Document:

Exhibit
10.1

 

PAVmed
Inc.

 

Second
Amended and Restated 2014 Long-Term Incentive Equity Plan

 

Section
1. Purpose; Definitions.

 

1.1.
Purpose. The purpose of the PAVmed Inc. 2014 Long-Term Incentive Equity Plan (“Plan”) is to enable the Company
to offer to its employees, officers, directors and consultants whose past, present and/or potential future contributions to the
Company and its Subsidiaries have been, are or will be important to the success of the Company, an opportunity to acquire a proprietary
interest in the Company. The various types of long-term incentive awards that may be provided under the Plan will enable the Company
to respond to changes in compensation practices, tax laws, accounting regulations and the size and diversity of its businesses.

 

1.2.
Definitions. For purposes of the Plan, the following terms shall be defined as set forth below:

 

(a)
“Agreement” means the agreement between the Company and the Holder, or such other document as may be determined by
the Committee, setting forth the terms and conditions of an award under the Plan.

 

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

 

(c)
“Code” means the Internal Revenue Code of 1986, as amended from time to time.

 

(d)
“Committee” means the committee of the Board designated to administer the Plan as provided in Section 2.1. If no Committee
is so designated, then all references in this Plan to “Committee” shall mean the Board.

 

(e)
“Common Stock” means the Common Stock of the Company, par value $0.001 per share.

 

(f)
“Company” means PAVmed Inc., a corporation organized under the laws of the State of Delaware.

 

(g)
“Disability” means physical or mental impairment as determined under procedures established by the Committee for purposes
of the Plan.

 

(h)
“Effective Date” means the date determined pursuant to Section 11.1.

 

(i)
“Fair Market Value,” unless otherwise required by any applicable provision of the Code or any regulations issued thereunder,
means, as of any given date: (i) if the Common Stock is listed on a national securities exchange or The Nasdaq Stock Market, LLC
(“Nasdaq”) or is traded on the OTC Bulletin Board (“OTC”), the last sale price of the Common Stock in
the principal trading market for the Common Stock on such date, as reported by the exchange, Nasdaq or OTC, as the case may be;
(ii) if the fair market value of the Common Stock cannot be determined pursuant to clause (i) above, such price as the Committee
shall determine, in good faith.

 

(j)
“Holder” means a person who has received an award under the Plan.

 

(k)
“Incentive Stock Option” means any Stock Option intended to be and designated as an “incentive stock option”
within the meaning of Section 422 of the Code.

 

(l)
“Non-qualified Stock Option” means any Stock Option that is not an Incentive Stock Option.

 

    	 	1	 

     

    

 

(m)
“Normal Retirement” means retirement from active employment with the Company or any Subsidiary on or after such age
which may be designated by the Committee as “retirement age” for any particular Holder. If no age is designated, it
shall be 65.

 

(n)
“Other Stock-Based Award” means an award under Section 9 that is valued in whole or in part by reference to, or is
otherwise based upon, Common Stock.

 

(o)
“Parent” means any present or future “parent corporation” of the Company, as such term is defined in Section
424(e) of the Code.

 

(p)
“Plan” means the PAVmed Inc. 2014 Long-Term Incentive Equity Plan, as hereinafter amended from time to time.

 

(q)
“Repurchase Value” shall mean the Fair Market Value if the award to be settled under Section 2.2(e) or repurchased
under Section 5.2(k) or 9.2 is comprised of shares of Common Stock and the difference between Fair Market Value and the Exercise
Price (if lower than Fair Market Value) if the award is a Stock Option or Stock Appreciation Right; in each case, multiplied by
the number of shares subject to the award.

 

(r)
“Restricted Stock” means Common Stock received under an award made pursuant to Section 7 that is subject to restrictions
under Section 7.

 

(s)
“SAR Value” means the excess of the Fair Market Value (on the exercise date) over (a) the exercise price that the
participant would have otherwise had to pay to exercise the related Stock Option or (b) if a Stock Appreciation Right is granted
unrelated to a Stock Option, the Fair Market Value of a share of Common Stock on the date of grant of the Stock Appreciation Right,
in either case, multiplied by the number of shares for which the Stock Appreciation Right is exercised.

 

(t)
“Stock Appreciation Right” means the right to receive from the Company, without a cash payment to the Company, a number
of shares of Common Stock equal to the SAR Value divided by the Fair Market Value (on the exercise date).

 

(u)
“Stock Option” or “Option” means any option to purchase shares of Common Stock which is granted pursuant
to the Plan.

 

(v)
“Subsidiary” means any present or future “subsidiary corporation” of the Company, as such term is defined
in Section 424(f) of the Code.

 

(w)
“Vest” means to become exercisable or to otherwise obtain ownership rights in an award.

 

Section
2. Administration.

 

2.1.
Committee Membership. The Plan shall be administered by the Board or a Committee. If administered by a Committee, such
Committee shall be composed of at least two directors, all of whom are “outside directors” within the meaning of the
regulations issued under Section 162(m) of the Code and “non-employee” directors within the meaning of Rule 16b-3
under the Securities Exchange Act of 1934, as amended. Committee members shall serve for such term as the Board may in each case
determine and shall be subject to removal at any time by the Board.

 

2.2.
Powers of Committee. The Committee shall have full authority to award, pursuant to the terms of the Plan: (i) Stock Options,
(ii) Stock Appreciation Rights, (iii) Restricted Stock, and/or (iv) Other Stock-Based Awards. For purposes of illustration and
not of limitation, the Committee shall have the authority (subject to the express provisions of this Plan):

 

(a)
to select the officers, employees, directors and consultants of the Company or any Subsidiary to whom Stock Options, Stock Appreciation
Rights, Restricted Stock and/or Other Stock-Based Awards may from time to time be awarded hereunder;

 

    	 	2	 

     

    

 

(b)
to determine the terms and conditions, not inconsistent with the terms of the Plan, of any award granted hereunder (including,
but not limited to, number of shares, share exercise price or types of consideration paid upon exercise of such options, such
as other securities of the Company or other property, any restrictions or limitations, and any vesting, exchange, surrender, cancellation,
acceleration, termination, exercise or forfeiture provisions, as the Committee shall determine);

 

(c)
to determine any specified performance goals or such other factors or criteria which need to be attained for the vesting of an
award granted hereunder;

 

(d)
to determine the terms and conditions under which awards granted hereunder are to operate on a tandem basis and/or in conjunction
with or apart from other equity awarded under this Plan and cash and non-cash awards made by the Company or any Subsidiary outside
of this Plan; and

 

(e)
to make payments and distributions with respect to awards (i.e., to “settle” awards) through cash payments
in an amount equal to the Repurchase Value.

 

The
Committee may not modify or amend any outstanding Option or Stock Appreciation Right to reduce the exercise price of such Option
or Stock Appreciation Right, as applicable, below the exercise price as of the date of grant of such Option or Stock Appreciation
Right. In addition, no Option or Stock Appreciation Right may be granted in exchange for the cancellation or surrender of an Option
or Stock Appreciation Right or other award having a higher exercise price.

 

Notwithstanding
anything to the contrary, the Committee shall not grant to any one Holder in any one calendar year awards for more than 195,108
Shares (as defined below) in the aggregate.

 

2.3.
Interpretation of Plan.

 

(a)
Committee Authority. Subject to Section 10, the Committee shall have the authority to adopt, alter and repeal such administrative
rules, guidelines and practices governing the Plan as it shall from time to time deem advisable to interpret the terms and provisions
of the Plan and any award issued under the Plan (and to determine the form and substance of all agreements relating thereto),
and to otherwise supervise the administration of the Plan. Subject to Section 10, all decisions made by the Committee pursuant
to the provisions of the Plan shall be made in the Committee’s sole discretion and shall be final and binding upon all persons,
including the Company, its Subsidiaries and Holders.

 

(b)
Incentive Stock Options. Anything in the Plan to the contrary notwithstanding, no term or provision of the Plan relating
to Incentive Stock Options (including but not limited to Stock Appreciation rights granted in conjunction with an Incentive Stock
Option) or any Agreement providing for Incentive Stock Options shall be interpreted, amended or altered, nor shall any discretion
or authority granted under the Plan be so exercised, so as to disqualify the Plan under Section 422 of the Code or, without the
consent of the Holder(s) affected, to disqualify any Incentive Stock Option under such Section 422.

