EX-10.3



 Exhibit 10.3 

REGISTRATION RIGHTS AGREEMENT 
 BY
AND AMONG 
 MGM GROWTH PROPERTIES LLC, 

MGM GROWTH PROPERTIES OPERATING PARTNERSHIP LP, 

AND 
 THE INVESTORS PARTY HERETO

 Dated April 25, 2016 







 TABLE OF CONTENTS 

 

							
	ARTICLE I	  
	CERTAIN DEFINITIONS	  
	
	ARTICLE II	  
	REGISTRATION REQUEST	  
			
	 SECTION 2.1.
	 	 Request
	  	 	4	  
	 SECTION 2.2.
	 	 Piggyback Registration
	  	 	4	  
	 SECTION 2.3.
	 	 Expenses
	  	 	5	  
	 SECTION 2.4.
	 	 Other Registration
	  	 	5	  
	
	ARTICLE III	  
	INCIDENTAL AND SHELF REGISTRATION	  
			
	 SECTION 3.1.
	 	 Notice and Incidental Registration
	  	 	5	  
	 SECTION 3.2.
	 	 Shelf Registration Statement
	  	 	7	  
	
	ARTICLE IV	  
	PROCEDURES	  
			
	 SECTION 4.1.
	 	 Registration and Qualification
	  	 	8	  
	 SECTION 4.2.
	 	 Underwriting
	  	 	10	  
	 SECTION 4.3.
	 	 Blackout Periods
	  	 	11	  
	 SECTION 4.4.
	 	 Qualification for Rule 144 Sales
	  	 	12	  
	
	ARTICLE V	  
	PREPARATION; REASONABLE INVESTIGATION	  
			
	 SECTION 5.1.
	 	 Preparation; Reasonable Investigation
	  	 	13	  
	
	ARTICLE VI	  
	RESTRICTIONS ON PUBLIC SALE	  
			
	 SECTION 6.1.
	 	 Restrictions on Public Sale
	  	 	13	  
	
	ARTICLE VII	  
	INDEMNIFICATION AND CONTRIBUTION	  
			
	 SECTION 7.1.
	 	 Indemnification
	  	 	14	  
	
	ARTICLE VIII	  
	BENEFITS OF REGISTRATION RIGHTS	  
			
	 SECTION 8.1.
	 	 Benefits of Registration Rights
	  	 	18	  
	
	ARTICLE IX	  
	MISCELLANEOUS	  
			
	 SECTION 9.1.
	 	 No Inconsistent Agreements
	  	 	18	  
	 SECTION 9.2.
	 	 Captions
	  	 	18	  
	 SECTION 9.3.
	 	 Severability
	  	 	18	  
	 SECTION 9.4.
	 	 Modification and Amendment
	  	 	18	  


  
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 TABLE OF CONTENTS 

(Continued) 
  


							
	 SECTION 9.5.
	 	 Counterparts
	  	 	18	  
	 SECTION 9.6.
	 	 Entire Agreement
	  	 	18	  
	 SECTION 9.7.
	 	 Assignment; Successors and Assigns
	  	 	18	  
	 SECTION 9.8.
	 	 Notices
	  	 	19	  
	 SECTION 9.9.
	 	 Specific Performance
	  	 	19	  
	 SECTION 9.10.
	 	 Dispute Resolution
	  	 	19	  
	 SECTION 9.11.
	 	 Governing Law; Jurisdiction
	  	 	19	  


  
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 REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is dated as of April 25, 2016, by and among MGM Growth Properties
LLC, a Delaware limited liability company (the “Company”), certain wholly-owned subsidiaries of MGM Resorts International, a Delaware corporation (“MGM”), listed as “Holders” on the signatures pages hereto
(each, a “Holder” and collectively, the “Holders”), the Permitted Transferees (as defined below) that become party hereto in accordance with this Agreement (the Holders and such entities or Permitted Transferees are
sometimes referred to herein individually as an “Investor” and collectively as the “Investors”) and MGM Growth Properties Operating Partnership LP, a Delaware limited partnership (the
“Partnership”). 
 W I T N E S S E T H: 

WHEREAS, the Investors own certain Common Units (as defined below); 

WHEREAS, subject to the various limitations contained in the Partnership Agreement (as defined below), the Investors are entitled to redeem
their Common Units for cash or, at the election of the conflicts committee of the Board of Directors of the Company on behalf of the Company, REIT Class A Shares (as defined below); and 

WHEREAS, the Company desires to provide to the Investors certain registration rights as set forth herein with respect to the REIT Class A
Shares issuable by the Company in respect of the redemption of Common Units pursuant to the Partnership Agreement. 
 NOW THEREFORE, in
consideration of the mutual covenants and undertakings contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and subject to and on the terms and conditions herein set forth,
the parties hereto agree as follows: 
 ARTICLE I 

CERTAIN DEFINITIONS 
 1.1
“Affiliates” has the meaning set forth in Rule 12b-2 of the General Rules and Regulations under the Exchange Act. 
 1.2
“Agreement” is defined in the preamble of this Agreement. 
 1.3 “Blackout Period” is defined in
Section 4.3(a). 
 1.4 “Business Day” means any day on which the New York Stock Exchange or such other exchange
as the REIT Class A Shares are listed is open for trading. 
 1.5 “Common Units” has the meaning given to such term in
the Partnership Agreement. 
 1.6 “Company” is defined in the preamble of this Agreement and shall include any successor
thereto. 







 1.7 “Company Securities” is defined in Section 3.1. 

1.8 “Contribution Agreement” means the Master Contribution Agreement, to be entered into in connection with the IPO, by and
among MGM, the Company and the Partnership. 
 1.9 “Effectiveness Period” is defined in Section 3.2(a). 

1.10 “Eligible Securities” means all or any portion of the REIT Class A Shares acquired or that may be acquired by an
Investor or its designee upon redemption, conversion or exchange of Common Units, and any other securities issued or issuable with respect to, on account of or in exchange for Eligible Securities, whether by stock split, stock dividend,
recapitalization, merger, charter amendment or otherwise that are held by an Investor or its designee. Eligible Securities shall cease to be Eligible Securities when (i) a registration statement with respect to the sale of such Eligible
Securities shall have become effective under the Securities Act and such Eligible Securities shall have been disposed of in accordance with such registration statement, (ii) such Eligible Securities shall have been otherwise transferred
pursuant to Rule 144 (or any successor rule) or pursuant to another applicable exemption from registration under the Securities Act to a Person that is not an Investor or a designee thereof, new certificates for such Eligible Securities not bearing
a legend restricting further transfer shall have been delivered by the Company and such Eligible Securities shall be freely transferable to the public (without limitations on volume) without registration under the Securities Act or (iii) such
Eligible Securities are no longer outstanding. 
 1.11 “Exchange Act” means the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the SEC thereunder. 
 1.12 “Holder” is defined in the preamble of this
Agreement. 
 1.13 “Information Blackout” is defined in Section 4.3(a). 

