Document:

Exhibit 10.1

 

AMENDED AND RESTATED

 

LIMITED LIABILITY COMPANY AGREEMENT

 

OF

 

LHGN HOLDCO, LLC

 

DATED AS OF DECEMBER 29, 2020

 

THE LIMITED LIABILITY COMPANY INTERESTS
IN LHGN HOLDCO, LLC HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, THE SECURITIES LAWS OF ANY STATE,
OR ANY OTHER APPLICABLE SECURITIES LAWS, AND HAVE BEEN OR ARE BEING ISSUED IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND SUCH LAWS. SUCH INTERESTS MUST BE ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE OFFERED FOR SALE,
PLEDGED, HYPOTHECATED, SOLD, ASSIGNED OR TRANSFERRED AT ANY TIME EXCEPT IN COMPLIANCE WITH (I) THE SECURITIES ACT, ANY APPLICABLE
SECURITIES LAWS OF ANY STATE AND ANY OTHER APPLICABLE SECURITIES LAWS; (II) THE TERMS AND CONDITIONS OF THIS AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT; AND (III) ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BETWEEN THE MANAGING MEMBER
AND THE APPLICABLE MEMBER. THE LIMITED LIABILITY COMPANY INTERESTS MAY NOT BE TRANSFERRED OF RECORD EXCEPT IN COMPLIANCE WITH
SUCH LAWS, THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT, AND ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING
BY THE MANAGING MEMBER AND THE APPLICABLE MEMBER. THEREFORE, PURCHASERS AND OTHER TRANSFEREES OF SUCH LIMITED LIABILITY COMPANY
INTERESTS WILL BE REQUIRED TO BEAR THE RISK OF THEIR INVESTMENT OR ACQUISITION FOR AN INDEFINITE PERIOD OF TIME.

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Article I DEFINITIONS	2
	Section 1.1	Definitions	2
	Section 1.2	Interpretive Provisions	11
	 	 	
	Article II ORGANIZATION OF THE LIMITED LIABILITY COMPANY	11
	Section 2.1	Formation	11
	Section 2.2	Filing	11
	Section 2.3	Name	12
	Section 2.4	Registered Office; Registered Agent	12
	Section 2.5	Principal Place of Business	12
	Section 2.6	Purpose; Powers	12
	Section 2.7	Term	12
	Section 2.8	Intent	12
	 	 	 
	Article III CLOSING TRANSACTIONS	12
	Section 3.1	Purchase Agreement Transactions	12
	 	 	 
	Article IV OWNERSHIP AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS	12
	Section 4.1	Authorized Units; General Provisions with Respect to Units	12
	Section 4.2	Voting Rights	14
	Section 4.3	Capital Contributions; Unit Ownership	14
	Section 4.4	Capital Accounts	16
	Section 4.5	Other Matters	16
	Section 4.6	Redemption of Class B Units	17
	Section 4.7	Representations and Warranties of the Members	21
	 	 	 
	Article V ALLOCATIONS OF PROFITS AND LOSSES	21
	Section 5.1	Profits and Losses	21
	Section 5.2	Special Allocations	22
	Section 5.3	Allocations for Tax Purposes in General	23
	Section 5.4	Other Allocation Rules	24
	 	 	 
	Article VI DISTRIBUTIONS	25
	Section 6.1	Distributions	25
	Section 6.2	Tax-Related Distributions	25
	Section 6.3	Distribution Upon Withdrawal	26
	 	 	 
	Article VII MANAGEMENT	26
	Section 7.1	Managing Member Rights; Fiduciary Duties	26
	Section 7.2	Officers	26
	Section 7.3	Warranted Reliance by Officers on Others	27
	Section 7.4	Indemnification	27
	Section 7.5	Resignation or Termination of Managing Member	29
	Section 7.6	No Inconsistent Obligations	29
	Section 7.7	Reclassification Events of PubCo	29
	Section 7.8	Certain Costs and Expenses	30
	 	 	 
	Article VIII ROLE OF MEMBERS	30
	Section 8.1	Rights or Powers	30
	Section 8.2	Voting	30
	Section 8.3	Various Capacities	31
	Section 8.4	Investment Opportunities	31

 

    i 

     

    

 

	Article IX TRANSFERS OF INTERESTS	31
	Section 9.1	Restrictions on Transfer	31
	Section 9.2	Notice of Transfer	32
	Section 9.3	Transferee Members	32
	Section 9.4	Legend	33
	 	 	 
	Article X ACCOUNTING	33
	Section 10.1	Books of Account	33
	Section 10.2	Tax Elections	33
	Section 10.3	Tax Returns; Information; Certain Audits of Acquired Companies	34
	Section 10.4	Company Representative	34
	Section 10.5	Withholding Tax Payments and Obligations	34
	 	 	 
	Article XI DISSOLUTION	35
	Section 11.1	Liquidating Events	35
	Section 11.2	Bankruptcy	36
	Section 11.3	Procedure	36
	Section 11.4	Rights of Members	37
	Section 11.5	Notices of Dissolution	37
	Section 11.6	Reasonable Time for Winding Up	37
	Section 11.7	No Deficit Restoration	37
	 	 	 
	Article XII GENERAL	37
	Section 12.1	Amendments; Waivers	37
	Section 12.2	Further Assurances	38
	Section 12.3	Successors and Assigns	38
	Section 12.4	Entire Agreement	38
	Section 12.5	Rights of Members Independent	38
	Section 12.6	Governing Law	38
	Section 12.7	Jurisdiction and Venue	38
	Section 12.8	Headings	39
	Section 12.9	Counterparts	39
	Section 12.10	Notices	39
	Section 12.11	Representation by Counsel; Interpretation	40
	Section 12.12	Severability	40
	Section 12.13	Expenses	40
	Section 12.14	Waiver of Jury Trial	40
	Section 12.15	No Third-Party Beneficiaries	40
	Section 12.16	No Recourse	40

 

    ii 

     

    

 

 

AMENDED AND RESTATED

 

LIMITED LIABILITY COMPANY AGREEMENT

 

OF

 

LHGN HOLDCO, LLC

 

This AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT (as amended, supplemented or restated from time to time, this “Agreement”)
of LHGN HoldCo, LLC, a Delaware limited liability company (the “Company”), is entered into as of December 29,
2020, by and among Landcadia Holdings II, Inc., a Delaware corporation (“PubCo”), Landry’s
Fertitta, LLC (“LF LLC”), and each other Person who is or at any time becomes a Member (each, a “Party”
and collectively, the “Parties”) in accordance with the terms of this Agreement and the Act. Capitalized
terms used herein and not otherwise defined have the respective meanings set forth in Section 1.1.

 

RECITALS

 

WHEREAS, the
Company was formed pursuant to a Certificate of Formation filed in the office of the Secretary of State of the State of Delaware
on June 26, 2020, and was originally governed by the Limited Liability Company Agreement of the Company, dated as of June 26,
2020 (the “Existing LLC Agreement”);

 

WHEREAS, prior
to giving effect to the transactions contemplated by the Purchase Agreement (as defined below), the Company was wholly owned by
PubCo and PubCo contributed to the Company an amount in cash equal to the Landcadia Closing Cash Contribution Amount and a number
of shares of Class B Common Stock equal to the Voting Stock Consideration (as set forth in the Purchase Agreement) in exchange
for Class A Units, and such Class A Units were the only issued and outstanding Units of the Company;

 

WHEREAS, prior
to giving effect to the transactions contemplated by the Purchase Agreement, PubCo adopted the Fourth Amended and Restated Certificate
of Incorporation which, among other things, following the automatic conversion of the existing shares of class B common stock into
shares of Class A Common Stock in accordance with the Third Amended and Restated Certificate of Incorporation of PubCo, authorized
a number of additional shares of Class B Common Stock equal to the Voting Stock Consideration, which have no economic interest
in PubCo but will have voting rights equal to ten (10) votes per share, subject to the terms and conditions set forth in the
Fourth Amended and Restated Certificate of Incorporation of PubCo;

 

WHEREAS, on
June 28, 2020, the Company, PubCo, LF LLC, GNOG Holdings, LLC, a Delaware limited liability company (“GNOG HoldCo”),
and Golden Nugget Online Gaming, Inc., a New Jersey corporation, entered into that certain Purchase Agreement (as amended,
modified or supplemented from time to time, the “Purchase Agreement”), pursuant to which, among other
things, at the closing contemplated in the Purchase Agreement, LF LLC transferred to the Company all of the issued and outstanding
membership interests in GNOG HoldCo in exchange for the Second Landcadia Contribution, which includes the Company’s (i) transfer
of the Closing Cash Consideration to LF LLC, (ii) transfer of a number of shares of Class B Common Stock equal to the
Voting Stock Consideration to LF LLC, and (iii) the issuance of a number of Class B Units equal to the Equity Interest
Consideration to LF LLC;

 

WHEREAS, as
of the Effective Time, LF LLC and PubCo are the sole Members of the Company;

 

     

     

    

 

WHEREAS, the
Members desire to amend and restate the Existing LLC Agreement as of the Effective Time to reflect (a) the consummation of
the transactions contemplated by the Purchase Agreement, (b) PubCo’s designation as the sole managing Member of the
Company (in its capacity as managing Member, as applicable, the “Managing Member”), and (c) the
rights and obligations of the Members that are enumerated and agreed upon in the terms of this Agreement effective as of the Effective
Time;

 

WHEREAS, each
Class B Unit may be exchanged, at the election of the holder of such Class B Unit, into Class A Common Stock in
accordance with the terms and conditions of this Agreement; and

 

WHEREAS, this
Agreement shall supersede the Existing LLC Agreement in its entirety as of the date hereof.

 

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

 

Article I

DEFINITIONS

 

Section 1.1     Definitions. As
used in this Agreement and the Schedules and Exhibits attached to this Agreement, the following definitions shall apply:

 

“A&R
Registration Rights Agreement” means the Amended and Restated Registration Rights Agreement, dated as of the date
hereof, by and among PubCo and the other parties thereto (together with any other parties that become a party thereto from time
to time upon execution of a joinder in accordance with the terms thereof by any successor or assign to any party to such Agreement).

 

“Act”
means the Delaware Limited Liability Company Act, 6 Del. C. § 18-101, et seq., as amended from time to time (or any corresponding
provisions of succeeding law).

 

“Action”
means any claim, action, suit, arbitration, inquiry, proceeding or investigation by or before any Governmental Entity.

 

“Adjusted
Basis” has the meaning given such term in Section 1011 of the Code.

 

“Adjusted
Capital Account Deficit” means the deficit balance, if any, in such Member’s Capital Account at the end of
any Fiscal Year or other taxable period, with the following adjustments:

 

(a)            credit
to such Capital Account any amount that such Member is obligated to restore under Treasury Regulations Section 1.704-1(b)(2)(ii)(c),
as well as any addition thereto pursuant to the next to last sentences of Treasury Regulations Sections 1.704-2(g)(1) and
1.704-2(i)(5) after taking into account thereunder any changes during such year in Company Minimum Gain and Member Minimum
Gain; and

 

(b)            debit
to such Capital Account the items described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6).

 

This definition of
Adjusted Capital Account Deficit is intended to comply with the provisions of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and
shall be interpreted consistently therewith.

 

“Advancement
of Expenses” is defined in Section 7.4(b).

 

“Affiliate”
means, when used with respect to any Person, any other Person that, directly or indirectly, through one or more intermediaries,
controls, is controlled by, or is under common control with, such Person in question. For purposes of this Agreement, (i) no
Member shall be deemed to be an Affiliate of any other Member and (ii) no Member shall be deemed to be an Affiliate of the
Company.

 

    2 

     

    

 

“Agreement”
is defined in the preamble to this Agreement.

 

“beneficially
own” shall be as defined in Rule 13d-3 of the rules promulgated under the Exchange Act.

 

“Bipartisan
Budget Act” means Title XI of the Bipartisan Budget Act of 2015, as may be amended from time to time (or any corresponding
provisions of succeeding law), and any related provisions of Law, including court decisions, regulations and administrative guidance.

 

“Board”
means the board of directors of PubCo.

 

“Business
Day” means each day of the week except Saturdays, Sundays and days on which banking institutions are authorized by
Law to close in New York, New York or Houston, Texas.

 

“Capital
Account” means, with respect to any Member, the capital account maintained for such Member in accordance with Section 4.4.

 

“Capital
Contribution” means, with respect to any Member, the amount of cash and the initial Gross Asset Value of any property
(other than cash) contributed to the Company by such Member. Any reference to the Capital Contribution of a Member will include
any Capital Contributions made by a predecessor holder of such Member’s Units to the extent that such Capital Contribution
was made in respect of Units Transferred to such Member.

 

“Cash Election”
is defined in Section 4.6(a)(iv).

 

“Cash Election
Amount” means with respect to a particular Redemption for which a Cash Election has been made, (i) if the Class A
Common Stock trades on a National Securities Exchange or automated or electronic quotation system, an amount of cash equal to the
product of (A) the number of shares of Class A Common Stock that would have been received in such Redemption if a Cash
Election had not been made and (B) the average of the volume-weighted closing price for a share of Class A Common Stock
on the principal U.S. securities exchange or automated or electronic quotation system, as applicable, on which the Class A
Common Stock trades, as reported by Bloomberg, L.P. or its successor, for each of the ten (10) consecutive full Trading Days
ending on and including the last full Trading Day immediately prior to the Redemption Notice Date; and (ii) if the Class A
Common Stock is not then traded on a U.S. securities exchange or automated or electronic quotation system, as applicable, an amount
of cash equal to the product of (A) the number of shares of Class A Common Stock that would have been received in such
Redemption if a Cash Election had not been made and (B) the Fair Market Value of one share of Class A Common Stock that
would be obtained in an arms-length transaction between an informed and willing buyer and an informed and willing seller, neither
of whom is under any compulsion to buy or sell, respectively, and without regard to the particular circumstances of the buyer or
seller, in each case of clauses (i) and (ii) subject to appropriate and equitable adjustment for any stock splits, reverse
splits, stock dividends or similar events affecting the Class A Common Stock.

 

“Cash Election
Notice” is defined in Section 4.6(a)(iv).

 

“Class A
Common Stock” means, as applicable, (a) the Class A Common Stock, par value $0.0001 per share, of PubCo
or (b) following any consolidation, merger, reclassification or other similar event involving PubCo, any shares or other securities
of PubCo or any other Person or cash or other property that become payable in consideration for the Class A Common Stock or
into which the Class A Common Stock is exchanged or converted as a result of such consolidation, merger, reclassification
or other similar event.

 

    3 

     

    

 

“Class A
Units” means the Class A limited liability company membership interests designated as such by the Managing Member
upon issuance and shall also include any Equity Security of the Company issued in respect of or in exchange for Class A Units,
whether by way of dividend or other distribution, split, recapitalization, merger, rollup transaction, consolidation, conversion
or reorganization.

 

“Class B
Common Stock” means, as applicable, (a) the Class B Common Stock, par value $0.0001 per share, of PubCo
or (b) following any consolidation, merger, reclassification or other similar event involving PubCo, any shares or other securities
of PubCo or any other Person or cash or other property that become payable in consideration for the Class B Common Stock or
into which the Class B Common Stock is exchanged or converted as a result of such consolidation, merger, reclassification
or other similar event.

 

“Class B
Units” means the Class B limited liability company membership interests designated as such by the Managing Member
upon issuance, which shall have no voting rights.

 

“Closing
Cash Consideration” has the meaning set forth in the Purchase Agreement.

 

“Closing
Date Capital Account Balance” means, with respect to any Member, the positive Capital Account balance of such Member
as of the date hereof after giving effect to the transactions contemplated by the Purchase Agreement, the amount or deemed value
of which is set forth on Exhibit A.

 

“Code”
means the United States Internal Revenue Code of 1986, as amended from time to time (or any corresponding provisions of succeeding
law).

 

“Commission”
means the U.S. Securities and Exchange Commission, including any governmental body or agency succeeding to the functions thereof.

 

“Company”
is defined in the preamble to this Agreement.

 

“Company
Minimum Gain” has the meaning of “partnership minimum gain” set forth in Treasury Regulations Sections 1.704-2(b)(2) and
1.704-2(d). It is further understood that Company Minimum Gain shall be determined in a manner consistent with the rules of
Treasury Regulations Section 1.704-2(b)(2), including the requirement that if the adjusted Gross Asset Value of property subject
to one or more Nonrecourse Liabilities differs from its adjusted tax basis, Company Minimum Gain shall be determined with reference
to such Gross Asset Value.

 

“Company
Representative” has the meaning assigned to the term “partnership representative” in Section 6223
of the Code and any Treasury Regulations or other administrative or judicial pronouncements promulgated thereunder.

 

“Contract”
means any written agreement, contract, lease, sublease, license, sublicense, obligation, promise or undertaking.

 

“control”
means the possession, directly or indirectly, through one or more intermediaries, of the following: (a) in the case of a corporation,
more than 50% of the outstanding voting securities thereof, (b) in the case of a limited liability company, partnership, limited
partnership or joint venture, the right to more than 50% of the distributions therefrom (including liquidating distributions),
(c) in the case of a trust or estate, more than 50% of the beneficial interest therein, (d) in the case of any other
entity, more than 50% of the economic or beneficial interest therein or (e) in the case of any entity, the power or authority,
through ownership of voting securities, by Contract or otherwise, to direct the management, activities or policies of the entity.

 

“Credit Agreement”
means that certain Credit Agreement, dated as of April 28, 2020 (as amended), by and among Golden Nugget Online Gaming, Inc.,
a New Jersey corporation, GNOG HoldCo, LF LLC and the Lenders, pursuant to which the Lenders initially extended credit in the form
of senior secured term loans in an aggregate principal amount of $300,000,000.

 

    4 

     

    

 

“Debt Securities”
means, with respect to PubCo, any and all debt instruments or debt securities that are not convertible or exchangeable into Equity
Securities of PubCo.

 

“Depreciation”
means, for each Fiscal Year or other taxable period, an amount equal to the depreciation, amortization, or other cost recovery
deduction allowable with respect to an asset for such Fiscal Year or other taxable period, except that (a) with respect to
any such property the Gross Asset Value of which differs from its Adjusted Basis for U.S. federal income tax purposes and which
difference is being eliminated by use of the “remedial method” pursuant to Treasury Regulations Section 1.704-3(d),
Depreciation for such Fiscal Year or other taxable period shall be the amount of book basis recovered for such Fiscal Year or other
taxable period under the rules prescribed by Treasury Regulations Section 1.704-3(d)(2), and (b) with respect to
any other such property the Gross Asset Value of which differs from its Adjusted Basis for U.S. federal income tax purposes at
the beginning of such Fiscal Year or other taxable period. Depreciation shall be an amount which bears the same ratio to such beginning
Gross Asset Value as the federal income tax depreciation, amortization, or other cost recovery deduction for such Fiscal Year or
other taxable period bears to such beginning Adjusted Basis; provided, however, that if the Adjusted Basis for U.S.
federal income tax purposes of an asset at the beginning of such Fiscal Year or other taxable period is zero, Depreciation with
respect to such asset shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected
by the Managing Member.

 

“DGCL”
means the General Corporation Law of the State of Delaware, as amended from time to time (or any corresponding provisions of succeeding
law).

 

“Discount”
has the meaning set forth in Section 4.6(b)(ii).

 

“Disinterested
Director” shall mean a member of the Corporation’s audit committee or another body of independent directors
of the Corporation authorized to approve the referenced matter in accordance with the Corporation’s related party policy;
provided, that for purposes of this Agreement, any matter referenced in this Agreement that is to be approved by the Disinterested
Directors shall be deemed to constitute a “related party transaction” for purposes of the related party policy, regardless
of the dollar amount involved.

 

“Effective
Time” means 12:01 a.m. Central Standard Time on the date hereof.

 

“Equity Interest
Consideration” has the meaning set forth in the Purchase Agreement.

 

“Equity Securities”
means (a) with respect to a partnership, limited liability company or similar Person, any and all units, interests, rights
to purchase, warrants, options or other equivalents of, or other ownership interests in, any such Person as well as debt or equity
instruments convertible, exchangeable or exercisable into any such units, interests, rights or other ownership interests and (b) with
respect to a corporation, any and all shares, interests, participation or other equivalents (however designated) of corporate stock,
including all common stock and preferred stock, or warrants, options or other rights to acquire any of the foregoing, including
any debt instrument convertible or exchangeable into any of the foregoing.

 

“ERISA”
means the Employee Retirement Security Act of 1974, as amended.

 

“Exchange
Act” means the Securities Exchange Act of 1934, and the rules and regulations promulgated thereunder, as the
same may be amended from time to time (or any corresponding provisions of succeeding law).

 

“Existing
LLC Agreement” is defined in the recitals to this Agreement.

 

    5 

     

    

 

“Fair Market
Value” means the fair market value of any property as determined in Good Faith by the Managing Member after taking
into account such factors as the Managing Member shall deem appropriate.

 

“Fertitta
Affiliates” means, (i) Tilman Fertitta, (ii) Paige Fertitta, (iii) each of their direct descendants,
(iv) each such descendant’s adopted child, stepchild, spouse and any person (other than a tenant or employee) sharing
the household of such descendant, (v) any trust, the beneficiary of which is any Person listed in clauses (i) through
(iv) and (vi) with respect to any Person listed in clauses (i) through (iv), any Person directly
or indirectly controlling or controlled by, or under common control with, such Person; provided, that, for the purposes
of this definition, “control” (including, with correlative meanings, the terms “controlled by”
and “under common control with”), as used with respect to any Person, shall mean the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership
of voting securities, by contract or otherwise.

 

“Final Adjudication”
is defined in Section 7.4(b).

 

“Fiscal Year”
means the fiscal year of the Company, which shall end on December 31 of each calendar year unless, for U.S. federal income
tax purposes, another fiscal year is required. The Company shall have the same fiscal year for U.S. federal income tax purposes
and for accounting purposes.

 

“GAAP”
means U.S. generally accepted accounting principles at the time.

 

“GNOG HoldCo”
is defined in the recitals to this Agreement.

 

“GNOG LLC”
means Golden Nugget Online Gaming, LLC, a New Jersey limited liability company.

 

“Good Faith”
means a Person having acted in good faith and in a manner such Person reasonably believed to be in or not opposed to the best interests
of the Company, and, with respect to a criminal proceeding, having had no reasonable cause to believe such Person’s conduct
was unlawful.

 

“Governmental
Entity” means any federal, national, supranational, state, provincial, local, foreign or other government, governmental,
stock exchange, regulatory or administrative authority, agency or commission or any court, tribunal, or judicial or arbitral body.

 

“Gross Asset
Value” means, with respect to any asset, the asset’s Adjusted Basis for U.S. federal income tax purposes, except
as follows:

 

(a)            the
initial Gross Asset Value of any asset contributed by a Member to the Company shall be the gross Fair Market Value of such asset
as of the date of such contribution;

 

(b)            the
Gross Asset Values of all Company assets shall be adjusted to equal their respective gross Fair Market Values as of the following
times: (i) the acquisition of an Interest (or additional Interest) in the Company by any new or existing Member in exchange
for more than a de minimis Capital Contribution to the Company; (ii) the grant of an Interest (other than a de minimis
Interest) as consideration for the provision of services to or for the benefit of the Company by an existing Member acting in a
member capacity, or by a new Member acting in a member capacity or in anticipation of becoming a Member of the Company; (iii) the
distribution by the Company to a Member of more than a de minimis amount of Company assets as consideration for an Interest
in the Company; (iv) the liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g)(1);
(v) the acquisition of an Interest in the Company by any new or existing Member upon the exercise of a non-compensatory option
in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(s); or (vi) any other event to the extent determined
by the Managing Member to be permitted and necessary or appropriate to properly reflect Gross Asset Values in accordance with the
standards set forth in Treasury Regulations Section 1.704-1(b)(2)(iv)(g); provided, however, that adjustments
pursuant to clauses (i), (ii), (iii) and (v) above shall be made only if the Managing
Member reasonably determines that such adjustments are necessary or appropriate to reflect the relative economic interests of the
Members in the Company. If any non-compensatory options are outstanding upon the occurrence of an event described in this paragraph (b)(i) through
(b)(vi), the Company shall adjust the Gross Asset Values of its properties in accordance with Treasury Regulations Sections 1.704-1(b)(2)(iv)(f)(1) and
1.704-1(b)(2)(iv)(h)(2);

 

    6 

     

    

 

(c)            the
Gross Asset Value of any Company asset distributed to any Member shall be adjusted to equal the gross Fair Market Value of such
asset on the date of such distribution;

 

(d)            the
Gross Asset Values of Company assets shall be increased (or decreased) to reflect any adjustments to the Adjusted Basis of such
assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are
taken into account in determining Capital Accounts pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m) and
subsection (f) in the definition of “Profits” or “Losses” below or Section 5.2(h);
provided, however, that the Gross Asset Value of a Company asset shall not be adjusted pursuant to this subsection (d) to
the extent the Managing Member determines that an adjustment pursuant to subsection (b) of this definition is
necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this subsection (d);
and

 

(e)            if
the Gross Asset Value of a Company asset has been determined or adjusted pursuant to subsections (a), (b) or
(d) of this definition of Gross Asset Value, such Gross Asset Value shall thereafter be adjusted by the Depreciation
taken into account with respect to such asset for purposes of computing Profits, Losses and other items allocated pursuant to Article V.

 

“Indebtedness”
means (a) all indebtedness for borrowed money (including capitalized lease obligations, sale- leaseback transactions or other
similar transactions, however evidenced), (b) any other indebtedness that is evidenced by a note, bond, debenture, draft or
similar instrument, (c) notes payable and (d) lines of credit and any other agreements relating to the borrowing of money
or extension of credit.

 

“Indemnifiable
Losses” is defined in Section 7.4(a).

 

“Indemnitee”
is defined in Section 7.4(a).

 

“Intercompany
Agreement” means the agreement between LF LLC and Golden Nugget, LLC, a Nevada limited liability company, under which
LF LLC is obligated to pay Golden Nugget, LLC for the interest due under the Credit Agreement.