 

Section
3. Stock Subject to Plan.

 

3.1.
Number of Shares. Subject to Section 7.1(d), the total number of shares of Common Stock reserved and available for issuance
under the Plan shall be 5,951,081 shares. Shares of Common Stock under the Plan (“Shares”) may consist, in whole or
in part, of authorized and unissued shares or treasury shares. If any shares of Common Stock that have been granted pursuant to
a Stock Option cease to be subject to a Stock Option, or if any shares of Common Stock that are subject to any Stock Appreciation
Right, Restricted Stock award or Other Stock-Based Award granted hereunder are forfeited, or any such award otherwise terminates
without a payment being made to the Holder in the form of Common Stock, such shares shall again be available for distribution
in connection with future grants and awards under the Plan. Shares of Common Stock that are surrendered by a Holder or withheld
by the Company as full or partial payment in connection with any award under the Plan, as well as any shares of Common Stock surrendered
by a Holder or withheld by the Company or one of its Subsidiaries to satisfy the tax withholding obligations related to any award
under the Plan, shall not be available for subsequent awards under the Plan.

 

    	 	3	 

     

    

 

3.2.
Adjustment Upon Changes in Capitalization, Etc. In the event of any common stock dividend payable on shares of Common Stock,
Common Stock split or reverse split, combination or exchange of shares of Common Stock, or other extraordinary or unusual event
which results in a change in the shares of Common Stock of the Company as a whole, the Committee shall determine, in its sole
discretion, whether such change equitably requires an adjustment in the terms of any award in order to prevent dilution or enlargement
of the benefits available under the Plan (including number of shares subject to the award and the exercise price) or the aggregate
number of shares reserved for issuance under the Plan. Any such adjustments will be made by the Committee, whose determination
will be final, binding and conclusive.

 

Section
4. Eligibility.

 

Awards
may be made or granted to employees, officers, directors and consultants who are deemed to have rendered or to be able to render
significant services to the Company or its Subsidiaries and who are deemed to have contributed or to have the potential to contribute
to the success of the Company and which recipients are qualified to receive options under the regulations governing Form S-8 registration
statements under the Securities Act of 1933, as amended (“Securities Act”). No Incentive Stock Option shall be granted
to any person who is not an employee of the Company or an employee of a Subsidiary at the time of grant or so qualified as set
forth in the immediately preceding sentence. Notwithstanding the foregoing, an award may also be made or granted to a person in
connection with his hiring or retention, or at any time on or after the date he reaches an agreement (oral or written) with the
Company with respect to such hiring or retention, even though it may be prior to the date the person first performs services for
the Company or its Subsidiaries; provided, however, that no portion of any such award shall vest prior to the date the person
first performs such services and the date of grant shall be deemed to be the date hiring or retention commences.

 

Section
5. Stock Options.

 

5.1.
Grant and Exercise. Stock Options granted under the Plan may be of two types: (i) Incentive Stock Options and (ii) Non-qualified
Stock Options. Any Stock Option granted under the Plan shall contain such terms, not inconsistent with this Plan, or with respect
to Incentive Stock Options, not inconsistent with the Plan and the Code, as the Committee may from time to time approve. The Committee
shall have the authority to grant Incentive Stock Options or Non-qualified Stock Options, or both types of Stock Options which
may be granted alone or in addition to other awards granted under the Plan. To the extent that any Stock Option intended to qualify
as an Incentive Stock Option does not so qualify, it shall constitute a separate Non-qualifiedStock Option.

 

5.2.
Terms and Conditions. Stock Options granted under the Plan shall be subject to the following terms and conditions:

 

(a)
Option Term. The term of each Stock Option shall be fixed by the Committee; provided, however, that an Incentive Stock
Option may be granted only within the ten-year period commencing from the Effective Date and may only be exercised within ten
years of the date of grant (or five years in the case of an Incentive Stock Option granted to an optionee who, at the time of
grant, owns Common Stock possessing more than 10% of the total combined voting power of all classes of voting stock of the Company
(“10% Shareholder”)).

 

(b)
Exercise Price. The exercise price per share of Common Stock purchasable under a Stock Option shall be determined by the
Committee at the time of grant and may not be less than 100% of the Fair Market Value on the date of grant (or, if greater, the
par value of a share of Common Stock); provided, however, that the exercise price of an Incentive Stock Option granted to a 10%
Shareholder will not be less than 110% of the Fair Market Value on the date of grant.

 

(c)
Exercisability. Stock Options shall be exercisable at such time or times and subject to such terms and conditions as shall
be determined by the Committee. The Committee intends generally to provide that Stock Options be exercisable only in installments,
i.e., that they vest over time, typically over a four-year period. The Committee may waive such installment exercise provisions
at any time at or after the time of grant in whole or in part, based upon such factors as the Committee determines. Notwithstanding
the foregoing, in the case of an Incentive Stock Option, the aggregate Fair Market Value (on the date of grant of the Option)
with respect to which Incentive Stock Options become exercisable for the first time by a Holder during any calendar year (under
all such plans of the Company and its Parent and Subsidiaries) shall not exceed $100,000.

 

    	 	4	 

     

    

 

(d)
Method of Exercise. Subject to whatever installment, exercise and waiting period provisions are applicable in a particular
case, Stock Options may be exercised in whole or in part at any time during the term of the Option by giving written notice of
exercise to the Company specifying the number of shares of Common Stock to be purchased. Such notice shall be accompanied by payment
in full of the purchase price, which shall be in cash or, if provided in the Agreement, either in shares of Common Stock (including
Restricted Stock and other contingent awards under this Plan) or partly in cash and partly in such Common Stock, or such other
means which the Committee determines are consistent with the Plan’s purpose and applicable law. Cash payments shall be made
by wire transfer, certified or bank check or personal check, in each case payable to the order of the Company; provided, however,
that the Company shall not be required to deliver certificates for shares of Common Stock with respect to which an Option is exercised
until the Company has confirmed the receipt of good and available funds in payment of the purchase price thereof (except that,
in the case of an exercise arrangement approved by the Committee and described in the last sentence of this paragraph, payment
may be made as soon as practicable after the exercise). The Committee may permit a Holder to elect to pay the Exercise Price upon
the exercise of a Stock Option by irrevocably authorizing a third party to sell shares of Common Stock (or a sufficient portion
of the shares) acquired upon exercise of the Stock Option and remit to the Company a sufficient portion of the sale proceeds to
pay the entire Exercise Price and any tax withholding resulting from such exercise.

 

(e)
Stock Payments. Payments in the form of Common Stock shall be valued at the Fair Market Value on the date of exercise.
Such payments shall be made by delivery of stock certificates in negotiable form that are effective to transfer good and valid
title thereto to the Company, free of any liens or encumbrances.

 

(f)
Transferability. Except as may be set forth in the next sentence of this Section or in the Agreement, no Stock Option shall
be transferable by the Holder other than by will or by the laws of descent and distribution, and all Stock Options shall be exercisable,
during the Holder’s lifetime, only by the Holder (or, to the extent of legal incapacity or incompetency, the Holder’s
guardian or legal representative). Notwithstanding the foregoing, a Holder, with the approval of the Committee, may transfer a
Non-Qualified Stock Option (i) (A) by gift, for no consideration, or (B) pursuant to a domestic relations order, in either case,
to or for the benefit of the Holder’s “Immediate Family” (as defined below), or (ii) to an entity in which the
Holder and/or members of Holder’s Immediate Family own more than fifty percent of the voting interest, subject to such limits
as the Committee may establish and the execution of such documents as the Committee may require, and the transferee shall remain
subject to all the terms and conditions applicable to the Non-Qualified Stock Option prior to such transfer. The term “Immediate
Family” shall mean any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece,
nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive relationships,
any person sharing the Holder’s household (other than a tenant or employee), a trust in which these persons have more than
fifty percent beneficial interest, and a foundation in which these persons (or the Holder) control the management of the assets.
The Committee may, in its sole discretion, permit transfer of an Incentive Stock Option in a manner consistent with applicable
tax and securities law upon the Holder’s request.

