Document:

Exhibit 10.1

    

     

    

    SHARE FOR SHARE EXCHANGE AGREEMENT

    

    

    THIS AGREEMENT is made the 23rd day of
        April 2021.

     

      

    BETWEEN:

    

    

    	(1)	
            SGHC Limited, a non-cellular company limited by
                shares incorporated in the island of Guernsey with company number 67894 and having its registered office address at Kingsway House, Havilland Street, St Peter Port, Guernsey GY1 2QE ("SGHC");

          

    

    

    	(2)	
            Super Group (SGHC) Limited, a non-cellular company
                limited by shares incorporated in the island of Guernsey with company number 69022 and having its registered office address at Kingsway House, Havilland Street, St Peter Port, Guernsey GY1 2QE ("Newco");

                and

          

    

    

    	(3)	
            Each of the persons set out in Schedule 1 to this agreement (each such person, a "Shareholder", and together, the "Shareholders").

          

    

    

    WHEREAS:

    

    

    	(A)	
            Newco, SGHC and Sports Entertainment Acquisition Corp., a Delaware corporation (the “SPAC”), among others, entered into a
              business combination agreement dated as of April 23, 2021 (the “BCA”), pursuant to which the parties agreed that, among other things, on the Closing Date, immediately prior to the Closing, Newco and
              SGHC will undergo a pre-closing reorganization as set forth in the BCA which provides for, among other things, the exchange by the Pre-Closing Holders, being each of the Shareholders, of all the issued shares of SGHC for Newco Common Shares
              (the "Share for Share Exchange").

          

    

    

    	(B)	
            Newco, SGHC, the SPAC and certain Shareholders have entered into separate transaction support agreements relating to each such Shareholder dated as of April 23, 2021, in accordance with the terms of the BCA,
              (each a "Transaction Support Agreement" and together the "Transaction Support Agreements"), pursuant to which the relevant Shareholders appointed and granted to
              SGHC full power to act as its true and lawful representative, agent and attorney-in-fact, among other things, to execute such agreements and documents as might be necessary to implement all steps involved in the Pre-Closing Reorganization as
              set out in the BCA and the Transaction Support Agreements (the "Power of Attorney").

          

    

    

    	(C)	
            For U.S. federal income tax purposes, it is intended that taken together, the Share for Share Exchange, and the Merger will qualify as an exchange under Section 351 of the Code (the “Intended Tax Treatment”).

          

    

    

    	(D)	
            Pursuant thereto, the parties wish to enter into this agreement in connection with the Share for Share Exchange.

          

    

    

    	(E)	
            Capitalized terms used herein without being otherwise defined herein shall have the meanings assigned thereto in the Transaction Support Agreements (and, by extension and to the extent that the relevant
              capitalised term is not otherwise defined in the Transaction Support Agreements, the BCA).

          

    

    

    
      
        

    

    	(F)	
            References to the "Illustrative Spreadsheet" shall, in each case, be construed as references to the updated Illustrative Spreadsheet as of the Closing Date delivered to the SPAC pursuant Section 2.1(a)(ii) the
              BCA, a draft copy of which is attached hereto as Annex A, strictly for information only.

          

    

    

    IT IS HEREBY AGREED as follows:

    

    

    
      	
              1.

            	
              SALE OF THE EXCHANGE SALE SHARES

            

    

    

    

    	1.1	
            Each Shareholder shall transfer, all right, title and interest in the shares in the capital of SGHC registered in the name of the relevant Shareholder as at the Pre-Closing Reorganization Effective Time (as
              defined below), which together comprise all of the outstanding ordinary shares of SGHC, details of which transfers are shown against such Shareholder’s name in the column entitled “Company Common Shares – # of shares” in the tab of the
              Illustrative Spreadsheet labelled “Illustrative Spreadsheet” (together, the "Exchange Sale Shares") to Newco and Newco shall purchase the Exchange Sale Shares in consideration for the issue by Newco to
              each Shareholder of new redeemable ordinary shares of no par value in the capital of Newco, having the rights set out in the Articles of Incorporation of Newco (as may be amended from time to time) and the issuing board resolution of the
              directors of Newco (the "Exchange Consideration Shares"), in the amounts set out against each Shareholder’s name in the column entitled “Shares issued in Newco on pre-sale reorg – # of shares” of the
              tab labelled “Illustrative Spreadsheet” of the Illustrative Spreadsheet (each Shareholder’s “Relevant Exchange Consideration Shares”) in all respects in accordance with and pursuant to the BCA.

