Document:

Exhibit 10.5

 

SECURITIES PURCHASE AGREEMENT

 

This Securities Purchase Agreement (this
“Agreement”), effective as of September 16, 2015, is made and entered into by and between Landcadia Holdings, Inc.,
a Delaware corporation (the “Company”), and Fertitta Entertainment, Inc., a Texas corporation (the “Buyer”).

 

RECITALS:

 

WHEREAS, the Buyer wishes to purchase
from the Company an aggregate of 7,187,500 shares (the “Shares”) of the Company’s Class F Common Stock (as defined
below); and

 

WHEREAS, the Buyer wishes to purchase
the Shares from the Company and the Company wishes to sell the Shares to the Buyer on the terms and subject to the conditions set
forth in this Agreement.

 

AGREEMENT:

 

NOW, THEREFORE, in consideration
of the premises, representations, warranties and the mutual covenants contained in this Agreement, and for other good and valuable
consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE I

DEFINITIONS

 

The terms defined in this Article I
shall have for all purposes of this Agreement the respective meanings set forth below:

 

“Agreement” shall have the meaning
set forth in the preamble to this Agreement.

 

“Buyer” shall have the meaning
set forth in the preamble to this Agreement.

 

“Closing” shall have the meaning
set forth in Section 2.3 of this Agreement.

 

“Closing Date” shall have the
meaning set forth in Section 2.3 of this Agreement.

 

“Class F Common Stock” shall
mean the Class F Common Stock, $0.0001 par value per share, of the Company.

 

“Company” shall have the meaning
set forth in the preamble to this Agreement.

 

“Consent” means any consent,
approval, notification, waiver, or other similar action that is necessary or convenient.

 

“Governmental Body” shall mean
any legislature, agency, bureau, branch, department, division, commission, court, tribunal or other similar recognized organization
or body of any federal, state, county, municipal, local or foreign government or other similar recognized organization or body
exercising similar powers or authority.

 

“Law” shall mean any law (statutory,
common or otherwise), constitution, ordinance, rule, regulation, executive order or other similar authority enacted, adopted, promulgated
or applied by any Governmental Body.

 

“Lien” shall mean a mortgage,
deed of trust, pledge, hypothecation, assignment, encumbrance, charge, restriction, lien (statutory or otherwise, including, without
limitation, any lien for taxes), security interest, preference, participation interest, priority or security agreement or preferential
arrangement of any kind or nature whatsoever, including, without limitation, any conditional sale or other title retention agreement,
any financing lease having substantially the same economic effect as any of the foregoing and the filing of any document under
the law of any applicable jurisdiction to evidence any of the foregoing, other than (i) statutory, mechanics’ or other Liens
incurred in the Company’s ordinary course of business or (ii) Liens for taxes incurred but not yet due.

 

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“Order” shall mean an order,
ruling, decision, award, judgment, injunction or other similar determination or finding by, before or under the supervision of
any Governmental Body or arbitrator.

 

“Permit” shall mean a permit,
license, certificate, waiver, notice or similar authorization.

 

“Purchase Price” shall have
the meaning set forth in Section 2.2 of this Agreement.

 

“SEC” shall mean the United
States Securities and Exchange Commission.

 

“Securities Act” shall mean
the United States Securities Act of 1933, as amended, or any successor federal statute, and the applicable rules and regulations
promulgated and in effect from time to time thereunder.

 

“Shares” shall have the meaning
set forth in the recitals to this Agreement.

 

ARTICLE II

PURCHASE OF THE SHARES

 

Section 2.1 Purchase and Sale of the
Shares. Subject to the terms and conditions hereof and in reliance upon the representations and warranties of the parties contained
or incorporated by reference herein, simultaneous with the execution hereof, the Company shall sell and deliver to the Buyer, and
the Buyer shall purchase from the Company, the Shares, in consideration of the payment of the Purchase Price noted herein.

