Document:

Exhibit 10.10

 

Employment Agreement

 

This Employment Agreement
(the “Agreement”) is made and entered into as of December 29, 2020 by and between Thomas Winter (“Executive”)
and Golden Nugget Online Gaming, LLC, a limited liability company organized under the laws of the State of New Jersey (the “Company”).
Upon closing of the Transaction as defined below, the term Company shall also include all of Golden Nugget Online Gaming, LLC’s
parent companies, including Landcadia Holdings II, Inc.

 

WHEREAS, the Company
is party to that certain Purchase Agreement (the “Purchase Agreement”), by and among Landcadia Holdings II, Inc.
(“Landcadia”) and the Company, among others, pursuant to which the Company will be acquired by Landcadia (the
 “Transaction”); and

 

WHEREAS, in connection
with the Transaction, the Company desires to employ Executive on the terms and conditions set forth herein; and

 

WHEREAS, Executive
desires to be employed by the Company on such terms and conditions.

 

NOW, THEREFORE, in
consideration of the mutual covenants, promises, and obligations set forth herein, the parties agree as follows:

 

1.            Term.
This Agreement and Executive’s employment hereunder shall both be effective as of the date of the closing of the Transaction
(the “Effective Date”). Subject to earlier termination as provided herein, the term of the Executive's employment
hereunder shall terminate on December 31, 2024 (the "Employment Term"). If Executive remains employed by
Company following the Employment Term, any such employment shall be on an at-will basis unless the parties agree in writing to
extend the Employment Term. Notwithstanding the fact the Executive may become employed on an at-will basis and except as otherwise
provided in connection with the Employment Term, all provisions of this Agreement shall remain in full force and effect as long
as Executive remains an employee of the Company. Notwithstanding anything to the contrary herein, if the Purchase Agreement terminates
for any reason before the Transaction is consummated, all of the provisions of this Agreement will terminate and there will be
no liability of any kind under this Agreement.

 

2.            Position
and Duties.

 

2.1      
    Position. During the Employment Term, Executive shall serve as the
President of the Company, reporting to the Chief Executive Officer of the Company (the “CEO”). In such position,
Executive shall have such duties, authority, and responsibilities as shall be determined from time to time by the CEO, which
duties, authority, and responsibilities are consistent with Executive’s position. Executive shall, if requested, also
serve as an officer or director of any affiliate of the Company for no additional compensation.

 

2.2    
      Duties. During the Employment Term, Executive shall devote
substantially all of his business time and attention to the performance of Executive’s duties hereunder and will not
engage in any other business, profession, or occupation for compensation or otherwise which would conflict or interfere with
the performance of such services either directly or indirectly without the prior written consent of the CEO. Notwithstanding
the foregoing, Executive will be permitted to (a) with the prior written consent of the CEO, act or serve as a director,
trustee, committee member, or principal of any type of business, civic, or charitable organization, (b) purchase or own
membership interest or shares in any publicly traded securities of any corporation not to exceed five (5%), provided that,
such ownership represents a passive investment and that Executive is not a controlling person of, or a member of a group that
controls, such company or publicly traded corporation; or (c) serve on the board of directors of Superbet, SB Group Ltd
or any of their affiliates; provided further that the activities described in clauses (a), (b), and (c) do not
unreasonably interfere with the performance of Executive’s duties and responsibilities to the Company as provided
hereunder, including, but not limited to, the obligations set forth in Section 2 hereof and do not conflict or compete
in any way with the business of the Company or any of its subsidiaries or affiliates.

 

     

     

    

 

 

3.      
       Place of Performance. The principal place of
Executive’s employment shall be the Company’s principal executive office currently located in Houston, Texas;
provided that, Executive may be required to travel on Company business during the Employment Term.

 

4.     
        Compensation.

 

4.1     
      Base Salary. During the Employment Term, the Company shall
pay Executive an annual rate of base salary of $400,000 in periodic installments, less applicable deductions and
withholdings, in accordance with the Company’s customary payroll practices and applicable wage payment laws, but no
less frequently than monthly, together with an annual equity grant as set forth in 4.2 below and annual bonus as set forth in
4.3 below. Commencing on or before May 1, 2021, Executive’s base salary shall be reviewed at least annually by the
CEO, and the CEO may, but shall not be required to, increase the base salary during the Employment Term. Notwithstanding the
foregoing, Executive’s base salary may be decreased as a temporary measure as part of an across the Board salary
reduction that applies in the same manor to all senior executives. However, Executive’s base salary may not be
decreased during the Employment Term. Executive’s annual base salary, as in effect from time to time, is hereinafter
referred to as “Base Salary”. The parties acknowledge and agree that a portion of Executive’s Base
Salary shall constitute consideration for Executive’s compliance with the restrictions and covenants set forth in
Section 8 of this Agreement.

 

4.2           Annual
Equity Award. During the Employment Term, on or about January 1st of each year (beginning January 1, 2021 or, if
the Effective Date occurs after January 1, 2021, as soon as practicable following the Effective Date), the Executive shall
receive restricted stock units (the “Annual Award”) in the amount equivalent to $600,000 under the Landcadia
Holdings II, Inc. 2020 Incentive Award Plan (the “Incentive Plan”). The Annual Award issued to Executive
will vest in two (2) equal installments over a two-year service period following the grant date based solely on continued
service (except as set forth in Section 5 below). The Annual Award shall be in accordance with the terms and conditions of
the Incentive Plan and a written award agreement. All other terms and conditions applicable to the Annual Award shall be determined
by the CEO or the Compensation Committee of the Board of Directors of the Company (“Committee”), if such Committee
is established by the Board of Directors (“Board”). Notwithstanding the foregoing, in the event Executive voluntary
terminates his employment any time after December 31, 2024 and is still in good standing with the Company at the time of termination,
the Company shall agree to vest the entirety of the Annual Awards granted in 2023 and 2024.

 

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4.3            Annual
Bonus.

 

(a)            For
each complete calendar year during the Employment Term commencing with the 2021 calendar year, Executive shall be eligible to receive
an annual bonus (the “Annual Bonus”). As of the Effective Date, Executive’s annual target bonus opportunity
shall be equal to 175% of Base Salary (the “Target Bonus”- not to exceed $700,000), based upon the attainment
of certain performance metrics established by the CEO or the Committee, if applicable. The metrics for the Annual Bonus shall be
established by the CEO or the Compensation Committee, if applicable. In addition, within the sole discretion of the CEO or the
Committee, if applicable, Executive shall be eligible for a discretionary annual bonus (“Discretionary Annual Bonus”).
The Discretionary Annual Bonus, if awarded, shall be in an amount up to $300,000 and shall be payable in cash or restricted stock
units along with the Annual Bonus. If paid in restricted stock units, the restricted stock units award will vest two years from
the date of grant (or, if earlier, as of the end of the Term) based solely on continued employment (except as provided in Section 5
below).

 

(b)           The
Annual Bonus, if any, will be paid within thirty (30) days after the completion of the Company’s annual audit and filing
of its 10-K.

 

(c)            Except
as otherwise provided in Section 5, in order to be eligible to receive an Annual Bonus, Executive must be employed by the
Company on the date the annual bonus payment is due to be made.

 

(d)            Notwithstanding
(c) above, Executive shall be eligible to receive the 2024 Annual Bonus, if one is due and, so long as Executive is an employee
in good standing as of December 31, 2024.

 

(e)            The
Company shall pay Executive the remaining balance of his earned 2019 annual bonus on or before December  4, 2020 (subject
to the earlier closing of the Transaction, otherwise, if later, within 5 business days of the Effective Date) and shall pay Executive
the 2020 bonus payment, if any, pursuant to the pre-established bonus program. - Payment, if due, shall be made in accordance with
the Company’s historical practice, but no later than April 30, 2021.

 

4.4           Initial
Equity Grant and Payment.

 

(a)           Upon
the Effective Date, Executive shall receive 1,000,000 restricted stock units (the “Initial Equity Award”, and
together with the Annual Equity Awards and any restricted stock units award in satisfaction of an Annual Bonus pursuant to Section 4.3(a),
the “Awards”) under the Incentive Plan. The Initial Equity Award issued to Executive will vest in four (4) equal
installments over a four-year service period following the grant date, based solely on continued service (except as provided in
Section 5 below). The Initial Equity Award shall be in accordance with the terms and conditions of the Incentive Plan and
a written award agreement, in substantially the form attached as Exhibit A.

 

(b)           Upon
the Effective Date, Executive shall be entitled to a cash payment in the amount of seven million, five hundred thousand ($7,500,000)
dollars (the “Initial Cash Award”) to be paid as follows: (i) two million five hundred thousand ($2,500,000)
dollars shall be paid to Executive on or within five (5) business days following the Effective Date; (ii) two million
five hundred thousand ($2,500,000) shall be paid on or within one (1) year from the date following the Effective Date, and
(iii) two million five hundred thousand ($2,500,000) shall be paid on or within two (2) years following the Effective
Date.

