Document:

Exhibit 10.5

 Exhibit 10.5 

TRANSFER AGENCY AND REGISTRAR SERVICES AGREEMENT 

THIS TRANSFER AGENCY AND REGISTRAR SERVICES AGREEMENT (this “Agreement”), dated as of [·], 201[·]
(the “Effective Date”), is entered into by and between [·], a [·] [corporation][limited liability company] (the “Company”), and AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC,
a New York limited liability trust company (“AST”; together with the Company, the “Parties”; each, the “Party”). 

1.    Appointment of AST as Transfer Agent and Registrar.  

(a)  The Company hereby appoints AST, and AST hereby accepts such appointment, to act as sole transfer agent and registrar (the
“Transfer Agent”) for the common stock of the Company and for any other securities of the Company as requested in writing by the Company from time to time (the “Shares”). AST shall perform only those duties and
obligations that are specifically set forth in this Agreement, and no implied duties and obligations shall be read into this Agreement against AST. 

(b)  On or immediately after the Effective Date, the Company shall deliver to AST the following: (i) forms of outstanding stock
certificates of the Company (the “Stock Certificates”) approved and authorized by the [board of directors][board of managers] of the Company (the “Board”) and certified by the corporate secretary or similar
authorized officers of the Company; (ii) incumbency certificates of the officers of the Company who are authorized to (x) execute Stock Certificates and/or (y) deliver written instructions and requests on behalf of the Company to AST;
(iii) copies of the organizational documents of the Company, certified by the corporate secretary or similar authorized officers of the Company; (iv) a sufficient supply of blank Stock Certificates executed by (or bearing the facsimile
signature of) the officers of the Company who are authorized to execute Stock Certificates and, if required, bearing the Company’s corporate seal; (v) a schedule that lists the class of the Shares, the par value of the Shares, and the
number of authorized Shares; and (vi) all documentation or information reasonably requested by AST that is required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations,
including without limitation the United and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as amended. The Company authorizes AST to use Stock Certificates bearing the signature of an
authorized officer of the Company who at the time of use is no longer an officer. 
 (c)  The Company shall promptly advise AST in
writing of any change in the capital structure of the Company, and the Company shall promptly provide AST with resolutions of the Board authorizing any recapitalization of the Shares or change in the number of issued or authorized Shares. Further,
the Company shall advise AST reasonably promptly of any amendment or supplement to any information or materials provided by the Company to AST and shall provide such amendment or supplement to AST as soon as practicable. 

(d)  The Company hereby authorizes AST to establish a program (the “DRS Sale Program”) through which a holder of
one or more Shares (each, a “Shareholder”) may elect to sell any Shares held in book-entry form through the Direct Registration System. The Company shall not be charged by AST for establishing or administering the DRS Sale Program,
and AST shall be entitled to charge a transaction fee as set forth on Schedule 2 to any Shareholder that elects to sell Shares through the DRS Sale Program. The Company hereby appoints AST, and AST hereby accepts such appointment, to act as
the administrator of the DRS Sale Program. 
 2.  Term. The initial term of this Agreement shall be five (5) years
from the date hereof, and this Agreement shall automatically renew for additional five-year successive terms (each, a “Term”) without further action of the Parties, unless written notice is provided by either Party at least ninety
(90) days prior to the end of the initial or any subsequent five-year period. The Term shall be governed by this Section, notwithstanding the cessation of active trading of the Shares. 

 3.    Fees; Expenses.  

(a)  As consideration for the services listed on Schedule 1 (the “Services”), the Company shall pay to AST
the fees set forth on Schedule 2 (the “Fees”). If the Company requests that AST provide additional services not contemplated hereby, the Company shall pay to AST fees for such services at AST’s reasonable and customary
rates, such fees to be governed by the terms of a separate agreement to be mutually agreed to and entered into by the Parties at such time (the “Additional Service Fee”; together with the Fees, the “Service Fees”).

 (b)  The Company shall reimburse AST for all reasonable and documented expenses incurred by AST (including, without limitation,
reasonable and documented fees and disbursements of counsel) in connection with the Services (the “Expenses”); provided, however, that AST reserves the right to request advance payment for any out-of-pocket expenses. The Company agrees to pay all Service Fees and Expenses within thirty (30) days following receipt of an invoice from AST. 

(c)  The Company agrees and acknowledges that AST may adjust the Service Fees annually, on or about each anniversary date of this
Agreement, by the annual percentage of change in the latest Consumer Price Index of All Urban Consumers United States City Average, as published by the U.S. Department of Labor, Bureau of Labor Statistics, plus three percent (3%). 

(d)  Upon termination of this Agreement for any reason, AST shall assist the Company with the transfer of records of the Company
held by AST. AST shall be entitled to reasonable additional compensation and reimbursement of any Expenses for the preparation and delivery of such records to the successor agent or to the Company, and for maintaining records and/or Stock
Certificates that are received after the termination of this Agreement (the “Record Transfer Services”). 

4.    Representations and Warranties. 

(a)  The Company represents and warrants to AST that (i) it is duly organized and validly existing and in good standing under
the laws of the state of its organization; (ii) it has all requisite power and authority to enter into this Agreement and to perform the transactions contemplated hereby; (iii) the execution, delivery and performance of this Agreement and
the transactions contemplated hereby have been duly authorized by all necessary action on the part of the Company; and (iv) this Agreement has been duly executed and delivered and is the legally valid and binding obligation of the Company,
enforceable against the Company in accordance with the Agreement’s terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable
principles (whether enforcement is sought by proceeding in equity or at law). 
 (b)  All Shares issued and outstanding as of the
date hereof, or to be issued during the Term, are or shall be duly authorized, validly issued, fully paid and non-assessable. All such Shares are or shall be duly registered under the Securities Act of 1933,
as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 

(c)  Any Shares that are not registered under the Securities Act and the Exchange Act are or shall be issued or transferred in a
transaction that is, or a series of transactions that are, exempt from the registration provisions under the Securities Act and the Exchange Act, and such Shares bear or shall bear the applicable restrictive legends. Upon any issuance or transfer of
such Shares, the Company shall deliver to AST a legal opinion in form and substance reasonably satisfactory to AST. 

  
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 5.    Reliance.  

(a)  AST shall be entitled to assume the validity of the issuance, presentation or transfer of a Stock Certificate, the genuineness
of any endorsement(s), the authority of its presenter(s), or the collection or payment of charges or taxes incident to the issuance or transfer of such Stock Certificate; provided, however, that AST may delay or decline to issue or
transfer a Stock Certificate if it determines in good faith and in its sole discretion that it is in the Company’s and/or AST’s best interests to receive evidence or written assurance of the validity of the issuance, presentation or
transfer of the Stock Certificate, the authority of its presenter(s) or the collection or payment of any charges or taxes relating to the issuance or transfer. 

(b)  [In its capacity as successor transfer agent, AST shall not be responsible or liable for any discrepancy between its
records and the Company’s records, unless, prior to or contemporaneously with the transfer of records from the Company’s prior transfer agent, an authorized officer of the Company has notified AST in writing that no discrepancy existed
between the Company’s records and the records in the possession of the prior transfer agent.] For the avoidance of doubt, AST shall not be responsible for any transfer or issuance of Shares that has not been effected by AST. 

