Document:

Investment Agreement

 Exhibit 10.1 
  
 Investment Agreement, dated January 25, 2005 
  

 EXECUTION VERSION 
  
 INVESTMENT AGREEMENT 
  
 BY AND AMONG 
  
 TRUMP HOTELS & CASINO RESORTS, INC., 
  
 TRUMP HOTELS & CASINO RESORTS HOLDINGS, L.P. 
  
 and 
  
 DONALD J. TRUMP 
  
 DATED AS OF JANUARY 25, 2005

  

 TABLE OF CONTENTS 
  

							
	 	    	 	  	 	  	Page

	ARTICLE I      DEFINITIONS; INTERPRETATION	  	2
				
	 	    	Section 1.1	  	Definitions	  	2
	 	    	Section 1.2	  	Interpretation.	  	10
		
	ARTICLE II     INVESTMENT	  	10
				
	 	    	Section 2.1	  	Reverse Stock Split; Common Shares	  	10
	 	    	Section 2.2	  	Exchange of Old Class B Common Stock	  	11
	 	    	Section 2.3	  	Issuance of Class A Partnership Interests.	  	11
	 	    	Section 2.4	  	Issuance of Class B Partnership Interests and Warrant	  	11
		
	ARTICLE III    CLOSING	  	12
				
	 	    	Section 3.1	  	Closing	  	12
	 	    	Section 3.2	  	Closing Deliveries.	  	12
		
	ARTICLE IV    REPRESENTATIONS AND WARRANTIES OF COMPANY AND PARTNERSHIP	  	15
				
	 	    	Section 4.1	  	Organization.	  	15
	 	    	Section 4.2	  	Authority; No Conflict; Required Filings and Consents.	  	16
		
	ARTICLE V      REPRESENTATIONS AND WARRANTIES OF INVESTOR	  	17
				
	 	    	Section 5.1	  	Authority	  	17
	 	    	Section 5.2	  	No Conflict	  	17
	 	    	Section 5.3	  	Investment Representations.	  	18
	 	    	Section 5.4	  	Sufficient Funds	  	18
		
	ARTICLE VI     COVENANTS	  	19
				
	 	    	Section 6.1	  	Certain Notices	  	19
	 	    	Section 6.2	  	Governmental Approvals.	  	19
	 	    	Section 6.3	  	Hart-Scott-Rodino Filing	  	20
	 	    	Section 6.4	  	World’s Fair Consents.	  	20
	 	    	Section 6.5	  	Restructuring; Bankruptcy.	  	21
	 	    	Section 6.6	  	Releases	  	21
	 	    	Section 6.7	  	Publicity	  	22
	 	    	Section 6.8	  	Listing	  	22
	 	    	Section 6.9	  	Amended and Restated Organizational Documents	  	22
	 	    	Section 6.10	  	Board Representation	  	22
	 	    	Section 6.11	  	Director and Officer Indemnification.	  	23
	 	    	Section 6.12	  	Further Assurances and Actions	  	24
	 	    	Section 6.13	  	Changes to Transaction Documents	  	24
	 	    	Section 6.14	  	Affiliate Transactions	  	24
	 	    	Section 6.15	  	Set Off	  	24
		
	ARTICLE VII CONDITIONS TO CLOSING	  	24
				
	 	    	Section 7.1	  	Conditions to Each Party’s Obligation to Effect the Closing	  	24

							
	 	    	Section 7.2	  	Additional Conditions to Obligations of the Company and the Partnership	  	25
	 	    	Section 7.3	  	Additional Conditions to Obligations of the Investor	  	26
		
	ARTICLE VIII    TERMINATION	  	28
				
	 	    	Section 8.1	  	Termination	  	28
	 	    	Section 8.2	  	Effect of Termination	  	29
	 	    	Section 8.3	  	Fees and Expenses	  	30
		
	ARTICLE IX      MISCELLANEOUS	  	30
				
	 	    	Section 9.1	  	Non-Survival	  	30
	 	    	Section 9.2	  	Notices	  	30
	 	    	Section 9.3	  	Counterparts	  	31
	 	    	Section 9.4	  	Headings	  	31
	 	    	Section 9.5	  	Amendment	  	32
	 	    	Section 9.6	  	Extension; Waiver	  	32
	 	    	Section 9.7	  	Severability	  	32
	 	    	Section 9.8	  	Entire Agreement; No Third Party Beneficiaries	  	32
	 	    	Section 9.9	  	Governing Law	  	32
	 	    	Section 9.10	  	Assignment; Successors	  	32
	 	    	Section 9.11	  	Election of Remedies	  	32
	 	    	Section 9.12	  	Submission to Jurisdiction	  	33

  
 EXHIBITS: 
  

			
	Exhibit A	  	Certain Charter Provisions
	Exhibit B	  	THCR Debt Restructure - DJT Tax Points
	Exhibit C	  	Form of Amended Trademark License Agreement
	Exhibit D	  	Form of Amended Trademark Security Agreement
	Exhibit E	  	Company Subsidiaries
	Exhibit F	  	Form of Miss Universe Assignment Agreement
	Exhibit G	  	Form of Right of First Offer Agreement
	Exhibit H	  	Form of Services Agreement
	Exhibit I	  	Form of Voting Agreement
	Exhibit J	  	Form of Warrant
	Exhibit K	  	Form of World’s Fair Assignment Agreement

  

 - ii - 

 INVESTMENT AGREEMENT 
  
 INVESTMENT AGREEMENT, dated as of January 25, 2005 (this “Agreement”), by and among Trump Hotels &
Casino Resorts, Inc., a Delaware corporation, Trump Hotels & Casino Resorts Holding, L.P., a Delaware limited partnership (the “Partnership”), and Donald J. Trump (the “Investor”). 
  
 R E C I T A L S:

  
 WHEREAS, the Company (as hereinafter defined) is the sole
general partner of the Partnership; 
  
 WHEREAS, the Investor
(directly and through certain of the Investor’s controlled Affiliates (as hereinafter defined)) beneficially owns 9,960,887 issued and outstanding shares (the “Present Shares”) of common stock, par value $0.01 per share, of the
Company; 
  
 WHEREAS, the Investor owns TCH 2nd Priority Notes (as
hereinafter defined) in the aggregate principal amount of $16,366,686 (the “Investor Notes”), and the interest that shall be due on the Investor Notes is referred to herein as the “Accrued Interest”; 
  
 WHEREAS, on November 21, 2004, the Debtors (as hereinafter defined) commenced
the Bankruptcy Case (as hereinafter defined); 
  
 WHEREAS, on the
terms and subject to the conditions set forth herein, at the Closing (as hereinafter defined), the Investor and/or one or more Affiliates of the Investor will make an equity investment (the “Investment”) in the Partnership
consisting of (i) a cash investment of $55,000,000 (the “Cash Amount”), (ii) the exchange and cancellation of the Investor Notes and (iii) the written waiver (the “Investor Waiver”) by the Investor (for the Investor
and on behalf of the Investor’s controlled Affiliates) of the Investor’s (and any such controlled Affiliates’) right to receive the Accrued Interest in respect of the Investor Notes, pursuant to which the Partnership will (and the
Restructured Company (as hereinafter defined) will cause the Partnership to) issue Class A Partnership Interests (as hereinafter defined) to the Investor; 
  
 WHEREAS, on the terms and subject to the conditions set forth herein, at the Closing, in consideration of the Investor entering (and/or causing one or
more Affiliates of the Investor to enter) into the Amended Agreements (as hereinafter defined) and consummating (and/or causing any such Affiliates to consummate) the transactions contemplated hereby, the Partnership will (and the Restructured
Company will cause the Company to) issue Class B Partnership Interests (as hereinafter defined), and the Company will issue the Warrant (as hereinafter defined), to the Investor and/or one or more Affiliates of the Investor; 
  
 WHEREAS, the Class A Partnership Interests will be exchangeable for shares of
common stock, par value $0.01 per share (the “Common Stock”), of the Restructured Company, and the Class B Partnership Interests will be exchangeable for shares of Common Stock and/or cash in an amount equal to the fair market value
of such shares of Common Stock, as provided in the Amended Exchange Rights Agreement and the Amended Partnership Agreement (as each such term is hereinafter defined); 

 WHEREAS, in connection with, and as a condition to the consummation of the transactions contemplated
hereby, the Company and certain Company Subsidiaries (as hereinafter defined) have undertaken, under Chapter 11 of the Bankruptcy Code (as hereinafter defined) and pursuant to the Bankruptcy Plan (as hereinafter defined), the Restructuring (as
hereinafter defined), the terms of which are set forth on Exhibit A (the “Term Sheet”) to that certain Restructuring Support Agreement, dated as of October 20, 2004 (the “Restructuring Support Agreement”), by and
among the Company, the Investor, the Noteholders (as defined in the Restructuring Support Agreement) and the other parties thereto; 
  
 WHEREAS, the Special Committee of the Board of Directors of the Company (the “Board of Directors”) and the Board of Directors have duly
approved and authorized this Agreement and the transactions contemplated hereby; and 
  
 WHEREAS, pursuant to the Restructuring Support Agreement, the Investor has agreed to support the commencement of the Bankruptcy Case (as hereinafter defined) by the Debtors (as hereinafter defined), confirmation by
the Bankruptcy Court of the Bankruptcy Plan, approval by the Bankruptcy Court of the Disclosure Statement (as hereinafter defined) and approval by the Bankruptcy Court of this Agreement and the transactions contemplated hereby; 
  
 NOW, THEREFORE, in consideration of the foregoing premises and the mutual
representations, warranties, covenants and agreements set forth in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, each intending to be legally bound,
hereby agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS; INTERPRETATION 
  
 Section 1.1 Definitions. In addition to the terms defined elsewhere in
this Agreement, for all purposes of this Agreement, the following terms shall have the respective meanings set forth below: 
  
 “Accrued Interest” shall have the meaning set forth in the recitals hereto. 
  
 “Affiliate” shall mean, with respect to any specified Person, any other Person that directly, or indirectly
through one or more intermediaries, controls, is controlled by, or is under common control with, such specified Person. For the purposes of this definition, “control” of a Person shall mean the possession, directly or indirectly, of
the power to direct or cause the direction of its management or policies, whether through the ownership of voting securities, by contract or otherwise. For the purposes of this definition, except as otherwise provided herein, TCI shall be deemed an
Affiliate of the Investor even if the Investor has transferred the outstanding equity interests of TCI held thereby as of the date hereof to another Person who is not an Affiliate of the Investor. 
  
 “Agreement” shall have the meaning set forth in the preamble
hereto. 
  

 - 2 - 

 “Amended Agreements” shall mean, collectively, the Amended Exchange Rights Agreement,
the Amended Partnership Agreement and the Amended Trademark License Agreement. 
  
 “Amended and Restated Bylaws” shall mean the second amended and restated bylaws of the Restructured Company, containing such terms and in such form as shall be mutually agreed upon by the Company and
the Investor. 
  
 “Amended and Restated Certificate of
Incorporation” shall mean the second amended and restated certificate of incorporation of the Restructured Company, containing or reflecting the terms set forth in Exhibit A attached hereto and such other terms and in such form as
shall be mutually agreed upon by the Company and the Investor. 
  
 “Amended Exchange Rights Agreement” shall mean the Third Amended and Restated Exchange and Registration Rights Agreement to be entered into by and among the Company, the Investor and TCI on the Closing Date, containing such
terms and in such form as shall be mutually agreed upon by the Company and the Investor. 
  
 “Amended Partnership Agreement” shall mean the Fourth Amended and Restated Agreement of Limited Partnership of the Partnership to be entered into by and among the Investor, TCI, Merger Sub and the
Restructured Company on the Closing Date, containing or reflecting the terms set forth in Exhibit B attached hereto and such other terms and in such form as shall be mutually agreed upon by the Company and the Investor. 
  
 “Amended Trademark License Agreement” shall mean the Amended
and Restated Trademark License Agreement to be entered into by and between the Investor, the Partnership and the Restructured Company on the Closing Date, substantially in the form attached hereto as Exhibit C. 
  
 “Amended Trademark Security Agreement” shall mean the
Amended and Restated Trademark Security Agreement to be entered into by and between the Investor and the Partnership on the Closing Date, substantially in the form attached hereto as Exhibit D. 
  
 “Bankruptcy Case” shall mean the chapter 11 cases of the
Debtors pending in the Bankruptcy Court, which are being jointly administered under case numbers 04-46898 through 04-46925 (JHW). 
  
 “Bankruptcy Code” shall mean title 11 of the United States Code, 11 U.S.C. §101, et seq., as now in effect or hereafter amended.

  
 “Bankruptcy Court” shall mean the United
States Bankruptcy Court for the District of New Jersey and, to the extent that there is no reference pursuant to section 157 of title 28 of the United States Code, the United States District Court for the District of New Jersey. 
  
 “Bankruptcy Exceptions” shall have the meaning set forth in
Section 4.2(a) hereof. 
  

 - 3 - 

 “Bankruptcy Plan” shall mean the plan or plans of reorganization with respect to the
Company and the Company Subsidiaries (including the terms of and steps necessary to effectuate the Restructuring as set forth in the Term Sheet and otherwise in form and substance reasonably acceptable to the Investor), and as may be modified,
amended or supplemented from time to time, in each case with the approval of the Investor (which approval shall not be unreasonably withheld), together with any and all Contracts, schedules, exhibits, certificates, orders and other documents and
instruments prepared in connection therewith. 
  
 “Board
of Directors” shall have the meaning set forth in the recitals hereto. 
  
 “Business Day” shall mean any day other than a Saturday or Sunday which is not a day on which banking institutions in New York City are authorized or obligated by Law or executive order to close.

  
 “Capitalization Table” shall have the meaning
set forth in Section 3.2(a)(xxi) hereof. 
  
 “Cash
Amount” shall have the meaning set forth in the recitals hereto. 
  
 “Class A Partnership Interests” shall have the meaning set forth in the Amended Partnership Agreement. 
  
 “Class B Exchange” shall mean the exchange of each outstanding share of Old Class B Common Stock for one share of New Class B Common
Stock. 
  
 “Class B Partnership Interests” shall
have the meaning set forth in the Amended Partnership Agreement. 
  
 “Closing” shall have the meaning set forth in Section 3.1 hereof. 
  
 “Closing Date” shall have the meaning set forth in Section 3.1 hereof. 
  
 “Common Shares” shall mean 23,880 shares of Common Stock
(excluding any shares of Common Stock issued to the Investor or any of his Affiliates pursuant to the TCI 2 Merger); provided that the number of Common Shares held by the Investor immediately following the Stock Split shall be adjusted so
that such number of Common Shares represents 0.06% of the shares of Common Stock issued and outstanding immediately after the consummation of the Closing on a Fully Diluted Basis. 
  
 “Common Stock” shall have the meaning set forth in the recitals hereto. 
  
 “Company” shall mean Trump Hotels & Casino Resorts,
Inc., a Delaware corporation, until the consummation of the Restructuring, and the Restructured Company. 
  
 “Company Entities” shall mean, collectively, the Company and each Company Subsidiary. 
  

 - 4 - 

 “Company Gaming Facilities” shall mean, collectively, (a) the Trump Taj Mahal Casino
Resort, (b) the Trump Plaza Hotel and Casino, (c) the Trump Marina Hotel Casino, and (d) the Trump Indiana Casino Hotel. 
  
