Document:

EX-10.23

 Exhibit 10.23 

AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 VICI PROPERTIES L.P.

 a Delaware limited partnership 
  

 
 THE SECURITIES
EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, 

TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH 

REGISTRATION, UNLESS IN THE OPINION OF COUNSEL SATISFACTORY TO THE 

PARTNERSHIP, THE PROPOSED SALE, TRANSFER OR OTHER DISPOSITION MAY BE EFFECTED WITHOUT REGISTRATION UNDER THE SECURITIES ACT AND UNDER APPLICABLE
STATE SECURITIES OR “BLUE SKY” LAWS. 
 dated as of October 6, 2017 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE 1 DEFINED TERMS
	  	 	1	 
		
	 ARTICLE 2 ORGANIZATIONAL MATTERS
	  	 	18	 
	 Section 2.1
	  	Formation	  	 	18	 
	 Section 2.2
	  	Name	  	 	18	 
	 Section 2.3
	  	Principal Office and Registered Agent; Principal Executive Office	  	 	18	 
	 Section 2.4
	  	Power of Attorney	  	 	19	 
	 Section 2.5
	  	Term	  	 	20	 
	 Section 2.6
	  	Partnership Interests Are Securities	  	 	20	 
	 Section 2.7
	  	Admission	  	 	20	 
		
	 ARTICLE 3 PURPOSE
	  	 	20	 
	 Section 3.1
	  	Purpose and Business	  	 	20	 
	 Section 3.2
	  	Powers; Partner Authority and Responsibility	  	 	21	 
	 Section 3.3
	  	Representations and Warranties by the Partners	  	 	22	 
		
	 ARTICLE 4 CAPITAL CONTRIBUTIONS
	  	 	23	 
	 Section 4.1
	  	Capital Contributions of the Partners	  	 	23	 
	 Section 4.2
	  	Issuances of Additional Partnership Interests	  	 	24	 
	 Section 4.3
	  	Additional Funds and Capital Contributions	  	 	26	 
	 Section 4.4
	  	Equity Plans	  	 	27	 
	 Section 4.5
	  	Dividend Reinvestment Plan, Cash Option Purchase Plan, Stock Incentive Plan or Other Plan	  	 	29	 
	 Section 4.6
	  	No Interest; No Return	  	 	30	 
	 Section 4.7
	  	Conversion or Redemption of Capital Shares; Issuance of Units	  	 	30	 
	 Section 4.8
	  	Other Contribution Provisions	  	 	31	 
		
	 ARTICLE 5 DISTRIBUTIONS
	  	 	31	 
	 Section 5.1
	  	Requirement and Characterization of Distributions	  	 	31	 
	 Section 5.2
	  	Distributions in Kind	  	 	32	 
	 Section 5.3
	  	Amounts Withheld	  	 	32	 
	 Section 5.4
	  	Distributions to Reflect Additional Partnership Units	  	 	32	 
	 Section 5.5
	  	Restricted Distributions	  	 	32	 
		
	 ARTICLE 6 ALLOCATIONS
	  	 	32	 
	 Section 6.1
	  	Timing and Amount of Allocations of Net Income and Net Loss	  	 	32	 
	 Section 6.2
	  	General Allocations	  	 	33	 
	 Section 6.3
	  	Regulatory Allocation Provisions	  	 	33	 
	 Section 6.4
	  	Tax Allocations	  	 	35	 
	 Section 6.5
	  	Disregarded Entity	  	 	36	 
		
	 ARTICLE 7 MANAGEMENT AND OPERATIONS OF BUSINESS
	  	 	36	 
	 Section 7.1
	  	Management	  	 	36	 
	 Section 7.2
	  	Certificate of Limited Partnership	  	 	42	 

							
	 Section 7.3
	  	Restrictions on General Partner’s Authority	  	 	42	 
	 Section 7.4
	  	Reimbursement of the General Partner	  	 	45	 
	 Section 7.5
	  	Outside Activities of the General Partner and its Affiliates	  	 	46	 
	 Section 7.6
	  	Transactions with Affiliates	  	 	46	 
	 Section 7.7
	  	Indemnification	  	 	47	 
	 Section 7.8
	  	Liability of the General Partner	  	 	49	 
	 Section 7.9
	  	Other Matters Concerning the General Partner	  	 	52	 
	 Section 7.10
	  	Title to Partnership Assets	  	 	53	 
	 Section 7.11
	  	Reliance by Third Parties	  	 	53	 
		
	 ARTICLE 8 RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS
	  	 	53	 
	 Section 8.1
	  	Limitation of Liability	  	 	53	 
	 Section 8.2
	  	Management of Business	  	 	53	 
	 Section 8.3
	  	Outside Activities of Limited Partners	  	 	54	 
	 Section 8.4
	  	Return of Capital	  	 	54	 
	 Section 8.5
	  	Rights of Limited Partners Relating to the Partnership	  	 	54	 
	 Section 8.6
	  	Partnership Right to Call Limited Partner Interests	  	 	55	 
		
	 ARTICLE 9 BOOKS, RECORDS, ACCOUNTING AND REPORTS
	  	 	56	 
	 Section 9.1
	  	Records and Accounting	  	 	56	 
	 Section 9.2
	  	Partnership Year	  	 	56	 
	 Section 9.3
	  	Reports	  	 	56	 
		
	 ARTICLE 10 TAX MATTERS
	  	 	57	 
	 Section 10.1
	  	Preparation of Tax Returns	  	 	57	 
	 Section 10.2
	  	Tax Elections	  	 	57	 
	 Section 10.3
	  	Tax Matters Partner	  	 	57	 
	 Section 10.4
	  	Withholding	  	 	59	 
	 Section 10.5
	  	Organizational Expenses	  	 	59	 
		
	 ARTICLE 11 PARTNER TRANSFERS AND WITHDRAWALS
	  	 	59	 
	 Section 11.1
	  	General Limitation on Transfer	  	 	59	 
	 Section 11.2
	  	Transfer of General Partner’s Partnership Interest	  	 	60	 
	 Section 11.3
	  	Limited Partners’ Rights to Transfer	  	 	61	 
	 Section 11.4
	  	Admission of Substituted Limited Partners	  	 	64	 
	 Section 11.5
	  	Assignees	  	 	65	 
	 Section 11.6
	  	General Provisions	  	 	65	 
		
