Document:

Exhibit 10.1

 

Execution Version

 

AMENDMENT NO. 3

TO THE

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Amendment No.
3 (this “Amendment”) to the Investment Management Trust Agreement is made as of June 29, 2020 by and
between Leisure Acquisition Corp., a Delaware corporation (the “Company”), and Continental Stock Transfer
& Trust Company, a New York corporation (the “Trustee”). All terms used but not defined herein shall
have the meanings assigned to them in the Trust Agreement.

 

WHEREAS, the Company
and the Trustee entered into the Investment Management Trust Agreement (“Trust Agreement”) effective
as of December 1, 2017 and as amended on December 5, 2019 and March 26, 2020;

 

WHEREAS, Section 1(i)
of the Trust Agreement sets forth the terms that govern the liquidation of the Trust Account under the circumstances described
therein;

 

WHEREAS, at a special
meeting of stockholders of the Company (the “Special Meeting”) held on June 26, 2020, holders of at least
65% of the Company’s outstanding shares approved, among other items, (i) a proposal to amend (the “Extension
Amendment”) the Company’s second amended and restated certificate of incorporation, as amended, to extend the
date by which the Company shall be required to effect a Business Combination to December 1, 2020, or such earlier date determined
by the Board (the “Extended Date”) and (ii) a proposal to extend the date on which the Trustee must commence
liquidating the Trust Account (the “Trust Amendment”) in the event the Company has not consummated a
Business Combination by the Extended Date; and

 

WHEREAS, on the date
hereof, the Company is filing the Extension Amendment with the Secretary of State of the State of Delaware;

 

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

 

1. Section 1(i) of
the Trust Agreement is hereby amended and restated in its entirety as follows:

 

	 	(i)	Commence liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms of a letter from the Company (“Termination Letter”) in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B signed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer or Chairman of the board of directors (the “Board”) or other authorized officer of the Company, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $75,000 of interest that may be released to the Company to pay dissolution expenses), only as directed in the Termination Letter and the other documents referred to therein, or (y) December 1, 2020, if a Termination Letter has not been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the Property in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $75,000 of interest that may be released to the Company to pay dissolution expenses), shall be distributed to the Public Stockholders of record as of such date; provided, however, that in the event the Trustee receives a Termination Letter in a form substantially similar to Exhibit B hereto, or if the Trustee begins to liquidate the Property because it has received no such Termination Letter by the date specified in clause (y) of this Section 1(i), the Trustee shall keep the Trust Account open until twelve (12) months following the date the Property has been distributed to the Public Stockholders;

 

     

     

    

 

	 	2.	All other provisions of the Trust Agreement shall remain unaffected by the terms hereof.

 

	 	3.	This Amendment may be signed in any number of counterparts, each of which shall be an original and all of which shall be deemed to be one and the same instrument, with the same effect as if the signatures thereto and hereto were upon the same instrument. A facsimile signature shall be deemed to be an original signature for purposes of this Amendment.

 

	 	4.	This Amendment is intended to be in full compliance with the requirements for an Amendment to the Trust Agreement as required by Section 6(c) of the Trust Agreement, and every defect in fulfilling such requirements for an effective amendment to the Trust Agreement is hereby ratified, intentionally waived and relinquished by all parties hereto.

 

	 	5.	This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.

 

[Signature Page Follows]

 

    2

     

    

 

IN WITNESS WHEREOF, the
parties have duly executed this Amendment to the Investment Management Trust Agreement as of the date first written above.

 

	 	Continental Stock Transfer & Trust Company, as Trustee
	 	 
	 	By:	/s/ Francis Wolf
	 	 	Name: Francis Wolf
	 	 	Title: Vice President
	 	 	 
	 	Leisure Acquisition Corp.
	 	 
	 	By:	/s/ Daniel B. Silvers
	 	 	Name: Daniel B. Silvers
	 	 	Title: Chief Executive Officer

 

 

3Exhibit 10.2

 

Execution Version

 

AMENDMENT

 

TO

 

EXPENSE
ADVANCEMENT AGREEMENT

 

This
Amendment to the Expense Advancement Agreement (the “Amendment”) is entered into as of June 29, 2020 by and
among Leisure Acquisition Corp., a Delaware corporation (the “Company”), Hydra Management, LLC (“Hydra”),
MLCP GLL Funding LLC (“MLCP”) and HG Vora Special Opportunities Master Fund, Ltd. (“HG Vora”
and together with Hydra and MLCP, the “Funding Parties”).

 

RECITALS

 

WHEREAS,
the Company and the Funding Parties are parties to the Expense Advancement Agreement, dated December 1, 2017 (the “Agreement”);
and

 

WHEREAS,
the Company and the Funding Parties desire to amend certain terms and provisions of the Agreement.