          

    

    

    	1.2	
            Each Shareholder shall transfer each Exchange Sale Share held by such Shareholder pursuant to this agreement with full title guarantee (as that term is understood under English Law) and free from any mortgage,
              charge, security interest, lien, pledge, assignment by way of security, equity, claim, right of pre-emption, option, covenant, restriction, reservation, lease, trust, order, decree, judgment, title defect (including, without limitation, any
              retention of title claim), conflicting claim of ownership or any other encumbrance of any nature whatsoever (whether or not perfected other than liens arising by operation of law), or any agreement, arrangement or obligation to create any of
              the foregoing (other than pursuant to the articles of incorporation of SGHC or Newco (as applicable) from time to time, or any restrictions on transfer arising under applicable securities Laws) and together with all rights, title, power and
              advantages attaching to them as at the Pre-Closing Reorganization Effective Time, including the right to receive all dividends or distributions declared, made or paid on or after the Pre-Closing Reorganization Effective Time.

          

    
      

      

      	2.	EXCHANGE COMPLETION

      

    

    	2.1	
            Completion of the sale and purchase of the Exchange Sale Shares pursuant to clause 1 (“Completion”) shall take place on the
              Closing Date, immediately prior to the Closing (and, for avoidance of doubt, prior to (i) the repurchase of NewCo Common Shares pursuant to section 2.2(c)(iv) of the BCA; and (ii) the Merger), at which time (such time, the “Pre-Closing Reorganization Effective Time”):

          

    

    

    
      
        

    

    	

          	2.1.1	
            the Shareholder, or SGHC through the Power of Attorney, as the case may be, will deliver to SGHC share transfer forms in favour of Newco in respect of each Exchange Sale Share, duly signed and dated by or on
              behalf of the Shareholder;

          

    

    

    	

          	2.1.2	
            the Shareholders shall together procure that SGHC enters the name of Newco on the members register of SGHC as the holder of all the Exchange Sale Shares in the place of the Shareholders and SGHC agrees to
              effect the same upon receipt by it of all of the duly signed and dated share transfer forms; and

          

    

    

    	

          	2.1.3	
            Newco shall, conditional upon SGHC writing up its register of members in accordance with clause 2.1.2 showing Newco to be the holder of all the issued ordinary shares of SGHC, issue to each Shareholder such
              Shareholder’s Relevant Exchange Consideration Shares as fully paid and unassessable shares, and shall procure that the name of each Shareholder is entered into the register of members of Newco as the holder of the Relevant Exchange
              Consideration Shares.

          

    

    

    	3.

          	EARNOUT SHARES

    

    

    Newco shall, following the Closing and during the Earnout Period, within twenty (20)
        Business Days after the occurrence of a Triggering Event issue to each Shareholder (in accordance with its respective Pro Rata Participation Percentage) the Earnout Shares, upon the terms and subject to the conditions set forth in the BCA (the "Earnout"), as fully paid and unassessable shares and shall procure that the name of each Shareholder is entered into the register of members of Newco as the holder of the relevant number of Earnout Shares.

    

    

    	4.

          	US TAX

     

      

    Each of the parties hereto (i) represents and warrants that it has not taken any action (nor permitted any action to be taken), and is not aware of any fact or circumstance, that
      would reasonably be expected to impair or impede the Intended Tax Treatment (ii) shall prepare and file all income Tax Returns consistent with, and shall not take any income Tax reporting position inconsistent with, the Intended Tax Treatment, unless
      otherwise required pursuant to a “determination” within the meaning of Section 1313(a) of the Code, and (iii) shall prepare and file any statement required pursuant to U.S. Treasury Regulations 1.351-3.

