Document:

Document

Exhibit 10.44

DATED   _________________________ 2021

GAMESYS GROUP LIMITED (1)

and

ROBESON REEVES (2)

_________________________________
SERVICE AGREEMENT
___________________________________

       

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THIS AGREEMENT IS DATED                       2021
PARTIES:
(1)            Gamesys Group LIMITED whose registered office is 10 Piccadilly, London, England,  W1J 0DD (the "Employer"); and
(2)          Robeson Reeves of  37 Paddenswick Road London W6 0UA ("you") 

AGREED TERMS:
1.DEFINITIONS
1.1In this agreement, the following expressions have the following meanings:
"Appointment" means your employment under this agreement;

“Bally’s Corporation” means the company whose registered office is 100 Westminster Street, Providence, RI 02903, USA;
"Bally Board" means the board of directors of the Bally’s Corporation;
"Confidential Information" means all and any information, in whatever form, of or relating to the Employer or any member of the Group which you (or, where the context so requires, another person) have obtained by virtue of your employment or engagement and which the Employer or any member of the Group regards as confidential, including (but not limited to): 
(a)Financial information, results and forecasts, sales targets and statistics, market share and pricing statistics, profit margins, price lists, discounts, credit and payment policies and procedures;

(b)information relating to business methods, corporate plans, business strategy, marketing plans, management systems, maturing new business opportunities, tenders, advertising and promotional material;

(c)information relating to and details of customers, prospective customers, suppliers and prospective suppliers including their identities, business requirements and contractual arrangements and negotiations with the Employer or any member of the Group;

(d)details of employees, officers and workers of and consultants to the Employer or any member of the Group, their remuneration details, job skills, experience and capabilities and other personal information;

(e)information relating to trade secrets, research activities, development projects, inventions, designs, know-how, technical specification and other technical information in relation the development or supply of any future product or service of the Employer or any member of the Group and information concerning the intellectual property portfolio and strategy of the Employer or any member of the Group; 

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(f)any inside information (as defined in section 118C of the Financial Services and Markets Act 2000);

(g)any information in respect of which the Employer or any member of the Group is bound by an obligation of confidence to a third party;
but excluding any information which:
(i)is part of your own stock in trade;

(ii)is readily ascertainable to persons not connected with the Employer or any member of the Group without significant expenditure of labour, skill or money; or

