Document:

Form of Stock Option Award Agreement

 EXHIBIT 10.22 
  
 FORM OF STOCK OPTION AWARD AGREEMENT 
  
  
 [Ruth’s Chris Steak House, Inc.
Letterhead] 
  
 
                     ,          
  
                                  
                                  
                                  
                                  
  
  

	 	Re:	 	Grant of Stock Option 

  
 Dear
                        : 
  
 Ruth’s Chris Steak House, Inc. (the “Company”) is pleased to advise you that, pursuant to the Company’s 2005 Long-Term Equity
Incentive Plan (the “Plan”), the Committee has granted to you an option (the “Option”) to acquire shares of Common Stock, subject to the terms and conditions set forth herein: 
  
 The Option is intended to be an “incentive stock option” within
the meaning of Section 422 of Internal Revenue the Code of 1986. If the Option does not qualify as such for any reason, then to the extent of such non-qualification, the Option shall be regarded as a non-qualified stock option. 

 
 Any capitalized terms used herein and not defined herein have the meaning
set forth in the Plan. 
  
 1. Option. 
  
 (a) Term. Subject to the terms and conditions set forth herein, the
Company hereby grants to you (or such other persons as permitted by paragraph 5) as of the date hereof (the “Grant Date”) an Option to purchase up to             
shares of Common Stock (the “Option Shares”) at an exercise price per Option Share of $             (the “Exercise Price”), payable upon exercise as set
forth in paragraph 1(b) below. The Option shall expire at the close of business on the tenth anniversary of the date hereof (the “Expiration Date”), subject to earlier expiration as provided under the Plan should your employment or
service with the Company or a Subsidiary terminate. The Exercise Price and the number and kind of shares of Common Stock or other property for which the Option may be exercised shall be subject to adjustment as provided under the Plan. For purposes
of this letter agreement, “Option Shares” mean (i) all shares of Common Stock issued or issuable upon the exercise of the Option and (ii) all shares of Common Stock issued with respect to the Common Stock referred to in
clause (i) above by way of stock dividend or stock split or in connection with any conversion, merger, consolidation or recapitalization or other reorganization affecting the Common Stock. 

 (b) Payment of Option Price. Subject to paragraph 2 below, the Option may be exercised in whole or
in part upon payment of an amount (the “Option Price”) equal to the product of (i) the Exercise Price and (ii) the number of Option Shares to be acquired. Payment of the Option Price shall be made as provided under the
Plan. 
  
 2. Exercisability/Vesting and Expiration.

  
 (a) Normal Vesting. The Option granted hereunder may be
exercised only to the extent it has become vested. The Option shall vest pro rata on a daily basis over the first five years following the Grant Date, and shall become fully vested on the fifth anniversary of the Grant Date. 
  
 (b) Normal Expiration. In no event shall any part of the Option be
exercisable after the Expiration Date. 
  
 (c) Effect on
Vesting and Expiration of Employment Termination. Notwithstanding paragraphs 2(a) and (b) above, the special vesting and expiration rules set forth in the Plan shall apply if your employment or service with the Company or a Subsidiary
terminates prior to the Option becoming fully vested and/or prior to the Expiration Date. 
  
 3. Procedure for Exercise. You may exercise all or any portion of the Option, to the extent it has vested and is outstanding, at any time and from time to time prior to the Expiration Date, by delivering
written notice to the Company in the form attached hereto as Exhibit A, together with payment of the Option Price in accordance with the provisions set forth in the Plan; provided, however, that, except in connection with the
termination of your employment or service with the Company or a Subsidiary, in no event shall any part of the Option be exercisable (a) during the same fiscal quarter of the Company during which any other part of the Option was previously
exercised (b) to the extent that the exercise of such part of the Option be for less than 100 Option Shares. The Option may not be exercised for a fraction of an Option Share. 
  