	 ARTICLE 12 ADMISSION OF PARTNERS
	  	 	67	 
	 Section 12.1
	  	Admission of Successor General Partner	  	 	67	 
	 Section 12.2
	  	Admission of Additional Limited Partners	  	 	67	 
	 Section 12.3
	  	Amendment of Agreement and Certificate of Limited Partnership	  	 	68	 
	 Section 12.4
	  	Limit on Number of Partners	  	 	68	 
	 Section 12.5
	  	Admission	  	 	68	 
		
	 ARTICLE 13 DISSOLUTION, LIQUIDATION AND TERMINATION
	  	 	69	 
	 Section 13.1
	  	Dissolution	  	 	69	 

							
	 Section 13.2
	  	Winding Up	  	 	69	 
	 Section 13.3
	  	Deemed Contribution and Distribution	  	 	71	 
	 Section 13.4
	  	Rights of Holders	  	 	71	 
	 Section 13.5
	  	Notice of Dissolution	  	 	71	 
	 Section 13.6
	  	Cancellation of Certificate of Limited Partnership	  	 	72	 
	 Section 13.7
	  	Reasonable Time for Winding-Up	  	 	72	 
		
	 ARTICLE 14 PROCEDURES FOR ACTIONS AND CONSENTS OF PARTNERS; AMENDMENTS;
MEETINGS
	  	 	72	 
	 Section 14.1
	  	Procedures for Actions and Consents of Partners	  	 	72	 
	 Section 14.2
	  	Amendments	  	 	72	 
	 Section 14.3
	  	Actions and Consents of the Partners	  	 	73	 
		
	 ARTICLE 15 GENERAL PROVISIONS
	  	 	74	 
	 Section 15.1
	  	Redemption Rights of Qualifying Parties	  	 	74	 
	 Section 15.2
	  	Addresses and Notice	  	 	81	 
	 Section 15.3
	  	Titles and Captions	  	 	81	 
	 Section 15.4
	  	Construction	  	 	81	 
	 Section 15.5
	  	Further Action	  	 	81	 
	 Section 15.6
	  	Binding Effect	  	 	81	 
	 Section 15.7
	  	Waiver	  	 	81	 
	 Section 15.8
	  	Counterparts	  	 	82	 
	 Section 15.9
	  	Applicable Law; Consent to Jurisdiction; Waiver of Jury Trial	  	 	82	 
	 Section 15.10
	  	Entire Agreement	  	 	82	 
	 Section 15.11
	  	Invalidity of Provisions	  	 	83	 
	 Section 15.12
	  	Limitation to Preserve REIT Status	  	 	83	 
	 Section 15.13
	  	No Partition	  	 	84	 
	 Section 15.14
	  	No Third-Party Rights Created Hereby	  	 	84	 
	 Section 15.15
	  	No Rights as Stockholders	  	 	84	 

 Exhibits List 
  

							
			
	Exhibit A	  	NOTICE OF REDEMPTION	  	 	A-1	 
			
	Exhibit B	  	CERTIFICATE OF DESIGNATION OF SERIES A PREFERRED UNITS	  	 	B-1	 

 AMENDED AND RESTATED 

AGREEMENT OF 
 LIMITED
PARTNERSHIP OF VICI PROPERTIES L.P. 
 THIS AGREEMENT OF LIMITED PARTNERSHIP OF VICI PROPERTIES L.P., dated as of October 6, 2017, is
made and entered into by and among VICI Properties GP LLC, a Delaware limited liability company, as the General Partner and the Persons whose names are set forth on the Partnership Register as amended from time to time, as limited partners, and any
Additional Limited Partner that is admitted from time to time to the Partnership. 
 WHEREAS, a Certificate of Limited Partnership of the
Partnership was filed under the name Rubicon PCo LP with the Secretary of State of the State of Delaware on July 5, 2016, with the General Partner as the general partner; 

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE 1 

DEFINED TERMS 
 The
following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement: 

“Act” means the means the Delaware Revised Uniform Limited Partnership Act and any successor statute, as amended from time to
time, and any successor to such statute. 
 “Actions” has the meaning set forth in Section 7.7 hereof. 

“Additional Funds” has the meaning set forth in Section 4.3.A hereof. 

“Additional Limited Partner” means a Person who is admitted to the Partnership as a limited partner pursuant to the Act and
Section 4.2 and Section 12.2 hereof and listed in the Partnership Register. 
 “Adjusted Capital Account” means,
with respect to any Partner, the balance in such Partner’s Capital Account as of the end of the relevant Partnership Year or other applicable period, after giving effect to the following adjustments: 

(i) increase such Capital Account by any amounts that such Partner is obligated to restore pursuant to this Agreement upon
liquidation of such Partner’s Partnership Interest or that such Person is deemed to be obligated to restore pursuant to Regulations Section 1.704-1(b)(2)(ii)(c) or the penultimate sentence of each of
Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and 

(ii) decrease such Capital Account by the items described in Regulations
Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6). 

  
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 The foregoing definition of “Adjusted Capital Account” is intended to comply with the
provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

“Adjusted Capital Account Deficit” means, with respect to any Partner, the deficit balance, if any, in such Partner’s
Adjusted Capital Account as of the end of the relevant Partnership Year or other applicable period. 
 “Adjustment Factor”
means 1.0; provided, however, that in the event that: VICI REIT shall, by dividend or otherwise, distribute to all holders of its REIT Shares evidences of its indebtedness or assets (including securities, other than REIT Shares or Capital
Shares), which evidences of indebtedness or assets relate to assets not received by VICI REIT pursuant to a pro rata distribution by the Partnership, and to the extent such assets relate to the Golf Business TRS, amounts remain to be distributed to
the Limited Partners other than VICI REIT pursuant to the proviso in the first sentence of Section 5.1, then the Adjustment Factor shall be adjusted to equal the amount determined by multiplying the Adjustment Factor in effect immediately prior
to the close of business as of the applicable record date by a fraction (a) the numerator of which shall be such Value of a REIT Share as of the record date and (b) the denominator of which shall be the Value of a REIT Share as of the
record date less the then fair market value (as determined by the General Partner, whose determination shall be conclusive) of the portion of the evidences of indebtedness or assets so distributed applicable to one REIT Share. 

