Document:

Exhibit
10.32

 

EMPLOYMENT
AGREEMENT

 

This EMPLOYMENT AGREEMENT (this “Agreement”),
signed on the date set forth on the signature page, is between Twin River Worldwide Holdings Inc., a Delaware corporation (the
“Company”), and Stephen H. Capp (“Executive”).

 

NOW, THEREFORE, the Parties hereto agree as
follows:

 

1.            EMPLOYMENT.
Effective January 1, 2019 or as soon as possible thereafter under applicable regulatory requirements (the “Effective Date”),
the Company hereby employs Executive, and Executive hereby accepts such employment, subject to the terms and conditions set forth
herein. Executive will hold the office of Executive Vice President, Chief Financial Officer of the Company (the “Position”),
will provide the services and have the duties and authorities customary for such Position and as hereafter provided and will report
directly to the Company’s Board of Directors (the “Board”).

 

2.            TERM.
The initial term of employment under this Agreement will begin on the Effective Date and will continue until December 31,
2021, subject to prior termination in accordance with the terms hereof (the “Initial Term”). The Initial Term
will be automatically extended for successive additional terms of one year first commencing on the day immediately following each
December 31st in the Initial Term (each such period, an “Additional Term”), and subsequently on each
annual anniversary of the end of an Additional Term, unless either Party gives written notice to the other Party of non-extension
at least 60 days prior to the end of the Initial Term or to the end of the then-applicable Additional Term (the Initial Term and
any Additional Term(s), collectively, the “Term”).

 

3.            COMPENSATION.
(a) During the Term, the Company will pay to Executive, in equal installments in accordance with the Company’s regular payroll
practice, an annual base salary (“Base Salary”) of not less than $600,000, which amount may be reviewed in December
of each applicable year at the discretion of the Board or its compensation committee (the “Committee”).

 

(b)          Executive
will be eligible to receive an annual cash performance bonus (an “Annual Bonus”) in respect of each calendar
year that ends during the Term, based on performance against performance criteria. The performance criteria for any particular
calendar year will be approved by the Committee. Such performance criteria may, at the discretion of the Committee, include factors
and considerations in addition to the Company’s financial performance. Executive’s targeted Annual Bonus for a calendar
year will equal his Base Salary if the target levels of performance criteria established by the Committee for that year are achieved
to the satisfaction of the Committee. The Committee may determine that greater or lesser amounts may be paid for performance above
and below the target level (such greater or lesser amounts to be determined based on criteria or a formula established by the Committee),
and with no amount payable for performance below a threshold level of performance established by the Committee. Executive’s
Annual Bonus for a bonus period will be determined by the Committee after the end of the applicable bonus period and, if such Annual
Bonus is awarded, will be paid in the fiscal year following the fiscal year to which such Annual Bonus relates at such time as
Annual Bonuses are paid to other senior executives of the Company generally so long as Executive remains employed by the Company
at the time of payment. Notwithstanding the foregoing, Executive will not receive an Annual Bonus for 2018 and his Annual Bonus
for any partial year will be prorated from the date of termination.

 

    	 	 	 

     

    

 

(c)          In
addition, Executive will be entitled to an annual equity grant in an amount determined by the Committee but not less than $800,000
in targeted grant date value (as determined by the Committee). The mix of equity awards is expected to be half in time-vested restricted
stock and half in performance stock units.

 

(d)          On
or prior to December 31, 2018, the Company will pay Executive $150,000 as an incentive to resign from the Board and accept the
offered Position in order to assist the Company in becoming a publicly traded SEC reporting company.

 

4.            EXPENSES.
The Company will reimburse Executive, upon presentment of suitable receipts, vouchers and completed expense reports, for all reasonable
business expenses which may be incurred by Executive in connection with his employment hereunder during the Term in accordance
with the Company’s expense reimbursement policy applicable to senior executives. Executive will comply with such restrictions
and will keep such records as the Company may deem necessary to meet the requirements of the Internal Revenue Code of 1986, as
amended from time to time, and the regulations promulgated thereunder (the “Code”).

 

5.            OTHER
BENEFITS. During the Term, Executive will be eligible for five weeks of paid vacation per full calendar year (pro-rated for
partial years during the Term), and will be eligible to participate in such benefit plans and arrangements and to receive any other
benefits customarily provided by the Company to its management personnel (the “Benefit Plans”). Unused vacation
in any calendar year will not be paid and may not be carried over to any subsequent calendar year (or partial portions thereof).

 

6.            DUTIES.
(a) Executive will perform such duties and functions as the Board may assign to him, consistent with his Position, including any
duties or functions with or for any member of the Company Group. Executive will comply in the performance of his duties with the
policies of the Company.

 

(b)          During
the Term, Executive will devote all of his business time and attention to the business of the Company and its subsidiaries, as
necessary to fulfill his duties; provided that the foregoing will not prevent Executive from (i) serving on the boards of
directors of non-profit organizations and, subject to the approval of the Board, other for-profit companies, (ii) participating
in charitable, civic, educational, professional, community or industry affairs, and (iii) managing Executive’s passive personal
investments, so long as all such activities in the aggregate do not interfere or conflict with Executive’s duties hereunder
or create a potential business or fiduciary conflict.

 

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(c)          Executive
will perform the duties assigned to him with fidelity and to the best of his ability.

 

(d)          Executive
agrees that, at all times during the Term, he will obtain and maintain, in full force and effect, any and all licenses, permits
and work authorizations that may be required by any government authority or agency to enable him to properly work and perform the
duties of his Position.

 

7.            TERMINATION
OF EMPLOYMENT; EFFECT OF TERMINATION OF EMPLOYMENT. (a) Executive’s employment hereunder will terminate upon the first
to occur of the following:

 

(i)           in
accordance with the terms of Section 7(f) upon written notice to Executive upon the determination by the Company that
Executive’s employment will be terminated for any reason which would not constitute Justifiable Cause (as herein defined);

 

(ii)          upon
written notice to Executive upon the determination by the Company that there is Justifiable Cause for such termination;

 

(iii)         automatically
upon the death of Executive;

 

(iv)         in
accordance with the terms of Section 7(e) upon the Disability (as herein defined) of Executive;

 

(v)          in
accordance with the terms of Section 7(f) upon Executive’s notice to the Company of Executive’s determination
to voluntarily terminate his employment for Good Reason (as herein defined); and

 

(vi)         upon
30 days’ prior written notice by Executive to the Company of Executive’s voluntary termination of employment without
Good Reason.

 

(b)          For
the purposes of this Agreement:

 

(i)           “Change-ln-Control”
means a Change in Control pursuant to the Twin River Worldwide Holdings, Inc. 2015 Stock Incentive Plan (as in effect as of January
1, 2019).

 

(ii)          “Disability”
means the inability of Executive, due to illness, accident or any other physical or mental incapacity, substantially to perform
the material and essential functions of his duties for a period exceeding a total of 13 weeks (whether or not consecutive) in any
12-month period, as determined by the Company in good faith, with a reasonable accommodation (as defined under applicable law).

 

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(iii)         “Good
Reason” means, without Executive’s consent,

 

(1)         a
material diminution in Executive’s Base Salary, other than a general reduction in Base Salary that affects all similarly
situated executives of the Company in substantially the same proportion;

 

(2)         a
material diminution in Executive’s responsibilities to the Company (other than temporarily while Executive is physically
or mentally incapacitated or as required by applicable law); or

 

(3)         a
relocation of Executive’s principal place of employment such that the distance between Executive’s primary residence
as of such relocation and Executive’s principal place of employment is increased by more than 50 miles;

 

provided, however, that the foregoing conditions will
constitute Good Reason only if (A) Executive provides written notice to the Company within 45 days of the initial existence
of the condition(s) constituting Good Reason and (B) the Company fails to cure such condition(s) within 60 days after receipt from
Executive of such notice; and provided further, that Good Reason will cease to exist with respect to a condition six months
following the initial existence of such condition.

 

(iv)         “Justifiable
Cause” means:

 

(1)         Executive’s
continued failure or refusal to perform his duties pursuant to this Agreement after notice from the Company which, if curable,
is not cured within ten business days of Executive’s receipt of written notice thereof from the Company;

 

(2)         Executive’s
material breach of this Agreement which, if curable, is not cured within ten business days of Executive’s receipt of written
notice thereof from the Company;

 

(3)         Executive’s
indictment for, conviction of or plea of guilty or nolo contendere to any crime involving moral turpitude or any felony;

 

(4)         Executive’s
performance of any act, or his failure to act, which constitutes, in the good faith determination of the Board, dishonesty or fraud,
including misappropriation of funds or a misrepresentation of the operating results or financial condition of the Company to the
Board or to any executive of the Company;

 

(5)         Executive’s
illegal use of controlled substances;

 

(6)         the
revocation, loss, or non-renewal of Executive’s personal gaming license; or

 

(7)         any
act or omission by Executive involving malfeasance or gross negligence in the performance of Executive’s duties.