 4. Withholding of Taxes. 
  
 (a) Participant Election. Unless otherwise determined by the Committee, you may elect to deliver shares of Common Stock (or have the Company
withhold Option Shares acquired upon exercise of the Option) to satisfy, in whole or in part, the amount the Company is required to withhold for taxes in connection with the exercise of the Option. Such election must be made on or before the date
the amount of tax to be withheld is determined. Once made, the election shall be irrevocable. The fair market value of the shares to be withheld or delivered will be the Fair Market Value as of the date the amount of tax to be withheld is
determined. 
  
 (b) Company Requirement. The Company, to
the extent permitted or required by law, shall have the right to deduct from any payment of any kind (including salary or bonus) otherwise due to you, an amount equal to any federal, state or local taxes of any kind required by law to be withheld
with respect to the delivery of Option Shares under this letter agreement. 
  

 - 2 - 

 5. Transferability of Option. You may transfer the Option granted hereunder only by will or the
laws of descent and distribution or to any of your Family Members by gift or a qualified domestic relations order as defined by the Code. Unless the context requires otherwise, references herein to you are deemed to include any permitted transferee
under this paragraph 5. The Option may be exercised only by you; by your Family Member if such person has acquired the Option by gift or qualified domestic relations order; by the executor or administrator of the estate of any of the foregoing
or any person to whom the Option is transferred by will or the laws of descent and distribution; or by the guardian or representative of any of the foregoing; provided that Incentive Stock Options may be exercised by any guardian or legal
representative only if permitted by the Code and any regulations thereunder. 
  
 6. Conformity with Plan. The Option is intended to conform in all respects with, and is subject to all applicable provisions of, the Plan (which is incorporated herein by reference). Inconsistencies between
this letter agreement and the Plan shall be resolved in accordance with the terms of the Plan. By executing and returning the enclosed copy of this letter agreement, you acknowledge your receipt of this letter agreement and the Plan and agree to be
bound by all of the terms of this letter agreement and the Plan. 
  
 7. Rights of Participants. Nothing in this letter agreement shall interfere with or limit in any way the right of the Company to terminate your employment or other performance of services at any time (with or without Cause), nor
confer upon you any right to continue in the employ or as a director or officer of, or in the performance of other services for, the Company or a Subsidiary for any period of time, or to continue your present (or any other) rate of compensation or
level of responsibility. Nothing in this letter agreement shall confer upon you any right to be selected again as a Plan participant. 
  
 8. Amendment or Substitution of Option. The terms of the Option may be amended from time to time by the Committee in its discretion in any manner
that it deems appropriate (including, but not limited to, acceleration of the date of exercise of the Option); provided that no such amendment shall adversely affect in a material manner any of your rights under the award without your written
consent. 
  
 9. Successors and Assigns. Except as otherwise
expressly provided herein, all covenants and agreements contained in this letter agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors and permitted assigns of the parties hereto
whether so expressed or not. 
  
 10. Severability. Whenever
possible, each provision of this letter agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this letter agreement is held to be prohibited by or invalid under applicable law, such
provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this letter agreement. 
  
 11. Counterparts. This letter agreement may be executed simultaneously in two or more counterparts, each of which shall constitute an original, but
all of which taken together shall constitute one and the same letter agreement. 
  

 - 3 - 

 12. Descriptive Headings. The descriptive headings of this Agreement are inserted for convenience
only and do not constitute a part of this Agreement. 
  
 13.
Governing Law. THE VALIDITY, CONSTRUCTION, INTERPRETATION, ADMINISTRATION AND EFFECT OF THE PLAN, AND OF ITS RULES AND REGULATIONS, AND RIGHTS RELATING TO THE PLAN AND TO THIS LETTER AGREEMENT, SHALL BE GOVERNED BY THE SUBSTANTIVE LAWS, BUT
NOT THE CHOICE OF LAW RULES, OF THE STATE OF DELAWARE. 
  
