Document:

Sixth Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock

 EXHIBIT 10.4 
  
 SIXTH AMENDMENT 
 TO THE

 ZIONS BANCORPORATION PAYSHELTER 401(k) 
 AND EMPLOYEE STOCK OWNERSHIP PLAN 
  
 This Sixth Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan (the “Plan”) is made and entered into this 31st day of July, 2006, by the Zions Bancorporation Benefits
Committee (“Benefits Committee”) for and on behalf of Zions Bancorporation (the “Employer”). 
  
 W  I  T  N  E  S  S  E  T  H: 
  
 WHEREAS, the Employer has heretofore entered into the Plan, which Plan has been amended and restated in its entirety
effective for the Plan Year commencing on January 1, 2003, and for all Plan Years thereafter, and 
  
 WHEREAS, the Employer has reserved the right to amend the Plan in whole or in part; and 
  
 WHEREAS, the Committee, for and on behalf of the Employer and consistent with the power and authority granted to it, and in
anticipation of the merger of the Amegy Bancorporation 401(k) Plan into the Plan and the transfer of Plan record keeping and trustee responsibilities to Fidelity Management Trust Company, now desires to amend the Plan in the following particulars:
to permit the purchase of employer securities by Plan participants, to permit the limit on participant loan amounts to take into account certain employer securities in the participant’s account, to allow immediate diversification of 

 
certain employer securities, and to provide for determination of vesting on an elapsed time, rather than year of service, basis; 
  
 NOW THEREFORE, in consideration of the foregoing premises the Committee
adopts the following amendments to the Plan (amended language is marked in bold italics): 
  
 (Purchase of employer securities by Plan participants) 
  

	 	1.	The first paragraph of Section 6.06 is amended to read as follows: 

  
 6.06 Participant Diversification of Investments: Except as specifically provided in Section 6.03(e) and in this
Section 6.06, the Plan does not permit individual direction of investment by Participants of their Employer Securities Accounts. Effective January 1, 2007, individual direction of investment by Participants of their Employer
Securities Account is permitted as provided in this Section and in Sections 18.02 and 18.06. 
  

	 	2.	Section 18.02(a) is amended to read as follows: 

  

	 	(a)	Subject to Section 18.06(e), no Participant shall direct investment into or out of Employer Securities in any Account. Effective January 1, 2007, this
restriction shall apply only with respect to Employer Securities in the Employer Non-Elective Contribution Account.  

  

	 	3.	Section 18.06(e) is amended to read as follows: 

  

	 	(e)	 A Participant may not direct (except as provided in Section 6.03(e)) any investment into the Employer Securities Account or (except as provided in
Section 6.06) the liquidation or sale of any Employer Securities in that Account. Effective January 1, 2007, a Participant may direct investment into the Employer Securities Account from any other sub-account in the Plan, with the
exception of the Dividend 

  

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Account, which shall continue to be subject to the rules in Section 18.04. 

  
 (Participant loan amount limits to take into account certain employer
securities in the participant’s account) 
  

	 	4.	Section 20.03(a) is amended in read as follows: 

  

	 	(a)	Fifty percent (50%) of the Vested Interest in his Plan Accounts (including any Rollover Accounts, but excluding his Employer Securities Account; effective January 1,
2007, excluding only his Employer Non-Elective Contribution Account and his Dividend Account); or 

  
 (Immediate diversification of certain employer securities) 
  

	 	5.	Section 6.06(e)(1) is amended to read as follows: 

  

	 	(1)	A Participant who has completed at least five (5) Years of Vesting Service, regardless of Age or the number of years of participation in the Plan, may direct
diversification into the Segregated Investment Account of up to one hundred percent (100%) of the Participant’s Employer Securities Account, except that portion in the Employer Securities Account
attributable to Employer Non-Elective Contributions and dividends thereon. Effective January 1, 2007, the five (5) Years of Vesting Service requirement shall no longer apply.  

 
 (Determination of Vesting Service on an Elapsed Time Basis)

  

	 	6.	Section 3.05 is amended to read as follows: 

  
 3.05 “One Year Break in Service” shall mean a twelve (12) consecutive month period during which an Employee has not
completed more than five hundred (500) Hours of Service, regardless of whether the Employee has incurred a Termination of Employment. For purposes of vesting, such twelve (12) consecutive month periods shall be measured on the same basis
as Years of Vesting Service. Effective January 1, 2006, except as otherwise provided in Section 3.13, the provisions of this Section shall no longer apply for purposes of determining Years of Vesting Service. For purposes of
eligibility to participate, the Plan shall not apply any break in service rule. The following types of absence shall not constitute a One-Year Break in Service: 
  

	 	7.	Section 3.08 is amended to read as follows: 

  

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 3.08 “Vesting Computation Period” shall mean the twelve
(12) consecutive month period used to measure Years of Vesting Service and Breaks in Service for purposes of vesting. The twelve (12) consecutive month period used for the Vesting Computation Period shall be the Plan Year. Effective
January 1, 2006, except as otherwise provided in Section 3.13, the provisions of this Section shall no longer apply for purposes of determining Vesting Service. 
  

