Document:

Exhibit 10.30

 

Twin River Worldwide Holdings, Inc.

100 Twin River Road

Lincoln, RI 02865

 

Effective July 1, 2017:

Amended as of December 31, 2018

 

John E. Taylor, Jr.

###########

###########

 

		Re:	Twin River Worldwide Holdings, Inc. (“Twin River”)

 

Dear Mr. Taylor:

 

The Board of Directors of Twin River (the
“Board”) appreciates your willingness to continue in the role of Executive Chairman in this important period of Twin
River’s history. This letter agreement sets forth terms of such service.

 

	Title:	Executive Chairman of the Board.
	Role/Responsibilities:  	
        In addition to your existing role as Chairman of the Board,
        as Executive Chairman you will use your commercially reasonable efforts to oversee the management of Twin River’s strategic
        projects and public policy initiatives, as well as such other responsibilities consistent with your role as Chairman of the Board
        as the Board and you may from time to time mutually agree. In addition, you will serve on such Board committees to which you are
        elected by the Board.

         

        You will be an independent contractor with respect to your services
        hereunder, and you will be free to exercise your own judgment as to the manner and method of providing your services to Twin River,
        subject to applicable laws and requirements reasonably imposed by Twin River. You will not be treated as an employee of Twin River
        for any purpose, and you will not be a participant in any employee health or other benefit plan of Twin River.

	Term:	The term of this letter agreement began on July 1, 2017 and will end on the
    earliest to occur of (i) December 31, 2019, (ii) a Change in Control (as defined below), (iii) the date as of
    which the Board gives you written notice of its intent to terminate this letter agreement, (iv) the date on which you
    give the Board written notice of your intent to terminate this letter agreement, and (v) the date of your death (such
    period, as applicable, the “Term”).  Notwithstanding the foregoing, if the Term ends other than due to your voluntary resignation not at the Board’s request (other than for “cause” as defined below), and other than due to your death or your permanent and total disability prior to December 31, 2019, then you will receive compensation at the level herein contemplated through December 31, 2019.  Except as expressly provided for otherwise in this letter agreement, upon the expiration or termination of the Term, you will no longer receive compensation at the level herein contemplated, but you will continue as a member of the Board as nonexecutive Chairman for at least the remainder of your then-current Board term (or, if earlier, your termination for “cause” (as that term is used in Section 141(k) of the Delaware General Corporation Law)) at not less than your compensation for such service as was in effect immediately prior to July 1, 2017.  For the avoidance of doubt, you will not be eligible to receive your regular Board compensation for so long as you are also receiving continued payments hereunder.

 

    	 	 	 

     

    

 

	Compensation:	
        In lieu of any other compensation for service on the Board or
        any committee thereof, you will be paid Executive Chairman compensation of $100,000 per month, beginning as of July 1, 2017, prorated
        for any partial month. 62.5% of such amount (i.e., $62,500) will be paid monthly in cash.

         

        The remaining 37.5% of such amount (i.e., $37,500 per month)
        will be paid in the form of Twin River common stock pursuant to a time-based Twin River restricted stock unit award. Such restricted
        stock unit award will be granted under Twin River’s equity incentive plan and pursuant to the applicable restricted stock
        unit award agreement (collectively, the “EIP”). For purposes of such restricted stock unit award, Twin River common
        stock will be valued (a) for any period ending December 31, 2018 at $86 per share (yielding an aggregate award of 7,848 Twin
        River common shares) and (b) for subsequent periods, value will be determined by the Compensation Committee of the Board (the
        “Committee”) in good faith by reference to market prices or, if the Company’s common stock is listed on a national
        securities exchange, at the closing sales price on the last trading day of the prior calendar month. Such restricted stock unit
        awards will be equitably adjusted for stock dividends, splits, recapitalizations and similar events after July 1, 2017 in accordance
        with the EIP, and will be eligible for dividend equivalent rights.

         

        For periods during the Term prior to December 31, 2018, such restricted stock unit awards will vest as to 436 shares of Twin River common stock) for each full month during the Term (or during any period following the end of the Term when you are receiving continued payments hereunder), prorated for any partial month. For subsequent periods during the Term, such restricted stock will be vested on actual award, pro rated for any partial month. All vested shares subject to such restricted stock unit award will be settled upon the earlier of (i) your termination of service as a director of Twin River (excluding termination for “cause,” in which case such restricted stock unit award (including the vested portion thereof) will be forfeited), provided that such termination also constitutes a “separation from service” for purposes of Section 409A and (ii) a Change in Control. Any restricted stock units that have not vested as of the applicable settlement date will be canceled and forfeited.

 

 

    	 	- 2 -	 

     

    

 

	 	
        

         For purposes of this letter agreement, a “Change
in Control” means that any person or entity acquires beneficial ownership of a majority of Twin River’s voting stock
or elects a majority of the Board, provided in either case that such event constitutes a “change in control event”
with respect to Twin River for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”).

         

        You will also be reimbursed for all out-of-pocket costs and
        expenses incurred by you in connection with your work, including living expenses in Rhode Island consistent with past practice.

