Document:

Exhibit 10.1

 

SEPARATION AGREEMENT AND GENERAL RELEASE

 

This is a Separation
Agreement and General Release (hereinafter referred to as the "Agreement") between Dave Williams (hereinafter referred
to as the "Employee") and Penn National Gaming, Inc. and its affiliates (hereinafter referred to as the "Employer").
In consideration of the mutual promises and commitments made in this Agreement, and intending to be legally bound, Employee, on
the one hand, and the Employer on the other hand, agree to the terms set forth in this Agreement.

 

1.            Employee
is party to an Executive Agreement dated January 22, 2020, effective as of January 27, 2020, as amended on March 27, 2020 and October
1, 2020 (the "Executive Agreement"). Employer and Employee hereby agree that Employee’s employment with Employer
will end by Employee’s separation of employment (the “Separation”) on February 19, 2021 (the “Final Separation
Date”). On December 31, 2020, Employee will resign from the Company as its Executive Vice President and Chief Financial Officer
and any officer, director, member, manager positions or other positions with any of the Company’s subsidiaries or affiliates.
Employee has further agreed to assist Employer with transition activities through the Final Separation Date. The parties acknowledge
and agree that the Separation will occur on the Final Separation Date and that the Separation shall be treated as a termination
without cause under the Executive Agreement. Employee will be paid his current base salary through December 31, 2020 and thereafter
through the Final Separation Date, Employee will be paid at a rate of one thousand dollars per month.

 

2.            (a)           Following the execution
of this Agreement, Employee will be entitled to the following post-employment benefits: (i) two years pay at his current base salary,
which shall be paid in biweekly installments over two years commencing after the Final Separation Date, (ii) a one-time payment
of 1.5 times his current base salary payable on the Final Separation Date, (iii) the ability to exercise stock options which vest
prior to the Final Separation Date (and for clarity, no other entitlements to any other prior equity grants), and (iv) continued
health benefits through February 28, 2021.

 

       (b)            If
Employee accepts any employment with the Employer, or an affiliate or related entity of the Employer, and becomes reemployed during
the Severance Period (as defined in the Executive Agreement), Employee acknowledges and agrees that Employee will forfeit all future
severance payments from the date on which reemployment commences.

 

3.            (a)           When used in this Agreement,
the word "Releasees" means the Employer and all or any of its past and present parent, subsidiary and affiliated corporations,
members, companies, partnerships, joint ventures and other entities and their groups, divisions, departments and units, and their
past and present directors, trustees, officers, managers, partners, supervisors, employees, attorneys, agents and consultants,
and their predecessors, successors and assigns.

 

       (b)            When
used in this Agreement, the word "Claims" means each and every claim, complaint, cause of action, and grievance, whether
known or unknown and whether fixed or contingent, and each and every promise, assurance, contract, representation, guarantee, warranty,
right and commitment of any kind, whether known or unknown and whether fixed or contingent.

 

    

     

    

 

4.           In
consideration of the promises of the Employer set forth in this Agreement and the Executive Agreement, and intending to be legally
bound, Employee hereby irrevocably remises, releases and forever discharges all Releasees of and from any and all Claims that Employee
(on behalf of either Employee or any other person or persons) ever had or now has against any and all of the Releasees, or which
Employee (or Employee’s heirs, executors, administrators or assigns or any of them) hereafter can, shall or may have against
any and all of the Releasees, for or by reason of any cause, matter, thing, occurrence or event whatsoever through the effective
date of this Agreement. Employee acknowledges and agrees that the Claims released in this paragraph include, but are not limited
to, (a) any and all Claims based on any law, statute or constitution or based on contract or in tort or common law, and (b) any
and all Claims based on or arising under any civil rights laws, such as any Pennsylvania employment laws, or Title VII of the Civil
Rights Act of 1964 (42 U.S.C. § 2000e et seq.), or the Federal Age Discrimination in Employment Act (29 U.S.C. §
621 et seq.) (hereinafter referred to as the "ADEA"), and (c) any and all Claims under any grievance or complaint
procedure of any kind, and (d) any and all Claims based on or arising out of or related to Employee’s recruitment by, employment
with, the termination of Employee’s employment with, Employee’s performance of any services in any capacity for, or
any other arrangement or transaction with, each or any of the Releasees. Employee also understands, that by signing this Agreement,
Employee is waiving all Claims against any and all of the Releasees released by this Agreement; provided, however, that
as set forth in section 7 (f) (1) (c) of the ADEA, as added by the Older Workers Benefit Protection Act of 1990, nothing in this
Agreement constitutes or shall (i) be construed to constitute a waiver by Employee of any rights or claims that may arise after
this Agreement is executed by Employee, or (ii) impair Employee’s right to file a charge with the U.S. Securities and Exchange
Commission (“SEC”), the U.S. Equal Employment Opportunity Commission (“EEOC”), the National Labor Relations
Board (“NLRB”) or any state agency or to participate in an investigation or proceeding conducted by the SEC, EEOC,
NLRB or any state agency or as otherwise required by law. Notwithstanding the foregoing, Employee agrees to waive Employee’s
right to recover individual relief in any charge, complaint, or lawsuit filed by Employee or anyone on Employee’s behalf,
except that this does not waive the Employee’s ability to obtain monetary awards from the SEC’s whistleblower program.

 

5.          
Employee further certifies that Employee is not aware of any actual or attempted regulatory, SEC, EEOC or other legal violations
by Employer and that Employee’s separation is not a result of retaliation based on any legal rights or opposition to an illegal
practice.

 

6.            Employee
covenants and agrees not to sue the Releasees and each or any of them for any Claims released by this Agreement and to waive any
recovery related to any Claims covered by this Agreement.