 “Company Material Adverse Effect” shall mean, with respect to any one or more changes, events or effects, a material adverse effect on
the business, assets, financial condition or results of operations of (a) the Company and the Company Subsidiaries, taken as a whole, (b) the Trump Taj Mahal Casino Resort, (c) the Trump Marina Hotel Casino, or (d) the Trump Plaza Hotel and Casino,
in each case except for any such change, event or effect resulting from, arising out of or related to (i) changes in or affecting (A) the gaming industry generally in the United States, or (B) the United States economy or financial markets as a
whole, or (ii) the taking of any action in furtherance of and not inconsistent with this Agreement or the Restructuring or expressly consented to by the Investor; provided, however, that any event, circumstance, condition, fact, effect
or other matter that would otherwise constitute a Company Material Adverse Effect shall not constitute a Company Material Adverse Effect if the material adverse effect thereof shall cease to exist or be of any effect as of the consummation of the
Bankruptcy Plan. 
  
 “Company Subsidiary” shall
mean any Subsidiary of the set forth on Exhibit E attached hereto. 
  
 “Confirmation Order” shall mean the order in a form and substance reasonably acceptable to the Investor entered by the Bankruptcy Court in the Bankruptcy Case confirming the Bankruptcy Plan pursuant
to Section 1129 of the Bankruptcy Code. 
  
 “Contract” shall mean, with respect to any Person, any agreement, arrangement or obligation, whether written or oral, including any commitment, mortgage, instrument, indenture, note, bond, loan, guarantee, lease, sublease,
license, contract, deed of trust, option agreement, right of first refusal, security agreement, development agreement, operating agreement, management agreement, service agreement, partnership agreement, joint venture agreement, limited liability
agreement, put/call arrangement, purchase, or sale or merger agreement, in each case that is binding on such Person under applicable Law, including any amendments or modifications thereto and restatements thereof. 
  
 “D&O Indemnified Parties” shall have the meaning set
forth in Section 6.11(a) hereof. 
  
 “Debtors” shall have the meaning set forth in the Bankruptcy Plan. 
  
 “Disclosure Statement” shall mean the written disclosure statement filed by the Company and certain Company Subsidiaries in connection with the Bankruptcy Plan in the Bankruptcy Case, as approved by
the Bankruptcy Court pursuant to Section 1125 of the Bankruptcy Code, as may be amended, modified or supplemented from time to time. 
  
 “Encumbrance” shall mean, with respect to any asset, security or property, any security interest, pledge, mortgage, deed of trust, lien
(including environmental and Tax liens), charge, encumbrance, adverse claim, restriction on use or option, in each case, in respect of such asset, security or property; provided, that, with respect to securities, “Encumbrances”
shall exclude limitations on transfer imposed by Gaming Laws. 
  

 - 5 - 

 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to
time, including the rules and regulations promulgated thereunder. 
  
 “Existing Security Agreement” shall mean that certain Trademark Security Agreement, dated as of June 12, 1995, as amended, between the Investor and the Company. 
  
 “Existing Trademark License Agreement” shall mean that certain Trademark License Agreement, dated as of
June 12, 1995, as amended, between the Investor and the Company. 
  
 “Five Board Members” shall have the meaning set forth in Section 6.10 hereof. 
  
 “Fully Diluted Basis” shall mean, at any given time, on a fully diluted basis, assuming the full conversion, exercise and exchange (as
applicable) of all then outstanding options, warrants and other rights to acquire shares of Common Stock (other than shares of Common Stock reserved for issuance under any employee or management stock option or incentive plan or program adopted by
the Board of Directors of the Restructured Company). 
  
 “Gaming Activities” shall mean the business of owning, operating or managing a casino or similar gaming facility in which the principal business activity is the taking or receiving of bets or wagers upon the results of
games of chance or skill. 
  
 “Gaming Authority”
shall mean any Governmental Entity that is directly responsible for the licensing or granting of permit authority for, or otherwise exercises direct legal or regulatory oversight with respect to, Gaming Activities conducted in the United States,
including (a) the New Jersey Casino Control Commission, (b) the New Jersey Division of Gaming Enforcement, (c) the Indiana Gaming Commission and (d) the National Indian Gaming Commission. 
  
 “Gaming Law” shall mean any Law governing or regulating Gaming Activities, including, without limitation,
the New Jersey Casino Control Act and the rules and regulations promulgated thereunder, the Indiana Riverboat Gambling Act (as set forth at Indiana Code 4-33) and the rules and regulations promulgated thereunder, the Indiana Gaming Control Act and
the rules and regulations promulgated thereunder and the Indian Gaming Regulatory Act and the rules and regulations promulgated thereunder. 
  
 “Gaming License” shall mean any Governmental Approval required in order to conduct Gaming Activities under any Gaming Law issued by any
Gaming Authority. 
  
 “Governmental Approvals”
shall mean, with respect to any Person, all Gaming Licenses, Liquor Licenses and any other permit, license, certificate, franchise, concession, finding of suitability, exemption, entitlement, approval, consent, ratification, permission, clearance,
confirmation, waiver, certification, filing, designation, rating, registration, qualification, authorization or order that is issued or granted to such Person by any Governmental Entity in connection with the operation of such Person’s
business. 
  

 - 6 - 

 “Governmental Entity” shall mean any foreign, domestic or supranational governmental
(executive, legislative or judicial), tribal, administrative, regulatory, police, military or taxing authority. 
  
 “Governmental Order” shall mean any order, writ, judgment, stay, injunction, decree or award entered by or with any Governmental Entity.

  
 “HSR Act” shall mean the Hart-Scott Rodino
Antitrust Improvements Act of 1976, as amended from time to time, including the rules and regulations promulgated thereunder. 
  
 “Investment” shall have the meaning set forth in the recitals hereto. 
  
 “Investor” shall have the meaning set forth in the preamble hereto. 
  
 “Investor Board Members” shall have the meaning set forth in
Section 6.10 hereof. 
  
 “Investor Notes”
shall have the meaning set forth in the recitals hereto. 
  
 “Investor Waiver” shall have the meaning set forth in the recitals hereto. 
  
 “Laws” shall mean all laws, statutes, ordinances, decrees, rules, regulations, orders, injunctions or judgments of the United States, any
foreign country or any domestic or foreign state, county, city, province or other political subdivision or of any Governmental Entity, including, without limitation, Gaming Laws. 
  
 “Liquor Licenses” shall mean all those certain “off sale,” “portable bar” and other
alcoholic beverage licenses issued by any Governmental Entity or Gaming Authority pursuant to which the sale of alcoholic beverages is permitted in the restaurants, bars, function rooms and guest rooms of hotels or related properties (including
casino, gambling or gaming facilities such as the Company Gaming Facilities). 
  
 “Maximum D&O Premium” shall have the meaning set forth in Section 6.11(b) hereof. 
  
 “Merger Sub” shall mean a Delaware limited liability company that is wholly owned by the Company. 
  
 “Miss Universe Assignment Agreement” shall mean the
Assignment and Assumption Agreement with respect to the Partnership’s limited and general partnership interests in Miss Universe L.P., LLLP, a Delaware limited liability limited partnership, to be entered into by and between the Partnership,
the Investor and TPI on the Closing Date, substantially in the form attached hereto as Exhibit F. 
  
 “Mutual Board Member” shall have the meaning set forth in Section 6.10 hereof. 
  
 “New Class B Common Stock” shall mean the Class B Common
Stock, par value $0.01 per share, of the Restructured Company. 
  

 - 7 - 

 “Notifying Party” shall have the meaning set forth in Section 6.2(c) hereof.

  
 “NYSE” shall mean the New York Stock
Exchange. 
  
 “Old Class B Common Stock” shall
mean the Class B Common Stock, par value $0.01 per share, of the Company prior to the consummation of the Restructuring. 
  
 “Partnership” shall have the meaning set forth in the preamble hereto. 
  
 “Partnership Interests” shall mean the Class A Partnership Interests and the Class B Partnership Interests,
collectively. 
  
 “Person” shall mean a natural
person, partnership (general or limited), corporation, limited liability company, business trust, joint stock company, trust, business association, unincorporated association, joint venture, Governmental Entity or other entity or organization.

  
 “Present Shares” shall have the meaning set
forth in the recitals hereto. 
  
 “Restructured
Company” shall mean the Company from and after the consummation of the Restructuring. 
  
 “Restructuring Support Agreement” shall have the meaning set forth in the recitals hereto. 
  
 “Right of First Offer Agreement” shall mean the Right of First Offer Agreement to be entered into by and among the Trump Organization,
the Partnership and the Restructured Company on the Closing Date, substantially in the form attached hereto as Exhibit G. 
  
 “SEC” shall mean the United States Securities and Exchange Commission. 
  
 “Securities Act” shall mean the Securities Act of 1933, as amended from time to time, including the rules
and regulations promulgated thereunder. 
  
 “Services
Agreement” shall mean the Services Agreement to be entered into by and between the Restructured Company, the Partnership and the Investor on the Closing Date, substantially in the form attached hereto as Exhibit H. 
  
 “Stock Split” shall have the meaning set forth in Section
2.1 hereof. 
  
 “Subsidiary” shall mean, with
respect to any Person, any corporation, limited liability company, partnership, business association or other Person of which such Person owns, directly or indirectly, rights with respect to, securities or other interests having the power to elect a
majority of such Person’s board of directors or analogous or similar governing body of such Person. 
  
 “TCF” shall mean Trump Casino Funding, Inc., a Delaware corporation. 
  

 - 8 - 

 “TCH” shall mean Trump Casino Holdings, LLC, a Delaware limited liability company.

  
 “TCH 2nd Priority Notes” shall mean the 17
5/8% Second Priority Mortgage Notes due 2010 of TCH and TCF. 
  
 “TCI” shall mean Trump Casinos, Inc., a New Jersey corporation. 
  
 “TCI 2” shall mean Trump Casinos II, Inc., a Delaware corporation. 
  
 “TCI 2 Merger” shall mean the merger of TCI 2 with and into Merger Sub, with Merger Sub as the entity surviving such merger, pursuant to
an Agreement and Plan of Merger containing such terms and in such form as shall be mutually agreed upon by the Company and the Investor. 
  
 “Term Sheet” shall have the meaning set forth in the recitals hereto. 
  
 “TPA” shall mean Trump Plaza Associates, a New Jersey general partnership beneficially wholly owned by the
Company. 
  
 “TPI” shall mean Trump Pageants,
Inc., a New York corporation. 
  
 “Transaction
Documents” shall mean, collectively, this Agreement, the Amended and Restated Certificate of Incorporation, the Amended and Restated Bylaws, the Voting Agreement, the Warrant, the Services Agreement, the Amended Partnership Agreement, the
Amended Exchange Rights Agreement, the Amended Trademark License Agreement, the Amended Trademark Security Agreement, the Right of First Offer Agreement, the Miss Universe Assignment Agreement and the World’s Fair Assignment Agreement.

  
 “Trump Organization” shall mean, The Trump
Organization LLC, a New York limited liability company. 
  
 “Voting Agreement” shall mean the Voting Agreement to be entered into by and among the Restructured Company and the Investor on the Closing Date, substantially in the form attached hereto as Exhibit I. 
  
 “Warrant” shall mean a warrant, substantially in the form
attached hereto as Exhibit J, exercisable until the tenth anniversary of the Closing Date, to purchase, for an exercise price of $21.90 per share, 1,446,706 shares of Common Stock; provided that the number of shares of Common Stock
issuable upon exercise of the Warrant shall be adjusted so that such number of issuable shares represents 3.5% of the shares of Common Stock issued and outstanding immediately after the consummation of the Closing on a Fully Diluted Basis.

  
 “World’s Fair Assignment Agreement”
shall mean the Assignment and Assumption Agreement with respect to TPA’s fee interest in the World’s Fair Site to be entered into by and between TPA and the Investor on the Closing Date, substantially in the form attached hereto as
Exhibit K. 
  

 - 9 - 

 “World’s Fair Site” shall have the meaning set forth in the Word’s Fair
Assignment Agreement. 
  
 Section 1.2 Interpretation.

  
 (a) When a reference is made in this Agreement to a section,
article, paragraph, exhibit or schedule, such reference shall be to a section, article, paragraph, exhibit or schedule of this Agreement, unless otherwise clearly indicated to the contrary. 
  
 (b) Whenever the words “include,” “includes” or
“including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” 
  
 (c) The words “hereof,” “herein” and “herewith” and words of similar import shall, unless otherwise stated, be construed to
refer to this Agreement as a whole and not to any particular provision of this Agreement. 
  
 (d) The meaning assigned to each term defined herein shall be equally applicable to both the singular and plural forms of such term, and words denoting any gender shall include all genders. Where a word or phrase is
defined herein, each of its other grammatical forms shall have a corresponding meaning. 
  
 (e) A reference to any party to this Agreement or any other agreement or documents shall include such party’s successors and permitted assigns. 
  
 (f) A reference to any legislation or to any provision of any legislation shall include any amendment to, and any
modification or reenactment thereof, any legislative provision substituted therefor and all regulations and statutory instruments issued thereunder or pursuant thereto. 
  
 (g) The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an
ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any such party by virtue of the
authorship of any provisions of this Agreement. 
  
 (h) For the
purposes of this Agreement, all shares of Common Stock or Partnership Interests to be owned by the Investor as of immediately after the Closing, as provided herein, shall include all shares of Common Stock and Partnership Interests owned by TCI
(whether or not TCI is then owned by the Investor), unless TCI is then directly or indirectly owned by the Company or any of its Affiliates, in which case such shares of Common Stock and Partnership Interests owned by TCI shall not be deemed to be
owned by the Investor. 
  
 ARTICLE II 
  
 INVESTMENT 
  
 Section 2.1 Reverse Stock Split; Common Shares. At or immediately
prior to the Closing, the Company shall effect a reverse stock split (the “Stock Split”) pursuant to which each 

  

 - 10 - 

 
1,000 shares of Common Stock then outstanding shall be consolidated into one share of Common Stock (subject to adjustment for fractional shares, as provided
in the Bankruptcy Plan), without the need for any further corporate or other action or deed under any applicable law, regulation, order or rule, as a result of, and immediately after, which Stock Split (taking into consideration the issuances
hereunder) the Investor shall beneficially own the Common Shares, free and clear of any and all Encumbrances (other than any Encumbrances specifically set forth in the Amended Agreements, the Services Agreement and the Voting Agreement). 

 
 Section 2.2 Exchange of Old Class B Common Stock. At or immediately
prior to the Closing, the Company shall effect the Class B Exchange such that each share of Old Class B Common Stock beneficially owned by the Investor or his Affiliates shall be exchanged for one share of New Class B Common Stock, free and clear of
any and all Encumbrances (other than any Encumbrances specifically set forth in the Amended Agreements, the Services Agreement and the Voting Agreement). 
  
 Section 2.3 Issuance of Class A Partnership Interests. 
  
 (a) On and subject to the terms and conditions contained in this Agreement, at the Closing, in exchange for the consummation of the Investment by the
Investor and/or one or more Affiliates of the Investor, the Partnership shall (and the Restructured Company shall cause the Partnership to) issue to the Investor and/or such Affiliates, free and clear of any and all Encumbrances (other than any
Encumbrances specifically set forth in the Amended Agreements, the Services Agreement and the Voting Agreement), Class A Partnership Interests exchangeable for 4,811,580 shares of Common Stock; provided that the number of shares of Common
Stock issuable upon exchange of such Partnership Interests shall be adjusted so that such number of issuable shares represents, assuming the conversion of such shares into Common Stock, 11.64% of the shares of Common Stock issued and outstanding
immediately after the consummation of the Closing on a Fully Diluted Basis. 
  
