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Exhibit 10.28

SEVERANCE AND CHANGE OF CONTROL AGREEMENT

THIS SEVERANCE AND CHANGE OF CONTROL AGREEMENT (the "Agreement") by and between Ingevity Corporation, a Delaware corporation (together with its Affiliated Companies, as hereinafter defined, being the "Company"), and Michael Patrick Smith (the "Executive") is dated as of the date set forth under the Company's signature.
RECITALS
WHEREAS, the Board of Directors of the Company (the "Board") has determined that it is in the best interests of the Company and its shareholders to assure that the Company will have the continued dedication and objectivity of the Executive, to provide the Executive with an incentive to continue his or her employment, and to motivate the Executive to achieve and exceed performance goals. The Board also believes it is imperative to diminish the inevitable distraction of the Executive by virtue of the personal uncertainties and risks created by certain involuntary terminations of employment absent Cause (as defined below), to encourage the Executive's full attention and dedication to the Company currently, and to provide the Executive with compensation and benefits arrangements that are competitive with those of other corporations. In addition, the success of the Company's business depends in part on the preservation of its confidential information, trade secrets and goodwill in the markets in which it competes. The Board and Executive have agreed to certain reasonable restrictions on Executive's post-employment activities to protect these legitimate business interests. Therefore, in order to accomplish these objectives, the Board caused the Company to enter into this Agreement.
NOW, THEREFORE, IT IS HEREBY AGREED as follows:
1.Change of Control. For the purpose of this Agreement, a "Change of Control" shall mean:
(a)An acquisition by any individual,  entity  or  group  (within  the  meaning  of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a "Person") of beneficial ownership (within the meaning of Rule I3d-3 promulgated under  the  Exchange Act) of 30% or more of either (i) the then-outstanding shares of Common Stock (the "Outstanding Company Common Stock") or (ii) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the "Outstanding Company Voting Securities"); excluding, however, the following: (A) any acquisition directly from the Company, other than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted itself was acquired directly from the Company, (B) any repurchase by the Company, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company, or (D) any acquisition pursuant to a transaction that complies with clauses (i), (ii) and (iii) of subsection (c) of this Section l(a); or
(b)Individuals who, as of the date hereof, constitute the Board (such Board shall be hereinafter referred to as the "Incumbent Board") cease for any reason to constitute at least a majority of the Board; provided, however, that, for purposes of this Section 1(b), any individual who becomes a member of the Board subsequent to the date hereof, whose election, or nomination for election by the Company's stockholders, was approved by a vote of at least a majority of those individuals who are members of the Board and who were also members of the Incumbent Board (or deemed to be such pursuant to this proviso) shall be considered as though such individual were a member of the Incumbent Board; provided, further, that any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board shall not be so considered as a member of the Incumbent Board; or
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(c)The consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a "Business Combination"); excluding, however, such a Business Combination pursuant to which (i) all or substantially all of the individuals and entities who are the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination will beneficially own, directly or indirectly, more than 50% of, respectively, the outstanding shares of common stock, and the combined voting power of the then­ outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation that as a result of  such transaction owns the Company or all or substantially all of the Company's assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (ii) no Person (other than the Company, any employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) will beneficially own, directly or indirectly, 30% or more of, respectively, the outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the outstanding voting securities of such corporation entitled to vote generally in the election of directors except to the extent that such ownership derives from ownership of a 30% or more interest in the Outstanding Company Common Stock and/or Outstanding Company Voting Securities that existed prior to the Business Combination, and (iii) individuals who were members of the Incumbent Board will constitute at least a majority of the members of the board of directors of the corporation resulting from such Business Combination; or
(d)The approval by stockholders of a complete liquidation or dissolution of the Company.
2.Certain Other Definitions.
(a)"Affiliated Companies" or "Affiliated Company" shall include any company controlled by, controlling or under common control with the Company. For the avoidance of doubt, Purification Cellutions LLC is an "Affiliated Company".
(b)The "Change of Control Period" means the period commencing on the Effective Date and ending on the second anniversary of such date. The Change of Control Period shall terminate upon the termination of the Executive's employment for any reason.
(c)"Competitive Product or Service" means any product or service that is substantially the same as or similar to any product or service  sold  or  provided  by Company during the "Restricted Period" (as defined below) and/or any product  or  service meant to accomplish the same or a similar purpose as, and/or to serve as a substitute for, products or services sold or provided  by Company during the  Term.
(d)"Company Competitor" means any business providing a Competitive Product or Service, and for the avoidance of doubt, includes the Named Company Competitors set forth on Exhibit B to this Agreement.
(e)"Confidential Information" means information relating to the Company or any of the  Affiliated Companies, which has value to the Company or its Affiliated Companies and is not generally available to the public. This includes, but is not limited to, Customer lists, Company know-how, designs, formulae, processes, devices, machines, business contracts, financial data, inventions, research or development projects, plans for future development, materials of a business nature including marketing information, strategies and concepts, and pricing strategies.
(f)"Customer" means any person or entity that is a customer of Company as of the Termination Date (i.e, has an ongoing business relationship as of that date, whether or not there are then current outstanding commitments).  Customer shall also include any prospective customer whose business you have actively been seeking on behalf of the Company within the six months prior to your Termination Date.
(g)The "Effective Date" shall mean the first date during the Employment Period on which a Change of Control occurs.
(h)The "Employment Period" shall mean the period commencing on the date hereof and ending on the third anniversary of the date hereof, as subsequently extended as described below. The Employment Period shall be automatically extended for successive one-year periods unless the Company notifies the Executive in writing, at least six months prior to the end of the then current term that the Employment Period will not be extended. The Employment Period shall further be automatically extended immediately prior to any Change in Control such that the Employment Period (and this Agreement) shall be in effect throughout the entire Change in Control Period.
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(i)"Indirect Customer" means any person or entity to whom Company's direct Customer supplies product that incorporates the Company's products.  In the case of the Company's automotive carbon business, Indirect Customer includes the automobile manufacturers and any business that supplies product to an automobile manufacturer that includes the Company's products.
(j)"Named Company Competitors" means those companies identified as such on Exhibit B.
(k)"Peer Executives" shall mean, at any given time, the other persons employed by the Company or any of the Affiliated Companies who were, immediately before the Effective Date, party to agreements with the Company substantially in the form of this Agreement.
(l)"Separation from Service" shall mean a separation from service as defined in Treasury Regulation Section l.409A-l(h).
(m)"Supplier" means any supplier or vendor of any product or service to Company that Company, in turn, provides to or procures for any Customer.
(n)"Relevant Time" shall mean immediately before the Effective Date.
(o)"Restricted Period" means the Employment Period, including any extension or renewal thereof, plus a period of twelve (12) months following termination of Executive's employment with Company for any reason. In the event Executive is found by a Court of competent jurisdiction to have violated any of the provisions of Sections 10-14 of this Agreement, the Restricted Period shall be extended by any such period of non-compliance.
(p)"Territory" means the territory set forth in Exhibit C to this Agreement.
3.Employment Term. The Company hereby agrees to continue the Executive in its employ, subject to the terms and conditions of this Agreement, for the Employment Period.
4.Terms of Employment.
(a)Position and Duties.
i.During the Change of Control Period, there shall be no material reduction in any of the Executive's position, authority, duties, responsibilities or salary grade as compared to those held, exercised and assigned to the Executive at the Relevant Time. Notwithstanding the foregoing, a change in title by itself shall not be a violation of this Section 4(a)(i); provided that the Executive continues to have responsibilities and authority that are, in the aggregate and in all material respects, comparable to those held by the Executive at the Relevant Time.
ii.During the Change of Control  Period,  the  Executive's  services  shall  be  performed at the location where the Executive was employed immediately preceding the Effective Date, or at any other  location  that  does  not  result  in the Executive's commuting distance from the Executive's residence being increased by more than 30 miles; provided, that if the Executive voluntarily changes his or her residence after the Effective Date, then a new work location shall not be considered to have increased  the Executive's  commuting  distance by more than 30 miles  unless such an increase  both  (1) occurs in relation  to the Executive's new residence; and (2) would have occurred even if the Executive  had not changed his or her  residence.
iii.During the Change of Control Period, and excluding any periods of vacation  and sick leave to which the Executive is entitled, the Executive agrees to devote reasonable attention and time during normal business hours to the business and affairs of the Company and, to the extent necessary to discharge the responsibilities assigned to the Executive hereunder, to use the Executive's reasonable good faith efforts to perform such responsibilities consistent with his or her past practice. During the Change of Control or Employment Periods it shall not be a violation of this Agreement for the Executive to (A) serve on corporate, civic or charitable boards or committees; deliver lectures, fulfill speaking engagements or teach at educational institutions; or (C) manage personal investments, so long as such activities do not significantly interfere with the performance of the Executive's responsibilities as an employee of the Company in accordance with this Agreement. It is expressly understood and agreed that to the extent that any such other activities have been conducted by the Executive prior to the Effective Date, the continued conduct of such activities (or the conduct of activities similar in nature and scope thereto) subsequent to the Effective Date shall not thereafter be deemed to interfere with the performance of the Executive's responsibilities to the Company.
(b)Compensation.
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i.Base Salary. During the Change of Control Period, the Executive shall receive an annual base salary ("Annual Base Salary") which shall be not less than the Executive's annual base salary from the Company and the Affiliated Companies as in effect immediately before the Effective Date. Any increase in Annual Base Salary during the Change of Control Period shall not serve to limit or reduce any other obligation to the Executive under this Agreement, and the Annual Base Salary shall not be reduced during the Change of Control Period.
ii.Incentive Compensation Opportunities. In addition to the Annual Base Salary, the Executive shall be granted, during the Change of Control Period, cash-based and equity-based awards representing the opportunity to earn incentive compensation on terms and conditions no less favorable to the Executive, in the aggregate, than those provided generally at any time after the Effective Date to the Peer Executives or, if more favorable to the Executive, than those provided by the Company and the Affiliated Companies for the Executive at the Relevant Time. In determining whether the Executive's incentive compensation opportunities during the Change of Control Period meet the requirements of the preceding sentence, there shall be taken into account all relevant terms and conditions, including, without limitation and to the extent applicable, the potential value of such awards at minimum, target and maximum performance levels, and the difficulty of achieving the applicable performance goals.
iii.Savings and Retirement Plans. During the Change of Control Period, the Executive shall be entitled to participate in all savings and retirement plans, practices, policies and programs applicable generally to the Peer Executives, on comparable terms and conditions, but in no event shall such plans, practices, policies and programs provide the Executive with retirement or savings opportunities, in each case, less favorable, in the aggregate, to the Executive than those provided by the Company and the Affiliated Companies to the Executive at the Relevant Time.
iv.Welfare Benefit Plans. During the Change of Control Period, the Executive and/or the Executive's family, as the case maybe, shall be eligible for participation in and shall receive all benefits under welfare benefit plans, practices, policies and programs provided by the Company and the Affiliated Companies (including, without limitation, medical, prescription, dental, disability, employee life, group life, accidental death and travel accident insurance plans and programs) (collectively, "Welfare Benefits") to the extent applicable generally to the Peer Executives, on comparable terms and conditions, but in no event shall such Welfare Benefits for the Executive be substantially less favorable, in the aggregate, to the Executive than the Welfare Benefits provided by the Company and the Affiliated Companies to the Executive at the Relevant Time.
5.Termination of Employment.
(a)Cause. The Company may terminate the Executive's employment during the Employment Period for Cause or without Cause. For purposes of this Agreement, "Cause" shall mean:
i.the willful or gross neglect by the Executive to perform his or her employment duties with the Company or one of its Affiliated Companies in any material respect; or
ii.the plea of guilty or nolo contendere to, or conviction for, the commission of a felony offense by the Executive; or
iii.a material breach by the Executive of a fiduciary duty owed to the Company or one of its Affiliated Companies; or
iv.a material breach by the Executive of any nondisclosure, non-solicitation or non-competition obligation owed to the Company or any of its Affiliated Companies; or
v.a clearly. established, willful and material violation by the Executive of the Company's Code of Conduct; or
vi.a willful and material act by the Executive that represents a gross breach of trust that is inconsistent with the Executive's position of authority with the Company and is materially and demonstrably injurious to the Company including through potential loss of reputation.
Prior to a termination for Cause, except in the case of a termination for (a)(ii) or in the case of a matter where there can be no reasonable opportunity to cure, the Executive shall be given notice and an opportunity to effectuate a cure as determined by the Company in its reasonable discretion.
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For purposes of this provision, no act or failure to act, on the part of the Executive, shall be considered "willful" unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive's action or omission was in the best interests of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or upon the instructions of the Chief Executive Officer or a senior officer of the Company or based upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests of the Company.
(b)Good Reason. The Executive's employment may be terminated by the Executive for Good Reason but only after a Change of Control during the Change of Control Period. Good Reason shall mean:
i.A material diminution in the Executive's Annual Base Salary;
ii.A material diminution in the Executive's authority, duties, or responsibilities (other than as permitted by Section 4(a)(i) hereof);
iii.A material change in the geographic location at which the Executive must perform services for the Company in violation of Section 4(a)(ii) hereof; or
iv.Any other action or inaction that constitutes a material breach by the Company of this Agreement
(c)Notice of Termination; Opportunity to Cure. Any termination by the Company for Cause, or by the Executive for Good Reason, shall be communicated by Notice of Termination to the other party hereto given in accordance with Section 20(c) of this Agreement. For purposes of this Agreement, a "Notice of Termination" means a written notice which (i) indicates the specific termination  provision  in  this Agreement relied upon; (ii) to the extent applicable,  sets f01ih in reasonable  detail  the facts and circumstances claimed to provide a basis for termination of the Executive's employment under the provision so indicated  and  (iii)  specifies  the  Date of Termination (as defined below).  If  the  Executive  is  terminating employment for Good Reason: (i) the Executive  shall give the Company the Notice  of Termination within 60 days following the event  giving  rise to the Executive's Good Reason termination; and (ii) the Company shall have a period of 30 days after receiving the Notice of Termination to remedy the action  or  inaction  on  which Good Reason is based. If the Company fails to remedy the action or inaction on which Good Reason is based within such 30-day period, the Executive may terminate his or her or her employment for Good Reason within 30 days after the end of the cure period.
(d)Date of Termination. "Date of Termination" means if the Executive's employment is terminated by the Company or by the Executive, the date of receipt of the Notice of Termination or any date within 30 days thereafter that is specified in the Notice of Termination.
6.Obligations of the Company upon Termination.
(a)Involuntary Termination of Employment, other than for Cause, absent a Change of Control. If the Company terminates the Executive's employment other than for Cause prior to a Change of Control:
i.The Company shall pay to the Executive (in the form and at the times described below) the following:
a.Within thirty days of the Date of Termination, a single lump sum of: (1) the Executive's then-current unpaid and outstanding Annual Base Salary through the Date of Termination; (2) the Executive's annual incentive assuming target performance for the calendar year in which the Date of Termination occurs (the "Target  Incentive")  prorated  by  multiplying such Target Incentive by a fraction, the numerator of which  is  the  number of days in the current fiscal year through  the  Date  of Termination, and the denominator of which is 365; plus (3) any accrued unpaid vacation pay, and
b.A severance payment equal to one (1) times the sum of (x) the Executive's then-current base salary and (y) the Executive's Target Incentive, payable monthly over a one-year period.
ii.The Company shall also pay the Executive a lump sum cash payment within thirty days following the Executive's Date of Termination equal to the cost of health coverage for one year, based on the monthly COBRA cost of such coverage under the Company's health plan pursuant to Section 4980B of the Internal Revenue Code of 1986, as amended (the "Code") on the Date of Termination.
iii.The Company shall, at its sole expense as incurred, provide the Executive with outplacement services the scope and provider of which shall be reasonable and consistent with industry practice for similarly situated executives and consistent with Section 19(b) of this Agreement.
iv.In the event the Executive's employment is terminated under Section 6(a) hereof, the Company shall timely pay or deliver to the Executive any incentive compensation (equity or cash) in accordance with the terms of the 2016 Omnibus Incentive Plan and any te1ms and conditions approved by the Compensation Committee of the Board of Directors.
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v.To the extent not already paid or provided, the Company shall timely pay or provide the Executive with any other benefits in accordance with the terms of the applicable plans.
(b)Involuntary Termination of Employment, other than for Cause, or Good Reason Termination, following a Change of Control. If during the Change of Control Period, the Company shall terminate the Executive's employment other than for Cause, or the Executive shall terminate employment for Good Reason:
i.The Company shall pay to the Executive (in the form and at the times described below) the following:
a.Within five days of the Date of Termination a single lump sum of: (1) the Executive's then-current unpaid and outstanding Annual Base Salary through the Date of Termination; (2) the Executive's annual incentive assuming target performance for the calendar year in which the Date of Termination occurs (the "Target Incentive") prorated by multiplying such Target Incentive by a fraction, the numerator of which is the number of days in the current fiscal year through the Date of Termination, and the denominator of which is 365; plus any unpaid accrued vacation pay, and
b.Within five days of the Date of Termination (unless otherwise prohibited by Section 19(c)), a Severance payment equal to two (2) times the sum of (x) the Executive's Annual Base Salary and (y) the Executive's Target Incentive, payable in a single lump.
ii.The Company shall also pay the Executive a lump sum cash payment within five days following the Executive's Date of Termination equal to the cost of health coverage for two years, based on the monthly COBRA cost of such coverage under the Company's health plan pursuant to Section 4980B of the Code on the Date of Termination.
iii.The Company shall, at its sole expense as incurred, provide the Executive with outplacement services the scope and provider of which shall be reasonable and consistent with industry practice for similarly situated executives and consistent with Section 19(b) of this Agreement.
iv.In the event that the Executive's employment is terminated under Section 6(b) hereof, the Company shall timely pay or deliver to the Executive any incentive compensation (equity and/or cash) in accordance with the te1ms of the Company's 2016 Omnibus Incentive Plan and any terms and conditions approved by the Company's Compensation Committee of the Board of Directors; provided, however that with respect to any restricted stock unit award, the Executive shall become fully vested in such award and that with respect to any performance-based award (equity and/or cash), the performance goals attached to such award shall be deemed achieved at the greater of target or actual performance levels (if actual performance is determinable by the Compensation Committee) with no proration.
v.To the extent not already paid or provided, the Company shall timely pay or provide the Executive with any other benefits in accordance with the terms of the applicable plans.
Notwithstanding the foregoing, except with respect to payments and benefits under Sections 6(a)(i)(a)(l), 6(a)(i)(a)(3), 6(b)(i)(a)(l) and 6(b)(i)(a)(3), all payments and benefits to be provided under Sections 6(a) and 6(b) shall be subject to the Executive's execution and non-revocation of a release substantially in the fo1m attached hereto as Exhibit A. To the extent required by Section 409A of the Code, if payments and benefits subject to a release could be paid in two taxable years pursuant to the terms of Sections 6(a) and 6(b), such payments and benefits shall be paid in the later taxable year.
(c)Cause: Other than for Good Reason. If the Executive's employment is terminated for Cause during the Employment Period, the Company shall provide to the Executive the Executive's then-current and outstanding base salary through the Date of Termination, and any other benefits payable under applicable plans, and shall have no other obligations under this Severance and Change of Control Agreement.
7.Non-exclusivity of Rights. Nothing in this Agreement shall prevent or limit the Executive's continuing or future participation in any plan, program, policy or practice provided by the Company or any of the Affiliated Companies and for which the Executive may qualify, nor, subject to Section 20(g), shall anything herein limit or otherwise affect such rights as the Executive may have under any contract or agreement with the Company or any of the Affiliated Companies. Amounts that are vested benefits or that the Executive is otherwise entitled to receive under any plan, policy, practice or program of or any contract or agreement with the Company or any of the Affiliated Companies at or subsequent to the Date of Termination shall be payable in accordance with such plan, policy, practice or program or contract or agreement except as explicitly modified by this Agreement. Notwithstanding the foregoing, if the Executive receives the payments and benefits pursuant to Section 6(a) or 6(b) of this Agreement, the Executive shall not be entitled to any severance pay or benefits under any severance plan, program or policy of the Company and the Affiliated Companies, unless otherwise specifically provided therein in a specific reference to this Agreement.
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8.Full Settlement. Except with respect to Executive's violation of Sections 10 through 14 of this Agreement, the Company's obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action that the Company may have against the Executive or others. In the event of a violation by Executive of any provision of Sections 10 through 14 of this Agreement, the Company may elect to terminate any Severance payments owed to Executive pursuant to Section 6(a)(i)(b) or 6(b)(i)(b), as of the date of such violation. Prior to exercising any such set­ off, counterclaim, recoupment, defense or other claim, right or action against the Executive on the basis of a breach of Section 10 through 14, the Company shall provide Executive with thirty days advance written notice, specifying in reasonable detail the nature of the breach, and providing the Executive within that thirty day period for the opportunity to cure. Upon the request of the Executive, the Executive shall be afforded the opp01iunity to meet with the General Counsel during such thi1iy day period with his legal representative.
9.Parachute Payments.
(a)Notwithstanding any other provisions of this Agreement to the contrary, in the event that it shall be determined that any payment or distribution in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (the "Payments"), would constitute an "excess parachute payment" within the meaning of Section 280G of the Code, the Company shall reduce (but not below zero) the aggregate present value of the Payments under the Agreement to the Reduced Amount (as defined below), if reducing the Payments under this Agreement will provide the Executive with a greater net after-tax amount than would be the case if no such reduction was made. The Payments shall be reduced as described in the preceding sentence only if (i) the net amount of the Payments, as so reduced (and after subtracting the net amount of federal, state and local income and payroll taxes on the reduced Payments), is greater than or equal to (ii) the net amount of the Payments without such reduction (but after subtracting the net amount of federal, state and local income and payroll taxes on the Payments and the amount of Excise Tax (as defined below) to which the Executive would be subject with respect to the unreduced Payments). Only amounts payable under this Agreement shall be reduced pursuant to this Section 9, and any reduction shall be made in accordance with Section 409A of the Code. 
(b)The "Reduced Amount" shall be an amount expressed in present value that maximizes the aggregate present value of Payments under this Agreement without causing any Payment under this Agreement to be subject to the Excise Tax, determined in accordance with Section 280G(d)(4) of the Code.  The term "Excise Tax" means the excise tax imposed under Section 4999 of the Code, together with any interest or penalties imposed with respect to such excise tax.
(c)All determinations to be made under this Section 9 shall be made by such certified public accounting firm as may be designated by the Company (the "Accounting Firm"), which shall provide detailed supporting calculations  both to the Company and the Executive within 15 business days of the receipt of notice from  the  Executive that there has been a Payment, or such earlier time as is requested by the Company. All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any determination by the Accounting Firm shall be binding upon the Company and the Executive.
10.Nondisclosure of Confidential Information. The Executive shall hold in a fiduciary capacity for the benefit of the Company all Confidential Information. During the Employment Period and after termination of the Executive's employment with the Company, for a five-year period, the Executive shall not, without the prior  written consent of the Company or as may otherwise be required by law or legal process, communicate, disclose or use any Confidential Info1mation to or on behalf of anyone other than the Company and those designated by it. In no event shall an asserted violation of the provisions of this Section 10 constitute a basis for deferring or withholding any amounts otherwise payable to the Executive under this Agreement.
11.Return of Company's Property.  Upon termination  of employment  with the Company, or at any time upon the Company's request, Executive shall promptly deliver to the Company all equipment, inventory, drawings, blueprints, manuals, letters, contracts, agreements, notes, notebook records, electronic media, reports, memoranda, formulae, all Confidential Information and all other materials relating to the Company's business, including all copies thereof, which are in the possession, custody or control of Executive.
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12.Noncompetition and Nonsolicitation. Executive acknowledges and agrees that Confidential Information and Company's goodwill, Customer and Supplier relationships are among Company's most valuable business assets. Executive further acknowledges that his or her position is one of trust, and that he or she will receive and have access to the highest levels of Confidential Information during the Employment Period. Accordingly, Executive expressly covenants and agrees that he or she will not, during the Restricted Period, directly or indirectly, for Executive's benefit or the benefit of others, whether direct or indirect, as an employee, independent contractor, owner, shareholder, partner, limited partner, or otherwise:
(a)own, manage, operate, control or participate in the ownership, management,  operation or control of, or be connected as an officer, employee, partner, director, independent contractor or in any other similar capacity with, or have any financial interest in, any Named Company Competitor, or aid or assist any Named Company Competitor in any manner that enhances the ability of such Named Company Competitor to develop, market, sell or provide Competitive Products or  Services;
(b)in the Territory, own, manage, operate, control or participate in the ownership, management, operation or control of, or be connected as an officer, employee,  partner, director, independent contractor or in any other similar  capacity  with,  or have any financial interest in, any Company Competitor, or aid or assist any  Company Competitor in any manner that enhances the ability of such Company Competitor to develop, market, sell or provide Competitive Products or Services; provided nothing in this clause (b) shall restrict Executive from employment with a division or business unit of a Company Competitor that  does  not  provide Competitive Products or Services, or from employment with a Company  Competitor where the Executive's responsibilities and activities do not involve the development, marketing, sale or provision of Competitive Products or Services (provided further, for the avoidance of doubt, that all other terms of this Section 12 continue to apply);
(c)aid or assist any person or entity for the purpose of the development, marketing, sale or provision of Competitive Products or Services.
(d)solicit, persuade or induce any individual who is, or was at any time during the last twelve (12) months of the Executive's  employment  by the  Company,  an employee of the Company, for the purpose of engaging in the development, marketing, sale or provision of Competitive Products or Services: (i) to terminate or refrain from renewing or extending such employment by the Company, or (ii) to become  employed by or enter into a contractual relationship with the Executive or any other individual, person or entity;
(e)solicit, persuade or induce any individual, person or entity which is, or was at any  time during the last twelve (12) months of Executive's employment with the Company, a Supplier of critical components to the Company, including, for the avoidance of doubt, any Supplier of Crude Tall Oil, to terminate, reduce or refrain from renewing or extending such Supplier's contractual  or  other  relationship  with the Company, or otherwise materially changing such Suppliers volume, terms and conditions; or
(f)solicit, persuade or induce any Customer or Indirect Customer: (i) to terminate, reduce or refrain from renewing, extending, or entering into contractual or other relationships with the Company with regard to the purchase of Competitive Products or Services, or (ii) to become a customer of or enter into any contractual or other business relationship with the Executive or any other individual, person  or entity for the purpose of purchasing Competitive Products or Services.
Nothing in the Agreement should be read as limiting Executive from owning less than a five percent share of publicly-traded stock of any entity.
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13.Inventions and Discoveries. Executive acknowledges and agrees that Executive's work product and work in process, which includes, but is not limited to, inventions, discoveries, improvements, and business, financial, or marketing concepts (hereinafter referred to as "Employee Work Products") that are conceived or made by Executive, either alone or in conjunction with others, shall be "works made for hire" under the U.S. Copyright Act, 17 U.S.C. §101, et seq., provided such Employee Work Products were (i) conceived or made in performance of Executive's duties for Company; (ii) conceived or made using information received during the course of Executive's employment with the Company, including, but not limited to, Confidential Information; used during the course of employment with the Company; and/or (iv) conceived or made using the Company's facilities and/or equipment. All such Employee Work Products are the property of the Company and all intellectual property rights thereto including, but not limited to, all patents, copyrights, trademarks, manufacturing know­ how and trade secrets, shall be the exclusive property of the Company.  Executive agrees to disclose promptly to the Company any and all Employee Work Products and to assign all of Executive's interest in the Employee Work Products to the Company or its designee. Whenever requested to do so by the Company, Executive shall execute, at Company's expense, any and all applications, assignments, or other documents that Company shall deem necessary to protect the Company's interest in the Employee Work Products. 
14.Non-disparagement. Executive agrees that he or she will make no unfavorable or disparaging comments, orally or in writing, regarding Company, its Affiliated Companies or their operations, policies, or procedures, and that to do so will constitute a material breach of this Agreement.
15.Remedies. Executive acknowledges and agrees that the Company's remedy at law for a breach or threatened breach of any of the provisions of this Agreement, including but not limited to those of Sections 10-14, would be inadequate and difficult to ascertain. Therefore, in the event of a breach or threatened breach by the Executive of any of the provisions of this Agreement, it is agreed that in addition to the Company's remedy at  law, the Company shall be entitled to appropriate equitable relief in the form of specific performance, preliminary or permanent injunction, temporary restraining order or any other appropriate equitable remedy which may then be  available.
16.Executive Acknowledgements.
(a)Executive expressly acknowledges and agrees that  (i) the  restrictions  set forth  in this Agreement including, but not limited to, those of Sections 10-14, are reasonable in nature, scope and otherwise; (ii) the restrictions set forth in this Agreement including, but not limited to, those of Sections 10-14, are necessary to protect the Company's assets and legitimate business interests; (iii) Executive's agreement to observe the restrictions set forth in this Agreement is material consideration for Executive's employment with the Company; (iv) all or a portion of the severance payable under this Agreement shall be considered reasonable compensation payable  in consideration of the Executive's covenant not to compete, the precise  amount to  be determined in accordance with Section 9(c)  hereof;  and  (v)  Executive's agreement to observe the restrictions set forth in this Agreement is in material consideration for the protections and valuable  consideration given Executive relative to change of control and severance  arrangements.
(b)Executive warrants and represents to the Company that Executive's capabilities and experience are such that the restrictive covenants set forth in Sections 10-14 will not prevent Executive from earning a livelihood and that Executive will be fully able to earn an adequate livelihood if any such restrictive covenants should be specifically enforced against him.
17.Reports to Regulatory and Investigative Bodies.
(a)Trade Secrets Act. Pursuant to the federal Defend Trade Secrets Act, Executive acknowledges that he has been notified of the following: An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that: (A) is made in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation  of  law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (i) files any document containing the trade secret under seal, and (ii) does not disclose the trade secret, except pursuant to court order.
(b)Government Agencies. Notwithstanding any other  provision  in  this  Agreement, this Agreement does not prohibit Executive from: (1) filing a charge with or communicating with the National Labor Relations Board, the Equal Employment Opportunity Commission, or another federal, state or local government official for  the purpose of reporting or investigating a suspected violation of law; or (2) communicating directly with the U.S. Securities and Exchange Commission about a possible securities law violation.
9

