Document:

Exhibit 10.26(b)

 

TWIN RIVER
WORLDWIDE HOLDINGS, INC.

AMENDMENT TO NONQUALIFIED STOCK OPTION AGREEMENT

 

THIS AMENDMENT (this “Amendment”)
is effective as of August 19, 2014 between Twin River Worldwide Holdings, Inc. (f/k/a BLB Worldwide Holdings, Inc., the “Company”)
and Glenn Carlin (the “Participant”):

 

RECITALS

 

WHEREAS, the Company and the Participant
have previously entered into a Nonqualified Stock Option Agreement dated July 10, 2013 (the “Option Agreement”).
Capitalized terms not otherwise defined herein will have the same meaning as in the Option Agreement.

 

NOW THEREFORE, in consideration of the mutual
covenants herein set forth, the parties agree as follows:

 

1.             Section
2(a) of the Option Agreement is hereby amended and restated in its entirety as follows:

 

“(a)          Subject
to the Participant’s continuing to be an employee of Twin River Management Group, Inc. (“TRMG”), the Option will
vest as to 1/6 of the Option Shares on each of the first six six-month anniversaries of the Effective Date.

 

At any time, the portion of the Option which
has become vested as described above (or pursuant to Section 2(b) or 2(c) below) is hereinafter referred to as the “Vested
Portion.”“

 

2.             Section
2(b) of the Option Agreement is hereby amended and restated in its entirety as follows:

 

“(b)          If
the Participant’s employment with TRMG is terminated by TRMG other than for Cause, death or Disability, or if the Participant
resigns his employment for Good Reason, the Option will, to the extent not then vested, be accelerated and become vested with respect
to the two 1/6 portions of the Option Shares that were next scheduled to vest following such termination of employment. If the
Participant’s employment with TRMG ceases for any reason other than for Cause, the Option shall, to the extent not then vested
(after giving effect to the immediately preceding sentence), be canceled by the Company without consideration and the Vested Portion
of the Option (after giving effect to the immediately preceding sentence) shall be exercisable during the period set forth in Section
3(a); provided that, if a Public Offering is consummated or a definitive agreement for a Change in Control is entered into,
in either case, within six (6) months of the Participant’s termination without Cause (and other than due to death or Disability)
or the Participant’s resignation for Good Reason, as applicable, then the Company shall pay to the Participant upon the Public
Offering or Change in Control, as applicable, a lump sum cash amount, if any, equal to (i) the excess, if any, of the value of
the consideration paid (A) in the Change in Control transaction to holders or (B) in the Public Offering to the Company, as applicable,
in respect of one Share (or, if no consideration is paid in any such transaction, then Fair Market Value of one Share), over the
Option Price, multiplied by (ii) all Options that were otherwise canceled pursuant to this sentence.
If the Participant is terminated as an employee of TRMG for Cause, all Options whether or not vested and all other rights of the
Participant hereunder shall be forfeited and of no further force or effect.”

 

     

     

    

 

3.            All
provisions of Section 3(a) of the Option Agreement prior to “For purposes of this agreement:” are hereby amended and
restated as follows:

 

“(a) Period of Exercise. Subject
to the provisions of the Plan and this Agreement, the Participant may exercise all or any part of the Vested Portion of the Option
at any time until the tenth (10th) anniversary of the Date of Grant.”

 

4.            The
definitions of “Company Purchase Cap”, “Founding Shareholder”, Sankaty Affiliated Group”, and “Wells/Wachovia
Affiliated Group” are hereby deleted in their entirety from Section 3(a) of the Option Agreement.

 

5.            A
new Section 3(b)(vi) of the Option Agreement is hereby inserted as follows: “(vi)        If
the Fair Market Value of one Share (as determined by the Committee and the Participant in good faith) exceeds the Option Price,
then, subject to any limitations contained in the Regulatory Agreement, made as of July 10, 2014, by and among the Company, the
Rhode Island Department of Business Regulation, the Division of Lotteries of the Rhode Island Department of Revenue, TRMG, and
UTGR, Inc. (the “Regulatory Agreement”), or the Company’s financing agreements, at the request of the Participant
during the Period of Exercise set forth in Section 3(a) and in connection with any exercise of any Vested Portion of the Option
pursuant to Section 3(b)(i), the Company or one of its Affiliates shall loan to the Participant, pursuant to a secured promissory
note in the form attached hereto as Exhibit A (with such changes as may be mutually agreed by the Company or its applicable
Affiliate and the Participant, the “Note”), funds sufficient for the Participant to pay to the Company both the aggregate
Option Price of, and the amount required to be withheld for taxes at the minimum required statutory withholding rates (or, if applicable
in lieu of mandatory Company withholding, the minimum estimated amount of taxes payable by the Participant as of the Participant’s
next estimated tax payment due date) in connection with the exercise of, the applicable Vested Portion of the Option (the “Exercised
Portion”). As a condition to entry into the Note in connection with the Participant’s exercise of the Exercised Portion,
the Participant shall pledge to the Company or its applicable Affiliate as collateral all of the Shares issued to the Participant
in respect of the Participant’s exercise of the Exercised Portion.”

 

6.            Section
3(b)(v) of the Option Agreement is hereby amended and restated in its entirety as follows:

 

“(v)         If
requested by the Company, as a condition to exercising the Option, the Participant will become a party to the Shareholders Agreement
by signing a Joinder Agreement in the form attached as Exhibit C to the Shareholders Agreement or such other form specified by
and acceptable to the Company.”

 

7.            Section
3(c) of the Option Agreement is hereby amended and restated in its entirety as follows:

 

    - 2 - 

     

    

 

“(c)          Purchase
by the Company. Subject to any limitations contained in the Regulatory Agreement or the Company’s financing agreements,
at the request of the Participant during the exercise period set forth in Section 3(a), but in no event prior to the earliest of
the date of a Change in Control, the date of a Public Offering or the date that is thirty (30) months following the date the Participant
ceases to be an employee of TRMG due to death, Disability, resignation or removal without Cause, the Company will (i) purchase
Shares issued to the Participant in respect of this Option for Fair Market Value as determined by the Committee and the Participant
in good faith or (ii) in lieu of the Participant’s rights under Section 3(b) hereof, cancel the Vested Portion of the Option
for Fair Market Value (less the applicable Option Price) as determined by the Committee and the Participant in good faith.”