 

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(c)          Justifiable
Cause. Upon termination of Executive’s employment by the Company for Justifiable Cause, Executive will not be entitled
to any amounts or benefits hereunder, other than such unpaid portion of Executive’s Base Salary and reimbursement of expenses
pursuant to Section 4 as have been accrued through the date of his termination of employment, which amounts will be
paid as soon as reasonably practicable following the termination date (collectively, the “Accrued Amounts”).

 

(d)          Death.
If Executive should die during the Term, this Agreement will terminate immediately. In such event, Executive’s estate will
thereupon be entitled to receive (i) any Accrued Amounts and (ii) a pro-rata portion of the Annual Bonus for the year in which
his termination of employment occurred, payable when Annual Bonuses for the applicable performance period are paid to other senior
executives of the Company generally (a “Pro-Rata Bonus”). Executive’s estate also will be entitled to
any accrued amounts or benefits payable under the terms of the Benefit Plans.

 

(e)          Disability.
Upon a finding by the Company of Executive’s Disability in accordance with Section 7(b), the Company will have
the right to terminate Executive’s employment. Any termination of Executive’s employment pursuant to this Section 7(e)
will be effective on the date 30 days after the date on which the Company notifies Executive of the Company’s election to
terminate. In such event, Executive will thereupon be entitled to receive any Accrued Amounts and a Pro-Rata Bonus for the year
in which his termination of employment occurred. Executive will also be entitled to any accrued amounts or benefits payable under
the terms of the Benefit Plans.

 

(f)          Termination
Without Justifiable Cause or for Good Reason. (i) Except as otherwise set forth in Section 7(f)(ii),
in the event that Executive’s employment is terminated during the Term by (1) the Company without Justifiable Cause (other
than due to Executive’s death or Disability) or (2) Executive for Good Reason, in addition to any Accrued Amounts, subject
to Section 7(g), (A) Executive will be entitled to receive, to the extent earned but not yet paid, Executive’s
Annual Bonus for the year prior to the year in which his termination of employment occurred (which, for purposes of this Section 7(f)(i),
will be deemed to be earned if Executive remained employed by the Company through the end of the fiscal year to which such Annual
Bonus relates); (B) Executive will be entitled to receive a Pro-Rata Bonus for the year in which his termination of employment
occurred, and (C) the Company will continue to pay Executive his Base Salary plus Annual Bonus for the longer of (y) the amount
of time remaining in the Term and (z) 12 months (such longer period, the “Severance Period”). In addition, during
the Severance Period, Executive will continue to be eligible to participate in the Company’s group health and dental plans
at active employee rates (any such period of additional coverage will not count against the period of time Executive is eligible
to receive continuation coverage benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”)),
provided that such medical and dental coverage and participation is permitted under the terms of the applicable plans. If
such coverage is not permitted under the terms of the applicable plans and Executive elects COBRA continuation coverage, the Company
will pay Executive’s COBRA premiums until such time as Executive ceases to be eligible for, or no longer elects, COBRA continuation
coverage (but in no event longer than the end of the Severance Period). The payments and benefits set forth in this Section 7(f)(i)
will be in lieu of any and all other payments due and owing to Executive under the terms of this Agreement (other than any accrued
amounts or benefits payable under the Benefit Plans).

 

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(ii)          Change-ln-Control.
In the event that, during the Term and within 12 months following a Change-ln-Control, Executive’s employment is terminated
by (1) the Company without Justifiable Cause (other than due to Executive’s death or Disability) or (2) Executive for Good
Reason, subject to Section 7(g), Executive will be entitled to all the payments and benefits set forth in Section 7(f)(i),
except that the Severance Period will instead equal the greater of (A) the amount of time remaining in the Term and (B) 24 months.
The payments and benefits set forth in this Section 7(f)(ii) will be in lieu of any and all other payments due and
owing to Executive under the terms of this Agreement (other than any accrued amounts or benefits payable under the Benefit Plans).

 

(g)          Release
Requirement. The payments and benefits payable pursuant to Section 7(f)(i) or 7(f)(ii), as applicable,
other than any Accrued Amounts, are collectively referred to as the “Severance Payments.” Notwithstanding anything
herein to the contrary, the Company’s obligation to make or pay any portion of any Severance Payment is conditioned upon
(1) Executive delivering to the Company a valid and effective separation and general release agreement in favor of the Company,
waiving all claims against the Company, in a form and substance acceptable to the Company, with all periods for revocation therein
having expired, and (2) Executive’s compliance with his obligations under Sections 9, 10, 11 and 12.
Subject to the preceding sentence, any Severance Payments due hereunder, other than any Pro-Rata Bonus, will commence with the
Company’s first regularly scheduled payroll date upon or following the 60th day after Executive’s termination
of employment (the “Severance Payment Commencement Date”), with any such Severance Payments that would otherwise
have been payable prior to the Severance Payment Commencement Date but for this sentence instead being accumulated (without interest)
and paid on the Severance Payment Commencement Date.

 

(h)          Voluntary
Termination. Upon Executive’s voluntary termination of his employment hereunder without Good Reason, or in the event
that Executive’s employment is terminated upon or following the expiration of the Term, this Agreement (subject to Section 25)
will terminate. Executive will be entitled to (i) any Accrued Amounts and (ii) continue to participate in the Benefit Plans to
the extent participation by former employees is permitted by law, with the expense of such participation to be as specified in
such plans for former employees. Executive will also be entitled to any accrued amounts or benefits payable under the terms of
the Benefit Plans.

 

(i)           Vacating
Premises. Upon the Company giving notice of termination pursuant to Section 7(a)(i), 7(a)(ii) or 7(a)(iv)
or Executive giving notice of termination pursuant to Section 7(a)(v) or 7(a)(vi), the Company may require that
Executive immediately leave the Company’s premises and cease reporting to work, but such requirement will not affect the
effective date of termination of employment or any other amounts payable pursuant to this Section 7.

 

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(j)           Other
Positions. Following the termination of Executive’s employment for any reason, if and to the extent requested by the
Board, Executive agrees to resign from the Board, all fiduciary positions (including as trustee) and all other offices and positions
Executive holds with the Company Group; provided, however, that if Executive refuses to tender Executive’s
resignation after the Board has made such request, then the Board will be empowered to remove Executive from such offices and positions.

 

(k)          Withholdings.
All amounts herein are subject to reduction to the extent required by tax law.

 

8.            REPRESENTATIONS
AND AGREEMENTS OF EXECUTIVE. Executive represents and warrants that he is free to enter into this Agreement and to perform
the duties required hereunder, and that there are no employment contracts or understandings, restrictive covenants or other restrictions,
whether written or oral, preventing or hindering the performance of his duties hereunder.

 

9.            NON-COMPETITION.
(a) In view of the unique and valuable services expected to be rendered by Executive to the Company, Executive’s knowledge
of the trade secrets and other proprietary information relating to the business of the Company and the Company and in consideration
of the compensation to be received hereunder, Executive agrees that, during his employment by the Company and during the longer
of (i) any applicable Severance Period and (ii) 12 months following termination of Executive’s employment for any reason
(such longer period, the “Non-Competition Period”), Executive will not, whether for compensation or without
compensation, directly or indirectly, as an owner, principal, partner, member, shareholder, independent contractor, consultant,
joint venturer, investor, licensor, lender or in any other capacity whatsoever, alone, or in association with any other person
or entity, carry on, be engaged or take part in, or render services (other than services which are generally offered to third parties)
or advice to, own, share in the earnings of, invest in the stocks, bonds or other securities of, or otherwise become financially
interested in, any person or entity engaged in the business of owning, operating, or managing any gaming, gambling, pari-mutuel,
wagering, thoroughbred or dog racing, video lottery terminal, or lottery-related enterprise or facility or any additional business
activities undertaken by the Company (or any of its subsidiaries) or proposed to be undertaken by the Company (or any of its subsidiaries)
and related services (collectively, the “Company Business”) anywhere in the states of Connecticut, Colorado,
Delaware, Rhode Island, New Hampshire, Mississippi or Massachusetts, or within 100 miles of any location or facility where the
Company (or any of its subsidiaries) is engaged in or undertaking, or proposing to engage in or undertake, any Company Business;
provided, however, that nothing herein will prevent Executive from working in a banking institution so long as Executive
does not render any advice to a person or entity with respect to any asset-based transactions, including acquisition financing,
project-based financing and developmental loans, in each case, as it relates to the Company Business. The record or beneficial
ownership by Executive of up to 1% of any class of securities of any corporation whose securities are publicly traded on a national
securities exchange or in the over-the-counter market will not of itself constitute a breach hereunder.

