Document:

LB & Co

    Solicitors

    Unit 6

    42-46 New City Road

    Glasgow

    G4 9JT

     
	Your Ref:	heather du
	Our Ref:	JMCLEAN
	Please quote this when replying
	Date:	3 August 2022 
	
     

    Please ask for:

    Ext:

    Direct Dial:

    E-mail:

    Direct Fax:
	
     

    Jamie McLean

    [*]

    [*]

    [*]

     

 

Dear Sirs/Madam

 

BRAVEHEART HOTELS LIMITED 

MD LOCAL GLOBAL LIMITED

FERNIE CASTLE HOTEL, LADYBANK, CUPAR, KY15
7RU

 

On behalf of and as instructed by the Seller,
we offer to sell the Property to the Purchaser on the following conditions:

 

		1.	Definitions and Interpretation

 

		1.1	In the Missives:

 

"2012 Act" means
the Land Registration etc. (Scotland) Act 2012;

 

"Advance Notice"
means an advance notice as defined in Section 56 of the 2012 Act;

 

"Business Day" means
a day on which clearing banks in Edinburgh, Glasgow and London are open for normal business;

 

"Completion" means
the Date of Entry or, if later, the date when the Price is paid and the purchase of the Property is completed in terms of the Missives;

 

"Conclusion Date"
means, unless otherwise specified, the first date on which the Missives create a concluded contract;

 

"Date of Entry" means
5 August 2022 or such other date as the Purchaser and the Seller may agree in writing with specific reference to the Missives;

 

"Deposit" means ONE
HUNDRED AND FIFTY EIGHT THOUSAND POUNDS (£158,000.00) Sterling plus any interest held by the Seller's Solicitor's as stakeholder
on behalf of the Purchaser and the Seller in the Seller's Bank Account;

 

"Deposit Agreement" means
the deposit agreement entered into between the Purchaser and the Seller set out in Part 8 of the Schedule;

 

"Disclosed Documents"
means the documents listed in Part 1 of the Schedule;

 

    

     

    

 

"Disposition" means
the disposition of the Property in favour of the Purchaser in terms of the draft set out in Part 2 of the Schedule;

 

"Encumbrances" are
encumbrances as set out in Section 9 of the 2012 Act;

 

"HMRC" means HM Revenue
 & Customs;

 

"Interest" means
interest on the sum in question at 4% per annum above the base rate from time to time of The Royal Bank of Scotland from the date that
such sum is due for payment or, if there is no such date specified, the date of demand for such sum until such sum is paid;

 

"Missives" means
the contract constituted by this offer and all duly executed letters following on it;

 

"Moveables" means
the moveable items set out in Part 4 of the Schedule;

 

"Price" means ONE
MILLION FIVE HUNDRED AND EIGHTY THOUSAND POUNDS (£1,580,000.00) Sterling exclusive of any VAT less the Deposit;

 

"Property" means
ALL and WHOLE FERNIE CASTLE HOTEL, LADYBANK, CUPAR, KY15 7RU: Together with (i) the whole buildings and erections on it known as
and forming Fernie Castle Hotel, (ii) the whole fixtures and fittings in and on it, and (iii) the whole rights, parts, privileges and
pertinents, being the property registered in the Land Register of Scotland under Title Number FFE10307;

 

"Purchaser" means
MD LOCAL GLOBAL LIMITED incorporated under the Companies Acts with Company Number 12979697 and having its Registered Office at
Regent House, 21 Church Road, Stanmore, Middlesex, United Kingdom, HA7 4AR;

 

"Purchaser's Bank"
means (a) the client account of the Purchaser's Solicitors and/or (b) the client account of the solicitors acting for the Purchaser's
heritable creditor and/or (c) if it is a bank which is a direct Participant in the CHAPS system operated by the Bank of England and the
funds in question are loan funds from that bank for the purpose of acquiring the Property, the Purchaser's heritable creditor;

 

"Purchaser's Solicitors"
means LB & Co (Ref: Heather Du) or such other solicitors as the Purchaser may appoint in their place from time to time and who have
been notified in writing to the Seller's Solicitors;

 

"RACBBL" means the
register of applications by community bodies to buy land held by the Keeper of the Registers of Scotland;

 

"RCIL" means the
register of community interests in land held by the Keeper of the Registers of Scotland;

 

"Schedule" means
the schedule annexed to this offer;

 

"Seller" means BRAVEHEART
HOTELS LIMITED, incorporated under the Companies Acts (Registered Number SC187085) and having its Registered Office at Fernie Castle
Hotel, Letham, NR Cupar, Fife, KY15 7RU;

 

"Seller's Bank Account"
means Bank: Royal Bank of Scotland, Manchester, St Ann Street, Sort Code: [*], Account Number: [*], Account Name: [*] or such UK clearing
bank account (in either case being a clients' account of the Seller's Solicitors) as the Seller's Solicitors nominate by written notice
to that effect at least 3 Business Days prior to the Date of Entry;

 

    

     

    

 

"Seller's Solicitors"
means DWF LLP (Ref: 2039295-1) or such other solicitors as the Seller may appoint in their place from time to time and who have been notified
in writing to the Purchaser's Solicitors;

 

"Title Deeds" means
the title deeds of the Property listed in Part 3 of the Schedule;

 

"Transaction"
means the sale of the Property and others by the Seller to the Purchaser in terms of the Missives;

 

"VAT" means value
added tax as provided for in the VAT Act and any tax similar or equivalent to value added tax or performing a similar fiscal function;

 

"VAT Act" means the
Value Added Tax Act 1994; and

 

"VAT Group" means
two or more bodies corporate registered as a group for VAT purposes under Section 43 of the VAT Act.

 

		1.2	In the Missives, unless otherwise specified or the context otherwise requires:

 

		1.2.1	any reference to one gender includes all other genders;

 

		1.2.2	words in the singular only include the plural and vice versa;

 

		1.2.3	any reference to the whole is to be treated as including reference to any part of the whole;

 

		1.2.4	any reference to a person includes a natural person, corporate or unincorporated body (whether or not
having separate legal personality) and words importing individuals include corporations and vice versa;

 

		1.2.5	any reference to a Clause, Schedule or Part of the Schedule is to the relevant Clause, Schedule or Part
of the Schedule of or to this offer and reference, in any Part of the Schedule, to a numbered paragraph is a reference to the relevant
numbered paragraph in that Part of the Schedule;

 

		1.2.6	any reference to a statute or statutory provision includes any subordinate legislation which is in force
from time to time under that statute or statutory provision;

 

		1.2.7	any reference to any statute, statutory provision or subordinate legislation is a reference to it as it
is in force from time to time taking account of any amendment or re-enactment;

 

		1.2.8	any phrase introduced by the words "including", "include", "in particular"
or any similar expression is to be construed as illustrative only and is not to be construed as limiting the generality of any preceding
words;

 

		1.2.9	a document will be duly executed only if it is executed in such manner as meets the requirements of Section
3 or Sections 9B and 9C of the Requirements of Writing (Scotland) Act 1995;

 

		1.2.10	where at any one time there are two or more persons included in the expression "Purchaser" or
 "Seller" obligations contained in the Missives which are expressed to be made by the Purchaser and/or the Seller are binding
jointly and severally on them and their respective executors and representatives whomsoever without the necessity of discussing them in
their order;

 

		1.2.11	any reference to funds being cleared means that the funds are immediately available for withdrawal from
the holder's bank account;

 

    

     

    

 

		1.2.12	any reference to “reasonable consent” means the prior written consent of the party in question,
such consent not to be unreasonably withheld or delayed; and

 

		1.2.13	where a Clause provides that Interest is payable and that the sum must be paid within a specified period,
no Interest will accrue on the sum provided it is paid within that period.