    

    

    	5.

          	MISCELLANEOUS

    

    

    	5.1	
            In the event of any conflict between the terms of this agreement and the terms of the BCA as they relate to the Share for Share Exchange or the Earnout, the terms of the BCA shall prevail and this agreement
              shall be deemed to be amended to conform thereto.

          

    

    

    	5.2	
            This agreement shall be binding on and enure for the benefit of the personal representatives and successors in title of the parties but shall not be assignable without the prior written consent of the
              Shareholders, whether acting by SGHC through the Power of Attorney or on their own behalf.

          

    

    

    
      
        

    

    	5.3	
            This agreement may be executed in any one or more number of counterparts each of which, when executed and delivered, constitute an original of this agreement but all the counterparts will, together, constitute
              one and the same agreement.

          

    

    

    	5.4	
            Each of the parties hereto undertakes with the other to do, execute, perform or procure to be done executed or performed all such further acts, documents and things as such other or others of them may
              reasonably require to give effect to this agreement, including the provisions of clause 4.1.

          

    

    

    	5.5	
            Each party shall bear its own costs for the preparation and implementation of this agreement.

          

    

    

    	5.6	
            No variation of this agreement shall be valid unless made in writing and signed by or on behalf of each of the parties to this agreement.

          

    

    

    	5.7	
            Any notice to be given pursuant to this agreement shall be given in writing to the party due to receive such notice at its registered office from time to time or such other address as may have been notified to
              the other parties in accordance with this clause 5.7.  Notice shall be delivered personally or sent by first class prepaid recorded delivery or registered post and shall be deemed to have been given in the case of delivery personally on
              delivery and in the case of posting (in the absence of evidence of earlier receipt) 72 hours after posting.

          

    

    

    	5.8	
            This agreement and all  obligations arising in any way whatsoever out of it or in connection with it shall be governed by and construed in accordance with the laws of the Island of Guernsey and the parties
              hereby submit to the non-exclusive jurisdiction of the Royal Court of Guernsey for the settlement of any dispute arising in connection herewith.

          

    

    

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      The Parties have executed this agreement the day and year first above written.

      

      

      /s/ Director

      Director

      For and on behalf of

      SGHC Limited

      

      

      

      

      /s/ Director

      Director

      For and on behalf of

      Super Group (SGHC) Limited

      

      

      

      

      /s/ Authorised Signatory

      Authorised signatory

      

      

      /s/ Authorised Signatory

      Authorised signatory

      For and on behalf of

      Bellerive Trust Limited As Trustee of the Dolphin Trust

      

      

      

      

      /s/ Authorised Signatory

      Authorised signatory

      

      

      /s/ Authorised Signatory

      Authorised signatory

      For and on behalf of

      Bellerive Trust Limited As Trustee of the Panther Trust

      

      

      
        

        
          

        

      

      /s/ Authorised Signatory

      Authorised signatory

      

      

      /s/ Authorised Signatory

      Authorised signatory

      For and on behalf of

      Bellerive Trust Limited As Trustee of the Cheetah Trust

      

      

      

      

      /s/ Authorised Signatory

      Authorised signatory

      

      

      /s/ Authorised Signatory

      Authorised signatory

      For and on behalf of

      Bellerive Trust Limited As Trustee of the Tiger Trust

      

      

      

      

      /s/ Authorised Signatory

      Authorised signatory

      

      

      /s/ Authorised Signatory

      Authorised signatory

      For and on behalf of

      Bellerive Trust Limited As Trustee of the Hamilton Trust

      

      

      

      

      /s/ Authorised Signatory

      Authorised signatory

      

      

      /s/ Authorised Signatory

      Authorised signatory

      For and on behalf of

      Bellerive Trust Limited As Trustee of the Agape Trust

      