 (b) The consummation of the Investment pursuant to Section 2.3(a) hereof shall be effected at the Closing by the Investor and/or one or more Affiliates of the Investor by (i) the delivery to the Partnership of
the Investor Notes, (ii) the delivery of the Investor Waiver and (iii) wire transfer of immediately available funds in an amount equal to the Cash Amount to an account or accounts designated by the Partnership at least three (3) Business Days prior
to the Closing Date. 
  
 Section 2.4 Issuance of Class B
Partnership Interests and Warrant. On and subject to the terms and conditions contained in this Agreement, at the Closing, in consideration of the Investor entering (and/or causing one or more Affiliates of the Investor to enter) into the
Amended Agreements and consummating (and/or causing any such Affiliates to consummate) the transactions contemplated hereby: (a) the Partnership shall (and the Restructured Company shall cause the Partnership to) issue to the Investor (and/or any
such Affiliates, as determined by the Investor in the Investor’s sole discretion), free and clear of any and all Encumbrances (other than any Encumbrances specifically set forth in the Amended Agreements, the Services Agreement and the Voting
Agreement) Class B Partnership Interests exchangeable for 4,554,197 shares of Common Stock or an amount in cash equal to the aggregate fair market value of such shares (as provided in the Amended Exchange Rights Agreement and the Amended Partnership

  

 - 11 - 

 
Agreement); provided that the number of shares of Common Stock issuable upon exchange of such Partnership Interests shall be adjusted so that such
number of issuable shares represents 11.02% of the shares of Common Stock issued and outstanding immediately after the consummation of the Closing on a Fully Diluted Basis (it being understood that the amount of cash payable by the Company upon
exchange of such Class B Partnership Interests shall also be adjusted to an amount equal to the aggregate fair market value of such shares of Common Stock representing 11.02% of the shares of Common Stock issued and outstanding immediately after the
consummation of the Closing on a Fully Diluted Basis); and (b) the Restructured Company shall issue to the Investor the Warrant, free and clear of any and all Encumbrances (other than any Encumbrances specifically set forth in the Amended
Agreements, the Services Agreement and the Voting Agreement). 
  
 ARTICLE III 
  
 CLOSING 
  
 Section 3.1 Closing. The closing (the “Closing”) of
the transactions contemplated hereby, shall take place at the offices of Latham & Watkins LLP, 885 Third Avenue, Suite 1000, New York, New York 10022, at a date (the “Closing Date”) and time to be mutually agreed upon by the
Company and the Investor, which Closing Date shall occur within three (3) Business Days following the satisfaction (or waiver by the Company or the Investor, as applicable) of the conditions set forth in Article VII hereof (other than those
conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of those conditions). 
  
 Section 3.2 Closing Deliveries. 
  
 (a) The Company will deliver, or cause to be delivered, to the Investor on the Closing Date: 
  
 (i) a copy of the Amended and Restated Certificate of
Incorporation, certified as of the date of the Closing by the Secretary of State of the State of Delaware; 
  
 (ii) a copy of the Amended and Restated Bylaws, duly adopted by the Board of Directors; 
  
 (iii) a certificate or certificates representing the Common
Shares to be issued to the Investor and/or one or more Affiliates of the Investor at the Closing hereunder; 
  
 (iv) evidence reasonably acceptable to the Investor of the constitution of the Board of Directors (effective as of the Closing) as
provided in Section 6.10 hereof; 
  
 (v)
good standing certificates (or equivalents thereof) for each of the Company and the Partnership, each issued by the Secretary of State of the State of Delaware and of such other applicable jurisdictions where the Company or the Partnership, as
applicable, is qualified or licensed to do business or own, lease or operate property making such qualification or licensing necessary, and dated as of a date within three (3) Business Days prior to the Closing Date; 
  

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 (vi) the certificate required to be delivered pursuant to Section 7.3(c) hereof;

  
 (vii) an executed cross-receipt for the Cash
Amount, the Investor Notes and the Investor Waiver; 
  
 (viii) a certified copy of the Confirmation Order; 
  
 (ix) a certified copy of the docket in the Bankruptcy Case evidencing that, as of the Closing Date, the Confirmation Order has not been stayed, revised or vacated, or modified in a manner which is inconsistent with
the terms of this Agreement; 
  
 (x) evidence
reasonably acceptable to the Investor of the issuance of the Partnership Interests to be issued to the Investor and/or one or more Affiliates of the Investor at the Closing hereunder; 
  
 (xi) a counterpart of the Services Agreement, duly executed by the Company, the Partnership and Trump
Atlantic City Associates, a New Jersey general partnership; 
  
 (xii) an executed assignment of the Existing Trademark License Agreement to the Partnership and a counterpart of the Amended Trademark License Agreement, duly executed by the Company and the Partnership; 

 
 (xiii) a counterpart of the Amended Exchange Rights
Agreement, duly executed by the Company, the Partnership and each other party thereto (other than the Investor and TCI); 
  
 (xiv) a counterpart of the Amended Partnership Agreement, duly executed by the Company, the Partnership and Merger Sub; 
  
 (xv) a counterpart of the Right of First Offer Agreement,
duly executed by the Company and the Partnership; 
  
 (xvi) a counterpart of the Voting Agreement, duly executed by the Company; 
  
 (xvii) a counterpart of the Warrant, duly executed by the Company; 
  
 (xviii) a counterpart of the Miss Universe Assignment Agreement, duly executed by the Partnership;

  
 (xix) a counterpart of the World’s Fair
Assignment Agreement, duly executed by TPA, the Company and the Partnership; 
  
 (xx) an executed assignment of the Existing Trademark Security Agreement to the Partnership and a counterpart of the Amended Trademark Security Agreement, duly executed by the Partnership; 
  

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 (xxi) a table (the “Capitalization Table”) containing the complete pro
forma capitalization of the Company and the Partnership at the Closing (after giving effect thereto), which Capitalization Table shall be consistent with the Term Sheet; and 
  
 (xxii) such other previously undelivered documents reasonably requested by the Investor to be delivered by
the Company and/or the Partnership to the Investor at or prior to the Closing in connection with this Agreement or the other Transaction Documents to which the Company or the Partnership is a party. 
  
 (b) The Investor will deliver, or cause to be delivered, to the Company (for
itself and, as applicable, on behalf of the Partnership) on the Closing Date: 
  
 (i) the Cash Amount, the Investor Notes and the Investor Waiver in accordance with Section 2.3(b) hereof; 
  
 (ii) the certificate required to be delivered pursuant to Section 7.2(c) hereof; 
  
 (iii) an executed cross receipt with respect to the Common
Shares, Partnership Interests and Warrant to be issued to the Investor and/or one or more Affiliates of the Investor (as applicable) at the Closing hereunder; 
  

(iv) a counterpart of the Services Agreement, duly executed by the Investor; 
  
 (v) a counterpart of the Amended Trademark License
Agreement, duly executed by the Investor; 
  
 (vi) a counterpart of the Amended Exchange Rights Agreement, duly executed by the Investor and TCI (to the extent that the Investor is then the sole shareholder thereof); 
  
 (vii) a counterpart of the Amended Partnership Agreement, duly executed by the Investor and TCI (to the
extent that the Investor is then the sole shareholder thereof); 
  
 (viii) a counterpart of the Right of First Offer Agreement, duly executed by the Trump Organization; 
  
 (ix) a counterpart of the Voting Agreement, duly executed by the Investor and/or any of the Investor’s controlled Affiliates that are
parties thereto; 
  
 (x) a counterpart of the
Miss Universe Assignment Agreement, duly executed by the Investor and TPI; 
  
 (xi) a counterpart of the World’s Fair Assignment Agreement, duly executed by the Investor and/or any of the Investor’s controlled Affiliates that are parties thereto; 
  

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 (xii) a counterpart of the Amended Trademark Security Agreement, duly executed by the
Investor; and 
  
 (xiii) such other previously
undelivered documents reasonably requested by the Company to be delivered by the Investor to the Company at or prior to the Closing in connection with this Agreement or the other Transaction Documents to which the Investor is a party. 
  
 ARTICLE IV 
  
 REPRESENTATIONS AND WARRANTIES OF COMPANY AND PARTNERSHIP 

 
 Except as set forth herein, the Company and the Partnership hereby jointly
and severally represent and warrant to the Investor as follows: 
  
 Section 4.1 Organization. 
  
 (a) The Company is
a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has the requisite corporate power and authority to own, lease and operate its properties and to carry on its business as currently being
conducted. The Company is duly qualified or licensed to do business and is in good standing, in each jurisdiction in which the property owned, leased or operated by the Company or the nature of the business conducted by the Company makes such
qualification or licensing necessary, except where the failure to be so qualified, licensed or in good standing would not, individually or in the aggregate, have a Company Material Adverse Effect. 
  
 (b) The Partnership is a limited partnership duly organized, validly existing
and in good standing under the laws of the State of Delaware and has the requisite organizational power and authority to own, lease and operate its properties and to carry on its business as currently being conducted. The Partnership is duly
qualified or licensed to do business and is in good standing, in each jurisdiction in which the property owned, leased or operated by the Company or the nature of the business conducted by the Partnership makes such qualification or licensing
necessary, except where the failure to be so qualified, licensed or in good standing would not, individually or in the aggregate, have a Company Material Adverse Effect. 
  
 (c) Each Company Subsidiary is a corporation or other legal entity duly organized, validly existing and in good standing
under the laws of the jurisdiction of its incorporation or organization and has the requisite corporate, limited liability, partnership or other organizational power and authority to own, lease and operate its properties and to carry on its business
as it is currently being conducted. Each Company Subsidiary is duly qualified or licensed as a foreign corporation or other business entity to do business and is in good standing in each jurisdiction where the character of its properties owned or
held under lease or the nature of its business makes such qualification, licensing or good standing necessary, except where the failure to be so qualified, licensed or in good standing would not, individually or in the aggregate, have a Company
Material Adverse Effect. 
  

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 Section 4.2 Authority; No Conflict; Required Filings and Consents. 
  
 (a) Each of the Company and the Partnership has the requisite corporate or
organizational power and authority to enter into this Agreement and each of the other Transaction Documents to which it is a party, and to consummate the transactions contemplated hereby and thereby to be consummated by it. The execution and
delivery of this Agreement by each of the Company and the Partnership has been, and each of the other Transaction Documents to which it is a party will prior to the Closing be, duly authorized by the requisite corporate or organizational action of
the Company and the Partnership. This Agreement has been, and each of the other Transaction Documents to which the Company or the Partnership is a party, when executed and delivered by it, will be duly authorized and validly executed and delivered
thereby, and this Agreement constitutes, and each of the other Transaction Documents to which the Company or the Partnership is a party, when executed and delivered by it (assuming this Agreement and the other Transaction Documents to which it is a
party constitute the valid and binding obligations of the other parties hereto and thereto) will constitute, a valid and binding obligation of the Company or the Partnership (as applicable), enforceable against it in accordance with its terms,
except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar Laws now or hereafter in effect relating to creditors’ rights generally and (ii) general principles
of equity (regardless of whether enforcement is considered in a proceeding at Law or in equity) (collectively, the “Bankruptcy Exceptions”). 
  
 (b) The execution and delivery of this Agreement by the Company and the Partnership, and the performance by any of them of the other Transaction Documents
to which it is a party, will not, (i) conflict with, violate or breach any provision of the certificate of incorporation or bylaws or other organizational document of any Company Entity or the Partnership, (ii) assuming that (x) as of the Effective
Date (as defined in the Bankruptcy Plan), upon the consummation of the transactions contemplated thereby, no individual Noteholder will beneficially own a majority of the then outstanding shares of capital stock of the Company and (y) the reduction
of the Investor’s current beneficial ownership of the outstanding capital stock of the Company as a result of the transactions contemplated by the Bankruptcy Plan (including the consummation of the transactions contemplated by this Agreement)
will not be deemed a change of control of any Company Entity, result in any violation or breach of, or constitute (with or without notice or lapse of time, or both) a default (or give rise to a right of termination, cancellation or acceleration of
any obligation or loss of any material benefit) under, or require a consent or waiver under, any of the terms, conditions or provisions of any Contract to which any Company Entity or the Partnership is a party or by which any of them or any of their
properties or assets may be bound (subject to the Bankruptcy Exceptions), or (iii) assuming that all Governmental Approvals and other matters referred to in Section 4.2(c) hereof have been made and any waiting periods thereunder have
terminated or expired, conflict with or violate any Law or Governmental Approval applicable to the Company Entities or the Partnership or any of their respective properties or assets, except in the cases of the foregoing clauses (ii) and (iii) for
any such breaches, conflicts, violations, defaults, terminations, cancellations, accelerations, losses or failures to obtain any such consent or waiver which would not (A) individually or in the aggregate, have a Company Material Adverse Effect or
(B) prevent or materially delay the Closing. 
  

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 (c) No Governmental Approvals or notice to, declaration or filing with, or waiver from any other Person
is required by or of the Company Entities or the Partnership in connection with the execution, delivery or performance by the Company Entities and the Partnership of this Agreement or any of the other Transaction Documents to which any of them is a
party nor the consummation of the transactions contemplated hereby and thereby, except (i) the filing of the premerger notification and report form under the HSR Act, (ii) the filing with the SEC of such reports under the Securities Act or the
Exchange Act as may be required in connection with this Agreement and the other Transaction Documents, (iii) the filing of the Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware in accordance with
the Delaware General Corporation Law, (iv) applicable filings, if any, with the NYSE, including filings in connection with the listing of shares and name change of the Company, (v) the Gaming Licenses and other Governmental Approvals related to, or
arising out of, compliance with Gaming Laws, (vi) Governmental Approvals as may be required under applicable state securities Laws or “Blue Sky” laws, (vii) the Confirmation Order, (viii) other Governmental Approvals reasonably necessary
to own, lease or operate the properties of the Company Entities and to carry on the business of the Company Entities as currently conducted, and (ix) such other consents, Governmental Approvals, orders, authorizations, notifications, registrations,
declarations and filings, the failure of which to be obtained or made would not, individually or in the aggregate, have a Company Material Adverse Effect or prevent or materially delay the Closing. 
  
 ARTICLE V 
  
 REPRESENTATIONS AND WARRANTIES OF INVESTOR 
  
 Except as set forth herein, the Investor hereby represents and warrants to
the Company and the Partnership as follows: 
  
 Section 5.1
Authority. The Investor has the requisite power and authority to enter into this Agreement and each of the other Transaction Documents to which he is a party and to consummate the transactions contemplated hereby and thereby to be consummated
by the Investor. This Agreement has been, and each of the other Transaction Documents to which the Investor is a party when executed and delivered by the Investor will be, duly and validly executed and delivered by the Investor, and this Agreement
constitutes, and each of the other Transaction Documents to which the Investor is a party, when executed and delivered by the Investor (assuming this Agreement and the other Transaction Documents to which the Investor is a party constitute the valid
and binding obligations of the other parties hereto and thereto), will constitute a valid and binding obligation of the Investor, enforceable against the Investor in accordance with its terms, except as such enforceability may be limited by the
Bankruptcy Exceptions. 
  