 

Section 2.2 Purchase Price. As payment
in full for the Shares being purchased under this Agreement and against delivery of the certificates therefor, simultaneous with
the execution hereof, the Buyer shall pay $10,000 to the Company by wire transfer of immediately available funds or by such other
method as may be reasonably acceptable to the Company (the “Purchase Price”).

 

Section 2.3 Closing. The closing
of the purchase and sale of the Shares (the “Closing”) shall be held on the date of this Agreement (“Closing
Date”) at the offices of McDermott Will & Emery LLP, 340 Madison Avenue, New York, New York 10173, or such other place
as may be agreed upon by the parties hereto.

 

Section 2.4 Closing Deliveries. All
actions taken at the Closing shall be deemed to have been taken simultaneously.

 

(a) Buyer Deliveries. At the Closing
the Buyer shall deliver to the Company the Purchase Price.

 

(b) Company Deliveries. At the Closing,
or within a reasonable time after the Closing but in no event later than thirty (30) days after the Closing, the Company shall
deliver to the Buyer the certificates representing the Shares.

 

Section 2.5 Further Assurances. The
parties hereto shall execute and deliver such additional documents and take such additional actions as any party reasonably may
deem to be practical and necessary in order to consummate the transactions contemplated by this Agreement.

 

Section 2.6 Legend. Each certificate
evidencing the Shares and each certificate issued in exchange for or upon the transfer of any Shares shall be stamped or otherwise
imprinted with a legend in substantially the following form:

  

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY
NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS.”

 

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“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT
TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP.”

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE
BUYER

 

The Buyer represents and warrants that the
statements contained in this ARTICLE III are correct and complete as of the date of this Agreement.

 

Section 3.1 Organization and Good Standing.
The Buyer is a corporation organized, validly existing, and in good standing under the laws of the state of Texas.

 

Section 3.2 Power and Authority; Enforceability.
This Agreement constitutes the legal, valid, and binding obligation of the Buyer, enforceable against the Buyer in accordance with
its terms. The Buyer has full entity power and authority to execute and deliver this Agreement and to perform its obligations hereunder.
The Buyer has taken all actions necessary to authorize the execution and delivery of this Agreement, the performance of its obligations
hereunder and the consummation of the transactions contemplated hereby. This Agreement has been duly authorized, executed and delivered
by, and is enforceable against, the Buyer.

 

Section 3.3 Investment Representations.

 

(a) The Buyer is an “accredited investor”
as defined in Rule 501 of Regulation D under the Securities Act, and the Buyer has not experienced a disqualifying event as enumerated
pursuant to Rule 506(d) of Regulation D under the Securities Act.

 

(b) The Buyer has received, has thoroughly
read, is familiar with and understands the contents of this Agreement.

 

(c) The Buyer hereby acknowledges that an
investment in the Shares involves certain significant risks. The Buyer acknowledges that there is a substantial risk that it will
lose all or a portion of its investment and that it is financially capable of bearing the risk of such investment for an indefinite
period of time. The Buyer has no need for liquidity in its investment in the Shares for the foreseeable future and is able to bear
the risk of that investment for an indefinite period. The Buyer understands that there presently is no public market for the Shares
and none is anticipated to develop in the foreseeable future. The Buyer’s present financial condition is such that the Buyer
is under no present or contemplated future need to dispose of any portion of the Shares subscribed for hereby to satisfy any existing
or contemplated undertaking, need or indebtedness. The Buyer’s overall commitment to investments which are not readily marketable
is not disproportionate to its net worth and the investment in the Company will not cause such overall commitment to become excessive.

 

(d) The Buyer acknowledges that the Shares
have not been and will not be registered under the Securities Act, or any state securities act, and are being sold on the basis
of exemptions from registration under the Securities Act and applicable state securities acts, except those state securities acts
that require registration of the Shares thereunder. Reliance on such exemptions, where applicable, is predicated in part on the
accuracy of the Buyer’s representations and warranties set forth herein. The Buyer acknowledges and hereby agrees that the
Shares will not be transferable under any circumstances unless the Buyer either registers the Shares in accordance with federal
and state securities laws or finds and complies with an available exemption under such laws. Accordingly, the Buyer hereby acknowledges
that there can be no assurance that it will be able to liquidate its investment in the Company.

