Document:

Exhibit
10.9

 

FOURTH AMENDMENT
TO

MASTER VIDEO LOTTERY TERMINAL CONTRACT

 

This Fourth Amendment
to Master Video Lottery Terminal Contract (this “Fourth Amendment”) is made and entered into as of July 1, 2014,
by and between the Division of Lotteries of the Rhode Island Department of Revenue, an agency of the State of Rhode Island, with
its principal address at 1425 Pontiac Avenue, Cranston, Rhode Island 02920 the (“Division”), and UTGR,
Inc., a Delaware corporation with its principal office located at 100 Twin River Road Lincoln, Rhode
Island 02865 (“UTGR”), and amends that certain Master Video Lottery Terminal Contract by and between the Division
and UTGR dated as of July 18, 2005 (the “Master Contract”), as amended by that certain First Amendment to Master
Video Lottery Terminal Contract by and between the Division and UTGR dated November 4, 2010 (the “First Amendment”),
that certain Second Amendment to Master Video Lottery Terminal Contract by and between the Division and UTGR dated May 3, 2012
(the “Second Amendment”) and that certain Third Amendment to Master Video Lottery Terminal Contract by and between
the Division and UTGR dated September 18, 2012 (the “Third Amendment”). The Division and UTGR are referred to
herein collectively as the “Parties,” and individually, as a “Party.”
This Fourth Amendment shall take effect on July 1, 2014.

 

WITNESSETH:

 

WHEREAS, the Division
and UTGR entered into the Master Contract, which Master Contract has been previously amended as indicated above;

 

WHEREAS, during the
2014 Legislative Session of the Rhode Island General Assembly, the State of Rhode Island enacted into law House Bill 2014 –
H7133 Substitute A, as amended, entitled “An Act Relating to Making Appropriations for the Support of the State for the Fiscal
Year Ending June 30, 2015” (the “State Budget”), including Article 13, entitled “Article 13, Relating
to State Lottery” which law was signed by the Governor of Rhode Island on June 19, 2014 (“Article 13”)
(Copy attached hereto as Exhibit A); and

 

WHEREAS, pursuant to
Section 5 of Article 13, the Division and UTGR are authorized and empowered to enter into a fourth amendment to the Master Contract,
which amendments are set forth in this Fourth Amendment.

 

NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
and in consideration of the mutual promises, covenants, obligations and conditions herein contained, UTGR and the Division hereby
agree as follows:

 

1.             Definitions
and Interpretation.

 

1.1           References
to the “Agreement” contained in this Fourth Amendment are and shall be deemed to be references to the Master Contract,
as amended and/or extended by the First Amendment, Second Amendment and Third Amendment thereto.

 

    	 	1	 

     

    

 

1.2           “Division
Percentage” means for any marketing year, the Division’s percentage of net terminal income as set forth in § 42-61.2-7(a)(1)
of Rhode Island General Laws.

 

1.3           “Marketing
Program” means that marketing program set forth in Chapter 16 of the Public Laws of 2010, part A, Section 4(a)(iii), as amended
by Chapter 151, Article 25 of the Public Laws of 2011, Section 8(a)(ii) and as further amended by Section 3 of Article 13.

 

1.4           “Marketing
Year” has the meaning given that term in Chapter 16 of the Public Laws of 2010, part A, Section 2(h).

 

1.5           Any
capitalized terms used in this Fourth Amendment but not defined herein shall have the meaning as defined in the Agreement and/or
applicable law, including but not limited to Article 13.

 

2.             Marketing
Program. Pursuant to and in accordance with Section 5 of Article 13, Section 5.1 of the First Amendment is hereby deleted
in its entirety and replaced with the following new Section 5.1:

 

5.1.          Pursuant
to Part A, Section 4(a)(iii) of the VLT Contracts Act, (and in accordance with and notwithstanding anything in the Master Contract
to the contrary), UTGR is authorized to conduct a Marketing Program as that term is defined in Part A, Section 2 of the 2010 VLT
Contracts Act. Said Marketing Program shall be monitored by the Division. Commencing July 1, 2014, the Marketing Program shall
be conducted as follows:

 

(i)            Subject
to Sections 5.1(ii) and 5.1(iii) below, for each Marketing Year starting with the Marketing Year beginning on July 1, 2014, to
the extent UTGR’s marketing expenditures exceed four million dollars ($4,000,000), the Division shall pay UTGR an amount
equal to the amount of such excess multiplied by the Division Percentage.