         

        The Committee may also award you additional discretionary
        Executive         Chairman compensation following the completion of any fiscal year. Such additional discretionary Executive
        Chairman compensation,         if any, will be paid in the form of a fully vested Twin River restricted stock unit award
        under the EIP. For purposes of valuing         such restricted stock unit award, the Committee may take into account the most
        recent trading price of Twin River’s common         stock. Such restricted stock unit award will be equitably adjusted
        for stock dividends, splits, recapitalizations and similar events         following grant in accordance with the EIP, and
        will be eligible for dividend equivalent rights. All shares subject to such restricted         stock unit award will be
        settled upon the earlier of (i) your termination of service as a director of Twin River (excluding         termination
        for “cause,” in which case such restricted stock unit award (including the vested portion thereof) will be forfeited), provided that such termination also constitutes a “separation from service” for purposes of Section 409A, and, (ii) a Change in Control.

 

    	 	- 3 -	 

     

    

 

	 	
        

        Twin River will provide you a copy of an IRS Form 1099 for compensation
        paid to you as herein contemplated in each calendar year or portion thereof. As such, Twin River will not withhold, and you will
        be solely responsible for, taxes levied upon your compensation as herein contemplated.

	Commitment:	You will devote substantially all of your business time and efforts during normal business hours to the performance of your duties as Executive Chairman except that, subject to applicable licensing requirements, you may devote reasonable periods of time to charitable and community activities, managing personal investments and serving on boards of other companies, provided that these activities (individually or in the aggregate) do not materially interfere with the performance of your duties or create a conflict of interest.
	Indemnity/Insurance:	You will be entitled to such indemnity and insurance as is made available to executive officers and directors of Twin River generally.
	Miscellaneous:	This letter agreement will be governed by Delaware law and any dispute hereunder may be brought only in Delaware courts.  Except as otherwise set forth herein, this letter agreement constitutes the entire agreement between you and Twin River with respect to the specific subject matter hereof, and supersedes all prior agreements and understandings relating to the specific subject matter hereof.

 

Please confirm that the foregoing is acceptable
to you by signing and returning a copy of this letter agreement.

 

	 	Very truly yours,
	 	 
	 	TWIN RIVER WORLDWIDE
	 	  HOLDINGS, INC.

 

	 	By:	/s/ Craig Eaton

	 	 	 Name:	Craig Eaton
	 	 	 Title:	Sr. Vice President

 

	Accepted and agreed to:	 
	 	 
	/s/ John E. Taylor, Jr.	 
	John E. Taylor, Jr.	 

 

    	 	- 4 -Exhibit
10.31

 

Execution
Version

 

EMPLOYMENT
AGREEMENT

 

This
EMPLOYMENT AGREEMENT (this “Agreement”) is effective as of March 29, 2016 (the “Effective Date”),
by and between Twin River Management Group, Inc., a Delaware corporation (“TRMG”), and George Papanier (“Executive”).

 

WITNESSETH:

 

WHEREAS,
TRMG is the parent company of UTGR, Inc., a Delaware corporation (the “Company”):

 

WHEREAS,
the Company operates the gaming facility doing business as Twin River, located at 100 Twin River Road, Lincoln, Rhode Island (the
“Facility”):

 

WHEREAS,
Executive is employed by TRMG; and WHEREAS, TRMG desires to continue to employ Executive, and Executive desires to continue such
employment, upon the terms and subject to the conditions herein set forth.

 

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

 

1.       EMPLOYMENT.
TRMG hereby employs Executive, and Executive hereby accepts such employment, subject to the terms and conditions set forth herein.
Executive will hold the office of Chief Executive Officer of TRMG (the “Position”) and will report directly
to the Board of Directors of TRMG or the Board of Directors of Twin River Worldwide Holdings, Inc. (each, as applicable, the “Board”)
or its designee (who is a member of the Board).

 

2.       TERM.
The initial term of employment under this Agreement will begin on the Effective Date and will continue until December 31, 2018,
subject to prior termination in accordance with the terms hereof (the “Initial Term”). The Initial Term will
be automatically extended for successive additional terms of one year first commencing on the day immediately following the end
of the Initial Term (each such period, an “Additional Term”), and subsequently on each annual anniversary of
the end of an Additional Term, unless either party gives written notice to the other party of non-extension at least 60 days prior
to the end of the Initial Term or to the end of the then- applicable Additional Term (the Initial Term and any Additional Term(s),
collectively, the “Term”).

 

3.       COMPENSATION.
(a) During the Term, TRMG will pay to Executive, in equal installments in accordance with TRMG’s regular payroll practice,
an annual base salary of $700,000, which amount may be reviewed in December of each applicable year at the discretion of the Board
(as in effect from time to time, the “Base Salary”). If applicable, any adjustment in Executive’s Base
Salary will take effect on January 1 of the year immediately following the December salary review period.