Notwithstanding the foregoing, no adjustments to the Adjustment Factor will be made for any class or series of Partnership Interests to the
extent that the Partnership makes or effects any distribution or payment to all of the Partners holding Partnership Interests of such class or series correlative to the distribution or payment set forth in the preceding clauses, or effects any split
or reverse split in respect of the Partnership Interests of such class or series correlative to the distribution or payment set forth in the preceding clauses. Any adjustments to the Adjustment Factor shall become effective immediately after such
event, retroactive to the record date, if any, for such event. 
 “Affiliate” means, with respect to any Person, any Person
directly or indirectly controlling or controlled by or under common control with such Person. For the purposes of this definition, “control” when used with respect to any Person means the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to
the foregoing. 
 “Agreement” means this Amended and Restated Agreement of Limited Partnership of VICI Properties L.P., as
now or hereafter amended, restated, modified, supplemented or replaced. 
 “Applicable Percentage” has the meaning set
forth in Section 15.1.B hereof. 
 “Appraisal” means, with respect to any assets, the written opinion of an
independent third party experienced in the valuation of similar assets, selected by the General Partner in its sole discretion. Such opinion may be in the form of an opinion by such independent third party that the value for such property or asset
as set by the General Partner is fair, from a financial point of view, to the Partnership. 

  
 2 

 “Assignee” means a Person to whom a Partnership Interest has been Transferred in
a manner permitted under this Agreement, but who has not become a Substituted Limited Partner, and who has the rights set forth in Section 11.5 hereof. 

“Attorney in Fact” has the meaning set forth in Section 2.4 hereof. 

“Available Cash” means the amount of cash available for distribution to the Partners, as determined by the General Partner,
in its discretion, taking into consideration (i) necessary reserves for making investments, (ii) paying obligations of the Partnership and (iii) that VICI REIT is obligated to make certain distributions so as to maintain its REIT
status and avoid corporate level taxes. 
 “Business Day” means any day except a Saturday, Sunday or other day on which
commercial banks in New York, New York are authorized by law to close. 
 “Capital Account” means, with respect to any
Partner, the capital account maintained by the General Partner for such Partner on the Partnership’s books and records in accordance with the following provisions: 

(i) To each Partner’s Capital Account, there shall be added such Partner’s Capital Contributions, such Partner’s
distributive share of Net Income and any items in the nature of income or gain that are specially allocated pursuant to Section 6.3 or 6.4 hereof, and the amount of any Partnership liabilities assumed by such Partner or that are secured by any
property distributed to such Partner. 
 (ii) From each Partner’s Capital Account, there shall be subtracted the amount
of cash and the Gross Asset Value of any Partnership property distributed to such Partner pursuant to any provision of this Agreement, such Partner’s distributive share of Net Losses and any items in the nature of expenses or losses that are
specially allocated pursuant to Section 6.3 or 6.4 hereof, and the amount of any liabilities of such Partner assumed by the Partnership or that are secured by any property contributed by such Partner to the Partnership (except to the extent
already reflected in the amount of such Partner’s Capital Contribution). 
 (iii) In the event any interest in the
Partnership is Transferred in accordance with the terms of this Agreement (which Transfer does not result in the termination of the Partnership for U.S. federal income tax purposes), the transferee shall succeed to the Capital Account of the
transferor to the extent that it relates to the Transferred interest. 
 (iv) In determining the amount of any liability for
purposes of subsections (i) and (ii) hereof, there shall be taken into account Code Section 752(c) and any other applicable provisions of the Code and Regulations. 

  
 3 

 (v) The provisions of this Agreement relating to the maintenance of Capital
Accounts are intended to comply with Regulations promulgated under Section 704 of the Code, and shall be interpreted and applied in a manner consistent with such Regulations. If the General Partner shall determine that it is necessary or
prudent to modify the manner in which the Capital Accounts are maintained in order to comply with such Regulations, the General Partner may make such modification, provided that such modification is not likely to have any material adverse effect on
the amounts distributable to any Partner pursuant to Article 13 hereof upon the dissolution of the Partnership. The General Partner may, in its sole discretion, (a) make any adjustments that are necessary or appropriate to maintain equality
between the Capital Accounts of the Partners and the amount of Partnership capital reflected on the Partnership’s balance sheet, as computed for book purposes, in accordance with Regulations
Section 1.704-1(b)(2)(iv)(q) and (b) make any appropriate modifications in the event that unanticipated events might otherwise cause this Agreement not to comply with Regulations Section 1.704-1(b) or Section 1.704-2. 

“Capital Contribution” means, with respect to any Partner, the amount of money and the initial Gross Asset Value of any
Contributed Property that such Partner contributes or is deemed to contribute to the Partnership pursuant to Article 4 hereof. 

“Capital Share” means a share of any class or series of stock of VICI REIT now or hereafter authorized other than a REIT
Share. 
 “Cash Amount” means an amount of cash equal to the product of (i) the Value of a REIT Share and
(ii) the REIT Shares Amount determined as of the applicable Valuation Date. 
 “Certificate” means the Certificate of
Limited Partnership of the Partnership filed with the Secretary of State, as amended from time to time. 
 “Charity” means
an entity described in Section 501(c)(3) of the Code or any trust all the beneficiaries of which are such entities. 

“Charter” means the charter of VICI Properties Inc., within the meaning of
Section 1-101(e) of the Maryland General Corporation Law as amended from time to time. 

“Code” means the Internal Revenue Code of 1986, as amended and in effect from time to time or any successor statute thereto,
as interpreted by the applicable Regulations thereunder. Any reference herein to a specific section or sections of the Code shall be deemed to include a reference to any corresponding provision of future law. 

“Common Limited Partner” means any Limited Partner solely to the extent of Common Units held by such Limited Partner. 

“Common Partner” means any Partner solely to the extent of Common Units held by such Partner. 

“Common Unit” means a fractional, undivided share of the Partnership Interests of all Partners issued pursuant to Sections
4.1 and 4.2 hereof, but does not include any Preferred Unit, or any other Partnership Unit specified in a Partnership Unit Designation as being other than a Common Unit; provided, however, that the General Partner Interest and the Limited
Partner Interests shall have the differences in rights and privileges as specified in this Agreement. 

  
 4 

 “Consent” means the consent to, approval of, or vote in favor of a proposed
action by a Partner given in accordance with Article 14 hereof. The term “Consented” has a correlative meaning. 