	 	8.	Section 3.10 is amended to read as follows: 

  
 3.10 “Year of Vesting Service” shall mean: 
  

	 	(a)	for Plan Years commencing prior to January 1, 2002, a Vesting Computation Period during which an Employee has completed at least one (1) Hour of Service. For Plan Years
commencing on or after January 1, 2002, “Year of Vesting Service” shall mean a Vesting Computation Period during which an Employee has completed at least one thousand (1000) Hours of Service. Subject to Section 11.05 a
Participant’s Years of Vesting Service shall be determined based on all Vesting Computation Periods containing or beginning after his Employment Commencement Date or Re-employment Commencement Date, provided that service prior to the date an
Employee has attained Age 18 shall not be taken into account. Any individual who was a Leased Employee and who subsequently becomes an Eligible Employee shall be credited with all Years of Service as a Leased Employee for purposes of determining
Years of Vesting Service. Effective January 1, 2006, except as otherwise provided in Section 3.13, the provisions of this sub-Section (a) shall no longer apply for purposes of determining Years of Vesting Service. 

  

	 	(b)	with respect to a Merged Employee for Plan Years commencing prior to the Merger Date, a calendar year during which the Merged Employee has completed at least one (1) hour of
service for the Merged Employer. For Plan Years commencing on or after the Merger Date, “Year of Vesting Service” shall mean a Vesting Computation Period during which the Merged Employee completes at least one thousand (1000) Hours of
Service. Effective January 1, 2006, except as otherwise provided in Section 3.13, the preceding sentence shall no longer apply and “Years of Vesting Service” after the Merger Date shall be credited to a Merged Employee as
provided in Section 3.13. All creditable Years of Vesting Service determined under the above rules for a Merged Employee shall be credited under this Plan as of the Merged Employee’s Employment Commencement Date. For purposes of
this Section 3.10(b): 

  

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	 	(1)	“Merged Employee” shall mean an Employee who immediately prior to his Employment Commencement Date, was employed by a Merged Employer. 

  

	 	(2)	“Merged Employer” shall mean an entity which was acquired by (whether as a stock or asset acquisition) or merged into the Plan Sponsor or another Employer who has adopted
this Plan. 

  

	 	(3)	“Merger Date” shall mean the date designated in any agreement or contract of merger, sale or acquisition as the date on which the acquisition of the Merged Employer by the
Plan Sponsor or Employer is considered complete. 

  

	 	9.	Article III is amended by adding a new Section 3.13 at the end thereof to read as follows: 

  
 3.13 Elapsed Time Method for Determining Years of Vesting Service. Effective January 1, 2006, the
Plan adopts the Elapsed Time method for determining Years of Vesting Service. This method of counting Service does not track actual Hours of Service worked by an Employee, but instead measures the length of time an individual is an Employee of a
Zions Employer. 
  

	 	(a)	In determining Years of Vesting Service for an Employee, the following shall apply: 

  

	 	(1)	An Employee’s Service taken into account for purposes of vesting shall be the time period beginning with the Employee’s Employment Commencement Date and ending on
the date the Employee incurs a Termination of Employment. 

  

	 	(2)	 An Employee who incurs a Termination of Employment by reason of resignation, discharge or retirement and who then performs an Hour of Service within twelve
(12) months of that date will be credited with Service for the period in which he was not employed. An Employee who is absent for any other reason and then resigns, is discharged or retires and who preforms an Hour of Service within twelve
(12) months of his initial absence will be credited with Service for the period in which he was not employed, provided the service is not counted under the first sentence of this subsection. An Employee who is absent from Service with

  

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the Employer for over twelve (12) months shall receive no credit for any absence following the date the Employee incurs the Termination of
Employment. 

  

	 	(b)	In determining an Employee’s Years of Vesting Service fractional years will be rounded to the nearest one twelfth of a year. Periods of Service will be based on full
calendar months, crediting an Employee with a full month if the Employee works at least one (1) Hour of Service during the month. An Employee with more than one period of Service will have all such periods aggregated and the Employee’s
total Service will be used for purposes of determining Years of Vesting Service. 

  

	 	(c)	For the Plan Year commencing January 1, 2006 only, the Plan shall credit Vesting Service according to the following rules: 

  

	 	(i)	For each Employee of a Zions Employer who was employed by the Zions Employer on December 31, 2005, and continued to be employed on January 1, 2006, the Plan shall
either apply the rules of this Section 3.13, treating January 1, 2006 as the Employment Commencement Date, or apply the previous vesting credit rules of this Plan without regard to this Section 3.13, crediting the Employee with
Vesting Service credit according to the method which provides the greater credit. 

  

	 	(ii)	For each Employee of a Zions Employer whose Employment Commencement Date was after January 1, 2006, but prior to July 24, 2006, the Plan shall either apply the rules
of this Section 3.13, or apply the previous vesting credit rules of this Plan without regard to this Section 3.13, crediting the Employee with Vesting Service credit according to the method which provides the greater credit.

  

	 	(iii)	For each Employee of a Zions Employer whose Employment Commencement Date is after July 23, 2006, the Plan shall apply the rules of this Section 3.13 only.

  

	 	10.	 This Sixth Amendment shall be generally effective for the Plan Year commencing January 1, 2006, and for Plan Years commencing after that date, however 

  

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each provision of this Sixth Amendment with a specified effective date shall become effective as of that date. 

  

	 	4.	In all other respects the Plan is ratified and approved. 

  
 IN WITNESS WHEREOF, Zions Bancorporation Benefits Committee has caused this Sixth Amendment to the Plan to be duly executed as of the date and year first
above written. 
  