 

(ii)           Subject
to Section 5.1(iii) below, the total amount payable by the Division for each Marketing Year shall be capped at an amount equal
to the Division Percentage multiplied by six million dollars ($6,000.000) (i.e. ten million dollars ($10,000,000) total marketing
program expenditures); provided further, that in any partial marketing year, the total amount payable by the Division shall be
capped at an amount equal to the Division Percentage multiplied by six million dollars ($6,000,000), the product of which shall
be further reduced by multiplying it by a fraction: (a) the numerator of which is the number of days in any partial Marketing Year;
and (b) the denominator of which is three hundred sixty five (365).

 

    	 	2	 

     

    

 

(iii)          To
the extent UTGR’s aggregate Marketing Program expenditures exceed fourteen million dollars ($14,000,000) in any given Marketing
Year, the Division shall pay UTGR an amount equal to the amount of such excess multiplied by the Division Percentage; provided
however, if the total aggregate amount of UTGR’s Marketing Program expenditures in any given Marketing Year exceeds seventeen
million dollars ($17,000,000), the Division shall not be required to make payments with respect to such amounts in excess of seventeen
million dollars ($17,000,000). By the way of example only, if in a particular Marketing Year
UTGR’s Marketing Program expenditures equal fifteen million dollars ($15,000,000), the Division shall pay to UTGR the Division
Percentage multiplied by the sum of six million dollars ($6,000,000) plus one million dollars ($1,000,000) – i.e., [Division
Percentage x ($6 million+ $1 million)]. By way of further example only, if in a particular Marketing Year UTGR’s Marketing
Program expenditures equal eighteen million dollars ($18,000,000), the Division shall pay to UTGR the Division Percentage multiplied
by the sum of six million dollars ($6,000,000) plus three million dollars ($3,000,000) – i.e., [Division Percentage x ($6
million + $3 million)].

 

3.             Miscellaneous.

 

3.1           Except
as modified in this Fourth Amendment, all other terms of the Agreement shall remain in full force and effect and are hereby ratified
and confirmed.

 

3.2           This
Fourth Amendment contains the entire agreement by and between the Parties and supersedes and replaces all prior understandings
or agreements (if any), oral or written, with respect to the subject matter hereof.

 

3.3           This
Fourth Amendment may be executed by the Parties hereto in counterparts, each of which shall be deemed an original and all of which
together shall constitute one and the same instrument.

 

[Signatures
on Following Page]

 

    	 	3	 

     

    

 

IN WITNESS WHEREOF,
the Parties have executed this Fourth Amendment to be signed by their duly-authorized representatives on the date first set forth
above.

 

	 	UTGR, INC.
	 	 	 
	 	By:	/s/ Craig L. Eaton
	 	 	Craig L. Eaton,
	 	 	Senior Vice President
	 	 	 
	 	DIVISION OF LOTTERIES OF THE RHODE ISLAND DEPARTMENT OF REVENUE
	 	 	 
	 	By:	/s/ Gerald S. Aubin
	 	 	Gerald S. Aubin,
	 	 	Director

 

    	 	4	 

     

    

 

EXHIBIT
A

ARTICLE 13

 

    	 	5	 

     

    

 

ARTICLE
13

 

RELATING
TO STATE LOTTERY

 

Section
1.          Section 42-61-15 of the
General Laws in Chapter
42-61 entitled “State
Lottery” is hereby
amended to read as
follows:

 

42-61-15. State
lottery fund. - (a) There is
created the state lottery
fund, into which shall
be deposited all revenues
received by the division
from the sales
of lottery tickets
and license
fees. The fund shall
be in the custody of
the general
treasurer, subject
to the direction of
division for
the use
of the division, and
money shall
be disbursed
from it on the
order of the controller
of the state,
pursuant to vouchers
or invoices signed
by the director and certified
by the director of
administration.
The moneys in the state
lottery fund shall be allotted
in the following order, and only for the following
purposes:

 

(1)           Establishing
a prize fund from which payments
of the prize awards shall be disbursed
to holders of winning lottery tickets
on checks signed
by the director and countersigned
by the controller
of the state or
his or her designee.

