Document:

EXHIBIT
        4.13

         

        THIS
        EMPLOYMENT AGREEMENT MADE AS OF THE 1st day of June, 2007

        
        (“Agreement”)

        
        BETWEEN:

         

        
        CryptoLogic Limited

        a
        corporation incorporated under the laws of

        Guernsey
        and having its principal place of business in

        Dublin,
        Ireland

         

        
        (hereinafter referred to as the “Employer”)

         

        OF THE
        FIRST PART;

         

        - and
        -

         

        
        Stephen Taylor

        an
        individual residing in

        
        Ireland

         

        
        (hereinafter referred to as the “Employee”)

         

        OF THE
        SECOND PART.

         

        
        WHEREAS the Employer and its Affiliates carry on a business in the gaming
        industry consisting primarily of Internet related software products (the
        “Business”);

        
         

        
        AND WHEREAS the Employer is desirous of employing the services of the
        Employee to provide management services in the role of Chief Financial Officer in
        connection with the Business of the Employer;

         

        
        AND WHEREAS the Employee is desirous of providing such services to the
        Employer, on the terms and subject to the conditions herein set out;

        
         

        
        AND WHEREAS the Employee acknowledges that the Employer is providing
        additional and ongoing consideration by means of payment for the Employee’s execution
        of the Confidentiality, Intellectual Property Rights, Non-Competition and Non-Solicitation
        Agreement (the ‘Confidentiality Agreement) annexed as Exhibit 1 and forming part of
        this Agreement:

         

        
        NOW THEREFORE THIS AGREEMENT WITNESSETH that in
        consideration of the respective covenants and agreements of the parties contained herein,
        it is agreed as follows:

        
         

        
        ARTICLE ONE — EMPLOYMENT SERVICES

        
        1.1 Agreement.
        The Employer hereby agrees to employ the Employee to provide the Employer
        with such services as the Employer may from time to time require (the
        “Services”), and the Employee hereby agrees to provide such Services to the
        Employer from the date of this Agreement, subject to termination as herein after
        provided.

         

        
        1.2 Provision of Services.
        It is agreed and acknowledged that while this Agreement remains in force the
        Employee shall not provide Services or other services to any person, firm or Employer,
        including but not limited to competitors of the Employer, unless it is an Affiliate of the
        Employer. The Services shall be conducted primarily at the head office of the Employer in
        Ireland, but the

        
        
        

        Employer
        recognizes that such Services will also be carried out in other locations, including
        Cyprus, Malta, Canada, Singapore and such other locations as may be deemed appropriate by
        the Employer. The terms and conditions of the Employee remuneration for Services conducted
        outside of Ireland shall be subject to a contract of employment between the Employee and
        WagerLogic Limited, being a wholly owned subsidiary of the Employer.

         

        
        1.3 Corporate Policy and
        Instructions. The Employee covenants with the Employer that
        he

        will
        read and act in accordance with any policy of the Employer that may exist from time to time
        and carry out all reasonable instructions of the Board of Directors, and/or the President
        and Chief Executive Officer or of the Employer.

         

        
        1.4 Remuneration.
        In consideration for the Services rendered by the Employee hereunder,
        the

        Employer
        shall pay to the Employee gross annual remuneration in the sum of One Hundred and
        Twenty-Three Thousand and Six Hundred Euros (€123,600.00) during the balance of
        calendar 2007 and One Hundred and Fifty Thousand Euros (€150,000.00) during calendar
        2008 (“Remuneration”). Thereafter, the Employee’s annual remuneration
        shall be subject to review by the Board of Directors on the same basis as the Board shall
        review the remuneration of other senior executives of the Employer. All payments to the
        Employee shall be subject to any and all deductions required by applicable law. In respect
        of the Remuneration payable hereunder, it is expressly agreed that an amount equal to
        eighty (80%) percent thereof shall represent a base salary and the balance shall be paid in
        consideration for the Employee’s acceptance of, and adherence to, the terms of the
        Confidentiality Agreement.

         

        
        1.5 Mobility
        Premium. The Employee shall be entitled
        to a Mobility Premium in the amount of

        the
        greater of Twenty Six Thousand Four Hundred and Sixty-Five Euros (€26,465.00) or 21.4%
        of the Employee’s Remuneration, per annum to be paid in equal bi-weekly
        installments.

         

        
        1.6 Cost of Living
        Allowance. The Employee shall be
        entitled to an annual Cost of Living Allowance (“COLA”) calculated in
        accordance with the ECA index and to be adjusted and payable every six months in accordance
        with the current ECA indices and exchange rates; provided that the annual Cost of Living
        Allowance shall never be less than €10,693.

         

        
        1.7 Management Bonus Plan.
        The Employee may be eligible to receive a solely discretionary annual bonus
        of up to 40 % of the total Remuneration in addition to the Remuneration set out above. The
        discretionary bonus is subject to any and all deductions and withholdings as may be
        required by applicable law.

         

        
        1.8 Stock Option
        Plan. The Employee shall be entitled to
        participate in the Stock Option Plan of the Employer, subject to being granted stock
        options thereunder. A copy of the stock option plan is available for the employee’s
        review at the human resources department.

         

        
        1.9 Long Term Incentive
        Plan. The Employee shall be entitled to
        participate in the Long Term Incentive Plan (LTIP) as amended from time to time, subject to
        being granted long term incentive units thereunder. It is expressly acknowledged that the
        LTIP Plan governing all long term incentive units granted to the Employee as at the date
        hereof, including without limitation, the Retention Units (the “Granted
        Units”), are governed by the terms and conditions of the LTIP Plan attached hereto as
        Exhibit A (the “Current LTIP Plan”). The Employer hereby agreed that,
        notwithstanding anything contained in the Current LTIP Plan, the Employer shall not alter
        or otherwise amend the terms and conditions of the Current LTIP Plan in such manner as
        would adversely impact the Employee’s entitlements in respect of the any Granted
        Units, without the Employee’s prior written consent.

        
        
        

         

        
        1.10 Retention Bonus.
        In addition to the bonus entitlements contemplated by Section 1.7 hereof,
        the Employee will be eligible to receive the following retention bonuses (the
        “Retention Bonuses”), provided that the Employee remains in the active
        employment of the Employer on the respective Bonus Retention Dates set forth
        below:

         

        
            	
                        
                         

                    	
                        
                        (a)

                    	
                        
                        on the 2008 Bonus Retention Date (or as soon after as is
                        reasonably practical), you will receive an amount equal to the amount
                        derived by applying the following formula:

                    

        

         

        
        Retention Date Share Price x 7,775.50 = the 2008 Retention Bonus
        Amount

        
         

        
            	
                        
                         

                    	
                        
                        (b)

                    	
                        
                        on the 2010 Bonus Retention Date (or as soon after as is
                        reasonably practical), you will receive an amount equal to the amount
                        derived by applying the following formula:

                    

        

         

        
        Retention Date Share Price x 7,775.50 = the 2010 Retention Bonus
        Amount

         

        For the
        purposes of this Section 7, the following terms shall have the following
        meanings:

         

        
        “2008 Bonus Retention Date” means August 14, 2008.

         

        
        “2010 Bonus Retention Date” means February 14, 2010.

         

        
        “Retention Dates” means the 2008 Bonus Retention Date and the
        2010 Bonus Retention Date.

         

        
        “Retention Date Share Price” means the average closing trading
        price (converted into EUROS) of the shares of the Employer on the Toronto Stock Exchange in
        respect of the final five (5) trading days prior to the 2008 Bonus Retention Date (when
        calculating the 2008 Retention Bonus Amount) or 2010 Bonus Retention Date (when of
        calculating the 2010 Retention Bonus Amount).

         

        In the
        event that the Employee is terminated by the Employer “for cause”, as
        determined by applicable law, prior to a Retention Date, the Employee shall not be entitled
        to receive any amounts under this Section 1.10 in respect of Retention Dates which arise
        subsequent to the effective date of the Employee’s termination for cause.

         

        In the
        event that the Employee’s employment is terminated by the Employer otherwise than
        “for cause” prior to the 2008 Bonus Retention Date, the Employee shall receive
        a pro rated amount of the Retention Bonus which the Employee would have received hereunder
        had the Employee remained in the active employment of the Employer on the 2008 Bonus
        Retention Date, having regard to the number of days between February 14, 2007 and the 2008
        Bonus Retention Date that the Employee remained in the active employment of the Employer
        (the “2008 Pro Rated Bonus”). In the event that the Employee’s employment
        is terminated by the Employer otherwise than “for cause” subsequent to the 2008
        Bonus Retention Date, but prior to the 2010 Bonus Retention Date, the Employee shall
        receive a pro rata portion of the Retention Bonus which the Employee would have received
        hereunder had the Employee remained in the active employment of the Employer on the 2010
        Bonus Retention Date, having regard to the number of days between the 2008 Bonus Retention
        Date and the 2010 Bonus Retention Date that the Employee remained in the active employment
        of the Employer (the “2010 Pro Rated Bonus”). The 2008 Pro Rated Bonus and the
        2010 Pro Rated Bonus are hereafter individually a “Pro Rata Bonus” and
        collectively the “Pro Rata Bonuses”. In calculating the amount of any Pro Rated
        Bonus, the Retention Date Share

        
        
        

        Price
        relating to such calculation shall be the average closing trading price (converted into
        EUROS) of the shares of the Employer traded on the Toronto Stock Exchange in respect of the
        five (5) trading days immediately prior to the effective date of termination of the
        Employee’ employment with the Employer. It is expressly acknowledged and agreed that,
        in the event that the Employee is terminated otherwise than “for cause”, the
        Employee shall not be entitled to receive any amounts in respect of or related to this
        Section 1.10 hereof, except as expressly set forth herein.