“Consent of the General Partner” means the Consent of the sole General Partner, which Consent, except as otherwise
specifically required by this Agreement, may be obtained prior to or after the taking of any action for which it is required by this Agreement and, except as otherwise provided in this Agreement, may be given or withheld by the General Partner in
its sole and absolute discretion. 
 “Consent of the Limited Partners” means the Consent of a Majority in Interest of the
Common Limited Partners, unless there is another class of Partnership Units outstanding that are Limited Partner Interests, in which case the “Consent of the Limited Partners” shall also require the additional Consent of the Limited
Partners of each class of Partnership Units (including a class of Preferred Units) to the extent the consent of such class is required (and based upon the requisite percentage of such class that is required for consent or to the extent such class
may consent together with the Holders of Common Units as a single class) in the Partnership Unit Designation of such class; and which Consent shall be obtained prior to the taking of any action for which it is required by this Agreement and, except
as otherwise provided in this Agreement, may be given or withheld by each Limited Partner in its sole and absolute discretion. Notwithstanding the foregoing, to the extent this Agreement requires the Consent of the Limited Partners but the
Partnership does not have any Limited Partners at such time, such Consent shall not be required. 
 “Consent of the Partners”
means the Consent of a Majority in Interest of the Common Partners; unless there is a class of Partnership Units outstanding other than Common Units, in which case the “Consent of the Partners” shall also require any additional
Consent of the Partners holding such class of Partnership Units (including a class of Preferred Units) to the extent required (and based upon the requisite percentage of such class that is required for consent) in the Partnership Unit Designation of
such class; and which Consent shall be obtained prior to the taking of any action for which it is required by this Agreement and, except as otherwise provided in this Agreement, may be given or withheld by each Partner in its sole and absolute
discretion. 
 “Contributed Property” means each Property or other asset, in such form as may be permitted by the Act, but
excluding cash, contributed or deemed contributed to the Partnership (or deemed contributed by the Partnership to a “new” partnership pursuant to Code Section 708), net of any liabilities assumed by the Partnership relating to such
Contributed Property and any liability to which such Contributed Property is subject. 
 “Controlled Entity” means, as to
any Partner, (a) any corporation more than fifty percent (50%) of the outstanding voting stock of which is owned by such Partner, such Partner’s Family Members, other Controlled Entities of such Partner or any of their respective
Affiliates, (b) any trustee where such Partnership Interests will be held in trust where the sole beneficiaries are such 

  
 5 

 
Partner, such Partner’s Family Members, other Controlled Entities of such Partner, or any of their respective Affiliates or Charities, (c) any partnership of which such Partner, such
Partner’s Family Members, other Controlled Entities of such Partner or any of their respective Affiliates are the managing or general partners, (d) any limited liability company of which such Partner, such Partner’s Family Members,
other Controlled Entities of such Partner or any of their respective Affiliates are the managers and (e) any investment fund whose investment manager is an Affiliate of the investment manager of such Partner or an Affiliate of such Partner, or
any entity controlled by such an investment fund or whose investments are directed by such an investment manager. 
 “Cut-Off Date” means the tenth (10th) Business Day after the General Partner’s receipt of a Notice of Redemption. 

“Debt” means, as to any Person, as of any date of determination: (i) all indebtedness of such Person for borrowed money
or for the deferred purchase price of property or services; (ii) all amounts owed by such Person to banks or other Persons in respect of reimbursement obligations under letters of credit, surety bonds and other similar instruments guaranteeing
payment or other performance of obligations by such Person; (iii) all indebtedness for borrowed money or for the deferred purchase price of property or services secured by any lien on any property owned by such Person, to the extent
attributable to such Person’s interest in such property, even though such Person has not assumed or become liable for the payment thereof; and (iv) lease obligations of such Person that, in accordance with generally accepted accounting
principles, should be capitalized. 
 “Delaware Courts” has the meaning set forth in Section 15.9.B hereof. 

“Depreciation” means, for each Partnership Year or other applicable period, an amount equal to the federal income tax
depreciation, amortization or other cost recovery deduction allowable with respect to an asset for such year or other period, except that if the Gross Asset Value of an asset differs from its adjusted basis for federal income tax purposes at the
beginning of such year or other period, Depreciation shall be an amount that bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or other cost recovery deduction for such year or other period
bears to such beginning adjusted tax basis; provided, however, that if the federal income tax depreciation, amortization or other cost recovery deduction for such year or other period is zero, Depreciation shall be determined with reference
to such beginning Gross Asset Value using any reasonable method selected by the General Partner in its sole discretion. 

“Disregarded Entity” means, with respect to any Person, (i) any “qualified REIT subsidiary” (within the
meaning of Code Section 856(i)(2)) of such Person, (ii) any entity treated as a disregarded entity for federal income tax purposes with respect to such Person, or (iii) any grantor trust if (x) the sole owner of the assets of
such trust in the case of a single-owner grantor trust or (y) the owner of the relevant portion of the assets of such trust in the case of a multiowner grantor trust, for federal income tax purposes is such Person. 

“Distributed Right” has the meaning set forth in the definition of “Adjustment Factor.” 

  
 6 

 “Equity Plan” means any stock or equity purchase plan, restricted stock or
equity plan or other similar equity compensation plan now or hereafter adopted by the Partnership or VICI REIT. 
 “E&P
Dividend” has the meaning set forth in Section 15.1.A hereof. 
 “ERISA” means the Employee Retirement Income
Security Act of 1974, as amended. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and any
successor statute thereto, and the rules and regulations of the SEC promulgated thereunder. 
 “Excess Units” means Common
Units which have been tendered for Redemption to the extent the issuance of REIT Shares in exchange for such units would violate the Ownership Limit, after giving effect to any waivers or modifications of such restrictions by the General Partner.

 “Existing Business” means the direct or indirect ownership or disposition of the Existing Properties and the management
of the business and affairs of the Existing Properties and such other activities which are incidental thereto, in furtherance thereof or natural extensions thereof (including the expansion of such Existing Properties). 

