Document:

Exhibit 10.46

 

assignment,
assumption and amendment of regulatory agreement

 

This ASSIGNMENT, ASSUMPTION AND AMENDMENT
OF REGULATORY AGREEMENT dated as of October 31, 2018 (this “Agreement”), and effective as of the “Effective
Date,” as defined in Section 5.1 below, is made by and among the Rhode Island Department of Business Regulation,
an agency of the State of Rhode Island (“DBR”), the Division of Lotteries of the Rhode Island Department of
Revenue (the “Division”), Twin River Worldwide Holdings, Inc., a Delaware corporation (“TRWH”),
Twin River Management Group, Inc., a Delaware corporation and a wholly owned subsidiary of TRWH (“TRMG”), UTGR,
Inc., a Delaware corporation and wholly owned subsidiary of TRMG (“UTGR”), Premier Entertainment II, LLC, a
Delaware limited liability company and wholly owned subsidiary of TRMG (“PE II”) and Twin River-Tiverton,
LLC, a Delaware limited liability company and wholly owned subsidiary of TRMG (“TRT”, and, together with UTGR,
each a “Rhode Island Company” and together, the “Rhode Island Companies”). The Rhode Island
Companies, together with TRWH and TRMG (unless otherwise specified), are referred to collectively herein as the “Company.”
Capitalized terms not defined herein shall have the meaning assigned to such terms in the Regulatory Agreement (as defined below).

 

Among other things, this Agreement assigns
and amends that certain Regulatory Agreement by and among the DBR, the Division, TRWH, TRMG, UTGR, and PE II dated as of July 1,
2016, together with that certain Letter Agreement by and among the DBR, the Division and TRWH dated as of July 1, 2016 (collectively,
the “Regulatory Agreement”).

 

WITNESSETH:

 

WHEREAS, Rhode Island 2016 Public Law chapter 005
and 2016 Public Laws chapter 006, each enacted March 4, 2016 (collectively the “2016 Tiverton Legislation”),
contemplated the termination of simulcast wagering operations and state-operated gaming at the Newport Facility when simulcast
wagering operations and state-operated gaming at a facility owned by TRT located at the intersection of William S. Canning Boulevard
and Stafford Road, in the Town of Tiverton, Rhode Island commenced, provided that that the requirements of Rhode Island Constitution
Article VI, Section 22 were met with respect to such facility, namely:

 

		(i)	The approval by a majority of Rhode Island voters statewide of the referendum question “Shall
an act be approved which would authorize a facility owned by Twin River-Tiverton, LLC, located in the Town of Tiverton at the intersection
of William S. Canning Boulevard and Stafford Road, to be licensed as a pari-mutuel facility and offer state-operated video-lottery
games and state-operated casino gaming, such as table games?”; and

 

		(ii)	The certification by (including on behalf of) the board of canvassers of the town of Tiverton that
qualified electors of the town of Tiverton have approved authorizing a facility owned by TRT and located at the intersection of
William S. Canning Boulevard and Stafford Road in the town of Tiverton to be licensed as a pari-mutuel facility and offer state-operated,
video-lottery games and state-operated casino gaming, such as table games.

 

    	 

    	

    

 

WHEREAS, in the 2016 Tiverton Legislation,
the Rhode Island General Assembly found that:

 

		(1)	The operation of casino gaming in the town of Tiverton will play a critical role in the economy
of the state and enhance state and local revenues;

 

		(2)	Replacing the state-operated gaming facility in the city of Newport with a state operated gaming
facility in the town of Tiverton is desirable to maximize state and local revenues;

 

and

 

WHEREAS, the Regulatory Agreement similarly
contemplates the termination of simulcast wagering operations and state-operated gaming at the Newport Facility and the commencement
of simulcast wagering operations and state-operated gaming at a facility owned by TRT located at the intersection of William S.
Canning Boulevard and Stafford Road, in the Town of Tiverton, Rhode Island. For example, the Regulatory Agreement defines the “Proposed
Tiverton Project” to include “the relocation of the Newport Lottery Licenses to the Proposed Tiverton Casino and . . .
the procurement of any additional Gaming/Racing Licenses for the Proposed Tiverton Casino”; and

 

WHEREAS, during the 2017 Legislative Session
of the Rhode Island General Assembly, the State of Rhode Island enacted into law 2017 – H 5175 Substitute A,
as amended, entitled “An Act Relating to Making Appropriations for the Support of the State for the Fiscal Year ending June 30,
2018,” which Act was signed into law by the Governor of Rhode Island on August 3, 2017 (the “2017 Budget Act”);
and

 

WHEREAS, Section 1(c) of Article 8
of the 2017 Budget Act provides as follows:

 

		(i)	The Rhode Island secretary of state has certified that the qualified voters of the state have approved
authorizing a facility owned by TRT located at the intersection of William S. Canning Boulevard and Stafford Road in the town of
Tiverton to be licensed as a pari-mutuel facility and offer state-operated video lottery games and state-operated casino gaming,
such as table games; and

 

		(ii)	The board of canvassers of the town of Tiverton has certified that the qualified electors of the
town of Tiverton have approved authorizing a facility owned by TRT located at the intersection of William S. Canning Boulevard
and Stafford Road in the town of Tiverton to be licensed as a pari-mutuel facility and offer state-operated video lottery games
and state-operated casino gaming, such as table games;

 

and

 

WHEREAS, Section 4(c) of Article 8
of the 2017 Budget Act provides:

 

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“Newport Grand” when
it is referring to a legal entity, means PE II and its permitted successors and assigns under the Newport Grand Master Contract
defined in the Regulatory Agreement as the “Newport VLT Contract” and in this Agreement as the “Tiverton VLT
Contract”. “Newport Grand,” when it is referring to a gaming facility, means Newport Grand Slots, located at
150 Admiral Kalbfus Road, Newport, Rhode Island, unless and until state-operated video lottery games are no longer offered
at such facility in Newport and state-operated video-lottery games are offered at a facility owned by TRT located in Tiverton,
Rhode Island, at which time “Newport Grand” shall mean such Tiverton facility.

 

Thus, Article 8 of the 2017 Budget
Act Contemplated the replacement of the gaming facility known as “Newport Grand Slots,” located at 150 Admiral
Kalbfus Road, Newport, Rhode Island, by the gaming facility now constructed owned by TRT and located at the intersection of William
S. Canning Boulevard and Stafford Road in the town of Tiverton, Rhode Island.

 

WHEREAS, in collection with (i) TRT
being licensed by the DBR as a pari-mutuel and simulcast wagering operator, (ii) TRT being licensed by the Division as a video
lottery retailer, a lottery retailer of traditional lottery products, and a host of state-operated casino gaming, including sports
wagering, and (iii) the cessation of gaming operations at the facility known as “Newport Grand Slots,” located
at 150 Admiral Kalbfus Road, Newport, Rhode Island, PE II wishes to assign its rights and obligations as a party to the
Regulatory Agreement to TRT, and TRT wishes to assume such rights and obligations of PE II, on the terms and subject to the
conditions (including the amendments to the Regulatory Agreement) set forth herein; and

 

WHEREAS, as set forth hereinbelow, DBR
and the Division consent and agree to said assignment and assumption, as well us to the amendments to the Regulatory Agreement
set forth hereinbelow.

 

NOW, THEREFORE, FOR GOOD AND VALUABLE CONSIDERATION,
THE RECEIPT AND SUFFICIENCY OF WHICH ARE HEREBY ACKNOWLEDGED BY ALL PARTIES HERETO, THE PARTIES AGREE AS FOLLOWS:

 

1.       Assignment
and Assumption of Regulatory Agreement. PE II hereby assigns to TRT all of PE II’s right, title and interest
as a party to the Regulatory Agreement, as amended hereby, and TRT hereby accepts such assignment of PE II’s right,
title and interest as a party to the Regulatory Agreement, as amended hereby. TRT hereby agrees to be bound by, and comply with,
the terms and provisions of the Regulatory Agreement as if it were an original signatory thereto, and as of, and at all times after,
the Effective Date, TRT shall assume, satisfy, perform, pay and discharge as and when due and payable, and otherwise be solely
responsible for, the obligations formerly of PE II under the Regulatory Agreement, as amended hereby, including all liabilities
arising under or in respect of the Regulatory Agreement, as amended hereby, to the extent not fully performed (and not required
by its terms to have been so performed) prior to the Effective Date; provided however, that to the extent such liabilities under
the Regulatory Agreement, as amended hereby, relate to the delivery of goods or the performance of services prior to the Effective
Date, and/or remain obligations of PE II pursuant to this Agreement, PE II shall be responsible for making the payments
and otherwise satisfying the responsibilities and obligations in respect thereof under the Regulatory Agreement, as amended hereby.
As necessary and desirable from time to time, the parties hereto shall execute and deliver such additional documents and instruments
and take such additional actions as may he requested by PE II and/or by TRT, in order to carry out the aforesaid transaction.
Section 9.4 of the Regulatory Agreement provides that the Regulatory Agreement shall not be assigned without the prior written
consent of the other parties. Each of the parties to this Agreement (other than PE II, the assignor, and TRT, the assignee)
hereby gives its consent to the foregoing assignment of the Regulatory Agreement, as amended hereby, by PE II to TRT.

 

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2.       Amendments
to the Regulatory Agreement.

 

Effective on the Effective Date, the Regulatory
Agreement shall be amended as follows:

 

		2.1	In the definition of “Competitive Activities,” “PE II” shall be replaced
by “TRT.”

 

		2.2	In the definition of “Control Threshold,” “PE II” shall be replaced
by “TRT.”

 

		2.3	The definition of “Facility” shall be amended to mean, collectively, the Tiverton Casino
and the Lincoln Facility. The term “Facilities” shall also be amended to mean, collectively, the Tiverton Casino and
the Lincoln Facility.

 

		2.4	The definition of “Gaming/Racing Licenses” shall be amended by adding at the end new
subclauses (xvi) and (xvii), reading as follows: “(xvi) approval by a majority of Rhode Island voters statewide
of the referendum question “Shall an act be approved which would authorize a facility owned by Twin River-Tiverton, LLC,
located in the Town of Tiverton at the intersection of William S. Canning Boulevard and Stafford Road, to the licensed as a pari-mutuel
facility and offer state-operated video-lottery games and state-operated casino gaming, such as table games?”; and (xvii) certification
by the Board of Canvassers of the Town of Tiverton that the qualified electors of the Town of Tiverton have approved the expansion
of gambling at the Tiverton Casino to include casino gaming”.