(iii)which becomes available to the public generally other than by reason of a breach by you of your obligations under this agreement.
"Copies" means copies or records of any Confidential Information in whatever form (including, without limitation, in written, oral, visual or electronic form or on any magnetic or optical disk or memory and wherever located) including, without limitation, extracts, analysis, studies, plans, compilations or any other way of representing or recording and recalling information which contains, reflects or is derived or generated from Confidential Information;
“Dependants” means all and any of your spouse/partner and your children;
"Garden Leave" means any period during which the Employer exercises its rights under clause 16;
"Group" means Bally’s Corporation, the Employer, any subsidiary undertaking or parent undertaking of the Employer and any subsidiary undertaking of any such parent undertaking and "member of the Group" includes any undertaking in the Group.  In this Agreement, "subsidiary undertaking" and "parent undertaking" have the meanings set out in sections 1161 and 1162 of the Companies Act 2006, modified so that: sections 1162(2)(c) and 1162(4) do not apply; and in section 1162(3)(b), without limitation, a person is deemed to be "acting on behalf of" an undertaking or any of its subsidiary undertakings if any of that undertaking's shares are registered in the name of that person (i) as bare nominee; or (ii) by way of security or in connection with the taking of security.  For the avoidance of doubt, the definition of "undertaking" in section 1161, without limitation, includes limited liability partnerships;
"HMRC" means HM Revenue and Customs;
"Intellectual Property Rights" means patents, rights to Inventions, copyright and related rights, trade marks, trade names and domain names, rights in get-up, rights in goodwill or to sue for passing off, rights in designs, rights in computer software, database rights, rights in confidential information (including know-how and trade secrets) and any other intellectual property rights, in each case whether registered or unregistered and including all applications (or rights to apply) for, and renewals or extensions of, such rights and all similar or equivalent rights or forms of protection which may now or in the future subsist in any part of the world;
"Inventions" means inventions, ideas and improvements, whether or not patentable, and whether or not recorded in any medium; and
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"Investment" means any holding as a bona fide investment of not more than three per cent of the total issued share capital in any company, whether or not its shares are listed or dealt in on any recognised investment exchange.
2.APPOINTMENT AND TERM
2.1You will be employed by the Employer to perform the role of President, Interactive or in such other capacity commensurate with your skills, experience and status as you and the Employer agree (such agreement by you not to be unreasonably withheld), on the terms set out in this agreement.
2.2As President, Interactive, you will join the Bally Board and shall accept (if offered) appointment as a director of any other companies of the Group as the Employer directs. You will report to the Group CEO and help provide effective leadership in relation to the Group’s strategy, performance, risk and people management as well as ensuring high standards of fiscal probity and corporate governance.
2.3You shall, if and so long as the Employer requires, without further     remuneration:
2.3.1Carry out such duties on behalf of any company in the Group as the Employer or the Bally Board may direct; 
2.3.2Be seconded to the employment and/or carry out duties on behalf of any company of the Group;
2.3.3Act as a director, officer or consultant of any company of the Group,
but provided that such duties and services are commensurate with your seniority and without prejudice to your other rights under this agreement. 
2.4By accepting this Appointment you warrant that you have never been disqualified from being a company director and undertake that you are not subject to any restrictions that prevent you from holding the office of director. You must not put yourself in a position where your duties to any other person, firm or company conflict with your duties to Bally’s Corporation, the Employer or any company of the Group and confirm that you have disclosed to the Employer all circumstances in which there is, or there might be, a possible conflict of interest between Bally’s Corporation, the Employer, any company of the Group and you and you agree to disclose fully to the Employer any such circumstances that may arise during the Appointment.
2.5Your appointment as a director of Bally’s Corporation, the Employer or any company of the Group does not amount to a term of employment.  In the event of your ceasing to be director of Bally’s Corporation, the Employer or company of the Group for any reason, this will not amount to breach of this agreement and shall not give rise to a claim for damages or compensation.
2.6You warrant that you have not provided inaccurate or false information in connection with this Appointment, whether concerning your qualifications, references or otherwise.
2.7You warrant that you are entitled to work in the United Kingdom without any additional approvals and will notify the Employer immediately if you cease to be so entitled at any time.
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2.8The Appointment will commence on October 1, 2021 but your period of continuous employment with the Employer is confirmed as having begun on September 5, 2005. Your employment will, subject to the remaining terms of this agreement, continue until terminated by the Employer giving you not less than twelve months’ prior written notice, or by you giving the Employer not less than six months’ prior written notice.
3.DUTIES
3.1During the Appointment you will:
3.1.1unless otherwise approved by the Employer, devote the whole of your working time, attention and abilities to carrying out your role as President, Interactive or such other role as agreed with you in accordance with clause 2.1 above;
3.1.2diligently exercise such powers and perform such duties as may from time to time be assigned to you together with such person(s) as the Employer or the Bally Board may appoint to act jointly with you;
3.1.3diligently exercise such powers and perform such duties as are consistent with your position as President, Interactive, in accordance with the Employer’s and Bally’s Corporation’s policies and procedures (including its tax operating manuals) and in compliance with the Employer’s and Bally’s Corporation’s articles of association and relevant legal and regulatory obligations including in particular the Delaware General Corporation Law and in the UK, the Companies Act 2006. You are expected to familiarise yourself with the duties set out in the Delaware General Corporation Law and ss171 to 177 of the Companies Act 2006 and at all times conduct yourself in accordance with those duties and any other duties arising at law in the relevant jurisdictions of those Group companies in which you are appointed as a director as a result of your Appointment;
3.1.4use your best endeavours to promote, protect, develop and extend the business of the Group in existence from time to time;
3.1.5comply with all reasonable and lawful directions given to you by the Employer or Bally Board;
3.1.6under no circumstances whatsoever either directly or indirectly receive or accept for your own benefit any commission, rebate, discount, gratuity or profit from any person, firm or company having business transactions with the Employer or any member of the Group in existence from time to time unless previously agreed with the Bally Board;
3.1.7promptly make such reports to the person to whom you report on any matters concerning the affairs of the Group as are reasonably required;
3.1.8report to the employer your own wrongdoing and any wrongdoing or proposed wrongdoing of any other employee, director or consultant of the Employer or any member of the Group immediately on becoming aware of it;
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3.1.9comply with any code relating to dealing in the Employer's of any member of the Group’s securities as adopted by Bally’s Corporation or the Employer from time to time including, but not limited to, the U.S. Securities Exchange Act of 1934 and the Sarbanes-Oxley Act of 2002 and the UK Corporate Governance Code and associated guidance;
3.1.10comply with all policies communicated to you relating to anti-corruption and bribery;
3.1.11comply with any law, principles, rules and regulations which apply to the Employer or you as an employee of the Employer, including those of any regulatory authority or of any market on which any company of the Group’s  securities are quoted or traded including, but not limited to, the U.S. Securities Exchange Act of 1934 and the Sarbanes-Oxley Act of 2002 and the UK Financial Conduct Authority’s Disclosure Guidance and Transparency Rules; 
3.1.12comply with any corporate governance code or guidelines to the extent required by law or regulation or as adopted by the Employer or any company of the Group from time to time; 
3.1.13not enter into any legal or other commitment or contract on behalf of the Employer or member of the Group unless specifically instructed to do so by the Bally Board; and
3.1.14You may be required to attend meetings of, but not serve as, a voting member of Bally’s Corporation and/or the Employer’s standing Board Committees. You may also be required to serve on other committees of the Group and/or to assume additional responsibilities. You will be given copies of the terms of reference of any committees that you are required to serve on.
3.1.15accept your appointment as a director of Bally’s Corporation, the Employer or any company of the Group with or without such executive powers as the Bally Board or relevant board of the Group shall decide in its absolute discretion and resign from any appointment as a director if requested by the Bally Board without any claim for damages or compensation.  If you fail to resign any such appointment the Employer is hereby irrevocably authorised to appoint a person in your name and on your behalf to sign and execute all documents and do all things necessary to constitute and give effect to such resignation. Termination, at the Employer or Bally Board’s request, of a directorship or other office held by you will not terminate your employment or amount to a breach of the terms of this agreement by the Employer. 
3.2The Employer may issue policies, procedures and rules on the conduct that it expects from its employees and may amend or replace them from time to time. You must familiarise yourself with and comply with the content of any such policies, procedures and rules.
3.3You may be required to carry out work for or to hold office in any member of the Group at any time without additional remuneration.
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3.4The Employer (at its cost) shall provide you with a laptop and associated office equipment in order to enable the full discharge of your obligations under this agreement. 
3.5You are required to fully familiarise yourself with the Group and its business during the first three months following your appointment. You will be provided with such training and information as you may reasonably require for this purpose. You are expected to ensure that your skills and your knowledge of the Employer and the Group are kept up to date to enable you to fulfil your employment and fiduciary duties to the Employer. The Employer will provide you with the necessary resources for developing and updating your knowledge and skills and you should make yourself available for any relevant training sessions that may be organised for the Bally Board. The performance of individual directors and the whole Bally Board and its committees is evaluated annually. If in the interim there are any matters which will cause you concern about your role you should discuss them with the Senior Independent Director as soon as is appropriate. 
3.6The Employer takes a zero-tolerance approach to tax evasion. You must not engage in any form of facilitating tax evasion, whether under US law, UK law or under the law of any foreign country. You must immediately report to the Bally Board any request or demand from a third party to facilitate the evasion of tax or any concerns that such a request or demand may have been made. You must at all times comply with any relevant Employer or Group policy in force from time to time.
4.HOURS AND PLACE OF WORK
4.1Your normal working hours are standard business hours, Monday to Friday, together with such additional hours as may be necessary for the proper performance of your duties.
4.2The Working Time Regulations 1998 provides a limit on weekly working time of an average of 48 hours. However, you acknowledge that you may be required to work in excess of these hours and you agree that the limit on working time will not apply to your Appointment. You are entitled to terminate this opt-out at any time by giving not less than three months' written notice addressed to the Employer.
4.3Subject to the provisions contained in clause 4.4, your normal place of work is 10 Piccadilly, London W1J 0DD, but the Employer may require you to work at any place within Greater London on either a temporary or an indefinite basis.
4.4You also agree to travel (both within the United Kingdom and abroad) as and when required for the proper performance of your duties including but not limited to undertaking frequent travel to the United States. However, you will not be required to work outside the United Kingdom for any continuous period of more than one month.
5.REMUNERATION 
5.1You will be paid a sterling equivalent gross annual salary of US$850,000 per annum. Your salary which will accrue from day to day and be payable by equal instalments in arrears on the 25th (or if those dates fall on a weekend or public holiday, the next working day) of each calendar month. Your salary will be converted monthly from US dollars into sterling based on the average exchange rate in respect of the relevant calendar month in which you are paid (and in respect of which you accept that the 
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Employer shall bear no responsibility in respect of any fluctuations in exchange rate) and will be subject to UK income tax and National Insurance deductions.  
5.2You shall in addition remain at all times liable for any US taxes payable on your income but it is agreed that the Employer shall implement a tax protection policy, whereby, you will not be responsible for an increase in income or social security taxes in excess of what you would be responsible for had you performed all activities in the UK (activities fully performed in the UK as a UK employee and UK tax resident). The Employer will engage a third party to prepare the annual home and US tax returns and an annual tax reconciliation calculation upon the completion of the tax filings. The tax reconciliation calculation will determine whether a tax reimbursement and tax gross-up are warranted. A formal tax protection policy will be developed and made available to you providing further clarification on how tax protection may apply. 
5.3Your salary shall be reviewed annually each January, save in respect of your first year of Appointment under this agreement and it is agreed that the first such review shall take place in January 2023. The Employer is under no obligation to award an increase following a salary review.
5.4You will be eligible to participate in Bally’s Corporation LTIP scheme. Any LTIP awards will be subject to the performance conditions set by the Bally Board in its absolute discretion from time to time. The LTIP is a discretionary plan and any awards made under it are discretionary. As such, Bally’s Corporation may vary or withdraw the LTIP at any time. Participation in the LTIP is strictly subject to the rules of the LTIP as amended from time to time. In the event of any conflict between this agreement and the LTIP rules, the rules of the LTIP will prevail.
5.5You shall be entitled to participate in the Employer’s Annual Bonus Scheme in relation to each Financial Year of the Appointment on the terms of the Scheme (as set out at Schedule 1 of this agreement).
5.6The Employer may deduct from your salary or any other payments due to you any sums owed by you to the Employer or any member of the Group at any time.
6.EXPENSES
The Employer will reimburse all reasonable expenses wholly, properly and necessarily incurred by you in the performance of your duties under this agreement (including fees due to any relevant industry body in order to maintain your professional qualifications), subject to production of such receipts or other appropriate evidence as the Employer may require.
7.HOLIDAYS
7.1You will be entitled to 30 days' paid holiday in each holiday year (being the period from 1 January to 31 December) together with the usual bank and other public holidays in the UK (but not, for the avoidance of doubt those public holidays applicable in the United States). In the respective holiday years in which the Appointment commences or terminates, your holiday entitlement will be calculated on a pro rata basis for each complete month of service during the relevant year.
7.2Holiday can only be taken with the advance approval of the Employer. You may carry forward a maximum of five days' holiday from one holiday year to the next. Any such holiday carried forward must be taken by 31 March in the subsequent holiday year. 
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You are not entitled to receive any payment in lieu in respect of any unused entitlement, save on termination as provided in clause 7.3.
7.3On termination of the Appointment, the Employer may either require you to take any unused and accrued holiday entitlement during any notice period by giving you at least one day's notice (but such holiday entitlement will be deemed to be taken during any period of Garden Leave) or make a payment in lieu based on your entitlement under clause 7 for the holiday year in which your Appointment terminates. If the Employer terminates the Appointment for any of the reasons in clause 14.5 or if you resign in breach of clause 2.8, your entitlement to payment in lieu will be based on the minimum holiday entitlement under the Working Time Regulations 1998 only. If you have taken more holiday than your accrued entitlement, you will be required to reimburse the Employer in respect of the excess days taken and the Employer is authorised to deduct the appropriate amount from any sums due to you. Any payment in lieu or deduction made shall be calculated on the basis that each day of paid holiday is equivalent to 1/260th of your salary.
8.SICKNESS ABSENCE
8.1Provided you comply with the sickness absence procedures below (or such additional or alternative procedures as the Employer shall notify from time to time), you will continue to receive your full salary and contractual benefits during any absence from work due to illness or injury for an aggregate of up to 20 working days in any period of 12 months. Such payments will be inclusive of any statutory sick pay that may be due and the Employer may deduct from such payments the amount of any social security or other benefits that you may be entitled to receive and, to the extent that damages for loss of earnings are recoverable from any third party in relation to such incapacity, any payments under this clause will constitute a loan repayable to the Employer on demand at such time as you receive such third party payment (provided that you will not be required to repay a sum in excess of the amount of damages recovered).
8.2You will notify the Bally Board as soon as possible on the first day of absence of the reasons for your absence and how long it is likely to last.  You will be required to complete self-certification forms in respect of any period of absence and to provide a medical certificate for any period of incapacity of more than seven days (including weekends). Further certificates must be provided to cover any further periods of incapacity.
8.3You agree to consent to medical examinations (at the Employer's expense) by a doctor appointed by the Employer should the Employer reasonably require and you will provide to that doctor copies of your medical records. The results of the examination may be disclosed to the Employer and the Employer may discuss such results with the relevant doctor. Alternatively, you may be asked to obtain a medical report from your GP or another person responsible for your clinical care and to provide this to the Employer.
8.4If you are away from work due to illness or injury for a consecutive period of 30 working days the Employer may (without prejudice to the provisions of clause 14.5.8) appoint another person or persons to perform your duties.
8.5No sick pay under clause 8 will be paid (except statutory sick pay, if payable) on any day when:
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8.5.1a hearing is pending which relates to any aspect of your conduct or performance and which could result in the imposition of a warning, dismissal or other sanction; or
8.5.2you have been told, whether formally or informally, that there are concerns about any aspect of your conduct or performance which could result in a disciplinary hearing; or  
8.5.3you are in breach of your obligations in relation to medical examinations and reports set out above.
9.PENSION
9.1    You may at any time become an active member of a personal pension scheme which meets the requirements of a qualifying scheme for the purposes of section 16 of the Pensions Act 2008, and you will complete such tasks as are required to ensure the personal pension scheme is, and remains, a qualifying scheme. In such case, the Employer will contribute an amount equal to 10 per cent of your annual base salary in equal monthly instalments in arrears into such personal pension scheme. Contributions to the scheme will be subject to the rules of the relevant scheme and the tax relief, limits and exemptions available from HMRC from time to time. At such time as you maximise your pensions lifetime allowance the Company agrees that it shall in good faith negotiate the terms of a cash allowance in lieu of the pension contribution provided under this clause.
10.OTHER BENEFITS
10.1You will be entitled to participate in the following insurance schemes, details of which can be obtained from the Chief People Officer or the Chief Legal Officer and Company Secretary:
10.1.1private medical insurance (PMI) for you and your Dependants; 
10.1.2life assurance providing cover of not less than four times your annual basic salary; 
10.1.3permanent health insurance (PHI) providing cover of not less than 75% of annual salary; and
10.1.4directors and officers liability insurance.
10.2Any participation in the insurance benefits offered by the Employer will be subject to clause 10.3 below and:
10.2.1the rules of any scheme of the Employer, as amended from time to time;
10.2.2the rules and restrictions of the insurance policy of the relevant insurance provider, as amended from time to time; and
10.2.3you satisfying the normal underwriting requirements of the relevant insurance provider of the scheme of the Employer and the premium being at a rate which the Employer considers reasonable; and
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10.2.4where relevant, you and your Dependants doing everything reasonably necessary to enable cover to commence or remain in force.
10.3The Employer reserves the right to change the insurance companies with which the schemes are maintained, to change the rules of the schemes (including the basis of cover and the scale or level of benefit), to discontinue altogether and/or terminate any employee’s participation in any such schemes where, in the reasonable opinion of the Employer, it is unable to obtain such cover on reasonable terms. 
10.4If the insurance provider(s) refuse(s) for any reason to provide or stops providing any of the benefits to you listed in clause 10.1, the Employer shall not be liable to provide to you or your Dependants any replacement benefit of the same or similar kind or to pay any compensation in lieu of such benefit. 