 

7.            Pursuant
to the Defend Trade Secrets Act of 2016, Employee acknowledges that Employee will not have criminal or civil liability under any
Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State,
or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or
investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding,
if such filing is made under seal. In addition, if Employee files a lawsuit for retaliation by the Employer for reporting a suspected
violation of law, Employee may disclose the trade secret to Employee’s attorney, and may use the trade secret information
in the court proceeding, if Employee (X) files any document containing the trade secret under seal, and (Y) does not disclose the
trade secret, except pursuant to court order.

 

8.             Employee
agrees to provide reasonable additional transition assistance to Employer (including without limitation assistance on regulatory
matters, operational matters and in connection with litigation) for a period of one year from the execution of this Agreement at
no additional cost; provided, such assistance shall not unreasonably interfere with Employee’s pursuit of gainful employment
or result in Employee not having a separation from service (as defined in Section 409A of the Internal Revenue Code of 1986). Any
assistance beyond this period will be provided at a mutually agreed cost.

 

9.             Employee
agrees that, except as specifically provided in this Agreement, there is no compensation, benefits, or other payments due or owed
to Employee by each or any of the Releasees, including, without limitation, the Employer, and there are no payments due or owed
to Employee in connection with Employee’s employment by or the termination of Employee’s employment with each or any
of the Releasees except as described in paragraph 2(a) above, including without limitation, any interest in unvested options, SARs,
restricted stock, restricted stock units, phantom stock units or other equity issued to, expected by or contemplated by any of
the Releasees (which interest is specifically released herein) or any other benefits (including, without limitation, any other
severance benefits). For clarity, Employee acknowledges that upon Employee’s Final Separation Date, Employee has no further
rights under any bonus arrangement, option plan or performance share plan of Employer. Employee further acknowledges that Employee
has not experienced or reported any work-related injury or illness.

 

    2

     

    

 

10.         Employee
agrees not to make any false, misleading, defamatory or disparaging statements, including in blogs, posts on Facebook, twitter,
other forms of social media or any such similar communications, about Employer (including without limitation Employer’s products,
services, partners, investors or personnel) and to refrain from taking any action designed to harm the public perception of the
Employer or any of the Releasees. Employee further agrees that Employee has disclosed to Employer all information, if any, in Employee’s
possession, custody or control related to any legal, compliance or regulatory obligations of Employer and any failures to meet
such obligations.

 

11.         The
terms of this Agreement are not to be considered as an admission on behalf of either party. Neither this Agreement nor its terms
shall be admissible as evidence of any liability or wrongdoing by each or any of the Releasees in any judicial, administrative
or other proceeding now pending or hereafter instituted by any person or entity. The Employer is entering into this Agreement solely
for the purpose of effectuating a mutually satisfactory separation of Employee's employment.

 

12.          Sections
11 and 12 (Governing Law, Jurisdiction) of the Executive Agreement shall also apply to this Agreement.

 

13.          Along
with the surviving provisions of the Executive Agreement, including but not limited to Sections 6, 7 and 8, this Agreement constitutes
a complete and final agreement between the parties and supersedes and replaces all prior or contemporaneous agreements, offer letters,
severance policies and plans, negotiations, or discussions relating to the subject matter of this Agreement and no other agreement
shall be binding upon each or any of the Releasees, including, but not limited to, any agreement made hereafter, unless in writing
and signed by an officer of the Employer, and only such agreement shall be binding against the Employer.

 

14.          Employee
is advised, and acknowledges that Employee has been advised, to consult with an attorney before signing this Agreement.

 

15.          Employee
acknowledges that Employee is signing this Agreement voluntarily, with full knowledge of the nature and consequences of its terms.

 

16.          All
executed copies of this Agreement and photocopies thereof shall have the same force and effect and shall be as legally binding
and enforceable as the original.

 

17.           Employee
acknowledges that Employee has been given up to twenty-one (21) days within which to consider this Agreement before signing it.
Subject to paragraph 18 below, this Agreement will become effective on the date of Employee's signature hereof.

 

18.            For
a period of seven (7) calendar days following Employee’s signature of this Agreement, Employee may revoke the Agreement,
and the Agreement shall not become effective or enforceable until the seven (7) day revocation period has expired. Employee may
revoke this Agreement at any time within that seven (7) day period, by sending a written notice of revocation to the Human Resources
Department of Employer. Such written notice must be actually received by the Employer within that seven (7) day period in order
to be valid. If a valid revocation is received within that seven (7) day period, this Agreement shall be null and void for all
purposes and no severance shall be paid. If Employee does not revoke this agreement, payment of the severance pay amount set forth
in the Employee’s Executive Agreement will be paid in the manner and at the time(s) described in the Executive Agreement.

 

    3

     

    

 

IN WITNESS WHEREOF,
the Parties have read, understand and do voluntarily execute this Separation Agreement and General Release which consists of four
pages.

 

	EMPLOYER	 	EMPLOYEE
	 	 	 
	PENN NATIONAL GAMING, INC.	 	 
	 	 	 
	By:	/s/Jay A. Snowden	 	/s/ Dave Williams
	 	Jay A. Snowden,	 	Dave Williams
	 	President and Chief Executive Officer	 	 
	 	 	 
	Date: 	12/30/20	 	Date:	12/22/20

 

    4Exhibit 10.2

 

EXECUTIVE AGREEMENT

 

This EXECUTIVE AGREEMENT
(this “Agreement”) is entered into on this 31st day of December, 2020 and shall be effective as of December 31, 2020
(the “Effective Date”), by Penn National Gaming, Inc., a Pennsylvania corporation (the “Company”), and
the senior executive who has executed this Agreement below (“Executive”).