			
	 ZIONS BANCORPORATION
 BENEFITS
COMMITTEE

		
	By:	 	 /s/  Thomas E. Laursen

		
	Its:	 	 

  

 7Option Agreement dated as of July 7, 2006

 Exhibit 10.1 
 OPTION AGREEMENT 
 THIS OPTION AGREEMENT (this “Agreement”) is entered into as of
July 7, 2006 by and between TASTY BAKING COMPANY, a Pennsylvania corporation having offices at 2801 Hunting Park Avenue, Philadelphia, PA 19129 (“Owner”) and KEYSTONE REDEVELOPMENT PARTNERS, LLC, a Delaware limited
liability company having offices at 1000 Boardwalk, Atlantic City, NJ 08401 (“Optionee”). 
 RECITALS: 
 WHEREAS, Owner owns the real property (the “Property”) located at the intersection of Fox Street and Roberts Avenue in Philadelphia, PA,
known as 3413 Fox Street, comprised of approximately twelve and one-tenth (12.1) acres, and is more particularly described on Exhibit A attached hereto and made a part hereof; and 
 WHEREAS, Owner and Optionee have reached agreement with respect to Owner granting Optionee an option to purchase the Property on and subject to
the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the mutual covenants and conditions herein contained
and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties intending to be legally bound hereby agree as follows: 
 1. Incorporation of Recitals. Each of the foregoing recitals is incorporated herein at length as if fully set forth herein. 
 2. Grant of Option; Option Price. Owner, for and in consideration of the sum of One Million Six Hundred Thousand and 00/100ths
($1,600,000.00) Dollars (together with any extension payments paid pursuant to Section 3 below, collectively the “Option Price”), to be paid by Optionee to Owner by wire transfer or other immediately available funds upon execution and
delivery of this Agreement, and in consideration of the covenants and agreements herein contained, does hereby give, grant and convey to Optionee, the sole and exclusive right and option to purchase the Property on the terms and conditions set forth
herein (the “Purchase Option”). Except as expressly set forth in Section 6 below, the Option Price shall be nonrefundable and shall be retained by Owner whether or not the Purchase Option is exercised or terminated. 
 3. Term. The term of this Agreement (the “Term”) shall commence on the date hereof and shall expire at 5:00 p.m. EST on the
earlier of (a) the first business day immediately following the one (1) month anniversary of the Pennsylvania Gaming Control Board’s issuance of two (2) Category 2 Slot Licenses for Philadelphia, or (b) June 30, 2008.
Provided Optionee is in the process of continuing its application for one of the two Category 2 Slot Licenses, Optionee shall have the right (i) to extend the deadline set forth in clause (b) above to December 31, 2008 by written
notice to Owner on or before June 30, 2008 accompanied by a non-refundable extension payment of Two Hundred Fifty Thousand and 00/100ths ($250,000.00) Dollars, and (ii) provided Optionee exercised its right to extend the deadline set forth
in clause (b) above pursuant to clause (i) above and is still in the process of continuing its application for one of the two Category 2 Slot Licenses, to extend the deadline set forth in clause (b) above to June 30, 2009 by
written notice to Owner on or before December 31, 2008 accompanied by a non-refundable extension payment of Four Hundred Thousand and 00/100ths ($400,000.00) Dollars. Notwithstanding the foregoing, however, Optionee may exercise the Purchase
Option or terminate this Agreement at any time during the Term by providing written notice thereof to Owner (an “Exercise 

  

 
Notice” or “Termination Notice,” as applicable) and otherwise complying with the terms and conditions of this Agreement. Optionee’s
Exercise Notice shall indicate either that (i) Optionee intends on constructing and opening a temporary slot parlor on lands adjacent to the Property prior to opening a slot parlor on the Property (the “Temporary Alternative”), or
(ii) Optionee does not intend on taking the Temporary Alternative. 
 4. Exercise of Option. In the event of the exercise
of the Purchase Option, the Property shall be conveyed to Optionee and Optionee shall deliver to Owner the Purchase Price (as hereinafter defined) at a closing (“Closing”) which shall take place on (a) the first (1st) business day following the one (1) year anniversary of the Exercise Notice should said Exercise Notice indicate
that Optionee intends on taking the Temporary Alternative, (b) the first (1st) business day following the
two hundred seventieth (270th) day after the Exercise Notice should said Exercise Notice indicate that Optionee
does not intend on taking the Temporary Alternative, or (c) such other date as is mutually agreed upon by Optionee and Owner. At Closing, Owner shall (i) convey to Optionee, by special warranty deed, good and marketable fee simple title to
the Property, insurable at regular rates without exception unless caused by Optionee, other than matters which do not and will not adversely affect the use, occupancy or enjoyment of the Property as a slot parlor casino and entertainment complex, as
reasonably determined by Optionee (the “Permitted Exceptions”), (ii) execute and deliver to Optionee and Optionee’s title insurer a title affidavit of Owner in form and substance reasonably acceptable to Optionee and
Optionee’s title insurer, (iii) deliver sole and exclusive possession and control of the Property to Optionee, free of all tenants, occupants and others with a right to or claiming possession (except as set forth in the Permitted
Exceptions), and otherwise in generally the same condition as existed on the date hereof, ordinary wear and tear excepted, and (iv) execute and deliver to Optionee such other documents and/or instruments as may be reasonably required by
Optionee and/or Optionee’s lender and/or title insurer in order to convey good, marketable and insurable fee simple title. At Closing, the real estate taxes and water and sewer rents shall be apportioned as of Closing and the parties shall make
such other adjustments as are customary for similarly situated commercial properties. Owner and Optionee shall split equally, all state and local realty transfer taxes imposed as a result of such purchase and sale and shall pay same at Closing. At
Closing, Optionee shall pay to Owner the sum of Fourteen Million Four Hundred Thousand and 00/100ths ($14,400,000.00) Dollars (the “Purchase Price”), by wire transfer or other immediately available funds. If the Purchase Option is
exercised, but Owner fails to satisfy each of its obligations under this Agreement, then Optionee shall provide Owner with written notice thereof and Owner shall have thirty (30) days from such notice to cures all such defaults in which event
the parties shall proceed to Closing. The obligations of the parties hereunder shall survive Closing. 
 5. Owner’s
Representations and Warranties. Owner represents and warrants to Optionee, each of which representations and warranties shall be deemed repeated at and shall survive Closing, that 
 a. Owner is the sole owner of the Property and owns good and marketable fee simple title to same free and clear of all liens and encumbrances other than
the Permitted Exceptions and such other matters as shall be satisfied and discharged of record at Closing; 
 b. Owner is a corporation duly
organized and validly existing under the laws of the Commonwealth of Pennsylvania and is legally authorized to transact business in the Commonwealth of Pennsylvania; 
 c. Owner’s execution and delivery of this Agreement and the performance and satisfaction in full of each of Owner’s obligations hereunder have been duly authorized by all requisite action on the part of
Owner and this Agreement constitutes a legal, valid and binding obligation of Owner, enforceable against it in accordance with its terms; 
  

