Exhibit 10.3
Execution Version
Second Amendment to Unit Purchase Agreement
This Second Amendment to Unit Purchase Agreement (this “Amendment”) is entered
into as of July 15, 2018, by and among Caesars Entertainment Corporation, a
Delaware corporation (“Buyer”), Clairvest GP Manageco Inc. (“Sellers
Representative”), Centaur Holdings, LLC (“Centaur”) and each of the Persons
listed on Schedule 1 of the UPA (as defined herein) (the “Sellers”).
RECITALS:
A.    Buyer, Sellers Representative, Centaur and Sellers have entered into that
certain Unit Purchase Agreement, dated as of November 16, 2017 (as may be
amended from time to time including hereby, the “UPA”).
B.    Buyer, Sellers Representative, Centaur and Sellers now desire to amend the
terms of the UPA, as set forth herein, in accordance with Section 11.09
(Amendments) of the UPA.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto agree as follows:
1.    Incorporation of Recitals; Defined Terms. The parties hereto acknowledge
that the Recitals set forth above are true and correct in all material respects.
The defined terms in the Recitals set forth above are hereby incorporated into
this Amendment by reference. All other capitalized terms used herein without
definition shall have the same meanings herein as such terms have in the UPA.
2.    Amendment to UPA.
a)
The following definitions are hereby added to Article I of the UPA, with such
other changes to the definitions in Article I of the UPA as may be required by
the amendments set forth in this Section 2 of the Amendment:

“Accrued Tax Balance” means (i) the aggregate amount of prepaid income and
gaming Taxes less (ii) the aggregate amount of all income and gaming tax
liabilities, determined as of the applicable time.
“Company Cash Balance” means the amount of Company Cash determined as of the
applicable time.
“Horsemen’s Cash Balance” means (i) the aggregate amount of Horsemen’s Cash held
by the Company less (ii) the aggregate amount of all liabilities relating to the
Horsemen’s Cash, determined as of the applicable time.
“June 30 Reference Date” means 11:59 pm on June 30, 2018.
“June Working Capital” means (a) the Current Assets of the Company, less (b) the
Current Liabilities of the Company, determined as of the June 30 Reference Date,
calculated consistent with and using the same methods, procedures, assumptions
and adjustments as set forth on Exhibit B.
b)
Section 2.06(a) of the UPA is hereby amended and restated in its entirety to
read as follows:

(a)Closing Adjustments.
(i)June Working Capital. At least one Business Day before the Closing, the
Company shall prepare and deliver to Buyer a statement setting forth its good
faith calculation of the estimated June Working Capital (the “June Working
Capital”), which statement shall contain a balance sheet of the Company as of
the June 30 Reference Date (without giving effect to the transactions
contemplated herein) and a calculation of the June Working Capital and the
Closing Adjustment (the “June Statement”). The June Statement will be prepared
in accordance with GAAP applied using the same accounting methods, practices,
principles, policies and procedures, with consistent classifications, judgments
and valuation and estimation methodologies that were used in the preparation of
the Audited Financial Statements for the most recent fiscal year end as if such
June Statement was being prepared and audited as of a fiscal year end, except
for such adjustments and estimates as may be required, in the good faith
determination of the Company, to take account of the fact that the June
Statement is being prepared as of the June 30 Reference Date.

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(ii)June Accrued Taxes. At least one Business Day before the Closing, the
Company shall prepare and deliver to Buyer a statement setting forth its good
faith calculation of the estimated Accrued Tax Balance as of the June 30
Reference Date (the “June Accrued Tax Balance”).
(iii)June Horsemen’s Cash. At least one Business Day before the Closing, the
Company shall prepare and deliver to Buyer a statement setting forth its good
faith calculation of the estimated Horsemen’s Cash Balance as of the June 30
Reference Date (the “June Horsemen’s Cash Balance”).
(iv)June Company Cash. At least one Business Day before the Closing, the Company
shall prepare and deliver to Buyer a statement setting forth its good faith
calculation of the estimated Company Cash Balance as of the June 30 Reference
Date (the “June Company Cash”).
(v)Closing Adjustment. The “Closing Adjustment” shall be an amount equal to the
sum of:
(A)
The difference between June Company Cash and $25,000,000 (where the difference
will be positive, if the June Company Cash exceeds $25,000,000 or negative, if
the June Company Cash is less than $25,000,000); plus

(B)
The difference between June Working Capital and Target Working Capital (where
the difference will be positive, if the June Working Capital exceeds the Target
Working Capital, or negative, if the Target Working Capital exceeds the June
Working Capital); plus

(C)
The amount by which the June Accrued Tax Balance is greater than zero (if
applicable); plus

(D)
The amount by which June Horsemen’s Cash Balance is greater than zero (if
applicable); minus

(E)
The absolute value of the amount by which the June Accrued Tax Balance is less
than zero (if applicable); minus

(F)
The absolute value of the amount by which the June Horsemen’s Cash Balance is
less than zero (if applicable).