  

(e) There are substantial risks pertaining
to an investment in the Company. The Buyer acknowledges that it is familiar with the nature and scope of all such risks, including,
without limitation, risks arising from the fact that the Company is an entity with limited operating history and financial resources;
and the Buyer is fully able to bear the economic risks of such investment for an indefinite period, and can afford a complete loss
thereof.

 

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(f) The Buyer has been given the opportunity
to (i) ask questions of and receive answers from the Company and its designated representatives concerning the terms and conditions
of the offering, the Company and the business and financial condition of the Company and (ii) obtain any additional information
that the Company possesses or can acquire without unreasonable effort or expense that is necessary to assist the Buyer in evaluating
the advisability of the purchase of the Shares and an investment in the Company. The Buyer further represents and warrants that,
prior to signing this Agreement, it has asked such questions, received such answers and obtained such information as it has deemed
necessary or advisable to evaluate the merits and risks of the purchase of the Shares and an investment in the Company. The Buyer
is not relying on any oral representation made by any person as to the Company or its operations, financial condition or prospects.

 

(g) The Buyer understands that no federal,
state or other governmental authority has made any recommendation, findings or determination relating to the merits of an investment
in the Company.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE
COMPANY

 

Section 4.1 Organization and Good Standing.
The Company is a corporation duly organized, validly existing, and in good standing under the laws of the State of Delaware.

 

Section 4.2 Power and Authority; Enforceability.
This Agreement constitutes the legal, valid, and binding obligation of the Company, enforceable against the Company in accordance
with its terms. The Company has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder.
The Company has taken all actions necessary to authorize the execution and delivery of this Agreement, the performance of its obligations
hereunder, and the consummation of the transactions contemplated hereby. This Agreement has been duly authorized, executed, and
delivered by, and is enforceable against, the Company.

 

Section 4.3 No Violation; Necessary Approvals.
Neither the execution and delivery of this Agreement by the Company, nor the consummation or performance by the Company of any
of the transactions contemplated hereby, will: (a) with or without notice or lapse of time, constitute, create or result in a breach
or violation of, default under, loss of benefit or right under or acceleration of performance of any obligation required under
any Law, Order, contract or Permit to which the Company is a party or by which it is bound or any of its assets are subject, or
any provision of the Company’s organizational documents as in effect on the Closing Date; (b) result in the imposition of
any lien, claim or encumbrance upon any assets owned by the Company; (c) require any Consent under any contract or organizational
document to which the Company is a party or by which it is bound; (d) require any Permit under any Law or Order other than (i)
required filings, if any, with the SEC and (ii) notifications or other filings with state or federal regulatory agencies after
the Closing that are necessary or convenient and do not require approval of the agency as a condition to the validity of the transactions
contemplated hereunder; or (e) trigger any rights of first refusal, preferential purchase or similar rights with respect to any
of the Shares.

 

Section 4.4 Authorization of the Shares.
The Shares have been duly authorized and, when issued in accordance with this Agreement, the Shares will be duly and validly issued,
fully paid and non-assessable shares of Common Stock and will be free and clear of all Liens and claims, other than restrictions
on transfer imposed by the Securities Act and applicable state securities laws.

 

Section 4.5 Regulation D Qualification.
Neither the Company nor, to its knowledge, any of its affiliates, members, officers, directors or beneficial shareholders of 20%
or more of its outstanding securities, has experienced a disqualifying event as enumerated pursuant to Rule 506(d) of Regulation
D under the Securities Act.

  

ARTICLE V

MISCELLANEOUS

 

Section 5.1 Entire Agreement. This
Agreement, together with the certificates, documents, instruments and writings that are delivered pursuant hereto, constitutes
the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings,
agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject
matter hereof or the transactions contemplated hereby.

