Document:

EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 
 This
EMPLOYMENT AGREEMENT (the “Agreement”) made as of the 20th day of October, 2021, but effective as of May 27, 2021 (the “Effective Date”), by and between the MOHEGAN TRIBAL
GAMING AUTHORITY d/b/a MOHEGAN GAMING & ENTERTAINMENT (the “Employer”), an instrumentality of THE MOHEGAN TRIBE OF INDIANS OF CONNECTICUT (the “Tribe”), a sovereign Indian nation, having an address of One Mohegan Sun
Boulevard, Uncasville, Connecticut 06382, and RAYMOND PINEAULT, a resident of Glastonbury, Connecticut (the “Executive”). 

WITNESSETH: 
 WHEREAS, the
Employer owns and operates Mohegan Sun casino and resort in Uncasville, Connecticut, and Mohegan Sun Pocono in Plains Township, Pennsylvania with off-track wagering facilities located in Pennsylvania, manages
and owns an interest in Resorts Casino in Atlantic City, New Jersey, developed and manages ilani Casino on the Cowlitz Reservation in Washington, is developer and manager and owns the Inspire Resort project in Seoul, South Korea, operates Niagara
Fallsview Casino Resort, Casino Niagara and Niagara Falls Entertainment Centre, and Mohegan Sun Casino at Virgin Hotels Las Vegas, as well as owns investments in other proposed gaming enterprises and/or other gaming and entertainment businesses (as
presently existing and hereafter developed, the “Business”); and 
 WHEREAS, the Employer is managed by the Management Board (the
“Management Board”) under the chairmanship of the Chairman of the Management Board (the “Chairman”); and 
 WHEREAS, the
Employer and Executive entered into that certain Mohegan Sun Executive Employment Agreement dated and effective as of May 7, 2005, providing for the employment of Executive by the Employer (the “2005 Agreement”); and 

WHEREAS, the Employer and Executive have agreed to terminate the 2005 Agreement and to enter into this Agreement to employ Executive as its
President and Chief Executive Officer and is desirous of assuring that Executive has the authority to fully carry out his duties hereunder. 

NOW, THEREFORE, in consideration of the promises and the mutual covenants, terms and conditions hereinafter set forth, and for other good and
valuable consideration, the receipt and sufficiency whereof is specifically acknowledged, the parties hereto hereby agree as follows: 
  

	1.	 Effective Date of this Agreement and Termination of the 2005 Agreement 

Executive and Employer mutually agree that this Agreement is effective on the Effective Date, and as of the Effective Date the 2005 Agreement
shall be terminated and neither party thereto shall have any further obligation to the other thereunder. 

	2.	 Nature of Services and Duties 

(A) Employer hereby agrees to employ Executive as its President and Chief Executive Officer upon the terms set forth herein, and Executive
hereby accepts such employment. 
 (B) Executive shall perform such duties and services of an executive, managerial and administrative
nature as are customary for a president and chief executive officer of a similar entity and which, consistent with the foregoing, the Employer may from time to time through communication from the Chairman hereafter assign to him. Such duties shall
include, but not be limited to, the following: 
 (i) Executive shall be responsible for developing, in consultation with the
Management Board, implementing and monitoring the strategic plans for the Business; 
 (ii) Executive shall be responsible
for developing annual operating and capital budgets for the Business and its divisions and for implementing, monitoring and evaluating the operating and capital budgets. The operating and capital budgets shall be presented to the Employer by the
second Monday of September preceding the next fiscal year, and the Employer shall approve or modify the budgets for the fiscal year on or before September 30 of such year, in consultation with Executive; 

(iii) Executive shall be responsible for developing the organizational structure for the Business and for recruiting, training,
counseling and evaluating the management team and divisional leaders; 
 (iv) Executive shall be responsible to direct the
selection, retention, control and discharge of employees performing services in connection with the development, operation and management of the Business. The Chairman may give direction to select, retain, control or discharge an employee upon a
vote of the Management Board, provided, however, that the Management Board shall consider written arguments from Executive prior to voting and no fewer than six (6) members of the Management Board must vote in favor of such direction; 

(v) Executive shall be responsible for developing and maintaining the job compendium necessary to manage the Business,
including changes to position titles. Minimum qualifications for newly created positions or material changes to minimum qualifications for established positions will be subject to the prior approval of the Employer, all in accordance with policy
approved by the Management Board. The Chairman may direct Executive to make changes to the job compendium upon a vote of the Management Board, provided, however, that the Management Board shall consider written arguments from Executive prior to
voting and no fewer than six (6) members of the Management Board must vote in favor of such change; 
 (vi) Executive
shall be responsible for policy formulation for the Business, provided, however, that new policies and material changes to policies will be subject to the prior approval of the Management Board. The Chairman may direct Executive to make other
changes to such policies upon a vote of the Management Board, provided, however, that the Management Board shall consider written arguments from Executive prior to voting and no fewer than six (6) members of the Management Board must vote in
favor of such change; 

  
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 (vii) Executive shall be responsible for developing processes by which the
Business shall market, sell and account for its products and services and for developing, implementing, monitoring and adopting measures to improve customer service; and 

(viii) Executive shall be responsible for negotiating agreements on behalf of the Business, provided that any contract
exceeding the dollar value specified by policy approved by the Management Board or containing any waiver of Employer’s sovereign immunity must be approved by the Management Board. 