 

     

     

    

 

(b)      Executive
will be eligible to receive an annual cash performance bonus (an “Annual Bonus”) in respect of each calendar
year that ends during the Term, based on performance against performance criteria. The performance criteria for any particular
calendar year will be approved by the Board. Such performance criteria may, at the discretion of the Board, include factors and
considerations not directly related to TRMG’s or the Company’s financial performance. Executive’s Annual Bonus
for a calendar year will equal $500,000 if the target levels of performance criteria established by the Board for that year, including
financial considerations, and, as applicable, non-financial considerations, are achieved to the satisfaction of the Board, with
greater or lesser amounts paid for performance above and below the target level (such greater or lesser amounts to be determined
based on criteria or a formula established by the Board), and with no amount payable for performance below a threshold level of
performance established by the Board. Executive’s Annual Bonus for a bonus period will be determined by the Board after
the end of the applicable bonus period and, if such Annual Bonus is awarded, will be paid in the fiscal year following the fiscal
year to which such Annual Bonus relates at such time as Annual Bonuses are paid to other senior executives of TRMG generally,
but in any event within 30 days following the completion of the audit of the Company’s books and records by the Company’s
auditors in respect of such fiscal year; provided that Executive remains employed by TRMG or the Company at the time of
payment. Notwithstanding the foregoing, if this Agreement is not renewed or the Term is not extended and Executive is employed
by TRMG or the Company on the last day of the then-applicable Term, Executive’s Annual Bonus for the year in which the Term
expires will be pro-rated (determined by multiplying the Annual Bonus otherwise payable to Executive for such year by a fraction
equal to (i) the number of days Executive was employed by TRMG during the applicable performance period, divided by (ii) the total
number of days in the applicable performance period), and in each case will be paid in the fiscal year following the fiscal year
to which such Annual Bonus relates at such time as Annual Bonuses are paid to other senior executives of TRMG generally.

 

4.       EXPENSES.
TRMG will reimburse Executive, upon presentment of suitable receipts, vouchers and completed expense reports, for all reasonable
business expenses which may be incurred by Executive in connection with his employment hereunder during the Term in accordance
with TRMG policy. Executive will comply with such restrictions and will keep such records as TRMG may deem necessary to meet the
requirements of the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated thereunder (the
“Code”).

 

5.       OTHER
BENEFITS. During the Term, Executive will be eligible for five weeks of paid vacation per full calendar year (pro-rated for
partial years during the Term), and will be eligible to participate in such benefit plans and arrangements and to receive any
other benefits customarily provided by TRMG to its management personnel (the “Benefit Plans”). Unused vacation
in any calendar year may not be carried over to any subsequent calendar year (or partial portions thereof).

 

6.       DUTIES.
(a) Executive will perform such duties and functions as the Board may assign to him, consistent with his Position, including any
duties or functions with or for any member of the Company Group (as herein defined). Executive will comply in the performance
of his duties with the policies of TRMG and the Company, and be subject to the direction of the Board.

 

    		- 2 -	 

     

    

 

(b)     During
the Term, Executive will devote all of his business time and attention to the business of TRMG and the Company, as necessary to
fulfill his duties; provided that the foregoing will not prevent Executive from (i) serving on the boards of directors
of non-profit organizations and, subject to the approval of the Board, other for-profit companies; (ii) participating in charitable,
civic, educational, professional, community or industry affairs; and (iii) managing Executive’s passive personal investments,
so long as all such activities in the aggregate do not interfere or conflict with Executive’s duties hereunder or create
a potential business or fiduciary conflict.

 

(c)      Executive
will perform the duties assigned to him with fidelity and to the best of his ability.

 

(d)     Executive
agrees that, at all times during the Term, he will obtain and maintain, in full force and effect, any and all licenses, permits
and work authorizations in respect of the Facility that may be required by any government authority or agency to enable him to
properly work and perform the duties of his Position.

 

7.       TERMINATION
OF EMPLOYMENT; EFFECT OF TERMINATION OF EMPLOYMENT. (a) Executive’s employment hereunder will terminate upon the first
to occur of the following:

 

  (i)       in
accordance with the terms of Section 7(f) upon written notice to Executive upon the determination by TRMG that Executive’s
employment will be terminated for any reason which would not constitute Justifiable Cause (as herein defined);

 

   (ii)      upon
written notice to Executive upon the determination by TRMG that there is Justifiable Cause for such termination;

 

   (iii)     automatically
upon the death of Executive;

 

  (iv)     in
accordance with the terms of Section 7(e) upon the Disability (as herein defined) of Executive;

 

  (v)      in
accordance with the terms of Section 7(f) upon Executive’s notice to TRMG of Executive’s determination to voluntarily
terminate his employment for Good Reason (as herein defined); or

 

   (vi)     upon
30 days’ prior written notice by Executive to TRMG of Executive’s voluntary termination of employment without Good
Reason.

 

(b)     For
the purposes of this Agreement:

 

  (i)       “Change-In-Control”
means a Change in Control pursuant to the Twin River Worldwide Holdings, Inc. 2015 Stock Incentive Plan (as in effect as of the
Effective Date).

 

    		- 3 -	 

     

    

 

  (ii)       “Disability”
means the inability of Executive, due to illness, accident or any other physical or mental incapacity, substantially to perform
the material and essential functions of his duties for a period exceeding a total of 13 weeks (whether or not consecutive) in
any 12-month period, as reasonably determined by TRMG in good faith, with a reasonable accommodation (as defined under applicable
law).