 

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Section 5.2 Successors. All of the
terms, agreements, covenants, representations, warranties, and conditions of this Agreement are binding upon, and inure to the
benefit of and are enforceable by, the parties hereto and their respective successors.

 

Section 5.3 Assignments. Except as
otherwise provided herein, no party hereto may assign either this Agreement or any of its rights, interests, or obligations hereunder
without the prior written approval of the other party. Any purported assignment in violation of this Section 5.3 shall be
void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee.

 

Section 5.4 Waiver of Jury Trial.
THE PARTIES HERETO EACH HEREBY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO JURY TRIAL OF ANY DISPUTE BASED UPON OR ARISING OUT OF
THIS AGREEMENT OR ANY OTHER AGREEMENTS RELATING HERETO OR ANY DEALINGS AMONG THEM RELATING TO THE TRANSACTIONS CONTEMPLATED HEREBY.
THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL ACTIONS THAT MAY BE FILED IN ANY COURT AND THAT RELATE
TO THE SUBJECT MATTER OF THE TRANSACTIONS CONTEMPLATED HEREBY, INCLUDING, BUT NOT LIMITED TO, CONTRACT CLAIMS, TORT CLAIMS, BREACH
OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THE PARTIES HERETO EACH ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL
INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP AND THAT THEY WILL CONTINUE TO RELY ON THIS WAIVER IN THEIR RELATED FUTURE DEALINGS.
EACH PARTY HERETO FURTHER REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT EACH KNOWINGLY
AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. NOTWITHSTANDING ANYTHING TO THE CONTRARY
HEREIN, THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED ORALLY OR IN WRITING, AND THE WAIVER WILL APPLY TO ANY
AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING HERETO. IN
THE EVENT OF AN ACTION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY A COURT.

 

Section 5.5 Counterparts. This Agreement
may be executed in two or more counterparts, each of which will be deemed an original but all of which together will constitute
one and the same instrument.

 

Section 5.6 Headings. The article
and section headings contained in this Agreement are inserted for convenience only and will not affect in any way the meaning or
interpretation of this Agreement.

 

Section 5.7 Governing Law. This Agreement,
the entire relationship of the parties hereto, and any litigation between the parties (whether grounded in contract, tort, statute,
law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of Delaware,
without giving effect to its choice of law principles.

 

Section 5.8 Amendments. This Agreement
may not be amended, modified or waived as to any particular provision, except by a written instrument executed by the parties hereto.

  

Section 5.9 Severability. The provisions
of this Agreement will be deemed severable and the invalidity or unenforceability of any provision will not affect the validity
or enforceability of the other provisions hereof; provided that if any provision of this Agreement, as applied to any party hereto
or to any circumstance, is adjudged by a Governmental Body, arbitrator, or mediator not to be enforceable in accordance with its
terms, the parties hereto agree that the Governmental Body, arbitrator, or mediator making such determination will have the power
to modify the provision in a manner consistent with its objectives such that it is enforceable, and/or to delete specific words
or phrases, and, in its reduced form, such provision will then be enforceable and will be enforced.

 

Section 5.10 Expenses. Except as
otherwise expressly provided in this Agreement, each party hereto will bear its own costs and expenses incurred in connection with
the preparation, execution and performance of this Agreement and the consummation of the transactions contemplated hereby, including
all fees and expenses of agents, representatives, financial advisors, legal counsel and accountants.

 

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Section 5.11 Construction. The parties
hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation
arises, this Agreement will be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof will
arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement. Any reference to any
federal, state, local, or foreign Law will be deemed also to refer to Law as amended and all rules and regulations promulgated
thereunder, unless the context requires otherwise. The words “include,” “includes,” and “including”
will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will
be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa,
unless the context otherwise requires. The words “this Agreement,” “herein,” “hereof,”
“hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and
not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty, and
covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty, or
covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the
same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract
from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant.

 

Section 5.12 Waiver. No waiver by
any party hereto of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, may
be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect
in any way any rights arising because of any prior or subsequent occurrence.