 

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(b)          Executive
will not, directly or indirectly, during his employment by the Company or during the Non-Competition Period, alone, or in association
with any other person or entity, request or cause any suppliers or customers with whom the Company, or its subsidiaries or affiliates
(collectively, the “Company Group”) has a business relationship, to cancel or terminate any such business relationship
with any member of the Company Group or solicit, interfere with, entice from or hire from any member of the Company Group any employee
or other service provider (or former employee or other former service provider) of any member of the Company Group.

 

(c)          At
no time after the termination of Executive’s employment for any reason will Executive utter, issue or circulate publicly
any false or disparaging statements, remarks or rumors about any member of the Company Group and/or any of their respective businesses,
or any of their respective officers, employees, directors, agents or representatives. At no time after the termination of Executive’s
employment for any reason will the Company, by press release or other formally released announcement, make any disparaging statements
about Executive. Notwithstanding the foregoing, statements made in administrative, judicial or arbitral proceedings (including
depositions in connection with such proceedings) will not be subject to this Section 9(c).

 

(d)          If
any portion of the restrictions set forth in this Section 9 is, for any reason whatsoever, declared invalid by a court of
competent jurisdiction, the validity or enforceability of the remainder of such restrictions will not thereby be adversely affected.

 

(e)          Executive
acknowledges that the territorial and time limitations set forth in this Section 9 are reasonable and properly required
for the adequate protection of the business of the Company Group. Executive hereby waives, to the extent permitted by law, any
and all right to contest the validity of this Section 9 on the ground of reasonableness or the breadth of its geographic
or product and service coverage or length of term. In the event any such territorial or time limitation is deemed to be unreasonable
by a court of competent jurisdiction, Executive agrees to the reduction of the territorial or time limitation to the area or period
which such court will deem reasonable.

 

(f)           The
existence of any claim or cause of action by Executive against the Company, or any other member of the Company Group will not constitute
a defense to the enforcement by the Company Group of the foregoing restrictive covenants, but such claim or cause of action will
be litigated separately.

 

10.          INVENTIONS
AND DISCOVERIES. (a) Executive will promptly and fully disclose to the Company, and provide the Company with all necessary
detail for a complete understanding of, all developments, know-how, discoveries, inventions, improvements, concepts, ideas, writings,
formulae, processes and methods (whether copyrightable, patentable or otherwise) made, received, conceived, developed, acquired
or written during working hours, or otherwise, by Executive (whether or not at the request or upon the suggestion of the Company)
during the Term, solely or jointly with others or relating to any current or proposed business or activities of the Company Group
known to him as a consequence of his employment or the rendering of advisory and consulting services hereunder (collectively, the
“Subject Matter”).

 

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(b)          Executive
hereby assigns and transfers, and agrees to assign and transfer, to the Company or its designee all his rights, title and interest
in and to the Subject Matter, and Executive further agrees to deliver to the Company or its designee any and all drawings, notes,
specifications and data relating to the Subject Matter and to execute, acknowledge and deliver all such further papers, including
applications for trademarks, copyrights or patents, as may be necessary to obtain trademarks, copyrights and patents for any thereof
in any and all countries and to vest title thereto in the Company. Executive will assist the Company in obtaining such trademarks,
copyrights or patents during the Term, and any time thereafter, on reasonable notice and at mutually convenient times, and Executive
agrees to testify in any prosecution or litigation involving any of the Subject Matter; provided, however, that,
following the Non-Competition Period, Executive will be reasonably compensated for his time and reimbursed for his reasonable out-of-pocket
expenses incurred in rendering such assistance or giving or preparing to give such testimony.

 

11.          NON-DISCLOSURE
OF CONFIDENTIAL INFORMATION. (a) Executive will not, during the Term, or at any time following expiration or termination of
this Agreement, directly or indirectly, disclose or permit to be disclosed, other than as is required in the regular and proper
course of his duties hereunder (including required disclosures to the Company’s advisors and consultants) or as is required
by law (in which case Executive will give the Company prior written notice of such required disclosure as soon as possible and
will make the most minimal disclosure required), or with the prior written consent of the Board, to any person, firm, corporation
or other entity, any confidential information acquired by him during the course of, or as an incident to, his employment with the
Company Group, relating to the Company Group, any client of the Company Group, or any corporation, partnership or other entity
owned or controlled, directly or indirectly, by any of the foregoing, or in which any of the foregoing has a beneficial interest,
including the business affairs of each of the foregoing. Such confidential information will include proprietary technology, trade
secrets, patented processes, research and development data, know-how, market studies and forecasts, competitive analyses, pricing
policies, employee lists, personnel policies, the substance of agreements with customers, suppliers and others, marketing or dealership
arrangements, servicing and training programs and arrangements, customer lists, patron data and any other documents embodying such
confidential information. This confidentiality obligation will not apply to any confidential information which becomes publicly
available from sources unrelated to the Company Group and without Executive’s direct or indirect involvement.

 

(b)          All
information and documents relating to the Company Group as hereinabove described (or their business affairs) will be the exclusive
property of the Company, and Executive will use his best efforts to prevent any publication or disclosure thereof. Upon termination
of Executive’s employment with the Company, all documents, records, reports, writings and other similar documents containing
confidential information, including copies thereof, then in Executive’s possession or control will be returned and left with
the Company.

 

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12.          SPECIFIC
PERFORMANCE. Executive agrees that if he breaches, or threatens to commit a breach of, any of the provisions of Sections
9, 10 or 11 (the “Restrictive Covenants”), the Company will have, in addition to, and not
in lieu of, any other rights and remedies available under law and in equity, the right to injunctive relief and/or to have the
Restrictive Covenants specifically enforced by a court of competent jurisdiction, without the posting of any bond or other security,
it being agreed that any breach or threatened breach of the Restrictive Covenants would cause irreparable injury to the Company
or any of its subsidiaries and that money damages would not provide an adequate remedy. Notwithstanding the foregoing, nothing
herein will constitute a waiver by Executive of his right to contest whether a breach or threatened breach of any Restrictive Covenant
has occurred. Executive will, and the Company may, inform any future employer of the Restrictive Covenants and provide such employer
with a copy thereof, prior to the commencement of that employment (or, in the Company’s case, at any time thereafter).

 

13.          INDEMNIFICATION.
During Executive’s employment by the Company, Executive will be indemnified and held harmless for his activities as a director
and officer, as applicable, to the full extent provided under the Certificate of Incorporation and/or By-Laws of the Company.

 

14.          LIABILITY
INSURANCE. During Executive’s employment by the Company, the Company will cover Executive under directors’ and
officers’ liability insurance in the same amount and to the same extent as the Company covers its other directors and executive
employees.

 

15.          AMENDMENT
OR ALTERATION. No amendment or alteration of the terms of this Agreement will be valid unless made in writing and signed by
both of the Parties hereto.

 

16.          GOVERNING
LAW. This Agreement will be governed by and construed in accordance with the laws of the State of Delaware applicable to agreements
made and to be performed therein. The Parties hereto consent to the exclusive jurisdiction of all state and federal courts located
in Wilmington, Delaware, as well as to the jurisdiction of all courts of which an appeal may be taken from such courts, for the
purpose of any suit, action or other proceeding arising out of, or in connection with, this Agreement or that otherwise arises
out of the employment relationship. Each of the Parties agrees that a final and non-appealable judgment in any action so brought
will be conclusive and may be enforced by suit on the judgment in any jurisdiction within or outside the United States or in any
other manner provided in law or in equity. Each Party hereby expressly waives (a) any and all rights to bring any suit, action
or other proceeding in or before any court or tribunal other than the courts described above, and covenants that it will not seek
in any manner to resolve any dispute other than as set forth in this paragraph, and (b) any and all objections either may have
to venue, including the inconvenience of such forum, in any of such courts. In addition, each Party consents to the service of
process by personal service or any manner in which notices may be delivered hereunder in accordance with this Agreement. Notwithstanding
the foregoing, no claim or controversy for injunctive or equitable relief contemplated by or allowed under applicable law pursuant
to Sections 9, 10, 11 or 12 will be subject to the limitations in this Section 16.

 

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17.          SEVERABILITY.
The holding of any provision of this Agreement to be invalid or unenforceable by a court of competent jurisdiction will not affect
any other provision of this Agreement, which will remain in full force and effect.

 

18.          WITHHOLDING.
The Company may deduct and withhold from the payments to be made to Executive hereunder any amounts required to be deducted and
withheld under the provisions of any applicable statute, law, regulation or ordinance now or hereafter enacted, or as otherwise
authorized by Executive in writing.