 

(i)            The
amount of payments of
prize awards to holder’s
of winning lottery
tickets shall be
determined by the division,
but shall not be less than forty-five
percent (45%) nor more than sixty-five
percent (65%) of the total
revenue accruing from the sale
of lottery tickets.

 

(ii)           For
the lottery game commonly
known as “Keno”,
the amount of prize awards to holders
of winning Keno tickets
shall be determined
by the division, but shall
not be less than forty-five percent
(45%) nor more than
seventy-two percent
(72%) of the total
revenue accruing from
the sale of Keno
tickets.

 

    	 	1	 

     

    

 

(2)           Payment
of expenses incurred by the
division in the operation of the
state lotteries
including, but not limited to, costs arising from contracts entered into by the director for promotional, consulting, or
operational services, salaries of professional, technical, and clerical assistants, and purchases or lease of facilities, lottery
equipment, and materials; provided however, solely for the purpose of determining revenues remaining and available for transfer
to the state’s general fund, beginning in fiscal year 2015, expenses incurred by the division in the operation of state lotteries
shall reflect the actuarially determined employer contribution to the Employees’ Retirement System consistent with the state’s
adopted funding policy. For financial reporting purposed, the state lottery fund financial statements shall be prepared in accordance
with generally accepted accounting principles as promulgated by the Governmental Accounting Standards Board; and

 

(3)           Payment
into the general revenue fund of all revenues remaining in the state lottery fund after the payments specified in subdivisions
(a)(1) – (a)(2) of this section.

 

(b)           The
auditor general shall conduct an annual post audit of the financial records and operations of the lottery for the preceding year
in accordance with generally accepted auditing standards and government auditing standards. In connection with the audit, the auditor
general may examine all records, files, and other documents of the division, and any records of lottery sales agents that pertain
to their activities as agents, for purposes of conducting the audit. The auditor general, in addition to the annual post audit,
may require or conduct any other audits or studies he or she deems appropriate, the costs of which shall be borne by the division.

 

(c)           Payments
into the state’s general fund specified in subsection (a)(3) of this section shall be made on an estimated quarterly basis.
Payment shall be made on the tenth business day following the close of the quarter except for the fourth quarter when payment shall
be on the last business day.

 

    	 	2	 

     

    

 

 

Section
2.          The general assembly hereby finds that the Twin River facility
located in the town of Lincoln is an important source of revenue for the state of Rhode Island. The purpose of sections 3 through
5 of this article is to protect and enhance the state’s ability to maximize revenues at Twin River during a period of increasing
competition in the regional market by setting forth terms and conditions of certain Twin River growth opportunities. It is the
intent of the general assembly that this act, being necessary for the welfare of the state and its citizens, shall be liberally
construed so as to effectuate its purposes, including without limitation, the state’s attempt to minimize certain commercial
risks faced by Twin River.

 

Section
3.         Definitions. For the purposes of this chapter, the following
terms shall have the following meanings:

 

(1)         “Division”
means the division or lotteries within the Rhode Island department of revenue.

 

(2)         “Division
percentage” means for any marketing year, the division’s percentage of net terminal income as set forth in § 42-61.2-7.

 

(3)         “Marketing
program” means that marketing program set forth in Chapter 16 of the Public Laws of 2010, Part A, Section 4(a)(iii), as amended
by Chapter 151, Article 25 of the Public Laws of 2011, Section 8 and as further amended by
Section 4 hereof.

 

(4)         “Master
contract” means that certain master video lottery terminal contract made as of July 18, 2005
by and between the division, the department of transportation and UTGR, Inc., as amended
from time to time.

 

Section
4.         Unless otherwise amended by this act, the terms, conditions,
provisions and definitions of Chapters 322 and 323 of the Public Laws of 2005, Chapter 16 of the Public
Laws of 2010, Chapter 151, Article 25 of the Public Laws
of 2011, Chapter 289 of the Public Laws of 2012 and Chapters 106 and 107 of the Public Laws of 2013 are hereby incorporated by
reference and shall remain in full force and effect.

 

    	 	3	 

     

    

 

 

Section
5.          Authorized procurement of fourth amendment to the master video
lottery terminal contract.