10.5In addition, the Employer has no obligation to pursue any claim for benefits on behalf of you or your Dependants, or to provide a replacement benefit, or provide any compensation in lieu of such benefit, if it is not accepted by the relevant insurer or third party provider.  The Employer will have no liability to you or your Dependants for failure or refusal by the relevant insurer or provider to pay benefits, or for the cessation of benefits, paid leave or training on termination of the Appointment and is entitled to terminate the Appointment notwithstanding the fact that you may lose entitlement to benefits, paid leave or training under these arrangements.
11.OTHER INTERESTS
11.1You will not (except as a representative of the Employer or with the prior written approval of the Employer) whether paid or unpaid, directly or indirectly:
11.1.1undertake, be engaged or concerned in the conduct of;
11.1.2be or become an employee, agent, partner, consultant or director of; or
11.1.3assist or have any financial interest (other than the holding of an Investment) in any other business, trade, profession or occupation, whether actual or prospective. 
11.2You agree to disclose to the Employer any matters relating to your spouse or civil partner (or anyone living as such), children or parents which may, in the reasonable opinion of the Employer, be considered to interfere, conflict or compete with the proper performance of your obligations under this agreement. 
11.3You must communicate to the Bally Board any actual or potential conflict of interest arising out of your position as President, Interactive, together with any information or knowledge acquired or gained by you in any manner whatsoever whilst you continue in that office which may be of value or which may be to the detriment of the Employer or any member of the Group as soon as they become apparent. 
11.4You must comply (and shall procure that your spouse, or partner, your minor children and any relative sharing your household for at least one year shall comply) with all applicable rules of law, stock exchange regulations, regulatory guidance, the Market Abuse Regulation No 596/2014 and with any code of conduct of and/or in relation to the Employer or any of its subsidiary undertakings in relation to dealings in shares or any unpublished price sensitive information affecting the securities of any other company. 
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12.CONFIDENTIAL INFORMATION
12.1You will not (save in the proper course of your duties or as specifically authorised by the Employer) either during the Appointment or at any time after its termination (howsoever arising) directly or indirectly:
12.1.1use any Confidential Information;
12.1.2disclose or permit the disclosure of Confidential Information to any person, company, or organisation whatsoever; or
12.1.3make or use any Copies.
12.2You are responsible for protecting the confidentiality of the Confidential Information and shall:
12.2.1use your best endeavours to prevent the use or communication of any Confidential Information by any unauthorised person, company or organisation; and
12.2.2inform the Bally Board immediately upon becoming aware, or suspecting, that any such person, company or organisation knows or has used any Confidential Information.
12.3The restrictions above shall not apply to information:
12.3.1where its use or disclosure has been authorised by the Bally Board;
12.3.2where such information is already in, or comes into, the public domain other than through your unauthorised disclosure;
12.3.3which is a protected disclosure within the meaning of section 43A of the Employment Rights Act 1996; 
12.3.4which you or another person may be ordered to disclose by a court of competent jurisdiction;
12.3.5which you disclose pursuant to and in accordance with the Public Interest Disclosure Act 1998, provided you have complied with the Employer's policy (if any) from time to time regarding such disclosures; or 
12.3.6as may be required by law.
12.4     You must also comply with all legislative and regulatory requirements in relation to the disclosure of price sensitive information other than in the proper performance of your duties or as required by a Court of competent jurisdiction. 
13.INTELLECTUAL PROPERTY
13.1You shall give the Employer full written details of all Inventions and of all works embodying Intellectual Property Rights made wholly or partially by you at any time during the course of the Appointment (whether or not during working hours or using Employer premises or resources) which relate to, or are reasonably capable of being 
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used in, the business of the Employer or any member of the Group. You acknowledge that all Intellectual Property Rights subsisting (or which may in the future subsist) in all such Inventions and works shall automatically, on creation, vest in the Employer absolutely. To the extent that they do not vest automatically, you hold them on trust for the Employer. You agree promptly to execute all documents and do all acts as may, in the opinion of the Employer, be necessary to give effect to this clause 13.1.
13.2You hereby irrevocably waive all moral rights under the Copyright, Designs and Patents Act 1988 (and all similar rights in other jurisdictions) which you have or will have in any existing or future works referred to in clause 13.1 above.
13.3You hereby irrevocably appoint the Employer to be your attorney to execute and do any such instrument or thing and generally to use your name for the purpose of giving the Employer or its nominee the benefit of this clause 13 and acknowledge in favour of any third party that a certificate in writing signed by any Director or the Secretary of the Employer that any instrument or act falls within the authority conferred by this clause 13 shall be conclusive evidence that such is the case.
13.4You must ensure that any business contacts which you make in the course of the Appointment are reported to the Employer and entered into such customer relationship management database as the Employer may from time to time direct. Any immaterial failure to comply with this clause 13.4 shall not constitute a breach by you of this agreement. 
14.TERMINATION
14.1Notwithstanding clause 2.8, the Employer may (in its sole and absolute discretion) terminate the Appointment at any time and with immediate effect by giving you notice whether orally or in writing that it is exercising its right to do so under this clause and that it will make you a payment in lieu of notice equal to your salary which you would have been entitled to receive during the notice period (or remainder of the notice period) referred to in clause 2.8, less income tax and national insurance contributions. For the avoidance of doubt, any payment in lieu of notice under this clause shall not include any element in relation to: 
14.1.1any bonus or commission payments that might otherwise have been due during the period for which the payment in lieu is made
14.1.2any payment in respect of benefits which you would have been entitled to receive during the period for which the payment in lieu is made; and
14.1.3any payment in respect of any holiday entitlement that would have accrued during the period for which the payment in lieu is made. 
14.2The Employer may elect to pay the payment in lieu of notice in equal monthly instalments during what would otherwise have been the notice period referred to in clause 2.8. You are obliged to seek alternative income during this period and to immediately notify the Employer of any such income received. The instalment payments will then be reduced by the amount of such income. The Employer agrees to negotiate with you a suitable time to pay any sums connected with the termination of your Appointment. 
14.3You will have no right to receive a payment in lieu of notice unless the Employer has exercised its discretion in clause 14.1 above. Nothing in this clause 14 shall prevent 
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the Employer from terminating the Appointment and electing not to make you any payment in lieu of notice.
14.4Notwithstanding clause 14, you will not be entitled to any payment in lieu if the Employer would otherwise have been entitled to terminate the Appointment without notice in accordance with clause 14.5. In that case the Employer will also be entitled to recover from you any payment in lieu (or instalments thereof) already made.
14.5The Employer may also terminate the Appointment at any time with immediate effect without notice and without payment in lieu of notice if you:
14.5.1are guilty of gross misconduct or serious negligence or serious incompetence in connection with your Appointment or affecting the business or affairs of the Employer or commit any material or (after warning) repeated or continued breach or non-observance of your obligations to the Employer (whether under this agreement or otherwise) or if you refuse or neglect to comply with any reasonable and lawful directions of the Employer;
14.5.2are guilty of any fraud or dishonesty or act in a manner which in the reasonable opinion of the Employer brings or is likely to bring you or the Employer or any member of the Group into disrepute or is materially adverse to the interests of the Employer or any member of the Group;
14.5.3are guilty of a serious breach of any principles, rules, regulations or policies or any corporate governance code or guidelines applicable to you or the Employer or adopted by the Employer from time to time;
14.5.4are convicted of any arrestable criminal offence (other than a motoring offence in the United Kingdom or elsewhere for which a non-custodial penalty is imposed) or any offence under any regulation or legislation relating to insider dealing;
14.5.5have provided false or misleading information to the Employer in respect of your suitability for the Appointment or your qualifications and experience;
14.5.6become bankrupt or make any arrangement with or for the benefit of your creditors or have an interim order made against you pursuant to s252 of the Insolvency Act 1986 or a county court administration order made against you under the County Court Act 1984;
14.5.7become of unsound mind or a patient under any statute relating to mental health;
14.5.8are prevented by illness, injury or other incapacity from fully performing your obligations to the Employer for an aggregate of at least 130 working days in any period of 12 months (even if, as a result of such 
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termination, you would forfeit any entitlement to benefits under any permanent health insurance scheme provided by the Employer; 
14.5.9commit any serious or persistent breach or non-observance of the rules of any applicable regulatory authority including the U.S. Securities and Exchange Commission and the UK Financial Conduct Authority; 
14.5.10are or become prohibited by law or the Articles of Association of the Employer or any regulatory body applicable to the Employer from being a director; or
14.5.11you resign as a director of the Employer or any other directorship to which you are appointed, other than at the request of the Board.
14.6The rights of the Employer under clause 14.5 are without prejudice to any other rights that it might have at law to terminate the Appointment or to accept any breach by you of this agreement as having brought the agreement to an end. Any delay by the Employer in exercising its rights to terminate shall not constitute a waiver thereof.
15.OBLIGATIONS ON TERMINATION
15.1On the termination of the Appointment (howsoever arising) or, if earlier, at the start of any Garden Leave, you will:
15.1.1immediately deliver to the Employer all property of the Employer or any member of the Group which may be in your possession or control including, without limitation, mobile phone, company car (if any), blackberry, PDA (and similar devices), passes, keys, credit cards, business equipment, computer equipment, and all Copies, correspondence, documents, papers, memoranda, notes and records (including, without limitation, any records stored by electronic means, together with any codes or implements necessary to give full access to such records), system designs, software designs and software programmes (in whatever media) relating to the business or affairs of the Employer and all copies of the above whether in a physical or electronic form, along with any passwords used by you on Employer or Group computers and any documents used or created by you, provided that where you are on Garden Leave you will not be required to return to the Employer (until the termination of the Appointment) any property provided to you as a contractual benefit under the terms of this agreement;
15.1.2irretrievably delete any information relating to the business of the Employer or any member of the Group stored on any magnetic or optical disk or memory and all matter derived from such sources which is in your possession or under your control outside the Employer's premises;
15.1.3provide a signed statement that you have complied fully with your obligations under clauses 15.1 and 15.1.2;
15.1.4immediately resign, without any claim for compensation, from all offices held in the Employer or any member of the Group, including but not limited to Bally’s Corporation, and as a trustee of any pension scheme 
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connected to the Employer or any member of the Group, and you hereby irrevocably appoint the Employer to be your attorney to execute any documents and do any things and generally to use your name for the purpose of giving the Employer or its nominee the full benefit of this clause;
15.1.5transfer without payment to the Employer or as it may direct any shares or other securities held by you in the Employer or any member of the Group as a nominee or trustee for the Employer or any member of the Group and deliver to the Employer the related certificates, and you hereby irrevocably appoint the Employer to be your attorney to execute any documents and do any things and generally to use your name for the purpose of giving the Employer or its nominee the full benefit of this clause.
15.2On termination of the Appointment (howsoever arising and whether lawful or not) you will have no rights as a result of this agreement or any alleged breach of this agreement to any compensation under or in respect of any long term incentive scheme of the Employer in which you may participate or have received grants or allocations at or before the date the Appointment terminates. Any rights which you may have under such scheme(s) shall be exclusively governed by the rules of such scheme(s) as in force from time to time.
15.3If the Appointment is terminated at any time in connection with any reconstruction or amalgamation of the Employer whether by winding up or otherwise and you receive an offer of employment (on terms no less favourable overall than the terms of this agreement) from an undertaking involved in or resulting from such reconstruction or amalgamation you will have no claim whatsoever against the Employer arising out of or connected with such termination.
16.GARDEN LEAVE
16.1The Employer is under no obligation to provide you with work and may (if either party serves notice to terminate the Appointment or if you purport to terminate the Appointment in breach of contract) require you not to perform any duties or to perform only specified duties.
16.2During any period of Garden Leave, you shall:
16.2.1remain an employee of the Employer and be bound by the terms of this agreement (including, but not limited to, your implied duties of good faith and fidelity);
16.2.2continue to receive your salary and contractual benefits in the usual way (subject to the rules of the relevant benefits scheme(s) in force from time to time and the terms of this agreement);
16.2.3not, without the prior written consent of the Employer attend your place of work or any other premises of the Employer or any member of the Group;
16.2.4not contact or deal with (or attempt to contact or deal with) any officer or employee (other than on a purely social basis), consultant, client, customer, supplier, agent, distributor, shareholder, adviser or other 
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business contact of the Employer or any member of the Group except such person(s) as the Bally Board shall designate in writing, and the Employer may suspend your access to all or any information technology systems of the Employer and any member of the Group;
16.2.5be deemed to take any accrued but unused holiday entitlement; and
16.2.6(except during any periods taken as holiday, which should be notified in advance in accordance with the usual procedures) ensure that the Employer knows where and how you can be contacted during normal working hours.
16.3During any period of Garden Leave, the Employer may, in its absolute discretion, appoint another person to perform your responsibilities jointly with you or in your place.
17.RESTRICTIVE COVENANTS
17.1In this clause 17:
"Capacity" means as agent, consultant, director, employee, owner, shareholder or in any other capacity;
“Client” means any person, firm, limited liability partnership, company or other entity who or which is at the Termination Date and/or was at any time during the Relevant Period, a client of the Employer or the Group and: 
(a)with whom or which you had dealings (other than on a minimal basis) during the course of your employment at any time during the Relevant Period; or 
(b)in respect of whom you had personal knowledge, contact or dealings in the course of your duties at any time during Relevant Period; or 
(c)about whom you had access to Confidential Information.
“Prospective Client” means any person, firm, limited liability partnership, company or other entity who or which is as at the Termination Date and/or was at any time during the Relevant Period in discussions with the Employer or the Group with a view to entering into a contract with the Employer or the Group for the provision of goods or services, and in which discussions you were involved (other than on a minimal basis) or about which discussions you had access to Confidential Information.
Protected Supplier means any person, firm, limited liability partnership, company or other entity who or which has provided goods or services (other than utilities or administration-related supplies) to the Employer or the Group and with whom you had dealt in the course of your employment at any time during the Relevant Period (other than on a minimal basis) or about whom you had access to Confidential Information.
"Key Employee" means any person who immediately prior to the Termination Date was employed or engaged by the Employer or any member of the Group as a vice president or above, or any person in the finance department (save for anyone carrying out a purely administrative function), or any other person employed or engaged by the Employer or any member of the Group who could materially damage the interests of 
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the Employer or any member of the Group and with whom you had personal dealings during the Relevant Period;
"Relevant Period" means the period of 12 months ending on the Termination Date;
"Restricted Business" means the business of the Employer and any member of the Group with which you were materially concerned or had management responsibility for or had substantial Confidential Information, in each case during the Relevant Period;
"Termination Date" means the date on which the Appointment terminates or, if you spend a period on Garden Leave immediately before the termination of the Appointment, such earlier date on which Garden Leave commences.
17.2      You covenant with the Employer (for itself and as trustee and agent for each member of the Group) that you will not (except with the prior written approval of the Employer), directly or indirectly, on your own behalf or on behalf of or in conjunction with any firm, company or person both during your Appointment and:
17.1.1for twelve months following the Termination Date be engaged, concerned or involved in any Capacity with any business which is in competition with any Restricted Business;
17.1.2for twelve months following the Termination Date offer to employ or engage or otherwise endeavour to entice away from the Employer or any member of the Group any Key Employee (whether or not such person would breach their contract of employment or engagement);
17.1.3for twelve months following the Termination Date employ or engage or facilitate the employment or engagement of any Key Employee (whether or not such person would breach their contract of employment or engagement) in any business which is in competition with any Restricted Business; 
17.1.4at any time after the Termination Date represent yourself as being in any way connected with (other than as a former employee), or interested in the business of the Employer or any member of the Group or use any registered names or trading names associated with the Employer or any member of the Group;
17.1.5for the period of twelve months following the Termination Date, solicit or entice away or endeavour to solicit or entice away from the Employer or the Group or otherwise seek to obtain business from a Client or Prospective Client.  Nothing in this Clause 17.1.5 will prohibit the seeking or doing of business not in direct or indirect competition with the Restricted Business of the Employer or the Group;
17.1.6for the period of twelve months following the Termination Date, deal with or accept orders or business from a Client or Prospective Client.  Nothing in this Clause 17.1.6 will prohibit the seeking or doing of 
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business not in direct or indirect competition with the Restricted Business of the Employer or the Group;
17.1.7for the period of twelve months following the Termination Date entice or seek to entice away from the Employer or the Group any Protected Supplier or otherwise solicit or interfere with the relationship between the Protected Supplier and the Employer or the Group with a view to that Protected Supplier ceasing to supply goods or services to the Employer or the Group or reducing the type and/or volume of goods or services supplied to the Employer or the Group or adversely altering the terms on which it supplies goods or services to the Employer or the Group.
17.3          None of the restrictions in clause 0 above shall prevent you from:
17.3.1          holding an Investment;
17.3.2          being engaged or concerned in any business insofar as your duties or work relate solely to geographical areas where that business is not in competition with any Restricted Business; or
17.3.3        being engaged or concerned in any business insofar as your duties or work relate solely to services or activities of a kind with which you were not concerned during the Relevant Period.
17.4         You acknowledge that following termination of the Appointment, you will be in a position to compete unfairly with the Group as a result of the Confidential Information, trade secrets and knowledge about the business, operations, customers, employees and trade connections of the Employer and the Group you have acquired or will acquire and through the connections that you have developed and will develop during the Appointment.  You therefore agree to enter into the restrictions in this clause 17 for the purpose of protecting the Employer's and Bally’s Corporation’s legitimate business interests and in particular the Confidential Information, goodwill and the stable trained workforce of the Employer and the Group.    
17.5     Each of the restrictions contained in this clause 17 (on which you have had the opportunity to take independent legal advice) is intended to be separate and severable and while they are considered by the parties to be reasonable in all the circumstances, it is agreed that if any one or more of such restrictions is held to go beyond what is reasonable in all the circumstances for the protection of the legitimate interests of the Employer or any member of the Group but would be valid if any particular restriction(s) were deleted or some part or parts of its or their wording were deleted, restricted or limited then such restriction(s) shall apply with such deletions, restrictions or limitations as the case may be.
17.6         You agree that you will (at the request and cost of the Employer) enter into a separate agreement with any member of the Group for which you perform services under which you will agree to be bound by restrictions corresponding to the restrictions contained in this clause 17 (or such similar restrictions as will be appropriate provided that such restrictions shall be no wider in scope than those contained in this clause) in relation to such member of the Group. 
17.7       You agree that if your employment is transferred to any person, company, firm, organisation or other entity other than the Employer or any member of the Group (the 
19