 

19.          SECTION
409A. The Parties intend that any amounts payable under this Agreement, and the Company’s and Executive’s exercise
of authority or discretion hereunder, comply with the provisions of Section 409A of the Code (“Section 409A”).
To the extent Executive would otherwise be entitled to any payment under this Agreement, or any plan or arrangement of the Company
Group, that constitutes a “deferral of compensation” subject to Section 409A and that if paid during the six months
beginning on the date of termination of Executive’s employment would be subject to the Section 409A additional tax because
Executive is a “specified employee” (within the meaning of Section 409A and as determined by the Company), the payment
will be paid to Executive on the earlier of (a) the six-month anniversary of his date of termination and (b) on the date
of his death. To the extent Executive would otherwise be entitled to any benefit (other than a payment) during the six months beginning
on termination of Executive’s employment that would be subject to the Section 409A additional tax, the benefit will be delayed
and will begin being provided on the earlier of (a) the first day following the six-month anniversary of Executive’s
date of termination and (b) on the date of his death. Any payment or benefit due upon a termination of employment that represents
a “deferral of compensation” within the meaning of Section 409A will be paid or provided only upon a “separation
from service” as defined in Treas. Reg. § 1.409A-1(h). Each payment made under this Agreement will be deemed to
be a separate payment for purposes of Section 409A. Amounts payable under this Agreement will be deemed not to be a “deferral
of compensation” subject to Section 409A to the extent provided in the exceptions in Treas. Reg. § 1.409A-1(b)(4)
(“short-term deferrals”) and (b)(9) (“separation pay plans,” including the exception under subparagraph
(iii)) and other applicable provisions of Treas. Reg. §§ 1.409A-1 through A-6. With respect to any amount of expenses
eligible for reimbursement or the provision of any in-kind benefits under this Agreement, to the extent such payment or benefit
would be considered deferred compensation under Section 409A or is required to be included in Executive’s gross income for
federal income tax purposes, such expenses (including expenses associated with in-kind benefits) will be reimbursed no later than
December 31st of the year following the year in which Executive incurs the related expenses. In no event will the reimbursements
or in-kind benefits to be provided by the Company in one taxable year affect the amount of reimbursements or in-kind benefits to
be provided in any other taxable year, nor will Executive’s right to reimbursement or in-kind benefits be subject to liquidation
or exchange for another benefit. Notwithstanding anything herein to the contrary, no particular tax result for Executive with respect
to any income recognized by Executive in connection with this Agreement is guaranteed, and Executive will be responsible for any
and all income taxes due with respect to the arrangements contemplated by this Agreement (including Section 4(b)).

 

    	 	- 11 -	 

     

    

 

20.          ADDITIONAL
COMPANY COVENANTS. The Company will use commercially reasonable efforts to seek shareholder approval of the Payments (as herein
defined) provided for in this Agreement in a manner intended to satisfy requirements of the “shareholder approval”
exception to Section 280G of the Code so as to exempt the Payments from any Excise Tax (as herein defined), but only in the event
that Executive first unconditionally waives his right to receive or retain such Payments. For purposes of this Section 20,
(a) “Excise Tax” means the excise tax imposed by Section 4999 of the Code, together with any interest
or penalties imposed with respect to such excise tax and (b) “Payment” means any payment or distribution
in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of Executive, whether
paid or payable pursuant to this Agreement or otherwise. The Parties hereto agree to work in good faith in order to mitigate the
potential impact of the Excise Tax on Executive, including entering into all acceptable non-competition agreements. Subject to
the foregoing provisions of this Section 20, in the event that the Company determines (after consulting with an independent
accounting or compensation consulting company) that any Payment would subject Executive to the Excise Tax, then the Payments will
be reduced to the extent necessary so that no portion thereof is subject to the Excise Tax.

 

21.          NOTICES.
All notices and other communications required or permitted hereunder will be in writing and will be deemed given when delivered
(a) personally, (b) by email or facsimile with evidence of completed transmission, or (c) delivered by overnight courier to
the Party concerned at the address indicated below or to such changed address as such Party may subsequently give such notice of:

 

	If to the Company:	Twin River Worldwide Holdings, Inc.
	 	100 Twin River Road
	 	Lincoln, RI 02865
	 	Attention:  Chairman of the Board
	 	Fax:  401-727-4770
	 	 
	If to Executive:	Executive’s most recent home address, as set 
	 	forth in the employment records of the Company

 

22.          COUNTERPARTS
AND FACSIMILE SIGNATURES. This Agreement may be signed in counterparts with the same effect as if the signatures to each counterpart
were upon a single instrument, and all such counterparts together will be deemed an original of this Agreement. For purposes of
this Agreement, a facsimile copy of a Party’s signature will be sufficient to bind such Party.

 

    	 	- 12 -	 

     

    

 

23.          WAIVER
OR BREACH. It is agreed that a waiver by either Party of a breach of any provision of this Agreement will not operate, or be
construed, as a waiver of any subsequent breach by that same Party.

 

24.          ENTIRE
AGREEMENT AND BINDING EFFECT. This Agreement contains the entire agreement of the Parties with respect to the subject matter
hereof, supersedes all prior and contemporaneous agreements, both written and oral, between the Parties with respect to the subject
matter hereof (including any employment agreement previously entered into by the Company (or any of its subsidiaries) and Executive).
This Agreement will be binding upon and inure to the benefit of the Parties hereto and their respective legal representatives,
heirs, distributors, successors and assigns; provided, however, that Executive will not be entitled to assign or
delegate any of his rights or obligations hereunder without the prior written consent of the Company. It is intended that Sections 9, 10,
11 and 12 benefit each of the Company and each other member of the Company Group, each of which is entitled to enforce
the provisions of Sections 9, 10, 11 and 12 and is deemed to be an intended third-party
beneficiary of this Agreement.

 

25.          SURVIVAL.
The obligations of any of the Parties under this Agreement which by their nature may require either partial or total performance
after the expiration or termination of the Term or this Agreement (including those under Sections 9, 10,
11 and 12) will survive any termination or expiration of this Agreement.

 

26.          FURTHER
ASSURANCES. The Parties agree to execute and deliver all such further documents, agreements and instruments and take such other
and further action as may be necessary or appropriate to carry out the purposes and intent of this Agreement.

 

27.          CONSTRUCTION
OF AGREEMENT. No provision of this Agreement or any related document will be construed against or interpreted to the disadvantage
of any Party by any court or other governmental or judicial authority by reason of such Party having or being deemed to have structured
or drafted such provision. Unless otherwise indicated, any reference to a “Section” means a Section of this Agreement.
The word “including” (in its various forms) means including without limitation. All references in this Agreement to
“days” refer to “calendar days” unless otherwise specified. The word “Parties” means the Company
and the Executive. To the extent requested by the Company, the Executive will perform the duties herein contemplated for the benefit
of Twin River Management Group, Inc. (“TRMG”), a subsidiary of the Company, and in such event TRMG will discharge
all of the Company’s payments and related obligations hereunder. The term “Company Group” means the Company and
its subsidiaries.

 

    	 	- 13 -	 

     

    

 

28.          HEADINGS.
The Section headings appearing in this Agreement are for the purposes of easy reference and will not be considered a part of this
Agreement or in any way modify, demand or affect its provisions.

 

IN WITNESS WHEREOF, the Parties hereto have
executed this Agreement on the respective dates set forth below.

 

	 	TWIN RIVER WORLDWIDE HOLDINGS

 

		By:	/s/ Craig Eaton

	 	Name:  Craig Eaton
	 	Title:     Senior Vice President
	 	 
	 	Date signed:  December 28, 2018
	 	 
	 	/s/ Stephen H. Capp
	 	Name:  Stephen H. Capp
	 	 
	 	Date signed:  December 27, 2018

 

    	 	- 14 -Exhibit 10.33

 

Execution Version

 

EMPLOYMENT
AGREEMENT

 

This EMPLOYMENT AGREEMENT
(this “Agreement”) is effective as of March 29, 2016 (the “Effective Date”), by and between
Twin River Management Group, Inc., a Delaware corporation (“TRMG”), and Glenn Carlin (“Executive”).

 

WITNESSETH:

 

WHEREAS, TRMG is the
parent company of UTGR, Inc., a Delaware corporation (the “Company”);

 

WHEREAS, the Company
operates the gaming facility doing business as Twin River, located at 100 Twin River Road, Lincoln, Rhode Island (the “Facility”);

 

WHEREAS, Executive
is employed by TRMG; and

 

WHEREAS, TRMG desires
to continue to employ Executive, and Executive desires to continue such employment, upon the terms and subject to the conditions
herein set forth.

 

NOW, THEREFORE, in
consideration of the premises and the mutual promises, representations and covenants contained herein, the parties hereto agree
as follows:

 

1.          EMPLOYMENT.
TRMG hereby employs Executive, and Executive hereby accepts such employment, subject to the terms and conditions set forth herein.
Executive will hold the office of Executive Vice President, Corporate Development and Chief Financial Officer of TRMG (the “Position”)
and will report directly to TRMG’s Chief Executive Officer or his designee (the “CEO”).

 

2.          TERM.
The initial term of employment under this Agreement will begin on the Effective Date and will continue until December 31, 2018,
subject to prior termination in accordance with the terms hereof (the “Initial Term”). The Initial Term will
be automatically extended for successive additional terms of one year first commencing on the day immediately following the end
of the Initial Term (each such period, an “Additional Term”), and subsequently on each annual anniversary of
the end of an Additional Term, unless either party gives written notice to the other party of non-extension at least 60 days prior
to the end of the Initial Term or to the end of the then-applicable Additional Term (the Initial Term and any Additional Term(s),
collectively, the “Term”).

