Document:

Exhibit 10.5

 

Second amended
and restated INTERCOMPANY NOTE

 

		$150,000,000.00	December 29, 2020

 

FOR VALUE RECEIVED,
the undersigned LANDRY’S FERTITTA, LLC, a Texas limited liability company
(“Maker”), hereby unconditionally promises to pay to the order of GOLDEN NUGGET ONLINE GAMING, LLC,
a New Jersey limited liability company (“Payee”), the principal sum of ONE
HUNDRED FIFTY MILLION dollars and 00/100 ($150,000,000.00) or if less, as much thereof as may be outstanding (the “Principal
Amount”), together with accrued interest thereon, and in strict accordance with the terms and provisions hereof.

 

1.                  
Definitions. When used in this Note, (a) the following terms shall have the respective meanings specified
herein or in the Section referred to, and (b) capitalized terms used herein and not defined in this Section
have the meanings assigned to such terms in the Credit Agreement:

 

“Bankruptcy
Code” means title 11 of the United States Code, as in effect from time to time.

 

“Business
Day” means any day that is not a Saturday, Sunday, or other day on which banks are authorized or required to close
in the State of New York, except that, if a determination of a Business Day relates to any LIBOR Rate Loan under the Credit Agreement
or a Base Rate Loan under the Credit Agreement which utilizes the LIBOR Rate, the term “Business Day”
also shall exclude any day on which banks are closed for dealings in United States Dollar deposits in the London interbank market.

 

“Credit
Agreement” is defined in Section 3 hereof.

 

“Event
of Default” is defined in Section 4 hereof.

 

“Insolvency
Proceeding” means any proceeding commenced by or against Maker under any provision of the Bankruptcy Code or under
any other state or federal bankruptcy or insolvency law, assignments for the benefit of creditors, formal or informal moratoria,
compositions, extensions generally with creditors, or proceedings seeking reorganization, arrangement, or other similar relief.

 

“Interest
Payment Date” is defined in Section 2(c)(ii) hereof.

 

“Maker”
is defined in the introductory paragraph hereof.

 

“Maturity
Date” means the earlier of (a) the date that the obligations hereunder are due and payable following any acceleration
hereunder in accordance with Section 4(b) of this Note and (b) October 4, 2024.

 

“Payee”
is defined in the introductory paragraph hereof.

 

“Principal
Amount” is defined in the introductory paragraph hereof.

 

“Maximum
Interest” means, for any period of determination, the highest rate of interest permitted to be paid under this Note
under any law that a court of competent jurisdiction shall, in a final and non-appealable determination, deem applicable.

 

“Note”
shall mean this Second Amended and Restated Intercompany Note, as it may hereafter be renewed, extended, modified, amended, supplemented
restated, or amended and restated, and all rearrangements thereof and any substitutions therefor.

 

    

     

    

 

“Note
Rate” means, with respect to the interest rate chargeable on the outstanding Principal Amount, a rate equal to 6.0%
per annum.

 

2.                  
Payment Terms.

 

(a)               
Interest Rates. Except as provided in Section 2(b) below, the outstanding Principal Amount shall
bear interest on the unpaid principal balance from day-to-day remaining at the Note Rate.

 

(b)               
Default Rate. The outstanding Principal Amount shall bear interest at a per annum rate equal to two percentage
points above the applicable Note Rate (i) upon the occurrence and during the continuation of an Event of Default under Sections
4(a), 4(b) or 4(c), and (ii) at the election of Payee, upon the occurrence and during the continuation
of any other Event of Default.

 

(c)               
Payment of Principal and Interest.

 

(i)                
The outstanding Principal Amount hereunder, together with all unpaid and accrued interest, and all other fees and
expenses is due and payable on the Maturity Date.

 

(ii)              
Interest on the outstanding Principal Amount is due and payable, in arrears, on the last day of each March, June,
September and December (each, an “Interest Payment Date”); provided that if such Interest Payment
Date falls on a day that is not a Business Day, such Interest Payment Date shall be moved to the next succeeding Business Day.

 

(d)               
Computation. Interest hereunder shall be computed on the basis of a 365/366 day year for the actual number
of days elapsed in the period during which the interest accrues.

 

(e)               
Intent to Limit Charges to Maximum Lawful Rate. Payee intends to contract in strict compliance with applicable
usury law from time to time in effect. In furtherance thereof, such Payee and Maker stipulate and agree that none of the terms
and provisions contained in this Note shall ever be construed to create a contract to pay, for the use, forbearance or detention
of money, or interest in excess of the Maximum Interest. Neither Payee nor Maker, any endorser, or other Person hereafter becoming
liable for payment of any portion of the Principal Amount shall ever be liable to pay interest thereon in excess of the Maximum
Interest, and the provisions of this Section shall control over all other provisions of the Note which may be in
conflict or apparent conflict herewith. If (i) the maturity of this Note is accelerated for any reason, (ii) any portion of the
Principal Amount is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum
Interest, or (iii) Payee or any other holder of this Note shall otherwise collect moneys that are determined to constitute interest
which would otherwise increase the interest and other amounts deemed interest on any or all of the debt evidenced by this Note
to an amount in excess of the Maximum Interest, then all sums determined to constitute interest in excess of the Maximum Interest
shall, without penalty, be promptly applied to reduce the then outstanding Principal Amount or, at such Payee’s or holder’s
option, promptly returned to Maker upon such determination. In determining whether or not the interest paid or payable, under any
specific circumstance, exceeds the Maximum Interest, Payee shall to the greatest extent permitted under applicable law, (x) characterize
any non-principal payment as an expense, fee or premium rather than as interest, (y) exclude the voluntary prepayments and the
effects thereof, and (z) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated
term of this Note in accordance with the amounts outstanding from time to time thereunder and the Maximum Interest in order to
lawfully charge the Maximum Interest.

 

(f)                 Prepayment.
Maker has the right at any time and from time to time to prepay all or any portion of the outstanding principal balance
hereunder, without fee, penalty or premium; provided, however, that such prepayment shall also include any and all
accrued but unpaid interest on the amount of principal being so prepaid through and including the date of prepayment.