 

		1.3	The headings in the Missives are included for convenience only and are to be ignored in construing the
Missives.

 

		1.4	The Schedule forms part of the Missives.

 

		2.	Deposit

 

The Deposit shall
be regulated by the Deposit Agreement.

 

		3.	Price

 

		3.1	Payment

 

		3.1.1	The Price will be paid by the Purchaser on the Date of Entry by instantaneous bank transfer of cleared
funds from the Purchaser's Bank to the Seller's Bank Account in exchange for the Disposition and other items to be delivered by the Seller
referred to in Clause 8.

 

		3.1.2	A payment not made in accordance with Clause 3.1.1 may be refused.

 

		3.1.3	For the purposes of this Clause 3.1, money will not be deemed paid to the Seller until such time as same
day credit on it is available to the holder of the Seller's Bank Account in accordance with normal banking procedure.

 

		3.2	Failure by the Purchaser to Complete

 

		3.2.1	Interest

 

If the Price (and any VAT which the
Purchaser has agreed in terms of Clause 4 to pay to the Seller on the Date of Entry) or any part of it is not paid to the Seller on the
Date of Entry then, notwithstanding consignation or that the Purchaser has not taken entry, the Purchaser will pay to the Seller Interest
on the outstanding money.

 

		3.2.2	Seller's Right to Rescind

 

If the Purchaser fails to pay the Price
(and any VAT which the Purchaser has agreed in terms of Clause 4 to pay to the Seller on the Date of Entry) with Interest as set out in
Clause 3.2.1 within 10 Business Days after the Date of Entry the Seller is entitled to rescind the Missives by written notice to that
effect to the Purchaser, to re-sell the Property to any third party and to claim damages from the Purchaser which may include:

 

		(a)	all costs and expenses incurred in relation to the re-marketing of the Property and the re-sale of it;

 

		(b)	any shortfall between:

 

		(i)	the sale price received by the Seller on any such re-sale; and

 

    

     

    

 

		(ii)	the Price; and

 

		(c)	financial losses including increased funding costs which the Seller would not have incurred had the Price
been paid on the Date of Entry and interest which the Seller could have earned on the Price had it been paid on the Date of Entry.

 

If the Seller rescinds the Missives,
no Interest will be due by the Purchaser in terms of Clause 3.3.1.

 

		3.2.3	Suspension

 

The provisions of Clauses 3.2.1 and
3.2.2 will not apply for any period of time during which the delay in payment by the Purchaser is due to any failure or breach by or on
behalf of the Seller to implement its obligations or duties under the Missives on time.

 

		3.3	Failure by the Seller to Complete

 

		3.3.1	Purchaser's Right to Rescind

 

If the Purchaser is ready, willing
and able to complete the purchase of the Property and has otherwise complied in full with its obligations under the Missives and the Seller
fails to give entry with vacant possession by the date 10 Business Days after the Date of Entry the Purchaser is entitled to rescind the
Missives by written notice to that effect to the Seller without prejudice to the rights and remedies of the Purchaser and the Seller against
the other.

 

		3.3.2	Suspension

 

The provisions of Clause 3.3.1 will
not apply for any period of time during which the Seller's failure to give entry with vacant possession is due to any failure or breach
by or on behalf of the Purchaser to implement its obligations or duties under the Missives on time.

 

		4.	VAT

 

		4.1	The Seller confirms and undertakes that it has not exercised pursuant to the VAT Act, Schedule 10, paragraph
2 (or been treated pursuant to the VAT Act, Schedule 10, paragraph 21 as having exercised) an option to tax in respect of the Property
and will not, prior to Completion, exercise (or be so treated as having exercised) such option to tax;

 

		4.2	VAT determined to be payable

 

		4.2.1	If HMRC determine in writing that VAT is chargeable on the Price or any part thereof then (1) the
Seller shall give written notice of such determination to the Purchaser within 5 Business Days of the Seller being so advised by
HMRC and (2) provided that HMRC have not so determined as a result of a breach by the Seller of any of the warranties contained in
Condition 4.1 above or as a result of any of the same being untrue or proving to be unfounded or otherwise in consequence of a breach
by the Seller of any of its obligations under the Missives, the following provisions shall apply:

 

		(a)	the Purchaser shall pay to the Seller the VAT determined by HMRC to be so chargeable ("Outstanding
VAT") on the date occurring 10 Business Days after the date of receipt by the Purchaser's Solicitors of a certified true copy
of such determination in exchange for delivery to the Purchaser of a valid VAT invoice addressed to the Purchaser;

 

    

     

    

 

		(b)	the Purchaser shall pay to the Seller within 10 Business Days of written demand any interest properly
charged by HMRC as a result of late payment of the Outstanding VAT; and

 

		(c)	the Purchaser shall pay to the Seller within 10 Business Days of written demand therefor by the Seller
any penalty properly charged by HMRC in respect of the failure by the Seller to include the Outstanding VAT as output VAT in the relevant
VAT return or returns unless such failure was as a result of negligence on the part of the Seller in which event the Seller shall be wholly
liable for such penalty.

 

		4.2.2	If HMRC, as a result of a breach by either the Seller or the Purchaser of any of the warranties given
in this Condition 4, or as a result of any of the same being untrue or otherwise in consequence of any breach by either party of
its obligations under the Missives, HMRC determine that VAT is payable, the party in default of its obligations shall be responsible for
paying the entirety of any interest or penalty properly charged by HMRC as a result.

 

		5.	Entry and Apportionments

 

		5.1	Entry

 

Entry to and vacant possession of
the Property will be given on the Date of Entry.

 

		5.2	Apportionments

 

		5.2.1	All outgoings for the Property (other than rates) will be apportioned as at Completion on an equitable
basis.

 

		5.2.2	Within 5 Business Days after Completion, the Seller or the Seller's Solicitors will advise the local authority
of the change of ownership of the Property so that any apportionment of rates can be carried out by the local authority.

 

		6.	Disclosed Documents

 

		6.1	Subject to Clause 8 the Purchaser is deemed to have examined the Disclosed Documents and accepts that
it is purchasing the Property on the basis that it has satisfied itself on all matters disclosed in them and on the validity and marketability
of the Seller's title to the Property.