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 d. to the best knowledge of Owner, no litigation or proceeding in any court or before any other
governmental or quasi-governmental authority or other person or entity is currently pending or, threatened (i) with respect to the Property or any part thereof, or (ii) which seeks to enjoin Owner from entering into this Agreement or
consummating the transaction contemplated herein including, but not limited to, any condemnation proceedings or other exercise of eminent domain; 
 e. neither the execution and delivery by Owner of this Agreement, the consummation of the transaction contemplated herein, nor compliance with the provisions hereof, violates, breaches, contravenes or conflicts with, or will violate,
breach, contravene or conflict with, any existing note, bond, mortgage, debenture, indenture, trust, license, lease, instrument, decree, order, judgment or other agreement to which Owner is a party or by which it or any of its their assets
(including, but not limited to, the Property) may be bound or affected which would prevent Owner from conveying to Optionee good, marketable and insurable fee simple title to the Property in accordance with the terms of this Agreement; 

f. to the best knowledge of Owner, no consent, approval or authorization of, or registration, declaration or filing with, any person or governmental
entity, is required to be obtained or made by Owner under any federal, state or local law, statute, ordinance, rule, regulation, order, judicial or administrative order or decree, permit, license, approval, authorization or similar requirement in
connection with the execution and delivery of this Agreement by Owner, the transaction contemplated herein and/or the satisfaction by Owner of any of Owner’s obligations hereunder which would prevent Owner from conveying to Optionee good,
marketable and insurable fee simple title to the Property in accordance with the terms of this Agreement; and 
 g. there are no leases,
tenancies or other rights of occupancy in effect with respect to the Property or any part thereof which shall extend beyond Closing. 
 Should Optionee
determine that any of Owner’s representations and warranties set forth in this Agreement are untrue or inaccurate, Optionee shall provide Owner with notice thereof and sixty (60) days to cure same. 
 6. Optionee Remedies. Notwithstanding anything in this Agreement to the contrary, if the Purchase Option is exercised but Owner does not or
can not convey good, marketable and insurable fee simple title to the Property to Optionee at Closing, then Optionee may as its exclusive remedy either (i) terminate this Agreement and Owner shall promptly return the Option Price to Optionee,
or (ii) seek specific performance. In all other events, including in the event Owner fails to satisfy an obligation or breaches any of its representations and warranties set forth in this Agreement (other than those obligations and/or
representations covered by the preceding sentence), and whether or not Closing occurs, the Option Price shall be nonrefundable and retained by Owner, provided that Optionee shall have such rights and remedies as may be available at law or in equity.

 7. Applications for Licensing and Development. The parties acknowledge and agree that the award to Optionee of a license to
operate a gaming facility at the Property and the acquisition and maintenance of related development agreements and approvals are instrumental to Optionee. Accordingly, Owner covenants and agrees that it will not oppose Optionee and/or
Optionee’s agents and representatives in applying for, securing and maintaining such licenses, approvals and other consents, permits and/or agreements as Optionee may deem necessary or desirable in connection with Optionee’s plans for the
Property including, but not limited to, Optionee’s application for a Category 2 Slot License. Optionee shall provide Owner with periodic updates of Optionee’s progress in obtaining said license and related development agreements and
approvals, provided that, Optionee shall not provide Owner with any environmental reports, studies and/or assessments produced by or for Optionee unless, and then only to 

  