“Existing Properties” means the four golf course properties generally known as: Rio Secco, Henderson, Nevada; Cascata,
Boulder City, Nevada; Chariot Run, Laconia, Indiana; and Grand Bear, Saucier, Mississippi. 
 “Family Members” means, as to
a Person that is an individual, such Person’s spouse, ancestors, descendants (whether by blood or by adoption or step-descendants by marriage, civil union, domestic partnership or equivalent status), brothers and sisters, nieces and nephews,
and inter vivos or testamentary trusts (whether revocable or irrevocable) of which only such Person and his or her spouse, ancestors, descendants (whether by blood or by adoption or step-descendants by marriage, civil union, domestic
partnership or equivalent status), brothers and sisters and nieces and nephews are beneficiaries. 
 “Flow Through Entity”
has the meaning set forth in Section 3.3.C hereof. 
 “Flow Through Partners” has the meaning set forth in
Section 3.3.C hereof. 
 “General Partner” means VICI Properties GP LLC, a Delaware limited liability company, and its
successors and assigns as a general partner of the Partnership, in each case, that is admitted from time to time to the Partnership as a general partner pursuant to the Act and this Agreement and is listed as a general partner on the Partnership
Register, in such Person’s capacity as a general partner of the Partnership. 
 “General Partner Interest” means the
entire Partnership Interest held by a General Partner hereof, which Partnership Interest may be expressed as a number of Common Units, Preferred Units or any other Partnership Units. 

  
 7 

 “Golf Business TRS” means VICI Golf LLC, a Delaware limited liability company
and a “taxable REIT subsidiary”, as such term is defined in Section 856(l) of the Code, of VICI REIT that operates the Existing Business. 

“Gross Asset Value” means, with respect to any asset, the asset’s adjusted basis for federal income tax purposes, except
as follows: 
 (a) The initial Gross Asset Value of any asset contributed by a Partner to the Partnership shall be the gross
fair market value of such asset on the date of contribution, as determined by the General Partner and agreed to by the contributing Person. 

(b) The Gross Asset Values of all Partnership assets immediately prior to the occurrence of any event described in the
following clauses (i) through (iv) and at the time of occurrence of an event described in the following clause (v) shall be adjusted to equal their respective gross fair market values, as determined by the General Partner using such
reasonable method of valuation as it may adopt: 
 (i) the acquisition of an additional interest in the Partnership (other
than in connection with the execution of this Agreement but including, without limitation, acquisitions pursuant to Section 4.2 hereof or contributions or deemed contributions by the General Partner pursuant to Section 4.2 hereof) by a new
or existing Partner in exchange for more than a de minimis Capital Contribution, if the General Partner reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Partners in the
Partnership; 
 (ii) the distribution by the Partnership to a Partner of more than a de minimis amount of Partnership
property as consideration for an interest in the Partnership if the General Partner reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership; 

(iii) the liquidation of the Partnership within the meaning of Regulations
Section 1.704-1(b)(2)(ii)(g); 
 (iv) the grant of an interest in the
Partnership (other than a de minimis interest) as consideration for the provision of services to or for the benefit of the Partnership by an existing Partner acting in a partner capacity, or by a new Partner acting in a partner capacity or in
anticipation of becoming a Partner of the Partnership, if the General Partner reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership; 

(v) at such other times as the General Partner shall reasonably determine necessary or advisable in order to comply with
Regulations Sections 1.704-1(b) and 1.704-2; and 

  
 8 

 (vi) the issuance by the Partnership of a noncompensatory option (other than an
option for a de minimis interest in the Partnership). 
 (c) The Gross Asset Value of any Partnership asset
distributed to a Partner shall be the gross fair market value of such asset on the date of distribution, as determined by the distributee and the General Partner; provided, however, that if the distributee is the General Partner or if the
distributee and the General Partner cannot agree on such a determination, such gross fair market value shall be determined by Appraisal. 

(d) The Gross Asset Values of Partnership assets shall be increased (or decreased) to reflect any adjustments to the adjusted
basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Regulations
Section 1.704-1(b)(2)(iv)(m); provided, however, that Gross Asset Values shall not be adjusted pursuant to this subsection (d) to the extent that the General Partner reasonably determines that
an adjustment pursuant to subsection (b) above is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this subsection (d). 

(e) If the Gross Asset Value of a Partnership asset has been determined or adjusted pursuant to subsection (a), subsection
(b) or subsection (d) above, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Net Income and Net Losses. 

“Hart-Scott-Rodino Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. 

“Holder” means either (a) a Partner or (b) an Assignee owning a Partnership Interest. 

“Incapacity” or “Incapacitated” means: (i) as to any Partner who is an individual, death, total
physical disability, or entry by a court of competent jurisdiction adjudicating such Partner incompetent to manage his or her person or his or her estate; (ii) as to any Partner that is a corporation or limited liability company, the filing of
a certificate of dissolution, or its equivalent, for the corporation or the revocation of its charter; (iii) as to any Partner that is a partnership, the dissolution and commencement of winding up of the partnership; (iv) as to any Partner
that is an estate, the distribution by the fiduciary of the estate’s entire interest in the Partnership; (v) as to any trustee of a trust that is a Partner in such capacity as a trustee, the termination of the trust (but not the
substitution of a new trustee); or (vi) as to any Partner, the bankruptcy, insolvency of such Partner or the appointment of a trustee, receiver, fiduciary, custodian or other agent over the assets of such Partner that include such
Partner’s interests in the Partnership. For purposes of this definition, bankruptcy of a Partner shall be deemed to have occurred when (a) the Partner commences a voluntary proceeding seeking liquidation, reorganization or other relief of
or against such Partner under any bankruptcy, insolvency or other similar law now or hereafter in effect, (b) the Partner is adjudged as bankrupt or insolvent, or a final and non-appealable order for
relief under any bankruptcy, insolvency or similar law now or hereafter in effect has been entered against the Partner, (c) the Partner executes and 

  
 9 

 
delivers a general assignment for the benefit of the Partner’s creditors, (d) the Partner files an answer or other pleading admitting or failing to contest the material allegations of a
petition filed against the Partner in any proceeding of the nature described in clause (b) above, (e) the Partner seeks, consents to or acquiesces in the appointment of a trustee, receiver or Liquidator for the Partner or for all or any
substantial part of the Partner’s properties, (f) any proceeding seeking liquidation, reorganization or other relief under any bankruptcy, insolvency or other similar law now or hereafter in effect has not been dismissed within one hundred
twenty (120) days after the commencement thereof, (g) the appointment without the Partner’s consent or acquiescence of a trustee, receiver or liquidator has not been vacated or stayed within ninety (90) days of such appointment,
or (h) an appointment referred to in clause (g) above is not vacated within ninety (90) days after the expiration of any such stay. 

