Document:

Exhibit 10.28

 

RESTRICTED STOCK UNIT AWARD AGREEMENT

 

Twin River Worldwide Holdings, Inc.

2015 Stock Incentive Plan

 

This Award Agreement
(this “Agreement”) is made as of [●] (the “Grant Date”) between Twin River Worldwide
Holdings, Inc. (the “Company”), and [●] (“Participant”), and is made pursuant to the
terms of the Twin River Worldwide Holdings, Inc. 2015 Stock Incentive Plan (the “Plan”). Any capitalized term
used herein but not defined shall have the meaning set forth in the Plan.

 

Section 1.          Grant
of Restricted Stock Units. The Company hereby grants to Participant, on the terms and conditions hereinafter set forth,
a Restricted Stock Unit Award consisting of [●] restricted stock units (“Restricted Stock Units”). Each
Restricted Stock Unit represents the right to receive one share of Common Stock, subject to the terms and conditions set forth
in this Agreement and the Plan.

 

Section 2.          Vesting
of the Restricted Stock Units.

 

		a)	Generally.         Except
                                         as otherwise provided herein, 1/3 of the Restricted Stock Units will vest on [●]
                                         of each of [●], [●] and [●], in each case subject to Participant’s
                                         continuous Service with the Company on the applicable vesting date.

 

		b)	Death; Disability; Retirement;
                                         Termination Without Cause.         Except
                                         as otherwise set forth in Section 2(c), upon the occurrence of Participant’s
                                         termination of Service due to Participant’s death, Disability, Retirement or termination
                                         by the Company without Cause, the Restricted Stock Units shall vest as to the number
                                         of Restricted Stock Units that would otherwise have vested on the next applicable vesting
                                         date in accordance with Section 2(a) (assuming Participant had remained in continuous
                                         Service with the Company on such date).

 

		c)	Change in Control.         Upon
                                         a Change in Control, the Restricted Stock Units shall fully vest, except to the extent
                                         that a Replacement Award is provided to Participant in lieu of the Restricted Stock Units.
                                         Upon the Involuntary Termination of Participant’s Service upon or within two years
                                         following the consummation date of a Change in Control, the Replacement Award shall
                                         fully vest.

 

Section 3.          Termination
of Service. Subject to the provisions of Section 2, upon the
occurrence of a termination of Participant’s Service for any reason, all unvested Restricted Stock Units shall be forfeited
and Participant shall not be entitled to any compensation or other amount with respect to such forfeited Restricted Stock Units.

 

Section 4.          Settlement.
 Subject to Participant’s execution of a joinder to any applicable stockholders’ or similar agreement as may be
requested by the Committee, all applicable Restricted Stock Units shall be settled immediately upon the applicable vesting date
by the Company’s issuance and delivery to Participant of a number of shares of Common Stock equal to the number of vested
Restricted Stock Units. 

 

     

     

    

 

Section 5.          Purchase
by the Company.

 

		a)	Annual Purchases.         Subject
                                         to Section 5(c), to the extent Participant then remains a director of the Company
                                         or an employee of the Company or any Affiliate (and subject to any limitations contained
                                         in the Regulatory Agreement, effective as of July 1, 2016, by and among the Company,
                                         the Rhode Island Department of Business Regulation, the Division of Lotteries of the
                                         Rhode Island Department of Revenue, Twin River Management Group, Inc., UTGR, Inc., and
                                         Premier Entertainment II, LLC (the “Regulatory Agreement”) or the
                                         Company’s financing agreements), during April of any year (an “April Put
                                         Period”) or October of any year (an “October Put Period”),
                                         at the request of Participant, the Company will purchase up to the number of shares of
                                         Common Stock that were settled pursuant to Section 4 (excluding any shares of
                                         Common Stock cancelled, withheld or returned to satisfy tax withholding or similar obligations)
                                         at least three years prior to the beginning of the applicable April Put Period or October
                                         Put Period for Fair Market Value; provided in any event that such shares of Common
                                         Stock were not previously purchased pursuant to this Section 5.