 

(g)
Termination by Reason of Death. If a Holder’s employment by, or association with, the Company or a Subsidiary terminates
by reason of death, any Stock Option held by such Holder, unless otherwise determined by the Committee and set forth in the Agreement,
shall thereupon automatically terminate, except that the portion of such Stock Option that has vested on the date of death may
thereafter be exercised by the legal representative of the estate or by the legatee of the Holder under the will of the Holder,
for a period of one year (or such other greater or lesser period as the Committee may specify in the Agreement) from the date
of such death or until the expiration of the stated term of such Stock Option, whichever period is shorter.

 

(h)
Termination by Reason of Disability. If a Holder’s employment by, or association with, the Company or any Subsidiary
terminates by reason of Disability, any Stock Option held by such Holder, unless otherwise determined by the Committee and set
forth in the Agreement, shall thereupon automatically terminate, except that the portion of such Stock Option that has vested
on the date of termination may thereafter be exercised by the Holder for a period of one year (or such other greater or lesser
period as the Committee may specify in the Agreement) from the date of such termination or until the expiration of the stated
term of such Stock Option, whichever period is shorter.

 

    	 	5	 

     

    

 

(i)
Termination by Reason of Normal Retirement. Subject to the provisions of Section 12.3, if such Holder’s employment
by, or association with, the Company or any Subsidiary terminates due to Normal Retirement, any Stock Option held by such Holder,
unless otherwise determined by the Committee and set forth in the Agreement, shall thereupon automatically terminate, except that
the portion of such Stock Option that has vested on the date of termination may thereafter be exercised by the Holder for a period
of one year (or such other greater or lesser period as the Committee may specify in the Agreement) from the date of such termination
or until the expiration of the stated term of such Stock Option, whichever period is shorter.

 

(j)
Other Termination. Subject to the provisions of Section 12.3, if such Holder’s employment by, or association with,
the Company or any Subsidiary terminates for any reason other than death, Disability or Normal Retirement, any Stock Option held
by such Holder, unless otherwise determined by the Committee and set forth in the Agreement, shall thereupon automatically terminate,
except that, if the Holder’s employment is terminated by the Company or a Subsidiary without cause, the portion of such
Stock Option that has vested on the date of termination may thereafter be exercised by the Holder for a period of three months
(or such other greater or lesser period as the Committee may specify in the Agreement) from the date of such termination or until
the expiration of the stated term of such Stock Option, whichever period is shorter.

 

(k)
Buyout and Settlement Provisions. The Committee may at any time, in its sole discretion, offer to repurchase a Stock Option
previously granted, at a purchase price not to exceed the Repurchase Value, based upon such terms and conditions as the Committee
shall establish and communicate to the Holder at the time that such offer is made.

 

(l)
Rights as Shareholder. A Holder shall have none of the rights of a Shareholder with respect to the shares subject to the
Option until such shares shall be transferred to the Holder upon the exercise of the Option.

 

Section
6. Stock Appreciation Rights.

 

6.1.
Grant and Exercise. Subject to the terms and conditions of the Plan, the Committee may grant Stock Appreciation Rights
in tandem with an Option or alone and unrelated to an Option. The Committee may grant Stock Appreciation Rights to participants
who have been or are being granted Stock Options under the Plan as a means of allowing such participants to exercise their Stock
Options without the need to pay the exercise price in cash. In the case of a Non-qualified Stock Option, a Stock Appreciation
Right may be granted either at or after the time of the grant of such Non-qualified Stock Option. In the case of an Incentive
Stock Option, a Stock Appreciation Right may be granted only at the time of the grant of such Incentive Stock Option.

 

6.2.
Terms and Conditions. Stock Appreciation Rights shall be subject to the following terms and conditions:

 

(a)
Exercisability. Stock Appreciation Rights shall be exercisable as shall be determined by the Committee and set forth in
the Agreement, subject, for Stock Appreciation Rights granted in tandem with an Incentive Stock Option, to the limitations, if
any, imposed by the Code with respect to related Incentive Stock Options.

 

(b)
Termination. All or a portion of a Stock Appreciation Right granted in tandem with a Stock Option shall terminate and shall
no longer be exercisable upon the termination or after the exercise of the applicable portion of the related Stock Option.

 

(c)
Method of Exercise. Stock Appreciation Rights shall be exercisable upon such terms and conditions as shall be determined
by the Committee and set forth in the Agreement and, for Stock Appreciation Rights granted in tandem with a Stock Option, by surrendering
the applicable portion of the related Stock Option. Upon exercise of all or a portion of a Stock Appreciation Right and, if applicable,
surrender of the applicable portion of the related Stock Option, the Holder shall be entitled to receive a number of shares of
Common Stock equal to the SAR Value divided by the Fair Market Value on the date the Stock Appreciation Right is exercised.

 

    	 	6	 

     

    

 

(d)
Shares Available Under Plan. The granting of a Stock Appreciation Right in tandem with a Stock Option shall not affect
the number of shares of Common Stock available for awards under the Plan. The number of shares available for awards under the
Plan will, however, be reduced by the number of shares of Common Stock acquirable upon exercise of the Stock Option to which such
Stock Appreciation Right relates.

 

Section
7. Restricted Stock.

 

7.1.
Grant. Shares of Restricted Stock may be awarded either alone or in addition to other awards granted under the Plan. The
Committee shall determine the eligible persons to whom, and the time or times at which, grants of Restricted Stock will be awarded,
the number of shares to be awarded, the price (if any) to be paid by the Holder, the time or times within which such awards may
be subject to forfeiture (“Restriction Period”), the vesting schedule and rights to acceleration thereof and all other
terms and conditions of the awards.

 

7.2.
Terms and Conditions. Each Restricted Stock award shall be subject to the following terms and conditions:

 

(a)
Certificates. Restricted Stock, when issued, will be represented by a stock certificate or certificates registered in the
name of the Holder to whom such Restricted Stock shall have been awarded. During the Restriction Period, certificates representing
the Restricted Stock and any securities constituting Retained Distributions (as defined below) shall bear a legend to the effect
that ownership of the Restricted Stock (and such Retained Distributions) and the enjoyment of all rights appurtenant thereto are
subject to the restrictions, terms and conditions provided in the Plan and the Agreement. Such certificates shall be deposited
by the Holder with the Company, together with stock powers or other instruments of assignment, each endorsed in blank, which will
permit transfer to the Company of all or any portion of the Restricted Stock and any securities constituting Retained Distributions
that shall be forfeited or that shall not become vested in accordance with the Plan and the Agreement.

 

(b)
Rights of Holder. Restricted Stock shall constitute issued and outstanding shares of Common Stock for all corporate purposes.
The Holder will have the right to vote such Restricted Stock and to exercise all other rights, powers and privileges of a holder
of Common Stock with respect to such Restricted Stock, with the exceptions that (i) the Holder will not be entitled to delivery
of the stock certificate or certificates representing such Restricted Stock until the Restriction Period shall have expired and
unless all other vesting requirements with respect thereto shall have been fulfilled; (ii) the Company will retain custody of
the stock certificate or certificates representing the Restricted Stock during the Restriction Period; (iii) the Company will
retain custody of all dividends and distributions (“Retained Distributions”) made, paid or declared with respect to
the Restricted Stock (and such Retained Distributions will be subject to the same restrictions, terms and conditions as are applicable
to the Restricted Stock) until such time, if ever, as the Restricted Stock with respect to which such Retained Distributions shall
have been made, paid or declared shall have become vested and with respect to which the Restriction Period shall have expired;
and (iv) a breach of any of the restrictions, terms or conditions contained in this Plan or the Agreement or otherwise established
by the Committee with respect to any Restricted Stock or Retained Distributions will cause a forfeiture of such Restricted Stock
and any Retained Distributions with respect thereto.

 

(c)
Vesting; Forfeiture. Upon the expiration of the Restriction Period with respect to each award of Restricted Stock and the
satisfaction of any other applicable restrictions, terms and conditions (i) all or part of such Restricted Stock shall become
vested in accordance with the terms of the Agreement, and (ii) any Retained Distributions with respect to such Restricted Stock
shall become vested to the extent that the Restricted Stock related thereto shall have become vested. Any such Restricted Stock
and Retained Distributions that do not vest shall be forfeited to the Company and the Holder shall not thereafter have any rights
with respect to such Restricted Stock and Retained Distributions that shall have been so forfeited.