(c)  AST may rely on, and shall be protected and incur no liability in acting or refraining from acting in reliance upon:
(i) any writing or other instruction, including, but not limited to, oral instruction, certificate, instrument, opinion, notice, letter, stock power, affidavit or other document or security, received from any Person (as defined below) it
believes in good faith to be an authorized officer, agent or employee of the Company, unless the Company has advised AST in writing that AST must act and rely only on written instructions of certain authorized officers of the Company; (ii) any
statement of fact contained in any such writing or instruction which AST in good faith believes to be accurate; (iii) other authenticity and genuineness of any signature (manual, facsimile or electronic) appearing on any writing, including, but
not limited to, any certificate, instrument, opinion, notice, letter, stock power, affidavit or other document or security; and (iv) the conformity to original of any copy. AST may act and rely on the advice, opinions or instructions received
from the Company’s legal counsel. In the event that the Company or its legal counsel is unavailable or does not respond to AST’s requests for legal advice, AST may seek the advice of AST’s own legal counsel (including its internal
legal counsel), and AST shall be entitled to act and rely on the advice, opinion or instruction of such counsel, which shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by AST pursuant to
such advice, opinion or instruction. Without limiting the foregoing, AST shall be entitled to use and rely upon any instructions of the Company without responsibility for independent verification thereof and shall not assume responsibility for the
accuracy or completeness of such instructions. 
 (d)  AST may rely on, and shall be protected and incur no liability in acting or
refraining from acting in reliance upon: (i) any writing or other instruction believed by AST in good faith to have been furnished by or on behalf of a Shareholder, including, but not limited to, any oral instruction, certificate, instrument,
opinion, notice, letter, stock power, affidavit or other document or security; (ii) any statement of fact contained in any such writing or instruction which AST in good faith believes to be accurate; (iii) the apparent authority of any
Person to act on behalf of a Shareholder as having actual authority to the extent of such apparent authority; (iv) the authenticity and genuineness of any signature (manual, facsimile or electronic) appearing on any writing, including, but not
limited to, any certificate, instrument, opinion, notice, letter, stock power, affidavit or other document or security; and (v) on the conformity to original of any copy. AST is authorized to reject any transfer request that fails to satisfy
AST’s internal procedures relating to the transfer of Shares. Without limiting the foregoing, AST shall be entitled to use and rely upon any instructions of a Shareholder or its representatives without responsibility for independent
verification thereof and shall not assume responsibility for the accuracy or completeness of such instructions. 

  
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 (e)  AST may rely on, and shall be protected and incur no liability in acting or
refraining from acting in reliance upon: (i) any information, records, documents and communication provided to AST by any former transfer agent or former registrar of the Company; (ii) any guaranty of signature by an “eligible
guarantor institution” that is a member or participant in the Securities Transfer Agents Medallion Program or other comparable signature guarantee program or insurance program; or (iii) any instructions received through the Depository
Trust Company’s Direct Registration System/Profile service. 
 (f)  AST shall promptly notify the Company upon receipt of a
Stock Certificate that is not reflected in AST’s records. If the Company and AST are unable to account for such Stock Certificate, within sixty (60) days of such determination, the Company shall in its sole discretion (a) increase the
number of issued Shares or (b) acquire and cancel a number of Shares to account for such Stock Certificate. 

6.    Lost, Stolen or Destroyed Certificates. AST shall not be obligated to issue a replacement certificate for any
Stock Certificate reported to have been lost, stolen or destroyed, unless AST shall have received from the applicable Shareholder: (a) an affidavit of loss; (b) an indemnity bond in form and substance reasonably satisfactory to AST; and
(c) payment of all applicable processing fees; provided that, upon the Company’s written request, AST may, in its sole discretion, accept an indemnification letter from the Company in lieu of an indemnity bond. 

7.    Unclaimed Property. 

(a)  To the extent required by applicable unclaimed property laws or if requested by the Company, AST will provide, or cause to be
provided, unclaimed property reporting services for unclaimed property that may be deemed abandoned or otherwise subject to unclaimed property law. Such services may include (without limitation) (i) identification of unclaimed or abandoned
property, (ii) preparation of unclaimed or abandoned property reports, (iii) delivery of unclaimed or abandoned property to the applicable state unclaimed property departments, (iv) completion of required due diligence notifications,
(v) responses to inquiries from Shareholders relating to unclaimed or abandoned property, and (vi) such other services as may reasonably be necessary to comply with unclaimed property laws or regulations. The Company shall assist and
cooperate with AST as reasonably necessary in connection with the performance of the services described in this Section. AST shall assist the Company in responding to (x) inquiries from state unclaimed property departments regarding
reports filed by or on behalf of the Company or (y) requests for the confirmation of names of owners of unclaimed or abandoned property. 

(b)  The Company acknowledges and agrees that AST may use a shareholder locating service provider (the “Locating Service
Provider”) to locate and contact Shareholders (or their surviving relatives, joint tenants or heirs, as applicable) to assist them in preventing the escheatment of applicable Shares and related unclaimed or abandoned property. The Company
shall not be charged by AST or the Locating Service Provider for such services. The Locating Service Provider shall inform the Shareholders that they may elect (x) to contact AST at no charge other than at AST’s applicable fees or
(y) to utilize the services of the Locating Service Provider for a fee, which shall not exceed the maximum fee allowed under the applicable state’s unclaimed property rules. 

8.    Confidentiality. 

(a)  “Confidential Information” means, as to the Disclosing Party (as defined below) and, if applicable, its
Affiliates: (i) information concerning the business of the Disclosing Party and, if applicable, its Affiliates (including, without limitation, business, financial, technical, and other information marked or designated by such Party as
“confidential” or “proprietary”, historical financial statements, financial projections and budgets, audits, tax returns and accountants’ materials, historical, current and projected

  
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sales, capital spending budgets and plans, business plans, strategic plans, marketing and advertising plans, publications, and customer agreements); (ii) information that, by the nature of the
circumstances surrounding the disclosure, ought in good faith to be treated as confidential; (iii) information, including account information, relating to the shareholders of the Disclosing Party; and (iv) all notes, analyses,
compilations, studies, summaries and other material prepared by the Receiving Party (as defined below), its Affiliates, employees, agents, and representatives containing or based, in whole or in part, on any or all of the foregoing; provided
that Confidential Information shall not include any information that (x) is or becomes (through no improper action or inaction of the Receiving Party) generally available to the public; (y) was rightfully disclosed to the Receiving Party
by a third party without a breach of any confidentiality obligations hereunder; or (z) was independently developed by the Receiving Party without reference to or use of any Confidential Information. 

(b)  “Affiliates” means, as to a specified Person, another Person that directly, or indirectly, controls or is
controlled or is under common control with the specified Person; “Person” means any corporation, limited liability company, partnership or other legal entity; and “control” means the possession, directly or
indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “controlled”
shall have corresponding meanings. 
 (c)  Each Party (the “Receiving Party”) acknowledges that it may acquire or
have access to Confidential Information of the other Party (the “Disclosing Party”) in connection with the Services or this Agreement. The Receiving Party shall not disclose Confidential Information to any other Person, and shall
not use Confidential Information for any purposes other than in connection with the performance of its obligations under this Agreement; provided that the Receiving Party shall be permitted to disclose Confidential Information
(i) pursuant to the order of any court or administrative agency or in any pending legal, judicial or administrative proceeding, or otherwise as required by applicable law or compulsory legal process based on the advice of counsel (in which case
the Receiving Party agrees, to the extent practicable and not prohibited by applicable law, to inform the Disclosing Party promptly thereof prior to disclosure; provided, however, that this clause shall not require AST to notify
the Company of its receipt of any subpoena, summons, or other legal process relating to wage garnishment, tax levy or domestic matter proceedings filed against or by a Shareholder); or (ii) upon the request or demand of any regulatory authority
having jurisdiction over the Receiving Party (in which case the Receiving Party agrees, to the extent practicable and not prohibited by applicable law, to inform the Disclosing Party promptly thereof prior to disclosure). The Receiving Party shall
safeguard the Confidential Information to the same extent that it safeguards its own confidential information of a like nature and in any event with not less than a reasonable degree of care. 

(d)  Upon the termination of this Agreement or upon the Disclosing Party’s written request, the Receiving Party shall, at the
Disclosing Party’s option, either destroy or return to the Disclosing Party any and all of the Confidential Information, written or other materials derived from the Confidential Information, and copies thereof, and shall delete and purge
permanently all copies and traces of the same from any storage location and/or media to the extent reasonably or technically possible. The Receiving Party shall, within fifteen (15) days from the termination of this Agreement or such request,
provide the Disclosing Party with a certificate signed by an authorized officer of the Receiving Party confirming that the Receiving Party has fulfilled its obligations under this clause. Notwithstanding the foregoing, upon notice to the
Disclosing Party, the Receiving Party may keep a copy of the Confidential Information after termination of this Agreement to the extent necessary for audit and/or regulatory purposes or to the extent required under applicable law. 

  
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 9.    Termination. 