 

 8.             Section 3(d) of the Option Agreement is hereby amended and restated in its entirety as follows:

 

“(d)         Intentionally
Omitted.”

 

 9.            Section 3(f) of the Option Agreement is hereby amended and restated in its entirety as follows:

 

“(f)         Intentionally
Omitted.”

 

 10.          Section 6 of the Option Agreement is hereby amended by inserting the following at the end thereof:

 

“Notwithstanding anything herein to
the contrary, subject to any applicable securities laws or registration requirements, the Participant may assign, alienate, pledge,
attach, sell or otherwise transfer or encumber the Option (a) for estate planning purposes or (b) for purposes of securing a loan
from the Company or one of its Affiliates in connection with the exercise of any Vested Portion of the Option pursuant to Section
3(b)(vi), and in each instance the Option shall be exercisable by such applicable assignee or transferee as if such person were
the Participant hereunder. For the avoidance of doubt, nothing herein shall be deemed to prohibit or otherwise restrict the transfer
of Shares acquired upon the exercise of any Vested Portion of the Option; provided that such Shares shall be subject to any transfer
prohibitions or restrictions set forth in the Shareholders Agreement, to the extent applicable.”

 

11.          Section
7 of the Option Agreement is hereby amended and restated in its entirety as follows:

 

“7.          Withholding.
The Participant may be required to pay to the Company or any Affiliate, and the Company shall have the right and is hereby authorized
to withhold, any applicable required withholding taxes in respect of the Option, its exercise or any payment or transfer under
or with respect to the Option and to take such other action as may be necessary in the opinion of the Committee to satisfy all
obligations for the payment of such withholding taxes.”

 

12.          A
new Exhibit A to the Option Agreement is hereby inserted in the form attached hereto as Exhibit A.

 

    - 3 - 

     

    

 

13.          Except
as amended hereby, the Option Agreement will remain in full force and effect in accordance with its terms.

 

	 	Twin River Worldwide Holdings, Inc.
	 	 
	 	By:  	/s/George Papanier
	 	Name:  George Papanier
	 	Title:  Chief Executive Officer

 

Agreed and acknowledged:

 

	/s/ Glenn Carlin	 
	Glenn Carlin	 

 

 

 

    - 4 - 

     

    

 

Exhibit A

 

FORM OF

SECURED PROMISSORY NOTE

 

[__________ __, ____]

 

FOR VALUE RECEIVED, Glenn Carlin (the “Maker”) hereby
promises to pay to the order of Twin River Worldwide Holdings, Inc. (the “Payee”), the principal sum of [_____]1
U.S. DOLLARS ($[________]), together with interest, in each case in the manner described herein. Certain terms used herein are
defined below in Section 11.

 

1.          Payments
of Principal. Subject to the acceleration provisions of Section 7, all unpaid principal, fees and accrued and unpaid interest
shall be due and payable in full on [__________ __, ____]2
(the “Maturity Date”).

 

2.          Interest.
The unpaid principal amount of this Note shall accrue interest on the basis of a 360-day year at [___]3%
per annum. Accrued interest shall be payable (a) upon the payment or prepayment of any principal owing under this Note (but only
on the principal amount so paid or prepaid), (b) quarterly on the last business day of March, June, September and December of each
year and (c) on the Maturity Date.

 

3.          Prepayments.
The Maker may at any time and from time to time prepay any principal amount of this Note in whole or in part without premium or
penalty.

 

4.          Payment
Terms. All payments of principal of, and interest upon, this Note shall be made by the Maker to the Payee in cash in immediately
available funds in lawful money of the United States of America, by wire transfer to the bank account designated by the Payee in
writing from time to time. If the due date of any payment under this Note would otherwise fall on a day that is not a business
day, such due date shall be extended to the next succeeding business day and interest shall be payable on any principal so extended
for the period of such extension.

 

5.          Security
Grant. As collateral security for the prompt payment in full when due (whether at stated maturity, by acceleration or otherwise)
of all Obligations, each Pledgor hereby pledges and grants to the Payee a security interest in all of such Pledgors’s right,
title and interest in the following property, assets and revenues, whether now owned by such Pledgor or hereafter acquired and
whether now existing or hereafter coming into existence (all of the property, assets and revenues described in this Section 5 being
collectively referred to herein as the “Collateral”):

 

(a)          all
Pledged Shares; and

 

 

1
Insert amount of Note.

 

2
Insert date five years from date of Note.

 

3
Insert rate to equal mid-term AFR on the closing date (which was 1.81% as of July 2014).

 

     A-1

     

    

 

(b)          all
proceeds, products, offspring, accessions, rents, profits, income, benefits, substitutions and replacements of and to any of the
Pledged Shares.

 

6.            Events
of Default. An “Event of Default” shall exist hereunder if any one or more of the following events shall occur:

 

(a)          the
Maker shall fail (i) to pay any principal or any portion thereof, when due (or)

 

(ii) to pay any interest or any
portion thereof, within ten business days the same becomes due; or

 

(b)          any
Pledgor shall fail to perform or observe any term, covenant or agreement to be performed or observed by it contained in Sections
9(a) or (b); or

 

(c)          any
Pledgor shall fail to perform or observe any other covenant or agreement contained herein for ten days after notice thereof; or

 

(d)          any
representation or warranty of any Pledgor made herein or in any accession agreement hereto proves to have been materially incorrect
when made or reaffirmed; or

 

(e)          (i)
any Pledgor institutes or consents to any proceeding under any bankruptcy laws relating to it or to all or any part of its property,
or is unable or admits in writing its inability to pay its debts as they mature, or makes an assignment for the benefit of creditors;
or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar
officer for it or for all or any part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator
or similar officer is appointed without the application or consent of any Pledgor, as applicable; or any proceeding under a Debtor
Relief Law relating to any Pledgor or to all or any part of its property is instituted without its consent and such proceeding
is unstayed, unvacated or undismissed for thirty days; or any judgment, writ, warrant of attachment or execution or similar process
is issued or levied against all or any material part of its property and is not released, vacated or fully bonded within ten days
after its issue or levy or (ii) the death of any Pledgor.

