Document:

tenderandexchangeagreeme

                    TENDER AND EXCHANGE AGREEMENT    TENDER AND EXCHANGE AGREEMENT (this “Agreement”) dated as of June 18, 2020 by   and among Accel Entertainment, Inc. (the “Company”) and each of the persons listed on Schedule  A hereto (collectively, the “Warrant Holders,” and each a “Warrant Holder”).                                   W I T N E S E T H:    WHEREAS, the Company has issued warrants in connection with (i) the Company’s initial public   offering (the “IPO”) based on an exemption from registration under the Securities Act of 1933 (the   “TPG Warrants”) and (ii) the transactions contemplated by that certain Transaction Agreement,   dated as of June 13, 2019, by and among the Company (formerly known as TPG Pace Holdings   Corp.), the sellers named therein, and David W. Ruttenberg and John S. Bakalar (as successor to   Gordon Rubenstein), each in their capacities as shareholder representatives, with such transactions   being consummated on November 20, 2019 (such warrants, together with the TPG Warrants, the   “Private Warrants”);     WHEREAS, the Company has also issued public warrants currently listed on the NYSE under the   symbol “ACEL.WS” that were originally sold as part of the units in the Company’s IPO (the   “Public Warrants” and, together with the Private Warrants, the “Warrants”);    WHEREAS,  each  Warrant  entitles  its  holder  to  purchase  one  share  of  the  Company’s  Class   A-1 common stock, par value $0.0001 (“Class A-1 Common Stock”), for a purchase price of   $11.50, subject to certain adjustments;     WHEREAS, the Company is considering effecting, pursuant to the terms of the Public Warrants,   a redemption and exchange of the Public Warrants for shares of Class A-1 Common Stock, based   on an exchange ratio and subject to other terms and conditions as further described in the terms of   the Public Warrants (the “Redemption”);     WHEREAS, in connection with such Redemption, the Company intends to subsequently offer an   exchange offer (the “Exchange Offer”), pursuant to a registration statement on Form S-4 to be   filed with the Securities and Exchange Commission (the “Registration Statement”), to offer the   holders of the Private Warrants the opportunity to exchange their Private Warrants for shares of   Class A-1 Common Stock, based on the same exchange ratio as used for the Public Warrants in   the Redemption and subject to other terms and conditions to be disclosed in the Registration   Statement;    WHEREAS, as of the date hereof, the Warrant Holders beneficially own more than 90% of the  issued and outstanding Private Warrants;   WHEREAS, the Warrant Holders desire to give assurances to the board of directors of the   Company (the “Board”) in connection with approving the Redemption that the Warrant Holders  will accept the Exchange Offer when initiated by the Company; and 

 