 

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4.5            Fringe
Benefits and Perquisites. During the Employment Term, Executive shall be entitled to fringe benefits and perquisites consistent
with the practices of the Company and governing benefit plan requirements (including plan eligibility provisions), and to the extent
the Company provides similar benefits or perquisites (or both) to similarly situated executives of the Company, including without
limitation, (a) a car allowance of $1,000 per month, and (b) a technology allowance of $100 per month.

 

4.6            Employee
Benefits. During the Employment Term, Executive shall be entitled to participate in all employee benefit plans, practices,
and programs maintained by the Company, as in effect from time to time (collectively, “Employee Benefit Plans”),
to the extent consistent with applicable law and the terms of the applicable Employee Benefit Plans. The Company reserves the right
to amend or terminate any Employee Benefit Plans at any time in its sole discretion, subject to the terms of such Employee Benefit
Plan and applicable law.

 

4.7            Vacation;
Paid Time-Off. Executive shall receive vacation and other paid time-off in accordance with the Company’s policies for
executive officers as such policies may exist from time to time.

 

4.8            Business
Expenses. Executive shall be entitled to reimbursement for all reasonable and necessary out-of-pocket business, entertainment,
and travel expenses incurred by Executive in connection with the performance of Executive’s duties hereunder in accordance
with the Company’s expense reimbursement policies and procedures.

 

4.9            Indemnification.
In the event that Executive is made a party or threatened to be made a party to any action, suit, or proceeding, whether civil,
criminal, administrative, or investigative (a “Proceeding”), other than any Proceeding initiated by Executive
or the Company related to any contest or dispute between Executive and the Company or any of its affiliates with respect to this
Agreement or Executive’s employment hereunder, by reason of the fact that Executive is or was a director or officer of the
Company, or any affiliate of the Company, or is or was serving at the request of the Company as a director, officer, member, employee,
or agent of another corporation or a partnership, joint venture, trust, or other enterprise, Executive shall be indemnified and
held harmless by the Company to the maximum extent permitted under applicable law and the Company’s bylaws from and against
any liabilities, costs, claims, and expenses, including all costs and expenses incurred in defense of any Proceeding (including
attorneys’ fees). Costs and expenses incurred by Executive in defense of such Proceeding (including attorneys’ fees)
shall be paid by the Company in advance of the final disposition of such litigation upon receipt by the Company of: (i) a
written request for payment; (ii) appropriate documentation evidencing the incurrence, amount, and nature of the costs and
expenses for which payment is being sought; and (iii) an undertaking adequate under applicable law made by or on behalf of
Executive to repay the amounts so paid if it shall ultimately be determined that Executive is not entitled to be indemnified by
the Company under this Agreement. In addition, to the extent the Company adopts an indemnification agreement for its directors
and officers, Executive will also become a party to such an agreement.

 

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4.10         Claw
back Provisions. Notwithstanding any other provisions in this Agreement to the contrary, any incentive-based compensation,
or any other compensation, paid to Executive pursuant to this Agreement or any other agreement or arrangement with the Company
which is subject to recovery under any law, government regulation, or stock exchange listing requirement, will be subject to such
deductions and claw back as may be required to be made pursuant to such law, government regulation, or stock exchange listing requirement
(or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement).

 

4.11         Policies
and Procedures. In addition to the terms herein, Executive agrees to be bound by Company policies and procedures as they may
be amended by the Company from time to time. In the event the terms in this Agreement conflict with Company policies and procedures,
the terms herein shall take precedence. The Company recognizes that it has a responsibility to see that its employees understand
the adverse effects that problem gambling and underage gambling can have on individuals and the gaming industry as a whole. Executive
acknowledges having read the Company policies, procedures and manuals and agrees to abide by the same, including but not limited
to all policies prohibiting underage gaming and supporting programs to treat compulsive gambling.

 

4.12         Licensing
Requirements. Executive acknowledges that the Company is engaged in a business that is or may be subject to and exists because
of privileged licenses issued by governmental authorities in New Jersey and other jurisdictions in which the Company is engaged
or has applied or during the Employment Term may apply to engage in the gaming business. If requested to do so by the Company,
Executive shall apply for and obtain any license, qualification, clearance or the like which shall be requested or required of
Executive by any regulatory authority having jurisdiction over the Company.

 

4.13         Failure
to Satisfy Licensing Requirement. If Executive fails to satisfy any licensing requirement referred to in Section 4.12
above, or if any governmental authority directs the Company to terminate any relationship it may have with Executive, or if the
Company shall determine, in Company's sole and exclusive judgment, that Executive was, is or might be involved in, or is about
to be involved in, any activity, relationship(s) or circumstance which could or does jeopardize the Company's business, reputation
or such licenses, or if any such license is threatened to be, or is, denied, curtailed, suspended or revoked, this Agreement may
be terminated by the Company and, if during the Employment Term, the parties' obligations and responsibilities shall be determined
by the provisions of Section 5.1.

 

5.  
         Termination of Employment. The Employment
Term and Executive’s employment hereunder may be terminated by either the Company or Executive at any time and for any
reason; provided that, unless otherwise provided herein, either party shall be required to give the other party at least
thirty (30) days advance written notice of any termination of Executive’s employment. The thirty (30) day notice period
shall be inclusive of and run concurrently with any mandatory notice periods provided for under any applicable law. Upon
termination of Executive’s employment during the Employment Term, Executive shall be entitled to the following
compensation and benefits from the Company or any of its affiliates.

 

5.1            For
Cause or Without Good Reason.

 

(a)            Executive’s
employment hereunder may be terminated by the Company for Cause or by Executive without Good Reason. If Executive’s employment
is terminated by the Company for Cause or by Executive without Good Reason, Executive shall be entitled to receive:

 

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(i)            any
accrued but unpaid Base Salary which shall be paid on the pay date immediately following the Termination Date (as defined below)
in accordance with the Company’s customary payroll procedures;

 

(ii)            reimbursement
for unreimbursed business expenses properly incurred by Executive, which shall be subject to and paid in accordance with the Company’s
expense reimbursement policy; and

 

(iii)           such
employee benefits (including equity compensation), if any, to which Executive may be entitled under the Company’s employee
benefit plans as of the Termination Date; provided that, in no event shall Executive be entitled to any payments in the nature
of severance or termination payments except as specifically provided herein.

 

Items 5.1(a)(i) through
5.1(a)(iii) are referred to herein collectively as the “Accrued Amounts.”

 

(b)           For
purposes of this Agreement, “Cause” shall mean:

 

(i)       
     the conviction of Executive or his plea of nolo contendere for
commission of any crime constituting a felony in the jurisdiction in which committed; or any crime involving moral turpitude
(whether or not a felony); or any other criminal act involving dishonesty (whether or not a felony);

 

(ii)            Executive’s
commission of any act of fraud, theft, embezzlement, self-dealing, misappropriation or other malfeasance against the business of
the Company or any of the Company’s subsidiaries or affiliates and such conduct causes damage to the Company or any of the
Company’s subsidiaries or affiliates;

 

(iii)            alcohol
or illegal or controlled substance abuse by Executive that has affected the performance of Executive’s duties;

 

(iv)           Executive’s
gross negligence or willful misconduct in the performance of, or failure to perform, the obligations of Executive under this Agreement
or the duties of employment or other engagement assigned by the Company or any of the Company’s subsidiaries or affiliates,
in each case, which remains uncured or continues after fifteen (15) business days’ notice by the Company specifying in reasonable
detail the nature of the gross negligence or willful misconduct; or

 

(v)            Executive’s
refusal or failure to carry out a lawful directive of the Company, its subsidiaries, the Board, the CEO or their respective designees;
provided, however, that in the first case of such refusal or failure, but not thereafter, the Company provided notice to Executive
specifying in reasonable detail the nature of the refusal or failure and such refusal or failure remains uncured or continues at
the expiration of five (5) business days following such notice.

 

(vi)           Executive’s
failure to satisfy the licensing requirements provided for herein.

 

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For purposes of this
provision, no act or failure to act on the part of Executive shall be considered “willful” unless it is done, or omitted
to be done, by Executive in bad faith or without reasonable belief that Executive’s action or omission was in the best interests
of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or upon
the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by Executive in good faith
and in the best interests of the Company.

 

Termination of Executive’s
employment shall not be deemed to be for Cause unless and until the Company delivers to Executive a written notice from the Company
finding that Executive has engaged in the conduct described in any of (i)-(vi) above. The Company may place Executive on paid
leave for up to sixty (60) days while it is determining whether there is a basis to terminate Executive’s employment for
Cause. Any such action by the Company will not constitute Good Reason.