 

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3.                  
Credit Agreement. Maker and Payee are party to that certain Credit Agreement dated as of April 28, 2020
by and among Maker, as parent guarantor, Payee, as borrower, the Lenders from time to time party thereto and Jefferies Finance,
LLC, as agent for the Lenders (in such capacity, the “Agent”), as amended on June 12, 2020 (the “First
Amendment”), as further amended on June 29, 2020 (the “Second Amendment”) and as the same
may be modified, supplemented, amended, restated or amended and restated from time to time (the “Credit Agreement”).
In connection with the Credit Agreement, Maker and Payee acknowledge that:

 

(a)               
This Note evidences the Parent Intercompany Loan contemplated and permitted by the terms of the Credit Agreement;

 

(b)               
This Note shall be pledged by Payee to the Agent, for the benefit of the Lenders, as collateral security for the
full and prompt payment when due of, and the performance of, the Obligations of Maker and Payee under the Credit Agreement and
the other Loan Documents;

 

(c)               
After the date hereof, any payments under the Credit Agreement and the other Loan Documents (whether made by the
Maker, any Guarantor, or through the application of proceeds of Collateral) that, and to the extent such payment, reduces the principal
balance of the Loans under the Credit Agreement will result in a corresponding reduction in the Principal Amount due and owing
under this Note by an equivalent amount; provided that, each of the parties hereto agree that (1) as of the date hereof,
the principal balance of the Loans under the Credit Agreement is $150,000,000 and (2) the Principal Amount due and owing under
this Note shall not be less than zero as a result of the reduction mechanics set forth in this clause;

 

(d)               
For U.S. federal income tax purposes, (i) this Note shall be treated as part of a security arrangement relating to
the Credit Agreement and other Loan Documents and shall not constitute indebtedness of the Maker, (ii) the parties intend that
this Note and related transactions do not give rise to any taxable income to the Payee, the Maker or any of their successors or
affiliates and (iii) Maker and Payee (including their successors, if any) shall not take a contrary position in any tax filing
or otherwise in a manner inconsistent with the foregoing; and

 

(e)               
After the occurrence of and during the continuance of an “Event of Default” under and as defined
in the Credit Agreement, Agent may, in addition to the other rights and remedies provided pursuant to the Credit Agreement and
the other Loan Documents and otherwise available to it (subject to any applicable notice requirements thereunder and applicable
law), exercise all rights of Payee with respect to this Note.

 

4.                  
Events of Defaults; Remedies.

 

(a)               
An “Event of Default” exists hereunder if any one or more of the following events shall
occur:

 

(i)                
Maker fails to make any scheduled payment (A) of interest or fees hereunder when due, and such failure continues
for a period of three (3) Business Days, or (B) any portion of the Principal Amount when due;

 

(ii)              
If an Insolvency Proceeding is commenced by Maker;

 

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(iii)            
 If an Insolvency Proceeding is commenced against Maker and any of the following events occur: (a) Maker consents
to the institution of such Insolvency Proceeding against it, (b) the petition commencing the Insolvency Proceeding is not timely
controverted, (c) the petition commencing the Insolvency Proceeding is not dismissed within 60 calendar days of the date of the
filing thereof, (d) an interim trustee is appointed to take possession of all or any substantial portion of the properties or assets
of, or to operate all or any substantial portion of the business of Maker, or (e) an order for relief shall have been issued or
entered therein; or

 

(iv)             
Any “Event of Default” (as defined in the Credit Agreement) occurs under the Credit Agreement
and is not cured or waived in accordance with the terms of the Credit Agreement.

 

(b)               
Remedies. Upon the occurrence and continuation of any Event of Default hereunder, the Payee may, at its option,
(a) declare the entire outstanding Principal Amount under this Note and any and all accrued and unpaid interest thereon (which
accrued interest may be chargeable at the default interest rate in accordance with Section 2(b) hereunder) to
be immediately due and payable without presentment or notice of any kind, and (b) exercise any and all rights and remedies
available to it under applicable law. In the case of any Event of Default specified in Sections 4(a)(ii) or 4(a)(iii)
above relating to any Insolvency Proceeding of Maker, without any notice to Maker or any other act by Payee, the principal balance
and interest accrued on this Note shall become immediately due and payable without presentment, demand, protest, or other notice
of any kind, all of which are hereby waived by Maker.

 

5.                  
Successors and Assigns. The provisions of this Note shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns permitted hereby, except that Maker may not assign or otherwise transfer
any of its rights or obligations hereunder without the prior written consent of the Payee. Any attempted transfer of this Note
in violation of this Section 5 shall be null and void ab initio.

 

6.                  
Amendment and Restatement. This Note amends and restates and is given in renewal and substitution for, but
not in extinguishment of, that certain Amended and Restated Intercompany Note dated as of December 16, 2020 in the original principal
amount of $300,000,000 made by Maker and payable to the order of Payee.

 

7.                  
Gaming Laws. Capitalized terms used in this Section 6 but not defined in this Note shall have
the meanings given under the Credit Agreement, unless the context clearly requires otherwise. This Note is subject to Gaming Laws
and Liquor Laws, and Payee acknowledges, for itself and any subsequent holder of this Note, that (i) it or they are or may be subject
to the jurisdiction of the Gaming Authorities and Liquor Authorities, in their discretion, for licensing, qualification or findings
of suitability or to file or provide other information and (ii) all rights, remedies and powers in or under this Note may be exercised
only to the extent that the exercise thereof does not violate any applicable provisions of the Gaming Laws and only to the extent
that any required approvals (including prior approvals) are obtained from the relevant Gaming Authorities. Payee agrees, for itself
and any subsequent holder of this Note, to cooperate with all Gaming Authorities and Liquor Authorities in connection with the
provision of such documents or other information as may be requested by such Gaming Authorities and/or Liquor Authorities relating
to this Note.

 

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8.                  
 GOVERNING LAW. THIS NOTE AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT
OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS NOTE AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

 

Remainder of Page Intentionally
Left Blank;

Signature Page Follows.

 

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IN
WITNESS WHEREOF, the parties hereto have caused this Note to be duly executed and delivered by their respective duly authorized
officers as of the date first above written.

 

	 	MAKER:
	 	 
	 	LANDRY’S FERTITTA, LLC, a Texas limited liability
    company
	 	 
	 	By:	 /s/ Steven L. Scheinthal
	 	 	Name:	Steven L. Scheinthal
	 	 	Title:	Vice President and Secretary

 

Signature Page to 

Second A&R Intercompany Promissory Note

 

    

     

    

 

	 	Acknowledged
    by:
	 	 
	 	PAYEE:
	 	 
	 	GOLDEN
    NUGGET ONLINE GAMING, LLC, a New Jersey limited liability company
	 	 
	 	By:	/s/
    Steven L. Scheinthal
	 	 	Name:	Steven
    L. Scheinthal
	 	 	Title:	Vice
    President and Secretary

 

Signature Page to 

Second A&R Intercompany Promissory Note

 

    

     

    

 

ALLONGE

 

The undersigned (the “Assignor”),
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, hereby assigns and endorses
to Jefferies Finance, LLC (together with any successors and assigns, the
 “Assignee”), that certain Second Amended and Restated Intercompany Note dated December 29, 2020, in the
original principal amount of $150,000,000.00 executed by Landry’s Fertitta, LLC, a Texas limited liability company (“Maker”)
and payable to the order of Assignor (the “Note”).