 14.
Notices. All notices, demands or other communications to be given or delivered under or by reason of the provisions of this letter agreement shall be in writing and shall be deemed to have been given when (i) delivered personally,
(ii) mailed by certified or registered mail, return receipt requested and postage prepaid, (iii) sent by facsimile or (iv) sent by reputable overnight courier, to the recipient. Such notices, demands and other communications shall be
sent to you at the address specified in this letter agreement and to the Company at 3321 Hessmer Avenue, Metairie, Louisiana 70002, Attn: Thomas J. Pennison, Jr., or to such other address or to the attention of such other person as the recipient
party has specified by prior written notice to the sending party. 
  
 15. Entire Agreement. This letter agreement and the terms of the Plan constitute the entire understanding between you and the Company, and supersede all other agreements, whether written or oral, with respect to your acquisition of
the Option Shares. 
  
 *        *        *        *        * 
  

 - 4 - 

 Signature Page to Stock Option Award Agreement 
  
  
 Please execute the extra copy of this letter agreement in the space below and return it to the Company to confirm your understanding and acceptance of the agreements contained in this letter agreement. 
  

			
	 Very truly yours,
  
 RUTH’S CHRIS STEAK HOUSE, INC.

		
	 By:
	 	  

			
		
	 Name:
	 	  

			
		
	 Title:
	 	  

  

			
	Enclosures:	 	 Extra copy of this letter agreement
 Copy of the
Plan

  
 The undersigned hereby
acknowledges having read this letter agreement and the Plan and hereby agrees to be bound by all provisions set forth herein and in the Plan. 
  

			
	 OPTIONEE

	
	  

  
  
 Dated as of:
                                        

 EXHIBIT A 
  

Form of Letter to be Used to Exercise Stock Option 
  
  
                  
 Date 
  
                                       
       
                                       
       
                                       
       
  

	Attention:	 	                             

  
 I wish to exercise the stock option granted on
             and evidenced by a Stock Option Award Agreement dated as of             , to acquire
             shares of Common Stock of             , at an option price of
$             per share. In accordance with the provisions of paragraph 1 of the Stock Option Award Agreement, I wish to make payment of the exercise price (please check all that
apply): 
  

	 	 ̈	in cash 

	 	 ̈	by delivery of shares of Common Stock held by me 

	 	 ̈	by simultaneous sale through a broker 

  
 Please issue a certificate for these shares in the following name: 

			
	
	  

	 Name

	
	  

	 Address

  

			
	 Very truly yours,

	
	  

	 Signature

	
	  

	 Typed or Printed Name

	
	  

	 Social Security NumberFourth Amendment dated August 5, 2005 to Credit Agreement

 Exhibit 10.1 
  
 AMENDMENT NO. 4 
  
 This AMENDMENT NO. 4 (“AMENDMENT”) is made as of August 5, 2005, by and among DOVER MOTORSPORTS, INC., a Delaware corporation, DOVER
INTERNATIONAL SPEEDWAY, INC., a Delaware corporation, GATEWAY INTERNATIONAL MOTORSPORTS CORPORATION, an Illinois corporation, GATEWAY INTERNATIONAL SERVICES CORPORATION, an Illinois corporation, MEMPHIS INTERNATIONAL MOTORSPORTS CORPORATION, a
Tennessee corporation, M&N SERVICES CORP., a Tennessee corporation, and NASHVILLE SPEEDWAY USA, INC., a Tennessee corporation (collectively, “BORROWERS”); MERCANTILE-SAFE DEPOSIT AND TRUST COMPANY, a Maryland banking corporation as
agent (“AGENT”); MERCANTILE-SAFE DEPOSIT AND TRUST COMPANY, a Maryland banking corporation in its capacity as issuer of letters of credit (“ISSUING BANK”); and WILMINGTON TRUST COMPANY, MERCANTILE-SAFE DEPOSIT AND TRUST COMPANY,
WILMINGTON SAVINGS FUND SOCIETY, FSB and PNC BANK, DELAWARE (collectively, “LENDERS”). 
  