 

[Signature page follows]

 

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IN WITNESS WHEREOF, the undersigned
have executed this Agreement to be effective as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	Landcadia Holdings, Inc.
	 	 
	 	By:	/s/ Nicholas Daraviras
	 	Name: Nicholas Daraviras
	 	Title: VP
	 	 
	 	BUYER:
	 	 
	 	Fertitta Entertainment, Inc.
	 	 
	 	By:	/s/ Steven L. Scheinthal
	 	Name: Steven L. Scheinthal
	 	Title: V.P.

 

[Signature
Page to Securities Purchase Agreement]Exhibit 10.6

 

WARRANT SUBSCRIPTION AGREEMENT

 

October 2, 2015

 

THIS WARRANT SUBSCRIPTION AGREEMENT (this
“Agreement”), is by and between Landcadia Holdings, Inc., a Delaware corporation (the “Company”), and the
party set forth on the signature page hereto under “Purchaser” (the “Purchaser”).

 

WHEREAS, on October
2, 2015, the Company sent a letter (the “Rights Offering Letter”) to all holders of record of shares of the Company’s
Class F common stock, par value $0.0001 per share (the “Class F Common Stock”), at 5:00 p.m., Eastern time, on October
2, 2015 (the “Record Date”);

 

WHEREAS, each holder
of Class F Common Stock as of the Record Date has been granted one (1) non-transferable right (a “Right”) for each
share of Class F Common Stock owned by such holder, which Right entitles its holder to subscribe to purchase up to 10.99130434782609
sponsor warrants of the Company (the “Warrants”), at a price of $0.50 per Warrant;

 

WHEREAS, this Agreement
was executed by the Purchaser prior to the Expiration Time (as defined in the Rights Offering Letter); and

 

WHEREAS, pursuant to this Agreement, the
Purchaser has subscribed to purchase up to the number of Warrants listed on Exhibit A hereto (the “Subscribed Warrants”),
which number shall not exceed its pro rata share of the maximum number of warrants that may be sold upon exercise of all
of the Rights (the “Maximum Number of Warrants”).

 

NOW THEREFORE, in consideration of the mutual
promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:

 

Section 1.          Authorization,
Purchase and Sale; Terms of the Subscribed Warrants.

 

A.          Authorization
of the Subscribed Warrants. The Company has duly authorized the issuance and sale of the Subscribed Warrants to the Purchaser.

 

B.          Purchase
and Sale of the Subscribed Warrants.

 

(i)          The
Company, in its sole discretion, may issue any number of warrant sales notices (each a “Sale Notice”) covering any
amount of Warrants, provided that (A) the aggregate number of Warrants sold by the Company pursuant to all Sale Notices does not
exceed the Maximum Number of Warrants and (B) each Sale Notice will set forth: (i) the total number of Warrants that will be sold
by the Company pursuant to that Sale Notice; (ii) the number of Warrants to be purchased by each holder, which amount shall be
in proportion to each holder’s total subscription to the Warrants pursuant to the Subscription Agreements (the “Purchased
Warrants”) and (iii) the closing date for the sale (a “Closing Date”).

 

(ii)         On
a Closing Date, the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, the Purchased
Warrants set forth in the applicable Sale Notice at a price of $0.50 per warrant (such aggregate price for the Purchased Warrants,
the “Purchase Price”), which shall be paid by wire transfer of immediately available funds to the Company in accordance
with the Company’s wiring instructions in the Sale Notice.

 

    	 	 	 

     

    

 

(iii)        On
a Closing Date, upon the payment by the Purchaser of the Purchase Price by wire transfer of immediately available funds to the
Company, the Company shall deliver a certificate to the Purchaser evidencing the Purchased Warrants duly registered in the Purchaser’s
name.

 

C.          Terms
of the Subscribed Warrants.

 

(i)          Each
Subscribed Warrant shall have the terms set forth in a Warrant Agreement (the “Warrant Agreement”) to be entered into
by the Company and a warrant agent, which Warrant Agreement shall also govern the terms for the warrants to be sold in the Company’s
proposed initial public offering (“Public Offering”). All Subscribed Warrants will be subject to the same Warrant Agreement
and will have the same terms.