 

  (iii)      “Good
Reason” means, without Executive’s consent,

 

(1)       a
material diminution in Executive’s Base Salary, other than a general reduction in Base Salary that affects all similarly
situated executives of TRMG in substantially the same proportion;

 

(2)       a
material diminution in Executive’s responsibilities to the Company (other than temporarily while Executive is physically
or mentally incapacitated or as required by applicable law); or

 

(3)       a
relocation of Executive’s principal place of employment such that the distance between Executive’s primary residence
as of such relocation and Executive’s principal place of employment is increased by more than 50 miles;

 

provided,
however, that the foregoing conditions will constitute Good Reason only if (A) Executive provides written notice to TRMG
within 45 days of the initial existence of the condition(s) constituting Good Reason and (B) both TRMG and the Company fail to
cure such condition(s) within 60 days after receipt from Executive of such notice; and provided further, that Good Reason
will cease to exist with respect to a condition six months following the initial existence of such condition;

 

  (iv)      “Justifiable
Cause” means:

 

(1)       Executive’s
continued failure or refusal to perform his duties pursuant to this Agreement after notice from TRMG which, if curable, is not
cured within ten business days of Executive’s receipt of written notice thereof from TRMG;

 

(2)       Executive’s
material breach of this Agreement which, if curable, is not cured within ten business days of Executive’s receipt of written
notice thereof from TRMG;

 

(3)       Executive’s
indictment for, conviction of or plea of guilty or nolo contendere to any crime involving moral turpitude or any felony;

 

(4)       Executive’s
performance of any act, or his failure to act, which constitutes, in the reasonable good faith determination of TRMG, dishonesty
or fraud, including misappropriation of funds or a misrepresentation of the operating results or financial condition of TRMG or
the Company to the Board or to any executive of TRMG or the Company;

 

(5)       Executive’s
illegal use of controlled substances;

 

    		- 4 -	 

     

    

 

(6)       the
revocation, loss, or non-renewal of Executive’s personal gaming license; or

 

(7)       any
act or omission by Executive involving malfeasance or gross negligence in the performance of Executive’s duties; and

 

(c)      Upon
termination of Executive’s employment by TRMG for Justifiable Cause, Executive will not be entitled to any amounts or benefits
hereunder, other than such unpaid portion of Executive’s Base Salary and reimbursement of expenses pursuant to Section
4 as have been accrued through the date of his termination of employment, which amounts will be paid as soon as reasonably
practicable following the termination date (collectively, the “Accrued Amounts”).

 

(d)     If
Executive should die during the Term, this Agreement will terminate immediately. In such event, Executive’s estate will
thereupon be entitled to receive (i) any Accrued Amounts and (ii) a pro-rata portion of the Annual Bonus (determined by multiplying
the Annual Bonus otherwise payable to Executive for the year in which his termination of employment occurred by a fraction equal
to (1) the number of days Executive was employed by TRMG during the applicable performance period, divided by (2) the total number
of days in the applicable performance period), payable when Annual Bonuses for the applicable performance period are paid to other
senior executives of TRMG generally, but in no event later than 21/2 months following the calendar year of Executive’s
termination (a “Pro-Rata Bonus”). Executive’s estate also will be entitled to any accrued amounts or
benefits payable under the terms of the Benefit Plans.

 

(e)     Upon
a finding by TRMG of Executive’s Disability in accordance with Section 7(b), TRMG will have the right to terminate
Executive’s employment. Any termination of Executive’s employment pursuant to this Section 7(e) will be effective
on the date 30 days after the date on which TRMG notifies Executive of TRMG’s election to terminate. In such event, Executive
will thereupon be entitled to receive any Accrued Amounts and a Pro-Rata Bonus for the year in which his termination of employment
occurred. Executive will also be entitled to any accrued amounts or benefits payable under the terms of the Benefit Plans.

 

(f)       (i)
Termination Without Justifiable Cause or for Good Reason. Except as otherwise set forth in Section 7(f)(ii), in
the event that Executive’s employment is terminated during the Term by (1) TRMG without Justifiable Cause (other than due
to Executive’s death or Disability) or (2) Executive for Good Reason, in addition to any Accrued Amounts, subject to Section
7(f)(iii). (A) Executive will be entitled to receive, to the extent earned but not yet paid, Executive’s Annual Bonus
for the year prior to the year in which his termination of employment occurred (which, for purposes of this Section 7(f)(i),
will be deemed to be earned if Executive remained employed by TRMG through the end of the fiscal year to which such Annual Bonus
relates); (B) Executive will be entitled to receive a Pro-Rata Bonus for the year in which his termination of employment occurred;
and (C) TRMG will continue to pay Executive his Base Salary for the longer of (y) the amount of time remaining in the Term and
(z) 12 months (such longer period, the “Severance Period”). In addition, during the Severance Period, Executive
will continue to be eligible to participate in TRMG’s group health and dental plans at active employee rates (any such period
of additional coverage will not count against the period of time Executive is eligible to receive continuation coverage benefits
under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”)), provided that
such medical and dental coverage and participation is permitted under the terms of the applicable plans. If such coverage is not
permitted under the terms of the applicable plans and Executive elects COBRA continuation coverage, TRMG will pay Executive’s
COBRA premiums until such time as Executive ceases to be eligible for, or no longer elects, COBRA continuation coverage (but in
no event longer than the end of the Severance Period). The payments and benefits set forth in this Section 7(f)(i) will
be in lieu of any and all other payments due and owing to Executive under the terms of this Agreement (other than any accrued
amounts or benefits payable under the Benefit Plans).

 

    		- 5 -	 

     

    

 

 (ii)      Change-In-Control.
In the event that, during the Term and within 12 months following a Change-In-Control, Executive’s employment is terminated
by (1) TRMG without Justifiable Cause (other than due to Executive’s death or Disability) or (2) Executive for Good Reason,
subject to Section 7(f)(iii), Executive will be entitled to all the payments and benefits set forth in Section 7(f)(i),
except that the Severance Period will instead equal the greater of (A) the amount of time remaining in the Term and (B) 24 months.
The payments and benefits set forth in this Section 7(f)(ii) will be in lieu of any and all other payments due and owing
to Executive under the terms of this Agreement (other than any accrued amounts or benefits payable under the Benefit Plans).

