Document:

Exhibit 10.3

 Exhibit 10.3 

GUARANTEE AGREEMENT 

November 20, 2015 
 This
GUARANTEE AGREEMENT, dated as of November 20, 2015 (as amended, restated, supplemented or otherwise modified from time to time in accordance with its terms, this “Guarantee”), by Downs Racing, L.P., Backside, L.P., Mill Creek
Land, L.P., Northeast Concessions, L.P., Mohegan Commercial Ventures PA, LLC, Mohegan Basketball Club, LLC, Mohegan Ventures-Northwest, LLC, Mohegan Golf, LLC, Mohegan Ventures Wisconsin, LLC, Wisconsin Tribal Gaming, LLC and MTGA Gaming, LLC
(together with their respective successors and assigns, and together with any other entity that may become a party hereto by executing a Guarantee Joinder, the “Guarantors”) is in favor of each of the Noteholders (as such term is
hereinafter defined). 
  

	SECTION 1.	PRELIMINARY STATEMENT 

 The Mohegan Tribal Gaming Authority (the
“Authority”), a governmental instrumentality of The Mohegan Tribe of Indians of Connecticut, a sovereign tribe recognized by the United States of America pursuant to 25 C.F.R. § 83 (the “Tribe”), has authorized
the issuance of its Floating Rate Senior Notes due December 15, 2017 (as may be amended, restated, supplemented or otherwise modified from time to time, the “Notes”), pursuant to a Note Purchase Agreement, of even date herewith
(as may be amended, restated, supplemented or otherwise modified from time to time, the “Note Purchase Agreement”), between the Authority, the Tribe (for purposes of the specific sections detailed therein), and the Purchasers party
thereto. 
 In order to induce the Purchasers to enter into the Note Purchase Agreement and to purchase the Notes from the Authority, the
Authority has agreed that it will cause each Guarantor to guarantee the Obligations of the Authority under the terms of the Notes and the Note Purchase Agreement pursuant to the terms and provisions hereof. 

Each Guarantor will receive direct and indirect economic, financial and other benefits from the indebtedness incurred under the Note Purchase
Agreement and the Notes by the Authority, and the incurrence of such indebtedness is in the best interests of each Guarantor. The Authority and each Guarantor have induced the Purchasers to purchase the Notes based on the consolidated financial
condition of each Guarantor and the Authority. 
 All acts and proceedings required by law and by the certificate of incorporation and
bylaws (or other applicable constitutive documents) of each Guarantor necessary to constitute this Guarantee a valid and binding agreement for the uses and purposes set forth herein in accordance with its terms have been done and taken, and the
execution and delivery hereof has been in all respects duly authorized. 
  

	SECTION 2.	GUARANTEE AND OTHER RIGHTS AND UNDERTAKINGS. 

 Section 2.1 Guaranteed
Obligations. Each Guarantor, in consideration of the execution and delivery of the Note Purchase Agreement, the purchase of the Notes by the Purchasers and other consideration, hereby irrevocably, unconditionally, absolutely, jointly and
severally 

 
guarantees, on a continuing basis, to each holder of Notes (each such holder being referred to herein as a “Noteholder” and, collectively, as the “Noteholders”),
as a primary obligor and not merely as a surety, until final and indefeasible payment has been made in cash: 
 (a) the due and punctual
payment of Obligations, including, without limitation, overdue interest, indemnification payments and all reasonable, out-of-pocket costs and expenses incurred by the Noteholders in connection with enforcing any obligations of the Authority under
the Note Purchase Agreement and the Notes; it being the intent of each Guarantor that the guaranty set forth herein shall be a continuing guaranty of payment and not a guaranty of collection; and 

(b) the prompt and complete payment, on demand, of any and all reasonable, out-of-pocket costs and expenses incurred by the Noteholders in
connection with enforcing the obligations of such Guarantor hereunder, including, without limitation, the reasonable fees and disbursements of the Noteholders’ counsel. 

All of the obligations set forth in clauses (a) and (b) of this Section 2.1 are referred to herein as the “Guaranteed
Obligations” and the guaranty thereof contained herein is referred to herein as the “Unconditional Guarantee.” The Unconditional Guarantee is an absolute, unconditional, continuing and irrevocable guaranty of payment and
performance and shall remain in full force and effect until the full, final and indefeasible payment in cash of the Guaranteed Obligations. 

Section 2.2 Performance under the Note Purchase Agreement. In the event the Authority fails to pay, perform. keep,
observe, or fulfill any Guaranteed Obligation specified in clause (a) of Section 2.1 in the manner provided in the Notes or in the Note Purchase Agreement, each Guarantor shall cause forthwith to be paid the moneys in respect of which such
failure has occurred in accordance with the terms and provisions of the Note Purchase Agreement and the Notes. In furtherance of the foregoing, if an Event of Default shall exist, the Guaranteed Obligations shall, in the manner and subject to the
limitations provided in the Note Purchase Agreement for the acceleration of the Notes, forthwith become due and payable without notice, regardless of whether the acceleration of the Notes shall be stayed, enjoined, delayed or otherwise prevented.

 Section 2.3 Releases. Each Guarantor consents and agrees that, without notice to or by any Guarantor and without impairing, releasing,
abating, deferring, suspending, reducing, terminating or otherwise affecting the obligations of each Guarantor hereunder, each Noteholder, in the manner provided herein, by action or inaction, may: 

(a) compromise or settle, renew or extend the period of duration or the time for the payment, or discharge the performance of, or may refuse
to, or otherwise not, enforce, or may, by action or inaction, release all or any one or more parties to, any one or more of the Notes, the Note Purchase Agreement, any other guaranty thereof or agreement or instrument related thereto or hereto; 

(b) assign, sell or transfer, or otherwise dispose of, any one or more of the Notes; 

(c) grant waivers, extensions, consents and other indulgences to the Authority or any Guarantor or guarantors in respect of any one or more of
the Notes, the Note Purchase Agreement, any other guaranty thereof or any agreement or instrument related thereto or hereto; 

  
 2 

 (d) amend, modify or supplement in any manner and at any time (or from time to time) any one or
more of the Notes, the Note Purchase Agreement, any other guaranty thereof or any agreement or instrument related hereto; and 
 (e) release
or substitute any one or more of the endorsers or guarantors of the Guaranteed Obligations whether parties hereto or not. 
 Section 2.4
Waivers. To the fullest extent permitted by law, each Guarantor does hereby waive: 
 (a) any notice of: 

(i) acceptance of the Unconditional Guarantee; 

(ii) any purchase of the Notes under the Note Purchase Agreement, or the creation, existence or acquisition of any of the Guaranteed
Obligations, or the amount of the Guaranteed Obligations, subject to each Guarantor’ rights to make inquiry of each Noteholder to ascertain the amount of the Guaranteed Obligations owing to such Noteholder at any reasonable time; 

(iii) any adverse change in the financial condition of the Authority or any other fact that might increase, expand or affect each
Guarantor’s risk hereunder; 
 (iv) presentment for payment, demand, protest, and notice thereof as to the Notes; 

(v) any Default or Event of Default; and 

(vi) any notice or demand of any kind or nature whatsoever to which each Guarantor might otherwise be entitled (except if such notice or
demand is specifically otherwise required to be given to such Guarantor pursuant to the terms of this Guarantee). 
 (b) any right, by
statute or otherwise, to require any Noteholder to institute suit against the Authority or any other guarantor or to exhaust the rights and remedies of any Noteholder against the Authority or any other guarantor; 

(c) the benefit of any stay or extension law or other usury law or other law now or at any time hereafter in force which, but for this waiver,
would prohibit or forgive such Guarantor from performing the Guarantee as contemplated herein; 
 (d) any defense (other than defense of
payment or performance) or objection to the absolute, primary, continuing nature, or the validity, enforceability or amount of the Unconditional Guarantee, including, without limitation: 