 

(ii)         At
the time of the closing of the Public Offering, the Company and the Purchaser shall enter into a registration rights agreement
(the “Registration Rights Agreement”) pursuant to which the Company will grant certain registration rights to the Purchaser
relating to the Purchased Warrants and the shares of the Company’s Class A common stock, par value $0.0001 per share (the
“Shares”), underlying the Purchased Warrants.

 

Section 2.          Representations
and Warranties of the Company. As a material inducement to the Purchaser to enter into this Agreement and purchase the Subscribed
Warrants, the Company hereby represents and warrants to the Purchaser (which representations and warranties shall survive the Closing
Date) that:

 

A.          Organization
and Corporate Power. The Company is a corporation duly organized, validly existing and in good standing under the laws of the
State of Delaware and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be
expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company
possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement and
the Warrant Agreement.

 

B.          Authorization;
No Breach.

 

(i)          The
execution, delivery and performance of this Agreement and the Purchased Warrants have been duly authorized by the Company as of
the applicable Closing Date. This Agreement constitutes the valid and binding obligation of the Company, enforceable in accordance
with its terms. Upon issuance in accordance with, and payment pursuant to, the terms of the Warrant Agreement and this Agreement,
the Purchased Warrants will constitute valid and binding obligations of the Company, enforceable in accordance with their terms
as of the applicable Closing Date.

 

(ii)         The
execution and delivery by the Company of this Agreement and the Purchased Warrants, the issuance and sale of the Purchased Warrants,
the issuance of the Shares upon exercise of the Purchased Warrants and the fulfillment of and compliance with the respective terms
hereof and thereof by the Company, do not and will not as of the applicable Closing Date (a) conflict with or result in a breach
of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the creation of any lien, security interest,
charge or encumbrance upon the Company’s capital stock or assets under, (d) result in a violation of, or (e) require any
authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with, any court or administrative
or governmental body or agency pursuant to the Certificate of Incorporation or the By Laws of the Company, as amended up to the
applicable Closing Date, or any material law, statute, rule or regulation to which the Company is subject, or any agreement, order,
judgment or decree to which the Company is subject, except for any filings required after the date hereof under federal or state
securities laws.

 

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C.          Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the Shares
issuable upon exercise of the Purchased Warrants will be duly and validly issued, fully paid and nonassessable. Upon issuance in
accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the Purchaser will have good title to the
Purchased Warrants and the Shares issuable upon exercise of such Purchased Warrants, free and clear of all liens, claims and encumbrances
of any kind, other than (i) transfer restrictions hereunder and under the other agreements contemplated hereby, (ii) transfer
restrictions under federal and state securities laws, and (iii) liens, claims or encumbrances imposed due to the actions of the
Purchaser.

 

D.          Governmental
Consents. No permit, consent, approval or authorization of, or declaration to or filing with, any governmental authority is
required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation by the
Company of any other transactions contemplated hereby.

 

Section 3.          Representations
and Warranties of the Purchaser. As a material inducement to the Company to enter into this Agreement and issue and sell the
Purchased Warrants to the Purchaser, the Purchaser hereby represents and warrants to the Company (which representations and warranties
shall survive the Closing Date) that:

 

A.          Organization
and Requisite Authority. The Purchaser possesses all requisite power and authority necessary to carry out the transactions
contemplated by this Agreement.

 

B.          Authorization.
This Agreement constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, subject to
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or
affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or law).

 

C.          Investment
Representations.

 

(i)          The
Purchaser is acquiring the Purchased Warrants and, upon exercise of the Purchased Warrants, the Shares issuable upon such exercise
(collectively, the “Securities”) for the Purchaser’s own account, for investment purposes only and not with a
view towards, or for resale in connection with, any public sale or distribution thereof.

 

(ii)         The
Purchaser is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D under the Securities
Act of 1933, as amended (the “Securities Act”).