      

      
        

        
          

        

      

      /s/ Authorised Signatory

      Authorised signatory

      

      

      /s/ Authorised Signatory

      Authorised signatory

      For and on behalf of

      Bellerive Trust Limited As Trustee of the Lion Head Trust

      

      

      

      

      /s/ Authorised Signatory

      Authorised signatory

      

      

      /s/ Authorised Signatory

      Authorised signatory

      For and on behalf of

      Bellerive Trust Limited As Trustee of the Quattro Trust

      

      

      

      

      /s/ Authorised Signatory

      Authorised signatory

      

      

      /s/ Authorised Signatory

      Authorised signatory

      For and on behalf of

      Bellerive Trust Limited As Trustee of the Bissett Trust

      

      

      

      

      /s/ Authorised Signatory

      Authorised signatory

      

      

      /s/ Authorised Signatory

      Authorised signatory

      For and on behalf of

      Bellerive Trust Limited As Trustee of the Darrock Trust

      

      

      
        

        
          

        

      

      /s/ Authorised Signatory

      Authorised signatory

      

      

      /s/ Authorised Signatory

      Authorised signatory

      For and on behalf of

      Bellerive Trust Limited As Trustee of the Ace of Clubs Trust

      

      

      

      

      /s/ Authorised Signatory

      Authorised signatory

      

      

      /s/ Authorised Signatory

      Authorised signatory

      For and on behalf of

      Chivers Limited

      

      

      

      

      /s/ Authorised Signatory

      Authorised signatory

      

      

      /s/ Authorised Signatory

      Authorised signatory

      For and on behalf of

      Earl Fiduciary AG as Trustee of the New Laurel Road Trust

      

      

      

      

      /s/ Authorised Signatory

      Authorised signatory

      

      

      /s/ Authorised Signatory

      Authorised signatory

      For and on behalf of

      Earl Fiduciary AG as Trustee of the Turtle Trust

      

      

      
        

        
          

        

      

      /s/ Authorised Signatory

      Authorised signatory

      

      

      /s/ Authorised Signatory

      Authorised signatory

      For and on behalf of

      Earl Fiduciary AG as Trustee of the Aquaman Trust

      

      

      

      

      /s/ Authorised Signatory

      Authorised signatory

      

      

      /s/ Authorised Signatory

      Authorised signatory

      For and on behalf of

      Earl Fiduciary AG as Trustee of the Gold Trust

      

      

      

      

      /s/ Authorised Signatory

      Authorised signatory

      

      

      /s/ Authorised Signatory

      Authorised signatory

      For and on behalf of

      Earl Fiduciary AG as Trustee of the Chase Trust

      

      

      

      

      /s/ Authorised Signatory

      Authorised signatory

      

      

      /s/ Authorised Signatory

      Authorised signatory

      For and on behalf of

      Earl Fiduciary AG as Trustee of the Leopard Trust

      

      

      
        

        
          

        

      

      /s/ Authorised Signatory

      Authorised signatory

      

      

      /s/ Authorised Signatory

      Authorised signatory

      For and on behalf of

      Earl Fiduciary AG as Trustee of the Avion Trust

      

      

      

      

      /s/ Authorised Signatory

      Authorised signatory

      

      

      /s/ Authorised Signatory

      Authorised signatory

      For and on behalf of

      Earl Fiduciary AG as Trustee of the Baroque Trust

      

      

      

      

      /s/ Authorised Signatory

      Authorised signatory

      

      

      /s/ Authorised Signatory

      Authorised signatory

      For and on behalf of

      Earl Fiduciary AG as Trustee of the Castle Trust

      

      

      

      

      /s/ Authorised Signatory

      Authorised signatory

      

      

      /s/ Authorised Signatory

      Authorised signatory

      For and on behalf of

      Earl Fiduciary AG as Trustee of the Great Park Trust

      

      

      
        

        
          

        

      

      /s/ Fatima Dodds

      Fatima Dodds

      