18.Successors.
(a)This Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive's legal representatives.
(b)This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. Except as provided in Section 18(c), without the prior written consent of the Executive this Agreement shall not be assignable by the Company.
(c)The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place, with such assumption being an express condition precedent to the consummation of any such transaction. As used in this Agreement, "Company" shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise. The Company agrees that failure to comply with the provisions of this Section 18(c) shall present irreparable harm and that the Executive shall be entitled to seek injunctive relief on that basis, as well as to retain all legal rights to bring any other legal or equitable claims including without limitation breach of contract and tortious interference with contract claims.
19.Section 409A.
(a)Compliance. This Agreement is intended to comply with the requirements of Section 409A of the Code, and shall in all respects be administered in accordance with Section 409A of the Code and the regulations issued thereunder. Notwithstanding anything in the Agreement to the contrary, distributions may only be made under the Agreement upon a Section 409A "separation from service" or other event permitted by Section 409A, and in a manner permitted by Section 409A of the Code or an applicable exemption. For purposes of Section 409A of the Code, the right to a series of payments under the Agreement shall be treated as a right to a series of separate payments. The Executive may not, directly or indirectly designate the calendar year of a payment.
(b)Reimbursements. All reimbursements and in-kind benefits provided under the Agreement shall be made or provided in accordance with the  requirements  of  Section 409A of the Code, including: (i) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during each  calendar  year  cannot  affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (ii) any reimbursement of an eligible expense shall be paid  to the Executive on or before the last day of the calendar  year  following  the calendar year in which the expense was incurred; (iii) any right to reimbursements  or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for another benefit; and (iv) reimbursement shall be  provided  for expenses incurred during the period specified in this Agreement, or  if  no such period is specified, during the Executive's lifetime. If  reimbursements are  made  with respect to outplacement services or outplacement services are provided, such reimbursements or outplacement services shall be provided in accordance with the requirements of Section 409A, including the requirement  that such reimbursements be incurred or services be provided by the end of the second year after the year in which the Date of Termination occurs and all reimbursement payments be made by the end of the third year after the year in which the Date of Termination occurs.
(c)Specified Employee. Notwithstanding any provision in this Agreement to the contrary, if the Executive is a "specified employee" of a publicly traded corporation under Section 409A on the Executive's Date of Termination and if payment of any amount under this Agreement is required to be delayed for a period of six months after separation from service pursuant to Section 409A of the Code, payment of such amount shall be delayed as required by Section 409A of the Code, and the accumulated postponed amount shall be paid in a lump sum payment within 10 days after the end of the six-month period. If the Executive dies during the postponement period prior to the payment of postponed amount, the amounts withheld on account of Section 409A of the Code shall be paid to the personal representative of the Executive's estate within 60 days after the date of Executive's death. A "specified employee" shall mean an employee who, at any time during the 12-month period ending on the identification date, is a "specified employee" under Section 409A of the Code, as determined by the Compensation Committee of the Board. The determination of "specified employees," including the number and identity of persons considered "specified employees" and the identification date, shall be made by the Compensation Committee in accordance with the provisions of Sections 416(i) and 409A of the Code and the regulations issued thereunder.
10

20.Recoupment. Any amounts paid to Executive hereunder shall be subject to recoupment pursuant to the terms of any recoupment policy the Company may adopt and as such policy may be from time to time amended, in any case as in effect immediately prior to the Effective Date.
21.Miscellaneous.
(a)This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without reference to principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives. The parties agree that any controversy or claim arising out of or relating to this Agreement shall be brought in courts of the State of Delaware or in the United States District Court in Delaware, and the parties hereby waive any claim or defense that such forum in inconvenient or otherwise improper.
(b)The provisions of Sections 10-14 of this Agreement shall survive the termination of the Executive's employment with the Company.
(c)All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:
If to the Executive:
Michael Patrick Smith
65 Fletcher Hall
Johns Island, SC 29455
If to the Company:
Ingevity Corporation 
5255 Virginia Avenue
North Charleston, SC 29406 
Attention: General Counsel 
or to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually received by the addressee.
(d)The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. Whenever possible, each provision or portion of any provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule, such invalidity, illegality or unenforceability shall not affect any other provision or portion of any provision, and this Agreement shall be reformed, construed, and enforced as if such invalid, illegal or unenforceable provision or portion of any provision had never been contained herein. If a final judicial determination is made by a court having jurisdiction that the time or scope of any provision in this Agreement is unreasonable or otherwise unenforceable, such provision shall not be rendered void but shall be deemed amended to apply to the maximum extent the court dete1mines enforceable.
(e)The Company may withhold from any amounts payable under this Agreement such U.S. federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation.
(f)The Executive's or the Company's failure to insist upon strict compliance with any provision of this Agreement or the failure to assert any right the Executive or the Company may have hereunder, including, without limitation, the right of the Executive to terminate employment for Good Reason pursuant to Section 5(c)(i) of this Agreement, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement.
(g)The terms of this Agreement, upon its execution, supersede any other agreement between the parties with respect to the subject matter hereof. The Executive and the Company acknowledge that, except as may otherwise be provided under any other written agreement between the Executive and the Company, the employment of the Executive by the Company is "at will", subject in full to the obligations of the Company under Section 6 and set forth elsewhere herein.
(h)In the event of a conflict between the terms of this Agreement and the terms of any individual grant relating to Incentive Compensation (cash or equity), the terms of this Agreement, which represent the decision of the Compensation Committee by virtue of its approval of this Agreement, shall govern.

11

12

IN WITNESS WHEREOF, the Executive has hereunto set the Executive's hand and, pursuant to the authorization from its Board, the Company has caused this Agreement to be executed in its name on its behalf, all as of the day and year first set forth below.
												