 

		b)	Special Purchases.         Subject
                                         to Section 5(c) (and subject to any limitations contained in the Regulatory Agreement
                                         or the Company’s financing agreements), at the request of Participant at any time
                                         following the earliest to occur of (i) the date of a Change in Control, (ii) the date
                                         of a bona fide underwritten public offering and sale of equity securities of the Company
                                         pursuant to one or more effective registration statements under the Securities Act, at
                                         the conclusion of which the aggregate number of shares of Common Stock that have been
                                         sold to the public equals at least 20% of the shares of Common Stock then outstanding
                                         (on a fully diluted basis) after giving effect to such sale, and which results in the
                                         Company receiving at least $25 million in gross proceeds from the sale, or (iii) the
                                         date that is 30 months following the date Participant’s Service terminates due
                                         to death, Disability, resignation or removal without Cause (any such applicable requested
                                         time, an “Applicable Time”), the Company will purchase up to the number
                                         of shares of Common Stock that were previously settled pursuant to Section 4 (excluding
                                         any shares of Common Stock cancelled, withheld or returned to satisfy tax withholding
                                         or similar obligations) for Fair Market Value; provided in any event that such
                                         shares of Common Stock were not previously purchased pursuant to this Section 5.
                                         For the avoidance of doubt, Participant’s rights pursuant to this Section 5(b)
                                         are in addition to, and not in lieu or in restriction of, Participant’s rights
                                         set forth in Section 5(a).

 

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		c)	Purchase Restrictions and Limitations.         In
                                         the event that the Company would otherwise be required to purchase or cancel shares of
                                         Common Stock in excess of the amount permitted by the Regulatory Agreement or the Company’s
                                         financing agreements during any April Put Period or any October Put Period (each, a “Put
                                         Period”) or at any Applicable Time, then the number of shares of Common Stock
                                         requested to be purchased during the applicable Put Period or at the Applicable Time
                                         pursuant to this Section 5 will be reduced on a pro-rata basis by multiplying
                                         the number of shares of Common Stock requested to be purchased during the applicable
                                         Put Period or at the Applicable Time pursuant to this Section 5 by the Permitted
                                         Share Percentage for the applicable Put Period or the Applicable Time. The “Permitted
                                         Share Percentage” for an applicable Put Period or an Applicable Time means
                                         a percentage represented by a fraction, the numerator of which is (i) the maximum total
                                         dollar value which the Company could use to purchase or cancel shares of Common stock
                                         during the applicable Put Period or at the Applicable Time pursuant to this Section
                                         5 without triggering the limitations imposed by this Section 5(c), and the
                                         denominator of which is (ii) the total dollar value necessary for the Company to purchase
                                         or cancel all shares of Common Stock that would otherwise be required to be purchased
                                         or cancelled by the Company.

 

Section 6.          Restrictions
on Transfer. No Restricted Stock Units may be transferred, pledged, assigned, hypothecated or otherwise disposed of in
any way by Participant, except by will or by the laws of descent and distribution. In the event that Participant becomes legally
incapacitated, Participant’s rights with respect to the Restricted Stock Units shall be exercisable by Participant’s
legal guardian or legal representative. The Restricted Stock Units shall not be subject to execution, attachment or similar process.
Any attempted assignment, transfer, pledge, hypothecation or other disposition of the Restricted Stock Units contrary to the provisions
hereof, and the levy of any execution, attachment or similar process upon an Restricted Stock Units, shall be null and void and
without effect. All shares of Common Stock underlying the Restricted Stock Units shall be subject to the transfer restrictions
and rights of the Company set forth in Section 13.1 of the Plan (with respect to securities laws limitations on transfers). Notwithstanding
the foregoing, Participant may, with the prior written consent of the Committee, make transfers of Restricted Stock Units to immediate
family members or to a trust, the sole beneficiaries of which are immediate family members, in each case solely for estate planning
purposes, in all instances subject to compliance with any applicable spousal consent requirements and all other applicable laws.
Subject to Section 8, the restrictions set forth in this Section 6 shall not be applicable to any shares of Common
Stock underlying Restricted Stock Units that vest under the terms of this Agreement and the Plan after the occurrence of an IPO.

 

Section 7.          Investment
Representation. Upon any acquisition of the Common Stock underlying the Restricted Stock Units at a time when there is
not in effect a registration statement under the Securities Act relating to the shares of Common Stock, Participant hereby represents
and warrants, and by virtue of such acquisition shall be deemed to represent and warrant, to the Company that such Common Stock
shall be acquired for investment and not with a view to the distribution thereof, and not with any present intention of distributing
the same, and Participant shall provide the Company with such further representations and warranties as the Company may require
in order to ensure compliance with applicable federal and state securities, blue sky and other laws. No Common Stock underlying
the Restricted Stock Units shall be acquired unless and until the Company and/or Participant shall have complied with all applicable
federal or state registration, listing and/or qualification requirements and all other requirements of law or of any regulatory
agencies having jurisdiction, unless the Board has received evidence satisfactory to it that Participant may acquire such Common
Stock pursuant to an exemption from registration under the applicable securities laws. Any determination in this connection by
the Board shall be final, binding and conclusive. The Company reserves the right to legend any certificate acquired upon settlement
of the Restricted Stock Unit Award, conditioning sales of such shares upon compliance with applicable federal and state securities
laws and regulations.

