SEC Contract Filing

Filing Date: 2018-06-19

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>a18-15622_1ex10d1.htm
<DESCRIPTION>EX-10.1
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.1<a name="Exhibit10_1_085159"></a></font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXECUTION VERSION</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">MEMBERSHIP INTEREST PURCHASE AGREEMENT</font></b></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Membership Interest Purchase Agreement (this &#147;<u>Agreement</u>&#148;), dated June&nbsp;18, 2018, by and among VICI Properties Inc., a Maryland corporation (&#147;<u>VICI</u>&#148;), Riverview Merger Sub Inc., a Delaware corporation (&#147;<u>Merger Sub</u>&#148;, and together with VICI, the &#147;<u>VICI Parties</u>&#148; and each a &#147;<u>VICI Party</u>&#148;), Penn Tenant II, LLC, a Delaware limited liability company (&#147;<u>Operator</u>&#148;), and Penn National Gaming,&nbsp;Inc., a Pennsylvania corporation (&#147;<u>Penn Parent</u>&#148;, and together with Operator, the &#147;<u>PNG Parties</u>&#148; and each a &#147;<u>PNG Party</u>&#148;).&#160; The VICI Parties and the PNG Parties are each sometimes referred to herein as a &#147;<u>Buyer Party</u>&#148; and together as the &#147;<u>Buyer Parties</u>.&#148;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RECITALS</font></u></b></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, VICI, Merger Sub, Operator, Penn Parent, Bossier Casino Venture (HoldCo),&nbsp;Inc., a Delaware corporation (&#147;<u>HoldCo</u>&#148;), and Silver Slipper Gaming, LLC, a California limited liability company (&#147;<u>Stockholder Representative</u>&#148;) have entered into that certain Agreement and Plan of Merger, dated as of even date herewith (as amended from time to time, the &#147;<u>Merger Agreement</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, capitalized terms used but not defined herein shall have the respective meanings given to them in the Merger Agreement;</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, pursuant to the Merger Agreement, at the Effective Time, Merger Sub will merge with and into HoldCo, the separate corporate existence of Merger Sub will cease, and HoldCo will continue its corporate existence under the DGCL as the surviving corporation in the Merger and as a wholly-owned subsidiary of VICI (collectively, the &#147;<u>Merger</u>&#148;);</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, HoldCo is, and will continue to be immediately following the consummation of the Merger, the direct owner of 100% of the outstanding capital stock of BCV (Intermediate) Inc., a Delaware corporation (&#147;<u>Intermediate</u>&#148;), which is, and will continue to be immediately following the consummation of the Merger, the direct owner of 100% of the capital stock of Bossier Casino Venture,&nbsp;Inc., a Louisiana corporation (&#147;<u>OpCo</u>&#148;);</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, following the Effective Time, </font>VICI intends to cause HoldCo to cause Intermediate to (i)&nbsp;convert from a Delaware corporation to a Delaware limited liability company pursuant to Delaware law, and (ii)&nbsp;cause OpCo to convert from a Louisiana corporation to a Louisiana limited liability company pursuant to Louisiana law (such transactions, the &#147;<u>Conversions</u>&#148;);</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, following the Conversions, HoldCo will be the direct owner of 100% of the membership interests of Intermediate </font>(the &#147;<u>Intermediate Membership Interests</u>&#148;) and Intermediate will be the direct owner of 100% of the membership interests of OpCo;</p>
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