 Section 5.2 No Conflict. The
execution and delivery by the Investor of this Agreement and the performance by the Investor of the other Transaction Documents to which he is a party will not, (a) result in any violation or breach of, or constitute (with or without notice or lapse
of time, or both) a default (or give rise to a right of termination, cancellation or acceleration of any obligation or loss of any material benefit) under, or require a consent or waiver under, any of the terms, conditions or provisions of any
Contract to which the Investor is a party or is bound 

  

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or to which the Investor’s properties or assets are bound, or (b) conflict with or violate any Law or Governmental Approval applicable to the Investor
or the Investor’s respective properties or assets, except in each case for any such breaches, conflicts, violations, defaults, terminations, cancellations, accelerations, losses, failure to obtain any such consent or waiver that would
materially adversely effect the Investor’s ability to perform his obligations under this Agreement or the other Transaction Documents to which the Investor is a party. 
  
 Section 5.3 Investment Representations. 
  
 (a) The Investor understands that the Common Shares, the Partnership Interests and the Warrant issued hereunder or issuable
under the Exchange Agreement have not been registered under the Securities Act, or any state or foreign securities act and are being issued to the Investor by reason of specific exemptions under the provisions thereof that depend in part upon the
representations and warranties made by the Investor in this Section 5.3. 
  
 (b) The Investor understands that the Common Shares, the Partnership Interests and the Warrant issued hereunder are “restricted securities” under applicable federal securities laws and that the Securities
Act and the rules of the Securities and Exchange Commission promulgated thereunder provide in substance that the Investor may dispose of the Common Shares, the Partnership Interests and the Warrant issued hereunder only pursuant to an effective
registration statement under the Securities Act or an exemption from such registration, if available. 
  
 (c) The Investor is acquiring the Common Shares, the Partnership Interests and the Warrant issued hereunder for investment only and not with a view to, or
in connection with, any resale or distribution of any of the Common Shares, the Partnership Interests or the Warrant issued hereunder. 
  
 (d) The Investor is an “accredited investor” as such term is defined in Rule 501 under Regulation D promulgated under the Securities Act and was
not organized for the specific purpose of acquiring the Common Shares, the Partnership Interests and the Warrant issued hereunder. 
  
 (e) The Investor has sufficient knowledge and experience in investing in companies similar to the Company so as to be able to evaluate the risks and
merits of its investment in the Common Shares, the Partnership Interests and the Warrant issued hereunder and he is able financially to bear the risks thereof. 
  

(f) The Investor has had an opportunity to discuss the Company’s business, management, and financial affairs with the Company’s executive
officers. The Investor has also had an opportunity to ask questions and receive answers from the executive officers of the Company concerning the terms and conditions of the offering of the Common Shares, the Partnership Interests and the Warrant
issued hereunder and to obtain the information he believes necessary or appropriate to evaluate the suitability of an investment in the Common Shares, the Partnership Interests and the Warrant issued hereunder. 
  
 Section 5.4 Sufficient Funds. On the Closing Date, the Investor will
have sufficient funds to pay the Cash Amount at the Closing as provided herein. 
  

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 ARTICLE VI 
  
 COVENANTS 
  
 Section 6.1 Certain Notices. Subject to compliance with applicable Law, from the date hereof until earlier of the Closing and the termination of
this Agreement in accordance with its terms, each of the Company, the Partnership and the Investor shall confer on a regular basis with each other to report on the general status of the ongoing operations of the Company and the Partnership, and each
of the Company, the Partnership and the Investor shall notify the other parties hereto of (a) the occurrence, or failure to occur, of any event or circumstance, which occurrence or failure to occur would be reasonably likely to cause either (i) any
representation or warranty contained in this Agreement to be untrue or inaccurate in any material respect at any time from the date hereof to the Closing, (ii) any condition set forth in Article VII hereof to be unsatisfied in any material
respect as of the date by which such condition must be satisfied hereunder, (iii) any Company Material Adverse Effect, (iv) a material adverse effect on the Investor’s ability to perform his obligations under this Agreement or the other
Transaction Documents to which the Investor is a party, or (b) any failure by the Company, the Partnership or the Investor, as the case may be, or (as applicable) of any officer, director (or Person in a similar position), employee or agent thereof,
to comply with or satisfy in any material respect any covenant, condition or agreement to be complied with or satisfied by it under this Agreement, which notice shall be given by the Company, the Partnership or the Investor, as the case may be,
reasonably promptly after it acquires knowledge of any such occurrence or failure described in the foregoing sentence. Nothing contained in this Section 6.1 shall prevent any of the parties hereto from giving such notice, using such efforts
or taking any action to cure or curing any such event or circumstance. No notice given pursuant to this Section 6.1 shall have any effect on the representations, warranties, covenants or agreements contained in this Agreement for purposes of
determining satisfaction of any condition contained herein and shall not limit or otherwise affect the remedies available hereunder. 
  
 Section 6.2 Governmental Approvals. 
  
 (a) The parties hereto acknowledge that this Agreement, the other Transaction Documents and the transactions contemplated hereby and thereby are subject
to the review and approval of the applicable Gaming Authorities and the Bankruptcy Court. 
  
 (b) Subject to the terms and conditions of this Agreement, each of the Company, the Partnership and the Investor agrees to use its commercially reasonable efforts to (and, with respect to the Gaming Laws and antitrust
Laws, if applicable, use their commercially reasonable efforts to cause their respective directors (or Persons in similar positions) and officers to): (i) take, or cause to be taken, all appropriate action, and to do, or cause to be done, all things
reasonably necessary, proper or advisable under applicable Laws to consummate and make effective the transactions contemplated by this Agreement and the other Transaction Documents, (ii) obtain all licenses, permits, consents, approvals,
authorizations, qualifications and orders of Governmental Entities (including Governmental Approvals) as are necessary for consummation of the transactions contemplated by this Agreement and the other Transaction Documents, (iii) prepare, submit and
file all necessary documentation, to effect all applications, notices, petitions and filings, to obtain as promptly as practicable all requisite Governmental Approvals, and (iv) comply with the terms and conditions of all such Governmental
Approvals. 
  

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 (c) Each of the Company, the Partnership and the Investor and their respective officers and directors (or
Persons in similar positions) shall use their commercially reasonable efforts to file, and in any event shall file within ten (10) days after the date hereof, all required initial applications and documents under applicable Gaming Laws in connection
with the Transaction Documents and the transactions contemplated thereby, and shall act reasonably and promptly thereafter in responding to additional requests and comments in connection therewith. Subject to the proviso of the ultimate sentence of
this Section 6.2(c), each of the Company, the Partnership and the Investor, to the extent reasonably practicable, will consult the others on, subject to applicable Laws relating to the exchange of information (including the Gaming Laws), all
the information relating to the Company Entities, the Partnership or the Investor, as the case may be, and any of their respective directors (or Persons in similar positions), officers, stockholders and Affiliates that appear in any filing made
with, or written materials submitted to, any third Person or any Governmental Entity in connection with the transactions contemplated by this Agreement. Without limiting the foregoing, each party hereto (the “Notifying Party”) shall
notify the other parties hereto promptly of the receipt of material comments or material requests from Governmental Entities relating to Governmental Approvals, and shall supply the other parties with copies of all material correspondence between
the Notifying Party or any of its agents or representatives and Governmental Entities with respect to Governmental Approvals; provided, however, that none of the Company Entities or the Partnership, on the one hand, or the Investor, on
the other hand, shall be required to supply the other with copies of communications relating to the personal applications of individual applicants except for evidence of such filing. 
  
 (d) Each of the Company Entities, the Partnership and the Investor shall promptly notify the other parties hereto upon
receiving any communication from any Governmental Entity whose consent or approval is required for consummation of the transactions contemplated by this Agreement that causes such party to reasonably believe that there is a reasonable likelihood
that the conditions to Closing set forth in Section 7.1(b) or (c) hereof shall not be satisfied at or prior to the Closing. 
  
 Section 6.3 Hart-Scott-Rodino Filing. The Company, the Partnership and the Investor shall use their respective commercially reasonable efforts to
(a) comply with the requirements of the HSR Act, to the extent applicable to the transactions contemplated by this Agreement, and (b) make their required filings thereunder as promptly as reasonably practicable (but in no event later than twenty
(20) Business Days following the date hereof). Each party hereto agrees to use its commercially reasonable efforts to satisfy any requests for additional information imposed under the HSR Act in connection with the transactions contemplated hereby
as soon as practicable and, if requested by any party, to request early termination of any applicable waiting period. 
  
 Section 6.4 World’s Fair Consents. 
  
 (a) Each of the Company Entities, the Partnership and the Investor shall use its commercially reasonable efforts to obtain prior to the Closing all
consents from third parties, other than Governmental Approvals (which, except as otherwise provided in Section 6.4(b) hereof, are governed by Section 6.2 hereof), required (if any) in connection with the consummation of the
transactions contemplated by the World’s Fair Assignment Agreement. 

  

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 (b) The parties hereto hereby acknowledge that the site plan approval with respect to the former
World’s Fair Casino includes, among other things, casino bus access (i) through Florida and Bellevue Avenues south of Pacific Avenue, and (ii) over and across a portion of the World’s Fair Site located between Florida, Bellevue and Pacific
Avenues and the Boardwalk in Atlantic City, New Jersey. In connection therewith (A) the City of Atlantic City prohibited on-street parking on Bellevue Avenue to allow for such bus access, and (B) the aforementioned site plan approval was conditioned
upon TPA providing a certain number of surface parking space rights to the residents of Bellevue Avenue. Should the Investor notify the Company of its election to seek to modify or terminate the aforementioned site plan approval, the Company shall,
and shall cause the Partnership and TPA to, use good faith commercially reasonable efforts to cooperate with the Investor in connection therewith, including, without limitation, by joining with the Investor or his designee in filing any
documentation required in connection therewith. For the avoidance of doubt, the provisions of this Section 6.4(b) shall expressly survive the Closing. 
  
 Section 6.5 Restructuring; Bankruptcy. 
  
 (a) The Company shall, and shall cause each Company Subsidiary, in coordination with the Investor, to use its commercially reasonable efforts to undertake
the steps of the Restructuring, the material steps of which are set forth in the Term Sheet and the material terms of which shall be contained and/or authorized in the Bankruptcy Plan such that the complete pro forma capitalization of the Company
and the Partnership at the Closing (after giving effect thereto) shall be as set forth in the Capitalization Table (the “Restructuring”) in all material respects. 
  
 (b) Each of the Company Entities shall provide the Investor with copies of all material motions, orders, applications and
supporting papers and notices prepared by any of the Company Entities (including without limitation, forms of orders and notices to interested parties) that materially relate to the Bankruptcy Case at least one (1) Business Day prior to their being
filed with the Bankruptcy Court and shall consult as often as reasonably practicable with the Investor prior to taking any significant action with respect to the Restructuring, including the Bankruptcy Case. The Investor understands and agrees that
the form and substance of any such motions, orders, applications and supporting papers shall be made by the Company in its reasonable discretion; provided, however, that the Company shall consider in good faith all comments and
suggestions relating thereto made by the Investor. 
  
 (c) Each of
the Company Entities shall give reasonable advance notice, and provide appropriate opportunity for a hearing to parties entitled thereto (including the Investor), of all material motions, orders, hearings or other proceedings relating to this
Agreement or the transactions contemplated hereby, including in connection with the entering of the Confirmation Order or otherwise. 
  
 Section 6.6 Releases. The Company shall obtain, and the Investor shall support the Company obtaining, a Confirmation Order providing (in form and
manner reasonably 

  

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satisfactory to the Investor) that, among other things, the Investor and his Affiliates shall be released from any and all Claims (as defined in the
Bankruptcy Plan), obligations, suits, judgments, damages, demands, debts, rights, causes of action and liabilities (other than the obligations under this Agreement of any such Person who is a party hereto), whether liquidated or unliquidated, fixed
or contingent, matured or unmatured, known or unknown, foreseen or unforeseen, then existing or thereafter arising, in law, equity or otherwise that are based in whole or in part on any act, omission, transaction, event or other occurrence taking
place on or prior to the Closing Date in any way related to any of the Company Entities, its business, its governance, its securities disclosure practices, the purchase or sale of any of its equity or debt securities or any other ownership
interests, and the transactions contemplated by this Agreement or the Restructuring. 
  
 Section 6.7 Publicity. The Investor and the Company shall consult with each other before issuing and provide each other the opportunity to review and comment upon any press release or other public statement
with respect to this Agreement and any of the transactions contemplated hereby and shall not issue, directly or indirectly, any such press release or make, directly or indirectly, any such public statement prior to such consultation and prior to
considering in good faith any such comments, except (a) as may be reasonably required by applicable Law or (b) in connection with the Company complying with its obligations under the rules of the NYSE. 
  
 Section 6.8 Listing. Prior to the Closing, the Company shall, at the
reasonable request of the Investor, prepare and submit to the NYSE, in consultation with the Investor, a listing application covering the re-listing of the Common Stock. The Company shall use its commercially reasonable efforts to cause the Common
Stock to be approved for listing on the NYSE, subject to official notice of issuance. 
  
 Section 6.9 Amended and Restated Organizational Documents. The Company shall, prior to the Closing, use its commercially reasonable efforts to take, or cause to be taken, all action to cause the Amended and
Restated Certificate of Incorporation to be the certificate of incorporation of the Company at the Closing. The Company shall, prior to the Closing, use its commercially reasonable efforts to take, or cause to be taken, all action to cause the
Amended and Restated Bylaws to be the bylaws of the Company at the Closing. The Confirmation Order and the Bankruptcy Plan shall approve the Amended and Restated Certificate of Incorporation and the Amended and Restated Bylaws and shall direct and
authorize the Company to file each with the Secretary of State for the State of Delaware. The Company shall, and shall cause the Partnership (in its capacity as the general partner of the Partnership) and Merger Sub, and the Investor shall, and
shall cause TCI and TCI 2 (in each case, in his capacity as, and to the extent that he is then, the sole shareholder thereof), to amend the Partnership Agreement so that on the Closing Date the Amended Partnership Agreement will be in full force and
effect. 
  
 Section 6.10 Board Representation. In
connection with the Bankruptcy Plan and the Company’s efforts to cause the condition set forth in Section 7.3(d) to be satisfied, at the Closing, the Board of Directors shall be comprised of nine (9) individuals, of whom five (5)
individuals shall be acceptable to the TAC Noteholders (as defined in the Restructuring Support Agreement) consistent with the terms of the Bankruptcy Plan (the “Five Board Members”), three (3) individuals shall be designated by the
Investor consistent with the terms of the 

  

 - 22 - 

 
Bankruptcy Plan (the “Investor Board Member”) and one (1) individual shall be mutually agreed upon by the Investor and the Company and who
shall be acceptable to the TAC Noteholders consistent with the terms of the Bankruptcy Plan (the “Mutual Board Member”). The Company agrees to use its commercially reasonable efforts, subject to requirements of applicable Law, to
satisfy its obligations under the rules of the NYSE and its obligations under applicable Contracts to which it is a party or is otherwise bound, to ensure that the Board of Directors, at the Closing, will consist of the Five Board Members, the
Investor Board Member and the Mutual Board Member. Following the Closing, subject to applicable Laws (including the rules and regulations of the NYSE), the composition of the Board of Directors shall be as determined by, and shall be consistent
with, the Voting Agreement. 
  
 Section 6.11 Director and
Officer Indemnification. 
  