 

		2.5	In the definition of “Net Cash Proceeds”:

 

		2.5.1	subclause (c)(i) shall be amended by replacing it with the following subclauses (c)(i)
and (ii), and existing subclause (c)(ii) shall be renumbered (c)(iii):

 

(i) with respect to the
Lincoln Facility, $35,000,000, (ii) with respect to the Tiverton Casino, $20,000,000, or

 

		2.5.2	the following shall be added immediately following the reference to “$50,000,000,”
in subclause (c)(iii):

 

(notwithstanding the foregoing, if the corresponding amount with respect to any such property set forth in the definition of “Net
Cash Proceeds” in the Senior Credit Agreement differs from the amount set forth herein in subclause (c)(i), (c)(ii)
or (c)(iii), as applicable, for the purposes of this Agreement the amount set forth in the Senior Credit Agreement shall apply)

 

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		2.6	(i) References to “Newport VLT Contract” shall be changed to “Tiverton VLT
Contract”, (ii) the definition of that term shall be changed to mean that certain Master Video Lottery Terminal Contract
by and between the Division and Newport Grand, LLC (f/k/a Newport Grand Jai Alai, LLC), dated November 23, 2005, as amended,
and as assigned by Newport Grand, LLC to PE II and by PE II to TRT, and as further amended and assigned from time to
time, and (iii) with respect to such changed references to “Tiverton VLT Contract” in Section 8.2(A) and
Section 8.2(B), the words “(including any breach of the Tiverton VLT Contract prior to its assignment by PE II to TRT)”
shall be inserted following each such changed reference.

 

		2.7	References to the “Proposed Tiverton Casino” shall be changed to “Tiverton Casino”
and the definition of that term changed to mean the casino on the Tiverton Property, as defined herein.

 

		2.8	References to the “Proposed Tiverton Project” shall be changed to “Tiverton Project”
and the definition of that term changed to mean, collectively, (a) the purchase by TRT, a restricted Subsidiary of TRMG, of
the Tiverton Property, as defined herein, (b) the building of the Tiverton Casino, (c) the development of the Tiverton
Property and the Tiverton Casino for relocation of the Newport Lottery Licenses to the Tiverton Casino and for the procurement
of any additional Gaming/Racing Licenses for the Tiverton Casino, (d) the relocation of the Newport Lottery Licenses to the
Tiverton Casino (following which PE II shall no longer hold any Gaming/Racing Licenses) and for the procurement of any additional
Gaming/Racing Licenses for the Tiverton Casino, (e) the opening and commencement of business of the Tiverton Casino, including
the operation of simulcast wagering and the hosting of state-operated Video Lottery Games and Casino Gaming, including table games
and sports wagering (following which PE II shall no longer hold any Gaming/Racing Licenses), and (f) the payment of the
costs and expenses related to or incurred in connection with any of the foregoing, including without limitation, costs and expenses
related to or incurred in connection with any related gaming referendum.

 

		2.9	References to the “Proposed Tiverton Property” shall be changed to “Tiverton
Property” and the definition of that term changed to mean, collectively, the property(ies) owned by TRT located at the intersection
of William S. Canning Boulevard and Stafford Road in the Town of Tiverton, Rhode Island, on which the Tiverton Casino is being
constructed.

 

		2.10	The definition “Rhode Island Companies” shall be amended to mean, together, TRT and
UTGR, and each individually shall be a “Rhode Island Company.”

 

		2.11	In the definition of “Senior Executive” each reference to “PE II”
shall be replaced by “TRT.”

 

		2.12	In the definition of “Significant Subsidiary,” “PE II” shall be replaced
by “TRT.”

 

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		2.13	In Section 2.3, the reference to “Newport Facility” shall be changed to “Tiverton
Casino” and the fifth sentence shall be replaced with the following: “The Lincoln Facility shall continue in business
unless UTGR’s license(s) have been suspended or revoked or UTGR is otherwise limited by an order of the DBR or the Division
and the Tiverton Casino shall continue in business unless TRT’s license(s) have been suspended or revoked or TRT is otherwise
limited by an order of the DBR or the Division.”

 

		2.14	Section 3.3 shall be amended to read as follows:

 

The Company shall maintain (a) subsection (1)
of Article Fourth of UTGR’s Certificate of Incorporation (as amended on July 10, 2014, the “Certificate of
Incorporation”) and (b) section 12 of Third Amended and Restated Operating Agreement of TRT (in the form attached
as Exhibit H hereto, the “Operating Agreement”) and shall not further amend or modify either such section
without the prior written approval of DBR and the Division. The Company shall take all actions necessary to enforce (i) subsection (1)
of Article Fourth of UTGR’s Certificate of Incorporation and (ii) subsection 12 of TRT’s Operating Agreement
and shall not permit any Person to transfer or acquire a Financial Interest in (A) UTGR in violation of subsection (1)
of Article Fourth of the Certificate of Incorporation of UTGR or (B) TRT in violation of section 12 of the Operating
Agreement of TRT.

 

		2.15	In Sections 3.4, 3.6, 4.6, 5.1, 6.3, 7.5 (except as set forth in Section 2.16 of this
Agreement, below, in regard to Section 7.5(d) of the Regulatory Agreement), 7.6(a), 8.2.B and 9.14, each reference to “PE II”
shall be replaced with “TRT”.

 

		2.16	In Section 7.5(d), references to “PE II” shall remain unchanged. However,
the last two sentences of said Section 7.5(d) shall be changed to read as follows:

 

The Company shall provide DBR and
the Division, on an annual basis and reasonably in advance of each calendar year, with a copy of its budget for capital improvements
to the Lincoln Facility and the Tiverton Casino for such calendar year. The Company shall consider in good faith any comments provided
by DBR or the Division as to the amount, allocation and uses of the expenditures for capital improvements to the Lincoln Facility
and the Tiverton Casino.

 

		2.17	Clause (vii) of Section 7.6(c) shall be deleted and clause (viii) of Section 7.6(c)
shall be renumbered as clause (vii) and amended to read as follows:

 

(vii) amounts, from UTGR to TRMG,
necessary to allow TRT pay costs, fees or expenses that are required to be paid in connection with the continued operation, maintenance
and business of the Tiverton Casino (including the funding of operating expenses and capital expenditures) to the extent that TRT
does not, as of such time, have sufficient cash on-hand to fund such costs, fees or expenses; provided, that immediately
following the dividend or distribution of any amounts from UTGR to TRMG pursuant to this Section 7.6(c)(viii) such
amounts are contributed to TRT for the purpose of paying such costs, fees or expenses;

 

		2.18	Clause (xii) of Section 7.6(f) shall he deleted and clause (xiii) of Section 7.6(f)
shall be renumbered as clause (xii) and amended to read as follows:

 

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(xii) intercompany advances from
UTGR to TRT of amounts necessary to allow TRT to pay costs, fees or expenses that are required to be paid in connection with the
continued operation, maintenance and business of the Tiverton Casino (including the funding of operating expenses and capital expenditures)
to the extent that TRT does not, as of such time, have sufficient cash on-hand to fund such costs, fees or expenses.

 

		2.19	The last paragraph of Section 7.6(f) shall be amended to read as follows:

 

For the avoidance of doubt, neither the
Newport Grand investment nor any related issuance or transfer to PE II of the Gaming/Racing Licenses required to operate the Newport
Facility shall be considered an “Investment” restricted by this Section 7.6(f), and further, neither the
Tiverton Project nor any related issuance or transfer to TRT of the Gaming/Racing Licenses required to operate the Tiverton Casino
shall be considered an “Investment” restricted by this Section 7.6(f).

 

		2.20	Exhibit C shall be amended and replaced as set forth on Exhibit C hereto.

 

3.       No
Restrictions on a Sale of the Newport Facility.

 

For the avoidance of doubt, provided, nothing
in the Regulatory Agreement, as amended hereby, shall restrict sale of the Newport Facility and/or the real properly on which the
Newport Facility is located, and any such transaction shall not require the consent of DBR or the Division.

 

4.       Comfort
Provisions.

 

		4.1	TRT’s ability to conduct simulcast wagering operations, host Video Lottery Games, host Casino
Gaming, including table games and sports wagering, is subject to, among other things, DBR having granted to TRT licenses to conduct
pari-mutuel wagering and simulcast wagering and the Division having granted to TRT a license to host Video Lottery Games as a video
lottery retailer and a license to host Casino Gaming, including table games and sports wagering. Such licenses, and also the license
to be a “lottery retailer” and thereby sell traditional lottery products of the Division, are collectively referred
to as the “DBR/Division Gaming Licenses”).

 

		4.2	Among the conditions of granting the DBR/Division Gaming Licenses, DBR and the Division require
that TRT become a party to the Regulatory Agreement, as amended hereby, and that the Tiverton Casino be incorporated into that
agreement, with TRT’s obligations thereunder to include, among other things, compliance with applicable rules and regulations
of the Division and applicable laws of the State of Rhode Island, and maintenance of insurance coverages with respect to the Tiverton
Casino. Accordingly, pursuant to the terms and conditions of this Agreement, TRT hereby becomes a party to the Regulatory Agreement,
as amended hereby, and the Tiverton Casino is incorporated into the Regulatory Agreement, as amended hereby, with TRT’s obligations
thereunder to include, among other things, compliance with applicable rules and regulations of the Division and applicable laws
of the State of Rhode Island, and maintenance of insurance coverages with respect to the Tiverton Casino.

 

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		4.3	In connection with the Tiverton Project, TRT has executed certain Loan Documents, including a mortgage
on the real estate on which the Twin River Casino is located (the “Tiverton Mortgage”) and that certain Assumption
Agreement dated as of February 28, 2018 among TRT and BXP, LLC in favor of Deutsche Bank AG, as collateral agent for (i) the
banks and other financial institutions and entities panics to the Credit Agreement, and (ii) the other “Secured Parties”
(as defined in the Guarantee and Collateral Agreement, as hereinafter defined) (the “TRT Assumption Agreement”).
Pursuant to the Loan Documents, including the Tiverton Mortgage and the TRT Assumption Agreement, the obligations of TRT, its parent
and certain of their affiliated companies thereunder are secured by, among other things, mortgages encumbering the real property
owned by TRT and its affiliates (including the real property on which the Tiverton Casino is located) and pledges of the shares
or membership interests (as applicable) in TRT, its parent and certain of its affiliated companies (each a “Pledge”
and collectively the “Pledges”).

 

		4.4	In connection with the foregoing and TRT’s execution and delivery of the Loan Documents,
including the TRT Assumption Agreement, the Tiverton Mortgage and the Pledges, DBR and the Division confirm the following:

 

(i)    A. Division. No Secured
Party (as that term is defined in the Guarantee and Collateral Agreement) shall be considered (i) an “owner” or
to have “ownership” of TRT, its subsidiaries or affiliates for purposes of Lottery Rule 20.2.A.21 or (ii) an
“other owner” of TRT, its subsidiaries or affiliates for purposes of Lottery Rule 20.12.A, 20.12.B, 20.12.C, 20.15.A.1,
20.15.A.2 or 20.15.B, or (iii) within the provisions of the Regulatory Agreement, as amended hereby, (a) to own, hold
or be acquiring an Equity Interest (as defined in the Regulatory Agreement, as amended hereby) in TRT, its subsidiaries and/or
affiliates, for purposes of the Regulatory Agreement, as amended hereby, or (b) to be a Person (as defined in the Regulatory
Agreement, as amended hereby) owning, holding or acquiring a direct or indirect Financial Interest in TRT for purposes of Section 3,
Section 5 or Section 7 of the Regulatory Agreement, as amended hereby, solely because (in any such case) such Secured
Party’s interest is secured by Pledges of shares or membership interests (as applicable) in TRT, its parent and certain affiliates,
and/or, by mortgages and/or other security interests in real estate owned or leased by TRT, its subsidiaries and/or affiliates
(including in the real estate on which the Tiverton Casino is located).