(i) any change of law; 
 (ii)
any invalidity or irregularity with respect to the issuance or assumption of any Obligations; 

  
 3 

 (iii) the genuineness, validity, regularity or enforceability of any of the Guaranteed
Obligations; 
 (iv) any default, failure or delay, willful or otherwise, in the performance of any obligations by the Authority or any
Guarantor; 
 (v) any creditors’ rights, bankruptcy, receivership or other insolvency proceeding of the Authority or any Guarantor, or
sequestration or seizure of any property of the Authority or any Guarantor, or any merger, consolidation, reorganization, dissolution, liquidation or winding up or change in corporate constitution or corporate identity or loss of corporate identity
of the Authority or any Guarantor; 
 (vi) any disability or other defense of the Authority or any Guarantor to payment and performance of
all Guaranteed Obligations other than the defense that the Guaranteed Obligations shall have been fully and finally performed and indefeasibly paid in cash; 

(vii) the cessation from any cause whatsoever of the liability of the Authority or any Guarantor in respect of the Guaranteed Obligations
(other than as provided herein); 
 (viii) impossibility or illegality of performance on the part of the Authority or any Guarantor under
the Note Purchase Agreement, the Notes or this Guarantee; 
 (ix) any change of the circumstances of the Authority or any Guarantor, whether
or not foreseen or foreseeable, including, without limitation, impossibility of performance through fire, explosion, accident, labor disturbance, floods, droughts, embargoes, wars (whether or not declared), civil commotions, acts of God or the
public enemy, delays or failure of suppliers or carriers, inability to obtain materials, economic or political conditions, or any other causes affecting performance, or any other force majeure, whether or not beyond the control of the Authority or
any Guarantor and whether or not of the kind hereinbefore specified; 
 (x) any attachment, claim, demand, charge, Lien, order, process or
encumbrance, or any withholding or diminution, by reason of any taxes, assessments, expenses, indebtedness, obligations or liabilities of any character, foreseen or unforeseen, and whether or not valid, incurred by or against any Person, or against
any sums payable under the Note Purchase Agreement or the Notes or any agreement or instrument related hereto so that such sums would be rendered inadequate or would be unavailable to make the payment as herein provided; 

(xi) any change in the ownership of the equity securities of the Authority, any Guarantor or any other Person liable in respect of the Notes;
or 
 (xii) any other action, happening, event or reason whatsoever that shall delay, interfere with, hinder or prevent, or in any way
adversely affect, the performance by the Authority or any Guarantor of any of their obligations under the Note Purchase Agreement, the Notes or this Guarantee. 

  
 4 

 Section 2.5 Certain Waivers of Subrogation, Reimbursement and Indemnity. Until
payment in full is made on the Notes, each Guarantor hereby acknowledges and agrees that: 
 (a) no Guarantor shall have any right of
subrogation, contribution, reimbursement, or indemnity whatsoever in respect of the Guaranteed Obligations, and no right of recourse to or with respect to any assets or property of the Authority on account of such Guaranteed Obligations; 

(b) [reserved]; and 
 (c) each
holder of Notes may specifically enforce the provisions of this Section 2.5. 
 Section 2.6 [Reserved]. 

Section 2.7 Invalid Payments. Each Guarantor further agrees that, to the extent the Authority makes a payment or payments to any Noteholder, which
payment or payments or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required, for any of the foregoing reasons or for any other reason, to be repaid or paid over to a custodian, trustee,
receiver or any other party or officer under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction, state or federal law, or any common law or equitable cause, then to the
extent of such payment or repayment, the obligation or part thereof intended to be satisfied shall be revived and continued in full force and effect as if said payment had not been made. 

Section 2.8 [Reserved]. 
 Section 2.9
[Reserved]. 
 Section 2.10 [Reserved]. 

Section 2.11 [Reserved]. 

Section 2.12 Election by Guarantors to Perform Obligations. Any election by any Guarantor to pay or otherwise perform any of the obligations of
the Authority under the Notes, the Note Purchase Agreement or any agreement or instrument related thereto shall not release the Authority, such Guarantor or any other guarantor from such obligations or any of such Person’s other obligations
under the Notes, the Note Purchase Agreement or any agreement or instrument related thereto. 
 Section 2.13 No Election of Remedies by
Noteholders. Each Noteholder shall, individually or collectively, have the right to seek recourse against any Guarantor to the fullest extent provided for herein for such Guarantor’s obligations under this Guarantee in respect of the
Guaranteed Obligations. No election to proceed in one form of action or proceeding, or against any party, or on any obligation, shall constitute a waiver of such Noteholder’s right to proceed in any other form of action or proceeding or against
other parties unless such Noteholder has expressly waived such right in writing. Specifically, but without limiting the generality of the foregoing, no action or proceeding by any Noteholder against the Authority or any Guarantor under any document
or instrument evidencing obligations of the Authority or any Guarantor to such Noteholder shall serve to diminish the liability of any Guarantor under this Guarantee, except to the extent that such Noteholder finally and unconditionally shall have
realized payment of the Guaranteed Obligations by such action or proceeding. 

  
 5 

 Section 2.14 Separate Action; Other Enforcement Rights. Subject to the terms of the Note Purchase
Agreement, each of the rights and remedies granted under this Guarantee to each Noteholder in respect of the Notes held by such Noteholder may be exercised by such Noteholder with notice by such Noteholder to, but without the consent of or any other
action by, any other Noteholder; provided, however, that the maturity of the Notes may only be accelerated in accordance with the provisions of the Note Purchase Agreement or operation of law. Each Noteholder may proceed to protect and enforce the
Unconditional Guarantee by suit or suits or proceedings in equity, at law or in bankruptcy, and whether for the specific performance of any covenant or agreement contained herein or in execution or aid of any power herein granted or for the recovery
of judgment for the obligations hereby guarantied or for the enforcement of any other proper, legal or equitable remedy available under applicable law. 

Section 2.15 Noteholder Set-off. Each Noteholder shall have, to the fullest extent permitted by law and this Guarantee, a right of set-off against
any and all credits and any and all other property of any or all of the Guarantors, now or at any time whatsoever, with or in the possession of, such Noteholder, or anyone acting for such Noteholder, to ensure the full performance of any and all
obligations of each Guarantor hereunder following and during the continuance of an Event of Default. 
 Section 2.16 Delay or Omission; No
Waiver. No course of dealing on the part of any Noteholder and no delay or failure on the part of any such Person to exercise any right hereunder shall impair such right or operate as a waiver of such right or otherwise prejudice such
Person’s rights, powers and remedies hereunder. 
 Section 2.17 [Reserved]. 

Section 2.18 Cumulative Remedies. No remedy under this Guarantee, the Note Purchase Agreement or the Notes is intended to be exclusive of any
other remedy, but each and every remedy shall be cumulative and in addition to any and every other remedy given pursuant to this Guarantee, the Note Purchase Agreement or the Notes. 

Section 2.19 [Reserved]. 
 Section 2.20
Limitation on Guaranteed Obligation. Notwithstanding anything in Section 2.1 or elsewhere in this Guarantee, the Note Purchase Agreement or the Notes to the contrary, the obligations of each Guarantor hereunder shall at each point in time
be limited to an aggregate amount equal to the greatest amount that would not result in such obligations being subject to avoidance, or otherwise result in such obligations being unenforceable, at such time under applicable federal or state law
(including, without limitation, to the extent, and only to the extent, applicable to each Guarantor, Section 548 of the Bankruptcy Code of the United States of America and any comparable provisions of the law of any other jurisdiction, any
capital preservation law of any jurisdiction and any other law of any jurisdiction that at such time limits the enforceability of the obligations of such Guarantor hereunder). 

Section 2.21 [Reserved]. 