 

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Section 8.          Lock-Up
Period. Notwithstanding anything contained in this Agreement to the contrary, Participant shall not, without the consent
of the Company, sell or otherwise transfer any shares of Common Stock acquired upon settlement of the Restricted Stock Unit Award
(or successor interests thereto received in connection with an IPO) for a period of time determined by the Board as requested
by the underwriters in connection with the IPO. The Company may impose stop-transfer instructions and may stamp each stock certificate
with a legend as the Company may consider appropriate under the circumstances to effectuate the foregoing restriction.

 

Section 9.          Adjustments.
The Restricted Stock Units granted hereunder shall be subject to the provisions of Section 4.2 of the Plan relating to adjustments
for recapitalizations, reclassifications and other changes in the Company’s corporate structure and for material corporate
transactions; provided, however, for the avoidance of doubt, any dividends which are the subject of Dividend Equivalents
shall not also be the cause of adjustments to the Restricted Stock Units pursuant to Section 4.2 of the Plan.

 

Section 10.        No
Right of Continued Service. Nothing in the Plan or this Agreement shall confer upon Participant any right to continued
Service with the Company or any Affiliate.

 

Section 11.        Limitation
of Rights. Participant shall not have any privileges of a stockholder of the Company with respect to any Restricted Stock
Units, including, without limitation, any right to vote any shares of Common Stock underlying such Restricted Stock Units or to
receive dividends or other distributions in respect thereof, unless and until there is a date of settlement and issuance to Participant
of the underlying Common Stock. Notwithstanding the foregoing, the Restricted Stock Unit Award granted hereunder is hereby granted
in tandem with corresponding dividend equivalents with respect to each share of Common Stock underlying the Restricted Stock Unit
Award granted hereunder (each, a “Dividend Equivalent”), which Dividend Equivalent shall remain outstanding
from the Grant Date until the earlier of the settlement or forfeiture of the Restricted Stock Unit to which it corresponds. Participant
shall be entitled to accrue payments equal to dividends declared, if any, on the Common Stock underlying the Restricted Stock
Unit to which such Dividend Equivalent relates, payable in cash and subject to the vesting of the Restricted Stock Unit to which
it relates, at the time the Common Stock underlying the Restricted Stock Unit is settled and delivered to Participant pursuant
to Section 4; provided, however, if any dividends or distributions are paid in shares of Common Stock, the
shares of Common Stock shall be deposited with the Company, shall be deemed to be part of the Dividend Equivalent, and shall be
subject to the same vesting requirements, restrictions on transferability and forfeitability as the Restricted Stock Units to
which they correspond. Dividend Equivalents shall not entitle Participant to any payments relating to dividends declared after
the earlier to occur of the settlement or forfeiture of the Restricted Stock Units underlying such Dividend Equivalents.

 

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Section 12.        Construction.
The Restricted Stock Unit Award granted hereunder is granted pursuant to the Plan and is in all respects subject to the terms
and conditions of the Plan. Participant hereby acknowledges that a copy of the Plan has been delivered to Participant and accepts
the Restricted Stock Unit Award hereunder subject to all terms and provisions of the Plan, which are incorporated herein by reference.
In the event of a conflict or ambiguity between any term or provision contained herein and a term or provision of the Plan, the
Plan will govern and prevail. The construction of and decisions under the Plan and this Agreement are vested in the Board, whose
determinations shall be final, conclusive and binding upon Participant.

 

Section 13.        Notices.
Any notice hereunder by Participant shall be given to the Company in writing and such notice shall be deemed duly given only
upon receipt thereof by the General Counsel of the Company at the Company’s principal executive offices. Any notice hereunder
by the Company shall be given to Participant in writing at the most recent address as Participant may have on file with the Company.

 

Section 14.        Governing
Law. This Agreement shall be construed and enforced in accordance with, the laws of the State of Delaware, without giving
effect to the choice of law principles thereof.