"New Employer") pursuant to the Transfer of Undertakings (Protection of Employment) Regulations 2006, you will, if required, enter into an agreement with the New Employer that will contain provisions that provide protection to the New Employer similar to that provided to the Employer and any member of the Group under clause 0.
17.8      If, during the Appointment or any period during which the restrictions in this clause 17 apply you receive an offer to be involved in a business in any Capacity, you will notify the person making the offer of the terms of this clause 17.
18.DISCIPLINARY AND GRIEVANCE PROCEDURE
18.1You are subject to the Employer's disciplinary procedures, which are available from the Chief Legal Officer and Company Secretary. These procedures do not form part of your contract of employment. If you are dissatisfied with any disciplinary decision, you should apply in writing to the Chair.
18.2The Employer may at any time suspend you on full pay for such as shall be reasonably necessary for the purposes of investigating any allegation of misconduct or neglect against you.
18.3If you wish to obtain redress of any grievance relating to the Appointment you should apply in writing to the person to whom you report, in accordance with the Employer's grievance procedures which are available from the Chief Legal Officer and Company Secretary of The Employer. These procedures do not form part of your contract of employment.
19.DATA PROTECTION, PRIVACY AND COMPUTER SYSTEMS
18.4The Employer will collect and process personal data about individuals (including     prospective and current employees, workers and contractors) in accordance with the Data Protection Act 2018, the UK GDPR and other related privacy legislation.  The Employer will process such personal data:
19.1.1as set out in the Employer’s Privacy Notice and other fair processing information as may be amended from time to time;
19.1.2as set out in this Agreement, and in order to perform the Employer's obligations under any contract between the Employer and you; and
19.1.3in order to comply with any court order, request from or referral to an appropriate authority, or legal, regulatory or good practice requirement, for example as required by HM Revenue and Customs.
18.5You will comply with the Employer's Data Protection Policy as amended from time to time when handling personal data in the course of your Appointment including personal data relating to any employee, worker, contractor, customer, client, supplier or agent of the Employer.  You agree to comply with the Employer's policies in force from time to time regarding the use of email, internet, social media and telecommunications and the use of equipment provided to you for use in the normal course of your Appointment including without limitation any method of electronic communication.
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18.6Failure to comply with the Data Protection Policy or any other policies relevant to Clause 18.5 may be dealt with under the Employer's disciplinary procedure and, in serious cases, may be treated as gross misconduct leading to summary dismissal.
20.E-MAIL AND INTERNET
Telephone calls made and received by you using the Employer's equipment, use of the e-mail system to send or receive business or personal correspondence and use of the internet may be monitored and/or recorded by the Employer. You acknowledge that the content of any communications using the Employer's systems or anything stored on such systems will not be private and confidential to you but will belong to the Employer and that the use of such systems is for business purposes only. 
21.COLLECTIVE AGREEMENTS
There are no collective agreements which directly affect the Appointment.
22.NOTICES
Any notice to be given under this agreement shall be in writing.  Notices may be given by either party by personal delivery or post addressed to the other party at (in the case of the Employer) its registered office for the time being and (in the case of you) either to your address shown in this agreement or to your last known address and shall be deemed to have been served at the time at which it was delivered personally or, if sent by post, would be delivered in the ordinary course of post. For the avoidance of doubt, no notices may be served by e-mail except with the written consent of the other party.
23.FORMER AGREEMENTS
23.1This agreement contains the entire understanding between the parties and is in substitution for any previous letters of appointment, agreements or arrangements or understandings, whether written, oral or implied, relating to your Appointment or engagement, which shall be deemed to have been terminated by mutual consent as from the commencement of this agreement. You warrant that you have not entered into this agreement in reliance on any warranty, representation or undertaking of any nature whatsoever which is not contained in this letter. 
23.2You hereby warrant and represent to the Employer that you will not, in entering into this agreement or carrying out your duties under this agreement, be in breach of any 
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other terms of employment whether express or implied or any other obligation binding upon you.
24.CONSTRUCTION
24.1The headings in this agreement are inserted for convenience only and shall not affect its construction.
24.2Any reference to a statutory provision shall be construed as a reference to any statutory modification or re-enactment of such provision (whether before or after the date of this agreement) for the time being in force.
24.3The schedules to this agreement, if any, form part of and are incorporated into this agreement.
24.4No modification, variation or amendment to this agreement shall be effective unless such modification, variation or amendment is in writing (not including e-mail) and has been signed by or on behalf of both parties.
25.THIRD PARTY RIGHTS
The Contracts (Rights of Third Parties) Act 1999 shall not apply to this agreement and no person other than you and the Employer shall have any rights under it.
26.COUNTERPARTS
This agreement may be executed in any number of counterparts and by the parties to it on separate counterparts, each of which shall be an original but all of which together shall constitute one and the same instrument.  The agreement is not effective until each party has executed at least one counterpart, and it has been received by the other party (transmission by fax or email (in a PDF format) being acceptable for this purpose) and the agreement has been dated by agreement.
27.PROPER LAW
27.1Any claim or matter of whatever nature arising out of or relating to this agreement or its subject matter (including, but not limited to, non-contractual disputes or claims) shall be governed by, and this agreement shall be construed in all respects in accordance with, the law of England and Wales.
27.2Each party irrevocably agrees to submit to the exclusive jurisdiction of the courts of England and Wales over any claim or matter arising out of or relating to this agreement or its subject matter (including, but not limited to, non-contractual disputes or claims).