 

(c)            For
purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following, in each case during
the Employment Term without Executive’s written consent:

 

(i)            a
failure by the Company to promptly pay compensation when due and payable to Executive in connection with employment;

 

(ii)            a
material reduction in Executive’s duties or responsibilities or Executive’s removal from such duties or responsibilities,
if applicable;

 

(iii)           Executive’s
required relocation to a facility located fifty (50) miles or more from the Company’s headquarters in Houston, Texas; or

 

(iv)           any
other material breach of this Agreement (or any other material agreement between the Executive and the Company or one of its subsidiaries
or affiliates) by the Company or one of its subsidiaries or affiliates, as applicable.

 

Notwithstanding the foregoing,
Executive cannot terminate his employment for Good Reason unless he has provided written notice to the Company of the existence
of the circumstances allegedly providing grounds for termination for Good Reason within sixty (60) days of the initial existence
of such grounds and the Company has had at least thirty (30) days from the date on which such notice is provided to cure such circumstances.
If Executive does not terminate his employment for Good Reason within one hundred and twenty (120) days after the first occurrence
of the applicable grounds, then Executive will be deemed to have waived his right to terminate for Good Reason with respect to
such grounds.

 

5.2           Without
Cause or for Good Reason. The Employment Term and Executive’s employment hereunder may be terminated by Executive for
Good Reason or by the Company without Cause. In the event of such termination, Executive shall be entitled to receive the following:

 

(a)     
       the Accrued Amounts, plus the balance of the Initial Cash
Award if not yet paid, payable on the date thirty (30) days following the Termination Date;

 

(b)            any
accrued but unpaid Annual Bonus with respect to any completed calendar year immediately preceding the Termination Date, which shall
be paid on the otherwise applicable payment date;

 

(c)            one
(1.0) times Executive’s Base Salary as in effect immediately prior to the Termination Date, payable on the date thirty (30)
days following the Termination Date;

 

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(d)            a
payment equal to the product of (i) the Target Bonus that Executive would have earned for the fiscal year in which the Termination
Date (as determined in accordance with Section 5.6) occurs and (ii) a fraction, the numerator of which is the number
of days Executive was employed by the Company during the year of termination and the denominator of which is the number of days
in such year (the “Pro-Rata Bonus”). This amount shall be paid on the date thirty (30) days following the Termination
Date;

 

(e)            if
Executive timely and properly elects health continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985
(“COBRA”), the Company shall reimburse Executive for the monthly COBRA premiums paid by Executive for himself
and his dependents (the “COBRA Payments”). Such reimbursement shall be paid to Executive on the first day of
the month immediately following the month in which Executive timely remits the premium payment. Executive shall be eligible to
receive such reimbursement until the earliest of: (i) the twelve-month anniversary of the Termination Date; or (ii) the
date on which Executive receives substantially similar coverage from another employer or other source. Notwithstanding the foregoing,
if the Company’s making payments under this Section 5.2(e) would violate the nondiscrimination rules applicable
to non-grandfathered plans under the Affordable Care Act (the “ACA”), or result in the imposition of penalties
under the ACA and the related regulations and guidance promulgated thereunder), the parties agree to reform this Section 5.2(e) in
a manner as is necessary to comply with the ACA; and

 

(f)            all
Awards will vest in full.

 

The receipt of these
amounts are subject to Executive’s compliance with Section 6, Section 7, Section 8, and Section 9 of
this Agreement and his execution of a standard form of release of claims in favor of the Company, its affiliates and their respective
officers and directors in substantially the form attached as Exhibit B hereto (the “Release”), and such
Release becoming effective and irrevocable following the Termination Date.

 

5.3            Death
or Disability.

 

(a)            Executive’s
employment hereunder shall terminate automatically upon Executive’s death during Employment Term, and the Company may terminate
Executive’s employment on account of Executive’s Disability.

 

(b)           If
Executive’s employment is terminated during the Employment Term on account of Executive’s death or Disability, Executive
(or Executive’s estate and/or beneficiaries, as the case may be) shall be entitled to receive the following:

 

(i)     
       the Accrued Amounts, plus the balance of the Initial
Cash Award if not yet paid, payable on the date thirty (30) days following the Termination Date;

 

(ii)            Any
accrued but unpaid Annual Bonus with respect to any completed calendar year immediately preceding the Termination Date, which shall
be paid on the otherwise applicable payment date;

 

(iii)            the
Awards will vest in full; and

 

(iv)            any
post-employment benefits due under the terms and conditions of the Employee Benefit Plans.

 

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Notwithstanding any
other provision contained herein, all payments made in connection with Executive’s Disability shall be provided in a manner
which is consistent with federal and state law.

 

(c)            For
purposes of this Agreement, “Disability” shall mean Executive’s inability to substantially perform his
duties hereunder, even with reasonable accommodation, due to a medically determinable physical or mental illness or injury which
lasts for, or is reasonably expected to last for at least six consecutive months. The CEO reserves the right, in good faith, to
make the determination of Disability under this Agreement based upon information supplied by Executive and/or his medical personnel,
as well as information from medical personnel (or others) selected by the Company’s insurers, which determination shall be
conclusive as of its date absent fraud or manifest error.

 

5.4            Change
in Control Termination.

 

(a)            Notwithstanding
any other provision contained herein, upon a Change in Control, the Awards will vest in full, plus the balance, if any, of the
Initial Cash Award will be paid. Moreover, if Executive’s employment hereunder is terminated by Executive for Good Reason
or by the Company without Cause (other than on account of Executive’s death or Disability), in each case, within twelve (12)
months following a Change in Control, Executive shall be entitled to receive the Accrued Amounts, and subject to Executive’s
compliance with Section 6, Section 7, Section 8 and Section 9 of this Agreement and his execution of a Release
which becomes effective within thirty (30) days following the Termination Date, Executive shall be entitled to receive the following:

 

(i)     
        the Accrued Amounts;

 

(ii)            one
(1.0) times Executive’s Base Salary as in effect immediately prior to the Termination Date, payable on the date thirty (30)
days following the Termination Date; and

 

(iii)           a
payment equal to the Target Bonus that Executive would have earned for the fiscal year in which the Termination Date occurs. This
amount shall be paid on the date thirty (30) days following the Termination Date.

 

(b)            If
Executive timely and properly elects health plan continuation coverage under COBRA, the Company shall reimburse Executive for the
monthly COBRA premium paid by Executive for himself and his dependents. Such reimbursement shall be paid to Executive on the first
(1st) of the month immediately following the month in which Executive timely remits the premium payment. Executive shall be eligible
to receive such reimbursement until the earliest of: (i) the eighteen-month anniversary of the Termination Date; (ii) the
date Executive is no longer eligible to receive COBRA continuation coverage; and (iii) the date on which Executive receives
substantially similar coverage from another employer or other source. Notwithstanding the foregoing, if the Company’s payments
under this Section 5.4(b) would violate the nondiscrimination rules applicable to non-grandfathered, insured group
plans under the ACA, or result in the imposition of penalties under the ACA, the parties agree to reform this Section 5.4(b) in
a manner as is necessary to comply with the ACA.

 

(c)            For
purposes of this Agreement, “Change in Control” shall have the meaning set forth under the Incentive Plan.

 

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5.5            Notice
of Termination. Any termination of Executive’s employment hereunder by the Company or by Executive during the Employment
Term (other than termination pursuant to Section 5.3(a) on account of Executive’s death) shall be communicated
by written notice of termination (“Notice of Termination”) to the other party hereto in accordance with Section 25.
The Notice of Termination shall specify:

 

(a)            the
termination provision of this Agreement relied upon;

 

(b)            to
the extent applicable, the facts and circumstances claimed to provide a basis for termination of Executive’s employment under
the provision so indicated; and

 

(c)            the
applicable Termination Date.

 

5.6            Termination
Date. Executive’s “Termination Date” shall be:

 

(a)            if
Executive’s employment hereunder terminates on account of Executive’s death, the date of Executive’s death;

 

(b)            if
Executive’s employment hereunder is terminated on account of Executive’s Disability, the date that it is determined
that Executive has a Disability;

 

(c)            if
the Company terminates Executive’s employment hereunder for Cause, the date the Notice of Termination is delivered to Executive;

 

(d)            if
the Company terminates Executive’s employment hereunder without Cause, the date specified in the Notice of Termination, which
shall be no less than thirty (30) days following the date on which the Notice of Termination is delivered; provided that, the Company
shall have the option to provide Executive with a lump sum payment equal to thirty (30) days’ Base Salary in lieu of such
notice, which shall be paid in a lump sum on Executive’s Termination Date and for all purposes of this Agreement, Executive’s
Termination Date shall be the date on which such Notice of Termination is delivered; and

 

(e)            if
Executive terminates his employment hereunder with or without Good Reason, the date specified in Executive’s Notice of Termination,
which shall be no less than thirty (30) days following the date on which the Notice of Termination is delivered; provided that,
the Company may waive all or any part of the thirty (30) day notice period for no consideration by giving written notice to Executive
and for all purposes of this Agreement, Executive’s Termination Date shall be the date determined by the Company.