 

    	 	7	 

     

    

 

Section
8. Other Stock-Based Awards.

 

Other
Stock-Based Awards may be awarded, subject to limitations under applicable law, that are denominated or payable in, valued in
whole or in part by reference to, or otherwise based on or related to, shares of Common Stock, as deemed by the Committee to be
consistent with the purposes of the Plan, including, without limitation, purchase rights, shares of Common Stock awarded which
are not subject to any restrictions or conditions, convertible or exchangeable debentures, or other rights convertible into shares
of Common Stock and awards valued by reference to the value of securities of or the performance of specified Subsidiaries. These
other stock-based awards may include performance shares or options, whose award is tied to specific performance criteria. Other
Stock-Based Awards may be awarded either alone or in addition to or in tandem with any other awards under this Plan or any other
plan of the Company. Each other Stock-Based Award shall be subject to such terms and conditions as may be determined by the Committee.

 

Section
9. Accelerated Vesting and Exercisability.

 

9.1.
Non-Approved Transactions. If any one person, or more than one person acting as a group, acquires the ownership of stock
of the Company that, together with the stock held by such person or group, constitutes more than 50% of the total fair market
value or combined voting power of the stock of the Company, and the Board does not authorize or otherwise approve such acquisition,
then the vesting periods of any and all Stock Options and other awards granted and outstanding under the Plan shall be accelerated
and all such Stock Options and awards will immediately and entirely vest, and the respective holders thereof will have the immediate
right to purchase and/or receive any and all Common Stock subject to such Stock Options and awards on the terms set forth in this
Plan and the respective Agreements respecting such Stock Options and awards. An increase in the percentage of stock owned by any
one person, or persons acting as a group, as a result of a transaction in which the Company acquires its stock in exchange for
property is not treated as an acquisition of stock for purposes of this Section 9.1.

 

9.2.
Approved Transactions. The Committee may, in the event of an acquisition by any one person, or more than one person acting
as a group, together with acquisitions during the 12-month period ending on the date of the most recent acquisition by such person
or persons, of assets from the Company that have a total gross fair market value equal to or more than 50% of the total gross
fair market value of all of the assets of the Company immediately before such acquisition or acquisitions, or if any one person,
or more than one person acting as a group, acquires the ownership of stock of the Company that, together with the stock held by
such person or group, constitutes more than 50% of the total fair market value or combined voting power of the stock of the Company,
which has been approved by the Company’s Board of Directors, (i) accelerate the vesting of any and all Stock Options and
other awards granted and outstanding under the Plan, or (ii) require a Holder of any award granted under this Plan to relinquish
such award to the Company upon the tender by the Company to Holder of cash in an amount equal to the Repurchase Value of such
award. For this purpose, gross fair market value means the value of the assets of the Company, or the value of the assets being
disposed of, determined without regard to any liabilities associated with such assets.

 

9.3.
Code Section 409A. Notwithstanding any provisions of this Plan or any award granted hereunder to the contrary, no acceleration
shall occur with respect to any award to the extent such acceleration would cause the Plan or an award granted hereunder to fail
to comply with Code Section 409A.

 

Section
10. Amendment and Termination.

 

The
Board may at any time, and from time to time, amend alter, suspend or discontinue any of the provisions of the Plan, but no amendment,
alteration, suspension or discontinuance shall be made that would impair the rights of a Holder under any Agreement theretofore
entered into hereunder, without the Holder’s consent, except as set forth in this Plan.

 

Section
11. Term of Plan.

 

11.1.
Effective Date. The Effective Date of the Plan shall be the date on which the Plan is adopted by the Board. Awards may
be granted under the Plan at any time after the Effective Date and before the date fixed herein for termination of the Plan; provided,
however, that if the Plan is not approved by the affirmative vote of the holders of a majority of the Common Stock cast at a duly
held stockholders’ meeting at which a quorum is, either in person or by proxy, present and voting within one year from the
Effective Date, then (i) no Incentive Stock Options may be granted hereunder and (ii) all Incentive Stock Options previously granted
hereunder shall be automatically converted into Non-qualified Stock Options.

 

    	 	8	 

     

    

 

11.2.
Termination Date. Unless terminated by the Board, this Plan shall continue to remain effective until such time as no further
awards may be granted and all awards granted under the Plan are no longer outstanding. Notwithstanding the foregoing, grants of
Incentive Stock Options may be made only during the ten-year period beginning on the Effective Date.

 

Section
12. General Provisions.

 

12.1.
Written Agreements. Each award granted under the Plan shall be confirmed by, and shall be subject to the terms of, the
Agreement executed by the Company and the Holder, or such other document as may be determined by the Committee. The Committee
may terminate any award made under the Plan if the Agreement relating thereto is not executed and returned to the Company within
10 days after the Agreement has been delivered to the Holder for his or her execution.

 

12.2.
Unfunded Status of Plan. The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation.
With respect to any payments not yet made to a Holder by the Company, nothing contained herein shall give any such Holder any
rights that are greater than those of a general creditor of the Company.

 

12.3.
Employees.

 

(a)
Engaging in Competition With the Company; Solicitation of Customers and Employees; Disclosure of Confidential Information.
If a Holder’s employment with the Company or a Subsidiary is terminated for any reason whatsoever, and within 12 months
after the date thereof such Holder either (i) accepts employment with any competitor of, or otherwise engages in competition with,
the Company or any of its Subsidiaries, (ii) solicits any customers or employees of the Company or any of its Subsidiaries to
do business with or render services to the Holder or any business with which the Holder becomes affiliated or to which the Holder
renders services or (iii) uses or discloses to anyone outside the Company any confidential information or material of the Company
or any of its Subsidiaries in violation of the Company’s policies or any agreement between the Holder and the Company or
any of its Subsidiaries, the Committee, in its sole discretion, may require such Holder to return to the Company the economic
value of any award that was realized or obtained by such Holder at any time during the period beginning on the date that is six
months prior to the date such Holder’s employment with the Company is terminated; provided, however, that if the Holder
is a resident of the State of California, such right must be exercised by the Company for cash within six months after the date
of termination of the Holder’s service to the Company or within six months after exercise of the applicable Stock Option,
whichever is later. In such event, Holder agrees to remit to the Company, in cash, an amount equal to the difference between the
Fair Market Value of the Shares on the date of termination (or the sales price of such Shares if the Shares were sold during such
six month period) and the price the Holder paid the Company for such Shares.

 

(b)
Termination for Cause. If a Holder’s employment with the Company or a Subsidiary is terminated for cause, the Committee
may, in its sole discretion, require such Holder to return to the Company the economic value of any award that was realized or
obtained by such Holder at any time during the period beginning on that date that is six months prior to the date such Holder’s
employment with the Company is terminated. In such event, Holder agrees to remit to the Company, in cash, an amount equal to the
difference between the Fair Market Value of the Shares on the date of termination (or the sales price of such Shares if the Shares
were sold during such six month period) and the price the Holder paid the Company for such Shares.

 

(c)
No Right of Employment. Nothing contained in the Plan or in any award hereunder shall be deemed to confer upon any Holder
who is an employee of the Company or any Subsidiary any right to continued employment with the Company or any Subsidiary, nor
shall it interfere in any way with the right of the Company or any Subsidiary to terminate the employment of any Holder who is
an employee at any time.

 

    	 	9	 

     

    

 

12.4.
Investment Representations; Company Policy. The Committee may require each person acquiring shares of Common Stock pursuant
to a Stock Option or other award under the Plan to represent to and agree with the Company in writing that the Holder is acquiring
the shares for investment without a view to distribution thereof. Each person acquiring shares of Common Stock pursuant to a Stock
Option or other award under the Plan shall be required to abide by all policies of the Company in effect at the time of such acquisition
and thereafter with respect to the ownership and trading of the Company’s securities.