Executive shall carry out his responsibilities in accordance with and subject to the requirements of applicable laws, including applicable Tribal laws. The
Employer shall not materially restrict, reduce or otherwise limit Executive’s responsibility or authority without his consent, except for customary limits and protocols of authority established by the Employer consistent with past practice.

 (C) Executive shall devote his full-time best efforts and ability and all required business time to the performance of his duties and
responsibilities hereunder to achieve the goals set forth in the Employer’s annual business plan. Executive shall perform all of his duties to the Employer faithfully, competently, and diligently. Executive shall comply with Employer’s
policies, as amended from time to time. 
 (D) To the fullest extent authorized or permitted by law, except for actions of the Executive
that could be the basis for termination for Cause as set forth in Section 6(C), below, the Employer shall indemnify, defend, and hold Executive harmless, including the payment of reasonable attorney fees if the Employer does not directly
provide Executive’s defense, from and against all claims made by anyone, including, but not limited to, a corporate entity, company, other employee, agent, patron, tribal member, or any member of the general public with respect to any claim
that asserts as a basis, any acts, omissions, or other circumstances involving the performance by Executive of his duties and services under this Agreement. 
  

	3.	 Base Annual Salary 

Commencing with the Effective Date and until September 30, 2021, the Employer shall pay Executive a Base Annual Salary in the amount of
$1,000,000.00, payable in equal weekly installments of $19,230.77. Commencing October 1, 2021, and on each October 1 thereafter, the Base Annual Salary shall be increased if, and in an amount, mutually agreed to by Executive and the
Employer. Executive shall be permitted to participate in and shall be eligible for all incentive compensation plans and benefits as available to executive-level employees at or below his level. Any bonus paid under the Incentive Compensation Program
will be at the discretion of the Management Board of the Employer. Employer reserves the right to amend or withdraw any bonus and/or the Incentive Compensation Program at its absolute discretion. 

Notwithstanding the termination of the 2005 Agreement, Executive shall remain eligible for incentive compensation payment under
Employer’s incentive compensation plan to the extent that Executive would have been eligible and received payment for Fiscal Year 2021 but for termination of the 2005 Agreement by execution of this Agreement. However, in consideration of
Executive entering into this Agreement, such incentive compensation payment shall be based on Executive’s position and base salary under this Agreement. 

  
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	4.	 Life Insurance 

The Employer may, within its discretion, at any time during the effectiveness of this Agreement apply for and procure as owner and for its own
benefit insurance on the life of Executive, in such amounts and in such form as the Employer may choose. Executive shall have no interest whatsoever in any such policies, but he shall upon request by the Employer submit to such medical examinations,
supply such information, and execute such documents as may be required by the Employer or the insurance companies to whom the Employer has made application. 
  

	5.	 Reimbursement of Certain Expenses; Vacation; Medical Benefits 

(A) The Employer will reimburse Executive for necessary and reasonable business expenses incurred by him in the performance of his duties
hereunder, provided, that he shall obtain the approval for such expenditures in accordance with the procedures adopted by Employer from time to time and generally applicable to its executive-level employees, including such procedures with respect to
submission of appropriate documentation and receipts. Failure by Executive to follow such procedures shall entitle the Employer to refuse to reimburse Executive for such expenses until such time as such failure has been cured. It is understood and
agreed that Employer shall not be responsible for any expense of Executive for leasing or operation of a vehicle for Executive (except that Executive shall be entitled to reimbursement for the expenses, including mileage, actually incurred in
connection with his use of his automobile for the business-related purposes of the Employer), nor for any expense of Executive for legal expenses or tax planning expenses incurred by Executive in interpreting this or any other agreement between
Executive and Employer. 
 (B) Executive shall be entitled to four (4) weeks paid personal time off (PTO) per full fiscal year of
employment, subject to policies (e.g. relating to maximum accrual) as are now or may hereafter be adopted by Employer. 
 (C) Executive
shall participate in such employee benefit plans and programs (including but not limited to medical and life insurance programs) as are now or may hereafter be adopted by the Employer for its executive employees and their families. The life
insurance program currently provides term life insurance coverage on Executive’s life for the benefit of Executive’s designated beneficiary in an amount of Executive’s Base Annual Salary. Employer shall continue to provide such
medical insurance coverage for a period of one (1) year after any termination by Employer of Executive’s employment hereunder if such termination was without Cause, as hereinafter defined. 