 

Notwithstanding anything
contained herein, the Termination Date shall not occur until the date on which Executive incurs a “separation from service”
within the meaning of Section 409A (as defined in Section 23 of this Agreement).

 

5.7            Mitigation.
In no event shall Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts
payable to Executive under any of the provisions of this Agreement and except as provided in Section 5.2(e), any amounts payable
pursuant to this Section 5 shall not be reduced by compensation Executive earns on account of employment with another employer.

 

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5.8            Resignation
of All Other Positions. Upon termination of Executive’s employment hereunder for any reason, Executive agrees to resign,
effective on the Termination Date, from all positions that Executive holds as an officer of the Company or any of its affiliates.

 

5.9            Section 280G.

 

(a)            Notwithstanding
any other provision of this Agreement or any other plan, arrangement or agreement to the contrary, if any of the payments or benefits
received or to be received by Executive (including, without limitation, any payment or benefits received in connection with a Change
in Control or Executive’s termination of employment, whether pursuant to the terms of this Agreement or any other plan, arrangement,
or agreement, or otherwise) (all such payments collectively referred to herein as the “280G Payments”) constitute
 “parachute payments” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the
 “Code”) and will be subject to the excise tax imposed under Section 4999 of the Code (the “Excise
Tax”), the Company shall either (i) reduce (but not below zero) such payments or benefits received or to be received
by Executive so that the aggregate present value of the payments and benefits received by Executive is $1.00 less than the amount
which would otherwise cause Executive to incur an Excise Tax, or (ii) be paid in full, whichever results in the greatest net
after-tax payment to Executive.

 

(b)            All
calculations and determinations under this Section 5.9 shall be made by an independent accounting firm or independent tax
counsel appointed by the Company (the “Tax Counsel”) whose determinations shall be conclusive and binding
on the Company and Executive for all purposes. For purposes of making the calculations and determinations required by this Section 5.9,
the Tax Counsel may rely on reasonable, good faith assumptions and approximations concerning the application of Section 280G
and Section 4999 of the Code. The Company and Executive shall furnish the Tax Counsel with such information and documents
as the Tax Counsel may reasonably request in order to make its determinations under this Section 5.9. The Company shall bear
all costs the Tax Counsel may reasonably incur in connection with its services.

 

6.       
     Cooperation. The parties agree that certain matters in
which Executive will be involved during the Employment Term may necessitate Executive’s cooperation in the future.
Accordingly, following the termination of Executive’s employment for any reason, to the extent reasonably requested by
the Company, Executive shall cooperate with the Company in connection with matters arising out of Executive’s service
to the Company; provided that, the Company shall make reasonable efforts to minimize disruption of Executive’s other
activities. The Company shall reimburse Executive for reasonable expenses incurred in connection with such cooperation and,
to the extent that Executive is required to spend substantial time on such matters, the Company shall compensate Executive at
an hourly rate based on Executive’s Base Salary on the Termination Date.

 

7.     
        Confidential Information. Executive
understands and acknowledges that during the Employment Term, he will have access to and learn about Confidential
Information, as defined below.

 

    -11-

     

    

 

7.1            Confidential
Information Defined.

 

(a)            Definition.

 

For purposes of this
Agreement, “Confidential Information” includes, but is not limited to, all information not generally known to
the public, in spoken, printed, electronic or any other form or medium, relating directly or to and information that is used, developed
or obtained by the Company or any of its affiliates (collectively, the “Company Group”) in connection with its
business, including, but not limited to, information, observations and data obtained by Executive during Executive’s employment
with the Company concerning: business affairs, business processes, practices, products, methods, policies, plans, publications,
documents, research, operations, services, fees, promotions, pricing structures, analyses, photographs, strategies, techniques,
agreements, contracts, terms of agreements, transactions, potential transactions, negotiations, pending negotiations, know-how,
trade secrets, computer programs, computer software, applications, operating systems, software design, web design, work-in-process,
databases, manuals, records, articles, systems, material, sources of material, supplier information, vendor information, financial
information, results, accounting information, accounting records, legal information, marketing information, advertising information,
pricing information, credit information, design information, payroll information, staffing information, personnel information,
employee lists, supplier lists, vendor lists, developments, reports, internal controls, security procedures, graphics, drawings,
sketches, market studies, sales information, revenue, costs, formulae, notes, communications, algorithms, product plans, designs,
styles, models, inventions, unpublished patent applications, original works of authorship, discoveries, experimental processes,
experimental results, specifications, customer information, customer lists, client information, client lists, restaurant partner
list of the Company Group or its businesses or any existing or prospective customer, supplier, investor or other associated third
party, or of any other person or entity that has entrusted information to the Company Group in confidence.

 

Executive understands
that the above list is not exhaustive, and that Confidential Information also includes other information that is marked or otherwise
identified as confidential or proprietary, or that would otherwise appear to a reasonable person to be confidential or proprietary
in the context and circumstances in which the information is known or used.

 

Executive understands
and agrees that Confidential Information includes information developed by him in the course of his employment by the Company as
if the Company furnished the same Confidential Information to Executive in the first instance. Confidential Information shall not
include information that is generally available to and known by the public at the time of disclosure to Executive; provided that,
such disclosure is through no direct or indirect fault of Executive or person(s) acting on Executive’s behalf.

 

(b)            Executive
further acknowledges that the Company and other members of the Company Group have received and in the future will receive from
third parties their confidential or proprietary information subject to a duty to maintain the confidentiality of such information
and to use it only for certain limited purposes. Executive will hold all such confidential or proprietary information in the strictest
confidence and will not disclose it to any person or entity or to use it except as necessary in carrying out Executive 's duties
hereunder consistent with the Company’s (or such other member of the Company Group's) agreement with such third party.

 

(c)            Company
Creation and Use of Confidential Information.

 

Executive understands
and acknowledges that the Company has invested, and continues to invest, substantial time, money, and specialized knowledge into
developing its resources, creating a customer base, generating customer and potential customer lists, training its employees, and
improving its offerings in the field of online gaming. Executive understands and acknowledges that as a result of these efforts,
the Company has created, and continues to use and create Confidential Information. This Confidential Information provides the Company
with a competitive advantage over others in the marketplace.

 

    -12-

     

    

 

(d)            Disclosure
and Use Restrictions.

 

Executive agrees and
covenants: (i) to treat all Confidential Information as strictly confidential; (ii) not to directly or indirectly disclose,
publish, communicate, or make available Confidential Information, or allow it to be disclosed, published, communicated, or made
available, in whole or part, to any entity or person whatsoever (including other employees of the Company) not having a need to
know and authority to know and use the Confidential Information in connection with the business of the Company and, in any event,
not to anyone outside of the direct employ of the Company except as required in the performance of Executive’s authorized
employment duties to the Company or with the prior consent of the Company in each instance (and then, such disclosure shall be
made only within the limits and to the extent of such duties or consent); and (iii) not to access or use any Confidential
Information, and not to copy any documents, records, files, media, or other resources containing any Confidential Information,
or remove any such documents, records, files, media, or other resources from the premises or control of the Company, except as
required in the performance of Executive’s authorized employment duties to the Company or with the prior consent of the Company
in each instance (and then, such disclosure shall be made only within the limits and to the extent of such duties or consent).
Nothing herein shall be construed to prevent disclosure of Confidential Information as may be required by applicable law or regulation,
or pursuant to the valid order of a court of competent jurisdiction or an authorized government agency, provided that the disclosure
does not exceed the extent of disclosure required by such law, regulation, or order. Executive shall promptly provide written notice
of any such order to the Board.

 

(e)            Notice
of Immunity Under the Economic Espionage Act of 1996, as amended by the Defend Trade Secrets Act of 2016 (“DTSA”).
Notwithstanding any other provision of this Agreement:

 

(i)            Executive
will not be held criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade secret
that:

 

(A)     
        is made (1) in confidence to a federal, state,
or local government official, either directly or indirectly, or to an attorney; and (2) solely for the purpose of
reporting or investigating a suspected violation of law; or

 

(B)       
      is made in a complaint or other document filed under seal in a
lawsuit or other proceeding.