 

Such assignment and endorsement is being
made pursuant to that certain Credit Agreement dated as of April 28, 2020, by and among Maker, as parent guarantor, Assignor, as
borrower, the lenders from time to time party thereto and Assignee, as agent for the lenders named therein, as the same may be
modified, supplemented, amended and restated or amended and restated from time to time (the “Credit Agreement”).

 

Such assignment and endorsement shall have
the same effect as though it were written directly on the Note itself. Notwithstanding anything contained herein to the contrary,
it is agreed that the assignment and endorsement evidenced by this Allonge is made (a) without recourse or warranty of any kind,
and (b) subject to the terms of that certain Security Agreement dated as of April 28, 2020, by and among Assignor and Maker, as
grantors, the other parties thereto, and Assignee (modified, supplemented, amended, restated or amended and restated from time
to time), the Credit Agreement, and the other Loan Documents (as such term is defined in the Credit Agreement).

 

By its acceptance hereof, Assignee acknowledges and agrees to
the provisions set forth in Section 6 of the Note

 

	 	ASSIGNOR:
	 	 
	 	GOLDEN
    NUGGET ONLINE GAMING, LLC, a New Jersey limited liability company
	 	 
	 	By:	/s/
    Steven L. Scheinthal
	 	 	Name:	Steven
    L. Scheinthal
	 	 	Title:	Vice
    President and Secretary

 

Allonge of Second A&R Intercompany NoteExhibit 10.6

 

TRADEMARK LICENSE AGREEMENT

 

This TRADEMARK LICENSE
AGREEMENT (“Agreement”) is made and effective as of December 29, 2020 (the “Effective Date”),
by and among GOLDEN NUGGET, LLC, a Nevada limited liability company (“GN Parent”), GNLV, LLC., a Nevada limited
liability company (“Licensor”), and GOLDEN NUGGET ONLINE GAMING, LLC, a New Jersey limited liability company
(“Licensee”).

 

WHEREAS, Licensor has
the right and authority to license the use of the trademarks set forth on Exhibit “A” attached hereto (collectively,
the “Marks”);

 

WHEREAS, Licensee desires
to acquire from Licensor, and Licensor desires to grant to Licensee, a license to use the Marks in connection with engaging in
the business of online real money casino gambling and sports wagering under the Marks (the “Business”), pursuant
to the terms and conditions provided herein; and

 

NOW THEREFORE, in consideration
of the mutual promises herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:

 

1.                 
GRANT OF LICENSE.

 

(a)              
Exclusive License. During the License Term, Licensor hereby grants to Licensee an exclusive (even as to Licensor),
non-transferable, irrevocable (until this Agreement is terminated according to Section 7) license to use the Marks solely in connection
with the Business (the “License”) in the United States and any of its territories (subject to Section 1(b)
and 1(c), the “Exclusive Area”). For clarity, the License includes the right of Licensee to use the Marks
in domain names for the Business. Nothing in this Agreement shall allow Licensee to use any of the Marks in connection with any
other activity or business, including operation or management of a land-based (i.e., “Brick and Mortar”) casino or
hotel. For the avoidance of doubt, Licensor shall have no right to use or license (and shall not license nor authorize any other
person or entity to use) any of the Marks in the Exclusive Area in connection with any online real money casino gambling or sports
wagering and Licensor agrees not to oppose, contest or otherwise object to Licensee’s use of the Marks, so long as Licensee’s
use is in compliance with the License granted under this Agreement. Any rights not expressly granted to Licensee under this Agreement
are reserved by Licensor. Additionally, Licensee and Licensor acknowledge and agree that it may be in the best interest of Licensee
and Licensor to work together with respect to certain joint advertising, marketing and promotional activities (including, but not
limited to, maintaining joint or linked websites) with respect to the Marks and further agree to use commercially reasonable efforts
to work together to accomplish such activities.

 

(b)               Exclusive
Area Adjustment. (i) If (A) legislation is signed into law to legalize online real money casino gambling or sports
wagering in a particular U.S. state within the Exclusive Area (a “Legalization Event”), and (B) an
Inaction Trigger (as defined below) occurs, the Exclusive Area will automatically and immediately be deemed to exclude the
state in which such Inaction Trigger occurred (and for clarity, Licensee shall from that point forward have no rights to
utilize the Marks within such state without the prior written consent of Licensor). (ii) As used in this Agreement, an
 “Inaction Trigger” means the occurrence of any of the following: (A) Licensee provides notice to Licensor
that it does not intend to conduct the Business in a state where a Legalization Event occurred; (B) Licensee does not confirm
in writing to Licensor of Licensee’s intent to conduct the Business in a state where the Legalization Event occurred
within thirty (30) days following receipt of a written notice from Licensor requesting confirmation of Licensee’s
intent with respect to such Legalization Event (“Event Notice”); (C) if within twelve (12) months of an
Event Notice, (1) Licensee fails to execute an Operating Agreement with a third party legally permitted to authorize Licensee
to conduct the Business, or (2) if Licensee is eligible to obtain an authorization, permit or license from the state in which
the Legalization Event occurred to independently conduct the Business, and Licensee fails to obtain the authorizations,
permits or licenses necessary for Licensee to conduct the Business in the state where the Legalization Event occurred; or (D)
Licensee confirms in writing that it is not contractually permitted or legally able to pursue the Business in a state
where a Legalization Event has occurred. “Operating Agreement” means a definitive written agreement that
permits Licensee to operate the Business within a state or territory where a Legalization Event has occurred.

 

    

     

    

 

(c)              
Right of First Offer.

 

(i)                
During the License Term, in the event that a Legalization Event occurs in a state within the Exclusive Area in which
GN Parent, or any of its direct or indirect affiliates owns, operates or manages a “Golden Nugget” branded land-based
casino (such entity, “GN”, and each such event, an “Online Gaming Opportunity”), GN Parent
shall (or shall cause such affiliate to) comply with this Section 1(c).