 

B. DBR.
No Secured Party shall be considered (i) to own, have or be acquiring a Financial interest in TRT, its subsidiaries or affiliates,
for purposes of applicable licensing requirements or approvals pursuant to Rhode Island statutes or DBR regulations or (ii) within
the provisions of the Regulatory Agreement, as amended hereby, (a) to own, hold or be acquiring an Equity Interest in TRT,
its subsidiaries and/or affiliates, for purposes of the Regulatory Agreement, as amended hereby, or (b) to be Person owning,
holding or acquiring a direct or indirect Financial Interest in TRT for purposes of Section 3, Section 5 or Section 7
of the Regulatory Agreement, as amended hereby, solely because (in any such case) such Secured Party’s interest is secured
by Pledges of shares or membership interest (s applicable) of TRT, its parent and certain affiliates, and/or by mortgages and/or
other security interests in real estate owned or leased by TRT, its subsidiaries and/or affiliates (including in the real estate
on which the Tiverton Casino is located.)

 

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(ii)   A.
Division. A Secured Party would be (i) an “owner” and/or “other owner” and/or (ii) would
have “ownership” of TRT for purposes of such Lottery Rules, (iii) would be a Person owning, acquiring and holding
a direct or indirect equity Financial Interest in TRT subject to Section 3, Section 5 and Section 7 of the Regulatory
Agreement, as amended hereby, and (iv) would be a Person owning, acquiring and holding an Equity Interest in TRT, its subsidiaries
and/or affiliates, as applicable, upon, but not before, its enforcement of the Pledges of shares or membership interests (as applicable)
of TRT and/or its parent entities (i.e., acquiring ownership of such pledged shares or membership interests (as applicable)). Accordingly,
enforcement of the Pledges of shares or membership interests in TRT and/or its parent entities by a Secured Party shall be subject
to compliance with applicable Lottery rules and regulations, any other applicable laws and regulations, and any applicable agreements
with the Division and/or DBR prior to and as a condition precedent to the Secured Party acquiring ownership of said shares or membership
interests.

 

B. DBR.
A Secured Party (a) would own, hold or be deemed to be acquiring (or have acquired) an Equity Interest in TRT, its subsidiaries
and/or affiliates, for purposes of the Regulatory Agreement, as amended hereby, and (b) would be a Person owning, holding
or acquiring a direct or indirect equity Financial Interest in TRT for purposes of Section 3, Section 5 and Section 7
of the Regulatory Agreement, as amended hereby, for purposes of applicable licensing requirements or approvals pursuant to Rhode
Island statutes or DBR regulations upon, but no before, its enforcement of the Pledges of shares or membership interests (as applicable)
of TRT or its parent entities (i.e., acquiring ownership of such pledged shares or membership interests (as applicable)). Accordingly,
the enforcement of the Pledges of shares or membership interests (as applicable) in TRT or its parent entities by a Secured Party
shall be subject to compliance with applicable Rhode Island statutes and DBR regulations, any other applicable laws and regulations,
and any applicable agreements with the Division and/or DBR prior to and as a condition precedent to the Secured Party acquiring
ownership of said shares or membership interests.

 

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(iii)  A. Division. A Secured
Party having an interest secured by a mortgage or other security interest in the real estate on which the Tiverton Casino is located
would (i) have an “ownership interest in the premises,” for purposes of Lottery Rule 20.2.A.21, 20.12.A,
20.12.B or 20.12.C, (ii) have an “interest in the premises,” for purposes of Lottery Rule 20.15.A.1, 20.15.A.2
and 20.15.B, (iii) be an “owner” of the premises, for purposes of Lottery Rule 20.2.A.21, and (iv) be
a Person owning, acquiring or having a direct or indirect equity Financial Interest in TRT for purposes of Section 3, Section 5
and Section 7 of the Regulatory Agreement, as amended hereby, upon, but not before, its enforcement of the aforementioned
mortgage or other security interest in the real estate on which the Tiverton Casino is located which results in the acquisition
or the title to such real estate. Accordingly, enforcement of the aforementioned mortgage or other security interest by a Secured
Party which would result in the acquisition of the title to the real estate upon which the Tiverton Casino is located through foreclosure
or by deed-in-lieu of foreclosure shall be subject to prior compliance with applicable Lottery Rules, any other applicable laws
or regulations, and any applicable agreements with the Division and/or DBR prior to and as a condition precedent to the acquisition
of title to said real estate.

 

B. DBR.
A Secured Party having an interest secured by a mortgage or other security interest in the real estate on which the Tiverton Casino
is located would be deemed a Person owning, acquiring or having a direct or indirect equity Financial Interest in TRT for purposes
of Section 3, Section 5 and Section 7 of the Regulatory Agreement, as amended hereby, upon, but not before, its
enforcement of the aforementioned mortgage or other security interest in the real estate on which the Tiverton Casino, is located
which results in the acquisition of the title to such real estate, it being understood that such acquisition of title shall be
subject to prior compliance with applicable Rhode Island statutes and DBR regulations. Accordingly, enforcement of the aforementioned
mortgage or other security interest by a Secured Party which would result in the acquisition of the title to the real estate upon
which the Tiverton Casino is located through foreclosure shall be subject to prior compliance with applicable Island statutes and
DBR regulations, any other applicable laws or regulations, and any applicable agreements with the Division and/or DBR prior to
the acquisition of title to said real estate.

 

(iv) A “Financial Interest,”
as that term is defined and used in the Regulatory Agreement, as amended hereby, shall not include any interest of any Secured
Party, notwithstanding that such interest is secured by, among other things, (a) pledges of shares or membership interests
(as applicable) in TRT, its parent and/or affiliated companies and/or (b) a mortgage or other security interest in the real
estate on which the Tiverton Casino is located, and notwithstanding the exercise of remedies by the Collateral Agent or the other
Secured Parties under the Loan Documents, until and unless following a Default or any Event of Default (as those terms are defined
in the Credit Agreement), (i) the enforcement by the Collateral Agent and/or the other Secured Parties of one or more of the
Pledges in TRT or any direct or indirect parent thereof (e.g., acquiring ownership of the pledged shares or membership interests
as applicable) in TRT or any direct or indirect parent thereof or exercising the right to vote such pledged shares or membership
interests (as applicable)), (ii) the acquisition of title by the Collateral Agent or other Secured Parties to the real estate
on which the Tiverton Casino is located by foreclosure, deed in lieu or similar enforcement of remedies or (iii) the enforcement
of similar remedies that grant the Collateral Agent or the other Secured Parties a business interest in the Tiverton Casino, any
of which enforcement described in clauses (i), (ii) and (iii) above will constitute the acquisition of a Financial Interest
in TRT and, as such, will be subject to, and conditioned upon, prior receipt of all necessary government approvals, including,
but not limited to, any approvals required under the Tiverton VLT Contract, and any approvals required under Section 3 of
the Regulatory Agreement, as amended hereby. For the avoidance of doubt, this paragraph (iv) applies to the Tiverton Project
only.

 

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(v)   The Collateral Agent and the
Secured Parties shall he deemed to be “Institutional Lenders” entitled to all rights, including any cure rights, of
an Institutional Lender as specified in the Tiverton VLT Contract.

 

(vi)  Pursuant to Section 3.3
of the Regulatory Agreement, as amended hereby, the DBR and the Division hereby approve the Third Amended and Restated Operating
Agreement of TRT in the form attached hereto as Exhibit H.

 

(vii) As of the Effective
Date, to the actual knowledge of the undersigned Director of the Division, without any duty of inquiry or investigation,
PE II is not in breach of the Tiverton VLT Contract (f/k/a the Newport VLT Contract) or its video lottery retailer
license.

 

(viii) A. (i) The
Division and the DBR hereby approve TRT as the owner of the Tiverton Casino, the related business and the real estate on
which the Tiverton Casino is located, (ii) the DBR has approved on August 29, 2018 TRT’s “Application
for Pari-mutuel and Simulcast Licenses” dated and delivered to the DBR June 15, 2018, and grants to TRT licenses
to conduct pari-mutuel wagering and simulcast wagering pursuant to R.I. Gen. Laws §§ 41-1-1 et seq., 41-7-1 et
seq., 41-11-1 et seq., 42-14-17, and 42-35-1 et seq. and the rules and regulations promulgated thereunder, and incorporated
by legislative amendment into R.I. Gen. Laws § 41-7-3(c), and (iii) the Division hereby approves TRT as a
“video lottery retailer” for the Tiverton Casino and has, effective as of the Effective Date, issued to TRT a
video lottery retailer license, a casino gaming license, and a lottery retailer license (for traditional lottery products)
pursuant to Chapter 61 and 61.2, respectively, of Title 42 of the Rhode Island General Laws and the Lottery Rules
promulgated thereunder, such approvals and license issuances effective as of the Effective Date.

 

B. The Division
and DBR acknowledge that (i) effective as of the Effective Date, TRT is a party to the Regulatory Agreement, as amended hereby,
(ii) the Tiverton Casino has been incorporated into the Regulatory Agreement, as amended hereby, and (iii) TRT’s
obligations under the Regulatory Agreement, as amended hereby include, among other things, compliance with applicable rules and
regulations of the Division and applicable laws of the State of Rhode island, and maintenance of insurance coverages with respect
to the Tiverton Casino; and

 

(ix)  This Agreement, and in particular
this Section 4, may be relied upon by the Administrative Agent (as that term is defined in the Credit Agreement), the Collateral
Agent and the Secured Parties. This letter is not intended to limit any rights of the Collateral Agent under the Tiverton VLT Contract
or the Lottery Rules.

 

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(x)   To the extent that any document
executed by TRT and/or the Lenders in connection with the Tiverton Project uses the term “operate,” it is explicitly
understood by TRT, the Lenders, and the Division that the Tiverton Casino is in fact operated by the state as required by the Rhode
Island Constitution and that the state as operator of that Tiverton Casino has hill control over all aspects of the functioning
of that Tiverton Casino with the power and authority to make all decisions related thereto. Therefore, in the event that the term
“operate” appears in any of the documents related to the Tiverton Project said documents shall state that the use of
that term “operate” therein is not intended to imply that any Person other than the. State of Rhode Island (through
the Division) operates the lotteries as provided in Section 15 of Article VI of the Rhode Island Constitution.

