersigned will not, during the Lock-Up Period (as defined below), (1) offer, pledge,
sell, contract to sell, grant, lend, or otherwise transfer or dispose of, directly or indirectly, the Shares; (2) enter into any
swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the
Shares, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Shares, in cash or otherwise;
or (3) publicly disclose the intention to make any offer, sale, pledge or disposition, or to enter into any transaction, swap,
hedge or other arrangement relating to any Shares.

 

The “Lock-Up Period” shall mean:

 

 

From
and after the date hereof and until 15 months day after the date the Common Stock is first listed for trading on a national securities
exchange (such first trading day, the “Lock-Up Trigger Date”), the undersigned agrees not to sell, transfer
or otherwise dispose of any Shares.

 

 

After
such 15-month period and until 24 months from the closing of the IPO, such individuals and entities may sell their shares pursuant
to the following criteria:

 

 

		(i)	if our common stock price is over $7.00 per share for five consecutive trading
days then the holder can sell up to 3% of their holdings on a monthly basis, subject to a maximum sale on any trading day of 3%
of the daily volume;

		(ii)	if our common stock price is over $10.00 per share for five consecutive trading
days then the holder can sell up to an additional 5% of their holdings on a monthly basis, subject to a maximum sale on any trading
day of 3% of the daily volume; and

		(iii)	if our common stock price is over $14.00 per share then the holder is not restricted
from making any sales until such time as our common stock price falls back below $14.00 per share.

 

 

In addition to the restrictions noted above, the
undersigned will be limited on any trading day to selling less than 3% of the day’s trading volume.

 

 

The
undersigned also agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent and registrar
against the transfer of the undersigned’s Shares except in compliance with this lock-up agreement. The undersigned understands
that in addition to the lock-up provisions of this agreement, the Shares are also subject to all any restrictions imposed by the
Securities Act of 1933, as amended.

 

The
undersigned understands that the Company relying upon this lock-up agreement in proceeding the Offering. The undersigned further
understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned’s heirs, legal representatives,
successors and assigns.

 

 

 

    	 	8	 

     

    

 

	 	Bart Barden
	 	 
	 	 
	 	(Name
- Please Print)
	 	/s/ Bart Barden                                 
	 	 

        (Signature)

	 	 
	 	 
	 	 
	 	 
	 	(Name of Signatory, in the case of entities - Please
Print
	 	 
	 	 
	 	 
	 	 
	 	(Title of Signatory, in the case of entities -
Please Print)
	 	 
	 	 
	 	 
	 	Address:      21 Bushfield Terrace
	 	Donnybrook, Dublin 4
	 	Ireland
	 	 
	 	 
	 	Date: 10/19/20
	 	 

 

 

 

 

    	 	9Exhibit 10.5

 

OPTION
AGREEMENT

 

This Option Agreement is
entered by and between the parties with an effective date as of the 1st of October 2020 and sets forth the agreement
whereby Company grants to Optionholder (as those parties are defined hereunder) the option to enter into a binding exclusive license
agreement to license the Company patents as defined hereunder (“Option”).

 

Parties

 

		(1)	COLOSSUS (IOM) LIMITED a company incorporated in the Isle of Man with
registration number 009662V whose registered office is PO BOX 227, Clinch’s House, Lord Street, Douglas, Isle Of Man, IM99 1RZ (the
“Company”); and

 

		(2)	ESPORTS TECHNOLOGIES, INC. a company incorporated in the state of Nevada,
and registered office located at 720 South Seventh Street, Third Floor, Las Vegas, NV 89101 (the “Optionholder”).

 

 

		1.	GRANT OF OPTION

 

Upon the payment of GBP £100,000
to the Company by the Optionholder, the Company HEREBY GRANTS to the Optionholder a personal, non-refundable, non-transferable
and non-sublicensable option to execute and enter in an exclusive license agreement with the Company to certain patents held by
the Company including those identified on Schedule 1 below (“License Agreement”). The basic form of License
Agreement is set forth as attached in Appendix A. The Option is exercisable in accordance with the terms and conditions as set
forth in Section 2 through 4 below.