 RECITALS 
  
 The BORROWERS, the AGENT, the ISSUING BANK, the LENDERS and MIDWEST RACING, INC., f/k/a GRAND PRIX ASSOCIATION OF LONG BEACH, INC. (“GRAND PRIX”) are parties to that certain Credit Agreement executed February 17, 2004 and
effective as of February 19, 2004, as previously amended (“CREDIT AGREEMENT”), pursuant to which the LENDERS and the ISSUING BANK are providing to the BORROWERS certain credit facilities (“CREDIT FACILITIES”). 
  
 In addition to the security interests and liens granted in the CREDIT
AGREEMENT, the CREDIT FACILITIES are also secured by: (a) the Mortgage And Security Agreement effective as of February 19, 2004 from Dover International Speedway, Inc. to and for the benefit of the AGENT (“DELAWARE MORTGAGE”); (b) the
Commercial Deed of Trust, Security Agreement, Assignment of Leases and Rents and Fixture Filing (Wilson County, Tennessee) effective as of February 19, 2004 from Nashville Speedway, USA, Inc. to the Trustee named therein for the benefit of the AGENT
(“WILSON COUNTY DEED OF TRUST”); (c) the Commercial Deed of Trust, Security Agreement, Assignment of Leases and Rents and Fixture Filing (Rutherford County, Tennessee) effective as of February 19, 2004 from Nashville Speedway, USA, Inc. to
the Trustee named therein for the benefit of the AGENT (“RUTHERFORD COUNTY DEED OF TRUST”); (d) the Commercial Deed of Trust, Security Agreement, Assignment of Leases and Rents and Fixture Filing (Shelby County, Tennessee) effective as of
February 19, 2004 from Memphis International Motorsports Corporation to the Trustee named therein for the benefit of the AGENT (“SHELBY COUNTY DEED OF TRUST”); (e) the Pledge Agreement effective as of February 19, 2004 from Dover
Motorsports, Inc. in favor of the AGENT (“MOTORSPORTS PLEDGE”); (f) the Pledge Agreement effective as of February 19, 2004 from Dover International Speedway, Inc. in favor of the AGENT (“SPEEDWAY PLEDGE”); (g) the Pledge
Agreement effective as of February 19, 2004 from 

 GRAND PRIX in favor of the AGENT (“GRAND PRIX PLEDGE”); (h) the Trademark Security Agreement effective as of
February 19, 2004 from Dover Motorsports, Inc. to the AGENT (“TRADEMARK AGREEMENT”); (i) the Patent Security Agreement effective February 19, 2004 from Dover Motorsports, Inc. for the benefit of the AGENT (“PATENT AGREEMENT”);
and (i) the Reimbursement And Security Agreement dated February 19, 2004 between the BORROWERS, GRAND PRIX and the ISSUING BANK (“REIMBURSEMENT AGREEMENT”). 
  
 As used herein, the term “LOAN DOCUMENTS” means collectively the CREDIT AGREEMENT, the DELAWARE MORTGAGE, the
WILSON COUNTY DEED OF TRUST, the RUTHERFORD COUNTY DEED OF TRUST, the SHELBY COUNTY DEED OF TRUST, the MOTORSPORTS PLEDGE, the SPEEDWAY PLEDGE, the GRAND PRIX PLEDGE, the TRADEMARK AGREEMENT, the PATENT AGREEMENT, the REIMBURSEMENT AGREEMENT, all
promissory notes evidencing the repayment obligations in connection with the CREDIT FACILITIES and all other documents evidencing, securing or otherwise documenting the terms and provisions of the CREDIT FACILITIES. 
  
 The BORROWERS have requested that the AGENT, the ISSUING BANK, and the
LENDERS: (a) release GRAND PRIX from any and all liability in connection with the CREDIT FACILITIES and the LOAN DOCUMENTS; (b) release the security interests and liens securing the CREDIT FACILITIES; (c) reduce the rate of interest accruing on the
CREDIT FACILITIES; and (d) amend certain provisions of the CREDIT AGREEMENT. 
  