“Indemnitee” means (i) any Person made, or threatened to be made, a party to a proceeding by reason of its status as
(a) the General Partner or as a Limited Partner or (b) a member, manager, managing member, director or stockholder of the General Partner, VICI REIT or any Limited Partner, or an officer, employee or agent of the Partnership, the General
Partner, VICI REIT or any Limited Partner and (ii) such other Persons (including Affiliates or employees of the General Partner, VICI REIT, any Limited Partner or the Partnership) as the General Partner may designate from time to time (whether
before or after the event giving rise to potential liability), in its sole and absolute discretion. 
 “IRS” means the
United States Internal Revenue Service. 
 “Lead Tendering Party” has the meaning set forth in Section 15.1.C(6)(ii)
hereof. 
 “Limited Partner” means any Person that is admitted from time to time to the Partnership as a limited partner
pursuant to the Act and this Agreement and is listed as a limited partner on the Partnership Register, including any Substituted Limited Partner or Additional Limited Partner, in such Person’s capacity as a limited partner of the Partnership.

 “Limited Partner Interest” means a Partnership Interest of a Limited Partner in the Partnership representing a
fractional part of the Partnership Interests of all Limited Partners and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to
comply with the terms and provisions of this Agreement. A Limited Partner Interest may be expressed as a number of Common Units, Preferred Units or other Partnership Units. 

“Liquidating Event” has the meaning set forth in Section 13.1 hereof. 

“Liquidator” has the meaning set forth in Section 13.2.A hereof. 

“Majority in Interest of the Common Limited Partners” means Limited Partners (other than any Limited Partner who is also VICI
REIT, the General Partner or any Subsidiary of VICI REIT or the General Partner) holding in the aggregate Percentage Interests that are greater than fifty percent (50%) of the aggregate Percentage Interests of all Common Units (excluding Common
Units held by VICI REIT, the General Partner or any Subsidiary of VICI REIT or the General Partner). 

  
 10 

 “Majority in Interest of the Common Partners” means Partners holding in the
aggregate Percentage Interests that are greater than fifty percent (50%) of the aggregate Percentage Interests of all Common Units (including, without limitation, Common Units held by VICI REIT, the General Partner or any Subsidiary of VICI REIT or
the General Partner). 
 “Market Price” has the meaning set forth in the definition of “Value.” 

“National Securities Exchange” means an exchange registered with the SEC under Section 6(a) of the Exchange Act or any
other exchange (domestic or foreign, and whether or not so registered) designated by the General Partner as a National Securities Exchange. 

“Net Income” or “Net Loss” means, for each Partnership Year or other applicable period, an amount equal to
the Partnership’s taxable income or loss for such year or other applicable period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant
to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments: 
 (a) Any
income of the Partnership that is exempt from federal income tax and not otherwise taken into account in computing Net Income (or Net Loss) pursuant to this definition of “Net Income” or “Net Loss” shall be added to (or
subtracted from, as the case may be) such taxable income (or loss); 
 (b) Any expenditure of the Partnership described in
Code Section 705(a)(2)(B) or treated as a Code Section 705(a)(2)(B) expenditure pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Income
(or Net Loss) pursuant to this definition of “Net Income” or “Net Loss,” shall be subtracted from (or added to, as the case may be) such taxable income (or loss); 

(c) In the event the Gross Asset Value of any Partnership asset is adjusted pursuant to subsection (b) or subsection
(c) of the definition of “Gross Asset Value,” the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Net Income or Net Loss; 

(d) Gain or loss resulting from any disposition of property with respect to which gain or loss is recognized for federal income
tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value; 

(e) In lieu of the depreciation, amortization and other cost recovery deductions that would otherwise be taken into account in
computing such taxable income or loss, there shall be taken into account Depreciation for such Partnership Year or other applicable period; 

(f) To the extent that an adjustment to the adjusted tax basis of any Partnership asset pursuant to Code Section 734(b) or
Code Section 743(b) is required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as a result of a distribution other than in
liquidation of a 

  
 11 

 
Partner’s interest in the Partnership, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment
decreases the basis of the asset) from the disposition of the asset and shall be taken into account for purposes of computing Net Income or Net Loss; and 

(g) Notwithstanding any other provision of this definition of “Net Income” or “Net Loss,” any item that is
specially allocated pursuant to Article 6 hereof shall not be taken into account in computing Net Income or Net Loss. 
 “Net
Proceeds” has the meaning set forth in Section 15.1.C hereof. 
 “New Securities” means (i) any rights,
options, warrants or convertible or exchangeable securities having the right to subscribe for, purchase or otherwise acquire REIT Shares or Capital Shares, excluding grants under any Equity Plan, or (ii) any Debt issued by VICI REIT that
provides any of the rights described in clause (i). 
 “Nonrecourse Deductions” has the meaning set forth in Regulations
Section 1.7042(b)(1), and the amount of Nonrecourse Deductions for a Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(c). 

“Nonrecourse Liability” has the meaning set forth in Regulations Sections
1.704-2(b)(3) and 1.752-1(a)(2). 
 “Notice of
Redemption” means the Notice of Redemption substantially in the form of Exhibit A attached to this Agreement. 

“Offered Shares” has the meaning set forth in Section 15.1.C(2) hereof. 

“Offering Units” has the meaning set forth in Section 15.1.C(1) hereof. 

“Original Agreement” has the meaning set forth in the Recitals. 

“Ownership Limit” means the restriction or restrictions on the ownership and transfer of stock of VICI REIT imposed under the
Charter. 
 “Partner” means the General Partner or a Limited Partner, and “Partners” means VICI REIT and
the Limited Partners. 
 “Partner Minimum Gain” means an amount, with respect to each Partner Nonrecourse Debt, equal to
the Partnership Minimum Gain that would result if such Partner Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations Section 1.704-2(i)(3). 

“Partner Nonrecourse Debt” has the meaning set forth in Regulations Section 1.704-2(b)(4). 