  
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	6.	 Disability; Termination

(A) If Executive shall become unable to perform all of his duties set forth in Section 2 of this Agreement due to mental or physical
disability, all compensation and benefits provided in this Agreement shall continue to be paid and provided in full for a period not exceeding one hundred and eighty (180) consecutive days. Upon completion of such one hundred and eighty
(180) days (or if Executive shall be disabled by the same incapacity for an aggregate period of one hundred and eighty (180) days in any period of three hundred and sixty (360) consecutive days by the same incapacity) the Employer
may, at its sole option, suspend Executive’s employment until Executive is recovered (as reasonably certified by a physician designated by the Employer) from such mental or physical disability. During any period of suspension on account of
disability, Executive shall receive as compensation under this Agreement only such compensation as may be provided under the disability insurance described in Section 6(B). If the physician designated by the Employer certifies that Executive is
permanently disabled, Employer’s obligations under this Agreement shall cease; provided, however, Executive shall be entitled to the disability benefits set forth in Section 6(B). 

(B) Executive shall be entitled to participate in Employer’s disability insurance program as is now or may hereafter be adopted by the
Employer for its employees subject to any minimum employment period for eligibility. Such program currently provides payment of 60% of Executive’s Base Annual Salary (subject to a maximum monthly benefit), commencing with suspension or
termination of employment, pursuant to Section 6(A) above, by reason of physical or mental disability. 
 (C) Subject to the provisions
of this subsection (C), the Employer may terminate Executive’s employment for Cause, defined as (i) Executive’s violation of the Restrictive Covenants as defined in Section 9 of this Agreement, (ii) the loss, suspension, or
revocation by the State of Connecticut, the Mohegan Tribal Gaming Commission, or any other gaming regulatory agency with jurisdiction over the Employer’s gaming operations and personnel, of Executive’s license for Class III and, as
applicable, Class II gaming (“Executive’s Gaming License”) for a period of thirty (30) consecutive days, (iii) Executive’s conviction of any crime involving fraud, theft or moral turpitude, or
(iv) Executive’s intentional or material breach of his obligations under this Agreement. Employer may suspend Executive without pay upon Executive’s loss or suspension of Executive’s Gaming License or his arrest for any alleged
crime against the Employer or any of its affiliates. In the event that Executive’s Gaming License is restored or if Executive is found not guilty or otherwise exonerated for an alleged crime against Employer or any of its affiliates, and
Executive is not otherwise terminated for Cause as defined herein, Executive’s suspended pay shall be reimbursed to him. 
 Except in
the event of suspension upon Executive’s loss or suspension of Executive’s Gaming License or Executive’s arrest or termination upon conviction of a crime, if Employer desires to terminate Executive for Cause, Employer shall give
written notice specifying the act(s) claimed to constitute cause and specifying an effective date of termination, which date shall be no sooner than thirty (30) days after the giving of such notice; provided, that nothing herein shall prevent
Employer from suspending Executive, with pay, from all operational 

  
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functions and from access to Employer’s facilities upon giving such written notice. Employer may, in its sole discretion, give Executive an opportunity to rectify the reasons for
termination. In the event Executive fails to rectify the act(s) claimed to constitute cause as set forth in the notice of termination, Executive’s employment with the Employer shall cease effective upon the date provided in the notice of
termination. If such termination is for Cause, then Executive shall not be entitled to any further compensation from and after the date of termination. 

(D) Subject to the provisions of this subsection (D), the Employer may terminate Executive’s employment other than for Cause, as defined
above. In the event of termination other than for Cause, Executive shall be paid following such termination (i) a lump sum in the amount of twenty-five thousand dollars ($25,000) for relocation expenses, subject to all deductions required by
applicable law, and (ii) his Base Annual Salary for a period of twelve (12) months from the date of termination, provided that such Base Annual Salary shall be payable to Executive in the same amount and at the same intervals as would have
been paid had his employment continued. 
 (E) In the event that Executive voluntarily terminates his employment hereunder, Executive’s
employment shall cease as of the date provided in Executive’s notice to Employer of his voluntary termination, and thereafter, provided that the Employer shall not then be in material breach of this Agreement, Executive shall not be entitled to
any further compensation hereunder. For the avoidance of doubt, Executive shall be entitled to pursue any such claim for material breach of this Agreement by Employer, provided that the Executive’s remedies for such material default by
Employer, if any, shall in no case exceed recovery of the amounts in Section 6(D) above. 
  