 

		6.2	Clause 6.1 will override any other provision of the Missives apparently to the contrary and any confirmation
given by the Seller in the Missives is given subject to the Disclosed Documents whether or not that is expressly stated.

 

		7.	Title

 

		7.1	Encumbrances

 

		7.1.1	So far as the Seller is aware there are no Encumbrances affecting the Property other than as referred
to in the Disclosed Documents.

 

		7.1.2	The Property is sold with and under the Encumbrances affecting the Property whether specified or referred
to in the Title Deeds or not.

 

    

     

    

 

		7.2	Minerals

 

The minerals are included in the sale
to the extent to which the Seller has any right to them.

 

		7.3	Outstanding Disputes

 

During the period of the Seller's
ownership of the Property, there have been no disputes which remain outstanding with neighbouring proprietors or third parties about items
common to the Property and adjacent premises, access to or from the Property, the title to the Property or similar matters.

 

		7.4	Possession

 

The Seller confirms
that it is currently in possession of the Property and has been in possession of the Property openly, peaceably and without judicial interruption
for a continuous period of at least one year.

 

		7.5	Community Interests

 

The provisions of
Part 5 of the Schedule will apply.

 

		7.6	Advance Notices

 

		7.6.1	The Seller will apply to the Keeper for an Advance Notice for the Disposition, in the form adjusted with
the Purchaser, to be either (i) entered on the application record for the Property or (ii) recorded in the Register of Sasines no earlier
than 5 Business Days prior to the Date of Entry. The cost of the Advance Notice for the Disposition will be met by the Seller.

 

		7.6.2	The Seller consents to the Purchaser applying to the Keeper for Advance Notices for any deeds which the
Purchaser intends to grant in relation to the Property. The cost of any Advance Notices which the Purchaser applies for will be met by
the Purchaser.

 

		7.6.3	If the Seller rescinds the Missives in the circumstances set out in Clause 3.2.2 (Seller's Right to
Rescind) the Purchaser consents to the discharge of the Advance Notice for the Disposition and the Purchaser confirms that it will
immediately discharge at its own cost any Advance Notice submitted by it if requested to do so by the Seller.

 

		7.6.4	If Completion is likely to occur after the Date of Entry, the Seller, if requested to do so by the Purchaser,
will apply for a further Advance Notice for the Disposition, in the form adjusted with the Purchaser, and the cost of any additional Advance
Notices will be met:

 

		(a)	by the Seller, if the delay in settlement is due to any failure or breach by or on behalf of the Seller
to implement its obligations under the Missives on time; or

 

		(b)	by the Purchaser, if the delay in settlement is due to any failure or breach by or on behalf of the Purchaser
to implement its obligations under the Missives on time.

 

		7.6.5	The Seller's Solicitors will not provide any letter of obligation which undertakes to clear the records
of any deed, decree or diligence.

 

		7.7	Land Register Requirements

 

		7.7.1	Subject to Clause 7.7.2 the Seller will deliver to the Purchaser, on demand from time to time and at the
Seller's expense, such documents and evidence as the Keeper may require to enable the Keeper to update or create (as the case may be)
the Title Sheet of the Property to disclose the Purchaser as the registered proprietor of the whole of the Property. Such documents will
include (unless the Property comprises part only of a building):

 

    

     

    

 

		(a)	a plan or bounding description sufficient to enable the Property to be identified on the cadastral map;
and

 

		(b)	evidence (such as a plans report) that (i) the description of the Property in the Title Deeds is habile
to include the whole of the occupied extent and (ii) there is no conflict between the extent of the Property and any registered cadastral
units.

 

		7.7.2	After Completion, the Seller will deliver such documents and evidence as are specified in Clause 8.7.1
only if the Disposition is presented for registration not later than 14 days after Completion.

 

		7.7.3	If the application for registration of the Disposition is rejected by the Keeper, then the Seller will
co-operate with the Purchaser and, at the Purchaser's expense, do such acts and things (including obtaining a further Advance Notice),
execute such deeds and documents and deliver such documents and evidence as may be required to enable the Keeper to update or create (as
the case may be) the Title Sheet of the Property to disclose the Purchaser as the registered proprietor of the whole of the Property.

 

		7.8	Trust Clause

 

If the Seller is
a company and if requested in writing by the Purchaser at least 3 Business Days prior to the Date of Entry, the Disposition will incorporate
a declaration that the Seller will hold the Property as trustee for the Purchaser and its successors, until the Keeper has created or
updated (as the case may be) the Title Sheet of the Property to disclose the Purchaser as the registered proprietor of the whole of the
Property.

 

		8.	Completion

 

At Completion the Purchaser will pay
the Price (and any VAT on the Price) to the Seller in terms of Clause 3.1 and, in exchange, the Seller will deliver to the Purchaser:

 

		8.1	Disposition

 

the Disposition duly executed by the
Seller;

 

		8.2	Title Deeds

 

the Title Deeds;

 

		8.3	Disclosed Documents

 

the remaining Disclosed Documents;

 

		8.4	Legal Reports

 

		8.4.1	a legal report (including a search in the register of inhibitions against the Seller and the Purchaser)
brought down to a date as near as practicable to Completion which report will show:

 

		(a)	no entries adverse to the Seller's interest in the Property;

 

    

     

    

 

		(b)	the Advance Notice for the Disposition; and

 

		(c)	no other Advance Notices other than those submitted by the Purchaser;

 

		8.4.2	a search in the RCIL and the RACBBL brought down as near as practicable to Completion showing nothing
prejudicial to the ability of the Seller validly to transfer title to the Property to the Purchaser

 

the cost of the legal report and searches
being the responsibility of the Seller;

 

		8.5	Charges Searches

 

searches
in the register of charges and company file of the Seller from the date of its incorporation or the date of inception of the register
(whichever is the later) brought down:

 

		8.5.1	as near as practicable to Completion; and

 

		8.5.2	within 3 months following Completion, to a date at least thirty six days after Completion

 

in both cases disclosing no entry
prejudicial to the Purchaser's interest but the Seller's Solicitors will not provide a letter of obligation in respect of the updated
search in the register of charges and company file;

 

		8.6	Discharge/Deed of Restriction

 

a discharge/deed of restriction duly
executed by the heritable creditor in any standard security affecting the Property together with completed and signed application forms
for recording/registration and payment for the correct amount of recording/registration dues;

 

		8.7	Letter of Consent and Non-crystallisation

 

a letter of consent and non-crystallisation
in the holder's usual form (releasing the Property from charge or otherwise in terms that confer a valid title on the Purchaser subject
to compliance with any time limit for registration of the Purchaser's title) in respect of the transaction envisaged by the Missives from
each holder of a floating charge granted by the Seller;

 

		8.8	Other Documents

 

any other deeds and documents to be
delivered to the Purchaser on or before Completion in terms of the Missives.