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the extent specifically requested by Owner in writing. Moreover, Owner covenants and agrees that at all times prior to Closing, Owner will not oppose
Optionee and/or Optionee’s agents and representatives in connection with the acquisition from third parties of additional real property interests contiguous to the Property. 
 8. Right of Entry and Inspection; Indemnity; Insurance. 
 a. During the Term, Optionee and its representatives and contractors may at any reasonable time and from time to time, without unreasonably interfering
with the business operations of Owner, enter upon the Property for the purposes of investigating and inspecting same, making surveys, maps and/or contour studies, performing test borings, soil tests and/or examinations, and conducting other studies
including, but not limited to such environmental studies as Optionee may elect (collectively, the “Due Diligence Investigation”). Optionee shall have the right to terminate this Agreement at any time during the Term upon written notice to
Owner, in which event (i) all payments theretofore made by Optionee hereunder shall be retained by Owner, and (ii) neither Optionee nor Owner shall have any further liabilities or rights under this Agreement, except for any rights or
liabilities which expressly survive such termination. For the avoidance of doubt, Owner shall have no obligation to remediate any issues identified during the course of the Due Diligence Investigation, nor shall Owner have any obligation to pay,
reimburse or credit any monies to Optionee in connection with any such issues. Further, if Optionee exercises the Purchase Option and Closing occurs, all liabilities and/or conditions associated with the Property as of Closing, whether or not
identified during the course of the Due Diligence Investigation, shall be Optionee’s sole responsibility. Optionee shall not provide Owner with any reports generated, or information obtained, as part of Optionee’s Due Diligence
Investigation unless, and then only to the extent, specifically requested by Owner in writing. 
 b. Optionee covenants and agrees to
indemnify, defend (with counsel reasonably satisfactory to Owner) and hold Owner harmless from and against any and all claims, damages, losses, costs and expenses (including, but not limited to, reasonable attorneys’ fees and court costs)
suffered or incurred by Owner and relating to Optionee’s inspection of or actions at the Property prior to Closing, but in each case only to the extent not attributable in any manner to the negligence or willful misconduct of Owner or anyone
claiming by or through Owner, or the employees, contractors, agents, representatives or invitees of any of the foregoing. Notwithstanding anything herein to the contrary, the discovery of any substance which constitutes a hazardous substance,
hazardous waste, radioactive substance and/or radioactive waste (collectively, “Hazardous Substances”) under any federal, state or local statute, law, ordinance, order, rule or regulation, whether now in existence or hereafter adopted
(collectively, “Environmental Laws”) or other negative conditions not caused by Optionee at the Property during the course of the Due Diligence Investigation and/or any legal duty to report same or the reporting of same to the Pennsylvania
Department of Environmental Protection or other federal, state or local governmental authority, shall not serve as the basis for a claim for indemnification by Owner against Optionee pursuant to this paragraph (b). The obligations of Optionee
pursuant to this paragraph shall survive the expiration or termination of this Agreement. 
 c. Prior to any entry onto the Property by
Optionee or any of Optionee’s representatives, Optionee or its representatives or contractors, shall furnish Owner with a copy of a certificate of insurance for Optionee and its representatives from a duly licensed insurance company, reasonably
acceptable to Owner, indicating that insurance policies are in effect for commercial liability coverage for death or injury to persons and/or property of not less than Three Million and 00/100ths ($3,000,000.00) Dollars per occurrence/claim and in
the aggregate together with evidence of the payment of all associated premiums. 
  

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 d. Owner represents and warrants to Optionee, each of which representations and warranties shall be
deemed repeated at and shall survive Closing, that (i) prior to the date hereof, to Owner’s actual knowledge as of the date hereof, Owner has delivered complete copies of all environmental reports, studies and/or assessments previously
obtained by Owner and relating, in whole or in part, to the Property (collectively, the “Owner Reports”) which are listed on Exhibit B attached hereto and made a part hereof, (ii) Owner has no actual knowledge of any other
environmental reports, studies and/or assessments relating to the Property or any part thereof, except as may be referenced in the Owner Reports and except for reports, studies and/or assessments which were produced prior to the Owner Reports and
which address the same environmental issues as those in the Owner Reports, and (iii) Owner has no actual knowledge of any Hazardous Substances in, on, under or about the Property in violation of any Environmental Laws, except as described in
the Owner Reports. For purposes of the preceding sentence, Owner’s actual knowledge shall be deemed to mean the actual knowledge of Charles P. Pizzi, President and CEO, David S. Marberger, CFO, Laurence Weilheimer, General Counsel, and Joseph
W. Carboy, Director of Operations. Owner makes no representation or warranty as to the correctness of the Owner Reports and Optionee expressly waives any claim whatsoever arising from the use of the Owner Reports including, but not limited to,
Optionee’s reliance upon the Owner Reports. 
 9. Brokers. Each of the parties represent and warrant to the other that no
broker, finder or other person entitled to a commission, finder’s fee or other compensation was involved in the introduction of the parties or the negotiation of this Agreement. Each of the parties agrees to indemnify, defend and hold the other
harmless from and against any and all claims based upon or relating to a breach of the foregoing representation, warranty and/or covenant by such party. The obligations of the parties pursuant to this Section shall survive the expiration or
termination of this Agreement. 
 10. Notices. All notices required or permitted to be given pursuant to this Agreement (each,
a “notice”) shall be in writing and shall be sent by hand delivery, mailed by prepaid registered or certified mail, return receipt requested, or sent by nationally recognized courier service guaranteeing overnight delivery, postage
prepaid, in each case addressed as follows: 
  

			
	 If to Owner, to:
	  	Tasty Baking Company
		  	 2801 Hunting Park Avenue

		  	 Philadelphia, PA 19129

		  	 Attention: Charles P. Pizzi, President & CEO

		
	 with a copy to:
	  	 Tasty Baking Company

		  	 2801 Hunting Park Avenue

		  	 Philadelphia, PA 19129
 Attention: Laurence Weilheimer, General Counsel

		
		  	 and

		
		  	 Stradley, Ronon, Stevens & Young, LLP

		  	 2600 One Commerce Square

		  	 Philadelphia, PA 19103
 Attention: William R. Sasso, Chairman

		
	 If to Optionee, to:
	  	 c/o Trump Entertainment Resorts, Inc.