 

Section 15.        Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed to be an original but all of which together
shall constitute one and the same instrument.

 

Section 16.        Binding
Effect. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs,
executors, administrators, successors and assigns.

 

Section 17.        Section
409A. This Agreement is intended to comply with Section 409A of the Code (“Section 409A”) or an exemption
thereunder and shall be construed and administered in accordance with Section 409A. Notwithstanding any other provision of the
Plan or this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies with
Section 409A or an applicable exemption. Any payments under this Agreement that may be excluded from Section 409A shall be excluded
from Section 409A to the maximum extent possible. The Restricted Stock Units granted hereunder shall be subject to the provisions
of Section 13.3 of the Plan. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits
provided under this Agreement comply with Section 409A, and in no event shall the Company or any of its Subsidiaries or Affiliates
be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Participant on account
of non-compliance with Section 409A.

 

Section 18.        Entire
Agreement. Participant acknowledges and agrees that this Agreement and the Plan constitute the entire agreement between
the parties with respect to the subject matter hereof and thereof, superseding any and all prior agreements whether verbal or
otherwise, between the parties with respect to such subject matter.

 

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Section 19.       Forfeiture
and Recapture. The Restricted Stock Unit Award will be subject to recoupment in accordance with any existing clawback
or recoupment policy, or clawback or recoupment policy that the Company is required to adopt pursuant to the listing standards
of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required
by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law. In addition, the Board may impose such
other clawback, recovery or recoupment provisions as the Board determines necessary or appropriate, including but not limited
to a reacquisition right in respect of previously acquired shares of Common Stock or other cash or property upon the occurrence
of Cause. The implementation of any clawback or recoupment policy will not be deemed a triggering event for purposes of any definition
of “good reason” for resignation or “constructive termination.”

 

(SIGNATURES ON FOLLOWING PAGE)

 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement
effective as of the date first above written.

 

	 	TWIN RIVER WORLDWIDE HOLDINGS, INC.

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	PARTICIPANT

 

	 	 
	 	Name:	 
	 	Date:	 

 

    	- 7 -Exhibit 10.29

 

RESTRICTED STOCK UNIT AWARD AGREEMENT

(PERFORMANCE-BASED)

 

Twin River Worldwide Holdings, Inc.

2015 Stock Incentive Plan

 

This Award Agreement
(this “Agreement”) is made as of [●] (the “Grant Date”) between Twin River Worldwide
Holdings, Inc. (the “Company”), and [●] (“Participant”), and is made pursuant to the
terms of the Twin River Worldwide Holdings, Inc. 2015 Stock Incentive Plan (the “Plan”). Any capitalized term
used herein but not defined shall have the meaning set forth in the Plan.

 

Section 1.          Grant
of Restricted Stock Units.   The Company hereby grants to Participant, on the terms and conditions hereinafter set forth,
a Restricted Stock Unit Award consisting of up to [●] restricted stock units (“Restricted Stock Units”),
contingent upon the satisfaction of the performance, vesting and other conditions hereinafter set forth. Each Restricted Stock
Unit represents the right to receive one share of Common Stock, subject to the terms and conditions set forth in this Agreement
and the Plan.

 

Section 2.           Vesting
of the Restricted Stock Units.

 

		a)	Generally.         Except
                                         as otherwise provided herein, 1/3 of the Restricted Stock Units will be eligible to vest
                                         on December 31 of each of [●], [●] and [●], based upon achievement
                                         of the applicable performance criteria (as set forth in the performance matrix attached
                                         as an exhibit to this Agreement (the “Performance Matrix”) for the
                                         applicable performance period indicated in the Performance Matrix (the “Performance
                                         Period”)), and in each case subject to Participant’s continuous Service
                                         with the Company on the applicable vesting date. Not later than 90 days following the
                                         commencement of the applicable Performance Period, the Committee shall specify the applicable
                                         performance goal(s) and achievement levels applicable to such Performance Period.