(a)  Either Party may terminate this Agreement if the other Party breaches any material provision herein and either the breach cannot
be cured or, if the breach can be cured, it is not cured by the breaching Party within 45 days after the breaching Party’s receipt of written notice of such breach (the “Cure Period”). If the Company is the breaching Party,
then, during the Cure Period, upon written notice to the Company, AST may suspend the Services without terminating the Agreement. During the period of suspension of Services, AST shall have no obligation to act as Transfer Agent, it being understood
that such suspension shall not affect AST’s rights and remedies hereunder. 
 (b)  Either Party may terminate this Agreement,
effective upon written notice to the other Party, if the other Party (i) becomes insolvent or admits its inability to pay its debts generally as they become due; (ii) becomes subject, voluntarily or involuntarily, to any proceeding under
any domestic or foreign bankruptcy or insolvency law, which is not fully stayed within seven (7) business days or is not dismissed or vacated within forty-five (45) business days after filing; (iii) is dissolved or liquidated or takes
any corporate action for such purpose; (iv) makes a general assignment for the benefit of creditors; or (v) has a receiver, trustee, custodian or similar agent appointed by order of any court of competent jurisdiction to take charge of or
sell any material portion of its property or business. 
 (c)  The expiration or termination of this Agreement, for any reason,
shall not release either Party from any obligation or liability to the other Party, including any payment and delivery obligation, that (i) has already accrued hereunder; (ii) comes into effect due to the expiration or termination of the
Agreement; or (iii) otherwise survives the expiration or termination of this Agreement. Following the termination of this Agreement, AST shall promptly invoice the Company for any outstanding Service Fees and Expenses due and owing under this
Agreement, and the Company shall pay all such Service Fees and Expenses to AST in accordance with the payment terms set forth in this Agreement. 

(d)  If the Company terminates this Agreement pursuant to Sections 2 or 9(a), then the Company shall pay to AST
(i) all amounts outstanding under this Agreement as of the date of such termination and (ii) AST’s then-customary fees for Record Transfer Services. If the Company terminates this Agreement for any reason other than pursuant to
Sections 2 or 9(a), then the Company shall pay to AST (x) all outstanding Service Fees and Expenses as of the date of such termination, (y) the Service Fees that would otherwise have accrued during the remainder of the
then-current Term, and (z) AST’s then-customary fees for Record Transfer Services. 
 10.    Limitations on
Liability.  
 (a)  To the fullest extent permitted by applicable law, no Party shall be liable to any other Party on
any theory of liability for any special, indirect, consequential or punitive damages (including, without limitation, any loss of profits, business or anticipated savings). 

(b)  AST’s liability arising out of or in connection with the Services shall not exceed the aggregate amount of all Service
Fees paid under this Agreement during the twelve-month period immediately prior to the date of occurrence of the circumstances giving rise to such liability. 

11.    Indemnity. 

(a)  The Company hereby agrees to indemnify and hold harmless AST and its Affiliates and its and their officers, directors,
employees, advisors, agents, other representatives and controlling persons (each, an “Indemnified Person”) from and against any and all losses, claims, damages, liabilities and expenses, joint or several, to which any such
Indemnified Person may become subject arising out of or in connection with this Agreement and the Services or any claim, litigation, investigation or proceeding relating to any of the foregoing (each, a “Proceeding”), regardless of
whether any such Indemnified Person 

  
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is a party thereto or whether a Proceeding is brought by a third party or by the Company or any of its Affiliates, and to reimburse each such Indemnified Person upon demand for any reasonable,
documented legal or other out-of-pocket expenses incurred in connection with investigating or defending any of the foregoing by one counsel to the Indemnified Persons
taken as a whole and, in the case of a conflict of interest, one additional counsel to the affected Indemnified Persons taken as a whole; provided that the foregoing indemnity shall not, as to any Indemnified Person, apply to losses,
claims, damages, liabilities or related expenses to the extent they have resulted from the willful misconduct, bad faith or gross negligence of such Indemnified Person (as determined by a court of competent jurisdiction in a final and non-appealable decision). 
 (b)  AST agrees to notify the Company promptly of the assertion of
any Proceeding against any Indemnified Person; and the Company agrees to notify AST promptly of the assertion of any Proceeding against the Company, or any of its officers, directors, employees, advisors, agents, other representatives and
controlling persons in connection with the Services, in which event AST agrees to assume sole responsibility of promptly notifying any of the relevant Indemnified Persons of any such assertion. At the Company’s election, unless there is a
conflict of interest, the defense of the Indemnified Persons shall be conducted by the Company’s counsel. Notwithstanding the foregoing, AST may employ separate counsel to represent it or defend AST or an Indemnified Person in such Proceeding,
and the Company will pay any reasonable, documented legal or other out-of-pocket expenses of counsel if AST or such Indemnified Person reasonably determines, based on
the advice of its legal counsel, that there are defenses available to AST or such Indemnified Person that are different from, or in addition to, those available to the Company, or if an actual or potential conflict of interest between AST or the
Indemnified Person and the Company makes representation by the Company’s counsel not advisable; provided that, unless there is an actual or potential conflict of interest, the Company will not be required to pay the fees and expenses of
more than one separate counsel for all Indemnified Persons in any jurisdiction in any single Proceeding. In any Proceeding the defense of which the Company assumes, the Indemnified Persons shall be entitled to participate in such Proceeding and
retain its own counsel at such Indemnified Person’s own expense. 
 (c)  The Company shall not be liable for any settlement
of any Proceedings effected without its consent (which consent shall not be unreasonably withheld, conditioned or delayed), but if settled with the Company’s written consent or if there is a final judgment for the plaintiff in any such
Proceedings, the Company agrees to indemnify and hold harmless each Indemnified Person from and against any and all losses, claims, damages, liabilities and expenses by reason of such settlement or judgment in accordance with clause
(a) above. The Company shall not, without the prior written consent of an Indemnified Person (which consent shall not be unreasonably withheld, conditioned or delayed), effect any settlement or consent to the entry of any judgment of any
pending or threatened Proceedings in respect of which indemnity could have been sought hereunder by such Indemnified Person, unless (i) such settlement includes an unconditional release of such Indemnified Person in form and substance
satisfactory to such Indemnified Person from all liability on claims that are the subject matter of such Proceedings and (ii) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any
Indemnified Person. 
 12.  Force Majeure. AST shall not be liable for failure or delay in the performance of the
Services if such failure or delay is due to causes beyond its reasonable control, including but not limited to Acts of God (including fire, flood, earthquake, storm, hurricane or other natural disaster), war, invasion, act of foreign enemies,
hostilities (regardless of whether war is declared), civil war, rebellion, revolution, insurrection, military or usurped power or confiscation, terrorist activities, nationalization, government sanction, blockage, embargo, labor dispute, strike,
lockout or interruption or failure of electricity or telephone service or any other force majeure event. 

  
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 13.    Notices. Any notice, report or payment required or permitted to
be given or made under this Agreement by one Party to the other shall be in writing and addressed to the other Party at the following address (or at such other address as shall be given in writing by one Party to the other): 

If to the Company: 
 [·] 

Attention:
[·] 

Fax: [●] 

Email: [●] 

With a copy to: 

[●] 

Attention: [●] 

Fax: [●] 

Email: [●] 

If to AST: 
 American Stock
Transfer & Trust Company, LLC 
 6201 15th Avenue 

Brooklyn, NY 11219 
 Attention:
Relationship Management 
 With a copy to: 

American Stock Transfer & Trust Company, LLC 

48 Wall Street, 22nd Floor 

New York, New York 10005 

Attention: Legal Department 

Email: legalteamAST@astfinancial.com 

15.    Miscellaneous. 

(a)    The Company acknowledges and agrees that (i) nothing herein shall be construed as creating any agency,
partnership, joint venture or other form of joint enterprise, employment or fiduciary relationship between the Parties, and (ii) the Company waives, to the fullest extent permitted by law, any claims that it may have against AST for breach of
fiduciary duty or alleged breach of fiduciary duty and agrees that AST shall have no liability (whether direct or indirect) to the Company in respect of such a fiduciary duty claim. 