 

 (iii)     Release
Requirement. The payments and benefits payable pursuant to Section 7(f)(i) or 7(f)(ii), as applicable, other than any
Accrued Amounts, are collectively referred to as the “Severance Payments.” Notwithstanding anything herein
to the contrary, TRMG’s obligation to make or pay any portion of any Severance Payment is conditional upon (1) within 60
days following Executive’s termination of employment, Executive delivering to TRMG a valid and effective separation and
general release agreement in favor of TRMG and the Company, waiving all claims against TRMG and the Company, in a form and substance
acceptable to TRMG and the Company, with all periods for revocation therein having expired; and (2) Executive’s compliance
with his obligations under Sections 9, 10, 11 and 12. Subject to the preceding sentence, any Severance Payments due hereunder,
other than any Pro-Rata Bonus, will commence with TRMG’s first regularly scheduled payroll date upon or following the 60th
day after Executive’s termination of employment (the “Severance Payment Commencement Date”), with
any such Severance Payments that would otherwise have been payable prior to the Severance Payment Commencement Date but for this
sentence instead being accumulated (without interest) and paid on the Severance Payment Commencement Date.

 

(g)     Upon
Executive’s voluntary termination of his employment hereunder without Good Reason, or in the event that Executive’s
employment is terminated upon or following the expiration of the Term, this Agreement (subject to Section 25) will terminate.
Executive will be entitled to (i) any Accrued Amounts and (ii) continue to participate in the Benefit Plans to the extent participation
by former employees is required by law, with the expense of such participation to be as specified in such plans for former employees.
Executive will also be entitled to any accrued amounts or benefits payable under the terms of the Benefit Plans.

 

    		- 6 -	 

     

    

 

(h)     Upon
TRMG giving notice of termination pursuant to Section 7(a)(i), 7(a)(ii) or 7(a)(iii) or Executive giving notice of termination
pursuant to Section 7(a)(v) or 7(a)(vi), TRMG may require that Executive immediately leave TRMG’s and the Company’s
premises and cease reporting to work, but such requirement will not affect the effective date of termination of employment or
any other amounts payable pursuant to this Section 7.

 

(i)       Following
the termination of Executive’s employment for any reason, if and to the extent requested by the Board, Executive agrees
to resign from the Board, all fiduciary positions (including as trustee) and all other offices and positions Executive holds with
the Company Group; provided, however, that if Executive refuses to tender Executive’s resignation after the
Board has made such request, then the Board will be empowered to remove Executive from such offices and positions.

 

8.       REPRESENTATIONS
AND AGREEMENTS OF EXECUTIVE. Executive represents and warrants that he is free to enter into this Agreement and to perform
the duties required hereunder, and that there are no employment contracts or understandings, restrictive covenants or other restrictions,
whether written or oral, preventing or hindering the performance of his duties hereunder.

 

9.       NON-COMPETITION,
(a) In view of the unique and valuable services expected to be rendered by Executive to TRMG and the Company, Executive’s
knowledge of the trade secrets and other proprietary information relating to the business of TRMG and the Company and in consideration
of the compensation to be received hereunder, Executive agrees that, during his employment by TRMG and during the longer of (i)
any applicable Severance Period or (ii) 12 months following termination of Executive’s employment for any reason (as applicable,
the “Non-Competition Period”). Executive will not, whether for compensation or without compensation, directly
or indirectly, as an owner, principal, partner, member, shareholder, independent contractor, consultant, joint venturer, investor,
licensor, lender or in any other capacity whatsoever, alone, or in association with any other person or entity, carry on, be engaged
or take part in, or render services (other than services which are generally offered to third parties) or advice to, own, share
in the earnings of, invest in the stocks, bonds or other securities of, or otherwise become financially interested in, any person
or entity engaged in the business of owning, operating, or managing any gaming, gambling, pari-mutuel, wagering, thoroughbred
or dog racing, video lottery terminal, or lottery-related enterprise or facility or any additional business activities undertaken
by TRMG or the Company (or any of their subsidiaries) or proposed to be undertaken by TRMG or the Company (or any of their subsidiaries)
and related services (collectively, the “Company Business”) anywhere in the states of Connecticut, Colorado,
Rhode Island, New Hampshire, Mississippi or Massachusetts, or within 100 miles of any location or facility where TRMG or the Company
(or any of their subsidiaries) is engaged in or undertaking, or proposing to engage in or undertake, any Company Business. The
record or beneficial ownership by Executive of up to 1% of any class of securities of any corporation whose securities are publicly
traded on a national securities exchange or in the over-the-counter market will not of itself constitute a breach hereunder.

 

    		- 7 -	 

     

    

 

(b)     Executive
will not, directly or indirectly, during his employment by TRMG or during the Non-Competition Period, alone, or in association
with any other person or entity, request or cause any suppliers or customers with whom TRMG, the Company, their parent(s), subsidiaries
or affiliates (collectively, the “Company Group”) has a business relationship, to cancel or terminate any such
business relationship with any member of the Company Group or solicit, interfere with, entice from or hire from any member of
the Company Group any employee or other service provider (or former employee or other former service provider) of any member of
the Company Group.