 

(ii)             
After such Legalization Event, GN shall provide Licensee with written notice of the Online Gaming Opportunity, and
such notice shall include a term sheet with the proposed terms of a New Operating Agreement (each such notice, a “Legalization
Notice”). Any term sheet included in a Legalization Notice from GN shall be proposed by GN in good faith based on its
view of the fair market terms of such Online Gaming Opportunity.

 

(iii)            Following
such Legalization Notice, Licensee and GN shall engage in non-exclusive negotiations for a period of ninety (90) days (each
such period, a “Gaming Transaction Period”) to agree upon the fair market terms of a New Operating
Agreement related to such Online Gaming Opportunity, including, without limitation, the market access fee and applicable
minimum payments. If, by the expiration of the applicable Gaming Transaction Period, GN has complied with the provisions of
this Section 1(c)(i) and (iii) and GN and Licensee are unable to reach an agreement regarding the Online Gaming
Opportunity, then (A) Licensee or Licensor may terminate discussions for any reason or no reason, (B) Licensee shall have the
right to enter into an agreement with any third party which holds the right to conduct online gaming to conduct the Business
in the state that is the subject of the applicable Legalization Notice using the Marks, and (C) GN shall have the right to
enter into an agreement with any third party to conduct online gaming utilizing its license in the state that is the subject
of the applicable Legalization Notice, so long as GN does not use (and such third party does not use and is not granted any
rights to use) any of the Marks as a trademark or brand in connection with such operations conducted in such state. For
clarity, to the extent required under applicable regulations, GN’s name may be used by GN or such third party to
identify GN as the owner of the gaming license therefor.

 

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(iv)            
Notwithstanding any other provision to the contrary, Licensee and Licensor acknowledge and agree that the rights
and obligations of the Licensee and Licensor contemplated in this Section 1(c): (A) shall not apply if an Event of Default
has occurred and has not been remedied within the applicable cure period contemplated in Section 7; (B) shall not apply
in the event that Licensor (1) becomes insolvent or is generally unable to pay, or fails to pay, its debts as they become due,
(2) files or has filed against it, a petition for voluntary or involuntary bankruptcy or otherwise becomes subject, voluntarily
or involuntarily, to any proceeding under any domestic or foreign bankruptcy or insolvency law, (3) makes or seeks to make a general
assignment for the benefit of its creditors, or (4) applies for or has appointed 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
(each, a “Bankruptcy Event”), and (C) may not be assigned by Licensee (in whole or in part) to any third party.

 

(d)              
Skins. Notwithstanding anything to the contrary and for clarity, in the event that GN has access to more than
one branded “skin” as part of a Legalization Event, GN shall be permitted to freely market and/or enter into agreements
with any third-party with respect to any other branded “skins” that GN are authorized to grant under applicable law
in any jurisdiction so long as such branded “skins” does not use any of the Marks.

 

2.                 
OWNERSHIP AND PROTECTION OF THE MARKS.

 

(a)              
Goodwill. Licensee recognizes the significant value of the goodwill associated with the Marks and acknowledges
and agrees (i) that such Marks, and all rights therein and the goodwill pertaining thereto shall inure solely to Licensor, (ii)
that such Marks have acquired secondary meaning in the mind of the public, and (iii) that Licensee shall not, directly or indirectly,
contest or challenge Licensor’s ownership of all right, title and interest in and to such Marks or the validity thereof,
including, without limitation, the goodwill associated therewith. Notwithstanding anything expressed in this Agreement to the contrary,
Licensee shall not acquire, be deemed to have acquired and shall not claim any rights to such Marks other than the irrevocable
License rights granted by Licensor under this Agreement during the License Term.

 

(b)              
Notice of Infringement. Licensee shall give Licensor prompt written notice of any actual or threatened infringement,
misappropriation or other conflict with the Marks by any third party after Licensee has actual knowledge of such infringement,
misappropriation or other conflict. Licensor shall give Licensee prompt written notice of any actual or threatened infringement,
misappropriation or other conflict with the Marks online or that otherwise relates to or may reasonably be expected to impact the
Business within the Exclusive Area by any third party after Licensor has actual knowledge of such infringement, misappropriation
or other conflict. Licensee shall use commercially reasonable efforts to monitor (at its cost and expense) potential third party
infringement of the Marks online.

 

(c)               Notice
of Regulatory Action. Licensee shall promptly notify Licensor if Licensee receives, or if Licensee becomes aware that, a
citation has been issued or investigation commenced by any regulatory agency (federal, state or local) for violation of any
law that may have a reasonable likelihood of having an adverse effect on Licensor or damaging the goodwill associated with
the Marks included in the Marks.

 

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(d)              
Protection of Rights in the Marks.

 

(i)                
Licensor shall take all actions reasonably necessary to preserve the value of the Marks, including by exercising
reasonable quality control with respect to use of the Marks. Licensor shall have the first right, but not the obligation, to apply
for, register for, and maintain registrations for the Marks. At Licensor’s sole cost and expense, Licensee shall provide
Licensor with all commercially reasonable cooperation to assist Licensor in protecting, applying for, registering, or maintaining
any of Licensor’s rights in the Marks.

 

(ii)             
In the event that Licensor is unwilling or unable to apply for, register, or maintain any registrations of the Marks,
then (A) Licensee shall have the right, but not the obligation, to apply for, register for, and maintain registrations for the
Marks in its own name during the License Term at Licensee’s sole cost (subject to Section 4(e)); and (B) Licensor hereby
irrevocably designates and appoints Licensee and each of its duly authorized officers and agents as Licensor’s agent and
attorney in fact, to act for and in Licensor’s behalf and instead of Licensor to execute and file any document and to do
all other lawfully permitted acts to further the purposes described in Section 2(d)(i) at Licensee’s sole cost (subject to
Section 4(e)), which shall constitute an irrevocable power of attorney coupled with an interest. Except as set forth in the foregoing
sentence, during the License Term, Licensee shall not attempt to register or apply for any trademarks that are the same as, or
confusingly similar to, the Marks or any variation thereof without the prior written approval of Licensor.

 

(iii)           
Licensor will notify Licensee in writing in advance if Licensor (x) elects to abandon any U.S. registrations for
the Marks, in which case, at the election of Licensee, Licensor shall assign and transfer such U.S. registration to Licensee; or
(y) plans to sell to any third party (other than an affiliate of Licensor) only those Marks to the extent relating to online real
money casino gambling or sports wagering (and not any other product, service, or business).