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This agreement has been executed as a deed and is delivered and takes effect on the date stated at the beginning of it.

									
	EXECUTED as a deed by 

GAMESYS GROUP LIMITED
acting by a director, in the presence of:
		Signature
		/s/ Dan Talisman

		Director
			Print name
  Dan Talisman

Witness signature     /s/ Sarah Tyler                                                                                 
Name (in BLOCK CAPITALS) SARAH TYLER                                                                
Address 10 PICCADILLY CIRCUS LONDON W1J 0DD                                                  

									
	SIGNED as a deed by 

ROBESON REEVES

in the presence of:
		Signature
		/s/ Robeson Reeves

									
	Witness signature		/s/ Ines Zdelar

Name (in BLOCK CAPITALS)  INES ZDELAR                                                                  
Address  Flat B      69 Cobbold Road      W12 9LA                                                           

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Schedule 1
Bonus scheme
1.Definitions
1.1The definitions in this paragraph apply in this Schedule.
Accounts means the audited profit and loss account of the Employer.
Annual Bonus means an annual performance bonus under the terms of the Scheme. 
Financial Year means Bally’s Corporation’s financial year ending on 31 December each year.
Payment Date means at such time as Annual Bonuses are paid to other senior executives of the Employer generally, but in any event within 30 days following the completion of the audit of the Employer’s books and records by the Employer’s auditors in respect of such Financial Year to which such Annual Bonus relates.
Personal Performance Targets means the individual targets relating to your personal performance set by the Board in the relevant Financial Year and notified to you at the beginning of that Financial Year.
Salary means your basic salary as set out in clause 5.1 of this Agreement, as increased from time to time. 
Scheme means the bonus scheme as detailed in this Schedule, as amended from time to time.
2.Entitlement
2.1You shall be entitled to participate in the Annual Bonus in relation to each Financial Year of the Appointment on the terms of this Scheme. Any Annual Bonus awarded to you shall not form part of your pensionable pay. 
2.2The amount of any Annual Bonus in any particular Financial Year (if any payable) shall be determined by the Board in its sole discretion and shall be contingent upon the attainment of the Personal Performance Targets, but shall not exceed 100% of Salary.
2.3If you:
2.3.1commence employment part way through the Financial Year; or
2.3.2work on a part-time basis,
the sum calculated in accordance with paragraph 2.2 shall be pro-rated, as appropriate.
2.4No later than 60 days after the end of each Financial Year, the Board shall notify you in writing of the extent to which the Personal Performance Targets for that Financial Year have been achieved and the amount of your Annual Bonus (if any payable). The decision of the Board shall be final and binding.
2.5The bonus (if any payable) shall be paid to you on the Payment Date.
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2.6Award of an Annual Bonus in one year shall not entitle you to a bonus in subsequent years.
3.Interim payments
3.1The Board may in its absolute discretion pay to you from time to time during a Financial Year an interim payment or payments on account of any anticipated Annual Bonus to be awarded  under the Scheme at the end of that Financial Year. If the Board makes an interim payment or payments, it shall not be obliged to make such payment or payments in respect of any subsequent Financial Years.
3.2If such payment or payments exceed the Annual Bonus ultimately determined by the Board to be payable to you for such Financial Year, the Board can carry forward the excess on account of Annual Bonus due to you for the next Financial Year.
4.Termination of employment
4.1Subject to clause 4.2, if, as at the Payment Date, you are no longer employed by the Employer or either you or the Employer have given notice to terminate the Appointment, you shall, subject always to clause 2.2 of this Schedule, be entitled to a pro-rated bonus in respect of the period of service in the Financial Year in which the Appointment terminates, calculated at the end of that year and payable on the Payment Date.
4.2You shall not be entitled to be considered for any pro-rated Annual Bonus in the event that your employment is terminated in accordance with clause 14.5 of the employment contract. 
5.Variation
5.1The Scheme shall be administered under the direction of the Board and the Company reserves the right to vary (with or without replacement by a further scheme) its terms in any respect.
6.General
6.1We will deduct income tax under PAYE and any National Insurance contributions (and all and any other deductions required by law) from any bonus payable to you.
6.2Any bonus payment payable to you will not be taken into account for the purpose of calculating pension contributions.

25Document

Exhibit 10.47

BALLY’S CORPORATION
2021 EQUITY INCENTIVE PLAN

PERFORMANCE UNIT AWARD AGREEMENT
NOTICE OF GRANT

The attached Performance Unit Award Agreement, which includes the terms in this Notice of Grant (the “Notice of Grant”), evidences the grant of performance units (the “Performance Units”) by Bally’s Corporation (the “Company”) pursuant to the terms of the Bally’s Corporation 2021 Equity Incentive Plan (the “Plan”) to the individual whose name appears below (“Participant”) on the date indicated below.  Any capitalized term used herein but not defined herein shall have the meaning set forth in the Plan.  
You have been granted an award of Performance Units subject to the terms and conditions of the Plan and this Agreement, as follows:
Name of the Participant:          
Number of Performance Units:      
Date of Grant:         
Vesting Schedule:       Except as otherwise provided in the attached Performance Unit Award Agreement, if Participant remains in continuous service with the Company or a Subsidiary on [___], [__] of the Performance Units will become eligible to be earned with respect to the [___] performance period commencing [__ and ending __], and if Participant remains in continuous service with the Company or a Subsidiary on [___], the [___] of the Performance Units will become eligible to be earned with respect to the [__] performance period commencing [__ and ending __] (each one-year period, a “Performance Period”), in each case, based upon achievement of the applicable performance criteria as determined by the Committee (as set forth in the Statement of Management Objectives as approved by the Committee (the “Statement of Management Objectives”) for such Performance Period indicated in the Statement of Management Objectives.
Your signature below indicates your agreement to be bound by the terms of this Notice of Grant and the Performance Unit Award Agreement attached hereto as Appendix A with respect to the Performance Units granted to you.  PLEASE BE SURE TO READ ALL OF APPENDIX A, WHICH CONTAINS THE SPECIFIC TERMS AND CONDITIONS OF THIS GRANT, AND APPENDIX B, WHICH CONTAINS THE PROSPECTUS OF THE BALLY’S CORPORATION 2021 EQUITY INCENTIVE PLAN.
By:         
Name: 
Date:    _____________________________

BALLY’S CORPORATION

By:                      ____
Name: ____________________________    
Title: _____________________________

NAI-1518515598v4 

APPENDIX A

PERFORMANCE UNIT AWARD AGREEMENT

Bally’s Corporation
2021 Equity Incentive Plan

This Award Agreement, which includes the terms of the Notice of Grant (collectively, the “Agreement”), is made as of the Date of Grant set forth in the Notice of Grant (such date, the “Date of Grant”) between Bally’s Corporation (the “Company”) and the Participant set forth in the Notice of Grant (“Participant”), pursuant to the terms of the Bally’s Corporation 2021 Equity Incentive Plan (the “Plan”).  Any capitalized term used herein but not defined herein shall have the meaning set forth in the Plan.  
 