      

      

      

      /s/ Authorised Signatory

      Authorised signatory

      

      

      /s/ Authorised Signatory

      Authorised signatory

      For and on behalf of

      Knuttson Limited

      

      

      

      

      /s/ Timothy Whyles

      Timothy Whyles

      

      

      
        

        
          

        

      

      Schedule 1

       

      

      Shareholders

       

      

      	
              Name of Shareholder

            	
              Address of Shareholder

            
	 	 
	
              Knutsson Limited

            	
              24 North Quay, Douglas, Isle of Man, IM1 4LE

            
	 	 
	
              Chivers Limited

            	
              Burleigh Manor, Peel Road, Douglas, Isle of Man, IM1 5EP

            
	 	 
	
              Earl Fiduciary AG as Trustee of the New Laurel Road Trust

            	
              General Wille-Strasse 10, PO Box 1688, 8027 Zurich, Switzerland

            
	 	 
	
              Earl Fiduciary AG as Trustee of the Turtle Trust

            	
              General Wille-Strasse 10, PO Box 1688, 8027 Zurich, Switzerland

            
	 	 
	
              Earl Fiduciary AG as Trustee of the Aquaman Trust

            	
              General Wille-Strasse 10, PO Box 1688, 8027 Zurich, Switzerland

            
	 	 
	
              Earl Fiduciary AG as Trustee of the Gold Trust

            	
              General Wille-Strasse 10, PO Box 1688, 8027 Zurich, Switzerland

            
	 	 
	
              Earl Fiduciary AG as Trustee of the Chase Trust

            	
              General Wille-Strasse 10, PO Box 1688, 8027 Zurich, Switzerland

            
	 	 
	
              Earl Fiduciary AG as Trustee of the Leopard Trust

            	
              General Wille-Strasse 10, PO Box 1688, 8027 Zurich, Switzerland

            
	 	 
	
              Earl Fiduciary AG as Trustee of the Avion Trust

            	
              General Wille-Strasse 10, PO Box 1688, 8027 Zurich, Switzerland

            
	 	 
	
              Earl Fiduciary AG as Trustee of the Baroque Trust

            	
              General Wille-Strasse 10, PO Box 1688, 8027 Zurich, Switzerland

            
	 	 
	
              Bellerive Trust Limited as Trustee of the Dolphin Trust

            	
              Kingsway House, Havilland Street, St Peter Port, GY1 2QE, Guernsey

            
	 	 
	
              Bellerive Trust Limited as Trustee of the Panther

            	
              Kingsway House, Havilland Street, St Peter Port, GY1 2QE, Guernsey

            
	 	 
	
              Earl Fiduciary AG as Trustee of the Castle Trust

            	
              General Wille-Strasse 10, PO Box 1688, 8027 Zurich, Switzerland

            
	 	 
	
              Bellerive Trust Limited as Trustee of the Cheetah Trust

            	
              Kingsway House, Havilland Street, St Peter Port, GY1 2QE, Guernsey

            
	 	 

      

      

      
        
          

      

      	
              Bellerive Trust Limited as Trustee of the Tiger Trust

            	
              Kingsway House, Havilland Street, St Peter Port, GY1 2QE, Guernsey

            
	 	 
	
              Bellerive Trust Limited as Trustee of the Hamilton Trust

            	
              Kingsway House, Havilland Street, St Peter Port, GY1 2QE, Guernsey

            
	 	 
	
              Bellerive Trust Limited as Trustee of the Agape Trust

            	
              Kingsway House, Havilland Street, St Peter Port, GY1 2QE, Guernsey

            
	 	 
	
              Bellerive Trust Limited as Trustee of the Lion Head Trust

            	
              Kingsway House, Havilland Street, St Peter Port, GY1 2QE, Guernsey

            
	 	 
	
              Bellerive Trust Limited as Trustee of the Quattro Trust

            	
              Kingsway House, Havilland Street, St Peter Port, GY1 2QE, Guernsey

            
	 	 