 The AGENT, the LENDERS and the ISSUING BANK are willing to consent to the requests of the BORROWERS and GRAND PRIX subject to the terms and provisions of this AMENDMENT. 
  
 NOW, THEREFORE, in consideration of the premises, and other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 
  
 Section 1. Recitals. The parties acknowledge the accuracy of the above recitals and hereby incorporate the recitals into this AMENDMENT.

  
 Section 2. Amendment to Credit Agreement. Effective as
of the date of this AMENDMENT, the CREDIT AGREEMENT is hereby amended as follows: 
  
 a. Amended Definitions. The definitions of “AGENT FEE LETTER,” “APPLICABLE MARGIN,” and “REVOLVING LOAN
MATURITY DATE” contained in Article 1 of the CREDIT AGREEMENT are hereby amended by deleting their present language in their entireties and substituting in lieu thereof the following: 
  
 Agent Fee Letter. The term “AGENT FEE LETTER” means the
letter agreement dated August 5, 2005 among the BORROWERS and the AGENT. 
  

 2 

 Applicable Margin. The term “APPLICABLE MARGIN” means for any BASE RATE BORROWING or
LIBOR BORROWING on any date, the BASIS POINTS set forth below, as applicable, opposite the LEVERAGE RATIO shown on the last COMPLIANCE CERTIFICATE delivered by the BORROWERS to the AGENT pursuant to subsection 5.12.5 prior to such date: 

 

							
	 LEVEL

	  	 LEVERAGE RATIO

	  	 BASE RATE
 BORROWINGS

	  	 LIBOR
 BORROWINGS

	 I
	  	Less than 1.25 to 1.0	  	negative 50	  	125
				
	 II
	  	Greater than or equal to 1.25 to 1.0 but less than or equal to 2.0 to 1.0	  	negative 25	  	150
				
	 III
	  	Greater than 2.0 to 1.0 but less than or equal to 2.5 to 1.0	  	0	  	175
				
	 IV
	  	Greater than 2.5 to 1.0	  	25	  	200

  
 provided, however,
that (a) adjustments, if any, to the APPLICABLE MARGIN resulting from a change in the LEVERAGE RATIO shall be effective five (5) BUSINESS DAYS after the AGENT has received a COMPLIANCE CERTIFICATE, (b) in the event that no COMPLIANCE CERTIFICATE has
been delivered for a fiscal quarter prior to the last date on which it can be delivered without violation of subsection 5.12.5, the APPLICABLE MARGIN from such date until such COMPLIANCE CERTIFICATE is actually delivered shall be that applicable
under Level IV, (c) in the event that the actual LEVERAGE RATIO for any fiscal quarter is subsequently determined to be greater than that set forth in the COMPLIANCE CERTIFICATE for such fiscal quarter, the APPLICABLE MARGIN shall be recalculated
for the applicable period based upon such actual LEVERAGE RATIO, and (d) anything in this definition to the contrary notwithstanding, until receipt by the AGENT of the COMPLIANCE CERTIFICATE for the fiscal quarter ending September 30, 2005, the
APPLICABLE MARGIN shall be that applicable under Level II. Any additional interest on the LOANS resulting from the operation of clause (c) above shall be payable by the BORROWERS to the LENDERS within five (5) days after receipt of a written demand
therefor from the AGENT. 
  
 Revolving Loan Maturity Date.
The term “REVOLVING LOAN MATURITY DATE” means July 1, 2008. 
  