 

7.            Remedies.
Upon the occurrence of any Event of Default specified in Section 6(e), the principal amount of this Note together with any interest
thereon shall become immediately and automatically due and payable, without presentment, demand, notice, protest or other requirements
of any kind (all of which are hereby expressly waived by the Pledgors). Upon the occurrence and during the continuance of any other
Event of Default, the Payee may, by written notice to the Maker, declare the principal amount of this Note together with any interest
thereon to be due and payable, and the principal amount of this Note together with any such interest shall thereupon immediately
become due and payable without presentment, further notice, protest or other requirements of any kind (all of which are hereby
expressly waived by the Pledgors). Following any such demand, the Maker shall immediately pay to such holder all amounts due and
payable with respect to this Note.

 

     A-2

     

    

 

8.            Maker’s
Representations and Warranties. The Maker represents and warrants to the Payee that the Maker has the legal capacity to execute,
deliver and perform this Note. The Maker owns the Pledged Shares, beneficially and of record, free and clear of any liens or encumbrances.
The execution, delivery and performance by the Maker of this Note do not violate any law, or result in a breach of or default under,
or would, with the giving of notice or the lapse of time or both, constitute a breach of or default under, or cause or permit the
acceleration of any obligation owed under, any indenture, loan or credit agreement or any other contractual obligation to which
the Maker is a party or by which the Maker or any of its property or assets are bound or affected. This Note has been executed
and delivered by the Maker and constitutes the legal, valid and binding obligation of the Maker enforceable against the Maker in
accordance with its terms.

 

9.            Covenants.
Each Pledgor covenants and agrees as follows:

 

(a)          Restrictions
on Liens. The Pledgors shall not directly or indirectly create, incur, assume or suffer to exist any liens or encumbrances
against any of the Collateral, except liens or encumbrances hereunder.

 

(b)          Use
of Proceeds. The Maker shall use the proceeds of this Note solely to purchase the Pledged Shares and to pay any accompanying
taxes with respect thereto.

 

(c)          Collateral:
Further Assurances. The Pledgors shall cause the Collateral to be subject to a first priority security interest in favor of the
Payee, except to the extent waived by the Payee. Without limiting the foregoing, the Pledgors shall do such further acts and things,
and execute and deliver such additional instruments, as the Payee may at any time reasonably request in connection with the administration
of this Note and the other documents delivered in connection therewith or related to the Collateral or any part thereof.

 

10.           Governing
Law: Submission to Jurisdiction: Waiver of Jury Trial. Etc. This Note shall be governed by, and construed in accordance with,
the laws of the State of Delaware. Each Pledgor hereby submits to the exclusive jurisdiction of the United States District Court
for the District of Rhode Island and of any Rhode Island state court sitting in Providence, Rhode Island, for the purposes of all
legal proceedings arising out of or relating to this Note or the transactions contemplated hereby. This Note may be executed in
any number of counterparts, each of which, when so executed, shall be deemed to be an original and all of which, taken together,
shall constitute one and the same Note. Delivery of an executed counterpart of a signature page to this Note by electronic transmission
shall be as effective as delivery of an original executed counterpart of this Note. This Section IO shall survive the termination
of this Note. EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER
BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS
OF THE PARTIES HERETO IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF.

 

     A-3

     

    

 

11.          Definitions.
The following capitalized terms, when used in this Note, shall have the following meanings:

 

“Accession Agreement”
means an Accession Agreement in substantially the form of Exhibit A.

 

“Debtor Relief Law” means
the Bankruptcy Reform Act of 1978, codified as 11 U.S.C. §§101 et seq, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor
relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors
generally.

 

“Obligations” means,
collectively, (a) all obligations of the Maker under this Note to pay principal, fees and interest on this Note, and (b) in the
case of the foregoing, including all interest thereon accruing or arising after the commencement of any case under any bankruptcy
or insolvency law (whether or not such interest is enforceable, allowed or allowable as a claim in whole or in part in such case).

 

“Pledged Shares” means
the [________]4 shares of common stock
of the Payee owned by any Pledgor and represented by certificate No(s) [____________________________________]5
(the “Shares”), together with (a) all certificates representing the Shares and (b) all shares, securities,
moneys or other property representing a dividend on or a distribution or return of capital on or in respect of the Shares, or
resulting from a split-up, revision, reclassification or other like change of the Shares or otherwise received in exchange therefor,
and any warrants, rights or options issued to the holders of, or otherwise in respect of, the Shares.

 

“Pledgor” means the Maker
and any subsequent Pledgor hereto pursuant to the execution of any Accession Agreement.

 

12.           Amendments;
Notices. This Note may not be changed, modified or terminated orally, but only by an agreement in writing signed by the Maker
and the Payee. All notices and other communications in respect of this Note shall be given or made in writing at the address as
shall be designated by such party in a notice to the other party. Except as otherwise provided in this Note, all such communications
shall be deemed to have been duly given when transmitted by electronic transmission or personally delivered or, in the case of
a mailed notice, upon receipt, in each case given or addressed as aforesaid.

 

13.           Assignments.
The Payee may at any time assign all or a portion of its rights and obligations under this Note without the prior written consent
of the Maker. In the event of any such assignment, the Payee and the assignee or assignees may enter into such intercreditor arrangements
as they may determine to be necessary or advisable for the purpose of determining voting rights and similar issues hereunder. From
and after the effective date specified in each assignment and assumption, the assignee thereunder shall be a party to this Note
and, to the extent of the interest assigned by such assignment and assumption, have the rights and obligations of the Payee under
this Note, and the Payee shall, to the extent of the interest assigned by such assignment and assumption, be released from its
obligations under this Note (and, in the case of an assignment and assumption covering all of the Payee’s rights and obligations
under this Note, the Payee shall cease to be a party hereto).