         

        
        1.11 Other
        Compensation. The Employee shall be
        entitled to participate in the Employee Share Purchase Plan. The Employee shall be entitled
        to participate in any other compensation plan applicable to executives that may be
        introduced during the term of the Employee’s employment with the Employer.

         

        
        1.12 
        Benefits.
        In addition, the Employee shall be eligible for all health benefit plans
        made generally available to the executive group of the Employer on the first day of
        employment, as amended from time to time.

         

        
        1.13 Expenses.
        The Employee shall be reimbursed monthly for out of pocket expenses,
        including travel costs actually and properly incurred by the Employee in connection with
        providing the Services hereunder. The Employee shall furnish statements and vouchers in a
        form reasonably satisfactory to the Employer for all such expenses. A copy of the Expense
        and Purchase Policy, as amended, is available for the Employee to read and review on
        CryptoLogic’s Human Resources public folders. The Employee is required to consult the
        Expense and Purchase policy prior to incurring any expenses.

         

        
        1.14 Vacation.
        The Employee shall be entitled to vacation in accordance with the Employers
        vacation policy, but in any event not less than four (4) weeks vacation.

         

        
        ARTICLE TWO – INTERNATIONAL ASSIGNMENT

        
        2.1 Work Permit and
        Immigration. If necessary, the Employer
        agrees to provide, at its sole cost, appropriate advice and assistance to the Employee
        and/or his family for purposes of obtaining any necessary work permit or immigration status
        necessary for the Employee’s employment in Ireland or other such location as the
        Employee may be required to carry out his duties, or for the Employee’s and /or his
        families continued residence in Ireland. It is agreed and understood that in the event that
        the Employee is or becomes ineligible to work in Ireland, for reasons beyond the
        Employee’s control, the Employee’s employment shall continue and not be
        terminated except as mutually agreed by the parties and subject to the payments identified
        in Article 4.

         

        
        2.2 Relocation Costs.

        
            	
                        
                         

                    	
                        
                        (a)

                    	
                        
                        The Employer shall reimburse the employee up to CDN
                        $22,600.00 on account of relocation expenses related to the
                        Employee’s household goods, family, personal effects and the family
                        pet. The Employee will submit receipts in respect of such costs. The
                        Employer shall reimburse the Employee up to one months Remuneration on
                        account of costs of establishing housekeeping in Ireland.

                    

        

        
         

        
            	
                        
                         

                    	
                        
                        (b)

                    	
                        
                        In the event the Employee’s employment is terminated
                        for any reason (except for cause or voluntary resignation), the Employer
                        shall be responsible for the reasonable costs, incurred by the Employee in
                        relocating to Canada or to such other jurisdiction as may be identified by
                        the Employee (provided the cost of relocating to the other jurisdiction is
                        no more than the cost of relocating to Canada), the Employee’s
                        household goods, family, personal effects and family

                    

        

        
        
        

        
        pet, and the Employer shall pay to the employee a relocation allowance equal
        to one (1) months Remuneration in addition to any termination payment identified herein on
        account of re-establishing housekeeping in Canada. In the event that the Employee
        voluntarily resigns his employment with the Employer, the Employer shall be responsible for
        paying the reasonable costs incurred by the Employee in relocating to Canada, or to such
        other jurisdiction as may be identified by the Employee (provided the cost of relocating to
        the other jurisdiction is no more than the cost of relocating to Canada), the
        Employee’s household goods, family, personal effects and family pet.

         

        
        2.3 Settling-in
        Time. The Employer will provide the
        Employee with 15 days paid leave time in order to assist the Employee in establishing
        personal arrangements in Ireland. Such leave is to be taken within 3 months of arrival in
        Ireland.

         

        
        2.4 Temporary Living
        Arrangements. The Employer will reimburse the Employee up to
        CDN $300.00 per day on account temporary living expenses incurred by him and/or his family
        in Canada or up to €300.00 per day on account of temporary living expenses incurred by
        him and/or his family in Ireland, up to a maximum of a total of 60 days.

         

        
        2.5 Relocation
        Assistance. The Employer shall provide
        the Employee with relocation assistance through Relocation Ireland, at the Employer’s
        sole cost, up to a maximum amount of €5,000.00.

         

        
        2.6 Vehicle
        Allowance. The Employer shall
        pay to the Employee a vehicle allowance of €1050 per month, throughout the term of
        this Agreement.

         

        
        2.7 Home Country
        Property.The Employer shall
        reimburse the Employee up to €107.00per month on account of property management
        expenses actually incurred by the Employee and related to the Employee’s property in
        Canada.

         

        
        2.8 Loss on Sale of Vehicles in
        Canada. The Employer will reimburse the Employee up to
        €1,430.00 per vehicle to a maximum of two vehicles on account of the cost incurred in
        respect of the termination of a vehicle lease and/or loss on the sale of the vehicles. The
        Employee will provide appropriate receipts.

         

        
        2.9 Pension Plan
        Contribution. Throughout the currency of this Agreement, the
        Employer shall contribute an amount equal to €12,857 per annum, in equal monthly
        installments, to an RRSP/RPP plan of the Employee’s choosing.

         

        
        2.10 Tax Advice.
        The Employee shall be entitled to obtain tax advice in respect of this
        employment agreement and any remuneration paid in respect of services outside of Ireland at
        the Employer’s cost. Upon repatriation to Canada for whatever reason (save and except
        termination for cause), the Employee shall be entitled to obtain tax advice in respect of
        the repatriation at the Employer’s cost. The cost shall not exceed
        €25,000.00.

         

        
        2.11 Will Preparation and Estate
        Planning. The Employer shall reimburse the Employee for the
        costs of reviewing or preparing a will and estate planning up to a maximum of
        $1,070.00.

         

        
        2.12 Legal Costs.
        The Employer shall contribute to the legal costs incurred by the Employee in
        the review and preparation of this Agreement in the amount of up to
        €7,150.00.

        
        
        

        
        2.13 Medical Examination.
        The Employer shall pay the costs of a medical assessment to be provided by
        Medcan prior to the Employee’s departure from Canada.

         

        
        2.14 Health Matters.
        In the event of a serious illness or death of the Employee or a member of
        the Employee’s immediate family, CryptoLogic will provide travel for the Employee and
        the Employee’s family to Canada. For purposes of this provision “immediate
        family” means the employee’s spouse, children, siblings, parents,
        parents-in-law, grandparents or grandparents-in law. In the event the Employee or the
        Employee’s family member requires medical care not normally available or adequate in
        Dublin, the Employer will pay travel costs to the nearest location providing such care for
        the Employee and his family. Until such time as the Employee is able to arrange for a
        family doctor and dentist in Dublin, the Company shall reimburse the Employee for any costs
        and expenses incurred thereby in respect of private health and dental care for the Employee
        and his immediate family.

         

        
        2.15 Home Leave Trip.
        The Employer shall provide the Employee and the Employee’s family with
        two (2) yearly home leave trips to Toronto, Canada. The flights will be in accordance with
        the applicable Travel Policy.

         

        
        2.16Travel
        Insurance.The Employer shall
        provide the Employee with travel insurance in accordance with the Employer’s business
        travel policy.

         

        
        ARTICLE THREE —
        COVENANTS

        
        3.1 No Delegation of
        Services. The Employee covenants and agrees with the Employer
        that he shall not delegate performance of the Services to anyone without the prior written
        consent of the Employer, unless in the ordinary course of business.

         

        
        3.2 Confidential
        Information. The Employee covenants that he shall not use,
        disclose or disseminate to anyone any confidential information with respect to the Business
        or affairs of the Employer except as may be deemed necessary or desirable by the officers
        of the Employer and/or the Board of Directors to further the business interests of the
        Employer. This obligation shall survive the expiry or termination of the Agreement for an
        indefinite period. The Employee further agrees to be bound by the terms of the
        Confidentiality Agreement.

         

        
        3.3 Return of Property.
        Upon termination of this Agreement the Employee shall return to the Employer
        any property, documentation, or confidential information concerning the Employer and the
        Employee will execute the Compliance Certificate as set out in Exhibit “2” to
        certify compliance. This obligation is further outlined in the Confidentiality
        Agreement.

         

        
        3.4 Promotion of the Employer’s
        Interests. The Employee shall and will faithfully serve and
        use his best efforts to promote the Business interests of the Employer, shall not use any
        information he may acquire with respect to the Business and affairs of the Employer or its
        Affiliates for his own purposes or for any purposes other than those of the Employer or its
        Affiliates.

         

        
        3.5 Employee not to be an
        End-User. Unless authorized as part of the duties assigned to
        the Employee by the Employer, the Employee covenants that he will not be an end-user of the
        software licensed by the Employer or its Affiliates or subsidiaries and will not permit or
        encourage any member of his family to be an end-user of the software licensed by them or
        any of them. The Employee will not participate in any arrangement whereby he stands to
        benefit, whether directly or indirectly, from the activities of any other end-user. He
        acknowledges that any use or attempted use of the gaming software in contravention of this
        section 3.5 shall constitute grounds for immediate dismissal for cause.