 3 

 b. Section 2.11.a. Section 2.11.a of the CREDIT AGREEMENT is hereby amended by
deleting the second sentence thereof in its entirety and substituting in lieu thereof the following: 
  
 On July 1st of each
year, commencing on July 1, 2006, the BORROWERS shall pay to the AGENT, for the ratable benefit of the LENDERS, a commitment fee in an amount equal to one-quarter of one percent (1/4%) of the amount equal to the TOTAL COMMITMENT minus the maximum
amount available to be drawn on WILSON CO. L/C outstanding as of such date. 
  
 c. Section 2.12.a. Section 2.12.a of the CREDIT AGREEMENT is hereby amended by deleting its present language in its entirety and substituting in lieu thereof the following: 
  
 a. Mandatory Reductions. The amount of the TOTAL
COMMITMENT shall be automatically reduced on July 1st of each year, beginning on July 1, 2006, by Seven Million
Dollars ($7,000,000.00) annually. 
  
 d.
Section 2.12.b. Section 2.12.b of the CREDIT AGREEMENT is hereby amended by deleting clause (iv) in its entirety and substituting in lieu thereof the following: 
  
 (iv) upon any optional reduction in the TOTAL COMMITMENT accomplished with use of borrowed funds between the date of this
AGREEMENT and August 5, 2007, the BORROWERS shall pay to the AGENT, for the ratable benefit of the LENDERS, a fee in an amount equal to three-quarters of one percent (3/4%) of the amount of such reduction. 
  
 e. Article 3. Article 3 of the CREDIT AGREEMENT is
hereby amended by deleting Sections 3.1, 3.2, 3.3, 3.4, 3.5, 3.6, 3.8, 3.9, and 3.10 in their entirety and substituting in lieu thereof the following: 
  

			
	 Section 3.1.
	 	INTENTIONALLY OMITTED.
		
	 Section 3.2.
	 	INTENTIONALLY OMITTED.
		
	 Section 3.3.
	 	INTENTIONALLY OMITTED.
		
	 Section 3.4.
	 	INTENTIONALLY OMITTED.
		
	 Section 3.5.
	 	INTENTIONALLY OMITTED.
		
	 Section 3.6.
	 	INTENTIONALLY OMITTED.

  

 4 

			
		
	 Section 3.8.
	 	INTENTIONALLY OMITTED.
		
	 Section 3.9.
	 	INTENTIONALLY OMITTED.
		
	 Section 3.10.
	 	INTENTIONALLY OMITTED.

  
 f.
Section 5.2. Section 5.2 of the CREDIT AGREEMENT is hereby amended by deleting its present language in its entirety and substituting in lieu thereof the following: 
  
 Section 5.2. Insurance. Each of the BORROWERS agrees to obtain and maintain such insurance coverages
as are reasonable, customary and prudent for businesses engaged in activities similar to the business activities of the BORROWERS. Without limitation to the foregoing, each of the BORROWERS agrees to maintain for all of its assets and properties,
fire and extended coverage casualty insurance in amounts sufficient to prevent any co-insurance liability (which amount shall be the full insurable value of the assets and properties insured unless the AGENT in writing agrees to a lesser amount).

  
 g. Section 5.7. Section 5.7 of the
CREDIT AGREEMENT is hereby amended by deleting its present language in its entirety and substituting in lieu thereof the following: 
  
 Section 5.7. Notice Of Change Of Business Location. Each of the BORROWERS shall notify the AGENT thirty (30) days in advance of:
(a) any change in the location of its existing offices or place of business; and (b) the establishment of any new, or the discontinuation of any existing, place of business. 
  
 h. Section 5.10. Section 5.10 of the CREDIT AGREEMENT is hereby amended by deleting its present
language in its entirety and substituting in lieu thereof the following: 
  
 Section 5.10. INTENTIONALLY OMITTED. 
  
 i. Section 5.16. Section 5.16 of the CREDIT AGREEMENT is hereby amended by deleting its present language in its entirety and substituting in lieu thereof the following: 
  
 Section 5.16. Leverage Ratio. The BORROWERS shall
maintain a leverage ratio, as of the end of each fiscal quarter, of not more than 3.0 to 1.0. 
  