  
 6 

 Section 2.22 Release of Guarantor. A Guarantor will be automatically and unconditionally released
from its Unconditional Guarantee upon the occurrence of any of the following: 
 (i) the sale, exchange, transfer or other disposition
(other than to any other Guarantor or the Authority) to any Person that is not required to become a Guarantor of all of the Capital Stock of (including by way of merger or consolidation), or all or substantially all the assets of, such Guarantor,
which sale, exchange or transfer is made in accordance with the provisions of the Note Purchase Agreement; 
 (ii) such Guarantor otherwise
ceases to be a Subsidiary of the Authority in a transaction permitted by the Note Purchase Agreement; 
 (iii) such Guarantor ceases to
guarantee any other Indebtedness of the Authority or ceases to be obligated on other Indebtedness in excess of $50.0 million; or 
 (iv) the
designation of such Guarantor as an Unrestricted Subsidiary in accordance with the provisions of the Note Purchase Agreement; 
 provided,
in each such case, the Authority has delivered to the Noteholders an Officer’s Certificate certifying (i) as to the satisfaction of the relevant requirements of this Section 2.22 and (ii) stating that all conditions precedent
provided for in the Note Purchase Agreement relating to the applicable transactions have been complied with. At the request of the Authority or the relevant Guarantor, the Noteholders shall execute and deliver an appropriate instrument, in the form
provided by the Authority or such Guarantor, evidencing the release of any Guarantor pursuant to this Section 2.22. 
  

	SECTION 3.	INTERPRETATION OF THIS GUARANTEE 

 Section 3.1 Defined Terms. For purposes of this Guarantee,
the following terms have the meanings specified below or provided for in the Section of this Guarantee referred to immediately following such term (such definitions to be equally applicable to both the singular and plural forms of the terms
defined). Capitalized terms used herein and not otherwise defined herein have the meaning specified in the Note Purchase Agreement. 
 (a)
Authority — Section 1. 
 (b) Guaranteed Obligations — Section 2.1. 

(c) Guarantors — has the meaning assigned to such term in the introductory paragraph hereof. 

(d) Guarantee Joinder – a Guarantee Joinder in the form of Annex 1 hereto. 

(e) Note Purchase Agreement — Section 1. 

(f) Noteholder — Section 2.1. 

(g) Notes — Section 1. 

(h) Unconditional Guarantee — Section 2.1. 

  
 7 

	SECTION 4.	REPRESENTATIONS AND WARRANTIES. 

 Each Guarantor represents and warrants, as to
itself as of the date hereof, that each of the representations and warranties made by the Authority in Section 5 of the Note Purchase Agreement and pertaining to such Guarantor is true and correct with respect to each Guarantor on the date
hereof in all material respects. 
  

	SECTION 5.	[RESERVED]. 

  

	SECTION 6.	MISCELLANEOUS. 

 Section 6.1 Successors and Assigns. 

All covenants and other agreements contained in this Guarantee by or on behalf of any of the parties hereto bind and inure to the benefit of
their respective successors and assigns whether so expressed or not. 
 Section 6.2 Severability. Any provision of this Guarantee that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 6.3 Communications. All notices and communications provided for hereunder shall be in writing, shall be delivered in the manner required
by the Note Purchase Agreement, and shall be addressed, if to any Guarantor, to it care of the Authority at the address set forth in the Note Purchase Agreement, and if to any of the Noteholders: 

(a) if such Noteholder is a Purchaser, at the address for such Purchaser set forth on Schedule B to the Note Purchase Agreement, and further
including any parties referred to on such schedules (which are required to receive notices in addition to such Noteholder), and 
 (b) if
such Noteholder is not a Purchaser, at the address for such Noteholder as such Noteholder shall have specified to the Authority in writing, 
 or to any
such party at such other address as such party may designate by notice duly given in accordance with this Section 6.3. Notices shall be deemed given only when actually received. 

Section 6.4 Applicable Law. This Guarantee shall be governed by and construed in accordance with the law of the State of New York, without regard
to conflict of law principles that would result in the application of any Law other than the Laws of the State of New York. Each party hereto each hereby consents to the application of New York civil law to the construction, interpretation and
enforcement of this Guarantee, and to the application of New York civil law to the procedural aspects of any suit, action or proceeding relating thereto, including but not limited to legal process, execution of judgments and other legal remedies.

 Section 6.5 Benefits of Guarantee Restricted to Noteholders. Nothing express or implied in this Guarantee is intended or shall be construed
to give to any Person other than each Guarantor 

  
 8 

 
and the Noteholders any legal or equitable right, remedy or claim under or in respect hereof or any covenant, condition or provision herein contained; and all such covenants, conditions and
provisions are and shall be held to be for the sole and exclusive benefit of each Guarantor and the Noteholders. 
 Section 6.6 Survival of
Representations and Warranties; Entire Agreement. All representations and warranties contained herein shall survive the execution and delivery of this Guarantee and the purchase or transfer by any Purchaser of any Note or portion thereof or
interest therein, and may be relied upon by any subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of such Purchaser or any other holder of a Note. Subject to the preceding sentence, this Guarantee, the
Note Purchase Agreement and the Notes embody the entire agreement and understanding between each Purchaser and the Guarantors and supersede all prior agreements and understandings relating to the subject matter hereof. 

Section 6.7 Additional Guarantors. Each Restricted Subsidiary of the Authority that is required to become a party to this Guarantee pursuant to
Section 10.12 of the Note Purchase Agreement shall, within 20 Business Days of the date on which it first satisfies the conditions set forth in Section 10.12 of the Note Purchase Agreement, become a Guarantor for all purposes of this
Guarantee by executing and delivering a Guarantee Joinder. Upon execution and delivery by the Guarantor of a Guarantee Joinder in the form of Annex 1 hereto, such Restricted Subsidiary shall become a Guarantor hereunder with the same force and
effect as if originally named as a Guarantor herein. The execution and delivery of any such instrument shall not require the consent of any other Guarantor, Purchaser or Noteholder. The rights and obligations of each Guarantor hereunder shall remain
in full force and effect notwithstanding the addition of any new Guarantor as a party to this Guarantee. 
 Section 6.9 Amendment. Subject to
Section 19 of the Note Purchase Agreement, this Guarantee may be amended only in a writing executed by the Authority, each Guarantor and the Required Holders. 

Section 6.10 Survival. So long as the Guaranteed Obligations and all payment obligations of each Guarantor hereunder shall not have been fully and
finally performed and indefeasibly paid, the obligations of each Guarantor hereunder will survive. 
 Section 6.11 Counterparts. This Guarantee
may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed
by all, of the parties hereto. 
 Section 6.12 Waiver of Jury Trial; Consent to Jurisdiction; Limited Waiver of Sovereign Immunity, Etc. 

(a) The Guarantors do not consent to the enforcement, levy, or other execution of any judgment for money or other damages against any assets,
real or personal, of the Tribe, except that each of the Guarantors consents to the enforcement, levy and other execution of any judgment for money or other damages, whether obtained as a result of a judicial, administrative, or arbitral proceeding,
against any assets, real or personal (other than any property held in trust or 

