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Transfer Deed

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Transfer Deed Agreed form draft Transfer Deed William Hill plc and William Hill Organization Limited and William Hill Australia Pty Limited and GVC Holdings plc and Sportingbet plc relating to Sportingbet plc 2013 JXE\AAV\WIL08.00017 CONTENTS CLAUSE PAGE 1. DEFINITIONS AND INTERPRETATION....................................................................... 2 2. THIS DEED ......................................................................................................... 2 3. DURATION OF THE PROVISIONS OF THIS DEED........................................................ 3 4. COSTS ............................................................................................................... 3 5. FURTHER ASSURANCES ........................................................................................ 3 6. VARIATIONS ....................................................................................................... 4 7. WAIVER ............................................................................................................. 4 8. INVALIDITY......................................................................................................... 4 9. NOTICES ............................................................................................................ 4 10. ASSIGNMENT ...................................................................................................... 7 11. COUNTERPARTS................................................................................................... 7 12. THIRD PARTY RIGHTS........................................................................................... 7 13. GOVERNING LAW AND JURISDICTION ..................................................................... 7 SCHEDULE 1..................................................................................................................13 DEFINITIONS.................................................................................................................13 SCHEDULE 2..................................................................................................................30 TRANSFER ARRANGEMENTS .............................................................................................30 1. THE REORGANISATION ........................................................................................30 2. THE TRANSFER...................................................................................................31 3. THE REGULATED ASSETS .....................................................................................31 4. CONSIDERATION ................................................................................................31 5. COMPLETION OF THE TRANSFER ...........................................................................32 6. LOAN BY WH BIDCO ............................................................................................35 7. BONDHOLDER CASH CONSIDERATION....................................................................38 8. SEPARATION AMOUNT .........................................................................................38 9. TOP UP FACILITY ................................................................................................38 10. CASH ADJUSTMENT.............................................................................................43 11. GOOD FAITH AND WRONG POCKETS ......................................................................46 12. INTELLECTUAL PROPERTY.....................................................................................48 13. CONTINUING OBLIGATIONS .................................................................................50 14. CANAL+ ............................................................................................................53 15. VAT ..................................................................................................................54 SCHEDULE 3..................................................................................................................55 THE CALL OPTION...........................................................................................................55 1. THE CALL OPTION...............................................................................................55 2. CALL OPTION PERIOD..........................................................................................55 3. COMPLETION......................................................................................................56 4. SPANISH REGULATORY APPROVAL .........................................................................56 5. SPANISH MIGRATION PLAN AND ASSISTANCE .........................................................57 6. MANAGEMENT OF THE SPORTINGBET SPANISH BUSINESS.........................................57 SCHEDULE 4..................................................................................................................63 IP Assets.......................................................................................................................63 Unregistered Trade Marks ................................................................................................68 Domain Names...............................................................................................................69 Part B...........................................................................................................................72 SPORTINGBET SPANISH IP ASSETS (to the extent not Miapuesta IP Assets) .............................72 Domain Names...............................................................................................................72 Part C...........................................................................................................................73 PARADISE POKER ASSETS................................................................................................73 Trade Marks...................................................................................................................73 Domain Names...............................................................................................................74 Part D...........................................................................................................................75 SPORTINGBET AUSTRALIAN IP ASSETS ..............................................................................75 LONDON\AAV\27007714.09 Unregistered Trade Marks ................................................................................................75 Domain Names...............................................................................................................75 SCHEDULE 5..................................................................................................................76 Accounting policies .........................................................................................................76 LONDON\AAV\27007714.09 THIS DEED is made on 2013 BETWEEN: (1) WILLIAM HILL PLC, a company incorporated in England and Wales with registered address Greenside House, 50 Station Road, Wood Green, London N22 7TP and registered number 4212563 ("WH plc"); (2) WILLIAM HILL ORGANIZATION LIMITED, a company incorporated in England and Wales, with registered address Greenside House, 50 Station Road, Wood Green, London N22 7TP and registered number 278208 ("WHO"); (3) WILLIAM HILL AUSTRALIA PTY LIMITED, a company incorporated in the state of Victoria, Australia, with registered address c/o Ashurst Australia, Grosvenor Place, L36, 225 George Street, Sydney NSW 2000, Australia and registered number ACN161652973 ("WH Bidco" and, together with WH plc and WHO being "William Hill"); (4) GVC HOLDINGS PLC, a company incorporated in the Isle of Man with registered address of Milbourn House, St Georges Street, Douglas, Isle of Man IM1 1AJ and registered number 4685V ("GVC"); and (5) SPORTINGBET PLC, a company incorporated in England and Wales with registered address 4th Floor, 45 Moorfields, London EC2Y 9AE and registered number 03534726 ("Sportingbet"), each a "Party" and together, the "Parties". RECITALS (A) WH Bidco and GVC have announced a firm intention to make a recommended cash and share acquisition of the entire issued and to be issued share capital of Sportingbet pursuant to Rule 2.7 of the City Code. The Offer will be made (whether by means of the Scheme or the Takeover Offer) on the terms and subject to the Conditions set out in the Rule 2.7 Announcement and the further terms set out in the Offer Documentation. (B) The consideration payable to the Scheme Shareholders (if the Offer is implemented by means of the Scheme) or the Sportingbet Shareholders (if the Offer is implemented by means of the Takeover Offer) will be a combination of cash and New GVC Shares. WH Bidco has agreed, inter alia, to loan to GVC funds including the amount necessary to make payment of the Sportingbet Shareholder Cash Consideration to the relevant Scheme Shareholders or Sportingbet Shareholders (as applicable) in accordance with the terms of clause 6.1 (The Scheme Loan) or clause 6.2 (The Takeover Offer Loan) (as applicable) of schedule 2 (Transfer arrangements). (C) Pursuant to the Offer, Sportingbet (if the Offer is implemented by means of the Scheme) or GVC (if the Offer is implemented by means of the Takeover Offer) will pay the Bondholder Cash Consideration in accordance with the provisions of clause 7 (Bondholder Cash Consideration) of schedule 2 (Transfer arrangements) and
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