1.14 “Investor” is defined in the preamble of this Agreement. 

1.15 “IPO” means the initial public offering of the Company. 

1.16 “Lock-up Commitment” is defined in Section 6.1(a). 

1.17 “MGM” is defined in the preamble of this Agreement. 

1.18 “Other Securities” is defined in Section 2.2. 

1.19 “Participating Holder” is defined in Section 2.2. 

1.20 “Partnership” is defined in the preamble of this Agreement. 

1.21 “Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of the Partnership, to be
entered into in connection with the IPO, as the same may be amended, restated or supplemented from time to time. 

  
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 1.22 “Person” means an individual, a partnership (general or limited),
corporation, real estate investment trust, joint venture, business trust, cooperative, limited liability company, association or other form of business organization, whether or not regarded as a legal entity under applicable law, a trust (inter
vivos or testamentary), an estate of a deceased, insane or incompetent person, a quasi-governmental entity, a government or any agency, authority, political subdivision or other instrumentality thereof, or any other entity. 

1.23 “Permitted Transferees” means any Affiliate of the Holders that has become a party hereto in accordance with
Section 9.7. 
 1.24 “Qualifying Other Holder” is defined in Section 2.2. 

1.25 “Registration Delay” is defined in Section 4.3(a). 

1.26 “Registration Expenses” means all expenses incurred in connection with the Company’s performance of or compliance
with the registration requirements set forth in this Agreement, including, without limitation, the following: (i) the fees, disbursements and expenses of the Company’s counsel(s) (United States and foreign), accountants, experts and other
persons retained by the Company in connection with the registration, offering and sale of Eligible Securities to be disposed of under the Securities Act; (ii) all expenses in connection with the preparation, printing and filing of any
registration statement, any preliminary prospectus, final prospectus or free writing prospectus, any other offering document and amendments and supplements thereto and the mailing and delivering of copies thereof to the underwriters and dealers;
(iii) the cost of printing or producing any agreement(s) among underwriters, underwriting agreement(s) and blue sky or legal investment memoranda, any selling agreements and any other documents in connection with the offering, sale or delivery
of Eligible Securities to be disposed of; (iv) all expenses in connection with the qualification of Eligible Securities to be disposed of for offering and sale under state securities laws (v) the filing fees incident to securing any
required review by the Financial Industry Regulatory Authority (or any successor thereto) of the terms of the sale of Eligible Securities to be disposed of; (vi) SEC and blue sky registration fees attributable to Eligible Securities;
(vii) the fees and expenses incurred in connection with the listing of Eligible Securities on each securities exchange or quotation system on which the Company’s equity securities are then listed; (viii) the reasonable fees and
disbursements for one counsel or firm to the Investors (as well as one local counsel) selected by the Holder; (ix) Securities Act liability insurance or similar insurance if the Company so desires or the underwriters so require in accordance
with then-customary underwriting practice; and (x) all expenses related to the “road-show” for any underwritten offering, including all travel, meals and lodging, to the extent not borne by the underwriters; provided,
however, that Registration Expenses with respect to any registration pursuant to this Agreement shall not include underwriting discounts or commissions attributable to Eligible Securities, any out-of-pocket expenses of the Selling Investors
(including any fees and expenses of their brokers) or transfer taxes applicable to Eligible Securities. 
 1.27 “Registration
Request Notice” is defined in Section 2.1. 
 1.28 “REIT Class A Shares” has the meaning given to
such term in the Partnership Agreement and shall include equivalent securities of any successor to the Company. 

  
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 1.29 “Requesting Investor” means an Investor requesting registration of its
Eligible Securities in accordance with the terms hereof. 
 1.30 “SEC” means the United States Securities and Exchange
Commission. 
 1.31 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC
thereunder, all as the same shall be in effect at the relevant time. 
 1.32 “Selling Investor” means the Requesting
Investor and each Investor who has requested registration pursuant to Articles II or III, as applicable. 
 1.33
“Shelf Registration Statement” is defined in Section 3.2(a). 
 1.34 “Underwritten Offering
Notice” is defined in Section 6.1(a). 
 ARTICLE II 

REGISTRATION REQUEST 

SECTION 2.1. Request. From and after the one (1) year anniversary of the first day of the first full calendar month following
the date of this Agreement and subject to Section 4.3, upon written request from a Requesting Investor requesting that the Company effect the registration under the Securities Act of all or part of the Eligible Securities held by such
Investor, which notice may be delivered at any time after such one (1) year anniversary and which notice shall specify the intended method or methods of disposition of such Eligible Securities (the “Registration Request
Notice”), unless such Eligible Securities are included in a currently effective registration statement of the Company permitting the resale of such Eligible Securities in the manner contemplated by the Requesting Investor, the Company will
use its reasonable best efforts to (as promptly as practicable) file the appropriate registration statement under the Securities Act with the SEC and (as promptly as reasonably practicable, but in any event within 180 days of such request) cause
such registration statement to be declared effective by the SEC and to permit the disposition of such Eligible Securities in accordance with the intended method or methods of disposition stated in such request; provided, that: 

(a) if the Company shall have previously caused a registration statement to be declared effective by the SEC with respect to Eligible
Securities pursuant to Article III, the Company shall not be required to cause a subsequent registration statement to be declared effective by the SEC pursuant to this Article II until a period of ninety (90) days shall have
elapsed from the effective date of the most recent such previous registration, unless such earlier registration was pursuant to Section 3.1 and the Selling Investors in connection therewith were subjected to a cutback in accordance with
Section 3.1(e); and 
 (b) the Company shall not be required to effect (i) more than three (3) registrations pursuant
to this Article II in any calendar year or (ii) a registration of Eligible Securities, the fair market value of which on the date of receipt by the Company of the Registration Request Notice is less than $5,000,000. 

SECTION 2.2. Piggyback Registration. If at any time the Company proposes to register any REIT Class A Shares, any equity
securities exercisable for, convertible into or 

  
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exchangeable for REIT Class A Shares, or other securities issued by it having terms substantially similar to Eligible Securities for public resale under the Securities Act by any holder of
registration rights, pursuant to a registration rights agreement entered into by it with the Company on or after the date of this Agreement (a “Qualifying Other Holder”, and such securities, “Other Securities”) and
on a form and in a manner which would permit registration of Eligible Securities for sale to the public under the Securities Act, it will give prompt written notice to the Investors of its intention to do so, and upon the written request of any
Investor delivered to the Company within ten (10) Business Days after the giving of any such notice (which request shall specify the number of Eligible Securities intended to be disposed of by the Investor and the intended method of disposition
thereof), the Company will use reasonable best efforts to effect, in connection with the registration of the Other Securities, the registration under the Securities Act of all Eligible Securities which the Company has been so requested to register
by the Selling Investor(s) (each a “Participating Holder”), to the extent required to permit the disposition (in accordance with the intended method or methods thereof as aforesaid) of Eligible Securities so to be registered,
provided, however, that if the Company shall have been advised by a nationally recognized independent investment banking firm selected by the Company and/or the Qualifying Other Holder and reasonably acceptable to the Participating
Holders to act as lead underwriter in connection with the public offering of securities under this Section 2.2 that, in such firm’s opinion, a registration of Eligible Securities requested to be registered at that time would
materially and adversely affect the scheduled offering of securities, then the aggregate number of securities requested to be included in such registration by the Participating Holders and the Qualifying Other Holder(s) shall be reduced pro
rata among the Participating Holders and the Qualifying Other Holder(s) according to the total number of securities requested to be registered by such Persons. Notwithstanding any request under this Section 2.2, a Selling Investor
may elect in writing prior to the effective date of a registration under this Section 2.2 not to register its Eligible Securities in connection with such registration. 

