Document:

Exhibit 10.7

 

AMENDED AND RESTATED

ONLINE GAMING OPERATIONS AGREEMENT

between

GOLDEN NUGGET ONLINE GAMING, LLC

and

GOLDEN NUGGET ATLANTIC CITY, LLC

December 29, 2020

 

     

     

    

 

AMENDED AND RESTATED ONLINE GAMING
OPERATIONS AGREEMENT

 

(New Jersey)

 

This AMENDED AND RESTATED
ONLINE GAMING OPERATIONS AGREEMENT (this “Agreement”), dated as of December 29, 2020 (the “Effective
Date”), is entered into by and between GOLDEN NUGGET ONLINE GAMING, LLC, a New Jersey limited liability company (“GNOG”),
and GOLDEN NUGGET ATLANTIC CITY, LLC, a New Jersey limited liability company (“GN”). GNOG and GN are
collectively referred to herein as the “Parties” and individually as a “Party”.

 

R E C 
I  T  A L S:

 

A.               
Landry’s Finance Acquisition Co., the predecessor-in-interest of GNOG (“Landry’s Finance”),
and GN previously entered into that certain Online Gaming Operations Agreement, dated as of April 27, 2020 (the “Original
Operations Agreement”), pursuant to which GN engaged Landry’s Finance as a Casino Service Industry Enterprise
licensee.

 

B.                
GN is the duly licensed owner and operator of the land-based hotel casino commonly referred to as the Golden Nugget Atlantic
City, located in Atlantic City, New Jersey (the “Casino”), and in connection therewith, GN is the holder
of Operating Licenses (as defined below), including an Internet Gaming Permit and a Sports Wager License.

 

C.                
GN and GNOG (through its predecessor-in-interest Landry’s Finance) have entered into that certain Contribution Agreement
whereby GN has, in accordance with and subject to the terms thereof, transferred, assigned, conveyed and delivered to GNOG, and
GNOG has acquired and accepted from GN, (a) all assets of GN used in the connection with the operation of the Online Gaming Business,
as more particularly described therein, and (b) those third party agreements of GN primarily relating to the Online Gaming Business
as described therein.

 

D.               
As permitted by NJ Gaming Law, GN and GNOG desire to amend and restate the Original Operations Agreement in its entirety,
pursuant to the terms and subject to the conditions of this Agreement, and GN desires to engage GNOG as a Casino Service Industry
Enterprise licensee to (i) host, manage, administer, operate and support, GNOG Gaming Service in the State of New Jersey in accordance
with NJ Gaming Law, (ii) manage and operate the Live Dealer Studio, and (iii) provide services to GN in connection with the management
and administration of all Skin Agreements in New Jersey (collectively, the “Online Gaming Business”)
on the terms and conditions more particularly set forth below.

 

E.                
GNOG is experienced in the operation of online and mobile casino and sports wagering and wishes to conduct the Online Gaming
Business on the terms and conditions more particularly set forth below.

 

AGREEMENT

 

NOW, THEREFORE,
in consideration of the premises and mutual covenants in this Agreement, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

    1 

     

    

 

Article
1

DEFINITIONS AND RULES OF INTERPRETATION.

 

1.1             
Defined Terms. Except as otherwise expressly provided herein, capitalized terms used in this Agreement shall
have the following meanings:

 

“Action”
shall mean any action, arbitration, audit, claim, demand, proceeding, hearing, investigation, litigation or suit (whether civil,
criminal, administrative, judicial or investigative, whether formal or informal, whether public or private) commenced, brought,
conducted or heard by or before, or otherwise involving, any Governmental Entity or court or similar body or arbitrator.

 

“Affiliate”
means, with respect to any Person, any Person directly or indirectly controlling, controlled by or under common control with such
Person. For purposes of this definition, the term “control” shall mean the possession, direct or indirect, of the power
to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities,
by reason of management authority, by contract, or otherwise. For purposes of this Agreement no Party shall be deemed an Affiliate
of the other Party.

 

“Agreement”
has the meaning set forth in the preamble of this Agreement.

 

“Authorized
Personnel” has the meaning set forth in Section 6.1.3.

 

“Bankrupt”
or “Bankruptcy” means with respect to any Person, that

 

(i)                
such Person (A) makes a general assignment for the benefit of creditors, (B) files a voluntary bankruptcy petition,
(C) becomes the subject of an order for relief or is declared insolvent in any Governmental Entity bankruptcy or insolvency proceedings,
(D) files a petition or answer seeking a reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar
relief under any Law, (E) files an answer or other pleading admitting or failing to contest the material allegations of a petition
filed against such Person in a proceeding of the type described in subclauses (A) through (D) of this clause (i), or (F) seeks,
consents to, or acquiesces in the appointment of a trustee, receiver, or liquidator of such Person or of all or any substantial
part of such Person’s properties, or

 

(ii)             
a proceeding seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar
relief under any Law has been commenced against such Person and 120 days have expired without dismissal thereof or with respect
to which, without such Person’s consent or acquiescence, a trustee, receiver, or liquidator of such Person or of all or any
substantial part of such Person’s properties has been appointed and 90 days have expired without the appointment having been
vacated or stayed, or 90 days have expired after the date of expiration of a stay, if the appointment has not previously been vacated.

 

“Bankruptcy
Laws” means any applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’
rights generally.

 

“Business
Day” means any day in which banks are generally open for business in Atlantic City, New Jersey.

 

    2 

     

    

 

“Casino”
has the meaning set forth in the Recitals.

 

“Claims”
has the meaning set forth in Section 12.1.1.

 

“Code”
has the meaning set forth in Section 4.2.3.

 

“Confidential
Information” has the meaning set forth in Section 9.2.

 

“CTRs”
has the meaning set forth in Section 4.2.1.

 

“Disclosing
Party” has the meaning set forth in Section 9.1.

 

“Effective
Date” has the meaning set forth in the preamble of this Agreement.

 

“Eligible
Bank” means a full-service, commercial bank chartered under the Laws of the USA and having offices in the state of
New Jersey.

 

“Equipment
Room” has the meaning set forth in Section 6.1.

 

“Equipment
Room License” has the meaning set forth in Section 6.1.

 

“Federal
Online Gaming Law” means a USA federal Law that establishes the statutory framework, including authorizing the creation
of necessary rules and regulations, which permits and governs the offering of any real money Internet gaming at a national and/or
an interstate level.

 

“Federal
Sports Wagering Excise Tax” means the federal excise tax imposed upon sports wagering (or the tax rate currently
in effect) and/or any replacement tax.

 

“Force Majeure”
means any event which cannot be controlled, foreseen or prevented by using reasonable efforts of a Party, and which materially
and adversely affects and delays the performance of such Party of all or any material portion of its obligations under this Agreement.
Such an event includes attacks to the network or any components of the GNOG Gaming Service or Online Gaming Platform that are out
of GNOG’s control notwithstanding adequate security precautions and controls on the part of GNOG, war, insurrection or civil
disorder, military operations or terrorism, quarantine, epidemics, national or local emergency, acts or omissions of Governmental
Entity, acts of God and natural disasters, fire, explosion, flood, theft or malicious damages, strike, lockout and other industrial
disputes. Force Majeure shall include any material breach or default by any Third Party (except to the extent such breach or default
is proximately caused by GNOG) under any agreement whereby such Third Party performs or assists with the GNOG Obligations and such
material breach materially and adversely affects and delays the performance of GNOG of all or any material portion of its obligations
under this Agreement, provided that GNOG will diligently pursue all commercially reasonable remedies under such agreement
with respect to such third-party breach or default. For purposes of this definition, anything within the control of an Affiliate
of a Party shall be deemed to be within the control of such Party.

 

    3 

     

    

 

“Gaming Approvals”
means any and all required approvals, authorizations, licenses, permits, consents, findings of suitability, registrations, clearances,
exemptions and waivers of or from any Gaming Authority, including those relating to the offering or conduct of gaming and gambling
activities, or the use of gaming devices, equipment, supplies and associated equipment in the operation of a casino or other gaming
enterprise (including Online Gaming Services) or the receipt or participation in revenues or revenues directly or indirectly derived
therefrom.

 

“Gaming Authority”
means, collectively, those international, federal, state, local, foreign and other governmental, regulatory and administrative
authorities, agencies, commissions, boards, bodies and officials responsible for, having jurisdiction over, or involved with the
regulation of gaming or gaming activities, ancillary functions relating thereto, or the ownership of an interest in any Person
that conducts gaming in any applicable jurisdiction, including within the State of New Jersey, the NJCCC and NJDGE.

 

“Gaming Laws”
means those Laws pursuant to which any Gaming Authority possesses regulatory, licensing or permit authority over gaming within
any jurisdiction, including the NJ Gaming Law.

 

“Gaming Tax”
means, for any given period, any taxes, fees, assessments or levy assessed based on Internet gaming gross revenues or wagering
as specified in the NJ Gaming Law or pursuant to federal Laws imposed by any Governmental Entity which are based on wagering or
gross gaming revenues from time to time, which includes, without limitation, as applicable, (i) a fifteen percent (15%) tax on
Internet gaming gross revenues (or the tax rate currently in effect); (ii) the alternative investment tax (at a rate as may be
applicable to GN from time to time); (iii) taxes payable by GN which are attributable to Gross Gaming Revenue or wagering of GNOG,
including without limitation, (1) GNOG’s pro-rata share of the extra industry payment required pursuant to New Jersey P.L.
2016, Chapter 5, C.52:27BBBB-21 (as determined based on the portion represented by Gross Gaming Revenue of the aggregate amount
in respect of which GN is required to make such payment), as may be increased or decreased from time to time, to the extent determined
by or attributable to the gross gaming revenue of each casino licensee and (2) GNOG’s pro-rata share of any portion of the
payment commonly known at the “PILOT” to the extent determined by or attributable to the gross gaming revenue of each
casino licensee pursuant to New Jersey P.L. 2016, Chapter 5, C.52:27BBBB-20 (as determined based on the portion represented by
Gross Gaming Revenue of the aggregate amount in respect of which GN is required to make such payment), as may be increased or decreased
from time to time; (iv) a thirteen percent (13%) tax on Online Sports Wagering gross gaming revenues (or the tax rate currently
in effect); (v) the Federal Sports Wagering Excise Tax; and (vi) any replacement or additional tax or other charge in lieu thereof
or in lieu of an increase thereof.

 

“GN”
has the meaning set forth in the preamble of this Agreement.

 

“GN License”
means that certain Amended and Restated Trademark License Agreement entered into among GN Parent, GNLV, and GNOG, in substantially
the same form as attached hereto as Exhibit D, as may be amended, extended or supplemented from time to time.

 

    4 

     

    

 

“GN Marks”
means any trademark, service marks, names, corporate names, trade names, domain names, logos, slogans, trade dress, and other similar
designations of source or origin, together with the goodwill symbolized by any of the foregoing that, in each case, are licensed
to GNOG under the GN License.

 

“GN Obligations”
means those items in this Agreement, including as set forth in Section 4.1, that are the responsibility of GN.

 

“GN Parent”
means Golden Nugget, LLC, a Nevada limited liability company.

 

“GN Reimbursed
Expenses” means those costs and fees set forth in detail on Exhibit A attached hereto.

 

“GN Third-Party
Claim” has the meaning set forth in Section 12.1.1.

 

“GNLV”
means GNLV, LLC, a Nevada limited liability company.

 

“GNOG”
has the meaning set forth in the Recitals of this Agreement.

 

“GNOG Bank
Account” has the meaning set forth in Section 5.1.1.

 

“GNOG Brand”
means (i) any trademark, service marks, names, corporate names, trade names, domain names, logos, slogans, trade dress, and other
similar designations of source or origin, together with the goodwill symbolized by any of the foregoing that, in each case, are
owned by GNOG; and (ii) the GN Marks.

 

“GNOG Customer
Data” has the meaning set forth in Section 8.2.1.

 

“GNOG Equipment”
has the meaning set forth in Section 6.1.

 

“GNOG Gaming
Service” means the NJ Online Gaming Service, branded under the GNOG Brand (so long as the use of GNOG Brand does
not result in the use of more than one branded “skin” as determined by NJDGE), and that is marketed and offered by
GNOG to NJ Participants, which GNOG operates and administers under GN’s Operating License pursuant to this Agreement and
utilizing the Online Gaming Platform. The GNOG Gaming Service shall be operated under the following domains and such other domains
as may be reasonably approved by GN from time to time:

 

goldennuggetcasino.com

nj-casino.goldennuggetcasino.com

 

“GNOG Obligations”
has the meaning set forth in Section 3.2.

 

“GNOG Player”
means a NJ Participant who has entered into standard terms of use determined by GNOG to play or engage in the GNOG Gaming Service.

 

“GNOG Revenue
Report” has the meaning set forth in Section 7.3.1.

 

“GNOG Third-Party
Claim” has the meaning set forth in Section 12.1.2.

 

    5 

     

    

 

“Governmental
Approvals” means, as applicable, all required approvals, authorizations, licenses, permits, consents, findings of
suitability, registrations, exemptions and waivers of or from any Governmental Entity, including any Gaming Approvals.

 

“Governmental
Entity” means any federal, state, local or foreign government or any provincial, departmental or other political
subdivision thereof, or any entity, body or authority having or asserting executive, legislative, judicial, regulatory, administrative
or other governmental functions or any court, department, commission, board, bureau, agency, instrumentality or administrative
body of any of the foregoing, including any Gaming Authority.

 

“Gross Gaming
Revenue” means for any given period (a) with respect to Online Casino Games and Online Sports Wagering, all amounts
wagered by GNOG Players through the GNOG Gaming Service, less all GNOG Player winnings on such Online Casino Games and Online Sports
Wagering; and (b) for Online Poker Games (if any), all revenue generated by the GNOG Gaming Service through utilization of Online
Poker Games after Player payoffs, including rake and tournament fees.

 

“Indemnified
Party” has the meaning set forth in Section 12.1.3.

 

“Indemnifying
Party” has the meaning set forth in Section 12.1.3.

 

“Infrastructure”
means any physical assets that GNOG, its Affiliates or Subcontractors directly or indirectly acquires, installs or maintains from
time to time in order to offer the GNOG Gaming Service.

 

“Initial
Term” means the period starting on the Term Commencement Date and ending on the date that is five (5) years following
the Term Commencement Date.

 

“Internet”
means the international computer network of interoperable packet switched data networks, including the world-wide web, without
regard to the means (or nature of the device) by which a user accesses the same.

 

“Internet
Gaming Permit” means the Internet Gaming Permit authorizing the conduct of internet gaming in the State of New Jersey
issued to GN by NJDGE pursuant to NJ Gaming Law.

 

“Landry’s
Finance” has the meaning set forth in the Recitals.

 

“Law”
means any applicable statute, law, regulation, ordinance, rule, judgment, rule of law, order, decree, permit, approval, concession,
grant, franchise, license, agreement, requirement or other governmental restriction or any similar form of decision of, or any
provision or condition of any permit, license or other operating authorization (including any Governmental Approval) issued under
any of the foregoing by, any Governmental Entity having jurisdiction over the matter or matters in question, whether now or hereafter
in effect and in each case as amended (including all of the terms and provisions of the common law of such Governmental Entity),
as interpreted and enforced at the time in question.

 

“Licensed
Area” has the meaning set forth in Section 6.1.1.

 

    6 

     

    

 

“Live Dealer
Studio” means the online live casino table gaming studio from which live broadcasted casino games are offered to
online gaming customers which is located in a portion of the Casino and as further depicted and described in the Live Dealer Lease.

 

“Live Dealer
Studio Lease” means the lease agreement for the Live Dealer Studio previously executed between the parties.

 

“Monthly
Royalty” has the meaning set forth in Section 7.1.

 

“Net Gaming
Revenue” means Gross Gaming Revenue minus the following: (i) pooled or local jackpot contributions, (ii) all taxes
paid to any gaming authorities, including all Gaming Taxes and the Federal Sports Wagering Excise Tax, (iii) free bets, cash back,
offers, bonuses, promotional gaming credit paid to customers, up to a maximum of 20% of Gross Gaming Revenue, (iv) payment or bank
fees related to the settlement of deposits, withdrawals and transactions, including fees levied by electronic payment or credit
card organizations and including chargebacks, not to exceed 5% of Gross Gaming Revenue, (v) regulatory mandated geolocation and
Know-Your-Customer fees, and (vi) any fees payable to sports governing bodies for the use of official data feeds.

 

“NJ Gaming
Law” means the NJ State Gaming Act and the NJ State Gaming Regulations, as modified, amended or supplemented from
time to time.

 

“NJ Online
Gaming Services” means any Online Gaming Service approved by the director of the NJDGE, operated under GN’s
Operating License, and made available to NJ Participants pursuant to the NJ Gaming Law.

 

“NJ Participants”
means those Persons who are permitted, in accordance with the NJ Gaming Law and other applicable Gaming Laws, to participate in
NJ Online Gaming Services.

 

“NJ State
Gaming Act” means the New Jersey Casino Control Act, N.J.S.A. 5:12 1 et seq.

 

“NJ State
Gaming Regulations” means any applicable regulations (whether interim or final) promulgated by a Governmental Entity
in New Jersey pursuant to, or under authority granted by, the NJ Gaming Law.

 

“NJCCC”
means the New Jersey Casino Control Commission.

 

“NJDGE”
means the New Jersey Division of Gaming Enforcement.

 

“Online Casino
Game” means casino-style games of chance (excluding Sports Wagering) offered through the GNOG Gaming Service under
GN’s Operating License whereby participants in such game stake money or goods of monetary value and can win money or goods
of monetary value, including without limitation, any game that: (i) is of a type of game that is played in casinos (for example:
roulette, baccarat, blackjack, bingo, craps, virtual sports, big six wheel, keno, slot machines, mini-baccarat, red dog, pai gow,
and sic bo, or variations thereof); and/or (ii) any other games provided under GN’s Operating License pursuant to NJ Gaming
Law, as determined by NJDGE, but specifically does not include any social gaming.

 

    7 

     

    

 

“Online Gaming
Platform” means one or more online, interactive-software products to conduct, support and maintain the GNOG Gaming
Service (whether licensed or owned by GNOG), including, (i) software games and applications, (ii) anti-money laundering, “know-your-customer”
and problem-gaming functionality, (iii) player account, back-end registration and payment/cashier-system functions and components,
(iv) responsible gaming controls, (v) back-office tools, (vi) affiliate, loyalty and bonus systems, and (vii) remote game servers,
each as updated, modified or enhanced from time to time.

 

“Online Gaming
Business” means (a) the GNOG Gaming Service, (b) subject to Applicable Laws, the management and administration, on
GN’s behalf, of all Skin Agreements, including all aspects of any services that GN is obligated to provide to Skin Operators,
and (c) subject to Applicable Laws, the management, operation, maintenance and administration, on GN’s behalf, of all aspects
of the Live Dealer Studio.

 

“Online Gaming
Service” means, as permitted by applicable Gaming Laws, an interactive online gaming service offered or conducted
via the Internet, mobile or other remote or electronic device or data network, whereby participants play any games as permitted
by the applicable Gaming Laws, including Online Poker Games, Online Casino Games and Online Sports Wagering.

 

“Original
Operations Agreement” has the meaning set forth in the Recitals.

 

“Online Poker
Game” means an interactive, online, peer-to-peer poker game offered on a mobile or other remote or electronic device
via the GNOG Gaming Service under GN’s Operating License, whereby participants in such game stake money or goods of monetary
value and can win money or goods of monetary value, but specifically does not include any social gaming.

 

“Online Sports
Wagering” means any online sports wagering offered on a mobile or other remote or electronic device via the GNOG
Gaming Service under GN’s Operating License, whereby participants in such game stake money or goods of monetary value and
can win money or goods of monetary value.

 

“Operating
Licenses” means any and all necessary Gaming Approvals which permit the holder to operate, manage, administer and
make available a NJ Online Gaming Service as anticipated by this Agreement, including an Internet Gaming Permit and the Sports
Wagering License (as contemplated in the NJ Gaming Law) as issued by the NJDGE.

 

“Operator
Pro-Rata Share” means, a fraction, the numerator of which is one (1), and the denominator of which is the number
of unaffiliated online gaming operators conducting business under GN’s Operating License (including GN, if applicable) at
the time such fraction is applied. For example, if GNOG, GN, and a third operator are all conducting business under GN’s
Operating License, the Operator Pro-Rata Share would be 1/3, and if the third operator ceases to conduct business under GN’s
Operating License, the Operator Pro-Rata Share would become 1/2.

 

“Party”
and “Parties” have the meanings set forth in the preamble of this Agreement.