 

(xi)  Without limiting paragraph (ix)
above, in making the confirmatory statements herein and executing this letter, the Division and DBR have relied on the representations
of TRT set forth in this Agreement.

 

(xii) For the avoidance of doubt,
(a) that certain letter agreement between the Division and UTGR dated May 10, 2013 shall remain effective with respect
to the “Refinancing,” as that term is defined in said letter agreement (including after giving effect to the amendment
and restatement of any predecessor to the Regulatory Agreement), (b) that certain letter agreement between the DBR and UTGR
dated May 9, 2013 shall remain effective with respect to the “Refinancing,” as that term is defined in said letter
agreement (including after giving effect to the amendment and restatement of any predecessor to the Regulatory Agreement), (c) that
certain letter agreement dated July 10, 2014, among the DBR, the Division and UTGR, shall remain effective with respect to
the “2014 Refinancing” as that term is defined in said letter agreement (including after giving effect to the amendment
and restatement of any predecessor to the Regulatory Agreement), and (d) that certain letter agreement dated July 14,
2015 among the DBR, the Division and PE II regarding the acquisition of assets of Newport Grand, LLC by PE II shall remain
effective with respect to the “2015 Transaction,” as that term is defined in said letter agreement, and to PE II’s
becoming a party to the Credit Agreement and Guaranty and Collateral Agreement and to PE II’s and the Company’s
execution of any Loan Documents pursuant to the Credit Agreement and/or the Guaranty and Collateral Agreement in relation to the
2015 Transaction.

 

5.       Miscellaneous.

 

		5.1	This Agreement shall take effect on August 29, 2018, the date that the Tiverton Casino begins
hosting state-operated Video Lottery Games (the “Effective Date”).

 

		5.2	This Agreement contains the entire agreement of the Parties and supersedes and replaces all prior
understandings or agreements (if any), oral or written, with respect to the subject matter hereof. For the avoidance of doubt,
if and to the extent any provision of this Agreement conflicts with the Regulatory Agreement, the provision of this Agreement shall
control.

 

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		5.3	Except to the extent amended and/or clarified pursuant to this Agreement, the Regulatory Agreement
is in all respects ratified and confirmed and all the terms, provisions and conditions of the Regulatory Agreement remain in full
force and effect, enforceable in accordance with their terms. This Agreement, to the extent that it amends the Regulatory Agreement,
is limited precisely as written and shall not be deemed to be an amendment to any other term or condition of the Agreement or any
of the documents referred to therein.

 

		5.4	This Agreement shall not be amended except by a writing of subsequent date hereto, executed by
duly authorized representatives of the Parties hereto.

 

		5.5	This Agreement shalt not be assigned by any Party without the prior written consent of the other
Parties.

 

		5.6	This Agreement shall be binding upon and inure to the benefit of each of the Parties hereto, and
each of their respective successors and permitted assigns.

 

		5.7	The failure of any Party to enforce at any time any of the provisions of this Agreement shall in
no way be construed to be a waiver of such provisions, nor in any way affect the validity of this Agreement or any part thereof,
or the right of any other Party thereafter to enforce each and every provision.

 

		5.8	The illegality, invalidity or unenforceability of any provision of this Agreement shall not affect
the legality, validity or enforceability of any other provision, and to this end the provisions hereof are declared to be severable.
If for any reason a court of competent jurisdiction finds any provision of this Agreement to be illegal, invalid or unenforceable,
that provision of this Agreement shall be enforced to the maximum extent permissible so as to effect the intent of the Parties,
and the remainder of this Agreement will continue in full force and effect.

 

		5.9	Each Party warrants to the others that it is authorized to execute and deliver this Agreement and
to perform the obligations set forth herein, and the persons executing this Agreement on behalf of such Party are authorized to
do so.

 

		5.10	This Agreement shall be governed by, construed and enforced in accordance with the Laws of the
State of Rhode Island, without regard to conflict of law principles. Each Party agrees that any suit for the enforcement of this
Agreement may he brought in the courts of the State of Rhode Island or any federal court sitting therein, and consents to the non-exclusive
jurisdiction of such court and to service of process in any such suit being made upon it at the addresses set forth for it above.
Each Party hereby waives any objection that it may now or hereafter have to the venue of any such suit or any such court or that
such suit was brought in an inconvenient court.

 

		5.11	This Agreement may be executed in one or more counterparts each of which shall be deemed an original
copy of this Agreement, and all of which, when taken together, will be deemed to constitute one and the same agreement.

 

[Signature Page to Follow]

 

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IN WITNESS WHEREOF, the undersigned have caused this Agreement
to be duly executed and delivered by its authorized officer as of the Effective Date.

 

	TWIN RIVER WORLDWIDE HOLDINGS, INC.	 	RHODE ISLAND DEPARTMENT OF BUSINESS REGULATION
	 	 	 
	By:	/s/ Craig Eaton	 	By:	/s/ Elizabeth Tanner
	 	Name: Craig Eaton	 	 	Name: Elizabeth Tanner
	 	Tile: SR VP	 	 	Tile: Director

 

	TWIN RIVER MANAGEMENT GROUP, INC.	 	DIVISION OF LOTTERIES OF THE RHODE ISLAND DEPARTMENT OF REVENUE
	 	 	 
	By:	/s/ Craig Eaton	 	By:	/s/ Gerald S. Aubin
	 	Name: Craig Eaton	 	 	Name: Gerald S. Aubin
	 	Tile: SR VP	 	 	Tile: Director

 

	TWIN RIVER-TIVERTON, LLC	 
	 	 
	By:	/s/ Craig Eaton	 
	 	Name: Craig Eaton	 
	 	Tile: SR VP	 
	 	 
	PREMIER ENTERTAINMENT II, LLC	 
	 	 
	By:	/s/ Craig Eaton	 
	 	Name: Craig Eaton	 
	 	Tile: SR VP	 
	 	 
	UTGR, INC.	 
	 	 
	By:	/s/ Craig Eaton	 
	 	Name: Craig Eaton	 
	 	Tile: SR VP	 
	 	 

    	14

    	

    

 

Exhibit C

[See attachment]

 

    	15

    	

    

 

Exhibit H

 

[Third Amended and Restated Operating Agreement
of TRT]

 

    	16

    	

    

 

THIRD AMENDED
AND RESTATED OPERATING AGREEMENT

 

Of

 

TWIN RIVER-TIVERTON,
LLC

 

THIS THIRD AMENDED
AND RESTATED OPERATING AGREEMENT OF TWIN RIVER-TIVERTON, LLC, a Delaware limited liability company (the “Company”),
dated and effective as of October 25, 2018 (“Third Amendment and Restatement Effective Date”), amends and
restates the Company’s operating agreement that, as previously amended and restated, was originally effective as of November 9,
2015 (the “Effective Date”), by and among the Company and TWIN RIVER MANAGEMENT GROUP, INC., a Delaware corporation
(the “Member”). This Third Amended and Restated Operating Agreement is hereinafter referred to as “this
Agreement”).

 

RECITALS

 

WHEREAS, the Company
was formed pursuant to the LLC Act by the filing of the certificate of formation with the Secretary of State of the State of Delaware
on the Effective Date;

 

WHEREAS, on the Effective
Date, the Member subscribed for 100 Units of the Company; and

 

WHEREAS, this Agreement
sets forth certain agreements relating to the governance of the Company and the rights and obligations relating to the Member’s
Units (which are referred to as such Member’s “Membership Interest,” “Interest” or
“Membership”).

 

NOW, THEREFORE, the
parties agree as follows:

 

		1.	Organization.

 

 1.1         Organization. On the Effective Date, the certificate of formation was filed with the Secretary of State of the State of Delaware, thereby causing the company to be formed in accordance with the Limited Liability Company Act of the State of Delaware (the “LLC Act”).

 

 1.2         Conformity with LLC Act. This Agreement is the limited liability company agreement concerning the Company provided for in the LLC Act. This Agreement is to be interpreted to conform with the LLC Act, but where inconsistent with or different than the provisions of the LLC Act, this Agreement shall control except to the extent prohibited or ineffective under the LLC Act. To the extent any provision of this Agreement is prohibited or ineffective under the LLC Act, this Agreement shall be considered amended in order to make this Agreement effective under the LLC Act. In the event that the LLC Act is subsequently amended or interpreted in such a way as to make valid any provision of this Agreement that was formerly invalid, then such provision shall be considered to be valid from the effective date of such interpretation or amendment.

 

    	 

    	

    

 

		2.	Business

 

2.1         Nature
of Business. The Company may engage in any lawful business permitted by the LLC Act or the laws of any jurisdiction in which
the Company may do business.

 

2.2         Place
of Business/Registered Agent. The principal office of the Company shall be located at such address as may be designated by
the Board of Managers of the Company (the “Board”). The name and address of the initial registered agent for
the service of process in the State of Delaware are as provided in the certificate of formation. The Board may, from time to time,
change the address of the principal office or, through appropriate filings with the Secretary of the State of Delaware, the identity
and/or address of the registered agent.

 

		3.	Members.

 

3.1         Meetings
and Voting.

 

3.1.1       Annual
and Special Meetings. Regular meetings of the Members shall be held at least annually and special meetings may be held at any
time as may be necessary or appropriate at the request of any Member.

 

3.1.2       Notice/Waiver.
Meetings of the Members shall be held on at least two days’ written notice given by Member. Any notice shall set forth the
time and place of the meeting and shall state the name of the party(ies) authorizing the calling of the meeting. The notice need
not state the purpose of the meeting. Notice may be waived, in writing, before, at or after any meeting. Attendance at any meeting
without protesting the lack of notice thereof, prior to the end of such meeting, shall be deemed a waiver of notice. Notice may
be given by any reasonable means, and emailing to a Member’s email address on file at the Company’s principal office
shall be deemed reasonable.

 

3.1.3       Voting.
Any action to be taken by the Members shall require the approval of Members holding a majority of the Units then outstanding.

 

3.1.4       Written
Consent. Any action otherwise requiring a vote of Members may, instead, be approved by written consent without a meeting, or
at a meeting, but without a vote, if such written consent shall be signed by Members holding a majority of the Units then outstanding.
Any such written consent shall be delivered to the principal office of the Company. Prompt notice of the taking of an action by
less than unanimous written consent shall be given to those Members who have not consented in writing but who would have been entitled
to vote thereon had such action been taken at a meeting.

 

3.2         Interested
Transactions. No contract or other transaction with the Company shall be either void or voidable solely because a Member has
direct or indirect Inerest in the transaction.

 

3.3         Limitation
of Liability. No current or former Member (as well as any partner, officer, director, shareholder, employee, agent, trustee
or other representative of such Member) shall have any personal liability to the Company or the other Members for damages for any
breach of duty by such person in such capacity except to the extent that this elimination of liability is prohibited pursuant to
the LLC Act.