 

 

4
Insert number of shares held by the Maker.

 

5
Insert Pledged Share certificate numbers.

 

     A-4

     

    

 

 

14.           Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”.
Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein
shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise
modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein
to any person or entity shall be construed to include such person’s or entity’s successors and assigns, (c) the words
“herein”, “hereof’ and “hereunder”, and words of similar import, shall be construed to refer
to this Note in its entirety and not to any particular provision hereof, (d) all references herein to Sections and Exhibits shall
be construed to refer to Sections or Exhibits of this Note and (e) any reference to any law or regulation herein shall, unless
otherwise specified, refer to such law or regulation as amended, supplemented or otherwise modified from time to time.

 

15.           Accession.
The Pledgors and the Payee hereby agree that upon delivery of an executed Accession Agreement to the Payee, the Acceding Party
therein shall, without further amendment to this Note, be deemed to be a Pledgor hereunder for all purposes and shall be bound
to observe all of the provisions of and perform all of the obligations arising under this Note applicable to or binding upon a
Pledgor. The effectiveness of any such accession shall be subject to the execution and delivery of such Accession Agreement.

 

IN WITNESS WHEREOF, the Maker has caused
this Note to be executed as of the date first above written.

 

	 	GLENN CARLIN
	 	 
	 	By:	 /s/Glenn Carlin
	 	Glenn Carlin

 

TWIN RIVER WORLDWIDE HOLDINGS, INC., as the Payee, hereby accepts
this Note.

 

	 	TWIN RIVER WORLDWIDE HOLDINGS, INC.
	 	 
	 	By:	         
	 	Name:
	 	Title:

 

     A-5

     

    

 

Exhibit A

 

FORM OF ACCESSION
AGREEMENT

 

This ACCESSION AGREEMENT (this “Accession
Agreement”), dated as of [__________ __], [____], is entered into (i) by [ __________] (the “Acceding Party”)
and Twin River Worldwide Holdings, Inc., the Payee, and (ii) pursuant to the Secured Promissory Note dated [________, __, ____]
(the “Note”). Capitalized terms used but not defined in herein have the meanings assigned to them in the Note.

 

WHEREAS, in order to induce, and in consideration
for, the Payee agreeing to permit the transfer of the Pledged Shares from the Maker to the Acceding Party, the Acceding Party hereby
agrees as follows:

 

1.            Pursuant
to Section 15 of the Note, the Acceding Party hereby accedes to the Note for all purposes with respect thereto and in connection
therewith hereby pledges and grants to the Payee a security interest in all of the Acceding Party’s right, title and interest
in the following property, assets and revenues, whether now owned by the Acceding Party or hereafter acquired and whether now existing
or hereafter coming into existence (all of the property, assets and revenues described above being collectively referred to herein
as the “Collateral”):

 

(a)          all
Pledged Shares; and

 

(b)          all
proceeds, products, offspring, accessions, rents, profits, income, benefits, substitutions and replacements of and to any of the
Pledged Shares.

 

2.            Acceding
Party’s Representations and Warranties. The Acceding Party represents and warrants to the Payee that the Acceding Party
has the legal capacity to execute, deliver and perform this Accession Agreement. The Acceding Party owns the Pledged Shares transferred
to it on the date hereof, beneficially and of record, free and clear of any liens or encumbrances. The execution, delivery and
performance by the Acceding Party of this Accession Agreement do not violate any law, or result in a breach of or default under,
or would, with the giving of notice or the lapse of time or both, constitute a breach of or default under, or cause or permit the
acceleration of any obligation owed under, any indenture, loan or credit agreement or any other contractual obligation to which
the Acceding Party is a party or by which the Acceding Party or any of its property or assets are bound or affected. This Accession
Agreement has been executed and delivered by the Acceding Party and constitutes the legal, valid and binding obligation of the
Acceding Party enforceable against the Acceding Party in accordance with its terms.

 

3.            Governing
Law; Submission to Jurisdiction; Waiver of Jury Trial; Etc. This Accession Agreement shall be governed by, and construed in
accordance with, the laws of the State of Delaware. The Acceding Party hereby submits to the exclusive jurisdiction of the United
States District Court for the District of Rhode Island and of any Rhode Island state court sitting in Providence, Rhode Island,
for the purposes of all legal proceedings arising out of or relating to this Accession Agreement or the transactions contemplated
hereby. This Accession Agreement may be executed in any number of counterparts, each of which, when so executed, shall be deemed
to be an original and all of which, taken together, shall constitute one and the same Accession Agreement. Delivery of n executed
counterpart of a signature page to this Accession Agreement by electronic transmission shall be as effective as delivery of an
original executed counterpart of this Accession Agreement. This Section 3 shall survive the termination of this Accession Agreement.
EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON
CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS ACCESSION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THE ACTIONS OF THE PARTIES HERETO IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF.

 

     A-6

     

    

 

IN WITNESS WHEREOF, the Acceding Party has
caused this Accession Agreement to be executed as of the date first above written.

 

	 	[____________________]
	 	 	 
	 	By:  	                                
	 	Name:
	 	Title:

 

TWIN RIVER WORLDWIDE HOLDINGS, INC., as the Payee, hereby accepts
this Accession Agreement.

 

	 	TWIN RIVER WORLDWIDE HOLDINGS, INC.
	 	 	 
	 	By:  	            
	 	Name:
	 	Title:

 

     A-7Exhibit 10.26(c)

 

Execution Version

 

TWIN RIVER WORLDWIDE
HOLDINGS, INC.

AMENDMENT TO NONQUALIFIED STOCK OPTION AGREEMENT(S)

 

THIS AMENDMENT (this “Amendment”)
is effective as of August 19, 2015 between Twin River Worldwide Holdings, Inc. (f/k/a BLB Worldwide Holdings, Inc., the “Company”)
and Glenn Carlin (the “Participant”):

 

RECITALS

 

WHEREAS, the Company and the Participant have
previously entered into one or more Nonqualified Stock Option Agreements (each, as applicable and as it may have been previously
amended, an “Option Agreement”). Capitalized terms not otherwise defined herein will have the same meaning as
in the applicable Option Agreement.

 

NOW THEREFORE, in consideration of the mutual
covenants herein set forth, the parties agree as follows:

 

1.          Section
3(c) of each Option Agreement is hereby amended and restated in its entirety as follows:

 

“(c)       Purchase by the Company.

 

(i)          Annual
Purchases.