 

(iii)        The
Purchaser understands that the Securities are being offered and will be sold to it in reliance on specific exemptions from the
registration requirements of the United States federal and state securities laws and that the Company is relying upon the truth
and accuracy of, and the Purchaser’s compliance with, the representations and warranties of the Purchaser set forth herein
in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire such Securities.

 

(iv)        The
Purchaser did not decide to enter into this Agreement as a result of any general solicitation or general advertising within the
meaning of Rule 502(c) under the Securities Act.

 

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(v)         The
Purchaser has been furnished with all materials relating to the business, finances and operations of the Company and materials
relating to the offer and sale of the Securities which have been requested by the Purchaser. The Purchaser has been afforded the
opportunity to ask questions of the executive officers and directors of the Company. The Purchaser understands that its investment
in the Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary
to make an informed investment decision with respect to the acquisition of the Securities.

 

(vi)        The
Purchaser understands that no United States federal or state agency or any other government or governmental agency has passed on
or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities
by the Purchaser nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

(vii)       The
Purchaser understands that: (a) the Securities have not been and are not being registered under the Securities Act or any state
securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or
(2) sold in reliance on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights Agreement,
neither the Company nor any other person is under any obligation to register the Securities under the Securities Act or any state
securities laws or to comply with the terms and conditions of any exemption thereunder. In this regard, the Purchaser understands
that the Securities and Exchange Commission has taken the position that promoters or affiliates of a blank check company and their
transferees, both before and after a Business Combination (as defined in the Warrant Agreement), are deemed to be “underwriters”
under the Securities Act when reselling the securities of a blank check company. Based on that position, Rule 144 adopted pursuant
to the Securities Act would not be available for resale transactions of the Securities despite technical compliance with the requirements
of such Rule, and the Securities can be resold only through a registered offering or in reliance upon another exemption from the
registration requirements of the Securities Act.

 

(viii)      The
Purchaser understands that the Warrants will bear a legend substantially to the following effect:

 

THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES
LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL
LIMITATIONS ON TRANSFER DESCRIBED IN LETTER AGREEMENTS BY AND AMONG Landcadia Holdings,
Inc. (THE “COMPANY”), Fertitta Entertainment, Inc., Leucadia
National Corporation AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED
PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS
DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 2 OF
THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

 

    	 	4 	 

     

    

 

SECURITIES
EVIDENCED BY THIS CERTIFICATE AND SHARES OF CLASS A COMMON STOCK OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE
ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.

 

(ix)         The
Purchaser has such knowledge and experience in financial and business matters, knowledge of the high degree of risk associated
with investments in the securities of companies in the development stage such as the Company, is capable of evaluating the merits
and risks of an investment in the Securities and are able to bear the economic risk of an investment in the Securities in the amount
contemplated hereunder for an indefinite period of time.

 

Section 4.          Conditions
of the Purchaser’s Obligations. The obligation of the Purchaser to purchase and pay for the Purchased Warrants is subject
to the fulfillment, on or before each applicable Closing Date, of each of the following conditions:

 

A.          Representations
and Warranties. The representations and warranties of the Company contained in Section 2 shall be true and correct at and as
of the applicable Closing Date as though then made.

 

B.          Performance.
The Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by it on or before the applicable Closing Date, including the delivery of a Sale
Notice to the Purchaser pursuant to Section 9(C) hereto.

 

C.          No
Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions
contemplated by this Agreement or the Warrant Agreement.

 

D.          Warrant
Agreement. The Company shall have entered into a Warrant Agreement with a warrant agent.

 

Section 5.          Conditions
of the Company’s Obligations. The obligations of the Company to the Purchaser under this Agreement are subject to the
fulfillment, on or before the Closing Date, of each of the following conditions:

 

A.          Representations
and Warranties. The representations and warranties of the Purchaser contained in Section 3 shall be true and correct at and
as of the Closing Date as though then made.

 

B.          Performance.
The Purchaser shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by the Purchaser on or before the Closing Date.