 

    8 

     

    

 

“Person”
means any individual, partnership, corporation, limited liability company, association, joint stock company, trust, joint venture,
unincorporated organization, Governmental Entity.

 

“Player Funds
Security Amount” has the meaning set forth in Section 5.2.

 

“Player Incentives”
means GNOG-issued promotional incentives actually provided to GNOG Players through the GNOG Gaming Service, including, without
limitation, sign-up bonuses, retention bonuses, tournament prizes (cash and bonuses), redeemed vouchers, cash credits, free-play
(including free spins), poker tournament entry tickets awarded to GNOG Players at no cost (which otherwise would have been purchased),
tournaments dollars, guaranteed tournament prizes in excess of the actual tournament pool, and other bonuses provided to GNOG Players
for future plays on or withdrawal from the GNOG Gaming Service.

 

“Property”
means that certain casino facility currently known as the Golden Nugget Atlantic City Hotel & Casino located at Huron and Brigantine
Blvd. in Atlantic City, New Jersey.

 

“Recipient”
has the meaning set forth in Section 9.1.

 

“Renewal
Period” means the period starting on the first day following the Initial Term or the immediately preceding Renewal
Period, as applicable, and ending on the termination of this Agreement in accordance with the provisions set forth in Section
11.2.

 

“Required
GNOG Tax Filings” has the meaning set forth in Section 4.2.3.

 

“SARCs”
has the meaning set forth in Section 4.2.2.

 

“Services
Agreement” shall mean that certain Services Agreement substantially in the form set forth on Exhibit C attached
hereto by and among GN, GNOG and GN Parent.

 

“Skin Agreement(s)”
means those certain agreements between GN and a Skin Operator set forth on Exhibit D attached hereto, as may be amended
from time to time between GN and such Skin Operators.

 

“Skin Operator”
means any Person which is party to a Skin Agreement.

 

“Service
License” means any and all necessary Gaming Approvals that will permit the holder to provide online services, directly
or indirectly, to a holder of an Operating License, for the offering of a branded Online Gaming Service, including a Casino Service
Industry Enterprise License or Ancillary Casino Service Industry Enterprise License as issued by the NJDGE or any Transactional
Waiver issued pursuant to NJAC 13:69J-1.2B.

 

“Sports Wagering
License” means the Sports Wagering License authorizing the conduct of sports wagering in the State of New Jersey
issued to GN by NJDGE pursuant to NJ Gaming Law.

 

“Subcontractor”
has the meaning set forth in Section 3.2.2.

 

    9 

     

    

 

“Support
Facilities” has the meaning set forth in Section 6.1.1.

 

“Tax”
means all taxes (including, without limitation, income, profit, franchise, sales, use, real property, personal property, ad valorem,
excise, employment, social security and wage withholding taxes) and installments and estimated taxes, assessments, deficiencies,
levies, imposts, duties, withholdings, or other similar charges of every kind, character and description and any interest, penalties
or additions to tax imposed thereon or in connection therewith.

 

“Term”
means the period commencing on the Effective Date and ending on the date which is five (5) years following the Effective Date.

 

“Third Party”
means any Person, including a Subcontractor, who is not a Party or such Party’s Affiliate, officer, manager, employee, general
partner or director.

 

“Third-Party
Claim” means a GN Third-Party Claim or a GNOG Third-Party Claim, as the context may require.

 

“Third-Party
Claim Notice” has the meaning set forth in Section 12.1.3.

 

“Unsuitable
Person” means a Person, or such Person’s officers, directors, employees, agents, designees or representatives
who is or might be engaged in (or about to be engaged in) any activity or activities, or was in or is involved in any relationship,
which could or does (as determined in the sole, but reasonable, discretion of the relevant Party) jeopardize the other Party’s
or its Affiliate’s Gaming Approvals, including, the Operating Licenses, in the case of GN, or the Service License, in the
case of GNOG, or if any such Gaming Approval is threatened to be denied, curtailed, suspended or revoked as a result of such Person.

 

“USA”
means the United States of America, including any state, territory or possession thereof.

 

“Verification
Checks” means the checks carried out by GNOG in order to attempt to verify (i) the age, identity and physical location
at the time of transaction of a potential GNOG Player and (ii) whether a GNOG Player is a self-excluded player prohibited from
conducting any wagering through the GNOG Gaming Service, all in accordance with NJ Gaming Laws. GN hereby recognizes that GNOG
may use Third Party supplier(s) to carry out such Verification Checks.

 

1.2              Rules
of Interpretation. In this Agreement, except to the extent otherwise provided or the context otherwise requires: (a) when
a reference is made in this Agreement to an Article or Section, such reference is to an Article or Section of this Agreement
unless otherwise indicated; (b) the table of contents and headings for this Agreement are for reference purposes only and do
not affect in any way the meaning or interpretation of this Agreement; (c) whenever the words “include,”
 “includes” or “including” are used in this Agreement, they are deemed to be followed by the words
 “without being limited to”; (d) the words “hereof,” “herein” and “hereunder”
and words of similar import, when used in this Agreement, refer to this Agreement as a whole and not to any particular
provision of this Agreement; (e) all terms defined in this Agreement have the defined meanings when used in any certificate
or other document made or delivered pursuant hereto, unless otherwise defined therein; (f) the definitions contained in this
Agreement are applicable to the singular as well as the plural forms of such terms; (g) any reference to “days”
means “calendar days” unless otherwise specified; (h) if a notice is to be given on a specified day, unless
otherwise specifically provided herein, it must be given prior to 11:59 p.m., Atlantic City time; (i) references to a Person
are also to its successors and permitted assigns; (j) the use of “or” is not intended to be exclusive unless
expressly indicated otherwise; (k) any reference “$” and “dollars” is to the lawful money of the USA;
(l) except as required by applicable Laws or any Governmental Entity, if any payment or other delivery requirement becomes
due on a date that is not a Business Day, then such due date shall be extended to the next succeeding Business Day; and (m)
unless otherwise expressly provided herein, any agreement, instrument, statute, rule or regulation defined or referred to
herein or in any agreement or instrument defined or referred to herein means such agreement, instrument, statute, rule or
regulation as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by
waiver or consent and (in the case of statutes, rules and regulations) by succession of comparable successor statutes, rules
and regulations.

 

    10 

     

    

 

Article
2

LICENSURE

 

2.1             
Cooperation. At all times during the Term, each Party agrees to use commercially reasonable efforts to obtain
and maintain all Governmental Approvals necessary on the part of such Party to consummate the transactions contemplated herein,
including cooperating with all Governmental Entities and timely complying with all filing deadlines and any requests of a Governmental
Entity.

 

2.2             
Service License Application; Operating Licenses Amendment.

 

2.2.1       
GNOG has previously submitted an application to obtain a Service License allowing GNOG to provide the GNOG Gaming
Service in the State of New Jersey. GNOG shall also, at its sole cost and expense, diligently pursue obtaining all Governmental
Approvals with respect to the GNOG Gaming Service, including all testing and certification of the Online Gaming Platform and related
content.

 

2.2.2       
To the extent required, GN shall promptly submit to NJDGE and NJCCC (if necessary) any amendments to its Operating
Licenses and other regulatory documentation or requests allowing GN to operate online gaming sites necessary to fulfill its obligations
hereunder and to grant GNOG the right to host, manage, control, operate, support and administer, under GN’s Operating Licenses,
the gaming sites pursuant to the GNOG Gaming Service during the Term, including without limitation any and all transactional waiver
requests.

 

2.3             
NJDGE Petition. The Parties shall submit this Agreement and a transactional waiver petition to NJDGE for preliminary
approval by NJDGE for the transactions contemplated hereunder.

 

2.4              Obligation
to Maintain. During the Term, each of GN and GNOG shall maintain and preserve all of its Gaming Approvals and other
Governmental Approvals required in order to undertake or facilitate its activities under this Agreement, including, as
applicable, its Operating Licenses and Service License, and at all times ensure compliance with all applicable Gaming Laws,
including the NJ Gaming Laws.

 

    11 

     

    

 

2.5             
Obligation to Inform. Each Party shall inform the other Party within five (5) Business Days of receipt of
any notice, correspondence or other information received in connection with any Gaming Authority or Governmental Entity, which
reasonably could have a material adverse impact on obtaining or maintaining, as applicable, its Operating Licenses or Service License.

 

2.6             
Assistance. GN shall cooperate and provide reasonable assistance to GNOG and its Subcontractors to the extent
reasonably required, practicable or necessary to obtain or maintain their Gaming Approvals relating to their activities under this
Agreement.

 

Article
3

GNOG GAMING SERVICE

 

3.1             
GNOG Gaming Service. Subject to and in accordance with the terms of this Agreement, GN hereby grants GNOG
the right to host, manage, control, operate, support and administer, under GN’s Operating Licenses, the GNOG Gaming Service
during the Term. Such GNOG Gaming Service shall comply with all applicable Laws, including all applicable Gaming Laws and all applicable
privacy, data security and financial Laws.

 

3.2             
Administration of the Online Gaming Business. Subject to any limitations imposed by applicable Gaming Laws,
and except for the GN Obligations, GNOG shall manage, administer and control all management decisions concerning, all aspects of
the Online Gaming Business, which may include (a) the development, operation, enhancements, upgrades, updates, fixes, additions,
substitutions and replacements of all or any component thereof; (b) updating, replacing and maintaining the Infrastructure; (c)
providing and maintaining any websites and domain names; (d) determining the features and functionality associated with the GNOG
Gaming Service; (e) branding, marketing and promotion of the GNOG Gaming Service; (f) day-to-day management of the player network,
including Verification Checks, fraud and collusion monitoring and control; (g) management of Player Incentives, loyalty programs
and player-related costs; (h) customer service functions, including prompt resolution of any player disputes; (i) providing the
payment processing system and services appurtenant thereto, including payment of all GNOG Player withdrawals and prompt advance
notification to GN with respect to any cage withdrawals by GNOG customers; (j) promptly providing to GN all information, reports
and data necessary for GN to timely comply with all Gaming Laws and other Laws applicable to GN or respond to any inquiries or
investigations by Gaming Authorities; (k) procuring Third Party vendors and suppliers, (l) management and administration of Skin
Agreements, (m) operation, management and maintenance of the Live Dealer Studio, and (n) any other required function or service
reasonably required or necessary to provide, deliver or operate the Online Gaming Business in a manner consistent with generally
accepted industry practices (collectively, the “GNOG Obligations”).

 

3.2.1       
In consideration of the foregoing, GNOG shall be entitled to all revenues generated from the GNOG Gaming Services,
including all future revenues received from Skin Operators to which GNOG provides the GNOG Gaming Services, if any, following the
date hereof.

 

    12 

     

    

 

3.2.2       
 Notwithstanding anything to the contrary in this Agreement, and subject to any Gaming Laws, GNOG shall be entitled
to use qualified contractors or subcontractors to perform or assist with the GNOG Obligations with respect to the GNOG Gaming Service
hereunder (each, a “Subcontractor”), including subcontracting the provision for Online Gaming Platform
and the services provided in accordance therewith; provided, GNOG shall always remain responsible for the performance of
its obligations under this Agreement regardless of the fact it has employed Subcontractors to provide or assist with such service.

 

3.3             
Other Agreements. Concurrently with the execution of this Agreement the Parties and/or their applicable Affiliates
shall, and shall cause such Affiliates, to perform the following:

 

3.3.1       
GN License Agreement. GN shall cause GNLV and GN Parent to enter into the GN License Agreement with GNOG.

 

3.3.2       
Live Dealer Studio. GNOG shall be responsible, at its sole cost and expense, for managing, operating and maintaining
the Live Dealer Studio, and administering all third-party agreements related thereto, including without limitation, employing all
staff necessary for the operation of the Live Dealer Studio.

 

3.3.3       
Office Leases. GN (or its appropriate Affiliate) and GNOG shall enter into the leases pertaining to office
space previously designated by GN (i) within the Casino for GNOG employees located in New Jersey who are reasonably required to
support the Online Gaming Business, and (ii) at GN Parent’s headquarters located in Houston, Texas, for GNOG employees reasonably
required to support the Online Gaming Business.

 

3.3.4       
Services Agreement. GN, GNOG and GN Parent shall enter into the Services Agreement.

 

Article
4

GAMING AND REGULATORY COMPLIANCE

 

4.1             
GN Obligations. As a result of the GNOG Gaming Service being offered under GN’s Operating License, in
addition to the other obligations of GN under this Agreement, GN shall be responsible for the following at no additional costs
or fees to GNOG, other than as specified as a GN Reimbursed Expense or otherwise specified herein (collectively, the “GN
Obligations”):

 

4.1.1       
To obtain and maintain all Gaming Approvals and other Governmental Approvals required to perform its obligations
under this Agreement with respect to the GNOG Gaming Service, including, without limitation, and subject to any reimbursement obligations
of GNOG hereunder, GN’s Operating License;

 

4.1.2       
Filing all reports with the Gaming Authorities required of a holder of an Operating License with respect to the GNOG
Gaming Service, including, without limitation, gross gaming revenue, accounting and financial reports, customer activity and disputes
reports, and reports regarding fraud and collusion;

 

    13 

     

    

 

4.1.3       
 Subject to reimbursement by GNOG in accordance with this Agreement, remitting all Reimbursable Gaming Taxes associated
with the GNOG Gaming Service. For the avoidance of doubt, remittance of the Federal Sports Wagering Excise Tax relating to the
GNOG Gaming Service shall be the responsibility of GNOG;

 

4.1.4       
Providing all reasonable access to and reasonable use of GN “key employees” (as defined under NJ Gaming
Law) to support GNOG’s applications for, and maintenance of, Governmental Approvals required under NJ Gaming Law; provided,
however, the foregoing shall not relieve GNOG of any obligations it may have to provide its own “key employees”
as required by NJ Gaming Law in connection with GNOG’s operations under this Agreement; and

 

4.1.5       
Any other obligations required to maintain GN’s Operating License.

 

The GN Obligations shall at all
times be performed in compliance with applicable Laws, including all applicable Gaming Laws and all applicable privacy, data security
and financial Laws.

 

4.2             
Required Filings.

 

4.2.1       
Currency Transaction Reports. GNOG shall be responsible for preparing and filing any and all Currency Transaction
Reports (“CTRs”) other than with respect to cash transactions conducted at the GN cage and unless otherwise
directed by Governmental Authorities. GN shall be responsible for preparing and filing any CTRs relating to transactions conducted
by GN with GNOG Players at the GN cage (e.g., GN will be responsible for filing of CTRs for cage withdrawals or cage deposits made
by GNOG Players).

 

4.2.2       
Suspicious Activity Reports. GNOG shall be responsible for preparing any and all Suspicious Activity Reports-Casinos
(“SARCs”) relating to transactions conducted by GNOG with GNOG Players as required by Law, and promptly
delivering such SARCs to GN to be filed by GN on GNOG’s behalf under the GN taxpayer identification number. For purposes
of clarity, with respect to any SARCs prepared by GNOG and delivered to GN, the GNOG taxpayer identification number will be documented
in the SARC narrative relating to the reported transaction. GN shall be responsible for preparing and filing any SARCs relating
to transactions conducted by GN with GNOG Players at the GN cage (e.g., GN will be responsible for the preparing and filing of
SARCs for cage withdrawals or deposits made by GNOG Players).

 

4.2.3       
Required Tax Filings. GNOG shall be responsible for filing (under GNOG’s taxpayer identification number),
and accounting to the appropriate Governmental Entity for, all filings required under applicable provisions of the Internal Revenue
Code of 1986, as amended (the “Code”) and any other applicable federal or state tax Laws in respect of
money wagered by GNOG Players through the GNOG Gaming Service, including without limitation, all 1099 filings, W-2G filings, and
filings related to the Federal Sports Wagering Excise Tax and related payments (collectively, “Required GNOG Tax Filings”).

 

    14 

     

    

 

4.2.4       
 GNOG Reporting. GNOG shall promptly provide to GN all information reasonably requested by GN from time to
time in order for GN to comply with applicable Laws relating to any of the filings required under this Section 4.2, including
without limitation verification of all Required GNOG Tax Filings, any CTRs or SARCs filed by GNOG. Any information provided by
GNOG to GN pursuant to this Section 4.2.4 (i) shall be expressly subject to the confidentiality provisions of Article 9
of this Agreement, and (ii) shall not be used by GN for the acquisition of customers or for purposes competitive to GNOG. The restrictions
set forth in the prior sentence shall survive any termination or expiration of this Agreement.

 

4.3             
Compliance.

 

4.3.1       
In managing, administering and controlling the GNOG Gaming Service as contemplated by this Agreement, GNOG (a) shall
not engage, retain, employ or be controlled by, any Person (i) who is known by GNOG to be an Unsuitable Person or (ii) who is then
known by GNOG to be in material violation of NJ Gaming Law and (b) shall comply with NJ Gaming Law with respect to any investigation
or licensure it must do with respect to any personnel it employs associated with the GNOG Obligations and the GNOG Gaming Service.

 

4.3.2       
GNOG shall implement Verification Checks that are compliant with the NJ Gaming Law.

 

4.3.3       
GNOG shall also be responsible for ensuring that if a GNOG Player has set deposit or betting limits, or limits on
play duration, or time out from play, that such limits are enforced. GNOG further agrees to implement any additional administrative
measures to monitor game play as required by the NJ Gaming Laws.

 

4.3.4       
Each Party shall cooperate with any Governmental Entity that has proper jurisdiction over the GNOG Gaming Service
under the NJ Gaming Laws or otherwise, if there is any bona fide request for information or investigation in relation to the GNOG
Gaming Service to the extent required by applicable Laws. In such event, the Party that is subject to the request for information
or investigation shall (providing that they are not bound by a duty of confidentiality towards the Governmental Entity making such
request or conducting such investigation) promptly give written notice to the other Party of such request or investigation, providing
reasonable details.

 

4.3.5       
GNOG shall develop (or license or otherwise procure), implement and maintain data security policies, protocols and
systems, which may include without limitation firewalls, security patches, anti-virus software, and data encryption processes,
designed to reasonably protect all GNOG Customer Data and other data on the GNOG Gaming Service servers and systems against any
data security breaches. GN shall have the opportunity to review and comment on all GNOG data security measures and any modifications
thereto from time to time; provided, however, GN shall have no obligation to do so, and GN shall have no liability
for any such review and comments provided to GNOG from time to time.

 

    15 

     

    

 

4.4             
 Sports Event Restriction. GNOG acknowledges that, in addition to any other sports events for which GN is
prohibited from accepting wagers under NJ Gaming Laws or pursuant to any restrictions imposed upon GN or its Affiliates by the
governing body of any sports league or association (e.g., the National Basketball Association, National Football League, Major
League Baseball, or National Collegiate Athletic Association), GNOG shall not be permitted to accept any wagers of any kind on
(a) any games or events involving the NBA Houston Rockets (including other teams with respect to such team’s participation
in any such game or event involving the NBA Houston Rockets), (b) any futures or proposition wagers involving the NBA Houston Rockets,
(c) the individual performance of any member of the NBA Houston Rockets, whether in a single game, a series of games, or all or
part of a season (including futures such as Most Valuable Player Awards), and (d) the individual performance of any player in any
game where such player’s opponent is the NBA Houston Rockets, and (e) any other wager which is determined by GN in its sole
discretion, based on advice of counsel, to be prohibited by NJ Gaming Laws or applicable league rules. This restriction shall apply
to GNOG unless and until GN provides GNOG with written notice that, in GN’s good faith determination, this restriction no
longer applies to GN and/or GNOG’s operation under GN’s Operating Licenses under applicable Laws. GN reserves the right
to amend this restriction in its sole discretion upon written notice to GNOG to the extent that GN reasonably determines that such
amendment is required under Applicable Laws or applicable league rules and so long as such amendment is no more restrictive than
the policies and procedures applicable to GN’s own Online Sports Wagering activities. GNOG agrees to at all times comply
with any reasonable policy directives issued by GN for purposes of complying with the foregoing and, upon request by GN from time
to time, provide GN with a list of wagers offered and/or prohibited in order to demonstrate compliance with this Section 4.4;
provided, that such requests shall be limited to once per calendar year or such greater number of times that is necessary
for GN itself to comply with NJ Gaming Laws or any restrictions imposed upon GN or its Affiliates by the governing body of any
sports league or association.