 

“Intercompany
Agreement Contribution” is defined in Section 4.2(A)(a)(ii).

 

“Interest”
means the entire interest of a Member in the Company, including the Units and all of such Member’s rights, powers and privileges
under this Agreement and the Act.

 

“Law”
means any federal, national, supranational, state, provincial, local or similar statute, law, ordinance, regulation, rule, code,
order, requirement or rule of law (including common law).

 

“Lenders”
means Jefferies Finance LLC, Coӧperatieve Rabobank U.A., New York Branch, Keybanc Capital Markets Inc., Citizens Bank, N.A.,
and the lenders signatory to the Credit Agreement.

 

“LF LLC”
is defined in the preamble to this Agreement.

 

    7 

     

    

 

“Liability”
means any liability or obligation, whether known or unknown, asserted or unasserted, absolute or contingent, accrued or unaccrued,
liquidated or unliquidated and whether due or to become due, regardless of when asserted.

 

“Liquidating
Event” is defined in Section 11.1.

 

“Managing
Member” is defined in the recitals to this Agreement.

 

“Member”
means any Person that executes this Agreement as a Member, and any other Person admitted to the Company as an additional or substituted
Member, that has not made a disposition of such Person’s entire Interest.

 

“Member Minimum
Gain” has the meaning ascribed to “partner nonrecourse debt minimum gain” set forth in Treasury Regulations
Section 1.704-2(i). It is further understood that the determination of Member Minimum Gain and the net increase or decrease
in Member Minimum Gain shall be made in the same manner as required for such determination of Company Minimum Gain under Treasury
Regulations Sections 1.704-2(d) and 1.704-2(g)(3).

 

“Member Nonrecourse
Debt” has the meaning of “partner nonrecourse debt” set forth in Treasury Regulations Section 1.704-2(b)(4).

 

“Member Nonrecourse
Deductions” has the meaning of “partner nonrecourse deductions” set forth in Treasury Regulations Sections 1.704-2(i)(1) and
1.704-2(i)(2).

 

“National
Securities Exchange” means an exchange registered with the Commission under the Exchange Act.

 

“Nonrecourse
Deductions” has the meaning assigned that term in Treasury Regulations Section 1.704-2(b).

 

“Nonrecourse
Liability” is defined in Treasury Regulations Section 1.704-2(b)(3).

 

“Officer”
means each Person appointed as an officer of the Company pursuant to and in accordance with the provisions of Section 7.2
and listed on Exhibit B attached hereto.

 

“Party”
or “Parties” is defined in the preamble to this Agreement.

 

“Party Affiliate”
is defined in Section 12.16.

 

“Person”
means any individual, partnership, firm, corporation, limited liability company, association, trust, unincorporated organization
or other entity, as well as any syndicate or group that would be deemed to be a person under Section 13(d)(3) of the
Exchange Act.

 

“Plan Asset
Regulations” means the regulations issued by the U.S. Department of Labor at Section 2510.3-101 of Part 2510
of Chapter XXV, Title 29 of the Code of Federal Regulations, or any successor regulations as the same may be amended from time
to time.

 

“Prime Rate”
means, on any date of determination, a rate per annum equal to the rate of interest most recently published by The Wall
Street Journal as the “prime rate” at large U.S. money center banks.

 

“Proceeding”
is defined in Section 7.4(a).

 

    8 

     

    

 

“Profits”
or “Losses” means, for each Fiscal Year or other taxable period, an amount equal to the Company’s
taxable income or loss for such year or period, determined in accordance with Code Section 703(a) (for this purpose,
all items of income, gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall
be included in taxable income or loss), with the following adjustments (without duplication):

 

(a)            any
income or gain of the Company that is exempt from U.S. federal income tax and not otherwise taken into account in computing Profits
or Losses shall be added to such taxable income or loss;

 

(b)            any
expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures
pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or
Losses, shall be subtracted from such taxable income or loss;

 

(c)            in
the event the Gross Asset Value of any Company asset is adjusted pursuant to subsection (b) or (c) of
the definition of Gross Asset Value above, the amount of such adjustment shall be treated as an item of gain (if the adjustment
increases the Gross Asset Value of the Company asset) or an item of loss (if the adjustment decreases the Gross Asset Value of
the Company asset) from the disposition of such asset and shall, except to the extent allocated pursuant to Section 5.2,
be taken into account for purposes of computing Profits or Losses;

 

(d)            gain
or loss resulting from any disposition of Company assets with respect to which gain or loss is recognized for U.S. federal income
tax purposes shall be computed with reference to the Gross Asset Value of the asset disposed of notwithstanding that the adjusted
tax basis of such asset differs from its Gross Asset Value;

 

(e)            in
lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such taxable income or
loss, there shall be taken into account Depreciation;

 

(f)             to
the extent an adjustment to the adjusted tax basis of any asset pursuant to Code Section 734(b) is required, pursuant
to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Account balances
as a result of a distribution other than in liquidation of a Member’s interest in the Company, the amount of such adjustment
shall be treated as an item of gain (if the adjustment increases the basis of the asset) or an item of loss (if the adjustment
decreases such basis) from the disposition of such asset and shall be taken into account for purposes of computing Profits or Losses;
and

 

(g)            any
items of income, gain, loss or deduction which are specifically allocated pursuant to the provisions of Section 5.2
shall not be taken into account in computing Profits or Losses for any taxable year, but such items available to be specially allocated
pursuant to Section 5.2 will be determined by applying rules analogous to those set forth in subparagraphs (a) through
(f) above.

 

“PubCo”
is defined in the preamble to this Agreement.

 

“PubCo Common
Stock” means all classes and series of common stock of PubCo, including the Class A Common Stock and the Class B
Common Stock.

 

“Purchase
Agreement” is defined in the recitals to this Agreement.

 

“Reclassification
Event” means any of the following: (a) any reclassification or recapitalization of PubCo Common Stock (other
than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision
or combination or any transaction subject to Section 4.1(f)), (b) any merger, consolidation or other combination
involving PubCo or (c) any sale, conveyance, lease, or other disposal of all or substantially all the properties and assets
of PubCo to any other Person, in each of clauses (a), (b) or (c), as a result of which holders of
PubCo Common Stock shall be entitled to receive cash, securities or other property for their shares of PubCo Common Stock.

 

    9 

     

    

 

“Redeeming
Member” is defined in Section 4.6(a)(i).

 

“Redemption”
has the meaning set forth in Section 4.6(a)(i).

 

“Redemption
Date” means (a) the later of (i) the date that is five (5) Business Days after the Redemption Notice
Date and (ii) if the Company or PubCo has made a valid Cash Election with respect to the relevant Redemption, the first Business
Day on which the Company or PubCo has available funds to pay the Cash Election Amount, which in no event shall be more than ten
(10) Business Days after the Redemption Notice Date, or (b) such later date (i) specified in the Redemption Notice
or (ii) on which a contingency described in Section 4.6(a)(ii)(C) that is specified in the Redemption Notice is
satisfied.

 

“Redemption
Notice” is defined in Section 4.6(a)(ii).

 

“Redemption
Notice Date” is defined in Section 4.6(a)(ii).

 

“Registration
Statement” means any registration statement that PubCo is required to file pursuant to the A&R Registration Rights
Agreement.

 

“Regulatory
Allocations” is defined in Section 5.2(i).

 

“Retraction
Notice” is defined in Section 4.6(b)(i).

 

“Second Landcadia
Contribution” has the meaning set forth in the Purchase Agreement.

 

“Securities
Act” means the Securities Act of 1933, and the rules and regulations promulgated thereunder, as the same may
be amended from time to time (or any corresponding provisions of succeeding law).

 

“Subsidiary”
means, with respect to any specified Person, any other Person with respect to which such specified Person (a) has, directly
or indirectly, the power, through the ownership of securities or otherwise, to elect a majority of directors or similar managing
body or (b) beneficially owns, directly or indirectly, a majority of such Person’s Equity Securities.

 

“Tax Distribution
Date” means any date that is five (5) Business Days prior to (a) the date on which estimated federal income
tax payments are required to be made by calendar year corporate taxpayers and (b) the due date for federal income tax returns
of corporate calendar year taxpayers (without regard to extensions).

 

“Tax Receivable
Agreement” means that certain Tax Receivable Agreement by and between LF LLC and PubCo, dated as of December 29,
2020.

 

“Trading
Day” means a day on which the Nasdaq Capital Market or such other principal United States securities exchange on
which the Class A Common Stock is listed or admitted to trading and is open for the transaction of business (unless such trading
shall have been suspended for the entire day).

 

“Transfer”
means, when used as a noun, any voluntary or involuntary, direct or indirect (whether through a change of control of the Transferor
or any Person that controls the Transferor, the issuance or transfer of Equity Securities of the Transferor, by operation of Law
or otherwise), transfer, sale, pledge or hypothecation or other disposition and, when used as a verb, voluntarily or involuntarily,
directly or indirectly (whether through a change of control of the Transferor or any Person that controls the Transferor, the issuance
or transfer of Equity Securities of the Transferor or any Person that controls the Transferor, by operation of Law or otherwise),
to transfer, sell, pledge or hypothecate or otherwise dispose of. The terms “Transferee,” “Transferor,”
 “Transferred,” and other forms of the word “Transfer” shall have the correlative meanings.

 

    10 

     

    

 

“Transfer
Agent” is defined in Section 4.6(a)(iii).

 

“Treasury
Regulations” means pronouncements, as amended from time to time, or their successor pronouncements, which clarify,
interpret and apply the provisions of the Code, and which are designated as “Treasury Regulations” by the United States
Department of the Treasury.

 

“Uniform
Commercial Code” means the Uniform Commercial Code or any successor provision thereof as the same may from time to
time be in effect in the State of Delaware.

 

“Units”
means the Class A Units, the Class B Units and any other Equity Security of the Company.

 

“Voting Stock
Consideration” has the meaning set forth in the Purchase Agreement.

 

Section 1.2     Interpretive
Provisions. For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise
requires:

 

(a)            the
terms defined in Section 1.1 are applicable to the singular as well as the plural forms of such terms;

 

(b)            all
accounting terms not otherwise defined herein have the meanings assigned under GAAP;

 

(c)            all
references to currency, monetary values and dollars set forth herein shall mean United States (U.S.) dollars and all payments hereunder
shall be made in United States dollars;

 

(d)            when
a reference is made in this Agreement to an Article, Section, Exhibit or Schedule, such reference is to an Article or
Section of, or an Exhibit or Schedule to, this Agreement unless otherwise indicated;

 

(e)            whenever
the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed
to be followed by the words “without limitation”;

 

(f)             “or”
is not exclusive;

 

(g)            pronouns
of either gender or neuter shall include, as appropriate, the other pronoun forms; and

 

(h)            the
words “hereof,” “herein” and “hereunder” and words of similar import, when used in this Agreement,
refer to this Agreement as a whole and not to any particular provision of this Agreement.

 

Article II

ORGANIZATION OF THE LIMITED LIABILITY COMPANY

 

Section 2.1      Formation. The
Company has been formed as a limited liability company subject to the provisions of the Act upon the terms, provisions and conditions
set forth in this Agreement.

 

Section 2.2     Filing. The
Company’s Certificate of Formation has been filed with the Secretary of State of the State of Delaware in accordance
with the Act. The Members shall execute such further documents (including amendments to such Certificate of Formation) and
take such further action as is appropriate to comply with the requirements of Law for the operation of a limited liability
company in all states and counties where the Company may conduct its business.

 

    11 

     

    

 

Section 2.3     Name. The name of the Company is “LHGN HoldCo, LLC” and all business of the Company shall be conducted in such name
or, in the discretion of the Managing Member, under any other name.

 

Section 2.4     Registered
Office; Registered Agent. The location of the registered office of the Company in the State of Delaware is Corporation
Trust Company, 1209 Orange Street, Wilmington, Delaware 19801, or at such other place as the Managing Member from time to
time may select. The name and address for service of process on the Company in the State of Delaware is The Corporation Trust
Company, 1209 Orange Street, New Castle County, Wilmington, Delaware 19801, or such other qualified Person as the Managing
Member may designate from time to time and its business address.

 

Section 2.5     Principal
Place of Business. The principal place of business of the Company shall be located in such place as is determined by the
Managing Member from time to time.

 

Section 2.6     Purpose;
Powers. The nature of the business or purposes to be conducted or promoted by the Company is to engage in any lawful act
or activity for which limited liability companies may be formed under the Act. The Company shall have the power and authority
to take any and all actions and engage in any and all activities necessary, appropriate, desirable, advisable, ancillary or
incidental to the accomplishment of the foregoing purpose.

 

Section 2.7     Term. The
term of the Company commenced on the date of filing of the Certificate of Formation of the Company with the office of the
Secretary of State of the State of Delaware in accordance with the Act and shall continue indefinitely. The Company may be
dissolved and its affairs wound up only in accordance with Article XI.

 

Section 2.8    Intent. It
is the intent of the Members that the Company be operated in a manner consistent with its treatment as a
 “partnership” for U.S. federal and applicable state and local income tax purposes. Neither the Company nor any
Member shall take any action inconsistent with the express intent of the parties hereto as set forth in this Section 2.8.

 

Article III

CLOSING TRANSACTIONS

 

Section 3.1     Purchase
Agreement Transactions.

 

(a)            Pursuant
to the terms of the Purchase Agreement, LF LLC transferred to the Company all of the issued and outstanding membership interests
in GNOG HoldCo in exchange for the Second Landcadia Contribution.

 

(b)            PubCo
shall take all actions necessary to cause the stock records of the Class B Common Stock to be held on the books and records
of the Transfer Agent.

 

Article IV

OWNERSHIP AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS

 

Section 4.1     Authorized
Units; General Provisions with Respect to Units.

 

(a)            Subject
to the provisions of this Agreement, the Company shall be authorized to issue from time to time such number of Class A Units
and such other Equity Securities as the Managing Member shall determine in accordance with Section 4.3. Each authorized
Unit may be issued pursuant to such agreements as the Managing Member shall approve, including pursuant to options and warrants.
The Company may reissue any Units that have been repurchased or acquired by the Company; provided, that any such issuance,
and the admission of any Person as a Member in connection therewith, is otherwise made in accordance with the provisions of this
Agreement.

 

    12 

     

    

 

(b)            Initially,
the Units will be uncertificated. If the Managing Member determines that it is in the interest of the Company to issue certificates
representing the Units, certificates will be issued and the Units will be represented by those certificates, and this Agreement
shall be amended as the Managing Member shall determine necessary or desirable to reflect the issuance of certificated Units for
purposes of the Uniform Commercial Code. Nothing contained in this Section 4.1(b) shall be deemed to authorize
or permit any Member to Transfer its Units except as otherwise permitted under this Agreement.

 

(c)            The
total number and type of Units issued and outstanding and held by the Members is set forth on Exhibit A (as amended
from time to time in accordance with the terms of this Agreement) as of the date set forth therein.

 

(d)            If,
at any time after the Effective Time, PubCo issues a share of its Class A Common Stock or any other Equity Security of PubCo
(other than shares of Class B Common Stock), (i) the Company shall concurrently issue to PubCo one Class A Unit
(if PubCo issues a share of Class A Common Stock), or such other Equity Security of the Company (if PubCo issues Equity Securities
other than Class A Common Stock) corresponding to the Equity Securities issued by PubCo, and with substantially the same rights
to dividends and distributions (including distributions upon liquidation) and other economic rights as those of such Equity Securities
of PubCo to be issued and (ii) PubCo shall concurrently contribute to the Company the net proceeds or other property received
by PubCo, if any, for such share of Class A Common Stock or other Equity Security; provided, however, that if
PubCo issues any shares of Class A Common Stock in order to acquire or fund the acquisition from a Member (other than PubCo)
of a number of Class B Units (and shares of Class B Common Stock) equal to the number of shares of Class A Common
Stock so issued, then the Company shall not issue any new Units in connection therewith and, where such shares of Class A
Common Stock have been issued for cash to fund an acquisition, PubCo shall not be required to transfer such net proceeds to the
Company, and such net proceeds shall instead be transferred to such Member as consideration for such acquisition. Notwithstanding
the foregoing, this Section 4.1(d) shall not apply to the issuance and distribution to holders of shares of PubCo
Common Stock of rights to purchase Equity Securities of PubCo under a “poison pill” or similar shareholders rights
plan (and upon any Redemption of Units for Class A Common Stock, such Class A Common Stock will be issued together with
a corresponding right under such plan), or to the issuance under PubCo’s employee benefit plans of any warrants, options,
stock appreciation right, restricted stock, restricted stock units, performance based award or other rights to acquire Equity Securities
of PubCo or rights or property that may be converted into or settled in Equity Securities of PubCo, but shall in each of the foregoing
cases apply to the issuance of Equity Securities of PubCo in connection with the exercise or settlement of such rights, warrants,
options, stock appreciation right, restricted stock, restricted stock units, performance based award or other rights or property.
Except pursuant to Section 4.6, (x) the Company may not issue any additional Units to PubCo or any of its Subsidiaries
unless substantially simultaneously therewith PubCo or such Subsidiary issues or sells an equal number of newly-issued shares of
Class A Common Stock to another Person and contributes the net proceeds therefrom to the Company, and (y) the Company
may not issue any other Equity Securities of the Company to PubCo or any of its Subsidiaries unless substantially simultaneously
PubCo or such Subsidiary issues or sells, to another Person, an equal number of newly-issued shares of a new class or series of
Equity Securities of PubCo or such Subsidiary with substantially the same rights to dividends and distributions (including distributions
upon liquidation) and other economic rights as those of such Equity Securities of the Company and contributes the net proceeds
therefrom to the Company. If at any time PubCo or any of its Subsidiaries (other than the Company and its Subsidiaries) issues
Debt Securities, PubCo or such Subsidiary shall transfer to the Company (in a manner to be determined by the Managing Member in
its reasonable discretion) the proceeds received by PubCo or such Subsidiary, as applicable, in exchange for such Debt Securities
in a manner that directly or indirectly burdens the Company with the repayment of the Debt Securities. In the event any Equity
Security outstanding at PubCo is exercised or otherwise converted and, as a result, any shares of Class A Common Stock or
other Equity Securities of PubCo are issued, (i) the corresponding Equity Security outstanding at the Company shall be similarly
exercised or otherwise converted, as applicable, and an equivalent number of Units or other Equity Securities of the Company shall
be issued to PubCo as contemplated by the first sentence of this Section 4.1(d), and (ii) PubCo shall concurrently
contribute to the Company the net proceeds received by PubCo from any such exercise.

 

    13 

     

    

 

(e)           PubCo
or any of its Subsidiaries may not redeem, repurchase or otherwise acquire (i) any shares of Class A Common Stock (including
upon forfeiture of any unvested shares of Class A Common Stock) unless substantially simultaneously the Company redeems, repurchases
or otherwise acquires from PubCo or such Subsidiary an equal number of Class A Units for the same price per security or (ii) any
other Equity Securities of PubCo, unless substantially simultaneously the Company redeems, repurchases or otherwise acquires from
PubCo or such Subsidiary an equal number of Equity Securities of the Company of a corresponding class or series with substantially
the same rights to dividends and distributions (including distributions upon liquidation) and other economic rights as those of
such Equity Securities of PubCo for the same price per security. The Company may not redeem, repurchase or otherwise acquire (x) except
pursuant to Section 4.6, any Class A Units from PubCo or any of its Subsidiaries unless substantially simultaneously
PubCo or such Subsidiary redeems, repurchases or otherwise acquires an equal number of shares of Class A Common Stock for
the same price per security from holders thereof, or (y) any other Equity Securities of the Company from PubCo or any of its
Subsidiaries unless substantially simultaneously PubCo or such Subsidiary redeems, repurchases or otherwise acquires for the same
price per security an equal number of Equity Securities of PubCo of a corresponding class or series with substantially the same
rights to dividends and distributions (including distribution upon liquidation) and other economic rights as those of such Equity
Securities of PubCo. Notwithstanding the foregoing, to the extent that any consideration payable by PubCo in connection with the
Redemption or repurchase of any shares of Class A Common Stock or other Equity Securities of PubCo or any of its Subsidiaries
consists (in whole or in part) of shares of Class A Common Stock or such other Equity Securities (including, for the avoidance
of doubt, in connection with the cashless exercise of an option or warrant other than those issued under PubCo’s employee
benefit plans), then the Redemption or repurchase of the corresponding Units or other Equity Securities of the Company shall be
effectuated in an equivalent manner.

 

(f)            The
Company shall not in any manner effect any subdivision (by any equity split, equity distribution, reclassification, recapitalization
or otherwise) or combination (by reverse equity split, reclassification, recapitalization or otherwise) of the outstanding Units
unless accompanied by an identical subdivision or combination, as applicable, of the outstanding PubCo Common Stock, with corresponding
changes made with respect to any other exchangeable or convertible securities. PubCo shall not in any manner effect any subdivision
(by any equity split, equity distribution, reclassification, recapitalization or otherwise) or combination (by reverse equity split,
reclassification, recapitalization or otherwise) of the outstanding PubCo Common Stock unless accompanied by an identical subdivision
or combination, as applicable, of the outstanding Units, with corresponding changes made with respect to any other exchangeable
or convertible securities.

 

Section 4.2     Voting
Rights. No Member has any voting right except with respect to those matters specifically reserved for a Member vote under
the Act and for matters expressly requiring the approval of Members under this Agreement. Except as otherwise required by the
Act, each Class A Unit will entitle the holder thereof to one vote on all matters to be voted on by the Members. For the
avoidance of doubt, Class B Units shall have no voting rights. Except as otherwise expressly provided in this Agreement,
the holders of Class A Units having voting rights will vote together as a single class on all matters to be approved by
the Members.

 

Section 4.3     Capital
Contributions; Unit Ownership.

 

(a)           Capital
Contributions. Except as otherwise set forth in Section 4.1(d), no Member shall be required to make additional
Capital Contributions.

 

    14 

     

    

 

(b)          Issuance
of Additional Units or Interests.

 

		(i)	Except as otherwise expressly provided in this Agreement, the Managing Member shall have the right,
in its sole discretion, to authorize and cause the Company to issue on such terms (including price) as may be determined by the
Managing Member (i) subject to the limitations of Section 4.1, additional Units or other Equity Securities in
the Company (including creating preferred interests or other classes or series of interests having such rights, preferences and
privileges as determined by the Managing Member in its sole discretion, which rights, preferences and privileges may be senior
to the Units) and (ii) obligations, evidences of Indebtedness or other securities or interests convertible or exchangeable
for Units or other Equity Securities in the Company; provided, that, at any time following the date hereof, in each case
the Company shall not issue Equity Securities in the Company to any Person unless such Person shall have executed a counterpart
to this Agreement and all other documents, agreements or instruments deemed necessary or desirable in the discretion of the Managing
Member. Upon such issuance and execution, such Person shall be admitted as a Member of the Company. In that event, the Managing
Member shall amend Exhibit A to reflect such additional issuances. Subject to Section 12.1, the Managing
Member is hereby authorized to amend this Agreement to set forth the designations, preferences, rights, powers and duties of such
additional Units or other Equity Securities in the Company, or such other amendments that the Managing Member determines to be
otherwise necessary or appropriate in connection with the creation, authorization or issuance of, any class or series of Units
or other Equity Securities in the Company pursuant to this Section 4.3(b); provided, that notwithstanding the
foregoing, the Managing Member shall have the right to amend this Agreement as set forth in this sentence without the approval
of any other Person (including any Member) and notwithstanding any other provision of this Agreement (including Section 12.1)
if such amendment is necessary, and then only to the extent necessary, in order to consummate any offering of shares of PubCo Common
Stock or other Equity Securities of PubCo; provided, that the designations, preferences, rights, powers and duties of any
such additional Units or other Equity Securities of the Company as set forth in such amendment are substantially similar to those
applicable to such shares of PubCo Common Stock or other Equity Securities of PubCo.

 

		(ii)	Within five (5) days of each payment made by LF LLC to GNOG LLC as a result of obligations
under the Intercompany Agreement for the purpose of a payment of interest under the Credit Agreement (each, an “Intercompany
Agreement Contribution”) the Managing Member shall cause the Company to issue to LF LLC a number of Class B
Units equal to (rounded down to the nearest whole Unit) (A) the amount of the relevant Intercompany Agreement Contribution
divided by (B) (x) if the Class A Common Stock trades on a National Securities Exchange or automated or electronic
quotation system, the average of the volume-weighted closing price for a share of Class A Common Stock on the principal U.S.
securities exchange or automated or electronic quotation system, as applicable, on which the Class A Common Stock trades,
as reported by Bloomberg, L.P. or its successor, for each of the ten (10) consecutive full Trading Days ending on and including
the last full Trading Day immediately prior to the due date of such payment in accordance with the Intercompany Agreement; and
(y) if the Class A Common Stock is not then traded on a U.S. securities exchange or automated or electronic quotation
system, the Fair Market Value of one share of Class A Common Stock that would be obtained in an arms-length transaction between
an informed and willing buyer and an informed and willing seller, neither of whom is under any compulsion to buy or sell, respectively,
and without regard to the particular circumstances of the buyer or seller, in each case of clauses (x) and (y), subject to
appropriate and equitable adjustment for any stock splits, reverse splits, stock dividends or similar events affecting the Class A
Common Stock. Simultaneously with the delivery of Class B Units under this Section 4.3(b)(ii), PubCo shall deliver
to LF LLC an equal number of shares of Class B Common Stock, which shares shall be validly issued, fully paid and nonassessable
when issued in accordance with this Agreement.

 

    15 

     

    

 

Section 4.4     Capital
Accounts.