 

		2.	MANNER OF EXERCISE OF OPTION

 

The Optionholder may exercise
the Option by: (a) providing written email notice to the Company at the email address below (or alternatively such other email
address as advised by the Company to the Optionholder from time to time) indicating Optionholder’s exercise of the Option
and its intent to enter into a definitive and binding License Agreement, and; (b) executing a definitive binding License Agreement
(considering the basic Form of License Agreement set forth in Appendix A attached hereto) and completing full payment of fees and
consideration due in connection with same within twenty-one (21) days of the date such notice of exercise is received by Company.
For the avoidance of doubt, the Option will be deemed exercised only upon completion of each condition as set forth in Section
2.1 (a) and

(b) hereinabove.

 

Notice Email: hollie.mcgowan@colossusbets.com

 

		3.	TERMINATION OF OPTION

 

The Option shall immediately
lapse and cease to be exercisable should Optionholder fail to fully exercise said Option and satisfy all terms and conditions of
Section 2 hereinabove no later than May 1, 2021.

 

 

 

    	 	1	 

     

    

 

		4.	GOVERNING LAW

 

This Agreement shall be governed
by, and construed in accordance with, the laws of the State of Delaware (without regard to principles of conflicts of laws which
might apply the laws of any other jurisdiction).

 

IN WITNESS WHEREOF,
the undersigned Parties have caused this Option Agreement to be executed by their respective duly authorized representatives as
an instrument as of the date first above written.

 

 

FOR: COLOSSUS
(IOM) LIMITED

 

 

By: /s/ Hollie
McGowan                             

Name:     Hollie McGowan

Title:       Director

 

 

 

FOR: eSports Technologies, Inc.

 

 

By: /s/ Keith
Williams                        

Name:    
Keith Williams

Title:       President

 

 

 

 

    	 	2	 

     

    

 

APPENDIX
A

 

FORM OF LICENSE AGREEMENT

 

This Patents’ License Agreement
(“Agreement”) dated as of ___________ (the “Effective Date”) is entered into by
and between the Licensor, Colossus (IOM) Ltd Clinch’s House, Lord Street, Douglas, Isle of Man, IM99 1RZ and a
registered number of 009662V and the Licensee, [] (Licensor and Licensee each a “Party,” and collectively,
the “Parties”).

 

RECITALS

 

WHEREAS, Licensor owns or
has rights to license the Cash Out Patents (as defined in Article 1);

 

WHEREAS,
Licensee desires to obtain a license to utilize the Cash Out Patents limited in scope to the field of use pertaining to esports
betting (“Purpose” as described more fully herein), and Licensor is willing to grant Licensee such a license to do
so pursuant to the provisions of this Agreement; and

 

NOW,
THEREFORE, in consideration of the foregoing premises and the mutual covenants set forth herein, and for other good and valuable
consideration the receipt and sufficiency of which is mutually acknowledged, each of Licensor and Licensee do hereby agree as follows:

 

TERMS
AND CONDITIONS

 

		1.	DEFINITIONS.

 

		1.1.	“Change of Control” shall mean, with respect to a Party,
(i) sale of all, or substantially all, of the Party’s assets to another party, or (ii) the transfer of equity ownership of
the Party or the merger of the Party with another party (or similar transaction), such that a person or persons which could not
elect a majority of the directors of that Party before such transfer, could elect a majority afterwards, other than a transfer
which occurs in connection with an initial public offering of the shares of such Party.

 

		1.2.	“Confidential Information” shall have the meaning ascribed
to it in Section 3 of this Agreement.

 

		1.3.	“Effective Date” means the date set forth in the preamble of this Agreement.

 

		1.4.	“Cash Out Patents” means the patents listed in Schedule
1, and which may be modified from time to time by Company in its sole discretion upon written notice and any continuations, enhancements
or derivations of same.

 

		1.5.	“Intellectual Property Rights” means all inventions,
discoveries, patents (including all renewals, extensions or divisions thereof), patent applications, registered and unregistered
trademarks and service marks and all goodwill associated therewith and symbolized thereby, domain names, trademark applications
and service mark applications, registered and unregistered copyrights (including without limitation databases and other compilations
of information), registered and unregistered design rights, confidential information, trade secrets and know-how, including processes,
schematics, business methods, formulae and computer software programs, and all other intellectual property, property and proprietary
rights.

 

 

 

    	 	3	 

     

    

 

		1.6.	“Purpose” means the use of the Patents and any technology
derived from same in connection with any e-sports specific application.