 

		9.	Post Completion

 

Provided that the Disposition is presented
for registration prior to the earlier of 14 days after Completion and the date of expiry of the last Advance Notice registered in relation
to the Disposition in terms of Clause 7.6, the updated or newly created Title Sheet of the Property will contain no exclusion or limitation
of warranty in terms of Section 75 of the 2012 Act and disclose no entry, deed or diligence (including any charging order under the Buildings
(Recovery of Expenses) (Scotland) Act 2014 or any notice of potential liability for costs registered under the Tenements (Scotland) Act
2004 or the Title Conditions (Scotland) Act 2003) prejudicial to the interest of the Purchaser other than such as are created by or against
the Purchaser or have been disclosed to, and accepted in writing by, the Purchaser prior to Completion.

 

    

     

    

 

		10.	Insurance

 

		10.1	From the Conclusion Date until Completion, the Seller will keep the Property insured for its full reinstatement
value. As soon as reasonably practicable after the Conclusion Date, the Seller will make available to the Purchaser written details of
such insurances, if it has not already provided this information.

 

		10.2	The Seller will within 5 Business Days after Completion cancel such insurances (under reservation of all
prior claims).

 

		11.	Damage or Destruction

 

		11.1	Risk of damage to or destruction of the Property will not pass to the Purchaser until Completion.

 

		11.2	If prior to Completion the Property sustains damage (whether insured or otherwise) which at common law
would entitle a hypothetical tenant under a hypothetical lease of the Property to an abatement of rent of an amount exceeding 20% of the
rent, either party will be entitled to resile from the Missives without penalty on delivery of written notice to that effect to the other's
solicitors no later than midday on the date on which Completion is due to take place, time being of the essence.

 

		11.3	If there is any dispute as to whether the Property has suffered such damage, the matter will be referred
to the decision of an independent surveyor, who will act as an expert, appointed, failing agreement, by the Chair of the RICS in Scotland
on application by either party. The independent surveyor's decision will be binding on the parties. If the independent surveyor dies,
delays or becomes unwilling or incapable of acting then either the Seller or the Purchaser may apply to the Chair to discharge that independent
surveyor and appoint a replacement. The fees and expenses of the independent surveyor and the cost of appointment are payable by the Seller
and the Purchaser in the proportions which the independent surveyor directs and if no direction is made equally.

 

		11.4	Subject to Clause 11.2, if the Property is damaged or destroyed by an insured risk prior to Completion,
the Seller's responsibility to the Purchaser, at Completion, will be:

 

		11.4.1	to pay to the Purchaser the insurance proceeds received by the Seller to the extent that they have not
been spent on reinstatement; and

 

		11.4.2	to assign its rights in respect of the insurance proceeds specified in Clause 11.4.1 to the Purchaser.

 

		12.	Statutory Matters

 

		12.1	Statute

 

The Purchaser is deemed to have satisfied
itself on the application of all statute and statutory regulations and rules in so far as affecting or relating to the Property and, except
as expressly provided for in the Missives, the Seller gives no warranties or assurances on such matters.

 

		12.2	Statutory Repairs Notices

 

Any
local authority statutory repairs notices (other than any notice or requirement of any Environmental Authority made pursuant to the Contaminated
Land Regime (as such terms are defined in Clause 13)) affecting the Property which are issued prior to Completion will as between
the Purchaser and the Seller be the responsibility of the Seller except to the extent that they are instigated by or with the authority
of the Purchaser. Liability under this Clause will subsist until met and will not be avoided by the issue of a fresh notice.

 

    

     

    

 

		12.3	Energy Performance

 

		12.3.1	The Seller confirms that a valid current energy performance certificate (in terms of the Energy Performance
of Buildings (Scotland) Regulations 2008) has been obtained for, and affixed to, the Property.

 

		12.3.2	The Property is not subject to The Assessment of Energy Performance of Non-Domestic Buildings (Scotland)
Regulations 2016.

 

		12.3.3	The Property is not subject to a green deal plan as defined in Section 1 of the Energy Act 2011.

 

		13.	Environmental

 

		13.1	Definitions

 

In Clauses
12.2 and 13:

 

"Contaminated Land Regime"
means the contaminated land regime under Part 2A of the Environmental Protection Act 1990 (as amended from time to time) and any
statutory instrument, circular or guidance issued under it;

 

"Environment" means
any and all organisms (including humans), ecosystems, natural or man-made buildings or structures, and the following media:

 

		(a)	air (including air within buildings or structures, whether above or below ground);

 

		(b)	water (including surface and ground water and water in wells, boreholes, pipes, sewers and drains); and

 

		(c)	land (including surface land and sub-surface strata and any land under seabeds or rivers, wetlands or
flood plains);

 

"Environmental Authority"
means any person or legal entity (whether statutory or non-statutory or governmental or non-governmental) having regulatory authority
under the Contaminated Land Regime; and

 

"Hazardous Substances"
means any natural or artificial substance (whether in solid or liquid form or in the form of a gas or vapour and whether alone or in combination
with any other substance) capable of causing harm to the Environment and/or harm to the health of living organisms or other interference
with the ecological systems of which they form part and/or harm to property and/or in the case of humans, offence caused to any sense.

 

		13.2	Agreement as to Environmental Liabilities

 

The Seller and the Purchaser agree
that from Completion:

 

		13.2.1	as between the Seller and the Purchaser liability for any notice or requirement of any Environmental Authority
made pursuant to the Contaminated Land Regime in respect of the Property or any Hazardous Substances attributable to the Property, will
rest with the Purchaser to the exclusion of the Seller; and

 

		13.2.2	if any Environmental Authority wishes to recover costs incurred by it in carrying out any investigation,
assessment, monitoring, removal, remedial or risk mitigation works under the Contaminated Land Regime in respect of the Property or any
Hazardous Substances attributable to the Property from either or both of the Seller and the Purchaser then, as between the Seller and
the Purchaser, the sole responsibility for the payment of such costs will rest with the Purchaser to the exclusion of the Seller.

 

    

     

    

 

The
agreements outlined under Clauses 13.2.1 and 13.2.2 are made with the intention that any Environmental Authority serving any notice
or seeking to recover any costs should give effect to the agreements pursuant to the Contaminated Land Regime.

 

The
Seller and the Purchaser agree that the appropriate Environmental Authority may be notified in writing of the provisions of Clause 13
if required to give effect to the agreements outlined under Clauses 13.2.1 and 13.2.2.

 

		13.3	Sold with Information

 

		13.3.1	The Purchaser acknowledges to the Seller that:

 

		(a)	it has carried out its own investigations of the Property for the purposes of ascertaining whether, and
if so the extent to which, Hazardous Substances are present in, on, under or over the Property;

 

		(b)	such information gathered through those investigations is sufficient to make the Purchaser aware of the
presence in, on, under or over the Property of any Hazardous Substances referred to in the reports;

 

		(c)	it relies at its own risk on the contents of any report, plan and other written material and information
either disclosed to it or orally communicated to it by or on behalf of the Seller both as to the condition of the Property and as to the
nature and effect of any remedial works which may have been carried out and no warranty is given or representation made by or on behalf
of the Seller in this respect; and

 

		(d)	it has satisfied itself as to the condition of the Property.