 

		b)	Performance Achievement.         If,
                                         upon conclusion of the Performance Period, achievement of a performance goal falls below
                                         the “Threshold” level for such performance goal, as set forth in the Performance
                                         Matrix, a payout percentage of 0% in respect of such performance goal shall be achieved.
                                         If, upon conclusion of the Performance Period, achievement of a performance goal equals
                                         a specified level for such performance goal, as set forth in the Performance Matrix,
                                         the payout percentage specified for such level in the Performance Matrix shall be achieved.
                                         If, upon conclusion of the Performance Period, achievement of a performance goal exceeds
                                         a specified level for such performance goal, as set forth in the Performance Matrix,
                                         but is below the next specified level, the payout percentage shall be linearly interpolated
                                         based on (i) where the actual achievement of such performance goal falls between the
                                         two nearest specified levels as set forth in the Performance Matrix and (ii) the corresponding
                                         payout percentages specified in the Performance Matrix. If, upon conclusion of the Performance
                                         Period, achievement of a performance goal equals or exceeds the “Maximum”
                                         level for such performance goal, as set forth in the Performance Matrix, the payout percentage
                                         indicated on the Performance Matrix for “Maximum” performance in respect
                                         of such performance goal shall be achieved.

 

     

     

    

 

		c)	Determination of Eligible Award.         As
                                         soon as reasonably practicable following the completion of the applicable Performance
                                         Period, the Committee will determine (i) whether and to what extent the performance goal(s)
                                         have been satisfied and (ii) the number of Restricted Stock Units remaining eligible
                                         to vest hereunder pursuant to the terms hereof (the “Eligible Units”).
                                         Any Restricted Stock Units subject to achievement during an applicable Performance Period
                                         that do not constitute Eligible Units following the Committee’s determination thereof
                                         with respect to such Performance Period will be automatically forfeited by Participant
                                         without consideration.

 

		d)	Vesting.         Except
                                         as otherwise provided herein, all Restricted Stock Units that are Eligible Units following
                                         the determination(s) made by the Committee pursuant to Section 2(c) will vest
                                         on January 1, [●], subject to Participant’s continuous Service with the Company
                                         on such date.

 

		e)	Death; Disability; Retirement;
                                         Termination Without Cause.         Upon
                                         the occurrence of Participant’s termination of Service due to Participant’s
                                         death, Disability, Retirement or termination by the Company without Cause, (i) any Eligible
                                         Units attributable to a Performance Period ending prior to the date of such termination
                                         of Service shall immediately vest, (ii) the Restricted Stock Units eligible to be earned
                                         based upon achievement for the Performance Period during which such termination of Service
                                         occurs shall immediately vest on a pro-rata basis (based on the number of days of Participant’s
                                         Service during the applicable Performance Period, as a fraction of the number of days
                                         in such Performance Period), assuming achievement at the target performance level, and
                                         (iii) all Restricted Stock Units eligible to be earned based upon achievement for a Performance
                                         Period commencing following the date of such termination of Service shall be automatically
                                         forfeited by Participant without consideration.

 

		f)	Change in Control.         Upon
                                         a Change in Control, (i) any Eligible Units attributable to a Performance Period ending
                                         prior to the Change in Control shall immediately vest, (ii) the Restricted Stock Units
                                         eligible to be earned based upon achievement for the Performance Period during which
                                         the Change in Control occurs shall immediately vest on a pro-rata basis (based on the
                                         number of days during the applicable Performance Period prior to the Change in Control,
                                         as a fraction of the number of days in such Performance Period), assuming achievement
                                         at the target performance level, and (iii) all Restricted Stock Units eligible to be
                                         earned based upon achievement for a Performance Period commencing following the Change
                                         in Control shall be automatically forfeited by Participant without consideration.

 

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Section 3.          Termination
of Service.       Subject to the provisions of Section 2, upon the
occurrence of a termination of Participant’s Service for any reason, all unvested Restricted Stock Units shall be forfeited
and Participant shall not be entitled to any compensation or other amount with respect to such forfeited Restricted Stock Units.

 

Section 4.          Settlement.
     Subject to Participant’s execution of a joinder to any applicable stockholders’ or similar agreement as may be
requested by the Committee, all applicable Restricted Stock Units shall be settled immediately upon the applicable vesting date
by the Company’s issuance and delivery to Participant of a number of shares of Common Stock equal to the number of Eligible
Units that vested on such applicable vesting date.

 

Section 5.          Purchase
by the Company.