 

Article
5

ACCOUNTS

 

5.1             
Operating Account.

 

5.1.1        GN
shall be responsible for establishing an operating bank account with an Eligible Bank (designated by GNOG and reasonably
approved by GN) for the GNOG Gaming Service in compliance with NJ Gaming Laws (the “GNOG Bank
Account”). With respect to the GNOG Bank Account, (a) GNOG shall be responsible for funding the GNOG Bank
Account with all amounts required by GNOG to conduct business through the GNOG Gaming Service and the Player Funds Security
Amount (as defined in Section 5.2 below); and (b) GN shall (i) in a timely manner not to exceed three (3) Business
Days after the establishment of the GNOG Bank Account provide designated GNOG employees, as determined by GNOG, with all
necessary joint authority to deposit and withdraw funds to and from the GNOG Bank Account, (ii) hold all funds in the GNOG
Bank Account in trust for GNOG, subject to any permitted use by GN of such funds pursuant to this Article 5 or as otherwise
directed by GNOG in writing, and (iii) establish and maintain for the duration of the Term internal controls to prevent
unauthorized access to (and unauthorized use by GN employees or representatives) or use of the GNOG Bank Account and its
funds. GNOG releases and waives any and all claims against, and shall indemnify, defend and hold harmless, GN from and
against any liability or claims arising out of any unauthorized, unlawful or improper activities conducted by any GNOG
employees designated with account authority by GNOG under clause (b)(i) above through use of the GNOG Bank Account. GN
releases and waives any and all claims against, and shall indemnify, defend and hold harmless, GNOG from and against any
liability or claims arising out of any unauthorized, unlawful or improper activities conducted by GN or any GN employees
regarding the GNOG Bank Account.

 

    16 

     

    

 

5.1.2       
Notwithstanding the foregoing, GN shall have the right to access and draw funds from the GNOG Bank Account for the
purpose of obtaining reimbursement for:

 

(a)              
any cage cash-outs or other withdrawal amounts paid by GN to GNOG Players which are not otherwise advanced or reimbursed
by GNOG to GN when required pursuant to Section 5.3; and

 

(b)              
(x) any GN Reimbursed Expenses, which are not reimbursed by GNOG to GN when due, or (y) any Reimbursable Gaming Taxes
which are not reimbursed by GNOG to GN when due; provided, that (i) such withdrawal shall not be permitted to the extent
it would cause the balance of the GNOG Bank Account to be non-compliant with applicable Law.

 

5.1.3       
GN shall not have the right to access or draw funds from the GNOG Bank Account for any other purpose, except as set
forth in Section 5.1.2 or as otherwise directed by GNOG in writing.

 

5.2             
Player Funds Security Amount. In addition to any operating funds in the GNOG Bank Account, GNOG will fund
such amounts required to ensure the security of funds held in GNOG Player accounts as required by Chapter 690:1.3k of the NJ State
Gaming Regulations (the “Player Funds Security Amount”). During the Term and for ninety (90) days following
the expiration or termination of this Agreement (or such longer period as may be required by Gaming Authorities), GNOG will ensure
that the balance maintained in the GNOG Bank Account is at all times $50,000 greater than the sum of the daily ending cashable
balance of all GNOG Player accounts, funds on game, and pending withdrawals.

 

5.3             
Cage Withdrawals. GNOG shall approve or reject each request by a GNOG Player to make a cage cash-out within
24 hours of GN providing notice thereof. GNOG shall be required to reimburse GN for all amounts paid by GN to GNOG Players pursuant
to an approved cage cash-out within two (2) Business Days; provided, that GN reserves the right to require GNOG to advance
funds to GN in advance of any individual withdrawal in excess of Ten Thousand Dollars ($10,000).

 

    17 

     

    

 

 

Article
6

FACILITIES

 

6.1         Equipment
Room License. GN hereby grants to GNOG a limited, revocable, nonexclusive license (the “Equipment Room License”)
to use a portion of the equipment room space at the Property shown on Exhibit B attached hereto (the “Equipment
Room”) solely to install, operate, maintain and repair servers, computer racks, computer equipment, software, hardware
and other equipment owned, licensed or leased by GNOG or its designees, associated with GNOG Gaming Service (the “GNOG
Equipment”) on the terms and conditions set forth in this Article 6. So long as GNOG is not in material default
of this Agreement, taking into account any applicable notice and cure period, GN shall not revoke the Equipment Room License during
the Term.

 

6.1.1       
The Parties acknowledge that the GNOG Equipment is presently installed in an acceptable location within the Equipment
Room (the “Licensed Area”). GN agrees that GNOG will have use of, and access to, such electrical power,
backup generator power, HVAC, fire suppression and redundancies (“Support Facilities”) as may currently
exist in the Equipment Room as of the Effective Date to the extent GNOG’s use any of the foregoing would not materially adversely
impact the use or operation of any equipment or any equipment of GN or third parties currently installed within the Equipment Room.
Any additions or enhancements to existing Support Facilities will be at the cost and expense of GNOG pursuant to Section 6.1.2
below. The Licensed Area shall adequately house the GNOG Equipment and allow GNOG to reasonably install, operate, maintain and
repair the GNOG Equipment. GN will have the right to relocate with Licensed Area; provided, however, GN will not require GNOG to
relocate the GNOG Equipment on less than sixty (60) days written notice, except in the case of an Emergency. In the event of an
Emergency, GN will use reasonable efforts to provide GNOG immediate notice upon discovery of or identification of such impeding
event that does, or with the passage of time, may keep GNOG from properly utilizing the Licensed Area. Subject to Section 6.1.2
below, GNOG shall not be responsible for any lease or rental costs for use of the Licensed Area in the Equipment Room.

 

6.1.2       
GNOG shall, at its sole cost and expense, be responsible for paying for any alterations, improvements or capital
expenditures to the Property, Equipment Room and/or related infrastructure which is either (i) required by NJ Gaming Law for the
GNOG Equipment, or (ii) which GNOG may reasonably deem necessary, in either case for the installation and proper operation of the
GNOG Equipment and any other GNOG equipment located in the Equipment Room, including without limitation, additional power supply,
additional air-conditioning, dedicated data circuits, and internet service. All such alterations, improvements or capital expenditures
under Section 6.1.2(ii) above shall be performed at the direction of GN at GNOG’s sole cost and expense. GNOG shall
be responsible, at its sole cost and expense, for the maintenance and repair of any improvements or alterations which solely service
GNOG Equipment. Subject to the terms of this Article 6, GN shall be responsible to maintain and repair Support Facilities which
service all equipment located in the Equipment Room generally.

 

6.1.3        GNOG
shall provide GN (and shall keep up to date) a list of the GNOG’s employees, agents, and contractors who will be
entering the Equipment Room on behalf of GNOG (“Authorized Personnel”) and certify that all such
Authorized Personnel are authorized to enter the Equipment Room with appropriate Gaming Approvals, pending applications to
receive Gaming Approvals or the lack of any necessity for such persons to have Gaming Approvals. Subject to applicable Laws,
and compliance with GN’s reasonable general operating policies and procedures for the Property (as may be in effect
from time to time), GNOG’s Authorized Personnel may access the Equipment Room at any time with advanced reasonable
notice. Additionally, GNOG shall have, as appurtenant to the Equipment Room License, non-exclusive rights to access common
walkways necessary for access to the Property. GNOG acknowledges that, under no circumstances shall GNOG and/or its
employees, agents, contractors, licensees or invitees have access to or use of any equipment located within the Equipment
Room other than the GNOG Equipment, without the prior written consent of GN.

 

     18

     

    

 

6.1.4       
Notwithstanding anything in this Article 6 to the contrary, GNOG may retain the GNOG Equipment in the Property
until the later of the end of thirty (30) Business Days after the end of the Term or forty-five (45) days after the expiration
or earlier termination of this Agreement and retain access to the Property by Authorized Personnel for the sole purpose of removing
the GNOG Equipment. GNOG’s access to the Property for such purpose shall be subject to all of the terms and conditions of
this Agreement and the Equipment Room License. To the extent that GNOG Equipment continues to occupy the Equipment Room beyond
any period permitted under this Agreement, any GNOG Equipment remaining after such period shall, at GN’s option, be deemed
abandoned, automatically become the property of GN and GN may use or dispose of such GNOG Equipment as GN may determine in its
sole and absolute discretion.

 

6.1.5       
Both Parties will comply with all applicable Laws, including all regulations of all duly constituted authorities
with jurisdiction over the Equipment Room, the Casino, the GNOG Equipment and/or the GNOG Gaming Service.

 

6.1.6       
GNOG acknowledges and agrees that it will be provided with an opportunity to inspect the Equipment Room and shall
accept possession of the Licensed Area of the Equipment Room from GN in its existing “AS IS” and “WITH ALL FAULTS”
condition. GNOG ACKNOWLEDGES THROUGH ITS ACCEPTANCE OF THE LICENSED AREA, AND EXCEPT AS SET FORTH IN THIS AGREEMENT, GN HAS NOT
MADE AND WILL NOT MAKE ANY REPRESENTATIONS OR WARRANTIES TO GNOG WITH RESPECT TO THE QUALITY OF CONSTRUCTION OF ANY IMPROVEMENTS
WITHIN OR CONNECTED TO THE EQUIPMENT ROOM OR AS TO THE CONDITION OF THE EQUIPMENT ROOM OR ITS CONNECTIONS AS OF DELIVERY, EITHER
EXPRESS OR IMPLIED, AND THAT GN EXPRESSLY DISCLAIMS ANY IMPLIED WARRANTY THAT THE EQUIPMENT ROOM IS SUITABLE FOR GNOG’S INTENDED
COMMERCIAL PURPOSES AS OF DELIVERY. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, (A) GNOG’S PAYMENT OBLIGATIONS UNDER
THIS AGREEMENT ARE NOT DEPENDENT UPON THE CONDITION OF THE EQUIPMENT ROOM OR THE PROPERTY (NOW OR IN THE FUTURE), AND (B) GNOG
SHALL CONTINUE TO PAY ALL AMOUNTS HEREUNDER WITHOUT ABATEMENT, SETOFF OR DEDUCTION NOTWITHSTANDING ANY BREACH BY GN OF ITS DUTIES
OR OBLIGATIONS WITH RESPECT TO THE EQUIPMENT ROOM HEREUNDER.

 

6.1.7        Notwithstanding
anything in this Agreement to the contrary, except as provided in Section 6.1.7 above, no suspension, interruption,
malfunction or change in the quantity or character of any utility service provided to the Equipment Room shall constitute an
eviction or disturbance of GNOG’s use or possession of the Licensed Area or a breach by GN of any of GN’s
obligations hereunder or render GN liable or responsible to GNOG for any loss or damage which GNOG may sustain or incur, or
grant GNOG any right to set off, abatement, or recoupment. In such event, if the condition is not cured within fifteen (15)
days after written notice to GN, GNOG’s sole and exclusive remedy shall be to elect to remove the GNOG Equipment from
the Licensed Area without any further liability on the part of GN.

 

     19

     

    

 

6.1.8       
If the Licensed Area is destroyed by fire or other casualty so as to render the Licensed Area unusable for the permitted
uses set forth herein, GN shall have no obligation to restore the Equipment Room absent providing written notice to GNOG of its
election to do so.

 

6.1.9         EXCEPT IN THE CASE WHERE THE FOLLOWING ARISE OUT OF OR ARE IN CONNECTION WITH THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT
OF GN, GNOG SHALL INDEMNIFY, DEFEND AND HOLD GN HARMLESS FROM AND AGAINST ALL COSTS, EXPENSES (INCLUDING REASONABLE ATTORNEYS’
FEES), FINES, SUITS, LOSSES, DAMAGES, JUDGMENTS, CLAIMS, DEMANDS, LIABILITIES AND ACTIONS ARISING FROM OR IN CONNECTION WITH ANY
CLAIMS ARISING FROM (A) ANY INJURY TO OR DEATH OF, OR DAMAGE TO PROPERTY OF, GNOG, GNOG’S EMPLOYEES OR CONTRACTORS, (B) FAILURE
BY THE GNOG EQUIPMENT TO COMPLY WITH ALL APPLICABLE LAWS OR REGULATIONS, OR (C) THE OPERATION, PERFORMANCE, OR FUNCTIONALITY OF
THE GNOG EQUIPMENT.

 

6.1.10      Anything in this Agreement to the contrary notwithstanding, and except in the case of gross negligence or willful
misconduct of GN, GNOG hereby waives any and all rights of recovery, claim, action or cause of action against GN, its officers,
directors, employees or agents for any damage to the Licensed Area or GNOG Equipment, by reason of fire, the elements or any other
cause which is insurable under a standard “all risk” property insurance policy on the GNOG Equipment, regardless of
cause or origin. The provisions of this Section 6.1.11 shall survive the expiration or termination of this Agreement.

 

Article
7

FEES

 

7.1         Monthly Royalty. For each calendar month commencing on the Effective Date, GNOG shall be obligated to pay
to GN an amount equal to three percent (3%) of Net Gaming Revenue generated from the GNOG Gaming Service for such month (“Monthly
Royalty”) as provided in the License Agreement. For the avoidance of doubt, any Monthly Royalties paid under this
Agreement which would also be owed under the GN License shall be in lieu of, and not in addition to, such amounts owed under the
GN License.

 

7.2         Additional
Fees. At all times during the Term, GNOG shall be obligated to reimburse GN for all GN Reimbursed Expenses incurred by GN
in connection with this Agreement, and any other amounts which are made the responsibility of GNOG under this Agreement
(including without limitation Reimbursable Gaming Taxes) on the terms set forth below.

 

     20

     

    

 

7.3         Reports.

 

7.3.1       
By no later than ten (10) days (or sooner if required by Gaming Laws) following the end of each calendar month during
the Term, and in addition to any other reports required by GNOG under this Agreement, GNOG shall provide GN with a full and accurate
statement of revenues generated from the GNOG Gaming Service for the prior calendar month (the “GNOG Revenue Report”),
setting forth in reasonable detail the following: (a) Gross Gaming Revenue generated from Online Casino Games, Online Poker Games
and Online Sports Wagering, respectively, (b) any permitted deductions from Gross Gaming Revenue, including without limitation,
GNOG’s calculation of Gaming Tax owed, (c) GNOG’s calculation of Net Gaming Revenue generated from the GNOG Gaming
Service, and (d) the Monthly Royalty owed.

 

7.3.2       
No later than ten (10) days following the end of each calendar month, GN shall deliver an invoice to GNOG that describes
in detail reasonably acceptable to GNOG any GN Reimbursed Expenses owed by GNOG to GN.

 

7.4         Monthly Payments. Payment by GNOG of the Monthly Royalty shall be due and payable as provided in the GN License.
Payment of all undisputed amounts reflected in any invoice for GN Reimbursed Expenses or other amounts owed is due upon receipt,
and, except as otherwise expressly provided herein, GNOG shall pay all amounts set forth in such corresponding invoice within ten
(10) days following receipt. Any amount not received by the payment deadline will be subject to interest at the lesser of 1.5%
per month or the maximum rate allowed by law and will be subject to an administrative charge for late processing equal to two percent
(2%) of the amount not timely paid.

 

7.4.1       
Notwithstanding the payment terms set forth in Section 7.3, (i) invoices specific to NJDGE investigative fees
or other assessments specifically attributable to GNOG or the GNOG Gaming Service shall be payable to GN within ten (10) Business
Days following receipt of invoice therefor, so long as such invoice is promptly delivered to GNOG, (ii) payments by GNOG for Reimbursable
Gaming Taxes owed with respect to the GNOG Gaming Service for the previous calendar month shall be due on or before the ninth (9th)
day of each calendar month, or such sooner time as may be notified by GN from time to time, and (iii) certain reimbursements by
GNOG with respect to GNOG Player cage withdrawals shall be payable as provided in Section 5.3.

 

7.4.2       
Each payment obligation of GNOG hereunder in respect of periods prior to the expiration or termination of this Agreement
shall survive the same and shall be payable upon such time as is contemplated under this Agreement.

 

7.5         Payment Method. All payments required under this Article 7 shall be made by means of wire transfer
in immediately available funds to an account GN may indicate pursuant to Section 13.12.

 

     21

     

    

 

7.6         Right to Audit. Both Parties will keep and maintain accurate books of account and records covering all transactions
relating to this Agreement. Each Party is entitled at its sole cost and expense, to: (a) audit such books and records up to two
(2) times each calendar year, upon at least thirty (30) days prior written notice to the other Party, or at any time during a
calendar year upon written demand by any Gaming Authority to the extent such demand relates to the other Party’s books and
records, in each case upon at least forty-eight (48) hour notice, by sending an authorized representative, agent, attorney and/or
accountant, during normal business hours, to the then current business address in the USA of the other Party where records are
maintained; and (b) make or cause such authorized representative, agent, attorney or accountant to make copies and summaries of
such books and records for use in auditing only (such books and records and copies and summaries, will be deemed Confidential
Information). All books records shall be subject to the audit rights set forth in the GN License.

 

Article
8

OWNERSHIP

 

8.1         GNOG
Gaming Service and Online Gaming Platform Ownership. The Parties acknowledge that GN has contributed to GNOG all assets used
primarily in connection with the Online Gaming Business.

 

8.1.1       
GN acknowledges and agrees that GNOG owns or licenses all right, title and interest in and to the Online Gaming Platform,
GNOG Gaming Service and Infrastructure, and that other than the rights expressly granted to GN under this Agreement and those rights
in the GN Marks reserved to GN pursuant to the GN License, GN has no rights in and to the foregoing. The Parties agree that there
are and shall be no implied licenses under this Agreement and that GNOG expressly reserves all rights not expressly granted to
GN hereunder.

 

8.1.2       
GNOG hereby grants to GN during the Term a limited, revocable, nonexclusive, royalty-free, non-transferable (except
as permitted by Section 13.4) license (subject to the NJ Gaming Law), to use the Online Gaming Platform solely to the extent necessary
to carry out GN’s obligations under this Agreement or under applicable Gaming Laws.

 

8.1.3       
GN’s Affiliate owns all right, title and interest in and to the GN Marks licensed to GNOG under the GN License.
GNOG acknowledges and agrees that it shall not acquire any rights in the foregoing except as expressly granted under the GN License
and that GN expressly reserves for and on behalf of its Affiliates all rights not so expressly granted.

 

8.1.4       
Each of GN and GNOG acknowledges and agrees that the licensor or ultimate owner of each of the GNOG Brands owns all
goodwill associated therewith. Each of GN and GNOG further acknowledges and agrees that its use of any GNOG Brands owned by the
other Party, if any, if and as expressly provided for under this Agreement or the GN License, shall inure to the benefit of the
other Party and that the first Party shall not acquire any rights therein.

 

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8.1.5         GN
may not reverse-engineer, decompile or disassemble any aspect of the Online Gaming Platform or the GNOG Gaming Service. GN may
not reproduce, display, perform, distribute, sell, modify or create derivative works based upon any aspect of the Online Gaming
Platform or the GNOG Gaming Service. GN shall not (a) permit any Persons to use any aspect of the Online Gaming Platform or GNOG
Gaming Service except as otherwise agreed by the Parties or (b) use any aspect of the Online Gaming Platform or GNOG Gaming Service
in the operation of a service bureau.

 

8.2         Customers
and Data Ownership.

 

8.2.1         GNOG
shall own all information related to the GNOG Players, including personally identifiable information, and historical play information
(“GNOG Customer Data”), and GN hereby assigns any and all current and future rights in the GNOG Customer
Data acquired through the GNOG Gaming Service to GNOG; provided, however, that GNOG shall provide to GN any and
all GNOG Customer Data that GN is required to maintain under applicable Gaming Laws under the following conditions: (i) nothing
contained in this Section 8.2.1 shall limit GNOG from exploiting the GNOG Customer Data in any way, (ii) nothing contained
in this Section 8.2.1 shall permit GN to use GNOG Customer Data for any purpose other than compliance with applicable Gaming
Laws, (iii) GN shall be responsible for compliance with applicable Laws concerning privacy and personally identifiable information
in connection with its use of GNOG Customer Data and (iv) GNOG shall only be required to disclose GNOG Customer Data which includes
personally identifiable information as required in order for GN to comply with applicable Gaming Laws. GN acknowledges and agrees
that GNOG Customer Data shall be Confidential Information and it shall not, and shall not permit any Person to, transfer or disclose
any GNOG Customer Data to any other Person: (a) without the prior written consent of GNOG, which consent may be granted or withheld
in GNOG’s sole discretion, or (b) unless required by Law. Notwithstanding anything contained in this Agreement, GN shall
use the GNOG Customer Data only in connection with its obligations hereunder and shall (i) hold it in strict confidence, (ii)
use standard industry practices to keep it secure and (iii) promptly notify GNOG of any breach and assist GNOG in taking any remedial
action reasonably requested by GNOG. Notwithstanding anything herein to the contrary, GN shall own all information related to
customers of GN’s or its subsidiaries’ or affiliates’ land-based casino operations, including personally identifiable
information, and historical play information, and nothing herein shall be construed as granting GNOG any rights, title or interest
in such information.