Section 1.Grant of Performance Units.  The Company has granted to Participant, subject to the terms and conditions herein and in the Plan, the number of performance units set forth in the Notice of Grant, which shall become earned contingent upon the satisfaction of the performance, vesting and other conditions set forth herein (the “Performance Units”).  Each Performance Unit represents the right to receive one Common Share, subject to the terms and conditions set forth in this Agreement and the Plan.   
Section 2.Earning of Performance Units.
(a)Generally.  Except as otherwise provided herein, the Performance Units shall be earned in accordance with the Vesting Schedule set forth in the Notice of Grant, subject to Participant’s continuous service with the Company or a Subsidiary for the duration of each Performance Period.  For purposes of this Agreement, the continuous service with the Company or a Subsidiary will not be deemed to have been interrupted, and Participant shall not be deemed to have ceased to be an employee or a consultant of the Company or a Subsidiary, by reason of the transfer of Participant’s service among the Company and its Subsidiaries.

(b)Determination of Earned Award.  As soon as reasonably practicable following the completion of the applicable Performance Period, the Committee will determine, in its sole discretion, (i) whether and to what extent the applicable Management Objectives have been satisfied and (ii) the number of Performance Units that will become earned pursuant to the terms hereof (the “Earned Units”).  Any Performance Units subject to achievement during an applicable Performance Period that do not constitute Earned Units following the Committee’s determination thereof with respect to such Performance Period will be automatically forfeited by Participant without consideration.  

(c)Death.  Notwithstanding Sections 2(a) through 2(b), upon the occurrence of Participant’s termination of service due to Participant’s death: (i) any Performance Units attributable to any Performance Period that ended immediately prior to the date of Participant’s termination of service due to Participant’s death that have not become Earned Units as of such termination date because the Committee has not yet made a determination pursuant to Section 2(b) shall immediately become Earned Units, assuming achievement of the applicable Management Objective(s) at the target performance level, (ii) the Performance Units attributable to 
 

the Performance Period during which such termination of service occurs shall immediately become Earned Units on a pro-rata basis (based on the number of days of Participant’s service during the applicable Performance Period, as a fraction of the number of days in such Performance Period), assuming achievement of the applicable Management Objective(s) at the target performance level, and (iii) all Performance Units attributable to a Performance Period commencing immediately after the date of such termination of service, if any, shall be automatically forfeited by Participant without consideration.  Any Performance Units that become Earned Units pursuant to this Section 2(c) shall be settled in accordance with Section 4(b).

(d)Disability; Termination Without Cause; Termination For Good Reason. Notwithstanding Sections 2(a) and (b), upon the occurrence of Participant’s termination of service due to Participant’s Disability, a Termination Without Cause, or a Termination For Good Reason: (i) any Performance Units attributable to any Performance Period that ended immediately prior to the date of Participant’s termination of service that have not become Earned Units because the Committee has not yet made a determination pursuant to Section 2(b) shall become Earned Units based upon actual achievement of the applicable Management Objectives(s) for such prior Performance Period, and (ii) all remaining Performance Units attributable to the Performance Period during which such termination of service occurs and any subsequent Performance Period shall also become Earned Units based upon actual achievement of the applicable Management Objective(s) for each such Performance Period.  Any Performance Units that become Earned Units pursuant to this Section 2(d) shall be settled in accordance with Section 4(c).

(e)Change in Control.    Notwithstanding Sections 2(a) and 2(b), upon the consummation of a Change in Control: (i) any Performance Units attributable to any Performance Period ending prior to the occurrence of the Change in Control that have not yet become Earned Units shall immediately become Earned Units, assuming achievement of the applicable Management Objective(s) at the target performance level, and (ii) all remaining Performance Units attributable to the Performance Period during which such Change in Control occurs and any subsequent Performance Period shall immediately become Earned Units, assuming achievement of the applicable Management Objective(s) at the target performance level.  Any Performance Units that become Earned Units pursuant to this Section 2(e) shall be settled in accordance with Section 4(d). 

Section 3.Termination of Service.    Subject to the provisions of Section 2, upon the occurrence of a termination of Participant’s service for any reason, all unvested Performance Units shall be forfeited and Participant shall not be entitled to any compensation or other amount with respect to such forfeited Performance Units.
Section 4.Settlement of Earned Performance Units.   
(a)General.  All Earned Units for an applicable Performance Period shall be settled by the Company’s issuance and delivery to Participant of a number of Common Shares equal to the number of Earned Units that became earned pursuant to Sections 2(a) and (b) for such Performance Period as 

soon as practicable following the Committee’s certification of the applicable performance criteria set forth in the Statement of Management Objectives for the applicable Performance Period in accordance with Section 2(b) hereof and the Committee’s subsequent determination regarding the number of Performance Units that have become Earned Units for the applicable Performance Period, but in no event later than March 15 of the year following the end of the Performance Period for which the Earned Units were earned. 
(b)Death.  Upon a termination of service due to Participant’s death, all Earned Units shall be settled within 30 days of Participant’s death by the Company’s issuance and delivery to Participant’s beneficiary of a number of Common Shares equal to the number of Earned Units that became earned pursuant to Section 2(c).
(c)Disability; Termination Without Cause; Termination For Good Reason.  Upon a termination of service due to Participant’s Disability, a Termination Without Cause, or a Termination For Good Reason, all Earned Units attributable to a Performance Period shall be settled by the Company’s issuance and delivery to Participant of a number of Common Shares equal to the number of Earned Units that became earned pursuant to Section 2(d) with respect to each Performance Period as soon as practicable following the Committee’s certification of the applicable performance criteria set forth in the Statement of Management Objectives for the applicable Performance Period and the Committee’s subsequent determination regarding the number of Performance Units that have become Earned Units for the applicable Performance Period, but in no event later than March 15 of the year following the end of the Performance Period for which the Earned Units were earned.
(d)Change in Control.  Upon the consummation of a Change in Control, all Earned Units shall be settled within 30 days of the consummation of the Change in Control by the Company’s issuance and delivery to Participant of a number of Common Shares equal to the number of Earned Units that became earned pursuant to Section 2(e); provided, however, that if such Change in Control would not qualify as a permissible date of distribution under Section 409A(a)(2)(A) of the Code and the regulations thereunder, and where Section 409A of the Code applies to such distribution, Participant is entitled to receive the corresponding payment on the date that would have otherwise applied pursuant to Sections 2(b) through 2(d) as though such Change in Control had not occurred.  
(e)Notwithstanding anything in this Agreement to the contrary, if (i) Participant is a “specified employee” (within the meaning of Section 409A of the Code), (ii) the issuance of Common Shares under Section 4 is considered to be a “deferral of compensation” (as such phrase is defined for purposes of Section 409A of the Code), and (iii) such issuance is made by reason of the Participant’s “separation from service” with the Company (determined in accordance with Section 409A of the Code), then Participant’s date of issuance of the Common Shares shall be the date that is the first day of the seventh month after the date of Participant’s separation from service.
Section 5.Adjustments.  The Performance Units granted hereunder shall be subject to the provisions of Section 11 of the Plan relating to adjustments for 

recapitalizations, reclassifications and other changes in the Company’s corporate structure and for material corporate transactions; provided, however, for the avoidance of doubt, any dividends which are the subject of Dividend Equivalents (as defined below) shall not also be the cause of adjustments to the Performance Units pursuant to Section 11 of the Plan.
Section 6.No Right of Continued Service.  Nothing in the Plan or this Agreement shall confer upon Participant any right to continued service with the Company or any Affiliate.
Section 7.Limitation of Rights.  Participant shall not have any privileges of a Shareholder of the Company with respect to any Performance Units, including, without limitation, any right to vote any Common Shares underlying such Performance Units or to receive dividends or other distributions in respect thereof, unless and until there is a date of settlement and issuance to Participant of the underlying Common Shares.  Notwithstanding the foregoing, the Performance Units granted hereunder are hereby granted in tandem with corresponding dividend equivalents with respect to each Common Share underlying the Performance Units granted hereunder (each, a “Dividend Equivalent”), which Dividend Equivalent shall remain outstanding from the Date of Grant until the earlier of the settlement or forfeiture of the Performance Unit to which it corresponds.  Participant shall be entitled to accrue payments equal to dividends declared, if any, on the Common Shares underlying the Performance Unit to which such Dividend Equivalent relates, payable in cash and subject to the same vesting terms of the Performance Unit to which it relates, at the time the Common Shares underlying the Performance Unit is settled and delivered to Participant pursuant to Section 4; provided, however, if any dividends or distributions are paid in Common Shares, the Common Shares shall be deposited with the Company, shall be deemed to be part of the Dividend Equivalent, and shall be subject to the same vesting requirements, restrictions on transferability and forfeitability as the Performance Units to which they correspond.  Dividend Equivalents shall not entitle Participant to any payments relating to dividends declared after the earlier to occur of the settlement or forfeiture of the Performance Units underlying such Dividend Equivalents.
Section 8.Restrictions on Transfer.  Subject to Section 15 of the Plan, no Performance Units may be transferred, pledged, assigned, hypothecated or otherwise disposed of in any way by Participant, except by will or by the laws of descent and distribution.  Any attempted assignment, transfer, pledge, hypothecation or other disposition of the Performance Units contrary to the provisions hereof, and the levy of any execution, attachment or similar process upon any Performance Units, shall be null and void and without effect.
Section 9.Competitive Activity; Confidentiality; Non-Solicitation. 
(a)Acknowledgements and Agreements.  Participant hereby acknowledges and agrees that in the performance of Participant’s duties to the Company during Participant’s continuous service with the Company or a Subsidiary, Participant will be brought into frequent contact with existing and potential customers of the Company throughout the world.  Participant also agrees that trade secrets and confidential information of the Company, more fully described in Section 9(e)(i), gained by Participant during Participant’s association with the Company, have been developed by the Company through substantial expenditures of time, effort and money and constitute valuable and unique property of the Company.  Participant further understands and agrees that the foregoing makes it necessary for the 