                                                                                   WHEREAS, as an inducement to the Board’s willingness to approve the Redemption and the   Company’s willingness to pursue the Exchange Offer, each Warrant Holder has agreed to enter   into this Agreement.     NOW, THEREFORE, in consideration of the foregoing and the respective representations,   warranties, covenants and agreements set forth herein and for other good and valuable   consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto,   intending to be legally bound, do hereby agree as follows:     Section 1.01 Agreement to Tender. Each Warrant Holder shall, when the Exchange Offer is   initiated and the Registration Statement is filed with the Securities Exchange Commission, validly   tender or cause to be tendered to the Company all Private Warrants beneficially owned by such   Warrant Holder, free and clear of all liens, pursuant to and in accordance with the terms of the   Exchange Offer as described in the Registration Statement no later than the scheduled or extended   expiration time of the Exchange Offer; provided, that the final exchange ratio for the Exchange   Offer shall be the same exchange ratio as applicable to the Public Warrants in the Redemption.   Each Warrant Holder agrees that, notwithstanding anything to the contrary in the Registration   Statement, after a Warrant Holder validly tenders his, her or its Private Warrants to the Company   in accordance with the terms of the Registration Statement, such Warrant Holder may not withdraw   or cause to be withdrawn the tender of any of such Private Warrants from the Exchange Offer,   unless this Agreement is terminated pursuant to Section 1.08 hereof.       Section 1.02 Ownership of Warrants. Each Warrant Holder represents and warrants to the   Company, as of the date hereof and as of the date of tender of such Warrant Holder’s Private   Warrants in accordance with this Agreement, that such Warrant Holder is the sole beneficial owner  of the number of Private Warrants set forth opposite such Warrant Holder’s name on Schedule A,   and has good and marketable title to such Private Warrants free and clear of any liens, options,   rights, or any other encumbrances, limitations or restrictions whatsoever (other than those   restrictions imposed by applicable securities laws, this Agreement, the Warrant Agreement, dated   June 27, 2017, by and between the Company and Continental Stock Transfer & Trust Company,   as warrant agent (the “Warrant Agent”), and/or the Warrant Agreement, dated November 20, 2019,   by and between the Company and the Warrant Agent). Each Warrant Holder agrees it shall not   transfer any Private Warrants to any person (other than the Company in connection with the  Exchange Offer) unless such person acquiring such Private Warrants signs a joinder to this   Agreement agreeing to be bound by all terms and conditions of this Agreement.     Section 1.03 Company Representations and Warranties. The Company represents and warrants to   each Warrant Holder, as of the date of tender of such Warrant Holder’s Warrants in accordance   with this Agreement, that the Company has obtained any and all required regulatory and/or third-  party approvals to effectuate the Exchange Offer contemplated by this Agreement.     Section 1.04 Company Covenants. The Company agrees that it shall take all steps reasonably   necessary or desirable to commence the Exchange Offer and Solicitation as soon as practicable   consistent with this Agreement, and agrees to take all steps necessary to update the Registration   Statement as required by applicable laws and regulation, and that the Registration Statement, when   declared effective, will comply with all applicable Securities and Exchange Commission   requirements.  

 

                                                                                 Section 1.05 Specific Performance. The parties hereto agree that irreparable damage would occur  if any provision of this Agreement were not performed in accordance with the terms hereof and  that the parties shall be entitled to an injunction or injunctions to prevent breaches of this  Agreement or to enforce specifically the performance of the terms and provisions hereof, in  addition to any other remedy to which they are entitled at law or in equity.    Section 1.06 U.S. Federal Income Tax Treatment. The exchange of Private Warrants for shares of  Class A-1 Common Stock pursuant to the Exchange Offer is intended to qualify as a reorganization  pursuant to Section 368 of the Internal Revenue Code of 1986, as amended, and the parties shall  not take any position inconsistent therewith unless otherwise required by applicable law.    Section 1.07 Section 16 Matters. The Company agrees with each of the Warrant Holders that the  Board (or an appropriate committee thereof) shall adopt resolutions approving the transactions  contemplated by the Exchange Offer and this Agreement, including, but not limited to, the  disposition of Private Warrants to the Company and the acquisition of shares of Class A-1  Common Stock from the Company by each of the Warrant Holders, to exempt such transactions  from Section 16(b) of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange  Act”), pursuant to Rule 16b-3 thereunder for each of the Warrant Holders and certain persons  affiliated therewith that are subject to Section 16 of the Exchange Act. The Company shall provide  the Warrant Holders with copies of any resolutions proposed to be adopted in connection with the  foregoing prior to such adoption. Notwithstanding anything to the contrary in this Agreement, if  resolutions satisfactory to the Warrant Holders have not been adopted beforehand as contemplated  by this Section 1.07 of this Agreement, Warrant Holders shall not be obligated to tender or cause  to be tendered any Private Warrants pursuant to the Exchange Offer or to deliver any consent to  the Solicitation.    Section 1.08 Termination. This Agreement shall terminate as to all Warrant Holders upon written  notice to all the Warrant Holders by the Company, or upon the earlier of (i) the date the Company’s  board of directors or a committee thereof determines to no longer pursue the Exchange Offer, and  (ii) September 30, 2020.    Section 1.09 Warrant Holder Obligations Several and Not Joint. The obligations of each Warrant  Holder hereunder shall be several and not joint, and no Warrant Holder shall be liable for any  breach of the terms of this Agreement by any other Warrant Holder.                                [Signature Page Follows]                                                                                    