SECTION 2.3. Expenses. The Company shall bear all Registration Expenses in connection with any registration pursuant to this
Article II, whether or not such registration statement becomes effective; provided, however, that if the Investors request a registration pursuant to Section 2.1 and subsequently withdraw their request, then such
Investors shall either pay all Registration Expenses incurred in connection with such registration or forfeit the right to request another registration during the subsequent ninety (90) days, unless the withdrawal of such request is the result
of facts or circumstances relating to the Company or the REIT Class A Shares that arise after the date on which such request was made and would have a material adverse effect on the offering of the Eligible Securities or such withdrawal occurs
after the implementation of, and within twenty (20) Business Days after the end of, a Blackout Period. 
 SECTION 2.4. Other
Registration. No registration of Eligible Securities effected under this Article II shall relieve the Company of its obligation (if any) to effect registration of other Eligible Securities pursuant to Article III. 

ARTICLE III 
 INCIDENTAL AND SHELF
REGISTRATION 
 SECTION 3.1. Notice and Incidental Registration. If the Company proposes to register any REIT Class A
Shares, any equity securities exercisable for, convertible into or 

  
 5 








 
exchangeable for REIT Class A Shares, or other securities issued by it having terms substantially similar to Eligible Securities (the “Company Securities”) for public sale
by the Company under the Securities Act on a form and in a manner which would permit registration of Eligible Securities for sale to the public under the Securities Act, it will give prompt written notice to the Investors of its intention to do so,
and upon the written request of any Investor delivered to the Company within ten (10) Business Days after the giving of any such notice (which request shall specify the number of Eligible Securities intended to be disposed of by the Investor
and the intended method of disposition thereof), the Company will use reasonable best efforts to effect, in connection with the registration of the Company Securities, the registration under the Securities Act of all Eligible Securities which the
Company has been so requested to register by the Selling Investor(s), to the extent required to permit the disposition (in accordance with the intended method or methods thereof as aforesaid) of Eligible Securities so to be registered;
provided, that: 
 (a) If, at any time after giving such written notice of its intention to register any of the Company Securities
and prior to the effective date of the registration statement filed in connection with such registration, the Company shall determine for any reason not to register the Company Securities, the Company may, at its election, give written notice of
such determination to the Selling Investors and thereupon the Company shall be relieved of its obligation to register such Eligible Securities in connection with the registration of such Company Securities (but not from its obligation to pay
Registration Expenses to the extent incurred in connection therewith as provided in Section 3.2), without prejudice, however, to the rights (if any) of the Selling Investors immediately to request that such registration be effected as a
registration under Article II; 
 (b) The Company shall not be required to give notice of or effect any registration of Eligible
Securities under this Section 3.1 incidental to the registration of any of its securities in connection with mergers, acquisitions, exchange offers, subscription offers, dividend reinvestment plans or share options or other employee
benefit plans; 
 (c) Notwithstanding any request under this Section 3.1, a Selling Investor may elect in writing prior to the
effective date of a registration under this Section 3.1 not to register its Eligible Securities in connection with such registration; 

(d) No registration of Eligible Securities effected under this Section 3.1 shall relieve the Company of its obligation (if any) to
effect registration of other Eligible Securities pursuant to Article II or Section 3.2; 
 (e) The Company will not be
required to effect any registration pursuant to this Section 3.1 if the Company shall have been advised by a nationally recognized independent investment banking firm selected by the Company to act as lead underwriter in connection with
the public offering of securities by the Company that, in such firm’s opinion, a registration of Eligible Securities requested to be registered at that time would materially and adversely affect the scheduled offering of securities;
provided, however, that if an offering of some but not all of the Eligible Securities requested to be registered by the Investor(s) would not materially adversely affect the Company’s offering of securities, the aggregate number
of Eligible Securities requested to be included in such offering by the Investors shall be reduced such that 

  
 6 








 
securities are included as follows: (1) first, 100% of the securities that the Company proposes to sell, (2) second, and only if all the securities referred to in clause
(1) have been included, the number of Eligible Securities eligible for inclusion in such registration, allocated pro rata among the Investors according to the total number of Eligible Securities requested to be registered by such
Investors; and 
 (f) The Company shall be responsible for the payment of all Registration Expenses in connection with any registration
pursuant to this Section 3.1. 
 SECTION 3.2. Shelf Registration Statement. 

(a) Shelf Registration Statement. From and after the one (1) year anniversary of the first day of the first full calendar month
following the date of this Agreement and subject to Section 4.3, the Company shall, upon request of any Investor, as promptly as reasonably practicable file with the SEC a registration statement for an offering to be made on a continuous
basis pursuant to Rule 415 covering the resale of all of the Eligible Securities (the “Shelf Registration Statement”). The Shelf Registration Statement shall be on the appropriate form permitting registration of such Eligible
Securities for resale by the Investors in the manner or manners designated by them (including, without limitation, one or more underwritten offerings). The Company will notify each Investor when such Shelf Registration Statement has become
effective. The Company shall not be required to maintain in effect more than one shelf registration at any one time pursuant to this Section 3.2(a). The Company shall (subject to the limitations on registration obligations of the Company
set forth in Articles II and III, which shall be applicable with respect to the Shelf Registration) use its reasonable best efforts to cause the Shelf Registration Statement to be declared effective under the Securities Act as promptly
as practicable after the filing of the Shelf Registration Statement, or automatically if the Company is eligible to file an automatically effective shelf registration statement, and to keep the Shelf Registration Statement continuously effective
under the Securities Act until the date (“Effectiveness Period”) when all Eligible Securities covered by the Shelf Registration Statement have been sold in the manner set forth and as contemplated in the Shelf Registration
Statement. 
 (b) Shelf Offerings. Subject to Section 4.3, the Investors shall have the right to conduct an unlimited
number of offerings under the Shelf Registration Statement, including underwritten offerings; provided, that the Company shall have no obligation to effect more than one such underwritten offering in every 90 day period during the
Effectiveness Period. 
 (c) Withdrawal of Stop Orders. If the Shelf Registration Statement ceases to be effective for any reason at
any time during the Effectiveness Period (other than because of the sale of all of the securities registered thereunder), the Company shall use its reasonable best efforts to obtain the prompt withdrawal of any order suspending the effectiveness
thereof. 
 (d) Supplement and Amendments. Subject to Section 4.3, the Company shall promptly supplement and amend the
Shelf Registration Statement and the prospectus included therein if required by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration Statement or by the Securities Act. 