  
 12 

 “Partner Nonrecourse Deductions” has the meaning set forth in Regulations Section 1.704-2(i)(1), and the amount of Partner Nonrecourse Deductions with respect to a Partner Nonrecourse Debt for a Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(i)(2). 
 “Partnership” means VICI Properties L.P., the limited
partnership formed and continued under the Act and pursuant to this Agreement. 
 “Partnership Employee” means an employee
or other service provider of the Partnership or of a Subsidiary of the Partnership, if any, acting in such capacity. 
 “Partnership
Interest” means an ownership interest in the Partnership held by either a Limited Partner or a General Partner and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this
Agreement, together with all obligations of such Person to comply with the terms and provisions of this Agreement. There may be one or more classes or series of Partnership Interests. A Partnership Interest may be expressed as a number of Common
Units, Preferred Units or other Partnership Units; however, notwithstanding that the General Partner or VICI REIT and any Limited Partner may have different rights and privileges as specified in this Agreement (including differences in rights and
privileges with respect to their Partnership Interests), the Partnership Interest held by VICI REIT or the General Partner or any other Partner and designated as being of a particular class or series shall not be deemed to be a separate class or
series of Partnership Interest from a Partnership Interest having the same designation as to class and series that is held by any other Partner solely because such Partnership Interest is held by VICI REIT or the General Partner or any other Partner
having different rights and privileges as specified under this Agreement. 
 “Partnership Minimum Gain” has the meaning set
forth in Regulations Section 1.7042(b)(2), and the amount of Partnership Minimum Gain, as well as any net increase or decrease in Partnership Minimum Gain, for a Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(d). 
 “Partnership Preferred Unit” means a fractional, undivided
share of the Partnership Interests that the General Partner has authorized and caused the Partnership to issue pursuant to Section 4.1, 4.2 or 4.3 hereof that has distribution rights, or rights upon liquidation, winding up and dissolution, that
are superior or prior to the Partnership Common Units, including the Partnership Preferred Units issued to VICI REIT pursuant to Section 4.1. 

“Partnership Record Date” means the record date established by the General Partner for the purpose of determining the
Partners entitled to notice of or to vote at any meeting of Partners or to consent to any matter, or to receive any distribution or the allotment of any other rights, or in order to make a determination of Partners for any other proper purpose,
which, in the case of a distribution of Available Cash pursuant to Section 5.1 hereof shall generally be the same as the record date established by the General Partner for a distribution to its stockholders of some or all of its portion of such
distribution. 
 “Partnership Register” has the meaning set forth in Section 4.1 hereof. 

“Partnership Unit” means a Common Unit, a Preferred Unit or any other unit of a fractional, undivided share of the
Partnership Interests that the General Partner has authorized pursuant to Section 4.1, Section 4.2 or Section 4.3 hereof; provided, however, that Partnership Units comprising a General Partner Interest or a Limited Partner
Interest shall have the differences in rights and privileges as specified in this Agreement. 

  
 13 

 “Partnership Unit Designation” has the meaning set forth in Section 4.2.A
hereof. 
 “Partnership Year” means the fiscal year of the Partnership, which shall be the calendar year. 

“Percentage Interest” means, with respect to each Partner, as to any class of Partnership Interests, the fraction, expressed
as a percentage, the numerator of which is the aggregate number of Partnership Units of such class held by such Partner and the denominator of which is the total number of Partnership Units of such class held by all Partners. 

“Permitted Transfer” means, with respect to any Limited Partner, (i) a Transfer of all or part of its Partnership
Interest to any Family Member, any Charity, any Controlled Entity or any Affiliate, or (ii) a Pledge. 
 “Person”
means an individual or a corporation, partnership, trust, unincorporated organization, association, limited liability company or other entity. 

“Pledge” means, with respect to any Limited Partner (other than VICI REIT), a Transfer by way of a pledge or granting of a
security interest in all or any portion of its Partnership Interest to a lender or collateral agent as collateral or security for a bona fide loan or other extension of credit, and the subsequent Transfer of such Partnership Interest to such lender
or collateral agent or other Person in connection with the exercise of remedies under such loan or extension of credit. 

“Preferred Unit” means a fractional, undivided share of the Partnership Interests that has distribution rights, or rights
upon liquidation, winding up and dissolution, that are superior or prior to the Common Units that the General Partner has authorized pursuant to Section 4.2 hereof. 

“Pricing Agreement” has the meaning set forth in Section 15.1.C(6)(ii) hereof. 

“Properties” means any assets and property of the Partnership such as, but not limited to, interests in real property and
personal property, including, without limitation, fee interests, interests in ground leases, easements and rights of way, interests in limited liability companies, joint ventures or partnerships, interests in mortgages, and Debt instruments as the
Partnership may hold from time to time and “Property” means any one such asset or property. 
 “Qualified DRIP/COPP”
means a dividend reinvestment plan or a cash option purchase plan of VICI REIT that permits participants to acquire REIT Shares using the proceeds of dividends paid by VICI REIT or cash of the participant, respectively; provided, however,
that if such shares are offered at a discount, such discount must (i) be designed to pass along to the stockholders of VICI REIT the savings enjoyed by VICI REIT in connection with the avoidance of stock issuance costs, and (ii) not exceed
5% of the value of a REIT Share as computed under the terms of such plan. 

  
 14 

 “Qualified Transferee” means an “accredited investor” as defined in
Rule 501 promulgated under the Securities Act that is not an Unsuitable Person (as such term is defined in the Charter). 

“Qualifying Party” means (a) a Limited Partner, (b) an Assignee or (c) a Person, including a lending
institution as the pledgee of a Pledge, who is the transferee of a Limited Partner Interest in a Permitted Transfer; provided, however, that a Qualifying Party shall not include the General Partner or VICI REIT. 

“Redemption” has the meaning set forth in Section 15.1.A hereof. 

“Regulations” means the income tax regulations under the Code, whether such regulations are in proposed, temporary or final
form, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

“Regulatory Allocations” has the meaning set forth in Section 6.3.A(viii) hereof. 

“REIT” means a real estate investment trust qualifying under Code Section 856. 

“REIT Partner” means (a) VICI REIT or any Affiliate of VICI REIT to the extent such Person has in place an election to
qualify as a REIT and (b) any Disregarded Entity with respect to any such Person. 
 “REIT Payment” has the meaning
set forth in Section 15.12 hereof. 
 “REIT Requirements” has the meaning set forth in Section 5.1 hereof. 