 

                                                                                                                                                            Schedule A                                                                                                            Number of                                                                    Private  Name                                                             Warrants  TPG Pace Governance, LLC                                          2,439,812  Peterson Capital Partners, L.P.                                   1,519,467  TPG Pace II Sponsor Successor, LLC                                  929,610  Andrew H. Rubenstein                                                224,066  Brian Carroll                                                        18,681  CEP V Co-Investment Limited Partnership                             299,052  Clairvest Equity Partners V Limited Partnership                     586,449  Clairvest Equity Partners V-A Limited Partnership                   111,339  David W. Ruttenberg, solely as trustee, or his successors in trust, of the 32,175  David W. Ruttenberg Revocable Trust, as now or hereafter amended  Derek Harmer                                                          9,940  Fund Indy LLC                                                       103,966  Gordon S. Rubenstein                                                 21,388  Gordon S. Rubenstein and Krista M. Ramonas Joint Revocable Trust      8,648  Grant Place Fund LLC                                                 11,473  Harry R, LLC                                                        252,922  Jeffrey C. Rubenstein                                                21,098  Jeffrey C. Rubenstein, as trustee, or his successors in trust, of the Susan 150,683  Rubenstein Family Trust  Michael Pappas                                                      110,033  The PrivateBank & Trust Company, as Custodian of the Gordon          32,526  Rubenstein SEP IRA                                          

 

                                                                                       IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly  executed as of the date first above written.                                              COMPANY:                                                                                        ACCEL ENTERTAINMENT, INC.                                                                                        By:                                                                       Name: Andrew Rubenstein                                            Title: President and Chief Executive                                                  Officer                                                                                                                                                                                                                                                                  

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as  of the date first above written.                                                                                                                                                                                  WARRANT HOLDER:                                                                                        TPG PACE GOVERNANCE, LLC                                                                                        By:                                                                             Michael LaGatta                                           Name:                                                                           Vice President                                           Title:                                                                                                         

 

   IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as  of the date first above written.                                                                                                                                                                                  WARRANT HOLDER:                                                                                        PETERSON CAPITAL PARTNERS, L.P.                                                                                        By:                                                                                                                         Karl Peterson                                           Name:                                                                                                                 Title:  President                                                                                                  

 

   IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as  of the date first above written.                                                                                                                                                                                  WARRANT HOLDER:                                                                                        TPG PACE II SPONSOR SUCCESSOR,                                            LLC                                                                                        By:                                                                             Michael MacDougall                                           Name:                                                                                                                 Title:  Owner                                                                                                      

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as  of the date first above written.                                                                                                                                                                                  WARRANT HOLDER:                                                                                                                                                                                                        Andrew H. Rubenstein                                                                                                                             

 

   IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as  of the date first above written.                                                                                                                                                                                  WARRANT HOLDER:                                                                                                                                                                                                        Brian Carroll                                                                                                                                 

 

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly  executed as of the date first above written.                                                                                                                                                                                  WARRANT HOLDER:                                                                                        CEP V CO-INVESTMENT LIMITED                                           PARTNERSHIP                                                                                       By:                                                                                                                   Name: Ken Rotman                                                                                        Title: Chief Executive Officer                                                                                                                                    By:                                                                                                                   Name:  Jim Miller                                                                                        Title: Secretary                                               

 

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly  executed as of the date first above written.                                                                                                                                                                                  WARRANT HOLDER:                                                                                        CLAIRVEST EQUITY PARTNERS V                                            LIMITED PARTNERSHIP                                                                                        By:                                                                                                                   Name: Ken Rotman                                                                                        Title: Chief Executive Officer                                                                                                                                    By:                                                                                                                   Name:  Jim Miller                                                                                        Title: Secretary 

 