  
 9 

 
subject to a restriction on alienation by the United States and property of which the encumbrance or transfer is not permitted under any applicable federal or state law or regulation (the
“Excluded Property”)) of the Guarantor, but only to the extent set forth in the remainder of this paragraph. Subject to the foregoing, the Guarantors expressly and irrevocably waive their respective sovereign immunity, to the extent
applicable (and any defenses based thereon) from unconsented suit, whether such suit be brought in law or in equity, or in administrative proceedings or proceedings in arbitration, to permit the commencement, maintenance, and enforcement of any
action, by a Purchaser (or any of its successors or permitted assigns), subject to any limitations contained in this Guarantee, to interpret or enforce the terms of this Guarantee and to enforce and execute any judgment resulting therefrom against
such Guarantor or the assets of such Guarantor (other than the Excluded Property). Without limiting the generality of the foregoing, each of the Guarantors waives its immunity (to the extent applicable) from unconsented suit to permit the
maintenance of the following actions in respect of this Guarantee. 
 (i) Courts. Each of the Guarantors waives its immunity from
unconsented suit to permit any court of competent jurisdiction to (A) enforce and interpret the terms of this Guarantee and award and enforce the award of damages against the a Guarantor owing as a consequence of a breach thereof, whether such
award is the product of litigation, administrative proceedings or arbitration; (B) determine whether any consent or approval of a Guarantor has been improperly granted or unreasonably withheld; (C) enforce any judgment prohibiting a
Guarantor from taking any action, or mandating or obligating a Guarantor to take any action, including a judgment compelling a Guarantor to submit to binding arbitration; and (D) adjudicate any claim under the Indian Civil Rights Act of 1968,
25 U.S.C. § 1302 (or any successor statute). 
 (ii) Arbitration. Each of the Guarantors waives its immunity from unconsented
suit to permit arbitrators, appointed and acting under the commercial arbitration rules of the American Arbitration Association, to (1) enforce and interpret the terms of this Guarantee and to award and enforce the award of any damages against
a Guarantor owing as a consequence thereof; (2) determine whether any consent or approval of a Guarantor has been improperly granted or unreasonably withheld; and (3) enforce any judgment prohibiting a Guarantor from taking any action, or
mandating or obligating a Guarantor to take any action, including a judgment compelling a Guarantor to submit to binding arbitration. 
 (b)
Each of the Guarantors hereby irrevocably and unconditionally submits, for itself and its property, to the following courts, jurisdictions and venues (i) for any action or proceeding arising out of or relating to this Guarantee: (A) the
United States District Court for the Southern District of New York, and all courts to which any appeal therefrom may be available; (B) or if those courts lack or decline jurisdiction over the action, then the courts of the State of New York
sitting in the City of New York, County of New York, and all courts to which any appeal therefrom may be available; (C) or if none of the foregoing courts shall have or accept jurisdiction, then the Mohegan Gaming Disputes Court; and
(D) or if none of the foregoing courts shall have or accept jurisdiction, then to arbitration under the commercial arbitration rules of the American Arbitration Association or (ii) for recognition or enforcement of any judgment:
(A) the courts identified in clause (i) above, (B) courts of the State of Connecticut, and any appellate court from which any appeals therefrom are available, as necessary to recognize or enforce such judgments as it applies to any
assets of the Authority, real or personal, located in the State of Connecticut. Each of the parties hereto agrees that a final judgment in any such action or proceeding may be enforced by any court of competent jurisdiction. 

  
 10 

 (c) Each of the Guarantors hereby unconditionally and irrevocably waives the jurisdiction of any
court of the Tribe now or hereafter existing or created with respect to any claim, except as otherwise specifically provided in this Guarantee. Each of the Guarantors unconditionally and irrevocably waives, to the fullest extent it may legally and
effectively do so, the application of any rule or doctrine relating to exhaustion of tribal remedies or comity or abstention that might otherwise require a claim be heard in a court of the Tribe. Each of the Guarantors expressly and irrevocably
agrees that it shall not institute any action in its own Tribal Court system in respect of any claim under this Guarantee, but shall instead resort to the courts set forth, and in the order set forth in Section 6.12(b) hereof. 

(d) Each of the Guarantors hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any
objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Guarantee in any court referred to in Section 6.12(b) hereof. Each of the Guarantors hereby irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(e) Each of the Guarantors irrevocably consents to service of process in the manner provided for notices in Section 6.12(f) below.
Nothing in this Guarantee will affect the right of any party to this Guarantee to serve process in any other manner permitted by law. 
 (f)
Each of the Guarantors consents to process being served by or on behalf of any holder of Notes in any suit, action or proceeding by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid,
return receipt requested, to it at its address specified in Section 20 of the Note Purchase Agreement or at such other address of which such holder shall then have been notified pursuant to said Section. Each of the Guarantors agrees that such
service upon receipt (i) shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal
service upon and personal delivery to it. Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service. 

(g) Nothing in this Section 6.12 shall limit any right that the Noteholders may have to bring proceedings against the Guarantors in the
courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction. 

(h) Each of the Guarantors hereby waives, to the fullest extent permitted by applicable Law, any right it may have to a trial by jury in any
legal proceeding directly or indirectly arising out of or relating to this Guarantee or the transactions contemplated hereby or thereby (whether based on contract, tort or any other theory). Each party hereto (1) certifies that no
representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and (2) acknowledges that it and the other parties
hereto have been induced to enter into this Guarantee by, among other things, the mutual waivers and certifications in this Section 6.12(h). 

  
 11 

 Section 6.13 No Personal Liability. Neither the Tribe nor any director, officer, office holder,
employee, agent, representative or member of the Authority, any Guarantor or the Tribe, as such, shall have any liability for, nor be subject to suit in respect of, any obligations of the Authority or any Guarantor under the Notes, the Note Purchase
Agreement, this Guarantee or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for
issuance of the Notes. 
 Section 6.14 Note Document. This Guarantee is a “Note Document” as defined in the Note Purchase Agreement.

 *    *    *    *    * 

  
 12 

 IN WITNESS WHEREOF, each of the undersigned Guarantors has caused this Guarantee to be executed
on each such Guarantor’s behalf by a duly authorized officer of each such Guarantor as of the date first written above. 
  

			
	Very truly yours,
	
	MOHEGAN BASKETBALL CLUB LLC
		
	By:	 	 /s/ Robert J. Soper

	Name:	 	Robert J. Soper
	Title:	 	President
	
	MOHEGAN COMMERCIAL VENTURES PA, LLC
		
	By:	 	 /s/ Robert J. Soper

	Name:	 	Robert J. Soper
	Title:	 	Manager
	
	DOWNS RACING, L.P.
		
	By:	 	 /s/ Robert J. Soper

	Name:	 	Robert J. Soper
	Title:	 	Manager
	
	BACKSIDE, L.P.
		
	By:	 	 /s/ Robert J. Soper

	Name:	 	Robert J. Soper
	Title:	 	Manager
	
	MILL CREEK LAND, L.P.
		
	By:	 	 /s/ Robert J. Soper

	Name:	 	Robert J. Soper
	Title:	 	Manager

 
			
	NORTHEAST CONCESSIONS, L.P.
		
	By:	 	 /s/ Robert J. Soper

	Name:	 	Robert J. Soper
	Title:	 	Manager
	
	MOHEGAN GOLF, LLC
		
	By:	 	 /s/ Robert J. Soper

	Name:	 	Robert J. Soper
	Title:	 	Manager
	
	WISCONSIN TRIBAL GAMING, LLC
		
	By:	 	 /s/ Robert J. Soper

	Name:	 	Robert J. Soper
	Title:	 	Manager
	
	MTGA GAMING, LLC
		
	By:	 	 /s/ Robert J. Soper

	Name:	 	Robert J. Soper
	Title:	 	Manager and President
	
	MOHEGAN VENTURES WISCONSIN, LLC
		
	By:	 	 /s/ Robert J. Soper

	Name:	 	Robert J. Soper
	Title:	 	President and Chief Executive Officer
	
	MOHEGAN VENTURES-NORTHWEST, LLC
		
	By:	 	 /s/ Robert J. Soper

	Name:	 	Robert J. Soper
	Title:	 	President

 ANNEX 1 

GUARANTEE JOINDER 

GUARANTEE JOINDER, dated as of
[                    ], made by
                    , a                      (the
“Additional Guarantor”), in favor of each of the Noteholders. All capitalized terms not defined herein shall have the meaning ascribed to them in the Note Purchase Agreement or the Guarantee (as defined below), as applicable. 