  
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 (e) Other Shares. In no event shall the Company agree to register REIT Class A Shares
or any Other Securities for issuance by the Company or resale by any Persons other than the Investors in any registration statement filed pursuant to this Section 3.2 without the express written consent of the Holders, which consent
shall be entirely discretionary. 
 (f) Other Registrations. Notwithstanding any other provisions contained herein to the contrary,
the Company shall not be required to effect any shelf registration or to keep any Shelf Registration Statement effective pursuant to this Section 3.2 if the Investors exercise their right to request a demand registration pursuant to
Article II and such demand registration includes all of the Eligible Securities owned by all of the Investors and such securities are sold pursuant to such demand registration. 

(g) Expenses. The Company shall bear all Registration Expenses in connection with any shelf registration pursuant to this
Section 3.2, whether or not such shelf registration becomes effective; provided, however, that if the Investor(s) request a shelf registration and subsequently withdraw their request, then such Investors shall either pay
all Registration Expenses incurred in connection with such shelf registration or forfeit the right to request another shelf registration during the subsequent ninety (90) days, unless the withdrawal of such request is the result of facts or
circumstances relating to the Company or the REIT Class A Shares that arise after the date on which such request was made and would have an adverse effect on the offering of the Eligible Securities or such withdrawal occurs after the
implementation of, and within twenty (20) Business Days after the end of, a Blackout Period. 
 ARTICLE IV 

PROCEDURES 
 SECTION 4.1.
Registration and Qualification. If and whenever the Company is required to use all reasonable best efforts to effect the registration of any Eligible Securities under the Securities Act as provided in Articles II or III, and
subject to the limitations set forth in Sections 2.1, 2.2, 3.1 and 3.2, the Company will, as promptly as is practicable: 

(a) prepare, file and use all reasonable best efforts to cause to become effective and to remain continuously effective a registration
statement under the Securities Act regarding the Eligible Securities to be offered; 
 (b) prepare and file with the SEC such amendments and
supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective and to comply with the provisions of the Securities Act with respect to the disposition of
all Eligible Securities until such time as all of such Eligible Securities have been disposed of in accordance with the intended methods of disposition by the Selling Investors set forth in such registration statement; 

(c) furnish to the Investors and any of the Selling Investors and to any underwriter of such Eligible Securities such number of conformed
copies of such registration statement and of each such amendment and supplement thereto (in each case, including all exhibits), such number of copies of the prospectus included in such registration statement (including each preliminary prospectus
and any summary prospectus), in conformity with the 

  
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requirements of the Securities Act, such documents incorporated by reference in such registration statement or prospectus, and such other documents as the Selling Investors or such underwriter
may reasonably request; 
 (d) use all reasonable best efforts to register or qualify all Eligible Securities covered by such registration
statement under such other securities or blue sky laws of such jurisdictions as the Investor or any of the Selling Investors or any underwriter of such Eligible Securities shall reasonably request, and use all reasonable best efforts to do other
acts and things which may be reasonably requested by the Investor or any Selling Investors or any underwriter to consummate the disposition in such jurisdictions of the Eligible Securities covered by such registration statement, except the Company
shall not for any such purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction wherein it is not so qualified, or to subject itself to taxation on its income in any jurisdiction where it is not then
subject to taxation, or to consent to general service of process in any jurisdiction where it is not then subject to service of process; 

(e) use all reasonable best efforts to list the Eligible Securities on each national securities exchange or quotation system on which the REIT
Class A Shares are then listed, if the listing of such securities is then permitted under the rules of such exchange; 
 (f) notify the
Investor and any of the Selling Investors as soon as reasonably practicable and, if requested by any such Person, confirm such notice in writing: 

(i) (A) when a prospectus, any prospectus supplement or free writing prospectus or post-effective amendment is proposed to be filed in
respect of a registration statement filed pursuant to this Agreement, and (B) with respect to such registration statement or any post-effective amendment thereto, when the same has become effective; 

(ii) of any written comments from the SEC with respect to any filing and of any request by the SEC or any other federal or state governmental
authority for amendments or supplements to such registration statement or related prospectus or for additional information related thereto; 

(iii) of the issuance by the SEC, any state securities commission, any other governmental agency or any court of any stop order, order or
injunction suspending or enjoining the use or effectiveness of any registration statement filed pursuant to this Agreement or the initiation of any proceedings for that purpose; 

(iv) of the receipt by the Company of any notification with respect to the suspension of qualification or exemption from qualification of any
of the Eligible Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose; 
 (v) of the
existence of any fact or the happening of any event that makes any statement of material fact made in any registration statement filed pursuant to this Agreement or related prospectus untrue in any material respect, or that requires the making of
any changes in such registration statement or prospectus so that, in the case of the registration statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to
make the statements therein not misleading and 

  
 9 








 
that, in the case of the prospectus, such prospectus will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading; and 
 (vi) of the determination by the
Company that a post-effective amendment to a registration statement filed pursuant to this Agreement will be filed with the SEC; and 
 (g)
(i) upon the occurrence of any event contemplated by Sections 4.1(f)(ii), (iii) or (iv), use its reasonable best efforts to respond to such comments, prepare such amendment or supplement, furnish such additional
information, or obtain the withdrawal of such stop order, order, injunction or suspension of qualification or exemption, as applicable, as promptly as practicable, and (ii) upon the occurrence of any event contemplated by
Section 4.1(f)(v), at the request of the Investor or a Selling Investor, prepare and furnish to the Investor and any of the Selling Investors as many copies as requested of a supplement or amendment, including, if appropriate, a
post-effective amendment to the registration statement or a supplement to the related prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered,
such prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading. 
 The Company may require the Investor(s) and any of the Selling Investors to furnish the Company such information regarding the Investor(s)
and any of the Selling Investors and the distribution of such securities as the Company may from time to time reasonably request in writing and as shall be required by law or by the SEC in connection with any registration. 

SECTION 4.2. Underwriting. 

(a) If any Selling Investor so elects, an offering under this Agreement shall, by written notice delivered to the Company, be in the form of an
underwritten offering. With respect to any such underwritten offering, the Selling Investors shall select an investment banking firm of international standing to be the managing underwriter for the offering, which firm shall be reasonably acceptable
to the Company, following which selection the Company and the Selling Investors shall cooperate to effect such transaction as promptly as reasonably practicable. 