 

(A)         Subject
to Section 3(c)(i)(E) hereof, to the extent the 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 or the Company's financing agreements),
during April of 2016 (the “First 2016 Put Period”) or November of 2016 (the “Second 2016 Put Period”),
at the request of the Participant, the Company will (x) purchase up to 1/3 of the Shares subject to this Option (to the extent
such Shares were previously issued to the Participant in respect of this Option) for Fair Market Value as determined by the Committee
and the Participant in good faith or (y) in lieu of the Participant's rights under Section 3(b) hereof, cancel up to 1/3 of the
Option (to the extent the applicable portion of the Option is then exercisable in accordance with Section 3(a)) for Fair Market
Value (less the applicable Option Price) as determined by the Committee and the Participant in good faith; provided in any event
that such Shares or portion of the Option subject to purchase or cancellation pursuant to this Section 3(c)(i)(A) were not previously
purchased or cancelled pursuant to this Section 3(c).

 

(B)         Subject
to Section 3(c)(i)(E) hereof, to the extent the 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 or the Company's financing
agreements), during April of 2017 (the “First 2017 Put Period”) or November of 2017 (the “Second 2017 Put
Period”), at the request of the Participant, the Company will (x) purchase up to 1/3 of the Shares subject to this
Option (to the extent such Shares were previously issued to the Participant in respect of this Option) for Fair Market Value
as determined by the Committee and the Participant in good faith or (y) in lieu of the Participant's rights under Section
3(b) hereof, cancel up to 1/3 of the Option (to the extent the applicable portion of the Option is then exercisable in
accordance with Section 3(a)) for Fair Market Value (less the applicable Option Price) as determined by the Committee and the
Participant in good faith; provided in any event that such Shares or portion of the Option subject to purchase or
cancellation pursuant to this Section 3(c)(i)(B) were not previously purchased or cancelled pursuant to this Section 3(c).
The number of Shares or the portion of the Option subject to purchase or cancellation pursuant to this Section 3(c)(i)(B)
will be increased by the number of Shares or the portion of the Option that was available for purchase or cancellation
pursuant to Section 3(c)(i)(A) hereof; provided that such Shares or portion of the Option were not previously purchased or
cancelled pursuant to this Section 3(c).

 

     

     

    

 

(C)         Subject
to Section 3(c)(i)(E) hereof, to the extent the 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 or the Company's financing agreements),
during April of 2018 (the “First 2018 Put Period”) or November of 2018 (the “Second 2018 Put Period”),
at the request of the Participant, the Company will (x) purchase up to 1/3 of the Shares subject to this Option (to the extent
such Shares were previously issued to the Participant in respect of this Option) for Fair Market Value as determined by the Committee
and the Participant in good faith or (y) in lieu of the Participant's rights under Section 3(b) hereof, cancel up to 1/3 of the
Option (to the extent the applicable portion of the Option is then exercisable in accordance with Section 3(a)) for Fair Market
Value (less the applicable Option Price) as determined by the Committee and the Participant in good faith; provided in any event
that such Shares or portion of the Option subject to purchase or cancellation pursuant to this Section 3(c)(i)(C) were not previously
purchased or cancelled pursuant to this Section 3(c). The number of Shares or the portion of the Option subject to purchase or
cancellation pursuant to this Section 3(c)(i)(C) will be increased by the number of Shares or the portion of the Option that was
available for purchase or cancellation pursuant to Section 3(c)(i)(B) hereof (including, without limitation, the number of Shares
or the portion of the Option that was available for purchase or cancellation pursuant to Section 3(c)(i)(A) hereof); provided that
such Shares or portion of the Option were not previously purchased or cancelled pursuant to this Section 3(c).

 

(D)         Subject
to Section 3(c)(i)(E) hereof, to the extent the 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 or the Company's financing agreements),
during April of any year after 2018 (a “First Subsequent Put Period”) or November of any year after 2018 (a “Second
Subsequent Put Period”), at the request of the Participant, the Company will (x) purchase Shares subject to this Option (to
the extent such Shares were previously issued to the Participant in respect of this Option) for Fair Market Value as determined
by the Committee and the Participant in good faith or (y) except with respect to the Participant's Nonqualified Stock Option Agreement
with the Company dated November 5, 2010, as amended (the “2010 Director Award”), in lieu of the Participant's rights
under Section 3(b) hereof, cancel the Vested Portion of the Option for Fair Market Value (less the applicable Option Price) as
determined by the Committee and the Participant in good faith; provided in any event that such Shares or portion of the Option
subject to purchase or cancellation pursuant to this Section 3(c)(i)(D) during the applicable Subsequent Put Period were not previously
purchased or cancelled pursuant to this Section 3(c).

 

    	 	2	 

     

    

 

(E)         In
the event that the aggregate number of Shares (whether then outstanding or subject to outstanding options) requested to be purchased
or cancelled by all Plan participants during the First 2016 Put Period, the Second 2016 Put. Period, the First 2017 Put Period,
the Second 2017 Put Period, the First 2018 Put Period, the Second 2018 Put Period any First Subsequent Put Period or any Second
Subsequent Put Period (each, a “Put Period”) exceeds the amount which would be permitted to be purchased or cancelled
by the Regulatory Agreement or the Company's financing agreements during the applicable Put Period, then the number of Shares requested
to be purchased or cancelled by all Plan participants during the applicable Put Period will be reduced on a pro-rata basis by multiplying
the number of Shares requested to be purchased or cancelled during the applicable Put Period by the Permitted Share Percentage
for the applicable Put Period. The “Permitted Share Percentage” for an applicable Put Period means a percentage represented
by a fraction, the numerator of which is (x) the maximum total dollar value which the Company could use to purchase or cancel Shares
during the applicable Put Period pursuant to this Section 3(c) without triggering the limitations imposed by this Section 3(c)(i)(E),
and the denominator of which is (y) the total dollar value necessary for the Company to purchase or cancel all Shares requested
to be purchased or cancelled during the applicable Put Period pursuant to this Section 3(c).