		INGEVITY CORPORATION		EXECUTIVE
				
				
	By:	/S/ D. MICHAEL WILSON		/S/ MICHAEL SMITH
		D. Michael Wilson		Michael Smith
		President and CEO		
				
	Dated as of March 1, 2017			

13

EXHIBIT A 
RELEASE
In consideration of the severance benefits offered to me by Ingevity Corporation (the "Company") under the Severance and Change of Control Agreement dated  as of March 1, 2017 (the  "Agreement") and other consideration, I on behalf of myself, and on behalf of my heirs, administrators, representatives, successors, and assigns (the "Releasors"), hereby release acquit and forever discharge the Company, all of its past, present and future subsidiaries and affiliates and all of their respective directors, officers, employees, agents, trustees, partners, shareholders, consultants, independent contractors and representatives, all of their respective heirs, successors, and assigns and all persons acting by, through, under or in concert with them (the "Releasees") from any and all claims, charges, complaints, obligations, promises, agreements, controversies, damages, remedies, demands, actions,  causes  of  action,  suits, rights, costs, debts, expenses and liabilities that the Releasors  might  otherwise  have  asserted arising out of my employment with the Company and its subsidiaries and affiliates, including the termination  of that employment.
However, the Releasors are not releasing any rights under (i) any qualified employee retirement plan; (ii) any claim for compensation and benefits to be provided to me under the Agreement; (ii) any claim for vested benefits or benefits that I am otherwise entitled to receive under any plan, policy, practice or program of or any contract or agreement with the Company or any of the Affiliated Companies at or subsequent to the Date of Termination; (iii) any claim related to my indemnification as an officer, director and employee of the Affiliated Companies under the Company's Certificate of Incorporation or By-Laws; or (iv) any rights or claims that may arise after the date on which I sign this release (the "Release"). Those rights shall survive unaffected by this Release.
I understand that, as a consequence of my signing this Release, I am giving up any and all rights I might otherwise have with respect to my employment and the termination of that employment including but not limited to rights under (1) the Age Discrimination in Employment Act of 1967, as amended; (2) any and all other federal, state, or municipal laws prohibiting discrimination in employment on the basis of sex, race, national origin, religion, age, handicap, or other invidious factor, or retaliation; and (3) any and all theories of contract or tort law related to my employment or termination thereof, whether based on common law or otherwise.
I acknowledge and agree that:
A.The benefits I am receiving under the Agreement constitute consideration over and above any benefits that I might be entitled to receive without executing this Release.
B.The Company advised me in writing to consult with an attorney prior to signing this Release.
C.I was given a period of at least twenty-one (21) days within which to consider this Release; and
D.The Company has advised me of my statutory right to revoke  my  agreement  to this Release at any time within seven (7) days of my signing this Release by delivering written notice of such revocation to Ingevity Corporation, Attention: General Counsel, 5255 Virginia Avenue, North Charleston, SC 29406, and this Release shall be come final and binding if no  such notice of revocation is received  by the Company within such seven (7) day period. 
I warrant and represent that my decision to sign this Release was (1) entirely voluntary on my part; (2) not made in reliance on any inducement, promise, or representation, whether express  or implied, other than the inducements, representations, and promises expressly set forth herein  and in the Agreement; and (3) did not result from any threats or other coercive activities to  induce my agreement to this  Release.
If I exercise my right to revoke this Release within seven (7) days of my execution of this Release, I warrant and represent that I will: (1) notify the Company in  writing, in accordance  with the attached Agreement, of my revocation of this Release, and (2) simultaneously return in  full any consideration received from  the Company  or any employee  benefit plan sponsored by the Company.
The parties agree that this Release shall not affect the rights and responsibilities of the US Equal Employment Opportunity Commission (hereinafter "EEOC") to enforce the Age Discrimination in Employment Act of 1967, as amended and other laws. In addition, the parties agree that this Release shall not be used to justify interfering with my protected right to file a charge or participate in an investigation or proceeding conducted by the EEOC. The parties further agree that the Releasors knowingly and voluntarily waive all rights or claims that arose prior to the date hereof that the Releasors may have against the Releasees to receive  any benefit   or remedial relief (including, but not limited to, reinstatement, back pay, front pay, damages, attorneys' fees, experts' fees) as a consequence of any investigation or proceeding conducted by  the EEOC.
14

The provisions of this Release are severable, and if any part of it is found to be unenforceable, the other paragraphs shall remain fully valid and enforceable. This Release shall be construed in accordance with its fair meaning and in accordance with the laws of the State of Delaware, without regard to conflicts of laws principles. Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement. I further warrant and represent that I fully understand and appreciate the consequences of my signing this Release. Notwithstanding any other provision in this Release, the parties agree that this Release does not prohibit me from:(1) filing a charge with or communicating with the National Labor Relations Board, the Equal Employment Opportunity Commission, or another federal, state or local government official for the purpose of reporting or investigating a suspected violation of law; or (2) communicating directly with the U.S. Securities and Exchange Commission about a possible securities law violation.

[Signature Block]

15

EXHIBIT B
NAMED COMPANY COMPETITORS
"Named Company Competitor" means (i) Akzo Nobel N.V., ArrMaz Custom Chemicals, Inc., Kraton Corporation, Georgia Pacific LLC, Borregaard ASA, Harima Chemicals Group, Inc., Lawter, Respol Group, Forchem Oy, The Lamberti Group, Cabot Corporation, Kuraray Co. Ltd., Calgon Carbon Corporation, OsakaGas Co., Ltd. and Osaka Gas Chemicals Group, Jacobi Carbons A.B., Oxbow Activated Carbon, LLC, Ceca, Fujian Xinsen Carbon Co., Ltd., Shaowu Xinsen Environmental Protection and Purification Machinery Manufacturing Co., Ltd., Ningde Mindong Lianyi Industry and Trade Co. Ltd., Fujian Xinsen Carbon Co., Ltd., and the business formerly named Fujian MWV-XIN Carbon Ltd., and any company or other entity controlled by, controlling or under common control with any of the foregoing listed companies (a "Related Company"), and (ii) any business that acquires or succeeds to all or substantially all of the pine chemicals business of any of the foregoing, or all or substantially all of the automotive carbon business of any of the foregoing. "Named Company Competitor" shall also include any company or business in which Mr. Lin Peng serves as a director or officer, or (to Executive's knowledge after reasonable inquiry) in which Mr. Lin Peng has an ownership interest of greater than 5%, or to which Mr. Lin Peng provides advisory services related to automotive carbon.  Any business that (i) is a Related Company as of the date hereof and (ii) provides Competitive Product or Services shall remain within the definition of Named Company Competitor even though such Related Company may later be sold, transferred or subject to a reorganization such that it is no longer within the definition of Related Company.
Any Named Company Competitor shall be deemed removed from the restricted list once it has permanently exited providing Competitive Products or Services.

16

EXHIBIT C
TERRITORY
"Territory" means the United States, Canada, Mexico, Germany, France, Italy, Finland, Sweden, England, Scotland, Japan, South Korea and the People's Republic of China.
17Exhibit 10.2

      

      

      

      MEMBERSHIP INTEREST PURCHASE AGREEMENT

      

      

      by and among

      

      

      GALAXY GAMING, INC.

      

      

      and

      

      

      THE MEMBERSHIP INTEREST HOLDERS OF

      PROGRESSIVE GAMES PARTNERS LLC

      

      

      February 25, 2020

      

      

      
        
          

      

      MEMBERSHIP INTEREST PURCHASE AGREEMENT

      

      

      THIS MEMBERSHIP INTEREST PURCHASE AGREEMENT (this “Agreement”) is
          made and entered into as of February 25, 2020, by and among Galaxy Gaming, Inc., a Nevada corporation (“Purchaser”), Boston Nominees Limited, the legal owner of the membership interests of Progressive Games Partners LLC, an Isle of Man
          limited liability company (the “Company”) (“Legal Owner”) and each beneficial holder of the membership interests of the Company (each, a “Seller” and collectively, the “Sellers”).  The Sellers are listed on the
          signature page to this Agreement.

       

      R E C I T A L S

      

      

      WHEREAS, the Sellers own beneficially, in the aggregate, one hundred percent
          (100%) of the outstanding membership interests of the Company (the “Equity Interests”);

       

      WHEREAS, each Seller desires to sell to the Purchaser, and the Purchaser
          desires to purchase from each Seller, the Equity Interest owned by such Seller, on the terms and subject to the conditions of this Agreement;

       

      WHEREAS, the Legal Owner is the registered member of one hundred percent
          (100%) of the outstanding membership interests of the Company;

       

      WHEREAS, the Legal Owner has agreed to be party to this Agreement:

       

      
        
          	

                	(i)	
                  as trustee for the Sellers in respect of the transfer of the Equity Interests; and

                

        

      

       

      
        
          	

                	(ii)	
                  for the purposes of Section 2.1;

                

        

      

       

      WHEREAS, on or about the date of the execution and delivery of this
          Agreement, Purchaser, Sellers and PNC BANK, National Association (the “Deposit Agent”) have entered into an Escrow Agreement, in substantially the form attached hereto as Exhibit A (the “Escrow Agreement”), and
          Purchaser has deposited the Earnest Money Deposit (as defined below) with the Deposit Agent pursuant thereto;

       

      WHEREAS, prior to the execution of this Agreement, Sellers provided to Purchaser copies of
          Company License Agreements (as defined below), some in redacted form, and certain financial information related thereto (“Pre-Agreement Disclosures”);

       

      WHEREAS, in addition to other pre-closing terms and conditions set forth in this Agreement,
          following the execution of this Agreement and deposit of the Earnest Money Deposit, the Purchaser shall have an opportunity to review unredacted copies of the Company License Agreements and the Earnest Money Deposit shall be subject to return,
          forfeiture, or application to the Purchase Price (as defined below) pursuant to the Company License Agreement Contingency (as defined below) and the other terms and conditions of this Agreement;

       

      
        
          

      

      
      WHEREAS, commencing promptly following the expiration or waiver of the Company License
          Agreement Contingency and achieving completion at least three (3) days prior to the Closing, the Company and the Sellers shall consummate, or cause to be consummated, the Pre-Closing Reorganization (as defined below), which reorganization shall
          include the transfer of the Company’s shareholdings in its Subsidiaries (as defined below) and all other assets of the Company (other than the Company License Agreements and Company Owned Intellectual Property) where the only remaining assets
          will be the Company License Agreements and the Company Owned Intellectual Property (as defined below) (the “Pre-Closing Reorganization”);

       

      WHEREAS, sixty percent (60%) of the consideration for the purchase of the Equity Interests
          is to be held back at Closing, with (a) the cash portion of such holdback being deposited with the Deposit Agent to be held in escrow in accordance with the terms hereof and the Escrow Agreement, and (b) the stock portion of such holdback being
          reserved and held by Purchaser or placed with an intermediary in accordance with the terms hereof and any agreement required by such any intermediary; and

       

      WHEREAS, following the consummation of the Pre-Closing Reorganization and immediately prior
          to the Closing, subject to Section 2.4, the only assets of the Company will be the Company License Agreements and the Company Owned Intellectual Property.

       

      A G R E E M E N T

      

      

      NOW, THEREFORE, in consideration of the foregoing and the respective
          representations, warranties, covenants, and agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, hereby agree as follows:

       

      ARTICLE 1

      DEFINITIONS

       

      1.1         Unless otherwise defined, capitalized terms used herein shall have the following meanings:

       

      “Action” shall mean any action, claim, suit, litigation, proceeding, arbitration, mediation, investigation, audit, administrative hearing, or other proceeding of any
        nature.

       

      “Aggregate Customer Losses” shall mean, subject to Section 2.5.1, the aggregate amount of license fee revenue that Defaulting Customers do not pay during the
        twelve (12) month period following Closing for the reasons set out in (a) through to (d) in the definition of Defaulting Customer, calculated based on the monthly average amount of license fee revenue in respect of the relevant License Out for the
        three (3) months preceding the date the Defaulting Customer first failed to pay for a reason set out in (a) through to (d) in the definition of Defaulting Customer, on a net basis (i.e., taking account of
        the directly related Licenses In costs relating to the lost revenue that will not then be incurred).

       

      “Aggregate New License Revenue” shall mean the aggregate amount of license fees received by the Company during the eighteen (18) month period following Closing from
        Licenses Out that were executed (a) between the date of this Agreement and the Closing or (b) prior to the date of this Agreement but where no license fees in respect of such Licenses Out have been received by the Company prior to the date of this
        Agreement, provided that such Licenses Out were not included on the 2020 forecasts attached hereto as Schedule 3.20.

       

      
        2

        
          

      

      “Agreed Form” means in relation to any document, such document in the form agreed between the Sellers and the Purchaser acting reasonably together with such alterations
        as may be agreed between them in writing from time to time on the same basis.

       

      “Agreement” shall have the meaning given to such term in the Preamble to this Agreement.

       

      “Applicable Stock Price” means the average closing price of one share of Galaxy Common Stock for the twenty (20) trading days prior to the date of this Agreement, rounded, if necessary, to
        the nearest whole, one-hundredth decimal.

       

       “Books and Records” shall mean: (a) all product, business and marketing plans, sales and promotional literature and artwork relating to the Business, (b) all books, records, lists, ledgers, financial data,
          files, reports, product and design manuals, plans, drawings, technical manuals and operating records of every kind relating to the Company (including records and lists of customers, distributors, suppliers and personnel), (c) all telephone and
          fax numbers used by the Company, in each case whether maintained as hard copy or stored in computer memory, and (d)  the organizational documents of the Company.

       

      “Business” shall mean the business and operations of the Company following completion of the Pre-Closing Reorganization.

       

      “Cash Component” shall have the meaning given to such term in Section 2.3.2.1.

       

      “Cash Holdback” shall have the meaning given to such term in Section 2.3.2.3.

       

      “Cash Percentage” shall have the meaning given to such term in Section 2.3.2.1.

       

      “Closing” shall have the meaning given to such term in Section 5.1.1.

       

       “Closing Date” shall have the meaning given to such term in Section 5.1.1.

       

      “Code” shall mean the Internal Revenue Code of 1986, as amended.

       

      “Company” shall have the meanings given to such term in the Preamble to this Agreement.

       

      “Company IP Registrations” means all Company Owned Intellectual Property that is subject to any issuance, registration or application by, to or with any Governmental
        Authority or authorized private registrar in any jurisdiction, including issued patents, patent applications, registered trademarks, domain names and copyrights, and pending applications for any of the foregoing.

       

      “Company License Agreement Contingency” shall have meaning given to such term in Section 2.2.2.

       

      “Company License Agreements” shall mean the Licenses In and the Licenses Out.

       

      
        3

        
          

      

      “Company Owned Intellectual Property” means all Intellectual Property that is owned by the Company following completion of the Pre-Closing Reorganization.

       

      “Company Systems” shall have the meaning given to such term in Section 3.12.7.

       

      “Contracts” shall mean all written contracts, arrangements, licenses, understandings, purchase orders, invoices and other written agreements to which the Company is a party.

       

      “Customer Loss Indemnity Cap” shall mean an amount equal to $1,242,500.

       

      “Damages” shall mean all claims, demands, losses, liabilities, obligations, damages, expenses, actions, judgments, injunctions,
        orders, decrees, Taxes, fines or diminution of value, including, without limitation, interest, penalties and reasonable attorneys’, accountants’ and experts’ fees and costs of investigation incurred as a result thereof; provided that Damages shall
        not include any exemplary or punitive damages unless awarded to a third party pursuant to a third party claim.

       

      “Defaulting Customer” means a party carrying out any of the following actions during the twelve (12) month period following Closing with respect to a Company License Agreement:

       

      (a) asserts that such party is not required to perform in accordance with the terms or conditions of the applicable Company License Agreement and subsequently refuses or fails to
        pay licenses fees (or any portion thereof); or

       

      (b) does not consent to a change in control (or equivalent) resulting from the sale of the Company by the Sellers to the Purchaser (where it has a right to terminate in respect
        of such change in control); or

       

      (c) otherwise exercises an early termination right; or

       

      (d) none of (a) through (c) apply but the party does not pay as required under the Company License Agreement,

       

      Without limiting the foregoing, a Defaulting Customer shall also include a party that declines, fails, or refuses to perform under a License Out because a different party failed to perform under a
        License In that is required for full performance under the applicable License Out.

       

      “Deposit Agent” shall have the meaning given to such term in the Recitals to this Agreement.

       

      “Disclosure Schedules” means the schedules delivered by Sellers and attached hereto modifying the representations and warranties of Sellers set forth in Article 3, as
        the same may be supplemented as provided in Section 6.6.

       

      “Drop Dead Date” shall have the meaning given to such term in Section 5.1.1.

       

      “Earnest Money Deposit” shall mean an amount equal to Two Hundred Fifty Thousand Dollars ($250,000.00).

       

      
        4

        
          

      

      “Employee Benefit Plan(s)” shall mean other than any obligations pursuant to any Laws: (a) any Employee Welfare Plan or any Pension Plan, (b) any “multi-employer plan,” as defined in Section 4001(a)(3) of ERISA to which the Company has contributed or been obligated to contribute, and (c) any deferred compensation plan, severance pay, bonus plan, profit sharing plan, stock option plan, employee stock
            purchase plan, and any other employee benefit plan, agreement (other than employment agreements with individual employees), arrangement or commitment maintained by the Company for the benefit of employees.

       

      “Employee Welfare Plan” shall mean other than any obligations pursuant to any Laws, any “employee welfare benefit plan,” as defined in Section 3(l) of ERISA, which the Company sponsors, or under which the
          Company may incur any liability, and which covers any employees, including each multi-employer welfare benefit plan.

       

      “Encumbrances” shall mean any claim, lien, pledge, option, charge, mortgage, security interest, restriction, encumbrance or other right of third parties, whether voluntarily incurred or arising by operation of law, and includes any agreement to give any of the foregoing in the future, and any contingent sale or other title retention agreement or lease in the nature thereof.

       

      “Equity Interests” shall have the meaning given to such term in the Recitals to this Agreement.

       

      “Equity Restriction Agreement” shall mean that certain Equity Restriction Agreement in substantially the form attached hereto as Exhibit B among the Purchaser, the Sellers, and the
        Indirect Share Recipients, pursuant to which, among other things, the Sellers and the Indirect Share Recipients shall be subject to certain restrictions on transfer and voting with respect to the Stock Component.

       

      “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended.

       

      “Escrow Agreement” shall have the meaning given to such term in the Recitals to this Agreement.

       

      “Escrow Deficiency” shall have the meaning given to such term in Section 2.5.2.

       

      “Felt” shall mean Felt Limited, a company registered in the Isle of Man with company number 004327V and registered office at 2nd Floor, St Mary’s Court, 20
        Hill Street, Douglas IM1 1EU.

       

      “Financial Statements” shall have the meaning given to such term in Section 3.9.1.

       

      “Full Company License Agreement Diligence Package” shall have the meaning given to such term in Section 2.2.2.

       

      “Fundamental Representations and Warranties” shall mean such representations and warranties made by Sellers under Sections 3.4 (Capitalization; Title to Equity Interests); 3.5 (Subsidiaries and Joint Ventures); and 3.14 (Taxes).

       

      
        5

        
          

      

      “GAAP” shall mean generally accepted accounting principles as in effect in the United Kingdom on the date hereof, consistently applied.

       

      “Galaxy Common Stock” shall mean the common stock of the Purchaser.

       

       “Gaming Approvals” shall mean the consents, registrations, approvals, findings of suitability, licenses, declarations, notices or filings required to be made, given or obtained under Gaming
        Laws in connection with this Agreement or any transactions contemplated by this Agreement, including, without limitation, the Pre-Closing Reorganization, Purchaser’s acquisition of the Equity Interests, and each Seller’s (or such Seller’s
        designee’s) receipt of the Stock Component.