 

	SECTION 1.	PRELIMINARY STATEMENT 

 The Mohegan Tribal Gaming Authority (the
“Authority”), a governmental instrumentality of The Mohegan Tribe of Indians of Connecticut, a sovereign tribe recognized by the United States of America pursuant to 25 C.F.R. § 83 (the “Tribe”), has heretofore
issued its Floating Rate Senior Notes due December 15, 2017 (as may be amended, restated, supplemented or otherwise modified from time to time, the “Notes”), pursuant to a Note Purchase Agreement, dated as of November 20,
2015 (as may be amended, restated, supplemented or otherwise modified from time to time, the “Note Purchase Agreement”), between the Authority, the Tribe (for purposes of the specific sections detailed therein), and the Purchasers
party thereto. 
 In connection with the Note Purchase Agreement, certain of the Authority’s Subsidiaries have entered into the
Guarantee Agreement, dated as of November 20, 2015 (as may be amended, restated, supplemented or otherwise modified from time to time, the “Guarantee”) in favor of each of the Noteholders. 

Pursuant to Section 10.12 of the Note Purchase Agreement, the Additional Guarantor is required to become a party to the Guarantee. 

The Additional Guarantor will receive direct and indirect economic, financial and other benefits from the indebtedness incurred under the Note
Purchase Agreement and the Notes by the Authority, and the incurrence of such indebtedness is in the best interests of the Additional Guarantor. 

All acts and proceedings required by law and by the certificate of incorporation and bylaws (or other applicable constitutive documents) of
the Additional Guarantor necessary to constitute this Guarantee Joinder a valid and binding agreement for the uses and purposes set forth herein in accordance with its terms have been done and taken, and the execution and delivery hereof has been in
all respects duly authorized. 
  

	SECTION 2.	GUARANTEE AND OTHER RIGHTS AND UNDERTAKINGS 

 Section 2.1 Guarantee and Other Rights and
Undertakings. By executing and delivering this Guarantee Joinder, the Additional Guarantor, as provided in Section 6.7 of the Guarantee, hereby becomes a party to the Guarantee as a Guarantor thereunder with the same force and effect as if
originally named therein as a Guarantor and, without limiting the generality of the foregoing, 

 
hereby agrees to all terms and provisions of the Guarantee applicable to it as a Guarantor thereunder and assumes all obligations and liabilities of a Guarantor thereunder. The Additional
Guarantor hereby represents and warrants that each of the representations and warranties contained in Section 5 of the Note Purchase Agreement, insofar as such representations pertain to it, is true and correct in all material respects on and
as of the date hereof (after giving effect to this Guarantee Joinder) as if made on and as of such date (except for representations and warranties expressly stated to relate to a specific earlier date, in which case such representations and
warranties shall be true and correct in all material respects as of such earlier date). Each reference to a “Guarantor” in the Guarantee shall be deemed to include the Additional Guarantor. The Guarantee is hereby incorporated herein by
reference. Except as expressly supplemented hereby, the Guarantee shall remain in full force and effect. 
 Section 2.2 Applicable Law. This
Guarantee Joinder shall be governed by and construed in accordance with the law of the State of New York, without regard to conflict of law principles that would result in the application of any Law other than the Laws of the State of New York. Each
party hereto each hereby consents to the application of New York civil law to the construction, interpretation and enforcement of this Agreement, and to the application of New York civil law to the procedural aspects of any suit, action or
proceeding relating thereto, including but not limited to legal process, execution of judgments and other legal remedies. 
 Section 2.3
Counterparts. This Guarantee Joinder may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each
signed by less than all, but together signed by all, of the parties hereto. 
 Section 2.4 Note Document. This Guarantee is a “Note
Document” as defined in the Note Purchase Agreement. 
 Section 2.5 Limited Waiver of Sovereign Immunity. The Additional Guarantor
does not consent to the enforcement, levy, or other execution of any judgment for money or other damages against any assets, real or personal, of the Tribe, except that the Additional Guarantor consents to the enforcement, levy and other execution
of any judgment for money or other damages, whether obtained as a result of a judicial, administrative, or arbitral proceeding, against any assets, real or personal (other than any property held in trust or subject to a restriction on alienation by
the United States and property of which the encumbrance or transfer is not permitted under any applicable federal or state law or regulation (the “Excluded Property”)) of the Additional Guarantor, but only to the extent set forth in the
remainder of this paragraph. Subject to the foregoing, the Additional Guarantor expressly and irrevocably waives its sovereign immunity, to the extent applicable (and any defenses based thereon) from unconsented suit, whether such suit be brought in
law or in equity, or in administrative proceedings or proceedings in arbitration, to permit the commencement, maintenance, and enforcement of any action, by a Purchaser (or any of its successors or permitted assigns), subject to any limitations
contained in this Guarantee Joinder, to interpret or enforce the terms of this Guarantee Joinder and to enforce and execute any judgment resulting therefrom against such Additional Guarantor or the assets of the Additional Guarantor (other than the
Excluded Property). Without limiting the generality of the foregoing, the Additional Guarantor waives its immunity (to the extent applicable) from unconsented suit to permit the maintenance of the following actions in respect of this Guarantee. 

  
 2 

 (i) Courts. The Additional Guarantor waives its immunity from unconsented suit to permit
any court of competent jurisdiction to (A) enforce and interpret the terms of this Guarantee and award and enforce the award of damages against the Additional Guarantor owing as a consequence of a breach thereof, whether such award is the
product of litigation, administrative proceedings or arbitration; (B) determine whether any consent or approval of the Additional Guarantor has been improperly granted or unreasonably withheld; (C) enforce any judgment prohibiting the
Additional Guarantor from taking any action, or mandating or obligating the Additional Guarantor to take any action, including a judgment compelling the Additional Guarantor to submit to binding arbitration; and (D) adjudicate any claim under
the Indian Civil Rights Act of 1968, 25 U.S.C. § 1302 (or any successor statute). 
 (ii) Arbitration. The Additional Guarantor
waives its immunity from unconsented suit to permit arbitrators, appointed and acting under the commercial arbitration rules of the American Arbitration Association, to (1) enforce and interpret the terms of this Guarantee Joinder and to award
and enforce the award of any damages against the Additional Guarantor owing as a consequence thereof; (2) determine whether any consent or approval of a Guarantor has been improperly granted or unreasonably withheld; and (3) enforce any
judgment prohibiting the Additional Guarantor from taking any action, or mandating or obligating the Additional Guarantor to take any action, including a judgment compelling the Additional Guarantor to submit to binding arbitration. 

[signature pages follow] 

  
 3 

 IN WITNESS WHEREOF, the undersigned Additional Guarantor has caused this
Guarantee Joinder to be executed on the Additional Guarantor’s behalf by a duly authorized officer of the Additional Guarantor as of the date first written above. 

 

			
	[ADDITIONAL GUARANTOR]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Address for notices and communications:Exhibit 10.1

 

 

AMENDED SEVERANCE COMPENSATION AGREEMENT

 

This Amended Severance Compensation Agreement
(this “Agreement”) is made and entered into as of November 19, 2015 (the “Effective Date”)
by and between Eric Alexander (the “Employee”) and Pershing Gold Corporation, a Nevada corporation (the “Company”),
collectively the (“Parties”).

 

RECITALS

 

WHEREAS, Employee is the Vice President
Finance and Controller of the Company.

 

WHEREAS, Employee’s existing Severance
Compensation Agreement dated November 21, 2012 expires as of November 21, 2015.

 

WHEREAS, the Parties wish to extend Employee’s
agreement through December 31, 2016.

 

WHEREAS, the Parties agree that this Amended
Severance Agreement replaces that agreement between the parties dated November 21, 2012.

 

Therefore the Parties agree as follows:

 

WHEREAS, the Company believes that appropriate
steps should be taken to assure the Company and its affiliates of Employee’s continued employment and attention and dedication
to duty, and to ensure the availability of Employee’s continued service, notwithstanding the possibility, threat or occurrence
of a change in control.

 

WHEREAS, it is consistent with the Company’s
employment practices and policies and in the best interests of the Company and its shareholders to treat fairly its executive employees
whose employment terminates without cause (either before or after a change in control) and to establish up front the terms and
conditions of an executive’s separation from employment in such event.