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly  executed as of the date first above written.                                                                                                                                                                                  WARRANT HOLDER:                                                                                        CLAIRVEST EQUITY PARTNERS V-A                                            LIMITED PARTNERSHIP                                                                                        By:                                                                                                                   Name: Ken Rotman                                                                                        Title: Chief Executive Officer                                                                                                                                    By:                                                                                                                   Name:  Jim Miller                                                                                        Title: Secretary 

 

   IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as  of the date first above written.                                                                                                                                                                                  WARRANT HOLDER:                                                                                        DAVID W. RUTTENBERG, SOLELY  AS                                            TRUSTEE, OR HIS SUCCESSORS IN                                            TRUST, OF THE DAVID W.                                            RUTTENBERG REVOCABLE TRUST,                                            AS NOW OR HEREAFTER AMENDED                                                                                        By:                                                                              David W. Ruttenberg                                           Name:                                                                                                                 Title:  trustee                                                                                                    

 

   IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as  of the date first above written.                                                                                                                                                                                  WARRANT HOLDER:                                                                                                                                                                                                        Derek Harmer                                                                                                                                 

 

   IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as  of the date first above written.                                                                                                                                                                                  WARRANT HOLDER:                                                                                        FUND INDY LLC                                                                                        By:                                                                                                                   Name:  Gordon Rubenstein                                                                                              Title:  Person                                                                                                     

 

   IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as  of the date first above written.                                                                                                                                                                                  WARRANT HOLDER:                                                                                                                                                                                                        Gordon S. Rubenstein                                                                                                                                 

 

   IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as  of the date first above written.                                                                                                                                                                                  WARRANT HOLDER:                                                                                        GORDON S. RUBENSTEIN AND                                            KRISTA M. RAMONAS JOINT                                            REVOCABLE TRUST                                                                                        By:                                                                                                                         Gordon Rubenstein                                           Name:                                                                                                                 Title:  Person                                                                                                     

 

   IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as  of the date first above written.                                                                                                                                                                                  WARRANT HOLDER:                                                                                        GRANT PLACE  FUND LLC                                                                                        By:                                                                                                                         David W. Ruttenberg                                           Name:                                                                                                                 Title:  trustee                                                                                                    

 

   IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as  of the date first above written.                                                                                                                                                                                  WARRANT HOLDER:                                                                                        HARRY R, LLC                                                                                        By:                                                                             Andy Rubenstein                                           Name:                                                                                                                 Title:  Mgr                                                                                                        

 

   IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as  of the date first above written.                                                                                                                                                                                  WARRANT HOLDER:                                                                                                                                                                                                        Jeffrey C. Rubenstein                                                                                                                                 

 

   IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as  of the date first above written.                                                                                                                                                                                  WARRANT HOLDER:                                                                                        JEFFREY C. RUBENSTEIN, AS                                            TRUSTEE, OR HIS SUCCESSORS IN                                            TRUST, OF THE SUSAN RUBENSTEIN                                            FAMILY TRUST                                                                                        By:                                                                             Jeff Rubenstein                                           Name:                                                                                                                 Title:  Trustee                                                                                                    

 

   IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as  of the date first above written.                                                                                                                                                                                  WARRANT HOLDER:                                                                                                                                                                                                        Michael Pappas                                                                                                                                                                         

 

   IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as  of the date first above written.                                                                                                                                                                                  WARRANT HOLDER:                                                                                        THE PRIVATEBANK & TRUST                                            COMPANY, AS CUSTODIAN OF THE                                            GORDON RUBENSTEIN SEP  IRA                                                                                        By:                                                                                                                         Gordon Rubenstein                                           Name:                                                                                                                 Title:  PersonExhibit 10.1
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	34175 Ardenwood Blvd