 

		1.7.	“Affiliate” shall mean and include, with respect to a
Party, any entity that directly or indirectly controls, is controlled by, or is under common control with the Party, where “control”
means the (i) ownership of, or the power to vote, more than fifty percent (50%) of the voting stock, shares or interests of such
entity or (ii) ability to direct the management or affairs of an entity, whether by contract or otherwise.

 

		2.	LICENSE GRANT.

 

		2.1.	License. Subject to the terms and conditions set forth in this Agreement,
Licensor hereby grants to Licensee a personal, revocable, non-transferable, non-sublicensable (other than (i) to Licensee’s
Affiliates existing as of the Effective Date, and (ii) after the Effective Date to new Affiliates of Licensee that are not direct
competitors of Licensor and are approved in writing by Licensor to receive a sublicense upon Licensee’s written request,
which shall not be unreasonably withheld or delayed), and worldwide license for the Term and Fees set forth below in Sections 2.5
and 2.6 to utilize the Cash Out Patents solely for the Purpose including to practice methods claimed in the Cash Out Patents.

 

		2.2.	No Sublicensing. Unless otherwise permitted under this Agreement,
the Licensee shall not sublicense any of the rights granted under this Agreement to any third Party for any purpose without the
written consent of Licensor.

 

		2.3.	Exclusivity.
The license granted under this Agreement shall be exclusive to Licensee in the field of use encompassing the area of esports betting
(“Field”) and limited for the Purpose, so long as Licensee complies with all terms and conditions set for herein,
save that it shall not restrict rights established under the separate and non-exclusive patents’ license granted by the
Licensor to Hillside (Technology) Limited dated September 27, 2019, and shall not restrict Licensor or any of its Affiliates as
they exist as of the date of this Agreement in any manner with respect to its and their own use of the Cash Out Patents. The parties
agree that Licensor shall provide Licensee with written notice of any inquiry by any party seeking to: (a) become an Affiliate
of Licensor in the Field or (b) license Licensor’s Cash Out Patents and rights related thereto in the Field (“Third
Party Inquiry”). Within ten (10) days of receipt of said notice of Third Party Inquiry (“Notice Period”), Licensee
may provide written notice to Licensor of its rejection of said Third Party Inquiry and as such Licensor shall not further entertain
or accept any transaction with said party involved in such Third Party Inquiry. To the extent that Licensee either: (a) fails
to respond within the Notice Period or (b) approves any such Third Party Inquiry, then such third party may become an Affiliate
of the Licensor after the Effective Date and the licence granted under this Agreement shall not restrict such Affiliate in any
manner, providing that any such Affiliate is not a direct competitor of the Licensee.

 

		2.4.	Revenue Share. Subject to Section 2.3, the Parties shall share equally
in any and all revenue payable to Licensor or received by the Licensor during the term of this Agreement from the licensing by
Licensor of the Cash Out Patents to any third parties for the Purpose or in the Field.

 

		2.5.	Term. This Agreement shall commence on the Effective Date and continue
until that date which is thirty-six (36) months from the Effective Date.

 

		2.6.	Fees. In consideration of the rights and terms provided hereunder
to Licensee, Licensee shall provide the following consideration and payment to Licensor: payment of GBP £200,000 and 65,000
shares of restricted common stock of Licensee (“Stock”). For purposes of this Agreement, the term Stock means the restricted
common stock shares of Licensee. The Stock may not be sold by Licensor until the date which is earlier of: fifteen (15) months
from the Initial Public Offering of the common stock of the Licensee (“IPO”), if any, or April 1, 2023. The Stock shall
be subject to any restriction that may be required by an underwriter of the Licensee’s IPO and Licensor further agrees to
execute such agreements as may be reasonably requested by the Licensee or any underwriters in the IPO.

 

 

 

    	 	4	 

     

    

 

CONFIDENTIALITY AND PUBLICITY.

 

		2.7.	The Parties agree that all materials and any other documents or information
furnished by a Party (the “Releasing Party”) to the other Party (the “Recipient”) hereunder (“Confidential
Information”) shall be held in confidence in accordance with the Recipient’s standard confidentiality procedures and
shall not, without the prior written consent of the Releasing Party, be made available or disclosed to any third party.