 

WHEREAS, each of the
parties wishes to enter into this Agreement, the terms of which are intended to be in compliance with the requirements of Section
409A of the Internal Revenue Code of 1986, as amended (“Section 409A”, see also Section 22 hereof).

 

NOW, THEREFORE, the
parties, in exchange for the mutual promises described herein and other good and valuable consideration and intending to be legally
bound, agree as follows:

 

1.
         Employment and Compensation. The Company hereby agrees to
employ Executive and Executive hereby accepts such employment as Executive Advisor beginning on February 22, 2021 until March 1, 2021 and as Executive Vice President and Chief
Financial Officer beginning on March 2, 2021, in
accordance with the terms, conditions and provisions hereinafter set forth in this Agreement, at an annual base salary of
$650,000, which will be reviewed periodically in the same manner as peer executives. In addition, following the commencement
of employment, Executive will be eligible for the following:

 

(a)       eligible
for annual incentive targeted at of 100% of Executive’s base salary;

 

(b)       a
one-time signing bonus of $375,000, payable within thirty (30) days of the first date of employment;

 

(c)        a
one-time grant of restricted stock with a target value of $250,000 which will vest 50% on each of the first and second anniversaries
of the date of grant, which shall be granted within thirty days of the first date of employment; and

 

(d)       eligible
for an annual equity grant targeted at 240% of Executive’s annual salary, which will be reviewed periodically in the same
manner as peer executives.

 

2.
        Term. The term of this Agreement shall begin on the first date of employment
and shall terminate on the earlier of the third anniversary of the first date of employment (“Term”) or the termination
of Executive’s employment with the Company; provided, however, notwithstanding anything in this Agreement to the contrary,
Sections 6 through 24 shall survive until the expiration of any applicable time periods set forth in Sections 7, 8 and 9.

 

3.
         Termination by the Company.

 

(a)       Termination.
The Company may terminate Executive’s employment at any time without Cause (as such term is defined in subsection (c) below),
with Cause, or at the end of the Term by non-renewal of this Agreement.

 

(b)      Without
Cause. The Company may terminate Executive’s employment at any time without Cause (as such term is defined in subsection
(c) below) by delivery of written notice to Executive, which notice shall set forth the effective date of such termination.

 

    1

     

    

 

(c)       With
Cause. The Company may terminate Executive’s employment at any time for Cause effective immediately upon delivery of
written notice to Executive. As used herein, the term “Cause” shall mean:

 

(i)        Executive
shall have been convicted of, or pled guilty or nolo contendere to, a criminal offense involving allegations of fraud, dishonesty
or physical harm during the term of this Agreement;

 

(ii)       Executive
is found (or is reasonably likely to be found) disqualified or not suitable to hold a casino or other gaming license by a governmental
gaming authority in any jurisdiction where Executive is required to be found qualified, suitable or licensed;

 

(iii)      Executive
breaches any significant Company policy (such as the Business Code of Conduct or the Harassment Policy) or term of this Agreement,
including, without limitation, Sections 6 through 9 of this Agreement and, in each case, fails to cure such breach within 15 days
after receipt of written notice thereof (to the extent curable);

 

(iv)      Executive
misappropriates corporate funds or resources as determined in good faith by the Audit Committee of the Board;

 

(v)       the
Company determines in its reasonable discretion that Executive has failed to perform Executive’s duties with the Company
(other than any such failure resulting from incapacity due to physical disability or mental illness) or in the case of repeated
insubordination;

 

(vi)      the
Company determines in its reasonable discretion that Executive has engaged in illegal conduct or gross misconduct which is or is
reasonably expected to be materially injurious to the Company or one of its affiliates;

 

(vii)     Executive's
death (this Agreement and Executive’s employment will terminate automatically upon Executive’s death); or

 

(viii)    Executive's
inability to perform the essential functions of Executive's job (with or without reasonable accommodation) by reason of disability,
where such inability continues for a period of ninety (90) days continuously.

 

4.        Termination
by Executive. Executive may voluntarily terminate employment for any reason effective upon 60 days’ prior written notice
to the Company, in which case no severance payments or benefits shall be due.

 

5.         Severance
Pay and Benefits. Subject to the terms and conditions
set forth in this Agreement, if Executive’s employment is terminated under Section 3(b) or by the Company’s non-renewal
of Executive’s employment under this Agreement on substantially-similar terms, then the Company will provide Executive with
the following severance pay and benefits (except in the event of a breach of the Release, as defined below); provided, for purposes
of Section 409A, each payment of severance pay under this Section 5 shall be considered a separate payment:

 

(a)
       Amount of Post-Employment Base Salary. Subject to Sections 5(e) and 22,
the Company shall pay to Executive an amount equal to 24 months (the “Severance Period”) of base salary at the rate
in effect on the date of Executive’s separation from service (the “Termination Date”). Such amount shall be paid
over the Severance Period in accordance with the Company’s regular payroll procedures for similarly situated executives following
the Termination Date.

 

    2

     

    

 

(b)       Amount
of Post-Employment Bonus. In addition to the Post-Employment Base Salary provided under Section 5(a) above, and subject
to Section 5(e), the Company shall pay to Executive an amount equal to the product of 1.5 times the targeted amount of an annual
cash bonus, at the rate in effect on the Termination Date. Such amount paid to Executive under this Section 5(b) shall be
paid on the date annual bonuses are paid to similarly-situated executives after the Termination Date. 

 

(c)       Continued
Medical Benefits Coverage. During the Severance Period, Executive and Executive’s dependents will have the opportunity
under the provisions of the Consolidated Omnibus Budget Reconciliation Act of 1986, as amended (“COBRA”) to elect COBRA
continuation coverage. If Employee so elects and pays for COBRA coverage in a timely manner, the Company shall reimburse Executive
for the cost of purchasing COBRA coverage through the end of the Severance Period (or until such earlier date as Executive and
Executive’s dependents cease to receive COBRA coverage).