       

      “Gaming Authority” shall mean any Governmental Authority with regulatory control or jurisdiction over the manufacture, sale, distribution or operation of gaming equipment or systems, the
        design, operation or distribution of internet gaming services or products, the ownership or operations of any casinos or the ownership, operation or conduct of any other gaming activities and operations.

       

      “Gaming Laws” shall mean, with respect to any Person, any Law governing or relating to the manufacture, sale, distribution or operation of gaming equipment or systems, the design, operation
        or distribution of internet gaming services or products, or online gaming products and services, the ownership or operation of any casinos or the ownership, operation or conduct of any other gaming activities and operations of such Person and such
        Person’s Affiliates, including the rules and regulations promulgated by any applicable Gaming Authority.

       

      “Governmental Authority” shall mean: (a) any nation, state, county, city or other jurisdiction of any nature, (b) any federal, state, local, municipal, foreign or other
        government (or any department, agency, or political subdivision thereof), (c) any governmental or quasi-governmental authority of any nature, including, without limitation, Gaming Authorities, (d) any Native American tribal council or governing
        body, or (e) any body exercising executive, legislative, judicial, regulatory, tribal or administrative actions of or pertaining to government or tribal oversight.

       

      “Indebtedness” shall mean any liability for borrowed money, including without limitation: (a) any liability evidenced by a note, (b) any obligation for the acquisition of property or assets,
        (c) the sale or factoring of any obligation under working capital or other debt facility, (d) any liability arising from a guarantee or endorsement of another Person’s borrowed money, (e) a promissory note or similar instrument of indebtedness, (f)
        any lease payments, and (g) any liability for the payment of purchase price from past acquisitions of the Company, or past acquisitions of other businesses by the Company.

       

      “Indemnitee” shall have the meaning given to such term in Section 9.2.3.

       

      “Indemnitor” shall have the meaning given to such term in Section 9.2.3.

       

      “Indirect Share Recipients” means the owners of PGL.

       

      
        6

        
          

      

      “Intellectual Property” shall mean any and all rights in, arising out of, or associated with any of the following in any jurisdiction throughout the world: (a) issued
        patents and patent applications (whether provisional or non-provisional), including divisionals, continuations, continuations-in-part, substitutions, reissues, reexaminations, extensions, or restorations of any of the foregoing, and other
        Governmental Authority-issued indicia of invention ownership (including certificates of invention, petty patents, and patent utility models) (“Patents”); (b) trademarks, service marks, brands, certification marks, logos, trade dress, trade
        names, and other similar indicia of source or origin, together with the goodwill connected with the use of and symbolized by, and all registrations, applications for registration, and renewals of, any of the foregoing (“Trademarks”); (c)
        copyrights and works of authorship, whether or not copyrightable, and all registrations, applications for registration, and renewals of any of the foregoing (“Copyrights”); (d) internet domain names and social media account or user names
        (including “handles”), whether or not Trademarks, all associated web addresses, URLs, websites and web pages, social media accounts and pages, and all content and data thereon or relating thereto, whether or not Copyrights; (e) mask works, and all
        registrations, applications for registration, and renewals thereof; (f) industrial designs, and all Patents, registrations, applications for registration, and renewals thereof; (g) trade secrets, know-how, inventions (whether or not patentable),
        discoveries, improvements, technology, business and technical information, databases, data compilations and collections, tools, methods, processes, techniques, and other confidential and proprietary information and all rights therein (“Trade
          Secrets”); (h) computer programs, operating systems, applications, firmware, and other code, including all source code, object code, application programming interfaces, data files, databases, protocols, specifications, and other documentation
        thereof; (i) rights of publicity; and (j) all other intellectual or industrial property and proprietary rights.

       

      “Knowledge of Sellers”, “to Sellers’ knowledge” and any similar phrase shall mean the actual knowledge of any Seller or any director or officer of the
        Company or PGL, or the knowledge that any such persons would likely have after reasonable inquiry.

       

      “Laws” shall mean any and all case law, common law, and any and all federal, state, local or foreign laws, statutes, rules, regulations, executive orders, codes or ordinances enacted,
        adopted, issued or promulgated by any Governmental Authority, including, without limitation, Gaming Laws.

       

      “Licenses In” shall mean the licenses listed on Schedule 3.11.1(c).

       

      “Licenses Out” shall mean the licenses listed Schedule 3.11.1(d).

       

      “Material Adverse Effect” shall mean any event, occurrence, fact, condition or change that is, or could reasonably be expected to become, individually or
          in the aggregate, materially adverse to: (a) the business, results of operations, condition (financial or otherwise) or assets of the Business, or (b) the ability of Sellers to consummate the transactions contemplated hereby on a timely basis; provided, however, that, the determination of Material Adverse Effect shall
          not include, either alone or in combination, any (i) change, event, circumstance, effect or occurrence resulting from the execution of this Agreement or the announcement of the execution of this Agreement and the transactions contemplated hereby,
          or Purchaser’s proposed ownership and operation of the Company, or the Business; (ii) conditions affecting the Business generally or the target markets of the Business in particular, provided that the same do not have a materially
          disproportionate effect on the Business; (iii) changes in accounting policies or practices or any Laws; (iv) any adverse change, event, circumstance, effect or occurrence affecting the economy of the United States or any other country generally
          or the target markets of the Business in particular, provided that the same do not have a materially disproportionate effect on the Business, or (v) the effect of any change arising in connection with earthquakes, floods, other acts of God,
          hostilities, acts of war, sabotage or terrorism or military actions existing or underway as of the date hereof, except to the extent that the effect is material damage to a substantial portion of the assets of the Business taken as a whole.

       

      
        7

        
          

      

      “Materially Consistent” shall mean:

       

      (A)         with respect to the Company License Agreements, that the Company License Agreements provide the same
          material economic advantage to Purchaser that could reasonably be inferred from the Pre-Agreement Disclosures.  Without limiting the foregoing, a License Out shall not be Materially Consistent with the Pre-Agreement Disclosures to the extent the
          customer is permitted to terminate a License Out other than as specified in the summaries of Licenses Out provided in the Pre-Agreement Disclosures; and

       

      (B)          with respect to the 2019 Financial Statements, that the revenues from Licenses Out reflected in the 2019 Financial Statements are not more
        than five percent (5%) less than the revenues reflected in the draft financial statements of the Company for the period 1 January 2019 to 31 December 2019 provided in the Pre-Agreement Disclosures.

       

       “Net Defaulting Customer Loss Amount” shall have the meaning given to such term in Section 2.5.1.

       

       “Notices” or “notices” shall have the meaning given to such term in Section 12.9.

       

       “Obligation” shall mean any debt, liability or obligation of any nature, whether secured, unsecured, recourse, nonrecourse, liquidated, unliquidated, accrued, absolute, fixed, or
        contingent.

       

      “Ordinary Course” means the ordinary course of Business of the Company consistent with past custom and practice.

       

      “Pension Plan” shall mean other than any obligations pursuant to any Laws, any “employee pension benefit plan,” as defined in Section 3(2) of ERISA (including any “multiemployer plan,” as defined in Section 3(37) of ERISA), which the Company sponsors or to which the Company contributes or is required to contribute, or under which the Company may incur any liability.

       

      “Permits” shall mean all franchises, permits, licenses, qualifications, rights-of-way, easements, municipal and other approvals, authorizations, orders, consents and
        other rights from, and filings with, any Governmental Authority.

       

      “Person” means an individual, a partnership (general or limited), a corporation, an association, a limited liability company, a joint stock company, a trust, an estate,
        a joint venture or an unincorporated organization.

       

      
        8

        
          

      

      “PGL” means Progressive Games Licensing LLC, a California limited liability company and a Seller hereunder.

       

      “Pre-Agreement Disclosures” shall have the meaning given to such term in the Recitals.

       

      “Pre-Closing Obligations” shall have the meaning given to such term in Section 9.2.1(d).

       

      “Pre-Closing Reorganization” shall have the meaning given to such term in the Recitals.

       

      “Pre‐Closing Tax Period” shall have the meaning given to such term in Section 10.1.

       

      “Pro Rata Share” shall mean, with respect to any Seller, such Seller’s Equity Interest represented as a percentage of the total outstanding Equity Interests of the Company, all as set forth
        on Schedule 2.1.

       

      “Purchase Price” shall have the meaning given to such term in Section 2.3.1.

       

      “Purchaser” shall have the meaning given to such term in the Preamble to this Agreement.

       

      “Purchaser Damages” shall have the meaning given to such term in Section 9.2.5.

       

      “Purchaser Prepared Returns” shall have the meaning given to such term in Section 10.2.

       

      “Release Date Stock Price” means the average closing price of one share of Galaxy Common Stock for the twenty (20) trading days prior to the date shares of Galaxy Common
        Stock are released to the Purchaser by way of set off as permitted under Section 2.5.1 or Section 9.2.5, rounded, if necessary, to the nearest whole, one-hundredth decimal.

       

      “Representative” shall mean any officer, director, principal, shareholder, partner, member, attorney, accountant, advisor, agent, trustee, employee or other
        representative of a party.

       

      “Search Period” shall have the meaning given to such term in Section 2.6.1.

       

      “Seller” and “Sellers” shall have the meaning given to such term in the Preamble to this Agreement.

       

      “Seller Prepared Returns” shall have the meaning given to such term in Section 10.2.

       

      “Stock Component” shall have the meaning given to such term in Section 2.3.2.1.

       

      “Stock Escrow” shall have the meaning given to such term in Section 2.6.1.

       

      “Stock Escrow Agent” shall have the meaning given to such term in Section 2.6.1.

       

      “Straddle Period” shall have the meaning given to such term in Section 10.1.

       

      “Subsidiary” and “Subsidiaries” shall mean, individually or collectively as the context may require, as to any Person, another Person with respect to which such Person owns, directly
        or indirectly, capital stock, capital interests, profits interests or other equity or has the power, directly or indirectly, to elect a majority of the members of the board of directors (or similar governing body).

       

      
        9

        
          

      

      “Tax(es)” shall mean: (a) all federal, state, local, or foreign taxes, levies or assessments in the nature of taxes, including all income, franchise, capital, profits, estimated, capital stock, real property,
          personal property, withholding, employment, payroll, social security, social contribution, unemployment compensation, disability, stamp, transfer, registration, sales, service, use, ad valorem, excise, gross receipts, value-added, unclaimed or
          abandoned property, and all other taxes of any kind whatsoever (whether disputed or not); (b) any interest, penalties, and additions to any of the foregoing; and (c) any liability in respect of any items described in clauses (a) or (b) payable by
          reason of Contract, assumption, successor or transferee liability, operation of Law, United States Treasury Regulations Section 1.1502-6(a) or any comparable provision of Law (or any predecessor or successor thereof), the Company’s (or any
          predecessor’s) status as a member of an affiliated, consolidated, combined or unitary group of which the Company is or was a member on or prior to the Closing Date, or otherwise.

       

      “Tax Audit” shall have the meaning given to such term in Section 10.3.

       

      “Tax Return” shall mean any return, report, information return or other similar document or statement (including any related or supporting information) filed or required
        to be filed with any Governmental Authority in connection with the determination, assessment or collection of any Tax or the administration of any Laws, regulations or administrative requirements relating to any Tax, including, without limitation,
        any information, return, claim for refund, amended return or declaration of estimated Tax and all federal, state, local and foreign returns, reports and similar statements.

       

      “Total Holdback Amount” shall mean an amount equal to $7,455,000, comprised of the Stock Component and cash.

       

      “Unresolved Claims” shall mean any claims permitted under this Agreement that Purchaser has asserted prior to the applicable date that have not been resolved, including, without limitation,
        claims under Section 2.5 and Section 9.2.1.

       

      ARTICLE 2

      PURCHASE AND SALE

       

      2.1         Sale and Purchase of the Equity Interests. On the Closing Date, subject to the other terms and conditions of this Agreement, the
        Legal Owner shall (subject to receipt of letters of direction from the Sellers), and the Sellers shall cause the Legal Owner to, transfer the Equity Interests to Purchaser, and Purchaser shall purchase and acquire the Equity Interests, free and
        clear of all Encumbrances.  The Purchase Price shall be allocated among the Sellers as set forth on Schedule 2.1 hereto.

       

      
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      2.2         Earnest Money Deposit and Company License Agreement Contingency.

       

      2.2.1           Effective as of the execution of this Agreement, Purchaser has or shall promptly deposit the Earnest Money Deposit with the Deposit Agent
        subject to the terms and conditions of the Escrow Agreement.

       

      2.2.2          Without limiting Sellers’ general obligations to provide information to Purchaser under ARTICLE 6, within three (3) days following
        the Purchaser’s deposit of the Earnest Money Deposit with the Deposit Agent, Sellers shall deliver to Purchaser full, complete, and unredacted copies of Company License Agreements, Company IP Registrations, and other information reasonably
        requested by the Purchaser to complete a customary diligence review of the Company License Agreements (the unredacted copies of Company License Agreements and such other information that is reasonably requested, the “Full Company License
          Agreement Diligence Package”).  In the event Purchaser reasonably determines that the previously redacted actual Company License Agreements, now received in a non-redacted form, are not Materially Consistent with the Pre-Agreement
        Disclosures, Purchaser shall have the right and option to terminate this Agreement and receive a full refund of the Earnest Money Deposit by providing written notice to Sellers within thirty (30) days following Purchaser’s receipt of the Full
        Company License Agreement Diligence Package (“Company License Agreement Contingency”).

       

      2.2.3           If (a) Purchaser does not timely exercise its right to terminate this Agreement under the Company License Agreement Contingency, and (b)
        Purchaser fails to proceed to Closing as otherwise required under this Agreement, and (c) Sellers otherwise comply with, and are prepared to close in accordance with, the terms and conditions of this Agreement, and (d) the requirements of Section
          7.1 are otherwise met, and (e) Purchaser does not exercise any other rights of termination provided under this Agreement, then Sellers shall be entitled to receive the Earnest Money Deposit as liquidated damages.

       

      2.3         Purchase Price and Payment.

       

      2.3.1           The total purchase price for the Equity Interests shall be $12,425,000.00 (the “Purchase Price”).

       

      2.3.2           At the Closing, Purchaser shall pay the Purchase Price in the following manner:

       

      2.3.2.1  Purchaser shall determine in its sole discretion the allocation of Purchase Price as to cash and the allocation of Purchase Price as to stock. 
        The portion of the Purchase Price payable in cash (such amount being, the “Cash Component”) must be at least $6,425,000.00 but not more than $10,425,000 (in each case inclusive of the Earnest Money Deposit).  The remaining portion of the
        Purchase Price shall be payable with a number of shares of Galaxy Common Stock having an aggregate value equal to the Purchase Price (using the Applicable Stock Price), less, an amount equal to the Cash Component (such number of shares
        being, in the aggregate, the “Stock Component”).  The percentages that each of the Cash Component and the Stock Component make up of the Purchase Price are referred to respectively as the “Cash Percentage” and the “Stock Percentage”.

       

      
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      2.3.2.2  The parties shall cause the Deposit Agent to continue to hold the Earnest Money Deposit ($250,000.00).

       

      2.3.2.3  Purchaser shall deliver and deposit with the Deposit Agent an amount of cash (“Closing Cash Escrow Payment”) equal to (a) the product
        obtained by multiplying the Total Holdback Amount by the Cash Percentage, less (b) the Earnest Money Deposit.  Once the Closing Cash Escrow Payment is delivered to the Deposit Agent, the Closing Cash Escrow Payment and the Earnest Money
        Deposit are referred to together as the “Cash Holdback”.

       

      2.3.2.4  Purchaser shall issue in the name of Sellers in accordance with each Seller’s Pro Rata Share, but hold and reserve on its stock ledger pursuant
        to Section 2.6.1 below, a number of shares of Galaxy Common Stock (“Stock Holdback”) equal to the product obtained by multiplying the Total Holdback Amount by the Stock Percentage.

       

      2.3.2.5  Purchaser shall deliver to the Sellers in accordance with each Seller’s Pro Rata Share by wire transfer of immediately available funds to the
        bank accounts of the Sellers set forth in a written letter of direction executed by each Seller and delivered to Purchaser at least 5 days prior to Closing, an amount of cash equal to the Cash Component less the Cash Holdback.

       

      2.3.2.6  Purchaser shall issue to the Sellers in accordance with each Seller’s Pro Rata Share a number of shares of Galaxy Common Stock equal to the Stock
        Component less the Stock Holdback.

       

      2.3.3          Notwithstanding anything to the contrary, Purchaser shall be permitted to withhold any amounts of the Purchase Price as required by Law
        with respect to any Seller that is a foreign person within the meaning of Section 1445 of the Code; provided, however, that (i) before any such deduction and withholding, Purchaser shall give the Sellers five (5) days prior written notice of its
        intent to deduct and withhold, (ii) Purchaser shall cooperate in good faith with the Sellers in efforts to obtain reduction of or relief from such deduction and withholding, and (iii) Purchaser shall timely remit to the appropriate Governmental
        Authority any and all amounts so deducted and withheld and provide to Sellers such information statements and other documents required to be filed or provided under applicable Law.  All such amounts deducted, withheld and remitted by Purchaser
        shall be treated as delivered to Sellers.

       

      2.4         Apportionments.

       

      2.4.1            All costs, expenses and outgoings of the Business:

       

      2.4.1.1  which relate to any period of time before and up to the Closing Date shall be borne and paid by the Sellers;

       

      2.4.1.2  which relate to any period of time after the Closing Date shall be borne and paid by the Purchaser; and

       

      
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      2.4.1.3 which relate to a period which falls both before and after the Closing Date shall be apportioned on a time apportioned basis (based on the number
        of days in the relevant period) between the Purchaser and the Sellers but with the Closing Date itself apportioned on a 50/50 basis, and each party shall duly and promptly discharge its apportioned share of such costs, outgoings and expenses and
        where the Sellers have made payments which relate to the Purchaser’s apportioned period, such payment shall be treated as an adjustment to the Purchase Price.

       

      2.4.2           All income or other amounts receivable in respect of the Business:

       

      2.4.2.1   which relate to any period of time prior to and including the Closing Date shall belong to and be payable to and enforceable by the Sellers; and

       

      2.4.2.2   which relate to any period of time after the Closing Date shall belong to and be payable to and enforceable by the Purchaser; and

       

      2.4.2.3  which relate to a period of time which falls both prior to and after the Closing Date shall be apportioned on a time apportioned basis (based on
        the number of days in the relevant period but with the Closing Date itself shared on a 50/50 basis) between the Purchaser and Sellers and where income or other amounts receivable have been received by the Sellers at the Closing Date and which
        exceed its apportioned entitlement, it shall be treated as an adjustment to the Purchase Price, provided that this Section 2.4.2.3 shall not apply in respect of any amount in respect of Tax(es) received by one party and for which such party
        is required to account to a relevant Governmental Authority; and

       

      2.4.2.4  each party shall account to the other for any such income or other amounts referred to at 2.4.2.3 as soon as practicable following
        receipt in cleared funds after the Closing Date, and in no event later than 90 days following Closing.  Each party shall cooperate with the other parties and provide all documentation reasonably necessary for the parties to provide a full and
        accurate accounting.