 

(ii)         Special
Purchases. Subject to any limitations contained in the Regulatory Agreement or the Company's financing agreements, at the request
of the Participant during the exercise period set forth in Section 3(a), but in no event prior to the earliest of the date of a
Change in Control, the date of a Public Offering or the date that is thirty (30) months following the date the Participant ceases
to be an employee of the Company and its Affiliates due to death, Disability, resignation or removal without Cause, or, solely
with respect to the 2010 Director Award, August 1, 2016, the Company will (A) purchase Shares issued to the Participant in respect
of this Option for Fair Market Value as determined by the Committee and the Participant in good faith or (B) except with respect
to the 2010 Director Award, in lieu of the Participant's rights under Section 3(b) hereof, cancel the Vested Portion of the Option
for Fair Market Value (less the applicable Option Price) as determined by the Committee and the Participant in good faith; provided
in any event that such Shares or portion of the Option subject to purchase or cancellation pursuant to this Section 3(c)(ii) were
not previously purchased or cancelled pursuant to this Section 3(c). For the avoidance of doubt, the Participant's rights pursuant
to this Section 3(c)(ii) are in addition to, and not in lieu or in restriction of, the Participant's rights set forth in Section
3(c)(i).”

 

2.           Exhibit
A to each Option Agreement is hereby amended and restated in its entirety in the form attached hereto as Exhibit A.

 

3.           Except
as amended hereby, each Option Agreement will remain in full force and effect in accordance with its terms.

 

[Signature page follows]

 

    	 	3	 

     

    

 

	 	Twin River Worldwide Holdings, Inc.
	 	 	 
	 	By:	/s/ George Papanier
	 	Name:	George Papanier
	 	Title:	Chief Executive Officer

 

Agreed and acknowledged:

 

	/s/ Glenn Carlin	 
	Glenn Carlin	 

 

    	 	4	 

     

    

 

Exhibit A

 

FORM OF

SECURED PROMISSORY NOTE

 

[__________ __, ____]

 

FOR VALUE RECEIVED, [______] (the “Maker”) hereby
promises to pay to the order of Twin River Management Group, Inc. (the “Payee”), the principal sum of [_______]1
U.S. DOLLARS ($[___]), together with interest, in each case in the manner described herein. Certain terms used herein are defined
below in Section 11.

 

1.           Payments
of Principal. Subject to the acceleration provisions of Section 7, all unpaid principal, fees and accrued and unpaid interest
shall be due and payable in full on [________ __, ____]2
(the “Maturity Date”).

 

2.           Interest.
The unpaid principal amount of this Note shall accrue interest on the basis of a 360-day year at [__]3%
per annum. Accrued interest shall be payable (a) upon the payment or prepayment of any principal owing under this Note (but only
on the principal amount so paid or prepaid), (b) if desired by the Maker, quarterly on the last business day of March, June, September
and December of each year (or otherwise any unpaid interest at the end of each such month shall be added to the principal of this
Note (thereby compounded quarterly) and payable upon the payment or prepayment of the principal owing under this Note or on the
Maturity Date, as applicable) and (c) on the Maturity Date.

 

3.           Prepayments.
The Maker may at any time and from time to time prepay any principal amount of this Note in whole or in part without premium or
penalty.

 

4.           Payment
Terms. All payments of principal of, and interest upon, this Note shall be made by the Maker to the Payee in cash in immediately
available funds in lawful money of the United States of America, by wire transfer to the bank account designated by the Payee in
writing from time to time. If the due date of any payment under this Note would otherwise fall on a day that is not a business
day, such due date shall be extended to the next succeeding business day and interest shall be payable on any principal so extended
for the period of such extension. Notwithstanding anything to the contrary herein, until the Maker fully satisfies the Obligations,
in the event the Payee or any of its subsidiaries or affiliates purchases any Pledged Shares, the Maker shall promptly pay to the
Payee (or, to the extent permitted by applicable law, the Payee or its subsidiaries or affiliates may deduct or withhold) all or
a portion of the proceeds therefrom to satisfy the Obligations in an amount equal to the total Obligations multiplied by a fraction,
the numerator of which is (a) the number of Pledged Shares then being purchased by the Payee or its applicable subsidiary or affiliate,
and the denominator of which is (b) the total number of Pledged Shares; provided that in no event shall the Maker be required to
pay to the Payee any amount that exceeds the net after-tax proceeds the Maker receives in connection with such purchase. Notwithstanding
anything to the contrary herein, until the Maker fully satisfies the Obligations, in the event the Maker receives any cash dividend
in respect of any Pledged Shares, the Maker shall promptly pay to the Payee (or, to the extent permitted by applicable law, the
Payee or its subsidiaries or affiliates may deduct or withhold) the net after-tax proceeds the Maker receives in connection with
such dividend.

 

 

1
Insert amount of Note.

2
Insert date five years from date of Note.

3
Interest rate to equal mid-term AFR on closing date (compounded quarterly).

 

    	 	5	 

     

    

 

5.           Security
Grant. As collateral security for the prompt payment in full when due (whether at stated maturity, by acceleration or
otherwise) of all Obligations, each Pledgor hereby pledges and grants to the Payee a security interest in all of such
Pledgors' right, title and interest in the following property, assets and revenues, whether now owned by such Pledgor or
hereafter acquired and whether now existing or hereafter coming into existence (all of the property, assets and revenues
described in this Section 5 being collectively referred to herein as the “Collateral”):

 

(a)            all
Pledged Shares; and

 

(b)            all
proceeds, products, offspring, accessions, rents, profits, income, benefits, substitutions and replacements of and to any of
the Pledged Shares, including any amounts paid or owed to the Maker in connection with the Payee's or any of its
subsidiaries' or affiliates' purchase of the Pledged Shares.