 

(a)            A
Capital Account shall be maintained for each Member in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv) and,
to the extent consistent with such regulations, the other provisions of this Agreement. Each Member’s Capital Account balance
as of the date hereof shall be equal to the amount of its respective Closing Date Capital Account Balance set forth opposite such
Member’s name on Exhibit A. Thereafter, each Member’s Capital Account shall be (a) increased by (i) allocations
to such Member of Profits pursuant to Section 5.1 and any other items of income or gain allocated to such Member pursuant
to Section 5.2, (ii) the amount of cash or the initial Gross Asset Value of any asset (net of any Liabilities
assumed by the Company and any Liabilities to which the asset is subject) contributed to the Company by such Member, and (iii) any
other increases allowed or required by Treasury Regulations Section 1.704-1(b)(2)(iv), and (b) decreased by (i) allocations
to such Member of Losses pursuant to Section 5.1 and any other items of deduction or loss allocated to such Member
pursuant to the provisions of Section 5.2, (ii) the amount of any cash or the Gross Asset Value of any asset (net
of any Liabilities assumed by the Member and any Liabilities to which the asset is subject) distributed to such Member, and (iii) any
other decreases allowed or required by Treasury Regulations Section 1.704-1(b)(2)(iv). In the event of a Transfer of Units
made in accordance with this Agreement (including a deemed Transfer for U.S. federal income tax purposes as described in Section 4.6(a)(v)),
the Capital Account of the Transferor that is attributable to the Transferred Units shall carry over to the Transferee Member in
accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv)(l).

 

(b)            Each
Intercompany Agreement Contribution shall be treated as a capital contribution by LF LLC and increase LF LLC’s Capital Contribution
and Capital Account.

 

Section 4.5     Other
Matters.

 

(a)            No
Member shall demand or receive a return on or of its Capital Contributions or withdraw from the Company without the consent of
the Managing Member. Under circumstances requiring a return of any Capital Contributions, no Member has the right to receive property
other than cash.

 

(b)            No
Member shall receive any interest, salary, compensation, draw or reimbursement with respect to its Capital Contributions or its
Capital Account, or for services rendered or expenses incurred on behalf of the Company or otherwise in its capacity as a Member,
except as otherwise provided in Section 7.8 or as otherwise contemplated by this Agreement.

 

(c)            The
Liability of each Member shall be limited as set forth in the Act and other applicable Law and, except as expressly set forth in
this Agreement or required by Law, no Member (or any of its Affiliates) shall be personally liable, whether to the Company, any
of the other Members, the creditors of the Company, or any other third party, for any debt or Liability of the Company, whether
arising in contract, tort or otherwise, solely by reason of being a Member of the Company.

 

    16 

     

    

 

(d)          Except
as otherwise required by the Act, a Member shall not be required to restore a deficit balance in such Member’s Capital Account,
to lend any funds to the Company or, except as otherwise set forth herein, to make any additional contributions or payments to
the Company.

 

(e)          The
Company shall not be obligated to repay any Capital Contributions of any Member.

 

Section 4.6     Redemption
of Class B Units.

 

(a)          Redemption.

 

(i)            Upon
the terms and subject to the conditions set forth in this Section 4.6, following one hundred and eighty (180) days
after the date hereof, each of the Members (other than PubCo and its wholly-owned Subsidiaries) (each, a “Redeeming
Member”) shall be entitled to cause the Company to redeem all or a portion of such Member’s Class B Units
(together with the surrender and delivery of the same number of shares of Class B Common Stock) for either (x) the delivery
by the Company of a number of shares of Class A Common Stock equal to the number of Class B Units surrendered (a “Redemption”)
or (y) at the Company’s election made in accordance with Section 4.6(a)(iv), the delivery by the Company
of cash equal to the Cash Election Amount calculated with respect to such Redemption. Absent the prior written consent of the Managing
Member, with respect to each Redemption, a Redeeming Member shall be:

 

		(A)	required to redeem at least a number of Class B Units equal to the lesser of (x) 1,000
Class B Units and (y) all of the Class B Units then held by such Redeeming Member; provided, that a Redeeming
Member shall be permitted to effect a Redemption of Class B Units at least as frequently as once per calendar quarter; and

 

		(B)	Upon the Redemption of all of a Member’s Units, such Member shall, for the avoidance of doubt,
cease to be a Member of the Company.

 

(ii)           In
order to exercise the Redemption right under Section 4.6(a)(i), the Redeeming Member shall provide written notice (the
 “Redemption Notice”) to the Company, with a copy to PubCo (the date of delivery of such Redemption Notice,
the “Redemption Notice Date”), stating:

 

		(A)	the number of Class B Units (together with the surrender and delivery of an equal number of
shares of Class B Common Stock) the Redeeming Member elects to have the Company redeem;

 

		(B)	if the shares of Class A Common Stock to be received are to be issued other than in the name
of the Redeeming Member, the name(s) of the Person(s) in whose name or on whose order the shares of Class A Common
Stock are to be issued;

 

		(C)	whether the exercise of the Redemption right is to be contingent (including as to timing) upon
(i) the closing of an underwritten offering of the shares of Class A Common Stock for which the Class B Units will
be redeemed, (ii) the closing of an announced merger, consolidation or (iii) other transaction or event to which PubCo
is a party in which the shares of Class A Common Stock would be exchanged or converted or become exchangeable for or convertible
into cash or other securities or property; and

 

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		(D)	if the Redeeming Member requires the Redemption to take place on a specific Business Day, such
Business Day; provided, that, any such specified Business Day shall not be earlier than the date that would otherwise apply
pursuant to clause (a) of the definition of Redemption Date.

 

(iii)         If
the Class B Units to be redeemed (or the shares of Class B Common Stock to be transferred and surrendered) by the Redeeming
Member are represented by a certificate or certificates, prior to the Redemption Date, the Redeeming Member shall also present
and surrender such certificate or certificates representing such Class B Units (or shares of Class B Common Stock) during
normal business hours at the principal executive offices of the Company, or if any agent for the registration or transfer of Class A
Common Stock is then duly appointed and acting (the “Transfer Agent”), at the office of the Transfer
Agent. If required by the Managing Member or the Transfer Agent, the Redeeming Member shall also deliver, prior to the Redemption
Date, instruments of transfer, in forms reasonably satisfactory to the Managing Member and the Transfer Agent, duly executed by
the Redeeming Member or the Redeeming Member’s duly authorized representative.

 

(iv)          Upon
receipt of a Redemption Notice, the Company shall be entitled to elect (a “Cash Election”) to settle
the Redemption by delivering to the Redeeming Member, in lieu of the applicable number of shares of Class A Common Stock that
would be received in such Redemption, an amount of cash equal to the Cash Election Amount for such Redemption; provided,
that so long as Pubco makes the election on behalf of the Company in its capacity as the sole managing member of the Company, such
election shall be approved by a majority of the Disinterested Directors. In order to make a Cash Election with respect to a Redemption,
the Company must provide written notice of such election (a “Cash Election Notice”) to the Redeeming
Member (with a copy to PubCo) prior to 5:00 p.m., Texas time, on the third Business Day after the Redemption Notice Date. If the
Company fails to provide such written notice prior to such time, it shall not be entitled to make a Cash Election with respect
to such Redemption.

 

(v)           For
U.S. federal and applicable state and local income tax purposes, each of the Redeeming Member, the Company and PubCo, as the case
may be, agree to treat each Redemption as a sale of the Redeeming Member’s Class B Units (together with the same number
of shares of Class B Common Stock) to PubCo in exchange for shares of Class A Common Stock or cash, as applicable.

 

(b)          Redemption
Procedures.

 

(i)            Subject
to the satisfaction of any contingency described in Section 4.6(a)(ii)(C) or (D) that is specified
in the relevant Redemption Notice, the Redemption shall be completed on the Redemption Date; provided, that if a valid Cash
Election has not been made, the Redeeming Member may, at any time prior to the Redemption Date, revoke its Redemption Notice by
giving written notice (the “Retraction Notice”) to the Company (with a copy to PubCo); provided,
however, that in no event may the Redeeming Member deliver a Retraction Notice later than two (2) Business Days prior
to the applicable Redemption Date. The timely delivery of a Retraction Notice shall terminate all of the Redeeming Member’s,
the Company’s and PubCo’s rights and obligations arising from the retracted Redemption Notice.

 

    18 

     

    

 

(ii)            Unless
the Redeeming Member has timely delivered a Retraction Notice as provided in Section 4.6(b)(i), on the Redemption Date
(to be effective immediately prior to the close of business on the Redemption Date) (A) the Redeeming Member shall transfer
and surrender the Class B Units to be redeemed (and a corresponding number of shares of Class B Common Stock to be canceled)
to the Company, in each case free and clear of all liens and encumbrances, (B) PubCo shall contribute to the Company the consideration
the Redeeming Member is entitled to receive under Section 4.6(a)(i) or 4.6(a)(iv), as applicable, and as
described in Section 4.1(d), the Company shall issue to PubCo a number of Class B Units or other Equity Securities
of the Company as consideration for such contribution, (C) the Company shall (x) cancel the redeemed Class B Units,
(y) transfer to the Redeeming Member the consideration the Redeeming Member is entitled to receive under Section 4.6(a)(i) or
4.6(a)(iv), as applicable, and (z) if the Class B Units are certificated, issue to the Redeeming Member a certificate
for a number of Class B Units equal to the difference (if any) between the number of Class B Units evidenced by the certificate
surrendered by the Redeeming Member pursuant to Section 4.6(b)(ii)(A) and the number of redeemed Class B
Units and (D) PubCo shall cancel the surrendered shares of Class B Common Stock. Notwithstanding any other provisions
of this Agreement to the contrary, in the event that the Company makes a valid Cash Election, PubCo shall only be obligated to
contribute to the Company an amount in cash equal to the net proceeds (after deduction of any underwriters’ discounts or
commissions and brokers’ fees or commissions (including, for the avoidance of doubt, any deferred discounts or commissions
and brokers’ fees or commissions payable in connection with or as a result of such public offering) (such difference, the
 “Discount”)) from the sale by PubCo of a number of shares of Class A Common Stock equal to the number
of Class B Units and Class B Common Stock to be redeemed with such cash or from the sale of other PubCo Equity Securities
used to fund the Cash Election Amount; provided, that PubCo’s Capital Account shall be increased by an amount equal
to any such Discounts relating to such sale of shares of Class A Common Stock or other PubCo Equity Securities in accordance
with Section 7.8; provided, further, that the contribution of such net proceeds shall in no event affect
the Redeeming Member’s right to receive the Cash Election Amount.

 

(c)            Splits,
Distributions and Reclassifications. If (i) there is any reclassification, reorganization, recapitalization or other similar
transaction pursuant to which the shares of Class A Common Stock are converted or changed into another security, securities
or other property (other than as a result of a subdivision or combination or any transaction subject to Section 4.1(f)),
or (ii) PubCo, by dividend or otherwise, distributes to all holders of the shares of Class A Common Stock evidences of
its Indebtedness or assets, including securities (including shares of Class A Common Stock and any rights, options or warrants
to all holders of the shares of Class A Common Stock to subscribe for, to purchase or to otherwise acquire shares of Class A
Common Stock, or other securities or rights convertible into, or exchangeable or exercisable for, shares of Class A Common
Stock) but excluding any cash dividend or distribution as well as any such distribution of Indebtedness or assets received by PubCo
from the Company in respect of the Class B Units, then upon any subsequent Redemption, in addition to the shares of Class A
Common Stock or the Cash Election Amount, as applicable, each Member shall be entitled to receive the amount of such security,
securities or other property that such Member would have received if such Redemption had occurred immediately prior to the effective
date of such reclassification, reorganization, recapitalization, other similar transaction, dividend or other distribution, taking
into account any adjustment as a result of any subdivision (by any split, distribution or dividend, reclassification, reorganization,
recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of such security,
securities or other property that occurs after the effective date of such reclassification, reorganization, recapitalization or
other similar transaction. For the avoidance of doubt, if there is any reclassification, reorganization, recapitalization or other
similar transaction in which the shares of Class A Common Stock are converted or changed into another security, securities
or other property, or any dividend or distribution (other than an excluded dividend or distribution, as described above), this
Section 4.6 shall continue to be applicable, mutatis mutandis, with respect to such security or other property. This
Agreement shall apply to the Class B Units held by the Members and their Transferees as of the date hereof, as well as any
Class B Units hereafter acquired by a Member and his or her or its Transferees.

 

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(d)            PubCo
Covenants. PubCo shall at all times keep available, solely for the purpose of issuance upon a Redemption, out of its authorized
but unissued shares of Class A Common Stock, such number of shares of Class A Common Stock that shall be issuable upon
the Redemption of all outstanding Class B Units; provided, that nothing contained herein shall be construed to preclude
PubCo from satisfying its obligations with respect to a Redemption by delivery of cash pursuant to a Cash Election or shares of
Class A Common Stock that are held in the treasury of PubCo. PubCo covenants that all shares of Class A Common Stock
that shall be issued upon a Redemption shall, upon issuance thereof, be validly issued, fully paid and non- assessable. In addition,
for so long as the shares of Class A Common Stock are listed on a National Securities Exchange, PubCo shall use its reasonable
best efforts to cause all shares of Class A Common Stock issued upon a Redemption to be listed on such National Securities
Exchange at the time of such issuance. For purposes of this Section 4.6(d), references to the “Class A Common
Stock” shall be deemed to include any Equity Securities issued or issuable as a result of any reclassification, combination,
subdivision or similar of the Class A Common Stock.

 

(e)            Redemption
Taxes. The issuance of shares of Class A Common Stock upon a Redemption shall be made without charge to the Redeeming
Member for any stamp or other similar tax in respect of such issuance; provided, however, that if any such shares
of Class A Common Stock are to be issued in a name other than that of the Redeeming Member, then the Person or Persons in
whose name the shares are to be issued shall pay to PubCo the amount of any tax that may be payable in respect of any Transfer
involved in such issuance or shall establish to the satisfaction of PubCo that such tax has been paid or is not payable.

 

(f)             [Reserved]

 

(g)            Distribution
Rights. No Redemption shall impair the right of the Redeeming Member to receive any distributions payable on the Class B
Units redeemed pursuant to such Redemption in respect of a record date that occurs prior to the Redemption Date for such Redemption.
For the avoidance of doubt, no Redeeming Member, or a Person designated by a Redeeming Member to receive shares of Class A
Common Stock, shall be entitled to receive, with respect to such record date, distributions or dividends both on Class B Units
redeemed by the Company from such Redeeming Member and on shares of Class A Common Stock received by such Redeeming Member,
or other Person so designated, if applicable, in such Redemption.

 

(h)            PubCo
Membership. Any Class B Units acquired by the Company under this Section 4.6 and Transferred by the Company
to PubCo shall remain outstanding and shall not be cancelled as a result of their acquisition by the Company. Notwithstanding any
other provision of this Agreement, PubCo shall continue as a Member of the Company with respect to any Class A Units or other
Equity Securities in the Company it receives under this Agreement (including under this Section 4.6 in connection with
any Redemption).

 

(i)             Redemption
Restrictions. The Managing Member may impose additional limitations and restrictions on Redemptions (including limiting Redemptions
or creating priority procedures for Redemptions), to the extent it determines, in Good Faith, such limitations and restrictions
to be necessary or appropriate to avoid undue risk that the Company may be classified as a “publicly traded partnership”
within the meaning of Section 7704 of the Code.

 

(j)             Tax
Certificates. In connection with any Redemption, the Redeeming Member shall deliver to PubCo or the Company, as applicable,
a certificate, dated as of the date of the Redemption and sworn under penalties of perjury, in a form reasonably acceptable to
PubCo or the Company, as applicable, certifying as to such Redeeming Member’s taxpayer identification number and that such
Redeeming Member is a not a foreign person for purposes of Section 1445 and Section 1446(f) of the Code.

 

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(k)            Representations
and Warranties. In connection with any Redemption, upon the acceptance of the Class A Common Stock or an amount of cash
equal to the Cash Election Amount, the Redeeming Member shall represent and warrant that the Redeeming Member is the owner of the
number of Class B Units the Redeeming Member is electing to have the Company redeem and that such Class B Units are not
subject to any liens or restrictions to transfer the shares (other than restrictions imposed by this Agreement and PubCo’s
Fourth Amended and Restated Certificate of Incorporation).

 

Section 4.7     Representations
and Warranties of the Members. Unless otherwise set forth in an agreement between the Company and a Member, each Member severally
(and not jointly) represents and warrants to the Company and each other Member as of the date of such Member’s admittance
to the Company that (i) to the extent it is not a natural person, it is duly formed, validly existing and in good standing
under the Laws of the jurisdiction of its formation, and if required by Law is duly qualified to conduct business and is in good
standing in the jurisdiction of its principal place of business (if not formed in such jurisdiction); (ii) to the extent
it is not a natural person, it has full corporate, limited liability company, partnership, trust or other applicable power and
authority to execute and deliver this Agreement and to perform its obligations hereunder and all necessary actions by the board
of directors, shareholders, managers, members, partners, trustees, beneficiaries or other Persons necessary for the due authorization,
execution, delivery and performance of this Agreement by that Member have been duly taken; (iii) it has duly executed and
delivered this Agreement, and this Agreement is enforceable against such Member in accordance with its terms, subject to bankruptcy,
moratorium, insolvency and other Laws generally affecting creditors’ rights and general principles of equity (whether applied
in a Proceeding in a court of law or equity); (iv) its authorization, execution, delivery, and performance of this Agreement
does not breach or conflict with or constitute a default under (A) such Member’s charter or other governing documents
to the extent it is not a natural person or (B) any material obligation under any other material agreement or arrangement
to which that Member is a party or by which it is bound; and (v) it: (A) has been furnished with such information about
the Company and the Interest as that Member has requested, (B) has made its own independent inquiry and investigation into,
and based thereon has formed an independent judgment concerning, the Company and such Member’s Interest herein, (C) has
adequate means of providing for its current needs and possible contingencies, is able to bear the economic risks of this investment
and has a sufficient net worth to sustain a loss of its entire investment in the Company in the event such loss should occur,
(D) has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks
of an investment in the Company, (E) is, or is controlled by, an “accredited investor,” as that term is defined
in Rule 501(a) of Regulation D, promulgated under the Securities Act, and (F) understands and agrees that its Interest
shall not be sold, pledged, hypothecated or otherwise Transferred except in accordance with the terms of this Agreement and pursuant
to an effective Registration Statement under the Securities Act or an applicable exemption from registration and/or qualification
under the Securities Act and applicable state securities Laws.

 

Article V

ALLOCATIONS OF PROFITS AND LOSSES

 

Section 5.1     Profits
and Losses. After giving effect to the allocations under Section 5.2 and subject to Section 5.4, Profits
and Losses (and, to the extent determined by the Managing Member to be necessary and appropriate to achieve the resulting Capital
Account balances described below, any allocable items of income, gain, loss, deduction or credit includable in the computation
of Profits and Losses) for each Fiscal Year or other taxable period shall be allocated among the Members during such Fiscal Year
or other taxable period in a manner such that, after giving effect to all distributions through the end of such Fiscal Year or
other taxable period, the Capital Account balance of each Member, immediately after making such allocation, is, as nearly as possible,
equal to (i) the amount such Member would receive pursuant to Section 11.3(b) if all assets of the Company
on hand at the end of such Fiscal Year or other taxable period were sold for cash equal to their Gross Asset Values, all liabilities
of the Company were satisfied in cash in accordance with their terms (limited with respect to each Nonrecourse Liability to the
Gross Asset Value of the assets securing such liability), and all remaining or resulting cash was distributed, in accordance with
Section 11.3(b), to the Members immediately after making such allocation, minus (ii) such Member’s share
of Company Minimum Gain and Member Minimum Gain, computed immediately prior to the hypothetical sale of assets, and the amount
any such Member is treated as obligated to contribute to the Company, computed immediately after the hypothetical sale of assets.

 

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Section 5.2     Special
Allocations.

 

(a)            Nonrecourse
Deductions for any Fiscal Year or other taxable period shall be specially allocated to the Members on a pro rata basis in
accordance with the number of Units owned by each Member. The amount of Nonrecourse Deductions for a Fiscal Year or other taxable
period shall equal the excess, if any, of the net increase, if any, in the amount of Company Minimum Gain during that Fiscal Year
or other taxable period over the aggregate amount of any distributions during that Fiscal Year or other taxable period of proceeds
of a Nonrecourse Liability that are allocable to an increase in Company Minimum Gain, determined in accordance with the provisions
of Treasury Regulations Section 1.704-2(d).

 

(b)            Any
Member Nonrecourse Deductions for any Fiscal Year or other taxable period shall be specially allocated to the Member who bears
economic risk of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable
in accordance with Treasury Regulations Section 1.704-2(i). If more than one Member bears the economic risk of loss for such
Member Nonrecourse Debt, the Member Nonrecourse Deductions attributable to such Member Nonrecourse Debt shall be allocated among
the Members according to the ratio in which they bear the economic risk of loss. This Section 5.2(b) is intended
to comply with the provisions of Treasury Regulations Section 1.704-2(i) and shall be interpreted consistently therewith.

 

(c)            Notwithstanding
any other provision of this Agreement to the contrary, if there is a net decrease in Company Minimum Gain during any Fiscal Year
or other taxable period (or if there was a net decrease in Company Minimum Gain for a prior Fiscal Year or other taxable period
and the Company did not have sufficient amounts of income and gain during prior periods to allocate among the Members under this
Section 5.2(c)), each Member shall be specially allocated items of Company income and gain for such Fiscal Year or
other taxable period in an amount equal to such Member’s share of the net decrease in Company Minimum Gain during such year
(as determined pursuant to Treasury Regulations Section 1.704-2(g)(2)). This Section 5.2(c) is intended to
constitute a minimum gain chargeback under Treasury Regulations Section 1.704-2(f) and shall be interpreted consistently
therewith.

 

(d)            Notwithstanding
any other provision of this Agreement except Section 5.2(c), if there is a net decrease in Member Minimum Gain during
any Fiscal Year or other taxable period (or if there was a net decrease in Member Minimum Gain for a prior Fiscal Year or other
taxable period and the Company did not have sufficient amounts of income and gain during prior periods to allocate among the Members
under this Section 5.2(d)), each Member shall be specially allocated items of Company income and gain for such year
in an amount equal to such Member’s share of the net decrease in Member Minimum Gain (as determined pursuant to Treasury
Regulations Section 1.704-2(i)(4)). This Section 5.2(d) is intended to constitute a partner nonrecourse debt
minimum gain chargeback under Treasury Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

 

(e)            Notwithstanding
any provision hereof to the contrary except Section 5.2(a) and 5.2(b), no Losses or other items of loss
or expense shall be allocated to any Member to the extent that such allocation would cause such Member to have an Adjusted Capital
Account Deficit (or increase any existing Adjusted Capital Account Deficit) at the end of such Fiscal Year or other taxable period.
All Losses and other items of loss and expense in excess of the limitation set forth in this Section 5.2(e) shall
be allocated to the Members who do not have an Adjusted Capital Account Deficit in proportion to their relative positive Capital
Accounts but only to the extent that such Losses and other items of loss and expense do not cause any such Member to have an Adjusted
Capital Account Deficit.

 

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(f)            Notwithstanding
any provision hereof to the contrary except Section 5.2(c) and 5.2(d), in the event any Member unexpectedly
receives any adjustment, allocation or distribution described in paragraph (4), (5) or (6) of Treasury Regulations
Section 1.704-1(b)(2)(ii)(d), items of income and gain (consisting of a pro rata portion of each item of income, including
gross income, and gain for the Fiscal Year or other taxable period) shall be specially allocated to such Member in an amount and
manner sufficient to eliminate any Adjusted Capital Account Deficit of that Member as quickly as possible; provided, that
an allocation pursuant to this Section 5.2(f) shall be made only if and to the extent that such Member would have
an Adjusted Capital Account Deficit after all other allocations provided for in Section 5.1 and 5.2 have been
tentatively made as if this Section 5.2(f) were not in this Agreement. This Section 5.2(f) is
intended to constitute a qualified income offset under Treasury Regulations Section 1.704-1(b)(2)(ii) and shall be interpreted
consistently therewith.

 

(g)            If
any Member has a deficit balance in its Capital Account at the end of any Fiscal Year or other taxable period that is in excess
of the sum of (i) the amount that such Member is obligated to restore and (ii) the amount that the Member is deemed to
be obligated to restore pursuant to the penultimate sentence of Treasury Regulations Sections 1.704-2(g)(1) and (i)(5),
that Member shall be specially allocated items of Company income and gain in the amount of such excess as quickly as possible;
provided, that an allocation pursuant to this Section 5.2(g) shall be made only if and to the extent that
such Member would have a deficit balance in its Capital Account in excess of such sum after all other allocations provided for
in Section 5.1 and 5.2 have been made as if Section 5.2(f) and 5.2(g) were not
in this Agreement.

 

(h)            To
the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Code Sections 734(b) or 743(b) is
required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) or 1.704-1(b)(2)(iv)(m)(4), to be taken into
account in determining Capital Accounts as a result of a distribution to any Member in complete liquidation of such Member’s
Interest in the Company, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment
increases the basis of the asset) or loss (if the adjustment decreases such basis) and such item of gain or loss shall be allocated
to the Members in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) if such section applies or to
the Member to whom such distribution was made if Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies.

 

(i)            The
allocations set forth in Section 5.2(a) through 5.2(h) (the “Regulatory Allocations”)
are intended to comply with certain requirements of Treasury Regulations Sections 1.704-1(b) and 1.704-2. Notwithstanding
any other provision of this Article V (other than the Regulatory Allocations), the Regulatory Allocations (and anticipated
future Regulatory Allocations) shall be taken into account in allocating other items of income, gain, loss and deduction among
the Members so that, to the extent possible, the net amount of such allocation of other items and the Regulatory Allocations to
each Member should be equal to the net amount that would have been allocated to each such Member if the Regulatory Allocations
had not occurred. This Section 5.2(i) is intended to minimize to the extent possible and to the extent necessary
any economic distortions which may result from application of the Regulatory Allocations and shall be interpreted in a manner consistent
therewith.

 

Section 5.3     Allocations
for Tax Purposes in General.

 

(a)            Except
as otherwise provided in this Section 5.3, each item of income, gain, loss and deduction of the Company for U.S. federal
income tax purposes shall be allocated among the Members in the same manner as such item is allocated under Section 5.1
and 5.2.