 

		2.8.	Notwithstanding the above restriction, the Recipient shall not have any
obligation to hold in confidence Confidential Information which (i) is, or becomes, generally known to the public without breach
of the terms of this Agreement; (ii) is lawfully acquired by the Recipient from another source; (iii) was acquired by the Recipient
prior to the time of disclosure not in violation
of any agreement or law which was known to the Recipient; or (iv) is required by court order or by order of any governmental or
regulatory authority which has jurisdiction over the Recipient; or (v) required in connection with any reporting or other filing
pursuant to the Securities Act of 1933 or the Securities Exchange Act of 1934.

 

		2.9.	Neither Party may make any public announcement or press release in relation
to this Agreement without the written consent of the other Party.

 

		2.10.	Whilst the terms of this Agreement shall be considered Confidential Information,
the Parties will be entitled to disclose the existence of the Agreement in the course of their normal commercial dealings.

 

		3.	INFRINGEMENT AND VALIDITY.

 

		3.1.	Notification. Licensee shall inform Licensor promptly in writing of
any alleged infringement of the Cash Out Patents by a third party of which it is aware and of any available evidence thereof, as
well as any facts which may affect the validity, scope or enforceability of the Cash Out Patents of which Licensee becomes aware.

 

		3.2.	Enforcement. Licensor shall have the exclusive right, but shall not
be obligated, to commence legal action at its own expense to defend against an action alleging invalidity of the Cash Out Patents
or to prosecute all infringements of the Cash Out Patents. Licensee shall, at the request and expense of Licensor, provide reasonable
cooperation in any such litigation.

 

		4.	WARRANTIES.

 

		4.1.	By Both Parties. Each of the Parties hereto represents and warrants
to the other Party that (a) it has full power and authority to execute, deliver and perform under this Agreement and the obligations
hereunder, (b) upon execution and delivery hereof, this Agreement shall constitute the valid and binding obligations of such Party
enforceable in accordance with its terms, except to the extent that such enforcement is limited by any bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium or other laws affecting the rights of creditors generally and general equity principles
and (c) the execution, delivery and performance of this Agreement (i) have been duly approved and authorized by all necessary corporate
actions of such Party, (ii) do not contravene any law, regulation, rules or order binding on such Party, and (iii) does not contravene
the provisions of or constitute a default under any contract or other agreement or instrument to which such Party is a signatory.

 

		4.2.	By Licensor. Licensor represents and warrants to Licensee the following:

 

		4.2.1.	Licensor represents and warrants to Licensee that Licensor has the right to
grant the license granted in this Agreement.

 

		4.2.2.	To the best of Licensor’s knowledge, the Cash Out Patents are valid and
enforceable.

 

 

 

    	 	5	 

     

    

 

		4.2.3.	To the best of Licensor’s knowledge, any activity performed by Licensee
by virtue of this Agreement is or will be free from infringement of any intellectual property rights of third parties.

 

		4.3.	By Licensee. Licensee represents and warrants to Licensor the following:

 

		4.3.1.	Licensee acknowledges and agrees that all rights, title and interest in
and to the Cash Out Patents, including all Intellectual Property Rights subsisting therein, are the exclusive property of Licensor
and/or its affiliates, are valid and enforceable.

 

		4.3.2.	Licensee agrees that it shall not, directly or indirectly, do or cause to
be done any act which may in any way jeopardize or adversely affect the validity or enforceability of, or otherwise infringe, dilute
or misappropriate, any rights, titles and interests of the Licensor or its affiliates in and to the Cash Out Patents, or any Intellectual
Property Rights in respect thereof.

 

		4.3.3.	Licensee further agrees that it will not, directly or indirectly, oppose
or contest any patent or application of Licensor and/or any of its affiliates in connection with the Cash Out Patents, or any application
directed to any rights subsisting in the Cash Out Patents, in the United States or elsewhere, or any application for extension
of such rights.

 

		4.3.4.	The Parties will discuss in good faith a form of wording in relation to patent
notices as licensed under this Agreement which the Licensee will display on a web address which is available to the public.

 

		4.3.5.	Licensee shall provide a copy of this Agreement to any of Licensee’s
Affiliates who are sublicensed under Section 2.1. Licensee shall ensure that Licensee’s Affiliates comply with the terms
of this Agreement.

 

		4.4.	Licensor reserves all rights with respect to the Cash Out Patents except those
expressly licensed to Licensee hereunder.