 

3.          COMPENSATION.
(a) During the Term, TRMG will pay to Executive, in equal installments in accordance with TRMG’s regular payroll practice,
an annual base salary of $525,000, which amount may be reviewed in December of each applicable year at the discretion of the Board
of Directors of TRMG or the Board of Directors of Twin River Worldwide Holdings, Inc. (each, as applicable, the “Board”)
(as in effect from time to time, the “Base Salary”). If applicable, any adjustment in Executive’s Base
Salary will take effect on January 1 of the year immediately following the December salary review period.

 

    	 	1	 

    

    

 

(b)          Executive
will be eligible to receive an annual cash performance bonus (an “Annual Bonus”) in respect of each calendar
year that ends during the Term, based on performance against performance criteria. The performance criteria for any particular
calendar year will be approved by the Board. Such performance criteria may, at the discretion of the Board, include factors and
considerations not directly related to TRMG’s or the Company’s financial performance. Executive’s Annual Bonus
for a calendar year will equal $335,000 if the target levels of performance criteria established by the Board for that year, including
financial considerations, and, as applicable, non-financial considerations, are achieved to the satisfaction of the Board, with
greater or lesser amounts paid for performance above and below the target level (such greater or lesser amounts to be determined
based on criteria or a formula established by the Board), and with no amount payable for performance below a threshold level of
performance established by the Board. Executive’s Annual Bonus for a bonus period will be determined by the Board after the
end of the applicable bonus period and, if such Annual Bonus is awarded, will be paid in the fiscal year following the fiscal year
to which such Annual Bonus relates at such time as Annual Bonuses are paid to other senior executives of TRMG generally, but in
any event within 30 days following the completion of the audit of the Company’s books and records by the Company’s
auditors in respect of such fiscal year; provided that Executive remains employed by TRMG or the Company at the time of payment.
Notwithstanding the foregoing, if this Agreement is not renewed or the Term is not extended and Executive is employed by TRMG or
the Company on the last day of the then-applicable Term, Executive’s Annual Bonus for the year in which the Term expires
will be pro-rated (determined by multiplying the Annual Bonus otherwise payable to Executive for such year by a fraction equal
to (i) the number of days Executive was employed by TRMG during the applicable performance period, divided by (ii) the total number
of days in the applicable performance period), and in each case will be paid in the fiscal year following the fiscal year to which
such Annual Bonus relates at such time as Annual Bonuses are paid to other senior executives of TRMG generally.

 

4.          EXPENSES.
(a) TRMG will reimburse Executive, upon presentment of suitable receipts, vouchers and completed expense reports, for all reasonable
business expenses which may be incurred by Executive in connection with his employment hereunder during the Term in accordance
with TRMG policy. Executive will comply with such restrictions and will keep such records as TRMG may deem necessary to meet the
requirements of the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated thereunder (the
“Code”).

 

(b)          The
parties acknowledge that Executive’s job responsibilities require living accommodations in close proximity to the Facility.
As such, during the Term (and prior to any relocation of Executive’s permanent residence to the vicinity of the Facility),
unless and until TRMG has provided Executive with three months’ prior written notice of cessation (an “Apartment
Cessation Notice”), TRMG will provide Executive with an unfurnished apartment in the vicinity of the Facility (the “Apartment”),
the aggregate value of which will be approximately $3,000 per month, including utility costs (as determined by the CEO or the Chairman
of the Board (the “Chairman”)). The Apartment will be (i) in close proximity to the Facility; (ii) for the convenience
of TRMG and the Company; and (iii) required as a condition of employment. Executive will vacate the Apartment upon the earlier
of (1) the three- month anniversary of TRMG’s delivery to Executive of an Apartment Cessation Notice, (2) the 30th day following
Executive’s termination of employment, or (3) the 30th day following the end of the Term; provided that Executive will be
responsible for any and all costs and expenses incurred by the Company Group (as herein defined) if Executive fails to vacate the
Apartment in accordance herewith. During the Term and while Executive retains the Apartment, TRMG will reimburse Executive for
reasonable travel costs incurred by Executive between the Apartment and his home in New York by Amtrak or Acela; provided that
(A) all such reimbursement will be provided only in accordance with Section 4(a) and (B) no reimbursement will be provided
for meals during Executive’s travel unless such meals are otherwise reimbursable in accordance with TRMG policy and Section
4(a). In the event that, during the Term, Executive relocates his primary residence from New York to the vicinity of the Facility,
TRMG will reimburse Executive, in accordance with Section 4(a), for the reasonable cost (as determined by the CEO or the
Chairman) of the transport of Executive’s household goods from Executive’s prior permanent residence in New York to
his new permanent residence in the vicinity of the Facility.

 

    	 	2	 

    

    

 

5.          OTHER
BENEFITS. During the Term, Executive will be eligible for five weeks of paid vacation per full calendar year (pro-rated for partial
years during the Term), and will be eligible to participate in such benefit plans and arrangements and to receive any other benefits
customarily provided by TRMG to its management personnel (the “Benefit Plans”). Unused vacation in any calendar
year may not be carried over to any subsequent calendar year (or partial portions thereof).

 

6.          DUTIES.
(a) Executive will perform such duties and functions as the CEO may assign to him, consistent with his Position, including any
duties or functions with or for any member of the Company Group. Executive will comply in the performance of his duties with the
policies of TRMG and the Company.

 

(b)          During
the Term, Executive will devote all of his business time and attention to the business of TRMG and the Company, as necessary to
fulfill his duties; provided that the foregoing will not prevent Executive from (i) serving on the boards of directors of non-profit
organizations and, subject to the approval of the Board, other for-profit companies; (ii) participating in charitable, civic, educational,
professional, community or industry affairs; (iii) managing Executive’s passive personal investments; and (iv) serving on
the board of directors of FelCor Lodging Trust, so long as all such activities in the aggregate do not interfere or conflict with
Executive’s duties hereunder or create a potential business or fiduciary conflict.

 

(c)          Executive
will perform the duties assigned to him with fidelity and to the best of his ability.

 

(d)          Executive
agrees that, at all times during the Term, he will obtain and maintain, in full force and effect, any and all licenses, permits
and work authorizations in respect of the Facility that may be required by any government authority or agency to enable him to
properly work and perform the duties of his Position.

 

    	 	3	 

    

    

 

7.          TERMINATION
OF EMPLOYMENT: EFFECT OF TERMINATION OF EMPLOYMENT. (a) Executive’s employment hereunder will terminate upon the first to
occur of the following:

 

(i)          in
accordance with the terms of Section 7(f) upon written notice to Executive upon the determination by TRMG that Executive’s
employment will be terminated for any reason which would not constitute Justifiable Cause (as herein defined);

 

(ii)         upon
written notice to Executive upon the determination by TRMG that there is Justifiable Cause for such termination;

 

(iii)        automatically
upon the death of Executive;

 

(iv)        in
accordance with the terms of Section 7(e) upon the Disability (as herein defined) of Executive;

 

(v)         in
accordance with the terms of Section 7(f) upon Executive’s notice to TRMG of Executive’s determination to voluntarily
terminate his employment for Good Reason (as herein defined); or

 

(vi)        upon
30 days’ prior written notice by Executive to TRMG of Executive’s voluntary termination of employment without Good
Reason.

 

(b)          For
the purposes of this Agreement:

 

(i)          “Change-In-Control”
means a Change in Control pursuant to the Twin River Worldwide Holdings, Inc. 2015 Stock Incentive Plan (as in effect as of the
Effective Date).

 

(ii)         “Disability”
means the inability of Executive, due to illness, accident or any other physical or mental incapacity, substantially to perform
the material and essential functions of his duties for a period exceeding a total of 13 weeks (whether or not consecutive) in any
12-month period, as reasonably determined by TRMG in good faith, with a reasonable accommodation (as defined under applicable law).