 

(d)      Certain
Other Terms. In the event that the Company announces that it has signed a definitive agreement with respect to a Change of
Control (as defined below) or any potential acquirer has publicly announced its intent to consummate a Change of Control with respect
to the Company, and if, during the period after the public announcement and immediately preceding the date such transaction is
consummated or terminated, the Company terminates Executive’s employment without Cause; subject to Section 5(e), the Company
shall pay to Executive on the sixtieth day following the employment termination date a lump sum equal to the excess, if any of
(i) two times Executive’s targeted amount of annual cash bonus at the rate in effect coincident with the employment termination
date, over (ii) the amount determined in Section 5(b).

 

(e)       Release
Agreement. Executive’s entitlement to any severance
pay and benefit entitlements under this Section 5 is conditioned upon Executive’s first entering into a release substantially
in the form attached as Exhibit A (“Release”) and the Release becoming effective no later than the sixtieth day following
the employment termination date, the Release shall be delivered to Executive within 14 days after the Termination Date. Notwithstanding
any other provision hereof, all severance payments to Executive shall be delayed until after the expiration of any applicable revocation
period with respect to the release, but in the event the applicable revocation period spans two calendar years, the payments shall
commence in the second calendar year. Executive also acknowledges that any severance pay under this Section 5 is subject to the
Company’s then current Clawback Policy.

 

6.
        No Conflicts of Interest. Executive agrees that throughout the period of
Executive’s employment hereunder, Executive will not perform any activities or services, or accept other employment, that
would materially interfere with or present a conflict of interest concerning Executive’s employment with the Company. Executive
agrees and acknowledges that Executive’s employment is conditioned upon Executive adhering to and complying with the business
practices and requirements of ethical conduct set forth in writing from time to time by the Company in its employee manual, code
of conduct or similar publication. Executive represents and warrants that no other contract, agreement or understanding to which
Executive is a party or may be subject to will be violated by the execution of this Agreement by Executive. Executive further agrees
to not accept any position on the board of a for-profit company without the written consent of the Penn National Gaming, Inc. Chief
Executive Officer or General Counsel.

 

7.
        Confidentiality.

 

(a)       Definition.
 “Confidential Information” means data and information relating to the business of the Company or its affiliates, (i)
which the Company or its affiliates have disclosed to Executive, or of which Executive became aware as a consequence of or in the
course of Executive’s employment with the Company, (ii) which have value to the Company or its affiliates, and (iii) which
are not generally known to its competitors. Confidential Information will not include any data or information that the Company
or its affiliates have voluntarily disclosed to the public (except where Executive made or caused that public disclosure without
authorization), that others have independently developed and disclosed to the public, or that otherwise enters the public domain
through lawful means.

 

    3

     

    

 

(b)       Restrictions.
Executive agrees to treat as confidential and will not, without the prior written approval of the Company in each instance, directly
or indirectly use (other than in the performance of Executive’s duties of employment with the Company or its affiliates),
publish, disclose, copyright or authorize anyone else to use, publish, disclose or copyright, any Confidential Information obtained
during Employee’s employment with the Company or its affiliates, whether or not the Confidential Information is in written
or other tangible form. This restriction will continue to apply for a period of two (2) years after the Termination Date. Executive
acknowledges and agrees that the prohibitions against disclosure and use of Confidential Information recited in this section are
in addition to, and not in lieu of, any rights or remedies that the Company or its affiliates may have available under applicable
laws.

 

(c)       Nothing
in this Agreement or in the Release shall prohibit Executive from reporting possible violations of federal law or regulation to
any governmental agency or entity, or making other disclosures that are protected under the whistleblower provisions of applicable
federal or state law or regulation.

 

8.
        Non-Competition.

 

(a)       As
used in this Section 8, the term “Restriction Period” shall mean a period equal to: (i) the twelve-month period immediately
following the Termination Date if Executive’s employment terminates under circumstances where Executive is not entitled to
payments under Section 5 or 10 or (ii) the Severance Period if Executive’s employment terminates under circumstances where
Executive is entitled to payments under Section 5 or 10.

 

(b)       During
the term of this Agreement and for the duration of the Restriction Period thereafter, Executive shall not, except with the prior
written consent of the Company, directly or indirectly, own, manage, operate, join, control, finance or participate in the ownership,
management, operation, control or financing of, or be connected as an officer, director, employee, partner, principal, agent, representative,
consultant or otherwise with, or use or permit Executive’s name to be used in connection with, any Competing Business. A
 “Competing Business” includes any business enterprise which owns or operates, or is publicly seeking to own or operate,
a gaming facility located within 150 miles of any facility in which Company or its affiliates owns or operates or is actively seeking
to own or operate a facility at such time (the “Restricted Area”). Executive acknowledges that any business which offers
gaming, racing, sports wagering or internet real money/social gaming, and which markets to any customers in the Restricted Area,
is a Competing Business.

 

(c)       The
foregoing restrictions shall not be construed to prohibit Executive’s ownership of less than 5% of any class of securities
of any corporation which is engaged in any of the foregoing businesses and has a class of securities registered pursuant to the
Securities Exchange Act of 1934, provided that such ownership represents a passive investment and that neither Executive nor any
group of persons including Executive in any way, either directly or indirectly, manages or exercises control of any such corporation,
guarantees any of its financial obligations, otherwise takes any part in its business, other than exercising Executive’s
rights as a shareholder, or seeks to do any of the foregoing.