 (a) From and after the Closing,
the Company agrees to indemnify and hold harmless each present and former director (and Persons in similar positions) and officer of the Company and the Company Subsidiaries (the “D&O Indemnified Parties”), against any costs or
expenses (including attorneys’ fees), judgments, fines, losses, claims, damages, liabilities or amounts paid in settlement incurred in connection with any claim, action, suit, proceeding or investigation, whether civil, criminal, administrative
or investigative, arising out of or pertaining to matters existing or occurring prior to, at or after the Closing, to the fullest extent that the Company would be permitted under its certificate of incorporation and by-laws, any applicable
Bankruptcy Laws and any indemnification agreements or arrangements in effect on the date hereof to indemnify such D&O Indemnified Party subject to applicable Law. From and after the Closing, the indemnification obligations set forth in the
Amended and Restated Certificate of Incorporation and the Amended and Restated Bylaws shall not be amended, repealed or otherwise modified for a period of six (6) years following the Closing Date in any manner that would adversely affect the rights
thereunder of any D&O Indemnified Party. 
  
 (b) For a period
of six (6) years after the Closing, the Company agrees to maintain in effect a directors’ and officers’ liability insurance policy covering those persons and officer positions that are currently covered by the Company’s
directors’ and officers’ liability insurance policy with coverage in the aggregate amount of $50,000,000 and scope at least as favorable as the Company’s existing coverage, or, if substantially equivalent insurance coverage is
unavailable, the best available coverage; provided, however, that in no event shall the Company be required to expend to maintain insurance coverage pursuant to this Section 6.11(b) an amount per annum in excess of 200% of the
current annual premium paid by the Company for such insurance coverage (the “Maximum D&O Premium”); provided, further, that, if the cost of such coverage exceeds the Maximum D&O Premium, the maximum amount of
coverage that shall be required to be purchased or maintained shall be such amount that may be purchased or maintained for the Maximum D&O Premium. 
  
 (c) In the event that the Company or any of its respective, successors or assigns (i) consolidates with or merges into any other Person and is not the
continuing or surviving corporation or entity of such consolidation or merger or (ii) transfers or conveys all or substantially all of its properties and assets to any Person, then, and in each such case, proper provision will be made so that the
successors and assigns of the Company will assume the obligations thereof set forth in this Section 6.11. 
  

 - 23 - 

 (d) The provisions of this Section 6.11 are intended to be, and shall be, in addition to the
rights otherwise available to the current officers and directors of the Company and the Company Subsidiaries by Law, charter, statute, bylaw or agreement, and shall operate for the benefit of, and shall be enforceable by, the D&O Indemnified
Parties, their heirs and personal representatives and shall be binding on the Company and its respective successors and assigns. 
  
 Section 6.12 Further Assurances and Actions. Subject to the terms and conditions herein, each of the parties hereto agrees to use its commercially
reasonable efforts to take, or cause to be taken, all appropriate action, and to do, or cause to be done, all things reasonably necessary, proper or advisable under applicable Laws and regulations to consummate and make effective the transactions
contemplated by this Agreement and the other Transaction Documents and to satisfy all of the conditions to the obligations applicable to such party. 
  
 Section 6.13 Changes to Transaction Documents. Each of the Company, the Partnership and the Investor agrees that no change or amendment will be
made to, or in respect of, the terms of any Transaction Document or any form of any Transaction Document prior to the Closing Date without each such party’s consent (with respect to any such Transaction Document to which such party is not a
party). 
  
 Section 6.14 Affiliate Transactions. Except as
otherwise specifically contemplated by this Agreement or the Bankruptcy Plan, without the prior written consent of the Investor, neither the Company nor the Partnership shall enter into, effect or otherwise consummate any transaction with any other
Person (other than any Company Entity or the Investor and his controlled Affiliates) that is, or after giving effect to such transaction would become an, Affiliate of the Company or the Partnership on terms less favorable to the Company or the
Partnership than those that would otherwise be obtained in a substantially similar arms-length transaction with a Person that is not an Affiliate of the Company or the Partnership. 
  
 Section 6.15 Set Off. Notwithstanding anything in the Bankruptcy Plan to the contrary, the Company and the
Partnership (for themselves and on behalf of all of the Debtors) hereby agree to waive any right of set off, whether such right arises under section 553 of the Bankruptcy Code or applicable non-bankruptcy law, against any Allowed Claim (as each such
term is defined in the Bankruptcy Plan) of the Investor. 
  
 ARTICLE VII 
  
 CONDITIONS TO CLOSING

  
 Section 7.1 Conditions to Each Party’s Obligation
to Effect the Closing. The respective obligations of each party to this Agreement to effect the Closing shall be subject to the satisfaction or waiver by each party (as applicable), on or prior to the Closing Date, of the following conditions:

  
 (a) No Injunctions. No Governmental Entity shall have
enacted, issued, promulgated, enforced or entered any Governmental Order or Law that is in effect and that has the effect of making the Closing illegal or otherwise prohibits the consummation of the transactions contemplated by this Agreement;
provided, however, that, in the case of a decree, 

  

 - 24 - 

 
injunction or other order, each of the parties hereto shall have used its commercially reasonable efforts to prevent the entry of any such injunction or
other order and to appeal as promptly as possible any decree, injunction or other order that may be entered. 
  
 (b) Governmental Approvals. All material Governmental Approvals required to consummate the transactions contemplated hereby, and all other
Governmental Approvals necessary in order for the Company Entities to conduct their businesses following the Closing in all material respects in the manner such businesses were conducted prior to the date hereof, shall have been obtained and remain
in full force and effect, and no Governmental Approval in effect that is applicable to any Company Entity or the Partnership shall contain any conditions, limitations or restrictions that would prevent the Company Entities or the Partnership from
conducting their respective businesses immediately after the Closing in all material respects in the manner such businesses were conducted prior to the date hereof. 
  
 (c) HSR Waiting Period. Any waiting period (or any extension thereof) under the HSR Act and the antitrust or
competition laws of any other jurisdiction applicable to this Agreement and the transactions contemplated hereby shall have expired or shall have been terminated. 
  
 Section 7.2 Additional Conditions to Obligations of the Company and the Partnership. The obligations of the Company
and the Partnership to effect the Closing shall be subject to the satisfaction of each of the following conditions prior to the Closing (other than those conditions that by their nature are to be satisfied at the Closing, but subject to the
satisfaction or waiver of those conditions), any of which may be waived in writing exclusively by the Company: 
  
 (a) Investor Representations and Warranties. The representations and warranties of the Investor contained in this Agreement shall be true and
correct as of the date of this Agreement and as of the Closing Date with the same force and effect as if made at and as of such date (or, in the case of representations and warranties made as of a specific date, as of such date), except if such
failure(s) to be true and correct would not have a material adverse effect on the Investor’s ability to perform his obligations under this Agreement or the other Transaction Documents to which the Investor is a party. 
  
 (b) Performance of Obligations of the Investor. The Investor shall
have, in all material respects, performed, satisfied and complied with all of his, and shall have caused TCI and TCI 2 (in each case, in his capacity as, and to the extent that he is then, the sole shareholder thereof) and the Trump Organization to,
in all material respects, perform, satisfy and comply with their respective, covenants and agreements set forth in this Agreement and the Bankruptcy Plan to be performed, satisfied and complied with by him or it on or prior to the Closing Date.

  
 (c) Investor Certificate. The Investor shall have
delivered to the Company a certificate dated as of the Closing Date and signed by the Investor to the effect that the conditions set forth in Sections 7.2(a) and (b) hereof have been satisfied. 
  
 (d) Bankruptcy Case. The Bankruptcy Plan shall have been confirmed by
the Bankruptcy Court pursuant to the Confirmation Order without material modifications (to which the Investor has not consented) and the Confirmation Order shall have become final and non-appealable. 
  

 - 25 - 

 (e) Services Agreement. The Services Agreement shall be in full force and effect and the Investor
shall not be in breach thereof. 
  
 (f) Amended Trademark
License Agreement. The Amended Trademark License Agreement shall be in full force and effect and the Investor shall not be in breach thereof. 
  
 (g) Amended Exchange Rights Agreement. The Amended Exchange Rights Agreement shall be in full force and effect and neither the Investor nor TCI
shall be in breach thereof. 
  
 (h) Amended Partnership
Agreement. The Amended Partnership Agreement shall be in full force and effect and neither the Investor nor TCI shall be in breach thereof. 
  
 (i) Right of First Offer Agreement. The Right of First Offer Agreement shall be in full force and effect and the Trump Organization shall not be in
breach thereof. 
  
 (j) Voting Agreement. The Voting
Agreement shall be in full force and effect and neither the Investor nor any of his controlled Affiliates that are parties thereto shall be in breach thereof. 
  

(k) Closing Deliveries. The Investor shall have delivered, or caused to be delivered, to the Company all items required pursuant to Section
3.2(b) hereof. 
  
 Section 7.3 Additional Conditions to
Obligations of the Investor. The obligations of the Investor to effect the Closing shall be subject to the satisfaction of each of the following conditions prior to the Closing (other than those conditions that by their nature are to be
satisfied at the Closing, but subject to the satisfaction or waiver of those conditions), any of which may be waived in writing exclusively by the Investor: 
  
 (a) Company and Partnership Representations and Warranties. The representations and warranties of the Company and the Partnership contained in this
Agreement shall be true and correct as of the date of this Agreement and as of the Closing Date with the same force and effect as if made at and as of such date (or, in the case of representations and warranties made as of a specific date, as of
such date), except if such failure(s) to be true and correct would not have a Company Material Adverse Effect. 
  
 (b) Performance of Company and Partnership Obligations. Each of the Company and the Partnership shall have, in all material respects, performed,
satisfied and complied with all of its, and the Company shall have caused each of the Company Entities to, in all material respects, perform, satisfy and comply with all of their respective, covenants and agreements set forth in this Agreement and
the Bankruptcy Plan to be performed, satisfied and complied with by it on or prior to the Closing Date. 
  

 - 26 - 

 (c) Company Certificate. The Company shall have delivered to the Investor an officer’s
certificate dated as of the Closing Date and signed on behalf of the Company and the Partnership by a duly authorized officer to the effect that the conditions set forth in Sections 7.3(a) and (b) have been satisfied. 
  
 (d) Board of Directors. The Board of Directors shall have been
constituted (effective as of the Closing) as provided in Section 6.10 hereof. 
  
 (e) Bankruptcy Case. (i) The Bankruptcy Plan (including, without limitation, the terms and conditions of the New Notes Indenture and the New Notes (as each such term is defined in the Bankruptcy Plan), each of
which shall be in conformity with the applicable provisions of Exhibit B attached hereto), in form and substance reasonably satisfactory to the Investor, shall have been approved by the Bankruptcy Court pursuant to the Confirmation Order,
(ii) the Confirmation Order shall be final and non-appealable, (iii) all conditions to the consummation of the Bankruptcy Plan shall have been satisfied in all material respects or waived by the Investor and any other Person that is the beneficiary
of any such condition and (iv) all other material orders of the Bankruptcy Court in respect of the Restructuring shall be final and non-appealable. The Restructuring shall have been substantially completed, such that the revised capital structure of
the Company on the effective date of the Bankruptcy Case, after giving effect thereto, shall be as set forth in the Capitalization Table. 
  
 (f) Organizational Documents. The Amended and Restated Bylaws and the Amended and Restated Certificate of Incorporation, as provided for in the
Bankruptcy Plan, shall have been filed with and accepted by the Secretary of State of the State of Delaware and shall have become effective at the time designated as so filed. As of the Closing Date, the Company shall have made available to the
Investor a complete and correct copy of the Amended and Restated Certificate of Incorporation and the Amended and Restated Bylaws, in each case in full force and effect as of the Closing Date. 
  
 (g) Services Agreement. The Services Agreement shall be in full force
and effect and neither the Company nor the Partnership shall be in breach thereof. 
  
 (h) Amended Trademark License Agreement. The Existing Trademark License Agreement shall have been assigned to and assumed by the Partnership, and the Amended Trademark License Agreement shall be in full force
and effect and neither the Company nor the Partnership shall be in breach thereof. 
  
 (i) Amended Exchange Rights Agreement. The Amended Exchange Rights Agreement shall be in full force and effect and neither the Company, the Partnership nor any other party thereto (other than the Investor and
TCI) shall be in breach thereof. 
  
 (j) Amended Partnership
Agreement. The Amended Partnership Agreement shall be in full force and effect and neither the Company, the Partnership nor Merger Sub shall be in breach thereof. 
  
 (k) Right of First Offer Agreement. The Right of First Offer Agreement shall be in full force and effect and neither
the Company nor the Partnership shall be in breach thereof. 
  

 - 27 - 

 (l) Voting Agreement. The Voting Agreement shall be in full force and effect and the Company shall
not be in breach thereof. 
  
 (m) Warrant. The Warrant
shall be in full force and effect and the Company shall not be in breach thereof. 
  
 (n) Miss Universe Assignment Agreement. The Miss Universe Assignment Agreement shall be in full force and effect and the Partnership shall not be in breach thereof. 
  
 (o) World’s Fair Assignment Agreement. The World’s Fair
Assignment Agreement shall be in full force and effect and TPA shall not be in breach thereof. 
  
 (p) TCI 2 Merger. The TCI 2 Merger shall have been consummated and shall be effective under the applicable laws of the State of Delaware. 
  
 (q) Amended Trademark Security Agreement. The Existing Trademark Security Agreement shall have been assigned to and
assumed by the Partnership, and the Amended Trademark Security Agreement shall be in full force and effect. 
  
 (r) Closing Deliveries. The Company shall have delivered, or caused to be delivered, to the Investor all items required pursuant to Section
3.2(a) hereof. 
  
 ARTICLE VIII 
  
 TERMINATION 
  
 Section 8.1 Termination. This Agreement may be terminated and the
transactions contemplated hereby may be abandoned at any time prior to the Closing as follows: 
  

	 	(a)	upon any termination of the Restructuring Support Agreement; 

  

	 	(b)	by mutual written consent of each of the Company and the Investor; 

  

	 	(c)	by any of the Company or the Investor, if: 

  
 (i) the transactions contemplated hereby shall not have been consummated on or prior to May 1, 2005; provided, however, that
the right to terminate this Agreement under this Section 8.1(c)(i) shall not be available to any party hereto whose breach or failure to perform any material covenant or material obligation under this Agreement or the other Transaction
Documents to which such party is a party has prevented the consummation of the transactions contemplated hereby and thereby to occur on or before such date; 
  
 (ii) a court of competent jurisdiction or other Governmental Entity shall have issued a final and nonappealable Governmental Order or
taken any other nonappealable final action, in each case having the effect of permanently restraining, permanently enjoining or otherwise permanently prohibiting the Closing and the transactions contemplated by this Agreement (which Governmental
Order or other action the parties shall have used their commercially reasonable efforts to resist, resolve or lift, as applicable, subject to the provisions of Section 6.2 hereof); or 
  

 - 28 - 

 (iii) the Bankruptcy Court shall have issued a final order denying confirmation of the
Bankruptcy Plan, the Bankruptcy Plan is terminated in accordance with its terms or the Confirmation Order is vacated or reversed by a final order; 
  
 (d) by the Investor, if 
  
 (i) there has been a breach of any representation or warranty of the Company or the Partnership contained in this Agreement (that has not
been waived by the Investor in writing), which breach, in the aggregate with all other such breaches, if any, would cause the condition set forth in Section 7.3(a) hereof to become incapable of being fulfilled prior to Closing; or 

 
 (ii) there has been a breach or violation by the Company
or the Partnership of any of its covenants or agreements contained in this Agreement (that have not been waived by the Investor in writing), which breach or violation, in the aggregate with all other such breaches or violations, if any, would cause
the condition in Section 7.3(b) hereof to become incapable of being fulfilled prior to Closing; 
  
 provided, however, that the right to terminate this Agreement under this Section 8.1(d) shall not be available if the Investor’s breach or failure to perform any material covenant or material
obligation under this Agreement or the other Transaction Documents to which the Investor is a party has prevented the consummation of the transactions contemplated hereby and thereby to occur on or before such date; or 
  
 (e) by the Company, if: 
  
 (i) there has been a breach of any representation or
warranty of the Investor contained in this Agreement (that has not been waived by the Company in writing), which breach, in the aggregate with all other such breaches, if any, would cause the condition set forth in Section 7.2(a) hereof to
become incapable of being fulfilled prior to Closing; or 
  
 (ii) there has been a breach or violation by the Investor of any of his covenants or agreements contained in this Agreement (that have not been waived by the Company in writing), which breach or violation, in the
aggregate with all other such breaches or violations, if any, would cause the condition in Section 7.2(b) hereof to become incapable of being fulfilled prior to Closing; 
  
 provided, however, that the right to terminate this Agreement under this Section 8.1(e) shall not be available if the
Company’s or the Partnership’s breach or failure to perform any material covenant or material obligation under this Agreement or the other Transaction Documents to which the Company or the Partnership is a party has prevented the
consummation of the transactions contemplated hereby and thereby to occur on or before such date. 
  