 

(ii)            If
Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Executive may disclose the
Company’s trade secrets to Executive’s attorney and use the trade secret information in the court proceeding if Executive:

 

(A)      
       files any document containing trade secrets under seal;
and

 

(B)       
      does not disclose trade secrets, except pursuant to court
order.

 

    -13-

     

    

 

Executive understands
and acknowledges that his obligations under this Agreement with regard to any particular Confidential Information shall commence
immediately upon Executive first having access to such Confidential Information (whether before or after he begins employment by
the Company) and shall continue during and after his employment by the Company until such time as such Confidential Information
has become public knowledge other than as a result of Executive’s breach of this Agreement or breach by those acting in concert
with Executive or on Executive’s behalf.

 

8.            Restrictive
Covenants.

 

8.1            Acknowledgement.
Executive understands that the nature of Executive’s position gives him access to and knowledge of Confidential Information
and places him in a position of trust and confidence with the Company. Executive understands and acknowledges that the intellectual
services he provides to the Company are unique, special, or extraordinary. Executive further understands and acknowledges that
the Company’s ability to reserve these for the exclusive knowledge and use of the Company is of great competitive importance
and commercial value to the Company, and that improper use or disclosure by Executive is likely to result in unfair or unlawful
competitive activity.

 

8.2            Non-Competition.

 

(a)(i)     In
recognition of the Company's heightened need for protection from abuse of relationships formed or information garnered before and
during the Employment Term of Executive's employment hereunder, Executive covenants and agrees that should Executive separate employment
from the Company for Cause, without Good Reason, or within twelve (12) months following a Change in Control without Cause, that
for the Restrictive Period (as defined below), not to, in a position based anywhere in the United States, directly or indirectly
be employed by, provide consultation or other services to, contribute his knowledge, volunteer, engage or participate in, provide
advice, information or assistance to, fund or invest in, disclose Confidential Information to, or otherwise be connected or associated
in any way or manner with, any entity engaged in the same or similar business as the Company, including but not limited to any
United States based firm, foreign firm, person, corporation or other entity which either directly, indirectly or through an affiliated
company or entity, operates an online real money gambling business or proposes to operate an online real money gambling business
in the state of New Jersey, Pennsylvania, Michigan or any other state in the United States or a United States territory during
the Restrictive Period. For this purpose, the “Restrictive Period” means (i) if the termination of Executive’s
employment occurs during the Term, two (2) years immediately following Executive’s termination of employment, (ii) if
the termination of Executive’s employment occurs during the Term by the Company without Cause, within twelve (12) months
following a Change in Control, one (1) year immediately following Executive’s termination of employment, or (iii) if
the termination of Executive’s employment occurs at the end of or following the Term, six (6) months immediately following
Executive’s termination of employment, provided that the Company may, at its option, extend the non-compete period for an
additional six (6) months by paying the Executive his base salary plus a pro rata portion of his Target Bonus in equal installments
over such additional six (6)-month period.

 

(ii)            Nothing
herein shall prohibit Executive from purchasing or owning less than five percent (5%) of the publicly traded securities of any
corporation, provided that such ownership represents a passive investment and that Executive is not a controlling person of, or
a member of a group that controls such corporation.

 

    -14-

     

    

 

(b)            Non-Solicitation.
Executive further covenants and agrees that during the Employment Term, any continuing period of employment thereafter, and for
a period of thirty-six (36) months following the termination of Executive’s employment for any reason, Executive shall not
directly or indirectly:

 

(i)            Make
known to any third party the names, contact and other information of or pertaining to any of the customers, employees or former
employees of any member of the Company Group;

 

(ii)            Call
on, solicit, induce to leave and/or take away, or attempt to call on, solicit, induce to leave and/or take away, any of the customers
of any member of the Company Group, either for Executive's own account or for any third party;

 

(iii)            Call
on, solicit and/or take away, any potential or prospective customer of any member of the Company Group, on whom the Executive called
or with whom Executive became acquainted during employment (either before or during the Employment Term) by any member of the Company
Group, either for Executive's own account or for any third party;

 

(iv)            Approach
or solicit any current employee or any former employee that has been terminated for less than six (6) months or independent
contractor of any member of the Company Group with a view towards enticing such person to leave the employ or service of any member
of the Company Group; or hire or contract with any current or former employee that has been terminated for less than six (6) months
or independent contractor of any member of the Company Group , without the prior written consent of the Company, such consent to
be within the Company’s sole and absolute discretion; provided, however, that this restriction will not extend to, prohibit
or otherwise limit general employment advertising or solicitation not specifically targeting employees of the Company or any such
specific employee; or

 

(v)            Interfere
with, disrupt or attempt to interfere with or disrupt the Company Group’s relationships with any Company Group vendor, customer
or person who is employed by or provides services to the Company Group or does business with or on behalf of, either directly or
indirectly, the Company Group.

 

9.            Non-Disparagement.
Executive agrees and covenants that he will not at any time, directly or indirectly, make, publish or communicate to any person
or entity or in any public forum any defamatory or disparaging remarks, comments, or statements concerning the Company or its businesses,
or any of its employees, officers, shareholders, members or advisors, or any member of the Board.

 

This Section 9 does
not, in any way, restrict or impede Executive from exercising protected rights to the extent that such rights cannot be waived
by agreement or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an
authorized government agency, provided that such compliance does not exceed that required by the law, regulation, or order. Executive
shall promptly provide written notice of any such order to the Board.

 

    -15-

     

    

 

The Company agrees and
covenants that it shall use its reasonable best efforts to cause its officers and directors to refrain from making any defamatory
or disparaging remarks, comments, or statements concerning Executive to any third parties.

 

10.            Acknowledgement.
Executive acknowledges and agrees that the services to be rendered by him to the Company are of a special and unique character;
that Executive will obtain knowledge and skill relevant to the Company’s industry, methods of doing business and marketing
strategies by virtue of Executive’s employment; and that the restrictive covenants and other terms and conditions of this
Agreement are reasonable and reasonably necessary to protect the legitimate business interest of the Company.

 

Executive further acknowledges
that the amount of his compensation reflects, in part, his obligations and the Company’s rights under Section 7, Section 8,
and Section 9 of this Agreement; that he has no expectation of any additional compensation, royalties or other payment of
any kind not otherwise referenced herein in connection herewith; and that he will not be subject to undue hardship by reason of
his full compliance with the terms and conditions of Section 7, Section 8, and Section 9 of this Agreement or the
Company’s enforcement thereof.

 

11.            Remedies.
In the event of a breach or threatened breach by Executive of Section 7, Section 8, or Section 9 of this Agreement,
Executive hereby consents and agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary
or permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction,
without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the
necessity of posting any bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal
remedies, monetary damages, or other available forms of relief.

 

12.            Arbitration.
Any dispute, controversy, or claim arising out of or related to this Agreement, except for disputes arising under Section 7,
Section 8, or Section 9 of this Agreement (including, without limitation, any claim for injunctive relief), or its interpretation,
application, implementation, breach or enforcement which the parties hereto are unable to resolve by mutual agreement, shall be
settled by submission by either Executive or the Company of the controversy, claim or dispute to binding arbitration in Houston,
Texas (unless the parties hereto agree in writing to a different location), before a single arbitrator in accordance with the Employment
Dispute Resolution Rules of the American Arbitration Association then in effect. In any such arbitration proceeding the parties
hereto agree to provide all discovery deemed necessary by the arbitrator. The decision and award made by the arbitrator shall be
accompanied by a reasoned opinion, and shall be final, binding and conclusive on all parties hereto for all purposes, and judgment
may be entered thereon in any court having jurisdiction thereof. The prevailing party in such arbitration shall be entitled to
reimbursement from the non-prevailing party for the totality of the arbitrator’s, administrative, and reasonable legal fees
and costs. Upon the request of any of the parties hereto, at any time prior to the beginning of the arbitration hearing the parties
may attempt in good faith to settle the dispute by mediation administered by the American Arbitration Association.

 

    -16-

     

    

 

13.            Proprietary
Rights.

 

13.1          Work
Product. Executive acknowledges and agrees that all right, title, and interest in and to all writings, works of authorship,
technology, inventions, discoveries, processes, techniques, methods, ideas, concepts, research, proposals, materials, and all other
work product of any nature whatsoever, that are created, prepared, produced, authored, edited, amended, conceived, or reduced to
practice by Executive individually or jointly with others during the period of his employment by the Company and relate in any
way to the business or contemplated business, products, activities, research, or development of the Company or result from any
work performed by Executive for the Company (in each case, regardless of when or where prepared or whose equipment or other resources
is used in preparing the same), all rights and claims related to the foregoing, and all printed, physical and electronic copies,
and other tangible embodiments thereof (collectively, “Work Product”), as well as any and all rights in and
to US and foreign (a) patents, patent disclosures and inventions (whether patentable or not), (b) trademarks, service
marks, trade dress, trade names, logos, corporate names, and domain names, and other similar designations of source or origin,
together with the goodwill symbolized by any of the foregoing, (c) copyrights and copyrightable works (including computer
programs), and rights in data and databases, (d) trade secrets, know-how, and other confidential information, and (e) all
other intellectual property rights, in each case whether registered or unregistered and including all registrations and applications
for, and renewals and extensions of, such rights, all improvements thereto and all similar or equivalent rights or forms of protection
in any part of the world (collectively, “Intellectual Property Rights”), shall be the sole and exclusive property
of the Company.