 

12.5.
Additional Incentive Arrangements. Nothing contained in the Plan shall prevent the Board from adopting such other or additional
incentive arrangements as it may deem desirable, including, but not limited to, the granting of Stock Options and the awarding
of Common Stock and cash otherwise than under the Plan; and such arrangements may be either generally applicable or applicable
only in specific cases.

 

12.6.
Withholding Taxes. Not later than the date as of which an amount must first be included in the gross income of the Holder
for Federal income tax purposes with respect to any Stock Option or other award under the Plan, the Holder shall pay to the Company,
or make arrangements satisfactory to the Committee regarding the payment of, any Federal, state and local taxes of any kind required
by law to be withheld or paid with respect to such amount. If permitted by the Committee, tax withholding or payment obligations
may be settled with Common Stock, including Common Stock that is part of the award that gives rise to the withholding requirement.
The obligations of the Company under the Plan shall be conditioned upon such payment or arrangements and the Company or the Holder’s
employer (if not the Company) shall, to the extent permitted by law, have the right to deduct any such taxes from any payment
of any kind otherwise due to the Holder from the Company or any Subsidiary.

 

12.7.
Governing Law. The Plan and all awards made and actions taken thereunder shall be governed by and construed in accordance
with the law of the State of Delaware (without regard to choice of law provisions).

 

12.8.
Other Benefit Plans. Any award granted under the Plan shall not be deemed compensation for purposes of computing benefits
under any retirement plan of the Company or any Subsidiary and shall not affect any benefits under any other benefit plan now
or subsequently in effect under which the availability or amount of benefits is related to the level of compensation (unless required
by specific reference in any such other plan to awards under this Plan).

 

12.9.
Non-Transferability. Except as otherwise expressly provided in the Plan or the Agreement, no right or benefit under the
Plan may be alienated, sold, assigned, hypothecated, pledged, exchanged, transferred, encumbranced or charged, and any attempt
to alienate, sell, assign, hypothecate, pledge, exchange, transfer, encumber or charge the same shall be void.

 

12.10.
Applicable Laws. The obligations of the Company with respect to all Stock Options and awards under the Plan shall be subject
to (i) all applicable laws, rules and regulations and such approvals by any governmental agencies as may be required, including,
without limitation, the Securities Act, and (ii) the rules and regulations of any securities exchange on which the Common Stock
may be listed.

 

12.11.
Conflicts. If any of the terms or provisions of the Plan or an Agreement conflict with the requirements of Section 422
of the Code, then such terms or provisions shall be deemed inoperative to the extent they so conflict with such requirements.
Additionally, if this Plan or any Agreement does not contain any provision required to be included herein under Section 422 of
the Code, such provision shall be deemed to be incorporated herein and therein with the same force and effect as if such provision
had been set out at length herein and therein. If any of the terms or provisions of any Agreement conflict with any terms or provisions
of the Plan, then such terms or provisions shall be deemed inoperative to the extent they so conflict with the requirements of
the Plan. Additionally, if any Agreement does not contain any provision required to be included therein under the Plan, such provision
shall be deemed to be incorporated therein with the same force and effect as if such provision had been set out at length therein.

 

12.12.
Certain Awards Deferring or Accelerating the Receipt of Compensation. To the extent applicable, all awards granted, and
all Agreements entered into, under the Plan are intended to comply with Section 409A of the Code, which was added by the American
Jobs Creation Act of 2004 and relates to deferred compensation under nonqualified deferred compensation plans. The Committee,
in administering the Plan, intends, and the parties entering into any Agreement intend, to restrict provisions of any awards that
may constitute deferred receipt of compensation subject to Code Section 409A requirements to those consistent with this Section.
The Board may amend the Plan to comply with Code Section 409A in the future.

 

12.13.
Non-Registered Stock. The shares of Common Stock to be distributed under this Plan have not been, as of the Effective Date,
registered under the Securities Act or any applicable state or foreign securities laws and the Company has no obligation to any
Holder to register the Common Stock or to assist the Holder in obtaining an exemption from the various registration requirements,
or to list the Common Stock on a national securities exchange or any other trading or quotation system, including Nasdaq.

 

    	 	10EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 1 AND JOINDER 
 TO
PURCHASE AND SALE AGREEMENT 
 This AMENDMENT NO. 1 AND JOINDER to Purchase and Sale Agreement (this
“Amendment”) is entered into, effective as of October 1, 2018, by and among Tropicana Entertainment Inc., a Delaware corporation (the “Company”), GLP Capital, L.P., a Pennsylvania limited partnership
(“Gamma”) and Eldorado Resorts, Inc., a Nevada corporation (“Parent”). 
 WHEREAS, the
Company and Gamma are parties to that certain Purchase and Sale Agreement (the “Purchase Agreement”) dated April 15, 2018, pursuant to which the Company agreed to cause certain of its subsidiaries to sell, and Gamma agreed to
purchase (directly or indirectly), certain real estate property as described therein, including the property located in St. Louis, Missouri owned by Tropicana St. Louis, LLC and more particularly described in Exhibit B-3 thereof (the “Lumiere Property”), subject to the terms and conditions set forth therein; 

WHEREAS, the Company, Gamma and Parent desire to amend the Purchase Agreement to provide for the acquisition of the Lumiere
Property by Parent or its designee, rather than by Gamma and for Parent to become a party to the Purchase Agreement; and 

WHEREAS, in accordance with Section 6.12 thereof, the Purchase Agreement may be amended by the Company and Gamma if such
amendment is effected by an instrument in writing signed on behalf of each of Gamma and the Company, and Parent has consented in writing to such amendment. 

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

 1. Definitions. All capitalized terms not defined herein shall have the meaning ascribed to them in the Purchase
Agreement. In the event of a conflict between the capitalized terms defined and set forth in this Amendment and the defined terms of the Purchase Agreement, the definitions set forth in this Amendment shall control. 

2. Amendments. The Purchase Agreement is hereby amended as follows, in each case effective as of the date hereof: 

(a) The second sentence of the Purchase Agreement shall be amended by adding “, Parent” after the word “Company”. 

(b) Section 1.1 shall be deleted in its entirety and replaced with the following: 

“Section 1.1 Purchase and Sale of Purchased Assets 

(a) Upon the terms and subject to the conditions of this Real Estate Purchase Agreement, at the RE Closing the Company shall
cause the RE Sellers (excluding the Lumiere RE Sellers), the RE Lessees and the Entity Sellers to sell, assign and transfer to Gamma (or its designee), and Gamma will (or will cause its designee to) purchase, acquire and accept from such RE Sellers,
the RE Lessees and the Entity Sellers the 

  
 1 

 
following assets, properties, rights, Contracts and claims of such RE Sellers, the RE Lessees and the Entity Sellers, wherever located, whether tangible or intangible, and all right, title and
interest thereto and thereunder free and clear of all Liens, other than Permitted Liens (collectively, (i)—(iv) below, the “Gamma Acquired Assets”): 

(i) the Gamma Conveyed Properties; 

(ii) the Ground Leased Properties; 

(iii) the Propcos; and 
 (iv)
the benefits, rights, rights of Action and claims (express or implied) to the extent related to the Gamma Conveyed Properties, the Ground Leased Properties or the Propcos. 

(b) Upon the terms and subject to the conditions of this Real Estate Purchase Agreement, at the RE Closing the Company shall
cause the Lumiere RE Sellers to sell, assign and transfer to Parent (or its designee), and Parent will (or will cause its designee to) purchase, acquire and accept from the Lumiere RE Sellers the following assets, properties, rights, Contracts and
claims of the Lumiere RE Sellers, wherever located, whether tangible or intangible, and all right, title and interest thereto and thereunder free and clear of all Liens, other than Permitted Liens (collectively, (i)-(ii) below, the “Parent
Acquired Assets”, and together with the Gamma Acquired Assets, the “Transferred Real Estate Assets”): 
 (i) the
Parent Conveyed Properties; and 
 (ii) the benefits, rights, rights of Action and claims (express or implied) to the extent related to the
Parent Conveyed Properties.” 
 (c) Section 1.2 shall be amended by inserting an “(A)” at the beginning of the first
sentence thereof, and inserting the words “(excluding the Lumiere RE Sellers)” immediately following the words “RE Sellers” appearing in the third line thereof. 