 Section 8.2 Effect of Termination. In the event of any termination of this Agreement pursuant to Section 8.1 hereof, this Agreement shall
immediately become void and there shall be 

  

 - 29 - 

 
no liability or obligation on the part of any party hereto or their respective officers, directors (or Persons in similar positions), members, employees,
stockholders or Affiliates, except that such termination shall not limit any liability for a breach or violation of this Agreement prior to the time of such termination; provided, however, that the provisions of this Section 8.2
and Section 8.3, Article I (to the extent that any terms defined in Article I are used in the provisions hereof that shall survive the termination of this Agreement, as specifically set forth in this Section 8.2) and
Article IX hereof shall remain in full force and effect and survive any termination of this Agreement. 
  
 Section 8.3 Fees and Expenses. At the Closing, the Company shall pay (or, at the option of the Investor, the Investor shall have the right to
offset against the Cash Amount an amount equal to) all of the reasonable out-of-pocket expenses (including but not limited to attorneys’ fees and expenses) of the Investor and/or the Affiliates of the Investor (other than any Company Entity or
the Partnership) arising in connection with the negotiation, preparation and execution of this Agreement and the other Transaction Documents and the consummation of the transactions contemplated hereby and thereby. 
  
 ARTICLE IX 
  
 MISCELLANEOUS 
  
 Section 9.1 Non-Survival. Subject to the limitations and other
provisions of this Agreement, the representations and warranties made by the parties hereto contained herein or in any instrument delivered pursuant hereto shall terminate upon Closing. 
  
 Section 9.2 Notices. All demands, notices, requests, consents and communications hereunder shall be in writing and
shall be deemed to have been duly given if delivered personally or by courier service, messenger, facsimile, telecopy, or if duly deposited in the mails, by certified or registered mail, postage prepaid-return receipt requested, and shall be deemed
to have been duly given or made (i) upon delivery, if delivered personally or by courier service or messenger, in each case with record of receipt, (ii) upon transmission with confirmed delivery, if sent by facsimile or telecopy, or (iii) four (4)
Business Days after being sent by certified or registered mail, postage pre-paid, return receipt requested, to the following addresses, or such other addresses as may be furnished hereafter by notice in writing, to the following parties: 

 

	 	(a)	If to the Company or the Partnership, to: 

  
 c/o Trump Hotels & Casino Resorts, Inc. 
 725 Fifth Avenue, 15th Floor 
 New York, NY 10022 
 Facsimile: (212) 688-0397 
 Attn: Scott C. Butera 
           Robert
M. Pickus, Esq. 
  

 - 30 - 

 with copies to: 
  
 Latham & Watkins LLP 
 633 West Fifth Street, Suite 4000 
 Los Angeles, CA 90071-2007 
 Facsimile: (213) 891-8763 
 Attn: Thomas W. Dobson, Esq. 
           Robert A. Klyman, Esq. 
  
 Weil, Gotshal & Manges LLP 
 767 Fifth Avenue 
 New York, NY 10153 
 Facsimile: (212) 310-8007 
 Attn: Michael F. Walsh, Esq. 
           Eric L. Schondorf, Esq. 
  
 Milbank, Tweed, Hadley & McCloy LLP 
 601 South Figueroa Street 
 30th Floor 
 Los Angeles, CA 90017

 Facsimile: (213) 629-5063 
 Attn: Paul S. Aronzon, Esq. 
           Thomas R. Kreller, Esq. 
  

	 	(b)	if to the Investor, to: 

  
 Mr. Donald J. Trump 
 725 Fifth Avenue, 26th Floor 
 New York, NY 10022 
 Facsimile: (212) 935-0141 
  
 with a
copy to: 
  
 Willkie Farr & Gallagher LLP

 787 Seventh Avenue 
 New York, NY 10019-6099 
 Facsimile: (212) 728-8111 
 Attn: Thomas M. Cerabino, Esq. 
  
 Section 9.3 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which
shall together be considered one and the same instrument. 
  
 Section 9.4 Headings. The headings of the articles, sections and paragraphs of this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of this Agreement. 
  

 - 31 - 

 Section 9.5 Amendment. This Agreement may be amended only by an instrument in writing duly
executed by or on behalf of each of the Company and the Investor. 
  
 Section 9.6 Extension; Waiver. At any time prior to the Closing, any party hereto may, to the extent legally allowed, (a) extend the time for or waive the performance of any of the obligations or other acts of the other parties
hereto to be performed hereunder as of the Closing, (b) waive any inaccuracies in the representations and warranties of the other parties hereto contained herein or in any document delivered pursuant hereto and (c) waive compliance with any of the
agreements or conditions for the benefit of such party contained herein. Any agreement on the part of a party hereto to any such extension or waiver shall be valid only if and as set forth in a written instrument signed on behalf of such party.

  
 Section 9.7 Severability. If any term or other
provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of Law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect, and such invalid term or
provision shall be deemed deleted herefrom to the minimum extent necessary to cure such violation. 
  
 Section 9.8 Entire Agreement; No Third Party Beneficiaries. This Agreement and all documents and instruments referred to herein (including, without
limitation, the other Transaction Documents) (a) constitute the entire agreement and supersede all prior agreements and understandings (other than the Restructuring Support Agreement), both written and oral, among the parties hereto with respect to
the subject matter hereof, and (b) except as otherwise provided in Section 6.11 hereof, are not intended to confer upon any Person other than the parties hereto (and the holders of the TAC Notes and the TCH Notes (as each such term is defined
in the Restructuring Support Agreement)) any rights or remedies hereunder. 
  
 Section 9.9 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to the principles of conflicts of law; provided,
however, that each of the provisions of this Agreement is subject to and shall be enforced in compliance with the Gaming Laws. 
  
 Section 9.10 Assignment; Successors. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of
the parties hereto (whether by operation of Law or otherwise) without the prior written consent of the other parties; provided, however, that the Investor may assign this Agreement and/or any of his rights, interests or obligations
hereunder to one or more controlled Affiliates of the Investor (it being understood that no such assignment shall relieve the Investor of his obligations hereunder). Any attempted or purported assignment of this Agreement or of the rights, interests
or obligations hereunder of any party hereto other than in accordance with this Section 9.10 shall be void ab initio. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by
the parties and their respective successors and permitted assigns. 
  
 Section 9.11 Election of Remedies. Neither the exercise nor the failure to exercise a right of set-off or to give notice of a claim under this Agreement will constitute an election of remedies or limit the parties in any manner in
the enforcement of any other remedies that may be available to any of them, whether at Law or in equity. 
  

 - 32 - 

 Section 9.12 Submission to Jurisdiction. Each of the parties hereto (a) consents to commit itself
to the personal jurisdiction of any federal court located in the State of New York or any New York state court in the event any dispute arises out of this Agreement or any of the transactions contemplated by 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 and (c) agrees that it will not bring any action relating to this Agreement or any of the transactions contemplated by this Agreement
in any court other than a federal or state court sitting in the State of New York; provided, however, that each of the parties hereto hereby (i) consents and commits itself to the personal jurisdiction of the Bankruptcy Court at all
times during the pendency of the Bankruptcy Case and (ii) agrees that it will not attempt to deny or defeat such personal jurisdiction of the Bankruptcy Court by motion or other request for leave therefrom or otherwise. 
  
 [remainder of page intentionally left blank] 
  

 - 33 - 

 IN WITNESS WHEREOF, the undersigned have caused this Investment Agreement to be duly executed thereby as
of the date first written above. 
  

			
	COMPANY:
	
	 TRUMP HOTELS & CASINO RESORTS, INC.

		
	 By:
	 	 /s/    John P. Burke

	 Name:
	 	 John P. Burke

	 Title:
	 	 Executive Vice President and Treasurer

  

			
	PARTNERSHIP:
	
	 TRUMP HOTELS & CASINO RESORTS HOLDINGS, L.P.

		
	 By:
	 	 Trump Hotels & Casino Resorts, Inc.,

	 	 	 its general partner

  

			
	 By:
	 	 /s/    John P. Burke

	 Name:
	 	 John P. Burke

	 Title:
	 	 Executive Vice President and Treasurer

	
	INVESTOR:
		
	 By:
	 	 /s/ Donald J. Trump

	 	 	 Name: Donald J. Trump

			
	ACKNOWLEDGED AND AGREED:
	
	TRUMP CASINOS, INC.
		
	By:	 	 /s/ Donald J. Trump

	Name:	 	Donald J. Trump
	Title:	 	President

  

			
	TRUMP CASINOS II, INC.
		
	By:	 	 /s/ Donald J. Trump

	Name:	 	Donald J. Trump
	Title:	 	PresidentChange in Control Severance Benefit Plan

 Exhibit 10.1 
  
 Inspire Pharmaceuticals, Inc. 
  

Change in Control 
  
 Severance Benefit Plan 
  
 Effective January 28, 2005 

 Preamble 
  

Inspire Pharmaceuticals, Inc. (the “Company”) established the Inspire Pharmaceuticals, Inc. Change in Control Severance Benefit Plan (this
“Plan”) for the purpose of providing severance benefits to certain Employees whose employment terminates following a Change in Control of the Company as provided herein. This Plan constitutes a formal employee welfare benefit plan under
the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). 
  
 This Plan, as set forth herein, is intended to help retain qualified employees, maintain a stable work environment, and alleviate in part or in full financial hardships that may be experienced by certain of those
Employees of the Company and its U.S. affiliated companies, whose employment is terminated for certain reasons. In essence, benefits under this Plan are intended to be supplemental unemployment benefits. This Plan is not intended to be included in
the definitions of “employee pension benefit plan” and “pension plan” set forth under Section 3(2) of ERISA as a “severance pay arrangement” within the meaning of Section 3(2)(b)(i) of ERISA. Rather, this Plan is
intended to meet the descriptive requirements of a plan constituting a “severance pay plan” within the meaning of regulations published by the Secretary of Labor at Title 29, Code of Federal Regulations, Section 2510.3-2(b).
Accordingly, the benefits paid by this Plan are not deferred compensation and no employee shall have a vested right to such benefits. 
  
 This Plan shall continue until such time as it is amended or terminated in accordance with Article VI. 

 Table of Contents 
  

			
	 	  	Page

	 ARTICLE I DEFINITIONS
	  	1
		
	 ARTICLE II PARTICIPATION AND ELIGIBILITY FOR BENEFITS
	  	5
		
	 ARTICLE III BENEFITS
	  	6
		
	 ARTICLE IV METHOD OF SEVERANCE PAYMENTS
	  	8
		
	 ARTICLE V THE ADMINISTRATIVE COMMITTEE
	  	8
		
	 ARTICLE VI AMENDMENT AND TERMINATION
	  	9
		
	 ARTICLE VII CLAIMS PROCEDURES
	  	9
		
	 ARTICLE VIII MISCELLANEOUS
	  	10

	

  
  

 -i- 

 ARTICLE I 
 DEFINITIONS 
  
 When used
herein, the following terms shall have the meanings set forth below. 
  
 Section 1.01 “Administrative Committee” means the Compensation Committee of the Board of Directors of the Company or its designee. 
  
 Section 1.02 “Annual Base Rate of Pay” means fifty-two (52) times the Employee’s highest Weekly Base Rate of Pay during the fifty-two (52)
week period prior to his or her termination or, if greater, the Employee’s Weekly Base Rate of Pay in effect immediately prior to the last Change in Control preceding his or her termination. 
  
 Section 1.03 “Benefits” means the benefits that a Participant is
eligible to receive pursuant to Article III of this Plan. 
  
 Section 1.04 “Change in Control” means the determination (which may be made effective as of a particular date specified by the Board of Directors of the Company) by the Board of Directors of the Company, made by a majority vote
that a change in control has occurred, or is about to occur. Such a change shall not include, however, a restructuring, reorganization, merger or other change in capitalization in which the Persons who own an interest in the Company on the date
hereof (the “Current Owners”) (or any individual or entity which receives from a Current Owner an interest in the Company through will or the laws of descent and distribution) maintain more than a fifty percent (50%) interest in the
resultant entity. Regardless of the vote of the Board of Directors of the Company or whether or not the Board of Directors votes, a Change in Control will be deemed to have occurred as of the first day any one (1) or more of the following
subsections shall have been satisfied: 
  
 (a) Any Person (other
than the Person in control of the Company as of the date of this Plan, or other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company, or a company owned directly or indirectly by the stockholders of the
Company in substantially the same proportions as their ownership of stock of the Company), becomes the beneficial owner, directly or indirectly, of securities of the Company representing more than thirty-five percent (35%) of the combined voting
power of the Company’s then outstanding securities; or 
  
 (b) The stockholders of the Company approve: 
  
 (i) A
plan of complete liquidation of the Company; 
  
 (ii) An
agreement for the sale or disposition of all or substantially all of the Company’s assets; or 
  

 -1- 

 (iii) A merger, consolidation or reorganization of the Company with or involving any other company,
other than a merger, consolidation or reorganization that 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 combined voting power of the voting securities of the Company (or such surviving entity) outstanding immediately after such merger, consolidation or reorganization. 

 
 However, in no event shall a Change in Control be deemed to have occurred,
with respect to the Employee, if the Employee is part of a purchasing group which consummates the Change in Control transaction. The Employee shall be deemed “part of the purchasing group” for purposes of the preceding sentence if the
Employee is an equity participant or has agreed to become an equity participant in the purchasing company or group (except for (i) passive ownership of less than five percent (5%) of the voting securities of the purchasing company; or (ii) ownership
of equity participation in the purchasing company or group which is otherwise deemed not to be significant, as determined prior to the Change in Control by a majority of the non-employee continuing Directors of the Board of Directors of the
Company). 
  
 Section 1.05 “Company” means Inspire
Pharmaceuticals, Inc. and its successors and its or their U.S. affiliated companies. 
  
 Section 1.06 “Comparable Position” means employment with the Company or a successor employer in which the individual’s level of responsibilities would not constitute a Demotion. For this purpose, a
position shall not be a Comparable Position if such position would require the Employee’s principal business location to be relocated more than fifty (50) miles from the Employee’s principal business location immediately prior to the
Change in Control. 
  
 Section 1.07 “Demotion” means
continued employment in a position that results in a reduction in the Employee’s base salary or Incentive Bonus, or a position that is one (1) or more levels lower on a Company-recognized career ladder, whether or not such employment is with
the Company or a successor employer. 
  