 

(d)       Executive
acknowledges that the covenants contained in Sections 7 through 9 hereof are reasonable and necessary to protect the legitimate
interests of the Company and its affiliates and, in particular, that the duration and geographic scope of such covenants are reasonable
given the nature of this Agreement and the position that Executive will hold within the Company. Executive further agrees to disclose
the existence and terms of such covenants to any employer that Executive works for during the Restriction Period.

 

    4

     

    

 

9.
        Non-Solicitation. Executive will not, except with the prior written consent
of the Company, during the term of this Agreement and for a period of 18 months after the Termination Date, directly or indirectly,
solicit or hire, or encourage the solicitation or hiring of, any person who is, or was within a six month period prior to such
solicitation or hiring, an executive or management (or higher) level employee of the Company or any of its affiliates, for any
position as an employee, independent contractor, consultant or otherwise for the benefit of any entity not affiliated with the
Company.

 

10.
       Change of Control.

 

(a)       Definition.
The term Change of Control (“COC”) shall have the meaning given to such term in the Company’s then current Long
Term Incentive Compensation Plan.

 

(b)       Payments.
In the event of a Change of Control, and either (A) Executive’s employment is terminated without Cause within 12 months after
the effective date of the Change of Control or (B) Executive resigns from employment for Post-COC Good Reason (as such term is
defined in subsection (f) below) within 12 months after the effective date of the Change of Control (the effective date of such
termination or resignation, the “Activation Date”), subject to Section 10, Executive shall be entitled to receive,
on the sixtieth day following the employment termination date, a cash payment in an amount equal to the product of two times the
sum of the Executive’s: (i) base salary and (ii) targeted amount of annual cash bonus, at the rate in effect coincident with
the Change of Control or the Activation Date, whichever is greater; provided, however, that if the Change of Control is not a “change
in control event” for purposes of Code Section 409A, then only those amounts that do not constitute non-qualified deferred
compensation under Section 409A shall be paid in a lump sum and the remaining payments shall be paid over the Severance Period
in accordance with the Company’s regular payroll procedures for similarly-situated executives. Such payment shall be in lieu
of any payment to which Executive would be entitled under Section 5(a)-(b), provided that Executive shall also be entitled to receive
the benefits set forth in Section 5(c).

 

(c)       Restrictive
Provisions. As consideration for the payments under Sections 10(b) or 5, Executive agrees not to challenge the enforceability
of any of the restrictions contained in Sections 7, 8 or 9 of this Agreement upon or after the occurrence of a Change of Control.

 

(d)       Release
Agreement and Payment Terms. Executive’s entitlement to any severance pay and benefit entitlements under this Section
10 is conditioned upon Executive’s first entering into a Release as provided by the Company to Executive within 14 days after
the Activation Date and the Release becoming effective no later than the sixtieth day following the Activation Date. Notwithstanding
any other provision hereof, all payments to Executive shall be delayed until after the expiration of any applicable revocation
period with respect to the Release, but in the event the applicable revocation period spans two calendar years, the payments shall
commence in the second calendar year.

 

(e)       Post-COC
Good Reason. As used herein, the term “Post-COC Good Reason” shall mean the occurrence of any of the following
events that the Company fails to cure within 10 days after receiving written notice thereof from Executive (which notice must be
delivered within 30 days of Executive becoming aware of the applicable event or circumstance): (i) assignment to Executive of any
duties inconsistent in any material respect with Executive’s position (including status, titles and reporting requirements),
authority, duties or responsibilities or inconsistent with Executive’s legal or fiduciary obligations; (ii) any reduction
in Executive’s compensation or substantial reduction in Executive’s benefits taken as a whole; (iii) any travel requirements
materially greater than Executive’s travel requirements prior to the Change of Control; (iv) an office relocation of greater
than 50 miles from Executive’s then current office or (v) any breach of any material term of this Agreement by the Company.

 

    5

     

    

 

11.       Property
Surrender. Upon termination of Executive’s employment for any reason, Executive shall immediately surrender and deliver
to the Company all property that belongs to the Company, including, but not limited to, any keys, equipment, computers, phones,
credit cards, disk drives and any documents, correspondence and other information, including all Confidential Information, of any
type whatsoever, from the Company or any of its agents, servants, employees, suppliers, and existing or potential customers, that
came into Executive’s possession by any means during the course of employment.

 

12.       Governing
Law. This Agreement shall be governed by and construed in accordance with the internal laws (and not the law of conflicts)
of the Commonwealth of Pennsylvania.

 

13.       Jurisdiction.
The parties hereby irrevocably consent to the jurisdiction of the courts of the Commonwealth of Pennsylvania for all purposes in
connection with any action or proceeding which arises out of or relates to this Agreement and agree that any action instituted
under this Agreement shall be commenced, prosecuted and continued only in the state or federal courts having jurisdiction for matters
arising in Wyomissing, Pennsylvania, which shall be the exclusive and only proper forum for adjudicating such a claim.

 

14.       Notices.
All notices and other communications required or permitted under this Agreement or necessary or convenient in connection herewith
shall be in writing and shall be deemed to have been given when hand delivered, delivered by guaranteed next-day delivery or shall
be deemed given on the third business day when mailed by registered or certified mail, as follows (provided that notice of change
of address shall be deemed given only when received): 

 

If to the Company,
to:

 

Penn National Gaming, Inc.

825 Berkshire Boulevard, Suite
200

Wyomissing, Pennsylvania 19610

Attention: Chief Executive Officer
(with a copy to the General Counsel)

 

If to Executive, to:

 

Executive’s
then current home address as provided by Executive to the Company.

 

or to such other names or addresses as
the Company or Executive, as the case may be, shall designate by notice to each other person entitled to receive notices in the
manner specified in this Section 14.