(vi) If the Closing Adjustment is a positive number, the Purchase Price shall be
increased by the amount of the Closing Adjustment. If the Closing Adjustment is
a negative number, the Purchase Price shall be reduced by the amount of the
Closing Adjustment.
(vii) July Adjustment.
(A)
On or before July 31, 2018, the Company shall prepare and deliver to Buyer and
Sellers Representative a statement setting forth its good faith calculation of
the estimated Closing Working Capital (the “July Working Capital”), which
statement shall contain a balance sheet of the Company as of the Closing Date
(without giving effect to the transactions contemplated herein) and a
calculation of the July Working Capital and the July Adjustment (the “July
Statement”). The July Statement, as it applies to the calculation of July
Working Capital, will be prepared in accordance with GAAP applied using the same
accounting methods, practices, principles, policies and procedures, with
consistent classifications, judgments and valuation and estimation methodologies
that were used in the preparation of the Audited Financial Statements for the
most recent fiscal year end as if such July Statement was being prepared and
audited as of a fiscal year end, except for such adjustments and estimates as
may be required, in the good faith determination of the Company, to take account
of the fact that the July Statement is being prepared at a time other than
following the closing of the Company’s books for the prior calendar month, which
adjustments and estimates shall be consistent with the adjustments and estimates
used in the preparation of the Estimated Closing Statement.

(B)
On or before July 31, 2018, the Company shall prepare and deliver to Buyer and
Sellers Representative a statement setting forth its good faith calculation

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of the estimated Closing Date Accrued Tax Balance (the “July Accrued Tax
Balance”).
(C)
On or before July 31, 2018, the Company shall prepare and deliver to Buyer and
Sellers Representative a statement setting forth its good faith calculation of
the estimated Closing Date Horsemen’s Cash Balance (the “July Horsemen’s Cash
Balance”).

(D)
On or before July 31, 2018, the Company shall prepare and deliver to Buyer and
Sellers Representative a statement setting forth its good faith calculation of
the estimated Closing Date Company Cash (the “July Company Cash”).

(E)
The “July Adjustment” shall be an amount equal to the sum of:

1.
The difference between July Company Cash and June Company Cash (where the
difference will be positive, if the July Company Cash exceeds the June Company
Cash, or negative, if the June Company Cash exceeds the July Company Cash); plus

2.
The difference between July Working Capital and June Working Capital (where the
difference will be positive, if the July Working Capital exceeds the June
Working Capital, or negative, if the June Working Capital exceeds the July
Working Capital); plus

3.
The amount by which the July Accrued Tax Balance exceeds the June Accrued Tax
Balance (if applicable); plus

4.
The amount by which July Horsemen’s Cash Balance exceeds the June Horsemen’s
Cash Balance (if applicable); minus

5.
The absolute value of the amount by which the July Accrued Tax Balance is less
than the June Accrued Tax Balance (if applicable); minus

6.
The absolute value of the amount by which the July Horsemen’s Cash Balance is
less than the June Horsemen’s Cash Balance (if applicable).

(F)
After receipt of the July Statement, Buyer and Sellers Representative shall have
five (5) Business Days to review the July Statement and to consult with the
Company with respect to the calculations shown thereon provided, however, that
such consultation shall be in a manner that does not interfere with the normal
business operations of the Company.

(G)
If the July Adjustment is a positive number, the Purchase Price shall be
increased by the amount of the July Adjustment. If the July Adjustment is a
negative number, the Purchase Price shall be reduced by the amount of the July
Adjustment.