protection of the Company’s business that Participant not compete with the Company during Participant’s continuous service with the Company or a Subsidiary and not compete with the Company for a reasonable period thereafter, as further provided in the following subparagraphs.  
(b)Covenants.  
(i)Covenants During Service.  While providing services to the Company, Participant will not compete with the Company anywhere in the world.  In accordance with this restriction, but without limiting its terms, while providing services to the Company, Participant will not:
(A)enter into or engage in any business which competes with the Company’s Business;
(B)solicit customers, business, patronage or orders for, or sell, any products or services in competition with, or for any business that competes with, the Company’s Business;
(C)divert, entice or otherwise take away any customers, business, patronage or orders of the Company or attempt to do so; or
(D)promote or assist, financially or otherwise, any person, firm, association, partnership, corporation or other entity engaged in any business which competes with the Company’s Business.
(ii)Covenants Following Termination.  For a period of one (1) year following the termination of Participant’s service to the Company, Participant will not:
(A)enter into or engage in any business which competes with the Company’s Business within the Restricted Territory; 
(B)solicit customers, business, patronage or orders for, or sell, any products and services in competition with, or for any business, wherever located, that competes with, the Company’s Business within the Restricted Territory;
(C)divert, entice or otherwise take away any customers, business, patronage or orders of the Company within the Restricted Territory, or attempt to do so; or
(D)promote or assist, financially or otherwise, any person, firm, association, partnership, corporation or other entity engaged in any business which competes with the Company’s Business within the Restricted Territory.
(iii)Indirect Competition.  For the purposes of Sections 9(b)(i) and (ii) inclusive, but without limitation thereof, Participant will be in violation thereof if Participant engages in any or all of the activities set forth therein directly as an individual on Participant’s own 

account, or indirectly as a partner, member, joint venturer, employee, agent, salesperson, consultant, officer and/or director of any firm, association, partnership, corporation or other entity, or as a stockholder of any corporation in which Participant or Participant’s spouse, child or parent owns, directly or indirectly, individually or in the aggregate, more than five percent (5%) of the outstanding stock.
(iv)If it shall be judicially determined that Participant has violated this Section 9(b), then the period applicable to each obligation that Participant shall have been determined to have violated shall automatically be extended by a period of time equal in length to the period during which such violation(s) occurred.
(c)The Company.  For purposes of this Section 9, the Company shall include any and all direct and indirect subsidiary, parent, affiliated, or related companies of the Company for which Participant worked or had responsibility at the time of termination of Participant’s service to the Company and at any time during the two (2) year period prior to such termination.
(d)Non-Solicitation.  Participant will not directly or indirectly at any time during the period of Participant’s services to the Company or thereafter, attempt to disrupt, damage, impair or interfere with the Company’s Business by raiding any of the Company’s employees or soliciting any of them to resign from their employment by the Company, or by disrupting the relationship between the Company and any of its consultants, agents or representatives.  Participant acknowledges that this covenant is necessary to enable the Company to maintain a stable workforce and remain in business.
(e)Further Covenants.  
(i)Participant will keep in strict confidence, and will not, directly or indirectly, at any time, during or after Participant’s service to the Company, disclose, furnish, disseminate, make available or, except in the course of performing Participant’s duties of employment, use any trade secrets or confidential business and technical information of the Company or its customers or vendors, without limitation as to when or how Participant may have acquired such information.  Such confidential information shall include, without limitation, the Company’s unique selling, manufacturing and servicing methods and business techniques, training, service and business manuals, promotional materials, training courses and other training and instructional materials, vendor and product information, customer and prospective customer lists, other customer and prospective customer information and other business information.  Participant specifically acknowledges that all such confidential information, whether reduced to writing, maintained on any form of electronic media, or maintained in the mind or memory of Participant and whether compiled by the Company, and/or Participant, derives independent economic value from not being readily known to or ascertainable by proper means by others who can obtain economic value from its disclosure or use, that reasonable efforts have been 

made by the Company to maintain the secrecy of such information, that such information is the sole property of the Company and that any retention and use of such information by Participant during Participant’s service with the Company (except in the course of performing Participant’s duties and obligations to the Company) or after the termination of Participant’s services shall constitute a misappropriation of the Company’s trade secrets.  
(ii)The U.S. Defend Trade Secrets Act of 2016 (“DTSA”) provides that an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (A) is made in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  In addition, the DTSA provides that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.
(iii)Participant agrees that upon termination of Participant’s service to the Company, for any reason, Participant shall return to the Company, in good condition, all Company owned property, including, without limitation, the originals and all copies of any materials (in paper or electronic form) which contain confidential information listed in Section 9(e)(i) of this Agreement, including electronic storage media, and all electronic devices, such as company issued cellphones and computers.  In the event that such items are not so returned, the Company will have the right to charge Participant for all reasonable damages, costs, attorneys’ fees and other expenses incurred in searching for, taking, removing and/or recovering such property.  
(iv)Nothing in this Agreement prevents Participant from providing, without prior notice to the Company, information to governmental authorities regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental authorities regarding possible legal violations.
(f)Discoveries and Inventions; Work Made for Hire.
(i)Participant agrees that upon conception and/or development of any idea, discovery, invention, improvement, software, writing or other material or design that:  (A) relates to the business of the Company, or (B) relates to the Company’s actual or demonstrably anticipated research or development, or (C) results from any work performed by Participant for the Company, Participant will assign to the Company the entire right, title and interest in and to any such idea, discovery, invention, improvement, software, writing or other material or design.  Participant has no obligation to assign any idea, 

discovery, invention, improvement, software, writing or other material or design that Participant conceives and/or develops entirely on Participant’s own time without using the Company’s equipment, supplies, facilities, or trade secret information unless the idea, discovery, invention, improvement, software, writing or other material or design either:  (x) relates to the business of the Company, or (y) relates to the Company’s actual or demonstrably anticipated research or development, or (z) results from any work performed by Participant for the Company.  Participant agrees that any idea, discovery, invention, improvement, software, writing or other material or design that relates to the business of the Company or relates to the Company’s actual or demonstrably anticipated research or development which is conceived or suggested by Participant, either solely or jointly with others, within one (1) year following termination of Participant’s employment under this Agreement or any successor agreements shall be presumed to have been so made, conceived or suggested in the course of such employment with the use of the Company’s equipment, supplies, facilities, and/or trade secrets.
(ii)In order to determine the rights of Participant and the Company in any idea, discovery, invention, improvement, software, writing or other material, and to insure the protection of the same, Participant agrees that during Participant’s service with the Company, and for one (1) year after termination of Participant’s services under this Agreement or any successor agreements Participant will disclose immediately and fully to the Company any idea, discovery, invention, improvement, software, writing or other material or design conceived, made or developed by Participant solely or jointly with others.  The Company agrees to keep any such disclosures confidential.  Participant also agrees to record descriptions of all work in the manner directed by the Company and agrees that all such records and copies, samples and experimental materials will be the exclusive property of the Company.  Participant agrees that at the request of and without charge to the Company, but at the Company’s expense, Participant will execute a written assignment of the idea, discovery, invention, improvement, software, writing or other material or design to the Company and will assign to the Company any application for letters patent or for trademark registration made thereon, and to any common-law or statutory copyright therein; and that Participant will do whatever may be necessary or desirable to enable the Company to secure any patent, trademark, copyright, or other property right therein in the United States and in any foreign country, and any division, renewal, continuation, or continuation in part thereof, or for any reissue of any patent issued thereon.  In the event the Company is unable, after reasonable effort, and in any event after ten business days, to secure Participant’s signature on a written assignment to the Company of any application for letters patent or to any common-law or statutory copyright or other property right therein, whether because of Participant’s physical or mental incapacity or for any other reason whatsoever, Participant irrevocably designates and appoints the General Counsel of the Company as Participant’s attorney-in-fact to act on Participant’s behalf to execute and file any 

such application and to do all other lawfully permitted acts to further the prosecution and issuance of such letters patent, copyright or trademark. This Section 9(f) does not prevent Participant from opening his or her own business, to the extent all other restrictions in Section 9 are adhered to.
(iii)Participant acknowledges that, to the extent permitted by law, all work papers, reports, documentation, drawings, photographs, negatives, tapes and masters therefor, prototypes and other materials (hereinafter, “items”), including without limitation, any and all such items generated and maintained on any form of electronic media, generated by Participant during Participant’s service with the Company shall be considered a “work made for hire” and that ownership of any and all copyrights in any and all such items shall belong to the Company.  The item will recognize the Company as the copyright owner, will contain all proper copyright notices, e.g., “(creation date) Bally’s Corporation, All Rights Reserved,” and will be in condition to be registered or otherwise placed in compliance with registration or other statutory requirements throughout the world. 
(g)Communication of Contents of Agreement.  While providing services to the Company and for one (1) year thereafter, Participant will communicate the contents of Section 9 of this Agreement to any person, firm, association, partnership, corporation or other entity that Participant intends to be employed by, associated with, or represent.
(h)Confidentiality Agreements.  Participant agrees that Participant shall not disclose to the Company or induce the Company to use any secret or confidential information belonging to Participant’s former employers.  Except as indicated, Participant warrants that Participant is not bound by the terms of a confidentiality agreement or other agreement with a third party that would preclude or limit Participant’s right to work for the Company and/or to disclose to the Company any ideas, inventions, discoveries, improvements or designs or other information that may be conceived during service with the Company.  Participant agrees to provide the Company with a copy of any and all agreements with a third party that preclude or limit Participant’s right to make disclosures or to engage in any other activities contemplated by Participant’s service to the Company.  
(i)Relief.  Participant acknowledges and agrees that the remedy at law available to the Company for breach of any of Participant’s obligations under this Agreement would be inadequate.  Participant therefore agrees that, in addition to any other rights or remedies that the Company may have at law or in equity, temporary and permanent injunctive relief may be granted in any proceeding which may be brought to enforce any provision contained in Sections 9(b), 9(d), 9(e), 9(f), 9(g) and 9(h) inclusive, of this Agreement, without the necessity of proof of actual damage.
(j)Reasonableness.  Participant acknowledges that Participant’s obligations under this Section 9 are reasonable in the context of the nature of the Company’s Business and the competitive injuries likely to be sustained by the Company if Participant were to violate such obligations.  Participant further acknowledges that this Agreement is made in consideration of, and 