(d) Section 1.2(b) shall be amended by replacing the words “Transferred Real Estate Assets” appearing in the fifth line thereof
with the words “Gamma Acquired Assets”. 
 (e) Section 1.2(d) shall be amended by replacing the words “zoning and land
use Laws relating to the Properties (collectively, the “RE Laws”)” appearing in the first and second line thereof with the words “RE Laws relating to the Gamma Conveyed Properties”. 

(f) A new clause (B) shall be added at the end of Section 1.2, as follows: 

“(B) On the Closing Date, Parent shall deliver to the Company an instrument of assumption pursuant to which Parent shall
assume and discharge all of the Liabilities of the Company and the RE Sellers relating to the Parent Conveyed Properties (other than the Excluded Liabilities) relating to the following: 

  
 2 

 (a) all Liabilities for (i) property and ad valorem Taxes, assessments,
sewer rents and similar charges assessed with respect to the ownership of real estate (including interest and penalties) attributable to or imposed upon the Parent Conveyed Properties for any taxable period (whether before or after the RE Closing)
and (ii) transfer, stamp, documentary, recording or similar Taxes payable as a result of the sale of the Parent Acquired Assets pursuant to this Real Estate Purchase Agreement (whether such Taxes are imposed on transfers of assets or on
transfers of equity); 
 (b) all Environmental Liabilities relating to the Parent Conveyed Properties; and 

(c) all Liabilities for violations of RE Laws relating to the Parent Conveyed Properties.” 

(g) Section 1.3 shall be amended by replacing the words “Gamma will not have any” appearing in the third line thereof with the
words “neither Gamma nor Parent, as applicable, will have any”. 
 (h) Section 2.1(b) shall be deleted and replaced in its
entirety with the following: 
 “(b) At the RE Closing, (i) as consideration for the Gamma Acquired Assets, Gamma
shall pay, by wire transfer of immediately available funds, $964,000,000 (the “Gamma Real Estate Purchase Price”) and (ii) as consideration for the Parent Acquired Assets, Parent shall pay, by wire transfer of immediately
available funds, $246,000,000 (the “Parent Real Estate Purchase Price”, and together with the Gamma Real Estate Purchase Price, the “Real Estate Purchase Price”), in each case to the Company, or at the
Company’s direction, Gamma and Parent, respectively, shall cause the Real Estate Purchase Price to be deposited with the Paying Agent.” 

(i) Section 2.2 shall be amended by inserting the word “Gamma” immediately prior to the word “Real” in the first line
thereof. 
 (j) Section 2.3 shall be amended by inserting the phrase “, or Parent or its designee, as applicable,” immediately
following the word “designee” appearing in the second line thereof. 
 (k) Section 2.3(b) shall be amended by inserting the
phrase “or Parent (or its designee), as applicable, in each case” immediately preceding the word “subject” appearing in the last line thereof. 

(l) Section 2.3(f) shall be amended by replacing the words “or its or its designee’s agents” appearing in the sixth line
thereof with the words “, Parent, their respective designees or their respective designees’ agents”. 
 (m) The following
shall be added as a new Section 2.3(l): 

  
 3 

 “(l) bills of sale, in customary form and substance reasonably satisfactory to Gamma,
the Company and Parent, duly executed by Catfish Queen Partnership in Commendam, a Louisiana partnership (“Catfish Queen”), conveying all of Catfish Queen’s right, title and interest in the vessels described on
Exhibit C attached hereto to Gamma (or its designee), subject only to Permitted Liens.” 
 (n) The following
shall be added as a new Section 2.4: 
 “Section 2.4 Parent’s Additional Closing Deliverables. 

At the RE Closing, in addition to the payment of the Parent Real Estate Purchase Price required by Section 2.1(b), Parent shall deliver
to the Company all of the following: 
 (a) if applicable, duly completed and signed real estate transfer Tax forms; and

 (b) without limitation by specific enumeration of the foregoing, all other customary documents reasonably required from
Parent and its Subsidiaries to consummate the Real Estate Purchase of the Parent Conveyed Properties.” 
 (o) The last two sentences of
Section 3.1 shall be deleted and replaced in their entirety with the following: 
 “Gamma, Parent, the Company and the Significant
Stockholder shall file all tax returns, and take all positions for tax purposes, consistent with the foregoing allocation, except in each case as otherwise required by a final determination within the meaning of Section 1313 of the Code. Gamma,
Parent, the Company and the Significant Stockholder shall make appropriate adjustments to the allocation to reflect any items treated as adjustments to the Real Estate Purchase Price pursuant to Section 3.2.” 

(p) Section 4.2 shall be deleted and replaced in its entirety with the following: 

“Section 4.2 Additional Conditions to Obligation of Gamma and Parent. 

The respective obligations of Gamma and Parent to effect the RE Closing, as applicable, are subject to the satisfaction of each
of the following conditions on or prior to the Closing Date, any of which may be waived in whole or in part in a writing executed by Gamma or Parent, as applicable: 

(a) Merger Agreement Conditions. The conditions set forth in Section 7.3 of the Merger Agreement shall have been
satisfied or waived in accordance with Section 7.3 of the Merger Agreement.” 
 (q) Section 4.4 shall be amended by replacing
the words “Neither Gamma nor the Company” appearing in the first line thereof with the words “None of Gamma, Parent or the Company”. 

  
 4 

 (r) Section 4.5 shall be deleted and replaced in its entirety by the following: 

“Section 4.5 Rescission. 

Notwithstanding the foregoing, if for any reason the RE Closing occurs and the Merger is not consummated in accordance with
Article 2 of the Merger Agreement, this Real Estate Purchase Agreement and those instruments delivered in order to effect the consummation of the transactions contemplated by this Real Estate Purchase Agreement shall automatically be voidable or
revocable by either Gamma or Parent, on the one hand, or the Company, on the other hand, for twenty-four (24) hours from the RE Closing, and if Gamma, Parent or the Company elects to void or revoke this Real Estate Purchase Agreement within
such twenty-four (24) hour period, the parties hereto shall immediately take or cause all actions to provide for the rescission of the consummation of the transactions consummated hereby; provided, however, that if this Real
Estate Purchase Agreement is rescinded pursuant to this Section 4.5, then Gamma and Parent, as applicable, shall reimburse the Company for any and all transfer, stamp, documentary, recording or similar Taxes payable and
actually incurred by the Company as a result of the rescission of this Real Estate Purchase Agreement (whether such Taxes are imposed on transfers of assets or on transfers of equity) related to the Transferred Real Estate Assets.” 

(s) Section 6.1 shall be amended by the addition of the following defined terms in alphabetical order: 

“Gamma Conveyed Properties” means the Conveyed Properties numbered 1, 2, 6, 7, 8 and 9 on Exhibit B
attached to the Purchase Agreement. 
 “Lumiere RE Sellers” means, collectively, Tropicana St. Louis, LLC,
TEI (ES), LLC, and TEI (ST. LOUIS RE), LLC, each a Delaware limited liability Company. 
 “Parent Conveyed
Properties” means the Conveyed Properties numbered 3, 4 and 5 on Exhibit B attached to the Purchase Agreement. 

“RE Laws” means zoning and land use Laws relating to the Properties. 

(t) Section 6.2 shall be amended by inserting the phrase “, Parent” immediately following the word “Company” appearing
therein. 
 (u) Section 6.3 shall be amended by inserting the phrase “, Parent” immediately following the word
“Company” appearing therein. 
 (v) Section 6.9 shall be deleted in its entirety and replaced with the following: 

  
 5 

 “Section 6.9 Assignment. 

Neither this Real Estate Purchase Agreement nor any of the rights, interests or obligations under this Real Estate Purchase
Agreement shall be assigned, by operation of Law or otherwise, in whole or in part, by any of the Parties without the prior written consent of the other Parties; provided, however, that Gamma or Parent may assign any of their
respective rights, interests and obligations hereunder to their respective Affiliates; provided that Gamma and/or Parent, as the case may be, shall not be relieved of any obligations hereunder until fully performed by such assignee and,
pursuant to Section 1.1 of the Merger Agreement, Gamma and/or Parent, as the case may be, shall guarantee all of the obligation of its designee under this Real Estate Purchase Agreement. Any attempted or purported assignment in violation of the
preceding sentence shall be null and void and of no effect whatsoever.” 
 (w) Section 6.12 shall be amended by inserting the
phrase “, Parent” immediately following the word “Company” appearing in the first line thereof. 
 (x) Section 6.13
shall be deleted in its entirety and replaced with the following: 
 “Section 6.13 Extension; Waiver. 