 

8.2.2         Subject
to applicable Laws, GNOG shall be entitled to create, implement and amend the terms of use and privacy policies for the GNOG Gaming
Service as it deems appropriate. Each Party shall be solely responsible for compliance with all applicable Laws concerning privacy
and personally identifiable information in connection with its use of GNOG Customer Data.

 

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Article
9

CONFIDENTIALITY

 

9.1         Confidentiality. Each of GNOG and GN acknowledges that it may acquire Confidential Information (as defined
below) with respect to the other Party and the Online Gaming Business. In connection therewith, each Party covenants to refrain
from using or disclosing at any time any such Confidential Information with respect to the other Party except as expressly permitted
under this Agreement or to the extent necessary to fulfill such Party’s duties under this Agreement. Each Party may share
the Confidential Information disclosed by the other Party (the “Disclosing Party”) to such receiving
Party (the “Receiving Party”) with such Receiving Party’s Affiliates, shareholders, members, managers,
directors, officers, employees, agents, advisors, and accountants (collectively, “Representatives”)
who need to know such Confidential Information in order for the Receiving Party to perform its obligations and duties under this
Agreement; provided, however, that (i) the Receiving Party informs such Representatives of the confidential nature
of the Confidential Information and (ii) such Representatives agree to keep such information confidential in accordance with the
terms of this Section 9. The Receiving Party will protect and maintain the confidentiality of the Confidential Information
it receives from the Disclosing Party with the same care it uses to protect and maintain its own Confidential Information, but
in no case less than a reasonable degree of care. Notwithstanding anything in this Agreement to the contrary, the Receiving Party
shall be responsible for any action or inaction by any of its Representatives if such action or inaction could constitute a breach
of the obligations of this Section 9 had such action or inaction been made by the Receiving Party.

 

For purposes of this
Agreement, “Confidential Information” shall mean all information with respect to a Party and its Affiliates
and the Online Gaming Business, including, without limitation, confidential information and trade secrets concerning such business
and other plans, customer names, customer requirements and supplier names, profit formulas and financial plans, disclosed by the
Disclosing Party to the Receiving Party, whether orally or in writing, whether or not labeled as confidential. “Confidential
Information” shall not include information that:

 

(i)         was
available to the general public at the time it was disclosed or becomes available to the general public subsequent to the disclosure
(provided that this exception will not apply if the public disclosure is due to an act or omission of the Receiving Party or its
Representatives);

 

(ii)        was
independently developed by the Receiving Party or its Representatives without any use of or reference to the Disclosing Party’s
Confidential Information; or

 

(iii)       was
properly and legally received from a third party which is not an Affiliate of GNOG or GN and which is not under any duty to the
Disclosing Party not to disclose such information at the time of such disclosure.

 

9.2         Disclosures
Required by Law. The Receiving Party and its Affiliates may disclose information received under this Agreement to the
extent required by applicable Law, an order or requirement of a court, a subpoena or other discovery process (e.g.,
interrogatories or requests for the production of documents), or an order or requirement of any Governmental Entity having
jurisdiction over the Receiving Party or any relevant Affiliate); provided, however, that the Receiving Party
shall, if legally permitted, provide prompt notice thereof to the Disclosing Party prior to any such disclosure so that the
Disclosing Party can determine whether the Disclosing Party desires to obtain a protective order or otherwise prevent public
disclosure of such information. If the Disclosing Party seeks a protective order, then the Receiving Party and any relevant
Affiliate will provide reasonable cooperation at the Disclosing Party’s request and expense. In the event that a
protective order or other remedy is not obtained, the Receiving Party and any relevant Affiliate may furnish only that
portion of the Confidential Information that is legally required to be disclosed and shall exercise all commercially
reasonable efforts, at the Disclosing Party’s expense, to obtain reliable assurance that confidential treatment will be
accorded such disclosed Confidential Information. Notwithstanding anything to the contrary contained in this Agreement, this Section
9.2 shall not apply to any audit, examination or inquiry by the Securities and Exchange Commission, and in no event shall
the Receiving Party or its Affiliates be restricted or prohibited from disclosing any information in connection with the
same.

 

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9.3         Remedies.
Each of GNOG and GN hereby acknowledges and agrees that the prohibitions against disclosure of Confidential Information recited
herein are in addition to, and not in lieu of, any rights or remedies each may have available to it pursuant to the Laws of any
jurisdiction or common law or judicial precedent to prevent the disclosure of proprietary or Confidential Information, and the
enforcement by any of them of its rights and remedies pursuant to this Agreement shall not be construed as a waiver of any other
rights or available remedies that it may possess in law or equity absent this Agreement. In furtherance of the foregoing and in
addition to any other remedies that may be available in law, in equity or otherwise, Disclosing Party shall be entitled to seek
injunctive relief to prevent any unauthorized use or disclosure of Confidential Information without having to prove damages or
post a bond or other security.

 

9.4         Return
or Destruction of Confidential Information. Upon termination of this Agreement, each Receiving Party agrees to destroy or
return to the Disclosing Party all documents or recorded material of any type (including all copies, extracts or other recordings
thereof) which may be in its possession or under its control and which constitutes (in whole or in part) Confidential Information
of such Disclosing Party; provided, that the Receiving Party and its Representatives may retain (i) Confidential Information
to the extent it is backed up on electronic information management and communications systems or servers in the ordinary course
and is not available to an end user and cannot be expunged without considerable effort and (ii) Confidential Information to the
extent such retention is required by bona fide document retention implemented to comply with applicable Law, regulation or enforceable
professional standards and consistently applied with appropriate access restrictions. Any Confidential Information so retained
shall remain subject to this Section 5 until returned or destroyed.

 

9.5         Non-Waiver.
Each Party acknowledges and agrees that some of the Confidential Information may be subject to certain legal privileges or may
be classified as, or considered to be, a trade secret. Disclosure of Confidential Information is not intended to, and does not
constitute, a waiver of any legal privileges, including, without limitation, attorney-client privilege or work product privilege,
or impair its classification or protection as a trade secret. All obligations arising hereunder with respect to Confidential Information
that constitutes a trade secret under applicable Law shall survive termination of this Agreement until such Confidential Information
no longer constitutes a trade secret.

 

9.6         Survival. The provisions of this Section 9 shall survive any termination of this Agreement.

 

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Article
10

REPRESENTATIONS
AND WARRANTIES

 

10.1       Representations and Warranties of GN. In order to induce GNOG to enter into and perform its obligations under
this Agreement and to consummate the transactions contemplated hereby, GN hereby represents and warrants as of the date hereof
to GNOG as follows:

 

10.1.1     
Organization. GN is a limited liability company, duly organized and validly existing under the Laws of the
State of New Jersey.

 

10.1.2      Authority
and Validity. GN has the requisite power and authority to execute, deliver and perform its obligations under this Agreement.
The execution and delivery by GN of, and the performance by GN of its obligations under this Agreement have been duly authorized
by the requisite action on its part, including, if necessary, approval of the board of directors of GN’s parent entity.
This Agreement is the valid and binding obligation of GN, enforceable against GN in accordance with its terms, except insofar
as enforceability may be affected by Bankruptcy Laws or by principles governing the availability of equitable remedies.

 

10.1.3      Non-Contravention.
The execution, delivery and performance by GN of this Agreement does not and will not (a) conflict with or violate any provision
of GN’s organizational documents, (b) result in any violation of or breach or default under or loss of rights under any
contract or agreement to which GN is a party or by which it is bound, (c) violate any Law to which GN is subject, or (d) violate,
conflict with or result in a default, right to accelerate or loss of rights under any order, judgment or decree to which GN is
a party or by which it is bound or affected.

 

10.1.4      No
Consents. Except with respect to any applicable Gaming Approval, no material approval of, notice to, or registration, declaration
or filing with, any Governmental Entity is required to be obtained or made by or with respect to GN in connection with the execution,
delivery and performance of this Agreement.

 

10.1.5      No Litigation. Except as disclosed in writing to GNOG on or before the execution of this Agreement, there
is no pending or, to GN’s actual knowledge, threatened Claims, lawsuits, governmental actions or other proceedings against
GN or its assets before any court, agency or other judicial, administrative or other governmental body or arbitrator which could
reasonably be expected to have a material adverse effect on the GNOG Gaming Service.

 

10.1.6      Permits.
GN has obtained all licenses, authorizations, approvals, consents or permits required by applicable Laws to conduct its business
generally and to perform its obligations under this Agreement.

 

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10.2       Representations and Warranties of GNOG. In order to induce GN to enter into and perform its obligations under
this Agreement and to consummate the transactions contemplated hereby, GNOG hereby represents and warrants as of the date hereof
to GN as follows:

 

10.2.1      Organization
and Qualification. GNOG is a limited liability company, duly organized and validly existing under the Laws of the State of
New Jersey.

 

10.2.2      Authority
and Validity. GNOG has the requisite power and authority to execute, deliver and perform its respective obligations under
this Agreement. The execution and delivery by GNOG of, and the performance by GNOG of its obligations under this Agreement have
been duly authorized by the requisite company, corporate, or other such organizational action on its part, including if necessary
approval of the sole manager of GNOG. This Agreement is the valid and binding obligation of GNOG, enforceable against GNOG in
accordance with its terms, except insofar as enforceability may be affected by Bankruptcy Laws or by principles governing the
availability of equitable remedies.

 

10.2.3      Non-Contravention.
The execution, delivery and performance by GNOG of this Agreement does not and will not (a) conflict with or violate any provision
of GNOG’s organizational documents, (b) result in any violation of or breach or default under or loss of rights under any
contract or agreement to which GNOG is a party or by which it are bound, (c) violate any Law to which GNOG is subject, or (d)
violate, conflict with or result in a default, right to accelerate or loss of rights under any order, judgment or decree to which
GNOG is a party or by which it is bound or affected.

 

10.2.4      No
Consents. Except with respect to any applicable Gaming Approval, no material approval of, notice to, or registration, declaration
or filing with, any Governmental Entity is required to be obtained or made by or with respect to GNOG in connection with the execution,
delivery and performance of this Agreement.

 

10.2.5      No
Litigation. Except as disclosed in writing to GN on or before the execution of this Agreement, there is no pending or, to
GNOG’s actual knowledge, threatened Claims, lawsuits, governmental actions or other proceedings against GNOG or its assets
before any court, agency or other judicial, administrative or other governmental body or arbitrator which could reasonably be
expected to have a material adverse effect on the GNOG Gaming Service.

 

Article
11

TERM AND TERMINATION

 

11.1       Commencement
of Term. Subject to the terms and conditions of this Agreement, the Term shall commence on the Term Commencement Date and
continue for the duration of the Initial Term, subject to GNOG’s right to renew for one (1) additional Renewal Period as
provided below.

 

11.2       Renewal Period. Provided that GNOG is not in material breach under this Agreement beyond any applicable notice
and cure period, and this Agreement has not otherwise been terminated in accordance with its terms, GNOG shall have the right to
renew this Agreement for one (1) additional five (5) year period (the “Renewal Period”). In order to
exercise GNOG’s right to renew this Agreement, GNOG must provide GN with written notice of its intent to renew this Agreement
no less than twelve (12) months and no more than eighteen (18) months prior to the expiration of the Initial Term.

 

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11.3       Termination.

 

11.3.1      Either
GNOG or GN can terminate this Agreement upon written notice to the other Party on the following terms:

 

(a)              
subject to the notice and cure requirements of Section 11.5, upon a material breach of this Agreement by the
other Party;

 

(b)              
in the event the other Party or any of its officers, directors or shareholders that are licensed pursuant to the
NJ Gaming Laws is or becomes an Unsuitable Person and such event is not cured with thirty (30) days (or such shorter period as
may be prescribed by applicable Gaming Authorities) following written notice from the terminating Party;

 

(c)              
in the event the other Party and/or any of its Affiliates (i) commences any case, proceeding or other action under
any existing or future debtor relief law, seeking (A) to have an order for relief entered with respect to it, or (B) to adjudicate
it as bankrupt or insolvent, or (C) reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition
or other relief with respect to it or its debts, or (D) appointment of a receiver, trustee, custodian, conservator or other similar
official for it or for all or any substantial part of its assets, or (ii) makes a general assignment for the benefit of its creditors;

 

(d)              
if there is commenced against such other Party and/or any of its Affiliates in a court of competent jurisdiction
any case, proceeding or other action of a nature referred to in clause (c) above which (i) results in the entry of an order for
relief or any such adjudication or appointment or (ii) remains undismissed, undischarged, unstayed or unbonded for thirty (30)
days;

 

(e)              
in the event (i) any Governmental Entity institutes, maintains or brings an Action under any Law of the USA seeking
to criminally penalize the offering or conduct of all Online Gaming Services in general, or (ii) the offering or conduct of Online
Gaming Services is otherwise no longer permitted in the State of New Jersey under applicable Laws (including, without limitation,
Federal Online Gaming Law or NJ Gaming Law); provided, that such event shall not constitute cause for termination of this
Agreement unless it applies to all components of the GNOG Gaming Service (e.g. Online Sports Wagering, Online Casino Games and
Online Poker Games, as applicable); or

 

(f)               
any Gaming Authority in the State of New Jersey disapproves this Agreement or the commercial components thereof,
and the Parties, acting together in good faith, are not able, without materially frustrating the commercial intent of this Agreement,
to amend the Agreement so that the applicable Gaming Authority approves this Agreement in a timely manner.

 

11.3.2      GN
shall have the right, in its sole discretion and without waiving any other rights or remedies hereunder, to terminate this
Agreement if GNOG ceases offering the GNOG Gaming Service for a period of six (6) consecutive calendar months at any time
during the Term (other than as a result of events constituting a Force Majeure). In such event, GN shall provide to GNOG
written notice of its election to terminate and the effective date of such termination shall be the date which is thirty (30)
days from the date of delivery of such termination notice.

 

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11.4       Effect of Termination.

 

11.4.1     
In the event this Agreement is terminated the Parties shall otherwise comply with their respective obligations under
this Agreement applicable to the termination or expiration of the then current term, including without limitation, with respect
to compliance with Laws, settlement of all GNOG Player accounts, and payment of all obligations owed to third parties in connection
with GNOG’s operations relating to this Agreement.

 

11.5       Cure
Rights; Offset Remedies.

 

11.5.1     
Right to Cure. No Party shall be entitled to recover damages or terminate this Agreement pursuant to Section
11.3.1 by reason of any breach by another Party of its obligations hereunder, unless the breaching Party fails to remedy such
breach within (a) 10 days with respect to any failure of the breaching Party to pay any amounts owed under this Agreement, and
(b) sixty (60) days following receipt of the non-breaching Party’s notice thereof with respect to any other breaches (or,
with respect to clause (b), if such cure cannot reasonably be accomplished within such sixty (60) day period, the breaching Party
shall not in good faith have commenced such cure within such period and shall not thereafter have remedied such breach within an
additional ninety (90) day period).

 

11.5.2     
Right of Offset. In addition to any other rights or remedies available under applicable Law, in the event
of any failure by either Party (or its Affiliate) to meet an undisputed payment obligation under this Agreement, each Party (or
its Affiliate) shall have all available rights of set-off at law and in equity, which shall include, without limitation, such Party’s
(or its Affiliate’s) right to withhold amounts owed to the non-paying Party (or its Affiliate) under this Agreement up to
all undisputed amounts owed to the offsetting Party (or its Affiliate) under this Agreement, and all amounts owed to such Party
(or its Affiliate).

 

11.6       Wind-Down
Period. Upon the expiration of the term of this Agreement, provided that GN still holds valid Operating Licenses and GNOG
is still permitted to operate the GNOG Gaming Service under the NJ State Gaming Regulations, GNOG shall have a wind-down period
equal to the greater of three (3) months after the termination date, or the period of time required by Gaming Authorities. During
such wind-down period, GNOG shall have the right to continue providing the GNOG Gaming Service in the same technical manner, and
under the same obligations (including without limitation Monthly Royalty and other payment obligations), that it was provided
immediately prior to termination of this Agreement under the terms of this Agreement. During such wind-down period, the Parties
shall cooperate in developing and implementing a reasonable plan to wind down the GNOG Gaming Service in an orderly manner.

 

11.7        Survival.
Upon termination of this Agreement all rights and obligations of the Parties under this Agreement shall terminate, other than Section
4.2.4, Article 8, Article 9, Section 11.6, Section 11.7, Article 12 and Article
13 or otherwise specifically set forth herein, provided that all amounts owed to a Party for the period prior to such
termination are paid to such Party as contemplated herein.

 

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Article
12

INDEMNIFICATION

 

12.1       Indemnification.

 

12.1.1      GN
hereby agrees to indemnify and defend, to the fullest extent permitted by Law, GNOG and its Affiliates from, against and in respect
of any and all liabilities, judgments, injunctions, charges, orders, decrees, rulings, damages, dues, assessments, losses, fines,
penalties, injuries, deficiencies, demands, fees, costs, amounts paid in settlement or indemnification (including reasonable attorneys’
and expert witness fees, costs and disbursements in connection with investigating, defending or settling any Action or threatened
Action), and other expenses (collectively, “Claims”), in any instance arising out of any Action brought
by a Third Party related to or arising or resulting from (each, a “GN Third-Party Claim”):

 

(a)              
any breach or default in performance by GN of any representation, warranty, covenant or obligation contained in this
Agreement;

 

(b)              
except to the extent caused in whole or in part by any acts or omissions of GNOG or its Affiliates, any violation
of any Law, including the NJ Gaming Law or failure to pay any Reimbursable Gaming Taxes related to the GNOG Gaming Service (provided
such Reimbursable Gaming Taxes have been timely paid by GNOG to GN in advance of the due date thereof), by GN;

 

(c)              
except to the extent caused in whole or in part by any acts or omissions of GNOG or its Affiliates, GNOG’s
Gaming Approvals or GN’s Operating License in the State of New Jersey being suspended, revoked, cancelled, not renewed or
terminated due to the act or omission of GN;

 

(d)              any
claim that any of GN’s operations or GNOG’s authorized use of the GN Marks in the offering of the GNOG Gaming Service
infringe on the intellectual property rights of a Third Party;

 

(e)               except to the extent caused in whole or in part by any acts or omissions of GNOG or its Affiliates, any claim related
to any GNOG Customer Data security breach; or

 

(f)                the gross negligence or willful misconduct of GN.

 

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12.1.2      GNOG hereby agrees to indemnify and defend, to the fullest extent permitted by Law, GN and its Affiliates from, against
and in respect of any and all Claims arising out of any Action brought by a Third Party related to or arising or resulting from
(each, a “GNOG Third-Party Claim”):

 

(a)              
any breach or default in performance by GNOG of any representation, warranty, covenant or obligation contained in
this Agreement;

 

(b)              except
to the extent caused in whole or in part by any acts or omissions of GN or its Affiliates, any violation of any Law, including
the NJ Gaming Law or failure to pay any Gaming Taxes related to the GNOG Gaming Service, by GNOG;

 

(c)              except
to the extent caused in whole or in part by any acts or omissions of GN or its Affiliates, GNOG’s Gaming Approvals or GN’s
Operating License in the State of New Jersey being suspended, revoked, cancelled, not renewed or terminated due to the act or
omission of GNOG;

 

(d)              any
claim that GN’s offering of the GNOG Gaming Service pursuant to the terms of this Agreement infringes the intellectual property
rights of a Third Party;

 

(e)              except
to the extent caused in whole or in part by any acts or omissions of GN or its Affiliates, any claim brought by a GNOG Player
or any vendors or other service providers of GNOG relating to, arising out of or in connection with the GNOG Gaming Service;

 

(f)               except
to the extent caused in whole or in part by any acts or omissions of GN or its Affiliates, any claim related to any GNOG Customer
Data security breach;

 

(g)              any
claim by Governmental Authorities regarding (i) incorrect, incomplete or improper filings required under Section 4.2 made
by GNOG or by GN on GNOG’s behalf with respect to GNOG’s operations; provided, that filings made by GN on GNOG’s
behalf were submitted as required under applicable Law and as prepared by GNOG, or (ii) GNOG’s failure to prepare and/or
caused to be filed any filings required under Section 4.2;

 

(h)              any
claim by any employee of GNOG that GN is the employer of, or otherwise has liabilities or obligations towards, such employee of
GNOG; or

 

(i)                the
gross negligence or willful misconduct of GNOG.