 

For purposes of this
Agreement, Work Product includes, but is not limited to, Company information, including plans, publications, research, strategies,
techniques, agreements, documents, contracts, terms of agreements, negotiations, know-how, computer programs, computer applications,
software design, web design, work in process, databases, manuals, results, developments, reports, graphics, drawings, sketches,
market studies, formulae, notes, communications, algorithms, product plans, product designs, styles, models, audiovisual programs,
inventions, unpublished patent applications, original works of authorship, discoveries, experimental processes, experimental results,
specifications, customer information, client information, customer lists, client lists, manufacturing information, marketing information,
advertising information, and sales information.

 

13.2         Work
Made for Hire; Assignment. Executive acknowledges that, by reason of being employed by the Company at the relevant times, to
the extent permitted by law, all of the Work Product consisting of copyrightable subject matter is “work made for hire”
as defined in 17 U.S.C. § 101 and such copyrights are therefore owned by the Company. To the extent that the foregoing does
not apply, Executive hereby irrevocably assigns to the Company, for no additional consideration, Executive’s entire right,
title, and interest in and to all Work Product and Intellectual Property Rights therein, including the right to sue, counterclaim,
and recover for all past, present, and future infringement, misappropriation, or dilution thereof, and all rights corresponding
thereto throughout the world. Nothing contained in this Agreement shall be construed to reduce or limit the Company’s rights,
title, or interest in any Work Product or Intellectual Property Rights so as to be less in any respect than that the Company would
have had in the absence of this Agreement.

 

    -17-

     

    

 

13.3         Further
Assurances; Power of Attorney. During and after his employment, Executive agrees to reasonably cooperate with the Company to
(a) apply for, obtain, perfect, and transfer to the Company the Work Product as well as any and all Intellectual Property
Rights in the Work Product in any jurisdiction in the world; and (b) maintain, protect and enforce the same, including, without
limitation, giving testimony and executing and delivering to the Company any and all applications, oaths, declarations, affidavits,
waivers, assignments, and other documents and instruments as shall be requested by the Company. Executive hereby irrevocably grants
the Company power of attorney to execute and deliver any such documents on Executive’s behalf in his name and to do all other
lawfully permitted acts to transfer the Work Product to the Company and further the transfer, prosecution, issuance, and maintenance
of all Intellectual Property Rights therein, to the full extent permitted by law, if Executive does not promptly cooperate with
the Company’s request (without limiting the rights the Company shall have in such circumstances by operation of law). The
power of attorney is coupled with an interest and shall not be affected by Executive’s subsequent incapacity.

 

13.4         No
License. Executive understands that this Agreement does not, and shall not be construed to, grant Executive any license or
right of any nature with respect to any Work Product or Intellectual Property Rights or any Confidential Information, materials,
software, or other tools made available to him by the Company.

 

14.           Security.

 

14.1         Security
and Access. Executive agrees and covenants (a) to comply with all Company security policies and procedures as in force
from time to time including without limitation those regarding computer equipment, telephone systems, voicemail systems, facilities
access, monitoring, key cards, access codes, Company intranet, internet, social media and instant messaging systems, computer systems,
e-mail systems, computer networks, document storage systems, software, data security, encryption, firewalls, passwords and any
and all other Company facilities, IT resources and communication technologies (“Facilities and Information Technology
Resources”); (b) not to access or use any Facilities and Information Technology Resources except as authorized by
the Company; and (iii) not to access or use any Facilities and Information Technology Resources in any manner after the termination
of Executive’s employment by the Company, whether termination is voluntary or involuntary. Executive agrees to notify the
Company promptly in the event he learns of any violation of the foregoing by others, or of any other misappropriation or unauthorized
access, use, reproduction, or reverse engineering of, or tampering with any Facilities and Information Technology Resources or
other Company property or materials by others.

 

14.2          Exit
Obligations. Upon (a) voluntary or involuntary termination of Executive’s employment or (b) the Company’s
request at any time during Executive’s employment, Executive shall (i) provide or return to the Company any and all
Company property, including keys, key cards, access cards, identification cards, security devices, employer credit cards, network
access devices, computers, cell phones, smartphones, PDAs, pagers, fax machines, equipment, speakers, webcams, manuals, reports,
files, books, compilations, work product, e-mail messages, recordings, tapes, disks, thumb drives or other removable information
storage devices, hard drives, negatives, and data and all Company documents and materials belonging to the Company and stored in
any fashion, including but not limited to those that constitute or contain any Confidential Information or Work Product, that are
in the possession or control of Executive, whether they were provided to Executive by the Company or any of its business associates
or created by Executive in connection with his employment by the Company; and (ii) delete or destroy all copies of any such
documents and materials not returned to the Company that remain in Executive’s possession or control, including those stored
on any non-Company devices, networks, storage locations, and media in Executive’s possession or control.

 

    -18-

     

    

 

15.            Governing
Law: Jurisdiction and Venue. This Agreement, for all purposes, shall be construed in accordance with the laws of the State
of Texas without regard to conflicts of law principles and irrespective of Executive’s work location. Any action or proceeding
under Section 11 of this Agreement shall be brought only in a state or federal court located in the State of Texas, Harris
County. The parties hereby irrevocably submit to the non-exclusive jurisdiction of such courts and waive the defense of inconvenient
forum to the maintenance of any such action or proceeding in such venue.

 

16.            Entire
Agreement. Unless specifically provided herein, this Agreement contains all of the understandings and representations between
Executive and the Company pertaining to the subject matter hereof and supersedes all prior and contemporaneous understandings,
agreements, representations and warranties, both written and oral, with respect to such subject matter, including Executive’s
existing employment agreement dated effective as of November 1, 2018 between Executive and Landry’s, LLC, which shall
be void as of the Effective Date. The parties mutually agree that the Agreement can be specifically enforced in court and can be
cited as evidence in legal proceedings alleging breach of the Agreement.

 

17.            Modification
and Waiver. No provision of this Agreement may be amended or modified unless such amendment or modification is agreed to in
writing and signed by Executive and by the Company. No waiver by either of the parties of any breach by the other party hereto
of any condition or provision of this Agreement to be performed by the other party hereto shall be deemed a waiver of any similar
or dissimilar provision or condition at the same or any prior or subsequent time, nor shall the failure of or delay by either of
the parties in exercising any right, power, or privilege hereunder operate as a waiver thereof to preclude any other or further
exercise thereof or the exercise of any other such right, power, or privilege.

 

18.            Severability.
Should any provision of this Agreement be held by a court of competent jurisdiction to be enforceable only if modified, or if any
portion of this Agreement shall be held as unenforceable and thus stricken, such holding shall not affect the validity of the remainder
of this Agreement, the balance of which shall continue to be binding upon the parties with any such modification to become a part
hereof and treated as though originally set forth in this Agreement.

 

The parties further agree
that any such court is expressly authorized to modify any such unenforceable provision of this Agreement in lieu of severing such
unenforceable provision from this Agreement in its entirety, whether by rewriting the offending provision, deleting any or all
of the offending provision, adding additional language to this Agreement, or by making such other modifications as it deems warranted
to carry out the intent and agreement of the parties as embodied herein to the maximum extent permitted by law.

 

The parties expressly
agree that this Agreement as so modified by the court shall be binding upon and enforceable against each of them. In any event,
should one or more of the provisions of this Agreement be held to be invalid, illegal, or unenforceable in any respect, such invalidity,
illegality, or unenforceability shall not affect any other provisions hereof, and if such provision or provisions are not modified
as provided above, this Agreement shall be construed as if such invalid, illegal, or unenforceable provisions had not been set
forth herein.

 

19.            Captions.
Captions and headings of the sections and paragraphs of this Agreement are intended solely for convenience and no provision of
this Agreement is to be construed by reference to the caption or heading of any section or paragraph.

 

    -19-

     

    

 

20.            Counterparts.
This Agreement may be executed in separate counterparts, each of which shall be deemed an original, but all of which taken together
shall constitute one and the same instrument.