 

		13.3.2	Both parties agree that:

 

		(a)	the Purchaser has been given permission and adequate opportunity to carry out its own investigations of
the Property for the purpose of ascertaining whether, and if so the extent to which, Hazardous Substances are present in, on, under or
over the Property;

 

		(b)	the transfer of the Property pursuant to the Missives is an open market arm's length transaction; and

 

		(c)	the Seller will not retain any interest in the Property or any rights to occupy or use the Property following
Completion.

 

		13.3.3	The acknowledgements in this Clause 13.3 are made in order to exclude the Seller from liability under
the Contaminated Land Regime so that the Seller is not an appropriate person, as defined in it.

 

		14.	Moveables

 

The Moveables comprise all the moveable
items owned by the Seller in connection with and located at the Property and will be included in the sale without further payment or other
consideration. They will be handed over to the Purchaser at Completion in their then current condition free from any hire purchase, lease
or credit agreements, licences, reservations, retention of title or other encumbrances whatsoever.

 

    

     

    

 

		15.	No Employees

 

		15.1	As at the Conclusion Date and Completion, the Seller confirms that there are no persons to whom the provisions
of the Transfer of Undertakings (Protection of Employment) Regulations 2006 ("Employment Regulations") will apply in
relation to:

 

		15.1.1	the sale of the Property; and

 

		15.1.2	the creation or cessation of any contractual relationship consequent to such sale

 

with the effect of such person's employment
(or liability for it and its termination) being deemed to transfer to the Purchaser at Completion.

 

		15.2	If it is asserted or found by a court or tribunal that the Employment Regulations apply in relation to
any person ("Employee"), the Purchaser may terminate the employment of the Employee within 10 Business Days, where it
has not already terminated, and if the Purchaser complies with its obligations under this Clause 15.2 (where applicable), the Seller undertakes
to keep the indemnified, on demand, against all costs, claims, liabilities and expenses (including reasonable legal expenses) of any nature
arising out of the employment of the Employee prior to Completion or the termination of it (whether it is terminated by the Purchaser
or any other person and whether before, on or after Completion).

 

		16.	Capital Allowances

 

The provisions of Part 7 of the Schedule
will apply.

 

		17.	Access

 

Access to the Property prior to the
Date of Entry will be given to the Purchaser, its surveyors and other professional advisers for all reasonable purposes (including examining
the Property), provided that the Purchaser will ensure that in doing so they:

 

		17.1	comply with the Seller's reasonable requirements; and

 

		17.2	exercise reasonable restraint and make good all loss, injury and damage caused to the Property.

 

		18.	Confidentiality

 

		18.1	Pre-Completion

 

The Purchaser and the Seller will
not disclose details of the Missives or the acquisition of the Property by the Purchaser to the press or otherwise prior to Completion
except:

 

		18.1.1	with the prior written consent of the other party not to be unreasonably withheld or delayed;

 

		18.1.2	to the Purchaser and the Seller's respective agents and professional advisers in connection with the acquisition/sale
of the Property;

 

		18.1.3	to the Purchaser's bankers or other providers of finance (and their professional advisers) in connection
with the acquisition of the Property;

 

    

     

    

 

		18.1.4	where required by law; and

 

		18.1.5	where required to comply with the requirements of the Stock Exchange or any other regulatory or government
authority.

 

		18.2	Agents

 

The
Purchaser and the Seller will ensure that their respective agents and professional advisers comply with the undertakings in this Clause
189.

 

		19.	General

 

		19.1	Formal Documentation Required

 

Neither the Seller nor the Purchaser
will be bound by any acceptance of this offer or any other letter purporting to form part of the Missives or any amendment or variation
of the Missives unless it is duly executed.

 

		19.2	Complete Agreement

 

The Missives (including the annexations)
will represent and express the full and complete agreement between the Seller and the Purchaser relating to the sale of the Property at
the Conclusion Date and will supersede any previous agreements between the Seller and the Purchaser relating to it. Neither the Seller
nor the Purchaser has been induced to enter into the Missives on account of any prior warranties or representations.

 

		19.3	Exclusion of Third Party Rights

 

The Missives do not create any rights
in favour of third parties under the Contract (Third Party Rights) (Scotland) Act 2017 to enforce or otherwise invoke any provision of
the Missives.

 

		20.	Supersession

 

The
provisions of the Missives (other than Clauses 3.2.2, 7.5, 7.6, 7.7, 10, 13, 15 and 16 which will remain in full force and effect
until implemented) in so far as not implemented by the granting and delivery of the Disposition and others, will remain in full force
and effect until the earlier of:

 

		20.1	the date when such provisions have been implemented; and

 

		20.2	two years after the Date of Entry except in so far as they are founded on in any court proceedings which
have commenced within such two year period.

 

		21.	Exclusion of Personal Liability

 

		21.1	No personal liability will attach to the Purchaser's Solicitors by virtue of their entering into the Missives
in their capacity as agents for the Purchaser.

 

		21.2	No personal liability will attach to the Seller's Solicitors by virtue of their entering into the Missives
in their capacity as agents for the Seller.

 

		21.3	The Seller and the Purchaser will be solely liable to each other for compliance with, and fulfilment of,
their respective obligations under the Missives.

 

    

     

    

 

		22.	Assignation

 

The Purchaser may not (whether at
common law or otherwise):

 

		22.1	assign, transfer, grant any fixed security over, hold on trust or deal in any other manner with the benefit
of the whole or any part of its interest in the Missives;

 

		22.2	sub-contract any or all of its obligations under the Missives; nor

 

		22.3	purport to do any of the foregoing.

 

		23.	Proper Law and Prorogation

 

The Missives and the rights and obligations
of the Seller and the Purchaser will be governed by and construed in accordance with the law of Scotland and the Seller and the Purchaser
will be deemed to have agreed to submit to the exclusive jurisdiction of the Scottish courts.

 

		24.	Time Limit

 

This offer, if not previously withdrawn,
will fall unless a binding written acceptance has been received by us by 5 pm on 3 August 2022.

 

Yours faithfully

 

 

 

 

 

 

	/s/ Kevin McGlone	 	 /s/ Julie Gorrie
	 	 	(Witness)
	 	 	 
	Kevin McGlone	 	Julie Gorrie 
	Partner	 	No. 2 Lochrin Square
	for DWF LLP	 	96 Fountainbridge 

Edinburgh

 

    

     

    

 

This is the Schedule referred to in the foregoing
offer by DWF LLP (on behalf of Braveheart Hotels Limited) to LB & Co (on behalf of MD Local Global Limited) in respect of Fernie Castle
Hotel, Ladybank, Cupar, KY15 7RU

 

Part 1

 

Disclosed Documents

 

		1.	Title Deeds.

 

		2.	Property enquiry certificate(s) dated 19 June 2022.

 

		3.	Premises Licence

 

		4.	Planning and building warrant documents

 

		5.	Energy Performance Certificate;

 

		6.	Asbestos Report;

 

		7.	Fire Risk Assessment;

 

		8.	Insurance.

 

    

     

    

 

Part 2

 

Disposition

 

    

     

    

 

Part 3

 

Title Deeds

 

    

     

    

 

Part 4

 

Moveables

 

    

     

    

 

Part 5

 

Community interests

 

    

     

    

 

Part 6

 

Capital Allowances Election

 

    

     

    

 

Part 7

 

Capital Allowances

 

    

     

    

 

Part 8

 

Deposit Agreementgmgi_ex42.htm

EXHIBIT 4.2
   
 GOLDEN MATRIX GROUP, INC.
  