	7.	 Covenants of Executive Not to Compete

Executive acknowledges that, as of the date of this Agreement, Employer’s Business includes all of the gaming facilities listed in the
preamble to this Agreement and that Employer intends to develop additional gaming properties and interests. Executive acknowledges and agrees that: (i) his services to the Employer are special and unique; (ii) his work for the Employer has
given him and will continue to give him access to confidential information concerning the Employer, its strategies, and the Business; (iii) he has the means to support himself and his dependents other than by engaging in the Business of the
Employer and the provisions of this Section 7 will not impair such ability; (iv) that competing with Employer within the Restricted Areas and within the Restricted Period, as defined herein, would give Executive or any entity with which he
might become affiliated an unfair competitive advantage, to the detriment of the Employer; and (v) that the Employer’s undertakings herein, including but not limited to the provisions of Sections 3 and 6(A), (B), and (D), provide
sufficient consideration for his acceptance of the restrictive covenants set forth herein. Accordingly, in order to induce the Employer to enter into this Agreement, Executive covenants and agrees that: 

(A) The geographic areas within which Executive shall not compete include the states of New York, New Jersey, Pennsylvania, Connecticut,
Massachusetts, Rhode Island, Vermont, New Hampshire, and Maine and a radius of one hundred twenty five (125) statute miles from any site in which the Employer holds, has an application pending for, or has formed a plan made by or disclosed to
Executive by Employer while Executive is employed by Employer to apply for, a gaming license, whether as a ‘qualifier’ or a ‘principal’ (the “Restricted Area”). 

  
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 (B) The period of the restrictive covenant shall include all times in which Executive is
employed by Employer and a period of twelve (12) months following the termination of his employment for any reason including Executive’s voluntary termination (the “Restricted Period”). 

(C) During the Restricted Period and in the Restricted Area, Executive shall not, without the express written permission of the Employer,
accept any offer of employment, nor shall he perform services for any entity engaged in casino gaming, nor shall he compete in any manner, either directly or indirectly, including, without limitation, as an employee or independent contractor,
investor, partner, shareholder, officer, director, principal, agent or trustee, of any entity which competes with any Business in which Employer is engaged during any period of Executive’s employment by Employer. This restriction shall not bar
Executive from ownership of less than five percent (5%) of the shares of a publicly traded corporation engaged in casino gaming or any other Business in which Employer is engaged during any period of Executive’s employment by Employer.

 (D) During the Restricted Period, Executive shall not, directly or indirectly, hire or solicit any employee of the Employer or any of its
affiliates or encourage any such employee to leave such employment. For the avoidance of doubt, this restriction shall not apply with respect to general solicitations or advertisements for positions. 

(E) Executive’s obligations under this Section 7 shall survive any termination of this Agreement and Executive’s employment
hereunder. 
 (F) The Employer shall have the right to notify, without liability to Executive, any person or entity that employs or seeks to
employ or retain Executive during or after the period of Executive’s employment by Employer (but within the Restricted Period) of the restrictions set forth in this Agreement. 

 

	8.	 Confidential Information

Executive agrees to receive Confidential Information (as hereinafter defined) of the Employer in confidence, and not to disclose to others,
assist others in the application of, or use for his own gain, such information, or any part thereof, unless and until it has become public knowledge, has come into the possession of such other or others by legal and equitable means, or if required
to do so by order of a court of competent jurisdiction. Executive further agrees to take and maintain all reasonable efforts to protect Confidential Information from disclosure to persons or entities other than those engaged in the furtherance of
Employer’s Business. Executive further agrees that, upon termination of his employment with the Employer, all documents, records, notebooks and similar repositories of or containing Confidential Information, including any computer devices, cell
phones, laptops, digital storage devices, and similar technological devices that contain any Confidential Information, including copies thereof, then in Executive’s possession, whether prepared by him or others, will be left with or

  
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returned to the Employer. For purposes of this Section 8, “Confidential Information” means information disclosed to Executive or known by Executive as a consequence of or arising
from or out of his employment by the Employer, not generally known in the industry in which the Employer is or may become engaged about the Employer’s Business, products, processes and/or services. Executive’s obligations under this
Section 8 shall survive any termination of this Agreement and Executive’s employment hereunder. 
  

	9.	 Rights and Remedies Upon Breach

Executive acknowledges and agrees that a violation of any provision of Sections 7 or 8 of this Agreement (the “Restrictive
Covenants”) shall cause irreparable harm to the Employer and the Employer shall be entitled to specific performance of this Agreement or an injunction without proof of special damages, together with costs and reasonable and documented
attorney’s fees incurred by the Employer in enforcing its rights under this Agreement. If Executive breaches, or threatens to commit a breach of any of the Restrictive Covenants, the Employer shall have the following rights and remedies, each
of which rights and remedies shall be independent of the other and severally enforceable, and all of which rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available to the Employer under law or in
equity: 
 (A) The right and remedy to have the Restrictive Covenants specifically enforced by any court of competent jurisdiction
including, without limitation the right to entry against Executive of restraining orders and injunctions (preliminary, mandatory, temporary and permanent), without proof of special damages, against violations of such covenants, threatened or actual,
and whether or not then continuing, it being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury to the Employer and that money damages will not provide an adequate remedy to the Employer; and 

(B) The right and remedy to require Executive to account for and pay over to the Employer all compensation, profits, monies, accruals,
increments or other benefits derived or received by Executive from the Employer or in connection with any such breach of the Restrictive Covenants during the period of any breach of the Restrictive Covenants. The Employer may set off any amounts due
it under this Section 9(B) against any amounts owed to Executive under Sections 3 or 6. 
  