       

      2.5         Defaulting Customers.

       

      2.5.1           In the event Aggregate Customer Losses exceeds Aggregate New License Revenue by more than $50,000, Purchaser shall have the right to
        recover such excess amount from Sellers (“Net Defaulting Customer Loss Amount”) by disbursement to Purchaser from the Cash Holdback or the Stock Holdback, at Purchaser’s discretion, provided that (i) the Sellers shall not have any liability
        under this Section 2.5 to the extent that the Aggregate Customer Losses arise in connection with Purchaser’s breach of a License In that Purchaser is a direct party to, and (ii) the Sellers shall not have any liability under this Section
          2.5 for Aggregate Customer Losses in excess of the Customer Loss Indemnity Cap.  The value of any shares of Galaxy Common Stock used for purposes of satisfying obligations under this Section 2.5.1 shall be the Release Date Stock
        Price.

       

      2.5.2           If, as a result of a settled claim for indemnification pursuant to the terms of this Agreement, other
          than a claim under this Section 2.5, there are insufficient funds remaining with the Deposit Agent under the Escrow Agreement or shares remaining in the Stock Holdback or Stock Escrow, as
          applicable, to allow Purchaser to recover under this Section 2.5 an amount up to the Customer Loss Indemnity Cap (“Escrow Deficiency”), the
          Sellers shall promptly, and in no event later than five (5) days following demand from Purchaser, pay to the Purchaser on a dollar-for-dollar basis an amount equal to the Escrow Deficiency.

       

      
        13

        
          

      

      2.6         Certain Covenants.

       

      2.6.1           During the first thirty (30) days following the date of this Agreement (“Search Period”), Purchaser shall use commercially
        reasonable efforts to locate a third-party intermediary that is willing to accept and hold the Stock Holdback in a manner substantially similar to the manner the Deposit Agent holds the Cash Holdback under the terms of the Escrow Agreement,
        including, without limitation, with respect to term and joint release concept (“Stock Escrow Agent”).  In the event Purchaser is able to locate a Stock Escrow Agent within the Search Period and (a) the Stock Escrow Agent is located within
        the United States of America, (b) Sellers agree to pay all applicable costs, including, without limitation, any fees charged by the Stock Escrow Agent, and (c) Purchaser’s advisors reasonably determine the applicable service will not cause any
        regulatory or material tax consequences, Purchaser and Sellers shall promptly take all actions and execute all documents reasonably necessary to deliver the Stock Holdback to the Stock Escrow Agent and commence the applicable service (“Stock
          Escrow”).  In the event Purchaser is not able to locate a qualifying Stock Escrow Agent or the conditions set forth above for a Stock Escrow are otherwise not met, Purchaser shall hold the Stock Component pursuant to the terms and conditions
        of this Agreement and Purchaser shall be deemed the “Stock Escrow Agent” for purposes of this Agreement.

       

      2.6.2           Subject to the terms and conditions contained herein, in the Escrow Agreement, and in any Stock Escrow agreement, any portions of the
        Cash Holdback and the Stock Holdback not used to satisfy Purchaser Damages shall be released to the Sellers in the following manner:

       

      2.6.2.1 Immediately following the twelve (12) month anniversary of the Closing Date, the parties shall cause the Deposit Agent to release to the Sellers,
        in accordance with each Seller’s Pro Rata Share, any remaining portion of the Cash Holdback in excess of the product obtained by multiplying (a) the sum of the amount of the Customer Loss Indemnity Cap plus the amount of any Unresolved Claims, by
        (b) the Cash Percentage.

       

      2.6.2.2 Immediately following the twelve (12) month anniversary of the Closing Date, the parties shall cause the Stock Escrow Agent to release to the
        Sellers, in accordance with each Seller’s Pro Rata Share, any remaining portion of the Stock Holdback in excess of the product obtained by multiplying (a) the sum of the amount of the Customer Loss Indemnity Cap plus the amount of any Unresolved
        Claims, by (b) the Stock Percentage.

       

      2.6.2.3  Within ten (10) days following the eighteen (18) month anniversary of the Closing Date, the parties shall cause the Deposit Agent to release to
        the Sellers, in accordance with each Seller’s Pro Rata Share, any remaining portion of the Cash Holdback in excess of the product obtained by multiplying (a) the amount of the Unresolved Claims, by (b) the Cash Percentage.

       

      2.6.2.4  Within ten (10) days following the eighteen (18) month anniversary of the Closing Date, the parties shall cause the Stock Escrow Agent to release
        to the Sellers, in accordance with each Seller’s Pro Rata Share, any remaining portion of the Stock Holdback in excess of the product obtained by multiplying (a) the amount of the Unresolved Claims, by (b) the Stock Percentage.

       

      
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      2.6.2.5  Any amounts retained in the Cash Holdback or the Stock Holdback for Unresolved Claims shall be released by the Deposit Agent or the Stock Escrow
        Agent (to the extent not utilized to pay Purchaser Damages) upon their resolution in accordance with this Agreement.

       

      2.6.2.6  In the event Purchaser collects Purchaser Damages from the Cash Holdback or Stock Holdback in proportions inconsistent with the Cash Percentage
        and Stock Percentage, Purchaser may adjust the above releases from the Stock Holdback and Cash Holdback appropriately to allow the same aggregate value of Cash Holdback and Stock Holdback to remain as if Purchaser had collected Purchaser Damages in
        proportions consistent with the Cash Percentage and Stock Percentage.

       

      2.6.2.7  The Stock Escrow Agent and Purchaser shall effectuate the release of shares from the Stock Escrow by delivery of the certificates to the Sellers
        or, if directed by PGL, by the cancellation of the stock certificate issued to PGL and the issuance of new stock certificates in the names of the Indirect Share Recipients for an aggregate number of shares of Galaxy Common Stock as would otherwise
        be delivered to PGL.  If PGL directs that certain of the remaining Stock Component should be issued to an Indirect Share Recipient, such issue shall constitute good and irrevocable discharge of the Purchaser’s obligations to issue that part of
        PGL’s Pro Rata Share of the Stock Component under this Section.

       

      2.6.3         Each Seller shall, after the Closing, provide Purchaser such information related to the Company, as necessary in order for Purchaser to
        prepare tax filings and audits and as reasonably requested in connection with debt or equity financings, Gaming Approvals, matters raised by Gaming Authorities, or Gaming Laws, provided Purchaser shall reimburse each Seller for any out-of-pocket
        costs reasonably incurred by the Seller in connection with such request.  Purchaser will not reveal any confidential data and/or information supplied by any Seller except to its management, counsel, accountants, insurance representatives,
        investment and commercial bankers and like agents, as necessary for the foregoing purposes.

       

      2.6.4          Sellers shall not directly or indirectly, for a period of twelve (12) months from the Closing Date, sell or develop online table games
        that are functionally similar or that would compete with the current products of the Company.  The Sellers shall not be restricted from operating Felt and developing products through Felt that are functionally similar to the current products of
        Felt.

       

      ARTICLE 3

      REPRESENTATIONS AND WARRANTIES OF SELLERS

       

      Except as set forth in the Disclosure Schedules, Sellers severally (and not jointly) represent and warrant to Purchaser as of the date of this Agreement as set forth below:

       

      3.1         Organization and Existence.  The Company is a limited liability company or corporation, as applicable, duly formed or incorporated, validly existing and in good standing under the laws of the Isle of Man.  The
        Company has all requisite power and authority to own and operate its Business and to carry on such Business as presently conducted. The Company is licensed to do business
          in each jurisdiction in which the conduct of its Business or ownership of its properties make such licensing necessary, except for such jurisdictions in which the failure to be so duly licensed would not have a Material Adverse Effect on the
          Company.  Schedule 3.1 lists: (a) all legal names currently or ever used by the Company; (b) all entities ever merged with or into the Company or its
          predecessors; and (c) the address for each location at which the Company has or has ever had an office or otherwise has or has ever had any material assets.  Copies of the articles or certificates
        of organization or formation, operating agreements and other organization documents for the Company, each as amended to date, have been delivered to Purchaser, and are listed by title and date on Schedule 3.1.

       

      
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      3.2         Authorization. Each Seller has the requisite power and authority to enter into this Agreement, to
          perform its obligations hereunder, and to consummate the transactions contemplated hereby.  The execution, delivery and performance of this Agreement by each Seller has been duly authorized by all necessary action on the part of such Seller.

       

      3.3         Due Execution and Delivery; Binding Obligations. This Agreement has been duly executed and delivered
          by each Seller.  This Agreement constitutes a legal, valid and binding agreement of each Seller, enforceable against each Seller in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization,
          arrangement, moratorium or similar Laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability.

       

      3.4         Capitalization; Title to Equity Interests.

       

      3.4.1           The Equity Interests are owned by the Sellers in the amounts and percentages set forth on Schedule
            3.4.1, in each case, free and clear of all Encumbrances.  The Equity Interests represent the only outstanding economic, voting, ownership or any other type of equity interest in the Company.  There are no securities in the Company other
          than the Equity Interests.

       

      3.4.2           The certificate of organization and operating agreement of the Company do not impose upon any holder of any Equity Interests any obligation to make capital contribution commitments to the Company.

       

      3.4.3           Except as set forth on Schedule 3.4.3, none of the Sellers are subject to any restrictions on
          transfer, rights of first refusal or other restrictions or obligations relating to the Equity Interests.  There are no outstanding subscription, option, warrant, call right, preemptive right or other agreement or commitment obligating the Company
          to issue, sell, deliver or transfer (including any right of conversion or exchange under any outstanding security or other instrument) any economic, voting, ownership or any other type of membership or other interest or security in the Company,
          other than pursuant to any actions taken by on behalf of Purchaser or its affiliates.

       

      3.4.4           Schedule 3.4.4 sets forth a list of the officers and directors of the Company.

       

      3.5         Subsidiaries and Joint Ventures. The Company does not have any Subsidiaries, or own or have any
          interest in any shares, or have an ownership interest in any other Person other than those that will be transferred to the Sellers as part of the Pre-Closing Reorganization.

       

      
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      3.6        No Conflict or Violation; Consents.  Neither the execution and delivery of this Agreement by Sellers nor the consummation of the transactions contemplated hereby, will result in: (a) a violation of, or a conflict with, the organizational documents of
          such Seller or the Company; (b) a violation by any Sellers or the Company of any applicable Law; (c) a violation by any Seller or the Company of any order, judgment, writ, injunction, decree or award to which such Seller or the Company is a party or by which any Seller or the Company is bound or affected; (d) a breach of or cause a default under, or result in the termination of, or accelerate the performance of, or create in favor of any Person other than the Company a right of termination or consent under, any
          Company License Agreement; or (e) an imposition of an Encumbrance on the Equity Interests, or the assets of the Company.

       

      3.7         Gaming Jurisdictions; Governmental Consents and Approvals.  Schedule 3.7 sets forth: (a) a
          list of all operators with whom the Company conducts any Business, (b) to the extent available in public fora the jurisdictions in which the operators’ customers operate under the Company License Agreements, and (c) a list of all Permits and
          Gaming Approvals held by the Company.  Except as set forth on Schedule 3.7, and to Sellers’ knowledge, no Permit, Gaming Approval, other type of approval, consent, registration, or authorization is required or otherwise advisable to be
          held, made, or received by any Seller, the Company, or Purchaser in order to operate the Company License Agreements, execute and deliver this Agreement, consummate the transactions contemplated by this Agreement, or for the Company to continue
          the lawful operation of its Business following the Closing Date, in substantially the same manner as it is presently conducted by the Company, including, without limitation, operate under and collect proceeds from the Company License Agreements. 
          To the Knowledge of Sellers, no Licenses Out are used or operated in any jurisdiction where such use would be illegal under applicable law.

       

      3.8         Pending Litigation. Except as set forth on Schedule 3.8, there exist no pending or, to the
          knowledge of each Seller, threatened Actions against the Company, or which have been initiated by the Company, or which would affect the ability of any Seller to consummate the sale of their respective Equity Interests.

      

      

      3.9         Financial Information.

       

      3.9.1          Financial Statements. Sellers have furnished to Purchaser copies of the financial statements
          listed on Schedule 3.9.1 (the “Financial Statements”). The Financial Statements have been prepared in accordance with GAAP on a consistent basis during the respective periods, fairly and accurately present in all material respects
          the financial condition of the Company to which it relates at the respective dates thereof and the results of operations of the Company to which it relates for the respective periods covered by the statements of income contained therein, and are
          correct and complete in all material respects (except that the unaudited Financial Statements are subject to normal year-end adjustments and do not contain all footnotes or other presentation items as required by GAAP).

       

      3.9.2         Accounting Controls.  The Company has maintained a system of internal accounting controls sufficient to provide reasonable
        assurance that transactions have been executed with management’s authorizations, and transactions have been recorded as necessary to permit preparation of the Financial Statements in accordance with GAAP.  As of the date of the most recent Financial Statement, there were no changes in the Company’s accounting procedures or internal controls.

       

      
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      3.9.3           Indebtedness.  The Company has no outstanding Indebtedness other than Indebtedness that will
          be novated or settled as part of the Pre-Closing Reorganization, which novated or settled Indebtedness will not have any tax implications to the Company.

       

      3.9.4          Liabilities.  Other than Indebtedness that will be
          novated or settled as part of the Pre-Closing Reorganization, the Company has no liabilities or obligations known, asserted, absolute, contingent, accrued, unaccrued, liquidated, unliquidated, due, or to become due, including any
        liability for Taxes, except for those obligations under the Company License Agreements that are expressly included in the terms of the Company License Agreements that are related to periods following the Closing.

       

      3.10       Real Property.  The Company does not lease any real property.  The Company does not own any interest in any real property.

       

      3.11       Company License Agreements.

       

      3.11.1          Schedule 3.11.1 sets forth a full a complete list of all Company License Agreements.  The Company holds the Company
        License Agreements free and clear of any Encumbrances.

       

      3.11.2         Each Company License Agreement is valid, binding and enforceable against the Company, in accordance
          with its term, except that: (a) such enforcement may be subject to bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or other laws, now or hereafter in effect, relating to or limiting creditors’ rights generally, and (b)
          general principles of equity (regardless of whether enforceability is considered in a proceeding at law or in equity).  Each Company License Agreement is valid, binding and enforceable against the other parties thereto, in accordance with its
          terms. Except as set forth on Schedule 3.11.2, no party is in default, violation or breach in any material respect under any Company License Agreement, and no event has occurred which with notice or lapse of time would constitute a
          material breach or default, or permit termination, modification, or acceleration, under such Company License Agreement, and no party has threatened to terminate, default, violate, or breach any Company License Agreement.  Each Company License
          Agreement shall be in full force and effect without penalty in accordance with its terms immediately following the consummation of the transaction contemplated hereby.

       

      3.11.3        The Licenses In and Company Owned Intellectual Property are sufficient for the Company’s continued operation of the Licenses Out in
        substantially the same manner as operated prior to the Closing and constitute all of the rights, property and assets necessary to operate the Licenses Out as currently conducted.  The Company is not required to possess or use any rights or property
        other than the Licenses In and Company Owned Intellectual Property in order to fully operate under the Licenses Out.

       

      3.11.4        The Company has not committed to any agreements that will incur cost to the Company that are not set forth at Schedule 3.11.1.

       

      
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      3.12       Intellectual Property.

       

      3.12.1        Schedule 3.12.1 contains a correct, current, and complete list of all Company Owned Intellectual
          Property, including, without limitation: (a) Company IP Registrations, specifying as to each, as applicable: the title, mark, or design; the record owner and inventor(s), if any; the jurisdiction by or in which it has been issued, registered, or
          filed; the patent, registration, or application serial number; the issue, registration, or filing date; and the current status, (b) all unregistered Trademarks included in the Company Owned Intellectual Property. All required filings and fees
          related to the Company IP Registrations have been timely filed with and paid to the relevant Governmental Authorities and authorized registrars, and all Company IP Registrations are otherwise in good standing.

       

      3.12.2         The Company is the sole and exclusive legal and beneficial, and with respect to the Company IP
          Registrations, record, owner of all right, title and interest in and to the Company Owned Intellectual Property, and has the valid and enforceable right to use all other Intellectual Property used or held for use in or necessary for the conduct
          of the Company’s Business, in each case, free and clear of Encumbrances.  The Company has not entered into any Contract with, or otherwise engaged, an independent contractor to create any Intellectual Property for the ownership, benefit or use of
          the Company.

       

      3.12.3         Neither the execution, delivery or performance of this Agreement, nor the consummation of the transactions contemplated hereunder, will
        result in the loss or impairment of or payment of any additional amounts with respect to, nor require the consent of any other Person in respect of, the Company’s right to own or use any Company Owned Intellectual Property or any Intellectual
        Property under the Company License Agreements.

       

      3.12.4         To Sellers’ knowledge, all of the Company Owned Intellectual Property is valid and enforceable, and all Company IP Registrations are
        subsisting and in full force and effect. The Company has taken all necessary steps to maintain and enforce the Company Owned Intellectual Property and to preserve the confidentiality of all Trade Secrets included in the Company Owned Intellectual
        Property.

       

      3.12.5         Except as set forth on Schedule 3.12.5 and to Sellers’ knowledge, the conduct of the Company’s Business and the products,
        processes and services of the Company, have not infringed, misappropriated or otherwise violated the Intellectual Property or other rights of any Person. No Person has infringed, misappropriated or otherwise violated any Company Owned Intellectual
        Property.

       

      3.12.6         Except as set forth on Schedule 3.12.6, there are no Actions (including any opposition, cancellation, revocation, review or other
        proceeding) pending or threatened in writing (including in the form of offers to obtain a license): (a) alleging any infringement, misappropriation or other violation by the Company of the Intellectual Property of any Person; (b) challenging the
        validity, enforceability, registrability, patentability or ownership of any Company Owned Intellectual Property; or (c) by the Company or any other Person alleging any infringement, misappropriation or other violation by any Person of the Company
        Owned Intellectual Property. Neither Sellers nor the Company are aware of any facts or circumstances that could reasonably be expected to give rise to any such Action. The Company is not subject to any outstanding or prospective proceeding of a
        Governmental Authority (including any motion or petition therefor) that does or could reasonably be expected to restrict or impair the use of any Company Owned Intellectual Property.