 

15.       Contents
of Agreement; Amendment and Assignment. This Agreement sets forth the entire understanding between the parties hereto with
respect to the subject matter hereof and supersedes all prior or contemporaneous agreements or understandings with respect to thereto.
This Agreement cannot be changed, modified, extended, waived or terminated except upon a written instrument signed by the party
against which it is to be enforced. Executive may not assign any of Executive’s rights or obligations under this Agreement.
The Company may assign its rights and obligations under this Agreement to any successor to all or substantially all of its assets
or business by means of liquidation, dissolution, merger, consolidation, transfer of assets, stock transfer or otherwise.

 

    6

     

    

 

16.       Severability.
If any provision of this Agreement or application thereof to anyone under any circumstances is adjudicated to be invalid or unenforceable
in any jurisdiction, such invalidity or unenforceability shall not affect any other provision or application of this Agreement
which can be given effect without the invalid or unenforceable provision or application and shall not invalidate or render unenforceable
such provision or application in any other jurisdiction. If any provision is held void, invalid or unenforceable with respect to
particular circumstances, it shall nevertheless remain in full force and effect in all other circumstances. In addition, if any
court determines that any part of Sections 7, 8 or 9 hereof is unenforceable because of its duration, geographical scope or otherwise,
such court will have the power to modify such provision and, in its modified form, such provision will then be enforceable.

 

17.       Remedies.
No remedy conferred upon a party by this Agreement is intended to be exclusive of any other remedy, and each and every such remedy
shall be cumulative and shall be in addition to any other remedy given under this Agreement or now or hereafter existing at law
or in equity. No delay or omission by a party in exercising any right, remedy or power under this Agreement or existing at law
or in equity shall be construed as a waiver thereof, and any such right, remedy or power may be exercised by such party from time
to time and as often as may be deemed expedient or necessary by such party in its sole discretion. Executive acknowledges that
money damages would not be a sufficient remedy for any breach of this Agreement by Executive and that the Company shall be entitled
to specific performance and injunctive relief as remedies for any such breach, in addition to all other remedies available at law
or equity to the Company.

 

18.       Construction.
This Agreement is the result of thoughtful negotiations and reflects an arms’ length bargain between two sophisticated parties,
each with an opportunity to be represented by counsel. The parties agree that, if this Agreement requires interpretation, neither
party should be considered “the drafter” nor be entitled to any presumption that any ambiguities are to be resolved
in such party’s favor.

 

19.       Beneficiaries/References.
Executive shall be entitled, to the extent permitted under any applicable law, to select and change a beneficiary or beneficiaries
to receive any compensation or benefit payable under this Agreement following Executive’s death or incapacity by giving the
Company written notice thereof. In the event of Executive’s death or a judicial determination of Executive’s incompetence,
reference in this Agreement to Executive shall be deemed, where appropriate, to refer to Executive’s beneficiary, estate
or other legal representative. Except as provided in this provision or Company affiliates, no third party beneficiaries are intended.

 

20.       Withholding.
All payments under this Agreement shall be made subject to applicable tax withholding, and the Company shall withhold from any
payments under this Agreement all federal, state and local taxes, as the Company is required to withhold pursuant to any law or
governmental rule or regulation. Executive shall bear all expense of, and be solely responsible for, all federal, state and local
taxes due with respect to any payment received under this Agreement.

 

21.       Regulatory
Compliance. The terms and provisions hereof shall be conditioned on and subject to compliance with all laws, rules, and regulations
of all jurisdictions, or agencies, boards or commissions thereof, having regulatory jurisdiction over the employment or activities
of Executive hereunder.

 

    7

     

    

 

22.       Section
409A. Any amounts that constitute nonqualified deferred compensation as defined in Section 409A that become payable upon a
termination of employment shall be payable only if such termination of employment constitutes a separation from service (as defined
in Section 409A). The payments due under this Agreement are intended to be exempt from Code Section 409A, but to the extent that
such payments are not exempt, this Agreement is intended to comply with the requirements of Section 409A and shall be construed
accordingly. Any payments or distributions to be made to Executive under this Agreement upon a separation from service (as defined
in Section 409A) of amounts classified as “nonqualified deferred compensation” for purposes of Code Section 409A and
do not satisfy an exemption from the time and form of payment requirements of Section 409A, shall in no event be made or commence
until six months after such separation from service if Executive is a specified employee (as defined in Section 409A). Each payment
of nonqualified deferred compensation under this Agreement shall be treated as a separate payment for purposes of Code Section
409A. Any reimbursements made pursuant to this Agreement shall be paid as soon as practicable but no later than 90 days after Executive
submits evidence of such expenses to the Company (which payment date shall in no event be later than the last day of the calendar
year following the calendar year in which the expense was incurred). The amount of such reimbursements during any calendar year
shall not affect the benefits provided in any other calendar year, and the right to any such benefits shall not be subject to liquidation
or exchange for another benefit. Notwithstanding anything herein to the contrary, the Company shall not have any liability to the
Executive or to any other person if the payments and benefits provided in this Agreement that are intended to be exempt from or
compliant with Code Section 409A are not so exempt or compliant.

 

23.       Defend
Trade Secrets Act.  Pursuant to the Defend Trade Secrets Act of 2016, Executive acknowledges that Executive will not have
criminal or civil liability under any Federal or State trade secret law for the disclosure of a trade secret that  (A) is
made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and
(ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other
document filed in a lawsuit or other proceeding, if such filing is made under seal.  In addition, if Executive files a lawsuit
for retaliation by the Company for reporting a suspected violation of law, Executive may disclose the trade secret to Executive’s
attorney, and may use the trade secret information in the court proceeding, if Executive (X) files any document containing the
trade secret under seal, and (Y) does not disclose the trade secret, except pursuant to court order.