 

WHEREAS, in order to fulfill the above purposes,
the Company and Employee wish to enter into this Agreement, which provides for the payment of severance benefits to Employee under
certain circumstances in exchange for the Employee’s release of claims against the Company and agreement not to compete with
or to solicit the Company’s employees or business opportunities for a period of time post-employment.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the
mutual promises, covenants and agreements contained herein, the parties agree as follows:

 

    	 	- 1 -	 

     

    

 

1.Definitions; Construction.

 

1.1Definitions. As used herein,
the following words and phrases shall have the following respective meanings unless the context clearly indicates otherwise.

 

(a)  Annual Bonus Amount.  (1)
In the event the Date of Termination occurs prior to a Change in Control, the Annual Bonus Amount shall be the average of the actual
regular annual cash bonuses paid or payable to Employee with respect to the two fiscal years of the Company immediately preceding
the fiscal year in which the Date of Termination occurs (or such lesser number of fiscal years as Employee may have been employed
by the Company preceding the fiscal year in which the Date of Termination occurs) (the “Actual Bonus Amount”);
provided, however, that in the event the Employee was not employed with the Company prior to the fiscal year in which the Date
of Termination occurs, the Annual Bonus Amount shall equal the target bonus amount established for Employee for the fiscal year
in which the Date of Termination occurs, or, if none, an amount equal to 80% of Employee’s Base Salary (the target bonus
amount or percent of salary being the “Assumed Bonus Amount”).

 

(2) In the event the Date of Termination
occurs following a Change in Control, the Annual Bonus Amount shall be the greater of (i) the Actual Bonus Amount, or (ii) the
Assumed Bonus Amount.

 

(b)Base Salary. The Employee’s
highest annual base salary in effect during the two-year period immediately preceding the Date of Termination.

 

(c) Board.  The Board of Directors
of the Company.

 

(d) Cause.  Any of the following:

 

(i) conviction
of a felony or a crime involving fraud or moral turpitude; or

 

(ii) theft,
material act of dishonesty or fraud, intentional falsification of any employment or Company records, or commission of any criminal
act which impairs Employee’s ability to perform appropriate employment duties for the Company; or

 

(iii) intentional
or reckless conduct or gross negligence materially harmful to the Company or the successor to the Company after a Change in Control,
including violation of a non-competition or confidentiality agreement; or

 

(iv) willful
failure to follow lawful instructions of the person or body to which Employee reports; or

 

    	 	- 2 -	 

     

    

 

(v) gross
negligence or willful misconduct in the performance of Employee’s assigned duties.  Cause shall not include
mere unsatisfactory performance in the achievement of Employee’s job objectives.

 

(e) Change in Control.   The
occurrence of any one or more of the following: (i) the accumulation (if over time, in any consecutive twelve (12) month period),
whether directly, indirectly, beneficially or of record, by any individual, entity or group (within the meaning of Section 13(d)(3)
or 14(d)(2) of the Securities Exchange Act of 1934, as amended) of 50.1% or more of the shares of the outstanding common stock
of the Company, whether by merger, consolidation, sale or other transfer of shares of common stock (other than a merger or consolidation
where the stockholders of the Company prior to the merger or consolidation are the holders of a majority of the voting securities
of the entity that survives such merger or consolidation), (ii) a sale of all or substantially all of the assets of the Company
or (iii) during any period of twelve (12) consecutive months, the individuals who, at the beginning of such period, constitute
the Board, and any new director whose election by the Board or nomination for election by the Company’s stockholders was
approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning
of the 12-month period or whose election or nomination for election was previously so approved, cease for any reason to constitute
at least a majority of the Board; provided, however, that the following acquisitions shall not constitute a Change
in Control for the purposes of this Agreement: (A) any acquisitions of common stock or securities convertible, exercisable or exchangeable
into common stock directly from the Company or from any affiliate of the Company, or (B) any acquisition of common stock or securities
convertible, exercisable or exchangeable into common stock by any employee benefit plan (or related trust) sponsored by or maintained
by the Company.

 

(f) Code.  The Internal Revenue
Code of 1986, as amended from time to time.

 

(g) Date of Termination.  The
date on which the Employee has a Separation from Service from the Company.

 

(h) Disability.  A physical
or mental illness, injury, or condition that prevents Employee from performing substantially all of Employee’s duties associated
with Employee’s position or title with the Company for at least 90 days in a 12-month period.

 

(i) Good Reason.  Without
the express written consent of Employee, the occurrence of one of the following arising on or after the date of this Agreement,
as determined in a manner consistent with Treasury Regulation Section 1.409A-1(n)(2)(ii):

 

    	 	- 3 -	 

     

    

 

(i) a
material reduction or change in Employee’s title or job duties, responsibilities and requirements that is inconsistent with
Employee’s position with the Company and Employee’s prior duties, responsibilities and requirements,

 

(ii) a
material reduction in the Employee’s Base Salary or bonus opportunity unless a proportionate reduction is made to the Base
Salary or bonus opportunity of all members of the Company’s senior management;

  

(iii) a
change of more than 50 miles in the geographic location at which the Employee primarily performs services for the Company; or

 

(iv) any
material breach of this Agreement by the Company.

 

In the case of Employee’s allegation
of Good Reason, (1) Employee shall provide written notice to the Company of the event alleged to constitute Good Reason within
30 days after the initial occurrence of such event, and (2) the Company shall have the opportunity to remedy the alleged Good Reason
event within 30 days from receipt of notice of such allegation.

 

(j) Separation from Service.  A
“separation from service” within the meaning of Section 409A(a)(2)(A)(i) of the Code and Treasury Regulation Section
1.409A-1(h).

 

1.2Construction. Wherever appropriate, the singular
shall include the plural, the plural shall include the singular, and the masculine shall include the feminine.

 

2.Term. This Agreement shall be effective
as of the Effective Date and shall expire on December 31, 2016; provided, however, that the expiration of this Agreement shall
not affect the Employee’s rights to receive any payments or benefits otherwise due as a result of a Separation from Service
occurring prior to the expiration of this Agreement.

 

3.Entitlement to Benefits. The Employee shall
be entitled to separation benefits as set forth in Section 4 below if the Employee incurs a Separation from Service from the Company
during the term of this Agreement that is (a) initiated by the Company for any reason other than Cause, death, or Disability or
(b) initiated by the Employee for Good Reason and the Date of Termination occurs within 90 days following the expiration of the
cure period afforded the Company to rectify the condition giving rise to Good Reason (a “Qualifying Termination”).
If the Employee incurs a Separation from Service for any other reason, or after the term of this Agreement has expired, the Employee
shall not be entitled to any payments or benefits hereunder.

4.Separation Benefits. If the Employee
incurs a Qualifying Termination, the benefits to which the Employee shall be entitled shall be determined as follows:

 

4.1Prior to Change in Control. If the Qualifying
Termination occurs prior to a Change in Control, and the Employee executes the Release in accordance with Section 4.4 below, the
Company shall:

 

    	 	- 4 -	 

     

    

 

(a) Pay to Employee on the
sixtieth (60th) day following the Date of Termination a lump-sum severance payment equal to one (1.0) times the sum
of:

 

(i)the Employee’s Base
Salary, plus

 

(ii)the Annual Bonus Amount.

 

(b) In addition, provided Employee timely
elects continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”),
the Company shall pay for twelve (12) months following the Date of Termination (or such shorter period as Employee is entitled
to COBRA continuation coverage under the terms of the Company’s insurance policies or plans), the premiums for the coverage
elected by Employee.

 

4.2On or After a Change in Control. If the Qualifying
Termination occurs on or within twelve (12) months following a Change in Control, and the Employee executes the Release in accordance
with Section 4.4 below, the Company shall:

 

(a) Pay to Employee on the
sixtieth (60th) day following the Date of Termination a lump-sum severance payment equal to one and one-eigth (1.125)
times the sum of:

 

(i)the Employee’s Base
Salary, plus

 

(ii)the Annual Bonus Amount.