 

(e)               Licensor’s
Enforcement of Rights in the Marks. Licensor shall have the first right, but not the obligation, to bring infringement
actions, defend challenges, and participate in similar adversarial proceedings against third parties relating to the Marks, provided
that Licensor has no obligation to bring any suit, action, or other proceeding against any suspected infringer of any Mark.
If Licensor elects to bring an infringement action against a suspected infringer of a Mark, Licensor shall bring such
proceeding in Licensor’s own name, and Licensee will join as a party (at Licensor’s expense) if a court of
competent jurisdiction determines Licensee is an indispensable party to such proceeding and cannot otherwise be joined.
Licensor shall bear its own costs and expenses in all such proceedings and have the right to control the conduct thereof and
be represented by counsel of its own choice therein. If Licensor brings or defends any such proceeding, Licensee shall
reasonably cooperate in all respects with Licensor in the conduct thereof, and shall assist in all reasonable ways, including
having its employees testify when reasonable to do so, and upon taking measures to ensure confidentiality obligations
hereunder, make available for discovery or trial exhibit relevant records, papers, information, samples, specimens, and the
like, subject to Licensor’s reimbursement of any out-of-pocket expenses and other reasonable costs (such as employee
time taken to testify or prepare documents, etc.) incurred on an on-going basis by Licensee in providing Licensor such
assistance. If Licensee undertakes an infringement proceeding against a suspected infringer, any monetary recovery, damages,
or settlement derived from such proceeding will be retained in its entirety by Licensor. Licensor may not settle any such
action in a manner that affects Licensee or its rights in the Marks without the prior written approval of Licensee.

 

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(f)               
Licensee’s Enforcement of Rights in the Marks. If Licensor elects not to bring an infringement action
against a suspected infringer or diluter of the Marks and provides written notice to Licensee of such an election or if Licensor
(or any 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 Licensor’s property or business) is unable or unwilling to do so (including due to a Bankruptcy
Event of Licensor), then Licensee shall have the right, but not the obligation, to bring such proceeding in Licensee’s own
name, and Licensor will join as a party (at Licensee’s expense) if a court of competent jurisdiction determines Licensee
is an indispensable party to such proceeding and cannot otherwise be joined. Licensee shall bear its own costs and expenses in
all such proceedings and have the right to control the conduct thereof and be represented by counsel of its own choice therein.
If Licensee brings or defends any such proceeding, Licensor shall reasonably cooperate in all respects with Licensee in the conduct
thereof, and assist in all reasonable ways, including having its employees testify when reasonable to do so, and upon taking measures
to ensure confidentiality obligations hereunder, make available for discovery or trial exhibit relevant records, papers, information,
samples, specimens, and the like, subject to Licensee’s reimbursement of any out-of-pocket expenses and other reasonable
costs (such as employee time taken to testify or prepare documents, etc.) incurred on an on-going basis by Licensor in providing
Licensee such assistance. If Licensee undertakes such proceeding against a suspected infringer, any monetary recovery, damages,
or settlement derived from such proceeding will be retained in its entirety by Licensee. Licensee may not settle any such action
in a manner that affects Licensor or its rights in the Marks without the prior written approval of Licensor.

 

(g)              
Customer Confusion, Mistake or Deception. In the event that Licensee or Licensor becomes aware of any incident
of actual customer confusion or mistake or deception as to the source of the parties’ respective goods and services arising
from either party’s use of the Marks, the parties shall use their best efforts to agree upon reasonable steps to ensure that
such confusion does not reoccur.

 

3.                 
TERM.

 

The parties hereto agree
that the Agreement term shall commence on the Effective Date and shall continue for a period of twenty (20) years thereafter, unless
earlier terminated pursuant to Section 7 of this Agreement (the “License Term”).

 

4.                 
ROYALTY AND OTHER FEES.

 

(a)               Royalty. 
Commencing on the first day of the month following the Effective Date, in consideration for the licenses granted and
performance by Licensor hereunder, Licensee will for the License Term, pay to Licensor a royalty payment (the
 “Royalty”) equal to the amount set forth on Exhibit B attached hereto.  The Royalty, if any,
shall be due and payable on the twentieth (20th) day of the beginning of each month following the end of each
calendar quarter for the previous quarter (or if the twentieth (20th) day falls on a weekend or bank holiday then
on the next business day), and shall be accompanied by a Revenue Report (as defined below) for such previous quarter. For
purposes of this Agreement, the term “Net Gaming Revenue” means the total of all sums actually received by
Licensee or its affiliates from its operation of the Business less the total of all sums paid as winnings to customers, less
returned or void bets (“Gross Gaming Revenue”), less (i) pooled or local jackpot contributions,
(ii) all taxes paid to any gaming authorities, including all Gaming Taxes and the Federal Sports Wagering Excise Tax, (iii)
free bets, cash back, offers, bonuses, promotional gaming credit paid to customers, up to a maximum of 20% of Gross Gaming
Revenue, (iv) payment or bank fees related to the settlement of deposits, withdrawals and transactions, including fees levied
by electronic payment or credit card organizations and including chargebacks, not to exceed 5% of Gross Gaming Revenue, (v)
regulatory mandated geolocation and Know-Your-Customer fees, and (vi) any fees payable to sports governing bodies for the use
of official data feeds. As used herein, (A) “Gaming Tax” shall mean, for any given period, any taxes,
fees, assessments or levy assessed based on internet gaming gross revenues or wagering as specified in the state or federal
Laws imposed by any federal, state, local or foreign government or political subdivision thereof which are based on wagering
or gross gaming revenues from time to time; and (B) “Federal Sports Wagering Excise Tax” means the federal
excise tax imposed upon sports wagering (or the tax rate currently in effect) and/or any replacement tax.

 

    5

     

    

 

(b)              
By no later than twenty (20) days (or sooner if required by Gaming Laws) following the end of each calendar quarter
during the License Term, Licensee shall provide Licensor with a full and accurate statement of revenues generated for the prior
calendar quarter (the “Revenue Report”), setting forth in reasonable detail the following: (a) Gross Gaming
Revenue generated by wagering category and by jurisdiction; (b) any permitted deductions from Gross Gaming Revenue, including without
limitation, Licensee’s calculation of Gaming Tax owed, (c) Licensee’s calculation of Net Gaming Revenue, (d) the Royalty,
and (e) any Set-Off Amounts (as defined below).

 

(c)              
Payments.  Royalty payments shall be made in US Dollars.   If Licensee fails to report Net
Gaming Revenues on a timely basis, Licensor may reasonably estimate the Net Gaming Revenues.  If an estimate results in an
overpayment, Licensor shall deduct the amount of the overpayment from the next quarter’s Royalty.  Any deficiency resulting
from such estimate may be added to the next Royalty payment due.