		  	 1000 Boardwalk

		  	 Atlantic City, NJ 08401

		  	 Attention: Robert M. Pickus, Executive Vice President

  

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	 with a copy to:
	  	 Graham Curtin, a Professional Association

		  	 4 Headquarters Plaza

		  	 Morristown, NJ 07960

		  	 Attention: Peter M. Laughlin, Esq.

 Notices shall be effective (i) upon receipt (or refusal thereof) in the case of personal delivery,
(ii) three (3) business days after being deposited, postage prepaid, in the United States mail in the case of mail, and (iii) the next business day if sent via courier service of nationally recognized standing (e.g., Federal
Express). Either party may from time to time specify, by giving written notice to the other party in accordance with the terms hereof, (i) any other address as its address for purposes of this Agreement, and (ii) any other person or entity
that is to receive copies of notices hereunder. 
 11. Severability; Binding Effect; Amendments to be in Writing. If any
provision of this Agreement or the application thereof to any person or circumstance shall to any extent be invalid or unenforceable, the remaining provisions hereof, or the application of such provision to persons or circumstances other than those
to which it is invalid or unenforceable, shall not be affected thereby, and each provision hereof shall be valid and enforceable to the extent permitted by law. All provisions contained in this Agreement shall be binding upon, inure to the benefit
of, and be enforceable by, the respective successors and any permitted assigns of the parties, in each case to the same extent as if each such successor and permitted assign were named as a party hereto. This Agreement may not be changed, modified
or discharged except by a writing signed by the parties. 
 12. Governing Law. This Agreement shall be governed by and
interpreted in accordance with the laws of the Commonwealth of Pennsylvania, without regard to its conflict of laws principles. 
 13.
Headings. The headings set forth herein have been inserted for convenient reference only and shall not to any extent have the effect of modifying or amending the express terms and provisions of this Agreement. 
 14. Confidentiality. Each of the parties hereto shall, and shall cause their respective shareholders, members, directors, officers,
employees, managers, agents and affiliates to, hold the information contained in this Option Agreement confidential and shall not disclose any information relating to the proposed transaction (collectively, “Confidential Information”) to
any third party without the prior consent of the other party hereto (which consent shall not be unreasonably withheld), except that either party may make any public announcement or filing that it is advised by legal counsel it should make in order
to comply with applicable securities laws or Nasdaq rule. The parties covenant and agree to use reasonable efforts to coordinate the content, manner and timing of any public announcement or filing concerning this Agreement and/or the transaction
contemplated herein. The foregoing shall not, however, preclude Optionee from disclosing Confidential Information to its prospective lenders or either party from disclosing Confidential Information to their respective counsel and/or accountants,
provided that in all cases, the party receiving Confidential Information is informed of the terms of this Section. 
 15. Default
Rate. Any amount due but unpaid hereunder shall bear interest until paid at an annual rate of three hundred fifty (350) basis points above the “Prime Rate” as published from time to time in the Wall Street Journal, or
in the event no longer published therein, by such replacement publication as is agreed upon by the parties, provided however, that in no event shall such rate exceed the maximum legal rate allowed by applicable usury laws. 
 16. Memorandum of Option. The parties shall execute and deliver a short form or memorandum of options in the form attached hereto as
Exhibit C contemporaneously with the execution of this Agreement, which instrument shall be placed of record by Optionee in the Recorder of 

  

 6 

 
Deeds for Philadelphia County. Upon the expiration or earlier termination of this Agreement or the exercise of the Purchase Option, the parties shall
immediately execute a termination of said instrument which shall be placed of record by Owner. The obligation of Optionee pursuant to this Section shall survive expiration or termination of this Agreement. 
 17. Relationship of the Parties. The parties do not intend to create any partnership, joint venture or other relationship as amongst
themselves and neither this Agreement nor the performance by the parties of their respective obligations shall establish or be deemed to establish any relationship between the parties other than as optionor and optionee. Except as expressly set
forth herein to the contrary, nothing contained herein shall be construed as appointing or authorizing either party or any of their agents, employees or representatives to represent or bind the other party in any manner. 
 18. Assignment. Optionee may not assign and/or pledge its rights, interests and/or obligations under this Agreement, without the prior
consent of Owner, which consent shall not be unreasonably withheld or delayed. Notwithstanding the foregoing, Owner’s consent shall not be required for (a) a pledge by Optionee or its permitted assign in connection with obtaining
financing, or (b) an assignment by Optionee, provided that in each instance (i) such assignee is an entity controlled by or under common control with TER Keystone Development, LLC, the current majority owner of Optionee, and
(ii) Optionee shall not be released from any liability or obligations hereunder. Further, any permitted assignee must expressly agree to be bound by the terms and conditions of this Agreement. 
 19. Time is of Essence. Time is of the essence with respect to any time fixed for performance of any requirement set forth in this
Agreement. 
 20. Authority. To induce each other to enter into this Agreement, Owner and Optionee each represent and warrant
to the other that they have been duly authorized and empowered to enter into this Agreement and perform, fully their obligations hereunder, and such obligations constitute the valid and binding obligations of each of them, enforceable in accordance
with their terms, and that no further consents of any other person, entity, public body or court is required in connection with this Agreement and the performance of all of its obligations hereunder. 
 21. Counterparts. This Agreement may be executed in any number of counterparts, each of which as executed shall be deemed to be an
original, but all such counterparts shall constitute one and the same agreement. 
 22. Entire Agreement. This Agreement and
the exhibits referenced herein and made a part hereof constitute the entire agreement of the parties relative to the subject matter hereof and thereof and is intended to be an integration of all prior agreements, conditions or undertakings between
the parties hereto. Except as expressly set forth herein, there are no promises, agreements, conditions, undertakings, warranties or representations, oral or written, expressed or implied, between the parties hereto. 
 [balance of page intentionally blank – signature pages and exhibits only follow] 
  

 7 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date
and year first above written. 
  