At any time prior to the RE Closing, the Parties may, (a) extend the time for the performance of any of the obligations
or other acts of the others, (b) waive any breach of the representations and warranties of the others contained herein or in any document delivered pursuant hereto or (c) waive compliance by the others with any of the agreements or
covenants contained herein.” 
 (y) Section 6.16 shall be deleted in its entirety and replaced with the following: 

“Section 6.16 Investigations and Release. 

The provisions of this Section 6.16 shall survive the RE Closing indefinitely and shall not be deemed merged into any of
the Closing documents. 
  

	 	(a)	 GAMMA ACKNOWLEDGES AND AGREES, BY CONSUMMATING THE RE CLOSING, IT WILL BE DEEMED TO HAVE BEEN GIVEN A FULL
OPPORTUNITY TO INSPECT AND INVESTIGATE EACH AND EVERY ASPECT OF EACH OF THE GAMMA ACQUIRED ASSETS, EITHER INDEPENDENTLY OR THROUGH AGENTS OF GAMMA’S CHOOSING. AS A MATERIAL PART OF THE CONSIDERATION FOR THIS AGREEMENT, THE COMPANY AND GAMMA
AGREE THAT THE RE SELLERS ARE SELLING AND GAMMA IS PURCHASING AND TAKING THE GAMMA ACQUIRED ASSETS ON AN “AS IS – WHERE IS” BASIS, WITH ANY AND ALL LATENT AND PATENT DEFECTS. GAMMA ACKNOWLEDGES THAT, EXCEPT FOR THE REPRESENTATIONS AND
WARRANTIES OF THE COMPANY SET FORTH IN THE MERGER AGREEMENT AND THE OTHER INSTRUMENTS DELIVERED PURSUANT TO THE MERGER AGREEMENT, IT IS SOLELY RELYING UPON ITS EXAMINATION OF THE GAMMA ACQUIRED ASSETS AND IT IS NOT RELYING UPON ANY REPRESENTATION,
STATEMENT OR OTHER ASSERTION OF ANY KIND WHATSOEVER, EXPRESS OR IMPLIED, 

  
 6 

	 	
FROM THE COMPANY OR ANY RE SELLER OR THEIR AGENTS OR BROKERS AS TO ANY MATTER CONCERNING THE GAMMA ACQUIRED ASSETS OR OTHERWISE, INCLUDING, WITHOUT LIMITATION: (I) THE QUALITY, NATURE,
ADEQUACY AND PHYSICAL CONDITION OF THE GAMMA ACQUIRED ASSETS, INCLUDING, BUT NOT LIMITED TO, ACCESS, THE STRUCTURAL ELEMENTS, FOUNDATION, ROOF, APPURTENANCES, ACCESS, PARKING FACILITIES AND THE ELECTRICAL, MECHANICAL, HVAC, PLUMBING, SEWAGE, AND
UTILITY SYSTEMS, FACILITIES AND APPLIANCES, (II) THE QUALITY, NATURE, ADEQUACY, AND PHYSICAL CONDITION OF SOILS, GEOLOGY AND ANY GROUNDWATER, (III) THE EXISTENCE, QUALITY, NATURE, ADEQUACY AND PHYSICAL CONDITION OF UTILITIES SERVING THE
GAMMA ACQUIRED ASSETS, (IV) THE DEVELOPMENT POTENTIAL OF THE GAMMA ACQUIRED ASSETS, AND EACH GAMMA ACQUIRED ASSET’S USE, HABITABILITY, MERCHANTABILITY, SUITABILITY, VALUE OR FITNESS OF ANY PROPERTY FOR ANY PARTICULAR PURPOSE, (V) THE
ZONING OR OTHER LEGAL STATUS OF ANY GAMMA ACQUIRED ASSET OR ANY OTHER PUBLIC OR PRIVATE RESTRICTIONS ON USE OF ANY GAMMA ACQUIRED ASSET, (VI) THE COMPLIANCE OF THE PROPERTIES OR THEIR OPERATION WITH ANY APPLICABLE CODES, LAWS, REGULATIONS,
STATUTES, ORDINANCES, COVENANTS, CONDITIONS AND RESTRICTIONS OF ANY GOVERNMENTAL OR QUASI-GOVERNMENTAL ENTITY OR OF ANY OTHER PERSON OR ENTITY, (VII) THE PRESENCE OF HAZARDOUS MATERIALS ON, UNDER OR ABOUT ANY GAMMA ACQUIRED ASSET OR ANY
ADJOINING OR NEIGHBORING PROPERTY, (VIII) THE QUALITY OF ANY LABOR AND MATERIALS USED IN ANY IMPROVEMENTS ON THE GAMMA ACQUIRED ASSETS, (IX) THE CONDITION OF TITLE TO THE GAMMA ACQUIRED ASSETS, (X) ANY FORECASTS, PROJECTIONS OR
ESTIMATES OF FUTURE RESULTS, INCLUDING THE NET OPERATING INCOME WITH RESPECT TO THE GAMMA ACQUIRED ASSETS, AND (XI) THE ECONOMICS OF THE OPERATION OF THE GAMMA ACQUIRED ASSETS. 

 

	 	(b)	 PARENT ACKNOWLEDGES AND AGREES, BY CONSUMMATING THE RE CLOSING, IT WILL BE DEEMED TO HAVE BEEN GIVEN A FULL
OPPORTUNITY TO INSPECT AND INVESTIGATE EACH AND EVERY ASPECT OF EACH OF THE PARENT CONVEYED PROPERTIES, EITHER INDEPENDENTLY OR THROUGH AGENTS OF PARENT’S CHOOSING. AS A MATERIAL PART OF THE CONSIDERATION FOR THIS AGREEMENT, THE COMPANY AND
PARENT AGREE THAT THE LUMIERE RE SELLERS ARE SELLING AND PARENT IS PURCHASING AND TAKING THE PARENT CONVEYED PROPERTIES ON AN “AS IS – WHERE IS” BASIS, WITH 

  
 7 

	 	
ANY AND ALL LATENT AND PATENT DEFECTS. PARENT ACKNOWLEDGES THAT, EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES OF THE COMPANY SET FORTH IN THE MERGER AGREEMENT AND THE OTHER INSTRUMENTS DELIVERED
PURSUANT TO THE MERGER AGREEMENT, IT IS SOLELY RELYING UPON ITS EXAMINATION OF THE PARENT CONVEYED PROPERTIES AND IT IS NOT RELYING UPON ANY REPRESENTATION, STATEMENT OR OTHER ASSERTION OF ANY KIND WHATSOEVER, EXPRESS OR IMPLIED, FROM THE COMPANY OR
ANY RE SELLER OR THEIR AGENTS OR BROKERS AS TO ANY MATTER CONCERNING THE PARENT CONVEYED PROPERTIES OR OTHERWISE, INCLUDING, WITHOUT LIMITATION: (I) THE QUALITY, NATURE, ADEQUACY AND PHYSICAL CONDITION OF THE PARENT CONVEYED PROPERTIES,
INCLUDING, BUT NOT LIMITED TO, ACCESS, THE STRUCTURAL ELEMENTS, FOUNDATION, ROOF, APPURTENANCES, ACCESS, PARKING FACILITIES AND THE ELECTRICAL, MECHANICAL, HVAC, PLUMBING, SEWAGE, AND UTILITY SYSTEMS, FACILITIES AND APPLIANCES, (II) THE
QUALITY, NATURE, ADEQUACY, AND PHYSICAL CONDITION OF SOILS, GEOLOGY AND ANY GROUNDWATER, (III) THE EXISTENCE, QUALITY, NATURE, ADEQUACY AND PHYSICAL CONDITION OF UTILITIES SERVING THE PARENT CONVEYED PROPERTIES, (IV) THE DEVELOPMENT
POTENTIAL OF THE PARENT CONVEYED PROPERTIES, AND EACH PARENT CONVEYED PROPERTY’S USE, HABITABILITY, MERCHANTABILITY, SUITABILITY, VALUE OR FITNESS OF ANY PROPERTY FOR ANY PARTICULAR PURPOSE, (V) THE ZONING OR OTHER LEGAL STATUS OF ANY
PARENT CONVEYED PROPERTY OR ANY OTHER PUBLIC OR PRIVATE RESTRICTIONS ON USE OF ANY PARENT CONVEYED PROPERTY, (VI) THE COMPLIANCE OF THE PROPERTIES OR THEIR OPERATION WITH ANY APPLICABLE CODES, LAWS, REGULATIONS, STATUTES, ORDINANCES, COVENANTS,
CONDITIONS AND RESTRICTIONS OF ANY GOVERNMENTAL OR QUASI-GOVERNMENTAL ENTITY OR OF ANY OTHER PERSON OR ENTITY, (VII) THE PRESENCE OF HAZARDOUS MATERIALS ON, UNDER OR ABOUT ANY PARENT CONVEYED PROPERTY OR ANY ADJOINING OR NEIGHBORING PROPERTY,
(VIII) THE QUALITY OF ANY LABOR AND MATERIALS USED IN ANY IMPROVEMENTS ON THE PARENT CONVEYED PROPERTIES, (IX) THE CONDITION OF TITLE TO THE PARENT CONVEYED PROPERTIES, (X) ANY FORECASTS, PROJECTIONS OR ESTIMATES OF FUTURE RESULTS,
INCLUDING THE NET OPERATING INCOME WITH RESPECT TO THE PARENT CONVEYED PROPERTIES, AND (XI) THE ECONOMICS OF THE OPERATION OF THE PARENT CONVEYED PROPERTIES. 