 

    	2

    	

    

 

3.4         Indemnification
of Members. The Company shall indemnify and hold harmless, and advance expenses to, any Member or former Member, or any testator
or intestate of any such Member, as well as any partner, officer, director, shareholder, employee, agent, trustee or other representative
of any such Member, from and against any and all claims and demands arising out of or relating to the Company and/or such Person’s
status or service as a Member; provided, however, that no indemnification may be made to or on behalf of any Member if a judgment
or other final adjudication adverse to such Member establishes (a) that his, her or its acts were committed in bad faith or
were the result of active and deliberate dishonesty and were material to the cause of action so adjudicated or (b) that he,
she or it personally gained in fact a financial profit or other advantage to which he, she or it was not legally entitled. To the
extent required by law, any expenses advanced to a Member pursuant to the prior sentence shall be repaid to the Company in the
event a final adjudication establishes that such Member was not entitled to indemnification pursuant to either clause (a)
or (b) of the prior sentence. The Company may, in the discretion of the Board, maintain liability insurance for its Members and
officers. No change to this Section 3.4 may be given retroactive effect to take away any right to indemnification with respect
to actions taken prior to such change.

 

		4.	Board of Managers.

 

4.1         Authority
of Board of Managers. The management of the Company shall be vested in a Board consisting of three or more members. A member
of the Board need not be a Member. Except as reserved to the Members pursuant to the LLC Act or this Agreement, all decisions concerning
the operation of the Company shall be made by the Board.

 

4.2         Election.
The initial members of the Board shall be George Papanier, John E. Taylor, Jr. and Stephen H. Capp.

 

4.3         Approval
of Actions. The Board may delegate general managerial functions and issues regarding day-to-day operations to individual officers
of the Company or other designees (which officers or designees may be given such title(s) as the Board may determine). Any delegation
by the Board shall conclusively be valid. Any action to be taken by the Board shall require the approval of a majority in the total
number of its members, given at a formal (called in the same manner as a meeting of Members pursuant to Section 3.1.2) or
informal meeting and memorialized in written minutes of the meeting or by written consent in lieu of a meeting. Once an action
has been approved by the Board, any officer of the Company may execute agreements or otherwise bind the Company on his, her or
its signature alone and may do all things necessary or convenient to carry out the action so approved. The Board shall have the
right to approve and perform all actions necessary, convenient or incidental to the accomplishment of the purposes and authorized
acts of the Company, including:

 

a.           to
do any and all things and perform any and all acts necessary or incidental to the Company’s business;

 

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b.           to
enter into, and take any action under, any contract, agreement or other instrument as the Board shall determine to be necessary
or desirable to further the objects and purposes of the Company, including consent agreements collateral assignment agreements
and contracts under which the Company incurs indebtedness, grants liens on any or all of its assets or guarantees any obligations;

 

c.           to
borrow money or guarantee any obligation, which borrowing or guarantee shall be on such terms as the Board shall determine;

 

d.           to
pledge, encumber, mortgage, grant liens or otherwise grant security over any or all of the Company’s assets, both real and
personal;

 

e.           to
make dividends, distributions and other payments;

 

f.            appoint
officers of the Company; and

 

g.           to
act for and on behalf of the Company in all matters incidental to the foregoing.

 

4.4         Banking.
The Company shall maintain such bank and other financial accounts as the Board may determine. The Board and/or such persons as
the Board shall appoint, signing individually or in such combinations as the Board may designate, shall be authorized to sign checks
on behalf of the Company.

 

4.5         Standard
of Care. Unless a Board member has knowledge or information concerning the matter in question that makes reliance unwarranted,
a Board member is entitled to rely on information, opinions, reports or statements, including financial statements and other financial
data, if prepared or presented by:

 

a.           One
or more Board members, agents or employees of the Company.

 

b.           Legal
counsel, public accountants or other persons as to matters the member of the Board believes, in good faith, are within the person’s
professional or expert competence.

 

c.           A
committee of the Board of which the member is not a member if the materials presented are within such committee’s designated
authority and the member believes, in good faith, that the committee merits confidence.

 

4.6         Compensation.
Each member of the Board shall receive such compensation for his, her or its services to the Company as the Board may reasonably
determine.

 

4.7         Limitation
of Liability. No current or former member of the Board shall have any personal liability to the Company or the Member for damages
for any breach of duty by a member of the Board in such capacity except to the extent that this elimination of liability is prohibited
pursuant to the LLC Act.

 

    	4

    	

    

 

4.8         Indemnification
of Board Members. The Company shall indemnify and hold harmless, and advance expenses to, any Board member or former Board
member, or any testator or intestate of such Board member or former Board member, from and against any and all claims and demands
arising out of or relating to the Company and/or such Board member’s status and service as a Board member; provided, however,
that no indemnification may be made to or on behalf of any Board member if a judgment or other final adjudication adverse to such
person establishes (a) that his, her or its acts were committed in bad faith or were the result of active and deliberate dishonesty
and were material to the cause of action so adjudicated or (b) that he, she or it personally gained in fact a financial profit
or other advantage to which he, she or it was not legally entitled. To the extent required by law, any expenses advanced to a Board
member pursuant to the prior sentence shall be repaid to the Company in the event a final adjudication establishes that such Board
member was not entitled to indemnification pursuant to either clause (a) or (b) of the prior sentence. The Company may, in
the discretion of the Board, maintain liability insurance for its Members, Board members and officers. No change to this Section 4.8
may be given retroactive effect to take away any right to indemnification with respect to actions taken prior to such change.

 

		5.	Contributions and Capital Accounts.

 

5.1         Initial
Contributions. The Member has made a contribution to the Company in the form of cash as set forth on Schedule 1.
Other Members shall make such contribution of cash, other property or services upon their admission as may be approved by the Board.
Any document establishing the admission of a Member shall set forth the Units to be registered to such Member and such Member’s
agreement to be bound by this Agreement as a Member.

 

5.2         No
Additional Contributions. The Members are not intended to have personal liability for the obligations of the Company (whether
arising in tort, contract or otherwise) above their actual capital commitments established in accordance with Section 5.1
and no contributions, other than the initial contributions, shall be required.

 

5.3         Allocations.
All items of income, gain, loss, and deduction will be allocated to the Member. The Company will keep a record of the Member’s
contributions to the Company, the Company’s income, gains, losses, and deductions, and its distributions to the Member.

 

		6.	Units.

 

6.1         Designation
of Units. Ownership in the Company shall be designated by “Units,” and a fixed number of Units shall be registered
in the name of each Member upon his, her or its admission. Until otherwise fixed by the Board, the Company shall not issue more
than 1,000 Units in total.

 

6.2         Certificates.
Units may, but shall not be required to be, represented by certificates. If represented by certificates, they shall be represented
in such form as the Board may designate from time to time. The Units shall be personal property for all purposes. For the avoidance
of doubt, for the purposes of Article 8 in any Uniform Commercial Code, no Unit, whether or not represented by a certificate,
shall be deemed to be a security, as such term is defined in any Uniform Commercial Code.

 

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6.3         Units.
The Units registered in the name of the Member are as shown on Schedule 1.

 

		7.	Distributions.

 

The Company shall make
distributions to the Member of its cash or non-cash assets as the Board determines from time to time.

 

		8.	Records of the Company.

 

The Company shall maintain
a record book at such place, within or without the State of Delaware, as the Board shall determine which shall contain copies of
all minutes of meetings or written consents of the Board, as well as evidence of the proper calling of any meeting of the Board
or evidence of the waiver of such notice (attendance at a meeting without protesting the lack of notice being deemed a waiver of
notice), and a list of all Members and the Units registered to each member.

 

		9.	Taxes.

 

9.1         Elections.
For purposes of U.S. federal income taxation (and, to the extent applicable, state income taxation), the Company shall be disregarded
as an entity separate from its owner pursuant to Treasury Regulation § 301.7701-2(c)(1). No election shall be made that
would prevent the Company from being disregarded as an entity separate from its owner.

 

9.2         Tax
Returns. The Company shall prepare and file all federal, state and local tax returns required to be filed by the Company.

 

		10.	Admission of New Members.

 

New Members may only
be admitted upon the approval of the Board, which approval may be given or withheld in the discretion of the Board. The Board may,
in its discretion, grant its approval conditioned upon a particular agreement or undertaking of the proposed new Member or any
other condition, including, without limitation, that such person shall have received all required licenses from the State of Rhode
Island or any other applicable governmental authority.

 

		11.	Dissolution and Winding Up.

 

11.1       Dissolution
Events. The Company shall be dissolved and, except as otherwise provided in this Article 11, its affairs shall be wound
up upon the first to occur of the following events:

 

11.1.1     Consent.
Upon the unanimous vote of the Board given in writing or by vote at a meeting.

 

11.1.2    Judicial
Dissolution. The entry of a decree of judicial dissolution.

 

11.2.      Winding
Up. Upon the winding up of the Company, the assets of the Company shall be distributed as provided in Section 804 of the
LLC Act.

 

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11.3       Certificate
of Cancellation. Upon the completion of winding up of the Company pursuant to Section 11.2, a certificate of cancellation
shall be filed with the Secretary of State of the State of Delaware.

 

		12.	Restriction on Financial Interests.

 

12.1       Financial
Interests Generally. Except to the extent permitted by (a) the Regulatory Agreement to which the Member and certain of
its Affiliates are subject (as in effect at the applicable time, the “Regulatory Agreement”) and (b) the
organizational documents of Twin River Worldwide Holdings, Inc. (clauses (a) and (b) together, the “Permitted Exception”),
the Company and the Member will not permit any natural person, partnership (general or limited), corporation, limited liability
company, business trust, joint stock company, trust, business association, unincorporated association, joint venture, governmental
entity or other entity or organization (“Person”) to acquire a direct or indirect equity or economic interest
in the Company, including but not limited to an interest as a shareholder of a corporation, partner (general or limited) of a partnership
or member of a limited liability company or through the ownership of derivative interests in a Person (a “Financial Interest”),
equal to or greater than 5% of the total of any class of Financial Interests unless such Person has first obtained a license from
the Department of Business Regulation (“DBR”), an agency of the State of Rhode Island, and/or been approved
as suitable by DBR to hold such Financial Interest in the Company in accordance with the rules and procedures set forth by DBR;
provided, however, that the term “Financial Interests” will not include: (1) any unsecured indebtedness of the
Company, its subsidiaries, parents or affiliates of any kind that is not convertible into a Financial Interest in such Person (including
but not limited to indebtedness of the Company, its subsidiaries, parents or affiliates for borrowed money, unpaid interest or
fees, or any guarantee by the Company, its subsidiaries, parents or affiliates of any such unsecured non-convertible indebtedness
of any other Person), (2) any interest in such unsecured non-convertible indebtedness, or (3) any derivative instrument
related solely to any such unsecured non-convertible indebtedness.