(H)
The payment of the July Adjustment shall (A) be due on August 7, 2018 and (B) if
owed to the Buyer, the amount of the July Adjustment shall be set-off (in
accordance with Exhibit A and Section 9.06(b)) as a dollar-for-dollar reduction
to the aggregate amount outstanding under the Deferred Purchase Price Payment to
the extent such aggregate amount outstanding is available therefor after taking
into account any prior set-off claims (and the Sellers shall be responsible,
severally and not jointly and in accordance with their Indemnity Allocation
Percentages, for any portion of the July Adjustment that cannot be set-off by
Buyer), and if owed to Sellers, the amount of the July Adjustment shall be paid
by wire transfer of immediately available funds to a bank account or accounts
and in such proportions as specified by the Sellers Representative in writing to
Buyer on or before July 31, 2018.

c)
Section 2.6(b)(ii) is hereby amended and restated in its entirety as follows:

(i)The post-closing adjustment (the “Post-Closing Adjustment”) shall be an
amount equal to the sum of:

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(A)
The difference between Closing Date Company Cash and July Company Cash (where
the difference will be positive, if the Closing Date Company Cash exceeds the
July Company Cash, or negative, if the July Company Cash exceeds the Closing
Date Company Cash); plus

(B)
The difference between Closing Working Capital and July Working Capital (where
the difference will be positive, if the Closing Working Capital exceeds the July
Working Capital, or negative, if the July Working Capital exceeds the Closing
Working Capital); plus

(C)
The amount by which the Closing Date Accrued Tax Balance exceeds the July
Accrued Tax Balance (if applicable); plus

(D)
The amount by which Closing Date Horsemen’s Cash Balance exceeds the July
Horsemen’s Cash Balance (if applicable); minus

(E)
The absolute value of the amount by which the Closing Date Accrued Tax Balance
is less than the July Accrued Tax Balance (if applicable); minus

(F)
The absolute value of the amount by which the Closing Date Horsemen’s Cash
Balance is less than the July Horsemen’s Cash Balance (if applicable).

If the Post-Closing Adjustment as finally determined in accordance with this
Section 2.06 is a positive number, Buyer shall pay to Sellers Representative an
amount equal to the Post-Closing Adjustment. If the Post-Closing Adjustment is a
negative number, Buyer or Assignee shall set-off such amount (in accordance with
Exhibit A and Section 9.06(b)) as a dollar-for-dollar reduction to the aggregate
amount outstanding under the Deferred Purchase Price Payment to the extent such
aggregate amount outstanding is available therefor after taking into account any
prior set-off claims, and the Sellers shall be responsible, severally and not
jointly and in accordance with their Indemnity Allocation Percentages, for any
portion of the Post-Closing Adjustment that cannot be set-off by Buyer.
d)
Schedule 1 of the UPA is hereby amended and restated in the entirety by
replacing Schedule 1 of the UPA with Schedule 1 hereto.

3.    Reservation of Rights Agreement. The Sellers acknowledge and agree that
the Buyer, Centaur and the Sellers Representative have entered into that certain
Reservation of Rights Agreement dated on or about the date hereof.
4.    Miscellaneous. By its acceptance hereof, each of Buyer, Sellers
Representative, Centaur and each Seller hereby represents that it has the
necessary power and authority to execute, deliver, and perform the undertakings
contained herein, and that this Amendment constitutes the valid and binding
obligation of each such party enforceable against it in accordance with its
terms. This Amendment may be executed in counterparts and by different parties
on separate counterpart signature pages, each of which constitutes an original
and all of which taken together constitute one and the same instrument. Delivery
of a counterpart hereof by e‑mail transmission of an Adobe portable document
format file (also known as a “PDF” file) shall be effective as delivery of a
manually executed counterpart hereof. This Amendment shall be governed by New
York law.

[Signature Pages to Follow]

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This Second Amendment to Unit Purchase Agreement is entered into as of the date
and year first above written.

CAESARS ENTERTAINMENT CORPORATION
By:    /s/ Eric Hession                
Name:    Eric Hession                    
Title:    Chief Financial Officer            

Solely in its capacity as Sellers Representative,
CLAIRVEST GP MANAGECO INC.
By:    /s/ Michael Wagman                
Name:    Michael Wagman                
Title:    President & Managing Director    
    
By: /s/ Daniel Cheng
Name: Daniel Cheng
Title: Chief Financial Officer

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CEP IV CO-INVESTMENT HOLDINGS LIMITED PARTNERSHIP
By: 2561731 ONTARIO INC., as general partner
By:    /s/ Michael Wagman                
Name:    Michael Wagman                
Title:    President    
                