(b) In the case of an underwritten offering, the Company and the Partnership will enter into and perform their obligations under an
underwriting agreement with the underwriters for such offering, such agreement to contain such representations and warranties by the Company and the Partnership and such other terms and provisions as are customarily contained in underwriting
agreements with respect to secondary distributions, which may include, without limitation, indemnities and contribution to the effect and to the extent provided in Article VII and the provision of opinions of counsel and accountants’
letters as are customarily delivered by issuers to underwriters in secondary underwritten public offerings of securities. The holders of Eligible Securities on whose behalf such securities are to be 


  
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distributed by such underwriters shall be parties to any such underwriting agreement and the representations and warranties by, and the other agreements on the part of, the Company to and for the
benefit of such underwriters shall also be made to and for the benefit of such holders of such securities, but only to the extent such representations and warranties and other agreements are customarily made by issuers to selling stockholders in
secondary underwritten public offerings, and the holders of Eligible Securities included in such underwritten registration shall be required to make representations or warranties to, and other agreements with, the Company and the underwriters in
connection with such underwriting agreement as are customarily made by selling stockholders in secondary underwritten public offerings; provided, however, that no holder of Eligible Securities included in any underwritten registration
shall be required to make any representations or warranties to the Company or the underwriters regarding such holder’s knowledge about the Company or to undertake any indemnification obligations to the Company with respect thereto, except as
otherwise provided in Section 7.1(b), or to the underwriters with respect thereto, except to the extent of the indemnification being given to the Company and its controlling Persons in Section 7.1(b). 

(c) In the event that any registration pursuant to Articles II or III shall involve, in whole or in part, an underwritten
offering, the Company will, if requested by the Investors or the underwriters in such offering, cause the appropriate officers of the Company and/or the Partnership to attend and participate in “road shows” and other information meetings,
if any, organized by the underwriters, as reasonably requested; provided, that the Company shall have no obligation to participate in more than two (2) “road shows” in any twelve (12) consecutive month period, and such
participation shall not unreasonably interfere with the business operations of the Company. 
 SECTION 4.3. Blackout Periods.

 (a) (i) At any time when a registration statement effected pursuant to Articles II or III relating to Eligible Securities is
effective, upon written notice from the Company to the Selling Investors that the Board of Directors of the Company has determined in good faith, with the advice of counsel, that the Selling Investors’ sale of Eligible Securities pursuant to
the registration statement would be reasonably likely to require disclosure of non-public material information the disclosure of which would not otherwise be required to be disclosed and would be reasonably likely to have a material adverse effect
on the Company (an “Information Blackout”), the Selling Investors shall suspend sales of Eligible Securities pursuant to such registration statement and (ii) if, while a registration request is pending pursuant to Articles
II or III, the Board of Directors of the Company determines that an Information Blackout is required, or that any such filing or the offering of any Eligible Securities would be reasonably likely to materially adversely affect or
materially delay any proposed material financing, offer or sale of securities, acquisition, corporate reorganization or other material transaction involving the Company or the Partnership, the Company shall deliver to the Investors a certificate to
such effect signed by its Chief Executive Officer or Chief Financial Officer, and the Company shall not be required to file a registration statement, prospectus or any amendment or any supplement thereto pursuant to Articles II or III
(a “Registration Delay”); provided, that any such suspension or postponement under (i) and (ii) of this Section 4.3(a) shall only continue until the earliest of: 

  
 11 








 (1) the date upon which such material information is disclosed to the public or ceases to be
material; 
 (2) sixty (60) days after the Company’s delivery of such written notice to the Selling Investors; 

(3) in the case of clause (i) above, such time as the Company notifies the Selling Investors that sales pursuant to such registration
statement may be resumed; and 
 (4) in the case of clause (ii) above, the date upon which the financing, offer or sale of securities,
acquisition, corporate reorganization or other material transaction referred to therein concludes. 
 The number of days from such suspension of sales by
the Selling Investors until the day when such sales may be resumed under clause (1), (2) or (3) hereof, or from the date of a notice of a Registration Delay until the date such affected registration process resumes under clause (1),
(2) or (4) hereof, shall be called a “Blackout Period. In no event may the Company deliver more than two (2) notices, collectively, of an Information Blackout and/or a Registration Delay in any twelve (12) consecutive
month period, and the aggregate number of days in which any Blackout Periods may be in effect in any twelve (12) consecutive month period shall not exceed ninety (90) days. 

(b) Any delivery by the Company of a written notice of a Registration Delay following a registration request by a Requesting Investor pursuant
to Section 2.1 or by an Investor pursuant to Section 3.2, and before the effectiveness of the related registration statement, or of a written notice of an Information Blackout during the sixty (60) days immediately
following effectiveness of any registration statement effected pursuant to Article II, shall give the Investors the right, by written notice to the Company within twenty (20) Business Days after the end of such Blackout Period, to cancel
such registration and obtain one additional registration right during such calendar year under Article II. 
 (b) The Company shall
not effect any public offering of its securities during any Blackout Period other than in connection with such proposed transaction described in Section 4.3(a); provided, that the Investors shall have incidental registration
rights with respect to such primary offering of securities by the Company in accordance with, and subject to the restrictions set forth in, Section 3.1. 

SECTION 4.4. Qualification for Rule 144 Sales. The Company covenants that it will use its reasonable best efforts to file the
reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if the Company is not required to file such reports, it will, upon the written request of an Investor,
use its reasonable best efforts to make publicly available such necessary information for so long as necessary to permit sales pursuant to Rule 144 under the Securities Act), and it will use its reasonable best efforts to take any such further
action as reasonably requested by any Investor, all to the extent required from time to time to enable Investors to sell Eligible Securities without registration under the Securities Act within the limitation of the exemptions provided by
(a) Rule 

  
 12 








 
144, Rule 144A or Regulation S under the Securities Act, as each may be amended from time to time, or (b) any similar rule or regulation hereafter adopted by the SEC. Upon the reasonable
request of any Investor, the Company will deliver to such Investor a written statement as to whether it has complied with such requirements and, if not, the specifics thereof. 

ARTICLE V 
 PREPARATION; REASONABLE
INVESTIGATION 
 SECTION 5.1. Preparation; Reasonable Investigation. In connection with the preparation and filing of each
registration statement registering or offering Eligible Securities under the Securities Act, the Company will give the Investors, any of the Selling Investors and the underwriters, if any, and their respective counsel and accountants, drafts of such
registration statement for their review and comment prior to filing and such reasonable and customary access to its books and records and such opportunities to discuss the business of the Company with its officers, counsel and the independent public
accountants who have certified its financial statements as shall be necessary to conduct a reasonable investigation within the meaning of the Securities Act; provided, that the Company may require them to enter into a customary
confidentiality agreement. 
 ARTICLE VI 

RESTRICTIONS ON PUBLIC SALE 

SECTION 6.1. Restrictions on Public Sale. 