 Section 1.08
“Decline to Relocate” means a termination of a Participant’s employment as a result of his or her rejection of an offer of continued employment in the same position or a Comparable Position that would require relocation of the
Participant’s principal business location of more than fifty (50) miles. 
  
 Section 1.09 “Employee” means any regular full-time or regular part-time employee of the Company who is employed in the United States and as to whom the terms and conditions of employment are not covered by
a collective bargaining agreement unless the collective bargaining agreement specifically provides for coverage under this Plan. For this purpose, a regular part-time employee shall be an employee who is regularly scheduled to work between twenty
(20) to thirty (30) hours per week. The term “Employee” shall not include (i) temporary employees (including college coops, 

  

 -2- 

 
summer employees, high school coops, flexible workforce employees and any other such temporary classifications), (ii) any individual characterized by the
Company as an “independent contractor” or as a “contract worker,” (iii) officers and other employees of the Company who are parties to employment agreements or transition agreements, (iv) officers or other employees of the
Company who participate in any severance plan or agreement of the Company (other than this Plan) that provides for the payment of severance benefits in connection with a Change in Control of the Company and such individual qualifies for the payment
of such benefits, or (v) any other individual who is not treated by the Company as an employee for purposes of withholding federal income taxes, regardless of any contrary Internal Revenue Service, governmental, or judicial determination relating to
such employment status or tax withholding. In the event that an individual engaged in an independent contractor or similar non-employee capacity is subsequently reclassified by the Company, the Internal Revenue Service, or a court as an employee,
such individual, for purposes of this Plan, shall be deemed an Employee from the actual (and not effective) date of such classification, unless expressly provided otherwise by the Company. 
  
 Section 1.10 “Employment Service Date” means the first day on which
an individual became an Employee. 
  
 Section 1.11
“Employment Termination Date” means the date on which the employment of the Employee by the Company is terminated. 
  
 Section 1.12 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 
  
 Section 1.13 “Incentive Bonus” means the greater of the maximum of
the bonus opportunity range applicable to the Employee for the Plan Year immediately preceding his or her termination or the maximum of the bonus opportunity range applicable to the Employee for the Plan Year immediately preceding the Change in
Control. 
  
 Section 1.14 “Misconduct” means (i) willful
and continued failure by the Employee to substantially perform the Employee’s duties with the Company (other than any such failure resulting from the Employee’s incapacity due to physical or mental illness) or (ii) the willful engaging by
the employee in conduct which is demonstrably injurious to the Company, monetarily or otherwise. For purposes of this definition, no act, or failure to act, on the Employee’s part shall be deemed “willful” unless done, or omitted to
be done, by the Employee not in good faith or without reasonable belief that the Employee’s act, or failure to act, was in the best interest of the Company. 
  
 Section 1.15 “Participant” means any Terminated Employee eligible for Benefits in accordance with Article II.

  
 Section 1.16 “Person” shall have the meaning given
in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Company or any of its 

  

 -3- 

 
subsidiaries; (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its subsidiaries; (iii) an
underwriter temporarily holding securities pursuant to an offering of such securities; (iv) a corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of stock of the
Company; or (v) an entity or entities which are eligible to file and have filed a Schedule 13G under Rule 13d-l(b) of the Securities Exchange Act of 1934, as amended, which Schedule indicates beneficial ownership of fifteen percent (15%) or more of
the outstanding shares of common stock of the Company or the combined voting power of the Company’s then outstanding securities. 
  
 Section 1.17 “Plan” means this Change in Control Severance Benefit Plan, as set forth herein, and as the same may from time to time be amended.

  
 Section 1.18 “Plan Year” means the period commencing
on each January 1 during which this Plan is in effect and ending on the subsequent December 31. 
  
 Section 1.19 “Terminated Employee” means an Employee who has experienced an Employment Termination Date. 
  
 Section 1.20 “Termination Due to Change in Control” means a
termination of a Participant’s employment by the Company within two (2) years following a Change in Control that is involuntary or that is as a result of his or her written rejection of an offer of continued employment with the Company or an
affiliate if such employment is not a Comparable Position. 
  
 Section 1.21 “Voluntary Resignation” means a resignation that is a voluntary separation from employment initiated by the Employee. 
  
 Section 1.22 “Weekly Base Rate of Pay” means: 
  
 (a) for a regular full-time Employee paid on a monthly basis, the Employee’s rate of pay for one (1) payroll period multiplied by
twelve-fifty-seconds (12/52); 
  
 (b) for a regular full-time
Employee paid on a weekly payroll period basis, the Employee’s rate of pay for one (1) payroll period; 
  
 (c) for a regular full-time Employee paid on a bi-monthly payroll period basis, the Employee’s rate of pay for one (1) payroll period multiplied by
twenty –four-fifty-seconds (24/52); or 
  
 (d) for a regular
part-time Employee paid on any hourly basis, the Employee’s highest base hourly rate during the last twelve (12) months multiplied by the average number of weekly hours worked during that twelve (12)-month period. 
  

 -4- 

 Section 1.23 “Years of Service” means the total number of Participant’s full years of
active service with the Company subject to the following rules: 
  
 (a) For purposes of determining a Participant’s number of Years of Service, a full year of active service is any consecutive twelve (12)-month period of service occurring after the Participant’s most recent break in service
lasting one (1) year or more. For example, a Participant whose Employment Service Date is June 21, 2003 will be credited with one (1) Year of Service at the end of the business day June 20, 2004 provided that he or she has been continuously employed
by the Company through that date. 
  
 (b) For purposes of
determining a Participant’s number of Years of Service, such Participant shall be treated as if his Employment Termination Date was December 31 of the calendar year in which his or her actual Employment Termination Date occurs. 
  
 (c) Any break in a Participant’s active service for a period of less
than one (1) year shall be disregarded for purposes of calculating a Participant’s number of Years of Service. For example, a Participant who was hired on June 1, 2000, was terminated on February 3, 2002, rehired on December 18, 2002, and
terminated again on March 3, 2003 shall have three (3) Years of Service under the Plan. 
  
 ARTICLE II 
 PARTICIPATION AND ELIGIBILITY FOR BENEFITS 
  
 Section 2.01 Eligibility. 
  
 (a) Subject to Sections 2.01(b), 2.02, and 2.03, any Terminated Employee
(other than an employee who is employed in Puerto Rico) shall become a Participant and shall be eligible for Benefits in accordance with the provisions of this Plan. 
  
 (b) Notwithstanding anything herein to the contrary, a Terminated Employee shall not be considered to have incurred a
Termination Due to Change in Control for the purposes of this Plan, if his or her employment is discontinued due to (i) a Voluntary Resignation; (ii) a rejection of an offer of a Comparable Position that is not a Decline to Relocate; or (iii)
discharge for Misconduct. 
  
 (c) Notwithstanding anything herein
to the contrary, in no event shall any Employee or former Employee who is receiving Benefits pursuant to an agreement with the Company or under a Company-sponsored long-term disability plan at the time of his or her termination of employment be
eligible for Benefits under this Plan. 
  
 Section 2.02
Termination of Eligibility for Benefits. A Participant shall cease to participate in this Plan, and all Benefits shall cease (other than those Benefits that have vested or been triggered hereunder) upon the occurrence of the earliest of:

  
 (a) Termination of this Plan prior to, or more than (2) two
years following, a Change in Control; 
  

 -5- 

 (b) Completion of payment to the Participant of the Benefits for which the Participant is eligible; and

  
 (c) The occurrence of the Employee’s Misconduct on or
before Employee’s Employment Termination Date. 
  
 Section
2.03 General Release. Notwithstanding anything in this Plan to the contrary, unless determined otherwise by the Administrative Committee in its sole discretion, no Benefits shall be due or paid under this Plan to any Employee, unless the
Employee executes (and does not rescind) a written general release, in the form attached hereto as Exhibit B. 
  
 ARTICLE III 
 BENEFITS 
  
 Section 3.01 Amount of Severance Pay. The amount of severance pay
payable to a Participant shall be equal to the number of weeks of severance pay that corresponds to the Participant’s Annual Base Rate of Pay on the table included on Exhibit A to this Plan multiplied by the sum of (i) the
Participant’s Weekly Base Rate of Pay; and (ii) one-fifty-second ( 1/52) of the Participant’s Incentive
Bonus, if any. 
  
 Section 3.02 Health and Welfare
Benefits. For a period of time immediately following the Date of Termination equal to the applicable number of weeks of severance pay to which the Participant is entitled under Section 3.01 of this Plan, the Company shall arrange to provide the
Participant (which includes the Participant’s eligible dependents for purposes of this Section) with life, disability, accident and health insurance benefits substantially similar to those which the Participant was receiving immediately prior
to the Date of Termination (or, with respect to any benefit, immediately prior to the Change in Control, if such benefit was of greater value at that time); provided, however, that, unless the Participant expressly consents to a different method in
writing by reference to this Section 3.02 of this Plan, such health insurance benefits shall be provided through a third-party insurer. Benefits otherwise receivable by the Participant pursuant to this Section 3.02 shall be eliminated prospectively
in the event that, and at the time that, comparable benefits (including continued coverage for any preexisting medical condition of any person covered by the benefits provided to the Participant and his or her eligible dependents immediately prior
to a notice of Termination Due to Change in Control) are actually received by or made available to the Participant by a subsequent employer without cost during the number of weeks of severance pay corresponding to the Participant’s Annual Base
Rate of Pay set forth on the table included on Exhibit A hereto following the Participant’s Employment Termination Date (and any such benefits actually received by or made available to the Participant shall be reported to the Company by
the Participant). The applicable benefit continuation period for the Participant and the Participant’s qualifying dependents under the Consolidated Omnibus Budget Reconciliation Act of 1984, as amended, shall commence at the expiration of the
period of continued benefits referenced above in this Section 3.02. 
  

 -6- 

 Section 3.03 Reduction for Other Payments; Offsets. The Benefits payable hereunder to any
Participant shall be reduced by any and all payments required to be made by the Company or its affiliates under federal, state, and local law, under any employment agreement or special severance arrangement or under any other separation policy,
plan, or program. The Benefits payable hereunder to any Participant shall also be reduced by (i) any benefits previously paid to such Participant under this or any other separation or severance plan sponsored by the Company with respect to any
periods of service with respect to which Benefits are being paid under this Plan; and (ii) any and all amounts that the Participant owes to the Company or an affiliate. 
  
 Section 3.04 Acceleration of Vesting. Notwithstanding anything in this Plan or in any Company-sponsored equity
compensation plan to the contrary, all outstanding unvested options and awards under any Company-sponsored equity compensation plan held by any Employee shall become immediately vested and fully exercisable immediately prior to a Change in Control.
Notwithstanding anything in any such equity compensation plan to the contrary, in the event of a Change in Control, all outstanding options under any such plan shall remain exercisable for the lesser of three (3) years or the period of time
remaining in the term of the option. 
  
 Section 3.05
Outplacement Services. Following a Change in Control, the Company shall provide each Participant who so requests outplacement services suitable to the Participant’s position for a period equal in length to the number of weeks of
severance pay set forth opposite his or her Annual Base Rate of Pay as determined under the table included on Exhibit A hereof commencing on the date the Participant first uses such outplacement services; provided, however, such first use
must occur prior to the expiration of the number of weeks after the Participant’s Termination Date equal to the number of weeks of severance pay to which the Participant is entitled under Section 3.01 of this Plan as set forth on Exhibit
A. Notwithstanding the foregoing, in no event shall the outplacement services provided pursuant to this Section 3.05 exceed a period of one (1) year. 
  
 Section 3.06 Legal Fees and Expenses. The Company also shall reimburse legal fees and expenses incurred by the Participant in disputing any issue
hereunder in an attempt to obtain or enforce any benefit or right provided by this Plan, provided that a court of competent jurisdiction determines that the Company did not act in good faith in denying such benefit or right. Such payments shall be
made within five (5) business days after delivery of the judgment or decree by such court, without regard to any right of the Company to appeal any such judgment or decree. 
  

 -7- 

 ARTICLE IV 
 METHOD OF SEVERANCE PAYMENTS 
  
 Section 4.01 Method of Payment. The severance pay to which a Participant is eligible, as calculated pursuant to Article III, shall be paid in accordance with the provisions of this Article IV. 
  
 (a) Severance payments payable under this Plan shall be made in a single sum
cash payment. 
  
 (b) Payment shall be made in person, by
certified mail to the last address provided by the Participant to the Company or, at the request of the Participant, by deposit to a bank account identified by the Participant. Separate payment(s) shall be made to pay any earned and unused vacation
pay for the year during which the Employment Termination Date occurs. In no event shall interest be credited on any amounts for which a Participant may become eligible. 
  
 (c) Subject to Section 4.01(d) to the extent applicable, payments shall be made as promptly as practicable after the
participant’s Employment Termination Date, the execution of the release required under Section 2.03, and the expiration of the required release revocation period, but in no event later than ten (10) business days immediately following the
expiration of the applicable revocation period. 
  
 (d) In the
event that any severance payments become payable to a key employee (as defined in Section 409A of the Code) in 2005, such key employee may, at his or her discretion, require the Company to amend this Plan on or before December 31, 2005 with respect
to such key employee to provide that such key employee will receive such payment six (6) months and one (1) day following his or her termination of employment. If, however, such key employee does not require the Company to do so, then the Company
shall pay to the key employee an amount equal to the excise tax that becomes due and owing under Section 409A of the Code with respect to any amounts payable under this Plan plus an amount equal to the federal and state income tax payable thereon.

  
 (e) In the event that any severance payments would become
payable to a key employee (as defined in Section 409A of the Code) in 2006 or thereafter, such payments be made six (6) months and one (1) day after such key employee’s termination date. 
  
 ARTICLE V 
 THE ADMINISTRATIVE COMMITTEE 
  
 Section 5.01 Authority and Duties. The Administrative Committee shall have the full power, authority, and discretion to construe, interpret, and administer this Plan, to correct deficiencies therein, and to
supply omissions; provided that in doing so it acts in the best interests of Plan Participants and in a manner consistent with the terms of this Plan. 
  
  

 -8- 

 Section 5.02 Payment. The Company shall make payments of Benefits, in such amount as determined by
the Administrative Committee under Article III, from its general assets to Participants in accordance with the terms of this Plan, as directed by the Administrative Committee. 
  
 ARTICLE VI 
 AMENDMENT AND TERMINATION 
  
 This Plan may be
amended, suspended, discontinued, or terminated at any time by the Board of Directors of the Company or its designee, in whole or in part, for any reason, and without either the consent of or the prior notification to any Participant.
Notwithstanding the foregoing, no such amendment may reduce the benefits to which any Participant may become entitled in the two (2) years following any Change in Control. Following any Participant’s severance, no Plan termination or amendment
shall adversely affect the rights of such Participant without the Participant’s express written consent. 
  
 ARTICLE VII 
 CLAIMS PROCEDURES 
  
 Section 7.01 Claim. Each eligible terminated Employee may contest the
administration of Benefits by completing and filing with the Administrative Committee a written request for review in the manner specified by the Administrative Committee. Each such application must be filed within sixty (60) days following the
Employee’s termination of employment and must be supported by such information as the Administrative Committee deems relevant and appropriate. 
  