	10.	 Notice

All notices hereunder shall be in writing. Any notice, request, information, legal process, or other instrument to be given or served hereunder
by any party to another shall be deemed given or served hereunder by any party to the other if either delivered personally or sent by prepaid registered or certified mail, return receipt requested. Any such notice to the Employer shall be sent to
the address set forth in the introductory paragraph of this Agreement to the attention of the Chairman with a copy to the Senior Vice President/Chief Legal Officer of the Employer. Any such notice to Executive shall be sent to his then current
residential address on file with Employer’s Human Resources Department. Either party may, through written notice to the other party, change the address of notice as provided in this Section. 

  
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	11.	 Entire Agreement; Modification

Except as otherwise provided herein, this Agreement supersedes and cancels any and all prior agreements between the parties hereto, express or
implied, relating to the subject matter hereof. This Agreement sets forth the entire agreement of the parties hereto with respect to the subject matter hereof. This Agreement may not be changed, modified, amended or altered except in a writing
signed by both parties. 
  

	12.	 Non-Waiver

The failure or refusal of either party to insist upon the strict performance of any provision of this Agreement or to exercise any right in any
one or more instances or circumstances shall not be construed as a waiver or relinquishment of such provision or right and shall in no way effect such provision or right, nor shall such failure or refusal be deemed a custom or practice contrary to
such provision or right. 
  

	13.	 Severability

If any section, paragraph, term or provision of this Agreement shall be held or determined to be unenforceable, the balance of this Agreement
shall nevertheless continue in full force and unaffected by such holding or determination. In addition, in any such event, the parties agree that it is their intention and agreement that any such section, paragraph, term or provision which is held
or determined to be unenforceable as written, shall nonetheless be enforced and binding to the fullest extent permitted by law as though such section, paragraph, term or provision had been written in such a manner to such an extent as to be
enforceable under the circumstances. Without limitation of the foregoing, with respect to any restrictive covenant contained herein, if it is determined that any such provision is excessive as to duration or scope, the parties hereto agree that any
court of competent jurisdiction over them shall be authorized and empowered to enforce the restrictive covenant for such shorter duration or with such narrower scope as will render it enforceable to the greatest extent permissible under applicable
law. 
  

	14.	 Governing Law

This Agreement shall be construed in accordance with the laws of the State of Connecticut without regard to its conflict of laws’
provisions. 
  

	15.	 Dispute Resolution

Except for actions by Employer for enforcement against Executive of the Restrictive Covenants set forth in this Agreement, any disagreement or
dispute between the parties as to the interpretation of this Agreement or any rights or obligations arising hereunder, including, without limitation, the arbitrability of any dispute, shall be resolved exclusively by binding arbitration in
accordance with the then prevailing rules of the American Arbitration Association (or any successor thereto to the extent not inconsistent herewith), upon notice to the other 

  
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party of its intention to do so. The parties agree that any such arbitration shall be confidential and that in any such arbitration each party shall be entitled to discovery as provided by the
Federal Rules of Civil Procedure. All hearings shall be conducted in Hartford County, Connecticut, commencing within fifteen (15) days after the arbitrator is selected and shall be conducted in the presence of the arbitrator. The decision of
the arbitrator will be final and binding on the parties. The costs and expenses of the arbitration shall be shared equally by the parties. No demand for arbitration shall be submitted to the arbitral forum unless and until the party asserting the
existence of a dispute has given notice to the other party of the grounds therefor, and the parties have met and conferred in an effort to resolve the dispute; provided that the demand for arbitration shall not be delayed more than thirty
(30) days after notice of the dispute is provided. 
  

	16.	 No Jury Trial 

The parties agree that no dispute arising from or out of this Agreement shall be tried to a jury in any court or forum having jurisdiction over
the parties. 
  

	17.	 Gaming Disputes Court Jurisdiction 

In the event of any action to enforce the Restrictive Covenants under this Agreement, or any action to enforce the requirement that the parties
submit disputes to arbitration or to enforce or overturn an arbitration decision, as provided in Section 15, the parties agree to submit to any tribal, state or federal court having personal and subject matter jurisdiction. The parties further
agree that the Mohegan Gaming Disputes Court shall be used as a forum only if a state or federal court denies jurisdiction to (a) enforce the requirement that the parties submit disputes to arbitration and (b) enforce or overturn an
arbitration decision. 
  