 

21.            Tolling.
Should Executive violate any of the terms of the restrictive covenant obligations articulated herein, the obligation at issue will
run from the first date on which Executive ceases to be in violation of such obligation.

 

22.            Section 409A.

 

22.1     
     General Compliance. This Agreement is intended to comply with
Section 409A of the Code and the regulations, rules and other guidance promulgated thereunder
(“Section 409A”) or an exemption thereunder and shall be construed and administered in accordance
with Section 409A. Notwithstanding any other provision of this Agreement, payments provided under this Agreement may
only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments
under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation
from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For
purposes of Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment.
Any payments to be made under this Agreement upon a termination of employment shall only be made upon a “separation
from service” under Section 409A. Notwithstanding the foregoing, the Company makes no representations that the
payments and benefits provided under this Agreement comply with Section 409A, and in no event shall the Company be
liable for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by Executive on
account of non-compliance with Section 409A.

 

22.2          Specified
Employees. Notwithstanding any other provision of this Agreement, if any payment or benefit provided to Executive in connection
with his termination of employment is determined to constitute “nonqualified deferred compensation” within the meaning
of Section 409A and Executive is determined to be a “specified employee” as defined in Section 409A(a)(2)(b)(i),
then such payment or benefit shall not be paid until the first payroll date to occur following the six-month anniversary of the
Termination Date or, if earlier, on Executive’s death (the “Specified Employee Payment Date”). The aggregate
of any payments that would otherwise have been paid before the Specified Employee Payment Date and interest on such amounts calculated
based on the applicable federal rate published by the Internal Revenue Service for the month in which Executive’s separation
from service occurs shall be paid to Executive in a lump sum on the Specified Employee Payment Date and thereafter, any remaining
payments shall be paid without delay in accordance with their original schedule.

 

22.3         Reimbursements.
To the extent required by Section 409A, each reimbursement or in-kind benefit provided under this Agreement shall be provided
in accordance with the following:

 

(a)            the
amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect the expenses
eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year;

 

(b)            any
reimbursement of an eligible expense shall be paid to Executive on or before the last day of the calendar year following the calendar
year in which the expense was incurred; and

 

    -20-

     

    

 

(c)            any
right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for another benefit.

 

23.            Successors
and Assigns. This Agreement is personal to Executive and shall not be assigned by Executive. Any purported assignment by Executive
shall be null and void from the initial date of the purported assignment. The Company will require any successor (whether direct
or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all of the business or assets of the Company
to assume its obligations under this Agreement. This Agreement shall inure to the benefit of the Company and permitted successors
and assigns.

 

24.            Notice.
Notices and all other communications provided for in this Agreement shall be in writing and shall be delivered personally or sent
by registered or certified mail, return receipt requested, or by overnight carrier to the parties at the addresses set forth below
(or such other addresses as specified by the parties by like notice):

 

		If to the Company:	Golden Nugget Online Gaming,
LLC

1510 West Loop South 

Houston, TX 77027 

Attention:
Tilman J. Fertitta, CEO

 

If to Executive, to his
address most recently on file with the Company.

 

25.            Representations
of Executive. Executive represents and warrants to the Company that:

 

(a)            Executive’s
acceptance of employment with the Company and the performance of his duties hereunder will not conflict with or result in a violation
of, a breach of, or a default under any contract, agreement, or understanding to which he is a party or is otherwise bound; and

 

(b)            Executive’s
acceptance of employment with the Company and the performance of his duties hereunder will not violate any non-solicitation, non-competition,
or other similar covenant or agreement of a prior employer.

 

26.            Withholding.
The Company shall have the right to withhold from any amount payable hereunder any Federal, state, and local taxes in order for
the Company to satisfy any withholding tax obligation it may have under any applicable law or regulation.

 

27.            Survival.
Upon the expiration or other termination of this Agreement, the respective rights and obligations of the parties hereto shall survive
such expiration or other termination to the extent necessary to carry out the intentions of the parties under this Agreement.

 

28.            Acknowledgement
of Full Understanding. EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE HAS FULLY READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO THIS
AGREEMENT. EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY OF HIS
CHOICE BEFORE SIGNING THIS AGREEMENT.

 

[signature page follows]

 

    -21-

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the date first above written.

 

	 	GOLDEN NUGGET ONLINE GAMING, LLC
	 	 	 
	 	By: 	/s/ Tilman J. Fertitta
	 	Name:	Tilman J. Fertitta
	 	Title:	Chief Executive Officer

 

EXECUTIVE

 

	/s/ Thomas Winter	 
	Thomas Winter	 

 

[Signature Page to Employment Agreement]

     

     

    

 

EXHIBIT A

 

FORM OF INITIAL EQUITY AWARD

 

    A-1

     

    

 

 

EXHIBIT B

 

FORM OF RELEASE

 

    B-1Exhibit 10.11

 

GOLDEN NUGGET ONLINE GAMING, INC.
2020 INCENTIVE AWARD PLAN

RESTRICTED STOCK UNIT AWARD AGREEMENT

 

THIS RESTRICTED
STOCK UNIT AWARD AGREEMENT (the “Agreement”), is made and entered into effective December 29, 2020
(the “Grant Date”), by and between Golden Nugget Online Gaming, Inc., a Delaware corporation (the “Company”),
and Thomas Winter (the “Participant”).

 

RECITALS

 

WHEREAS, the
Company has adopted the Golden Nugget Online Gaming, Inc. 2020 Incentive Award Plan, as amended (the “Plan”);

 

WHEREAS, pursuant
to Section 9 of the Plan, the Company desires to grant to the Participant an award of Restricted Stock Units (the “Units”)
set forth in Section 2(a) below, subject to certain restrictions set forth in this Agreement, effective as of the Grant
Date; and

 

WHEREAS, the
Board or the Committee has duly made all determinations necessary or appropriate to the grants hereunder.

 

NOW, THEREFORE,
in consideration of the premises and the mutual covenants set forth in this Agreement and for other good and valuable consideration,
the receipt of which is hereby acknowledged, the parties agree as follows:

 

AGREEMENT

 

1.              Definitions.
Any capitalized term used in this Agreement that is not defined in this Agreement will have the same meaning given to it in the
Plan.

 

2.              Grant
of Restricted Stock Units; Vesting.

 

(a)            Subject
to the terms and conditions of the Plan, and the additional terms and conditions set forth in this Agreement, the Company hereby
grants to the Participant, an award of One Million (1,000,000) time-vesting Units (the “Award”). Each Unit is
a notional amount that represents one unvested Common Share and constitutes the right, subject to the terms and conditions of the
Plan and this Agreement, to distribution of a Common Share if and when the Unit vests.

 

(b)            Provided
that the Participant remains continuously employed with the Company as of each applicable vesting date, one fourth (1/4) of the
Units granted under this Award will vest on each of the first four (4) anniversaries of the Grant Date (the “Vesting
Date”). In the event that the Participant’s employment with the Company or its Affiliates is terminated for any
reason before the Vesting Date, except as otherwise determined by the Company’s CEO or the Committee, if applicable, all
unvested Units shall be canceled and forfeited; provided, however, that in the event Participant’s employment is terminated
due to Participant’s death or Disability, by the Company without Cause or by the Participant for Good Reason (as such terms
are defined in the employment agreement between the Participant and Golden Nugget Online Gaming, LLC (the “Employment Agreement”)),
all of the then unvested Units will vest, subject to the terms and conditions of the Employment Agreement. The vested Units shall
be settled and become payable in Common Shares in accordance with Section 3.

 

    -1- 

     

    

 

(c)            In
the event of a Change in Control (as defined in the Plan), all of the Participant’s unvested Units granted under this Award
shall vest immediately in full upon the effective date of the Change in Control, subject to the Participant’s continued employment
with the Company on such date. The vested Units shall be settled and become payable in Common Shares in accordance with Section 3.

 

3.             Timing;
Form of Payment. Once a Unit vests, the Participant will be entitled to receive a Common Share in its place or, in
the Committee’s discretion, an equivalent amount in cash (or partly in cash and partly in Common Shares). Delivery of the
Common Shares or cash, as applicable, will be made as soon as administratively feasible following the vesting of the associated
Unit, and in no event later than the sixtieth (60th) day following the Vesting Date. Any Common Shares paid will be
credited to an account established for the benefit of the Participant with the Company’s administrative agent. The Participant
will have full legal and beneficial ownership of the Common Shares at that time.

 

4.             Certificates;
Transferability. Units awarded under Section 2 will be credited to a book entry account maintained by the Company
on behalf of the Participant, and such book entry will appropriately record the terms, conditions and restrictions applicable to
such Units. Neither unvested Units, nor the right to vote such Units and receive dividends thereon, may be sold, assigned, transferred,
exchanged, pledged, hypothecated or otherwise encumbered.