 

(d)              
Unpaid Amounts.  Any unpaid amounts owed by Licensee to Licensor, including without limitation Royalties,
will bear interest at the lesser of ten percent (10%) per annum or the maximum rate permitted by law.  Licensee agrees to
reimburse Licensor for all reasonable costs and expenses incurred in the collection of unpaid amounts, including without limitation,
reasonable attorneys’ fees and costs.

 

(e)               Set-Off.
In the event of a Bankruptcy Event of Licensor, Licensee shall have the right to carry forward for application against
Royalties any (i) costs incurred by Licensee to apply for, register, maintain, enforce, or defend the Marks, including
pursuant to the power of attorney granted in Section 2(d) hereof or (ii) damages arising out Licensor’s breach of this
Agreement (collectively, “Set-Off Amounts”).

 

    6

     

    

 

5.                 
QUALITY CONTROL AND USE OF THE MARKS.

 

(a)              
Quality Standards. The nature and quality of the Business and the use of the Marks, along with all representations
of the Marks included therein, in connection therewith, shall be of a high standard and quality so as to reflect favorably upon
the Business but in any event no less than substantially the same quality, usage, style and appearance as historically used by
Golden Nugget Atlantic City in connection with its online gaming business concerning such Marks, and shall not knowingly place
the Marks or Licensor in a negative light or context (the “Quality Standards”). Licensor agrees that Licensee’s
use of the Marks in a manner that is consistent in all material respects with use of the Marks by Golden Nugget Online Gaming,
Inc. (f/k/a Landry’s Finance Acquisition Co.), a New Jersey corporation and predecessor-in-interest of Licensee (“Predecessor
Licensee”), immediately prior to the effective date of that certain Purchase Agreement dated as of June 28, 2020, by
and among Predecessor Licensee, Landcadia Holdings II, Inc., a Delaware corporation, LHGN HoldCo, LLC, a Delaware limited liability
company, GNOG Holdings, LLC, a Delaware limited liability company, and Landry’s Fertitta, LLC, a Texas limited liability
company, shall be deemed to be in compliance with the Quality Standards. Neither party hereto shall knowingly use the Marks in
connection with firearms, weapons, ammunition, obscene, lewd, or pornographic materials, or any items with a sexual function or
purpose. Licensee shall display the Marks in accordance with sound trademark usage principles, including using commercially reasonable
efforts to use ® in connection with use or display of the registered Marks.

 

(b)              
Reporting and Inspection. In order to preserve the validity and integrity of the Marks, Licensee shall permit
representatives of Licensor to inspect the Business at any time during normal business hours to ensure that (i) Licensee is maintaining
the Quality Standards, and (ii) Licensee’s use of the Marks are permissible as set forth in this Agreement. Any such inspection
shall be conducted in a manner that will not interfere with the Business’ normal business activities. Licensee shall at reasonable
request of Licensor submit without charge to Licensor representative samples of its use of such Marks.

 

6.                 
RECORDS.

 

Licensee agrees to
keep accurate books of account and records covering all transactions relating to the License hereby granted, and Licensor and
its duly authorized representatives shall have the right upon five (5) business days advance written notice during normal
business hours and no more than once per year of the License Term to examine said books of account and records and all other
documents and materials in the possession or under the control of Licensee with respect to the subject matter and terms of
this Agreement. Licensee will retain all such books of account and records for a minimum of seven (7) years following the
calendar year to which they relate. If Licensor discovers that Licensee underpaid any Royalty to Licensor for any period
under audit (an “Audit Deficiency”), then (i) Licensee shall promptly pay to Licensor any such Audit
Deficiency, and (ii) if such Audit Deficiency is 5% or more, (x) Licensee will promptly reimburse Licensor for all costs and
expenses of such audit and any collection costs, and (y) notwithstanding part (a) above, Licensor may conduct subsequent
audits up to one (1) time per calendar month until such subsequent audits reveal no Audit Deficiency for two (2) consecutive
calendar months. Licensor will promptly reimburse to Licensee any Royalty overpayments Licensor or Licensee discovers in the
audit.

 

    7

     

    

 

7.                 
DEFAULT; TERMINATION.

 

(a)              
If Licensee shall (i) fail pay any Royalty on or before its due date set forth in Section 4(c) (a “Failure
to Pay”) or (ii) use the Marks to operate the Business without the gaming licenses required under applicable law (together
with Failure to Pay, an “Event of Default”), then Licensor shall have the right to terminate this Agreement
if, within twenty (20) days’ after Licensee’s receipt of written notice of such Event of Default from Licensor, Licensee
has not cured such Event of Default (or, in the case of any Event of Default under subsection (ii) above which cannot with due
diligence and good faith be cured within twenty (20) days, Licensee fails to commence to cure such default within twenty (20) days
after such default or Licensee fails to prosecute diligently the cure of such default to completion within such additional period
as may be reasonably required with due diligence and in good faith; it being intended that in connection with any such Event of
Default (other than an Event of Default under subsections (i) above), which is not susceptible of being cured with due diligence
and in good faith within twenty (20) days but is otherwise reasonably susceptible of cure, the time of within which Licensee is
required to cure such default shall be extended for such additional period as be necessary for the curing thereof with due diligence
and in good faith, provided, however, that if such default is not cured with ninety (90) days after notice from Licensor of such
default, then such notice of termination shall automatically become effective).

 

(b)              
The License shall automatically terminate with respect to the Business if Licensee changes the name of the Business
to a name other than one of the Marks.

 

(c)              
In addition, Licensee and Licensor may terminate this Agreement in a writing signed by both Licensee and Licensor.

 

8.                 
EFFECT OF TERMINATION OR EXPIRATION.

 

(a)              
Upon and after the expiration or termination of this Agreement, all rights granted to Licensee hereunder shall automatically
terminate and Licensee shall have no further right to use the Marks in connection with the Business.

