0001047469-13-008794 Sample Contracts

MASTER LEASE
Master Lease • August 30th, 2013 • Gaming & Leisure Properties, Inc. • Real estate investment trusts • New York

This MASTER LEASE (the “Master Lease”) is entered into as of , 2013, by and among GLP Capital, L.P. (together with its permitted successors and assigns, “Landlord”), and Penn Tenant, LLC (together with its permitted successors and assigns, “Tenant”).

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TRANSITION SERVICES AGREEMENT
Transition Services Agreement • August 30th, 2013 • Gaming & Leisure Properties, Inc. • Real estate investment trusts • Pennsylvania

This Transition Services Agreement (this “Services Agreement”) is entered into and effective as of the day of , 2013 (the “Effective Date”), by and between Penn National Gaming, Inc., a Pennsylvania corporation (“Provider”), and Gaming and Leisure Properties, Inc., a Pennsylvania corporation (“Recipient”). Provider and Recipient each may be referred to herein as a “Party” and collectively, as the “Parties.”

SEPARATION AND DISTRIBUTION AGREEMENT BY AND BETWEEN PENN NATIONAL GAMING, INC. AND GAMING AND LEISURE PROPERTIES, INC. Dated [•], 2013
Separation and Distribution Agreement • August 30th, 2013 • Gaming & Leisure Properties, Inc. • Real estate investment trusts • Pennsylvania

This SEPARATION AND DISTRIBUTION AGREEMENT, dated as of [•], 2013 (this “Agreement”), is by and between Penn National Gaming, Inc., a Pennsylvania corporation (“Penn”), and Gaming and Leisure Properties, Inc., a Pennsylvania corporation (“GLPI”).

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