	18.	 Limited Waiver of Sovereign Immunity

The Employer hereby waives its sovereign immunity from arbitration for claims by the Executive for the enforcement of this Agreement and any
remedies for breach thereof, and waives its sovereign immunity from suit to enforce or set aside an arbitration award. Nothing herein shall limit the Executive’s right to proceed with any claims otherwise allowed under the laws of the Tribe.
The Employer hereby consents to personal jurisdiction and venue in any court of the State of Connecticut, any federal court sitting in the State of Connecticut, and the Mohegan Gaming Disputes Court for the purposes set forth herein, and hereby
waives any claim that it may have that such court is an inconvenient forum for the purposes of any proceeding arising under this Agreement as aforesaid and, with respect to a proceeding in a court of the State of Connecticut or a federal court
sitting in the State of Connecticut, any requirement that tribal remedies be exhausted. 
  

	19.	 Headings

The headings of this Agreement are inserted for convenience only and shall not be considered in construction of the provisions hereof. 

  
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	20.	 Assignment and Successors; Binding Effect

The rights and obligations of the Employer under this Agreement shall inure to the benefit of and shall be binding upon the successors of the
Employer and may be assigned by the Employer to any affiliate of the Employer, provided that the Employer shall continue to be financially responsible to Executive hereunder. Executive shall have no right to assign, transfer, pledge or otherwise
encumber any of the rights, or to delegate any of the duties created by this Agreement without prior written consent of the Employer. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the Employer, its
successors and assigns, and Executive, his heirs and legal representatives. 
 [Balance of page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the Employer has caused this Agreement to be executed by R. James
Gessner, Jr., acting in his capacity as the Chairman of the Management Board of the Employer and Executive has affixed his signature hereto on the date and year first above written. 

 

									
	EMPLOYER:	 		 		 	EXECUTIVE:
	  
 Mohegan Tribal Gaming Authority d/b/a

Mohegan Gaming & Entertainment
	 		 	
					
	By:	 	/s/ R. James Gessner, Jr.	 		 		 	/s/ Raymond Pineault
		 	R. James Gessner, Jr., Chairman	 		 		 	Raymond Pineault
		 	Management Board	 		 		 	

  

					
	STATE OF CONNECTICUT   )	  		  	
	                                      
             )	  	ss. Uncasville	  	October 20, 2021
	COUNTY OF NEW LONDON)	  		  	

 Personally, appeared R. James Gessner, Jr., Chairman of the Management Board of the MOHEGAN TRIBAL GAMING
AUTHORITY, an instrumentality of the Mohegan Tribe Indians of Connecticut, signer and sealer of the foregoing instrument, and acknowledged the same to be his free act and deed and the free act and deed of the Mohegan Tribal Gaming Authority, before
me.
  

	
	/s/ Helga M. Woods
	 Commissioner of Superior Court

  

					
	STATE OF CONNECTICUT   )	  		  	
	                                      
             )	  	ss. Uncasville	  	October 20, 2021
	COUNTY OF NEW LONDON)	  		  	

 Personally, appeared RAYMOND PINEAULT, signer and sealer of the foregoing, instrument, and acknowledged the
same to be his free act and deed, before me. 
  

	
	/s/ Denise A. Rubino
	 Notary Public Denise A. Rubino

	 My Commission Expires: 5/31/2025

  
 12THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933 (THE "ACT") AND ARE PROPOSED TO BE ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
ACT PROVIDED BY REGULATION S PROMULGATED UNDER THE ACT. UPON ANY SALE, SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE
TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT
TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS
IN COMPLIANCE WITH THE ACT.

 

SUBSCRIPTION AGREEMENT

 

WB Burgers
Asia, Inc.

 

This SUBSCRIPTION AGREEMENT is made as of this 22th
day of October 2021, by and between WB Burgers Asia, Inc., a Nevada corporation, (the "Company") with its
address at 3 F K’s Minamiaoyama, 6-6-20 Minamiaoyama, Minato-Ku, Tokyo, 107-0062, and the undersigned (the
"Subscriber").

 

WHEREAS:

 

	A.	The
    Company desires to issue a maximum of Two Million Two Hundred Fifty Two Thousand Two Hundred Fifty Two, (2,252,252) shares of common
    stock of the Company at a price of $0.20 USD per share (the "Offering") pursuant to Regulation S of the United States Securities
    Act of 1933 (the “Act”).

 

	B.	The Subscriber desires to acquire the number of shares of the Offering set forth on the signature page hereof (the "Shares") on the terms and subject to the conditions of this Subscription Agreement.

 

NOW, THEREFORE, for and in consideration of the premises and the
mutual covenants hereinafter set forth, the parties hereto do hereby agree as follows:

 

1. SUBSCRIPTION FOR SHARES

 

1.1 Subject to the terms and conditions hereinafter set forth, the Subscriber
hereby subscribes for and agrees to purchase from the Company such number of Shares as is set forth upon the signature page hereof at
a price equal to $0.20 USD per Share.  Upon execution, the subscription by the Subscriber will be irrevocable.