 

(a)          Notwithstanding
any provision of the general or Public Laws to the contrary, within ninety (90) days of the date hereof,
the division is hereby expressly authorized and directed to enter into with UTGR, Inc. a fourth amendment to the master contract
for the following purposes and containing the following terms and conditions:

 

(1)           Commencing
July 1, 2014, the marketing program shall be amended as follows:

 

(i)            Subject
to subsections (a)(1)(ii) and (a)(2)(iii) herein for each marketing year to the extent UTGR, Inc.’s marketing expenditures
exceed four million dollars ($4,000,000), the division shall pay UTGR, Inc. an amount equal
to the amount of such excess multiplied by the division percentage.

 

(ii)           Subject
to subsection (a)(1)(iii) herein, the total amount payable by the division for each marketing
year shall be capped at an amount equal to the division percentage multiplied by six million dollars
($6,000,000) (i.e., ten million dollars ($10,000,000) total
marketing program expenditures); provided further, that in any partial marketing year, the total amount payable by the division
shall be capped at an amount equal to the division percentage multiplied by six million dollars ($6,000,000), the product of which
shall be further reduced by multiplying it by a fraction: (A)
The numerator of which is the number of days in any partial marketing year; and (B) The denominator of which is three hundred sixty-five
(365).

 

    	 	4	 

     

    

 

(iii)          To
the extent UTGR, Inc.’s aggregate marketing program expenditures exceed fourteen million dollars ($14,000,000) in any given
marketing year, the division shall pay UTGR, Inc. an amount equal to the amount of such excess
multiplied by the division percentage; provided however, if the total aggregate amount of UTGR, Inc.’s marketing program
expenditures in any given marketing year exceeds seventeen million dollars ($17,000,000), the
division shall not be required to make payments with respect to such excess amounts. By the
way of example only, if in a particular marketing year UTGR Inc.’s
marketing program expenditures equal fifteen million dollars ($15,000,000), the division shall
pay to UTGR, Inc. the division percentage multiplied by the sum of six million dollars ($6,000,000),
plus one million dollars ($1,000,000).

 

(2)           (i)
The requirements of the following subsection found in Chapter 16 of the Pub. L. of 2010, Part A, Section 4(a)(iii)(2) be stricken
and removed from the first amendment to the master contract, to wit; and (ii) The division shall not owe any amount pursuant to
said subsection 4(a)(iii) in any given marketing year unless, pursuant to § 42-61.2-7(a),
the state has received net terminal income for such marketing year in an amount equal to or exceeding the amount of net terminal
income the state received for the state’s fiscal year 2009. The requirements so stricken shall allow the marketing program
and payments due thereunder to be in effect for fiscal year 2015 pursuant to the terms and
conditions set forth in said section.

 

(3)           Except
to the extent amended hereby, the terms, provisions and conditions of the master contract, including
without limitation those terms, provisions and conditions relating to the marketing program,
shall remain in full force and effect. If there is a conflict between any provision of the master contract and this article,
the provisions of this article control.

 

Section
6.          This article shall take
effect upon passage.

 

    	 	5Exhibit 10.10

 

Fifth Amendment
to

Master Video Lottery Terminal Contract

 

This Fifth Amendment
to Master Video Lottery Terminal Contract (this “Fifth Amendment”) is made and entered into on this 2nd day
of May, 2017, by and between the Division of Lotteries of the Rhode Island Department of Revenue, an agency of the State of Rhode
Island, with its principal address at 1425 Pontiac Avenue, Cranston, Rhode Island 02920 (the “Division”) and
UTGR, Inc., a Delaware corporation with its principal office located at 100 Twin River Road Lincoln, Rhode Island 02865 (“UTGR”),
and amends that certain Master Video Lottery Terminal Contract by and between the Division and UTGR dated as of July 18, 2005 (the
“Master Contract”), as amended by that certain First Amendment to Master Video Lottery Terminal Contract by
and between the Division and UTGR dated November 4, 2010 (the “First Amendment”), that certain Second Amendment
to Master Video Lottery Terminal Contract by and between the Division and UTGR dated May 3, 2012 (the “Second Amendment”),
that certain Third Amendment to Master Video Lottery Terminal Contract by and between the Division and UTGR dated September 18,
2012 (the “Third Amendment”) and that certain Fourth Amendment to Master Video Lottery Terminal Contract by
and between the Division and UTGR dated July 1, 2014 (the “Fourth Amendment”). The Division and UTGR are referred
to herein collectively as the “Parties,” and individually, as a “Party.” This Fifth Amendment
shall take effect upon the date first set forth above.