(b)    This Agreement shall be construed and enforced in accordance with the laws of the State of New York, without
reference to its conflicts of law rules. It is agreed that any action, suit or proceeding arising out of or based upon this Agreement shall be brought in the United States District Court for the Southern District of New York or any court of the
State of New York of competent jurisdiction located in such District. Service of any process by registered mail addressed to each party at the respective address above shall be effective service of process against such party for any suit, action or
proceeding brought in any such court. Each Party (i) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or
relating to this Agreement or the Services in any New York State court or in any such Federal court; (ii) waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of

  
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such suit, action or proceeding in any such court; and (iii) agrees that a final judgment in any such suit, action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. EACH PARTY IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT
OF THIS AGREEMENT OR THE PERFORMANCE OF ANY SERVICE HEREUNDER. 
 (c)    The compensation, reimbursement,
confidentiality, indemnification, jurisdiction, governing law, and waiver of jury trial provisions contained herein shall remain in full force and effect regardless of the termination of this Agreement. No amendment or waiver of any provision hereof
shall be effective unless in writing and signed by the Parties and then only in the specific instance and for the specific purpose for which given. This Agreement is the only agreement between the Parties with respect to the matters contemplated
hereby and sets forth the entire understanding of the Parties with respect thereto. This Agreement and the obligations hereunder of each Party shall not be assignable by such Party without the prior written consent of the other Party (such consent
not to be unreasonably withheld, delayed or conditioned); provided that AST may assign this Agreement or any rights granted hereunder, in whole or in part, to (i) its Affiliates in connection with a reorganization or (ii) a Person
that acquires all or substantially all of the business or assets of AST whether by merger, acquisition, or otherwise. 

(d)    This Agreement may be executed in any number of counterparts and by different Parties in separate counterparts,
each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this Agreement by facsimile transmission or in
“.pdf” or “.tif” form shall be effective as delivery of a manually executed counterpart of this Agreement. If any provision of this Agreement shall be held illegal or invalid by any court, this Agreement shall be
construed and enforced as if such provision had not been contained herein and shall be deemed an agreement between the Parties to the fullest extent permitted by law. 

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 IN WITNESS WHEREOF, each Party has caused this Agreement to be duly executed as of the date first
above written. 
  

									
	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC	 		 	[●]
					
	By:	 	  
	 		 	By:	 	  

		 	Name:	 		 		 	Name:
		 	Title:	 		 		 	Title:

  
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 Schedule 1 

Services 

Capitalized terms used herein and not defined have the meaning ascribed to such terms in the Agreement. Unless otherwise noted, AST will
provide the following services: 
 ACCOUNT MAINTENANCE AND RECORDKEEPING 

 

	•	 	 Open new accounts, consolidate and close Shareholder accounts 

 

	•	 	 Annual record storage services (subject to additional fee) 

 

	•	 	 Maintain all Shareholder accounts 

 

	•	 	 Process address changes, including seasonal addresses 

 

	•	 	 Place, maintain and remove stop transfers 

 

	•	 	 Post all debit and credit certificate transactions 

 

	•	 	 Perform social security solicitation 

 

	•	 	 Handle shareholder and broker inquiries, including internet correspondence 

 

	•	 	 Respond to requests for audit confirmations 

 

	•	 	 Monthly report for all classes of securities in Microsoft Word and HTML formats (Excel format is subject to an
additional fee) 

 STOCK AUDIT / CONTROL BOOK FUNCTIONS 

 

	•	 	 Maintain accurate records of outstanding Shares 

 

	•	 	 Respond to requests for audit confirmations 

 

	•	 	 Provide web access to the total outstanding Share balances 

CERTIFICATE AND SECURITY ISSUANCE FUNCTIONS 
  

	•	 	 Process all routine transfers 

 

	•	 	 Post all debit and credit certificate transactions 

 

	•	 	 Issue Stock Certificates 

 

	•	 	 Create book entry Direct Registration System (“DRS”) positions 

 

	•	 	 Participate in the DRS profile system, allowing broker “sweeps” of registered positions

  

	•	 	 Interface electronically with DTC/CEDE & CO. 

 

	•	 	 Mail newly-issued certificates/DRS advices to Shareholders 

 

	•	 	 Replace lost or stolen Stock Certificates upon Shareholder request 

 

	•	 	 Issue and register all Stock Certificates 

 

	•	 	 Issue shares upon exercise of stock options. 

 

	•	 	 Process legal transfers and transactions requiring special handling 

 

	•	 	 Provide, upon request, access to daily reports of processed transfers 

REPORTING 
  

	•	 	 Furnish, upon request, unlimited Shareholder list, sorted by Company-designated criteria 

LISTS AND MAILINGS 
  

	•	 	 Enclose multiple proxy cards to same household in one envelope, if applicable (subject to additional fee)

  

	•	 	 Monitor and suppress undeliverable mail until correct address is located 

 

	•	 	 Furnish shareholder lists, in any sequence 

  
 -11- 

	•	 	 Provide geographical detail reports of all stocks issued/surrendered over a specific period

  

	•	 	 Provide mailing labels 

WEB-BASED ORIGINAL ISSUANCE (OI) / DWAC SYSTEM 1

  

	•	 	 Facilitate Deposit/Withdrawal At Custodian (“DWAC”) and original issuances initiated from the
Company’s desktop via Internet 

  

	•	 	 Accept files for original issuances 

 

	•	 	 Allow multiple requests to be submitted on the same form at the same time 

 

	•	 	 Notify the Company via email when matching broker instructions have not been received 

 

	•	 	 Provide designated brokers the ability for brokers to log into the system and track the status of
Company-submitted items 

  

	•	 	 Report daily and monthly transactions via e-mail 

 

	•	 	 Enforce built-in security procedures 

TECHNOLOGY AND INTERNET ACCESS 
  

	•	 	 Retrieve account information (including outstanding Stock Certificates and checks) 24 hours a day, 7 days per
week 

  

	•	 	 Review frequently asked questions, including transfer requirements and corporate actions data

  

	•	 	 Download forms (e.g., affidavit of domicile, form W8/W9, letters of transmittal and stock power)

  

	•	 	 Change account addresses 

 

	•	 	 Replace lost, stolen or uncashed checks 

 

	•	 	 Replace lost, stolen or non-received Stock Certificates

  

	•	 	 Obtain a duplicate Form 1099 

 

	•	 	 Sign up for electronic delivery (e.g., for proxy materials) 

 

	•	 	 Request a certificate for shares held in book-entry or plan form 

 

	•	 	 Enroll to have dividends directed toward purchase of additional Shares 

 

	•	 	 Send e-mail inquiries concerning Shareholder’s account, or conduct
an online chat session with one of AST’s customer service representatives 

 SHAREHOLDERS VIA THE INTERACTIVE VOICE RESPONSE
(“IVR”) 
  

	•	 	 Obtain account-specific information, including account balance 

 

	•	 	 Execute plan transactions, including sales and certification requests 

 

	•	 	 Request a duplicate Form 1099, with delivery via mail or fax 

 

	•	 	 Request a transfer package via mail or fax 

 

	•	 	 Request forms to effect address changes, check replacements, Stock Certificate replacements and direct deposit
enrollments 

  

	•	 	 Obtain information pertaining to current corporate actions or other significant Company events

 SHAREHOLDER (INQUIRIES) 
  

	•	 	 Distribute “welcome” material to new Shareholders (may incur reimbursable expenses)

  

	•	 	 Provide assistance to Shareholders related to their securities holdings as they initiate account inquiries or
perform transactions, including guidance through common transactions and explanations for transaction rejections and the corrective steps required to complete their request 

 

	•	 	 Provide 24/7 account access via the internet and IVR telephonic system 

 

	•	 	 Provide toll-free number for Shareholder-initiated telephone inquiries to AST’s call center

  

	•	 	 Oversee the fulfillment process for potential investors (if applicable) 

 
  

	1 	 Please note that AST does not charge a fee for DWAC processing but that the broker may charge fees incurred
from receipt of Shares. 