 

(b)               As
promptly as practicable but in no event later than ninety (90) days from the date of expiration or any other form of
termination of the License Term with respect to the Business (such period be referred to as “Phase Out
Period”), Licensee shall change all trade names, online names, company names or business names of the Licensee so
as to eliminate the use or inclusion therein of the Marks. Licensee shall provide a written certification to Licensor signed
by an officer of Licensee stating that Licensee has complied with the requirements of this Section 8(b). If Licensee
is using the Marks during the Phase Out Period, it shall take commercially reasonable steps to inform the general public,
customers, suppliers and contractors that it is not a licensee or affiliated with the Licensor and is using the Marks with
permission solely to facilitate the transition to a new brand. After the Phase Out Period, Licensee shall thereafter refrain
from operating or doing business under any name that would give the general public the impression that the License granted
pursuant to this Agreement is still in force or that Licensee is in any way connected or affiliated with or sponsored by
Licensor. Notwithstanding the foregoing, Licensee may continue to maintain archival copies of contracts, annual reports and
marketing materials that include the Marks solely for archival purposes.

 

    8

     

    

 

9.                 
DISCLAIMER OF WARRANTIES; LIMITATION OF LIABILITY; INDEMNIFICATION.

 

(a)              
THE MARKS ARE PROVIDED BY LICENSOR “AS IS”, “WHERE IS” AND “WITH ALL FAULTS”.
LICENSOR EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES, WHETHER EXPRESSED, IMPLIED OR STATUTORY, REGARDING THE MARKS, INCLUDING ANY
WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE OR NON-INFRINGEMENT OF MARKS. NO PARTY SHALL BE LIABLE FOR
ANY SPECIAL, INDIRECT, CONSEQUENTIAL, EXEMPLARY OR INCIDENTAL DAMAGES (INCLUDING, WITHOUT LIMITATION, LOSS OF PROFITS) ARISING
OUT OF OR RELATED TO THIS AGREEMENT, HOWEVER CAUSED AND UNDER ANY THEORY OF LIABILITY (INCLUDING, WITHOUT LIMITATION, NEGLIGENCE
AND CONTRACT), EVEN IF SUCH PARTY HAS BEEN ADVISED IN ADVANCE OF THE POSSIBILITY OF SUCH DAMAGES.

 

(b)              
Licensor hereby agrees to indemnify, defend, and hold harmless Licensee, its members, shareholders, employees, agents,
representatives, directors, officers, successors, and permitted assigns from and against any and all third-party claims arising
in whole or in part, directly or indirectly, out of any allegation of intellectual property infringement or trademark dilution
based on Licensee’s use of any of the Marks in material compliance with the terms of this Agreement.

 

(c)              
Licensee shall indemnify, defend, and hold harmless Licensor, its members, shareholders, employees, agents, representatives,
directors, officers, successors, and permitted assigns from and against any and all third-party claims arising in whole or in part,
directly or indirectly, out of any allegation of intellectual property infringement or trademark dilution based on Licensor’s
use of any of the Marks in violation of the terms of this Agreement.

 

(d)              
Except as expressly provided to the contrary herein, it is the intent of the parties that where fault is determined
to have been joint or contributory, principles of comparative fault will be followed and each party shall bear the proportionate
cost of any indemnifiable losses attributable to such party’s fault.

 

10.             
MISCELLANEOUS.

 

(a)               Assignment.
Licensor may not assign or transfer this Agreement without providing prior written notice thereof to Licensee. Licensee shall
not assign or transfer this Agreement, by operation of law, change of control, or otherwise, without the prior written
consent of Licensor, such consent not to be unreasonably withheld, conditioned, or delayed. Notwithstanding anything herein
to the contrary, this Agreement and all of Licensee’s rights and obligations hereunder shall automatically transfer to
any collateral agent or its designee as provided in any credit agreement or security interest in connection with any loan
provided to Licensee. This Agreement shall inure to the benefit of, and be binding upon, the parties and their respective
permitted successors and permitted assigns.

 

    9

     

    

 

(b)              
Notices. All notices and other communications required or permitted to be given under this Agreement shall
be in writing and shall be delivered either by personal service, facsimile or prepaid overnight courier service and addressed as
follows:

 

	If to Licensee:	Golden Nugget Online Gaming, LLC.
	 	1510 West Loop South
	 	Houston, Texas 77027
	 	Attention: General Counsel
	 	Telephone: (713) 386-7000
	 	Telecopy: (713)386-7070
	If to Licensor:	GNLV, LLC.
	 	1600 West Loop South, Floor 30
	 	Houston, Texas 77027
	 	Attention: General Counsel
	 	Telephone: (713) 386-7000
	 	Telecopy: (713) 386-7070
	 	 

(c)              
Disclaimer of Agency. Nothing in this Agreement shall create a partnership or joint venture or establish the
relationship of principal and agent or any other relationship of a similar nature between the parties hereto, and no party shall
have the power to obligate or bind the other in any manner whatsoever.

 

(d)              
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument.

 

(e)              
Survival. All rights and obligations herein that are by their nature continuing will survive expiration or
termination of this Agreement.

 

(f)                General.
This Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey, excluding its
provisions concerning conflict of laws. Each party acknowledges that it has had ample opportunity to have this Agreement
reviewed and negotiated by competent counsel, and waives any right it may have to interpret a writing against the drafter
thereof. This Agreement constitutes the complete agreement of the parties hereto on the subject matter covered herein and
supersedes all other prior or contemporaneous understandings, agreements or representations, written or oral. No term or
provision of this Agreement may be waived and no breach excused, unless such waiver or consent shall be in writing and signed
by the party claimed to have waived or consented. No waiver of a breach shall be deemed to be a waiver of a different or
subsequent breach. This Agreement may not be amended except by a written instrument signed by authorized representatives of
all parties hereto and expressly declared to be an amendment or modification thereof. The headings used in this Agreement are
for reference purposes only and shall not be deemed a part of this Agreement. If any provision of this Agreement is held to
be invalid, illegal or unenforceable, then the validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

 

    10

     

    

 

(g)              
Bankruptcy. All rights and licenses under the Marks granted under or pursuant to this Agreement are, and shall
otherwise be deemed to be, for purposes of Section 365(n) of the United States Bankruptcy Code (the “Bankruptcy Code”),
licenses of rights to “intellectual property” as defined under Section 101 of the Bankruptcy Code. Licensee shall retain
and may fully exercise all of its rights and elections under the Bankruptcy Code in the event of the commencement of a bankruptcy
proceeding by or against Licensor under the Bankruptcy Code including the right to treat this Agreement as terminated or to retain
its rights under this Agreement. Notwithstanding anything to the contrary contained herein, Licensor agrees that (i) Licensor shall
assume this Agreement in bankruptcy; and (ii) notwithstanding the foregoing, in the event of a breach or rejection of this Agreement
in bankruptcy, Licensee shall continue to have the exclusive, irrevocable right and license to use the Marks in connection with
the Business in the Exclusive Area during the License Term.