        
        
        

         

        
        ARTICLE FOUR — TERMINATION OF EMPLOYMENT

        
        4.1
        Definitions.
        In this Article 4, the following terms have the following
        meanings:

         

        
        “Number of Served
        Days” means the number of calendar days from and including
        January 1, 2006 up to and including the Termination Date.

         

        
        “Pro Rata
        Percentage” means the amount, expressed as a percentage,
        derived by applying the following formula:

         

        
            	
                        
                         

                    	
                        
                        Number of Served Days

                    

        

        
            	
                        
                         

                    	
                        
                        ____________________

                    

        

        
            	
                        
                         

                    	
                        
                        1095

                    

        

         

        
        “Termination
        Date” means the effective date of termination of the
        Employee’s employment with the Employer.

         

        
        “Termination Share
        Price” means the closing trading price of the common shares
        of the Employer, (expressed in EUROS) traded on the Toronto Stock Exchange, on the last
        trading day prior to the Termination Date.

         

        
        4.2 Termination of Agreement by the
        Employer for Just Cause. The Employer may terminate this
        Agreement and the Employee’s employment at any time without notice or pay in lieu of
        notice for “Cause”. For the purposes of this Agreement, “Cause”
        shall be defined so as to include, without limitation:

        
         

        
            	
                        
                         

                    	
                        
                        (a)

                    	
                        
                        Any act which would constitute “cause” at law;
                        or

                    

        

        
         

        
            	
                        
                         

                    	
                        
                        (b)

                    	
                        
                        Any event in which the Employee violates any of the material
                        instructions, policies, rules and practices of the Employer; or

                    

        

        
         

        
            	
                        
                         

                    	
                        
                        (c)

                    	
                        
                        If the Employee fails to comply with any of the material
                        provisions of this Agreement after being notified in writing.

                    

        

         

        In the
        event that the Employee is terminated for Cause, the Employee shall not be entitled to
        receive any further Remuneration, payments or benefits pursuant to this Agreement after the
        date of such termination, other than as specified in this agreement. The Employer shall be
        obligated to pay all accrued and unpaid Remuneration, including vacation pay, up to the
        date of termination. The Employee will no longer have any rights to unvested options as at
        the date of termination for just cause.

         

        
        4.3. Termination of Agreement by the
        Employer Without Cause. In the event that the employment of
        the Employee is terminated by the Employer for any reason other than Cause, the Employee,
        agrees to accept, in satisfaction of any obligations of the Employer in respect of
        severance or termination pay, an amount equal to the Total Compensation.

         

        For the
        purposes of this agreement, “Total Compensation” shall mean an amount equal
        to:

         

        
            	
                        
                         

                    	
                        
                        (a)

                    	
                        
                        the Employee’s annual Remuneration at the time of
                        termination of employment,

                    

        

        
         

        
        plus

        
        
        

        
         

        
            	
                        
                         

                    	
                        
                        (b)

                    	
                        
                        greater of (i) the amount of the discretionary bonus (as
                        referenced in Paragraph 1.7 hereof) paid to the Employee in respect of the
                        fiscal year immediately prior to the year in which the termination takes
                        place or (ii) the expected amount which would be paid to the Employee as a
                        discretionary bonus in respect of the fiscal year in which the termination
                        takes place had the Employee remained in the employ of the Employer, based
                        on the criteria established by the senior management team bonus plan in
                        effect at that time, assuming consistent performance by the Employer for
                        the balance of the fiscal year. By way of example, any for greater
                        certainty, in the event that on the date of termination, the
                        Employer’s performance up to that point in the fiscal year would, if
                        continued at the same level for the balance of the fiscal year, result in
                        the payment to the Employee of a discretionary bonus of 40% of his
                        Remuneration, the expected bonus amount for the purposes of this
                        subparagraph 4.3(b)(ii) shall be 40% the Employee’s
                        Remuneration.

                    

        

        
         

        
        plus

        
         

        
            	
                        
                         

                    	
                        
                        (c)

                    	
                        
                        a pro rated portion of the discretionary bonus the Employee
                        would have received in respect of the fiscal year in which the termination
                        arises (having regard to the portion of the fiscal year the Employee
                        remained employed with the Employer, which pro rated discretionary bonus
                        shall be declared, calculated and paid in accordance with, and subject to
                        the Employee’s senior management team bonus plan.

                    

        

         

        The
        Employee shall be entitled to continued participation in the Employer benefits plans for a
        period of twelve (12) months following the effective date of termination.

        The
        parties covenant and agree that the payments pursuant to this Paragraph 4.3 shall not be
        remitted to the Employee until the Employer is in receipt of a full and final release of
        the Employer and the respective officers, directors and shareholders, in a form reasonably
        satisfactory to the Employer and its counsel. The parties agree to act reasonably and in
        good faith in negotiating the form of full and final release.

        
        4.4 Relocation Options

         

        
            	
                        
                         

                    	
                        
                        (a)

                    	
                        
                        It is expressly acknowledged and agreed that 25,000 stock
                        options (the “Relocation Options”) were granted to the Employee
                        on or about June 27, 2006 under the Stock Option Plan of the Corporation
                        SOP. The Relocation Options shall, subject to as hereinafter expressly set
                        forth, vest in accordance with the SOP and the stock option grant
                        agreement(s) to which they relate.

                    

        

        
         

        
            	
                        
                         

                    	
                        
                        (b)

                    	
                        
                        In the event that the Employee is terminated without cause
                        or the Employee’s employment is terminated in accordance with the
                        Good Reason provisions of this Agreement, in either case prior to February
                        14, 2010, a Pro Rata Percentage of the Relocation Options shall vest on the
                        Termination Date, and shall be exercisable by the Employee for such period
                        of time following termination as is provided for in the SOP. All other
                        Relocation Options shall be cancelled and be of no further force and
                        effect. Any Relocation Option which vested prior to the Termination Date
                        shall reduce, on a one for one basis, the number of Relocation Options
                        which vest pursuant to the provision of this Paragraph 4.3(b).

                    

        

        
        
        

        
         

        
        4.5 Relocation Units

         

        
            	
                        
                         

                    	
                        
                        (a)

                    	
                        
                        It is expressly acknowledged and agreed that 15,000 LTIP
                        units were granted to the Employee on or about February 14, 2007 under the
                        2006 Long Term Incentive Plan (the “Relocation Units”). The
                        Relocation Units shall, subject to as hereinafter expressly set forth, and
                        notwithstanding any provisions of the 2006 Long Term Incentive Plan, vest
                        and be payable to the Employee on December 31, 2008 in their
                        entirety.

                    

        

         

        
            	
                        
                         

                    	
                        
                        (b)

                    	
                        
                        It is expressly acknowledged and agreed that one-third of
                        the Retention Units (being 5,000 in number) (the “Fixed Units”)
                        have been fixed by the Employer at a value of $192,150. The balance of the
                        Relocation Units shall be valued in accordance with the LTIP
                        provisions.

                    

        

         

        
            	
                        
                         

                    	
                        
                        (c)

                    	
                        
                        In the event that the Employee is terminated without cause,
                        or the Employee’s employment is terminated in accordance with the
                        Good Reason provisions of this Agreement, in either case prior to December
                        31, 2008, a Pro Rata Percentage of the Relocation Units shall vest and
                        their value shall be paid to the Employee on the Terminated Date (the
                        “Accelerated Units”). The Accelerated Units shall be valued as
                        follows:

                    

        

        
         

        
            	
                        
                         

                    	
                        
                        i.

                    	
                        
                        in the event that the number of Accelerated Units is equal
                        to or less than the number of Fixed Units, the Employee shall receive in
                        consideration therefore an amount equal to CDN $192,150,

                    

        

         

        
            	
                        
                         

                    	
                        
                        ii.

                    	
                        
                        in the event that the number of Accelerated Units is greater
                        than the number of Fixed Units, the Employee shall receive an amount equal
                        to$192,150, plus an amount equal to the amount derived by applying the
                        following formula:

                    

        

        
         

        
        (number of Accelerated Units – number of Fixed Units) x Termination
        Share Price

         

        
        4.6 Stock Options on Change of
        Control. In the event of the occurrence of Change of Control,
        notwithstanding anything contained in the SOP or any stock option grant agreement, all
        unvested stock options granted to the Employee shall forthwith vest and be exercisable from
        and after the occurrence of the Change of Control, in the same manner, and subject to the
        same terms and conditions as relate to all other vested stock-options granted to the
        Employee.

         

        
        4.7 Change of
        Control. For the purposes of this agreement means a change of
        control of the Corporation of a nature that would be required to be reported, whether or
        not the Corporation is then subject to such reporting requirement, provided that a Change
        of Control shall be deemed to have occurred in the event:

         

        
            	
                        
                         

                    	
                        
                        (a)

                    	
                        
                        any person or persons acquires or becomes the beneficial
                        owner, either directly or indirectly, of more than 25% of the issued and
                        outstanding Shares of the Company, whether through the acquisition of
                        previously issued and outstanding voting securities, or of voting shares or
                        securities that have not been previously issued, or any other transaction
                        whatsoever having a similar effect.