 

(c)     At
no time after the termination of Executive’s employment for any reason will Executive utter, issue or circulate publicly
any false or disparaging statements, remarks or rumors about any member of the Company Group and/or any of their respective businesses,
or any of their respective officers, employees, directors, agents or representatives. At no time after the termination of Executive’s
employment for any reason will TRMG, by press release or other formally released announcement, make any disparaging statements
about Executive. Notwithstanding the foregoing, statements made in the course of sworn testimony in administrative, judicial or
arbitral proceedings (including depositions in connection with such proceedings) will not be subject to this Section 9(c).

 

(d)     If
any portion of the restrictions set forth in this Section 9 is, for any reason whatsoever, declared invalid by a court
of competent jurisdiction, the validity or enforceability of the remainder of such restrictions will not thereby be adversely
affected.

 

(e)     Executive
acknowledges that the territorial and time limitations set forth in this Section 9 are reasonable and properly required
for the adequate protection of the business of the Company Group. Executive hereby waives, to the extent permitted by law, any
and all right to contest the validity of this Section 9 on the ground of reasonableness or the breadth of its geographic
or product and service coverage or length of term. In the event any such territorial or time limitation is deemed to be unreasonable
by a court of competent jurisdiction, Executive agrees to the reduction of the territorial or time limitation to the area or period
which such court will deem reasonable.

 

(f)      The
existence of any claim or cause of action by Executive against TRMG, the Company or any other member of the Company Group will
not constitute a defense to the enforcement by the Company Group of the foregoing restrictive covenants, but such claim or cause
of action will be litigated separately.

 

10.     INVENTIONS
AND DISCOVERIES. (a) Executive will promptly and fully disclose to TRMG and the Company, with all necessary detail for a complete
understanding of the same, all developments, know-how, discoveries, inventions, improvements, concepts, ideas, writings, formulae,
processes and methods (whether copyrightable, patentable or otherwise) made, received, conceived, developed, acquired or written
during working hours, or otherwise, by Executive (whether or not at the request or upon the suggestion of TRMG or the Company)
during the Term, solely or jointly with others or relating to any current or proposed business or activities of the Company Group
known to him as a consequence of his employment or the rendering of advisory and consulting services hereunder (collectively,
the “Subject Matter”).

 

    		- 8 -	 

     

    

 

(b)     Executive
hereby assigns and transfers, and agrees to assign and transfer, to TRMG all his rights, title and interest in and to the Subject
Matter, and Executive further agrees to deliver to TRMG any and all drawings, notes, specifications and data relating to the Subject
Matter, and to execute, acknowledge and deliver all such further papers, including applications for trademarks, copyrights or
patents, as may be necessary to obtain trademarks, copyrights and patents for any thereof in any and all countries and to vest
title thereto in TRMG. Executive will assist TRMG in obtaining such trademarks, copyrights or patents during the Term, and any
time thereafter, on reasonable notice and at mutually convenient times, and Executive agrees to testify in any prosecution or
litigation involving any of the Subject Matter; provided, however, that, following the Non-Competition Period, Executive
will be reasonably compensated for his time and reimbursed for his reasonable out-of-pocket expenses incurred in rendering such
assistance or giving or preparing to give such testimony.

 

11.     NON-DISCLOSURE
OF CONFIDENTIAL INFORMATION. (a) Executive will not, during the Term, or at any time following expiration or termination of
this Agreement, directly or indirectly, disclose or permit to be disclosed, other than as is required in the regular and proper
course of his duties hereunder (including required disclosures to TRMG’s advisors and consultants) or as is required by
law (in which case Executive will give TRMG prior written notice of such required disclosure as soon as possible and will make
the most minimal disclosure required), or with the prior written consent of the Board, to any person, firm, corporation or other
entity, any confidential information acquired by him during the course of, or as an incident to, his employment with the Company
Group, relating to the Company Group, any client of the Company Group, or any corporation, partnership or other entity owned or
controlled, directly or indirectly, by any of the foregoing, or in which any of the foregoing has a beneficial interest, including
the business affairs of each of the foregoing. Such confidential information will include proprietary technology, trade secrets,
patented processes, research and development data, know-how, market studies and forecasts, competitive analyses, pricing policies,
employee lists, personnel policies, the substance of agreements with customers, suppliers and others, marketing or dealership
arrangements, servicing and training programs and arrangements, customer lists, patron data and any other documents embodying
such confidential information. This confidentiality obligation will not apply to any confidential information which becomes publicly
available from sources unrelated to the Company Group and without Executive’s direct or indirect involvement.

 

(b)       All
information and documents relating to the Company Group as hereinabove described (or other business affairs) will be the exclusive
property of the Company Group, and Executive will use his best efforts to prevent any publication or disclosure thereof. Upon
termination of Executive’s employment with TRMG, all documents, records, reports, writings and other similar documents containing
confidential information, including copies thereof, then in Executive’s possession or control will be returned and left
with TRMG.