 

6.           Events
of Default. An “Event of Default” shall exist hereunder if any one or more of the following events shall
occur:

 

(a)            the
Maker shall fail (i) to pay any principal or any portion thereof, when due (or) (ii) to pay any interest or any portion thereof,
within ten business days the same becomes due; or

 

(b)            any
Pledgor shall fail to perform or observe any term, covenant or agreement to be performed or observed by it contained in
Sections 9(a) or (b); or

 

(c)            any
Pledgor shall fail to perform or observe any other covenant or agreement contained herein for ten days after notice thereof; or

 

(d)            any
representation or warranty of any Pledgor made herein or in any accession agreement hereto proves to have been materially incorrect
when made or reaffirmed; or

 

(e)            (i)
any Pledgor institutes or consents to any proceeding under any bankruptcy laws relating to it or to all or any part of its
property, or is unable or admits in writing its inability to pay its debts as they mature, or makes an assignment for the
benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator,
liquidator, rehabilitator or similar officer for it or for all or any part of its property; or any receiver, trustee,
custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of any
Pledgor, as applicable; or any proceeding under a Debtor Relief Law relating to any Pledgor or to all or any part of its
property is instituted without its consent and such proceeding is unstayed, unvacated or undismissed for thirty days; or
any judgment, writ, warrant of attachment or execution or similar process is issued or levied against all or any material
part of its property and is not released, vacated or fully bonded within ten days after its issue or levy or (ii) the death
of any Pledgor.

 

7.           Remedies.
Upon the occurrence of any Event of Default specified in Section 6(e), the principal amount of this Note together with any
interest thereon shall become immediately and automatically due and payable, without presentment, demand, notice, protest or
other requirements of any kind (all of which are hereby expressly waived by the Pledgors). Upon the occurrence and during the
continuance of any other Event of Default, the Payee may, by written notice to the Maker, declare the principal amount of
this Note together with any interest thereon to be due and payable, and the principal amount of this Note together with any
such interest shall thereupon immediately become due and payable without presentment, further notice, protest or other
requirements of any kind (all of which are hereby expressly waived by the Pledgors). Following any such demand, the Maker
shall immediately pay to such holder all amounts due and payable with respect to this Note.

 

    	 	6	 

     

    

 

8.           Maker's
Representations and Warranties. The Maker represents and warrants to the Payee that the Maker has the legal capacity to
execute, deliver and perform this Note. The Maker owns the Pledged Shares, beneficially and of record, free and clear of any
liens or encumbrances. The execution, delivery and performance by the Maker of this Note do not violate any law, or result in
a breach of or default under, or would, with the giving of notice or the lapse of time or both, constitute a breach of or
default under, or cause or permit the acceleration of any obligation owed under, any indenture, loan or credit agreement or
any other contractual obligation to which the Maker is a party or by which the Maker or any of its property or assets are
bound or affected. This Note has been executed and delivered by the Maker and constitutes the legal, valid and
binding obligation of the Maker enforceable against the Maker in accordance with its terms.

 

9.           Covenants.
Each Pledgor covenants and agrees as follows:

 

(a)            Restrictions
on Liens. The Pledgors shall not directly or indirectly create, incur, assume or suffer to exist any liens or encumberances
against any of the Collateral, except liens or encumbrances hereunder.

 

(b)           Use
of Proceeds. The Maker shall use the proceeds of this Note solely to purchase the Pledged Shares and to pay any
accompanying taxes with respect thereto.

 

(c)            Collateral;
Further Assurances. The Pledgors shall cause the Collateral to be subject to a first priority security interest in favor of
the Payee, except to the extent waived by the Payee. Without limiting the foregoing, the Pledgors shall do such further acts and
things, and execute and deliver such additional instruments, as the Payee may at any time reasonably request in connection with
the administration of this Note and the other documents delivered in connection therewith or related to the Collateral or any part
thereof.

 

10.         Governing
Law; Submission to Jurisdiction; Waiver of Jury Trial, Etc. This Note shall be governed by, and construed in accordance
with, the laws of the State of Delaware. Each Pledgor hereby submits to the exclusive jurisdiction of the United States
District Court for the District of Rhode Island and of any Rhode Island state court sitting in Providence, Rhode Island, for
the purposes of all legal proceedings arising out of or relating to this Note or the transactions contemplated hereby. This
Note may be executed in any number of counterparts, each of which, when so executed, shall be deemed to be an original and
all of which, taken together, shall constitute one and the same Note. Delivery of an executed counterpart of a signature page
to this Note by electronic transmission shall be as effective as delivery of an original executed counterpart of this Note.
This Section 10 shall survive the termination of this Note. EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY
JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO
THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF THE PARTIES HERETO IN THE NEGOTIATION, PERFORMANCE OR
ENFORCEMENT HEREOF.

 

11.         Definitions.
The following capitalized terms, when used in this Note, shall have the following meanings:

 

“Accession Agreement” means
an Accession Agreement in substantially the form of Exhibit A.

 

    	 	7	 

     

    

 

“Debtor Relief Law” means the
Bankruptcy Reform Act of 1978, codified as 11 U.S.C. §§101 et seq, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor
relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors
generally.

 

“Obligations” means, collectively,
(a) all obligations of the Maker under this Note to pay principal, fees and interest on this Note, and (b) in the case of the foregoing,
including all interest thereon accruing or arising after the commencement of any case under any bankruptcy or insolvency law (whether
or not such interest is enforceable, allowed or allowable as a claim in whole or in part in such case).

 

“Pledged Shares” means the
[________]4 shares of common stock
of Twin River Worldwide Holdings, Inc. owned by any Pledgor and represented by certificate No(s) [__________________________________________]5
(the “Shares”), together with (a) all certificates representing the Shares and (b) all shares, securities, moneys
or other property representing a dividend on or a distribution or return of capital on or in respect of the Shares, or resulting
from a split-up, revision, reclassification or other like change of the Shares or otherwise received in exchange therefor, and
any warrants, rights or options issued to the holders of, or otherwise in respect of, the Shares.

 

“Pledgor” means the Maker and
any subsequent Pledgor hereto pursuant to the execution of any Accession Agreement.

 

12.         Amendments;
Notices. This Note may not be changed, modified or terminated orally, but only by an agreement in writing signed by the Maker
and the Payee. All notices and other communications in respect of this Note shall be given or made in writing at the address as
shall be designated by such party in a notice to the other party. Except as otherwise provided in this Note, all such communications
shall be deemed to have been duly given when transmitted by electronic transmission or personally delivered or, in the case of
a mailed notice, upon receipt, in each case given or addressed as aforesaid.