	
              Bellerive Trust Limited as Trustee of the Bissett Trust

            	
              Kingsway House, Havilland Street, St Peter Port, GY1 2QE, Guernsey

            
	 	 
	
              Earl Fiduciary AG as Trustee of the Great Park Trust

            	
              General Wille-Strasse 10, PO Box 1688, 8027 Zurich, Switzerland

            
	 	 
	
              Bellerive Trust Limited as Trustee of the Darrock Trust

            	
              Kingsway House, Havilland Street, St Peter Port, GY1 2QE, Guernsey

            
	 	 
	
              Bellerive Trust Limited as Trustees of the Ace of Clubs Trust

            	
              Kingsway House, Havilland Street, St Peter Port, GY1 2QE, Guernsey

            
	 	 
	
              Fatima Dodds

            	
              7 Cherry Lane, Constantia, 7806, South Africa

            
	 	 
	
              Timothy Whyles

            	
              97 St Johns Wood Terrace, St Johns Wood, London, NW8 6PP, UK

            
	 	 

      

      

      
        
          

      

      ANNEX A

      

      

      ILLUSTRATIVE SPREADSHEET

      

      

      [to be attached]Executive Version

      

       

      

      Exhibit 10.2

      

    

     

    

    FOUNDER HOLDERS CONSENT LETTER

     

    

    This FOUNDER HOLDERS CONSENT LETTER (this “Consent”) is entered into as of April 23, 2021, between Super Group (SGHC) Limited, a non-cellular company limited by shares incorporated under the
      laws of the Bailiwick of Guernsey (“NewCo”), SGHC Limited, a non-cellular company limited by shares incorporated under the laws of the Bailiwick of Guernsey (the “Company”), Sports Entertainment Acquisition Corp., a Delaware corporation
      (“SEAC”), Sports Entertainment Acquisition Holdings LLC, a Delaware limited liability company ( “Sponsor”), and each holder (each, a “Founder Holder” and, collectively, the “Founder Holders”) of the issued and outstanding
      shares of Class B common stock of SEAC, par value $0.0001 per share (the “SEAC Class B Common Stock”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Business Combination Agreement
      (as defined below).

    

    

    WHEREAS, the Founder Holders own an aggregate of 11,250,000 shares of SEAC Class B Common Stock;

    

    

    WHEREAS, on April 23, 2021, SEAC entered into a Business Combination Agreement (the “Business Combination Agreement”) with the Company, NewCo, Super Group (SGHC) Merger
      Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of NewCo (“Merger Sub”), and Sponsor. Pursuant to the transactions contemplated by the terms of the Business Combination Agreement, and subject to the satisfaction or waiver of
      certain conditions set forth therein, among other things, Merger Sub will merge with and into SEAC, with SEAC surviving the merger and continuing as a wholly owned subsidiary of NewCo (the transactions contemplated by the Business Combination
      Agreement and the related ancillary agreements, the “Business Combination”);

    

    

    WHEREAS, Article 4.3(b) of SEAC’s Amended and Restated Certificate of Incorporation (the “Charter”) provides that:

    

    

    (i)   Shares of SEAC Class B
        Common Stock shall be convertible into shares of Class A Common Stock of SEAC (the “SEAC Class A Common Stock”) on a one-for-one basis (the “Initial Conversion Ratio”) (A) at any time and from time to time at the option of the holder
        thereof and (B) automatically on the closing of the initial Business Combination.