       

      
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      3.12.7         Except as set forth on Schedule 3.12.7, the computer hardware, servers, networks, platforms, peripherals, data communication
        lines, and other information technology equipment and related systems that are used by the Company (“Company Systems”) are reasonably sufficient for the immediate and anticipated needs of the Company’s Business. In the past eighteen (18)
        months, to Sellers’ knowledge, there has been no unauthorized access, use, intrusion, or breach of security, or failure, breakdown, performance reduction, or other adverse event affecting any Company Systems, that has caused or could reasonably be
        expected to cause any: (a) substantial disruption of or interruption in or to the use of such Company Systems or the conduct of the Company’s Business, (b) loss, destruction, damage, or harm of or to the Company or its operations, personnel,
        property, or other assets, or (c) liability of any kind to the Company. The Company has taken all reasonable actions, consistent with applicable industry best practices, to protect the integrity and security of the Company Systems and the data and
        other information stored or processed thereon. The Company maintains commercially reasonable backup and data recovery plans.

       

      3.13      Employees and Employee Benefit Plans.  The Company does not have and never has had any employees. 
        The Company does not have and never has had any or created or adopted any Employee Benefit Plans.  The Company does not have any employee, labor, or employee benefit related liabilities of any kind.

       

      3.14       Taxes.  Schedule 3.14 contains a complete and accurate list of all Tax returns filed by the Company for calendar years 2008, 2009, 2010, 2013, 2014, 2015, 2016, 2017, 2018, and
          2019, copies of which have been provided to Purchaser.  (a) All Tax Returns relating to the Company that were required by Law to be filed have been duly filed on a timely basis; (b) all amounts set forth thereon have been paid in full and all
          such Tax Returns were correct and complete in all material respects; (c) the Company has not waived or requested to waive any statute of limitations in respect of Taxes; (d) there are no pending or threatened Actions for the assessment or
          collection of income or other material Taxes that relate to the activities or income of the Company; (e) there are no liens for Taxes upon the assets of the Company other than liens for Taxes not yet due and payable or being contested in good
          faith; (f) all material Taxes which the Company was required by Law to withhold or to collect for payment have been duly withheld and collected; and (g) all Tax deficiencies of the Company determined as a result of any past completed audit have
          been satisfied. There are no Tax-sharing agreements or similar arrangements (including indemnity arrangements) with respect to or involving the Company.  The Sellers have properly requested, received and retained all necessary exemption
        certificates and other documentation supporting any claimed exemption or waiver of Taxes on sales or other transactions for which Purchaser would have been obligated to collect or withhold Taxes.

       

      3.15       Compliance with Law.  The Company has conducted its
          Business over the last five (5) years in compliance in all material respects with all Laws applicable to the conduct of its Business.  Except as set forth on Schedule 3.15, No Seller or the Company has received any written notice from, nor does any Seller have any knowledge that, any Governmental Authority or other Person is claiming or threatening to claim any violation or potential
          violation of any Law with respect to the Company.

       

      
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      3.16       Permits.  To
          Sellers’ knowledge, the Company does not require any Permits or Gaming Approvals.

       

      3.17       Insurance.  Schedule
          3.17 contains an accurate list of all policies of insurance in effect on the date hereof relating to the Company.  All such policies are valid, outstanding and enforceable.  The Company has not received notice of any actual or
        threatened modification or cancellation of any such insurance.

       

      3.18      Brokers and Finders. All negotiations relating to this Agreement and the transactions contemplated
          hereby have been carried on without the intervention of any Person acting on behalf of any Seller or the Company in such manner as to give rise to any claim for any brokerage or finders’ commission, fee or similar compensation.

       

      3.19       Accounts Receivable; Expenses.

       

      3.19.1         The accounts and notes receivable reflected in the Financial
          Statements of the Company are recorded in accordance with GAAP.   The accounts and notes receivable on the date of the most recent Financial Statements arose
        from bona fide transactions, including sales of goods or services rendered, and represent bona fide claims against debtors for sales, services performed or other charges and all of the goods delivered and services performed which give rise to such
        accounts were delivered or performed in accordance with applicable orders, contract or customer requirements. All reserves for bad debt shown on the Financial Statements of the Company are reflected
        properly in accordance with GAAP.

       

      3.19.2         The collection practices employed by the Company with respect to the Business have not changed from the Ordinary Course since the date of
        the most recent Financial Statements.

       

      3.19.3         There have been no unusual discounts or accelerations in connection with any accounts or notes receivable after the date of the most recent Financial Statements of the Company.

       

      3.19.4         The Company shall have paid all expenses, charges, and liabilities currently due and owing.

       

      3.20      Customers.  Schedule
          3.20 sets forth a complete and accurate list of the names of all of the customers of the Company with respect to the Business, showing the approximate total billings in United States dollars to each such customer during
        the last fiscal year and the present year to date.  The Company has not received any written communication from any customer named on Schedule 3.20 of any intention to return, terminate or
          materially reduce purchases from the Company.

       

      3.21       Bank Accounts.  Set forth on Schedule 3.21
        is a complete list of all bank, brokerage or similar account of the Company and the names of all officers who are authorized to make withdrawals therefrom or dispositions thereof.  Sellers have provided Purchaser with copies of monthly bank
        statements for the past two (2) years for all bank accounts which received or paid funds on behalf of Company related to a Company License Agreement.

       

      
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      3.22       Books and Records.  The Books and Records of the
        Company have been maintained in all material respects in accordance with generally accepted industry practice.  The Books and Records are true in all material respects and fairly reflect the activities of the Company.

       

      3.23       Questionable Payments.  None of the partners, members, owners, directors, managers, executives, officers, representatives, agents
        or employees of the Company (when acting in such capacity or otherwise on behalf of the Company): (a) has used or is using any corporate funds for illegal contributions, gifts, entertainment or other unlawful expenses relating to political
        activity; (b) has used or is using any corporate funds for any direct or indirect unlawful payments to any foreign or domestic government officials or employees; (c) has violated or is violating any provision of the Foreign Corrupt Practices Act of
        1977; (d) has established or maintained, or is maintaining, any unlawful or unrecorded fund of corporate monies or other corporate properties; (e) has made at any time since the date of formation any false or fictitious entries on the books and
        records of the Company; or (f) has made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment of any nature using corporate funds or otherwise on behalf of the Company.

       

      3.24      Investment Intent.  Sellers are acquiring the Stock
          Component for their own account for investment and not with a view to, or for sale in connection with, any distribution thereof.  Sellers are “accredited investors” as defined in Rule 501(a) of Regulation D of the Securities Act of 1933, as
          amended.  Sellers understand and agree that they may not sell, dispose, transfer, pledge, hypothecate or otherwise dispose of any of the Stock Component: (a) without registration under the Securities Act
          of 1933, as amended, except pursuant to an exemption from such registration available under such Act, (b) any applicable provisions of state and local securities Laws, and (c) except in accordance with the Equity Restriction Agreement.

       

      3.25     No Other Agreements to Sell the Company or the
            Equity Interests. The Sellers do not have any legal obligation, absolute or contingent, to any other Person to sell the Equity Interests or the assets of the Company or to effect any merger,
        consolidation or other reorganization of the Company or to enter into any agreement with respect thereto, except pursuant to this Agreement and as contemplated in the Pre-Closing Reorganization.

       

      ARTICLE 4

      REPRESENTATIONS AND WARRANTIES OF PURCHASER

       

      Purchaser represents and warrants to Sellers as follows:

       

      4.1         Organization. 
          Purchaser is a corporation duly organized, validly existing and in good standing under the Laws of the State of Nevada.

       

      4.2        Authorization. Purchaser has the requisite power and authority to enter into this Agreement, to
          perform its obligations hereunder, and to consummate the transactions contemplated hereby. The execution, delivery and performance by Purchaser of this Agreement has been duly authorized by all necessary action on the part of Purchaser.

       

      
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      4.3         Due Execution and Delivery; Binding Obligations. This Agreement has been duly executed and
          delivered by Purchaser and constitutes a legal, valid and binding agreement of Purchaser, enforceable in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, arrangement, moratorium or
          similar Laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability.

       

      4.4         No Conflict or Violation. Except as set forth on Schedule 4.4, neither the execution and
          delivery of this Agreement by Purchaser nor the consummation of the transactions contemplated hereby, will result in: (a) a violation of, or a conflict with, Purchaser’s organizational documents or any subscription, members’ or similar agreements
          or understandings to which Purchaser is a party; (b) a violation by Purchaser of any applicable Law; or (c) a violation by Purchaser of any order, judgment, writ, injunction, decree or award to which Purchaser is a party or by which Purchaser is
          bound or affected.

       

      4.5         Brokers and Finders. All negotiations relating to this Agreement and the transactions contemplated
          hereby have been carried on without the intervention of any Person acting on behalf of Purchaser in such manner as to give rise to any claim for any brokerage or finders’ commission, fee or similar compensation.

       

      4.6        Capital Structure.  The authorized stock of Purchaser consists of: 10,000,000 shares of Galaxy Preferred Stock, of which none were outstanding as of December 31, 2019, and 65,000,000 shares of Galaxy Common Stock, of which 18,017,944 shares were issued
        and outstanding as of December 31, 2019.  The Stock Component delivered as part of the Purchase Price will be, when issued, duly authorized, validly issued, fully paid and nonassessable.

       

      ARTICLE 5

      CLOSING

       

      5.1.1        Closing. The closing shall take place on or about April 1, 2020 or such later date as all of
        the conditions in ARTICLE 7 and ARTICLE 8 are fulfilled or waived (the “Closing”), but in no event shall the Closing be later than September 1, 2020 (the “Drop Dead Date”), at the offices of Howard & Howard
        Attorneys PLLC, Las Vegas, or at such other time and place mutually agreeable to the parties. The date on which Closing occurs is referred to herein as the “Closing Date”.  The Closing shall be deemed effective as of 12:01 AM EST on the
        Closing Date.

       

      5.1.2       General Procedure. At the Closing, each party shall deliver to the party entitled to receipt thereof the documents required to be
        delivered pursuant to ARTICLE 8 hereof and such other documents, instruments and materials (or complete and accurate copies thereof, where appropriate) as may be reasonably required in order to effectuate the intent and provisions of this
        Agreement, and all such documents, instruments and materials shall be satisfactory in form and substance to counsel for the receiving party.

       

      
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      ARTICLE 6

      PRE-CLOSING COVENANTS

       

      The following covenants shall apply with effect from the date of this Agreement to and including the Closing Date.

       

      6.1       Access to Information. The Company and Sellers shall give Purchaser and its designated
        representatives, upon reasonable notice and at mutually agreeable times, access to all of the properties and assets and customers of the Company and to all of the Company’s documents, Books and Records relating to the Business and to make copies
        thereof and permit such representatives to interview and question the Company’s employees in the presence of a representative of the Company or Sellers. Purchaser will not reveal any confidential data and/or information supplied by the Company
        except to its management, counsel, accountants, insurance representatives, investment and commercial bankers and like agents, for purposes relating to the evaluation and consummation of the transactions contemplated by this Agreement, and in the
        event the transactions contemplated by this Agreement are not consummated, such data and information will be returned to the Company and will be held confidential by those to whom it is disclosed.

       

      6.2         Conduct of the Business Pending Closing. Between the date hereof and the Closing hereunder, the
        Company will:

       

      6.2.1        conduct its Business in the Ordinary Course, except to the extent necessary to consummate the Pre-Closing Reorganization;

       

      6.2.2        not enter into any Contract with any party, other than Contracts entered into in the Ordinary Course and to consummate the Pre-Closing
        Reorganization, and not amend, modify or terminate any Contract other than in the Ordinary Course without the prior written consent of Purchaser or as necessary to consummate the Pre-Closing Reorganization;

       

      6.2.3        use commercially reasonable efforts to preserve its Business intact and to preserve its relationships with its customers and others with whom
        it deals consistent with past practice;

       

      6.2.4        except in the Ordinary Course, not reveal, orally or in writing, to any party, other than Purchaser and Purchaser’s authorized agents, any of
        the business procedures and practices followed by it in the conduct of its Business or any technology used in the conduct of its Business;

       

      6.2.5        maintain in full force and effect all of the insurance policies listed on Schedule 3.18 and make no change in any insurance coverage
        without the prior written consent of Purchaser;

       

      6.2.6        continue to maintain all of its usual Books and Records in accordance with its past practices and not to make any material Tax elections, in
        each case except as necessary to consummate the Pre-Closing Reorganization;

       

      6.2.7        not amend its articles of organization, operating agreement or other organizational documents;

       

      6.2.8        not waive any material right or cancel any material claim;

       

      
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      6.2.9        maintain its entity existence and not merge or consolidate with any other entity;

       

      6.2.10      comply in all material respects with all provisions of any Contract applicable to it and all applicable Laws consistent with past practices;

       

      6.2.11      except with Purchaser’s consent, not make any capital expenditures in excess of $5,000 per expenditure and/or $10,000 in the aggregate;

       

      6.2.12      negotiate with any other Person or entity the sale or other transfer, or Encumbrance, of the assets (except in connection with the Pre-Closing
        Reorganization) or the Equity Interests of the Company;

       

      6.2.13      deposit all funds received into the Company’s principal bank accounts and will pay all expenses of the Company from such accounts; and

       

      6.2.14      use commercially reasonable efforts (a) to effectuate the transactions contemplated by this Agreement, including the Pre-Closing
        Reorganization, and (b) to do all things necessary and proper to effect the transactions and agreements contemplated herein.

       

      6.3        Product Development; Competition.  Sellers shall not directly or indirectly sell or develop online table games that are functionally
        similar or that would compete with the current products of the Company.  Subject to the foregoing, the Sellers shall not be restricted from operating Felt and developing products through Felt that are functionally similar to the current products of
        Felt.

       

      6.4         Permits and Approvals.  Each party hereto shall, as promptly as possible, use commercially reasonable efforts to obtain, or cause to be
        obtained, all consents, authorizations, orders and approvals from all Governmental Authorities that may be or become necessary for its execution and delivery of this Agreement and the performance of its obligations pursuant to this Agreement,
        including, without limitation, all Gaming Approvals from all Gaming Authorities. Each party shall cooperate fully with the other party and its Affiliates in promptly seeking to obtain all such consents, authorizations, orders and approvals,
        including, without limitation, all Gaming Approvals. The parties hereto shall not willfully take any action that will have the effect of delaying, impairing or impeding the receipt of any required consents, authorizations, orders and approvals,
        including, without limitation, all Gaming Approvals. 

       

      6.5         Confidentiality.  No party shall use any information or data obtained in connection with the negotiation of the transactions
        contemplated by this Agreement for any purpose other than to pursue and further the consummation of such transactions.

       

      6.6         Supplement to Disclosure Schedules.  The Sellers may, from time to time prior to the Closing by written notice to the Purchaser,
        supplement the Disclosure Schedules in order to disclose any matter occurring following the date of this Agreement, which, if it had occurred prior to the date of this Agreement, would have been required to be set forth or described in the
        Disclosure Schedules (“Disclosure Update”).  Notwithstanding anything to the contrary contained in this Agreement, Purchaser shall have the right to terminate this Agreement following a Disclosure Update by providing written notice to
        Sellers within ten (10) days following the applicable Disclosure Update if the subject of such Disclosure Update, individually or in the aggregate, could reasonably be expected to have an adverse effect on the Company in any material respect. 
        Unless Purchaser timely provides such notice of termination, the Purchaser will have waived (i) any and all rights to terminate this Agreement by reason of the applicable Disclosure Update, and (ii) any resulting breach or breaches of the
        representations and warranties caused by the Disclosure Update.

       

      
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      6.7         Possible Tax Free Reorganization.  The parties agree to work together following the execution of this Agreement and prior to Closing to
        determine whether the transaction can feasibly be structured as a tax free reorganization pursuant to Section 368 of the Code, and if so, to modify this Agreement to conform to the requirements of a reverse merger transaction with no material
        change in terms, provided the final decision as to whether to proceed with a Section 368 tax free reorganization shall be at the Purchaser's sole discretion.

       

      ARTICLE 7

      CONDITIONS PRECEDENT TO CLOSING

       

      7.1        Conditions Precedent to Closing of Purchaser.  Each and every obligation of Purchaser to enter
        into the transactions contemplated by this Agreement and complete the Closing is subject, at Purchaser’s option, to the fulfillment and satisfaction of each of the following conditions:

       

      7.1.1        The representations and warranties of the Company and Sellers, including, without limitation, the representations and warranties contained in
        Section 3.9.3 and Section 3.9.4, contained in this Agreement will be true and correct in all material respects on and as of the Closing Date with the same force and effect as though made on and as of the Closing Date (except (i) for
        changes specifically permitted by this Agreement, and (ii) that those representations and warranties which address matters as of or for a particular date or time period shall remain so true and correct in all respects, or all material respects, as
        the case may be, only as of such date or for such time period. The Disclosure Schedules to this Agreement will be accurate and current on and as of the Closing Date. Each Seller and the Company will have performed and complied with, in all material
        respects, all covenants and agreements required by this Agreement to be performed or complied with by them on or prior to the Closing Date.  Each Seller and the Company will have delivered to Purchaser a certificate, dated the Closing Date, to the
        foregoing effect;

       

      7.1.2       No action, suit or proceeding will have been instituted before any court or Governmental Authority or instituted or threatened by any Person
        which would have a Material Adverse Effect on the assets, Obligations, financial condition or prospects of the Company or restrain or prevent the carrying out of the transactions contemplated hereby;

       

      7.1.3       All necessary or advisable approvals, registrations, consents, licenses, or filings for the transactions contemplated hereby to be obtained or
        made by the Company, Purchaser, or any Seller, including, without limitation, any Gaming Approvals, will have been obtained and/or made, as the case may be, and shall be in full force and effect;

       

      7.1.4        The Company and Sellers shall have consummated the Pre-Closing Reorganization in accordance with the terms set forth herein;

       

      
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      7.1.5        Chris Reynolds shall have entered into a consulting agreement with Purchaser in the Agreed Form;

       

      7.1.6       The audited financial statements of the Company for the period 1 January 2019 to 31 December 2019 (“2019 Financial Statements)” shall have been delivered by the Sellers to the Purchaser and shall be Materially Consistent with the draft 2019 financial statements
        of the Company delivered to the Purchaser prior to the date of this Agreement;

       

      7.1.7        There shall have been no Material Adverse Effect to any Seller, the Company, or the Business since the date of this Agreement;

       

      7.1.8        Purchaser shall not have timely exercised its right to terminate this Agreement under the Company License Agreement Contingency;

       

      7.1.9        Purchaser shall have received all of the approvals set forth in Schedule 4.4, and

       

      7.1.10      The deliveries set forth in Section 8.1 shall have occurred.

       

      7.2        Conditions Precedent to Closing of the Company and Sellers.  Each and every obligation of the
        Company and Sellers to enter into the transactions contemplated by this Agreement and complete the Closing is subject, at their option, to the fulfillment and satisfaction of each of the following conditions:

       

      7.2.1        The representations and warranties of Purchaser contained in this Agreement will be true and correct on and as of the Closing Date with the
        same force and effect as though made on and as of the Closing Date.  Purchaser will have performed and complied with, in all material respects, all covenants and agreements required by this Agreement to be performed or complied with by it on or
        prior to the Closing Date.  Purchaser will have delivered to Seller a certificate, dated the Closing Date, to the foregoing effect;

       

      7.2.2        All necessary approvals and/or filings for the transactions contemplated hereby to be obtained and/or made by Purchaser, including, without
        limitation, any regulatory approvals, will have been obtained and/or made, as the case may be, and shall be in full force and effect;

       

      7.2.3        No action, suit or proceeding will have been instituted before any court or government body or restricted or threatened by any person which
        could materially prevent the Purchaser carrying out of the transactions contemplated hereby;

       

      7.2.4        The Purchaser shall have received evidence satisfactory to the Purchaser that the Pre-Closing Reorganization has been consummated at least
        three (3) days prior to the Closing Date; and

       

      7.2.5        The deliveries set forth in Section 8.2 shall have occurred.

       

      
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      ARTICLE 8

      DELIVERIES AT CLOSING

       

      8.1         The Company’s and Sellers’ Deliveries at Closing. The Sellers shall deliver or procure delivery
        to Purchaser at Closing of:

       

      8.1.1        A resolution in writing of the Legal Owner and letters of direction from the Sellers resolving to transfer all of the Equity Interests to
        Purchaser.