 

5.    
DISCLAIMERS.

 

		5.1.	Nothing in this Agreement shall be construed as:

 

		5.1.1.	an obligation of Licensor to maintain any of the Cash Out Patents; or

 

		5.1.2.	an obligation of Licensor to license or furnish any additional technical
information or trade secrets; or

 

		5.1.3.	conferring a right to use in advertising, publicity or otherwise any trademark,
trade name or trade dress of Licensor; or

 

		5.1.4.	CONFERRING ANY WARRANTY OR REPRESENTATION BY LICENSOR, EXPRESS OR IMPLIED,
EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT. THE CASH OUT PATENTS ARE BEING LICENSED
ON AN “AS IS” BASIS.

 

 

 

    	 	6	 

     

    

 

		6.	LIMITATION ON LIABILITY.

 

THE PARTIES AND THEIR RESPECTIVE
AFFILIATES SHALL NOT BE LIABLE FOR ANY (A) SPECIAL, INDIRECT, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES ARISING FROM OR RELATED
TO THIS AGREEMENT OR THE OPERATION OR USE OF THE CASH OUT PATENTS, INCLUDING, WITHOUT LIMITATION, ARISING FROM LOSS OF DATA OR
PROGRAMMING, LOSS OF REVENUE OR PROFITS, FAILURE TO REALIZE SAVINGS OR OTHER BENEFITS, AND CLAIMS AGAINST THE OTHER PARTY BY ANY
THIRD PERSON, EVEN IF A PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES AND NOTWITHSTANDING THE FAILURE OF ESSENTIAL
PURPOSE OF ANY LIMITED REMEDY; (B) DAMAGES (REGARDLESS OF THEIR NATURE) FOR ANY DELAY OR FAILURE BY A PARTY TO PERFORM ITS OBLIGATIONS
UNDER THIS AGREEMENT DUE TO ANY CAUSE BEYOND SUCH PARTY’S REASONABLE CONTROL; OR (C) CLAIMS MADE A SUBJECT OF A LEGAL PROCEEDING
AGAINST A PARTY MORE THAN TWO YEARS AFTER ANY SUCH CAUSE OF ACTION FIRST AROSE.

 

7.    
TERMINATION.

 

		7.1.	Termination Events

 

		7.1.1.	This Agreement may be terminated by mutual written agreement of the Parties
at any time.

 

		7.1.2.	Either Party may terminate this Agreement in the event of: (i) any material
breach of obligation by the other Party, which breach is not cured within thirty (30) days after written notice of breach to the
breaching Party; (ii) any situation in which a Party commits a material breach of the Agreement that is not capable of being cured
within thirty (30) days and the breaching Party fails to both (aa) develop and deliver to the non-breaching Party within thirty
(30) days following written notice of breach a complete written plan for curing the breach, and (bb) cure such breach within ninety
(90) days of written notice thereof; (iii) the other Party filing a voluntary petition in bankruptcy or under any similar insolvency
law; (iv) the other Party making an assignment for the benefit of creditors; (v) the other Party having filed against it any involuntary
petition in bankruptcy or under any similar insolvency law, if any such petition is not dismissed within thirty (30) days after
filing; or (vi) a receiver being appointed for, or a levy or attachment being made against, substantially all of the other Party’s
assets, if any such petition is not dismissed or such receiver or levy or attachment is not discharged within thirty (30) days
after the filing or appointment.

 

		7.1.3.	Licensor may terminate the Agreement 24 months after the Effective Date
should it (or an Affiliate) not have generated at least £500,000 in revenue during that 24 months period under any other
commercial agreement(s) entered into between the parties (including their
respective Affiliates). To terminate in accordance with this provision Licensor is required to give notice to Licensee within
7 days of the end of the relevant 24 months period. Should Licensor give such notice contemplated under this Section 8.1.3 Licensee
will have the option to extend the Agreement for a further 12 months upon the payment of an additional fee to Licensor of GBP
£150,000, with the terms applicable to such extended period otherwise unchanged hereunder.

 

		7.1.4.	Notwithstanding the foregoing, Licensor may, in its sole discretion, terminate
this Agreement and/or the License granted herein immediately and without notice upon the occurrence of any of the
following:

 

		7.1.4.1.	Licensee fails to comply with any of the terms and conditions set forth in
this Agreement; or

 

		7.1.4.2.	Licensor determines (acting reasonably) that Licensee's use of the Cash Out
Patents compromises the integrity of the Cash Out Patents; or

 

		7.1.4.3.	the execution of any agreement confirming an intention to undertake a transaction
that would result in a Change of Control of Licensee.