    

    

    (ii)  Notwithstanding the Initial Conversion Ratio, in the case that additional shares of SEAC Class A Common Stock, or equity-linked securities, are issued or deemed issued in excess of the amounts
      issued in SEAC’s initial public offering of securities (the “Offering”) and related to the closing of the initial Business Combination, all issued and outstanding shares of SEAC Class B Common Stock shall automatically convert into shares of
      SEAC Class A Common Stock at the time of the closing of the initial Business Combination at a ratio for which:

    
      

      

      the numerator shall be equal to the sum of (A) 25% of all shares of SEAC Class A Common Stock issued or issuable (upon the conversion or exercise of any equity-linked securities or otherwise) in
        each case by SEAC related to or in connection with the consummation of the initial Business Combination (net of the number of shares of SEAC Class A Common Stock redeemed in connection with the initial Business Combination and excluding any
        securities issued or issuable to any seller in the initial Business Combination) plus (B) the number of shares of SEAC Class B Common Stock issued and outstanding prior to the closing of the initial Business Combination; and

      

      

    

    
      the denominator shall be the number of shares of SEAC Class B Common Stock
          issued and outstanding prior to the closing of the initial Business Combination (the “Conversion Rights Provision”);

       

        

    

    WHEREAS, under the Charter, the Business Combination and the transactions contemplated thereby will trigger the Conversion Rights Provision; and

    

    

    WHEREAS, in connection with the Business Combination, the parties hereto desire that
        each Founder Holder irrevocably waives his, her or its rights under Article 4.3(b) of the Charter with respect to any additional shares of SEAC Class A Common
          Stock otherwise issuable upon conversion pursuant to the Conversion Rights Provision (the “Excess Shares”).

     

        

    
      

      
        

      

    

    NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, and to induce NewCo and the Company to enter into the Business Combination Agreement, the parties hereto
      agree as follows:

    

    

    
      Section 1.  Waiver and Conversion.

      

      

      (a)          Each Founder Holder hereby irrevocably and unconditionally relinquishes and waives (the “Waiver”) any and all rights, title and interest such Founder
        Holder has or will have under Article 4.3(b) of the Charter to receive Excess Shares upon conversion of the shares of SEAC Class B Common Stock in connection with the closing of the Business Combination.

      

      

      (b)          Each Founder Holder hereby acknowledges and agrees that, to the extent such Founder Holder receives any Excess Shares as a result of any conversion of shares of SEAC Class B Common
        Stock, such Founder Holder shall surrender such shares, including any certificates thereof, to NewCo for cancellation, and no consideration shall be payable to such Founder Holder in connection therewith.

      

      

      (c)          Each Founder Holder hereby acknowledges and agrees that, immediately prior to the Merger Effective Time, and subject to Section 1(a) above, each share of SEAC Class B Common Stock that
        is issued and outstanding as of such time shall automatically convert in accordance with the Conversion Rights Provision into one share of SEAC Class A Common Stock, and all the Founder Holders jointly and severally agree that as a result of such
        conversion, all outstanding shares of SEAC Class B Common Stock shall collectively convert into 11,250,000 shares of SEAC Class A Common Stock.

      

      

      Section 2.  Successors and Assigns. The parties hereto acknowledge and agree that the terms of this Consent are binding on and shall inure to the benefit of such party’s beneficiaries,
        heirs, legatees and other statutorily designated representatives. Each Founder Holder also understands that this Consent, once executed, is irrevocable and binding, and if a Founder Holder transfers, sells or otherwise assigns any shares of SEAC
        Class B Common Stock held by it as of the date of this Agreement, the transferee of such shares of SEAC Class B Common Stock shall be bound by the terms of this Consent as if such transferee were a party hereto. Any Founder Holder that desires to
        transfer, sell or otherwise assign any shares of SEAC Class B Common Stock shall, in addition to any other existing obligations or restrictions applicable to such proposed transfer, sale or assignment that may exist, provide the proposed transferee
        with a copy of this Consent and obtain from such proposed transferee a written acknowledgment that such proposed transferee acknowledges and agrees to the Waiver and the other matters set forth in this Consent.

      

      

      Section 3.  Authorization; Enforcement. Each of the parties hereto represents that (a) it has the requisite corporate power or legal capacity, as applicable, and authority to enter into,
        deliver and perform his, her or its obligations under this Consent, (b) this Consent has been duly authorized, executed and delivered by such party and (c) this Consent is enforceable against it in accordance with its terms.