(a) Notwithstanding any registration rights set forth in this Agreement, upon written notice by the Company to the Investors, the Investors
shall, in the event (x) the Company is issuing equity securities with an aggregate fair market value of at least $50,000,000 to the public, or (y) any Qualifying Other Holder is proposing to sell REIT Class A Shares with an aggregate
fair market value of at least $50,000,000, in each case in an underwritten offering, and, if requested in writing by the managing underwriter or underwriters for such underwritten offering, not effect (and sign a written commitment to the
underwriter(s) (a “Lock-up Commitment”) to not effect) any public sale or distribution of Eligible Securities or any securities convertible into or exchangeable or exercisable for such Eligible Securities, including a sale pursuant
to Rule 144 (or any similar provision then in force) under the Securities Act, for a period commencing on the seventh (7th) day prior to the date such underwritten offering commences (such
offering being deemed to commence for this purpose on the later of the effective date for the registration statement for such offering or, if applicable, the date of the prospectus supplement for such offering) or, if later, the date of such written
request of the underwriter(s), and ending on such date, not to exceed ninety (90) days after the closing of such underwritten offering, as may be requested by the managing underwriter(s), so long as (i) the managing underwriter or
underwriters obtains a written commitment of each Company director and executive officer and, in connection with a registration under clause (y) above, the Qualifying Other Holder, to agree to the same restrictions and (ii) the Investors
are afforded piggyback and incidental registration rights, as applicable, with respect to such offerings of securities in accordance with, and subject to the restrictions set forth in, Section 2.2 and Section 3.1,
respectively; provided, however, that such Lock-up Commitment shall not prohibit (i) any distributions-in-kind to an Investor’s partners, members or stockholders or (ii) a transfer to an


  
 13 








 
Investor’s Affiliates, provided that any transferee in the case of this clause (ii) agrees to be bound by the restrictions set forth in this Section 6.1(a), and in the case
of clauses (i) and (ii), such transfers are not required to be reported with the SEC on Form 4 in accordance with Section 16 of the Exchange Act. Any notice delivered to the Investors pursuant to this Section 6.1(a) (an
“Underwritten Offering Notice”) shall be delivered not less than five (5) Business Days prior to the date of the underwriting agreement for such offering. The Company shall not deliver more than two (2) Underwritten
Offering Notices pursuant to this Section 6.1(a) in any twelve (12) consecutive month period. 
 (b) In the event of a sale
of REIT Class A Shares by the Investors in an underwritten offering pursuant to Section 4.2, if requested in writing by the managing underwriter or underwriters for such underwritten offering, the Company will, and shall use
reasonable best efforts to cause its directors, executive officers and any other Qualifying Other Holder to, sign a Lock-Up Commitment to the underwriter(s) to not effect any public sale or distribution of REIT Class A Shares or any securities
convertible into or exchangeable or exercisable for REIT Class A Shares, including a sale pursuant to Rule 144 (or any similar provision then in force) under the Securities Act, for a period commencing on the seventh (7th) day prior to the date such underwritten offering commences (such offering being deemed to commence for this purpose on the later of the effective date for the registration statement for such
offering or, if applicable, the date of the prospectus supplement for such offering) or, if later, the date of such written request of the underwriter(s), and ending no later than the earlier of (i) ninety (90) days after the closing of
such underwritten offering and (ii) the date of the expiration of the lock-up imposed on the Investors in respect of such offering. Notwithstanding anything to the contrary in this Section 6.1, (x) if the Investors fail to sign
a Lock-Up Commitment in accordance with, and subject to the terms and limitations set forth in, Section 6.1(a)(x), then the Company’s obligations under this Section 6.1(b) shall terminate, (y) if the Company fails
to sign a Lock-Up Commitment in accordance with, and subject to the terms and limitations set forth in, this Section 6.1(b), then the Investors’ obligations under Section 6.1(a)(x) shall terminate and (z) if a
Qualifying Other Holder fails to sign a Lock-Up Commitment in accordance with, and subject to the terms and limitations set forth in, this Section 6.1(b), then the Investors’ obligations under Section 6.1(a)(y) shall
terminate with respect to such Qualifying Other Holder. 
 (c) Notwithstanding the foregoing, the Company shall not, and shall not be
required to, use reasonable best efforts to impose restrictions on sales and distributions of Eligible Securities by the Investors for more than one hundred (100) days in the aggregate in any twelve (12) consecutive month period. 

ARTICLE VII 
 INDEMNIFICATION AND
CONTRIBUTION 
 SECTION 7.1. Indemnification. 

(a) In the event of any registration of Eligible Securities hereunder, the Company will, and hereby does, indemnify and hold harmless, each
Selling Investor, its respective directors, trustees, officers, partners, agents, and employees and each other Person who participates as an underwriter in the offering or sale of such securities and each other


  
 14 








 
Person, if any, who controls each such Selling Investor or any such underwriter within the meaning of the Securities Act, against any and all losses, claims, damages, expenses or liabilities,
joint or several, actions or proceedings (whether commenced or threatened) in respect thereof, to which each such indemnified party may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages, expenses or
liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in any registration statement contemplated
hereby under which Eligible Securities were registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained therein, or any amendment or supplement thereto, or any omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of any preliminary prospectus, final prospectus or summary prospectus contained therein, or any amendment or supplement to the
foregoing, in light of the circumstances in which they were made) not misleading, and the Company will reimburse each such Selling Investor and each such director, trustee, officer, partner, agent, or employee, underwriter and controlling Person for
any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, expense, liability, action, or proceeding; provided, however, that the Company shall not be liable
in any such case to the extent that any such loss, claim, damage, expense or liability (or action or proceeding in respect thereof) arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made
in such registration statement, any such preliminary prospectus, final prospectus, summary prospectus, amendment or supplement in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Selling
Investor or underwriter specifically for inclusion in such registration statement, preliminary prospectus, final prospectus, summary prospectus, amendment or supplement. 

(b) Each Selling Investor, severally and not jointly, will, and hereby does, indemnify and hold harmless the Company, its directors, officers,
employees, agents and each Person who participates as an underwriter in the offering or sale of such securities, and each Person, if any, who controls the Company within the meaning of the Securities Act against any and all losses, claims, damages,
expenses or liabilities, joint or several, actions or proceedings (whether commenced or threatened) in respect thereof, to which each such indemnified party may become subject under the Securities Act or otherwise insofar as such losses, claims,
damages, expenses or liabilities (or actions or proceedings, whether commenced or threatened in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact in or omission or alleged omission to
state a material fact in such registration statement, any preliminary prospectus, final prospectus or summary prospectus contained therein, or any amendment or supplement thereto, required to be stated therein or necessary to make the statements
therein (in the case of any preliminary prospectus, final prospectus or summary prospectus contained therein, or any amendment or supplement to the foregoing, in light of the circumstances in which they were made) not misleading, but only to the
extent that such statement or omission was made in reliance upon and, in conformity with, written information furnished by or on behalf of such Selling Investor to the Company specifically for inclusion in such registration statement, preliminary
prospectus, final prospectus, summary prospectus, amendment or supplement. In no event shall the liability of any Selling Investor hereunder be greater in amount than the dollar amount of the net proceeds received by such


  
 15 








 
Selling Investor upon the sale of the Eligible Securities giving rise to such indemnification obligation. 