 

12.1.3      If
any Third Party shall notify the Party possessing a right to indemnification under this Article 12 (the
 “Indemnified Party”) with respect to any matter which may give rise to a Third-Party Claim, then
the Indemnified Party shall promptly notify the other Party (the “Indemnifying Party”) thereof in
writing (the “Third-Party Claim Notice”) describing the Third-Party Claim in reasonable detail. The
Indemnifying Party shall promptly assume the defense of any such Third-Party Claim with counsel approved by the Indemnified
Party (which approval shall not be unreasonably withheld, conditioned or delayed) at the Indemnifying Party’s sole
expense. The Indemnified Party must fully cooperate, as reasonably requested by the Indemnifying Party and at the
Indemnifying Party’s expense, in the defense of such Third-Party Claim. The Indemnifying Party may not enter into any
settlement or compromise of any Third-Party Claim, which settlement or compromise would result in any liability to the
Indemnified Party, without the Indemnified Party’s prior written consent, which will not be unreasonably withheld.

 

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12.2       Insurance. GNOG shall at all times maintain the following insurance underwritten by an insurer approved by
GN in its reasonable discretion:

 

12.2.1      Commercial general liability insurance, (including coverage for contractual liability and advertising liability)
with single-limit coverage, on an occurrence basis, of at least $5,000,000 per occurrence and naming GN as an additional insured;

 

12.2.2      Worker’s
compensation insurance in an amount required by Law.

 

12.2.3       “All Risks” property insurance in an amount adequate to cover the full replacement cost of any GNOG Equipment
located in the Equipment Room.

 

12.2.4      Such other insurance coverage and amount as may be reasonably required by GN and consistent with generally accepted
industry practices.

 

12.2.5      Cyber
insurance in amounts reasonably required and consistent with generally accepted industry practices, not to exceed $5,000,000 in
the aggregate.

 

GNOG will furnish to GN certificates of
insurance, together with endorsements, evidencing the foregoing coverage and a statement that coverage may not be cancelled, altered
or permitted to lapse or expire without 30 days’ advance written notice to GN. Revised certificates of insurance shall be
forwarded to GN each time a change in coverage or insurance carrier is made by GNOG, and/or upon renewal of expired coverages.
Deductibles and/or self-insured retentions are subject to reasonable approval by GN. Insurance required hereby shall be primary
to any insurance carried by GN. The foregoing required insurance coverage and limits shall be subject to periodic review and adjustment
by GN in its reasonable discretion if in GN’s good faith judgment, such insurance coverage and limits are not consistent
with generally accepted industry practices.

 

Article
13

MISCELLANEOUS

 

13.1       Effectiveness.
The Parties acknowledge and agree that the terms and conditions of this Agreement are subject to the provisions of the NJ Gaming
Law. Without limiting the forgoing, the Parties acknowledge and agree that no business may be conducted between the Parties until
the Parties obtain the approval of the NJDGE.

 

13.2       No
Partnership. The Parties acknowledge and agree that nothing in this Agreement shall be deemed to create a partnership, joint
venture, agency or other association or a trust among the Parties.

 

13.3       No Third Party Beneficiaries. Except as specifically set forth herein, this Agreement shall not confer any
rights or remedies upon any Person other than the Parties (and their Affiliates to the extent provided herein) and their respective
successors and permitted assigns.

 

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13.4       Succession and Assignment. This Agreement shall be binding upon and inure to the benefit of the Parties and
their respective successors and permitted assigns. Except as provided in Section 13.4.1 below, no Party may assign this
Agreement or any of its rights, interests or obligations hereunder, whether by operation of law or otherwise, without the prior
written approval of the other Party, which may be withheld in its sole and absolute discretion; provided, however,
either Party shall be entitled to assign this Agreement to an Affiliate of such Party without the need for such prior written
approval, provided such Affiliate has obtained all necessary Gaming Approvals and the other Party has received prompt written
notice following such assignment, and. In all cases, the Person which is the assignee shall agree in writing to assume and fully
comply with the obligations of the assigning party with respect to this Agreement and shall have the requisite Gaming Approvals
and ability to perform the same. Any prohibited assignment is void.

 

13.4.1      Notwithstanding
the terms of Section 13.4 above, GN shall be required to assign this Agreement to the buyer, successor, acquirer, purchaser
or otherwise surviving entity by reason of GN’s (i) merger, acquisition or consolidation, (ii) sale of all or substantially
all of its assets, (iii) transfer of GN’s Operating License to an interactive gaming Affiliate as permitted under NJ Gaming
Law or (iv) sale of the Property; provided, that such assignee has the requisite Gaming Approvals to assume GN’s
obligations hereunder and is otherwise able to perform the same.

 

13.5       No Consequential Damages. Notwithstanding any other provision of this Agreement to the contrary, no Party
shall be liable to any other Party for losses with respect to mental or emotional distress, exemplary, consequential, incidental,
special damages, lost profits, diminution in value, damage to reputation or the like, including lost profits, even if such Party
has been advised of the possibility of such damages.

 

13.6       Governing
Law. THE LAWS OF THE STATE OF NEW JERSEY, USA, EXCLUSIVE OF ANY CONFLICTS OF LAW PRINCIPLES THAT COULD REQUIRE THE APPLICATION
OF ANY OTHER LAW, SHALL GOVERN THIS AGREEMENT FOR ALL PURPOSES.

 

13.7       Jurisdiction/Litigation.
THE PARTIES HERETO AGREE THAT IRREPARABLE DAMAGE MAY OCCUR IN THE EVENT THAT ANY OF THE PROVISIONS OF THIS AGREEMENT WERE NOT
PERFORMED IN ACCORDANCE WITH THEIR SPECIFIC TERMS OR WERE OTHERWISE BREACHED. IT IS ACCORDINGLY AGREED THAT THE PARTIES
HERETO SHALL BE ENTITLED TO SEEK AN INJUNCTION OR INJUNCTIONS TO PREVENT BREACHES OF THIS AGREEMENT AND TO SEEK TO ENFORCE
SPECIFICALLY THE TERMS AND PROVISIONS OF THIS AGREEMENT EXCLUSIVELY IN ANY STATE OR FEDERAL COURT LOCATED IN ATLANTIC COUNTY
IN THE STATE OF NEW JERSEY, THIS BEING IN ADDITION TO ANY OTHER REMEDY TO WHICH THEY ARE ENTITLED AT LAW OR IN EQUITY. EACH
PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY (A) CONSENTS TO SUBMIT ITSELF TO THE EXCLUSIVE PERSONAL JURISDICTION OF ANY
STATE OR FEDERAL COURT LOCATED IN ATLANTIC COUNTY IN THE STATE OF NEW JERSEY IN THE EVENT ANY DISPUTE ARISES OUT OF THIS
AGREEMENT, (B) AGREES THAT IT WILL NOT ATTEMPT TO DENY OR DEFEAT SUCH PERSONAL JURISDICTION BY MOTION OR OTHER REQUEST FOR
LEAVE FROM ANY SUCH COURT, (C) WAIVES (AND AGREES NOT TO PLEAD OR CLAIM) ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION,
SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, (D) WAIVES ANY RIGHT TO REQUIRE THE POSTING OF ANY SECURITY AS A CONDITION
FOR ANY PRELIMINARY OR PERMANENT INJUNCTIVE RELIEF OR SPECIFIC PERFORMANCE, AND (E) WAIVES ANY RIGHT TO TRIAL BY JURY WITH
RESPECT TO ANY ACTION RELATED TO OR ARISING OUT OF THIS AGREEMENT.

 

     33

     

    

 

13.8       LIMITATION OF LIABILITY. NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY, WITH THE EXCEPTION
OF ANY LIABILITY ARISING FROM (A) GNOG’S BREACH OF SECTION 6.1.9, (B) GN’S BREACH OF SECTION 8.2.1 OR
ARTICLE 9 OF THIS AGREEMENT, (C) EACH PARTY’S INDEMNIFICATION OBLIGATIONS AS SET FORTH IN ARTICLE 12 or Section
13.18, AND/OR (D) either party’s
FRAUD, GROSS NEGLIGENCE, OR WILLFUL MISCONDUCT, NEITHER PARTY’S LIABILITY, IN THE AGGREGATE (WHETHER SUCH CLAIMS ARE
RELATED OR UNRELATED TO ONE ANOTHER) FOR ALL LOSSES, CLAIMS, SUITS, CONTROVERSIES, BREACHES, OR DAMAGES FOR ANY CAUSE WHATSOEVER
(INCLUDING, BUT NOT LIMITED TO, THOSE ARISING OUT OF OR RELATED TO THIS AGREEMENT) AND REGARDLESS OF THE FORM OF ACTION OR LEGAL
THEORY SHALL NOT EXCEED THE AMOUNT OF FEES AND ALL OTHER SUMS RECEIVED BY GN OR OTHERWISE OWED BY GNOG PURSUANT TO THIS AGREEMENT.

 

13.9       Amendment
and Waiver. No modification, amendment, or waiver of any provision of this Agreement will be effective unless such modification,
amendment, or waiver is approved in writing by each Party. The failure of any Party to enforce any of the provisions of this Agreement
will in no way be construed as a waiver of such provisions and will not affect the right of such Party thereafter to enforce each
and every provision of this Agreement in accordance with its terms.

 

13.10     Entire Agreement. This Agreement constitutes the entire agreement of the Parties with respect to the subject
matter herein and supersedes and preempts any prior understandings, agreements, or representations by or between the Parties, written
or oral, that may have related to the subject matter of this Agreement in any way.

 

13.11    Counterparts; Electronic Signatures. This Agreement may be executed in one or more counterparts, including
counterparts transmitted electronically by facsimile or emailed .pdf signatures, each of which shall be deemed an original but
all of which together will constitute one and the same instrument. Each Party agrees to accept the electronically transmitted signature
of the other Party and to be bound by its own electronically transmitted signature.

 

13.12    Notices.
Unless otherwise specified in this Agreement, all notices, demands, elections, requests or other communications that any
Party may desire or be required to give hereunder must be in writing and must be given (a) by hand delivery, (b) by a
recognized overnight courier service providing confirmation of delivery overnight courier, or (c) by Portable Document Format
(PDF), to the addresses set forth below or at such other address as the Parties may specify by notice given to the other
Parties in accordance with this Section 13.12. A notice sent by overnight courier shall be deemed given on the next
Business Day after the day said notice is delivered to the overnight courier. A notice sent by hand delivery, or by PDF shall
be deemed given on the day sent (provided such PDF document is electronically confirmed received and is followed by delivery
pursuant to (a) or (b) above).

 

     34

     

    

 

	If to GNOG:
	  Golden Nugget Online Gaming, LLC
	  1510 West Loop South
	  Houston, Texas 77027
	
        Attn: President

        Email: TWinter@ldry.com

 

	If to GN:
	  Golden Nugget Atlantic City, LLC
	  1510 West Loop South
	  Houston, TX 77027
	
        Attn: Vice President

        Email: rliem@ldry.com

 

	with copy to:
	  Golden Nugget Atlantic City, LLC
	  1510 W. Loop South
	  Houston, Texas 77027
	
        Attn: General Counsel

        Email: SScheinthal@ldry.com

 

13.13     Expenses. Except as otherwise expressly provided in this Agreement, each Party will bear its own costs and
expenses incurred in connection with the preparation, execution and performance of this Agreement, including all fees and expenses
of agents, representatives, financial advisors, legal counsel and accountants.

 

13.14    Joint
Preparation of Agreement. The Parties and their respective counsel have participated jointly in the negotiation and drafting
of this Agreement. Each of the Parties acknowledges that it is sophisticated in business matters of the type contemplated hereby
and has been advised by experienced counsel and, to the extent it has deemed necessary, other advisers in connection with the
negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement
will be construed as if drafted jointly by the Parties, and no presumption or burden of proof will arise favoring or disfavoring
any Party by virtue of the authorship of any of the provisions of this Agreement.

 

13.15    Recitals. The Recitals set forth above are true and correct and are hereby incorporated into this Agreement
as set forth at length herein.

 

13.16    Headings.
Sections and other headings contained in this Agreement are for reference purposes only and are not intended to describe, interpret,
define or limit the scope or extent of this Agreement or any provision hereof.

 

     35

     

    

 

13.17     Severability. If any provision of this Agreement is held to be unenforceable for any reason, it shall be
adjusted rather than voided, if possible, in order to achieve the intent of the Parties to the extent possible. In any event,
all other provisions of this Agreement shall be deemed valid and enforceable to the full extent possible.

 

13.18     Independent
Contractor Status. Each Party and its employees are independent contractors in relation to the other Party with respect to
all matters arising under this Agreement. Nothing herein shall be deemed to establish a partnership or employment relationship
between the Parties. Each Party shall remain responsible for and shall indemnify and hold harmless the other Party for the withholding
and payment of all Federal, state and local personal income, wage, earnings, occupation, social security, unemployment, sickness,
workers compensation and disability insurance taxes, payroll levies, employee benefit requirements or obligations (under ERISA,
state Law or otherwise) now existing or hereafter enacted and attributable to themselves and their respective employees.

 

13.19   
Further Assurances. In case any further action is necessary to carry out the purposes of this Agreement, each
Party will take such further action (including the execution and delivery of further instruments and documents) as the other Party
reasonably may request, all at the sole cost and expense of the requesting Party (unless the requesting Party is entitled to indemnification
therefore under this Agreement).

 

13.20   
No Public Statements. Neither Party will issue any press release or make any public statement about this Agreement
without the prior written consent of the other Party.

 

[SIGNATURE PAGE FOLLOWS]

 

     36

     

    

 

IN WITNESS WHEREOF,
the Parties have executed this Agreement as of the Effective Date.

 

	GOLDEN NUGGET ONLINE GAMING, 

LLC	 	GOLDEN NUGGET ATLANTIC CITY 

LLC,
	a New Jersey limited liability company	 	a New Jersey limited liability company
	 	 
	 	 
	By:	/s/ Rick H. Liem	 	By:	/s/ Steven L. Scheinthal
	Name:  Rick H. Liem	 	Name:  Steven L. Scheinthal
	Title:    Vice President and Treasurer	 	Title:    Vice President

 

[Signature Page to Amended and Restated

Online
Gaming Operations Agreement]

 

     

     

    

 

Exhibit
A

 

GN Reimbursed Expenses

 

“GN Reimbursed Expenses” means, without
duplication,

 

		(a)	The annual upfront initial or renewal permit fee charged by Gaming Authorities in connection with
the renewal and maintenance of the GN Internet Gaming Permit, less the pro-rata portion of such costs which are paid directly to
GN from Skin Operators after the Effective Date;

 

		(b)	Two-thirds (2/3) of the annual upfront initial or renewal permit fee charged by Gaming Authorities
in connection with the renewal and maintenance of the GN Sports Wagering License, less the pro-rata portion of such costs which
are collected from Skin Operators after the Effective Date;

 

		(c)	Costs, fees, assessments, fines or penalties incurred by GN for any reporting, investigation, certification
or other regulatory requirements under NJ State Gaming Regulations or imposed by the NJDGE to the extent relating to the Online
Gaming Business and, in each case, to the extent not otherwise included in subparagraph (d) below, including without limitation
any responsible gaming fees or studies required under NJ State Gaming Regulations; and

 

		(d)	one hundred percent (100%) of all out-of-pocket costs incurred by GN solely on behalf of, solely
for the benefit of, or solely relating to GNOG or the GNOG Gaming Service, including without limitation, (i) Reimbursable Gaming
Taxes attributable to the GNOG Gaming Service, and (ii) payments by GN in connection with cage withdrawals by GNOG customers.

 

Notwithstanding the foregoing,
GNOG shall not be responsible for any rental, utility or other costs for use of space in GN Equipment Room.

 

Exhibit AExhibit 10.9

 

GOLDEN NUGGET ONLINE
GAMING, INC. 2020 INCENTIVE AWARD PLAN

 

1.            Establishment
of the Plan; Effective Date; Duration.

 

(a)          Establishment
of the Plan; Effective Date. Golden Nugget Online Gaming, Inc., a Delaware corporation (the “Company”),
hereby establishes this incentive compensation plan to be known as the “Golden Nugget Online Gaming, Inc. 2020 Incentive
Award Plan,” as amended from time to time (the “Plan”). The Plan permits the grant of Incentive Stock
Options, Nonqualified Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Other Stock-Based Awards,
Other Cash-Based Awards and Dividend Equivalents. The Plan shall become effective upon the date on which the Plan is approved by
the affirmative vote of the holders of a majority of the Common Shares which are present or represented and entitled to vote and
voted at a meeting of such stockholders (the “Effective Date”). If the Plan is not so approved by the stockholders
of the Company, then the Plan will be null and void in its entirety. The Plan shall remain in effect as provided in Section 1(b) of
the Plan. Capitalized but undefined terms shall have the meaning set forth in Section 3 of the Plan.

 

(b)          Duration
of the Plan. The Plan shall commence on the Effective Date and shall remain in effect, subject to the right of the Board
to amend or terminate the Plan at any time pursuant to Section 14. However, in no event may an Award be granted under the
Plan on or after ten years from the Effective Date.

 

2.            Purpose. The purpose of the Plan is to provide
a means through which the Company and its Affiliates may attract and retain key personnel and to provide a means whereby certain
directors, officers, employees, consultants and advisors of the Company and its Affiliates can acquire and maintain an equity interest
in the Company, or be paid incentive compensation, which may be measured by reference to the value of Common Shares, thereby strengthening
their commitment to the welfare of the Company and its Affiliates and aligning their interests with those of the Company’s
stockholders.

 

3.            Definitions. Certain terms used herein have the definitions
given to them in the first instance in which they are used. In addition, for purposes of the Plan, the following terms are defined
as set forth below:

 

(a)           “Affiliate”
means (i) any person or entity that directly or indirectly controls, is controlled by or is under common control with the
Company and/or (ii) to the extent provided by the Committee, any person or entity in which the Company has a significant interest.
The term “control” (including, with correlative meaning, the terms “controlled by” and “under common
control with”), as applied to any person or entity, means the possession, directly or indirectly, of the power to direct
or cause the direction of the management and policies of such person or entity, whether through the ownership of voting or other
securities, by contract or otherwise.

 

(b)          “Award”
means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation Right, Restricted
Stock, Restricted Stock Unit, Other Stock-Based Awards, Other Cash-Based Awards, Dividend Equivalents, and/or Performance Compensation
Award granted under the Plan.

 

(c)          “Award
Agreement” means a written agreement between a Participant and the Company which sets out the terms of the grant
of an Award.

 

(d)          “Board”
means the Board of Directors of the Company. 

 

    1

     

    

 

(e)          “Cause”
means, in the case of a particular Award, unless the applicable Award Agreement states otherwise, (i) the Company or an Affiliate
having “cause” to terminate a Participant’s employment or service, as defined in any employment or consulting
or similar agreement between the Participant and the Company or an Affiliate in effect at the time of such termination, or (ii) in
the absence of any such employment or consulting or similar agreement (or the absence of any definition of  “Cause”
contained therein), a Participant’s (A) conviction of, or the entry of a plea of guilty or no contest to, a felony or
any other crime that causes the Company or its Affiliates public disgrace or disrepute, or materially and adversely affects the
Company’s or its Affiliates’ operations or financial performance or the relationship the Company has with its customers;
(B) gross negligence or willful misconduct with respect to the Company or any of its Affiliates, including, without limitation,
fraud, embezzlement, theft or proven dishonesty in the course of his employment or other service to the Company or an Affiliate;
(C) alcohol abuse or use of controlled substances other than in accordance with a physician’s prescription; (D) refusal
to perform any lawful, material obligation or fulfill any duty (other than any duty or obligation of the type described in clause
(F) below) to the Company or its Affiliates (other than due to a disability, as determined by the Committee), which refusal,
if curable, is not cured within 15 days after delivery of written notice thereof; (E) material breach of any agreement with
or duty owed to the Company or any of its Affiliates, which breach, if curable, is not cured within 15 days after the delivery
of written notice thereof; or (F) any breach of any obligation or duty to the Company or any of its Affiliates (whether arising
by statute, common law or agreement) relating to confidentiality, noncompetition, nonsolicitation and/or proprietary rights.

 

(f)           “Change
in Control” shall, in the case of a particular Award, unless the applicable Award Agreement states otherwise or contains
a different definition of “Change in Control,” be deemed to occur upon any of the following events:

 

(i)             any
 “person” as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than (A) the Company
or any of its Affiliates, (B) any trustee or other fiduciary holding securities under any employee benefit plan of the Company
or any of its Affiliates, (C) an underwriter temporarily holding securities pursuant to an offering of such securities, or
(D) an entity owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their
ownership of Common Shares) becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, by way of merger, consolidation, recapitalization, reorganization or otherwise, of fifty percent (50%)
or more of the total voting power of the then outstanding voting securities of the Company;

 

(ii)             the
cessation of control (by virtue of their not constituting a majority of directors) of the Board by the individuals (the “Continuing
Directors”) who (x) were directors on the Effective Date or (y) become directors after Effective Date and
whose election or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of
the directors then in office who were directors on the Effective Date or whose election or nomination for election was previously
so approved;

 

(iii)            the
consummation of a merger or consolidation of the Company with any other company, other than a merger or consolidation which would
result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity) at least fifty percent (50%) of the total voting
power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger or
consolidation;

 

(iv)            the
consummation of a plan of complete liquidation of the Company or the sale or disposition by the Company of all or substantially
all the Company’s assets; or

 

    2

     

    

 

(v)            any
other event specified as a “Change in Control” in an applicable Award Agreement.