 5 

 j. Section 5.17. Section 5.17 of the CREDIT AGREEMENT is hereby amended by
deleting its present language in its entirety and substituting in lieu thereof the following: 
  
 Section 5.17. Fixed Charge Coverage Ratio. The BORROWERS shall maintain as of the end of each fiscal quarter a FIXED CHARGE
COVERAGE RATIO of not less than 1.75 to 1.0. 
  
 k. Section 5.18. Section 5.18 of the CREDIT AGREEMENT is hereby amended by deleting its present language in its entirety and substituting in lieu thereof the following: 
  
 Section 5.18. Tangible Net Worth. The BORROWERS shall maintain a CONSOLIDATED TANGIBLE NET WORTH of
not less than One Hundred Million Dollars ($100,000,000.00) plus twenty-five percent (25%) of the aggregate CONSOLIDATED NET INCOME of the BORROWERS from June 30, 2005 to the date of determination. 
  
 l. Section 8.3. Section 8.3 of the CREDIT AGREEMENT
is hereby amended by deleting its present language in its entirety and substituting in lieu thereof the following: 
  
 Section 8.3. INTENTIONALLY OMITTED. 
  
 Section 3. Release of Security Interest. The parties hereby acknowledge and agree that the CREDIT FACILITIES shall be unsecured obligations of the
BORROWERS. The ISSUING BANK and the LENDERS hereby authorize and direct the AGENT to release the security interests and liens securing the CREDIT FACILITIES. Specifically, the AGENT shall execute such documents as are necessary to terminate the
liens created by the DELAWARE MORTGAGE, the WILSON COUNTY DEED OF TRUST, the RUTHERFORD COUNTY DEED OF TRUST, the SHELBY COUNTY DEED OF TRUST, the MOTORSPORTS PLEDGE, the SPEEDWAY PLEDGE, the GRAND PRIX PLEDGE, the TRADEMARK AGREEMENT, and the
PATENT AGREEMENT. Notwithstanding the foregoing to the contrary, the parties hereto agree that the BORROWERS’ obligations under the REIMBURSEMENT AGREEMENT shall continue to be secured by the security interests referenced in Sections 3.01,
3.02, and 3.03 of the REIMBURSEMENT AGREEMENT. 
  
 Section 4.
Release of Grand Prix. The parties hereby agree that GRAND PRIX is released from any and all liabilities or obligations in connection with the CREDIT FACILITIES. The term “BORROWERS” as defined in the LOAN DOCUMENTS shall no longer
include GRAND PRIX but shall continue to include all of the BORROWERS as that term is defined herein. 
  
 Section 5. Lender Consents. The AGENT and the LENDERS hereby consent to: (a) Dover Motorsports, Inc. purchasing up to ten percent (10%) of its
capital stock for a purchase price of up to Seven Dollars and Twenty-Five Cents ($7.25) per share; and (b) Dover Motorsports, Inc. increasing the amount of its typical quarterly dividends up to one and one-half cents per share. 
  

 6 

 Section 6. Fee. In consideration for the agreements of the LENDERS contained herein, the BORROWERS
shall pay, on the date of this AMENDMENT, to the AGENT, for the ratable benefit of the LENDERS, a fee in the amount of Forty Thousand Dollars ($40,000.00). 
  
 Section 7. Other Terms. Except as specifically modified herein, all other terms and provisions of the CREDIT AGREEMENT and all other documents
evidencing or otherwise documenting the terms and provisions of the credit facilities being provided by the LENDERS and the ISSUING BANK to the BORROWERS remain in full force and effect and are hereby ratified and confirmed. 
  
 Section 8. Choice of Law. The laws of the State of Maryland
(excluding, however, conflict of law principals) shall govern and be applied to determine all issues relating to this AMENDMENT and the rights and obligations of the parties hereto, including the validity, construction, interpretation and
enforceability of this AMENDMENT. 
  
 Section 9. Delivery by
Telecopier. This AMENDMENT may be delivered by telecopier and a facsimile of any party’s signature hereto shall constitute an original signature for all purposes. 
  
 Section 10. Counterparts. This AMENDMENT may be executed in counterparts each of which shall be binding upon the
signatories but all of which shall constitute one and the same agreement. 
  
 IN WITNESS WHEREOF, the parties have executed this AMENDMENT with the specific intention of creating a document under seal. 
  