 2022 EQUITY INCENTIVE PLAN
  
 STOCK OPTION AGREEMENT
  
 Unless otherwise defined herein, the terms in the Stock Option Agreement (the “Option Agreement”) have the same meanings as defined in the Golden Matrix Group, Inc. 2022 Equity Incentive Plan (as amended from time to time)(the “Plan”).
  
 I. NOTICE OF STOCK OPTION GRANT
  
 Optionee: _____________________
  
 Address: _____________________
  
 You have been granted an Option to purchase Common Stock of the Company (the “Option”), subject to the terms and conditions of the Plan and this Option Agreement, as follows:
  
 Grant Date: _____________________
  
 Vesting Commencement Date: _____________________
  
 Exercise Price per Share: $_____________________
  
 Total Number of Shares Granted: _____________________
  
 Total Exercise Price: $_____________________
  
 Type of Option: 
  
 Expiration Date:
  
 Vesting Schedule: The Options vest at the rate of ________________________, subject to the Optionee’s continued service to the Company. Notwithstanding the above, all of the unvested Options shall vest immediately upon Optionee’s death or Disability, termination of employment without cause or a termination of Optionee for good reason (each as defined and described in Optionee’s employment agreement), a Change of Control of the Company.
   
 	 
	
	

	 

  
 To the extent vested, this Option will be exercisable for three (3) months following the Termination of Service of Optionee, unless termination is due to Optionee’s death or Disability, in which case this Option will be exercisable for twelve (12) months following the Termination of Service of Optionee. In the event of termination due to Optionee’s death, the Company shall use commercially reasonable efforts to notify Optionee’s estate of the exercisability of the Option following Optionee’s death. Notwithstanding the foregoing sentence, in no event may this Option be exercised following the Termination of Service of Optionee as determined by the Company’s Board to be for Cause or after the Expiration Date as provided above and this Option may be subject to earlier termination as provided in the Plan.
    
 “Cause” has the meaning ascribed to such term or words of similar import in Optionee’s written employment or service contract with the Company or its parent or any subsidiary and, in the absence of such agreement or definition, means Optionee’s (i) conviction of, or plea of nolo contendere to, a felony or any other crime involving moral turpitude; (ii) fraud on or misappropriation of any funds or property of the Company or its subsidiaries, or any affiliate, customer or vendor; (iii) personal dishonesty, incompetence, willful misconduct, willful violation of any law, rule or regulation (other than minor traffic violations or similar offenses), or breach of fiduciary duty which involves personal profit; (iv) willful misconduct in connection with Optionee’s duties or willful failure to perform Optionee’s responsibilities in the best interests of the Company or its subsidiaries; (v) illegal use or distribution of drugs; (vi) violation of any material rule, regulation, procedure or policy of the Company or its subsidiaries, the violation of which could have a material detriment to the Company; or (vii) material breach of any provision of any employment, non-disclosure, non-competition, non-solicitation or other similar agreement executed by Optionee for the benefit of the Company or its subsidiaries, all as reasonably determined by the Company’s Board of Directors, which determination will be conclusive.
  
 Legends.
  
 (a) All certificates representing the Shares issued upon exercise of this Option shall, prior to such date as the Plan and Common Stock hereunder are covered by a valid Form S-8 or similar U.S. federal registration statement, where applicable, have endorsed thereon the following legend:
  
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY BE OFFERED AND SOLD ONLY IF REGISTERED AND QUALIFIED PURSUANT TO THE RELEVANT PROVISIONS OF U.S. FEDERAL, STATE AND FOREIGN SECURITIES LAWS OR IF THE COMPANY IS PROVIDED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION AND QUALIFICATION UNDER U.S. FEDERAL, STATE AND FOREIGN SECURITIES LAWS IS NOT REQUIRED.
   
 Golden Matrix Group, Inc.
 2022 Stock Option Agreement
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 (b) If the Option is an incentive stock option (ISO), then the following legend will be included:
  
 THE SHARES REPRESENTED BY THIS CERTIFICATE WERE ISSUED UPON EXERCISE OF AN INCENTIVE STOCK OPTION, AND THE COMPANY MUST BE NOTIFIED IF THE SHARES SHALL BE TRANSFERRED BEFORE THE LATER OF THE TWO (2) YEAR ANNIVERSARY OF THE DATE OF GRANT OF THE OPTION OR THE ONE (1) YEAR ANNIVERSARY OF THE DATE ON WHICH THE OPTION WAS EXERCISED. THE REGISTERED HOLDER MAY RECOGNIZE ORDINARY INCOME IF THE SHARES ARE TRANSFERRED BEFORE SUCH DATE.
  
 II. AGREEMENT
  
 1. Grant of Option. The Administrator grants to the Optionee named in the Notice of Stock Option Grant in Part I of this Option Agreement, an Option to purchase the number of Shares set forth in the Notice of Stock Option Grant, at the exercise price per Share set forth in the Notice of Stock Option Grant (the “Exercise Price”), and subject to the terms and conditions of the Plan, which is incorporated herein by reference. In the event of a conflict between the terms and conditions of the Plan and this Option Agreement, the terms and conditions of the Plan prevail.
  
 If designated in the Notice of Stock Option Grant as an Incentive Stock Option, this Option is intended to qualify as an Incentive Stock Option as defined in Code section 422. Nevertheless, to the extent that it exceeds the $100,000 rule of Code section 422(d), this Option will be treated as a Nonstatutory/Non-Qualified Stock Option.
  
 2. Exercise of Option.
  
 (a) Right to Exercise. This Option is exercisable during its term in accordance with the Vesting Schedule set out in the Notice of Stock Option Grant and with the applicable provisions of the Plan and this Option Agreement.
  
 (b) Method of Exercise. This Option is exercisable by (i) delivery of an exercise notice in the form attached as Exhibit A (the “Exercise Notice”) or in a manner and pursuant to procedures as the Administrator may determine, which will state the election to exercise the Option, the number of Shares with respect to which the Option is being exercised, and other representations and agreements as may be required by the Company and (ii) paying the Company in full the aggregate Exercise Price as to all Shares being acquired, together with any applicable tax withholding.
  
 This Option will be deemed to be exercised upon receipt by the Company of a fully executed Exercise Notice accompanied by the aggregate Exercise Price, together with any applicable tax withholding.
   