  
 8 

	 	(c)	 WITHOUT LIMITING THE ABOVE, EXCEPT AS OTHERWISE PROVIDED IN ANY AGREEMENT ENTERED INTO BETWEEN GAMMA AND/OR ITS
AFFILIATES OR PARENT AND/OR ITS AFFILIATES, ON THE ONE HAND, AND THE COMPANY AND/OR ITS AFFILIATES, ON THE OTHER HAND (INCLUDING, WITHOUT LIMITATION, ANY COVENANT OR OBLIGATION OF THE COMPANY AND/OR ITS AFFILIATES PURSUANT TO ANY SUCH AGREEMENT),
EFFECTIVE UPON THE CLOSING, EACH OF GAMMA AND PARENT, FOR AND ON BEHALF OF ITSELF, ANY ENTITY AFFILIATED WITH GAMMA OR PARENT, AS APPLICABLE, AND ITS RESPECTIVE SUCCESSORS AND ASSIGNS, WAIVES ITS RIGHT TO RECOVER FROM AND FOREVER RELEASES AND
DISCHARGES THE COMPANY, THE RE SELLERS, THEIR AFFILIATES, PARTNERS, MEMBERS, SHAREHOLDERS, INVESTMENT MANAGERS, PROPERTY MANAGERS, TRUSTEES, DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS OF EACH OF THEM AND THEIR RESPECTIVE PREDECESSORS, HEIRS,
SUCCESSORS, PERSONAL REPRESENTATIVES AND ASSIGNS (COLLECTIVELY, “SELLER INDEMNITEES”) FROM AND AGAINST ANY AND ALL DEMANDS, CLAIMS, LEGAL OR ADMINISTRATIVE PROCEEDINGS, LOSSES, LIABILITIES, DAMAGES, PENALTIES, FINES, LIENS,
JUDGMENTS, COSTS OR EXPENSES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, ATTORNEYS’ FEES AND COSTS) OF WHATEVER KIND OR NATURE, DIRECT OR INDIRECT, KNOWN OR UNKNOWN, FORESEEN OR UNFORESEEN, EXISTING OR FUTURE, CONTINGENT OR OTHERWISE (INCLUDING
ANY ACTION OR PROCEEDING, BROUGHT OR THREATENED, OR ORDERED BY ANY APPROPRIATE GOVERNMENTAL ENTITY) THAT MAY ARISE ON ACCOUNT OF OR IN ANY WAY CONNECTED WITH OR RELATING TO ANY ASSUMED LIABILITY, THE PROPERTY OR ITS CONDITION OR ANY RE LAW
APPLICABLE THERETO, INCLUDING WITHOUT LIMITATION, THE PRESENCE, MISUSE, USE, DISPOSAL, RELEASE OR THREATENED RELEASE OF ANY HAZARDOUS MATERIALS AT ANY PROPERTY AND ANY LIABILITY OR CLAIM RELATED TO THE PROPERTY ARISING UNDER ANY ENVIRONMENTAL LAWS,
BUT IN ALL EVENTS EXCLUDING (I) ANY OBLIGATIONS OF THE COMPANY OR ITS SUBSIDIARIES UNDER THIS REAL ESTATE PURCHASE AGREEMENT OR ANY INSTRUMENT DELIVERED PURSUANT TO THIS REAL ESTATE PURCHASE AGREEMENT OR THE MERGER AGREEMENT THAT EXPRESSLY
SURVIVE THE RE CLOSING OR THE CLOSING (II) THE FRAUDULENT ACTIONS OF THE COMPANY OR ITS SUBSIDIARIES.” 

 (z)
Exhibit B attached to the Purchase Agreement shall be amended by deleting Ground Leased Properties numbers 8 and 9 and replacing each with “Intentionally Deleted”. 

  
 9 

 (aa) Exhibit B-5 attached to
the Purchase Agreement shall be amended by deleting Sections 6 and 7 thereof and replacing each with “Intentionally Deleted”. 

(bb) Exhibit C attached hereto shall be added to the Purchase Agreement as Exhibit C thereto.

 3. Joinder. For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Parent hereby joins as a party to the Purchase Agreement as amended by this Amendment, and shall be deemed a “Party” thereto for all purposes thereof. 

4. Miscellaneous. 

(a) This Amendment, when read in conjunction with the Purchase Agreement, constitutes the entire agreement among the Parties with respect to
the subject matter of this Amendment and the Purchase Agreement. 
 (b) Except as amended and supplemented hereby, all of the terms and
conditions of the Purchase Agreement shall remain and continue in full force and effect. 
 (c) This Amendment may be executed in several
counterparts, all of which taken together shall constitute one single agreement among the Parties. 
 (d) The titles and subtitles used in
this Amendment are used for convenience only and are not to be considered in construing or interpreting this Amendment. 
 (e) The invalidity
or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision. 
 [Signature
Page to Follow] 

  
 10 

 IN WITNESS WHEREOF, the Company, Gamma and Parent have executed this Amendment as of the day
and year first above written. 
  

			
	COMPANY:
	
	TROPICANA ENTERTAINMENT INC.
		
	By:	 	 /s/ Theresa Glebocki

	Name:	 	Theresa Glebocki
	Title:	 	Executive Vice President, Chief
		 	Financial Officer, Treasurer and
		 	Secretary
	
	GAMMA:
	
	GLP CAPITAL, L.P.
		
	By:	 	 /s/ Brandon J. Moore

	Title:	 	Senior Vice President, General
		 	Counsel and Secretary
	
	PARENT:
	
	ELDORADO RESORTS, INC.
		
	By:	 	 /s/ Edmund L. Quatmann, Jr.

	Name:	 	Edmund L. Quatmann, Jr.
	Title:	 	Executive Vice President, Chief
		 	Legal Officer and Secretary

 [Signature Page to Amendment] 

 EXHIBIT C 

VESSELS 
  

			
	 Name
	  	 Description

		
	“Argosy III”	  	Official Number: 10203758
		
	“The Palace Barge”	  	 Hull No. SR331

Gross Tonnage: 1906
 Size: 297’
x 54’ x 12’
 Built: 1976

		
	“The Work Flat”	  	 Gross Tonnage: 54

Size: 48’ x 28’ x 4’

Built: 1993

		
	“The Intermediate Barge”	  	 Hull No. EDIC

Gross Tonnage: 678
 Size: 200’
x 35’ x 11’
 Built: 1968

  
 C-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}]]