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	Fremont, CA 94555

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	(510) 745-1700 – Tele

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	(510) 745-0493 – Fax

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	www.ardelyx.com

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April 27, 2020
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Susan Rodriguez
Chicago, IL
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Dear Susan:
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On behalf of Ardelyx (the “Company”), I am pleased to offer you employment in the exempt position of Chief Commercial Officer reporting to the Chief Executive Officer, responsible for Commercial, Business Development and Alliance Management. This letter sets out the terms of Ardelyx’s offer of employment, which is contingent upon the completion of reference checks to Ardelyx’s satisfaction. If you accept this offer, you will be required to execute the Company’s standard form of employee non-disclosure and assignment of inventions agreement. In addition, you and the Company will enter into a Change in Control Severance Agreement that will further define some of the provisions set forth in this offer letter (the “Severance Agreement”).
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Your first day of full-time employment with Ardelyx is currently expected to be on or before May 18, 2020. Your full time starting base salary will be $18,333.34 semi-monthly, which is equivalent to $440,000.00 per year, less applicable tax and other withholdings in accordance with the Company’s normal payroll procedure. You will also be eligible to receive an annual bonus of up to forty percent (40%) of your base salary, with the amount of the bonus determined by the Board of Directors based the performance of the Company.   Your awarded bonus for 2020 will not be pro-rated.
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Following your first day of employment, you will be granted an option to purchase shares of Company common stock under a Company equity incentive plan which stock option shall have an accounting grant date fair value of $1.25M.  Your option will be exercisable at a per share exercise price equal to the fair market value of Ardelyx stock on your option grant date.  Your option will vest over a period of 4 years, with 25% of the shares vesting at the end of your first year of employment, and the remainder vesting monthly over the following three years and will be subject to the terms and conditions of the Company’s equity incentive plan and standard form of stock option agreement, which you will be required to sign as a condition of receiving the option.
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In addition, on your first day of employment, you will be granted a Restricted Stock Unit (RSU).  The RSU will be for 20,000 shares of common stock of the Company and will vest in full upon the acceptance for filing by the Food and Drug Administration of a New Drug Application (“NDA”) for tenapanor for the treatment of hyperphosphatemia; provided that if the NDA is not accepted on or before December 31, 2020, the RSU shall be terminated for no consideration. The RSU granted to you will be subject to the terms and conditions of the Company’s equity incentive plan and standard form of full value award, which you will be required to sign as a condition of receiving the RSU.  The Company’s standard terms of the full value award requires an automatic sell to cover applicable withholding taxes prior to the settlement of any vested RSU.
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You will be eligible to participate in various Company equity and benefit plans, including group health insurance, 401(k), and the Employee Stock Purchase Plan. You will earn three weeks of vacation each year. You will be eligible for salary increases and additional equity grants in accordance with the Company’s practice.  Your salary increase and equity grant for 2021 will not be pro-rated.
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If this offer of employment is accepted, your employment with the Company will be “at will.” This means it is for no specified term and may be terminated by you or the Company at any time, with or without cause or advance notice. In addition, the Company reserves the right to modify your compensation, position, duties or reporting relationship to meet business needs and to decide on appropriate discipline. The Severance Agreement will provide, subject to the terms and conditions thereof, for (i) twelve month salary continuation and the payment of healthcare continuation costs for twelves months, if you terminate your employment for good reason or you are terminated without cause, in either case, outside of a change of control period, and (ii) a lump sum payment equal to 100% of the sum of twelve months of your base salary and your target annual bonus for the year of termination; the payment of healthcare continuation costs for 12 months; and the vesting of 100% of your unvested stock options and RSUs, if you terminate your employment for good reason or you are terminated without cause, in either case during a change of control period.
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Please sign and date this letter on the spaces provided below to acknowledge your acceptance of the terms of this agreement and return it to me prior to or on 10:00 am EST, April 27, 2020 at which time this offer shall expire
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Susan, it has been a real pleasure meeting you and all of us here at Ardelyx concur that you are an excellent fit with our team, and we look forward to working with you at Ardelyx.
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	Sincerely,

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	Ardelyx, Inc.

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	By 
	/s/ Mike Raab

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	Mike Raab

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	President and Chief Executive Officer

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I agree to and accept employment with Ardelyx on the terms and conditions set forth in this agreement.  I understand and agree that my employment with the Company is at-will.
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	Date: April 29, 2020
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	/s/ Susan Rodriguez

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	Susan Rodriguez

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	Tentative Start Date:
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