 

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(b)            In
accordance with Code Section 704(c) and the Treasury Regulations thereunder (including the Treasury Regulations applying
the principles of Code Section 704(c) to changes in Gross Asset Values), items of income, gain, loss and deduction with
respect to any Company property having a Gross Asset Value that differs from such property’s adjusted U.S. federal income
tax basis shall, solely for U.S. federal income tax purposes, be allocated among the Members to account for any such difference
using any method or methods determined by the Managing Member to be appropriate and in accordance with the applicable Treasury
Regulations; provided, that, no method other than the “traditional method” shall be used absent the consent
of a majority of the Disinterested Directors.

 

(c)            Any
(i) recapture of depreciation or any other item of deduction shall be allocated, in accordance with Treasury Regulations Sections 1.1245-1(e) and
1.1254-5, to the Members who received the benefit of such deductions and (ii) recapture of credits shall be allocated to the
Members in accordance with applicable Law.

 

(d)            Allocations
pursuant to this Section 5.3 are solely for purposes of U.S. federal, state and local income taxes and shall not affect
or in any way be taken into account in computing any Member’s Capital Account or share of Profits, Losses, other items or
distributions pursuant to any provision of this Agreement.

 

(e)            If,
as a result of an exercise of a non-compensatory option to acquire an interest in the Company, a Capital Account reallocation is
required under Treasury Regulations Section 1.704-1(b)(2)(iv)(s)(3), the Company shall make corrective allocations pursuant
to Treasury Regulations Section 1.704-1(b)(4)(x).

 

(f)            Any
adjustment to the adjusted tax basis of Company property pursuant to Code Section 743(b) resulting from a transfer of
a Company Interest shall be handled in accordance with Treasury Regulations Section 1.743-1(j).

 

Section 5.4     Other
Allocation Rules.

 

(a)            The
Members are aware of the income tax consequences of the allocations made by this Article V and the economic impact
of the allocations on the amounts receivable by them under this Agreement. The Members hereby agree to be bound by the provisions
of this Article V in reporting their share of Company income and loss for U.S. federal and applicable state and local
income tax purposes.

 

(b)            The
provisions regarding the establishment and maintenance for each Member of a Capital Account as provided by Section 4.4
and the allocations set forth in Section 5.1, 5.2 and 5.3 are intended to comply with the Treasury Regulations
and to reflect the intended economic entitlement of the Members. If the Managing Member determines that the application of the
provisions in Section 4.4, 5.1, 5.2 or 5.3would result in non-compliance with the Treasury Regulations
or would be inconsistent with the intended economic entitlement of the Members, the Managing Member is authorized to make any appropriate
adjustments to such provisions to the extent permitted by applicable Law.

 

(c)            All
items of income, gain, loss, deduction and credit allocable to an interest in the Company that may have been Transferred shall
be allocated between the Transferor and the Transferee based on the portion of the Fiscal Year or other taxable period during which
each was recognized as the owner of such interest, without regard to the results of Company operations during any particular portion
of that year and without regard to whether cash distributions were made to the Transferor or the Transferee during that year; provided,
however, that this allocation must be made in accordance with a method determined by the Managing Member and permissible
under Code Section 706 and the Treasury Regulations thereunder.

 

(d)            The
Members’ proportionate shares of the “excess nonrecourse liabilities” of the Company, within the meaning of Treasury
Regulations Section 1.752-3(a)(3), shall be allocated to the Members on a pro rata basis in accordance with the number
of Units owned by each Member.

 

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Article VI

DISTRIBUTIONS

 

Section 6.1     Distributions.

 

(a)            Distributions.
To the extent permitted by applicable Law and hereunder, and except as otherwise provided in Section 11.3, distributions
to Members may be declared by the Managing Member out of funds legally available therefor in such amounts and on such terms (including
the payment dates of such distributions) as the Managing Member shall determine (in its sole discretion in accordance with the
fiduciary duties set forth in Section 7.1(b)) using such record date as the Managing Member may designate. Any such
distribution shall be made to the Members as of the close of business on such record date on a pro rata basis (except that,
for the avoidance of doubt, repurchases or redemptions made in accordance with Section 4.1(e) or Section 4.6
or payments made in accordance with Section 7.4, Section 7.8 or Section 10.4 need not be on
a pro rata basis), in accordance with the number of Units owned by each Member as of the close of business on such record
date; provided, however, that the Managing Member shall have the obligation to make distributions as set forth in
Section 6.2 and 11.3(b)(iii); and provided, further, that, notwithstanding any other provision
herein to the contrary, no distributions shall be made to any Member to the extent such distribution would render the Company insolvent
or violate the Act. For purposes of the foregoing sentence, insolvency means the inability of the Company to meet its payment obligations
when due. Promptly following the designation of a record date and the declaration of a distribution pursuant to this Section 6.1,
the Managing Member shall give notice to each Member of the record date, the amount and the terms of the distribution and the payment
date thereof.

 

(b)            Successors.
For purposes of determining the amount of distributions, each Member shall be treated as having made the Capital Contributions
and as having received the distributions made to or received by its predecessors in respect of any of such Member’s Units.

 

(c)            Distributions
In-Kind. Except as otherwise provided in this Agreement, any distributions may be made in cash or in kind, or partly in cash
and partly in kind, as determined by the Managing Member. In the event of any distribution of (i) property in kind or (ii) both
cash and property in kind, each Member shall be distributed its proportionate share of any such cash so distributed and its proportionate
share of any such property so distributed in kind (based on the Fair Market Value of such property). To the extent that the Company
distributes property in-kind to the Members, the Company shall be treated as making a distribution equal to the Fair Market Value
of such property for purposes of Section 6.1(a) and such property shall be treated as if it were sold for an amount
equal to its Fair Market Value. Any resulting gain or loss shall be allocated to the Member’s Capital Accounts in accordance
with Sections 5.1 and 5.2.

 

Section 6.2     Tax-Related
Distributions. On or prior to each Tax Distribution Date, the Company will, subject to the availability of funds and any restrictions
contained in any agreement to which the Company is bound, make distributions to the Members pro rata in proportion to their respective
number of Units in an amount sufficient to allow each Member to satisfy all of its federal, state, local and non-U.S. tax liabilities
arising from allocations of income, gain, loss, deduction and credit attributable to such Member’s interests in the Company
during the taxable period to which the tax-related distribution under this Section 6.2 relates (a) assuming for
this purpose that each Member has no income or deductions from any other source (b) assuming for this purpose that each Member
is a corporation subject to the highest applicable combined tax rate applicable to a corporation, and (c) without taking
into account any amortization and depreciation or other items of deduction allocated to any Member, or any step-up in basis from
the sale of any assets, in each case, for which such Member is required to make payments under the Tax Receivable Agreement.

 

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Section 6.3     Distribution
Upon Withdrawal. No withdrawing Member shall be entitled to receive any distribution or the value of such Member’s Interest
in the Company as a result of withdrawal from the Company prior to the liquidation of the Company, except as specifically provided
in this Agreement.

 

Article VII

MANAGEMENT

 

Section 7.1     Managing
Member Rights; Fiduciary Duties.

 

(a)            PubCo
shall be the sole Managing Member of the Company. Except as otherwise required by Law or expressly provided for in this Agreement,
(i) the Managing Member shall have full and complete charge of all affairs of the Company, (ii) the management and control
of the Company’s business activities and operations shall rest exclusively with the Managing Member, and the Managing Member
shall make all decisions regarding the business, activities and operations of the Company (including the incurrence of costs and
expenses) in its sole discretion without the consent of any other Member and (iii) the Members, other than the Managing Member
(in their capacity as such), shall not participate in the control, management, direction or operation of the activities or affairs
of the Company and shall have no power to act for or bind the Company.

 

(b)            In
connection with the performance of its duties as the Managing Member of the Company, except as otherwise set forth herein, the
Managing Member acknowledges that it will owe to the Members the same fiduciary duties as it would owe to the stockholders of a
Delaware corporation if it were a member of the board of directors of such a corporation and the Members were stockholders of such
corporation. The Members acknowledge that the Managing Member will take action through the Board, and that the members of the Board
will owe comparable fiduciary duties to the stockholders of the Managing Member.

 

Section 7.2     Officers.

 

(a)            The
Managing Member may appoint, employ or otherwise contract with any Person for the transaction of the business of the Company or
the performance of services for or on behalf of the Company, and the Managing Member may delegate to any such Persons such authority
to act on behalf of the Company as the Managing Member may from time to time deem appropriate.

 

(b)            The
Officers of the Company as of the date hereof are set forth on Exhibit B attached hereto.

 

(c)            Except
as otherwise set forth herein, the Chief Executive Officer, if appointed by the Managing Member in its discretion, will be responsible
for the general and active management of the business of the Company and its Subsidiaries and will see that all orders of the Managing
Member are carried into effect. The Chief Executive Officer will report to the Managing Member and have the general powers and
duties of management usually vested in the office of chief executive officer of a corporation organized under the DGCL, subject
to the terms of this Agreement, and will have such other powers and duties as may be prescribed by the Managing Member or this
Agreement. The Chief Executive Officer will have the power to execute bonds, mortgages and other Contracts requiring a seal, under
the seal of the Company, except where required or permitted by Law to be otherwise signed and executed, and except where the signing
and execution thereof will be expressly delegated by the Managing Member to some other Officer or agent of the Company.

 

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(d)            Except
as set forth herein, the Managing Member may appoint Officers at any time, and the Officers may include one or more vice presidents,
a secretary, one or more assistant secretaries, a chief financial officer, a general counsel, a treasurer, one or more assistant
treasurers, a chief operating officer, an executive chairman, and any other officers that the Managing Member deems appropriate.
Except as set forth herein, the Officers will serve at the pleasure of the Managing Member, subject to all rights, if any, of such
Officer under any Contract of employment. Any individual may hold any number of offices, and an Officer may, but need not, be a
Member of the Company. The Officers will exercise such powers and perform such duties as specified in this Agreement or as determined
from time to time by the Managing Member.

 

(e)            Subject
to this Agreement and to the rights, if any, of an Officer under a Contract of employment, any Officer may be removed, either with
or without cause, by the Managing Member. Any Officer may resign at any time by giving written notice to the Managing Member. Any
resignation will take effect at the date of the receipt of that notice or at any later time specified in that notice and, unless
otherwise specified in that notice, the acceptance of the resignation will not be necessary to make it effective. Any resignation
is without prejudice to the rights, if any, of the Company under any Contract to which the Officer is a party. A vacancy in any
office because of death, resignation, removal, disqualification or any other cause will be filled in the manner prescribed in this
Agreement for regular appointments to that office.

 

(f)            The
Officers, in the performance of their duties as such, shall owe to the Company and the Members duties of loyalty and due care of
the type owed by the officers of a corporation to such corporation and its shareholders under the DGCL.

 

Section 7.3     Warranted
Reliance by Officers on Others. In exercising their authority and performing their duties under this Agreement, the Officers
shall be entitled to rely on information, opinions, reports, or statements of the following Persons or groups unless they have
actual knowledge concerning the matter in question that would cause such reliance to be unwarranted:

 

(a)            one
or more employees or other agents of the Company or subordinates whom the Officer reasonably believes to be reliable and competent
in the matters presented; and

 

(b)            any
attorney, public accountant, or other Person as to matters which the Officer reasonably believes to be within such Person’s
professional or expert competence.

 

Section 7.4     Indemnification.

 

(a)            Right
to Indemnification. Each person who was or is made a party or is threatened to be made a party to or is otherwise subject to
or involved in any claim, demand, action, suit or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”),
by reason of the fact that he or she is or was a member, director or an officer of the Company or is or was serving at the request
of the Company as a member, director, officer, employee or agent of another company or of a partnership, joint venture, trust or
other enterprise, including service with respect to an employee benefit plan (an “Indemnitee”), whether
the basis of such Proceeding is alleged action in an official capacity as a member, director, officer, employee or agent or in
any other capacity while serving as a member, director, officer, employee or agent, shall be indemnified by the Company to the
fullest extent permitted or required by the Act and any other applicable Law, as the same exists or may hereafter be amended (but,
in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification
rights than such law permitted the Company to provide prior to such amendment), against all expense, Liability and loss (including
attorneys’ fees, judgments, fines, ERISA excise taxes or penalties and amounts paid in settlement) reasonably incurred or
suffered by such Indemnitee in connection therewith (“Indemnifiable Losses”); provided, however,
that, except as provided in Section 7.4(d) with respect to Proceedings to enforce rights to indemnification, the
Company shall indemnify any such Indemnitee pursuant to this Section 7.4 in connection with a Proceeding (or part thereof)
initiated by such Indemnitee only if such Proceeding (or part thereof) was authorized by the Board.

 

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(b)            Right
to Advancement of Expenses. The right to indemnification conferred in Section 7.4(a) shall include the right
to advancement by the Company of any and all expenses (including, without limitation, attorneys’ fees and expenses) incurred
in defending any such Proceeding in advance of its final disposition (an “Advancement of Expenses”);
provided, however, that, if the Act so requires, an Advancement of Expenses incurred by an Indemnitee in his or her
capacity as a member, director or officer (and not in any other capacity in which service was or is rendered by such Indemnitee,
including without limitation service to an employee benefit plan) shall be made pursuant to this Section 7.4(b) only
upon delivery to the Company of an undertaking (an “Undertaking”), by or on behalf of such Indemnitee,
to repay, without interest, all amounts so advanced if it shall ultimately be determined by final judicial decision from which
there is no further right to appeal (a “Final Adjudication”) that such Indemnitee is not entitled to
be indemnified for such expenses under this Section 7.4(b). An Indemnitee’s right to an Advancement of Expenses
pursuant to this Section 7.4(b) is not subject to the satisfaction of any standard of conduct and is not conditioned
upon any prior determination that Indemnitee is entitled to indemnification under Section 7.4(a) with respect
to the related Proceeding or the absence of any prior determination to the contrary.

 

(c)            Contract
Rights. The rights to indemnification and to the Advancement of Expenses conferred in Sections 7.4(a) and
(b) shall be contract rights and such rights shall continue as to an Indemnitee who has ceased to be a member, director,
officer, employee or agent and shall inure to the benefit of the Indemnitee’s heirs, executors and administrators.

 

(d)            Right
of Indemnitee to Bring Suit. If a claim under Sections 7.4(a) or (b) is not paid in full by the
Company within sixty (60) calendar days after a written claim has been received by the Company, except in the case of a claim for
an Advancement of Expenses, in which case the applicable period shall be twenty (20) calendar days, the Indemnitee may at any time
thereafter bring suit against the Company to recover the unpaid amount of the claim. If successful in whole or in part in any such
suit, or in a suit brought by the Company to recover an Advancement of Expenses pursuant to the terms of an Undertaking, the Indemnitee
shall be entitled to the fullest extent permitted or required by the Act, as the same exists or may hereafter be amended (but,
in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader reimbursements
of prosecution or defense expenses than such Law permitted the Company to provide prior to such amendment), to be paid also the
expense of prosecuting or defending such suit. In (i) any suit brought by the Indemnitee to enforce a right to indemnification
hereunder (but not in a suit brought by the Indemnitee to enforce a right to an Advancement of Expenses) it shall be a defense
that, and (ii) any suit brought by the Company to recover an Advancement of Expenses pursuant to the terms of an Undertaking,
the Company shall be entitled to recover such expenses, without interest, upon a Final Adjudication that, the Indemnitee has not
met any applicable standard for indemnification set forth in the Act. Neither the failure of the Company (including its Managing
Member or independent legal counsel) to have made a determination prior to the commencement of such suit that indemnification of
the Indemnitee is proper in the circumstances because the Indemnitee has met the applicable standard of conduct set forth in the
Act, nor an actual determination by the Company (including the Managing Member or independent legal counsel) that the Indemnitee
has not met such applicable standard of conduct, shall create a presumption that the Indemnitee has not met the applicable standard
of conduct or, in the case of such a suit brought by the Indemnitee, be a defense to such suit. In any suit brought by an Indemnitee
to enforce a right to indemnification or to an Advancement of Expenses hereunder, or brought by the Company to recover an Advancement
of Expenses hereunder pursuant to the terms of an Undertaking, the burden of proving that the Indemnitee is not entitled to be
indemnified, or to such Advancement of Expenses, shall be on the Company.

 

(e)            Appearance
as a Witness. Notwithstanding any other provision of this Section 7.4, the Company shall pay or reimburse expenses
incurred by any Person entitled to be indemnified pursuant to this Section 7.4 in connection with such Person’s
appearance as a witness or other participation in a Proceeding at a time when he is not a named defendant or respondent in the
Proceeding.

 

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(f)            Non-exclusivity
of Rights. The rights to indemnification and the Advancement of Expenses conferred in this Section 7.4 shall not
be exclusive of any other right which a Person may have or hereafter acquire under any statute, this Agreement, any agreement,
any vote of stockholders or disinterested directors or otherwise. Nothing contained in this Section 7.4 shall limit
or otherwise affect any such other right or the Company’s power to confer any such other right.

 

(g)            No
Duplication of Payments. The Company shall not be liable under this Section 7.4 to make any payment to an Indemnitee
in respect of any Indemnifiable Losses to the extent that the Indemnitee has otherwise actually received payment (net of any expenses
incurred in connection therewith and any repayment by the Indemnitee made with respect thereto) under any insurance policy or from
any other source in respect of such Indemnifiable Losses.

 

(h)            Maintenance
of Insurance or Other Financial Arrangements. In compliance with applicable Law, the Company (with the approval of the Managing
Member) may purchase and maintain insurance or make other financial arrangements on behalf of any Person who is or was a Member,
employee or agent of the Company, or at the request of the Company, is or was serving as a manager, director, officer, employee
or agent of another limited liability company, corporation, partnership, joint venture, trust or other enterprise, for any Liability
asserted against such Person and Liability and expenses incurred by such Person in such Person’s capacity as such, or arising
out of such Person’s status as such, whether or not the Company has the authority to indemnify such Person against such expense,
Liability or loss under the Act.

 

Section 7.5     Resignation
or Termination of Managing Member. PubCo shall not, by any means, resign as, cease to be or be replaced as Managing Member
except in compliance with this Section 7.5. No termination or replacement of PubCo as Managing Member shall be effective
unless proper provision is made, in compliance with this Agreement, so that the obligations of PubCo, its successor (if applicable)
and any new Managing Member and the rights of all Members under this Agreement and applicable Law remain in full force and effect.
No appointment of a Person other than PubCo (or its successor, as applicable) as Managing Member shall be effective unless PubCo
(or its successor, as applicable) and the new Managing Member (as applicable) provide all other Members with contractual rights,
directly enforceable by such other Members against PubCo (or its successor, as applicable) and the new Managing Member (as applicable),
to cause (a) PubCo to comply with all PubCo’s obligations under this Agreement (including its obligations under Section 4.6)
other than those that must necessarily be taken in its capacity as Managing Member and (b) the new Managing Member to comply
with all the Managing Member’s obligations under this Agreement.

 

Section 7.6     No
Inconsistent Obligations. The Managing Member represents that it does not have any Contracts, other agreements, duties or
obligations that are inconsistent with its duties and obligations (whether or not in its capacity as Managing Member) under this
Agreement and covenants that, except as permitted by Section 7.1, it will not enter into any Contracts or other agreements
or undertake or acquire any other duties or obligations that are inconsistent with such duties and obligations.

 

Section 7.7     Reclassification
Events of PubCo. If a Reclassification Event occurs, the Managing Member or its successor, as the case may be, shall, as and
to the extent necessary, amend this Agreement in compliance with Section 12.1, and enter into any necessary supplementary
or additional agreements, to ensure that, following the effective date of the Reclassification Event: (i) the redemption
rights of holders of Units set forth in Section 4.6 provide that each Unit (together with the surrender and delivery
of one share of Class B Common Stock) is redeemable for the same amount and same type of property, securities or cash (or
combination thereof) that one share of Class A Common Stock becomes exchangeable for or converted into as a result of the
Reclassification Event and (ii) PubCo or the successor to PubCo, as applicable, is obligated to deliver such property, securities
or cash upon such redemption. PubCo shall not consummate or agree to consummate any Reclassification Event unless the successor
Person, if any, becomes obligated to comply with the obligations of PubCo (in whatever capacity) under this Agreement.

 

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Section 7.8     Certain
Costs and Expenses. The Company shall (i) pay, or cause to be paid, all costs, fees, operating expenses and other expenses
of the Company (including the costs, fees and expenses of attorneys, accountants or other professionals and the compensation of
all personnel providing services to the Company) incurred in pursuing and conducting, or otherwise related to, the activities
of the Company and (ii) upon the determination of the Managing Member (acting in its sole discretion in accordance with the
fiduciary duties set forth in Section 7.1(b)), reimburse the Managing Member for any costs, fees or expenses incurred
by it in connection with serving as the Managing Member. To the extent that the Managing Member determines in its sole discretion
that such expenses are related to the business and affairs of the Managing Member that are conducted through the Company and/or
its Subsidiaries (including expenses that relate to the business and affairs of the Company and/or its Subsidiaries and that also
relate to other activities of the Managing Member), the Managing Member may cause the Company to pay or bear all expenses of the
Managing Member, including, without limitation, costs of securities offerings not borne directly by Members, board of directors
compensation and meeting costs, costs of periodic reports to its stockholders, litigation costs and damages arising from litigation,
accounting and legal costs; provided, that the Company shall not pay or bear any income tax obligations of the Managing
Member. In the event that (i) shares of Class A Common Stock or other Equity Securities of PubCo were sold to underwriters
in any public offering after the Effective Time, in each case, at a price per share that is lower than the price per share for
which such shares of Class A Common Stock or other Equity Securities of PubCo are sold to the public in such public offering
after taking into account any Discount and (ii) the proceeds from such public offering are used to fund the Cash Election
Amount for any redeemed Units or otherwise contributed to the Company, the Company shall reimburse the Managing Member for such
Discount by treating such Discount as an additional Capital Contribution made by the Managing Member to the Company, issuing Units
in respect of such deemed Capital Contribution in accordance with Section 4.6(b)(ii), and increasing the Managing
Member’s Capital Account by the amount of such Discount. For the avoidance of doubt, any payments made to or on behalf of
the Managing Member pursuant to this Section 7.8 shall not be treated as a distribution pursuant to Section 6.1(a) but
shall instead be treated as a cost or an expense of the Company.

 

Article VIII

ROLE OF MEMBERS

 

Section 8.1     Rights
or Powers. Other than the Managing Member, the Members, acting in their capacity as Members, shall not have any right or power
to take part in the management or control of the Company or its business and affairs, or to act for or bind the Company in any
way. Notwithstanding the foregoing, the Members have all the rights and powers specifically set forth in this Agreement and, to
the extent not inconsistent with this Agreement, in the Act. Any Member, its Affiliates and its and their employees, stockholders,
agents, directors or officers may also be an employee or be retained as an agent of the Company. Except as specifically provided
herein, a Member (other than the Managing Member) shall not, in its capacity as a Member, take part in the operation, management
or control of the Company’s business, transact any business in the Company’s name or have the power to sign documents
for or otherwise bind the Company.

 

Section 8.2     Voting.

 

(a)            Meetings
of the Members may be called by the Managing Member. Such request shall state the location of the meeting and the nature of the
business to be transacted at the meeting. Written notice of any such meeting shall be given to all Members not less than two (2) Business
Days and not more than thirty (30) days prior to the date of such meeting. Members holding Class A Units may vote in person,
by proxy or by telephone at any meeting of the Members and may waive advance notice of such meeting. Whenever the vote or consent
of Members is permitted or required under this Agreement, such vote or consent may be given at a meeting of the Members or may
be given in accordance with the procedure prescribed in this Section 8.2. Except as otherwise expressly provided in
this Agreement, the affirmative vote of the Members holding a majority of the outstanding Class A Units shall constitute the
act of the Members. For the avoidance of doubt, Members holding Class B Units shall not be entitled to any voting rights under
this Agreement.

 

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(b)            Each
Member may authorize any Person or Persons to act for it by proxy on all matters in which such Member is entitled to participate,
including waiving notice of any meeting, or voting or participating at a meeting. Every proxy must be signed by such Member or
its attorney-in-fact. No proxy shall be valid after the expiration of eleven (11) months from the date thereof unless otherwise
provided in the proxy. Every proxy shall be revocable at the pleasure of the Member executing it.

 

(c)            Each
meeting of Members shall be conducted by an Officer designated by the Managing Member or such other individual Person as the Managing
Member deems appropriate.

 

(d)            Any
action required or permitted to be taken by the Members may be taken without a meeting if the requisite Members whose approval
is necessary consent thereto in writing.

 

Section 8.3     Various
Capacities. The Members acknowledge and agree that the Members or their Affiliates will from time to time act in various capacities,
including as a Member or Company Representative.

 

Section 8.4     Investment
Opportunities. To the fullest extent permitted by applicable law, the doctrine of corporate opportunity, or any other analogous
doctrine, shall not apply with respect to the Company or any of the Members or officers of the Company, or any of their respective
affiliates, in circumstances where the application of any such doctrine would conflict with any fiduciary duties or contractual
obligations they may have as of the date of this Amended and Restated Limited Liability Company Agreement or in the future, and
the Company renounces any expectancy that any of the Members or the officers of the Company will offer any such corporate opportunity
of which he or she may become aware to the Company, except, the doctrine of corporate opportunity shall apply with respect to
any of the Members and officers of the Company with respect to a corporate opportunity that was offered to such person solely
in his or her capacity as a Members or officer of the Company and (i) such opportunity is one the Company is legally and
contractually permitted to undertake and would otherwise be reasonable for the Company to pursue and (ii) the Member or officer
is permitted to refer that opportunity to the Company without violating any legal obligation.

 

Article IX

TRANSFERS OF INTERESTS

 

Section 9.1     Restrictions
on Transfer.