 

(iii)        “Good
Reason” means, without Executive’s consent,

 

(1)         a
material diminution in Executive’s Base Salary, other than a general reduction in Base Salary that affects all similarly
situated executives of TRMG in substantially the same proportion;

 

(2)         a
material diminution in Executive’s responsibilities to the Company (other than temporarily while Executive is physically
or mentally incapacitated or as required by applicable law); or

 

(3)         a
relocation of Executive’s principal place of employment such that the distance between Executive’s primary residence
as of such relocation and Executive’s principal place of employment is increased by more than 50 miles;

 

    	 	4	 

    

    

 

provided, however, that the
foregoing conditions will constitute Good Reason only if (A) Executive provides written notice to TRMG within 45 days of the
initial existence of the condition(s) constituting Good Reason and (B) both TRMG and the Company fail to cure such condition(s)
within 60 days after receipt from Executive of such notice; and provided further, that Good Reason will cease to exist with
respect to a condition six months following the initial existence of such condition;

 

(iv)        “Justifiable
Cause” means:

 

(1)         Executive’s
continued failure or refusal to perform his duties pursuant to this Agreement after notice from TRMG which, if curable, is not
cured within ten business days of Executive’s receipt of written notice thereof from TRMG;

 

(2)         Executive’s
material breach of this Agreement which, if curable, is not cured within ten business days of Executive’s receipt of written
notice thereof from TRMG;

 

(3)         Executive’s
indictment for, conviction of or plea of guilty or nolo contendere to any crime involving moral turpitude or any felony;

 

(4)         Executive’s
performance of any act, or his failure to act, which constitutes, in the reasonable good faith determination of TRMG, dishonesty
or fraud, including misappropriation of funds or a misrepresentation of the operating results or financial condition of TRMG or
the Company to the Board or to any executive of TRMG or the Company;

 

(5)         Executive’s
illegal use of controlled substances;

 

(6)         the
revocation, loss, or non-renewal of Executive’s personal gaming license; or

 

(7)         any
act or omission by Executive involving malfeasance or gross negligence in the performance of Executive’s duties; and

 

(c)          Upon
termination of Executive’s employment by TRMG for Justifiable Cause, Executive will not be entitled to any amounts or benefits
hereunder, other than such unpaid portion of Executive’s Base Salary and reimbursement of expenses pursuant to Section
4 as have been accrued through the date of his termination of employment, which amounts will be paid as soon as reasonably
practicable following the termination date (collectively, the “Accrued Amounts”).

 

(d)          If
Executive should die during the Term, this Agreement will terminate immediately. In such event, Executive’s estate will thereupon
be entitled to receive (i) any Accrued Amounts and (ii) a pro-rata portion of the Annual Bonus (determined by multiplying the Annual
Bonus otherwise payable to Executive for the year in which his termination of employment occurred by a fraction equal to (1) the
number of days Executive was employed by TRMG during the applicable performance period, divided by (2) the total number of days
in the applicable performance period), payable when Annual Bonuses for the applicable performance period are paid to other senior
executives of TRMG generally, but in no event later than 21⁄2 months following the calendar year of Executive’s termination
(a “Pro-Rata Bonus”). Executive’s estate also will be entitled to any accrued amounts or benefits payable
under the terms of the Benefit Plans.

 

    	 	5	 

    

    

 

(e)          Upon
a finding by TRMG of Executive’s Disability in accordance with Section 7(b), TRMG will have the right to terminate
Executive’s employment. Any termination of Executive’s employment pursuant to this Section 7(e) will be effective
on the date 30 days after the date on which TRMG notifies Executive of TRMG’s election to terminate. In such event, Executive
will thereupon be entitled to receive any Accrued Amounts and a Pro-Rata Bonus for the year in which his termination of employment
occurred. Executive will also be entitled to any accrued amounts or benefits payable under the terms of the Benefit Plans.

 

(f)          (i)          Termination
Without Justifiable Cause or for Good Reason. Except as otherwise set forth in Section 7(f)(ii), in the event that Executive’s
employment is terminated during the Term by (1) TRMG without Justifiable Cause (other than due to Executive’s death or Disability)
or (2) Executive for Good Reason, in addition to any Accrued Amounts, subject to Section 7(f)(iii), (A) Executive will be
entitled to receive, to the extent earned but not yet paid, Executive’s Annual Bonus for the year prior to the year in which
his termination of employment occurred (which, for purposes of this Section 7(f)(i), will be deemed to be earned if Executive
remained employed by TRMG through the end of the fiscal year to which such Annual Bonus relates); (B) Executive will be entitled
to receive a Pro-Rata Bonus for the year in which his termination of employment occurred; and (C) TRMG will continue to pay Executive
his Base Salary for the longer of (y) the amount of time remaining in the Term and (z) 12 months (such longer period, the “Severance
Period”). In addition, during the Severance Period, Executive will continue to be eligible to participate in TRMG’s
group health and dental plans at active employee rates (any such period of additional coverage will not count against the period
of time Executive is eligible to receive continuation coverage benefits under the Consolidated Omnibus Budget Reconciliation Act
of 1985, as amended (“COBRA”)), provided that such medical and dental coverage and participation is permitted
under the terms of the applicable plans. If such coverage is not permitted under the terms of the applicable plans and Executive
elects COBRA continuation coverage, TRMG will pay Executive’s COBRA premiums until such time as Executive ceases to be eligible
for, or no longer elects, COBRA continuation coverage (but in no event longer than the end of the Severance Period). The payments
and benefits set forth in this Section 7(f)(i) will be in lieu of any and all other payments due and owing to Executive
under the terms of this Agreement (other than any accrued amounts or benefits payable under the Benefit Plans).

 

(ii)         Change-In-Control.
In the event that, during the Term and within 12 months following a Change-In-Control, Executive’s employment is terminated
by (1) TRMG without Justifiable Cause (other than due to Executive’s death or Disability) or (2) Executive for Good Reason,
subject to Section 7(f)(iii). Executive will be entitled to all the payments and benefits set forth in Section 7(f)(i),
except that the Severance Period will instead equal the greater of (A) the amount of time remaining in the Term and (B) 24 months.
The payments and benefits set forth in this Section 7(f)(ii) will be in lieu of any and all other payments due and owing
to Executive under the terms of this Agreement (other than any accrued amounts or benefits payable under the Benefit Plans).

 

    	 	6	 

    

    

 

(iii)        Release
Requirement. The payments and benefits payable pursuant to Section 7(f)(i) or 7(f)(ii), as applicable, other than
any Accrued Amounts, are collectively referred to as the “Severance Payments.” Notwithstanding anything herein
to the contrary, TRMG’s obligation to make or pay any portion of any Severance Payment is conditional upon (1) within 60
days following Executive’s termination of employment, Executive delivering to TRMG a valid and effective separation and general
release agreement in favor of TRMG and the Company, waiving all claims against TRMG and the Company, in a form and substance acceptable
to TRMG and the Company, with all periods for revocation therein having expired; and (2) Executive’s compliance with his
obligations under Sections 9, 10, 11 and 12. Subject to the preceding sentence, any Severance Payments
due hereunder, other than any Pro-Rata Bonus, will commence with TRMG’s first regularly scheduled payroll date upon or following
the 60th day after Executive’s termination of employment (the “Severance Payment Commencement Date”),
with any such Severance Payments that would otherwise have been payable prior to the Severance Payment Commencement Date but for
this sentence instead being accumulated (without interest) and paid on the Severance Payment Commencement Date.

 

(g)          Upon
Executive’s voluntary termination of his employment hereunder without Good Reason, or in the event that Executive’s
employment is terminated upon or following the expiration of the Term, this Agreement (subject to Section 25) will terminate.
Executive will be entitled to (i) any Accrued Amounts and (ii) continue to participate in the Benefit Plans to the extent participation
by former employees is required by law, with the expense of such participation to be as specified in such plans for former employees.
Executive will also be entitled to any accrued amounts or benefits payable under the terms of the Benefit Plans.

 

(h)          Upon
TRMG giving notice of termination pursuant to Section 7(a)(i), 7(a)(ii) or 7(a)(iii) or Executive giving notice of
termination pursuant to Section 7(a)(v) or 7(a)(vi), TRMG may require that Executive immediately leave TRMG’s
and the Company’s premises and cease reporting to work, but such requirement will not affect the effective date of termination
of employment or any other amounts payable pursuant to this Section 7.

 

(i)           Following
the termination of Executive’s employment for any reason, if and to the extent requested by the Board, Executive agrees to
resign from the Board, all fiduciary positions (including as trustee) and all other offices and positions Executive holds with
the Company Group; provided, however, that if Executive refuses to tender Executive’s resignation after the
Board has made such request, then the Board will be empowered to remove Executive from such offices and positions.

 

    	 	7	 

    

    

 

8.          REPRESENTATIONS
AND AGREEMENTS OF EXECUTIVE. Executive represents and warrants that he is free to enter into this Agreement and to perform the
duties required hereunder, and that there are no employment contracts or understandings, restrictive covenants or other restrictions,
whether written or oral, preventing or hindering the performance of his duties hereunder.