                    

        

        
        
        

        
            	
                        
                         

                    	
                        
                        (b)

                    	
                        
                        of an amalgamation, arrangement or other form of business
                        combination of the Employer with another entity which results in the
                        successful acquisition of 50.01% of the issued and outstanding Shares of
                        the Employer

                    

        

         

        
            	
                        
                         

                    	
                        
                        (c)

                    	
                        
                        acquires or becomes the beneficial owner of at least 50% of
                        the net book value of the assets of the Corporation; or

                        
                         

                    

        

        
            	
                        
                         

                    	
                        
                        (d)

                    	
                        
                        of a change in the composition of the Board, except as a
                        result of (a),(b), or (c), over any twelve (12) month period such that more
                        than 50% of the persons who were directors of the Employer at the beginning
                        of the period are no longer directors at the end of the period.

                    

        

        
         

        
        For purposes of this Agreement, Change of Control shall constitute
        “Good Reason” for purposes of Paragraph 4.6 of this Agreement provided that the
        Change of Control has a material and detrimental alteration in the Employee’s
        position or reporting relationship or in the nature of status of his position.

         

        
        4.8 Good
        Reason. “Good Reason” for
        the purposes of this agreement means the occurrence, without the Employee’s written
        consent of any of the following:

        
            	
                        
                         

                    	
                        
                        (a)

                    	
                        
                        a material and detrimental alteration in the
                        Employee’s position or reporting relationship or in the nature of
                        status of his position;

                    

        

        
            	
                        
                         

                    	
                        
                        (b)

                    	
                        
                        a material reduction in the Employee’s
                        Remuneration;

                    

        

        
            	
                        
                         

                    	
                        
                        (c)

                    	
                        
                        the failure by the Employer to maintain any rights that the
                        Employee may have in respect of any granted or issued units or options
                        under the LTIP or SOP;

                    

        

        
            	
                        
                         

                    	
                        
                        (c)

                    	
                        
                        the failure by the Employer to continue in effect all
                        current Benefits plans or any material perquisite on similar terms;
                        and

                    

        

        
            	
                        
                         

                    	
                        
                        (d)

                    	
                        
                        the relocation of the office where the Employee is primarily
                        employed to a location that is more than 100 kilometers away from its
                        location in Ireland.

                    

        

        
        4.9 Termination for Good
        Reason. The Employee may terminate this Agreement following
        the occurrence of any of the events that constitute Good Reason, provided that the Employee
        issues a written notice describing such event to the Employer within thirty (30) days of
        the occurrence of such event. The Employer shall thereafter have twenty (20) business days
        to remedy such occurrence, failing which the Employee’s employment shall be deemed to
        have terminated at the end of the 20 day period and the Employee shall become entitled to
        Good Reason severance calculated in accordance with paragraph 4.2.

        
        4.10 Termination by the
        Employee. The Employee may terminate this Agreement at any
        time by

        giving
        the Employer three (3) months written notice, which notice period the Employer may waive in
        whole or in part, subject to paying the equivalent amount of Remuneration
        instead.

         

        
        4.11 Agreements Surviving
        Termination. The Employee agrees that the covenants in
        Article Two and the Confidentiality Agreement shall survive any termination of this
        Agreement for an indefinite period.

        
        
        

        
        ARTICLE 5 – PROTECTION

        
        5.1 Liability
        Insurance. The Employer shall maintain Directors and Officers
        Liability Insurance on the Employee’s behalf.

         

        
        5.2 Business
        Risk. The provisions of this Paragraph
        5.2 are intended to survive the termination of this Agreement. It is expressly acknowledged
        and agreed that the Employee is, and shall subsequent to the termination of his employment
        with the Employer continue to be, covered by the provisions of the Business Risks Policy of
        the Employer which is in effect as of the date hereof; provided that, in the event that at
        any time or from time to time hereafter, the Business Risk Policy of the Employer is
        amended, re-stated or otherwise altered to provide more favourable rights to employees of
        the Employer, you shall be covered by the provisions of the said more favourable Business
        Risk Policy.

        
        ARTICLE SIX — CAPACITY

        
        6.1 Capacity of Employee.
        It is acknowledged by the parties hereto that the Employee is being employed
        by the Employer in the capacity as Chief Financial Officer. The Employee and the Employer
        acknowledge and agree that this Agreement does not create a partnership or joint venture
        between them.

         

        
        ARTICLE SEVEN — GENERAL CONTRACT PROVISIONS

        
        7.1 Notices.
        All notices, requests, demands or together communications (collectively,
        “Notices”) by the terms hereof required or permitted to be given by one party
        to the other, shall be given in writing by personal delivery or by registered mail, postage
        prepaid, or by facsimile transmission to the party as follows:

         

        a) To
        the Employer at:

        55 St.
        Clair Ave. West

        Toronto,
        Ontario

        M4V
        2X7

        
        Attention: Human Resources

        
        Facsimile number 416-545-1454

         

        b) To
        the Employee at:

        7
        Satchel Boulevard

        Toronto,
        Ontario

        M1C
        3B3

        
        Attention: Stephen Taylor

         

        or at
        any such other address or facsimile number as may be given by one party to the other in
        writing from time to time.

         

        All such
        Notices shall be deemed to have been received when delivered or transmitted, or if mailed,
        48 hours after 12:01 a.m. on the day following the day of the mailing thereof. If any
        Notice shall have been mailed and if regular mail service shall be interrupted by strikes
        or other irregularities, such Notice shall be deemed to have been received 48 hours after
        12:01 a.m. on the day following the resumption of normal mail service.

         

        
        7.2 Additional Conditions.
        The parties shall sign such further and other documents, cause such meetings
        to be held, use their best efforts to have resolutions passed and by-laws enacted, exercise
        their vote and influence, do and perform and cause to be done and performed such

        
        
        

        further
        and other acts and things as may be necessary or desirable in order to give full effect to
        this Agreement and every part thereof.

         

        
        7.3 Entire Agreement.
        This Agreement constitutes the entire agreement between the parties with
        respect to all of the matters herein and its execution has not been induced by, nor do
        either of the parties rely upon or regard as material, any representations, oral or
        written, and other writings whatsoever not incorporated herein and made a part hereof. This
        Agreement may not be amended or modified in any respect except by written instrument signed
        by the parties hereto. Any Exhibits referred to herein are incorporated herein by reference
        and form part of the Agreement.

         

        
        7.4 Enurement.
        This Agreement shall enure to the benefit of and be binding upon the parties
        and their respective legal personal representatives, heirs, executors, administrators or
        successors.

         

        
        7.5 Assignment.
        This Agreement is personal to the parties and may not be assigned by either
        of them unless in the case of the Employer, to an Affiliate.

         

        
        7.6 Headings for Convenience
        Only. The division of this Agreement into articles and
        sections is for convenience of reference only and shall not affect the interpretation or
        construction of this Agreement.

         

        
        7.7 Governing Law.
        It is agreed that this Agreement shall be subject to the applicable laws of
        the Republic of Ireland.

         

        
        7.8 Gender and Number.
        In this Agreement and the Confidentiality Agreement, words importing the
        singular number shall include the plural and vice versa, and words importing the use of any
        gender shall include the masculine, feminine and neuter genders and the word
        “person” shall include an individual, a trust, a partnership, a body corporate,
        an association or other incorporated or unincorporated organization or entity.

         

        
        7.9 Calculation of Time.
        When calculating the period of time within which or following which any act
        is to be done or step taken pursuant to this Agreement, the date which is the reference
        date in calculating such period shall be excluded. If the last day of such period is not a
        business day, then the time period in question shall end on the first business day
        following such non-business day.

         

        
        7.10 Legislation
        References. Any reference in this Agreement to any law,
        by-law, rule, regulation, order or act of any government, governmental body or other
        regulatory body shall be construed as a reference thereto as amended or re-enacted from
        time to time or as a reference to any successor thereto.

         

        
        7.11 Severability.
        If any Article, Section or any portion of any Section of this Agreement or
        of the Confidentiality Agreement is determined to be unenforceable or invalid for any
        reason whatsoever, that unenforceability or invalidity shall not affect the enforceability
        or validity of the remaining portions of this Agreement and such unenforceable or invalid
        Article, Section or portion thereof shall be severed from the remainder of this
        Agreement.

         

        
        7.12 Advice.
        The Employee acknowledges that (a) he has read and understood this Agreement
        and Confidentiality Agreement; and (b) has had the opportunity to obtain independent legal
        representation in connection with the Agreement and the CONFIDENTIALITY, INTELLECTUAL
        PROPERTY RIGHTS, NONCOMPETITION AND NON-SOLICITATION AGREEMENT and the provisions
        thereof.

        
        
        

         

        
        7.13 Cross
        Termination. The parties hereto acknowledge and agree that
        the termination of the Employee’s employment agreement with WagerLogic Limited (the
        “WagerLogic Agreement”) shall result in a contemporaneous termination of the
        Employee’s employment hereunder. The nature of the termination of the WagerLogic
        Agreement shall be deemed to be the nature of the termination hereunder. For example, if
        the WagerLogic Agreement is terminated otherwise than for cause, this agreement shall be
        deemed terminated otherwise than for cause. Conversely if the WagerLogic Agreement is
        terminated for cause, this agreement shall be deemed terminated for cause.