 

(b) In addition, provided Employee timely
elects continuation coverage under COBRA, the Company shall pay for eighteen (18) months following the Date of Termination (or
such shorter period as Employee is entitled to COBRA continuation coverage under the terms of the Company’s insurance policies
or plans), the premiums for the coverage elected by Employee.

 

4.3Additional Benefits. Nothing
in this Agreement shall be deemed to relieve the Company of its obligations under applicable law to pay Employee all salary and
other compensation accrued as of the Date of Termination, to reimburse Employee for any business expenses properly incurred by
Employee and reimbursable under the Company’s expense reimbursement policies in effect from time to time, and to otherwise
provide Employee with any benefits to which Employee may be due under the terms and conditions of any employee benefit plans sponsored
by the Company.

 

4.4Release. As a condition precedent
to the payment by the Company of the amounts set forth under the Section 4.1 or 4.2, as applicable, the Employee must execute a
release in substantially the form attached hereto as Exhibit A (the “Release”) within forty-five (45) days following
the Date of Termination and not revoke such Release within the subsequent seven (7) day revocation period (if applicable).

 

    	 	- 5 -	 

     

    

 

5.Section 280G. Notwithstanding any other
provision of this Agreement, in the event that it shall be determined that the aggregate payments or distributions by the Company
to or for the benefit of Employee, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement
or otherwise (the “Payments”), constitute “excess parachute payments” (as such term is defined under Section
280G of the Code or any successor provision, and the regulations promulgated thereunder (collectively, “Section 280G”))
that would be subject to the excise tax imposed by Section 4999 of the Code or any successor provision (collectively, “Section
4999”) or any interest or penalties with respect to such excise tax (the total excise tax, together with any interest and
penalties, are hereinafter collectively referred to as the “Excise Tax”)), then the Payments shall be either (a) delivered
in full, or (b) delivered to such lesser extent that would result in no portion of the Payments being subject to the Excise Tax,
whichever of the foregoing amounts, taking into account the applicable federal, state or local income and employment taxes and
the Excise Tax, results in the receipt by Employee, on an after-tax basis, of the greatest amount of benefits, notwithstanding
that all or some portion of such benefits may be subject to the Excise Tax.  In the event that the Payments are to be
reduced pursuant to this Section 5, such Payments shall be reduced such that the reduction of compensation to be provided to Employee
as a result of this Section 5 is minimized.  In applying this principle, the reduction shall be made in a manner consistent
with the requirements of Section 409A and where two economically equivalent amounts are subject to reduction but payable at different
times, such amounts shall be reduced on a pro rata basis (but not below zero).  All calculations required pursuant to
this Section 13 shall be performed in good faith by nationally recognized registered public accountants or tax counsel selected
by the Company.

 

6.Confidential Material and Participant
Obligations.

 

6.1Confidential Material. The
Employee shall not, directly or indirectly, either during the term of employment or thereafter, disclose to anyone (except in the
regular course of the Company’s business or as required by law), or use in any manner, any information acquired by the Employee
during employment by the Company with respect to any clients or customers of the Company or any confidential, proprietary or secret
aspect of the Company’s operations or affairs unless such information has become public knowledge other than by reason of
actions, direct or indirect, of the Employee. Information subject to the provisions of this paragraph will include, without limitation:

 

(1)Names, addresses and other information
regarding investors in the Company’s or its affiliates’ gold exploration or mining programs;

 

(2)Lists of or information about personnel
seeking employment with or who are currently employed by the Company or its affiliates;

 

(3)Maps, logs, due diligence investigations,
exploration prospects, geological information, mining reports and any other information regarding past, planned or possible future
leasing, exploration, mining, acquisition or other operations that the Company or its affiliates have completed or are investigating
or have investigated for possible inclusion in future activities; and

 

    	 	- 6 -	 

     

    

 

(4)Any other information or contacts relating
to the Company’s or its affiliates’ exploration, mining, development, fund-raising, purchasing, engineering, marketing,
merchandising and selling activities.

 

6.2.Return of Confidential Material.
All maps, logs, data, drawings and other records and written and digital material prepared or compiled by the Employee or furnished
to the Employee during the term of employment will be the sole and exclusive property of the Company, and none of such material
may be retained by the Employee upon termination of employment. The aforementioned materials include materials on the Employee’s
personal computer. The Employee shall return to the Company or destroy all such materials on or prior to the Date of Termination.
Notwithstanding the foregoing, the Employee will be under no obligation to return or destroy public information.

 

6.3Non-Compete. The Employee
shall not directly, either during the term of employment or for a period of one (1) year thereafter, engage in any Competitive
Business (as defined below) within any county or parish or adjacent to any county or parish in which the Company or an affiliate
owns any gold or mining interests; provided, however, that the ownership of less than five percent (5%) of the outstanding capital
stock of a corporation whose shares are traded on a national securities exchange or on the over-the-counter market shall not be
deemed engaging in a Competitive Business. “Competitive Business” shall mean typical gold exploration and mining activities,
including mineral leasing, exploration, mining, or any other business activities that are the same as or similar to the Company’s
or an affiliate’s business operations as its business exists on the Date of Termination.

 

6.4No Solicitation. The Employee
shall not, directly or indirectly, either during the term of employment or for a period of one (1) year thereafter, (i) solicit,
directly or indirectly, the services of any person who was a full-time employee of the Company, its subsidiaries, divisions or
affiliates, or otherwise induce such employee to terminate or reduce such employment, or (ii) solicit the business of any person
who was a client or customer of the Company, its subsidiaries, divisions or affiliates, in each case at any time during the last
year of the term of employment. For purposes of this Agreement, the term “person” includes natural persons, corporations,
business trusts, associations, sole proprietorships, unincorporated organizations, partnerships, joint ventures, limited liability
companies or partnerships, and governments, or any agencies, instrumentalities or political subdivisions thereof.

 

6.5.Remedies. The Employee acknowledges
and agrees that the Company’s remedy at law for a breach or a threatened breach of the provisions herein would be inadequate,
and in recognition of this fact, in the event of a breach or threatened breach by the Employee of any of the provisions of this
Agreement, it is agreed that the Company will be entitled to equitable relief in the form of specific performance, a temporary
restraining order, a temporary or permanent injunction or any other equitable remedy which may then be available, without posting
bond or other security. The Employee acknowledges that the granting of a temporary injunction, a temporary restraining order or
other permanent injunction merely prohibiting the Employee from engaging in any business activities would not be an adequate remedy
upon breach or threatened breach of this Agreement, and consequently agrees upon any such breach or threatened breach to the granting
of injunctive relief prohibiting the Employee from engaging in any activities prohibited by this Agreement. No remedy herein conferred
is intended to be exclusive of any other remedy, and each and every such remedy will be cumulative and will be in addition to any
other remedy given hereunder now or hereinafter existing at law or in equity or by statute or otherwise. In addition, in the event
of any breach or suspected breach of the provisions of this Section 6, the Company shall have the right to suspend immediately
any payments or benefits that may otherwise be due Employee pursuant to this Agreement.

 

    	 	- 7 -	 

     

    

 

7.Successor to Company. This Agreement shall
bind any successor of the Company, its assets or its businesses (whether direct or indirect, by purchase, merger, consolidation
or otherwise), in the same manner and to the same extent that the Company would be obligated under this Agreement if no succession
had taken place.  In the case of any transaction in which a successor would not by the foregoing provision or by operation
of law be bound by this Agreement, the Company shall require such successor expressly and unconditionally to assume and agree to
perform the Company’s obligations under this Agreement, in the same manner and to the same extent that the Company would
be required to perform if no such succession had taken place.  The term “Company,” as used in this Agreement,
shall mean the Company as hereinbefore defined and any successor or assignee to the business or assets which by reason hereof becomes
bound by this Agreement.