       

      8.1.2        Good standing certificate or the equivalent for the Company, dated no earlier than ten (10) days before the Closing Date, from the
        jurisdiction of incorporation or formation.

       

      8.1.3        A certified copy of the articles of organization, and each amendment thereto, of the Company.

       

      8.1.4        Duly executed resignations of each of the managers and officers of the Company.

       

      8.1.5        The minute books, equity transfer books or similar books and records of the Company.

       

      8.1.6        A written letter of direction, in form and substance reasonably satisfactory to Purchaser, executed by each Seller in accordance with Section
          2.3.2.5.

       

      8.1.7        A certificate, in a form satisfactory to Purchaser, signed by each Seller and an authorized officer of the Company, dated as of the Closing
        Date, certifying that the conditions set forth in Section 7.1 and Section 8.1 have been satisfied.

       

      8.1.8        With respect to any Seller that does not want to be subject to required tax withholding obligations, a certificate pursuant to Treasury
        Regulations Section 1.1445-2(b) that such Seller is not a foreign person within the meaning of Section 1445 of the Code.

       

      8.1.9        The Equity Restriction Agreement executed by the Sellers and the Indirect Share Recipients.

       

      8.1.10      A certificate, in a form satisfactory to Purchaser, signed by each Seller and an authorized officer of the Company, dated as of the Closing
        Date, certifying as to the satisfaction of the conditions precedent set forth in Section 7.1.1.

       

      8.1.11     All other agreements, certificates, instruments, financial statement certifications and documents reasonably requested by Purchaser in order to
        fully consummate the transactions contemplated by this Agreement and carry out the purposes and intent of this Agreement.

       

      8.2         Purchaser’s Deliveries at Closing.  Purchaser shall deliver at Closing:

       

      8.2.1        Payment of the Purchase Price as provided in Section 2.3.

       

      
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      8.2.2        The Equity Restriction Agreement executed by the Purchaser to the Sellers.

       

      8.2.3        All other agreements, certificates, instruments and documents reasonably requested by any Seller in order to fully consummate the transactions
        contemplated by this Agreement and carry out the purposes and intent of this Agreement.

       

      ARTICLE 9

      INDEMNIFICATION

       

      9.1         Survival of Representations and Warranties.  All representations and warranties made hereunder or pursuant hereto or in connection with the transactions contemplated hereby shall survive the Closing for a period of eighteen (18) months following the Closing Date, except all Fundamental Representations and Warranties, which shall survive the Closing through the date
          of the applicable statute of limitations. All claims for indemnification under this Agreement must be asserted as provided in this Article 9 prior to the expiration of the applicable survival period set forth in this Section 9.1; provided, however, that any representation, warranty or covenant that is the subject of a claim
          for indemnification which is asserted after the Closing Date within the survival period specified in this Section 9.1 will survive until, but only for
          purposes of, the resolution of such claim.

       

      9.2         Indemnification Obligations.

       

      9.2.1           Indemnification by Sellers.  Sellers shall severally (and not jointly) indemnify, defend and hold harmless Purchaser, the Company, and their respective affiliates, and Representatives, and shall
          reimburse each such Person for any Damages resulting from any of the following: (a) any breach or default in the performance by any of the Sellers of any covenant or agreement contained herein or in any certificate or other instrument
        delivered or to be delivered by or on behalf of any of the Sellers pursuant hereto or thereto other than those covenants set forth in Section 2.6.4, Section 6.3, and Section 6.5; (b) any breach of warranty or inaccurate
        representation made by any of the Sellers herein; (c) the Pre-Closing Reorganization; (d) without limiting (or being limited by) the foregoing, all Obligations of any kind or nature to third parties
        (excluding Purchaser or any of its affiliates) arising from the sale or provision of any products or services prior to the Closing (“Pre-Closing Obligations”); (e) any costs or expenses incurred in connection with the termination of Boston Nominees Limited or PGP Manager Limited; or (f) any breach or default in the performance by any of the Sellers of any
        covenant or agreement set forth in Section 2.6.4, Section 6.3, or Section 6.5.

       

      9.2.2          Indemnification by Purchaser. Purchaser shall indemnify, defend and hold harmless Sellers and
          any of their affiliates and Representatives, and shall reimburse each such Person on demand for any Damages resulting from any of the following: (a) any breach or default in the performance by Purchaser of any covenant or agreement of Purchaser
          contained herein or in any certificate or other instrument delivered or to be delivered by or on behalf of Purchaser pursuant hereto or thereto; (b) any breach of warranty or inaccurate representation made by Purchaser herein; and (c) the
          operation of the Business of the Company after the Closing Date.

       

      
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      9.2.3          Claims for Indemnity. Whenever a claim for Damages shall arise for which one party (“Indemnitee”)
          shall be entitled to indemnification hereunder, Indemnitee shall notify the other party(s) (“Indemnitor”) in writing within thirty (30) days of the first receipt of notice of such claim, and in any event within such shorter period as may
          be necessary for Indemnitor to take appropriate action to resist such claim; provided that the failure to give notice as herein provided shall not relieve Indemnitor of its obligation to indemnify Indemnitee except to the extent that Indemnitor
          shall have been prejudiced in its ability to defend such claim.  Notwithstanding anything in this Agreement to the contrary, written notice of any Indemnitee’s claim for indemnification for breach of representations and warranties must be given
          within the survival period for such representations and warranties set forth in Section 9.1, and any indemnity claim for breaches of representations and warranties which has not been noticed in writing by such date shall be time-barred,
          irrespective of whether such claim was known or unknown by such date to the party seeking indemnification.  Each notice shall specify all facts known to Indemnitee giving rise to such indemnity rights and shall estimate the amount of the
          liability arising therefrom. If Indemnitee is duly notified of a dispute, the parties shall attempt to settle and compromise the same, or if unable to do so within thirty (30) days (or such longer period as they may agree) of Indemnitor’s
          delivery of notice of a dispute, either party may seek judicial resolution of the dispute. Any rights of indemnification established by reason of such settlement, compromise or arbitration shall promptly thereafter be paid and satisfied by
          Indemnitor.

       

      9.2.4           Defense of Third-Party Claims. Upon receipt by Indemnitor of a notice from an Indemnitee with
          respect to any claim of a third party against Indemnitee, Indemnitor may assume the defense of such claim with counsel reasonably satisfactory to Indemnitee, and Indemnitee shall cooperate to the extent reasonably requested by Indemnitor in
          defense or prosecution thereof and shall furnish such records, information and testimony and attend all such conferences, discovery proceedings, hearings, trials and appeals as may be reasonably requested by Indemnitor in connection therewith. If
          Indemnitor assumes the defense of such claim, Indemnitee shall have the right to employ its own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of Indemnitee. If Indemnitor has assumed the defense of
          any claim against Indemnitee, Indemnitor shall have the right to settle any claim for which indemnification has been sought and is available hereunder involving only cash payment and/or a release it from liability; provided that, to the extent
          that such settlement requires Indemnitee to take, or prohibits Indemnitee from taking, any action or purports to obligate Indemnitee, then Indemnitor shall not settle such claim without the prior written consent of Indemnitee. If Indemnitor does
          not assume the defense of a third party claim and disputes Indemnitees right to indemnification, Indemnitee shall have the right to participate in the defense of such claim through counsel of its choice, at Indemnitor’s expense (subject to the
          validity of the Indemnitee’s claim), and Indemnitee shall have control over the litigation and authority to resolve such claim with the prior consent of Indemnitor, which consent shall not be unreasonably withheld.

       

      
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      9.2.5          Method of Payment.  Any Damages that Purchaser is entitled to receive under this Section 9.2  or amounts that Purchaser is
        entitled to pursuant to Section 2.5 (“Purchaser Damages”) shall be satisfied by Sellers, through cash from the Cash Holdback or shares of Galaxy Common Stock from the Stock Holdback, on a joint and several basis, and without regard
        for any concept of several liability provided elsewhere in this Agreement, provided that with respect to the Stock Holdback, Purchaser shall satisfy Purchaser Damages proportionately against the shares of the Stock Holdback assigned to each
        Seller.  If the Cash Holdback and Stock Holdback have been fully depleted, and a Seller is otherwise still liable for Purchaser Damages under this Agreement, such Purchaser Damages shall be satisfied by Sellers, severally in proportion to their Pro
        Rata Share, paying the amount of Purchaser Damages to Purchaser in cash immediately upon demand. Notwithstanding anything to the contrary, if a Seller fails to make its Pro Rata Share payment of Purchaser Damages to Purchaser (or the Company, or their respective affiliates or Representatives) within five (5) days following demand from Purchaser, Purchaser may, at its option, satisfy payment of such Purchaser Damages through setoff
        against the Stock Component (“Setoff Rights”) attributable to such Seller.  The value of the Stock Component for purposes of Setoff Rights shall be the Release Date Stock Price.  Each Seller, on behalf of itself and any of its assignees that
        may receive a portion of the Stock Component, hereby appoints Purchaser as its authorized representative and attorney-in-fact for the purpose of legally and beneficially transferring shares of the Stock Component out of Seller’s, or its assignee’s,
        name and into the name of Purchaser and otherwise take all actions necessary or advisable to effectuate and reflect the transfer.  Purchaser Damages shall be treated as a reduction in the Purchase Price.

       

      9.3         Limitations on Liability.  Notwithstanding anything to the contrary contained in this Agreement:

       

      9.3.1          no indemnification payments will be made by or on behalf of the Sellers under Section 9.2.1(b) of this
          Agreement in respect of any individual claim or series of claims having the same nature or origin where the Damages relating thereto are less than $10,000, and such items less than $10,000 will not be aggregated for purposes of calculating the
          Deductible in Section 9.3.2 below; provided that this Section 9.3.1 shall not apply to indemnification obligations in respect of Fundamental Representations and Warranties;

       

      9.3.2          no indemnification payments will be made by or on behalf of the Sellers under Section 9.2.1(b) of this
          Agreement until the aggregate amount of Damages for which the Sellers would (but for this Section 9.3.2) be liable thereunder exceeds 2% of the Purchase Price (such amount being, the “Deductible”), and then only to the extent of
          such excess over the Deductible; provided that this Section 9.3.2 shall not apply to indemnification obligations in respect of Fundamental Representations and Warranties;

       

      9.3.3           the aggregate total amount in respect of which the Sellers will be liable for indemnification
          pursuant to Section 2.5 will not exceed an amount equal to the Customer Loss Indemnity Cap;

       

      9.3.4          the aggregate total amount in respect of which the Sellers will be liable under this Agreement shall
          not exceed the Purchase Price; provided that the aggregate total amount in respect of which the Sellers will be liable under this Agreement relating to representations and warranties under Article 3 that are not Fundamental
        Representations and Warranties shall not exceed an amount equal to 50% of the Purchase Price; and provided further that the limitations contained in this Section 9.3 shall not apply with respect to the indemnification obligations set forth
        in Section 9.2.1(a) and Article 10.

       

      
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      9.4         No Double Recovery. Notwithstanding the fact that any Indemnitee may have the right to assert claims
          for indemnification under or in respect of more than one provision of this Agreement or another agreement entered into in connection herewith in respect of any fact, event, condition or circumstance, no Indemnitee shall be entitled to recover the
          amount of any Damages suffered by such Indemnitee more than once under all such agreements in respect of such fact, event, condition or circumstance, and an Indemnitor shall not be liable for indemnification to the extent the Indemnitee has
          otherwise been fully compensated on a dollar-for-dollar basis for such Damages pursuant to the procedures set forth in Section 9.2.

       

      9.5         Cooperation.  Notwithstanding anything to the contrary contained in this ARTICLE 9, the
          parties shall cooperate with each other in connection with any claim for indemnification hereunder, including to obtain the benefits of any insurance coverage for third party claims that may be in effect at the time a third-party claim is
          asserted.

       

      9.6        Exclusive Remedy.  Except as set forth in Section 2.5 and ARTICLE 10 or in the case
          of fraud, the indemnification provided in this ARTICLE 9 will constitute the exclusive remedy of the Purchaser, the Company and their respective affiliates and Representatives, or Sellers and their affiliates and Representatives, as the
          case may be, and their respective assigns from and against any and all Damages asserted against, resulting to, imposed upon or incurred or suffered by, any of them, directly or indirectly, as a result of, or based upon or arising from the breach
          of any representation or warranty or the non-fulfillment of any agreement or covenant in or pursuant to this Agreement or any other instrument required hereunder.  Purchaser and Sellers each hereby waive, to the fullest extent permitted under
          applicable Law, any and all rights, claims, and causes of action it may have against any other party, or any of such other party’s affiliates, to the contrary.

       

      9.7         Adjustments to Purchase Price.  Any payments made pursuant to this ARTICLE 9 shall be
          consistently treated as adjustments to Purchase Price for all Tax purposes by Sellers and Purchaser.

       

      9.8         Intentional Misrepresentation.  Notwithstanding any other provision hereof to the contrary, any
          claims of fraud shall not be limited by any survival period contained in this Agreement or any limit on indemnification or remedy contained in this Agreement.

       

      9.9         Galaxy Games Licenses In. In no event shall Purchaser have a claim for indemnification hereunder to
          the extent such claim is for Damages arising out of Purchaser’s material breach of a specific License In to which Purchaser is the licensor; provided that, nothing in this Section 9.8 (or other Section of this Agreement), (a) limits
          Purchaser’s respective indemnification claim if the Company (or its respective Affiliate) first breached the applicable License In, or (b) waives or modifies any of Purchaser’s rights or defenses under the applicable Licenses In.

       

        

      
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      ARTICLE 10

      TAX MATTERS

       

      10.1      Payment of Taxes Sellers shall pay, and indemnify, defend
          and hold the Purchaser and the Company harmless against, any and all Taxes of the Company (including without limitation, any Taxes due from Sellers and any out-of-pocket fees and expenses (including attorneys’ and accountants’ fees)
        incurred in connection with any Taxes that are the Company’s or Sellers’ responsibility under this Section 10.1)
          allocable to any taxable periods ending on or before the Closing Date (“Pre-Closing Tax Period”) and the portion through the end of the Closing Date for
          any taxable period that includes (but does not end on) the Closing Date (“Straddle Period”), including Taxes due after the Closing Date relating to
          deferred revenue for which the underlying license or maintenance payments were collected prior to the Closing Date.  In the case of any Straddle Period, to the extent permitted by Law, the amount of any Taxes based on or measured by income or
          receipts of the Company allocable to the Pre-Closing Tax Period shall be determined based on an interim closing of the books as of the close of business on the Closing Date, and the amount of other Taxes of the Company allocable to the
          Pre-Closing Tax Period shall be deemed to be the amount of such Tax for the entire taxable period multiplied by a fraction the numerator of which is the number of days in the taxable period ending on the Closing Date and the denominator of which
          is the number of days in such taxable period.

       

      10.2       Preparation of Tax Returns.     Preparation of Tax Returns.     Sellers, at their sole cost and expense and only if required by US federal tax law, shall prepare and file any IRS Form 1120 (and any comparable state, local, or foreign Tax Returns) of the Company for any Pre-Closing Tax Period (“Seller Prepared Returns”),
        and pay all Taxes shown as due thereon no later than five (5) business days before the due date of such Tax Returns (without regard to extensions). All Seller Prepared Returns shall be prepared in accordance with existing procedures, practices, and
        accounting methods of the Company, unless required otherwise by applicable Law.  Seller shall provide to Purchaser a draft of each such Seller Prepared Return required to be filed by the Company no later than thirty (30) days prior to the due date
        of such return and shall incorporate any reasonable comments received from Purchaser within fifteen (15) days of the date such draft Tax Returns are provided to Purchaser. Purchaser shall prepare and timely file, or cause to be prepared and timely
        filed, all Tax Returns (other than Seller Prepared Returns) with respect to the Company due after the Closing Date (“Purchaser Prepared Returns”).  If any Purchaser Prepared Return is in respect of a Straddle Period, it shall be accompanied
        by a statement setting forth the calculation of taxable income in the portions of the period covered by the relevant Purchaser Prepared Return ending on the Closing Date and beginning after the Closing Date, and shall incorporate any reasonable
        comments received by Sellers within fifteen (15) days of the date such draft Purchaser Prepared Returns are provided to Sellers. Sellers shall pay all Taxes which are allocable to the Pre-Closing Period (in accordance with Section 10.1) no
        later than fifteen (15) days before the due date of such Purchaser Prepared Returns (without regard to extensions).  No failure or delay of Purchaser in providing Purchaser Prepared Returns for Seller to review shall reduce or otherwise affect the
        obligations or liabilities of Seller pursuant to this Agreement except to the extent Seller is actually prejudiced by such delay or failure.