 

12.2       5%
Threshold. Subject to the Permitted Exception, any transfer of Financial Interests in the Company that results in a Person
acquiring 5% or greater of the total of any class of Financial Interests in the Company will be null and void and will not be recognized
by the Company unless and until (a) such Person has received a license from DBR and/or been approved as suitable by DBR to
hold such Financial Interest or (b) such Person has received a prior written notice from the applicable governmental authorities
(including DBR) that such Person is not required to hold a license from DBR and/or be approved as suitable by DBR to hold such
Financial Interest.

 

12.3       20%
Control Threshold. Further, but subject to the Permitted Exception, once a Person has obtained a license from DBR and/or been
approved as suitable by DBR to hold 5% or greater of the total of a class of Financial Interests in the Company (if required),
the Company will not permit any such Person to acquire Financial Interests in the Company equal to or in excess of twenty percent
(20%) of the total of such class of Financial Interests in the Company (the “Control Threshold”) unless such
Person has first obtained a license from DBR and/or been approved as suitable by DBR to hold such Financial Interest in the Company
equal to or in excess of the Control Threshold in accordance with the rules and procedures set forth by DBR in its sole discretion
from time to time. Any transfer of Financial Interests in the Company that results in a Person acquiring a Financial Interest in
the Company equal to or in excess of the Control Threshold will be null and void and will not be recognized by the Company unless
and until such Person has received a license from DBR and/or been approved as suitable by DBR with respect to such Financial Interest.

 

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12.4       Certain
Terms. As used in Section 12, “Financial Interest” will have the meaning set forth in Section 12.1;
provided, however, that the term “Financial Interest” will be deemed not to include any interest of any secured parties
under any loan to which the Company or its Affiliates are a party solely by reason of such interest being secured by, among other
things, pledges of shares or other membership interests (as applicable), in (or liens on the assets of) the Company or its direct
or indirect parents, subsidiaries or affiliated companies and notwithstanding the exercise of remedies by the collateral agent
thereunder or the other secured parties under the applicable loan documents, until and unless following a default or any events
of default thereunder, (a) the enforcement by the collateral agent and/or the other secured parties of one or more of the
pledges of shares or other membership interests (as applicable) in the Company or its direct or indirect parents (e.g., acquiring
ownership of the pledged shares or membership interests (as applicable) in the Company or any direct or indirect parent thereof
or exercising the right to vote such pledged shares or other membership interests (as applicable)), (b) the acquisition of
title by the collateral agent or other secured parties of the Company’s real estate by foreclosure, deed in lieu or similar
enforcement of remedies, or (c) the enforcement of similar remedies that grant the collateral agent or the other secured parties
a business interest in the Company’s real estate, any of which enforcement described in clauses (a), (b) and (c) above
will constitute the acquisition of a Financial Interest in the Company and, as such, will be subject to all necessary government
approvals, including, but not limited to, any approvals required under the Regulatory Agreement and the Master Video Lottery Terminal
Contract between the Division and the Company, dated November 23, 2005, as amended.

 

		13.	Miscellaneous.

 

13.1       Notices.
Any notice given pursuant to this Agreement shall be in writing and shall be delivered by hand or email, or by Federal Express,
UPS or other similar courier, addressed to the party to whom intended at the address set forth on Schedule 1, or such
other address as such party may designate by appropriate notice to all other parties, and such notice shall be deemed given when
personally delivered, mailed, sent or deposited with a courier, as the case may be. Notwithstanding anything in the preceding sentence
to the contrary, notices of meetings of the Board may be given as provided in Sections 3.1.2 and 4.3. Each party recognizes
that it is his, her or its individual responsibility to provide the other parties with current address information, and that he,
she or it may be treated as having received and having knowledge of any notice properly given pursuant to this Agreement, whether
or not actually received.

 

13.2.       Entire
Agreement. This Agreement represents the entire agreement between the parties regarding the subject matter hereof and, except
as set forth in this Agreement, supersedes in all respects any and all prior oral or written agreements or understandings between
them pertaining to the subject matter of this Agreement. There are no representations or warranties among the parties with respect
to the subject matter of this Agreement, except as set forth in this Agreement. This Agreement cannot be modified or terminated
except by a written instrument signed by all of the parties, nor may any of its provisions be waived, except by a written instrument
signed by the party(ies) against which enforcement of such waiver is sought.

 

    	8

    	

    

 

13.3       Successors;
Binding Effect. This Agreement shall be binding upon and inure to the benefit of the respective parties, their successors,
assignees, heirs, legatees, executors, administrators and legal representatives (“Successors”) and any Successor
shall be deemed a party to this Agreement upon such Successor’s receipt of any interest in this Agreement, provided that
no person shall have the right to become a substitute Member or an assignee of an Interest except as expressly provided for in
this Agreement.

 

13.4       Governing
Law. This Agreement shall be governed by and construed and enforced in accordance with the LLC Act, to the extent applicable,
and, in all other instances, the internal substantive laws of the State of Delaware.

 

13.5       Captions.
Headings contained in this Agreement have been asserted for reference purposes only and shall not be considered part of this Agreement
in construing this Agreement.

 

    	9

    	

    

 

IN WITNESS WHEREOF,
the parties have executed this Agreement as of the Third Amendment and Restated Effective Date.

 

	 	TWIN RIVER-TIVERTON, LLC
	 	 
	 	By:	/s/ Craig Eaton
	 	 	Name: Craig Eaton
	 	 	Tile: Sr. Vice President and General Counsel
	 	 
	 	TWIN RIVER MANAGEMENT GROUP, INC.
	 	 
	 	By:	/s/ Craig Eaton
	 	 	Name: Craig Eaton
	 	 	Tile: Sr. Vice President and General Counsel

 

    	10

    	

    

 

SCHEDULE 1

 

MEMBERS

	Name and Address	 	Contribution	 	 	Units	 
	TWIN RIVER MANAGEMENT GROUP, INC.
 100 Twin River Road
 Lincoln, Rhode Island 02865	 	$	100	 	 	 	100	 
	 	 	 	 	 	 	 	 	 
	TOTAL	 	$	100	 	 	 	100	 

 

    	11Exhibit 10.3

 

EMPLOYMENT AGREEMENT

 

This Agreement made and entered into effective
the 10th day of November, 2017 (the "Effective Date") by and between Carl Schwartz, an individual residing
at 3750 Las Vegas Boulevard, Unit 4303, Las Vegas, Nevada 89158 ("Employee"), and Skyline Medical Inc., 2915 Commers
Drive, Suite 900, Eagan, Minnesota 55121, a Minnesota corporation ("Company"), collectively referred to as "the
Parties".

 

WITNESSETH:

 

WHEREAS, Company desires to employ Employee
to render services for Company as its Chief Executive Officer on the terms and conditions hereinafter set forth, and Employee desires
to be employed by Company on such terms and conditions;

 

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

 

		1.	Employee's Acknowledgment and Certifications. Employee hereby represents and certifies that
Employee is not subject to any other agreement or restrictive covenant that Employee violates by working with Company. Further,
Employee represents that no conflict of interest or breach of Employee's fiduciary duties will result by working with and performing
duties for Company. Employee further agrees and certifies that Employee will not use or disclose to Company any confidential, proprietary
or trade secret information belonging to another individual or entity which may not properly be used or disclosed by Employee to
Company.
	 	 	 

		2.	Employment and Term. Company and Employee acknowledge that Employee has been an independent
contractor serving as an executive officer of the Company since May 2016, and Employee has been a member of the Board of Directors
since March 2015. Company hereby employs Employee and Employee hereby accepts employment with Company upon the terms and conditions
of this Agreement. Employee's employment with Company is at-will and will commence on the Effective Date. This Agreement does not
modify the at-will nature of Employee's employment nor is it intended to guarantee Employee a specific term of employment with
Company. Either Employee or Company may terminate the employment relationship at any time, for any lawful reason. Employee agrees
to abide by all Company rules, policies, and procedures.
	 	 	 

		3.	Duties. Employee shall have the title of Chief Executive Officer. Employee will devote Employee's
full working time, attention, loyalty, skills and efforts to diligently perform all the duties, responsibilities, and requirements
assigned to Employee while employed by Company. The Company and Employee acknowledge that Employee resides in Las Vegas, Nevada
and will travel to the Company's offices at Company expense as needed. Employee's title, position and duties are at all times subject
to change at Company's sole discretion.
	 	 	 

		4.	Compensation.
	 	 	 

 

 

 

 

Page l of 11

     

     

    

		a.	Base Salary. Employee will receive an initial annualized base salary of $250,000 (gross,
less applicable legally required withholdings and such other deductions as Employee voluntarily authorizes in writing). Commencing
January 1, 2018, Employee's annualized base salary will be increased to $275,000 (gross, less applicable legally required withholdings
and such other deductions as Employee voluntarily authorizes in writing). Employee's base salary and other compensation will be
subject to review and adjustment by Company at any time, as the Company deems appropriate; provided, that Employee's base salary
will not be reduced without Employee's consent unless a salary reduction is imposed upon substantially all employees of the Company
as part of a general reduction.
	 	 	 

		b.	Stock Options In Lieu of Base Salary. At least ten (10) business days before the beginning
of each six-month period ending June 30 or December 31 (a "Compensation Period") during which Employee is employed under
this Agreement, Employee may elect to receive non-qualified stock options under the 2012 Stock Incentive Plan (the "2012 Plan")
or other applicable equity plan of the Company in effect at the time in payment of all or a portion of his base salary for such
Compensation Period in lieu of cash. Such options (i) will be granted on the first business day of such Compensation Period, (ii)
will have an exercise price per share equal to the closing sale price of the Company's common stock on the date of grant, (iii)
will have an aggregate exercise price equal to the dollar amount of base salary to be received in options, (iv) will have a term
of ten years, and (v) will vest pro rata on a monthly basis over the period of time during which the base salary would have been
earned.
	 	 	 

		c.	Remaining Stock Options In Lieu of a Portion of Base Salary for Fiscal 2017. On June 22,
2017, Employee received options to purchase 85,034 shares at $1.47 per share, representing one-half of his base salary for fiscal
2017 ($125,000). Employee and the Company agree that the remaining one half of Employee's base salary for fiscal 2017 in the amount
of $125,000 will be paid as follows: (1) $83,375 in cash, payable in equal installments on each normal payroll date through December
31, 2017, provided Dr. Schwartz is still employed on such date, and (2) a new stock option grant in lieu of $41,625 of salary in
the form of non-qualified stock options in lieu of cash. The stock options (i) will be issued on the Effective Date, (ii) will
have an exercise price per share equal to the closing sale price of the Company's common stock on the Effective Date, (iii) will
have an aggregate exercise price of $41,625, (iv) will have a term of ten years, and (v) will vest in two equal installments on
November 30, 2017 and December 31, 2017; provided, that the exercise of the entire stock option will be subject to further stockholder
approval of the 2012 Plan.
	 	 	 

		d.	Bonus. For each fiscal year during the term of this Agreement, beginning in 2017, Employee
shall be eligible to receive an annual incentive bonus determined annually at the discretion of the Compensation Committee of the
Board. For 2017, the Compensation Committee will award a bonus based on performance of Employee and the Company, including the
completion of acquisitions and other factors deemed appropriate by the Compensation Committee. For 2018 and

 

 

 

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subsequent year, the bonus will be subject to the attainment
of certain objectives, which shall be established in writing by the Employee and the Board prior to each bonus period. The maximum
bonus that may be earned by Employee for any year will be not less than 150% of Employee's then-current base salary. Any payments
made under this Section 5(d) shall be paid within 3 1/2 months of the end of the bonus period, provided that Employee was employed
by the Company on the last day of the bonus period.