 

(a)            Except
as provided in Section 4.6, no Member shall Transfer all or any portion of its Interest without the Managing Member’s
prior written consent, which consent shall be granted or withheld in the Managing Member’s sole discretion; provided,
however, that the Class B Units may be Transferred to any Fertitta Affiliate without any consent of the Managing Member.
If, notwithstanding the provisions of this Section 9.1(a), all or any portion of a Member’s Interests are Transferred
in violation of this Section 9.1(a), involuntarily, by operation of Law or otherwise, then without limiting any other
rights and remedies available to the other parties under this Agreement or otherwise, the Transferee of such Interest (or portion
thereof) shall not be admitted to the Company as a Member nor be entitled to any rights as a Member hereunder, and the Transferor
will continue to be bound by all obligations hereunder, unless and until the Managing Member consents in writing to such admission,
which consent shall be granted or withheld in the Managing Member’s sole discretion. Any attempted or purported Transfer
of all or a portion of a Member’s Interests in violation of this Section 9.1(a) shall, to the fullest extent
permitted by Law, be null and void and of no force or effect whatsoever. For the avoidance of doubt, the restrictions on Transfer
contained in this Article IX shall not apply to the Transfer of any capital stock of the Managing Member; provided,
that no shares of Class B Common Stock may be Transferred unless a corresponding number of Units are Transferred therewith
in accordance with this Agreement.

 

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(b)            In
addition to any other restrictions on Transfer contained herein, including the provisions of this Article IX, in no
event may any Transfer or assignment of Interests by any Member be made (i) to any Person who lacks the legal right, power
or capacity to own Interests; (ii) if such Transfer would (A) be considered to be effected on or through an “established
securities market” or a “secondary market or the substantial equivalent thereof” as such terms are used in Treasury
Regulations Section 1.7704-1, (B) result in the Company having more than 100 partners, within the meaning of Treasury
Regulations Section 1.7704-1(h)(1) (determined taking into account the rules of Treasury Regulations Section 1.7704-1(h)(3)),
or (C) cause the Company to be treated as a “publicly traded partnership” within the meaning of Section 7704
of the Code or a successor provision or to be taxed as a corporation pursuant to the Code or successor of the Code; (iii) if
such Transfer would cause the Company to become, with respect to any employee benefit plan subject to Title I of ERISA, a “party-in-interest”
(as defined in Section 3(14) of ERISA) or a “disqualified person” (as defined in Section 4975(e)(2) of
the Code); (iv) if such Transfer would, in the opinion of counsel to the Company, cause any portion of the assets of the Company
to constitute assets of any employee benefit plan pursuant to the Plan Asset Regulations or otherwise cause the Company to be subject
to regulation under ERISA; (v) if such Transfer requires the registration of such Interests or any Equity Securities issued
upon any exchange of such Interests, pursuant to any applicable U.S. federal or state securities Laws; or (vi) if such Transfer
subjects the Company to regulation under the Investment Company Act or the Investment Advisors Act of 1940, each as amended (or
any succeeding law). Any attempted or purported Transfer of all or a portion of a Member’s Interests in violation of this
Section 9.1(b) shall be null and void and of no force or effect whatsoever.

 

Section 9.2     Notice
of Transfer. Other than in connection with Transfers made pursuant to Section 4.6, each Member shall, after complying
with the provisions of this Agreement, but in any event no later than three (3) Business Days following any Transfer of Interests,
give written notice to the Company of such Transfer. Each such notice shall describe the manner and circumstances of the Transfer.

 

Section 9.3     Transferee
Members. A Transferee of Interests pursuant to this Article IX shall have the right to become a Member only if
(i) the requirements of this Article IX are met, (ii) such Transferee executes an instrument reasonably
satisfactory to the Managing Member agreeing to be bound by the terms and provisions of this Agreement and assuming all of the
Transferor’s then existing and future Liabilities arising under or relating to this Agreement, (iii) such Transferee
represents that the Transfer was made in accordance with all applicable securities Laws, (iv) the Transferor or Transferee
shall have reimbursed the Company for all reasonable expenses (including attorneys’ fees and expenses) of any Transfer or
proposed Transfer of a Member’s Interest, whether or not consummated and (v) if such Transferee or his or her spouse
is a resident of a community property jurisdiction, then such Transferee’s spouse shall also execute an instrument reasonably
satisfactory to the Managing Member agreeing to be bound by the terms and provisions of this Agreement to the extent of his or
her community property or quasi-community property interest, if any, in such Member’s Interest. Unless agreed to in writing
by the Managing Member, the admission of a Member shall not result in the release of the Transferor from any Liability that the
Transferor may have to each remaining Member or to the Company under this Agreement or any other Contract between the Managing
Member, the Company or any of its Subsidiaries, on the one hand, and such Transferor or any of its Affiliates, on the other hand.
Written notice of the admission of a Member shall be sent promptly by the Company to each remaining Member. Notwithstanding anything
to the contrary in this Section 9.3, and except as otherwise provided in this Agreement, following a Transfer by one
or more Members (or a transferee of the type described in this sentence) to a Transferee of all or substantially all of their
Interests, such transferee shall succeed to all of the rights of such Member(s) under this Agreement.

 

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Section 9.4     Legend.
Each certificate representing a Unit, if any, will be stamped or otherwise imprinted with a legend in substantially the following
form:

 

“THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.

 

THESE SECURITIES MAY NOT
BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT.

 

THE TRANSFER AND VOTING OF THESE
SECURITIES IS SUBJECT TO THE CONDITIONS SPECIFIED IN THE AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF LHGN HOLDCO,
LLC, DATED AS OF DECEMBER 29, 2020, AMONG THE MEMBERS LISTED THEREIN, AS IT MAY BE AMENDED, SUPPLEMENTED AND/OR RESTATED FROM
TIME TO TIME, (COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE COMPANY AND SHALL BE PROVIDED FREE OF CHARGE TO ANY MEMBER
MAKING A REQUEST THEREFOR) AND NO TRANSFER OF THESE SECURITIES WILL BE VALID OR EFFECTIVE UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED.”

 

Article X

ACCOUNTING

 

Section 10.1   Books
of Account. The Company shall, and shall cause each Subsidiary to, maintain true books and records of account in which full
and correct entries shall be made of all its business transactions pursuant to a system of accounting established and administered
in accordance with GAAP, and shall set aside on its books all such proper accruals and reserves as shall be required under GAAP.

 

Section 10.2   Tax
Elections.

 

(a)            The
Company and any eligible Subsidiary shall make an election (or continue a previously made election) pursuant to Section 754
of the Code for the taxable year of the Company that includes the date hereof, shall not thereafter revoke such election and shall
make a new election pursuant to Section 754 of the Code to the extent necessary following any “termination” of
the Company or the Subsidiary, as applicable, under Section 708 of the Code. In addition, the Company shall make the following
elections on the appropriate forms or tax returns:

 

(i)         to
adopt the calendar year as the Company’s Fiscal Year, if permitted under the Code;

 

(ii)        to
adopt the accrual method of accounting for U.S. federal income tax purposes;

 

(iii)       to
elect to amortize the organizational expenses of the Company as permitted by Section 709(b) of the Code; and

 

(iv)       except
as otherwise provided in this Agreement, any other election the Managing Member may deem appropriate and in the best interests
of the Company.

 

    33 

    

    

 

Section 10.3   Tax
Returns; Information; Certain Audits of Acquired Companies.

 

(a)            The
Company Representative shall arrange for the preparation and timely filing of all income and other tax and informational returns
of the Company. The Company Representative shall furnish to each Member a copy of each approved return and statement, together
with any schedules or other information which each Member may require in connection with such Member’s own tax affairs as
soon as practicable (but in no event more than ninety (90) days after the end of each Fiscal Year). The Members agree to take all
actions reasonably requested by the Company or the Company Representative to comply with the Bipartisan Budget Act, including where
applicable, filing amended returns as provided in Sections 6225 or 6226 of the Code and providing confirmation thereof to
the Company Representative, or to otherwise allow the Company or Company Representative to avoid or reduce any. To the fullest
extent allowable by Law, and except with respect to the information described in the first sentence of this Section 10.3,
each Member (other than the Managing Member) hereby waives all rights to any information that it may otherwise obtain pursuant
to Section 18-505 of the Act.

 

(b)            Any
 “Tax” audit or other suit or proceeding, including any “Tax Matter,” of or with respect to “GNOG
HoldCo,” the “Company” or “New GNOG” to which the third sentence of Section 5.14(b) of
the Purchase Agreement does not apply shall be within the control of the Managing Member. Notwithstanding the foregoing, to the
extent any such audit, suit or proceeding relates solely to a “Tax Return” of a “Pre-Closing Tax Period,”
the Managing Member shall not settle or compromise such audit, suit or proceeding absent the consent of LF LLC, which consent shall
not be unreasonably withheld, conditioned, or delayed. All terms in quotations used in this Section 10.3(b) shall
have the meaning assigned thereto in the Purchase Agreement.

 

Section 10.4   Company
Representative. The Managing Member is specially authorized and appointed to act as the Company Representative. The Company
Representative may retain, at the Company’s expense, such outside counsel, accountants and other professional consultants
as it may reasonably deem necessary in the course of fulfilling its obligations as Company Representative. The Company Representative
shall have the right and obligation to take all actions (and make all elections) authorized and required, respectively, by the
Code for the Company Representative, and is authorized and required to represent the Company (at the Company’s expense)
in connection with all examinations of the Company affairs by tax authorities, including resulting administrative and judicial
proceedings, and to expend Company funds for professional services reasonably incurred in connection therewith. Each Member agrees
to cooperate with the Company and to do or refrain from doing any or all things reasonably requested by the Company Representative
with respect to the conduct of such proceedings. Promptly following the written request of the Company Representative, the Company
shall, to the fullest extent permitted by Law, reimburse and indemnify the Company Representative (including, for the avoidance
of doubt, any “designated individual”, as such term is used in Treasury Regulations Section 301.6223-1)
for all reasonable expenses, including reasonable legal and accounting fees, claims, liabilities, losses and damages incurred
by the Company Representative in connection with the exercise of its rights and fulfillment of its duties under this Section 10.4.
In the event of a conflict between the terms of the indemnity in this Section 10.4 and the terms of any other indemnity
in this Agreement (including in Section 7.4), this indemnity shall control.

 

Section 10.5   Withholding
Tax Payments and Obligations.

 

(a)            Upon
providing reasonable advance written notice of its intention to withhold and giving a Member a reasonable opportunity to demonstrate
that withholding may not be required or, alternatively, that withholding at a lesser tax rate may be permissible, the Company and
its Subsidiaries may withhold from distributions, allocations or portions thereof if it is required to do so by any applicable
rule, regulation or Law, and each Member hereby authorizes the Company and its Subsidiaries to withhold or pay on behalf of or
with respect to such Member any amount of taxes that the Managing Member determines, in Good Faith, that the Company or any of
its Subsidiaries is required to withhold or pay with respect to any amount distributable or allocable to such Member pursuant to
this Agreement.

 

    34 

    

    

 

(b)            To
the extent that any tax is paid by (or withheld from amounts payable to) the Company or any of its Subsidiaries and the Managing
Member determines, in Good Faith, that such tax relates to one or more specific Members (including any tax payable by the Company
or any of its Subsidiaries pursuant to Section 6225 of the Code with respect to items of income, gain, loss deduction or credit
allocable or attributable to such Member), such tax shall be treated as an amount of taxes withheld or paid with respect to such
Member pursuant to this Section 10.5.

 

(c)            For
all purposes under this Agreement, any amounts withheld or paid with respect to a Member pursuant to this Section 10.5
shall be treated as if distributed to such Member at the time such withholding or payment is made. Further, to the extent that
the cumulative amount of such withholding or payment for any period exceeds the distributions to which such Member is entitled
for such period, the amount of such excess shall be considered a loan from the Company to such Member, with interest accruing at
the Prime Rate in effect from time to time, compounded annually. The Managing Member may, in its discretion, either demand payment
of the principal and accrued interest on such demand loan at any time (which payment shall not be deemed a Capital Contribution
for purposes of this Agreement), and enforce payment thereof by legal process, or may withhold from one or more distributions to
a Member amounts sufficient to satisfy such Member’s obligations under any such demand loan.

 

(d)            Neither
the Company nor the Managing Member shall be liable for any excess taxes withheld in respect of any Member, and, in the event of
over withholding, a Member’s sole recourse shall be to apply for a refund from the appropriate Governmental Entity.

 

(e)            Notwithstanding
any other provision of this Agreement, (i) any Person who ceases to be a Member shall be treated as a Member for purposes
of this Section 10.5 and (ii) the obligations of a Member pursuant to this Section 10.5 shall survive
indefinitely with respect to any taxes withheld or paid by the Company that relate to the period during which such Person was actually
a Member, regardless of whether such taxes are assessed, withheld or otherwise paid during such period.

 

Article XI

DISSOLUTION

 

Section 11.1   Liquidating
Events

 

. The Company shall dissolve and commence
winding up and liquidating upon the first to occur of the following (each, a “Liquidating Event”):

 

(a)            the
sale of all or substantially all of the assets of the Company;

 

(b)            the
determination of the Managing Member to dissolve the Company;

 

(c)            the
termination of the legal existence of the last remaining member of the Company or the occurrence of any other event which terminates
the continued membership of the last remaining member of the Company in the Company unless the Company is continued without dissolution
in a manner permitted by this Agreement or the Act; and

 

(d)            the
entry of a decree of judicial dissolution under Section 18‒802 of the Act.

 

The Members hereby agree that the Company
shall not dissolve prior to the occurrence of a Liquidating Event and that no Member shall seek a dissolution of the Company, under
Section 18-802 of the Act or otherwise, other than based on the matters set forth in subsections (a) and
(b) above. In the event of a dissolution pursuant to Section 11.1(b), the relative economic rights of each
class of Units immediately prior to such dissolution shall be preserved to the greatest extent practicable with respect to distributions
made to Members pursuant to Section 11.3 in connection with such dissolution, taking into consideration tax and other
legal constraints that may adversely affect one or more parties to such dissolution and subject to compliance with applicable Laws
and regulations, unless, with respect to any class of Units, holders of a majority of the Units of such class consent in writing
to a treatment other than as described above.

 

    35 

    

    

 

Section 11.2   Bankruptcy.
For purposes of this Agreement, the “bankruptcy” of a Member shall mean the occurrence of any of the following: (a) (i) any
Governmental Entity shall take possession of any substantial part of the property of that Member or shall assume control over
the affairs or operations thereof (ii) or a receiver or trustee shall be appointed, or a writ, order, attachment or garnishment
shall be issued with respect to any substantial part thereof, and such possession, assumption of control, appointment, writ or
order shall continue for a period of ninety (90) consecutive days, (b) a Member shall (i) admit in writing of its inability
to pay its debts when due, or make an assignment for the benefit of creditors, (ii) apply for or consent to the appointment
of any receiver, trustee or similar officer or for all or any substantial part of its property or (iii) institute (by petition,
application, answer, consent or otherwise) any bankruptcy, insolvency, reorganization, arrangement, readjustment of debts, dissolution,
liquidation, or similar proceeding under the Laws of any jurisdiction or (c) a receiver, trustee or similar officer shall
be appointed for such Member or with respect to all or any substantial part of its property without the application or consent
of that Member, and such appointment shall continue undischarged or unstayed for a period of ninety (90) consecutive days or any
bankruptcy, insolvency, reorganization, arrangements, readjustment of debt, dissolution, liquidation or similar proceedings shall
be instituted (by petition, application or otherwise) against that Member and shall remain undismissed for a period of ninety
(90) consecutive days.

 

Section 11.3   Procedure.

 

(a)            In
the event of the dissolution of the Company for any reason, the Members shall commence to wind up the affairs of the Company and
to liquidate the Company’s investments; provided, that if a Member is in bankruptcy or dissolved, the Managing Member
shall commence to wind up the affairs of the Company and, subject to Section 11.4(a), the Managing Member shall have
full right and unlimited discretion to determine in Good Faith the time, manner and terms of any sale or sales of the Property
or other assets pursuant to such liquidation, having due regard to the activity and condition of the relevant market and general
financial and economic conditions. The Members shall continue to share Profits and Losses during the period of liquidation in the
same manner and proportion as though the Company had not dissolved. The Company shall engage in no further business except as may
be necessary, in the reasonable discretion of the Managing Member, to preserve the value of the Company’s assets during the
period of dissolution and liquidation.

 

(b)            Following
the allocation of all Profits and Losses as provided in Article V, the proceeds of the liquidation and any other funds
of the Company shall be distributed in the following order of priority:

 

(i)         First,
to set up such cash reserves which the Managing Member reasonably deems necessary for contingent, conditional or unmatured Liabilities
or future payments described in Section 11.3(b) (which reserves when they become unnecessary shall be distributed
in accordance with the provisions of subsection (iii), below);

 

(ii)        Second,
to the payment of all expenses of liquidation and discharge of all of the Company’s debts and Liabilities to creditors (whether
third parties or, to the fullest extent permitted by Law, Members), in the order of priority as provided by Law, except any obligations
to the Members in respect of their Capital Accounts or liabilities under 18-601 or 18-604 of the Act; and

 

(iii)       Third,
the balance to the Members, pro rata in proportion to their respective ownership of Units.

 

(c)            Except
as provided in Section 11.4(a), no Member shall have any right to demand or receive property other than cash upon dissolution
and termination of the Company.

 

    36 

    

    

 

(d)            Upon
the completion of the liquidation of the Company and the distribution of all Company funds, the Company shall terminate and the
Managing Member shall have the authority to execute and record a certificate of cancellation of the Company, as well as any and
all other documents required to effectuate the dissolution and termination of the Company.

 

Section 11.4   Rights
of Members.

 

(a)            Each
Member irrevocably waives any right that it may have to maintain an action for partition with respect to the property of the Company.

 

(b)            Except
as otherwise provided in this Agreement, (i) each Member shall look solely to the assets of the Company for the return of
its Capital Contributions, and (ii) no Member shall have priority over any other Member as to the return of its Capital Contributions,
distributions or allocations.

 

Section 11.5   Notices
of Dissolution. In the event a Liquidating Event occurs or an event occurs that would, but for the provisions of Section 11.1,
result in a dissolution of the Company, the Company shall, within thirty (30) days thereafter, (a) provide written notice
thereof to each of the Members and to all other parties with whom the Company regularly conducts business (as determined in the
discretion of the Managing Member), and (b) comply, in a timely manner, with all filing and notice requirements under the
Act or any other applicable Law.

 

Section 11.6   Reasonable
Time for Winding Up. A reasonable time shall be allowed for the orderly winding up of the business and affairs of the Company
and the liquidation of its assets in order to minimize any losses that might otherwise result from such winding up.

 

Section 11.7   No
Deficit Restoration. No Member shall be personally liable for a deficit Capital Account balance of that Member, it being expressly
understood that the distribution of liquidation proceeds shall be made solely from existing Company assets.

 

Article XII

GENERAL

 

Section 12.1   Amendments;
Waivers.

 

(a)            The
terms and provisions of this Agreement may be waived, modified or amended (including by means of merger, consolidation or other
business combination to which the Company is a party) only with both (y) the approval of the Managing Member and (z) except
for any amendment pursuant to Section 7.8, if, at such time, LF LLC beneficially owns any Units, the approval of LF
LLC; provided, that no waiver, modification or amendment shall be effective until after written notice is provided to the
Members that the requisite consent has been obtained for such waiver, modification or amendment, and, for the avoidance of doubt,
any Member, including any Member not providing written consent, shall have the right to file a Redemption Notice prior to the effectiveness
of such waiver, modification or amendment; provided, further, that no amendment to this Agreement may:

 

(i)         modify
the limited liability of any Member, or increase the liabilities or obligations of any Member, in each case, without the prior
written consent of each such affected Member; or

 

(ii)        except
as provided in the provisos in the last sentence of Section 4.3, alter or change any rights, preferences or privileges
of any Interests in a manner that is different or prejudicial relative to any other Interests, without the prior written approval
of a majority in interest of the Members holding the Interests affected in such a different or prejudicial manner.

 

    37 

    

    

 

(b)            Notwithstanding
the foregoing subsection (a), the Managing Member, acting alone, may amend this Agreement, including Exhibit A,
(i) to reflect the admission of new Members, Transfers of Interests, the issuance of additional Units or Equity Securities,
as provided by the terms of this Agreement, and, subject to Section 12.1(a), subdivisions or combinations of Units
made in compliance with Section 4.1(f) and (ii) as necessary, and solely to the extent necessary, in the
reasonable advice of legal counsel or a qualified tax advisor (including any nationally recognized accounting firm) to the Company,
to avoid the Company being classified as a “publicly traded partnership” within the meaning of Section 7704(b) of
the Code.

 

(c)            No
waiver of any provision or default under, nor consent to any exception to, the terms of this Agreement or any agreement contemplated
hereby shall be effective unless in writing and signed by the Party to be bound and then only to the specific purpose, extent and
instance so provided.

 

Section 12.2   Further
Assurances. Each Party agrees that it will from time to time, upon the reasonable request of another Party, execute such documents
and instruments and take such further action as may be required to accomplish the purposes of this Agreement.

 

Section 12.3   Successors
and Assigns. All of the terms and provisions of this Agreement shall be binding upon the parties and their respective successors
and assigns, but shall inure to the benefit of and be enforceable by the successors and assigns of any Member only to the extent
that they are permitted successors and assigns pursuant to the terms hereof. No party may assign its rights hereunder except as
herein expressly permitted.

 

Section 12.4   Entire
Agreement. This Agreement, together with all Exhibits and Schedules hereto and all other agreements referenced therein and
herein, constitute the entire agreement between the parties hereto pertaining to the subject matter hereof and supersede all prior
and contemporaneous agreements, understandings, negotiations and discussions, whether oral or written, of the parties and there
are no warranties, representations or other agreements between the parties in connection with the subject matter hereof except
as specifically set forth herein and therein.

 

Section 12.5   Rights
of Members Independent. The rights available to the Members under this Agreement and at Law shall be deemed to be several
and not dependent on each other and each such right accordingly shall be construed as complete in itself and not by reference
to any other such right. Any one or more and/or any combination of such rights may be exercised by a Member and/or the Company
from time to time and no such exercise shall exhaust the rights or preclude another Member from exercising any one or more of
such rights or combination thereof from time to time thereafter or simultaneously.

 

Section 12.6   Governing
Law. This Agreement, the legal relations between the parties and any Action, whether contractual or non-contractual, instituted
by any Party with respect to matters arising under or growing out of or in connection with or in respect of this Agreement, shall
be governed by and construed in accordance with the Laws of the State of Delaware applicable to Contracts made and performed in
such State and without regard to conflicts of law doctrines, except to the extent that certain matters are preempted by federal
Law.

 

Section 12.7   Jurisdiction
and Venue. The parties hereto hereby agree and consent to be subject to the jurisdiction of any federal court of the District
of Delaware or the Delaware Court of Chancery over any Action arising out of or in connection with this Agreement. The parties
hereto irrevocably waive the defense of an inconvenient forum to the maintenance of any such Action. Each of the parties hereto
further irrevocably consents, to the fullest extent permitted by Law, to the service of process out of any of the aforementioned
courts in any such Action by the mailing of copies thereof by registered mail, postage prepaid, to such Party at its address set
forth in this Agreement, such service of process to be effective upon acknowledgment of receipt of such registered mail. Nothing
in this Section 12.7 shall affect the right of any Party hereto to serve legal process in any other manner permitted
by law.

 

    38 

    

    

 

Section 12.8   Headings.
The descriptive headings of the Articles, Sections and subsections of this Agreement are for convenience only and do not constitute
a part of this Agreement.

 

Section 12.9   Counterparts.
This Agreement and any amendment hereto or any other agreement (or document) delivered pursuant hereto may be executed in one
or more counterparts and by different parties in separate counterparts. All of such counterparts shall constitute one and the
same agreement (or other document) and shall become effective (unless otherwise provided therein) when one or more counterparts
have been signed by each Party and delivered to the other Party. Any signature hereto delivered by a Party by facsimile or other
means of electronic transmission shall be deemed an original signature hereto.

 

Section 12.10  Notices.
Any notice, request, demand or other communication hereunder must be given in writing and (a) delivered in person, (b) transmitted
by facsimile, by telecommunications mechanism or electronically or (c) mailed by certified or registered mail, postage prepaid,
receipt requested as follows:

 

If to the Company or
the Managing Member, addressed to it at:

 

Landcadia Holdings
II, Inc.

1510 West Loop South

Houston, Texas 77027

	Attention:	General Counsel
	Email:	SScheinthal@ldry.com

 

With copies (which
shall not constitute notice) to:

 

White & Case
LLP

1221 Avenue of the
Americas

New York, New York
10020

	Fax:	(713) 836-3601
	Attention:	Joel Rubinstein
	 	Michael Deyong
	Email:	joel.rubinstein@whitecase.com
	 	Michael.deyong@whitecase.com

 

If to the LF LLC, addressed
to it at:

 

c/o Landry’s, Inc.

1510 West Loop South

Houston, Texas 77027

	Attention:	Chief Financial Officer
	E-mail:	RLiem@ldry.com

 

with a copy (which shall not
constitute notice) to:

 

Haynes and Boone, LLP

2323 Victory Avenue, Suite 700

Dallas, TX 75219

	Attention:	Jennifer Wisinski
	 	Paul Amiel
	E-mail:	Jennifer.Wisinski@haynesboone.com
	 	Paul.Amiel@haynesboone.com

 

or to such other address or to such other
Person as either Party shall have last designated by such notice to the other parties. Each such notice or other communication
shall be effective (i) if given by telecommunication or electronically, when transmitted to the applicable number or electronic
mail address so specified in (or pursuant to) this Section 12.10 and an appropriate answerback is received or, if transmitted
after 5:00 p.m. Texas time on a Business Day in the jurisdiction to which such notice is sent or at any time on a day that
is not a Business Day in the jurisdiction to which such notice is sent, then on the immediately following Business Day, (ii) if
given by mail, on the first Business Day in the jurisdiction to which such notice is sent following the date three (3) days
after such communication is deposited in the mails with first class postage prepaid, addressed as aforesaid or (iii) if given
by any other means, on the Business Day when actually received at such address or, if not received on a Business Day, on the Business
Day immediately following such actual receipt.

 

    39 

    

    

 

Section 12.11 Representation
by Counsel; Interpretation. The Parties acknowledge that each Party to this Agreement has been represented by counsel in connection
with this Agreement and the transactions contemplated by this Agreement. Accordingly, any rule of Law, or any legal decision
that would require interpretation of any claimed ambiguities in this Agreement against the party that drafted it has no application
and is expressly waived.