 

1.2  The purchase price is payable by the Subscriber contemporaneously
with the execution and delivery of this Subscription Agreement.

 

1.3 Upon execution by the Company, the Company agrees to sell such Shares
to the Subscriber for said purchase price subject to the Company's right to sell to the Subscriber such lesser number of Shares as it
may, in its sole discretion, deem necessary or desirable.

 

1.4 Any acceptance by the Company of the Subscriber is conditional upon
compliance with all securities laws and other applicable laws of the jurisdiction in which the Subscriber is a resident.  Each
Subscriber will deliver to the Company all other documentation, agreements, representations, and requisite government forms required by
the Company as required to comply with all securities laws and other applicable laws of the jurisdiction of the Subscriber.  The
Company will not grant any registration or other qualification rights to any Subscriber.

 

 

2. REGULATION S AGREEMENTS OF THE SUBSCRIBER

 

2.1 The Subscriber agrees to resell the Shares only in accordance with
the provisions of Regulation S of the Act pursuant to registration under the Act, or pursuant to an available exemption from registration
pursuant to the Act.

 

2.2 The Subscriber agrees not to engage in hedging transactions with regard
to the Shares unless in compliance with the Act.

 

2.3 The Subscriber acknowledges and agrees that all certificates representing
the Shares will be endorsed with the following legend in accordance with Regulation S of the Act:

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT") AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE ACT PROVIDED BY REGULATION S PROMULGATED UNDER THE ACT. SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR
OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT.  HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE
CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT.”

 

2.4 The Subscriber and the Company agree that the Company will refuse to
register any transfer of the Shares not made in accordance with the provisions of Regulation S of the Act, pursuant to registration under
the Act, or pursuant to an available exemption from registration.

 

3. REPRESENTATIONS AND WARRANTIES BY SUBSCRIBER

 

3.1 The Subscriber represents and warrants to the Company and acknowledges
that the Company is relying upon the Subscriber’s representations and warranties in agreeing to sell the Shares to the Subscriber
that:

 

The Subscriber is not a “U.S. Person” as defined by Regulation
S of the Act and is not acquiring the Shares for the account or benefit of a U.S. Person.

 

 A “U.S. Person” is defined by Regulation S of the
Act to be any person who is:

 

	·	
    any natural person resident in the United States;

     

	·	
    any partnership or corporation organized or Inc. under the laws of the
    United States;

     

 

	·	
    any estate of which any executor or administrator is a U.S. person;

     

	·	
    any trust of which any trustee is a U.S. person;

     

 

	·	
    any agency or branch of a foreign entity located in the United States;

     

	·	
    any non-discretionary account or similar account (other than an estate
    or trust) held by a dealer or other fiduciary organized, incorporate, or (if an individual) resident in the United States; and

     

 

	·	any partnership or corporation if organized or Inc. under the laws of any foreign jurisdiction; and formed by a U.S. person principally for the purpose of investing in securities not registered under the Act, unless it is organized or Inc., and owned, by accredited investors [as defined in Section 230.501(a) of the Act] who are not natural persons, estates or trusts.

 

 

The Subscriber recognizes that this purchase of Shares involves a high
degree of risk in that the Company has only conducted nominal operations since inception and is currently deemed to be a shell company.
Subscriber acknowledges that they understand the Company may require substantial funds in addition to the proceeds of this private placement.

 

Subscriber acknowledges and agrees that proceeds from the sale of the Shares
herein may be used by the Company to fund any operations of its current, or future subsidiaries it may operate through.

 

An investment in the Company is highly speculative and only investors who
can afford the loss of their entire investment should consider investing in the Company and the Shares.

 

The Subscriber has had full opportunity to review information regarding
the business and financial condition of the Company with the Subscriber’s legal and financial advisers prior to execution of this
Subscription Agreement.

 

The Subscriber has such knowledge and experience in finance, securities,
investments, including investment in non-listed and non- registered securities, and other business matters so as to be able to protect
its interests in connection with this transaction.

 

The Subscriber acknowledges that a minimal market for the Shares presently
exists and a greater demand for the Shares may not further develop in the future, and accordingly the Subscriber may not be able to liquidate
its investment.

 

The Subscriber hereby acknowledges that this offering of Shares has not
been reviewed by the United States Securities and Exchange Commission (the "SEC") and that the Shares are being issued by the
Company pursuant to an exemption from registration provided by Regulation S pursuant to the United States Securities Act.

 

The Subscriber is acquiring the Shares as principal for the Subscriber's
own benefit.

 

The Subscriber is not aware of any advertisement of the Shares.