 

 

 

    	 	7	 

     

    

 

		7.2.	Effect of Expiration or Termination.

 

		7.2.1.	In the event of termination of this Agreement or of the License granted
hereunder for any reason, Licensee shall thereafter have no rights whatsoever with respect to the Cash Out Patents, and Licensee
shall:

 

		7.2.1.1.	immediately cease use of the Cash Out Patents;

 

		7.2.1.2.	certify to Licensor in writing on request that Licensee has fully complied with
the above requirement.

 

		7.2.2.	In the event of the termination of this Agreement by the Licensee in reliance
on an event as described in Section 8.1.2, a pro-rata portion of the Fee attributable to the remaining period of the Term shall
be repayable by the Licensor to the Licensee.

 

		7.2.3.	Expiration or termination of this Agreement shall not relieve the Parties
of any obligation that accrued prior to such expiration or termination. The provisions of Sections 0, 4, 5, 6, 7 and 8 shall survive
any termination or expiration of this Agreement without limitation.

 

		8.	GENERAL AND MISCELLANEOUS TERMS.

 

		8.1.	Notices. All notices, requests, demands, approvals, consents and other
communications under this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date of service if served
personally on the Party to whom notice is to be given, (b) on the day of transmission (receipt confirmed) if sent via facsimile
transmission to the applicable facsimile number provided below, on a business day during or before the normal business hours of
the intended recipient, and if not so sent on such a business day and at such time, on the following business day, (c) on the
first (1st) business day after delivery to any reputable overnight courier for delivery to the Party to whom notice
is to be given, or (d) on the fifth (5th) business day after mailing, if mailed to the Party to whom notice is to be
given, by first class mail, registered or certified, postage prepaid, and in each case addressed as follows:

 

To Licensor:

 

Attn: Hollie McGowan

Email: hollie.mcgowan@colossusbets.com

Tel: +44
(0) 1624 602323

 

 

To Licensee:

 

Attn:

Email:

Tel:

 

 

 

    	 	8	 

     

    

 

		8.2.	Assignment. Unless otherwise permitted under this Agreement, this
Agreement may not be assigned or otherwise transferred by Licensee.

 

		8.3.	Governing Law. This Agreement shall be governed by, and construed
in accordance with, the laws of the State of Delaware (without regard to principles of conflicts of laws which might apply the
laws of any other jurisdiction).

 

		8.4.	Consent to Jurisdiction. Each of the Parties hereto consents to
                                                                the jurisdiction of any federal or state court located within the State of Delaware and irrevocably agrees that all actions
                                                                or proceedings referred to in this Agreement and this Agreement may be litigated in such courts. Each of the Parties hereto
                                                                accepts for itself and in connection with its properties, generally and unconditionally, the nonexclusive jurisdiction of the
                                                                aforesaid courts and waives with respect to such courts any defense of forum non conveniens, and irrevocably agrees to be
                                                                bound by any judgment rendered thereby in connection with this Agreement. Each of the Parties hereto further irrevocably
                                                                consents to the service of process with respect to such courts in any such action or proceeding by the mailing of copies
                                                                thereof by registered or certified mail, postage prepaid, to the Party at the address specified in this Agreement, such
                                                                service to become effective 15 days after such mailing. Nothing herein shall in any way be deemed to limit the ability of any
                                                                Party hereto to serve any such legal process, summons, notices, and documents in any other manner permitted by applicable law
                                                                or to obtain jurisdiction over or to bring actions, suits or proceedings against any of the other Parties hereto in such
                                                                other jurisdictions, and in such manner, as may be permitted by applicable law. or security upon such bond
which might, but for this waiver, be required of or by such Party. The scope of this waiver is intended to be all-encompassing
of any and all disputes that may be filed in any court and that relate to the subject matter of this Agreement, including, without
limitation, contract claims, tort claims, breach of duty claims, and all other common law and statutory claims. Each of the Parties
hereto further warrants and represents that it has reviewed this waiver with its legal counsel, and that it knowingly and voluntarily
waives its jury trial rights following consultation with legal counsel. This waiver is irrevocable, meaning that it may not be
modified either orally or in writing, and the waiver shall apply to any subsequent amendment, renewal, supplement or modification
of or to this agreement. In the event of litigation, this Agreement may be filed as a written consent to a trial by the court.