 

24.       Clawback
Policy. Executive acknowledges that Executive has received the Company’s Clawback Policy and agrees to be bound by it.

 

[Signatures on the
Following Page]

 

    8

     

    

 

IN WITNESS WHEREOF,
the undersigned, intending to be legally bound, have executed this Agreement as of the date first above written.

 

		PENN NATIONAL GAMING, INC.
	 	 	 
	 	By:	/s/ Jay Snowden
	 	Name: Jay Snowden
	 	Title:   President and Chief Executive
Officer

 

		EXECUTIVE
	 	 	         
	 	/s/ Felicia Hendrix
	 	Name:  Felicia Hendrix

 

    9

     

    

 

Exhibit A

 

SEPARATION AGREEMENT AND GENERAL RELEASE

 

This is a Separation
Agreement and General Release (hereinafter referred to as the "Agreement") between _______________ (hereinafter
referred to as the "Employee") and _____________ and its affiliates (hereinafter referred to as the "Employer").
In consideration of the mutual promises and commitments made in this Agreement, and intending to be legally bound, Employee, on
the one hand, and the Employer on the other hand, agree to the terms set forth in this Agreement.

 

1.             Employee
is party to an Executive Agreement dated [DATE] (the "Executive Agreement"). Employer and Employee hereby acknowledge
that Employee’s employment was terminated on [DATE].

 

2.             (a)       Following the execution
of this Agreement, Employee will be entitled to the post-employment benefits and subject to the post-employment responsibilities
set forth in Employee’s Executive Agreement.

 

(b)       If
Employee accepts any employment with the Employer, or an affiliate or related entity of the Employer, and becomes reemployed during
the Severance Period (as defined in the Executive Agreement), Employee acknowledges and agrees that Employee will forfeit all future
severance payments from the date on which reemployment commences.

 

3.             (a)       When used in this Agreement,
the word "Releasees" means the Employer and all or any of its past and present parent, subsidiary and affiliated corporations,
members, companies, partnerships, joint ventures and other entities and their groups, divisions, departments and units, and their
past and present directors, trustees, officers, managers, partners, supervisors, employees, attorneys, agents and consultants,
and their predecessors, successors and assigns.

 

(b)       When
used in this Agreement, the word "Claims" means each and every claim, complaint, cause of action, and grievance, whether
known or unknown and whether fixed or contingent, and each and every promise, assurance, contract, representation, guarantee, warranty,
right and commitment of any kind, whether known or unknown and whether fixed or contingent.

 

4.             In
consideration of the promises of the Employer set forth in this Agreement and the Executive Agreement, and intending to be legally
bound, Employee hereby irrevocably remises, releases and forever discharges all Releasees of and from any and all Claims that Employee
(on behalf of either Employee or any other person or persons) ever had or now has against any and all of the Releasees, or which
Employee (or Employee’s heirs, executors, administrators or assigns or any of them) hereafter can, shall or may have against
any and all of the Releasees, for or by reason of any cause, matter, thing, occurrence or event whatsoever through the effective
date of this Agreement. Employee acknowledges and agrees that the Claims released in this paragraph include, but are not limited
to, (a) any and all Claims based on any law, statute or constitution or based on contract or in tort on common law, and (b) any
and all Claims based on or arising under any civil rights laws, such as any [STATE] employment laws, or Title VII of the Civil
Rights Act of 1964 (42 U.S.C. § 2000e et seq.), or the Federal Age Discrimination in Employment Act (29 U.S.C. §
621 et seq.) (hereinafter referred to as the "ADEA"), and (c) any and all Claims under any grievance or complaint
procedure of any kind, and (d) any and all Claims based on or arising out of or related to Employee’s recruitment by, employment
with, the termination of Employee’s employment with, Employee’s performance of any services in any capacity for, or
any other arrangement or transaction with, each or any of the Releasees. Employee also understands, that by signing this Agreement,
Employee is waiving all Claims against any and all of the Releasees released by this Agreement; provided, however, that
as set forth in section 7 (f) (1) (c) of the ADEA, as added by the Older Workers Benefit Protection Act of 1990, nothing in this
Agreement constitutes or shall (i) be construed to constitute a waiver by Employee of any rights or claims that may arise after
this Agreement is executed by Employee, or (ii) impair Employee’s right to file a charge with the U.S. Securities and Exchange
Commission (“SEC”), the U.S. Equal Employment Opportunity Commission (“EEOC”), the National Labor Relations
Board (“NLRB”) or any state agency or to participate in an investigation or proceeding conducted by the SEC, EEOC,
NLRB or any state agency or as otherwise required by law. Notwithstanding the foregoing, Employee agrees to waive Employee’s
right to recover individual relief in any charge, complaint, or lawsuit filed by Employee or anyone on Employee’s behalf,
except that this does not waive the Employee’s ability to obtain monetary awards from the SEC’s whistleblower program.

 

    10

     

    

 

5.             Employee further certifies that Employee is not aware of any actual or attempted regulatory, SEC, EEOC or other legal violations
by Employer and that Employee’s separation is not a result of retaliation based on any legal rights or opposition to an illegal
practice.

 

6.             Employee
covenants and agrees not to sue the Releasees and each or any of them for any Claims released by this Agreement and to waive any
recovery related to any Claims covered by this Agreement.

 

7.             Pursuant
to the Defend Trade Secrets Act of 2016, Employee acknowledges that Employee will not have criminal or civil liability under any
Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State,
or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or
investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding,
if such filing is made under seal. In addition, if Employee files a lawsuit for retaliation by the Company for reporting a suspected
violation of law, Employee may disclose the trade secret to Employee’s attorney, and may use the trade secret information
in the court proceeding, if Employee (X) files any document containing the trade secret under seal, and (Y) does not disclose the
trade secret, except pursuant to court order.