 

Section 12.12 Severability.
If any provision of this Agreement is determined to be invalid, illegal or unenforceable by any Governmental Entity, the remaining
provisions of this Agreement, to the extent permitted by Law shall remain in full force and effect; provided, that the
essential terms and conditions of this Agreement for all parties remain valid, binding and enforceable.

 

Section 12.13 Expenses.
Except as otherwise provided in this Agreement, each Party shall bear its own expenses in connection with the transactions contemplated
by this Agreement.

 

Section 12.14 Waiver
of Jury Trial. EACH OF THE COMPANY, THE MEMBERS, THE MANAGING MEMBER AND ANY INDEMNITEES SEEKING REMEDIES HEREUNDER, HEREBY
WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY CLAIM, DEMAND, ACTION
OR CAUSE OF ACTION BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY,
OR ANY COURSE OF CONDUCT, COURSE OF DEALING, VERBAL OR WRITTEN STATEMENT OR ACTION OF ANY MEMBER OR INDEMNITEE, IN EACH CASE,
WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE.

 

Section 12.15 No
Third-Party Beneficiaries. Except as expressly provided in Sections 7.4 and 10.2, nothing in this Agreement,
express or implied, is intended to confer upon any Party, other than the parties hereto and their respective successors and permitted
assigns, any rights or remedies under this Agreement or otherwise create any third-party beneficiary hereto.

 

Section 12.16 No
Recourse. Notwithstanding anything that may be expressed or implied in this Agreement (except in the case of the immediately
succeeding sentence) or any document, agreement, or instrument delivered contemporaneously herewith, and notwithstanding the fact
that any Party may be a partnership or limited liability company, each Party hereto, by its acceptance of the benefits of this
Agreement, covenants, agrees and acknowledges that no Persons other than the Parties shall have any obligation hereunder and that
it has no rights of recovery hereunder against, and no recourse hereunder or under any documents, agreements, or instruments delivered
contemporaneously herewith or in respect of any oral representations made or alleged to be made in connection herewith or therewith
shall be had against, any former, current or future director, officer, agent, Affiliate, manager, assignee, incorporator, controlling
Person, fiduciary, representative or employee of any Party (or any of their successor or permitted assignees), against any former,
current, or future general or limited partner, manager, stockholder or member of any Party (or any of their successors or permitted
assignees) or any Affiliate thereof or against any former, current or future director, officer, agent, employee, Affiliate, manager,
assignee, incorporator, controlling Person, fiduciary, representative, general or limited partner, stockholder, manager or member
of any of the foregoing, but in each case not including the Parties (each, but excluding for the avoidance of doubt, the Parties,
a “Party Affiliate”), whether by or through attempted piercing of the corporate veil, by or through
a claim (whether in tort, contract or otherwise) by or on behalf of such party against the Party Affiliates, by the enforcement
of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable Law, or
otherwise; it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on, or
otherwise be incurred by any Party Affiliate, as such, for any obligations of the applicable party under this Agreement or the
transactions contemplated hereby, under any documents or instruments delivered contemporaneously herewith, in respect of any oral
representations made or alleged to be made in connection herewith or therewith, or for any claim (whether in tort, contract or
otherwise) based on, in respect of, or by reason of, such obligations or their creation. Notwithstanding the foregoing, a Party
Affiliate may have obligations under any documents, agreements or instruments delivered contemporaneously herewith or otherwise
contemplated by this Agreement if such Party Affiliate is a party to such document, agreement, agreement or instrument. Except
to the extent otherwise expressly set forth in, and subject in all cases to the terms and conditions of and limitations herein,
this Agreement may only be enforced against, and any claim or cause of action of any kind based upon, arising out of, or related
to this Agreement, or the negotiation, execution or performance of this Agreement, may only be brought against the Persons that
are expressly named as parties hereto and then only with respect to the specific obligations set forth herein with respect to
such Party. Each Party Affiliate is expressly intended as a third-party beneficiary of this Section 12.16.

 

[Signatures on Next Page]

 

    40 

    

    

 

IN WITNESS WHEREOF,
each of the Parties hereto has caused this Amended and Restated Limited Liability Company Agreement to be executed as of the day
and year first above written.

 

	 	COMPANY:
	 	 
	 	LHGN HOLDCO, LLC
	 	 	 
	 	By: 	/s/ Steven L. Scheintal
	 	Name:	Steven L. Scheinthal
	 	Title:	Vice President and Secretary

 

	 	MANAGING MEMBER:
	 	 
	 	LANDCADIA HOLDINGS II, INC.
	 	 	 
	 	By: 	/s/ Steven L. Scheintal
	 	Name:	Steven L. Scheinthal
	 	Title:	Vice President and Secretary

 

	 	MEMBERS:
	 	 
	 	LANDRY’S FERTITTA, LLC
	 	 	 
	 	By: 	/s/ Richard H. Liem
	 	Name:	Richard H. Liem
	 	Title:	Vice President and Secretary

 

[Signature Page
to Amended and Restated Limited Liability Company Agreement of LHGN HoldCo, LLC]

 

    

     

    

 

Exhibit A

 

	Members	 	Number of

Shares of Class 

A Common Stock Owned	 	 	Number of

Shares of Class 

B Common Stock Owned	 	 	Number of 

Units 

Owned	 	 	Closing Date

Capital Account

Balance	 
	Landcadia Holdings II, Inc.	 	 	36,982,320	 	 	 	0	 	 	 	36,982,320	 	 	$	369,823,200.00	 
	Landry’s Fertitta, LLC	 	 	0	 	 	 	31,350,625	 	 	 	31,350,625	 	 	$	313,506,250.00	 

 

Exhibit A

 

    

     

    

 

Exhibit B

 

Officer Listing

 

	Tilman J. Fertitta	Chief Executive Officer
	 	 
	Thomas Winter	President
	 	 
	Michael Harwell	Chief Financial Officer

 

Exhibit BExhibit 10.2

 

TAX
RECEIVABLE AGREEMENT

 

This TAX RECEIVABLE
AGREEMENT (as amended from time to time, this “Agreement”), dated as of December 29, 2020, is hereby entered
into by and among Golden Nugget Online Gaming, Inc. (f/k/a Landcadia Holdings II, Inc.), a Delaware corporation (the
 “Corporation”), LHGN HoldCo, LLC, a Delaware limited liability company (“Holdings”), and
Landry’s Fertitta, LLC, a Texas limited liability company (“LF LLC”).

 

RECITALS

 

WHEREAS, LF LLC and
the Corporation own membership interests in Holdings (the “Units”), which is treated as a partnership for United
States federal income tax purposes;

 

WHERAS, in connection
with the Transactions, the Corporation shall issue shares of Class B common stock of the Corporation, par value $0.01 per
share (“Class B Shares”) to LF LLC;

 

WHEREAS, pursuant to
the LLC Agreement, LF LLC will have the right to have redeemed from time to time (the “Redemption Right”) all
or a portion of its Units (together with the surrender and delivery of an equal number of Class B Shares), in each case, in
exchange for an equal number of shares of Class A common stock of the Corporation, par value $0.01 per share (“Class A
Shares”) or, at the election of Holdings, cash;

 

WHEREAS, Holdings and
each of its direct and indirect Subsidiaries treated as a partnership for United States federal income tax purposes will have in
effect an election under Section 754 of the United States Internal Revenue Code of 1986, as amended (the “Code”),
for each Taxable Year in which a Basis Transaction occurs, which election is intended to result for certain Basis Transactions
in an adjustment to the Tax basis of the assets owned by Holdings and such Subsidiaries (solely with respect to the Corporation);

 

WHEREAS, the income,
gain, loss, expense and other Tax items of the Corporation, as a member of Holdings (and in respect of each of Holdings’
direct and indirect Subsidiaries treated as disregarded entities or partnerships for United States federal income tax purposes),
may be affected by (i) the Basis Adjustments, and (ii) the Imputed Interest (collectively, “Tax Attributes”);
and

 

WHEREAS, the parties
to this Agreement desire to make certain arrangements with respect to the actual or deemed effect of the Tax Attributes on the
liability for Taxes of the Corporation.

 

NOW, THEREFORE, in
consideration of the foregoing and the respective covenants and agreements set forth herein, and intending to be legally bound
hereby, the parties hereto agree as follows:

 

Article I

DEFINITIONS

 

Definitions.
As used in this Agreement, the terms set forth in this ARTICLE I shall have the following meanings (such meanings to be equally
applicable to both the singular and plural forms of the terms defined).

 

“Action”
means any claim, action, suit, arbitration, inquiry, proceeding or investigation by or before any governmental entity.

 

     

     

    

 

“Actual Tax
Liability” means, with respect to any Taxable Year, the sum of (i) the actual liability for U.S. federal income
taxes of the Corporation as reported on its Corporation Return for such Taxable Year, and, without duplication, the portion of
any liability for U.S. federal income taxes imposed directly on Holdings (and Holdings’ applicable Subsidiaries) under Section 6225
or any similar provision of the Code that is allocable to the Corporation under Section 704 of the Code (provided, that such
amount will be calculated excluding deductions of (and other impacts of) state and local income taxes) and (ii) the product
of the amount of the United States federal taxable income or gain for such Taxable Year reported on the Corporation Return and
the Assumed Rate.

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, Controls,
is Controlled by, or is under common Control with, such first Person.

 

“Agreed Rate”
means LIBOR plus 100 basis points.

 

“Agreement”
is defined in the Recitals of this Agreement.

 

“Alternate
Source” is defined in the definition of LIBOR.

 

“Amended Schedule”
is defined in Section 2.4(b) of this Agreement.

 

“Amendment”
means that certain amendment to the Purchase Agreement, dated as of September 17, 2020.

 

“Assumed Rate”
means, with respect to any Taxable Year, the sum, with respect to each state and local jurisdiction in which the Corporation files
Tax Returns, of the products of (i) the Corporation’s tax apportionment rate(s) for such jurisdiction for such
Taxable Year multiplied by (ii) the highest corporate tax rate(s) for such jurisdiction for such Taxable Year.

 

“Attributable”
means the portion of any item that is attributable to an Eligible Member as determined by reference to the Tax Attributes, under
the following principles:

 

(i)            any
Basis Adjustments shall be determined separately with respect to each Eligible Member and are Attributable to each Eligible Member
to the extent the Basis Adjustments relates to such Eligible Member; and

 

(ii)           any
deduction to the Corporation with respect to a Taxable Year in respect of any payment (including amounts attributable to Imputed
Interest) made under this Agreement is Attributable to the Person that is required to include the Imputed Interest or other payment
in income.

 

“Available
Cash” means all cash and cash equivalents of the Corporation on hand, less the amount of cash reserves reasonably established
in good faith by the Corporation to (i) provide for the proper conduct of the business of the Corporation or (ii) comply
with applicable Law or any Senior Obligations.

 

“Basis Adjustment”
means any adjustment to the Tax basis of a Reference Asset as a result of a Basis Transaction, taking into account Section 2.1
of this Agreement, including, but not limited to: (i) under the principles of Sections 732 and 1012 of the Code (including
in a situation where, as a result of one or more Basis Transactions, Holdings becomes an entity that is disregarded as separate
from its owner for Tax purposes) or (ii) Sections 704(c)(1)(B), 707, 734, 743(b) and 754 of the Code (including
in situations where, following a Basis Transaction, Holdings remains in existence as an entity for Tax purposes) and, in each case,
comparable sections of state and local Tax laws. Notwithstanding any other provision of this Agreement, the amount of any Basis
Adjustment resulting from a Basis Transaction of one or more Units shall be determined without regard to any Pre-Redemption Transfer
of such Units and as if any such Pre-Redemption Transfer had not occurred.

 

    2

     

    

 

“Basis Schedule”
is defined in Section 2.2 of this Agreement.

 

“Basis Transaction”
means any (i) Redemption, (ii) transaction characterized under Section 707(a)(2)(B) of the Code as a sale by
an Eligible Member of Units or Reference Assets (iii) distribution (including a deemed distribution) by a member of the Holdings
to a Member that results in a basis adjustment to a Reference Asset under Section 734(b) or 732 of the Code or (iv) the
Transactions.

 

“Basis Transaction
Date” means the date of any Basis Transaction.

 

“Beneficial
Owner” of a security is a Person who directly or indirectly, through any contract, arrangement, understanding, relationship
or otherwise, has or shares (i) voting power, which includes the power to vote, or to direct the voting of, such security,
and/or (ii) investment power, which includes the power to dispose of, or to direct the disposition of, such security. The
terms “Beneficially Own” and “Beneficial Ownership” shall have correlative meanings.

 

“Board”
means the board of directors of the Corporation.

 

“Breach Notice”
is defined in Section 4.1(b).

 

“Business
Day” means Monday through Friday of each week, except that a legal holiday recognized as such by the government of the
United States of America or the State of Texas shall not be regarded as a Business Day.

 

“Cash Election”
means an election by Holdings pursuant to the LLC Agreement to pay cash instead of Class A Shares in the event of a Redemption;
provided, that so long as the Corporation makes the election on behalf of Holdings in its capacity as the sole managing member
of Holdings, such election shall be approved by a majority of the Disinterested Directors.

 

“Change of
Control” means the occurrence of any of the following events:

 

(a)            any
Person or any group of Persons acting together which would constitute a “group” for purposes of Section 13(d) of
the Exchange Act, or any successor provisions thereto (excluding a corporation or other entity owned, directly or indirectly, by
the stockholders of the Corporation in substantially the same proportions as their ownership of stock of the Corporation) is or
becomes the Beneficial Owner, directly or indirectly, of securities of the Corporation representing more than fifty percent (50%)
of the combined voting power of the Corporation’s then outstanding voting securities (excluding any Person or any group of
Persons who, on the Closing Date, is the Beneficial Owner, directly or indirectly, of securities of the Corporation representing
more than fifty percent (50%) of the combined voting power of the Corporation’s then outstanding voting securities);

 

(b)            there
is consummated a merger or consolidation of the Corporation with any other corporation or other entity, and, immediately after
the consummation of such merger or consolidation, either (x) the Board immediately prior to the merger or consolidation does
not constitute at least a majority of the board of directors of the company surviving the merger or, if the surviving company is
a Subsidiary, the ultimate parent thereof, or (y) all of the Persons who were the respective Beneficial Owners of the voting
securities of the Corporation immediately prior to such merger or consolidation do not Beneficially Own, directly or indirectly,
more than fifty percent (50%) of the combined voting power of the then outstanding voting securities of the Person resulting from
such merger or consolidation; or

 

    3

     

    

 

(c)            the
shareholders of the Corporation approve a plan of complete liquidation or dissolution of the Corporation or there is consummated
an agreement or series of related agreements for the sale or other disposition, directly or indirectly, by the Corporation of all
or substantially all of the Corporation’s assets, other than such sale or other disposition by the Corporation of all or
substantially all of the Corporation’s assets to a Subsidiary or an entity, at least fifty percent (50%) of the combined
voting power of the voting securities of which are owned by shareholders of the Corporation in substantially the same proportions
as their ownership of the Corporation immediately prior to such sale.

 

Notwithstanding the
foregoing, except with respect to clause (b)(x) above, a “Change of Control” shall not be deemed to
have occurred by virtue of the consummation of any transaction or series of integrated transactions for which the record holders
of the shares of the Corporation immediately prior to such transaction or series of transactions continue to have immediately following
such transaction or series of transactions substantially the same proportionate ownership in an entity which owns, directly or
indirectly, all or substantially all of the assets of the Corporation immediately following such transaction or series of transactions.

 

“Class A
Shares” is defined in the Recitals of this Agreement.

 

“Class B
Shares” is defined in the Recitals of this Agreement.

 

“Closing Date”
shall have the meaning ascribed thereto in the Purchase Agreement.

 

“Code”
is defined in the Recitals of this Agreement.

 

“Control”
means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person,
whether through ownership of voting securities, by contract or otherwise.

 

“Corporation”
is defined in the Recitals of this Agreement.

 

“Corporation
Return” means the IRS Form 1120 (or any successor form) of the Corporation filed with respect to Taxes for any Taxable
Year.

 

“Cumulative
Net Realized Tax Benefit” for a Taxable Year means the cumulative amount of Realized Tax Benefits of the Corporation
for all Taxable Years, up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same
period (but not less than zero). The Realized Tax Benefit and Realized Tax Detriment for each Taxable Year shall be determined
based on the most recent Tax Benefit Schedule or Amended Schedule, if any, in existence at the time of such determination; provided,
that the computation of the Cumulative Net Realized Tax Benefit shall be adjusted to reflect any applicable Determination with
respect to any Realized Tax Benefits and/or Realized Tax Detriments.

 

“Default Rate”
means LIBOR plus 500 basis points.

 

“Determination”
shall have the meaning ascribed to such term in Section 1313(a) of the Code or similar provision of state and local Tax
law, as applicable, or any other event (including the execution of an IRS Form 870-AD) that finally and conclusively establishes
the amount of any liability for Tax.

 

“Disinterested
Director” shall mean a member of the Corporation’s audit committee or another body of independent directors of
the Corporation authorized to approve the referenced matter in accordance with the Corporation’s related party policy; provided,
that for purposes of this Agreement, any matter referenced in this Agreement that is to be approved by the Disinterested Directors
shall be deemed to constitute a “related party transaction” for purposes of the related party policy, regardless of
the dollar amount involved.

 

    4

     

    

 

“Early Termination
Date” means the date of an Early Termination Notice for purposes of determining the Early Termination Payment.

 

“Early Termination
Notice” is defined in Section 4.2 of this Agreement.

 

“Early Termination
Payment” is defined in Section 4.3(b) of this Agreement.

 

“Early Termination
Rate” means LIBOR plus 100 basis points.

 

“Early Termination
Schedule” is defined in Section 4.2 of this Agreement.

 

“Eligible
Member” means LF LLC, and each other Person who from time to time executes a Joinder in the form attached hereto as Exhibit A.

 

“Estimated
TRA Benefit” shall mean the projected reduction in the Corporation’s Taxes due as a result of the Basis Adjustment
achieved as a result of the Transactions, which shall be calculated as of the Closing Date and in accordance with the Laws in effect
as of the Closing Date.

 

“Estimated
TRA Payments” shall mean the projected amount of payments expected to be made by the Corporation under this Agreement
as a result of the Estimated TRA Benefit, which shall be calculated as of the Closing Date and in accordance with the Laws in effect
as of the Closing Date.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Expert”
is defined in Section 7.8 of this Agreement.

 

“Holdings”
is defined in the Recitals of this Agreement.

 

“Hypothetical
Tax Liability” means, with respect to any Taxable Year, the liability for Taxes of, without duplication, (a) the
Corporation and (b) Holdings, but only with respect to Taxes imposed on Holdings under Section 6225 of the Code and allocable
to the Corporation, in each case using the same methods, elections, conventions and similar practices used on the relevant Corporation
Return, but (i) using the Non-Stepped Up Tax Basis (as reflected on the applicable Basis Schedule including amendments thereto
for the Taxable Year) provided, that Hypothetical Tax Liability shall be calculated assuming that the liability for state and local
Taxes (but not, for the avoidance of doubt, United States federal taxes) shall be equal to the product of (x) the amount of
the U.S. federal taxable income or gain calculated for purposes of this definition of Hypothetical Tax Liability for such Taxable
Year multiplied by (y) the Assumed Rate, and (ii) excluding any deduction attributable to Imputed Interest for the Taxable
Year. For the avoidance of doubt, Hypothetical Tax Liability shall be determined without taking into account the carryover or carryback
of any Tax item (or portions thereof) that is attributable to any Tax Attribute.

 

“Imputed Interest”
shall mean any interest imputed under Section 1272, 1274 or 483 or other provision of the Code and any similar provision of
state and local Tax law with respect to the Corporation’s payment obligations under this Agreement.

 

“Interest
Amount” is defined in Section 3.1(b) of this Agreement.

 

“IRS”
means the United States Internal Revenue Service.

 

    5

     

    

 

“Joinder”
means the Joinder in the form attached hereto as Exhibit A.

 

“LIBOR”
means during any period, the rate which appears on the Bloomberg Page BBAM1 (or on such other substitute Bloomberg page that
displays rates at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market), or the rate
which is quoted by another source selected by the Corporation as an authorized information vendor for the purpose of displaying
rates at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market (an “Alternate
Source”), at approximately 11:00 a.m., London time, two (2) Business Days prior to the first day of such period,
as the London interbank offered rate for U.S. dollars having a borrowing date and a maturity comparable to such period (or if there
shall at any time, for any reason, no longer exist a Bloomberg Page BBAM1 (or any substitute page) or any Alternate Source,
a comparable replacement rate determined by the Corporation at such time, which determination shall be conclusive absent manifest
error); provided that, at no time shall LIBOR be less than 0%. If the Corporation has made the determination (such determination
to be conclusive absent manifest error) that (i) LIBOR is no longer a widely recognized benchmark rate for newly originated
loans in the U.S. loan market in U.S. dollars or (ii) the applicable supervisor or administrator (if any) of LIBOR has made
a public statement identifying a specific date after which LIBOR shall no longer be used for determining interest rates for loans
in the U.S. loan market in U.S. dollars, then the Corporation shall (as determined by the Corporation to be consistent with market
practice generally), establish a replacement interest rate (the “Replacement Rate”), in which case, the Replacement
Rate shall, subject to the next two sentences, replace LIBOR for all purposes under this Agreement. In connection with the establishment
and application of the Replacement Rate, this Agreement shall be amended solely with the consent of the Corporation and LF LLC,
as may be necessary or appropriate, in the reasonable judgment of the Corporation, to effect the provisions of this definition.
The Replacement Rate shall be applied in a manner consistent with market practice; provided that, in each case, to the extent such
market practice is not administratively feasible for the Corporation, such Replacement Rate shall be applied as otherwise reasonably
determined by the Corporation.

 

“Law”
means any federal, national, supranational, state, provincial, local or similar statute, law, ordinance, regulation, rule, code,
order, requirement or rule of law (including common law).

 

“LF LLC”
in defined in the Recitals of this Agreement.

 

“LLC Agreement”
means the Amended and Restated Limited Liability Agreement of Holdings, dated on or about the date hereof, as such agreement may
be amended from time to time.

 

“Market Value”
shall mean the closing price of the Class A Shares on the applicable Basis Transaction Date on the national securities exchange
or interdealer quotation system on which such Class A Shares are then traded or listed, as reported by the Wall Street Journal;
provided that if the closing price is not reported by the Wall Street Journal for the applicable Basis Transaction Date, then the
Market Value shall mean the closing price of the Class A Shares on the Business Day immediately preceding such Basis Transaction
Date on the national securities exchange or interdealer quotation system on which such Class A Shares are then traded or listed,
as reported by the Wall Street Journal; provided further, that if the Class A Shares are not then listed on a national securities
exchange or interdealer quotation system, “Market Value” shall mean the cash consideration paid for Class A
Shares, or the fair market value of the other property delivered for Class A Shares, as determined by the Board of Directors
of the Corporation in good faith.

 

“Material
Objection Notice” has the meaning set forth in Section 4.2.

 

“Net Tax Benefit”
is defined in Section 3.1(b) of this Agreement.

 

    6

     

    

 

“Non-Stepped
Up Tax Basis” means, with respect to any asset at any time, the Tax basis that such asset would have had at such time
if no Basis Adjustment had been made.

 

“Objection
Notice” has the meaning set forth in Section 2.4(a).

 

“Payment Date”
means any date on which a payment is required to be made pursuant to Section 3.1(a).

 

“Person”
means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association,
organization, governmental entity or other entity.

 

“Pre-Redemption
Transfer” means any transfer (including upon the death of an Eligible Member) or distribution of one or more Units (i) that
occurs prior to a Redemption of such Units, and (ii) to which Section 743(b) of the Code applies.

 

“Purchase
Agreement” means the purchase agreement entered into on June 28, 2020, by the Corporation with Holdings, LF LLC,
GNOG Holdings, LLC, a Delaware limited liability company and newly formed, wholly-owned subsidiary of LF LLC (“GNOG HoldCo”),
and Golden Nugget Online Gaming, Inc. (f/k/a Landry’s Finance Acquisition Co.), a New Jersey corporation and wholly-owned
subsidiary of LF LLC, including any amendments thereto, such as the Amendment.

 

“Realized
Tax Benefit” means, for a Taxable Year, the net excess, if any, of the Hypothetical Tax Liability over the Actual Tax
Liability, for such Taxable Year, of (a) the Corporation and (b) Holdings, but only with respect to Taxes imposed on
Holdings and allocable to the Corporation, with such “actual” liability to be computed in accordance with the definition
of “Actual Tax Liability” and Section 2.1 of this Agreement. If all or a portion of the Actual Tax Liability of
the Corporation (or Holdings, but only with respect to Taxes imposed on Holdings and allocable to the Corporation) for such Taxable
Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining
the Realized Tax Benefit unless and until there has been a Determination.

 

“Realized
Tax Detriment” means, for a Taxable Year, the net excess, if any, of the Actual Tax Liability, for such Taxable Year,
of (a) the Corporation and (b) Holdings, but only with respect to Taxes imposed on Holdings and allocable to the Corporation,
with such “actual” liability to be computed in accordance with the definition of “Actual Tax Liability”
and Section 2.1 of this Agreement, over the Hypothetical Tax Liability for such Taxable Year. If all or a portion of the Actual
Tax Liability of the Corporation (or Holdings, but only with respect to Taxes imposed on Holdings and allocable to the Corporation)
for such Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included
in determining the Realized Tax Detriment unless and until there has been a Determination.

 

“Reconciliation
Dispute” has the meaning set forth in Section 7.8.

 

“Reconciliation
Procedures” shall mean those procedures set forth in Section 7.8 of this Agreement.

 

“Redemption”
means any redemption by an Eligible Member, pursuant to the Redemption Right, of all or a portion of its Units for Class A
Shares (or, in the event of a Cash Election, cash).

 

“Redemption
Right” is defined in the Recitals of this Agreement.