 

Notwithstanding the
foregoing, if a Change in Control constitutes a payment event with respect to any Award (or any portion of an Award) that provides
for the deferral of compensation that is subject to Section 409A of the Code, to the extent required to avoid the imposition
of additional taxes under Section 409A of the Code, the transaction or event described in subsection (i), (ii), (iii), (iv),
or (v) with respect to such Award (or portion thereof) shall only constitute a Change in Control for purposes of the payment
timing of such Award if such transaction also constitutes a “change in control event,” as defined in Treasury Regulation
Section 1.409A-3(i)(5).

 

(g)          “Claim”
means any claim, liability or obligation of any nature, arising out of or relating to the Plan or an alleged breach of the Plan
or an Award Agreement.

 

(h)          “Code”
means the Internal Revenue Code of 1986, as amended, and any successor thereto. Reference in the Plan to any section of the Code
shall be deemed to include any regulations or other interpretative guidance under such section, and any amendments or successor
provisions to such section, regulations or guidance.

 

(i)           “Committee”
means a committee of at least two people as the Board may appoint to administer the Plan or, if no such committee has been appointed
by the Board, the Board.

 

(j)           “Common
Shares” means shares of the Company’s Class A common stock, par value $0.0001 per share (and any stock
or other securities into which such ordinary shares may be converted or into which they may be exchanged).

 

(k)          “Company”
means Golden Nugget Online Gaming, Inc., a Delaware corporation.

 

(l)           “Date
of Grant” means the date on which the granting of an Award is authorized, or such other date as may be specified
in such authorization.

 

(m)         “Dividend
Equivalent” means a right awarded under Section 11 to receive the equivalent value (in cash or Common Shares)
of ordinary dividends that would otherwise be paid on the Common Shares subject to an Award that is a full-value award but that
have not been issued or delivered.

 

(n)          “Effective
Date” shall have the meaning ascribed to such term in Section 1(a).

 

(o)          “Eligible
Director” means a person who is a “non-employee director” within the meaning of Rule 16b-3 under
the Exchange Act.

 

(p)          “Eligible
Person” with respect to an Award denominated in Common Shares, means any (i) individual employed by the Company
or an Affiliate; (ii) director of the Company or an Affiliate; (iii) consultant or advisor to the Company or
an Affiliate; provided that if the Securities Act applies such persons must be eligible to be offered securities registrable
on Form S-8 under the Securities Act; or (iv) prospective employees, directors, officers, consultants or advisors
who have accepted offers of employment or consultancy from the Company or its Affiliates (and would satisfy the provisions of clauses (i) through
(iii) above once he begins employment with or begins providing services to the Company or its Affiliates, provided that the
Date of Grant of any Award to such individual shall not be prior to the date he begins employment with or begins providing services
to the Company or its Affiliates).

 

(q)          “Exchange
Act” means the U.S. Securities Exchange Act of 1934, as it may be amended from time to time, including the rules and
regulations promulgated thereunder and successor provisions and rules and regulations thereto.

 

    3

     

    

 

(r)           “Exercise
Price” has the meaning given such term in Section 7(b) of the Plan.

 

(s)          “Fair
Market Value” means, as of any date, the value of Common Shares determined as follows:

 

(i)        If
the Common Shares are listed on any established stock exchange or a national market system, the closing sales price for such shares
(or the closing bid, if no sales were reported) as quoted on such exchange or system on the day of determination, as reported in
The Wall Street Journal or such other source as the Committee deems reliable;

 

(ii)       If
the Common Shares are regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value
of a Common Share will be the mean between the high bid and low asked prices for the Common Shares on the day of determination,
as reported in The Wall Street Journal or such other source as the Committee deems reliable; or

 

(iii)      In
the absence of an established market for the Common Shares, the Fair Market Value will be determined in good faith by the Committee
(acting on the advice of an Independent Third Party, should the Committee elect in its sole discretion to utilize an Independent
Third Party for this purpose).

 

(iv)      Notwithstanding
the foregoing, the determination of Fair Market Value in all cases shall be in accordance with the requirements set forth under
Section 409A of the Code to the extent necessary for an Award to comply with, or be exempt from, Section 409A of the
Code.

 

(t)         “Immediate
Family Members” shall have the meaning set forth in Section 15(b)(ii).

 

(u)        “Incentive
Stock Option” means an Option that is designated by the Committee as an incentive stock option as described in Section 422
of the Code and otherwise meets the requirements set forth in the Plan for incentive stock options.

 

(v)        “Indemnifiable
Person” shall have the meaning set forth in Section 4(e) of the Plan.

 

(w)       “Independent
Third Party” means an individual or entity independent of the Company having experience in providing investment banking
or similar appraisal or valuation services and with expertise generally in the valuation of securities or other property for purposes
of this Plan. The Committee may utilize one or more Independent Third Parties.

 

(x)        “Mature
Shares” means Common Shares owned by a Participant that are not subject to any pledge or security interest and that
have been either previously acquired by the Participant on the open market or meet such other requirements, if any, as the Committee
may determine are necessary in order to avoid an accounting earnings charge on account of the use of such shares to pay the Exercise
Price or satisfy a tax or deduction obligation of the Participant.

 

(y)       “Nonqualified
Stock Option” means an Option that is not designated by the Committee as an Incentive Stock Option.

 

(z)        “Option”
means an Award granted under Section 7 of the Plan.

 

(aa)     “Option
Period” has the meaning given such term in Section 7(c) of the Plan.

 

(bb)    “Other
Cash-Based Award” means a cash Award granted to a Participant under Section 10 of the Plan, including cash awarded
as a bonus or upon the attainment of Performance Goals or otherwise as permitted under the Plan.

 

    4

     

    

 

(cc)    “Other
Stock-Based Award” means an equity-based or equity-related Award, other than an Option, SAR, Restricted Stock, Restricted
Stock Unit or Dividend Equivalent, granted in accordance with the terms and conditions set forth under Section 10 of the Plan

 

(dd)    “Participant”
means an Eligible Person who has been selected by the Committee to participate in the Plan and to receive an Award pursuant to
Section 6 of the Plan.

 

(ee)     “Performance
Compensation Award” shall mean any Award designated by the Committee as a Performance Compensation Award pursuant
to Section 12 of the Plan.

 

(ff)      “Performance
Criteria” shall mean the criterion or criteria that the Committee shall select for purposes of establishing the Performance
Goal(s) for a Performance Period with respect to any Performance Compensation Award under the Plan pursuant to Section 12
of the Plan.

 

(gg)    “Performance
Formula” shall mean, for a Performance Period, the one or more formulae applied against the relevant Performance
Goal to determine, with regard to the Performance Compensation Award of a particular Participant, whether all, some portion but
less than all, or none of the Performance Compensation Award has been earned for the applicable Performance Period.

 

(hh)    “Performance
Goals” shall mean, for a Performance Period, the one or more goals established by the Committee for the Performance
Period based upon the Performance Criteria pursuant to Section 12 of the Plan.

 

(ii)        “Performance
Period” shall mean the one or more periods of time, as the Committee may select, over which the attainment of one
or more Performance Goals will be measured for the purpose of determining a Participant’s right to, and the payment of, a
Performance Compensation Award.

 

(jj)       “Permitted
Transferee” shall have the meaning set forth in Section 15(b)(ii) of the Plan.

 

(kk)     “Person”
means any individual, entity or group within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act.

 

(ll)       “Plan”
means this Golden Nugget Online Gaming, Inc. 2020 Incentive Award Plan, as amended from time to time.

 

(mm)   “Restricted
Period” means the period of time determined by the Committee during which an Award is subject to restrictions or,
as applicable, the period of time within which performance is measured for purposes of determining whether an Award has been earned.

 

(nn)     “Restricted
Stock Unit” means an unfunded and unsecured promise to deliver Common Shares, cash, other securities or other property,
subject to certain performance or time-based restrictions (including, without limitation, a requirement that the Participant remain
continuously employed or provide continuous services for a specified period of time), granted under Section 9 of the Plan.

 

(oo)      “Restricted
Stock” means Common Shares, subject to certain specified performance or time-based restrictions (including, without
limitation, a requirement that the Participant remain continuously employed or provide continuous services for a specified period
of time), granted under Section 9 of the Plan.

 

(pp)     “SAR
Period” has the meaning given such term in Section 8(c) of the Plan.

 

(qq)     “Securities
Act” means the Securities Act of 1933, as amended, and any successor thereto. Reference in the Plan to any section
of the Securities Act shall be deemed to include any rules, regulations or other interpretative guidance under such section, and
any amendments or successor provisions to such section, rules, regulations or guidance.

 

    5

     

    

 

(rr)     “Stock
Appreciation Right” or “SAR” means an Award granted under Section 8 of the Plan.

 

(ss)     “Strike
Price” means, except as otherwise provided by the Committee in the case of Substitute Awards, (i) in the case
of a SAR granted in tandem with an Option, the Exercise Price of the related Option, or (ii) in the case of a SAR granted
independent of an Option, the Fair Market Value on the Date of Grant.

 

(tt)     “Subsidiary”
means, with respect to any specified Person:

 

(i)            any
corporation, association or other business entity of which more than 50% of the total voting power of shares (without regard to
the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively
transfers voting power) is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other
Subsidiaries of that Person (or a combination thereof); and

 

(ii)           any
partnership (or any comparable foreign entity (A) the sole general partner (or functional equivalent thereof) or the managing
general partner of which is such Person or Subsidiary of such Person or (B) the only general partners (or functional equivalents
thereof) of which are that Person or one or more Subsidiaries of that Person (or any combination thereof).

 

(uu)    “Substitute
Award” has the meaning given such term in Section 5(e).

 

4.             Administration.

 

(a)           The
Committee shall administer the Plan. To the extent required to comply with the provisions of Rule 16b-3 promulgated under
the Exchange Act (if the Board is not acting as the Committee under the Plan), it is intended that each member of the Committee
shall, at the time he takes any action with respect to an Award under the Plan, be an Eligible Director. However, the fact that
a Committee member shall fail to qualify as an Eligible Director shall not invalidate any Award granted by the Committee that is
otherwise validly granted under the Plan.

 

(b)           Subject
to the provisions of the Plan and applicable law, the Committee shall have the sole and plenary authority, in addition to other
express powers and authorizations conferred on the Committee by the Plan, to: (i) designate Participants; (ii) determine
the type or types of Awards to be granted to a Participant; (iii) determine the number of Common Shares to be covered
by, or with respect to which payments, rights, or other matters are to be calculated in connection with, Awards; (iv) determine
the terms and conditions of any Award; (v) determine whether, to what extent, and under what circumstances Awards may
be settled or exercised in cash, Common Shares, other securities, other Awards or other property, or canceled, forfeited, or suspended
and the method or methods by which Awards may be settled, exercised, canceled, forfeited, or suspended; (vi) determine
whether, to what extent, and under what circumstances the delivery of cash, Common Shares, other securities, other Awards or other
property and other amounts payable with respect to an Award shall be deferred either automatically or at the election of the Participant
or of the Committee; (vii) interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply
any omission in the Plan and any instrument or agreement relating to, or Award granted under, the Plan; (viii) establish,
amend, suspend, or waive any rules and regulations and appoint such agents as the Committee shall deem appropriate for the
proper administration of the Plan; (ix) accelerate the vesting or exercisability of, payment for or lapse of restrictions
on, Awards; and (x) make any other determination and take any other action that the Committee deems necessary or desirable
for the administration of the Plan, in each case, to the extent consistent with the terms of the Plan.

 

    6

     

    

 

(c)           The
Committee may delegate to one or more officers of the Company or any Affiliate the authority to act on behalf of the Committee
with respect to any matter, right, obligation, or election that is the responsibility of or that is allocated to the Committee
herein, and that may be so delegated as a matter of law, except for grants of Awards to persons subject to Section 16 of the
Exchange Act.

 

(d)           Unless
otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions under or with
respect to the Plan or any Award or any documents evidencing Awards granted pursuant to the Plan shall be within the sole discretion
of the Committee, may be made at any time and shall be final, conclusive and binding upon all persons or entities, including, without
limitation, the Company, any Affiliate, any Participant, any holder or beneficiary of any Award, and any stockholder of the Company.

 

(e)            No
member of the Board, the Committee, delegate of the Committee or any employee or agent of the Company (each such person, an “Indemnifiable
Person”) shall be liable for any action taken or omitted to be taken or any determination made in good faith with respect
to the Plan or any Award hereunder. Each Indemnifiable Person shall be indemnified and held harmless by the Company against and
from any loss, cost, liability, or expense (including attorneys’ fees) that may be imposed upon or incurred by such Indemnifiable
Person in connection with or resulting from any action, suit or proceeding to which such Indemnifiable Person may be a party or
in which such Indemnifiable Person may be involved by reason of any action taken or omitted to be taken under the Plan or any Award
Agreement and against and from any and all amounts paid by such Indemnifiable Person with the Company’s approval, in settlement
thereof, or paid by such Indemnifiable Person in satisfaction of any judgment in any such action, suit or proceeding against such
Indemnifiable Person, provided that the Company shall have the right, at its own expense, to assume and defend any such
action, suit or proceeding and once the Company gives notice of its intent to assume the defense, the Company shall have sole control
over such defense with counsel of the Company’s choice. The foregoing right of indemnification shall not be available to
an Indemnifiable Person to the extent that a final judgment or other final adjudication (in either case not subject to further
appeal) binding upon such Indemnifiable Person determines that the acts or omissions of such Indemnifiable Person giving rise to
the indemnification claim resulted from such Indemnifiable Person’s bad faith, fraud or willful criminal act or omission
or that such right of indemnification is otherwise prohibited by law or by the Company’s Articles of Incorporation or Bylaws.
The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such Indemnifiable
Persons may be entitled under the Company’s Articles of Incorporation or Bylaws, as a matter of law, or otherwise, or any
other power that the Company may have to indemnify such Indemnifiable Persons or hold them harmless.

 

(f)            Notwithstanding
anything to the contrary contained in the Plan, the Board may, in its sole discretion, at any time and from time to time, grant
Awards and administer the Plan with respect to such Awards. In any such case, the Board shall have all the authority granted to
the Committee under the Plan.

 

5.            Grant
of Awards; Shares Subject to the Plan; Limitations.

 

(a)           The
Committee may, from time to time, grant Awards to one or more Eligible Persons.

 

(b)           Subject
to Section 13 of the Plan, Awards granted under the Plan shall be subject to the following limitations: (i) the Committee
is authorized to deliver under the Plan an aggregate of 5,000,000 Common Shares; provided, that the total number of Common
Shares that will be reserved, and that may be issued, under the Plan will automatically increase on the first trading day of each
calendar year, beginning with calendar year 2021, by a number of Common Shares equal to one percent (1%) of the total outstanding
Common Shares on the last day of the prior calendar year, and (ii) the maximum number of Common Shares that may be granted
under the Plan during any single fiscal year to any Participant who is a non-employee director, when taken together with any cash
fees paid to such non-employee director during such year in respect of his service as a non-employee director (including service
as a member or chair of any committee of the Board), shall not exceed $200,000 in total value (calculating the value of any such
Awards based on the Fair Market Value on the Date of Grant of such Awards for financial reporting purposes); provided that
the non-employee directors who are considered independent (under the rules of The NASDAQ Stock Market or other securities
exchange on which the Common Shares are traded) may make exceptions to this limit for a non-executive chair of the Board, if any,
in which case the non-employee director receiving such additional compensation may not participate in the decision to award such
compensation. Notwithstanding the automatic annual increase set forth in (i) above, the Board may act prior to January 1st
of a given year to provide that there will be no such increase in the share reserve for such year or that the increase in the share
reserve for such year will be a lesser number of Common Shares than would otherwise occur pursuant to the stipulated percentage.

 

    7

     

    

 

(c)            In
the event that (i) any Option or other Award granted hereunder is exercised through the tendering of Common Shares (either
actually or by attestation) or by the withholding of Common Shares by the Company, or (ii) tax or deduction liabilities arising
from such Option or other Award are satisfied by the tendering of Common Shares (either actually or by attestation) or by the withholding
of Common Shares by the Company, then in each such case the Common Shares so tendered or withheld shall be added to the Common
Shares available for grant under the Plan on a one-for-one basis. Shares underlying Awards under this Plan that are forfeited,
canceled, expire unexercised, or are settled in cash shall also be available again for issuance as Awards under the Plan.

 

(d)           Common
Shares delivered by the Company in settlement of Awards may be authorized and unissued shares, shares held in the treasury of the
Company, shares purchased on the open market or by private purchase, or a combination of the foregoing.

 

(e)           Awards
may, in the sole discretion of the Committee, be granted under the Plan in assumption of, or in substitution for, outstanding awards
previously granted by an entity acquired by the Company or with which the Company combines (“Substitute Awards”).
The number of Common Shares underlying any Substitute Awards shall not be counted against the aggregate number of Common Shares
available for Awards under the Plan.

 

6.             Eligibility

 

. Participation shall be limited to Eligible
Persons who have entered into an Award Agreement or who have received written notification from the Committee, or from a person
designated by the Committee, that they have been selected to participate in the Plan.

 

7.             Options.

 

(a)           Generally.
Each Option granted under the Plan shall be evidenced by an Award Agreement (whether in paper or electronic medium (including email
or the posting on a web site maintained by the Company or a third party under contract with the Company)). Each Option so granted
shall be subject to the conditions set forth in this Section 7 and to such other conditions not inconsistent with the Plan
as may be reflected in the applicable Award Agreement. All Options granted under the Plan shall be Nonqualified Stock Options unless
the applicable Award Agreement expressly states that the Option is intended to be an Incentive Stock Option. Subject to Section 13,
the maximum aggregate number of Common Shares that may be issued through the exercise of Incentive Stock Options granted under
the Plan is 5,000,000 Common Shares, which, for the avoidance of doubt, such share limit shall not be subject to the annual adjustment
provided in Section 5(b)(i). Incentive Stock Options shall be granted only to Eligible Persons who are employees of the Company
and its Affiliates, and no Incentive Stock Option shall be granted to any Eligible Person who is ineligible to receive an Incentive
Stock Option under the Code. No Option shall be treated as an Incentive Stock Option unless the Plan has been approved by the stockholder
of the Company in a manner intended to comply with the stockholder approval requirements of Section 422(b)(1) of the
Code; provided that any Option intended to be an Incentive Stock Option shall not fail to be effective solely on account
of a failure to obtain such approval, but rather such Option shall be treated as a Nonqualified Stock Option unless and until such
approval is obtained. In the case of an Incentive Stock Option, the terms and conditions of such grant shall be subject to and
comply with such rules as may be prescribed by Section 422 of the Code. If for any reason an Option intended to be an
Incentive Stock Option (or any portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such nonqualification,
such Option or portion thereof shall be regarded as a Nonqualified Stock Option appropriately granted under the Plan.

 

    8

     

    

 

(b)           Exercise
Price. Except with respect to Substitute Awards, the exercise price (“Exercise Price”) per Common Share
for each Option shall not be less than 100% of the Fair Market Value of such share determined as of the Date of Grant; provided,
however, that in the case of an Incentive Stock Option granted to an employee who, at the time of the grant of such Option,
owns shares representing more than 10% of the total combined voting power of all classes of shares of the Company or any related
corporation (as determined in accordance with Treasury Regulation Section 1.422-2(f)), the Exercise Price per share shall
not be less than 110% of the Fair Market Value per share on the Date of Grant and provided further, that, notwithstanding
any provision herein to the contrary, the Exercise Price shall not be less than the par value per Common Share.

 

(c)           Vesting
and Expiration. Options shall vest and become exercisable in such manner and on such date or dates determined by the Committee
and shall expire after such period, not to exceed ten years, as may be determined by the Committee (the “Option Period”);
provided, however, that the Option Period shall not exceed five years from the Date of Grant in the case of an Incentive
Stock Option granted to a Participant who on the Date of Grant owns shares representing more than 10% of the total combined voting
power of all classes of shares of the Company or any related corporation (as determined in accordance with Treasury Regulation
Section 1.422- 2(f)); provided, further, that notwithstanding any vesting dates set by the Committee, the
Committee may, in its sole discretion, accelerate the exercisability of any Option, which acceleration shall not affect the terms
and conditions of such Option other than with respect to exercisability. If the Option would expire at a time when the exercise
of the Option would violate applicable securities laws, the expiration date applicable to the Option will be automatically extended
to a date that is 30 calendar days following the date such exercise would no longer violate applicable securities laws (so
long as such extension shall not violate Section 409A of the Code); provided, that in no event shall such expiration
date be extended beyond the expiration of the Option Period.