is adequately supported by the agreement of the Company to perform its obligations under this Agreement and by other consideration, which Participant acknowledges constitutes good, valuable and sufficient consideration.
Section 10.Definitions.  
(a)“Cause” means, unless otherwise set forth in a written employment agreement between Participant and the Company or any Subsidiary, the termination by the Company or any Subsidiary of Participant’s service to the Company or any Subsidiary as a result of: (i) the commission by Participant of a felony or a fraud, (ii) conduct by Participant that brings the Company or any Subsidiary or Affiliate of the Company into substantial public disgrace or disrepute, (iii) gross negligence or gross misconduct by Participant with respect to the Company or any Subsidiary or Affiliate of the Company, (iv) Participant’s abandonment of Participant’s service to the Company or any Subsidiary, (v) Participant’s insubordination or failure to follow the directions of the person to whom Participant reports, which is not cured within three (3) days after written notice thereof to Participant, (vi) Participant’s violation of Section 9 of this Agreement, (vii) Participant’s breach of a material employment policy of the Company, which is not cured within three days after written notice thereof to Participant, or (viii) any other breach by Participant of this Agreement or any other agreement with the Company or any Subsidiary which is material and which is not cured within thirty (30) days after written notice thereof to Participant.
(b)“Change in Control” means any of the following events: 
(i)any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of either (A) the then-outstanding Common Shares (the “Outstanding Company Common Shares”) or (B) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of Directors (the “Outstanding Company Voting Securities”); provided, however, that, for purposes of this definition, the following acquisitions shall not constitute a Change in Control: (I) any acquisition directly from the Company, (II) any acquisition by the Company, (III) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Affiliate, or (IV) any acquisition pursuant to a transaction that complies with Sections 10(b)(iii)(A), (b)(iii)(B) and (b)(iii)(C) below; or
(ii)individuals who, as of May 18, 2021 (the “Effective Date”), constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a Director subsequent to the Effective Date whose election, or nomination for election by the Shareholders, was approved by a vote of at least a majority of the Directors then comprising the Incumbent Board (either by specific vote or by approval of the proxy statement of the Company in which 

such individual is named as a nominee for Director, without objection to such nomination) shall be considered as though such individual was a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of Directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or
(iii)consummation of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving the Company or any of its Subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or securities of another entity by the Company or any of its Subsidiaries (each, a “Business Combination”), in each case unless, following such Business Combination, (A) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Common Shares and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors (or, for a non-corporate entity, equivalent governing body), as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one or more Subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common Shares and the Outstanding Company Voting Securities, as the case may be, (B) no Person (excluding any entity resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such entity resulting from such Business Combination) beneficially owns, directly or indirectly, 35% or more of, respectively, the then-outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) of the entity resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such entity, except to the extent that such ownership existed prior to the Business Combination, and (C) at least a majority of the members of the board of directors (or, for a non-corporate entity, equivalent governing body) of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination; or
(iv)approval by the Shareholders of a complete liquidation or dissolution of the Company.
(c)“Company’s Business” means the business of (i) owning, operating, or managing any gaming, gambling, pari-mutuel, wagering, thoroughbred or 

dog racing, video lottery terminal, or lottery-related enterprise or facility and (ii) operating or managing any form of internet or mobile gaming or gambling activities, including daily fantasy sports.
(d) “Disability” means (i) Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months or (ii) Participant is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Company.  
(e)“Restricted Territory” means: (i) the geographic area(s) within a fifty (50) mile radius of any and all Company location(s) in, to, or for which Participant worked, to which Participant was assigned or had any responsibility (either direct or supervisory) at the time of termination of Participant’s service and at any time during the two (2) year period prior to such termination; (ii) the United States; and (iii) all of the specific customer accounts, whether within or outside of the geographic area described in (i) or (ii) above, with which Participant had any contact or for which Participant had any responsibility (either direct or supervisory) at the time of termination of Participant’s service and at any time during the two (2) year period prior to such termination.
(f) “Termination for Good Reason” means, unless otherwise set forth in a written employment agreement between Participant and the Company, the termination by Participant of Participant’s service with the Company as a result of (i) a material diminution in Participant’s base salary, other than a reduction in base salary that affects all similarly situated executives of the Company in substantially the same proportion; (ii) a material diminution in Participant’s responsibilities to the Company (other than temporarily while the Participant is physically or mentally incapacitated or as required by applicable law); or (iii) a relocation of Participant’s principal place of service to the Company such that the distance between Participant’s primary residence as of such relocation and Participant’s principal place of service to the Company is increased by more than fifty (50) miles; provided, however, that a termination on account of the foregoing conditions will constitute a Termination for Good Reason only if Participant provides written notice to the Company within forty-five (45) days of the initial existence of the condition(s) constituting Good Reason and the Company fails to cure such condition(s) within sixty (60) days after receipt from Participant of such notice.  For the purpose of this definition, “Company” shall include any Affiliate or Subsidiary of the Company and any entity with whom Participant holds a position at the request of the Company. 
(g)“Termination Without Cause” means the termination by the Company or any Subsidiary of Participant’s service with the Company or any Subsidiary for any reason other than a termination for Disability or a termination for Cause.

Section 11.Withholding Taxes.  To the extent that the Company or Participant’s employer is required to withhold federal, state, local or foreign taxes or other amounts in connection with the delivery to Participant of Common Shares or any other payment to Participant under this Agreement, and the amounts available to the Company or Participant’s employer for such withholding are insufficient, it shall be a condition to the obligation of the Company to make any such delivery or payment that Participant make arrangements satisfactory to the Company or Participant’s employer for payment of the balance of such taxes or other amounts required to be withheld.  If Participant fails to make such satisfactory arrangements, then unless the Committee determines otherwise, the Company shall withhold from the Common Shares otherwise issuable pursuant to the settlement of the Performance Units a number of Common Shares having a value equal to the amount required to be withheld. Such Common Shares used for tax or other withholding will be valued at an amount equal to the fair market value of such Common Shares on the date the value of the Performance Units is to be included in Participant’s income.  In no event will the fair market value of the Common Shares to be withheld and/or delivered pursuant to this Section 11 to satisfy applicable withholding taxes exceed the minimum amount required to be withheld unless (a) an additional amount can be withheld and not result in adverse accounting consequences and (b) such additional withholding amount is authorized by the Committee.
Section 12.Compliance With Law.  The Company shall make reasonable efforts to comply with all applicable federal and state securities laws; provided, however, notwithstanding any other provision of the Plan and this Agreement, the Company shall not be obligated to issue any Common Shares pursuant to this Agreement if the issuance thereof would result in a violation of any such law.  Nothing in this Agreement or in the Plan prohibits or will be interpreted or construed to prohibit Participant from reporting any possible violation of federal law or regulation to any governmental agency or entity, including, but not limited to, the U.S. Department of Justice or the Securities and Exchange Commission, or providing testimony to or communicating with such agency or entity in the course of its investigation, or from making any other disclosures that are protected under the whistleblower provisions of federal law and regulation.  Any such reports, testimony or disclosures do not require Participant to provide notice or receive the authorization or consent of the Company or the Board.
Section 13.Construction.  The Performance Units granted hereunder are granted pursuant to the Plan and are in all respects subject to the terms and conditions of the Plan.  Participant hereby acknowledges that a copy of the Plan has been delivered to Participant and accepts the Performance Units granted hereunder subject to all terms and provisions of the Plan, which are incorporated herein by reference.  In the event of a conflict or ambiguity between any term or provision contained herein and a term or provision of the Plan, the Plan will govern and prevail.  The construction of and decisions under the Plan and this Agreement are vested in the Committee, whose determinations shall be final, conclusive and binding upon Participant.
Section 14.Notices.  Any notice hereunder by Participant shall be given to the Company in writing and such notice shall be deemed duly given only upon receipt thereof by the General Counsel of the Company at the Company’s principal executive offices.  Any notice hereunder by the Company shall be given to Participant in writing at the most recent address as Participant may have on file with the Company.
Section 15.Governing Law.  This Agreement shall be construed and enforced in accordance with, the laws of the State of Delaware, without giving effect to the choice of law principles thereof.

Section 16.Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument.
Section 17.Binding Effect.  This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and assigns.
Section 18.Section 409A.  This Agreement is intended to comply with Section 409A of the Code or an exemption thereunder and shall be construed and administered in accordance with Section 409A of the Code.  Notwithstanding any other provision of the Plan or this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies with Section 409A of the Code or an applicable exemption.  Any payments under this Agreement that may be excluded from Section 409A of the Code shall be excluded from Section 409A of the Code to the maximum extent possible.  The Performance Units granted hereunder shall be subject to the provisions of Section 17 of the Plan.  Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A of the Code, and in no event shall the Company or any of its Subsidiaries or Affiliates be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Participant on account of non-compliance with Section 409A of the Code.
Section 19.Entire Agreement.  Participant acknowledges and agrees that this Agreement and the Plan constitute the entire agreement between the parties with respect to the subject matter hereof and thereof, superseding any and all prior agreements whether verbal or otherwise between the parties with respect to such subject matter.
Section 20.Forfeiture and Recapture.  The Performance Units will be subject to recoupment in accordance with any existing clawback or recoupment policy, or clawback or recoupment policy that the Company is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required under Section 10D of the Exchange Act or other applicable law. 
Section 21.Amendments.  Any amendment to the Plan will be deemed to be an amendment to this Agreement to the extent that the amendment is applicable to this Agreement; provided, however, that, subject to the terms of the Plan, no amendment will materially impair the rights of Participant with respect to the Performance Units without Participant’s consent.  Notwithstanding the foregoing, the limitation requiring the consent of Participant to certain amendments will not apply to any amendment that is deemed necessary by the Company to ensure compliance with Section 409A of the Code.
Section 22.Severability.  In the event that one or more of the provisions of this Agreement is invalidated for any reason by a court of competent jurisdiction, any provision so invalidated will be deemed to be separable from the other provisions of this Agreement, and the remaining provisions of this Agreement will continue to be valid and fully enforceable.

                 
 

Statement of Management Objectives
[___] Performance Periods

APPENDIX B

PROSPECTUS OF THE BALLY’S CORPORATION
2021 EQUITY INCENTIVE PLAN

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