 

“Reference
Asset” means an asset that is held by Holdings, or by any of its direct or indirect Subsidiaries treated as a partnership
or disregarded entity for purposes of the applicable Tax, at the time of, or immediately prior to, a Basis Transaction. A Reference
Asset also includes any asset that is “substituted basis property” under Section 7701(a)(42) of the Code with
respect to a Reference Asset.

 

    7

     

    

 

“Replacement
Rate” is defined in the definition of LIBOR.

 

“Retained
Benefit” shall be an amount, which shall be calculated as of the Closing Date, equal to the excess, if any, between the
Transaction 1 Benefit and the Transaction 2 Benefit.

 

“Schedule”
means any Basis Schedule or Tax Benefit Schedule and the Early Termination Schedule, as well as any Amended Schedule when the context
requires.

 

“Senior Obligations”
is defined in Section 5.1 of this Agreement.

 

“Subsidiaries”
means, with respect to any Person, as of any date of determination, any other Person as to which such first Person, owns, directly
or indirectly, or otherwise controls more than 50% of the voting shares or other similar interests or the sole general partner
interest or managing member or similar interest of such other Person.

 

“Tax Attributes”
is defined in the Recitals of this Agreement.

 

“Tax Benefit
Payment” is defined in Section 3.1(b) of this Agreement.

 

“Tax Benefit
Schedule” is defined in Section 2.3 of this Agreement.

 

“Tax Return”
means any return, declaration, report or similar statement required to be filed with respect to Taxes (including any attached schedules),
including, without limitation, any information return, claim for refund, amended return and declaration of estimated Tax.

 

“Taxable Year”
means a taxable year of the Corporation as defined in Section 441(b) of the Code or comparable section of state or local
Tax law, as applicable (and, therefore, for the avoidance of doubt, may include a period of less than 12 months for which a Tax
Return is prepared), ending on or after the Closing Date.

 

“Taxes”
means any and all United States federal, state and local taxes, assessments or similar charges that are based on or measured with
respect to net income or profits, whether as an exclusive or on an alternative basis, and any interest related thereto.

 

“Taxing Authority”
shall mean the IRS and any other U.S. or non-U.S. federal, national, state, county or municipal or other local government, any
subdivision, agency, commission or authority thereof, or any quasi-governmental body, exercising any Taxing authority or any other
authority exercising Tax regulatory authority.

 

“TRA Payment”
is defined in Section 5.1 of this Agreement.

 

“TRA Payment
Adjustment Amount” shall mean the Retained Benefit as calculated by PricewaterhouseCoopers, provided that upon the election
of a majority of the Disinterested Directors, the Corporation may engage (at its expense), a different reputable national accounting
firm (selected by the Corporation and consented to by LF LLC, which consent shall not be unreasonably withheld, conditioned, or
delayed) to review the Retained Benefit as calculated by PricewaterhouseCoopers (with the scope of such review to be determined
by a majority of the Disinterested Directors), provided that such accounting firm complete its review of the Retained Benefit within
90 days following the Closing Date, in which case the Retained Benefit as adjusted based upon the review by such other accounting
firm shall replace the Retained Benefit as calculated by PricewaterhouseCoopers if there is a difference of greater than 20 percentage
points. LF LLC shall cooperate with the Corporation and such accounting firm in good faith to calculate the Retained Benefit.

 

    8

     

    

 

“Transactions”
means all of the transactions contemplated under Section 5.14(h)(v) of the Purchase Agreement, as amended pursuant to
the Amendment, except where the context otherwise requires.

 

“Transaction
1 Benefit” shall mean the excess amount of the Estimated TRA Benefit over the Estimated TRA Payments in accordance with
the tax characterization of the Transactions as described in Section 5.14(h)(v) of the Purchase Agreement prior to the
Amendment.

 

“Transaction
2 Benefit” shall mean the excess amount of the Estimated TRA Benefit over the Estimated TRA Payments in accordance with
the tax characterization of the Transactions as described in Section 5.14(h)(v) of the Purchase Agreement as amended
pursuant to the Amendment.

 

“Transfer”
has the meaning set forth in the LLC Agreement and the terms “Transferee,” “Transferred,” and other forms
of the word “Transfer” shall have the correlative meanings.

 

“Treasury
Regulations” means the final, temporary and proposed regulations under the Code promulgated from time to time (including
corresponding provisions and succeeding provisions) as in effect for the relevant taxable period.

 

“Units”
is defined in the Recitals of this Agreement.

 

“Valuation
Assumptions” means, in respect of an Eligible Member, as of an Early Termination Date, the assumptions that (a) in
each Taxable Year ending on or after such Early Termination Date, the Corporation will have taxable income sufficient to fully
use the deductions and/or losses (including, as applicable and for the avoidance of doubt, any deductions taken as a result of
applying the Valuation Assumptions) arising from any Tax Attribute during such Taxable Year or future Taxable Years (including,
as applicable and for the avoidance of doubt, Basis Adjustments and Imputed Interest that would result from future Tax Benefit
Payments that would be paid in accordance with the Valuation Assumptions) in which such deductions or losses would become available;
(b) the federal Tax rates and state and local Tax rates that will be in effect for each such Taxable Year will be those specified
for each such Taxable Year by the Code and other applicable law as in effect on the Early Termination Date, except to the extent
any change to such Tax rates for such Taxable Year have already been enacted into law; (c) all taxable income of the Corporation
will be subject to the maximum applicable Tax rates for each Tax throughout the relevant period; (d) any loss or credit carryovers
relating to or generated by any Tax Attribute in respect of such Eligible Member and available as of the date of the Early Termination
Schedule will be used by the Corporation on a pro rata basis from the date of the Early Termination Schedule through the scheduled
expiration date of such loss carryovers (and for losses without an expiration date will be used through fifteen years after such
losses are generated); (e) any non-amortizable assets (i) will be disposed of in the case of inventory, accounts receivables
and cash equivalents, 12 months after the Early Termination Date, (ii) will never be disposed of in the case of stock of a
Subsidiary of Holdings, and (iii) will be disposed of in the case of all other non-amortizable assets, on the fifteenth
anniversary of the earlier of the Basis Adjustment and the Early Termination Date; (f) if, at the Early Termination Date,
there are Units that have not been Redeemed, then each such Unit shall be deemed to be Redeemed for the Market Value of the Class A
Shares and the amount of cash that would be transferred if the Redemption occurred on the Early Termination Date as provided in
Section 4.3(b); (g) any future payment obligations pursuant to this Agreement that are used to calculate the Early Termination
Payment will be satisfied on the date that any Tax Return to which any such payment obligation relates is required to be filed
(including any extensions) as provided in Section 4.3(b); and (h) with respect to Taxable Years ending prior to the Early
Termination Date, any unpaid Tax Benefit Payments and any applicable interest accruing at the Default Rate will be paid.

 

    9

     

    

 

Article II

DETERMINATION OF CUMULATIVE REALIZED TAX BENEFIT

 

Section 2.1           Applicable
Calculation Principles. Subject to Section 2.1, Section 3.3(a), Section 4.1(c) and Section 4.3, the
Realized Tax Benefit or Realized Tax Detriment is intended to measure the decrease or increase in the actual liability for Taxes
of the Corporation (and without duplication, Holdings, but only with respect to Taxes imposed on Holdings under Section 6225
of the Code and allocable to the Corporation) for such Taxable Year attributable to the Tax Attributes determined using a “with
and without” methodology (which shall be calculated using the methodology set forth in the definitions of Realized Tax Benefit
and Realized Tax Detriment). For the avoidance of doubt, the Actual Tax Liability will take into account the deduction of the
portion of the Tax Benefit Payment that must be accounted for as interest under the Code based upon the characterization of Tax
Benefit Payments as additional consideration payable by the Corporation for the Units acquired in a Redemption. Carryovers or
carrybacks of any Tax item attributable to the Tax Attributes shall be considered to be subject to the rules of the Code
and the Treasury Regulations or the appropriate provisions of U.S. state and local Tax law, as applicable, governing the use,
limitation and expiration of carryovers or carrybacks of the relevant type. If a carryover or carryback of any Tax item includes
a portion that is attributable to a Tax Attribute, and another portion that is not, such portions shall be considered to be used
in accordance with the “with and without” methodology. The parties agree that, except as otherwise required by applicable
Law, (i) any Tax Benefit Payment in respect of an Eligible Member attributable to a Basis Transaction in respect of such
Eligible Member (other than amounts accounted for as interest under the Code) will (A) be treated as a subsequent upward
purchase price adjustment and (B) have the effect of creating additional Basis Adjustments in respect of such Eligible Member
with respect to Reference Assets in the year of payment, and (ii) as a result, such additional Basis Adjustments in respect
of such Eligible Member will be incorporated into the current year calculation and into future year calculations, as appropriate.
The parties to this Agreement acknowledge and agree that, except as otherwise required by applicable law, each Basis Transaction
will give rise to Basis Adjustments, to the extent permitted by applicable Law.

 

Section 2.2           Basis
Schedule. Within 120 days after the filing of the Corporation Return for each Taxable Year in which there is a Basis Transaction
with respect to an Eligible Member, the Corporation shall deliver to each such Eligible Member a schedule (a “Basis Schedule”)
that shows, in reasonable detail, for purposes of Taxes, (a) the actual Tax basis and the Non-Stepped Up Tax Basis of the
Reference Assets attributable to such Eligible Member as of each applicable Basis Transaction Date, (b) the Basis Adjustments
attributable to such Eligible Member as a result of each Basis Transaction effected in such Taxable Year by such Eligible Member,
(c) the period or periods, if any, over which the Reference Assets are estimated to be amortizable and/or depreciable, and
(d) the period or periods, if any, over which each Basis Adjustment Attributable to such Eligible Member is estimated to
be amortizable and/or depreciable. A Basis Schedule will become final and binding on the parties to this Agreement pursuant to
the procedures set forth in Section 2.4(a) and may be amended by the parties to this Agreement pursuant to the procedures
set forth in Section 2.4(b).

 

Section 2.3           Tax
Benefit Schedule. Within 120 days after the filing of the Corporation Return for any Taxable Year in which there is a Realized
Tax Benefit or Realized Tax Detriment Attributable to an Eligible Member, the Corporation shall provide to each such Eligible
Member a schedule showing, in reasonable detail, (i) the calculation of the Realized Tax Benefit or Realized Tax Detriment
Attributable to such Eligible Member for such Taxable Year and (ii) the calculation of any Tax Benefit Payment to be made
to such Eligible Member pursuant to Article III with respect to such Taxable Year (a “Tax Benefit Schedule”).
The Tax Benefit Schedule will become final as provided in Section 2.4(a) and may be amended as provided in Section 2.4(b).

 

    10

     

    

 

Section 2.4           Procedures,
Amendments.

 

(a)            Procedure.
Every time the Corporation delivers to an Eligible Member an applicable Schedule under this Agreement, including any Amended Schedule
delivered pursuant to Section 2.4(b), but excluding any Early Termination Schedule or amended Early Termination Schedule,
the Corporation shall also deliver to the Eligible Member schedules and work papers, as determined by the Corporation or reasonably
requested by the Eligible Member (in which case the Eligible Member shall pay for any out-of-pocket expenses incurred in connection
with such request), providing reasonable detail regarding the preparation of the Schedule. Without limiting the generality of the
preceding sentence, each time the Corporation delivers to an Eligible Member a Tax Benefit Schedule, in addition to the Tax Benefit
Schedule, the Corporation shall also deliver to such Eligible Member a reasonably detailed calculation by the Corporation of the
applicable Hypothetical Tax Liability and Actual Tax Liability in respect of such Eligible Member. The applicable Tax Benefit Schedule
and the Basis Schedule shall become final and binding on all parties unless the Eligible Member, within 30 calendar days after
receiving such Schedule or amendment thereto, provides the Corporation with notice of its material objection to such Schedule (an
 “Objection Notice”) made in good faith. If the parties, for any reason, are unable to successfully resolve the
issues raised in any such Objection Notice within 30 calendar days of receipt thereof by the Corporation, the Corporation and the
Eligible Member shall employ the Reconciliation Procedures as described in Section 7.8 of this Agreement. Following the resolution
of the issues raised by an Objection Notice, including as a result of the Reconciliation Procedures, the Corporation shall revise
(and deliver to the Eligible Member) the relevant Schedule in accordance with such resolution, and such revised Schedule shall
become final and binding on the relevant Eligible Member (and on the Corporation as to that Eligible Member).

 

(b)            Amended
Schedule. The applicable Schedule in respect of an Eligible Member for any Taxable Year may be amended from time to time by
the Corporation (i) in connection with a Determination affecting such Schedule, (ii) to correct material inaccuracies
in the Schedule, including those identified as a result of the receipt of additional factual information relating to a Taxable
Year after the date the Schedule was provided to the Eligible Member, (iii) to comply with the Expert’s determination
under the Reconciliation Procedures, (iv) to reflect a material change in the Realized Tax Benefit or Realized Tax Detriment
in respect of the Eligible Member for such Taxable Year attributable to a carryback or carryforward of a loss or other Tax item
to such Taxable Year, (v) to reflect a material change in the Realized Tax Benefit or Realized Tax Detriment in respect of
the Eligible Member for such Taxable Year attributable to an amended Tax Return filed for such Taxable Year, or (vi) to adjust
the Basis Schedule to take into account payments made pursuant to this Agreement (such Schedule, an “Amended Schedule”).
The Corporation shall provide any Amended Schedule to the Eligible Member when the Corporation delivers the Basis Schedule for
the following Taxable Year. In the event a Schedule is amended after such Schedule becomes final pursuant to Section 2.4(a) or,
if applicable, Section 7.8, (A) the Amended Schedule shall not be taken into account in calculating any Tax Benefit
Payment in the Taxable Year to which the amendment relates but instead shall be taken into account in calculating the Cumulative
Net Realized Tax Benefit for the Taxable Year in which the amendment actually occurs, and (B) as a result of the foregoing,
any increase of the Net Tax Benefit attributable to an Amended Schedule shall not accrue the Interest Amount (or any other interest
hereunder) until after the due date (without extensions) for filing the Corporation Return with respect to the Taxable Year in
which the amendment actually occurs.

 

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Article III

TAX BENEFIT PAYMENTS

 

Section 3.1           Payments.

 

(a)            Payments.
Within five Business Days of a Tax Benefit Schedule that was delivered to an Eligible Member becoming final in accordance with
Section 2.4(a), the Corporation shall pay to such Eligible Member for such Taxable Year the Tax Benefit Payment determined
pursuant to Section 3.1(b). Each such Tax Benefit Payment shall be made by wire transfer (or as otherwise agreed by the Corporation
and the Eligible Member) of immediately available funds to a bank account of the Eligible Member previously designated by such
Eligible Member to the Corporation. No Eligible Member shall be required under any circumstances to return any portion of any TRA
Payment previously paid by the Corporation to such Eligible Member.

 

(b)            A
 “Tax Benefit Payment” means in respect of each Eligible Member an amount, not less than zero, equal to the sum
of the Net Tax Benefit and the Interest Amount Attributable to such Eligible Member. For the avoidance of doubt, for Tax purposes,
the Interest Amount shall not be treated as interest but instead shall be treated as additional consideration for the acquisition
of Units or other assets in a Basis Transaction unless otherwise required by Law. The “Net Tax Benefit” for
each Taxable Year shall be an amount equal to the excess, if any, of 85% of the Cumulative Net Realized Tax Benefit as of the end
of such Taxable Year over the total amount of payments previously made under this Section 3.1, excluding payments attributable
to the Interest Amount. Notwithstanding anything to the contrary in this Agreement, the parties acknowledge and agree that the
determination of the portion of the Tax Benefit Payment to be paid to an Eligible Member under this Agreement with respect to state
and local taxes shall not require separate “with and without” calculations in respect of each applicable state and
local tax jurisdiction but rather will be based on the United States federal taxable income or gain for such taxable year reported
on the Corporation Return and the Assumed Rate. The “Interest Amount” for a given Taxable Year shall equal the
interest on the Net Tax Benefit for such Taxable Year calculated at the Agreed Rate from the due date (without extensions) for
filing the Corporation Return with respect to Taxes for the most recently ended Taxable Year until the Payment Date; provided that
such interest shall not accrue on the amount of any Net Tax Benefit after the date on which such amount is actually paid to any
Eligible Member, regardless of whether such payment is made prior to the Payment Date. The Net Tax Benefit and the Interest Amount
shall be determined separately with respect to each separate Basis Transaction, by reference to the resulting Basis Adjustment.

 

(c)            The
Corporation shall use good faith efforts to ensure that it has sufficient Available Cash to make all payments due under this Agreement.

 

Section 3.2           No
Duplicative Payments. Notwithstanding anything in this Agreement to the contrary, it is intended that the provisions of this
Agreement will not result in duplicative payment of any amount (including interest) required under this Agreement. It is also
intended that the provisions of this Agreement will result in 85% of the Corporation’s Cumulative Net Realized Tax Benefit,
and the Interest Amount thereon, being paid to the applicable Eligible Members pursuant to this Agreement. The provisions of this
Agreement shall be construed in the appropriate manner so that these fundamental results are achieved. For the avoidance of doubt,
no Tax Benefit Payment shall be required to be calculated or made in respect of any estimated Tax payments, including estimated
U.S. federal Tax payments.

 

Section 3.3           Pro
Rata Payments; Coordination of Benefits.

 

(a)            Notwithstanding
anything in Section 3.1 to the contrary, to the extent that the aggregate Tax benefit of the Corporation’s deductions
with respect to the Tax Attributes is limited in a particular Taxable Year because the Corporation does not have sufficient taxable
income, the limitation on the Tax benefit for the Corporation shall be allocated among the Eligible Members in proportion to the
respective amounts of Tax Benefit Payments that would have been determined under this Agreement in respect of each such Eligible
Member if the Corporation had sufficient taxable income so that there were no such limitation.

 

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(b)            If
for any reason the Corporation does not fully satisfy its payment obligations to make all Tax Benefit Payments due under this Agreement
in respect of a particular Taxable Year, then the Corporation and the Eligible Members agree that (i) the Corporation shall
pay to each Eligible Member eligible to receive a Tax Benefit Payment for such Taxable Year the same proportion of each Tax Benefit
Payment due under this Agreement in respect of such Taxable Year, without favoring one obligation over the other, and (ii) no
Tax Benefit Payment shall be made in respect of any Taxable Year until all Tax Benefit Payments in respect of prior Taxable Years
have been made in full.

 

Section 3.4           Overpayments.
To the extent the Corporation makes a payment to an Eligible Member in respect of a particular Taxable Year under Section 3.1
in an amount in excess of the amount of such payment that should have been made to such Eligible Member in respect of such Taxable
Year (taking into account Section 3.3) under the terms of this Agreement, then such Eligible Member shall not receive further
payments under this Agreement until such Eligible Member has foregone an amount of payments equal to such excess.

 

Article IV

TERMINATION

 

Section 4.1           Early
Termination and Breach of Agreement.

 

(a)            The
Corporation (upon a majority vote of its Disinterested Directors) may terminate this Agreement at any time by paying to each Eligible
Member the Early Termination Payment Attributable to each such Eligible Member; provided, however, that this Agreement
shall only terminate upon the receipt of the Early Termination Payment by all Eligible Members; and provided, further,
that the Corporation may withdraw any notice to execute its termination rights under this Section 4.1(a) prior to the
time at which any Early Termination Payment has been paid. Upon payment of the Early Termination Payments by the Corporation, neither
the Eligible Members nor the Corporation shall have any further payment obligations under this Agreement, other than for any (i) Tax
Benefit Payment agreed to by the Corporation and an Eligible Member as due and payable but unpaid as of Early Termination Date
(which Tax Benefit Payment shall not be included in the Early Termination Payment described in this Section 4.1(a)) and (ii) Tax
Benefit Payment in respect of an Eligible Member due for the Taxable Year ending with or including the Early Termination Date (except
to the extent that the amount described in this clause (ii) is included in the Early Termination Payment described in
this Section 4.1(a) or (at the option of the Corporation) in clause (i)); provided, that upon payment of all amounts,
to the extent applicable and without duplication, described in this sentence, this Agreement shall terminate. For the avoidance
of doubt, if a Basis Transaction occurs after the Corporation makes the Early Termination Payments with respect to all Eligible
Members, the Corporation shall have no obligations under this Agreement with respect to such Basis Transaction, and its only obligations
under this Agreement in such case shall be its obligations to all Eligible Members under Section 4.3(a).

 

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(b)            In
the event that the Corporation materially breaches any of its material obligations under this Agreement, whether (i) as a
result of (A) failure to make any payment when due to the extent not paid within three months (except for all or a portion
of such payment that is being disputed in good faith under this Agreement) or (B) failure to honor any other material obligation
required hereunder to the extent not cured within 30 Business Days, in the case of each of (A) and (B), following receipt
by the Corporation of written notice of such failure from the Eligible Members following such failure (a “Breach Notice”)
or (iii) by operation of law as a result of the rejection of this Agreement in a case commenced under the Bankruptcy Code
(with a Breach Notice being deemed to be delivered on the date of such rejection), then all obligations hereunder shall be accelerated
and such obligations shall be calculated as if an Early Termination Notice had been dated as of the date of delivery of the Breach
Notice and shall include (1) the Early Termination Payment of such Eligible Member calculated as if an Early Termination Notice
had been dated as of the date of delivery of the Breach Notice, (2) any Tax Benefit Payment in respect of such Eligible Member
agreed to by the Corporation and such Eligible Member as due and payable but unpaid as of the date of delivery of the Breach Notice
(which Tax Benefit Payment shall not be included in the Early Termination Payment described in clause (1)), and (3) any Tax
Benefit Payment in respect of such Eligible Member due for the Taxable Year ending with or including the date of delivery of the
Breach Notice (except to the extent that the amount described in clause (3) is included in the Early Termination Payment
described in clause (1) or (at the option of the Corporation) in the Tax Benefit Payment
described in clause (2)); provided, that upon payment of all amounts, to the extent applicable and without duplication,
described in this sentence, this Agreement shall terminate. Notwithstanding the foregoing, in the event that the Corporation breaches
this Agreement, the Eligible Members shall be entitled to elect to receive the amounts set forth in clauses (1), (2) and
(3) above or to seek specific performance of the terms hereof. The parties agree that the failure to make any payment due
pursuant to this Agreement within three months of the receipt by the Corporation of a Breach Notice following the date such payment
is due shall be deemed to be a material breach of a material obligation under this Agreement for all purposes of this Agreement
(unless such payment is being disputed in good faith under this Agreement), and that it will not be considered to be a material
breach of a material obligation under this Agreement to make a payment due pursuant to this Agreement within three months of receipt
by the Corporation of a Breach Notice following the date such payment is due. Notwithstanding anything in this Agreement
to the contrary, it shall not be a material breach of a material obligation of this Agreement if the Corporation fails to make
any Tax Benefit Payment when due to the extent that the Corporation has insufficient Available Cash to make such payment or cannot
make such payment as a result of obligations imposed in connection with the Senior Obligations or under applicable Law; provided,
however, that the interest provisions of Section 5.2 shall apply to such late payment (unless the Corporation does
not have Available Cash to make such payment as a result of limitations imposed by existing credit agreements to which Holdings
(or any direct or indirect Subsidiary thereof) is a party, in which case Section 5.2 shall apply, but the Default Rate shall
be replaced by the Agreed Rate). In the event of an acceleration under this Section 4.1(b), and notwithstanding anything to
the contrary in the foregoing, the Early Termination Payment shall be calculated utilizing the Valuation Assumptions, substituting
in each case the term “date of delivery of the Breach Notice” for “Early Termination Date”; the procedures
of Section 4.2 (and Section 2.3, to the extent applicable) and Section 4.3 shall apply mutatis mutandis with
respect to the determination of the amount payable by the Corporation pursuant to the first sentence of this Section 4.1(b) and
the payment thereof; and if a Basis Transaction occurs after the Corporation makes all such required payments described in this
Section 4.1(b), the Corporation shall have no obligations under this Agreement with respect to such Basis Transaction.

 

(c)            In
the event of a Change of Control, all obligations hereunder shall be accelerated and such obligations shall be calculated pursuant
to this Article IV as if an Early Termination Notice had been dated as of the closing date of the Change of Control and shall
include (i) the Early Termination Payment in respect of such Eligible Member, calculated as if an Early Termination Notice
had been dated as of the effective date of such Change of Control, (ii) any Tax Benefit Payment in respect of such Eligible
Member agreed to by the Corporation and such Eligible Member as due and payable but unpaid as of the effective date of such Change
of Control (which Tax Benefit Payment shall not be included in the Early Termination Payment described in clause (i)), and (iii) any
Tax Benefit Payment in respect of such Eligible Member due for any Taxable Year ending prior to, with or including the effective
date of such Change of Control (except to the extent that the amounts described in this clause (iii) are included in the calculation
of the Early Termination Payment described in clause (i) (at the option of the Corporation) or are included in clause (ii));
provided, that upon payment of all amounts, to the extent applicable and without duplication, described in this sentence, this
Agreement shall terminate. In the event of a Change of Control, the Early Termination Payment shall be calculated utilizing the
Valuation Assumptions, substituting in each case the term “the closing date of a Change of Control” for “Early
Termination Date”; the procedures of Section 4.2 (and Section 2.3, to the extent applicable) and Section 4.3
shall apply mutatis mutandis with respect to the determination of the amount payable by the Corporation pursuant to the
preceding sentence and the payment thereof; and if a Basis Transaction occurs after the Corporation makes all such required payments
described in this Section 4.1(c), the Corporation shall have no obligations under this Agreement with respect to such Basis
Transaction.