 

8.Miscellaneous.

 

8.1 Full Settlement.  Except
as otherwise specifically provided herein, the Company’s obligation to make the payments provided for under this Agreement
and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other
claim, right or action which the Company may have against the Employee.  In no event shall the Employee be obligated to seek
other employment or take any other action by way of mitigation of the amounts payable to the Employee under any of the provisions
of this Agreement and such amounts shall not be reduced whether or not the Employee obtains other employment.  

 

8.2 Employment Status.  This
Agreement does not constitute a contract of employment or impose on the Employee or the Company any obligation for the Employee
to remain an employee or change the status of the Employee’s employment or the policies of the Company regarding termination
of employment.

 

8.3 Unfunded Agreement Status.
 All payments pursuant to the Agreement shall be made from the general funds of the Company and no special or separate fund
shall be established or other segregation of assets made to assure payment.  The Employee shall not have under any circumstances
any interest in any particular property or assets of the Company as a result of this Agreement.  Notwithstanding the foregoing,
the Company may (but shall not be obligated to) create one or more grantor trusts, the assets of which are subject to the claims
of the Company’s creditors, to assist it in accumulating funds to pay its obligations under this Agreement.

 

    	 	- 8 -	 

     

    

 

8.5 Section 409A.   

 

(a)General. The payments and benefits
provided hereunder are intended to be exempt from or compliant with the requirements of Section 409A of the Code.  Notwithstanding
any provision of this Agreement to the contrary, in the event that the Company reasonably determines that any payments or benefits
hereunder are not either exempt from or compliant with the requirements of Section 409A of the Code, the Company shall have the
right to adopt such amendments to this Agreement or adopt such other policies and procedures (including amendments, policies and
procedures with retroactive effect), or take any other actions, that are necessary or appropriate (i) to preserve the intended
tax treatment of the payments and benefits provided hereunder, to preserve the economic benefits with respect to such payments
and benefits, and/or (ii) to exempt such payments and benefits from Section 409A of the Code or to comply with the requirements
of Section 409A of the Code and thereby avoid the application of penalty taxes or interest thereunder; provided, however, that
this Section 8.5(a) does not, and shall not be construed so as to, create any obligation on the part of the Company to adopt any
such amendments, policies or procedures or to take any other such actions or to indemnify the Employee for any failure to do so.
Employee shall, at the request of the Company, take any action (or refrain from taking any action) required to comply with any
correction procedure promulgated pursuant to Section 409A of the Code.

 

(b) Exceptions to Apply. The
Company shall apply the exceptions provided in Treasury Regulation Section 1.409A-1(b)(4), Treasury Regulation Section 1.409A-1(b)(9)
and all other applicable exceptions or provisions of Section 409A of the Code to the payments and benefits provided under this
Agreement so that, to the maximum extent possible such payments and benefits are not “nonqualified deferred compensation”
subject to Section 409A of the Code.  All payments and benefits provided under this Agreement shall be deemed to be separate
payments (and any payments made in installments shall be deemed a series of separate payments) and a separately identifiable or
designated amount for purposes of Section 409A of the Code.

 

(c) Taxable Reimbursements. To
the extent that any payments or reimbursements provided to the Employee are deemed to constitute “nonqualified deferred compensation”
subject to Section 409A of the Code, such amounts shall be paid or reimbursed reasonably promptly, but not later than December
31 of the year following the year in which the expense was incurred.  The amount of any payments or expense reimbursements
that constitute compensation in one year shall not affect the amount of payments or expense reimbursements constituting compensation
that are eligible for payment or reimbursement in any subsequent year, and the Employee’s right to such payments or reimbursement
of any such expenses shall not be subject to liquidation or exchange for any other benefit.

 

(d)Specified Employee. Notwithstanding
anything to the contrary in this Agreement, no compensation or benefits that are “nonqualified deferred compensation”
subject to Section 409A of the Code shall be paid to Employee during the 6-month period following his Separation from Service to
the extent that the Company determines that the Employee is a “specified employee” and that paying such amounts at
the time or times indicated in this Agreement would be a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code.  If
the payment of any such amounts is delayed as a result of the previous sentence, then on the first business day following the end
of such 6-month period (or such earlier date upon which such amount can be paid under Section 409A of the Code without being subject
to such additional taxes, including as a result of the Employee’s death), the Company shall pay to the Employee a lump-sum
amount equal to the cumulative amount that would have otherwise been payable to the Employee during such 6-month period.

 

    	 	- 9 -	 

     

    

 

8.7 Validity and Severability.
 The invalidity or unenforceability of any provision of the Agreement shall not affect the validity or enforceability of any
other provision of the Agreement, which shall remain in full force and effect, and any prohibition or unenforceability in any jurisdiction
shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

8.8 Governing Law.  The
validity, interpretation, construction and performance of the Agreement shall in all respects be governed by the laws of Nevada,
without reference to principles of conflict of law, except to the extent pre-empted by federal law.

 

8.9 Withholding.  All payments
to the Employee made in accordance with the provisions of this Agreement shall be subject to applicable withholding of local, state,
federal and foreign taxes and other deductions required or permitted to be made by law, as determined in the sole discretion of
the Company.

 

8.10Clawback. Employee agrees
to be bound by the provisions of any recoupment or “clawback” policy that the Company may adopt from time to time that
by its terms is applicable to Employee, or by any recoupment or “clawback” that is otherwise required by law or the
listing standards of any exchange on which the Company’s common stock is then traded, including the “clawback”
required by Section 954 of the Dodd-Frank Act.

 

8.11Indemnification.

 

(a)Corporate Acts. In Employee’s
capacity as a director, manager, officer, or employee of the Company or serving or having served any other entity as a director,
manager, officer, or employee at the Company’s request, Employee shall be indemnified and held harmless by the Company to
the fullest extent allowed by law, the Company’s Certificate of Incorporation and Bylaws, from and against any and all losses,
claims, damages, liabilities, expenses (including legal fees and expenses), judgments, fines, settlements and other amounts arising
from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which Employee
may be involved, or threatened to be involved, as a party or otherwise by reason of Employee’s status, which relate to or
arise out of the Company, their assets, business or affairs, if in each of the foregoing cases, (i) Employee acted in good faith
and in a manner Employee believed to be in the best interests of the Company, and, with respect to any criminal proceeding, had
no reasonable cause to believe Employee’s conduct was unlawful, and (ii) Employee’s conduct did not constitute gross
negligence or willful or wanton misconduct. The Company shall advance all reasonable expenses incurred by Employee in connection
with the investigation, defense, settlement or appeal of any civil or criminal action or proceeding referenced in this Section,
including but not necessarily limited to, reasonable fees of legal counsel, expert witnesses or other litigation-related expenses.

 

    	 	- 10 -	 

     

    

 

(b)Directors & Officers Insurance.
During the Employee’s term of employment and thereafter for six years after the Employee’s employment terminates, Employee
shall be entitled to coverage under the Company’s directors and officers liability insurance policy and any other insurance
policy providing coverage to directors or officers of the Company, subject to the terms of such policies, in effect at any time
in the future to no lesser extent than any other officers or directors of the Company.

 

8.12Survival of Provisions. Notwithstanding anything
herein to the contrary, the provisions of Sections 4, 5, 6, 7 and 8 of this Agreement shall survive the expiration of this Agreement
and the termination of the employment Term for any reason.

 

    	 	- 11 -	 

     

    

 

 

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

 

 

	 	PERSHING GOLD CORPORATION
	 	 
	 	 
	 	By:	/s/ Stephen Alfers
	 	 	Name: Stephen Alfers
	 	 	Title: Chief Executive Officer, President and Chairman
	 	 	 
	 	ERIC ALEXANDER
	 	 	 
	 	 	 
	 	/s/ Eric Alexander

 

 

    	 	- 12 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00252-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00252-of-00352.parquet"}]]