         

        IN
        WITNESS WHEREOF the parties have duly executed this Employment Agreement as of the date
        above first written.

         

        
        CryptoLogic Inc.

         

        
            	
                        
                        Per /s/ Javaid Aziz____________________

                    	
                        
                        ___________________________

                    

        

        
            	
                        
                        Authorized Signing Officer

                    	
                        
                        Signature of Witness

                    

        

         

         

        
            	
                        
                        /s/ Stephen Taylor______________________

                    	
                        
                        ___________________________

                    

        

        
            	
                        
                        Stephen Taylor

                    	
                        
                        Signature of Witness

                    

        

        
        
        

        
        EXHIBIT 1

         

        
        CONFIDENTIALITY, INTELLECTUAL PROPERTY RIGHTS,
        NON-COMPETITION

        AND
        NON-SOLICITATION AGREEMENT

        Entered
        into as of the •

         

        
        BETWEEN:

        
        CryptoLogic Limited

        a
        Corporation incorporated under the laws of the

        Guernsey
        and having its principal place of business in

        Dublin,
        Ireland

         

        
        (hereinafter referred to as the “Employer”

        which for
        the purposes of this Agreement shall

        include
        all of the Employer’s Affiliates)

         

        - and
        -

         

        
        Stephen Taylor

        an
        individual residing in

        
        Ireland

         

        
        (“Employee”)

         

        
        WHEREAS as part of its ongoing mandate to maintain strictly confidential its
        information and trade secrets and the information and trade secrets of its subsidiaries,
        Affiliates, related entities, customers, licensees, distributors and suppliers, the
        Employer requires that all of its employees read and understand the obligations set out
        herein and thereafter execute this CONFIDENTIALITY, INTELLECTUAL PROPERTY RIGHTS,
        NON-COMPETITION AND NON-SOLICITATION AGREEMENT as a condition of employment;

         

        
        AND WHEREAS Employee understands that his agreement with and acceptance of
        the terms and conditions contained herein are essential to Employer’s ability to
        continue to compete in the gaming industry and be a viable business in that market, and
        that this CONFIDENTIALITY, INTELLECTUAL PROPERTY RIGHTS, NON-COMPETITION AND
        NON-SOLICITATION AGREEMENT is reasonable and appropriate in the circumstances;

        
         

        
        AND WHEREAS the Employee acknowledges that the Employer is providing
        additional and ongoing consideration by means of payment for the Employee’s execution
        of the Employment Agreement (“Agreement”) and this CONFIDENTIALITY,
        INTELLECTUAL PROPERTY RIGHTS, NON-COMPETITION AND NON-SOLICITATION AGREEMENT;

        
         

        
        NOW THEREFORE THIS CONFIDENTIALITY, INTELLECTUAL PROPERTY RIGHTS,
        NON-COMPETITION AND NON-SOLICITATION AGREEMENT WITNESSETH that in consideration of the
        respective covenants and agreements of the parties contained herein, and other good and
        valuable consideration (the receipt and sufficiency of which are hereby acknowledged by the
        parties hereto), it is agreed as follows:

         

        1.
        Employer’s Specialized Business

        The
        Employee acknowledges and agrees that the Employer and its Affiliates are internationally
        recognized as pioneers in the Internet casino, poker, bingo gaming industry and electronic
        cash

        
        
        

        
        technology associated therewith. The Employer’s software and
        infrastructure are recognized throughout the world as the benchmark by which standards are
        set and measured in the industry. Further, the Employee acknowledges and agrees that the
        Employer is at the forefront of Internet gaming and electronic cash technology development
        because of its sophisticated management, including the Employee and highly skilled
        development teams. In addition the Employee is aware that the Employer, through its
        Affiliates, derives its revenue from Internet casino, poker and bingo gaming industry
        operators through the use of software developed by the Employer, but owned by the
        Employer’s Affiliate. As a result, the Employee recognizes and agrees that his
        confidentiality, non-competition and non-solicitation obligations and other obligations
        pursuant to this CONFIDENTIALITY, INTELLECTUAL PROPERTY RIGHTS, NONCOMPETITION AND
        NON-SOLICITATION AGREEMENT are vital to the ongoing success and well-being of the Employer
        and its customers and that any breach by the Employee of his covenants as described therein
        would hurt the Employer, its Affiliates and their customers.

         

        2.
        Confidential Information

        
        2.1 Confidential Information.
        Employee agrees at all times during the term of his employment and for an
        indefinite period thereafter to hold in confidence and not to use, disclose or disseminate
        except for the benefit of Employer or to fulfill Employee's obligations to Employer, nor to
        disclose or disseminate to any outside parties including media, except with the express
        written authorization of an officer of Employer, nor to remove from Employer's premises,
        except with the express written authorization of an officer of Employer, any Confidential
        Information. "Confidential Information" means any information of or pertaining to Employer,
        irrespective of form or method of transmission, including but not limited to technical
        data, trade secrets, know-how, research, product plans, products, services, customer lists
        (including, but not limited to, past or current or potential customers or past or current
        or potential licensees of Employer), markets, software (including all source and object
        code), developments, inventions, documents related to all “Works” as defined in
        Section 3.1 herein, processes, formulas, technology, designs, drawings, engineering,
        hardware configuration information, work in progress, marketing, finance or other business
        information (which would include business plans or proposals) and all passwords used in
        connection with the Employee’s employment.

         

        
        2.2 Former Employer Information.
        Employee agrees that during the term of is employment with Employer he will
        not improperly use, disclose or disseminate any proprietary information, confidential
        information or trade secrets of any former employer or other person or entity and that he
        will not bring onto the premises of Employer any proprietary information, confidential
        information or trade secrets belonging to any such employer, person or entity which is not
        publicly known, unless consented to in writing by such employer, person or entity. The
        Employee warrants that at all material times before and after the commencement of his
        employment with the Employer, that the Employer has not requested for the Employee to
        disclose any proprietary information, confidential information or trade secrets of a
        previous employer, person or entity. The Employee acknowledges that the Employer has
        specifically instructed him to not use, disclose or disseminate any such proprietary
        information, confidential information or trade secrets to the Employer while performing his
        duties under the Agreement.

         

        
        2.3 Third Party Information.
        Employee recognizes that Employer has received and in the future will
        receive from third parties, including clients and customers, their confidential or
        proprietary information subject to a duty on Employer’s part to maintain the
        confidentiality of such information and to use it only for certain limited purposes.
        Therefore, Employee agrees to hold all such confidential or proprietary information in
        confidence and not to disclose it to any person, firm or Employer or to use it except as is
        necessary to carry out his work for Employer and consistent with Employer’s agreement
        with such third parties relating to such information.

        
        
        

         

        3.
        Intellectual Property Rights

        
        3.1 Assignment of Intellectual Property
        Rights. Employee agrees that he
        will promptly make full written disclosure to Employer, will hold in trust for the sole
        right and benefit of Employer and hereby assigns to Employer or its designee all right,
        title, and interest, including all intellectual property rights, in and to any and all
        discoveries, inventions, developments, concepts, improvements, software, notes, charts,
        algorithms, formulae and all other original works, whether or not patentable or registrable
        under copyright or similar laws, which he may solely or jointly conceive or develop or
        reduce to practice, or cause to be conceived or developed or reduced to practice, during
        the period of time that he is in the employ of Employer (collectively referred to as
        "Works"), and Employee hereby expressly disclaims and waives all rights (including all
        moral rights) in Works in favour of Employer. Moreover, Employee agrees to keep and
        maintain adequate and current written records (in the form of notes, sketches, drawings, or
        other formats) of all Works at the workplace at all material times. The records will be
        available to and remain the sole and exclusive property of Employer at all times, and shall
        be returned to Employer pursuant to Section 5 herein.

         

        
        3.2 Patent and Copyright
        Registrations. Employee agrees to
        assist Employer or its designee, at Employer's expense, to secure and maintain Employer's
        rights in Works and any copyrights, patents, trademarks, marks or other intellectual
        property rights relating thereto in any jurisdiction. Specifically, the Employee agrees to
        disclose to Employer all pertinent information and data with respect thereto. The Employee
        also agrees to assist the Employer or its designee with the execution of all applications,
        specifications, oaths, assignments and all other instruments which Employer or its agents
        shall deem necessary in order to apply for, obtain and maintain such rights and in order to
        assign and convey to Employer, its successors, assigns and nominees the sole and exclusive
        rights, title and interest in and to such Works, and any copyrights, patents, or other
        intellectual property rights relating thereto. Employee further agrees that this obligation
        shall continue after the expiration or termination of this CONFIDENTIALITY, INTELLECTUAL
        PROPERTY RIGHTS, NONCOMPETITION AND NON-SOLICITATION AGREEMENT and Employee's employment.
        The Employee agrees to assist the Employer to apply for, obtain, maintain and protect, its
        intellectual property rights after the termination of the Employee’s employment for
        any reason, including assisting with any litigation.