 

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Section 4.2           Early
Termination Notice. If the Corporation chooses to exercise its right of early termination under Section 4.1 above, the
Corporation shall deliver to each Eligible Member notice of such intention to exercise such right (“Early Termination
Notice”) and a schedule (the “Early Termination Schedule”) specifying the Corporation’s intention
to exercise such right and showing in reasonable detail the calculation of the Early Termination Payment for that Eligible Member.
The Early Termination Schedule shall become final and binding on an Eligible Member (and on the Corporation as to that Eligible
Member) unless the Eligible Member, within 30 calendar days after receiving the Early Termination Schedule, provides the Corporation
with notice of a material objection to such Schedule made in good faith (“Material Objection Notice”). If the
parties, for any reason, are unable to successfully resolve the issues raised in such notice within 30 calendar days after receipt
by the Corporation of the Material Objection Notice, the Corporation and the Eligible Member shall employ the Reconciliation Procedures
as described in Section 7.8 of this Agreement. Following the resolution of the issues raised by a Material Objection Notice,
including as a result of the Reconciliation Procedures, the Corporation shall revise (and deliver to the Eligible Member) the
Early Termination Schedule in accordance with such resolution, and such revised Early Termination Schedule shall become final
and binding on the relevant Eligible Member (and on the Corporation as to that Eligible Member).

 

Section 4.3           Payment
upon Early Termination.

 

(a)            Within
five Business Days after agreement between an Eligible Member and the Corporation of the Early Termination Schedule, the Corporation
shall pay to such Eligible Member an amount equal to the Early Termination Payment determined for such Eligible Member. Such payment
shall be made by wire transfer (or as otherwise agreed by the Corporation and the Eligible Member) of immediately available funds
to a bank account designated by the Eligible Member.

 

(b)            The
 “Early Termination Payment” shall equal with respect to any Eligible Member the present value, discounted at
the Early Termination Rate as of the date of delivery of the final and binding Early Termination Schedule to the Eligible Member,
of all unpaid Tax Benefit Payments (excluding the Interest Amount) that would be required to be paid by the Corporation to the
Eligible Member (which, in the case of an Eligible Member that has Units that have not previously been Redeemed, shall be calculated
as if such Eligible Member made a Redemption of all its remaining Units on the Early Termination Date) and assuming that the Valuation
Assumptions are applied and that each such Tax Benefit Payment for each relevant Taxable Year would be paid on the due date (including
extensions) under applicable Law (as of the Early Termination Date) for filing the Corporation Return for each such Taxable Year.

 

Article V

SUBORDINATION AND LATE PAYMENTS

 

Section 5.1           Subordination.
Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment or Early Termination Payment required
to be made by the Corporation to the Eligible Members under this Agreement (a “TRA Payment”) shall rank subordinate
and junior in right of payment to any principal, interest or other amounts due and payable in respect of any obligations in respect
of indebtedness for borrowed money of the Corporation and its Subsidiaries (“Senior Obligations”) and shall
rank pari passu with all current or future unsecured obligations of the Corporation that are not Senior Obligations.

 

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Section 5.2           Late
Payments by the Corporation. The amount of all or any portion of any Tax Benefit Payment or Early Termination Payment not
made to any Eligible Member when due under the terms of this Agreement shall be payable together with any interest thereon, computed
at the Default Rate and commencing from the date on which such payment was due and payable, except as otherwise provided in this
Agreement.

 

Article VI

NO DISPUTES; CONSISTENCY; COOPERATION

 

Section 6.1           Participation
of the Eligible Members in the Corporation’s and Holdings’ Tax Matters. Except as otherwise provided herein, the
Corporation shall have full responsibility for, and sole discretion over, all Tax matters concerning the Corporation and Holdings,
including without limitation the preparation, filing or amending of any Tax Return and defending, contesting or settling any issue
pertaining to Taxes. Notwithstanding the foregoing, the Corporation shall notify each Eligible Member of, and keep each such Eligible
Member reasonably informed with respect to, the portion of any audit of the Corporation and Holdings by a Taxing Authority the
outcome of which is reasonably expected to materially affect such Eligible Member’s rights and obligations under this Agreement,
and shall provide to each such Eligible Member a reasonable opportunity to provide information and other input to the Corporation,
Holdings and their respective advisors concerning the conduct of any such portion of such audit; provided, however,
that the Corporation and Holdings shall not be required to take any action that is inconsistent with any provision of the LLC
Agreement or the Purchase Agreement.

 

Section 6.2           Consistency.
The Corporation and each Eligible Member agree to report and cause to be reported (including by their Affiliates) for all purposes,
including federal, state, and local Tax purposes and financial reporting purposes, all Tax-related items (including, without limitation,
Basis Adjustments and each Tax Benefit Payment) in a manner consistent with that specified by the Corporation in any final and
binding Schedule or Amended Schedule provided by or on behalf of the Corporation under this Agreement.

 

Section 6.3           Cooperation.
Each Eligible Member shall (a) furnish to the Corporation in a timely manner such information, documents and other materials
as the Corporation may reasonably request for purposes of making any determination or computation necessary or appropriate under
this Agreement, preparing any Tax Return or contesting or defending any audit, examination or controversy with any Taxing Authority,
(b) make itself available to the Corporation and its representatives to provide explanations of documents and materials and
such other information as the Corporation or its representatives may reasonably request in connection with any of the matters
described in clause (a) above, and (c) reasonably cooperate in connection with any such matter, and Holdings shall
reimburse the Eligible Member for any reasonable and documented third-party costs and expenses incurred by the Eligible Member
pursuant to this Section 6.3.

 

Article VII

MISCELLANEOUS

 

Section 7.1           Notices. Any
notice, request, demand or other communication hereunder must be given in writing and (a) delivered in person, (b) transmitted
by facsimile, by telecommunications mechanism or electronically or (c) mailed by certified or registered mail, postage prepaid,
receipt requested as follows:

 

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If to the Corporation,
addressed to it at:

 

Golden Nugget Online
Gaming, Inc.

1510 West Loop South

Houston, Texas 77027

	Attention:	General Counsel
	Email:	SScheinthal@ldry.com

 

With copies (which
shall not constitute notice) to:

 

White & Case
LLP

1221 Avenue of the
Americas

New York, New York
10020

	Fax:	(713) 836-3601
	Attention:	Joel Rubinstein
	 	Michael Deyong
	 	Sang Ji
	Email:	joel.rubinstein@whitecase.com
	 	michael.deyong@whitecase.com
	 	sji@whitecase.com

 

If to an Eligible Member, to the
address and facsimile number set forth in Holdings’ records.

 

Each such notice or other communication
shall be effective and deemed received for all purposes hereunder (i) if given by telecommunication or electronically, when
transmitted to the applicable number or electronic mail address so specified in (or pursuant to) this Section 7.1 and an appropriate
answerback is received or, if transmitted after 5:00 p.m. Texas time on a Business Day in the jurisdiction to which such notice
is sent or at any time on a day that is not a Business Day in the jurisdiction to which such notice is sent, then on the immediately
following Business Day, (ii) if given by mail, on the first Business Day in the jurisdiction to which such notice is sent
following the date three days after such communication is deposited in the mails with first class postage prepaid, addressed as
aforesaid or (iii) if given by any other means, on the Business Day when actually received at such address or, if not received
on a Business Day, on the Business Day immediately following such actual receipt.

 

Any party may change
its address or fax number by giving the other party written notice of its new address or fax number in the manner set forth above.

 

Section 7.2           Counterparts.
This Agreement and any amendment hereto may be executed in one or more counterparts, all of which shall be considered one and
the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered
to the other parties, it being understood that all parties need not sign the same counterpart. Delivery of an executed signature
page, including by electronic signature, to this Agreement by facsimile transmission shall be as effective as delivery of a wet
signature counterpart of this Agreement.

 

Section 7.3           Entire
Agreement. This Agreement, together with all exhibits and schedules hereto and all other agreements referenced therein and
herein, including the LLC Agreement and the Purchase Agreement, constitute the entire agreement between the parties hereto pertaining
to the subject matter hereof and supersede all prior and contemporaneous agreements, understandings, negotiations and discussions,
whether oral or written, of the parties and there are no warranties, representations or other agreements between the parties in
connection with the subject matter hereof except as specifically set forth herein and therein. In the event of a conflict between
this Agreement and the LLC Agreement or this Agreement and the Purchase Agreement, the provisions of the LLC Agreement and the
Purchase Agreement, respectively, shall govern.

 

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Section 7.4           No
Third-Party Beneficiaries. Nothing in this Agreement, express or implied, is intended to confer upon any Person, other than
the parties hereto and their respective successors and permitted assigns, any rights or remedies under this Agreement or otherwise
create any third-party beneficiary hereto.

 

Section 7.5           Governing
Law. This Agreement, the legal relations between the parties and any Action, whether contractual or non-contractual, instituted
by any party hereto with respect to matters arising under or growing out of or in connection with or in respect of this Agreement,
shall be governed by and construed in accordance with the Laws of the State of Delaware applicable to contracts made and performed
in such state and without regard to conflicts of law doctrines, except to the extent that certain matters are preempted by federal
Law.

 

Section 7.6           Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any Law or public policy,
all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or
legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such
determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate
in good faith to modify this Agreement so as to effect the original intent of the parties hereto as closely as possible in an
acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest
extent possible.

 

Section 7.7           Successors;
Assignment; Amendments; Waivers.

 

(a)            No
Eligible Member may assign, sell, pledge or otherwise alienate or transfer all or any portion of its rights or obligations under
this Agreement to any Person without the prior written approval of a majority of the Disinterested Directors, except that any Eligible
Member that Transfers its Units in accordance with the LLC Agreement shall have the option to assign, without the approval of the
Disinterested Directors, to the Transferee of such Units such Eligible Member’s rights and obligations under this Agreement
with respect to such Transferred Units. As a condition to any such assignment, each transferee approved pursuant to the preceding
sentence, and the Corporation, Holdings and the transferor, shall execute and deliver a Joinder, in the form attached hereto as
Exhibit A. If there is an assignment, sale, pledge or other alienation or transfer of all or any portion of an Eligible Member’s
payment rights under this Agreement in which such Eligible Member does not transfer corresponding Units, Tax Benefit Payments shall
be determined based on the Basis Adjustments that are Attributable to such transferring Eligible Member. The Corporation may not
assign any of its rights or obligations under this Agreement to any Person (other than any direct or indirect successor (whether
by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporation) without
the prior written consent of each of the Eligible Members (and any purported assignment without such consent shall be null and
void).

 

(b)            No
provision of this Agreement may be amended unless such amendment is approved in writing by a majority of each of the Disinterested
Directors and Eligible Members (which approval shall not be unreasonably withheld, conditioned or delayed), in which case such
amendment shall be permitted. No provision of this Agreement may be waived unless such waiver is in writing and signed by the party
against whom the waiver is to be effective.

 

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(c)            All
of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by
the parties hereto and their respective successors, permitted assigns, heirs, executors, administrators and legal representatives.
The Corporation shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise)
to all or substantially all of the business or assets of the Corporation, by written agreement, expressly to assume and agree to
perform this Agreement in the same manner and to the same extent that the Corporation would be required to perform if no such succession
had taken place.

 

Section 7.8           Titles
and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference only and are
not to be considered in construing this Agreement.

 

Section 7.9           Reconciliation.
In the event that the Corporation and any Eligible Member are unable to resolve a disagreement with respect to the matters governed
by Sections 2.4 and 4.2 within the relevant period designated in this Agreement (“Reconciliation Dispute”),
the Reconciliation Dispute shall be submitted for determination to a nationally recognized expert (the “Expert”)
in the particular area of disagreement mutually acceptable to both parties. The Expert shall be a partner in a nationally recognized
accounting firm or a law firm, and the Expert shall not, and, unless the Eligible Member agrees otherwise, the firm that employs
the Expert shall not, have any material relationship with either the Corporation or the Eligible Member or other actual or potential
conflict of interest. If the parties are unable to agree on an Expert within 15 days of receipt by the respondent(s) of written
notice of a Reconciliation Dispute, the Expert shall be appointed by the International Chamber of Commerce Centre for Expertise.
The Expert shall resolve any matter relating to the Basis Schedule or an amendment thereto or the Early Termination Schedule or
an amendment thereto within 30 calendar days and shall resolve any matter relating to a Tax Benefit Schedule or an amendment thereto
within 15 calendar days or, in each case, as soon thereafter as is reasonably practicable, in each case after the matter
has been submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before
any payment that is the subject of a disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting
the subject of a disagreement is due, the undisputed amount shall be paid on such date and such Tax Return may be filed as prepared
by the Corporation, subject to adjustment or amendment upon resolution.

 

The sum of (a) the costs and expenses
relating to (i) the engagement (and, if applicable, selection by the International Chamber of Commerce Centre for Expertise)
of such Expert and (ii) if applicable, amending any Tax Return in connection with the decision of such Expert and (b) the
reasonable out-of-pocket costs and expenses of the Corporation and the Eligible Member incurred in the conduct of such proceeding
shall be allocated between the Corporation, on the one hand, and the Eligible Member, on the other hand, in the same proportion
that the aggregate amount of the disputed items so submitted to the Expert that is unsuccessfully disputed by each such party (as
finally determined by the Expert) bears to the total amount of such disputed items so submitted, and each such party shall promptly
reimburse the other party for the excess that such other party has paid in respect of such costs and expenses over the amount it
has been so allocated. The Corporation may withhold payments under this Agreement to collect amounts due under the preceding sentence.
Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this Section 7.9 shall be decided by
the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this
Section 7.9 shall be binding on the Corporation and the Eligible Member and may be entered and enforced in any court having
jurisdiction.

 

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Section 7.10         Withholding.
The Corporation shall be entitled to deduct and withhold from any payment payable pursuant to this Agreement such amounts as the
Corporation is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state,
local or foreign tax Law. To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by the
Corporation, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Eligible Member.
Each Eligible Member shall promptly provide the Corporation with any applicable tax forms and certifications reasonably requested
by the Corporation in connection with determining whether any such deductions and withholdings are required under the Code or
any provision of U.S. state, local or foreign tax Law.

 

Section 7.11         Admission
of the Corporation into a Consolidated Group.

 

(a)            If
the Corporation becomes a member of an affiliated or consolidated group of corporations that files a consolidated United States
federal income tax return pursuant to Sections 1501 et seq. of the Code, then: (i) the provisions of this Agreement shall
be applied with respect to the group as a whole; and (ii) Tax Benefit Payments, Early Termination Payments and other applicable
items hereunder shall be computed with reference to the consolidated taxable income of the group as a whole.

 

(b)            If
the Corporation, its successor in interest or any member of a group described in Section 7.11(a) transfers one or more
Reference Assets to a corporation (or a Person classified as a corporation for U.S. income tax purposes) with which such entity
does not file a consolidated United States federal income tax return pursuant to Section 1501, et seq. of the Code, such entity,
for purposes of calculating the amount of any Tax Benefit Payment or Early Termination Payment due hereunder, shall be treated
as having disposed of each such Reference Asset in a fully taxable transaction on the date of such transfer. The consideration
deemed to be received by such entity shall be equal to the fair market value of the contributed Reference Asset as determined by
a valuation expert selected by the Corporation plus, without duplication, (i) the amount of debt to which any such Reference
Assets is subject, in the case of a transfer of an encumbered Reference Asset or (ii) the amount of debt allocated to any
such Reference Asset, in the case of a contribution of a partnership interest. For purposes of this Section 7.11(b), and notwithstanding
the foregoing, a transfer of a partnership interest shall be treated as a transfer of the transferring partner’s share of
each of the assets and liabilities of that partnership. Notwithstanding anything to the contrary set forth herein, if the Corporation,
its successor in interest or any member of a group described in Section 7.11(a), transfers its assets pursuant to a transaction
that qualifies as a “reorganization” (within the meaning of Section 368(a) of the Code) in which such entity
does not survive or pursuant to any other transaction to which Section 381(a) of the Code applies (other than any such
reorganization or any such other transaction, in each case, pursuant to which such entity transfers assets to a corporation (or
a Person classified as a corporation for U.S. income tax purposes) with which such entity does not file a consolidated United States
federal income tax return pursuant to Section 1501, et seq. of the Code), the transfer will not cause such entity to be treated
as having transferred any assets to a corporation (or a Person classified as a corporation for U.S. income tax purposes) pursuant
to this Section 7.11(b). Notwithstanding the foregoing, no Tax Benefit Payment or Early Termination Payment shall be calculated,
and no payment shall be made under this Agreement, with regard to any transfer to an Affiliate of the Corporation which is subject
to this Section 7.11(b) unless a majority of the Disinterested Directors shall have approved such transfer.

 

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Section 7.12         Confidentiality.
Each Eligible Member acknowledges and agrees that it may acquire access to confidential information of the Corporation in connection
with the transactions contemplated by this Agreement and such Person shall keep and retain in the strictest confidence and not
disclose to any Person any confidential matters, acquired pursuant to this Agreement, of the Corporation and its Affiliates and
successors, concerning Holdings and its Affiliates and successors or the other Eligible Members, learned by the Eligible Member
heretofore or hereafter. This Section 7.12 shall not apply to (i) any information that has been made publicly available
by the Corporation or any of its Affiliates, becomes public knowledge (except as a result of an act of such Eligible Member in
violation of this Agreement) or is generally known to the public and (ii) the disclosure of information to the extent necessary
for an Eligible Member to prepare and file his or her Tax Returns, to respond to any inquiries regarding the same from any Taxing
Authority or to prosecute or defend any action, proceeding or audit by any Taxing Authority with respect to such returns. Notwithstanding
anything to the contrary herein, each Eligible Member (and each employee, representative or other agent of such Eligible Member
or assignee, as applicable) may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax structure
of the Corporation, Holdings, the Eligible Members and their Affiliates, and any of their transactions, and all materials of any
kind (including opinions or other tax analyses) that are provided to the Eligible Members relating to such tax treatment and tax
structure.

 

If an Eligible Member
commits a breach, or threatens to commit a breach, of any of the provisions of this Section 7.12, the Corporation shall have
the right and remedy to have the provisions of this Section 7.12 specifically enforced by injunctive relief or otherwise by
any court of competent jurisdiction without the need to post any bond or other security, it being acknowledged and agreed that
any such breach or threatened breach shall cause irreparable injury to the Corporation or its Subsidiaries or the other Eligible
Members and the accounts and funds managed by the Corporation and that money damages alone shall not provide an adequate remedy
to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available
at law or in equity.

 

Section 7.13         Partnership
Agreement. To the extent applicable, this Agreement shall be treated as part of the partnership agreement of Holdings as described
in Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations.

 

Section 7.14         Independent
Nature of Eligible Members’ Rights and Obligations. The obligations of each Eligible Member hereunder are several and
not joint with the obligations of any other Eligible Member, and no Eligible Member shall be responsible in any way for the performance
of the obligations of any other Eligible Member hereunder. The decision of each Eligible Member to enter into this Agreement has
been made by such Eligible Member independently of any other Eligible Member. Nothing contained herein, and no action taken by
any Eligible Member pursuant hereto, shall be deemed to constitute the Eligible Members as a partnership, an association, a joint
venture or any other kind of entity, or create a presumption that the Eligible Members are in any way acting in concert or as
a group with respect to such obligations or the transactions contemplated hereby and the Corporation acknowledges that the Eligible
Members are not acting in concert or as a group, and the Corporation will not assert any such claim, with respect to such obligations
or the transactions contemplated hereby.

 

Section 7.15         Tax
Treatment. The Corporation and the Eligible Members hereby acknowledge and agree that, as of the date of this Agreement and
as of the date of any future Basis Transaction that may be subject to this Agreement, the aggregate value of the Tax Benefit Payments
cannot be reasonably ascertained for U.S. federal income or other applicable tax purposes. Notwithstanding anything to the contrary
in this Agreement, with respect to each Basis Transaction by or with respect to any Eligible Member, if such Eligible Member notifies
the Corporation in writing of a stated maximum selling price (within the meaning of Treasury Regulation 15A.453-1(c)(2)) to be
applied with respect to such Basis Transaction, the amount of the initial consideration received in connection with such Basis
Transaction and the aggregate Tax Benefit Payments to such Eligible Member in respect of such Basis Transaction (other than amounts
accounted for as interest under the Code) shall not exceed such stated maximum selling price.

 

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Section 7.16         Waiver
of Jury Trial; Jurisdiction.

 

(a)          EACH
PARTY TO THIS AGREEMENT HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN RESPECT
OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, VERBAL OR WRITTEN STATEMENT OR ACTION OF ANY PARTY
HERETO OR INDEMNITEE, IN EACH CASE, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE.

 

(b)          The
parties hereto hereby agree and consent to be subject to the jurisdiction of any federal court of the District of Delaware or the
Delaware Court of Chancery over any Action arising out of or in connection with this Agreement. The parties hereto irrevocably
waive the defense of an inconvenient forum to the maintenance of any such Action. Each of the parties hereto further irrevocably
consents, to the fullest extent permitted by Law, to the service of process out of any of the aforementioned courts in any such
Action by the mailing of copies thereof by registered mail, postage prepaid, to such party at its address set forth in this Agreement,
such service of process to be effective upon acknowledgment of receipt of such registered mail. Nothing in this Section 7.15
shall affect the right of any party hereto to serve legal process in any other manner permitted by applicable Law.

 

Section 7.17         Certain
Tax Benefit Payment Reductions Assumed in Connection with the Amendment. For each year prior to 2036 in which a Tax Benefit
Payment is made pursuant to Section 3.1(a) with respect to the prior taxable year, that Tax Benefit Payment shall be
reduced by the quotient of (a) the TRA Payment Adjustment Amount divided by (b) 15. To the extent that the TRA Payment
Adjustment Amount exceeds the total reductions made pursuant to this Section 7.17 by December 31, 2035, then any Tax
Benefit Payments made after that date shall be reduced by the amount of this excess until the total deductions made under this
Section 7.17 equals the TRA Payment Adjustment Amount.

 

[Signature Page Follows]

 

    22

     

    

 

IN WITNESS WHEREOF,
the parties hereto have duly executed this Agreement as of the date first written above.

 

	 	GOLDEN NUGGET ONLINE GAMING, INC. 

(F/K/A LANDCADIA HOLDINGS II, INC.)
	 	 
	 	By:	 /s/ Steven L. Scheinthal
	 	 	Name:	Steven L.
    Scheinthal
	 	 	Title: 	Vice President and Secretary
	 	 
	 	 
	 	LHGN HOLDCO, LLC
	 	 
	 	 
	 	By:	 /s/ Steven L. Scheinthal
	 	 	Name:	Steven L. Scheinthal
	 	 	Title: 	Vice President and Secretary
	 	 
	 	 
	 	LANDRY’S FERTITTA, LLC
	 	 
	 	 
	 	By: 	/s/ Richard
    H. Liem
	 	 	Name:	Richard H. Liem
	 	 	Title: 	Vice President and Treasurer

 

[Signature Page to Tax Receivable Agreement]

 

    

     

    

 

EXHIBIT A

 

JOINDER

 

This JOINDER (this “Joinder”)
to the Tax Receivable Agreement (as defined below), is by and among GOLDEN NUGGET ONLINE GAMING, INC (F/K/A LANDCADIA HOLDINGS
II, INC.), a Delaware corporation (the “Corporation”), LHGN HoldCo, LLC,
a Delaware limited liability company (“Holdings”), _____________ (“Transferor”) and
_________________ (“Transferee”).

 

WHEREAS, on ______________________,
Transferee shall acquire ______________________ percent of the Transferor’s right to receive payments that may become due
and payable under the Tax Receivable Agreement (as defined below) (the “Acquired Interests”) from Transferor
(the “Acquisition”); and

 

WHEREAS, Transferor,
in connection with the Acquisition, has required Transferee to execute and deliver this Joinder pursuant to Section 7.7(a) of
that certain Tax Receivable Agreement, dated as of December 29, 2020, among the Corporation, Holdings and the other party
or parties thereto (the “Tax Receivable Agreement”).

 

NOW, THEREFORE, in consideration
of the foregoing and the respective covenants and agreements set forth herein, and intending to be legally bound, the parties hereto
agree as follows:

 

Section 1.1     Definitions.
To the extent capitalized words used in this Joinder are not defined in this Joinder, such words shall have the respective meanings
set forth in the Tax Receivable Agreement.

 

Section 1.2     Acquisition.
The Transferor hereby transfers and assigns to the Transferee all of the Acquired Interests.

 

Section 1.3     Joinder.

 

(a)            By
executing and delivering this Joinder to the Corporation, the Transferee hereby agrees to become a party to, to be bound by, and
to comply with the terms, conditions and provisions of the Tax Receivable Agreement in the same manner as if the Transferee were
an original signatory and named as an Eligible Member thereunder, except as otherwise provided in the Tax Receivable Agreement.
By executing and delivering this Joinder to the Transferee, the Corporation hereby consents to and confirms its acceptance of the
Transferee as an Eligible Member for purposes of the Tax Receivable Agreement to the extent provided therein.

 

(b)            By
executing and delivering this Joinder to the Corporation, the Transferee hereby acknowledges, agrees and confirms (i) that
its address details for notices under the Tax Receivable Agreement are as set forth on the signature page hereto and made
a part hereof, and (ii) the Transferee has received a copy of the Tax Receivable Agreement and has reviewed the same and understands
its contents.

 

Section 1.4     Entire
Agreement. This Joinder and the Tax Receivable Agreement contain the entire understanding, whether oral or written, of the
parties with respect to the matters covered hereby. Any amendment or change in this Joinder shall not be valid unless made in writing
and signed by all parties hereto.

 

    

     

    

 

Section 1.5     Governing
Law. The provisions of Sections 7.5 (Governing Law) and 7.15 (Waiver of Jury Trial; Jurisdiction) of the Tax Receivable Agreement
shall apply to this Joinder as though set out in full herein.

 

Section 1.6     Counterparts.
This Joinder may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall
become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being
understood that all parties need not sign the same counterpart. Delivery of an executed signature page, including by electronic
signature, to this Joinder by facsimile or other electronic transmission shall be as effective as delivery of a wet signature.

 

[Signature Page Follows]

 

    

     

    

 

IN WITNESS WHEREOF,
this Joinder has been duly executed and delivered by the parties as of the date first above written.

 

	 	GOLDEN NUGGET ONLINE GAMING, INC. 

(F/K/A LANDCADIA HOLDINGS II, INC.)
	 	 
	 	By:	    
	 	 	Name:	           
	 	 	Title:	 
	 	 
	 	LHGN HOLDCO, LLC
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 
	 	[TRANSFEROR]
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 
	 	[TRANSFEREE]
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 
	 	Address for notices:

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