 Section 7.02 Appeals of Denied Claims for Benefits. In the event that any claim for benefits is denied in whole or in part, the claimant whose
claim has been so denied shall be notified of such denial by the Administrative Committee within ninety (90) days of receipt of the claim (unless the Administrative Committee determines that special circumstances require an extension of time of up
to an additional ninety (90) days for processing the claim). The notice advising of the denial shall specify the reason(s) for denial, make specific reference to relevant Plan provisions, describe any additional material or information necessary for
the claimant to perfect the claim (explaining why such material or information is needed), and shall advise the claimant of the procedure for the appeal of such denial and a statement of the claimant’s right to bring a civil action under
Section 502(a) of ERISA following an adverse benefit determination on appeal. All appeals shall be made by the following procedure: 
  
 (a) A claimant whose claim has been denied shall file with the Administrative Committee a notice of desire to appeal the denial. Such notice shall be
filed within sixty (60) days of notification by the Administrative Committee of the initial claim denial, be made in writing, and set forth all of the facts upon which the appeal is based. Appeals not timely filed shall be barred. 
  
  

 -9- 

 (b) The Administrative Committee shall consider the merits of the claimant’s written presentations,
the merits of any facts or evidence in support of the denial of benefits, and such other facts and circumstances as the Administrative Committee shall deem relevant. 
  
 (c) The Administrative Committee shall render a determination upon the appealed claim within sixty (60) days of its receipt
of such appeal (unless the Administrative Committee determines that special circumstances require an extension of time of up to an additional sixty (60) days for processing the appeal). The determination shall specify the reason(s) for the denial,
make specific reference to relevant Plan provisions, and contain a statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA. 
  

(d) The determination so rendered shall be binding upon all parties. 
  
 No Employee may bring a civil action under Section 502(a) of ERISA until the Employee has exhausted his or her rights under
this Section 7.02. 
  
 ARTICLE VIII 
 MISCELLANEOUS 
  
 Section 8.01 Nonalienation of Benefits. None of the payments, benefits, or rights of any Participant shall be subject to any claim of any creditor,
and, in particular, to the fullest extent permitted by law, all such payments, benefits and rights shall be free from attachment, garnishment, trustee’s process, or any other legal or equitable process available to any creditor of such
Participant. No Participant shall have the right to alienate, anticipate, commute, plead, encumber, or assign any of the benefits or payments which he/she may expect to receive, contingently or otherwise, under this Plan. 
  
 Section 8.02 No Contract of Employment. Neither the establishment of
this Plan, nor any modification thereof, nor the creation of any fund, trust or account, nor the payment of any benefits shall be construed as giving any Participant or Employee, or any person whosoever, the right to be retained in the service of
the Company, and all Participants and other Employees shall remain subject to discharge to the same extent as if this Plan had never been adopted. 
  
 Section 8.03 Severability of Provisions. If any provision of this Plan shall be held invalid or unenforceable, such invalidity or unenforceability
shall not affect any other provisions hereof, and this Plan shall be construed and enforced as if such provisions had not been included. 
  

 -10- 

 Section 8.04 Heirs, Assigns, and Personal Representatives. This Plan shall be binding upon the
heirs, executors, administrators, successors, and assigns of the parties, including each Participant, present and future. 
  
 Section 8.05 Headings and Captions. The headings and captions herein are provided for reference and convenience only, shall not be considered part
of this Plan, and shall not be employed in the construction of this Plan. 
  
 Section 8.06 Number. Except where otherwise clearly indicated by context, the singular shall include the plural, and vice-versa. 
  
 Section 8.07 Unfunded Plan. This Plan shall not be funded. No Participant shall have any right to, or interest in,
any assets of the Company that may be applied by the Company to the payment of Benefits. 
  
 Section 8.08 Payments to Incompetent Persons, Etc. Any benefit payable to or for the benefit of a minor, an incompetent person or other person incapable of receipting therefor shall be deemed paid when paid to
such person’s guardian or to the party providing or reasonably appearing to provide for the care of such person, and such payment shall fully discharge the Company, the Administrative Committee and all other parties with respect thereto.

  
 Section 8.09 Lost Payees. Benefits shall be deemed
forfeited if the Administrative Committee is unable to locate a Participant to whom Benefits are due. Such Benefits shall be reinstated if application is made by the Participant for the forfeited Benefits within one (1) year of the
Participant’s Employment Termination Date and while this Plan is in operation. 
  
 Section 8.10 Controlling Law. This Plan shall be construed and enforced according to the laws of the State of North Carolina to the extent not superseded by federal law. 
  

 -11- 

 Inspire Pharmaceuticals, Inc. 
 Change in Control Severance Benefit Plan  
 Exhibit A

  

			
	 Annual Base Rate of Pay

	 	 Number of Weeks of Severance Pay

	$25,000 - $49,999	 	Thirteen (13) weeks plus one (1) additional week for each of the Participant’s Years of Service
		
	$50,000 – $74,999	 	Twenty (20) weeks plus one (1) additional week for each of the Participant’s Years of Service
		
	$75,000 – $99,999	 	Twenty-six (26) weeks plus one (1) additional week for each of the Participant’s Years of Service
		
	$100,000 - $124,999	 	Thirty-three (33) weeks plus one (1) additional week for each of the Participant’s Years of Service
		
	$125,000 - $149,999	 	Thirty-nine (39) weeks plus one (1) additional week for each of the Participant’s Years of Service
		
	 $150,000 and up
 (excluding all officers subject to Section 16 of the
 Securities Exchange Act of 1934)
	 	Fifty-two (52) weeks plus one (1) additional week for each of the Participant’s Years of Service

  
  

 A-1 

 Inspire Pharmaceuticals, Inc. 
 Change in Control Severance Benefit Plan  
 Exhibit B

  
 (General Release) 
  
 This General Release (“General Release”) is entered into by and
between Inspire Pharmaceuticals, Inc. (the “Company”) and [FULL NAME of EMPLOYEE] (the “Employee”). 
  
 WHEREAS, the Company has provided written notification to the Employee that his/her employment with the Company has or will be terminated effective
[Termination Date]; 
  
 WHEREAS, as a result of the termination of
the Employee’s employment and subject to the Employee’s execution of this General Release, the Employee is entitled to a severance payment under Inspire Pharmaceuticals, Inc. Change in Control Severance Benefit Plan (the “Severance
Plan”); 
  
 WHEREAS, the Employee desires to execute this
General Release and, thereby, become eligible for receipt of severance benefits and, through this General Release, the Company and the Employee also wish to resolve, finally and completely and with prejudice, any and all matters between them
relating to the Employee’s employment with the Company and the termination of that employment; 
  
 NOW, THEREFORE, in consideration of the above recitals and the mutual promises and covenants set forth below, the Company and the Employee, intending to
be legally bound hereby, agree as follows: 
  
 1. In exchange for
the Employee’s execution of this General Release, the Employee is eligible to receive benefits under the Severance Plan. 
  
 2. The Employee expressly agrees that, except as specifically provided in Section 1 above and as contemplated under the Severance Plan, he/she shall
receive no other payment or benefit from the Company, and the Company shall not ever be required to make any further payment or provide any further benefit, for any reason whatsoever, to him/her or to any person or entity regarding any claim or
right whatsoever which might possibly be asserted by him/her or on the Employee’s behalf. The Employee acknowledges that he/she would not be entitled to the severance payment described herein merely upon the termination of the Employee’s
employment with the Company without the benefit of this General Release and he/she acknowledges that the severance payment is sufficient consideration for the Employee’s execution of this General Release. 
  
 3. The Employee, on behalf of himself/herself, his/her heirs, executors,
administrators, successors, and assigns, hereby expressly and unconditionally releases, revises, settles, compromises, and forever discharges the Company, its affiliates, partners, employees, representatives, employee benefit plans, funds, programs,
or arrangements providing pension, welfare, and fringe benefits, trustees, plan administrators, attorneys, agents, and successors, 

  

 B-1 

 
and/or assigns, jointly and individually, of and from any and all possible suits, claims, rights, demands, costs, actions, causes of action, obligations,
damages, and liabilities (“claims”) whether known or unknown and of whatever kind or nature, which arose on or before the effective date of this General Release, arising out of or in any way related to, or as a consequence of, the
Employee’s employment with the Company, the terms and conditions of that employment, and the termination of his/her employment with the Company, as well as the continuing effects thereof. This release includes, but is not limited to, (i) all
claims under any possible legal, equitable, tort, contract, common law, or statutory theory, including, but not limited to, any claim for constructive or wrongful discharge or for breach of contract, and any claim for defamation; (ii) all claims
under any possible statutory theory, including, but not limited to, any and all claims under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1990, 42 U.S.C. §§ 1981, 1983, 1985 and 1988, the Age Discrimination in
Employment Act of 1967, the Older Workers Benefit Protection Act, the Americans with Disabilities Act, any state human rights or human relations act and any amendments to any of these statutes, as well as any other federal, state, or local law,
statute, ordinance, regulation, or executive order, prohibiting employment discrimination based on religion, sex, ethnicity, race, color, national origin, handicap, disability, age, retaliation, or any other characteristic proscribed by law; (iii)
all claims under the Fair Labor Standards Act, the Equal Pay Act of 1963, the Employee Retirement Income Security Act of 1974, any wage payment and collection law, and the federal and any state or local Family and Medical Leave Act; and (iv) all
claims for the fees, costs, and expenses of any and all attorneys who have at any time or are now representing the Employee in connection with this General Release or in connection with any matter released by him/her. The Employee also covenants
that, to his/her knowledge, he/she has not sustained any work-related injury during his/her employment at the Company. 
  
 4. The Employee also represents that he/she has not previously filed or joined in any complaint, charge, or lawsuit against the Company or any of its
partners or employees in any court of law or with any governmental agency on any of the claims mentioned above. Notwithstanding any other language in this General Release, the Employee understands that this General Release does not prohibit him/her
from filing an administrative charge of alleged employment discrimination with the Equal Employment Opportunity Commission or any similar agency. The Employee, however, waives the Employee’s right to any monetary or other recovery against the
Company or any of the released persons or entities should any federal, state, or local administrative agency pursue any claim on the Employee’s behalf arising out of or relating to the Employee’s employment with the Company or the
termination of the Employee’s employment with the Company. 
  
 5. Nothing in this General Release affects the Employee’s right to elect, at the Employee’s sole expense, continued coverage under the Company’s Welfare Benefit Plan pursuant to the continuation coverage provisions of the
Consolidated Omnibus Budget Reconciliation Act. 
  
 6. The
Employee agrees that the Company’s entry into this General Release is not to be construed as, and is not, an admission that the Company violated any of its duties or obligations to the Employee or treated the Employee improperly, unlawfully, or
unfairly in any manner whatsoever. Neither this General Release nor the implementation thereof shall be construed to be, or shall be admissible in any proceedings as, evidence of an admission by the 

  

 B-2 

 
Company of any violation of or failure to comply with any federal, state, or local law, common law, agreement, rule, regulation, or order; the preceding
portion of this sentence does not preclude introduction of this General Release by the Company to establish that any and all claims which the Employee might possibly have were settled, compromised, and released according to the terms of this General
Release. 
  
 7. Except as required by law, the Employee agrees to
keep confidential and not discuss, disclose, or reveal, directly or indirectly, the terms of this General Release to any person, corporation, or entity with the exception of the members of the Employee’s immediate family, the Employee’s
attorney, or the Employee’s accountant who (prior to disclosure to them) shall likewise agree to maintain the confidentiality of this General Release. 
  
 8. The Employee understands and agrees that the terms and conditions of this General Release constitute the full and complete understandings, agreements,
and promises between him/her and the Company with respect to all matters covered by this General Release, that there are no other agreements, covenants, promises, or arrangements between him/her and the Company other than those set forth herein,
that the terms and conditions of this General Release cancel and supersede any prior agreements or understandings that may have been between him/her and the Company with respect to all matters covered by this General Release, that no other promise
or inducement has been offered to him/her except as set forth herein, and that this General Release is binding upon him/her, the Employee’s heirs, executors, administrators, and assigns. Notwithstanding any language herein to the contrary, this
General Release does not cancel or suspend the Employee Confidentiality, Invention Assignment and Non-Compete Agreement (or any other agreement(s) serving similar functions) entered into by and between the Company and the Employee. 
  
 9. If any term, condition, clause, or provision of this General Release shall
be determined by a court of competent jurisdiction to be void or invalid at law, or for any other reason, then only that term, condition, clause, or provision as is determined to be void or invalid shall be stricken from this General Release, and
this General Release shall remain in full force and effect in all other respects. The Employee expressly agrees that this General Release shall not be construed against the Company and that it shall be governed by North Carolina law. 
  
 10. The Employee hereby expressly warrants that he/she was advised in writing
of the Employee’s right to consult with an attorney prior to executing this General Release. The Employee further expressly warrants that he/she has, in fact, had the opportunity to consult with, and to be advised by, an attorney before
executing this General Release to help him/her fully understand and appreciate its legal effect. The Employee acknowledges that he/she has been afforded the opportunity to consider this General Release for a period of twenty-one (21) days, which is
a reasonable period of time. If the Employee signs this General Release in less than twenty-one (21) days, he/she acknowledges that he/she has thereby waived the Employee’s right to the full twenty-one (21) day period. The Employee shall have a
period of seven (7) days following the Employee’s execution of this General Release to revoke it, and this General Release shall not be effective or enforceable prior to the expiration of that period. Revocation can be made by delivering a
written notice to the office of the Director of Human Resources of the Company. The revocation of this General Release by the Employee will automatically revoke the Company’s obligation to pay the severance benefit to the Employee. If the
Employee 

  

 B-3 

 
does not advise the Company in writing that he/she revokes this General Release within seven (7) days of the Employee’s execution of it, this General
Release shall be forever enforceable. The eighth (8th) day following the Employee’s execution of this General
Release shall be deemed the Effective Date of this General Release. 
  
 11. This General Release may be signed in two (2) counterparts, each of which shall be deemed an original when signed and shall constitute the same instrument. The Company shall retain Counterpart No. 1 of this General Release and the
Employee shall retain Counterpart No. 2 of this General Release. 
  
 THE EMPLOYEE ACKNOWLEDGES THAT HE/SHE HAS CAREFULLY READ THE FOREGOING
GENERAL RELEASE, THAT HE/SHE UNDERSTANDS COMPLETELY ITS CONTENTS, THAT
HE/SHE UNDERSTANDS THE SIGNIFICANCE AND CONSEQUENCE OF SIGNING IT, AND
THAT HE/SHE INTENDS TO BE LEGALLY BOUND BY ITS TERMS. THE
EMPLOYEE FURTHER ACKNOWLEDGES THAT HE/SHE HAS HAD A REASONABLE AND
SUFFICIENT PERIOD OF TIME WITHIN WHICH TO CONSIDER THIS GENERAL RELEASE
AND THAT HE/SHE HAS HAD THE OPPORTUNITY TO REVIEW THIS GENERAL
RELEASE WITH COUNSEL. THE EMPLOYEE SWEARS THAT HE/SHE HAS AGREED TO
AND SIGNED THIS GENERAL RELEASE VOLUNTARILY AND AS HIS/HER OWN FREE
WILL, ACT, AND DEED, AND FOR FULL AND SUFFICIENT CONSIDERATION. 
  
 IN WITNESS WHEREOF, INSPIRE PHARMACEUTICALS, INC. and [FULL NAME OF
EMPLOYEE] have caused this General Release to be executed this                  day
                 of . 
  

			
	  

	 [FULL NAME OF EMPLOYEE]

	
	  

	INSPIRE PHARMACEUTICALS, INC.
		
	By:	 	  

	Title:	 	  

  

 B-4

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