         

        
        3.3 Originality of Works. Employee
        warrants that Works are original works of Employee as author.

         

        4.
        Conflicting Employment

        
        4.1 Conflicting Employment. Employee
        agrees that during the term of his employment with Employer, he will not undertake any
        other business or occupation or become an employee, agent, consultant or contractor of any
        other person, firm, or entity, other than an Affiliate of the Employer. Nothing herein
        shall be construed so as to prevent the Employee from making investments of a strictly
        passive nature, so long as the undertaking forming the subject matter of any such
        investment is not an investment, directly or indirectly, in a business which is competitive
        with the Business of the Employer as defined in the Agreement and provided further that
        such investments, when considered solely or together, are not of a type or in an amount
        such as would conflict with the efficient performance by the Employer of his duties under
        the Agreement. Specifically, nothing herein shall prevent the Employee from owning not more
        than 10% of the issued shares of a Employer, the shares of which are listed on a recognized
        stock exchange or traded in the over-the-counter market in Canada, which carries on a
        business that is the same as or as substantially similar to or which competes with or would
        compete with the

        
        
        

        Business
        of the Employer. The Employee will not engage in any other activities that conflict with
        his obligations to Employer.

         

        5.
        Non-Competition Covenant

        
        5.1 Non-Competition. The Employee
        covenants and agrees that throughout his employment with the Employer and for a period of
        twelve (12) months after the termination of such employment for any reason, the Employee
        will not engage, directly or indirectly, in any manner, in any activities known at the time
        of termination to be competitive with the Business of the Employer as defined in the
        Agreement and clause 1 of the CONFIDENTIALITY, INTELLECTUAL PROPERTY RIGHTS,
        NON-COMPETITION AND NON-SOLICITATION AGREEMENT. Further the Employee will not engage,
        directly or indirectly, in any activities known at the time of termination to be
        competitive with the business of the Employer’s Affiliates, subsidiaries or related
        companies or with the business of any of the Employer’s customers. Specifically, the
        Employee will not, directly or indirectly, either individually, or in partnership, jointly
        or in conjunction with any person Employer or entity, or as an employee, principal,
        consultant, contractor, agent, director or shareholder:

         

        
            	
                        
                         

                    	
                        
                        (i)

                    	
                        
                        be engaged in or provide services; or

                    

        

        
         

        
            	
                        
                         

                    	
                        
                        (ii)

                    	
                        
                        have a financial interest or other interest, including
                        holding shares, except as permitted in clause 4.1

                    

        

         

        6.
        Return of Employer’s Documents

        
        6.1 Document Return. In the event of
        termination of his employment for any reason, Employee shall deliver forthwith to Employer
        and not retain in his possession, copy, reproduce, recreate or deliver to anyone else any
        Confidential Information stored in any medium whatsoever.

         

        7.
        Non-Solicitation Covenant

        
        7.1 Non-Solicitation. Employee covenants
        and agrees that for a period of twelve (12) months immediately following the termination of
        his employment for any reason, he shall not, directly or indirectly:

         

        
            	
                        
                         

                    	
                        
                        (a)

                    	
                        
                        solicit, induce, recruit or hire any past (meaning an
                        employee that has not been in the employ of the Employer within two years
                        of the termination date) or existing employee, consultant or contractor of
                        the Employer;

                    

        

        
         

        
            	
                        
                         

                    	
                        
                        (b)

                    	
                        
                        assist any person, Employer or entity to approach, solicit
                        induce, recruit, hire or initiate any contact with any past (meaning an
                        employee that has not been in the employ of the Employer within two years
                        of the termination date) or existing employee, consultant or contractor of
                        the Employer;

                    

        

        
         

        
            	
                        
                         

                    	
                        
                        (c)

                    	
                        
                        approach, solicit away or initiate any contact with or
                        assist any person to approach, solicit away or initiate any contact with
                        past (meaning a client or customer that has not been a client or customer
                        of the Employer within two years of the termination date), present or
                        potential clients or customers (known at the time of the Employee’s
                        termination) of the Employer for the purpose of employment or retaining
                        consulting services; or

                    

        

        
         

        
            	
                        
                         

                    	
                        
                        (d)

                    	
                        
                        accept on the Employee’s behalf or on behalf of any
                        other person, Employer or entity business from any past (meaning a client
                        or customer that has not been a client or customer of the Employer within
                        two years of the termination date),

                    

        

        
        
        

        
        existing or potential clients or customers (known at the time of the
        Employee’s termination) of the Employer.

         

        8.
        Representations

        
        8.1 Representation. Employee agrees to
        execute any oath or verify any document required to carry out the terms of this
        CONFIDENTIALITY, INTELLECTUAL PROPERTY RIGHTS, NON-COMPETITION AND NON-SOLICITATION
        AGREEMENT. Employee represents that his performance of all the terms of this
        CONFIDENTIALITY, INTELLECTUAL PROPERTY RIGHTS, NON-COMPETITION AND NON-SOLICITATION
        AGREEMENT will not breach any prior agreement to keep in confidence proprietary information
        acquired by him prior to his employment by Employer. Employee has not entered into and
        agrees that he will not enter into any oral or written agreement which would conflict with
        this CONFIDENTIALITY, INTELLECTUAL PROPERTY RIGHTS, NON-COMPETITION AND NON-SOLICITATION
        AGREEMENT.

         

        9.
        Equitable Remedies

        
        9.1 Equitable Remedies. Employee agrees
        that it would be impossible or inadequate to measure and calculate Employer's losses or
        damages from a breach of the covenants set forth herein. Accordingly, the Employee agrees
        that if he breaches or threatens to breach any such covenants according to the Employer,
        Employer will have available, in addition to any other right or remedy available, the right
        to obtain equitable relief by way of an injunction from a court of competent jurisdiction
        restraining such breach or threatened breach and to specific performance of any such
        provision of this CONFIDENTIALITY, INTELLECTUAL PROPERTY RIGHTS, NON-COMPETITION AND
        NON-SOLICITATION AGREEMENT.

         

        10.
        General Provisions

         

        
        10.1 Duty to Inform. The Employee shall
        inform any prospective employers of the existence of this CONFIDENTIALITY, INTELLECTUAL
        PROPERTY RIGHTS, NONCOMPETITION AND NON-SOLICITATION AGREEMENT and the obligations it
        imposes on the Employee.

         

        
        10.2 Severability. The parties agree
        that if this CONFIDENTIALITY, INTELLECTUAL PROPERTY RIGHTS, NON-COMPETITION AND
        NON-SOLICITATION AGREEMENT or any portion hereof shall be determined by a court of
        competent jurisdiction to be excessive or invalid by reason of its extending for too great
        a period of time or over too great a range of activities, it shall be interpreted to extend
        only over the maximum period of time or range of activities as to which it may be
        enforceable. If this CONFIDENTIALITY, INTELLECTUAL PROPERTY RIGHTS, NON-COMPETITION AND
        NONSOLICITATION AGREEMENT or any portion thereof shall be determined to be invalid or
        unenforceable for any reason, that invalidity or unenforceability shall not affect the
        validity or enforceability of the remaining portions of this CONFIDENTIALITY, INTELLECTUAL
        PROPERTY RIGHTS, NON-COMPETITION AND NON-SOLICITATION AGREEMENT, and such invalid or
        unenforceable portion shall be severed from the remainder of this CONFIDENTIALITY,
        INTELLECTUAL PROPERTY RIGHTS, NONCOMPETITION AND NON-SOLICITATION AGREEMENT.

         

        
        10.3 Waiver of Defenses.
        Employee acknowledges and agrees that all restrictions in this
        CONFIDENTIALITY, INTELLECTUAL PROPERTY RIGHTS, NON-COMPETITION AND NON-SOLICITATION
        AGREEMENT are reasonable and valid and all defenses to the strict enforcement thereof are
        waived.

        
        
        

        
        10.4 Time of the Essence. Time shall be
        of the essence in this CONFIDENTIALITY, INTELLECTUAL PROPERTY RIGHTS, NON-COMPETITION AND
        NONSOLICITATION

        
        AGREEMENT and no extension of time or indulgence granted by Employer shall
        operate as a waiver of any of the Employer's rights and remedies contained
        herein.

         

        
        10.5 Entire Agreement. This
        CONFIDENTIALITY, INTELLECTUAL PROPERTY RIGHTS, NON-COMPETITION AND NON-SOLICITATION
        AGREEMENT constitutes the entire agreement between Employer and Employee with respect to
        all matters herein and its execution has not been induced by nor do the parties rely upon
        or regard as material any representations, written or oral, not included herein. This
        CONFIDENTIALITY, INTELLECTUAL PROPERTY RIGHTS, NON-COMPETITION AND NONSOLICITATION
        AGREEMENT may not be amended or modified except in writing signed by the
        parties.

         

        
        10.6 Governing Law.
        This CONFIDENTIALITY, INTELLECTUAL PROPERTY RIGHTS, NON-COMPETITION AND
        NON-SOLICITATION AGREEMENT shall be governed by and construed in accordance with the laws
        of Ontario and each of the parties hereto irrevocably submits to the exclusive jurisdiction
        of Toronto, Ontario Canada.

         

        IN
        WITNESS WHEREOF the parties have duly executed this CONFIDENTIALITY, INTELLECTUAL PROPERTY
        RIGHTS, NON-COMPETITION AND NON-SOLICITATION

        
        AGREEMENT on the date below written.

         

        SIGNED
        at Toronto this _______ day of ____________________, 20_______.

         

         

        
        CryptoLogic Inc.