 

    		- 9 -	 

     

    

 

12.     SPECIFIC
PERFORMANCE. Executive agrees that if he breaches, or threatens to commit a breach of, any of the provisions of Sections
9, 10 or 11 (the “Restrictive Covenants”). TRMG and each other member of the Company Group will have, in
addition to, and not in lieu of, any other rights and remedies available under law and in equity, the right to injunctive relief
and/or to have the Restrictive Covenants specifically enforced by a court of competent jurisdiction, without the posting of any
bond or other security, it being agreed that any breach or threatened breach of the Restrictive Covenants would cause irreparable
injury to the Company Group and that money damages would not provide an adequate remedy. Notwithstanding the foregoing, nothing
herein will constitute a waiver by Executive of his right to contest whether a breach or threatened breach of any Restrictive
Covenant has occurred. Executive will, and TRMG may, inform any future employer of the Restrictive Covenants and provide such
employer with a copy thereof, prior to the commencement of that employment (or, in TRMG’s case, at any time thereafter).

 

13.     INDEMNIFICATION.
During Executive’s employment by TRMG, Executive will be indemnified and held harmless for his activities as a director
and officer, as applicable, to the full extent provided under the Certificate of Incorporation and/or By-Laws of TRMG.

 

14.     LIABILITY
INSURANCE. During Executive’s employment by TRMG, TRMG will cover Executive under directors’ and officers’
liability insurance in the same amount and to the same extent as TRMG covers its other directors and executive employees.

 

15.     AMENDMENT
OR ALTERATION. No amendment or alteration of the terms of this Agreement will be valid unless made in writing and signed by
both of the parties hereto.

 

16.     GOVERNING
LAW. This Agreement will be governed by and construed in accordance with the laws of the State of Rhode Island applicable
to agreements made and to be performed therein. The parties hereto consent to the exclusive jurisdiction of all state and federal
courts located in Providence, Rhode Island, as well as to the jurisdiction of all courts of which an appeal may be taken from
such courts, for the purpose of any suit, action or other proceeding arising out of, or in connection with, this Agreement or
that otherwise arises out of the employment relationship. Each of the parties agrees that a final and non-appealable judgment
in any action so brought will be conclusive and may be enforced by suit on the judgment in any jurisdiction within or outside
the United States or in any other manner provided in law or in equity. Each party hereby expressly waives (a) any and all rights
to bring any suit, action or other proceeding in or before any court or tribunal other than the courts described above, and covenants
that it will not seek in any manner to resolve any dispute other than as set forth in this paragraph, and (b) any and all objections
either may have to venue, including the inconvenience of such forum, in any of such courts. In addition, each party consents to
the service of process by personal service or any manner in which notices may be delivered hereunder in accordance with this Agreement.
Notwithstanding the foregoing, no claim or controversy for injunctive or equitable relief contemplated by or allowed under applicable
law pursuant to Sections 9, 10, 11 or 12 will be subject to the limitations in this Section 16.

 

17.     SEVERABILITY.
The holding of any provision of this Agreement to be invalid or unenforceable by a court of competent jurisdiction will not affect
any other provision of this Agreement, which will remain in full force and effect.

 

18.     WITHHOLDING.
TRMG and/or the Company may deduct and withhold from the payments to be made to Executive hereunder any amounts required to be
deducted and withheld under the provisions of any applicable statute, law, regulation or ordinance now or hereafter enacted, or
as otherwise authorized by Executive in writing.

 

    		- 10 -	 

     

    

 

19.     SECTION
409A. The Parties intend that any amounts payable under this Agreement, and TRMG’s, the Company’s and Executive’s
exercise of authority or discretion hereunder, comply with the provisions of Section 409A of the Code (“Section 409A”).
To the extent Executive would otherwise be entitled to any payment under this Agreement, or any plan or arrangement of the Company
Group, that constitutes a “deferral of compensation” subject to Section 409A and that if paid during the six months
beginning on the date of termination of Executive’s employment would be subject to the Section 409A additional tax because
Executive is a “specified employee” (within the meaning of Section 409A and as determined by TRMG), the payment will
be paid to Executive on the earlier of the six-month anniversary of his date of termination or on the date of his death. To the
extent Executive would otherwise be entitled to any benefit (other than a payment) during the six months beginning on termination
of Executive’s employment that would be subject to the Section 409A additional tax, the benefit will be delayed and will
begin being provided on the earlier of the first day following the six-month anniversary of Executive’s date of termination
or on the date of his death. Any payment or benefit due upon a termination of employment that represents a “deferral of
compensation” within the meaning of Section 409A will be paid or provided only upon a “separation from service”
as defined in Treas. Reg. § 1.409A- 1(h). Each payment made under this Agreement will be deemed to be a separate payment
for purposes of Section 409A. Amounts payable under this Agreement will be deemed not to be a “deferral of compensation”
subject to Section 409A to the extent provided in the exceptions in Treas. Reg. § 1.409A-1 (b)(4) (“short-term deferrals”)
and (b)(9) (“separation pay plans,” including the exception under subparagraph (iii)) and other applicable provisions
of Treas. Reg. §§ 1.409A-1 through A-6. With respect to any amount of expenses eligible for reimbursement or the provision
of any in-kind benefits under this Agreement, to the extent such payment or benefit would be considered deferred compensation
under Section 409A or is required to be included in Executive’s gross income for federal income tax purposes, such expenses
(including expenses associated with in-kind benefits) will be reimbursed no later than December 31st of the year following
the year in which Executive incurs the related expenses. In no event will the reimbursements or in-kind benefits to be provided
by TRMG or the Company in one taxable year affect the amount of reimbursements or in-kind benefits to be provided in any other
taxable year, nor will Executive’s right to reimbursement or in- kind benefits be subject to liquidation or exchange for
another benefit. Notwithstanding anything herein to the contrary, no particular tax result for Executive with respect to any income
recognized by Executive in connection with this Agreement is guaranteed, and Executive will be responsible for any and all income
taxes due with respect to the arrangements contemplated by this Agreement.