 

(h)              
Further Assurances. Each party shall take such further actions and provide to the other parties, its successors,
assigns or other legal representatives, such cooperation and assistance as may be reasonably requested by the other parties (at
the other parties’ cost) to more fully and effectively effectuate the purposes of this Agreement.

 

(i)                
Equitable Relief. In the event of a breach of any of the provisions of this Agreement by a party, the parties
acknowledge and agree that: (i) such breach is likely to cause significant and irreparable harm to the other parties and will not
be susceptible of cure by the payment of monetary damages and (ii) if not cured within the cure period set forth in Section 7,
Licensor shall be entitled to immediately terminate the License to Licensee and to obtain injunctive relief and/or other equitable
relief, in addition to other remedies afforded by law, all of which shall be cumulative, to prevent or restrain such breach of
this Agreement. In the event that a party shall employ an attorney to enforce the terms and conditions of this Agreement, the prevailing
party in such action be entitled to recover all reasonable costs and expenses sustained by the enforcing party in the enforcement
of such terms and obligations, including but not limited to reasonable attorneys’ fees and expenses, costs of collection
and court costs.

 

(j)                 Privileged
License. Licensee hereby acknowledges that Licensor and its affiliates are businesses that have gaming licenses issued by
the state gaming authorities (each a “Commission”). If required by any regulatory authority having
jurisdiction over Licensor, and if requested to do so by Licensor, Licensee shall, at Licensee’s expense, obtain any
license, qualification, clearance or the like necessary for Licensee to operate the Business. If Licensee fails to satisfy
such requirement or if Licensor or any parent company, subsidiary or affiliate of Licensor is directed to cease business with
Licensee by the Commission or any other regulatory authority, or if Licensor shall in good faith determine, in
Licensor’s reasonable judgment, that Licensee or any of its officers, directors, employees, agents, designees or
representatives (a) is or might be engaged in, or is about to be engaged in, any activity or activities, or (b) was or is
involved in any relationship, in each case of either (a) or (b) which would reasonably be expected to or does jeopardize
Licensor’s gaming license, or those of Licensor’s parent company, subsidiaries or affiliates, or if any such
license is threatened to be, or is, denied, curtailed, suspended or revoked, this Agreement may be immediately terminated by
Licensor without further liability or obligation to Licensee. In addition, Licensee hereby acknowledges that it may be
illegal for a denied license applicant or a revoked licensee, or a business organization under the control of a denied
license applicant or a revoked licensee, to enter into, or attempt to enter into, a contract with Licensor without the prior
approval of the Commission, as applicable. Licensee hereby affirms, represents and warrants to Licensor that Licensee is not
a denied license applicant, a revoked licensee or a business organization under the control of a denied license applicant or
a revoked licensee, and Licensee hereby agrees that this Agreement is subject to immediate termination by Licensor if
Licensee should become a denied license applicant, a revoked licensee or a business organization under the control of a
denied license applicant or a revoked licensee.

 

    11

     

    

 

[This space is intentionally
left blank]

 

    12

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed as of the Effective Date above written.

 

	 	LICENSEE:
	 	 
	 	GOLDEN NUGGET ONLINE GAMING, LLC

 

		By:	  /s/ Rick H. Liem

 

		Name:	Rick H. Liem

 

		Title:	Vice President and Treasurer

 

	 	LICENSOR:
	 	 
	 	GNLV, LLC

 

		By:	  /s/ Steven L. Scheinthal

 

		Name:	Steven L. Scheinthal

 

		Title:	Senior Vice President and Secretary

 

	 	GN PARENT:
	 	 
	 	GOLDEN NUGGET, LLC

 

		By:	  /s/ Steven L. Scheinthal

 

		Name:	Steven L. Scheinthal

 

		Title:	Vice President and Secretary

 

Signature Page
to

A&R Trademark License Agreement

 

    

     

    

 

EXHIBIT “A”

MARKS

 

Marks:

 

 

 

    

     

    

 

EXHIBIT “B”

LICENSE FEE

 

Royalty: Licensee
shall pay to Licensor a royalty of three percent (3%) of Net Gaming Revenue (the “Royalty”). The parties acknowledge
that Licensee and Golden Nugget Atlantic City, LLC have entered into that certain Amended and Restated Online Gaming Operations
Agreement of even date herewith (the “NJ Agreement”). The parties agree that any amounts paid to GNAC under the NJ
Agreement shall be deemed to include the Royalty payable to Licensor under this Agreement with respect to operation of the Business
in New Jersey (and therefore shall be in lieu of, and not in addition to, the amounts owed under this Agreement with respect to
operation of the Business in New Jersey).

 

Royalty Adjustment:
Upon the tenth and fifteenth anniversary of the Effective Date during the Term (each, an “Adjustment Date”),
the Royalty will be adjusted to equal the greater of: (i) 3% of Net Gaming Revenue; and (ii) a fair market value royalty
percentage, as determined below (a “FMV Adjustment Amount”).

 

FMV Adjustment Amount
Determination: Licensor will be entitled to propose a FMV Adjustment Amount by providing written notice to Licensee at least
one hundred twenty (120) days prior to each Adjustment Date. Within thirty (30) days following receipt by Licensee of such proposed
FMV Adjustment Amount, Licensee shall deliver written notice to Licensor of any disagreement with such proposed FMV Adjustment
Amount (a “Dispute Notice”), which Dispute Notice shall include the basis for any such disagreement in reasonable
detail and Licensee’s proposed FMV Adjustment Amount. If Licensee does not provide Licensor with a Dispute Notice within
such 30-day period, Licensor’s initially proposed FMV Adjustment Amount will be final, conclusive and binding on the parties.
If Licensor and Licensee are unable to agree on a FMV Adjustment Amount within 30 days of Licensor’s receipt of a Dispute
Notice, Licensor or Licensee will be entitled to submit the matter to nationally recognized appraisal firms with experience in
the industry as may be mutually acceptable to Licensor and Licensee (the “Appraiser”), who will be entitled
to determine such FMV Adjustment Amount.

 

The fees, costs and expenses
of the Appraiser shall be shared equally by Licensor and Licensee. All determinations made by the Appraiser shall be final, conclusive
and binding on the parties. Judgment may be entered upon the determination of the Appraiser in any court having jurisdiction over
the party against which such determination is to be enforced. The process set forth in this Exhibit B shall be the exclusive
remedy of the parties for any disputes related to determination of the FMV Adjustment Amount.

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