			
	BORROWERS:
	
	DOVER MOTORSPORTS, INC.,
	 A Delaware Corporation

		
	By:	 	 /s/ Thomas G. Wintermantel (SEAL)

	Name:	 	Thomas G. Wintermantel
	Title:	 	Treasurer & Assistant Secretary

  

 7 

					
	BORROWERS (cont.):
	
	DOVER INTERNATIONAL SPEEDWAY, INC.,
	A Delaware Corporation
			
	 By:
	 	 /s/ Thomas G. Wintermantel

	 	(SEAL)
	Name:	 	Thomas G. Wintermantel	 	 
	Title:	 	Treasurer & Assistant Secretary	 	 
	
	GATEWAY INTERNATIONAL
	MOTORSPORTS CORPORATION,
	An Illinois Corporation
			
	 By:
	 	 /s/ Denis McGlynn

	 	(SEAL)
	Name:	 	Denis McGlynn	 	 
	Title:	 	President and CEO	 	 
	
	GATEWAY INTERNATIONAL SERVICES
	CORPORATION, An Illinois Corporation
			
	 By:
	 	 /s/ Tony R. Evans

	 	(SEAL)
	Name:	 	Tony R. Evans	 	 
	Title:	 	Treasurer and Secretary	 	 
	
	MEMPHIS INTERNATIONAL MOTORSPORTS
	CORPORATION, A Tennessee Corporation
			
	 By:
	 	 /s/ Denis McGlynn

	 	(SEAL)
	Name:	 	Denis McGlynn	 	 
	Title:	 	President and CEO	 	 

  
  

 8 

					
	BORROWERS (cont.):
	
	M&N SERVICES CORP.,
	A Tennessee Corporation
			
	By:	 	 /s/ Tony R. Evans

	 	(SEAL)
	Name:	 	Tony R. Evans	 	 
	Title:	 	Treasurer and Secretary	 	 
	
	NASHVILLE SPEEDWAY USA, INC.,
	A Tennessee Corporation
			
	By:	 	 /s/ Denis McGlynn

	 	(SEAL)
	Name:	 	Denis McGlynn	 	 
	Title:	 	President and Chairman	 	 
	
	AGENT:
	
	MERCANTILE-SAFE DEPOSIT AND TRUST
	COMPANY, A Maryland Banking Corporation
			
	By:	 	 /s/ C. Douglas Sawyer

	 	(SEAL)
	Name:	 	C. Douglas Sawyer	 	 
	Title:	 	Senior Vice President	 	 
	
	LENDERS:
	
	WILMINGTON TRUST COMPANY
			
	By:	 	 /s/ Michael B. Gast

	 	(SEAL)
	Name:	 	Michael B. Gast	 	 
	Title:	 	Vice President	 	 

  
  

 9 

					
	MERCANTILE-SAFE DEPOSIT AND TRUST COMPANY
			
	By:	 	 /s/ C. Douglas Sawyer

	 	(SEAL)
	Name:	 	C. Douglas Sawyer	 	 
	Title:	 	Senior Vice President	 	 
	
	WILMINGTON SAVINGS FUND SOCIETY, FSB
			
	By:	 	 /s/ M. Scott Baylis

	 	(SEAL)
	Name:	 	M. Scott Baylis	 	 
	Title:	 	Managing Vice President	 	 
		
	PNC BANK, DELAWARE	 	 
			
	By:	 	 /s/ Warren C. Engle

	 	(SEAL)
	Name:	 	Warren C. Engle	 	 
	Title:	 	Senior Vice President	 	 
		
	 ISSUING BANK:
  
	 	 
	 MERCANTILE-SAFE DEPOSIT AND
     TRUST COMPANY

			
	By:	 	 /s/ C. Douglas Sawyer

	 	(SEAL)
	Name:	 	C. Douglas Sawyer	 	 
	Title:	 	Senior Vice President	 	 

  

 10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00088-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00088-of-00352.parquet"}]]