 

		a)	Annual Purchases.         Subject
                                         to Section 5(c), to the extent Participant then remains a director of the Company
                                         or an employee of the Company or any Affiliate (and subject to any limitations contained
                                         in the Regulatory Agreement, effective as of July 1, 2016, by and among the Company,
                                         the Rhode Island Department of Business Regulation, the Division of Lotteries of the
                                         Rhode Island Department of Revenue, Twin River Management Group, Inc., UTGR, Inc., and
                                         Premier Entertainment II, LLC (the “Regulatory Agreement”) or the
                                         Company’s financing agreements), during April of any year (an “April Put
                                         Period”) or October of any year (an “October Put Period”),
                                         at the request of Participant, the Company will purchase up to the number of shares of
                                         Common Stock that were settled pursuant to Section 4 (excluding any shares of
                                         Common Stock cancelled, withheld or returned to satisfy tax withholding or similar obligations)
                                         in connection with a Performance Period that ended at least three years prior to the
                                         beginning of the applicable April Put Period or October Put Period for Fair Market Value;
                                         provided in any event that such shares of Common Stock were not previously purchased
                                         pursuant to this Section 5.

 

		b)	Special Purchases.         Subject
                                         to Section 5(c) (and subject to any limitations contained in the Regulatory Agreement
                                         or the Company’s financing agreements), at the request of Participant at any time
                                         following the earliest to occur of (i) the date of a Change in Control, (ii) the date
                                         of a bona fide underwritten public offering and sale of equity securities of the Company
                                         pursuant to one or more effective registration statements under the Securities Act, at
                                         the conclusion of which the aggregate number of shares of Common Stock that have been
                                         sold to the public equals at least 20% of the shares of Common Stock then outstanding
                                         (on a fully diluted basis) after giving effect to such sale, and which results in the
                                         Company receiving at least $25 million in gross proceeds from the sale, or (iii) the
                                         date that is 30 months following the date Participant’s Service terminates due
                                         to death, Disability, resignation or removal without Cause (any such applicable requested
                                         time, an “Applicable Time”), the Company will purchase up to the number
                                         of shares of Common Stock that were previously settled pursuant to Section 4 (excluding
                                         any shares of Common Stock cancelled, withheld or returned to satisfy tax withholding
                                         or similar obligations) for Fair Market Value; provided in any event that such
                                         shares of Common Stock were not previously purchased pursuant to this Section 5.
                                         For the avoidance of doubt, Participant’s rights pursuant to this Section 5(b)
                                         are in addition to, and not in lieu or in restriction of, Participant’s rights
                                         set forth in Section 5(a).

 

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		c)	Purchase Restrictions and Limitations.         In
                                         the event that the Company would otherwise be required to purchase or cancel shares of
                                         Common Stock in excess of the amount permitted by the Regulatory Agreement or the Company’s
                                         financing agreements during any April Put Period or any October Put Period (each, a “Put
                                         Period”) or at any Applicable Time, then the number of shares of Common Stock
                                         requested to be purchased during the applicable Put Period or at the Applicable Time
                                         pursuant to this Section 5 will be reduced on a pro-rata basis by multiplying
                                         the number of shares of Common Stock requested to be purchased during the applicable
                                         Put Period or at the Applicable Time pursuant to this Section 5 by the Permitted
                                         Share Percentage for the applicable Put Period or the Applicable Time. The “Permitted
                                         Share Percentage” for an applicable Put Period or an Applicable Time means
                                         a percentage represented by a fraction, the numerator of which is (i) the maximum total
                                         dollar value which the Company could use to purchase or cancel shares of Common stock
                                         during the applicable Put Period or at the Applicable Time pursuant to this Section
                                         5 without triggering the limitations imposed by this Section 5(c), and the
                                         denominator of which is (ii) the total dollar value necessary for the Company to purchase
                                         or cancel all shares of Common Stock that would otherwise be required to be purchased
                                         or cancelled by the Company.

 

Section 6.          Restrictions
on Transfer.     No Restricted Stock Units may be transferred, pledged, assigned, hypothecated or otherwise disposed of in
any way by Participant, except by will or by the laws of descent and distribution. In the event that Participant becomes legally
incapacitated, Participant’s rights with respect to the Restricted Stock Units shall be exercisable by Participant’s
legal guardian or legal representative. The Restricted Stock Units shall not be subject to execution, attachment or similar process.
Any attempted assignment, transfer, pledge, hypothecation or other disposition of the Restricted Stock Units contrary to the provisions
hereof, and the levy of any execution, attachment or similar process upon an Restricted Stock Units, shall be null and void and
without effect. All shares of Common Stock underlying the Restricted Stock Units shall be subject to the transfer restrictions
and rights of the Company set forth in Section 13.1 of the Plan (with respect to securities laws limitations on transfers). Notwithstanding
the foregoing, Participant may, with the prior written consent of the Committee, make transfers of Restricted Stock Units to immediate
family members or to a trust, the sole beneficiaries of which are immediate family members, in each case solely for estate planning
purposes, in all instances subject to compliance with any applicable spousal consent requirements and all other applicable laws.
Subject to Section 8, the restrictions set forth in this Section 6 shall not be applicable to any shares of Common
Stock underlying Restricted Stock Units that vest under the terms of this Agreement and the Plan after the occurrence of an IPO.