									
	 Owner:
 TASTY BAKING COMPANY
	 		 	 Optionee:
 KEYSTONE REDEVELOPMENT PARTNERS,
LLC

					
	By:	 	/s/ Charles P. Pizzi	 		 	 By:
	 	/s/ Robert M. Pickus
		 	 Charles P. Pizzi, President & CEO
	 		 		 	Robert M. Pickus, Secretary

 List of Exhibits 
 A – Legal Description of Property 
 B – List of Owner Environmental Reports 
 C – Form of Memorandum of Agreement 
  

 8 

 EXHIBIT A 
 ALL THAT CERTAIN lot or piece of ground with the buildings and improvements thereon erected, situate in the 38th Ward of the City of Philadelphia and described according to a Survey and Plan of Property made for Donna Sandermar by Daniel W. Silverman, Surveyor and Regulator of the 6th Survey District, dated March 2nd 1977, as follows to wit: 
 BEGINNING at a point formed by the intersection of the southwesterly side of Fox
Street (80 feet wide) and the southeasterly side of Roberts Avenue (78 feet wide); thence extending from said point of beginning South thirty-three degrees ten minutes twenty-nine seconds East (S 33° 10’ 29” E), along the said
southwesterly side of Fox Street nine hundred nineteen (919) feet six and one-half (6 1/2) inches to a point; thence extending
South sixty degrees twenty-five minutes fifty-four seconds West (S 60° 25’ 54” W), three hundred eight-six (386) feet two and one-half (2 1/2) inches to a point; thence extending North thirty-three degrees fifty-four minutes twenty seconds West (N 33° 54’ 20” W), two hundred eighteen (218) feet six and three-eights (6 3/8) inches to a point; thence extending South fifty-six degrees forty-nine minutes thirty-one seconds West (S 56° 49’
31” W), one hundred seventy-four (174) feet two and one-fourth (2 1/4) inches to a point; thence extending North
thirty-three degrees ten minutes twenty-nine seconds West (N 33° 10’ 29” W), one hundred ninety-eight (198) feet eleven and seven-eighth (11 7/8) inches to a point; thence extending South fifty-six degrees forty-nine minutes thirty-one seconds West (S 56° 49’ 31” W), crossing the northeasterly side of former McMichael Street (70 feet wide)
stricken from City Plan and vacated, reserved as a Right of Way for purpose of inspection, maintenance, repairing or reconstruction of existing forty-eight (48) inches water mains, one hundred twenty (120) feet to a point on the southwesterly side
of said former McMichael Street; thence extending North thirty-three degrees ten minutes twenty-nine seconds West (N 33° 10’ 29” W), along the said southwesterly side of former McMichael Street four hundred seventy-seven (477) feet
nine (9) inches to a point on the said southeasterly side of Roberts Avenue; thence extending North fifty-six degrees forty-nine minutes thirty-one seconds East (N 56° 49’ 31” E), along the said southeasterly side of Roberts Avenue
recrossing the said northeasterly side of former McMichael Street six hundred eight-two (682) feet five (5) inches to the said southeasterly side of Fox Street, being the first mentioned point and place of BEGINNING.

 BEING THE SAME PREMISES which PIDC Financing Corporation, a Pennsylvania non-profit corporation by deed dated
January 13, 2005 and recorded July 19, 2005 in the Office of the Recorder of Deeds in and for Philadelphia County, Pennsylvania, in Instrument No. 51223840, granted and conveyed unto Tasty Baking Company, a Pennsylvania corporation, its
successor and assigns. 

 EXHIBIT B 
 25 pages of material (including cover) captioned “Fuel Oil Tank & Piping Inspection (Yearly)” and a 43 page (including front and back covers) report titled “Insulation Study and Evaluation
Report For Tasty Baking Company, Philadelphia, Pennsylvania, Fox Street Building, Prepared by: Spotts, Stevens And McCoy, Inc., February 1993”. 

 EXHIBIT C 
 MEMORANDUM OF OPTION AGREEMENT 
 THIS MEMORANDUM OF OPTION AGREEMENT, is made as of July 7,
2006 between TASTY BAKING COMPANY, a Pennsylvania corporation with offices at 2801 Hunting Park Avenue, Philadelphia, PA 19129 (“TBC”) and KEYSTONE REDEVELOPMENT PARTNERS, LLC, a Delaware limited liability company with offices at 1000
Boardwalk Atlantic City, NJ 08401 (“KRP”). 
 TBC, as Owner, and KRP, as Optionee, entered into a certain Option Agreement dated as
of July 7, 2006 (the “Agreement”), pursuant to which TBC has granted KRP the exclusive right, prior to June 30, 2009, to purchase the property located at the intersection of Fox Street and Roberts Avenue in Philadelphia, PA, known as 3413
Fox Street, comprised of approximately twelve and one-tenth (12.1) acres, and more particularly described on Exhibit A attached hereto and made a part hereof, together with all improvements located thereon and rights appertaining thereto, on and
subject to the terms and conditions set forth in the Agreement; 
 This Memorandum of Option Agreement has been entered into for the sole
purpose of giving notice of the existence of the Agreement. Reference should be made to the Agreement and its schedules and exhibits for all of the terms, covenants and conditions thereof. The provisions of this Memorandum of Option Agreement shall
not constitute an amendment or modification of the Agreement, and is not be considered in construing any of the terms, covenants or conditions of the Agreement. 
 This Memorandum of Option Agreement may be executed in any number of counterparts, each of which as executed shall be deemed to be an original, but all such counterparts shall constitute one and the same agreement.