 

(d)           Method
of Exercise and Form of Payment. No Common Shares shall be delivered pursuant to any exercise of an Option until payment
in full of the Exercise Price therefor is received by the Company and the Participant has paid to the Company an amount equal to
any taxes required to be withheld or paid upon exercise of such Option. Options that have become exercisable may be exercised by
delivery of written or electronic notice of exercise to the Company in accordance with the terms of the Option, accompanied by
payment of the Exercise Price. The Exercise Price shall be payable (i) in cash, check, cash equivalent and/or Common Shares
valued at the Fair Market Value at the time the Option is exercised (including, pursuant to procedures approved by the Committee,
by means of attestation of ownership of a sufficient number of Common Shares in lieu of actual delivery of such shares to the Company);
provided that such Common Shares are not subject to any pledge or other security interest and are Mature Shares; and (ii) by
such other method as the Committee may permit in accordance with applicable law, in its sole discretion, including without limitation:
(A) in other property having a Fair Market Value on the date of exercise equal to the Exercise Price, (B) if there is
a public market for the Common Shares at such time, by means of a broker-assisted “cashless exercise” pursuant to which
the Company is delivered a copy of irrevocable instructions to a stockbroker to sell the Common Shares otherwise deliverable upon
the exercise of the Option and to deliver promptly to the Company an amount equal to the Exercise Price, or (C) by a “net
exercise” method whereby the Company withholds from the delivery of the Common Shares for which the Option was exercised
that number of Common Shares having a Fair Market Value equal to the aggregate Exercise Price for the Common Shares for which the
Option was exercised. No fractional Common Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee
shall determine whether cash, other securities or other property shall be paid or transferred in lieu of any fractional Common
Shares, or whether such fractional Common Shares or any rights thereto shall be canceled, terminated or otherwise eliminated.

 

    9

     

    

 

(e)           Notification
upon Disqualifying Disposition of an Incentive Stock Option. Each Participant awarded an Incentive Stock Option under the
Plan shall notify the Company in writing immediately after the date he makes a disqualifying disposition of any Common Shares acquired
pursuant to the exercise of such Incentive Stock Option. A disqualifying disposition is any disposition (including, without limitation,
any sale) of such Common Shares before the later of (i) two years after the Date of Grant of the Incentive Stock Option
or (ii) one year after the date of exercise of the Incentive Stock Option. The Company may, if determined by the Committee
and in accordance with procedures established by the Committee, retain possession of any Common Shares acquired pursuant to the
exercise of an Incentive Stock Option as agent for the applicable Participant until the end of the period described in the preceding
sentence.

 

(f)            Compliance
With Laws, etc. Notwithstanding the foregoing, in no event shall a Participant be permitted to exercise an Option
in a manner that the Committee determines would violate the Sarbanes-Oxley Act of 2002, if applicable; any other applicable law;
the applicable rules and regulations of the Securities and Exchange Commission; or the applicable rules and regulations
of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or traded.

 

8.            Stock
Appreciation Rights.

 

(a)            Generally.
Each SAR granted under the Plan shall be evidenced by an Award Agreement (whether in paper or electronic medium (including email
or the posting on a web site maintained by the Company or a third party under contract with the Company)). Each SAR so granted
shall be subject to the conditions set forth in this Section 8 and to such other conditions not inconsistent with the Plan
as may be reflected in the applicable Award Agreement. Any Option granted under the Plan may include tandem SARs. The Committee
also may award SARs to Eligible Persons independent of any Option.

 

(b)            Strike
Price. The Strike Price per Common Share for each SAR shall not be less than 100% of the Fair Market Value of such share
determined as of the Date of Grant.

 

(c)            Vesting
and Expiration. A SAR granted in connection with an Option shall become exercisable and shall expire according to the same
vesting schedule and expiration provisions as the corresponding Option. A SAR granted independent of an Option shall vest and become
exercisable and shall expire in such manner and on such date or dates determined by the Committee and shall expire after such period,
not to exceed ten years, as may be determined by the Committee (the “SAR Period”); provided, however,
that notwithstanding any vesting dates set by the Committee, the Committee may, in its sole discretion, accelerate the exercisability
of any SAR, which acceleration shall not affect the terms and conditions of such SAR other than with respect to exercisability.
If the SAR would expire at a time when the exercise of the SAR would violate applicable securities laws, the expiration date applicable
to the SAR will be automatically extended to a date that is 30 calendar days following the date such exercise would no longer violate
applicable securities laws (so long as such extension shall not violate Section 409A of the Code); provided, that
in no event shall such expiration date be extended beyond the expiration of the SAR Period.

 

(d)           Method
of Exercise. SARs that have become exercisable may be exercised by delivery of written or electronic notice of exercise
to the Company in accordance with the terms of the Award, specifying the number of SARs to be exercised and the date on which such
SARs were awarded.

 

    10

     

    

 

(e)           Payment.
Upon the exercise of a SAR, the Company shall pay to the Participant an amount equal to the number of shares subject to the SAR
that are being exercised, multiplied by the excess, if any, of the Fair Market Value of one Common Share on the exercise date over
the Strike Price, less an amount equal to any taxes required to be withheld or paid. The Company shall pay such amount in cash,
in Common Shares having a Fair Market Value equal to such amount, or any combination thereof, as determined by the Committee. No
fractional Common Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine whether
cash, other securities or other property shall be paid or transferred in lieu of any fractional Common Shares, or whether such
fractional Common Shares or any rights thereto shall be canceled, terminated or otherwise eliminated.

 

9.             Restricted
Stock and Restricted Stock Units.

 

(a)           Generally.
Each grant of Restricted Stock and Restricted Stock Units shall be evidenced by an Award Agreement (whether in paper or electronic
medium (including email or the posting on a web site maintained by the Company or a third party under contract with the Company)).
Each such grant shall be subject to the conditions set forth in this Section 9 and to such other conditions not inconsistent
with the Plan as may be reflected in the applicable Award Agreement.

 

(b)           Restricted
Accounts; Escrow or Similar Arrangement. Upon the grant of Restricted Stock, a book entry in a restricted account
shall be established in the Participant’s name at the Company’s transfer agent and, if the Committee determines that
the Restricted Stock shall be held by the Company or in escrow rather than held in such restricted account pending the release
of the applicable restrictions, the Committee may require the Participant to additionally execute and deliver to the Company (i) an
escrow agreement satisfactory to the Committee, if applicable, and (ii) the appropriate stock power (endorsed in blank) with
respect to the Restricted Stock covered by such agreement. If a Participant shall fail to execute an agreement evidencing an Award
of Restricted Stock and, if applicable, an escrow agreement and blank stock power within the amount of time specified by the Committee,
the Award shall be null and void. Subject to the restrictions set forth in this Section 9 and the applicable Award Agreement,
the Participant generally shall have the rights and privileges of a stockholder as to such Restricted Stock, including, without
limitation, the right to vote such Restricted Stock and the right to receive dividends, if applicable. To the extent shares of
Restricted Stock are forfeited, any share certificates issued to the Participant evidencing such shares shall be returned to the
Company, and all rights of the Participant to such shares and as a stockholder with respect thereto shall terminate without further
obligation on the part of the Company.

 

(c)           Vesting.
Unless otherwise provided by the Committee in an Award Agreement the unvested portion of Restricted Stock and Restricted Stock
Units shall terminate and be forfeited upon termination of employment or service of the Participant granted the applicable Award.

 

(d)           Delivery
of Restricted Stock and Settlement of Restricted Stock Units.

 

(i)            Upon
the expiration of the Restricted Period with respect to any shares of Restricted Stock, the restrictions set forth in the applicable
Award Agreement shall be of no further force or effect with respect to such shares, except as set forth in the applicable Award
Agreement. If an escrow arrangement is used, upon such expiration, the Company shall deliver to the Participant, or his beneficiary,
without charge, the share certificate evidencing the shares of Restricted Stock that have not then been forfeited and with respect
to which the Restricted Period has expired (rounded down to the nearest full share) or shall register such shares in the Participants
name without any such restrictions. Dividends, if any, that may have been withheld by the Committee and attributable to any particular
share of Restricted Stock shall be distributed to the Participant in cash or, at the sole discretion of the Committee, in Common
Shares having a Fair Market Value equal to the amount of such dividends, upon the release of restrictions on such share and, if
such share is forfeited, the Participant shall have no right to such dividends (except as otherwise set forth by the Committee
in the applicable Award Agreement).

 

    11

     

    

 

(ii)            Unless
otherwise provided by the Committee in an Award Agreement, upon the expiration of the Restricted Period with respect to any outstanding
Restricted Stock Units, the Company shall deliver to the Participant, or his beneficiary, without charge, one Common Share for
each such outstanding Restricted Stock Unit; provided, however, that the Committee may, in its sole discretion,
elect to (A) pay cash or part cash and part Common Share in lieu of delivering only Common Shares in respect of such Restricted
Stock Units or (B) defer the delivery of Common Shares (or cash or part Common Shares and part cash, as the case may be) beyond
the expiration of the Restricted Period if such delivery would result in a violation of applicable law until such time as is no
longer the case. If a cash payment is made in lieu of delivering Common Shares, the amount of such payment shall be equal to the
Fair Market Value of the Common Shares as of the date on which the Restricted Period lapsed with respect to such Restricted Stock
Units, less an amount equal to any taxes required to be withheld or paid.

 

10.           Other
Stock-Based Awards and Other Cash-Based Awards.

 

(a)           Other
Stock-Based Awards. The Committee may grant types of equity-based or equity-related Awards not otherwise described by the
terms of the Plan (including the grant or offer for sale of unrestricted Common Shares), in such amounts and subject to such terms
and conditions, as the Committee shall determine. Such Other Stock-Based Awards may involve the transfer of actual Common Shares
to Participants, or payment in cash or otherwise of amounts based on the value of Common Shares. The terms and conditions of such
Awards shall be consistent with the Plan and set forth in the Award Agreement and need not be uniform among all such Awards or
all Participants receiving such Awards.

 

(b)           Other
Cash-Based Awards. The Committee may grant a Participant a cash Award not otherwise described by the terms of the Plan,
including cash awarded as a bonus or upon the attainment of Performance Goals or otherwise as permitted under the Plan.

 

(c)           Value
of Awards. Each Other Stock-Based Award shall be expressed in terms of Common Shares or units based on Common Shares, as
determined by the Committee, and each Other Cash-Based Awards shall be shall be expressed in terms of cash, as determined by the
Committee. The Committee may establish Performance Goals in its discretion pursuant to Section 12, and any such Performance
Goals shall be set forth in the applicable Award Agreement. If the Committee exercises its discretion to establish Performance
Goals, the number and/or value of Other Stock-Based Awards or Other Cash-Based Awards that will be paid out to the Participant
will depend on the extent to which such Performance Goals are met.

 

(d)           Payment
of Awards. Payment, if any, with respect to an Other Stock-Based Award or Other Cash-Based Award shall be made in accordance
with the terms of the Award, as set forth in the Award Agreement, in cash, Common Shares or a combination of cash and Common Shares,
as the Committee determines.

 

(e)           Vesting.
The Committee shall determine the extent to which the Participant shall have the right to receive Other Stock-Based Awards or Other
Cash-Based Awards following the Participant’s termination of employment or service (including by reason of such Participant’s
death, disability (as determined by the Committee), or termination without Cause). Such provisions shall be determined in the sole
discretion of the Committee and will be included in the applicable Award Agreement but need not be uniform among all Other Stock-Based
Awards or Other Cash-Based Awards issued pursuant to the Plan and may reflect distinctions based on the reasons for the termination
of employment or service.

 

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11.           Dividend
Equivalents. No adjustment shall be made in the Common
Shares issuable or taken into account under Awards on account of cash dividends that may be paid or other rights that may be issued
to the holders of Common Shares prior to issuance of such Common Shares under such Award. The Committee may grant Dividend Equivalents
based on the dividends declared on Common Shares that are subject to any Award (other than an Option or Stock Appreciation Right).
Any Award of Dividend Equivalents may be credited as of the dividend payment dates, during the period between the Date of Grant
of the Award and the date the Award becomes payable or terminates or expires, as determined by the Committee; however, Dividend
Equivalents shall not be payable unless and until the Award becomes payable, and shall be subject to forfeiture to the same extent
as the underlying Award. Dividend Equivalents may be subject to any additional limitations and/or restrictions determined by the
Committee. Dividend Equivalents shall be payable in cash, Common Shares or converted to full-value Awards, calculated based on
such formula, as may be determined by the Committee.

 

12.           Performance
Compensation Awards.

 

(a)           Generally.
The Committee shall have the authority, at the time of grant of any Award described in Sections 7 through 10 of the Plan,
to designate such Award as a Performance Compensation Award. The Committee shall have the authority to make an award of a cash
bonus to any Participant and designate such Award as a Performance Compensation Award. Unless otherwise determined by the Committee,
all Performance Compensation Awards shall be evidenced by an Award Agreement.

 

(b)           Discretion
of Committee with Respect to Performance Compensation Awards. The Committee shall have the discretion to establish the
terms, conditions and restrictions of any Performance Compensation Award. With regard to a particular Performance Period, the Committee
shall have sole discretion to select the length of such Performance Period, the type(s) of Performance Compensation Awards
to be issued, the Performance Criteria that will be used to establish the Performance Goal(s), the kind(s) and/or level(s) of
the Performance Goals(s) that is (are) to apply and the Performance Formula.

 

(c)           Performance
Criteria. The Committee may establish Performance Criteria that will be used to establish the Performance Goal(s) for
Performance Compensation Awards which may be based on the attainment of specific levels of performance of the Company (and/or one
or more Affiliates, divisions, business segments or operational units, or any combination of the foregoing) and may include, without
limitation, any of the following: (i) net earnings or net income (before or after taxes); (ii) basic or diluted
earnings per share (before or after taxes); (iii) revenue or revenue growth (measured on a net or gross basis);
(iv) gross profit or gross profit growth; (v) operating profit (before or after taxes); (vi) return measures
(including, but not limited to, return on assets, capital, invested capital, equity, or sales); (vii) cash flow (including,
but not limited to, operating cash flow, free cash flow, net cash provided by operations and cash flow return on capital);
(viii) financing and other capital raising transactions (including, but not limited to, sales of the Company’s equity
or debt securities); (ix) earnings before or after taxes, interest, depreciation and/or amortization; (x) gross
or operating margins; (xi) productivity ratios; (xii) share price (including, but not limited to, growth measures
and total stockholder return); (xiii) expense targets; (xiv) margins; (xv) productivity and operating
efficiencies; (xvi) customer satisfaction; (xvii) customer growth; (xviii) working capital targets;
(xix) measures of economic value added; (xx) inventory control; (xxi) enterprise value; (xxii) sales;
(xxiii) debt levels and net debt; (xxiv) combined ratio; (xxv) timely launch of new facilities; (xxvi) client
retention; (xxvii) employee retention; (xxviii) timely completion of new product rollouts; (xxix) cost
targets; (xxx) reductions and savings; (xxxi) productivity and efficiencies; (xxxii) strategic partnerships
or transactions; (xxxiii) personal targets, goals or completion of projects; and (xxxiv) such other criteria as
established by the Committee in its discretion from time to time. Any one or more of the Performance Criteria may be used on an
absolute or relative basis to measure the performance of the Company and/or one or more Affiliates as a whole or any business unit(s) of
the Company and/or one or more Affiliates or any combination thereof, as the Committee may deem appropriate, or any of the above
Performance Criteria may be compared to the performance of a selected group of comparable or peer companies, or a published or
special index that the Committee, in its sole discretion, deems appropriate, or as compared to various stock market indices. The
Committee also has the authority to provide for accelerated vesting of any Award based on the achievement of Performance Goals
pursuant to the Performance Criteria specified in this paragraph. Any Performance Criteria that are financial metrics, may be determined
in accordance with United States Generally Accepted Accounting Principles (“GAAP”) or may be adjusted when established
to include or exclude any items otherwise includable or excludable under GAAP.

 

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(d)           Modification
of Performance Goal(s). The Committee is authorized at any time to adjust or modify the calculation of a Performance Goal
for such Performance Period, based on and in order to appropriately reflect any specified circumstance or event that occurs during
a Performance Period, including but not limited to the following: (i) asset write-downs; (ii) litigation or claim
judgments or settlements; (iii) the effect of changes in tax laws, accounting principles, or other laws or regulatory
rules affecting reported results; (iv) any reorganization and restructuring programs; (v) unusual and/or
infrequently occurring items as described in Accounting Principles Board Opinion No. 30 (or any successor pronouncement thereto)
and/or in management’s discussion and analysis of financial condition and results of operations appearing in the Company’s
annual report to stockholders for the applicable year; (vi) acquisitions or divestitures; (vii) discontinued
operations; (viii) any other specific unusual or infrequently occurring or non-recurring events, or objectively determinable
category thereof; (ix) foreign exchange gains and losses; and (x) a change in the Company’s fiscal year.

 

(e)           Terms
and Condition to Receipt of Payment. Unless otherwise provided in the applicable Award Agreement, a Participant must be
employed by the Company on the last day of a Performance Period to be eligible for payment in respect of a Performance Compensation
Award for such Performance Period. A Participant shall be eligible to receive payment in respect of a Performance Compensation
Award only to the extent that: (i) the Performance Goals for such period are achieved; and (ii) all or some of the
portion of such Participant’s Performance Compensation Award has been earned for the Performance Period based on the application
of the Performance Formula to such achieved Performance Goals. Following the completion of a Performance Period, the Committee
shall determine whether, and to what extent, the Performance Goals for the Performance Period have been achieved and, if so, calculate
the amount of the Performance Compensation Awards earned for the period based upon the Performance Formula. The Committee shall
then determine the amount of each Participant’s Performance Compensation Award actually payable for the Performance Period.

 

(f)            Timing
of Award Payments. Except as provided in an Award Agreement, Performance Compensation Awards granted for a Performance
Period shall be paid to Participants as soon as administratively practicable following the Committee’s determination in accordance
with Section 12(e); provided, however, that in the event a Performance Compensation Award is subject to Code Section 409A,
payment of any amounts determined in accordance with Section 12(e) shall be paid to the Participant no later than March 15th
of the year following the year in which the last day of the applicable Performance Period occurred.