 

8.             Employee
agrees to provide reasonable transition assistance to Employer (including without limitation assistance on regulatory matters,
operational matters and in connection with litigation) for a period of one year from the execution of this Agreement at no additional
cost; provided, such assistance shall not unreasonably interfere with Employee’s pursuit of gainful employment or result
in Employee not having a separation from service (as defined in Section 409A of the Internal Revenue Code of 1986). Any assistance
beyond this period will be provided at a mutually agreed cost.

 

9.             Employee
agrees that, except as specifically provided in this Agreement, there is no compensation, benefits, or other payments due or owed
to Employee by each or any of the Releasees, including, without limitation, the Employer, and there are no payments due or owed
to Employee in connection with Employee’s employment by or the termination of Employee’s employment with each or any
of the Releasees, including without limitation, any interest in unvested options, SARs, restricted stock or other equity issued
to, expected by or contemplated by any of the Releasees (which interest is specifically released herein) or any other benefits
(including, without limitation, any other severance benefits). For clarity, Employee acknowledges that upon Employee’s separation
date, Employee has no further rights under any bonus arrangement or option plan of Employer. Employee further acknowledges that
Employee has not experienced or reported any work-related injury or illness.

 

    11

     

    

 

10.           Except
where the Employer has disclosed or is required to disclose the terms of this Agreement pursuant to applicable federal or state
law, rule or regulatory practice, Employer and Employee agree that the terms of this Agreement are confidential. Employee will
not disclose or publicize the terms of this Agreement and the amounts paid or agreed to be paid pursuant to this Agreement to any
person or entity, except to Employee’s spouse, Employee’s attorney, Employee’s accountant, and to a government
agency for the purpose of payment or collection of taxes or application for unemployment compensation benefits. Employee agrees
that Employee’s disclosure of the terms of this Agreement to Employee’s spouse, Employee’s attorney and Employee’s
accountant shall be conditioned upon Employee obtaining agreement from them, for the benefit of the Employer, not to disclose or
publicize to any person or entity the terms of this Agreement and the amounts paid or agreed to be paid under this Agreement. Employee
understands that, notwithstanding any provisions of this Agreement, Employee is not prohibited or in any way restricted from reporting
possible violations of law to a government agency or entity, and Employee is not required to inform Employer if Employee makes
such reports.

 

11.           Employee
agrees not to make any false, misleading, defamatory or disparaging statements, including in blogs, posts on Facebook, twitter,
other forms of social media or any such similar communications, about Employer (including without limitation Employer’s products,
services, partners, investors or personnel) and to refrain from taking any action designed to harm the public perception of the
Employer or any of the Releasees. Employee further agrees that Employee has disclosed to Employer all information, if any, in Employee’s
possession, custody or control related to any legal, compliance or regulatory obligations of Employer and any failures to meet
such obligations.

 

12.           The
terms of this Agreement are not to be considered as an admission on behalf of either party. Neither this Agreement nor its terms
shall be admissible as evidence of any liability or wrongdoing by each or any of the Releasees in any judicial, administrative
or other proceeding now pending or hereafter instituted by any person or entity. The Employer is entering into this Agreement solely
for the purpose of effectuating a mutually satisfactory separation of Employee's employment.

 

13.           Sections
12 and 13 (Governing Law, Jurisdiction) of the Executive Agreement shall also apply to this Agreement.

 

14.           Along
with the surviving provisions of the Executive Agreement, including but not limited to Sections 7, 8 and 9, this Agreement constitutes
a complete and final agreement between the parties and supersedes and replaces all prior or contemporaneous agreements, offer letters,
severance policies and plans, negotiations, or discussions relating to the subject matter of this Agreement and no other agreement
shall be binding upon each or any of the Releasees, including, but not limited to, any agreement made hereafter, unless in writing
and signed by an officer of the Employer, and only such agreement shall be binding against the Employer.

 

15.           Employee
is advised, and acknowledges that Employee has been advised, to consult with an attorney before signing this Agreement.

 

16.           Employee
acknowledges that Employee is signing this Agreement voluntarily, with full knowledge of the nature and consequences of its terms.

 

17.           All
executed copies of this Agreement and photocopies thereof shall have the same force and effect and shall be as legally binding
and enforceable as the original.

 

18.           Employee
acknowledges that Employee has been given up to twenty-one (21) days within which to consider this Agreement before signing it.
Subject to paragraph 19 below, this Agreement will become effective on the date of Employee's signature hereof.

 

    12

     

    

 

19.           For
a period of seven (7) calendar days following Employee’s signature of this Agreement, Employee may revoke the Agreement,
and the Agreement shall not become effective or enforceable until the seven (7) day revocation period has expired. Employee may
revoke this Agreement at any time within that seven (7) day period, by sending a written notice of revocation to the Human Resources
Department of Employer. Such written notice must be actually received by the Employer within that seven (7) day period in order
to be valid. If a valid revocation is received within that seven (7) day period, this Agreement shall be null and void for all
purposes and no severance shall be paid. If Employee does not revoke this agreement, payment of the severance pay amount set forth
in the Employee’s Executive Agreement will be paid in the manner and at the time(s) described in the Executive Agreement.

 

IN WITNESS WHEREOF,
the Parties have read, understand and do voluntarily execute this Separation Agreement and General Release which consists of [NUMBER]
pages.

 

	EMPLOYER	 	EMPLOYEE
	 	 	 
	By:	              	 	 
	 	 	 	 

	Date:	                                                     	 	Date:	                                               

 

    13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}]]