 

C.          No
Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions
contemplated by this Agreement or the Warrant Agreement.

 

    	 	5 	 

     

    

 

D.          Warrant
Agreement. The Company shall have entered into a Warrant Agreement with a warrant agent on terms satisfactory to the Company.

 

Section 6.          Termination.
This Agreement shall automatically terminate upon the earlier of (i) the time at which all of the Subscribed Warrants have been
sold and (ii) October 2, 2016. In addition, this Agreement may be terminated at any time after March 31, 2016 by either party upon
written notice to the other party if the first Closing Date under this Agreement has not occurred by such date.

 

Section 7.          Survival
of Representations and Warranties. All of the representations and warranties contained herein shall survive the applicable
Closing Date.

 

Section 8.          Definitions.
Terms used but not otherwise defined in this Agreement shall have the meaning assigned to such terms in the registration statement
on Form S-1 the Company plans to file with the Securities and Exchange Commission, under the Securities Act.

 

Section 9.          Miscellaneous.

 

A.          Successors
and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or
on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether
so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign this Agreement,
other than assignments by the Purchaser to affiliates thereof.

 

B.          Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

C.          Notices.
All written notices provided for herein shall be in writing and be given in person or by means of telex, facsimile or other means
of wire transmission (with request for assurance of receipt in a manner typical with respect to communication of that type), by
overnight courier or by mail, and shall become effective: (a) on delivery if given in person; (b) on the date of transmission if
sent by telex, facsimile or other means of wire transmission; (c) one (1) business day after delivery to the overnight service
or (d) four (4) business days after being mailed, with proper postage and documentation, for first-class registered or certified
mail, prepaid. All notices shall be addressed to the addresses listed in Exhibit B hereto.

 

D.          Counterparts.
This Agreement may be executed simultaneously in two (2) or more counterparts, none of which need contain the signatures of more
than one party, but all such counterparts taken together shall constitute one and the same agreement.

 

E.          Descriptive
Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute
a substantive part of this Agreement. The use of the word “including” in this Agreement shall be by way of example
rather than by limitation.

 

F.          Governing
Law. This Agreement shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall
be construed in accordance with the internal laws of the State of Delaware.

 

G.          Amendments.
This Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by
all parties hereto.

 

[Signature page follows]

 

    	 	6 	 

     

    

  

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement to be effective as of the date first set forth above.

 

	 	PURCHASER:
	 	 	 
	 	Fertitta Entertainment, Inc.
	 	 	 
	 	By:	/s/ Steven L. Scheinthal
	 	 	Name: Steven L. Scheinthal
	 	 	Title: V.P.

 

AGREED AND ACCEPTED:

 

COMPANY:

 

Landcadia Holdings,
Inc.

 

	By:	/s/ Nicholas Daraviras	 
	 	Name: Nicholas Daraviras	 
	 	Title: VP 	 

 

[Signature Page to Subscription Agreement] 

 

    	 	 	 

     

    

 

Exhibit A

Subscribed Rights

 

	Number of Rights Being Exercised	100%
	 	(can be either a number or a percentage)*

 

* The number or percentage listed cannot exceed the total number
of Rights granted to the Purchaser pursuant to the Rights Offering, as more particularly described in that certain Rights Offering
Letter dated October 2, 2015

 

    	 	 	 

     

    

 

Exhibit B

Notices

 

If to Purchaser:

 

	Fertitta Entertainment, Inc.
	(Name)
	 
	(c/o, if applicable)
	 
	1510 West Loop South
	(Street Address)
	 
	Houston, Texas 77027
	(City, State Zip Code)
	 
	Steven L. Scheinthal
	(Attention, if applicable)
	 
	(713) 386-7070
	(Facsimile Number)
	 
	SScheinthal@ldry.com
	(Email Address)

 

If to the Company:

 

Landcadia Holdings, Inc.

1510 West Loop South, Houston, Texas 77027

Attn: Steven L. Scheinthal

Facsimile: (713) 386-7070

Email: SScheinthal@ldry.com

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