 

5.             Rights
as a Stockholder. Unless and until a Unit has vested and the Common Share underlying it has been distributed to the Participant,
the Participant will not be entitled to vote in respect of that Unit or that Common Share. Except as provided in this Section 5
or as otherwise required by law, the Participant shall not have any rights as a stockholder with respect to any Common Shares covered
by the Units granted hereunder prior to the date on which he is recorded as the holder of those Common Shares on the records of
the Company. Notwithstanding any other part of this Agreement, any quarterly or other regular, periodic dividends or distributions
(as determined by the Committee) paid on Common Shares will accrue with respect to (i) unvested Units, and (ii) Units
that are vested but unpaid pursuant to Section 3, and in each case will be subject to the same forfeitures provisions (if
any), and be paid out at the same time or time(s), as the underlying Units on which such dividends or other distributions have
accrued.

 

    -2- 

     

    

 

6.             Withholding.
No later than the date as of which an amount first becomes includible as income of the Participant for any income and/or employment
tax purposes with respect to any Unit, the Participant shall pay to the Company, or make arrangements satisfactory to the Company
regarding the payment of, all federal, state, local and foreign income and/or employment taxes that are required by applicable
law to be withheld with respect to such amount. For the avoidance of doubt, the Participant may elect to satisfy withholding obligations
pursuant to this Agreement by electing to have the number of Common Shares otherwise deliverable pursuant to this Agreement reduced
in an amount such that the Fair Market Value of such withheld Common Shares equals the amount of the Participant’s withholding
tax obligations, determined at a tax rate up to the maximum tax rate applicable to the Participant. The Participant authorizes
the Company to withhold from his compensation to satisfy any income and/or employment tax withholding obligations in connection
with the Award. If the Participant is no longer employed by the Company at the time any applicable taxes are due and must be remitted
by the Company, the Participant agrees to pay applicable taxes to the Company, and the Company may delay distribution of the Common
Shares underlying the Award until proper payment of such taxes has been made by the Participant. The Participant may satisfy such
obligations under this Section 6 by any method authorized under this Agreement and the Plan.

 

7.             Plan.
The Participant hereby acknowledges receipt of a copy of the Plan. Notwithstanding any other provision of this Agreement, the Units
are granted pursuant to the Plan, as in effect on the date of the Agreement, and are subject to the terms and conditions of the
Plan, as the same may be amended from time to time; provided, however, that except as otherwise provided by the Plan, no amendment
to either the Plan or this Agreement will deprive the Participant, without the Participant’s consent, of any Units or of
the Participant’s rights under this Agreement. The interpretation and construction by the Committee of the Plan, this Agreement,
the Units, and such rules and regulations as may be adopted by the Committee for the purpose of administering the Plan, will
be final and binding upon the Participant.

 

8.             No
Employment Rights. No provision of the Plan or this Agreement will give the Participant any right to continue in the employ
of the Company or any of its Affiliates, create any inference as to the length of employment of the Participant, affect the
right of the Company or its Affiliates to terminate the employment of the Participant, with or without Cause, or give the Participant
any right to participate in any employee welfare or benefit plan or other program of the Company or any of its Affiliates.

 

9.             Changes
in Company’s Capital or Organizational Structure. The existence of the Units shall not affect in any way the right
or authority of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations
or other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any
issue of preferred Company shares ahead of or affecting the Common Shares or the rights thereof, or the dissolution or liquidation
of the Company, or any sale or transfer of all or any part of its assets or business, or any other act or proceeding, whether of
a similar character or otherwise.

 

10.           Delays.
In accordance with the terms of the Plan, the Company shall have the right to suspend or delay any time period prescribed in this
Agreement or in the Plan for any action if the Committee shall determine that the action may constitute a violation of any law
or result in any liability under any law to the Company, an Affiliate or a stockholder in the Company until such time as the action
required or permitted will not constitute a violation of law or result in liability to the Company, an Affiliate or a stockholder
of the Company.

 

    -3- 

     

    

 

11.           Governing
Law; Construction. This Agreement and the Units will be governed by, and construed and enforced in accordance with, the
laws of the State of Delaware without regard to conflicts of law principles. The jurisdiction and venue for any disputes arising
under, or any action brought to enforce (or otherwise relating to), this Agreement will be exclusively in the courts in the State
of Delaware, including the Federal Courts located therein (should Federal jurisdiction exist). Common nouns and pronouns shall
be deemed to refer to the masculine, feminine, neuter, singular and plural, as the context requires.

 

12.           Entire
Agreement. This Agreement, together with the Plan and any other agreements incorporated herein by reference, constitutes
the entire obligation of the parties with respect to the subject matter of this Agreement and supersedes any prior written or oral
expressions of intent or understanding with respect to such subject matter (provided, that this Agreement shall not supersede any
written consulting agreement or other written agreement between the Company and the Participant, including, but not limited to,
any written restrictive covenant agreements). The Participant represents that, in executing this Agreement, he does not rely and
has not relied upon any representation or statement not set forth herein made by the Company with regard to the subject matter,
bases or effect of this Agreement or otherwise.

 

13.           Amendment.
This Agreement may be amended as provided in the Plan.

 

14.           Waiver;
Cumulative Rights. The failure or delay of either party to require performance by the other party of any provision of this
Agreement will not affect its right to require performance of such provision unless and until such performance has been waived
in writing. Each right under this Agreement is cumulative and may be exercised in part or in whole from time to time.

 

15.           Counterparts.
This Agreement may be signed in two counterparts, each of which will be an original, but both of which will constitute one and
the same instrument.

 

16.           Notices.
Any notices required or permitted under this Agreement must be in writing and may be delivered personally or by mail, postage prepaid,
addressed to (a) the Company at Golden Nugget Online Gaming, Inc., 1510 West Loop South, Attention: Tilman J. Fertitta
and (b) the Participant at the Participant’s address as shown on the Company’s payroll records, or to such other
address as the Participant, by notice to the Company, may designate in writing from time to time.

 

17.           Headings.
The headings in this Agreement are for reference purposes only and will not affect the meaning or interpretation of this Agreement.

 

18.           Severability.
If any provision of this Agreement is for any reason held to be invalid or unenforceable, such invalidity or unenforceability will
not affect any other provision of this Agreement, and this Agreement will be construed as if such invalid or unenforceable provision
were omitted.

 

19.           No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rule of strict construction will be applied against any party.

 

    -4- 

     

    

 

20.           Successors
and Assigns. This Agreement will inure to the benefit of and be binding upon each successor and assign of the Company.
All obligations imposed upon the Participant or a representative, and all rights granted to the Company under this Agreement, will
be binding upon the Participant’s or the representative’s heirs, legal representatives and successors.

 

21.           Tax
Consequences.            The Participant agrees to determine
and be responsible for all tax consequences to the Participant with respect to the Units.

 

22.           Code
Section 409A Compliance. This Agreement and delivery of Units and Common Shares under this Agreement are intended
to be exempt from or to comply with Section 409A of the Code and shall be administered and construed in accordance with such
intent. Notwithstanding any provision of this Agreement, to the extent that the Committee determines that any portion of the Units
granted under this Agreement is subject to Internal Revenue Code Section 409A (“Section 409A”) and
fails to comply with the requirements of Section 409A, notwithstanding anything to the contrary contained in the Plan or in
this Agreement, the Committee reserves the right to amend, restructure, terminate or replace such portion of the Units in order
to cause such portion of the Units to either not be subject to Section 409A or to comply with the applicable provisions of
such section. In furtherance, and not in limitation, of the foregoing: (a) in no event may the Participant designate, directly
or indirectly, the calendar year of any payment to be made hereunder; and (b) notwithstanding any other provision of this
Agreement to the contrary, a termination of employment hereunder shall mean and be interpreted consistent with a “separation
from service” within the meaning of Code Section 409A with respect to any payment hereunder that constitute a “deferral
of compensation” under Code Section 409A that becomes due on account of such separation from service. Notwithstanding
any provision of the Plan to the contrary, in no event shall the Company be liable to the Participant on account of this Agreement’s
failure to (a) qualify for favorable U.S. or foreign tax treatment or (b) avoid adverse tax treatment under U.S. or foreign
law, including, without limitation, Section 409A of the Code.

 

[signature page follows]

 

    -5- 

     

    

 

IN WITNESS WHEREOF,
the Company and the Participant have executed this Agreement as of the date first written above.

 	GOLDEN NUGGET ONLINE GAMING, INC.:	 	PARTICIPANT:
	 	 	 
	 	 	 
	By:   	/s/ Tilman J. Fertitta	 	/s/ Thomas Winter
	 	Tilman J. Fertitta, CEO	 	Thomas Winter

 

    -6-

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