 

20.     ADDITIONAL
COMPANY COVENANTS. TRMG will use commercially reasonable efforts to seek shareholder approval of the Payments (as herein defined)
provided for in this Agreement in a manner intended to satisfy requirements of the “shareholder approval” exception
to Section 280G of the Code so as to exempt the Payments from any Excise Tax (as herein defined), but only in the event that Executive
first unconditionally waives his right to receive or retain such Payments. For purposes of this Section 20: (a) “Excise
Tax” means the excise tax imposed by Section 4999 of the Code, together with any interest or penalties imposed with
respect to such excise tax and (b) “Payment” means any payment or distribution in the nature of compensation
(within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of Executive, whether paid or payable pursuant to
this Agreement or otherwise. The parties hereto agree to work in good faith in order to mitigate the potential impact of the Excise
Tax on Executive, including entering into all acceptable non-competition agreements. Subject to the foregoing provisions of this
Section 20, in the event that TRMG determines (after consulting with an independent accounting or compensation consulting
company) that any Payment would subject Executive to the Excise Tax, then the Payments will be reduced to the extent necessary
so that no portion thereof is subject to the Excise Tax.

 

    		- 11 -	 

     

    

 

21.     NOTICES.
All notices and other communications required or permitted hereunder will be in writing and will be deemed given when delivered
(a) personally, (b) by registered or certified mail, postage prepaid with return receipt requested, (c) by facsimile with evidence
of completed transmission, or (d) delivered by overnight courier to the party concerned at the address indicated below or to such
changed address as such party may subsequently give such notice of:

 

	If to the Company:
	Twin River
    Management Group, Inc.

    100 Twin River Road Lincoln, Rl 02865 

    Fax: 401-727-4770
	 	 
	If to Executive:	Executive’s
        most recent home address, as set forth in the employment records of TRMG

 

22.     COUNTERPARTS
AND FACSIMILE SIGNATURES. This Agreement may be signed in counterparts with the same effect as if the signatures to each counterpart
were upon a single instrument, and all such counterparts together will be deemed an original of this Agreement. For purposes of
this Agreement, a facsimile copy of a party’s signature will be sufficient to bind such party.

 

23.     WAIVER
OR BREACH. It is agreed that a waiver by either party of a breach of any provision of this Agreement will not operate, or
be construed, as a waiver of any subsequent breach by that same party.

 

24.     ENTIRE
AGREEMENT AND BINDING EFFECT. This Agreement contains the entire agreement of the parties with respect to the subject matter
hereof, supersedes all prior and contemporaneous agreements, both written and oral, between the parties with respect to the subject
matter hereof (including any employment agreement previously entered into by TRMG and/or the Company (or any of their respective
predecessors) and Executive). This Agreement will be binding upon and inure to the benefit of the parties hereto and their respective
legal representatives, heirs, distributors, successors and assigns; provided, however, that Executive wilt not be
entitled to assign or delegate any of his rights or obligations hereunder without the prior written consent of TRMG. It is intended
that Sections 9, 10, 11 and 12 benefit each of TRMG, the Company and each other member of the Company Group, each of which
is entitled to enforce the provisions of Sections 9, 10, 11 and 12 and is deemed to be an intended third-party beneficiary
of this Agreement.

 

    		- 12 -	 

     

    

 

25.     SURVIVAL.
The obligations of any of the parties under this Agreement which by their nature may require either partial or total performance
after the expiration or termination of the Term or this Agreement (including those under Sections 9, 10, 11 and 12) will
survive any termination or expiration of this Agreement.

 

26.     FURTHER
ASSURANCES. The parties agree to execute and deliver all such further documents, agreements and instruments and take such
other and further action as may be necessary or appropriate to carry out the purposes and intent of this Agreement.

 

27.     CONSTRUCTION
OF AGREEMENT. No provision of this Agreement or any related document will be construed against or interpreted to the disadvantage
of any party hereto by any court or other governmental or judicial authority by reason of such party having or being deemed to
have structured or drafted such provision.

 

Unless otherwise
indicated, any reference to a “Section” means a Section of this Agreement. The word “including” (in its
various forms) means including without limitation. All references in this Agreement to “days” refer to “calendar
days” unless otherwise specified.

 

28.     HEADINGS.
The Section headings appearing in this Agreement are for the purposes of easy reference and will not be considered a part of this
Agreement or in any way modify, demand or affect its provisions.

 

[Remainder
of page intentionally left blank.]

 

    		- 13 -	 

     

    

 

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the respective dates set forth below, to be effective as of
the Effective Date.

 

	TWIN RIVER MANAGEMENT GROUP, INC.	 	 
	 	 	 
	By:	  /s/ John
    E. Taylor, Jr.	 	Date:	 April 6, 2016
	Name:	 John E. Taylor, Jr.	 	 
	Title:	 Chairman of the Board	 	 
	 	 	 	 
	By:	  /s/ George Papanier	 	Date:	 April 6, 2016
	 	GEORGE PAPANIER	 	 

 

    		- 14 -

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