  
 -12- 

 CLIENT-DESIGNATED PERSONNEL VIA THE INTERNET 

 

	•	 	 View and download detailed Shareholder data, including: name, address of record, account number(s), number of
Shares held in certificate and book-entry form, historical dividend-related information and cost basis reporting information 

  

	•	 	 Obtain total outstanding Share balances 

 

	•	 	 Utilize AST’s reporting tool to generate comprehensive reports in a real-time environment, with immediate e-mail delivery 

  

	•	 	 Issue stock options and effect delivery through the DWAC system 

 

	•	 	 Update company profile and corporate information 

CONTROL BOOKS TRACKING 
  

	•	 	 Receive daily emails of control books information 

 

	•	 	 Review current transactions affecting the number of outstanding Shares in a Company-specified date range

 PROXY CENTRAL 
  

	•	 	 Proxy reports (either summarized or detailed) by proposal 

 

	•	 	 Voting status on the 50 largest accounts 

 

	•	 	 Shareholders attending the Company annual meeting 

 

	•	 	 DTC position listing 

  

	•	 	 Broker voting detail 

ANNUAL SHAREHOLDER MEETING 
  

	•	 	 Process proxy votes for routine/non-routine meetings of the Company

  

	•	 	 Imprint Shareholders’ name on proxy cards 

 

	•	 	 2Mail material to Shareholders 

 

	•	 	 Prepare and transmit daily proxy tabulation reports to the Company by email 

 

	•	 	 Provide certified Shareholder list in hard copy if requested 

 

	•	 	 Facilitate proxy distribution mailing 

DIVIDEND DISBURSEMENT 
  

	•	 	 Confirm in writing that the dividend notice was received 

 

	•	 	 Prepare and calculate dividend payments 

 

	•	 	 Coordinate dividend checks and enclosures (if applicable) mailing to the Shareholders 

 

	•	 	 Furnish one copy of the dividend register, hard copy or CD-ROM (if
requested) 

  

	•	 	 Place stop payment orders on reported lost dividend checks 

 

	•	 	 Issue replacement dividend checks/sales checks 

 

	•	 	 Provide copies of paid dividend checks upon request (subject to additional fee) 

 

	•	 	 Report annual dividend income to Shareholders on applicable Form 1099 

 

	•	 	 File annual tax information electronically to the Internal Revenue Service 

 

	•	 	 Withhold and remit backup withholding taxes as required by the Internal Revenue Service 

 

	•	 	 Withhold foreign tax and file foreign tax reports as required by the Internal Revenue Service

  

	•	 	 Maintain custody and control of all undeliverable checks and forward returned items to Shareholders upon
confirmation of a current address 

  
  

	2 	 Please note that postage and processing fees will apply. 

  
 -13- 

 UNCLAIMED PROPERTY 
  

	•	 	 Analyze and identify unclaimed or abandoned property across each class of security (if applicable)

  

	•	 	 Prepare and distribute due diligence notices (may incur reimbursable expenses) 

 

	•	 	 Prepare unclaimed or abandoned property reports (including null or negative reports, if applicable)

  

	•	 	 Deliver all unclaimed property and reports to the applicable jurisdictions 

 

	•	 	 Respond to shareholder and state inquiries relating to unclaimed property filings 

  
 -14- 

 Schedule 2 

Fees 
  

			
	TRANSFER AGENT AND REGISTRAR SERVICES 
		
	 *Monthly Administration Fee
	 	$1,500
	 Unclaimed Property Reporting (annual fee)
	 	$750
	
	 *  Up to 750 registered shareholders (each additional class of security $250
per month)
  

	 Account Maintenance per Account
	 	Included
	 Issuance and Registration of Stock Certificates
	 	Included
	 Each Stock Certificate cancelled
	 	Included
	 Restricted/Preferred Accounts
	 	Included
	 General Written Correspondence
	 	Included
	 Shareholder Address Changes
	 	Included
	 Customer Service – Telephone
	 	Included
	 Research and Responding to Shareholder Inquiries
	 	Included
	 Issuance of Restricted Transfers
	 	Included
	 Issuance of Stock Option
	 	Included
	 3DWAC Transfers (broker fees may
apply)
	 	Included
	 Non-Routine Transfers (including removal of legends and
transfer of applicable Shares)
	 	Included
	 Shareholder Internet Access
	 	Included
	 Client Internet Access
	 	Included
	 4DRS Sale Program – Transaction Fee
(to be paid by the Shareholder)
	 	Per transaction
	
	ANNUAL MEETING ADMINISTRATION SERVICES 
		
	 Prepare Full Shareholder List as of Record Date
	 	Included
	 Complete Reporting for Proxy Program
	 	Included
	 Enclose and Mail Proxy Materials (mailing costs applied as out-of-pocket)
	 	Included
	 Receive and Scan Returned Proxies
	 	Included
	 Tabulate Proxies (Registered and Beneficial Holders – per vote fee applicable)
	 	Included
	 Prepare and Verify Final Vote List
	 	Included
	 Online access for Company to monitor voting
	 	Included
	 Omnibus Download of Proxy from DTC
	 	Included
	 Inspector of Election (travel fees will be applied as out-of-pocket expenses)
	 	Available
	 Online & Telephonic Voting for Registered Shareholders
	 	Available

  
  

	3 	 Please note that AST does not charge a fee for DWAC processing but that the broker may charge fees incurred
from receipt of Shares. 

	4 	 A transaction fee of $15.00 plus $0.12 per Share sold will be charged to the Shareholder.

  
 -15- 

			
	 MANAGEMENT REPORTING
  

	 Standard Reporting Suite
	  	Included
	 Online Access to Management Reports
	  	Included
	 Report Requirements determined at Conversion
	  	Included

 SPECIAL SERVICES 

Services not included herein (including, without limitation, trustee and custodial services, exchange/tender offer services, stock dividend disbursement
services, voluntary disclosure agreements and audit administration services relating to abandoned or unclaimed property) but requested by the Company may be subject to additional charges. 

OUT-OF-POCKET EXPENSES 

All customary out-of-pocket expenses will be billed in addition to the
foregoing fees. These charges include, but are not limited to, printing and stationery, freight and materials delivery, postage and handling. 
 The
foregoing fees apply to services ordinarily rendered by AST and are subject to reasonable adjustment based on final review of documents. 

  
 -16-INDEPENDENT CONTRACTOR AGREEMENT

 

This Independent Contractor Agreement
(the “Agreement”) dated as of July 3, 2019 is made and entered between First South Africa Management,
an independent contractor hereafter referred to as “Contractor” situated at 1900 Glades Road, Suite 280,
Boca Raton, Florida 33431, and NEWGIOCO GROUP, INC., a Delaware corporation situated at Suite 701, 130 Adelaide St. W., Toronto,
Ontario M5H 2K4, hereafter referred to as the “Company”.

 

In consideration of the covenants and
conditions hereinafter set forth, the Company and Contractor agree as follows:

 

		1.	Definitions.

 

		(a)	“Agreement”: as defined in the introductory
paragraph.

 

		(b)	“Board” means the Board of Directors of
the Company.

 

		(c)	"Cash Retainer" means the portion of the
Retainer which is payable in cash.

 

		(d)	“Cause” shall mean (i) the neglect or failure
by Contractor to perform his duties after reasonable notice and an opportunity to cure is given by the Company; (ii) the conviction
of Contractor of any felony or the plea by Contractor of nolo contendere to any felony or offense evidencing moral turpitude; (iii)
personally or on behalf of another Person, receiving a benefit relating to the Company or its subsidiaries or its funds, properties,
opportunities or other assets that the Board considers to be in violation of a policy of the Company, applicable law, or constituting
fraud, embezzlement or misappropriation; (iv) the failure by Contractor to comply with any written policy of the Company after
reasonable notice and an opportunity to cure; (v) the misstatement of the financial records of the Company or its subsidiaries
or complicit actions in respect thereof; (vi) the breach by Contractor of any of the terms of this Agreement; or (vii) disparaging
the Company, its subsidiaries or its executives, or engaging in any conduct that would tend to harm their reputation.

 

		(e)	“Chief Executive Officer” means the Chief
Executive Officer of the Company.

 

		(f)	Common Stock" means shares of common stock of
Newgioco Group, Inc. $0.0001 par value.

 

		(g)	"Effective Date" means July 3, 2019.

 

		(h)	“Equity Incentive Retainer” means the portion
of the Retainer which is payable in Company stock awards issued under and pursuant to the terms and conditions of the Newgioco
Group, Inc. 2018 Equity Incentive Plan.