       

      10.3      Control of Tax Audits.  Sellers shall have the right, at their own expense, to control any audit or examination by any Governmental Authority (a “Tax Audit”), contest, resolve and defend against any assessment, notice of deficiency, or other adjustment or proposed adjustment relating to any and all Taxes for any Pre-Closing Tax Period; provided that Sellers shall not
          resolve any such contest without the prior written consent of Purchaser, such consent not to be unreasonably withheld, conditioned or delayed.  Purchaser shall control, or have the Company control, any other Tax Audit, and contest, resolve and
          defend against any other assessment, notice of deficiency, or other adjustment for any periods other than a Pre-Closing Tax Period.

       

      
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      10.4      Cooperation.  Purchaser and the Company, on the one hand, and Sellers, on the other hand, shall
          cooperate fully, as and to the extent reasonably requested by the other party, in connection with the filing of Tax Returns pursuant to this ARTICLE 10, and any audit, litigation or other proceeding with respect to Taxes.  Such
          cooperation shall include the retention and (upon the other party’s request) the provision of records and information which are reasonably relevant to any such audit, litigation or other proceeding and making employees available on a mutually
          convenient basis to provide additional information and explanation of any material provided hereunder.  Purchaser, the Company, and Sellers shall: (a) retain all books and records with respect to Tax matters pertinent to the Company relating to
          any taxable period beginning before the Closing Date until the expiration of the statute of limitations (and, to the extent notified by Purchaser or Sellers, any extensions thereof) of the respective taxable periods, and to abide by all record
          retention agreements entered into with any Governmental Authority and (b) to give the other party reasonable written notice prior to transferring, destroying or discarding any such books and records and, if the other party so requests, the
          Company or Sellers as the case may be, shall allow the other party to take possession of such books and records.  Upon request, Purchaser and Sellers further agree to use their reasonable commercial efforts to obtain any certificate or other
          document from any Governmental Authority or any other Person as may be necessary to mitigate, reduce or eliminate any Tax that could be imposed (including but not limited to with respect to the transactions contemplated hereby).

       

      10.5       Transfer Taxes.  Purchaser and Sellers shall each bear one half of all sales, transfer, stamp, real
          property transfer or gains or similar Taxes incurred, whether direct or indirect, as a result of the purchase of the Equity Interests by the Purchaser.

       

      10.6       Survival. Notwithstanding anything to the contrary contained in this Agreement, the provisions of this ARTICLE 10, including,
        without limitation, the obligation of the Sellers to hold the Purchaser and the Company harmless under Section 10.1, shall survive the Closing indefinitely.

       

      ARTICLE 11

      TERMINATION

       

      11.1       Right to Terminate. Notwithstanding anything to the contrary set forth in this Agreement, this
        Agreement may be terminated and the transactions contemplated herein abandoned at any time prior to the Closing:

       

      11.1.1          by mutual consent of Purchaser, on the one hand, and Sellers on the other;

       

      11.1.2         by Purchaser, on the one hand, or Sellers, on the other hand, if the Closing shall not have occurred by the Drop Dead Date, provided, however, that the right to terminate this
        Agreement under this Section 11.1 shall not be available to any party whose failure to fulfill any obligation under this Agreement has been the cause of, or resulted in, the failure of the Closing to occur on or before such date;

       

      11.1.3         by Purchaser, on the one hand, or Sellers on the other hand, if a court of competent jurisdiction shall have issued an order, decree or ruling permanently restraining, enjoining or
        otherwise prohibiting the transactions contemplated by this Agreement, and such order, decree, ruling or other action shall have become final and non-appealable;

       

      
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      11.1.4          by Sellers if Purchaser: (a) breaches its representations and warranties in any material respect or (b) fails to comply in any material respect with any of its covenants or
        agreements contained herein;

       

      11.1.5          by Purchaser if Sellers and/or the Company: (a) breach their representations and warranties in any material respect or (b) fail to
        comply in any material respect with any of its covenants or agreements contained herein; or

       

      11.1.6          by Purchaser pursuant to Section 6.6.

       

      11.1.7          by Purchaser pursuant to the Company License Agreement Contingency.

       

      11.2      Effect of Termination.  In the event of termination of this Agreement by either Purchaser or Sellers as provided above, (i) the
        provisions of this Agreement shall immediately become void and of no further force and effect (other than this Section 11.2, Section 6.5 (Confidentiality), the limitations on indemnity set forth in ARTICLE 9, Section
          12.3 (Expenses) and Section 12.5 (Controlling Law), which shall each survive the termination of this Agreement), and there shall be no liability on the part of any of Purchaser or Sellers to one another, except for knowing or willful
        breaches of this Agreement prior to the time of such termination, and (ii) unless the limited situation described in Section 2.2.3 applies, the Earnest Money Deposit shall be returned to Purchaser.

       

      ARTICLE 12

      MISCELLANEOUS PROVISIONS

       

      12.1       Further Assurances. Each party to this Agreement shall execute, acknowledge and deliver any further
          documents and instruments and take any other action consistent with the terms of this Agreement that may reasonably be requested by the other party for the purpose of giving effect to the transactions contemplated by this Agreement, whether
          before, concurrent with or after the consummation of the transactions contemplated hereby.

       

      12.2       Publicity.  Any press release or similar announcement concerning the consummation of the transactions
          contemplated hereby by any party shall be provided to the other parties for review and approval prior to its release, which approval shall not be unreasonably withheld; provided, however, Sellers or Purchaser or their affiliates may, without the
          consent of the other, publish and use standard tombstone announcements regarding the consummation of the transactions contemplated by this Agreement; provided further, that in no event shall any party publicly disclose the Purchase Price or the
          approximate amount thereof, without the consent of the other parties.  Following the issuance of the initial announcement, either party may, without the consent of the other, publish additional announcements that contain substantially similar
          material as the initial announcement.  This Section 12.2 shall not prevent announcements provided by law or securities regulations, provided that the other parties hereto shall have the opportunity to read and comments on such
          announcements prior to the release thereof.

       

      12.3       Expenses. Each of the parties shall pay all costs and expenses incurred by it or on its behalf in
          connection with this Agreement and the transactions contemplated hereby, including, without limitation, fees and expenses of its own financial consultants, accountants and counsel.

       

      
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      12.4       Entire Agreement. This Agreement, together with the agreements referred to herein and the Schedules
          hereto and thereto, set forth the entire agreement between the parties with regard to the subject matter hereof and thereof.

       

      12.5       Governing Law; Jurisdiction; Waiver of Jury Trial. 

       

      12.5.1         The validity, construction and performance of this Agreement, and any Action arising out of or relating to this Agreement shall be
        governed by the Laws of the State of Delaware, without regard to the conflict of Laws principles thereof.

       

      12.5.2         Any legal suit, action, or proceeding arising out of or based upon or relating to this Agreement or the transactions contemplated hereby
        shall be litigated in the State Court sitting in Wilmington, Delaware, or, if original jurisdiction can be established, in the United State District Court for the District of Delaware.  Each party irrevocably submits to the exclusive jurisdiction
        of such courts in any such suit, action, or proceeding. The parties irrevocably and unconditionally waive any objection to venue of any suit, action, or proceeding in such courts and irrevocably waive and agree not to plead or claim in any such
        court that any such suit, action, or proceeding brought in any such court has been brought in an inconvenient forum.

       

      12.5.3        EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT
        ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY
        TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT: (A) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION; (B) SUCH PARTY
        HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER; (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY; AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

       

      12.6       Waiver and Amendment. This Agreement may be amended, supplemented, modified and/or rescinded only
          through an express written instrument signed by the parties or their respective successors and permitted assigns. Any party may specifically and expressly waive in writing any portion of this Agreement or any breach hereof, but only to the extent
          such provision is for the benefit of the waiving party, and no such waiver shall constitute a waiver of any other preceding or succeeding breach of the same or any other provision. The consent by one party to any act for which such consent was
          required shall not be deemed to imply consent or waiver of the necessity of obtaining such consent for the same or similar acts in the future, and no forbearance by a party to seek a remedy for noncompliance or breach by another party shall be
          construed as a waiver of any right or remedy with respect to such noncompliance or breach.

       

      
        36

        
          

      

      12.7       Assignment. Except as specifically provided otherwise in this Agreement, neither this Agreement nor
          any interest herein shall be assignable (voluntarily, involuntarily, by judicial process, operation of Law, or otherwise), in whole or in part, by any party without the prior written consent of the other party.  Notwithstanding the foregoing, to
          the extent necessary to accomplish its obligations under this Agreement, each Seller may, without the consent of Purchaser, whether before or after the Closing, assign all of its rights and obligations under this Agreement to any affiliate of
          such Seller, including but not limited to its right to receive any portion of the Stock Component provided that such assignment shall not relieve any Seller of any of its obligations under this Agreement and Purchaser may, without the consent of
          Sellers, whether before or after the Closing, assign all of its rights under this Agreement to a wholly owned subsidiary of Purchaser, provided that such assignment shall not relieve Purchaser of any of its obligations under this Agreement.

       

      12.8      Successors and Assigns; No Third-Party Beneficiary. Each of the terms, provisions, and obligations of
          this Agreement shall be binding upon, shall inure to the benefit of, and shall be enforceable by the parties and their respective legal representatives, successors and permitted assigns. Nothing in this Agreement will be construed as giving any
          Person, other than the parties to this Agreement and their successors and permitted assigns, including the stockholders of PGL, any right, remedy or claim under, or in respect of, this Agreement or any provision hereof.

       

      12.9       Notices.  Each
        party shall deliver all notices, requests, consents, claims, demands, waivers, and other communications under this Agreement (generally, “notices”) in writing and addressed to the other part(y)(ies) at its address set out below (or to any other
        address that the receiving party may designate from time to time in accordance with this section). Each party shall deliver all notices by personal delivery, internationally recognized overnight courier (with all fees prepaid), or email (with
        confirmation of transmission), or certified or registered mail (in each case, return receipt requested, postage prepaid). Except as otherwise provided in this Agreement, a notice is effective only (a) upon receipt by the receiving party and (b) if
        the party giving the notice has complied with the requirements of this Section.

       

      
        	
                If to Sellers:

              	
                Progressive Games Licensing, LLC.

              
	

              	
                8383 Wilshire Boulevard

              
	

              	
                Suite 400, Beverly Hills, CA 90211

              
	

              	
                Attn: The Members

              
	

              	
                Email: Gavin@Pariah.us

              
	 	 
	
                

                

              	
                With a copy to:

              
	 	 
	 	
                Joel Mandel    joeltmg@aol.com

              
	

              	
                Ari Emanuel   aemanuel@endeavorco.com

              
	

              	
                Neal Andres   nealandres@hotmail.com

              
	

              	
                Robert Kory   rkory@koryrice.com

              
	

              	
                Ronald Altbach  r.altbach@regen-cap.com

              

        

        

        
          37

          
            

        

        	

              	
                Chris Reynolds

              
	

              	
                The Brew House

              
	

              	
                Upper Eashing

              
	

              	
                Godalming

              
	

              	
                Surrey GU7 2QA

              
	

              	
                United Kingdom

              
	

              	
                Email: reynolds_chris@icloud.com

              
	 	 
	

              	
                Sam Williams

              
	

              	
                
                  3 Longmead Road, London

                

              
	

              	
                SW17 8PN

              
	

              	
                United Kingdom

              
	

              	
                Email: samwilliams1@gmail.com

              
	 	 
	
                If to Purchaser:

              	
                Galaxy Gaming, Inc.

              
	

              	
                6767 Spencer Street

              
	

              	
                
                  Las Vegas, Nevada 89119

                

              
	

              	
                Attn: Chief Executive Officer

              
	

              	
                Email: tcravens@GalaxyGaming.com, and hhagerty@GalaxyGaming.com, and bbenson@GalaxyGaming.com

              

      

       

      

      12.10     Severability. Each provision of this Agreement is intended to be severable. Should any provision of
          this Agreement or the application thereof be judicially declared to be or become illegal, invalid, unenforceable or void, the remainder of this Agreement will continue in full force and effect and the application of such provision to other
          Persons or circumstances will be interpreted so as reasonably to effect the intent of the parties.

       

      12.11     Cumulative Remedies. Except as provided in Section 9.6 hereof, no remedy made available hereunder by any of the provisions of this
        Agreement is intended to be exclusive of any other remedy, and each and every remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at Law or in equity or by statute or otherwise.

       

      12.12     Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be
          deemed an original, but all of which together shall constitute a single agreement.

       

      12.13     Facsimile Signatures. This Agreement and any other document or agreement executed in connection
          herewith (other than any document for which an originally executed signature page is required by law) may be executed by delivery of a facsimile copy of an executed signature page with the same force and effect as the delivery of an originally
          executed signature page. In the event any party delivers a facsimile copy of a signature page to this Agreement or any other document or agreement executed in connection herewith, such party shall deliver an originally executed signature page
          upon request; provided, however, that the failure to deliver any such originally executed signature page shall not affect the validity of the signature page delivered by facsimile, which has and shall continue to have the same force and effect as
          the originally executed signature page.

       

      
        38

        
          

      

      12.14     Interpretation.  The language in all parts of this Agreement shall be in all cases construed simply
          according to its fair meaning and not strictly for or against any party.  The captions of the Sections and Subsections of this Agreement are for convenience only and shall not affect the construction or interpretation of any of the provisions of
          this Agreement.  Except as otherwise provided or if the context otherwise requires, whenever used in this Agreement: (a) any noun or pronoun shall be deemed to include the plural and the singular; (b) the terms “include” and “including” shall be
          deemed to be followed by the phrase “without limitation”; (c) the word “or” shall be inclusive and not exclusive; (d) unless the context otherwise requires, all references to Articles and Sections refer to Articles and Sections of this Agreement
          and all references to Schedules are to Schedules attached to this Agreement, each of which is made a part of this Agreement for all purposes; (e) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this
          Agreement as a whole and not to any particular Section or other subdivision; (f) any definition of or reference to any Law, agreement, instrument or other document herein will be construed as referring to such Law, agreement, instrument or other
          document at the date of this Agreement; and (g) any definition of or reference to any statute will be construed as referring also to any rules and regulations promulgated thereunder.

       

      12.15     Warranty of Authority.  Each of the entities signing this Agreement warrants and represents that the
          individual signing on behalf of such entity is duly authorized and empowered to enter into this Agreement and bind such entity hereto.

       

      12.16    Specific Performance for Purchaser. The parties agree
        that irreparable damage would occur if any provision of this Agreement was not performed by Sellers in accordance with the terms hereof and that Purchaser shall be entitled to specific performance of the terms hereof, in addition to any other
        remedy to which Purchaser is entitled hereunder.  Sellers’ sole and exclusive remedy for Purchaser’s failure to close the transactions contemplated under this Agreement shall be the Earnest Money Deposit.

       

      12.17     Exhibits and Schedules.  The Exhibits and Schedules (including the Disclosure Schedules) to this
          Agreement are hereby incorporated and made a part hereof and are an integral part of this Agreement.  All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in
          full herein.  Any matter or item disclosed on one Schedule shall be deemed to have been disclosed on each other Schedule where the applicability thereto is reasonably apparent.  Disclosure of any item on any Schedule shall not constitute an
          admission or indication that such item or matter is material or would have a Material Adverse Effect.  No disclosure on a Schedule relating to a possible breach or violation of any Contract or Law shall be construed as an admission or indication
          that breach or violation exists or has actually occurred.

       

      
        39

        
          

      

      12.18     Registration Rights.  If at any time or from time to
        time the Purchaser shall determine to register any of its equity securities, either for its own account or for the account of security holders (other than with respect to any registration statement if it relates solely to Galaxy Common Stock to be
        issued pursuant to a stock option or other employee benefit plan, an exchange offer, a merger or consolidation with another corporation or an acquisition of assets), the Purchaser will give notice of the registration to the Sellers or any permitted
        assignee of the Galaxy Common Stock issued or assigned to Sellers under this Agreement (“Holders”) and will include shares requested by the Holders in such offering so long as the shares may not already be freely disposed of under Rule 144. 
        The Purchaser may limit or reduce to zero the number of Holder shares included in an offering if the Purchaser determines, in its sole discretion, that including all or any of such shares will have a detrimental impact on the price of the shares
        included in the registration.   All registration expenses incurred in connection with any registration, filing or qualification of Holder shares (other than underwriting discounts and commissions relating to the Galaxy Common Stock and any
        professional fees or costs of accounting, financial or legal advisors to any of the Holders) shall be borne by the Purchaser.  Each Holder agrees that it will not, without the prior written consent of the Purchaser or the managing underwriter if an
        offering is underwritten, during the 180 day period commencing on the date of the final prospectus relating to the registration of shares by the Purchaser, sell, transfer, lend or enter into any contract to sell shares (including any swap
        arrangement relating to shares) of the Purchaser.

       

      12.19    Attorneys’ Fees.  In the event that Purchaser or Sellers institute any legal suit, action, or
          proceeding against the other part(y)(ies) arising out of or relating to this Agreement, the prevailing part(y)(ies) in the suit, action, or proceeding shall be entitled to receive and recover, in addition to all other damages to which it or they
          may be entitled, the costs incurred by such prevailing party in conducting the suit, action, or proceeding, including , without limitation, reasonable attorneys’ fees and expenses and court costs (including appellate attorneys’ fees and costs).

       

        

      12.20     US Dollars.  All amounts referred to or contemplated in this Agreement shall be applied by using, or
          paid in, US Dollars.

       

      [Signature Page Follows]

       

      
        40

        
          

      

      
      IN WITNESS WHEREOF, each of the parties has executed this Agreement as of the date first set forth above.

      

      

      	 	
              PURCHASER:

            
	 	 
	 	
              GALAXY GAMING, INC.

            
	 	 

      	 	
              By:

            	
              /s/ Todd Cravens

            

      	 	
              Name:

            	
              Todd Cravens

            

      	 	
              Its:

            	
              CEO/President

            

      

      

      	 	
              LEGAL OWNER:

            
	 	 
	 	
              BOSTON NOMINEES LIMITED

            
	 	 

      	 	
              By:

            	
              /s/ Alexander McNee

            

      	 	
              Name:

            	
              Alexander McNee

            

      	 	
              Its:

            	
              Director

            

      

      

      	 	
              SELLERS:

            
	 	 
	 	
              PROGRESSIVE GAMES LICENSING LLC

            
	 	 

      	 	
              By:

            	
              /s/ Ronald Altbach

            

      	 	
              Name:

            	
              Ronald Altbach

            

      	 	
              Its:

            	
              Authorized Signatory

            

      

      

      	 	
              /s/ CHRIS REYNOLDS

            
	 	
              CHRIS REYNOLDS

            
	 	 
	 	
              /s/ SAM WILLIAMS

            
	 	
              SAM WILLIAMS

            

      

      

      

        41

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