 

The Subscriber is acquiring the Shares subscribed to hereunder as an investment
for the Subscriber's own account, not as a nominee or agent, and not with a view toward the resale or distribution of any part thereof,
and the Subscriber has no present intention of selling, granting any participation in, or otherwise distributing the same.

 

The Subscriber does not have any contract, undertaking, agreement or arrangement
with any person  to sell, transfer or grant participation  to such person, or to any third person, with respect to
any of the Shares sold hereby.

 

The Subscriber has full power and authority to enter into this Agreement
which constitutes a valid and legally binding obligation, enforceable in accordance with its terms.

 

The Subscriber can bear the economic risk of this investment and was not
organized for the purpose of acquiring the Shares.

 

The Subscriber has satisfied himself or herself as to the full observance
of the laws of his or her jurisdiction in connection with any invitation to subscribe for the Shares and/or any use of this Agreement,
including (i) the legal requirements within his/her jurisdiction for the purchase of the Shares, (ii) any foreign exchange restrictions
applicable to such purchase, (iii) any governmental or other consents that may need to be obtained, and (iv) the income tax and other
tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the Shares.

 

 

 4.  REPRESENTATIONS BY THE COMPANY

 

4.1  The Company represents and warrants to the Subscriber that:

 

	(A)	The Company is a corporation duly organized, existing and in good standing under the laws of the State of Nevada and has the corporate power to conduct the business which it conducts and proposes to conduct.

 

	(B)	Upon issue, the Shares will be duly and validly issued, fully paid and non-assessable common shares in the capital of the Company.

 

5. TERMS OF SUBSCRIPTION

 

5.1 Pending acceptance of this subscription by the Company, all subscription
funds paid hereunder shall be deposited with White Knight Co., Ltd., a Japanese corporation and the Company’s designated agent,
(“Designee”). The Company’s Designee agrees to make available to the Company, or a current or future wholly owned subsidiary
the Company may operate through, for the purposes set forth in the disclosure statement, all subscription funds immediateley upon request
by the Company.  In the event the subscription is not accepted, the subscription funds will constitute a non-interest bearing
demand loan of the Subscriber to the Company.

 

5.2 The Subscriber hereby authorizes and directs the Company to deliver
the securities to be issued to such Subscriber pursuant to this Subscription Agreement to the Subscriber’s address indicated herein.

 

5.3 The Subscriber acknowledges and agrees that the subscription for the
Shares and the Company's acceptance of the subscription is not subject to any minimum subscription for the Offering.

 

6. MISCELLANEOUS

 

6.1 Any notice or other communication given hereunder shall be deemed sufficient
if in writing and sent by registered or certified mail, return receipt requested, addressed to the Company at the address listed at the
top of this agreement, and to the Subscriber at his or her address indicated on the last page of this Subscription Agreement. Notices
shall be deemed to have been given on the date of mailing, except notices of change of address, which shall be deemed to have been given
when received.

 

6.2 Notwithstanding the place where this Subscription Agreement may be
executed by any of the parties hereto, the parties expressly agree that all the terms and provisions hereof shall be construed in accordance
with and governed by the laws of the State of Nevada.

 

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

 

 

7. REPRESENTATIONS BY FOREIGN RESIDENTS

 

7.1  If the Subscriber is a foreign resident, the Subscriber
represents to the Company that the Subscriber is a resident of a foreign jurisdiction, and not a US citizen.

 

	  □	(i)	a spouse, parent, brother, sister or child of Koichi Ishizuka, a senior officer or director of the Company ;

 

	  □	(ii)	a close friend or business associate of Koichi Ishizuka, a senior officer or director of the Company , or

 

	  □	(iii)	a company, all of the voting securities of which are beneficially owned by one or more of a spouse, parent, brother, sister, child or close personal friend or business associate of Koichi Ishizuka, a senior officer or director of the Company.

 

IN WITNESS WHEREOF, this Subscription Agreement is executed as of
the day and year first written above.

 

Issuer Name: WB Burgers Asia, Inc.

 

Number of Common Shares Subscribed For: 2,252,252

 

Price Per Share: $0.20 USD

 

Total Subscription Amount in USD (Shares X Price Per Share):  $450,450

 

Name of Subscriber: SHOKAFULIN LLP

 

Address of Subscriber: ___________________________

 

(Subscriber’s Email Address): _____________________________

 

(Subscriber’s ID Number if applicable): _____________________________

 

Signature of Subscriber : _________________________________________

(TAKUYA WATANABE)

 

Title of Signing Person (if Subscriber is a Company): Board Chairman

 

 

ACCEPTED BY:

 

WB Burgers Asia, Inc.

 

	Signature
    of Authorized Signatory: ________________________

 

	Name of Authorized Signatory: Koichi Ishizuka

 

	Position of Authorized Signatory: Chief Financial Officer and Director

 

Date of Acceptance: October 22, 2021

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