 

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Section 7.          Investment
Representation.     Upon any acquisition of the Common Stock underlying the Restricted Stock Units at a time when there is
not in effect a registration statement under the Securities Act relating to the shares of Common Stock, Participant hereby represents
and warrants, and by virtue of such acquisition shall be deemed to represent and warrant, to the Company that such Common Stock
shall be acquired for investment and not with a view to the distribution thereof, and not with any present intention of distributing
the same, and Participant shall provide the Company with such further representations and warranties as the Company may require
in order to ensure compliance with applicable federal and state securities, blue sky and other laws. No Common Stock underlying
the Restricted Stock Units shall be acquired unless and until the Company and/or Participant shall have complied with all applicable
federal or state registration, listing and/or qualification requirements and all other requirements of law or of any regulatory
agencies having jurisdiction, unless the Board has received evidence satisfactory to it that Participant may acquire such Common
Stock pursuant to an exemption from registration under the applicable securities laws. Any determination in this connection by
the Board shall be final, binding and conclusive. The Company reserves the right to legend any certificate acquired upon settlement
of the Restricted Stock Unit Award, conditioning sales of such shares upon compliance with applicable federal and state securities
laws and regulations.

 

Section 8.          Lock-Up
Period.    Notwithstanding anything contained in this Agreement to the contrary, Participant shall not, without the consent
of the Company, sell or otherwise transfer any shares of Common Stock acquired upon settlement of the Restricted Stock Unit Award
(or successor interests thereto received in connection with an IPO) for a period of time determined by the Board as requested
by the underwriters in connection with the IPO. The Company may impose stop-transfer instructions and may stamp each stock certificate
with a legend as the Company may consider appropriate under the circumstances to effectuate the foregoing restriction.

 

Section 9.          Adjustments.
   The Restricted Stock Units granted hereunder shall be subject to the provisions of Section 4.2 of the Plan relating to adjustments
for recapitalizations, reclassifications and other changes in the Company’s corporate structure and for material corporate
transactions; provided, however, for the avoidance of doubt, any dividends which are the subject of Dividend Equivalents
shall not also be the cause of adjustments to the Restricted Stock Units pursuant to Section 4.2 of the Plan.

 

Section 10.        No
Right of Continued Service.   Nothing in the Plan or this Agreement shall confer upon Participant any right
to continued Service with the Company or any Affiliate.

 

Section 11.         Limitation
of Rights.   Participant shall not have any privileges of a stockholder of the Company with respect to any Restricted Stock
Units, including, without limitation, any right to vote any shares of Common Stock underlying such Restricted Stock Units or to
receive dividends or other distributions in respect thereof, unless and until there is a date of settlement and issuance to Participant
of the underlying Common Stock. Notwithstanding the foregoing, the Restricted Stock Unit Award granted hereunder is hereby granted
in tandem with corresponding dividend equivalents with respect to each share of Common Stock underlying the Restricted Stock Unit
Award granted hereunder (each, a “Dividend Equivalent”), which Dividend Equivalent shall remain outstanding
from the Grant Date until the earlier of the settlement or forfeiture of the Restricted Stock Unit to which it corresponds. Participant
shall be entitled to accrue payments equal to dividends declared, if any, on the Common Stock underlying the Restricted Stock
Unit to which such Dividend Equivalent relates, payable in cash and subject to the vesting of the Restricted Stock Unit to which
it relates, at the time the Common Stock underlying the Restricted Stock Unit is settled and delivered to Participant pursuant
to Section 4; provided, however, if any dividends or distributions are paid in shares of Common Stock, the
shares of Common Stock shall be deposited with the Company, shall be deemed to be part of the Dividend Equivalent, and shall be
subject to the same vesting requirements, restrictions on transferability and forfeitability as the Restricted Stock Units to
which they correspond. Dividend Equivalents shall not entitle Participant to any payments relating to dividends declared after
the earlier to occur of the settlement or forfeiture of the Restricted Stock Units underlying such Dividend Equivalents.