 

9.          NON-COMPETITION.
(a) In view of the unique and valuable services expected to be rendered by Executive to TRMG and the Company, Executive’s
knowledge of the trade secrets and other proprietary information relating to the business of TRMG and the Company and in consideration
of the compensation to be received hereunder, Executive agrees that, during his employment by TRMG and during the longer of (i)
any applicable Severance Period or (ii) 12 months following termination of Executive’s employment for any reason (as applicable,
the “Non-Competition Period”), Executive will not, whether for compensation or without compensation, directly
or indirectly, as an owner, principal, partner, member, shareholder, independent contractor, consultant, joint venturer, investor,
licensor, lender or in any other capacity whatsoever, alone, or in association with any other person or entity, carry on, be engaged
or take part in, or render services (other than services which are generally offered to third parties) or advice to, own, share
in the earnings of, invest in the stocks, bonds or other securities of, or otherwise become financially interested in, any person
or entity engaged in the business of owning, operating, or managing any gaming, gambling, pari-mutuel, wagering, thoroughbred or
dog racing, video lottery terminal, or lottery-related enterprise or facility or any additional business activities undertaken
by TRMG or the Company (or any of their subsidiaries) or proposed to be undertaken by TRMG or the Company (or any of their subsidiaries)
and related services (collectively, the “Company Business”) anywhere in the states of Connecticut, Colorado,
Rhode Island, New Hampshire, Mississippi or Massachusetts, or within 100 miles of any location or facility where TRMG or the Company
(or any of their subsidiaries) is engaged in or undertaking, or proposing to engage in or undertake, any Company Business; provided,
however, that nothing herein will prevent Executive from working in a banking institution so long as Executive does not
render any advice to a person or entity with respect to any asset-based transactions, including acquisition financing, project-based
financing and developmental loans, in each case, as it relates to the Company Business. The record or beneficial ownership by Executive
of up to 1% of any class of securities of any corporation whose securities are publicly traded on a national securities exchange
or in the over-the-counter market will not of itself constitute a breach hereunder.

 

(b)          Executive
will not, directly or indirectly, during his employment by TRMG or during the Non-Competition Period, alone, or in association
with any other person or entity, request or cause any suppliers or customers with whom TRMG, the Company, their parent(s), subsidiaries
or affiliates (collectively, the “Company Group”) has a business relationship, to cancel or terminate any such
business relationship with any member of the Company Group or solicit, interfere with, entice from or hire from any member of the
Company Group any employee or other service provider (or former employee or other former service provider) of any member of the
Company Group.

 

(c)          At
no time after the termination of Executive’s employment for any reason will Executive utter, issue or circulate publicly
any false or disparaging statements, remarks or rumors about any member of the Company Group and/or any of their respective businesses,
or any of their respective officers, employees, directors, agents or representatives. At no time after the termination of Executive’s
employment for any reason will TRMG, by press release or other formally released announcement, make any disparaging statements
about Executive. Notwithstanding the foregoing, statements made in the course of sworn testimony in administrative, judicial or
arbitral proceedings (including depositions in connection with such proceedings) will not be subject to this Section 9(c).

 

    	 	8	 

    

    

 

(d)          If
any portion of the restrictions set forth in this Section 9 is, for any reason whatsoever, declared invalid by a court of
competent jurisdiction, the validity or enforceability of the remainder of such restrictions will not thereby be adversely affected.

 

(e)          Executive
acknowledges that the territorial and time limitations set forth in this Section 9 are reasonable and properly required
for the adequate protection of the business of the Company Group. Executive hereby waives, to the extent permitted by law, any
and all right to contest the validity of this Section 9 on the ground of reasonableness or the breadth of its geographic
or product and service coverage or length of term. In the event any such territorial or time limitation is deemed to be unreasonable
by a court of competent jurisdiction, Executive agrees to the reduction of the territorial or time limitation to the area or period
which such court will deem reasonable.

 

(f)          The
existence of any claim or cause of action by Executive against TRMG, the Company or any other member of the Company Group will
not constitute a defense to the enforcement by the Company Group of the foregoing restrictive covenants, but such claim or cause
of action will be litigated separately.

 

10.         INVENTIONS
AND DISCOVERIES. (a) Executive will promptly and fully disclose to TRMG and the Company, with all necessary detail for a complete
understanding of the same, all developments, know-how, discoveries, inventions, improvements, concepts, ideas, writings, formulae,
processes and methods (whether copyrightable, patentable or otherwise) made, received, conceived, developed, acquired or written
during working hours, or otherwise, by Executive (whether or not at the request or upon the suggestion of TRMG or the Company)
during the Term, solely or jointly with others or relating to any current or proposed business or activities of the Company Group
known to him as a consequence of his employment or the rendering of advisory and consulting services hereunder (collectively, the
“Subject Matter”).

 

(b)          Executive
hereby assigns and transfers, and agrees to assign and transfer, to TRMG all his rights, title and interest in and to the Subject
Matter, and Executive further agrees to deliver to TRMG any and all drawings, notes, specifications and data relating to the Subject
Matter, and to execute, acknowledge and deliver all such further papers, including applications for trademarks, copyrights or patents,
as may be necessary to obtain trademarks, copyrights and patents for any thereof in any and all countries and to vest title thereto
in TRMG. Executive will assist TRMG in obtaining such trademarks, copyrights or patents during the Term, and any time thereafter,
on reasonable notice and at mutually convenient times, and Executive agrees to testify in any prosecution or litigation involving
any of the Subject Matter; provided, however, that, following the Non-Competition Period, Executive will be reasonably
compensated for his time and reimbursed for his reasonable out-of-pocket expenses incurred in rendering such assistance or giving
or preparing to give such testimony.

 

    	 	9	 

    

    

 

11.         NON-DISCLOSURE
OF CONFIDENTIAL INFORMATION. (a) Executive will not, during the Term, or at any time following expiration or termination of this
Agreement, directly or indirectly, disclose or permit to be disclosed, other than as is required in the regular and proper course
of his duties hereunder (including required disclosures to TRMG’s advisors and consultants) or as is required by law (in
which case Executive will give TRMG prior written notice of such required disclosure as soon as possible and will make the most
minimal disclosure required), or with the prior written consent of the Board, to any person, firm, corporation or other entity,
any confidential information acquired by him during the course of, or as an incident to, his employment with the Company Group,
relating to the Company Group, any client of the Company Group, or any corporation, partnership or other entity owned or controlled,
directly or indirectly, by any of the foregoing, or in which any of the foregoing has a beneficial interest, including the business
affairs of each of the foregoing. Such confidential information will include proprietary technology, trade secrets, patented processes,
research and development data, know-how, market studies and forecasts, competitive analyses, pricing policies, employee lists,
personnel policies, the substance of agreements with customers, suppliers and others, marketing or dealership arrangements, servicing
and training programs and arrangements, customer lists, patron data and any other documents embodying such confidential information.
This confidentiality obligation will not apply to any confidential information which becomes publicly available from sources unrelated
to the Company Group and without Executive’s direct or indirect involvement.

 

(b)          All
information and documents relating to the Company Group as hereinabove described (or other business affairs) will be the exclusive
property of the Company Group, and Executive will use his best efforts to prevent any publication or disclosure thereof. Upon termination
of Executive’s employment with TRMG, all documents, records, reports, writings and other similar documents containing confidential
information, including copies thereof, then in Executive’s possession or control will be returned and left with TRMG.

 

12.         SPECIFIC
PERFORMANCE. Executive agrees that if he breaches, or threatens to commit a breach of, any of the provisions of Sections 9,
10 or 11 (the “Restrictive Covenants”), TRMG and each other member of the Company Group will have,
in addition to, and not in lieu of, any other rights and remedies available under law and in equity, the right to injunctive relief
and/or to have the Restrictive Covenants specifically enforced by a court of competent jurisdiction, without the posting of any
bond or other security, it being agreed that any breach or threatened breach of the Restrictive Covenants would cause irreparable
injury to the Company Group and that money damages would not provide an adequate remedy. Notwithstanding the foregoing, nothing
herein will constitute a waiver by Executive of his right to contest whether a breach or threatened breach of any Restrictive Covenant
has occurred. Executive will, and TRMG may, inform any future employer of the Restrictive Covenants and provide such employer with
a copy thereof, prior to the commencement of that employment (or, in TRMG’s case, at any time thereafter).

 

13.         INDEMNIFICATION.
During Executive’s employment by TRMG, Executive will be indemnified and held harmless for his activities as a director and
officer, as applicable, to the full extent provided under the Certificate of Incorporation and/or By-Laws of TRMG.

 

    	 	10	 

    

    

 

14.         LIABILITY
INSURANCE. During Executive’s employment by TRMG, TRMG will cover Executive under directors’ and officers’ liability
insurance in the same amount and to the same extent as TRMG covers its other directors and executive employees.

 

15.         AMENDMENT
OR ALTERATION. No amendment or alteration of the terms of this Agreement will be valid unless made in writing and signed by both
of the parties hereto.