 

WITNESSETH:

 

WHEREAS, the Division
and UTGR entered into the Master Contract, which Master Contract has been previously amended as indicated above;

 

WHEREAS, during the
2015 Legislative Session of the Rhode Island General Assembly, the State of Rhode Island enacted into law 2015 – S 0649
Substitute A and 2016 – H 5798 as amended, identical bills, both of which are entitled “An Act Relating to
Twin River Casino Gambling,” and both of which were signed by the Governor of Rhode Island on April 23, 2015 (the “2015
Gaming Act”); and

 

WHEREAS, Section 4
of the 2015 Gaming Act authorized and directed the Division to enter into with UTGR a “Fourth Amendment” to the Master
Contract to effectuate the purposes of the 2015 Gaming Act which, inter alia, permitted the construction of a hotel in close proximity
to “Lincoln Park,” (now known as “Twin River Casino,” located at 100 Twin River Road, Lincoln, Rhode Island);
and

 

WHEREAS, as set forth
in the first paragraph above, a Fourth Amendment was previously entered into by the Parties effective July 1, 2014 and Section 4
of the 2015 Gaming Act should have authorized a “Fifth Amendment” to the Master Contract as opposed to a “Fourth
Amendment” to the Master Contract.

 

    	 	 	 

     

    

 

NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
and in consideration of the mutual promises, covenants, obligations and conditions herein contained, UTGR and the Division hereby
agree as follows:

 

		1.	Definitions and Interpretation.

 

References to the “UTGR Master Contract”
shall mean that certain Master Video Lottery Terminal Contract made as of July 18, 2005 by and between the Division, the State
of Rhode Island Department of Administration, and UTGR, as amended from time to time. References to “Agreement” contained
in this Fifth Amendment shall mean the UTGR Master Contract, as amended and/or extended by the First Amendment, Second Amendment,
Third Amendment and Fourth Amendment thereto.

 

		2.	Authorization to Construct and Operate a Hotel
near Twin River.

 

Pursuant to and in accordance with Sections
3 and 4 of the 2015 Gaming Act, the Parties agree that Section 9.1 of the Agreement is hereby amended by deleting from the first
sentence the first clause: “UTGR, and any UTGR Business Affiliate, including BLB, agrees that, during the Term, it will not
construct and/or operate a hotel at or in close proximity to Lincoln Park, and it” and replacing the deleted language with
the following:

 

“The Division and UTGR
agree that, during the Term, UTGR, and/or any UTGR Business Affiliate, shall be (and is) permitted to construct and operate a hotel
at or in close proximity to Twin River, subject to all of the town of Lincoln’s land use regulations and ordinances, and
UTGR and/or a UTGR Business Affiliate”

 

		3.	Miscellaneous.

 

		3.1	Except as modified in this Fifth Amendment, all other terms of the Agreement shall remain in full
force and effect and are hereby ratified and confirmed.

 

		3.2	This Fifth Amendment contains the entire agreement by and between the Parties and supersedes and
replaces all prior understandings or agreements (if any), oral or written, with respect to the subject matter hereof.

 

		3.3	This Fifth Amendment may be executed by the Parties hereto in counterparts, each of which shall
be deemed an original and all of which together shall constitute one and the same instrument.

 

[Signatures on Following Page]

 

    	 	2 	 

     

    

 

IN WITNESS WHEREOF,
the Parties have executed this Fifth Amendment to be signed by their duly-authorized representatives on the date first set forth
above.

 

	 	UTGR, INC.
	 	 
	 	By:	/s/ Craig L. Eaton
	 	Name:	Craig L. Eaton,
	 	Title:	Senior Vice President
	 	 
	 	DIVISION OF LOTTERIES OF THE RHODE ISLAND DEPARTMENT OF REVENUE
	 	 
	 	By:	/s/ Gerald S. Aubin
	 	Name:	Gerald S. Aubin,
	 	Title:	 Director

 

    	 	3

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