(c) Promptly after receipt by any indemnified party hereunder of notice of the commencement of any action or proceeding involving a claim
referred to in Section 7.1(a) or (b), the indemnified party will notify the indemnifying party in writing of the commencement thereof; but the omission so to notify the indemnifying party will not relieve the indemnifying party
from any liability which it may have to any indemnified party under Section 7.1(a) or (b) (except to the extent that is has been prejudiced in any material respect by such failure). In case any such action, suit, claim or
proceeding is brought against any indemnified party, the indemnifying party shall be entitled to participate therein and, to the extent it may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice
from such indemnified party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party. Notwithstanding the foregoing, the indemnified party shall have the right to employ its own counsel in any such case, but the
fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the employment of such counsel shall have been authorized in writing by the indemnifying party in connection with the defense of such suit, action,
claim or proceeding, (ii) the indemnifying party shall not have employed counsel to take charge of the defense of such action, suit, claim or proceeding within a reasonable time after notice of commencement of the action, suit, claim or
proceeding, or (iii) such indemnified party shall have reasonably concluded, based on the advice of counsel, that there may be defenses available to it which are different from or additional to those available to the indemnifying party which,
if the indemnifying party and the indemnified party were to be represented by the same counsel, could result in a conflict of interest for such counsel or materially prejudice the prosecution of the defenses available to such indemnified party. If
any of the events specified in clauses (i), (ii) or (iii) of the preceding sentence shall have occurred or shall otherwise be applicable, then the reasonable fees and expenses of one counsel selected by a majority in interest of the
indemnified parties (and up to one local counsel to the extent reasonably necessary) shall be borne by the indemnifying party. If, in any case specified in the foregoing clauses (i), (ii) or (iii), the indemnified party employs separate
counsel, the indemnifying party shall not have the right to direct the defense of such action, suit, claim or proceeding on behalf of the indemnified party. Anything in this Section 7.1(c) to the contrary notwithstanding, an indemnifying
party shall not be liable for the settlement of any action, suit, claim or proceeding effected without its prior written consent (which consent in the case of an action, suit, claim or proceeding exclusively seeking monetary relief shall not be
unreasonably withheld or delayed). Such indemnification shall remain in full force and effect irrespective of any investigation made by or on behalf of an indemnified party. 

(d) If for any reason the indemnity under this Section 7.1 is unavailable or is insufficient to hold harmless any indemnified
party under Section 7.1(a) or (b), then the indemnifying parties shall contribute to the amount paid or payable to the indemnified party as a result of any loss, claim, expense, damage or liability (or actions or proceedings,
whether commenced or threatened, in respect thereof), and legal or other expenses reasonably incurred by the indemnified party in connection with investigating or defending any such loss, claim, expense, damage, liability, action or proceeding, in
such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the indemnified party on the other. The relative fault shall be determined by reference to, among other things, whether the


  
 16 








 
untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or the Selling Investor and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. If, however, the allocation provided in the second preceding sentence is not permitted by applicable law or
provides a lesser sum to the indemnified party than the amount hereinbefore calculated, then the indemnifying party shall contribute to the amount paid or payable by the indemnified party in such proportion as is appropriate to reflect not only such
relative fault of, but also the relative benefits received by, the indemnifying party and the indemnified party as well as any other relevant equitable considerations. The parties hereto agree that it would not be just and equitable if contributions
pursuant to this Section 7.1(d) were to be determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the preceding sentences of this
Section 7.1(d). Notwithstanding the foregoing, no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation. 
 (e) Notwithstanding any other provision of this Section 7.1, to the extent that any director,
trustee, officer, partner, agent, employee, or other representative (current or former) of any indemnified party is a witness in any action or proceeding, the indemnifying party agrees to pay to the indemnified party all expenses reasonably incurred
by, or on the behalf of, the indemnified party and such witness in connection therewith. 
 (f) All legal and other expenses reasonably
incurred by or on behalf of any indemnified party in connection with investigating or defending any loss, claim, expense, damage, liability, action or proceeding which are to be borne by the indemnifying party pursuant to this
Section 7.1 shall be paid by the indemnifying party in advance of the final disposition of such investigation, defense, action or proceeding within thirty (30) days after the receipt by the indemnifying party of a statement or
statements from the indemnified party requesting from time to time such payment, advance or advances. The entitlement of each indemnified party to such payment or advancement of expenses shall include those incurred in connection with any action or
proceeding by the indemnified party seeking an adjudication or award in arbitration pursuant to this Section 7.1. Such statement or statements shall reasonably evidence such expenses incurred by the indemnified party in connection
therewith. 
 (g) The termination of any proceeding by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its
equivalent, shall not, of itself, adversely affect the rights of any indemnified party to indemnification hereunder or create a presumption that any indemnified party violated any federal or state securities laws. 

(h) The indemnity agreements contained in this Section 7.1 shall be in addition to any other rights (to indemnification,
contribution or otherwise) which any indemnified party may have pursuant to law or contract and shall remain operative and in full force and effect regardless of any investigation made or omitted by or on behalf of any indemnified party and shall
survive the transfer of any Eligible Securities by any Investor. 
 ARTICLE VIII 

BENEFITS OF REGISTRATION RIGHTS 

  
 17 








 SECTION 8.1. Benefits of Registration Rights. The Investors may severally or jointly
exercise the registration rights hereunder in such proportion as they shall agree among themselves. In the event that the Company receives conflicting direction from Investors with respect to actions to be taken hereunder, the direction of MGM shall
be the only direction the Company shall be required to follow. 
 ARTICLE IX 

MISCELLANEOUS 
 SECTION 9.1.
No Inconsistent Agreements. Neither the Company nor the Partnership has entered and neither of them will enter into any agreement that is inconsistent with the rights granted to the Investors in this Agreement or that otherwise conflicts with
the provisions hereof in any material respect. The rights granted to the Investors hereunder do not in any material way conflict with and are not inconsistent with the rights granted to the holders of the Company’s or the Partnership’s
other issued and outstanding securities under any such agreements. 
 SECTION 9.2. Captions. The captions or headings in this
Agreement are for convenience and reference only, and in no way define, describe, extend or limit the scope or intent of this Agreement. 

SECTION 9.3. Severability. If any clause, provision or section of this Agreement shall be invalid or unenforceable, the invalidity
or unenforceability of such clause, provision or section shall not affect the enforceability or validity of any of the remaining clauses, provisions or sections hereof to the extent permitted by applicable law. 