 Golden Matrix Group, Inc.
 2022 Stock Option Agreement
 Page 3 of 12
  
 	 
	
	

	 

  
 No Shares will be issued pursuant to the exercise of an Option unless the issuance and exercise of Shares complies with applicable state and federal laws (“Applicable Laws”). Assuming compliance, for income tax purposes the Shares will be considered transferred to the Optionee on the date on which the Option is exercised with respect to the Shares.
  
 3. Method of Payment. The aggregate Exercise Price may be paid by any of the following, or a combination thereof, at the election of the Optionee:
  
 (a) cash;
  
 (b) check;
  
 (c) to the extent not prohibited by Section 402 of the Sarbanes-Oxley Act of 2002, a promissory note;
  
 (d) other shares of Common Stock, provided Shares have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which said Option will be exercised;
  
 (e) by asking the Company to withhold Shares from the total Shares to be delivered upon exercise equal to the number of Shares having a value equal to the aggregate Exercise Price of the Shares being acquired;
  
 (f) any combination of the foregoing methods of payment; or
  
 (g) such other consideration and method of payment for the issuance of Shares to the extent permitted by Applicable Laws.
  
 4. Restrictions on Exercise. This Option may not be exercised if the issuance of such Shares upon such exercise or the method of payment of consideration for such shares would constitute a violation of any Applicable Laws. The Company will be relieved of any liability with respect to any delayed issuance of shares or its failure to issue shares if such delay or failure is necessary to comply with Applicable Laws.
  
 5. Non-Transferability of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Optionee only by Optionee. The terms of the Plan and this Option Agreement are binding upon the executors, administrators, heirs, successors and assigns of the Optionee.
  
 6. Term of Option. This Option may be exercised only within the term set out in the Notice of Stock Option Grant, and may be exercised during the term only in accordance with the Plan and the terms of this Option.
   
 Golden Matrix Group, Inc.
 2022 Stock Option Agreement
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 7. Tax Obligations.
  
 (a) Withholding Taxes. Optionee agrees to arrange for the satisfaction of all Federal, state, local and foreign income and employment tax withholding requirements applicable to the Option exercise. Optionee acknowledges and agrees that the Company may refuse to honor the exercise and refuse to deliver the Shares if withholding amounts are not delivered at the time of exercise.
  
 (b) Notice of Disqualifying Disposition of ISO Shares. If the Option granted to Optionee is an Incentive Stock Option (“ISO”), and if Optionee sells or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date two (2) years after the Grant Date, or (ii) the date one (1) year after the date of exercise, the Optionee must immediately notify the Company of the disposition in writing. Optionee agrees that Optionee may be subject to income tax withholding by the Company on the compensation income recognized by the Optionee.
  
 (c) Code Section 409A. Under Code section 409A, an Option that was granted with a per Share exercise price that is determined by the Internal Revenue Service (the “IRS”) to be less than the Fair Market Value of a Share on the Grant Date (a “discount option”) may be considered deferred compensation. An Option that is a discount option may result in (i) income recognition by the Optionee prior to the exercise of the Option, (ii) an additional twenty percent (20%) tax, and (iii) potential penalty and interest charges. Optionee acknowledges that the Company cannot and has not guaranteed that the IRS will agree that the per Share Exercise Price of this Option equals or exceeds Fair Market Value of a Share on the Grant Date in a later examination. Optionee agrees that if the IRS determines that the Option was granted with a per Share exercise price that was less than the Fair Market Value of a Share on the Grant Date, Optionee will be solely responsible for any and all resulting tax consequences.
  
 8. No Guarantee of Continued Service. OPTIONEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS AN EMPLOYEE AND/OR DIRECTOR (AS APPLICABLE) AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING OPTIONEE) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER. OPTIONEE FURTHER ACKNOWLEDGES AND AGREES THAT THIS OPTION AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS AN EMPLOYEE AND/OR DIRECTOR (AS APPLICABLE) FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH OPTIONEE’S RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING OPTIONEE) TO TERMINATE OPTIONEE’S RELATIONSHIP AS AN EMPLOYEE OR DIRECTOR AT ANY TIME, WITH OR WITHOUT CAUSE.
   
 Golden Matrix Group, Inc.
 2022 Stock Option Agreement
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 9. Notices. All notices or other communications which are required or permitted hereunder will be in writing and sufficient if (i) personally delivered or sent by telecopy, (ii) sent by nationally-recognized overnight courier or (iii) sent by registered or certified mail, postage prepaid, return receipt requested, addressed as follows:
  
 (a) if to the Optionee, to the address (or telecopy number) set forth on the Notice of Stock Option Grant; and
  
 (b) if to the Company, to its principal executive office as specified in any report filed by the Company with the Securities and Exchange Commission or to such address as the Company may have specified to the Optionee in writing, Attention: Corporate Secretary;
  
 or to any other address as the party to whom notice is to be given may have furnished to the other party in writing in accordance herewith. Any communication will be deemed to have been given (i) when delivered, if personally delivered, or when telecopied, if telecopied, (ii) on the first Business Day (as hereinafter defined) after dispatch, if sent by nationally-recognized overnight courier and (iii) on the fourth Business Day following the date on which the piece of mail containing the communication is posted, if sent by mail. As used herein, “Business Day” means a day that is not a Saturday, Sunday or a day on which banking institutions in the city to which the notice or communication is to be sent are not required to be open.
  
 10. Specific Performance. Optionee expressly agrees that the Company will be irreparably damaged if the provisions of this Option Agreement and the Plan are not specifically enforced. Upon a breach or threatened breach of the terms, covenants and/or conditions of this Option Agreement or the Plan by the Optionee, the Company will, in addition to all other remedies, be entitled to a temporary or permanent injunction, without showing any actual damage, and/or decree for specific performance, in accordance with the provisions hereof and thereof. The Administrator has the power to determine what constitutes a breach or threatened breach of this Option Agreement or the Plan. The Administrator’s determinations will be final and conclusive and binding upon the Optionee.
  
 11. No Waiver. No waiver of any breach or condition of this Option Agreement will be deemed to be a waiver of any other or subsequent breach or condition, whether of like or different nature.
  
 12. Optionee Undertaking. The Optionee agrees to take whatever additional actions and execute whatever additional documents the Company may in its reasonable judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on the Optionee pursuant to the express provisions of this Option Agreement.
   
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 2022 Stock Option Agreement
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 13. Modification of Rights. The rights of the Optionee are subject to modification and termination in certain events as provided in this Option Agreement and the Plan.
  
 14. Governing Law. This Agreement is governed by, and construed in accordance with, the laws of the State of Nevada, without giving effect to its conflict or choice of law principles that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction.
  
 15. Counterparts; Facsimile Execution. This Option Agreement may be executed in one or more counterparts, each of which will be deemed to be an original, but all of which together constitute one and the same instrument. Facsimile execution and delivery of this Option Agreement is legal, valid and binding execution and delivery for all purposes.
  