 

AGREEMENTS

 

NOW,
THEREFORE, in consideration of the above recitals and in consideration of the mutual agreements and undertakings set forth
below, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree
as follows:

 

ARTICLE
I

AMENDMENT OF AGREEMENT

 

Section
1.1 Amendment of Section 1(a). Section 1(a) of the Agreement is amended and restated in its entirety as follows:

 

		“1.	(a)
                                         From time to time, as may be requested by the Company, each of the Funding Parties agrees
                                         to advance to the Company from time to time up to the maximum amount allocated thereto
                                         on Schedule I hereto on a pro rata basis (collectively, the “Advances”),
                                         up to a maximum of $1,125,000 in the aggregate among all Funding Parties, in each instance
                                         pursuant to the terms of the form of promissory note attached as Exhibit A hereto
                                         (the “Note”), as may be necessary to fund the Company’s expenses
                                         relating to investigating and selecting a target business and other working capital requirements
                                         following the Offering and prior to completion of any potential Business Combination.”

 

     

     

    

 

Section
1.2 Amendment of Schedule I. Schedule I of the Agreement is amended and restated in its entirety as follows:

 

Allocation

 

	 	 	Maximum Advances	 	 	Percentage	 
	HG Vora Special Opportunities Master Fund, Ltd	 	$	562,500.00	 	 	 	50.00	%
	Hydra Management, LLC	 	$	288,995.92	 	 	 	25.69	%
	MLCP GLL Funding LLC	 	$	273,504.08	 	 	 	24.31	%
	Total	 	$	1,125,000.00	 	 	 	100.00	%

 

ARTICLE
II

MISCELLANEOUS

 

Section
2.1 Defined Terms. All capitalized terms not otherwise defined herein shall have the meaning given to them in the Agreement.

 

Section
2.2 Effect of Amendment. This Amendment is limited as specified and shall not constitute a modification, acceptance or
waiver of any other provision of the Agreement. Except as specifically amended by this Amendment, all other provisions of the
Agreement are hereby ratified and remain in full force and effect.

 

Section
2.3 Single Document. From and after the date of this Amendment, all references to the Agreement (whether in the Agreement
or any other document or agreement prepared in connection with the transactions contemplated by the Agreement) shall be deemed
to be references to the Agreement as amended by this Amendment.

 

Section
2.4 Counterparts. This Amendment may be executed in one or more counterparts, each of which when executed shall be deemed
to be an original but all of which taken together shall constitute one and the same agreement.

 

Section
2.5  Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance
with and governed by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving
effect to the conflict of law principles thereof to the extent such principles would require or permit the application of the
laws of another jurisdiction.

 

Section
2.6 Trust Account Waiver. Each Funding Party hereby irrevocably waives any and all right, title, interest, causes of action
and claims of any kind or nature whatsoever (each, a “Claim”) in or to, and any and all right to seek payment
of any amounts due to it out of, the trust account established for the benefit of the public stockholders of the Company and into
which substantially all of the proceeds of the Company’s initial public offering were deposited (the “Trust Account”),
and hereby irrevocably waives any Claim it presently has or may have in the future as a result of, or arising out of, this agreement,
which Claim would reduce, encumber or otherwise adversely affect the Trust Account or any monies or other assets in the Trust
Account, and further agrees not to seek recourse, reimbursement, payment or satisfaction of any Claim against the Trust Account
or any monies or other assets in the Trust Account for any reason whatsoever.

 

[Signature
pages follow.]

 

    2

     

    

 

This
Amendment has been duly executed and delivered by the parties hereto as of the date first above written.

 

	 	LEISURE ACQUISITION
    CORP.
	 	 	 
	 	By:	/s/
    Daniel B. Silvers
	 	Name:	Daniel B. Silvers
	 	Title: 	Chief Executive Officer
	 	 	 
	 	HYDRA MANAGEMENT,
    LLC
	 	 	 
	 	By:	/s/
    A. Lorne Weil
	 	Name: 	A. Lorne Weil
	 	Title: 	Principal
	 	 	 
	 	MLCP GLL
    FUNDING LLC
	 	 	 
	 	By: 
     Matthews Lane Capital Partners LLC, its Manager
	 	 	 
	 	By:	/s/
    Daniel B. Silvers
	 	Name:	Daniel B. Silvers
	 	Title:	Managing Member
	 	 	 
	 	HG VORA SPECIAL
    OPPORTUNITIES MASTER FUND, LTD.
	 	 	 
	 	By: HG
    Vora Capital Management, LLC, as investment adviser
	 	 	 
	 	By:	/s/
    Mandy Lam
	 	Name:	Mandy Lam
	 	Title:	Authorized Signatory

 

[Amendment to Expense Advancement Agreement]

 

 

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}]]