         

         

        
            	
                        
                        Per /s/ Javaid Aziz____________________

                    	
                        
                        ___________________________

                    

        

        
            	
                        
                        Authorized Signing Officer

                    	
                        
                        Signature of Witness

                    

        

        
             
        

        
             

            
                	
                            
                             /s/ Stephen
                            Taylor____________________

                        	
                            
                            ___________________________

                        

            

            
                	
                            
                            Signature of Employee

                        	
                            
                            Name of Witness

                        

            

            
                 
            

            
                 

                
                    	
                                
                                Stephen Taylor____________________

                            	
                                
                                 

                            

                

                
                    	
                                
                                Name of Employee

                            	
                                
                                 

                            

                

            

        

         

        

        

        
        EXHIBIT 2

         

        
        COMPLIANCE CERTIFICATE

         

        To:
        CryptoLogic Inc.

         

        Attention:
        Vice President – Human Resources

         

        This
        signed declaration will serve as confirmation of my compliance with all of my covenants in
        my Employment Agreement, including the my covenants in the CONFIDENTIALITY, INTELLECTUAL
        PROPERTY RIGHTS, NON-COMPETITION AND NON-SOLICITATION AGREEMENT and further, that all
        property, documents (confidential or otherwise), emails or files (confidential or
        otherwise), whether electronic or in any other format or medium, associated in any way to
        the Employer or its corporate affiliates in my possession or control have been returned to
        the Employer or its corporate affiliates and none of the aforementioned, including copies
        thereof, remain in my possession or control. Furthermore, I have informed the Employer of
        all passwords used by me in association with any of the aforementioned.

         

        Stephen
        Taylor

         

        /s/
        Stephen
        Taylor                                         
         

        
        Date

         

        
        _________________________________

        
        Witness

         

        
        _________________________________

        
        Date

        
        Page 16 of 16EXHIBIT
        4.15

         

        THIS
        CONSULTING AGREEMENT MADE AS OF THE 1st DAY OF JUNE, 2007

        
        (“Agreement”)

         

        
        CryptoLogic Limited

        
        (Hereinafter referred to as the “Corporation”)

         

        OF THE
        FIRST PART;

         

        
        - and –

         

        
        Westbury Marketing Ltd.

         

        
        (hereinafter referred to as the “Contractor”)

         

        OF THE
        SECOND PART.

         

        
        WHEREAS the Corporation and its Affiliates carry on a business in the gaming
        industry consisting primarily of Internet related software products (the
        “Business”);

        
         

        
        AND WHEREAS the Contractor provides management services through the services
        of Stephen Taylor (the “Consultant”);

        
         

        
        AND WHEREAS the Corporation is desirous of employing the services of the
        Contractor to provide management services through the Consultant;

         

        
        AND WHEREAS the Contractor is desirous of providing such services to the
        Corporation, on the terms and subject to the conditions herein set out;

        
         

        
        NOW THEREFORE THIS AGREEMENT WITNESSETH that in
        consideration of the respective covenants and agreements of the parties contained herein,
        it is agreed as follows:

         

        ARTICLE
        ONE — EMPLOYMENT SERVICES

         

        
        1.1 Agreement.
        The Corporation hereby agrees to engage the Contractor to provide the
        Corporation with such services as the Corporation may from time to time require (the
        “Services”), and the Contractor hereby agrees to provide such Services to the
        Corporation from the date of this Agreement in all cases through the Consultant, subject to
        termination as herein after provided.

         

        
        1.2 Provision of Services.
        It is agreed and acknowledged that while this Agreement remains in force
        neither the Contractor nor the Consultant shall provide Services or other services to any
        person, firm or corporation, including but not limited to competitors of the Corporation,
        unless it is an Affiliate of the Corporation.

         

        
        1.3 Remuneration.
        In consideration for the Services rendered by the Contractor hereunder, the
        Corporation shall pay to the Contractor during calendar year 2007 remuneration in the gross
        sum of One Hundred Twelve Thousand Nine Hundred and Seventy One Euros (€112,971.00)
        per annum, and during the calendar year 2008, One Hundred Twenty Four Thousand Two Hundred
        and Eighty-Five Thousand Euros (€124,285.00) in 2008 (“Remuneration”).
        Thereafter, the

        
        
        

        
        Contractor’s remuneration shall be subject to review by the Board of
        Directors on the same basis as the Board shall review the remuneration of other senior
        executives of the Corporation.

         

        
        1.4 Management Bonus Plan.
        The Contractor may be eligible to receive a solely discretionary annual
        bonus of up to 40 % of the total Remuneration in addition to the Remuneration set out
        above.

         

        
        1.5 Stock
        Purchases.. For a period equal to
        twelve consecutive calendar quarters, and provided this Agreement has not been terminated
        and the Contractor continues to provide Services hereunder, the Corporation shall pay the
        Contractor quarterly payments in the gross amount of Twenty-Five Thousand Canadian Dollars
        ($25,000.00 C). The Contractor agrees to immediately invest the entirety of this amount in
        stock of the Employer.

         

        
        1.6 School Tuition.
        The Contractor shall be entitled to reimbursement of up to Seventeen
        Thousand One Hundred and Forty-Five Canadian Dollars ($17,450.00C) or €12,465 per year
        on account of school tuition and related costs associated with transportation and book
        purchases (“School Tuition”) incurred by the Consultant and his family. In the
        event of early termination of the agreement, the Corporation agrees to continue payment of
        the School Tuition payments until the end of the relevant school year.

         

        
        1.7 Spousal Support.
        The Contractor shall be entitled to payment of CDN $15,000.00 per month for
        a period of six (6) months on account of personal development, educational, job search, or
        immigration assistance provided to the Consultant’s spouse.

         

        
        1.8 Housing.
        The Corporation shall obtain a lease in respect of an appropriate residence
        in Ireland and shall provide the Consultant with unfettered use of such residence during
        the term of the assignment to Ireland. The Corporation agrees to pay up to €5,000.00
        per month in respect of that lease provided that the Consultant hereby agrees to reimburse
        the Corporation any amounts which the Corporation expends on the Contractor’s behalf
        pursuant to this Paragraph 1.8. The Corporation shall have the right to deduct any amounts
        paid thereby pursuant to this Paragraph 1.8 from the Contractor’s Remuneration
        payments. In the event of termination of this Agreement, the Corporation shall continue to
        pay the costs of the lease until the end of the relevant school year and the Contractor
        shall continue to reimburse the Corporation in this regard.

         

        
        ARTICLE TWO— TERMINATION of EMPLOYMENT

         

        
        2.1 Termination of Agreement by the
        Corporation for Just Cause. The Corporation may terminate
        this Agreement at any time without notice or pay in lieu of notice for “Cause”.
        For the purposes of this Agreement, “Cause” shall be defined so as to include,
        without limitation,

         

        
            	
                        
                         

                    	
                        
                        a)

                    	
                        
                        Any act by the Consultant which would, if the Consultant was
                        an employee of the Corporation, constitute “cause” under
                        applicable law; or

                    

        

        
         

        
            	
                        
                         

                    	
                        
                        b)

                    	
                        
                        Any event in which the Contractor or the Consultant violates
                        any of the material instructions, policies, rules and practices of the
                        Corporation; or

                    

        

        
         

        
            	
                        
                         

                    	
                        
                        c)

                    	
                        
                        If the Contractor fails to comply with any of the material
                        provisions of this Agreement after being notified in writing.

                    

        

         

        In the
        event that this Agreement is terminated for Cause, the Contractor shall not be entitled to
        receive any further Remuneration, payments or benefits pursuant to this Agreement after the
        date

        
        
        

        of such
        termination, other than as specified in this agreement. The Corporation shall be obligated
        to pay all accrued and unpaid Remuneration up to the date of termination. The Consultant
        will no longer have any rights to unvested options as at the date of termination for just
        cause.

         

        
        2.2 Termination of Agreement by the
        Corporation Without Cause. The Corporation may terminate this
        Agreement at any time for any reason whatsoever, including without Cause. In the event that
        this Agreement is terminated by the Corporation for any reason other than Cause, the
        Contractor agrees to accept in satisfaction of any obligations of the Corporation in
        respect of the termination hereof, an amount equal to the Total Compensation.

         

        For the
        purposes of this agreement, “Total Compensation” shall mean an amount equal
        to:

        
            	
                        
                         

                    	
                        
                        (a)

                    	
                        
                        the Contractor’s annual Remuneration at the time of
                        termination of employment,

                    

        

        
            	
                        
                         

                    	
                        
                        (b)

                    	
                        
                        greater of (i) the amount of the discretionary bonus (as
                        referenced in Paragraph 1.4 hereof) paid to the Contractor in respect of
                        the fiscal year immediately prior to the year in which the termination
                        takes place or(ii) the expected amount which would be paid to the
                        Contractor as a discretionary bonus in respect of the fiscal year in which
                        the termination takes place had the Contractor renewed in the employ of the
                        Corporation, based on the criteria established by the senior management
                        team bonus plan in effect at that time, assuming consistent performance by
                        the Corporation for the balance of the fiscal year. By way of example, any
                        for greater certainty, in the event that on the date of termination, the
                        Corporation’s performance up to that point in the fiscal year would,
                        if continued at the same level for the balance of the fiscal year, result
                        in the payment to the Contractor of a discretionary bonus of 40% of his
                        Remuneration, the expected bonus amount for the purposes of this
                        subparagraph 2.2(b)(ii) shall be 40% the Contractor’s
                        Remuneration.