 

		(i)	“Person” means an individual, a corporation,
a partnership, a limited liability company, an association, a trust, a joint stock company, a joint venture, an unincorporated
organization, a business entity or any other entity or any federal, state, county, city, municipal or other local or foreign government
or any subdivision, authority, commission, board, bureau, court, administrative panel or other instrumentality thereof

 

		(j)	“Term” means the term of this Agreement
as defined in Section 3.

 

		2.	Services. Contractor will be responsible for the provision
of Chief Financial Officer services by Mark Korb and other such related tasks as may be identified from time to time by the Company’s
Chief Executive Officer (collectively, the “Services”).

 

Contractor shall generally
spend an average of forty (40) hours per month performing the Services for the Company, subject to adjustment from time to time
by the written agreement of Contractor and the Company. Any time substantially in excess of the expected monthly average will be
compensated at an hourly rate to be mutually determined by the Company and the Contractor.

 

		3.	Term. This Agreement shall commence on the date hereof and
shall continue until July 2, 2020 or such earlier date if terminated in accordance with the provisions of this Agreement or as
may be renewed or extended on mutual agreement of the parties (“Term”). This Agreement may be terminated
by either party at any time for any reason upon thirty (30) days prior written notice to the other party. In addition, this Agreement
may be terminated immediately by the Company for Cause.

 

		4.	Effect on Termination. Upon termination of this Agreement,
the Company shall have no further obligation to Contractor except for payment due for services rendered prior to date of such termination.
Termination of this Agreement or termination of services shall not affect the provisions under Sections 6 through 12 hereof, which
Sections shall survive any termination.

 

		5.	Compensation.

 

		(a)	Contractor shall receive a Cash Retainer payment of US$10,000.00
per month, payable monthly in advance within 3 business days of the commencement of the calendar month or the effective date of
the agreement, for Services to be performed at such locations as determined by the Chief Executive Officer.In addition, Contractor
shall be reimbursed for all reasonable direct expenses including all travel related expenses, including but not limited to; airfare,
ground transportation costs, accommodation and meals while performing the Services and for any other expenses agreed to by the
Chief Executive Officer. Additional expenses for business use of a personal automobile shall be reimbursed to Contractor at the
rate of $0.50 per kilometer, for mileage driven to and from any meetings for the Services.

 

		(b)	● If applicable, upon execution of this Agreement, Mark Korb,
as the representative of the Contractor shall further be entitled to receive Equity Incentive Retainer as follows:

 

		(i)	Seven year Options to purchase 200,000 shares of Common Stock to
vest in full on July 2, 2020.

 

In the event that this Agreement
has been terminated by the Company without Cause in accordance with Section 3, the Equity Incentive Retainer will vest from the
date hereof through the date of termination on a pro rata monthly basis and Contractor shall forfeit that portion of the Equity
Incentive Retainer not vested. In the event that this Agreement has been terminated by the Company for Cause in accordance with
Section 3, Contractor shall forfeit the Equity Incentive Retainer.

 

		6.	Confidentiality and Ownership.

 

		(a)	Contractor recognizes and acknowledges that the Company possesses
certain confidential information that constitutes a valuable, special, and unique asset. As used herein, the term “Confidential
Information” includes all information and materials belonging to, used by, or in the possession of the Company relating
to its products, processes, services, technology, inventions, patents, ideas, contracts, financial information, developments, business
strategies, pricing, current and prospective customers, marketing plans, and trade secrets of every kind and character. The obligations
of confidentiality shall not apply to Confidential Information (a) that was already within the public domain at the time the information
is acquired by Contractor, (b) that subsequently becomes public through no act or omission of the Contractor or (c) possessed by
Contractor as a result of Contractor’s knowledge and experience in the Company’s industry. Contractor agrees that all
of the Confidential Information is and shall continue to be the exclusive property of the Company, whether or not prepared in whole
or in part by Contractor and whether or not disclosed to or entrusted to Contractor’s custody. Contractor agrees that Contractor
shall not, at any time following the execution of this Agreement, use or disclose in any manner any Confidential Information of
the Company.

 

		(b)	To the extent any inventions, technologies, reports, memoranda, studies,
writings, articles, plans, designs, specifications, exhibits, software code, or other materials prepared by Contractor in the performance
of services under this Agreement include material subject to copyright protection, such materials have been specially commissioned
by the Company and they shall be deemed “Work for Hire” as such term is defined under U.S. copyright
law. To the extent any such materials do not qualify as Work for Hire under applicable law, and to the extent they include material
subject to copyright, patent, trade secret, or other proprietary rights protection, Contractor hereby irrevocably and exclusively
assigns to the Company, its successors, and assigns, all right, title, and interest in and to all such materials. To the extent
any of Contractor rights in the same, including without limitation any moral rights, are not subject to assignment hereunder, Contractor
hereby irrevocably and unconditionally waives all enforcement of such rights. Contractor shall execute and deliver such instruments
and take such other actions as may be required to carry out and confirm the assignments contemplated by this paragraph and the
remainder of this Agreement. All documents, magnetically or optically encoded media, and other tangible materials created by Contractor
as part of its services under this Agreement shall be owned by the Company.

 

		(c)	In the event that the Contractor becomes legally compelled (by deposition,
interrogatory, request for documents, subpoena, civil investigative demand or similar process) to disclose any of the Confidential
Information, the Contractor shall provide the Company with prompt written notice of such requirement prior to complying therewith
so that the Company may seek a protective order or other appropriate remedy and/or waive compliance with the terms of this Agreement.
In the event that such protective order or other remedy is not obtained or the Company waives compliance with the provisions hereof,
the Contractor agrees to furnish only that portion of the Confidential Information that is legally required and to exercise reasonable
efforts to obtain an assurance that confidential treatment will be accorded such Confidential Information.

 

		(d)	During the Term of this Agreement and for five (5) years thereafter,
the Contractor (i) will not use Confidential Information for any purpose detrimental to the Company and (ii) will not, except as
directed by the Company, use for himself or others, directly or indirectly, any such Confidential Information, and, except as required
by law or as directed by the Company, Contractor will not disclose such Confidential Information, directly or indirectly, to any
other Person; provided, however, that as the above restrictions relate to the Contractor’s use and disclosure of trade secrets
of the Company, those restrictions shall remain in place during the Term and at any time thereafter. Contractor acknowledges that
this covenant is necessary to protect the Company’s Confidential Information and trade secrets.

 

		(e)	Notwithstanding the foregoing, pursuant to 18 U.S.C. Section 1833(b),
Contractor shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade
secret that: (1) is made in confidence to a Federal, State, or local government official, either directly or indirectly, or to
an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (2) is made in a complaint
or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition, nothing contained in
this Agreement shall prevent Contractor’s disclosure of Confidential Information as a whistleblower.

 

		7.	Return of Materials. Contractor agrees that upon termination
of this Agreement, Contractor will return to the Company all drawings, blueprints, notes, memoranda, specifications, designs, writings,
software, devices, documents and any other material containing or disclosing any proprietary information or Confidential Information
of the Company. Contractor will not retain any such materials.

 

		8.	Warranties.

 

		(a)	Each party warrants to the other that it has the authority to enter
into and perform this agreement, and its performance hereunder will not result in the breach or violation of any contract, arrangement
or understanding it may have with any third party. Each party warrants to the other that it will comply in all material respects
with all applicable laws, rules and regulations.

 

		(b)	Contractor shall perform the services in accordance with the highest
professional standards and in compliance with all applicable laws and regulations. The services shall be performed in a timely
manner and shall meet deadlines agreed between Contractor and the Company

 

		9.	Relationship of Parties. Contractor is an independent contractor
of the Company. Nothing in this Agreement shall be construed as creating an employer-employee relationship, as a guarantee of future
employment or engagement, or as a limitation upon the Company’s sole discretion to terminate this Agreement at any time without
cause. Contractor shall not have the ability to bind the Company to any agreement or understanding with any third party. Contractor
further agrees to be responsible for all of Contractor’s federal and state taxes, withholding, social security, insurance,
and other benefits. Contractor shall provide the Company with satisfactory proof of independent contractor status. Contractor affirms
that as to his own employees, if any, he shall at all times comply with applicable law, including all wage and hour laws (including
but not limited to state and federal laws governing minimum wage, overtime, and, as applicable, rest and meal breaks), and all
federal immigration laws (including but not limited to IRCA), and shall indemnify the Company from any and all claims involving
alleged violations of such laws made by or relating to Contractor’s employees or subcontractors. 