 

		e.	Equity Compensation. In addition to any stock options in lieu of base salary pursuant to
Section 5(b), Employee will be eligible to receive non-qualified stock options and other equity compensation granted by the Compensation
Committee pursuant to the Company's 2012 Stock Incentive Plan as amended or other equity compensation plans.
	 	 	 

		f.	Directors & Officers Insurance. While employed by Company, Employee shall be considered
an officer of Company and shall be covered by D&O Insurance, or any other similar type of insurance, that provides coverage
for Employee's acts or omissions undertaken during the course and scope of Employee's employment and maintain coverage for Employee
for at least three (3) years following Employee's employment.
	 	 	 

5.       Additional Benefits.

 

		a.	Automobile. Company shall reimburse Employee for deductible automobile mileage according
to its Expense Reporting Procedures.
	 	 	 

		b.	Business Expenses. Company will reimburse Employee for all preapproved, reasonable, deductible
and substantiated business expenses per its Expense Reporting Procedures. This includes, but is not limited to such expenses as
cell phones and business meetings.
	 	 	 

		c.	Vacation. Employee will receive one (1) week of vacation for 2017. Employee shall thereafter
be entitled to four (4) weeks of paid vacation per each calendar year earned ratably over each calendar year, to be taken at such
times as Employee and Company shall determine and provided that no vacation time shall unreasonably interfere with the duties required
to be rendered by Employee hereunder. Any vacation time not taken by Employee during any calendar year may be carried forward into
one succeeding calendar year. Accrued but unused vacation will be paid out to Employee at the time of termination of employment.
	 	 	 

		d.	Benefits. Employee will be eligible to participate in other benefits programs generally
available to executive officers of the Company.
	 	 	 

		6.	Non-Competition. Employee agrees that while employed by Company and for a period of twelve
(12) months after the date Employee's employment with Company terminates, regardless of the reason for termination, Employee will
not, without the prior written consent of Company, directly or indirectly, as an employee, owner, consultant or in any

 

 

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other capacity whatsoever, for Employee's own behalf or
on behalf of any other person or entity, anywhere in the United States of America:

 

		a.	Prohibition on Competition. Engage in or render services, directly or indirectly,
to any person or organization engaged in or about to become engaged in the development, production, marketing or selling of any
product, process or service in existence or under development which is similar to or competes with a product, process or service
of Company; or
	 	 	 

		b.	Company Clients. Work or perform services as an employee, agent, independent contractor
or otherwise, for any client, customer, supplier or business partner of Company with whom Employee worked, solicited, marketed
or obtained confidential information about during Employee's employment with Company; or
	 	 	 

		c.	Non-Solicitation. (i) Solicit,
contact, sell to, provide services to, or attempt to divert, take away or induce clients or prospective clients of Company with
whom Employee worked, solicited, marketed, or obtained confidential information about during Employee's employment with Company,
regarding services or products that are competitive with any of Company's services or products; or (ii) solicit, divert, take away
or induce any employee or independent contractor of Company to leave the employ or service of Company.

 

Company is providing Employee with adequate and valuable
consideration to compensate Employee for the reasonable restrictions on Employee's post-employment competitive activities contained
within this Agreement. Employee hereby acknowledges the consideration, Employee's stock option grant and access to certain of Company's
proprietary information and goodwill, constitute adequate and sufficient consideration for the restrictive covenants in this Agreement.
Employee agrees that the restrictions set forth in this Agreement are reasonable considering Employee's position.

 

If any of the above restrictions are deemed by a court
of competent jurisdiction to be unreasonable in duration or in geographical scope, it will be considered modified and valid for
such duration and geographical scope as the court determines to be reasonable under the circumstances. The duration of the above
restrictions will be extended beyond the twelve (12) month period for a period equal to the duration of any breach or default of
such covenant by Employee. Upon terminating employment with Company (for whatever reason), Employee has an affirmative obligation
to inform any prospective employer and/or actual employer, of Employee's post-employment obligations contained within this Agreement
including Employee's non-competition and non-solicitation obligations.

 

		7.	Intellectual Property. Employee agrees that all right, title and interest of every kind
and nature whatsoever, whether now known or unknown, in and to any "Intellectual Property," defined to include, but not
be limited to, any patent rights, trademarks, copyrights, ideas, creations and properties invented, created, written, developed,
furnished, produced or disclosed by Employee in the course of rendering his/her services to Company (both before

 

 

4

     

     

    

the execution of this Agreement and thereafter) shall,
as between the Parties, be and remain the sole and exclusive property of Company for any and all purposes and uses whatsoever,
and Employee shall have no right, title or interest of any kind or nature therein or thereto, or in and to any results and proceeds
there from. Employee agrees to assign, and hereby expressly and irrevocably assigns, to Company all worldwide rights, title and
interest, in perpetuity, in respect of any and all rights Employee may have or acquire in the Intellectual Property. The assignment
of the rights as above shall not lapse if Company has not exercised its rights under the assignment for any period of time or in
any jurisdiction or territory. Pursuant to Section 181.78 of the Minnesota Statutes, the preceding sentence does not apply to an
invention for which no equipment, supplies, facility or trade secret information of Company was used and which was developed entirely
on the Employee's own time, and (1) which does not relate (a) directly to the business of Company or (b) to Company's actual or
demonstrably anticipated research or development, or (2) which does not result from any work performed by Employee for Company.
To the extent any of the rights, title, and interest in and to the Intellectual Property cannot be assigned to Company (and to
the extent any of Employee's retained rights under Section 181.78 were incorporated by Employee (directly or indirectly) in any
of Company's past, current or future products or services), Employee hereby grants to Company an exclusive, royalty-free, transferable,
perpetual, irrevocable, unrestricted, worldwide license (with rights to sublicense through one or more tiers of sublicense) to
such non-assignable (or non-assigned) rights. To the extent any rights, title and interest in and to Intellectual Property rights
can be neither assigned nor so licensed by Employee to Company, Employee hereby irrevocably waives and agrees never to assert such
non-assignable and non-licensable rights, title and interest against Company, any of Company's successors in interest, and the
customers and licensees of either. Further, Employee agrees to waive, and hereby waives, any "moral rights" Employee
may have or may obtain in the Intellectual Property. Employee further agrees to assist Company in every proper way to apply for,
obtain, perfect and enforce rights in the Intellectual Property in any and all countries, and to that end Employee will execute
all documents for use in applying for, obtaining and perfecting such rights and enforcing same, as Company may desire, together
with any assignments thereof to Company or persons designated by it. Employee appoints Company as its attorney in fact to execute
any documents necessary to achieve such results. To the maximum extent possible, Company shall be shown in all documentation as
the owner of all rights in the Intellectual Property.

 

		8.	Nondisclosure of Confidential Information. Employee shall keep confidential and not disclose
to anyone or use, either during or after Employee's employment with Company, any Confidential Information of Company, except as
required by Employee's employment with Company or as expressly authorized in writing by Company. For the purposes of this Agreement,
"Confidential Information" is any and all sensitive, confidential, proprietary and trade secret information concerning
or relating to Company and its direct and indirect parents, subsidiaries and/or affiliated organizations, including any information
or compilation of information which derives independent economic value from not being generally known to and not being readily
ascertainable by proper means by other persons who can obtain economic value from its disclosure or use. Examples of Confidential
Information not to be disclosed or used except as expressly permitted by Company include, but are not limited to, the following:

 

 

 

5

     

     

    

		a.	All patterns, compilations, programs, know how; designs, processes or formulae; software; market
or sales information or plans, devices, methods, concepts, techniques, processes, source codes, data capture innovations, algorithms,
user interface designs and database designs relating to Company's products, services, systems or business;
	 	 	 

		b.	Information acquired or compiled by Company concerning actual or potential clients/customers, suppliers
and business partners, including their identities, financial information concerning their actual or prospective business operations,
identity and quantity of services and/or products provided by Company, and any unpublished written materials furnished by or about
them to Company; and
	 	 	 

		c.	Information concerning Company's ownership, management, financial condition, financial operations,
business activities or practices, sales activities, marketing activities or plans, research and development, pricing practices,
legal matters, and strategic business plans.
	 	 	 

Employee acknowledges that Company shall at all times
be and remain the owner of all Confidential Information disclosed to/acquired by Employee during Employee's employment with Company,
and Employee acknowledges that Employee may use the Confidential Information only for the limited purposes for which it was disclosed
under this Agreement. Employee shall use his/her best efforts to preserve the confidentiality of such Confidential Information
which he/she knows or reasonably should know Company deems to be Confidential Information. Employee agrees that he/she will not
knowingly use, disclose or permit the use or disclosure of Company's Confidential Information in any manner which may injure Company's
business, impair its investments and goodwill, and/or adversely impact Company's relationships with its actual or potential customers
and suppliers. The obligations of this Section shall continue in full force and effect after the termination of this Agreement
and the termination of Employee's employment with Company. As used in this Section 8, the Willi "Company" shall include
Company and each of its direct and indirect parent, subsidiary and affiliated organizations on a collective basis.

 

		9.	Use, Removal, and Return of Company's Property. Employee shall not use, duplicate, disseminate
or remove from Company's premises any information contained in any records, documents, data, or other tangible items of Company
in original, duplicate or copied fowl, except as needed in the ordinary course of performing his/her employment duties for and
subject to the approval by Company. Employee shall immediately deliver to Company, upon termination of Employee's employment with
Company, or at any other time upon Company's request, any records, documents, data, and other tangible items in Employee's possession
or control belonging to or relating to the products, services, systems or business of Company. Employee will not retain any copies
or reproductions of records, documents, data or other tangible items of Company or any of its direct or indirect parent, subsidiary
or affiliated organizations.