 

    	- 5 -

     

    

 

Section 12.         Construction.
  The Restricted Stock Unit Award granted hereunder is granted pursuant to the Plan and is in all respects subject to the terms
and conditions of the Plan. Participant hereby acknowledges that a copy of the Plan has been delivered to Participant and accepts
the Restricted Stock Unit Award hereunder subject to all terms and provisions of the Plan, which are incorporated herein by reference.
In the event of a conflict or ambiguity between any term or provision contained herein and a term or provision of the Plan, the
Plan will govern and prevail. The construction of and decisions under the Plan and this Agreement are vested in the Board, whose
determinations shall be final, conclusive and binding upon Participant.

 

Section 13.         Notices.
  Any notice hereunder by Participant shall be given to the Company in writing and such notice shall be deemed duly given only
upon receipt thereof by the General Counsel of the Company at the Company’s principal executive offices. Any notice hereunder
by the Company shall be given to Participant in writing at the most recent address as Participant may have on file with the Company.

 

Section 14.         Governing
Law.   This Agreement shall be construed and enforced in accordance with, the laws of the State of Delaware, without giving
effect to the choice of law principles thereof.

 

Section 15.          Counterparts.
  This Agreement may be executed in counterparts, each of which shall be deemed to be an original but all of which together
shall constitute one and the same instrument.

 

Section 16.         Binding
Effect.   This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs,
executors, administrators, successors and assigns.

 

Section 17.         Section
409A.   This Agreement is intended to comply with Section 409A of the Code (“Section 409A”) or an exemption
thereunder and shall be construed and administered in accordance with Section 409A. Notwithstanding any other provision of the
Plan or this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies with
Section 409A or an applicable exemption. Any payments under this Agreement that may be excluded from Section 409A shall be excluded
from Section 409A to the maximum extent possible. The Restricted Stock Units granted hereunder shall be subject to the provisions
of Section 13.3 of the Plan. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits
provided under this Agreement comply with Section 409A, and in no event shall the Company or any of its Subsidiaries or Affiliates
be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Participant on account
of non-compliance with Section 409A.

 

    	- 6 -

     

    

 

Section 18.         Entire
Agreement. Participant acknowledges and agrees that this Agreement and the Plan constitute the entire agreement between
the parties with respect to the subject matter hereof and thereof, superseding any and all prior agreements whether verbal or
otherwise, between the parties with respect to such subject matter.

 

Section 19.          Forfeiture
and Recapture. The Restricted Stock Unit Award will be subject to recoupment in accordance with any existing clawback
or recoupment policy, or clawback or recoupment policy that the Company is required to adopt pursuant to the listing standards
of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required
by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law. In addition, the Board may impose such
other clawback, recovery or recoupment provisions as the Board determines necessary or appropriate, including but not limited
to a reacquisition right in respect of previously acquired shares of Common Stock or other cash or property upon the occurrence
of Cause. The implementation of any clawback or recoupment policy will not be deemed a triggering event for purposes of any definition
of “good reason” for resignation or “constructive termination.”

 

(SIGNATURES ON FOLLOWING PAGE)

 

    	- 7 -

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement
effective as of the date first above written.

 

	 	TWIN RIVER WORLDWIDE HOLDINGS, INC.

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	PARTICIPANT

 

	 	 	 
	 	Name:	 
	 	Date:	 

 

    	- 8 -

     

    

 

Performance Matrix

[●], [●] and [●]
Performance Periods

 

The Restricted Stock Unit Award consists of three separate Performance
Periods, each from January 1 through December 31 of each of [●], [●] and [●].

 

Up to 1/3 of the Restricted Stock Units are eligible to be earned
with respect to each of the [●], [●] and [●] Performance Periods.

 

Not later than 90 days following the commencement of the applicable
Performance Period, the Committee shall specify the applicable performance goal(s) applicable to such Performance Period, the relevant
achievement levels, and the payout percentage for each applicable achievement level, generally consistent with the following (unless
otherwise determined by the Committee):

 

	Achievement	 	Payout Percentage	 
	Below Threshold	 	 	0	%
	Threshold	 	 	50	%
	Target	 	 	100	%
	Additional Achievement Level, if applicable	 	 	150	%
	Maximum (or greater)	 	 	200	%

 

    	- 9 -

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