 

		(a)	Control.Contractor shall have the right to control and
determine the time, place, methods, manner and means of performing the Services. In performing the Services, the amount of time
devoted by Contractor on a project will be generally within Contractor’s control, and the Company will rely on Contractor
to put in the necessary number of hours as are necessary to fulfill the requirements of this Agreement. Contractor shall perform
all services rendered to the Company in a professional manner to the best of Contractor’s abilities and will use his best
efforts to perform the services in a manner satisfactory to the Company. Contractor will make all revisions to the work product
that the Company reasonably requires, and will provide status reports and any other information and documentation upon request.
Mark Korb shall be the primary person performing the Services on behalf of the Contractor. 

 

		(b)	Tools, Equipment and Instrumentalities. Contractor agrees
to supply all of his own instrumentalities and tools that Contractor deems necessary to perform the Services, such as, without
limitation, any tools, vehicle, cell phone, stationary, computer, laptop, printer, facsimile machine, software, applications, and
any other equipment or supplies that Independent Contractor deems necessary for the performance of the Services.

 

		(c)	Final Results. In the performance of the Services, Contractor
has the authority to control and direct the performance of the details of the Services, the Company being interested only in the
results obtained. However, the Services contemplated by this Agreement must meet the Company’s standards and approval and
shall be subject to the Company’s general right of inspection and supervision to secure their satisfactory completion.

 

		(d)	Scope of Authority. Contractor is not authorized to assume
or create any obligation or responsibility, express or implied, on behalf of, or in the name of, the Company or to bind the Company
in any manner. Contractor shall not receive business cards nor shall he have an actual title or management responsibilities other
than those outlined in this Agreement. Contractor shall not use the Company’s trade names, trademarks, service names or service
marks without the prior approval of an authorized representative of the Company. Contractor is not authorized to transact business,
incur obligations, sell goods, receive payments, solicit orders or assign or create any obligation of any kind, express or implied,
on behalf of the Company, or to bind in any way whatsoever, or to make any promise, warranty or representation on behalf of the
Company with respect to any matter, except as expressly authorized in this Agreement or in another writing signed by an authorized
representative of the Company. Notwithstanding the above, the Company shall have the right to represent to investors, partners,
vendors, clients and the like that Contractor is affiliated with the Company.

 

		(e)	Taxes.   Contractor acknowledges and agrees that
it is the obligation of Contractor to report as self-employment income all compensation received by Contractor pursuant to this
Agreement. The Company will report the amount it pays to Contractor on IRS Forms 1099 to the extent required to do so under applicable
Internal Revenue Code provisions and state or local law. Contractor agrees to indemnify the Company and hold it harmless to the
extent of any obligation imposed by law on the Company to pay any withholding taxes, social security, workers’ compensation
insurance, unemployment, or disability insurance or similar items in connection with any payments made to Contractor by the Company
pursuant to this Agreement. Contractor will not be eligible to participate in any employee benefit plan of the Company. 

 

		(f)	Benefits. Contractor is not eligible for, and shall not participate
in, any Company pension, health, insurance, or other fringe benefit plan, except as otherwise agreed to by the Parties. Contractor
acknowledges and agrees, and it is the intent of the Parties, that Contractor receives no benefits from the Company, either as
an independent contractor or employee, except for the payment for the Services as stated in this Agreement. If Contractor is reclassified
by a state or federal agency or court as an employee for tax or other purposes, Contractor will be deemed a non-benefit employee
and will receive no benefits from the Company, except those mandated by state or federal law, even if by the terms of the benefit
plans or programs of the Company in effect at the time of such reclassification Contractor would otherwise be eligible for such
benefits.

 

		(g)	Indemnification. Contractor shall defend, indemnify and hold
harmless the Company and its officers, directors, agents and employees from and against any and all actions, costs, claims, losses,
expenses and/or including attorneys’ fees arising out of or resulting from the negligence of Contractor or Contractor’s
employees, or injuries or damages from Contractor’s equipment, instruments or other paraphernalia injuring Company employees
or patrons, and any claims brought by or in connection with Independent Contractor’s employees, subcontractors or agents
involving wage-and-hour issues, employment authorization, and discrimination issues. Contractor shall further indemnify the Company
from and against any and all actions, costs, claims, losses, expenses and/or damages, including attorneys’ fees for or arising
out of any bodily injuries to or death of Contractor or any of Contractor’s employees or substitutes working at the Company
during occupancy of all portions of the Company’s property to which said Contractor or Independent Contractor’s employees
or substitutes are permitted access, however caused or occasioned, excepting the willful misconduct or negligence of the Company.

 

		(h)	Licenses, Certificates, Insurance and Permits. If any license,
certificate, bond, insurance or permit is required for the proper and lawful conduct of Contractor’s business or other activity
carried on at the Company, or if a failure to procure such a license, certificate, bond, insurance or permit might or would in
any way affect the operations of the Company, then Contractor, at his expense, shall duly procure and thereafter maintain such
license, certificate, insurance or permit and submit evidence of the same to inspection by the Company. Contractor, at his sole
cost and expense, shall at all times comply with the requirements of each such license, certificate, insurance or permit.

 

		10.	Other Activities. Contractor is free to engage in other independent
contracting activities, provided that Contractor does not engage in any such activities which are inconsistent with or in conflict
with any provisions hereof, or that so occupy Contractor’s attention as to interfere with the proper and efficient performance
of Contractor’s services thereunder; it being understood that Contractor shall have a reasonable amount of time to respond
to inquires by the Company. Contractor agrees not to induce or attempt to influence, directly or indirectly, any employee at the
Company to terminate his/her employment and work for Contractor or any other person.

 

		11.	Website. Contractor agrees that upon execution of this Agreement
and until this Agreement is terminated, the Company may include the Contractor’s name and biography on its corporate website
as a consultant of the Company. Contractor shall provide any updates to the biography of its main personnel to the Company within
five (5) business days of executing this Agreement. Company agrees that it will obtain Contractor’s consent before making
any material changes to such biography.

 

		12.	Miscellaneous.

 

		(a)	Notices. All notices and other communications required or
permitted hereunder will be in writing and, unless otherwise provided in this Agreement, will be deemed to have been duly given
when delivered in person or by a nationally recognized overnight courier service or when dispatched if during normal business hours
by electronic facsimile transfer (confirmed in writing by mail simultaneously dispatched) to the appropriate party at the address
specified below:

 

If to the Company, to:

Newgioco Group, Inc.

c/o Beard Winter, LLP

130 Adelaide St. W, Suite 701

Toronto, Ontario, Canada M5H
2K4

Facsimile No.: (416) 593-7760

Attention: Julian L. Doyle,
LLB

 

with a copy to:

 

 

First South Africa Management

1900 Glades Road, suite 280

Boca Raton, FL 33431

Attention: Mark Korb

 

 

If to Contractor, to the address
for the Contractor in the Company’s records; or, in any case, to such other address or addresses as any such party may from
time to time designate as to itself by like notice.

 

		(b)	Amendments, Waivers and Rights Cumulative.

 

		(i)	Any provision of this Agreement may be amended or waived if, but
only if, such amendment or waiver is in writing and is signed, in the case of an amendment, by each party to this Agreement, or
in the case of a waiver, by the party against whom the waiver is to be effective.

		(ii)	No failure or delay by any party in exercising any right, power or
privilege hereunder will operate as a waiver thereof nor will any single or partial exercise thereof preclude any other or further
exercise thereof or the exercise of any other right, power or privilege.

		(iii)	The rights and remedies herein provided will be cumulative and not
exclusive of any rights or remedies provided by law. All waivers by either party hereto must be contained in a written instrument
signed by the party to be charged and, in the case of the Company, by an officer of the Company or other person duly authorized
by the Company.