                    

        

        
        plus

        
         

        
            	
                        
                         

                    	
                        
                        (c)

                    	
                        
                        a pro rated portion of the discretionary bonus the
                        Contractor would have received in respect of the fiscal year in which the
                        termination arises (having regard to the portion of the fiscal year the
                        Contractor remained employed with the Corporation), which pro rated
                        discretionary bonus shall be declared, calculated and paid in accordance
                        with, and subject to the Contractor’s senior management team bonus
                        plan in effect at the time of termination.

                    

        

        
         

        The
        Contractor shall be entitled to continued participation in the Corporation benefits plans
        for a period of twelve (12) months following the effective date of termination.

        The
        parties covenant and agree that the payments pursuant to this Paragraph 2.2 shall not be
        remitted to the Contractor until the Corporation is in receipt of a full and final release
        of the Corporation and the respective officers, directors and shareholders, in a form
        reasonably satisfactory to the Corporation and its counsel.

        
        23 Good Reason.
        “Good Reason” for the purposes of this agreement means the
        occurrence, without the Contractor’s written consent of any of the
        following:

        
            	
                        
                         

                    	
                        
                        (a)

                    	
                        
                        a material and detrimental alteration in the
                        Contractor’s position or reporting relationship or in the nature of
                        status of his responsibilities;

                    

        

        
        
        

        
            	
                        
                         

                    	
                        
                        (b)

                    	
                        
                        a material reduction in the Contractor’s Total
                        Remuneration;

                    

        

        
            	
                        
                         

                    	
                        
                        (c)

                    	
                        
                        the failure by the Corporation to maintain any right that
                        the Contractor may have in respect of any granted or issued units or
                        options under the LTIP or SOP;

                    

        

        
            	
                        
                         

                    	
                        
                        (d)

                    	
                        
                        the failure by the Corporation to continue in effect all
                        current Benefits plans or any material perquisite on similar terms;
                        and

                    

        

        
            	
                        
                         

                    	
                        
                        (e)

                    	
                        
                        the relocation of the office where the Contractor is
                        employed to a location that is more than 100 kilometers away from its
                        location in Ireland.

                    

        

        
        2.4 Termination for Good
        Reason. The Contractor may
        terminate this Agreement following the occurrence of any of the events that constitute Good
        Reason, provided that the Contractor issues a written notice describing such event to the
        Corporation within thirty (30) days of the occurrence of such event. The Corporation shall
        thereafter have forty-five (45) business days to remedy such occurrence, failing which the
        Contractor’s employment shall be deemed to have terminated at the end of the 45-day
        period and the Contractor shall become entitled to the amounts payable under paragraph 2.2
        hereof as if the termination was a termination by the Corporation without Cause.

        
        2.5 Termination by the
        Contractor. The Contractor may terminate this Agreement at
        any time by

        giving
        the Corporation six (6) months written notice, which notice period the Corporation may
        waive in whole or in part, subject to paying the equivalent amount of salary
        instead.

         

        ARTICLE
        3 – PROTECTION

        
        3.1 Liability Insurance.
        The Corporation shall maintain Directors and Officers Liability Insurance on
        the Contractor’s behalf.

        
        ARTICLE FOUR - GENERAL CONTRACT PROVISIONS

        
        4.1 Notices.
        All notices, requests, demands or together communications (collectively,
        “Notices”) by the terms hereof required or permitted to be given by one party
        to the other, shall be given in writing by personal delivery or by registered mail, postage
        prepaid, or by facsimile transmission to the party as follows:

         

        a) To
        the Corporation at:

        c/o
        General Counsel

        
        CryptoLogic Inc.

        55 St.
        Clair Ave W.

        
        3rd Floor

        Toronto,
        ON

        M4V
        2Y7

         

        b) To
        the Contractor at:

        7
        Satchel Boulevard

        Toronto,
        Ontario

        M1C
        3B3

        
        Attention: Stephen Taylor

         

        or at
        any such other address or facsimile number as may be given by one party to the other in
        writing from time to time.

        
        
        

        All such
        Notices shall be deemed to have been received when delivered or transmitted, or if mailed,
        48 hours after 12:01 a.m. on the day following the day of the mailing thereof. If any
        Notice shall have been mailed and if regular mail service shall be interrupted by strikes
        or other irregularities, such Notice shall be deemed to have been received 48 hours after
        12:01 a.m. on the day following the resumption of normal mail service.

         

        
        4.2 Additional Conditions.
        The parties shall sign such further and other documents, cause such meetings
        to be held, use their best efforts to have resolutions passed and by-laws
        enacted,

        exercise
        their vote and influence, do and perform and cause to be done and performed such further
        and other acts and things as may be necessary or desirable in order to give full effect to
        this Agreement and every part thereof.

         

        
        4.3 Entire Agreement.
        This Agreement constitutes the entire agreement between the parties with
        respect to all of the matters herein and its execution has not been induced by, nor do
        either of the parties rely upon or regard as material, any representations, oral or
        written, and other writings whatsoever not incorporated herein and made a part hereof. This
        Agreement may not be amended or modified in any respect except by written instrument signed
        by the parties hereto. Any Exhibits referred to herein are incorporated herein by reference
        and form part of the Agreement.

         

        
        4.4 Enurement.
        This Agreement shall enure to the benefit of and be binding upon the parties
        and their respective legal personal representatives, heirs, executors, administrators or
        successors.

         

        
        4.5 Assignment.
        This Agreement is personal to the parties and may not be assigned by either
        of them unless in the case of the Corporation, to an Affiliate.

         

        
        4.6 Headings for Convenience
        Only. The division of this Agreement into articles and
        sections is for convenience of reference only and shall not affect the interpretation or
        construction of this Agreement.

         

        4.7
        Governing Law. It is agreed
        that this Agreement shall be subject to the applicable laws of Ireland.

         

        
        4.8 Gender and Number.
        In this Agreement words importing the singular number shall include the
        plural and vice versa, and words importing the use of any gender shall include the
        masculine, feminine and neuter genders and the word “person” shall include an
        individual, a trust, a partnership, a body corporate, an association or other incorporation
        or unincorporated organization or entity.

         

        
        4.9 Calculation of Time.
        When calculating the period of time within which or following which any act
        is to be done or step taken pursuant to this Agreement, the date which is the reference
        date in calculating such period shall be excluded. If the last day of such period is not a
        business day, then the time period in question shall end on the first business day
        following such non-business day.

         

        
        4.10 Legislation
        References. Any reference in this Agreement to any law,
        by-law, rule, regulation, order or act of any government, governmental body or other
        regulatory body shall be construed as a reference thereto as amended or re-enacted from
        time to time or as a reference to any successor thereto.

         

        
        4.11 Severability.
        If any Article, Section or any portion of any Section of this Agreement is
        determined to be unenforceable or invalid for any reason whatsoever, that unenforceability
        or

        
        
        

        
        invalidity shall not affect the enforceability or validity of the remaining
        portions of this Agreement and such unenforceable or invalid Article, Section or portion
        thereof shall be severed from the remainder of this Agreement.

         

        
        4.12 Advice.
        The Contractor acknowledges that (a) he/she has read and understood this
        Agreement and has had the opportunity to obtain independent legal representation in
        connection with the Agreement.

         

        
        4.13 Cross
        Termination. The parties hereto acknowledge and agree that
        the termination of the Consultant’s employment agreement with the Corporation (the
        “Employment Agreement”), shall result in a contemporaneous termination of this
        Agreement. The nature of the termination of the Employment Agreement shall be deemed to be
        the nature of the termination hereunder. For example, if the Employment Agreement is
        terminated otherwise than for Cause, this agreement shall be deemed terminated otherwise
        than for Cause. Conversely, if the Employment Agreement is terminated for Cause, this
        Agreement shall be deemed for cause.

         

        
        ARTICE 5 - TAX INDEMNITY

        
        5.1 Tax Indemnity.
        It is expressly acknowledged and agreed that it is the expectation of the
        parties hereto is that all amounts payable to the Contractor pursuant to Article 1 hereof
        will be received by the Contractor free of any tax liability in any jurisdiction
        whatsoever. In the event that the Contractor has or will incur a tax liability in respect
        of any amounts payable under this Article 1 hereof, the Corporation shall gross up any and
        all such payments in order that the net effect of the payments received by the Contractor
        under Article1 hereof is that the amounts contemplated to be received by the Contractor
        under Article 1 are received net of any tax liability. Further, the Corporation agrees to
        indemnify and save harmless the Contractor from any and all claims or demands pursuant to
        personal tax legislation in respect of any failure of the Corporation to withhold income
        tax or other deductions required by applicable law.

         

        IN
        WITNESS WHEREOF the parties have duly executed this Employment Agreement as of the date
        above first written.

         

         

        
        CryptoLogic Limited

         

        
            	
                        
                        Per  /s/ Javaid
                        Aziz_______________________

                    	
                        
                        /s/ Donna Husack________________

                    

        

        
            	
                        
                        Authorized Signing Officer

                    	
                        
                        Signature of Witness

                    

        

         

         

         

        Westbury
        Marketing Ltd.

         

        
            	
                        
                        Per /s/ Stephen Taylor___________________

                    	
                        
                        /s/ Donna Husack________________

                    

        

        
            	
                        
                        Authorized Signing Officer

                    	
                        
                        Signature of Witness

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