 

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		10.	Termination by Company for Cause. Company may terminate Employee's employment for "Cause"
at any time, without notice. For purposes of this Agreement, the term "Cause" shall mean any of the following:
	 	 	 

		·	Employee engages in willful misconduct or fails to follow the reasonable and lawful instructions
of the Board of Directors, if such conduct is not cured within thirty (30) calendar days after Company sends notice to the Employee
of the alleged Cause,
	 	 	 

		·	Employee embezzles or misappropriates assets of Company or any of its subsidiaries;
	 	 	 

		·	Employee's violation of Employee's obligations in this Agreement, if such conduct is not cured
within thirty (30) calendar days after Company sends written notice to the Employee of the alleged Cause;
	 	 	 

		·	Breach of any agreement between Employee and Company or to which Company and Employee are parties,
or a breach by Employee of a fiduciary duty or responsibility to Company;
	 	 	 

		·	The commission by Employee of fraud or other willful conduct that adversely affects the business
or reputation of Company, as determined in Company's sole discretion; or,
	 	 	 

		·	Company has a reasonable belief Employee engaged in some form of harassment or other improper conduct
prohibited by Company policy or the law.
	 	 	 

In the event of a termination for Cause, Employee shall
only be entitled to receive payment of base salary, in effect at the time of termination, through Employee's last date of employment
and accrued, unused vacation pay. Employee will not be entitled to any other payments, salary or bonus. Employee shall have absolutely
no right to receive or retain any other payment or compensation whatsoever under this Agreement. The Employee's rights and obligations
regarding stock options, restricted stock or other equity incentives owned by Employee shall be determined in accordance with and
be governed by the 2012 Plan or other applicable equity plan.

 

		11.	Termination by Company without Cause. Company may terminate Employee's employment without
Cause at any time, for any reason, without notice. In the event Employee's employment is terminated by Company without Cause, Employee
shall be entitled to receive from Company severance pay in an amount equal to six (6) months of Employee's base salary then in
effect at the time of termination, less applicable taxes and withholdings. Employee shall receive bonus payment on a pro-rata basis
through the date of Employee's termination and any accrued, unused vacation pay. The severance pay, bonus payment, and other consideration
provided in this Section are conditioned upon Employee's execution of a full and final waiver of all claims against Company, and
not rescinding or revoking (to the extent permitted under such release) Employee's release, in a form acceptable to Company.

 

 

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		12.	Termination by Employee for Good Reason. For purposes of this Agreement, "Good Reason"
shall mean (i) a material diminution in Employee's position, duties, base salary, and responsibilities; or (ii) Company's notice
to Employee that his or her position will be relocated to an office which is greater than 100 miles from Employee's prior office
location. In all cases of Good Reason, Employee must have given notice to Company that an alleged Good Reason event has occurred
and the circumstance must remain uncorrected by Company after the expiration of thirty (30) days after receipt by Company of such
notice. If Employee terminates his or her employment for Good Reason, Employee shall be entitled to receive from Company severance
pay in an amount equal to six (6) months of Employee's base salary then in effect at the time of termination, less applicable taxes
and withholdings. Employee shall receive a bonus payment on a pro-rata basis through the date of Employee's termination. The severance
pay, bonus payment, and other consideration provided in this Section are conditioned upon Employee's execution of a full and final
waiver of all claims against Company, and not rescinding or revoking (to the extent permitted under such release) Employee's release,
in a form acceptable to Company.
	 	 	 

		13.	Termination by Employee without Good Reason. If Employee terminates his or her employment
with Company without Good Reason, Employee is only entitled to his or her base salary, then in effect at the time of termination,
through Employee's last day of employment and accrued, unused vacation pay. Employee will not be entitled to any other payments,
salary, or bonus.
	 	 	 

	 14.	Termination Due to a Change in Control. "Change in Control" means:
	 	 

		a.	there is consummated a merger, consolidation, statutory exchange or reorganization, unless securities
representing more than fifty percent (50%) of the total combined voting power of the outstanding voting securities of the successor
corporation are immediately thereafter beneficially owned directly or indirectly and in substantially the same proportion, by the
persons who beneficially owned Company's outstanding voting securities immediately prior to such transaction;
	 	 	 

		b.	any transaction or series of related transactions pursuant to which any person or any group of
persons comprising a "group" within the meaning of Rule 13d-5(b)(1) under the Securities Exchange Act of 1934, as amended
(other than Company or a person that, prior to such transaction or series of related transactions, directly or indirectly controls,
is controlled by or is under common control with, Company) becomes directly or indirectly the beneficial owner (within the meaning
of Rule 13d-3 of the Securities Exchange Act of 1934, as amended) of securities possessing (or convertible into or exercisable
for securities possessing) thirty percent (30%) or more of the total combined voting power of the securities (determined by the
power to vote with respect to the elections of Board members) outstanding immediately after the consummation of such transaction
or series of related transactions, whether such transaction involves a direct issuance from Company or the acquisition of outstanding
securities held by one or more of Company's shareholders;
	 	 	 

		c.	there is consummated a sale, lease, exclusive license, or other disposition of all or substantially
all of the consolidated assets of the Company and its subsidiaries,

 

 

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other than a sale, lease, license, or other disposition
of all or substantially all of the consolidated assets of the Company and its subsidiaries to an entity, more than fifty percent
(50%) of the combined voting power of the voting securities of which are owned by shareholders of the Company in substantially
the same proportions as their ownership of the Company immediately prior to such sale, lease, license, or other disposition

 

		d.	individuals who, on the date of this Agreement, are members of the Board of Directors of Company
(the "Incumbent Board") cease for any reason to constitute at least a majority of the members of the Board of Directors;
provided, however, that if the appointment or election (or nomination for election) of any new director was approved or recommended
by a majority vote of the members of the Incumbent Board then still in office, such new director shall, for purposes of sentence,
be considered as a member of the Incumbent Board.

 

Notwithstanding the foregoing, (i) the definition of Change
in Control (or any analogous term) in an individual written agreement between the Company and the Participant shall supersede the
foregoing definition with respect to Incentives subject to such agreement (it being understood, however, that if no definition
of Change in Control or any analogous teiin is set forth in such an individual written agreement, the foregoing definition shall
apply); and (ii) a "Change in Control" shall not be deemed to have occurred for purposes of the foregoing clause (b)
solely as the result of a repurchase or other acquisition of securities by Company which, by reducing the number of shares of Voting
Securities outstanding, increases the proportionate number of Voting Securities beneficially owned by any person to thirty percent
(30%) or more of the combined voting power of all of the then outstanding Voting Securities; provided, however, that if any person
referred to in this clause (iii) shall thereafter become the beneficial owner of any additional shares of Voting Securities (other
than pursuant to a stock split, stock dividend, or similar transaction or as a result of an acquisition of securities directly
from Company) and immediately thereafter beneficially owns thirty percent (30%) or more of the combined voting power of all of
the then outstanding Voting Securities, then a "Change in Control" shall be deemed to have occurred for purposes of the
foregoing clause (b).

 

In the event of a termination, without Cause, due to a
Change of Control, Employee shall be entitled to receive from Company severance pay in an amount equal to twelve (12) months of
Employee's base salary then in effect at the time of termination, less applicable taxes and withholdings. Employee shall receive
a bonus payment on a pro-rata basis through the date of Employee's termination. The severance pay, bonus payment, and other consideration
provided in this Section are conditioned upon Employee's execution of a full and final waiver of all claims against Company, and
not rescinding or revoking (to the extent permitted under such release) Employee's release, in a form acceptable to Company.

 

		15.	Governing Law; Venue. This Agreement shall be governed by and construed in accordance with
the laws of the State of Minnesota. The venue for any action relating to this Agreement shall be the federal or state courts located
in Dakota County, Minnesota, to which venue each party hereby submits.

 

 

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		16.	Notices. Any notice or other communication required or permitted hereunder shall be in writing
and shall be deemed to have been given, when received, if delivered by hand or by telegram, or three (3) working days after deposited,
if placed in the mail for delivery by certified mail, return receipt requested, postage prepaid and addressed to the appropriate
party at the following address:
	 	 	 

	 	Company: 	Skyline Medical Inc.
	 	 	Attention: Bob Myers, CFO
	 	 	2915 Commers Drive
	 	 	Suite 900
	 	 	Eagan, Minnesota 55121
	 	 	 
	 	Employee:	Carl Schwartz
	 	 	3750 Las Vegas Boulevard

 

Addresses may be changed by written notice given pursuant
to this Section; however any such notice shall not be effective, if mailed, until three (3) working days after depositing in the
mails or when actually received, whichever occurs first.

 

		17.	Other Agreements. This Agreement contains the entire agreement between the Parties concerning
terms of employment and supersedes at the effective date hereof any other agreement, written or oral, except the 2012 Plan or other
applicable equity plans and the applicable award agreements under such plans.
	 	 	 

		18.	Modification and Waiver. A waiver by either party of a breach of any provision of this Agreement
shall not operate as or be construed as a waiver of any subsequent breach thereof. Any modification of this Agreement must be in
writing and signed by both parties.
	 	 	 

		19.	Scope of Remedies. In the event Employee breaches the covenants contained in this Agreement,
Employee recognizes that irreparable injury will result to Company, that Company's traditional remedies at law for damages will
be inadequate, and that Company shall be entitled to injunctive relief ordered by a judicial court of competent jurisdiction to
restrain the continuing breach by Employee, Employee's partners, agents, or employees, or any other persons or entities acting
for or with Employee. Company shall further be entitled to seek remedies in a judicial court of competent jurisdiction for damages,
reasonable attorney's fees, and all other costs and expenses incurred in connection with the enforcement of this Agreement, in
addition to any other rights and remedies which Company may have at law or in equity.
	 	 	 

		20.	Binding Effect, Assigns, Successors, Etc. The benefits and obligations of this Agreement
shall inure to the successors and assigns of Company, to any person or entity which purchases substantially all of the assets of
Company, and to any subsidiary, affiliated corporation, or operating division of Company. This Agreement is not assignable by Employee.

 

 

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		21.	Savings Clause. If any provision, portion or aspect of this Agreement is determined to be
void, or voidable by any legislative, judicial or administrative action as properly applied to this Agreement, then this Agreement
shall be construed to so limit such provision, portion or aspect thereof to render same enforceable to the greatest extent permitted
by or in the relevant jurisdiction.
	 	 	 

		22.	Headings. The headings of this Agreement are intended solely for convenience and reference,
and shall give no effect in the construction or interpretation of this Agreement.
	 	 	 

		23.	Survival. The restrictions on Employee's post-employment activities (including Employee's
confidentiality obligations and restrictive covenants), and those sections of this Agreement that pertain to interpretation and
enforcement of such restrictions, will survive the termination of this Agreement and/or Employee's employment and will remain in
full force and effect.
	 	 	 

		24.	Execution. This Agreement may be executed in two (2) or more counterparts, and each such
counterpart deemed an original, Original signatures on copies of the Agreement transmitted by facsimile will be deemed originals
for all purposes hereunder.
	 	 	 

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

 

SKYLINE MEDICAL INC.

 

	 	By: 	/s/ Bob Myers	 
	 	 	 	 
	 	Title: 	CFO

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}]]