      

      

      Section 4.  Effect of this Consent on Charter. The Charter, as affected hereby, shall remain in full force and effect. The Waiver contained in this Consent shall not constitute a waiver of
        any other provision of the Charter, except as expressly provided herein with respect to Article 4.3(b). This Consent constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and supersedes all
        prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Consent may not be changed,
        amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed by all parties hereto.

      

      

      Section 5.  Counterparts. This Consent may be executed in two (2) or more counterparts (including by electronic means), all of which shall be considered one and the same agreement and shall
        become effective when signed by each of the parties hereto and delivered to the other parties hereto, it being understood that all parties hereto need not sign the same counterpart.

      

      

    

    
      

      
        

      

    

    
      Section 6.  Governing Law; Venue; Waiver of Jury Trial.

      

      

      (a)          This Consent, and any claim or cause of action hereunder based upon, arising out of or related to this Consent (whether based on law, in equity, in contract, in tort or any other
        theory) or the negotiation, execution, performance or enforcement of this Consent, shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to the principles of conflicts of law thereof.

      

      

      (b)          THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE JURISDICTION OF THE UNITED STATES DISTRICT COURT IN THE STATE OF DELAWARE, THE DELAWARE COURT OF CHANCERY AND THE FEDERAL COURTS OF THE
        UNITED STATES OF AMERICA LOCATED IN THE STATE OF DELAWARE SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS CONSENT AND THE DOCUMENTS REFERRED TO IN THIS CONSENT AND IN RESPECT OF THE BUSINESS COMBINATION
        CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT
        BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS CONSENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT
        TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED BY SUCH A DELAWARE STATE OR FEDERAL COURT. THE PARTIES HERETO HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF
        SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN SUCH MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.

      

      

      (c)          EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS CONSENT OR THE BUSINESS COMBINATION CONTEMPLATED HEREBY IS LIKELY TO INVOLVE COMPLICATED AND
        DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS CONSENT OR THE
        BUSINESS COMBINATION CONTEMPLATED BY THIS CONSENT. EACH PARTY HERETO CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE
        EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO
        ENTER INTO THIS CONSENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 6.

    

    
       

      

      [Signature page follows]

    

    
      

      

    

    
      

      
        

      

    

    
      IN WITNESS WHEREOF, the parties hereto have executed this Consent as of the date first written above.

       

      

      
        	 	
                SGHC LIMITED

              
	 	 	 	 
	 	 	
                By:

              	
                /s/ Robert Dutnall

              
	 	 	 	
                Name: 

                

              	Robert Dutnall
	 	 	 	
                Title:  

                

              	Director
	 	 
	 	
                SUPER GROUP (SGHC) LIMITED

              
	 	 	 	 
	 	 	
                By:

              	
                /s/ Robert Dutnall

              
	 	 	 	
                Name: 

                

              	Robert Dutnall
	 	 	 	
                Title:   

                

              	Director
	 	 
	 	
                SPORTS ENTERTAINMENT 

                ACQUISITION CORP.

              
	 	 	 	 
	 	 	
                By:

              	
                /s/ Eric Grubman

              
	 	 	 	
                Name: 

                

              	Eric Grubman
	 	 	 	
                Title:   

                

              	Chairman of the Board and Chief Financial Officer
	 	 
	 	
                SPORTS ENTERTAINMENT 

                ACQUISITION HOLDINGS LLC

              
	 	 	 	 
	 	 	
                By:

              	
                /s/ Eric Grubman

              
	 	 	 	
                Name: 

                

              	Eric Grubman
	 	 	 	
                Title:  

                

              	Manager
	 	 	 
	 	
                By:

              	
                /s/ Timothy Goodell

              
	 	 	
                Name:

                

              	 Timothy Goodell
	 	 	 
	 	
                By:

              	
                /s/ Natara Holloway

              
	 	 	
                Name: 

                

              	 Natara Holloway

      

       

      

    

    

    [Founder Holders Consent Letter]

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