 

		8.5.	Waiver of Jury Trial. Each of the Parties hereto hereby irrevocably
waives its right to a jury trial of any claim or cause of action based upon or arising out of this Agreement. Each of the Parties
hereto also irrevocably waives any requirement for a bond or surety

 

		8.6.	Bankruptcy. The Parties agree that Licensee, as a licensee of such
rights under this Agreement, shall retain and may fully exercise all of its rights and elections under Section 365(n) of Title
11, U.S. Code.

 

		8.7.	Entire Agreement; Amendments. This Agreement represents the entire
understanding and agreement between the Parties hereto with respect to the subject matter hereof and supersede all prior oral and
written and all contemporaneous oral negotiations, commitments and understandings between such Parties. This Agreement may not
be modified or amended except by a written agreement duly executed by both Parties hereto.

 

		8.8.	Waivers; Cumulative Remedies. No delay on the part of either Party
in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any waiver on the part of either
Party of any such right, power or privilege, nor any single or partial exercise of any such right, power or privilege, preclude
any further exercise thereof or the exercise of any other such right, power or privilege. The rights and remedies of either Party
based upon, arising out of or otherwise in respect of any inaccuracy in or breach of any representation, warranty, covenant or
agreement contained in this Agreement shall in no way be limited by the fact that the act, omission, occurrence or other state
of facts upon which any claim of any such inaccuracy or breach is based may also be the subject matter of any other representation,
warranty, covenant or agreement contained in this Agreement (or in any other agreement between the Parties) as to which there is
not inaccuracy or breach. Except as may be otherwise expressly provided to the contrary herein, all remedies provided for herein
shall be cumulative and in addition to and not in lieu of any other remedies available to either Party hereto at law, in equity
or otherwise.

 

 

 

    	 	9	 

     

    

 

		8.9.	Section Headings. The section headings are for the convenience of
the Parties and in no way alter, modify, amend, limit, or restrict the contractual obligations of the Parties.

 

		8.10.	Severability. Any provision hereof which is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law, the Parties hereby waive any
provision of law which may render any provision hereof void or unenforceable in any respect.

 

		8.11.	Counterparts. This Agreement may be executed in two counterparts,
which may be facsimile counterparts, each of which shall be deemed to be an original, and all collectively a single instrument.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	10	 

     

    

 

IN WITNESS WHEREOF,
the undersigned Parties have caused this Intellectual Property License Agreement to be executed by their respective duly authorized
representatives as an instrument as of the date first above written.

 

 

Licensor

 

 

By:_____________________________________

Name:

Title:

 

 

 

Licensee

 

 

 

By:_____________________________________

Name:

Title:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	11	 

     

    

 

Schedule 1 – Cash Out Patent List

 

	 	1.	U.S. Patent No. 8,602,884
	 	 	 
	 	2.	U.S. Patent No. 8,734,241
	 	 	 
	 	3.	U.S. Patent No. 8,721,438
	 	 	 
	 	4.	U.S. Patent No. 8,721,439
	 	 	 
	 	5.	U.S. Patent No. 8,708,811
	 	 	 
	 	6.	U.S. Patent No. 9,117,341
	 	 	 
	 	7.	U.S. Patent No. 9,196,126
	 	 	 
	 	8.	U.S. Patent No. 9,275,516

	 	 	 
	 	9.	U.S. Patent No. 9,424,716
	 	 	 
	 	10.	U.S. Patent No. 9,704,338
	 	 	 
	 	11.	U.S. Patent No. 10,102,716
	 	 	 
	 	12.	U.S. Patent No. 10,431,044

 

		13.	Australian Patent No 2013311319

 

		14.	Japanese Patent No. 5977454

 

		15.	Japanese Patent No. 5977453

 

		16.	Japanese Patent No. 6258941

 

		17.	Japanese Patent No. 6526165

 

		18.	South Korea Patent No. 10-1736754

 

		19.	South Korea Patent No. 10-1726203

 

		20.	Singapore Patent No. 11201501682Q

 

		21.	Singapore Patent No. 10201510450T

 

		22.	Philippines Patent No. 1-2015-500504

 

		23.	South African Patent No. 2015/01552

 

		24.	Nigerian Patent No. NG/PT/C/2015/952

 

 

 

    	 	12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00323-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00323-of-00352.parquet"}]]