 

13.           Changes
in Capital Structure and Similar Events. In the event of  (a) any dividend (other than ordinary cash dividends)
or other distribution (whether in the form of cash, Common Shares, other securities or other property), recapitalization, stock
split, reverse stock split, reorganization, merger, amalgamation, consolidation, spin-off, split-up, split-off, combination, repurchase
or exchange of Common Shares or other securities of the Company, issuance of warrants or other rights to acquire Common Shares
or other securities of the Company, or other similar corporate transaction or event (including, without limitation, a Change in
Control) that affects the Common Shares, or (b) unusual or infrequently occurring events (including, without limitation,
a Change in Control) affecting the Company, any Affiliate, or the financial statements of the Company or any Affiliate, or changes
in applicable rules, rulings, regulations or other requirements of any governmental body or securities exchange or inter-dealer
quotation system, accounting principles or law, such that in either case an adjustment is determined by the Committee in its sole
discretion to be necessary or appropriate, then the Committee shall make any such adjustments in such manner as it may deem equitable,
subject to the requirements of Code Sections 409A, 421, and 422, if applicable, including without limitation any or all of the
following:

 

    14

     

    

 

(a)           adjusting
any or all of  (i) the number of Common Shares or other securities of the Company (or number and kind of other securities
or other property) that may be delivered in respect of Awards or with respect to which Awards may be granted under the Plan (including,
without limitation, adjusting any or all of the limitations under Section 5 of the Plan) and (ii) the terms of any outstanding
Award, including, without limitation, (A) the number of Common Shares or other securities of the Company (or number and kind
of other securities or other property) subject to outstanding Awards or to which outstanding Awards relate, (B) the Exercise
Price or Strike Price with respect to any Award or (C) any applicable performance measures (including, without limitation,
Performance Criteria and Performance Goals);

 

(b)           providing
for a substitution or assumption of Awards in a manner that substantially preserves the applicable terms of such Awards;

 

(c)           accelerating
the exercisability or vesting of, lapse of restrictions on, or termination of, Awards or providing for a period of time for exercise
prior to the occurrence of such event;

 

(d)           modifying
the terms of Awards to add events, conditions or circumstances (including termination of employment within a specified period after
a Change in Control) upon which the exercisability or vesting of or lapse of restrictions thereon will accelerate;

 

(e)           deeming
any performance measures (including, without limitation, Performance Criteria and Performance Goals) satisfied at target, maximum
or actual performance through closing or such other level determined by the Committee in its sole discretion, or providing for
the performance measures to continue (as is or as adjusted by the Committee) after closing;

 

(f)            providing
that for a period prior to the Change in Control determined by the Committee in its sole discretion, any Options or SARs that would
not otherwise become exercisable prior to the Change in Control will be exercisable as to all Common Shares subject thereto (but
any such exercise will be contingent upon and subject to the occurrence of the Change in Control and if the Change in Control does
not take place after giving such notice for any reason whatsoever, the exercise will be null and void) and that any Options or
SARs not exercised prior to the consummation of the Change in Control will terminate and be of no further force and effect as of
the consummation of the Change in Control; and

 

(g)           canceling
any one or more outstanding Awards and causing to be paid to the holders thereof, in cash, Common Shares, other securities or other
property, or any combination thereof, the value of such Awards, if any, as determined by the Committee (which if applicable may
be based upon the price per Common Share received or to be received by other stockholders of the Company in such event), including
without limitation, in the case of an outstanding Option or SAR, a cash payment in an amount equal to the excess, if any, of the
Fair Market Value (as of a date specified by the Committee) of the Common Shares subject to such Option or SAR over the aggregate
Exercise Price or Strike Price of such Option or SAR, respectively (it being understood that, in such event, any Option or SAR
having a per share Exercise Price or Strike Price equal to, or in excess of, the Fair Market Value of a Common Share subject thereto
may be canceled and terminated without any payment or consideration therefor); provided, however, that in the
case of any “equity restructuring” (within the meaning of the Financial Accounting Standards Board Accounting Standards
Codification Topic 718), the Committee shall make an equitable or proportionate adjustment to outstanding Awards to reflect such
equity restructuring. The Company shall give each Participant notice of an adjustment hereunder and, upon notice, such adjustment
shall be final, conclusive and binding for all purposes.

 

    15

     

    

 

14.           Amendments
and Termination.

 

(a)           Amendment
and Termination of the Plan. The Board may amend, alter, suspend, discontinue, or terminate the Plan or any portion thereof
at any time; provided that (i) no amendment to Section 14(b) (to the extent required by the proviso
in such Section 14(b)) shall be made without stockholder approval and (ii) no such amendment, alteration, suspension,
discontinuation or termination shall be made without stockholder approval if such approval is necessary to comply with any tax
or regulatory requirement applicable to the Plan (including, without limitation, as necessary to comply with any rules or
requirements of any securities exchange or inter-dealer quotation system on which the Common Shares may be listed or quoted);
provided, further, that any such amendment, alteration, suspension, discontinuance or termination that would materially
and adversely affect the rights of any Participant or any holder or beneficiary of any Award theretofore granted shall not to that
extent be effective without the consent of the affected Participant, holder or beneficiary.

 

(b)           Amendment
of Award Agreements. The Committee may, to the extent consistent with the terms of any applicable Award Agreement, waive
any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore
granted or the associated Award Agreement, prospectively or retroactively; provided that any such waiver, amendment,
alteration, suspension, discontinuance, cancellation or termination that would materially and adversely affect the rights of any
Participant with respect to any Award theretofore granted shall not to that extent be effective without the consent of the affected
Participant, unless the Committee determines, in its sole discretion, that the amendment is necessary for the Award to comply with
Code Section 409A; provided, further, that without stockholder approval, except as otherwise permitted
under Section 13 of the Plan, (i) no amendment or modification may reduce the Exercise Price of any Option or the Strike
Price of any SAR, (ii) the Committee may not cancel any outstanding Option or SAR where the Fair Market Value of the Common
Shares underlying such Option or SAR is less than its Exercise Price and replace it with a new Option or SAR, another Award or
cash and (iii) the Committee may not take any other action that is considered a “repricing” for purposes of the
stockholder approval rules of the applicable securities exchange or inter-dealer quotation system on which the Common Shares
are listed or quoted.

 

15.           General.

 

(a)           Award
Agreements. Each Award under the Plan shall be evidenced by an Award Agreement, which shall be delivered to the Participant
(whether in paper or electronic medium (including email or the posting on a web site maintained by the Company or a third party
under contract with the Company)) and shall specify the terms and conditions of the Award and any rules applicable thereto,
including, without limitation, the effect on such Award of the death, disability or termination of employment or service of a Participant,
or of such other events as may be determined by the Committee.

 

(b)           Nontransferability.

 

(i)            Each
Award shall be exercisable only by a Participant during the Participant’s lifetime, or, if permissible under applicable law,
by the Participant’s legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold or otherwise
transferred or encumbered by a Participant other than by will or by the laws of descent and distribution and any such purported
assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or
an Affiliate; provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge,
attachment, sale, transfer or encumbrance.

 

    16

     

    

 

(ii)            Notwithstanding
the foregoing, the Committee may, in its sole discretion, permit Awards (other than Incentive Stock Options) to be transferred
by a Participant, without consideration, subject to such rules as the Committee may adopt consistent with any applicable Award
Agreement to preserve the purposes of the Plan, to: (A) any person who is a “family member” of the Participant,
as such term is used in the instructions to Form S-8 under the Securities Act (collectively, the “Immediate Family
Members”); (B) a trust solely for the benefit of the Participant and his Immediate Family Members; (C) a
partnership or limited liability company whose only partners or stockholders are the Participant and his Immediate Family Members;
or (D) any other transferee as may be approved either (I) by the Board or the Committee in its sole discretion, or (II) as
provided in the applicable Award Agreement (each transferee described in clauses (A), (B), (C) and (D) above is
hereinafter referred to as, a “Permitted Transferee”); provided that the Participant gives the Committee
advance written notice describing the terms and conditions of the proposed transfer and the Committee notifies the Participant
in writing that such a transfer would comply with the requirements of the Plan.

 

(iii)            The
terms of any Award transferred in accordance with the immediately preceding sentence shall apply to the Permitted Transferee and
any reference in the Plan, or in any applicable Award Agreement, to a Participant shall be deemed to refer to the Permitted Transferee,
except that (A) Permitted Transferees shall not be entitled to transfer any Award, other than by will or the laws of descent
and distribution; (B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall
be in effect a registration statement on an appropriate form covering the Common Shares to be acquired pursuant to the exercise
of such Option if the Committee determines, consistent with any applicable Award Agreement, that such a registration statement
is necessary or appropriate; (C) the Committee or the Company shall not be required to provide any notice to a Permitted
Transferee, whether or not such notice is or would otherwise have been required to be given to the Participant under the Plan or
otherwise; and (D) the consequences of the termination of the Participant’s employment by, or services to, the
Company or an Affiliate under the terms of the Plan and the applicable Award Agreement shall continue to be applied with respect
to the Participant, including, without limitation, that an Option shall be exercisable by the Permitted Transferee only to the
extent, and for the periods, specified in the Plan and the applicable Award Agreement.

 

(c)           Tax
Withholding and Deductions.

 

(i)            A
Participant shall be required to pay to the Company or any Affiliate, and the Company or any Affiliate shall have the right and
is hereby authorized to deduct and withhold, from any cash, Common Shares, other securities or other property deliverable under
any Award or from any compensation or other amounts owing to a Participant, the amount (in cash, Common Shares, other securities
or other property) of any required taxes (up to the maximum statutory rate under applicable law as in effect from time to time
as determined by the Committee) and deduction in respect of an Award, its grant, vesting or exercise, or any payment or transfer
under an Award or under the Plan and to take such other action as may be necessary in the opinion of the Committee or the Company
to satisfy all obligations for the payment of such taxes.

 

(ii)            Without
limiting the generality of clause (i) above, the Committee may, in its sole discretion, permit a Participant to satisfy, in
whole or in part, the foregoing tax and deduction liability by (A) the delivery of Common Shares (which are not subject to
any pledge or other security interest and are Mature Shares, except as otherwise determined by the Committee) owned by the Participant
having a Fair Market Value equal to such liability or (B) having the Company withhold from the number of Common Shares otherwise
issuable or deliverable pursuant to the exercise or settlement of the Award a number of shares with a Fair Market Value equal to
such liability.

 

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(d)           No
Claim to Awards; No Rights to Continued Employment; Waiver. No employee of the Company or an Affiliate, or other
person, shall have any Claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award,
to be selected for a grant of any other Award. A Participant’s sole remedy for any Claim related to the Plan or any Award
shall be against the Company, and no Participant shall have any Claim or right of any nature against any Subsidiary or Affiliate
of the Company or any stockholder or existing or former director, officer or employee of the Company or any Subsidiary of the Company.
There is no obligation for uniformity of treatment of Participants or holders or beneficiaries of Awards. The terms and conditions
of Awards and the Committee’s determinations and interpretations with respect thereto need not be the same with respect to
each Participant and may be made selectively among Participants, whether or not such Participants are similarly situated. Neither
the Plan nor any action taken hereunder shall be construed as giving any Participant any right to be retained in the employ or
service of the Company or an Affiliate, nor shall it be construed as giving any Participant any rights to continued service on
the Board. The Company or any of its Affiliates may at any time dismiss a Participant from employment or discontinue any consulting
relationship, free from any liability or any Claim under the Plan, unless otherwise expressly provided in the Plan or any Award
Agreement. By accepting an Award under the Plan, a Participant shall thereby be deemed to have waived any Claim to continued exercise
or vesting of an Award or to damages or severance entitlement related to non-continuation of the Award beyond the period provided
under the Plan or any Award Agreement, notwithstanding any provision to the contrary in any written employment contract or other
agreement between the Company and its Affiliates and the Participant, whether any such agreement is executed before, on or after
the Date of Grant.

 

(e)           International
Participants. With respect to Participants who reside or work outside of the United States of America, the Committee may
in its sole discretion amend the terms of the Plan or outstanding Awards with respect to such Participants in order to conform
such terms with the requirements of local law or to obtain more favorable tax or other treatment for a Participant, the Company
or its Affiliates.

 

(f)            Designation
and Change of Beneficiary. Each Participant may file with the Committee a written designation of one or more persons as
the beneficiary(ies) who shall be entitled to receive the amounts payable with respect to an Award, if any, due under the Plan
upon his death. A Participant may, from time to time, revoke or change his beneficiary designation without the consent of any prior
beneficiary by filing a new designation with the Committee. The last such designation received by the Committee shall be controlling;
provided, however, that no designation, or change or revocation thereof, shall be effective unless received by the
Committee prior to the Participant’s death, and in no event shall it be effective as of a date prior to such receipt. If
no beneficiary designation is filed by a Participant, the beneficiary shall be deemed to be his spouse or, if the Participant is
unmarried at the time of death, his estate.

 

(g)           Termination
of Employment/Service. Unless determined otherwise by the Committee at any time following such event: (i) neither
a temporary absence from employment or service due to illness, vacation or leave of absence nor a transfer from employment or service
with the Company to employment or service with an Affiliate (or vice-versa) shall be considered a termination of employment or
service with the Company or an Affiliate; and (ii) if a Participant’s employment with the Company and its Affiliates
terminates, but such Participant continues to provide services to the Company and its Affiliates in a non-employee capacity (or
vice-versa), such change in status shall not be considered a termination of employment with the Company or an Affiliate.

 

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(h)           No
Rights as a Stockholder. Except as otherwise specifically provided in the Plan or any Award Agreement, no person shall
be entitled to the privileges of ownership in respect of Common Shares or other securities that are subject to Awards hereunder
until such shares have been issued or delivered to that person.

 

(i)            Government
and Other Regulations.

 

(i)            The
obligation of the Company to settle Awards in Common Shares or other consideration shall be subject to all applicable laws, rules,
and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of
any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall be prohibited from offering
to sell or selling, any Common Shares or other securities pursuant to an Award unless such shares have been properly registered
for sale pursuant to the Securities Act with the Securities and Exchange Commission or unless the Company has received an opinion
of counsel, satisfactory to the Company, that such shares may be offered or sold without such registration pursuant to an available
exemption therefrom and the terms and conditions of such exemption have been fully complied with. The Company shall be under no
obligation to register for sale under the Securities Act any of the Common Shares or other securities to be offered or sold under
the Plan. The Committee shall have the authority to provide that all certificates for Common Shares or other securities of the
Company or any Affiliate delivered under the Plan shall be subject to such stop transfer orders and other restrictions as the Committee
may deem advisable under the Plan, the applicable Award Agreement, the federal securities laws, or the rules, regulations and other
requirements of the Securities and Exchange Commission, any securities exchange or inter-dealer quotation system upon which such
shares or other securities are then listed or quoted and any other applicable federal, state, local or non-U.S. laws, and, without
limiting the generality of Section 9 of the Plan, the Committee may cause a legend or legends to be put on any such certificates
to make appropriate reference to such restrictions. Notwithstanding any provision in the Plan to the contrary, the Committee reserves
the right to add any additional terms or provisions to any Award granted under the Plan that it in its sole discretion deems necessary
or advisable in order that such Award complies with the legal requirements of any governmental entity to whose jurisdiction the
Award is subject.

 

(ii)            The
Committee may cancel an Award or any portion thereof if the Committee determines, in its sole discretion, that legal or contractual
restrictions and/or blockage and/or other market considerations would make the Company’s acquisition of Common Shares from
the public markets, the Company’s issuance of Common Shares or other securities to the Participant, the Participant’s
acquisition of Common Shares or other securities from the Company and/or the Participant’s sale of Common Shares to the public
markets, illegal, impracticable or inadvisable. If the Committee determines to cancel all or any portion of an Award denominated
in Common Shares in accordance with the foregoing, the Company shall pay to the Participant an amount equal to the excess of 
(A) the aggregate Fair Market Value of the Common Shares subject to such Award or portion thereof that is canceled (determined
as of the applicable exercise date, or the date that the shares would have been vested or delivered, as applicable), over (B) the
aggregate Exercise Price or Strike Price (in the case of an Option or SAR, respectively) or any amount payable as a condition of
delivery of Common Shares (in the case of any other Award). Such amount shall be delivered to the Participant as soon as practicable
following the cancellation of such Award or portion thereof.

 

(j)            Payments
to Persons Other Than Participants. If the Committee shall find that any person to whom any amount is payable under the
Plan is unable to care for his affairs because of illness or accident, or is a minor, or has died, then any payment due to such
person or his estate (unless a prior Claim therefor has been made by a duly appointed legal representative) may, if the Committee
so directs the Company, be paid to his spouse, child, relative, an institution maintaining or having custody of such person, or
any other person deemed by the Committee to be a proper recipient on behalf of such person otherwise entitled to payment. Any such
payment shall be a complete discharge of the liability of the Committee and the Company therefor.

 

    19

     

    

 

(k)           Nonexclusivity
of the Plan. Neither the adoption of this Plan by the Board nor the submission of this Plan to the stockholders of the
Company for approval shall be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements
as it may deem desirable, including, without limitation, the granting of stock options or other equity-based awards otherwise than
under this Plan, and such arrangements may be either applicable generally or only in specific cases.

 

(l)           No
Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of
any kind or a fiduciary relationship between the Company or any Affiliate, on the one hand, and a Participant or other person or
entity, on the other hand. No provision of the Plan or any Award shall require the Company, for the purpose of satisfying any obligations
under the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise
to segregate any assets, nor shall the Company maintain separate bank accounts, books, records or other evidence of the existence
of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan
other than as unsecured general creditors of the Company, except that insofar as they may have become entitled to payment of additional
compensation by performance of services, they shall have the same rights as other employees or service providers under general
law.

 

(m)          Reliance
on Reports. Each member of the Committee and each member of the Board shall be fully justified in acting or failing to
act, as the case may be, and shall not be liable for having so acted or failed to act in good faith, in reliance upon any report
made by the independent public accountant of the Company and its Affiliates and/or any other information furnished in connection
with the Plan by any agent of or service provider to the Company or the Committee or the Board, other than himself.

 

(n)           Relationship
to Other Benefits. No payment under the Plan shall be taken into account in determining any benefits under any pension,
retirement, profit sharing, group insurance or other benefit plan of the Company except as otherwise specifically provided in such
other plan.

 

(o)           Governing
Law. The Plan shall be governed by and construed in accordance with the internal laws of the State of Delaware applicable
to contracts made and performed wholly within the State of Delaware, without giving effect to the conflict of laws provisions thereof.

 

(p)           Severability.
If any provision of the Plan or any Award or Award Agreement is or becomes or is deemed to be invalid, illegal, or unenforceable
in any jurisdiction or as to any person or entity or Award, or would disqualify the Plan or any Award under any law deemed applicable
by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed
or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such
provision shall be construed or deemed stricken as to such jurisdiction, person or entity or Award and the remainder of the Plan
and any such Award shall remain in full force and effect.

 

(q)           Obligations
Binding on Successors. The obligations of the Company under the Plan shall be binding upon any successor corporation or
organization resulting from the merger, amalgamation, consolidation or other reorganization of the Company, or upon any successor
corporation or organization succeeding to substantially all of the assets and business of the Company.

 

    20

     

    

 

(r)            Code
Section 409A.

 

(i)            Notwithstanding
any provision of this Plan to the contrary, all Awards made under this Plan are intended to be exempt from or, in the alternative,
comply with Code Section 409A and the authoritative guidance thereunder, including the exceptions for stock rights and short-term
deferrals. The Plan shall be construed and interpreted in accordance with such intent. Each payment under an Award shall be treated
as a separate payment for purposes of Code Section 409A.

 

(ii)            If
a Participant is a “specified employee” (as such term is defined for purposes of Code Section 409A) at the time
of his termination of service, no amount that is nonqualified deferred compensation subject to Code Section 409A and that
becomes payable by reason of such termination of service shall be paid to the Participant (or in the event of the Participant’s
death, the Participant’s representative or estate) before the earlier of  (x) the first business day after the
date that is six months following the date of the Participant’s termination of service, and (y) within 30 days
following the date of the Participant’s death. For purposes of Code Section 409A, a termination of service shall be
deemed to occur only if it is a “separation from service” within the meaning of Code Section 409A, and references
in the Plan and any Award Agreement to “termination of service” or similar terms shall mean a “separation from
service.” If any Award is or becomes subject to Code Section 409A, unless the applicable Award Agreement provides otherwise,
such Award shall be payable upon the Participant’s “separation from service” within the meaning of Code Section 409A.
If any Award is or becomes subject to Code Section 409A and if payment of such Award would be accelerated or otherwise triggered
under a Change in Control, then the definition of Change in Control shall be deemed modified, only to the extent necessary to avoid
the imposition of any additional tax under Code Section 409A, to mean a “change in control event” as such term
is defined for purposes of Code Section 409A.

 

(iii)            Any
adjustments made pursuant to Section 13 to Awards that are subject to Code Section 409A shall be made in compliance with
the requirements of Code Section 409A, and any adjustments made pursuant to Section 13 to Awards that are not subject
to Code Section 409A shall be made in such a manner as to ensure that after such adjustment, the Awards either (x) continue
not to be subject to Code Section 409A or (y) comply with the requirements of Code Section 409A.

 

(s)           Expenses;
Gender; Titles and Headings. The expenses of administering the Plan shall be borne by the Company and its Affiliates.
Masculine pronouns and other words of masculine gender shall refer to both men and women. The titles and headings of the sections
in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles
or headings shall control.

 

(t)            Other
Agreements. Notwithstanding the above, the Committee may require, as a condition to the grant of and/or the receipt of
Common Shares or other securities under an Award, that the Participant execute lock-up, stockholder or other agreements, as it
may determine in its sole and absolute discretion.

 

(u)           Payments.
Participants shall be required to pay, to the extent required by applicable law, any amounts required to receive Common Shares
or other securities under any Award made under the Plan.

 

(v)           Erroneously
Awarded Compensation. All Awards shall be subject (including on a retroactive basis) to (i) any clawback, forfeiture
or similar incentive compensation recoupment policy established from time to time by the Company, including, without limitation,
any such policy established to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act, (ii) applicable
law (including, without limitation, Section 304 of the Sarbanes-Oxley Act and Section 954 of the Dodd-Frank Wall Street
Reform and Consumer Protection Act), and/or (iii) the rules and regulations of the applicable securities exchange or
inter-dealer quotation system on which the Common Shares or other securities are listed or quoted, and such requirements shall
be deemed incorporated by reference into all outstanding Award Agreements.

 

    21

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