 

16.         GOVERNING
LAW. This Agreement will be governed by and construed in accordance with the laws of the State of Rhode Island applicable to agreements
made and to be performed therein. The parties hereto consent to the exclusive jurisdiction of all state and federal courts located
in Providence, Rhode Island, as well as to the jurisdiction of all courts of which an appeal may be taken from such courts, for
the purpose of any suit, action or other proceeding arising out of, or in connection with, this Agreement or that otherwise arises
out of the employment relationship. Each of the parties agrees that a final and non-appealable judgment in any action so brought
will be conclusive and may be enforced by suit on the judgment in any jurisdiction within or outside the United States or in any
other manner provided in law or in equity. Each party hereby expressly waives (a) any and all rights to bring any suit, action
or other proceeding in or before any court or tribunal other than the courts described above, and covenants that it will not seek
in any manner to resolve any dispute other than as set forth in this paragraph, and (b) any and all objections either may have
to venue, including the inconvenience of such forum, in any of such courts. In addition, each party consents to the service of
process by personal service or any manner in which notices may be delivered hereunder in accordance with this Agreement. Notwithstanding
the foregoing, no claim or controversy for injunctive or equitable relief contemplated by or allowed under applicable law pursuant
to Sections 9, 10, 11 or 12 will be subject to the limitations in this Section 16.

 

17.         SEVERABILITY.
The holding of any provision of this Agreement to be invalid or unenforceable by a court of competent jurisdiction will not affect
any other provision of this Agreement, which will remain in full force and effect.

 

18.         WITHHOLDING.
TRMG and/or the Company may deduct and withhold from the payments to be made to Executive hereunder any amounts required to be
deducted and withheld under the provisions of any applicable statute, law, regulation or ordinance now or hereafter enacted, or
as otherwise authorized by Executive in writing.

 

    	 	11	 

    

    

 

19.         SECTION
409A. The Parties intend that any amounts payable under this Agreement, and TRMG’s, the Company’s and Executive’s
exercise of authority or discretion hereunder, comply with the provisions of Section 409A of the Code (“Section 409A”).
To the extent Executive would otherwise be entitled to any payment under this Agreement, or any plan or arrangement of the Company
Group, that constitutes a “deferral of compensation” subject to Section 409A and that if paid during the six months
beginning on the date of termination of Executive’s employment would be subject to the Section 409A additional tax because
Executive is a “specified employee” (within the meaning of Section 409A and as determined by TRMG), the payment will
be paid to Executive on the earlier of the six-month anniversary of his date of termination or on the date of his death. To the
extent Executive would otherwise be entitled to any benefit (other than a payment) during the six months beginning on termination
of Executive’s employment that would be subject to the Section 409A additional tax, the benefit will be delayed and will
begin being provided on the earlier of the first day following the six-month anniversary of Executive’s date of termination
or on the date of his death. Any payment or benefit due upon a termination of employment that represents a “deferral of compensation”
within the meaning of Section 409A will be paid or provided only upon a “separation from service” as defined in Treas.
Reg. § 1.409A-1(h). Each payment made under this Agreement will be deemed to be a separate payment for purposes of Section
409A. Amounts payable under this Agreement will be deemed not to be a “deferral of compensation” subject to Section
409A to the extent provided in the exceptions in Treas. Reg. § 1.409A-1(b)(4) (“short-term deferrals”) and (b)(9)
(“separation pay plans,” including the exception under subparagraph (iii)) and other applicable provisions of Treas.
Reg. §§ 1.409A-1 through A-6. With respect to any amount of expenses eligible for reimbursement or the provision of any
in-kind benefits under this Agreement, to the extent such payment or benefit would be considered deferred compensation under Section
409A or is required to be included in Executive’s gross income for federal income tax purposes, such expenses (including
expenses associated with in-kind benefits) will be reimbursed no later than December 31st of the year following the year in which
Executive incurs the related expenses. In no event will the reimbursements or in-kind benefits to be provided by TRMG or the Company
in one taxable year affect the amount of reimbursements or in-kind benefits to be provided in any other taxable year, nor will
Executive’s right to reimbursement or in- kind benefits be subject to liquidation or exchange for another benefit. Notwithstanding
anything herein to the contrary, no particular tax result for Executive with respect to any income recognized by Executive in connection
with this Agreement is guaranteed, and Executive will be responsible for any and all income taxes due with respect to the arrangements
contemplated by this Agreement (including Section 4(b)).

 

20.         ADDITIONAL
COMPANY COVENANTS. TRMG will use commercially reasonable efforts to seek shareholder approval of the Payments (as herein defined)
provided for in this Agreement in a manner intended to satisfy requirements of the “shareholder approval” exception
to Section 280G of the Code so as to exempt the Payments from any Excise Tax (as herein defined), but only in the event that Executive
first unconditionally waives his right to receive or retain such Payments. For purposes of this Section 20: (a) “Excise
Tax” means the excise tax imposed by Section 4999 of the Code, together with any interest or penalties imposed with respect
to such excise tax and (b) “Payment” means any payment or distribution in the nature of compensation (within
the meaning of Section 280G(b)(2) of the Code) to or for the benefit of Executive, whether paid or payable pursuant to this Agreement
or otherwise. The parties hereto agree to work in good faith in order to mitigate the potential impact of the Excise Tax on Executive,
including entering into all acceptable non-competition agreements. Subject to the foregoing provisions of this Section 20,
in the event that TRMG determines (after consulting with an independent accounting or compensation consulting company) that any
Payment would subject Executive to the Excise Tax, then the Payments will be reduced to the extent necessary so that no portion
thereof is subject to the Excise Tax.

 

21.         NOTICES.
All notices and other communications required or permitted hereunder will be in writing and will be deemed given when delivered
(a) personally, (b) by registered or certified mail, postage prepaid with return receipt requested, (c) by facsimile with evidence
of completed transmission, or (d) delivered by overnight courier to the party concerned at the address indicated below or to such
changed address as such party may subsequently give such notice of:

 

    	 	12	 

    

    

 

	If to the Company:	Twin River Management Group, Inc. 

100 Twin River Road 

Lincoln, RI 02865 

Fax:  401-727-4770
	 	 
	If to Executive:	Executive’s most recent home address, as set forth in the employment records of TRMG

 

22.         COUNTERPARTS
AND FACSIMILE SIGNATURES. This Agreement may be signed in counterparts with the same effect as if the signatures to each counterpart
were upon a single instrument, and all such counterparts together will be deemed an original of this Agreement. For purposes of
this Agreement, a facsimile copy of a party’s signature will be sufficient to bind such party.

 

23.         WAIVER
OR BREACH. It is agreed that a waiver by either party of a breach of any provision of this Agreement will not operate, or be construed,
as a waiver of any subsequent breach by that same party.

 

24.         ENTIRE
AGREEMENT AND BINDING EFFECT. This Agreement contains the entire agreement of the parties with respect to the subject matter hereof,
supersedes all prior and contemporaneous agreements, both written and oral, between the parties with respect to the subject matter
hereof (including any employment agreement previously entered into by TRMG and/or the Company (or any of their respective predecessors)
and Executive). This Agreement will be binding upon and inure to the benefit of the parties hereto and their respective legal representatives,
heirs, distributors, successors and assigns; provided, however, that Executive will not be entitled to assign or
delegate any of his rights or obligations hereunder without the prior written consent of TRMG. It is intended that Sections
9, 10, 11 and 12 benefit each of TRMG, the Company and each other member of the Company Group, each of
which is entitled to enforce the provisions of Sections 9, 10, 11 and 12 and is deemed to be an intended
third-party beneficiary of this Agreement.

 

25.         SURVIVAL.
The obligations of any of the parties under this Agreement which by their nature may require either partial or total performance
after the expiration or termination of the Term or this Agreement (including those under Sections 9, 10, 11
and 12) will survive any termination or expiration of this Agreement.

 

26.         FURTHER
ASSURANCES. The parties agree to execute and deliver all such further documents, agreements and instruments and take such other
and further action as may be necessary or appropriate to carry out the purposes and intent of this Agreement.

 

27.         CONSTRUCTION
OF AGREEMENT. No provision of this Agreement or any related document will be construed against or interpreted to the disadvantage
of any party hereto by any court or other governmental or judicial authority by reason of such party having or being deemed to
have structured or drafted such provision. Unless otherwise indicated, any reference to a “Section” means a Section
of this Agreement. The word “including” (in its various forms) means including without limitation. All references in
this Agreement to “days” refer to “calendar days” unless otherwise specified.

 

    	 	13	 

    

    

 

28.         HEADINGS.
The Section headings appearing in this Agreement are for the purposes of easy reference and will not be considered a part of this
Agreement or in any way modify, demand or affect its provisions.

 

[Remainder of page intentionally left blank.]

 

    	 	14	 

    

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement on the respective dates set forth below, to be effective as of the Effective Date.

 

	TWIN RIVER MANAGEMENT GROUP, INC.

 

	By:	/s/George Papanier	 	Date:	April 11	, 2016
	 	 	 	 	 	 
	Name:	George Papanier	 	 	 	 
	 	 	 	 	 	 
	Title:	Chief Executive Officer	 	 	 	 
	 	 	 	 	 	 
	/s/Glenn Carlin	 	Date:	April 11	, 2016
	GLENN CARLIN	 	 	 	 

 

    	 	15

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