Binding Term SheetBinding Term Sheet • October 11th, 2022 • PENN Entertainment, Inc. • Hotels & motels
Set forth below are the terms of a legally binding term sheet (this “Agreement”), dated as of October 9, 2022, by and among GLP Capital, L.P. (together with its affiliates, “GLP”) and PENN Entertainment, Inc. (“PENN” and, together with GLP, each a “Party” and, collectively, the “Parties”). As the context may require, references to GLP and PENN in this Agreement shall be deemed to refer to their respective affiliates and subsidiaries. This Agreement serves as a mutually agreed set of terms between Parties to be incorporated as soon as practicable after the date hereof in definitive documents and agreements (collectively, the “Definitive Documents”) setting forth the terms and conditions addressed herein in further detail, as well as such other terms and conditions as shall be customary and not inconsistent with the terms hereof.