 [balance of page intentionally blank – signature pages and exhibits only follow] 

 IN WITNESS WHEREOF, the parties hereto have caused this Memorandum of Option Agreement to be executed and
delivered as of the date and year first set forth above. 
  

									
	Witnessed/Attested To:	 		 	TASTY BAKING COMPANY
					
	By:	 	  	 		 	 By;
	 	  
		 		 		 		 	Charles P. Pizzi, President & CEO

  
  

									
		 		 	 KEYSTONE REDEVELOPMENT
     PARTNERS, LLC

					
	By:	 	  	 		 	 By;
	 	  
		 		 		 		 	Robert M. Pickus, Secretary

  

							
	 State of _____________
	  	:	  		  	
		  	:	  	ss	  	
	 County of ___________
	  	:	  		  	

 I CERTIFY that on July __, 2006, Charles P. Pizzi, personally came before me and acknowledged
under oath, to my satisfaction, that this person is named in and personally signed this Memorandum of Option Agreement as an authorized officer of Tasty Baking Company, and that he signed and delivered this Memorandum of Option Agreement as the
voluntary act and deed of Tasty Baking Company, as authorized by proper corporate action. 
 __________________________________________________ 
  
  
  
  

							
	 State of ____________
	  	:	  		  	
		  	:	  	ss	  	
	 County of __________
	  	:	  		  	

 I CERTIFY that on July __, 2006, Robert M. Pickus, personally came before me and acknowledged
under oath, to my satisfaction, that this person is named in and personally signed this Memorandum of Option Agreement as an authorized officer of Keystone Redevelopment Partners, LLC, and that he signed and delivered this Memorandum of Option
Agreement as the voluntary act and deed of Keystone Redevelopment Partners, LLC, as authorized by proper corporate action. 
 __________________________________________________ 
  

 EXHIBIT A TO MEMORANDUM OF OPTION AGREEMENT 
 LEGAL DESCRIPTION OF THE PROPERTY 
 ALL THAT CERTAIN lot or piece of ground with the buildings
and improvements thereon erected, situate in the 38th Ward of the City of Philadelphia and described according to a
Survey and Plan of Property made for Donna Sandermar by Daniel W. Silverman, Surveyor and Regulator of the 6th
Survey District, dated March 2nd 1977, as follows to wit: 
 BEGINNING at a point formed by the intersection of the southwesterly side of Fox Street (80 feet wide) and the southeasterly side of Roberts Avenue (78 feet wide); thence
extending from said point of beginning South thirty-three degrees ten minutes twenty-nine seconds East (S 33° 10’ 29” E), along the said southwesterly side of Fox Street nine hundred nineteen (919) feet six and one-half (6 1/2) inches to a point; thence extending South sixty degrees twenty-five minutes fifty-four seconds West (S 60° 25’ 54”
W), three hundred eight-six (386) feet two and one-half (2 1/2) inches to a point; thence extending North thirty-three degrees
fifty-four minutes twenty seconds West (N 33° 54’ 20” W), two hundred eighteen (218) feet six and three-eights (6 3/8) inches to a point; thence extending South fifty-six degrees forty-nine minutes thirty-one seconds West (S 56° 49’ 31” W), one hundred seventy-four (174) feet two and one-fourth (2 1/4) inches to a point; thence extending North thirty-three degrees ten minutes twenty-nine seconds West (N 33° 10’ 29” W), one hundred ninety-eight (198) feet
eleven and seven-eighth (11 7/8) inches to a point; thence extending South fifty-six degrees forty-nine minutes thirty-one
seconds West (S 56° 49’ 31” W), crossing the northeasterly side of former McMichael Street (70 feet wide) stricken from City Plan and vacated, reserved as a Right of Way for purpose of inspection, maintenance, repairing or
reconstruction of existing forty-eight (48) inches water mains, one hundred twenty (120) feet to a point on the southwesterly side of said former McMichael Street; thence extending North thirty-three degrees ten minutes twenty-nine seconds West (N
33° 10’ 29” W), along the said southwesterly side of former McMichael Street four hundred seventy-seven (477) feet nine (9) inches to a point on the said southeasterly side of Roberts Avenue; thence extending North fifty-six degrees
forty-nine minutes thirty-one seconds East (N 56° 49’ 31” E), along the said southeasterly side of Roberts Avenue recrossing the said northeasterly side of former McMichael Street six hundred eight-two (682) feet five (5) inches to the
said southeasterly side of Fox Street, being the first mentioned point and place of BEGINNING. 
 BEING THE SAME PREMISES
which PIDC Financing Corporation, a Pennsylvania non-profit corporation by deed dated January 13, 2005 and recorded July 19, 2005 in the Office of the Recorder of Deeds in and for Philadelphia County, Pennsylvania, in Instrument No. 51223840,
granted and conveyed unto Tasty Baking Company, a Pennsylvania corporation, its successor and assigns.

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