 16. Entire Agreement. The Plan, this Option Agreement, and upon execution, the Exercise Notice, constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Optionee with respect to the subject matter hereof, and may not be modified adversely to the Optionee’s interest except by means of a writing signed by the Company and Optionee.
  
 17. Severability. In the event one or more of the provisions of this Option Agreement should, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability will not affect any other provisions of this Option Agreement, and this Option Agreement will be construed as if such invalid, illegal or unenforceable provision had never been contained herein.
  
 18. WAIVER OF JURY TRIAL. THE OPTIONEE EXPRESSLY, IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS OPTION AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN.
  
 [Remainder of page left intentionally blank.]
   
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 Optionee acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof, and accepts this Option subject to all of the terms and provisions thereof. Optionee has reviewed the Plan and this Option in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Option and fully understands all provisions of the Option. Optionee agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or this Option. Optionee further agrees to notify the Company upon any change in the residence address indicated below.
  
 	 OPTIONEE 
		 GOLDEN MATRIX GROUP, INC.
	
						
	 Signature
	 ________________
		 By:
	 ________________
	
						
	 Print Name:
	 ________________
		 Print Name:
	 ________________
	
						
	  
 Address:
  
	 ________________
 ________________
		 Address:
  
	 ___________
 _______________
 ________________ 
	
						
	 Date Signed: 
	 ________________
		 Date Signed:
	 ________________
	

  
 Golden Matrix Group, Inc.
 2022 Stock Option Agreement
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 EXHIBIT A
  
 2022 EQUITY INCENTIVE PLAN
  
 EXERCISE NOTICE
  
 Golden Matrix Group, Inc.
 3651 Lindell Road, Suite D131
 Las Vegas, NV 89103Nevada
  
 Attention: Golden Matrix Group, Inc., Corporate Secretary
  
 1. Exercise of Option. Effective as of today, _____________, _____, the undersigned (“Optionee”) elects to exercise Optionee’s option to purchase ___________ shares of the Common Stock (the “Shares”) of Golden Matrix Group, Inc. (the “Company”) under and pursuant to the Golden Matrix Group, Inc. 2022 Equity Incentive Plan (as amended from time to time, the “Plan”) and the Stock Option Agreement dated and effective _________ (the “Option Agreement”).
  
 2. Delivery of Payment. Optionee herewith delivers to the Company the full purchase price of the Shares, as set forth in the Option Agreement, and any and all withholding taxes due in connection with the exercise of the Option.
  
 3. Representations of Optionee. Optionee acknowledges that Optionee has received, read and understood the Plan and the Option Agreement and agrees to abide by and be bound by their terms and conditions.
  
 4. Rights as Stockholder. Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder exists with respect to the Optioned Stock, notwithstanding the exercise of the Option. Subject to the requirements of Section 6 below, the Shares will be issued to the Optionee as soon as practicable after the Option is exercised in accordance with the Option Agreement. No adjustment will be made for a dividend or other right for which the record date is prior to the date of issuance except as provided in the Plan.
  
 5. Tax Consultation. Optionee understands that Optionee may suffer adverse tax consequences as a result of Optionee’s purchase or disposition of the Shares. Optionee represents that Optionee has consulted with any tax consultants Optionee deems advisable in connection with the purchase or disposition of the Shares and that Optionee is not relying on the Company for any tax advice.
  
 6. Refusal to Transfer. The Company will not (i) transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Exercise Notice, or (ii) be required to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares have been so transferred.
   
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 7. Successors and Assigns. The Company may assign any of its rights under this Exercise Notice to single or multiple assignees, and this Exercise Notice inures to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Exercise Notice is binding upon Optionee and his or her heirs, executors, administrators, successors and assigns.
  
 8. Interpretation. Any dispute regarding the interpretation of this Exercise Notice will be submitted by Optionee or by the Company forthwith to the Administrator for review at its next regular meeting. The resolution of disputes by the Administrator will be final and binding on all parties.
  
 9. Governing Law; Severability. This Exercise Notice is governed by, and construed in accordance with, the laws of the State of Nevada, without giving effect to its conflict or choice of law principles that might otherwise refer construction or interpretation of this Exercise to the substantive law of another jurisdiction. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Exercise Notice will continue in full force and effect.
  
 10. Optionee Representations.
  
 (a) With respect to a transaction occurring prior to such date as the Plan and Common Stock thereunder are covered by a valid Form S-8 or similar U.S. federal registration statement, Optionee agrees that in no event shall Optionee make a disposition of any of the Common Stock, unless and until: (i) Optionee shall have notified the Company of the proposed disposition and shall have furnished the Company with a statement of the circumstances surrounding the proposed disposition; and (ii) Optionee shall have furnished the Company with an opinion of counsel satisfactory to the Company to the effect that (A) such disposition will not require registration or qualification of such Common Stock under applicable U.S. federal, state or foreign securities laws or (B) appropriate action necessary for compliance with the U.S. federal, state or foreign securities laws has been taken; or (iii) the Company shall have waived, expressly and in writing, its rights under clauses (i) and (ii) of this Subsection.
  
 (b) Optionee understands that if a registration statement covering the Common Stock under the Securities Act is not in effect when Optionee desires to sell the Common Stock, Optionee may be required to hold the Common Stock for an indeterminate period. Optionee also acknowledges that Optionee understands that any sale of the Common Stock which might be made by Optionee in reliance upon Rule 144 under the Securities Act may be made only in limited amounts in accordance with the terms and conditions of that Rule.
  
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 2022 Stock Option Agreement
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 11. Other Documents. Optionee hereby acknowledges receipt or the right to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act of 1933, as amended, including, but not limited to, the information required by Part I of Form S-8, if applicable.
  
 12. Notices. Any notice required or permitted hereunder will be provided in writing and deemed effective if provided in the manner specified in the Option Agreement.
  
 13. Further Instruments. The parties agree to execute any further instruments and to take any further action as may be reasonably necessary to carry out the purposes and intent of the Option Agreement and this Exercise Notice.
  
 14. Entire Agreement. The Plan and Option Agreement are incorporated herein by reference. This Exercise Notice, the Plan, and the Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Optionee with respect to the subject matter hereof, and may not be modified adversely to the Optionee’s interest except by means of a writing signed by the Company and Optionee.
  
 [Signature page follows.]
   
 Golden Matrix Group, Inc.
 2022 Stock Option Agreement
 Page 11 of 12
  
 	 
	
	

	 

  
 	 Submitted by:
  
	  
	 Accepted by:
   

	 OPTIONEE 
	  
	 GOLDEN MATRIX GROUP, INC.

	  
	  
	  

	 Signature________________
	  
	 By: ________________

	  
	  
	  

	 Print Name: _______________
	  
	 Print Name: ________________

	  
	  
	  

	 Address: ________________
	  
	  

	  
	  
	  

	  
	  
	 Date Received: ________________
  

  
 Golden Matrix Group, Inc.
 2022 Stock Option Agreement
 Page 12 of 12

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