By:    /s/ Daniel Cheng                
Name:    Daniel Cheng                    
Title:    Chief Financial Officer            

CEP IV-A-INDY AIV LIMITED PARTNERSHIP
By: Clairvest General Partners IV, L.P., its general partner
By: Clairvest GP (GPLP) Inc., its general partner
By:    /s/ Michael Wagman            
Name:    Michael Wagman            
Title:    President    
            
By:    /s/ Daniel Cheng            
Name:    Daniel Cheng                
Title:    Chief Financial Officer        

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CLAIRVEST EQUITY PARTNERS IV HOLDINGS LIMITED PARTNERSHIP
By: 2561731 ONTARIO INC., its general partner
By:    /s/ Michael Wagman                
Name:    Michael Wagman                
Title:    President                    

By:    /s/ Daniel Cheng                
Name:    Daniel Cheng        
Title:    Chief Financial Officer            

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/s/ G. John Krediet                    
G. John Krediet

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PFCF, LLC
By:    /s/ Molly Simmons            
Name:    Molly Simmons        
Title:    Managing Director        

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NORTHLEAF CAPITAL PRIVATE EQUITY COLLECTOR (CANADA) LP
By: NORTHLEAF CAPITAL PARTNERS GP LTD, its general partner
By:    /s/ Michael Flood            
Name:    Michael Flood            
Title:    Managing Director        

By:    /s/ Katherine Gurney            
Name:    Katherine Gurney        
Title:    General Counsel        

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WEST FACE LONG TERM OPPORTUNITIES GLOBAL MASTER L.P.
By: WEST FACE CAPITAL INC., its advisor
By:    /s/ Peter Fraser                
Name:    Peter L. Fraser            
Title:    Partner                

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FCO MA II UB SECURITIES LLC
By:    /s/ Constantine M. Dakolias        
Name:    Constantine M. Dakolias    
Title:    President            

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FCO MA LSS LP
By: FCO MA LSS GP LLC, its general partner
By:    /s/ Constantine M. Dakolias        
Name:    Constantine M. Dakolias    
Title:    President            

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FCO MA MAPLE LEAF LP
By: FCO MA MAPLE LEAF GP LLC, its general partner
By:    /s/ Constantine M. Dakolias        
Name:    Constantine M. Dakolias    
Title:    President            

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FCOF II UBX SECURITIES LLC
By:    /s/ Constantine M. Dakolias        
Name:    Constantine M. Dakolias    
Title:    President            

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FCOF UB INVESTMENTS LLC
By:    /s/ Constantine M. Dakolias        
Name:    Constantine M. Dakolias    
Title:    President            

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FTS SIP L.P.
By: FCO MA GP LLC, its general partner
By:    /s/ Constantine M. Dakolias        
Name:    Constantine M. Dakolias    
Title:    President            

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SPECIAL SITUATIONS INVESTING GROUP, INC.
By:    /s/ Daniel S. Oneglia            
Name:    Daniel S. Oneglia        
Title:    Authorized Signatory        

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SPECTRUM INVESTMENT PARTNERS LP
By: Spectrum Group Managment LLC, as Investment Manager
By:    /s/ Jeffrey A. Schaffer            
Name:    Jeffrey A. Schaffer        
Title:    Managing Member        

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THE RODERICK J. RATCLIFF TRUST, DATED
APRIL 16, 2016
By:    /s/ Roderick J. Ratcliff        
Name:    Roderick J. Ratcliff        
Title:    Trustee            

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/s/ James L. Brown                
James L. Brown

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/s/ John S. Keeler                
John S. Keeler

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JOHN KEELER SELF-DIRECTED IRA
By: The National Bank of Indianapolis, as custodian
By:    /s/ Sue Johnson                
Name:    Sue Johnson                    
Title:    Vice President                

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/s/ Kurt E. Wilson                
Kurt E. Wilson

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KURT WILSON SELF-DIRECTED IRA
By: The National Bank of Indianapolis, as custodian
By:    /s/ Sue Johnson                
Name:    Sue Johnson                    
Title:    Vice President                

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/s/ Barton A. Early                
Barton A. Early

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/s/ Roderick J. Ratcliff            
Roderick J. Ratcliff

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CENTAUR HOLDINGS, LLC
By:    /s/ John S. Keeler            
Name:    John S. Keeler            
Title:    Vice President, General Counsel and Secretary