SECTION 9.4. Modification and Amendment. This Agreement may not be changed, modified, discharged or amended, except by an
instrument signed by all of the parties hereto. 
 SECTION 9.5. Counterparts. This Agreement may be executed in counterparts,
each of which shall be an original, but all of which together shall constitute one and the same instrument. 
 SECTION 9.6. Entire
Agreement. This Agreement constitutes the entire agreement and understanding among the parties and supersedes any prior understandings and/or written or oral agreements among them respecting the subject matter herein. 

SECTION 9.7. Assignment; Successors and Assigns. Except as set forth in the next sentence, this Agreement and the rights granted
hereunder may not be assigned by any Investor without the prior written consent of the Company, which may be granted or withheld by the Company in its sole and absolute discretion. Each Investor will be permitted to assign its rights under this
Agreement to its Permitted Transferees, so long as the applicable transferee executes and delivers to the Company an instrument, in form and substance acceptable to the Company, agreeing to be bound by the terms of this Agreement as if it were an
original party hereto. This Agreement shall inure to the benefit of and be binding upon all of the parties hereto and their respective successors and permitted assigns. 

  
 18 








 SECTION 9.8. Notices. All notices required or permitted hereunder shall be in writing
and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (c) one
(1) Business Day after deposit with a nationally recognized overnight courier, specifying next Business Day delivery, with written verification of receipt. All notices and other communications shall be sent to the Company or the Investors,
respectively, at the address listed on the signature page hereof or at such other address as the Company or the Investors, respectively, may designate by ten (10) days’ advance written notice to the other parties hereto. 

SECTION 9.9. Specific Performance. The parties agree that, to the extent permitted by law, (a) the obligations imposed on
them pursuant to this Agreement are special, unique and of an extraordinary character, and that in the event of a breach by any such party, damages would not be an adequate remedy; and (b) each of the other parties shall be entitled to specific
performance and injunctive and other equitable relief in addition to any other remedy to which it may be entitled at law or in equity. 

SECTION 9.10. Dispute Resolution. The provisions of Article VIII of the Contribution Agreement shall apply, mutatis
mutandis, to all disputes, controversies or claims (whether arising in contract, tort or otherwise) that may arise out of or relate to, or arise under or in connection with this Agreement or the transactions contemplated hereby. 

SECTION 9.11. Governing Law; Jurisdiction. This Agreement shall be governed by and construed and interpreted in accordance with
the laws of the State of New York irrespective of the choice of laws principles thereof. In addition, other than disputes, controversies or claims (whether arising in contract, tort or otherwise) governed by the mediation and/or arbitration
procedures set forth in Article VIII of the Contribution Agreement, the parties agree that any legal action or proceeding regarding this Agreement shall be brought and determined exclusively in a state or federal court located within the State of
New York. 
 [Signature pages follow] 

  
 19 








 IN WITNESS WHEREOF, the parties hereto have executed this Agreement or caused this Agreement to
be executed as of the day and year first above written. 
  

			
	THE COMPANY:
	
	MGM GROWTH PROPERTIES LLC
		
	By:	 	 /s/ Andy H. Chien

	Name:	 	Andy H. Chien
	Title:	 	Chief Financial Officer
	
	3950 Las Vegas Boulevard South
	Las Vegas, Nevada 89119



  
 [Signature Page
to Registration Rights Agreement] 








 
			
	THE HOLDERS:
	
	 MGM GRAND DETROIT, LLC,

a Delaware limited liability company

		
	By:	 	 /s/ John M. McManus

	Name:	 	John M. McManus
	Title:	 	Secretary
	
	3950 Las Vegas Boulevard South
	Las Vegas, Nevada 89119
	
	 MANDALAY CORP.,
 a
Nevada corporation

		
	By:	 	 /s/ John M. McManus

	Name:	 	John M. McManus
	Title:	 	Secretary
	
	3950 Las Vegas Boulevard South
	Las Vegas, Nevada 89119
	
	 RAMPARTS, INC.,
 a
Nevada corporation

		
	By:	 	 /s/ John M. McManus

	Name:	 	John M. McManus
	Title:	 	Secretary
	
	3950 Las Vegas Boulevard South
	Las Vegas, Nevada 89119
	
	 NEW CASTLE CORP.,
 a
Nevada corporation

		
	By:	 	 /s/ John M. McManus

	Name:	 	John M. McManus
	Title:	 	Secretary
	
	3950 Las Vegas Boulevard South
	Las Vegas, Nevada 89119
	
	 MGM RESORTS MISSISSIPPI, INC.,

a Mississippi corporation

		
	By:	 	 /s/ John M. McManus

	Name:	 	John M. McManus
	Title:	 	Secretary
	
	875 Beach Boulevard
	Biloxi, MS 39530



  
 [Signature Page
to Registration Rights Agreement] 








 
			
	VICTORIA PARTNERS,
	a Nevada partnership
	
	 By: MGM Resorts International,
 a
Delaware corporation

	Its: Managing Venturer
		
	By:	 	 /s/ John M. McManus

	Name:	 	John M. McManus
	Title:	 	Executive Vice President, General Counsel and Secretary
	
	3950 Las Vegas Boulevard South
	Las Vegas, Nevada 89119
	
	 PARK DISTRICT HOLDINGS, LLC,

a Nevada limited liability company

		
	By:	 	 /s/ John M. McManus

	Name:	 	John M. McManus
	Title:	 	Secretary
	
	3950 Las Vegas Boulevard South
	Las Vegas, Nevada 89119
	
	 NEW YORK-NEW YORK HOTEL & CASINO, LLC,

a Nevada limited liability company

		
	By:	 	 /s/ John M. McManus

	Name:	 	John M. McManus
	Title:	 	Secretary
	
	3950 Las Vegas Boulevard South
	Las Vegas, Nevada 89119
	
	 THE MIRAGE CASINO-HOTEL, LLC,

a Nevada limited liability company

		
	By:	 	 /s/ John M. McManus

	Name:	 	John M. McManus
	Title:	 	Authorized Representative
	
	3950 Las Vegas Boulevard South
	Las Vegas, Nevada 89119
	
	 BEAU RIVAGE RESORTS, LLC,
 a
Mississippi limited liability company

		
	By:	 	 /s/ John M. McManus

	Name:	 	John M. McManus
	Title:	 	Authorized Representative
	
	875 Beach Boulevard
	Biloxi, MS 39530



  
 [Signature Page
to Registration Rights Agreement] 








 
			
	THE PARTNERSHIP:
	
	MGM GROWTH PROPERTIES OPERATING PARTNERSHIP LP
	
	By: MGM Growth Properties OP GP LLC, its general partner
		
	By:	 	 /s/ John M. McManus

	Name:	 	John M. McManus
	Title:	 	Secretary
	
	3950 Las Vegas Boulevard South
	Las Vegas, Nevada 89119



  
 [Signature Page to
Registration Rights Agreement]