 

		(c)	Indemnification. The Company shall indemnify Contractor to
the fullest extent permitted under the Company’s Certificate of Incorporation or By-Laws and pursuant to any other agreements
or policies in effect from time to time in connection with any action, suit or proceeding to which Contractor may be made a party
by reason of Contractor holding title of an officer of the Company, except to the extent that such action, suit or proceeding result
from, in whole or in part, the negligence, unlawful or wrongful acts of the Contractor or any other person acting in concert with
them. This provision shall survive termination of this Agreement.

 

		(d)	Expenses. Except as otherwise provided elsewhere in this Agreement,
each party will pay all of their respective expenses incurred in connection with the negotiation of this Agreement, and, except
as otherwise specified in this Agreement, the parties will pay all of their respective expenses incurred in connection with any
legal proceeding concerning a dispute arising out of this Agreement.

 

		(e)	Successors and Assigns. The provisions of this Agreement will
be binding upon and inure to the benefit of the parties hereto and their respective successors, assigns, heirs and administrators;
provided except that Contractor may not assign, delegate or otherwise transfer any of his rights or obligations under this Agreement
without the prior written consent of the Company.

 

		(f)	Governing Law. This Agreement will be governed by, and construed
in accordance with, the laws of the State of Delaware without regard to the principles of conflicts of laws of such state.

 

		(g)	Arbitration.

 

		(i)	Contractor and the Company agree that either during the existence
of the relationship or afterwards, between the parties hereto, their assignees, their affiliates, their attorneys, or agents, final
and binding arbitration shall be the exclusive forum for any dispute or controversy between them, including, without limitation,
disputes arising under or in connection with this Agreement, Contractor’s engagement, and/or termination of this Agreement;
provided, however, that the Company shall be entitled to commence an action in any court of competent jurisdiction for injunctive
relief in connection with any alleged actual or threatened violation of any provision of Section 5 and 6. Judgment may be entered
on the arbitrators’ award in any court having jurisdiction. For purposes of entering such judgment or seeking injunctive
relief with regard to Section 6 and 7, the Company and Contractor hereby consent to the jurisdiction of any or all of the following
courts: (i) the United States District Court for the Southern District of New York; (ii) the Supreme Court of New
York County, New York; or (iii) any other court having jurisdiction; provided that damages for any alleged violation of
Section 6 and 7, as well as any claim, counterclaim or cross-claim brought by Contractor or any third-party in response to, or
in connection with any court action commenced by the Company seeking said injunctive relief shall remain exclusively subject to
final and binding arbitration as provided for herein. The Company and Contractor hereby waive, to the fullest extent permitted
by applicable law, any objection which either may now or hereafter have to such jurisdiction, venue and any defense of inconvenient
forum. Thus, except for the claims carved out above, this Agreement includes all common-law and statutory claims (whether arising
under federal state or local law), including any claim for breach of contract, fraud, fraud in the inducement or unpaid fees.

 

		(ii)	Any arbitration under this Agreement shall be filed exclusively with,
and administered by, the American Arbitration Association in New York, New York before three arbitrators, in accordance with the
National Rules for the Resolution of Employment Disputes of the American Arbitration Association in effect at the time of submission
to arbitration. The Company and Contractor hereby agree that a judgment upon an award rendered by the arbitrators may be enforced
in other jurisdictions by suit on the judgment or in any other manner provided by law. The Company shall pay all costs uniquely
attributable to arbitration, including the administrative fees and costs of the arbitrators. Each party shall pay that party’s
own costs and attorney fees, if any, unless the arbitrators rule otherwise. Contractor understands that he is giving up no substantive
rights, and this Agreement simply governs forum. The arbitrators shall apply the same standards a court would apply to award any
damages, attorney fees or costs. Contractor shall not be required to pay any fee or cost that he would not otherwise be required
to pay in a court action, unless so ordered by the arbitrators.

 

		(h)	WAIVER OF JURY TRIAL AND CLASS ACTIONS. EACH PARTY, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY AS TO ANY ISSUE RELATING HERETO
IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER MATTER INVOLVING THE PARTIES
HERETO. THE PARTIES ALSO AGREE THAT EACH MAY BRING CLAIMS AGAINST THE OTHER ONLY IN THEIR INDIVIDUAL CAPACITIES, AND NOT AS A PLAINTIFF
OR CLASS MEMBER IN ANY PURPORTED CLASS, REPRESENTATIVE OR COLLECTIVE PROCEEDING.

 

		(i)	No Limitation of Rights. Nothing in this Agreement shall limit
or prejudice any rights of the Company or Contractor under any other laws.

 

		(j)	Attorneys’ Fees. Should either party hereto, or any
heir, personal representative, successor or assign of either party hereto, resort to legal proceedings in connection with this
Agreement or Contractor’s relationship with the Company, the party or parties prevailing in such legal proceedings shall
be entitled, in addition to such other relief as may be granted, to recover its or their reasonable attorneys’ fees and costs
in such legal proceedings from the non-prevailing party or parties.

 

		(k)	Counterparts. This Agreement may be signed in any number of
counterparts, each of which will be an original, with the same effect as if the signatures thereto and hereto were upon the same
instrument.

 

		(l)	Construction and Headings. The headings and captions in this
Agreement are for convenience of reference only and will not control or affect the meaning or construction of any provisions hereof.
The language in all parts of this Agreement shall be in all cases construed according to its fair meaning and not strictly for
or against either party.

 

		(m)	Joint Drafting. In recognition of the fact that the parties
had an equal opportunity to negotiate the language of, and draft, this Agreement, the parties acknowledge and agree that there
is no single drafter of this Agreement and, therefore, the general rule that ambiguities are to be construed against the drafter
is, and shall be, inapplicable. If any language in this Agreement is found or claimed to be ambiguous, each party shall have the
same opportunity to present evidence as to the actual intent of the parties with respect to any such ambiguous language without
any inference or presumption being drawn against any party.

 

		(n)	Severability. If any provision of this Agreement or the application
of any such provision to any Person or circumstance is held invalid, illegal or unenforceable in any respect by a court of competent
jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision hereof. If any provision of this
Agreement is finally judicially determined to be invalid, ineffective or unenforceable, the determination will apply only in the
jurisdiction in which such final adjudication is made, and such provision will be deemed severed from this Agreement for purposes
of such jurisdiction only, but every other provision of this Agreement will remain in full force and effect, and there will be
substituted for any such provision held invalid, ineffective or unenforceable, a provision of similar import reflecting the original
intent of the parties to the extent permitted under applicable law.

 

		(o)	Survivability. The provisions of this Agreement which by their
terms call for performance subsequent to termination of Contractor’s engagement hereunder, or of this Agreement, shall so
survive such termination, whether or not such provisions expressly state that they shall so survive.

 

		(p)	Specific Performance. The parties hereto agree that, in the
event of breach or threatened breach of any covenants of Contractor, the damage or imminent damage to the value and the goodwill
of the Company’s business shall be inestimable, and that therefore any remedy at law or in damages shall be inadequate. Accordingly,
the parties hereto agree that the Company shall be entitled to injunctive relief against Contractor in the event of any breach
or threatened breach of any of such provisions by Contractor, in addition to any other relief (including damages) available to
the Company under this Agreement or under law without the necessity of posting a bond.

 

		(q)	Entire Agreement. This Agreement constitutes the entire agreement
among the parties with respect to the subject matter hereof. This Agreement supersedes all prior agreements and understandings,
both oral and written, between the parties with respect to the subject matter of this Agreement.

 

		(r)	Assistance. Contractor shall, during and after termination
of services rendered, upon reasonable notice, furnish such information and proper assistance to the Company as may reasonably be
required by the Company in connection with work performed by Contractor; provided, however, that such assistance following termination
shall be furnished at the same level of compensation as provided in Section 5 calculated on a daily basis.

 

[Signature Page Follows]

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

 

 

	NEWGIOCO GROUP, INC.	FIRST SOUTH
AFRICA MANAGEMENT
	 	 
	 	 
	 	 
	By:_ /s/ Michele Ciavarella _	By:__/s/ Mark Korb________
	Name: Michele Ciavarella	Name: Mark Korb
	Title: Chief Executive Officer	Title: Chief Financial Officer
	 	 
	Date:  July 3, 2019	Date: July 3, 2019

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