 

13.         Assignments.
The Payee may at any time assign all or a portion of its rights and obligations under this Note without the prior written consent
of the Maker. In the event of any such assignment, the Payee and the assignee or assignees may enter into such intercreditor arrangements
as they may determine to be necessary or advisable for the purpose of determining voting rights and similar issues hereunder. From
and after the effective date specified in each assignment and assumption, the assignee thereunder shall be a party to this Note
and, to the extent of the interest assigned by such assignment and assumption, have the rights and obligations of the Payee under
this Note, and the Payee shall, to the extent of the interest assigned by such assignment and assumption, be released from its
obligations under this Note (and, in the case of an assignment and assumption covering all of the Payee's rights and obligations
under this Note, the Payee shall cease to be a party hereto).

 

 

4
Insert number of shares held by the Maker.

5
Insert Pledged Share certificate numbers.

 

    	 	8	 

     

    

 

14.         Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.
Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words
“include”, “includes” and “including” shall be deemed to be followed by the phrase
“without limitation”. Unless the context requires otherwise (a) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from
time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or
modifications set forth herein), (b) any reference herein to any person or entity shall be construed to include such person's
or entity's successors and assigns, (c) the words “herein”, “hereof' and “hereunder”, and words
of similar import, shall be construed to refer to this Note in its entirety and not to any particular provision hereof, (d)
all references herein to Sections and Exhibits shall be construed to refer to Sections or Exhibits of this Note and (e) any
reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended,
supplemented or otherwise modified from time to time.

 

15.         Accession.
The Pledgors and the Payee hereby agree that upon delivery of an executed Accession Agreement to the Payee, the Acceding Party
therein shall, without further amendment to this Note, be deemed to be a Pledger hereunder for all purposes and shall be bound
to observe all of the provisions of and perform all of the obligations arising under this Note applicable to or binding upon a
Pledger. The effectiveness of any such accession shall be subject to the execution and delivery of such Accession Agreement.

 

16.         Recourse.
This Note and the Obligations shall be (a) 50% recourse with respect to the portion of the proceeds of this Note used to purchase
the Pledged Shares, (b) non-recourse with respect to the portion of the proceeds of this Note used to pay any accompanying taxes
with respect to the purchase of the Pledged Shares and (c) fully recourse with respect to any interest accrued under this Note.

 

IN WITNESS WHEREOF, the Maker has caused this
Note to be executed as of the date first above written.

 

	 	[____________________]
	 	 	 
	 	By:	                             

 

TWIN RIVER MANAGEMENT GROUP, INC., as the Payee, hereby accepts
this Note.

 

	 	TWIN RIVER MANAGEMENT GROUP, INC.
	 	 	 
	 	By:	                
	 	Name:	 
	 	Title:	 

 

    	 	9	 

     

    

 

Exhibit A

 

FORM
OF ACCESSION AGREEMENT

 

This ACCESSION AGREEMENT (this “Accession
Agreement”), dated as of [______ __], [___], is entered into (i) by [______________________] (the “Acceding
Party”) and Twin River Management Group, Inc., the Payee, and (ii) pursuant to the Secured Promissory Note dated [______
__], [___] (the “Note”). Capitalized terms used but not defined in herein have the meanings assigned to them
in the Note.

 

WHEREAS, in order to induce, and in consideration
for, the Payee agreeing to permit the transfer of the Pledged Shares from the Maker to the Acceding Party, the Acceding Party hereby
agrees as follows:

 

1.           Pursuant
to Section 15 of the Note, the Acceding Party hereby accedes to the Note for all purposes with respect thereto and in connection
therewith hereby pledges and grants to the Payee a security interest in all of the Acceding Party's right, title and interest in
the following property, assets and revenues, whether now owned by the Acceding Party or hereafter acquired and whether now existing
or hereafter coming into existence (all of the property, assets and revenues described above being collectively referred to herein
as the “Collateral”):

 

(a)            all
Pledged Shares; and

 

(b)            all
proceeds, products, offspring, accessions, rents, profits, income, benefits, substitutions and replacements of and to any of the
Pledged Shares.

 

2.           Acceding
Party's Representations and Warranties. The Acceding Party represents and warrants to the Payee that the Acceding Party has
the legal capacity to execute, deliver and perform this Accession Agreement. The Acceding Party owns the Pledged Shares transferred
to it on the date hereof, beneficially and of record, free and clear of any liens or encumbrances. The execution, delivery and
performance by the Acceding Party of this Accession Agreement do not violate any law, or result in a breach of or default under,
or would, with the giving of notice or the lapse of time or both, constitute a breach of or default under, or cause or permit the
acceleration of any obligation owed under, any indenture, loan or credit agreement or any other contractual obligation to which
the Acceding Party is a party or by which the Acceding Party or any of its property or assets are bound or affected. This Accession
Agreement has been executed and delivered by the Acceding Party and constitutes the legal, valid and binding obligation of the
Acceding Party enforceable against the Acceding Party in accordance with its terms.

 

3.           Governing
Law; Submission to Jurisdiction; Waiver of Jury Trial, Etc. This Accession Agreement shall be governed by, and construed in
accordance with, the laws of the State of Delaware. The Acceding Party hereby submits to the exclusive jurisdiction of the United
States District Court for the District of Rhode Island and of any Rhode Island state court sitting in Providence, Rhode Island,
for the purposes of all legal proceedings arising out of or relating to this Accession Agreement or the transactions contemplated
hereby. This Accession Agreement may be executed in any number of counterparts, each of which, when so executed, shall be deemed
to be an original and all of which, taken together, shall constitute one and the same Accession Agreement. Delivery of an executed
counterpart of a signature page to this Accession Agreement by electronic transmission shall be as effective as delivery of an
original executed counterpart of this Accession Agreement. This Section 3 shall survive the termination of this Accession Agreement.
EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON
CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS ACCESSION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THE ACTIONS OF THE PARTIES HERETO IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF.

 

    	 	10	 

     

    

 

IN WITNESS WHEREOF, the Acceding Party has caused
this Accession Agreement to be executed as of the date first above written.

 

	 	[____________________]
	 	 	 
	 	By:	                     

 

TWIN RIVER MANAGEMENT GROUP, INC., as the Payee, hereby accepts
this Accession Agreement.

 

	 	TWIN RIVER MANAGEMENT GROUP, INC.
	 	 	 
	 	By:	                      
	 	Name:	 
	 	Title:	 

 

    	 	11

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