“REIT Share” means a share of common stock of VICI REIT, $0.01 par value per share, but shall not include any class or series
of VICI REIT’s common stock classified after the date of this Agreement. 
 “REIT Shares Amount” means a number of
REIT Shares equal to the product of (a) the number of Tendered Units and (b) the Adjustment Factor in effect on the Specified Redemption Date with respect to such Tendered Units; provided, however, that, in the event that VICI REIT
issues to all holders of REIT Shares as of a certain record date rights, options, warrants or convertible or exchangeable securities entitling VICI REIT’s stockholders to subscribe for or purchase REIT Shares, or any other securities or
property (collectively, the “Rights”), with the record date for such Rights issuance falling within the period starting on the date of the Notice of Redemption and ending on the day immediately preceding the Specified Redemption
Date, which Rights will not be distributed before the relevant Specified Redemption Date, then the REIT Shares Amount shall also include such Rights that a holder of that number of REIT Shares would be entitled to receive, expressed, where relevant
hereunder, in a number of REIT Shares determined by VICI REIT, but only to the extent that such Tendered Units are not also entitled to receive a correlative amount of such Rights in respect of such Tendered Units. 

  
 15 

 “Related Party” means, with respect to any Person, any other Person to whom
ownership of shares of VICI REIT’s stock by the first such Person would be attributed under Code Section 544 (as modified by Code Section 856(h)(1)(B)) or Code Section 318(a) (as modified by Code Section 856(d)(5)). 

“Rights” has the meaning set forth in the definition of “REIT Shares Amount.” 

“Safe Harbors” has the meaning set forth in Section 11.3.G hereof. 

“SEC” means the Securities and Exchange Commission. 

“Secretary of State” means the Secretary of State of the State of Delaware. 

“Securities Act” means the Securities Act of 1933, as amended, and any successor statute thereto, and the rules and
regulations of the SEC promulgated thereunder. 
 “Single Funding Notice” has the meaning set forth in
Section 15.1C(4) hereof. 
 “Specified Redemption Date” means the Business Day immediately following the last day of
the Specified Redemption Period; provided, however, that in the event of a Stock Offering Funding pursuant to Section 15.1.C, unless otherwise specified in the Notice of Redemption that the Specified Redemption Date may not be deferred
for a Stock Offering Funding, the Specified Redemption Date shall be deferred until the next Business Day following the date of the closing of the Stock Offering Funding. 

“Specified Redemption Period” means the period specified in the Notice of Redemption as the Specified Redemption Period,
which shall not be less than the close of business on the Business Day that such Notice of Redemption is given, or if no period is specified, the Specified Redemption Period shall be the (9) nine Business Days following receipt by the General
Partner of a Notice of Redemption. 
 “Stock Offering Funding” has the meaning specified in Section 15.1.C(2). 

“Stock Offering Funding Amount” has the meaning specified in Section 15.1.C(5) hereof. 

“Subsidiary” means, with respect to any Person, any corporation or other entity of which a majority of (i) the voting
power of the voting equity securities or (ii) the outstanding equity interests, is owned, directly or indirectly, by such Person; provided, however, that with respect to the Partnership, “Subsidiary” means solely a
partnership or limited liability company (taxed, for federal income tax purposes, as a partnership or as a Disregarded Entity and not as an association or publicly traded partnership taxable as a corporation) of which the Partnership is a member or
any “taxable REIT subsidiary” of VICI REIT in which the Partnership owns shares of stock, unless the ownership of shares of stock of a corporation or other entity (other than a “taxable REIT subsidiary”) will not jeopardize VICI
REIT’s status as a REIT or any Affiliate’s status as a “qualified REIT subsidiary” (within the meaning of Code Section 856(i)(2)), in which event the term “Subsidiary” shall include such corporation or other
entity. 
 “Substituted Limited Partner” means a Person who is admitted as a Limited Partner to the Partnership pursuant to
the Act and (i) Section 11.4 hereof or (ii) pursuant to any Partnership Unit Designation. 

  
 16 

 “Surviving Partnership” has the meaning set forth in Section 11.2.B(ii)
hereof. 
 “Tax Items” has the meaning set forth in Section 6.4.A hereof 

“Tendered Units” has the meaning set forth in Section 15.1.A hereof. 

“Tendering Party” has the meaning set forth in Section 15.1.A hereof. 

“Terminating Capital Transaction” means any sale or other disposition of all or substantially all of the assets of the
Partnership or a related series of transactions that, taken together, result in the sale or other disposition of all or substantially all of the assets of the Partnership, in any case, not in the ordinary course of the Partnership’s business.

 “Termination Transaction” has the meaning set forth in Section 11.2.B hereof. 

“Transfer” means, when used with respect to a Partnership Unit, or all or any portion of a Partnership Unit, any sale,
assignment, bequest, conveyance, devise, gift (outright or in trust), Pledge, encumbrance, hypothecation, mortgage, exchange, transfer or other disposition or act of alienation, whether voluntary, involuntary or by operation of law (including by way
of merger, consolidation, amalgamation or liquidation); provided, however, that when the term is used in Article 11 hereof, except as otherwise expressly provided, “Transfer” does not include (a) any Redemption of Common Units
by the Partnership, or acquisition of Tendered Units by VICI REIT, pursuant to Section 15.1 hereof or (b) any pledge, encumbrance, hypothecation or mortgage by the General Partner of all or any portion of its Partnership Interest, or
(c) any redemption of Partnership Units pursuant to any Partnership Unit Designation. The terms “Transferred” and “Transferring” have correlative meanings. 

“Twelve-Month Period” means as to a Limited Partner, the later of (x) a twelve-month period ending on the day that is
the first twelve-month anniversary of such Qualifying Party’s first becoming a Holder of Common Units, and (y) the twelve-month anniversary following the date that VICI REIT is first subject to the public reporting obligations under the
Exchange Act. 
 “Valuation Date” means the date of receipt by the General Partner of a Notice of Redemption pursuant to
Section 15.1 herein, or such other date as specified herein, or, if such date is not a Business Day, the immediately preceding Business Day. 

“Value” means, on any Valuation Date with respect to a REIT Share, the average of the daily Market Prices for ten
(10) consecutive trading days immediately preceding the Valuation Date. The term “Market Price” on any date means, with respect to any class or series of outstanding REIT Shares, the last sale price for such REIT Shares,
regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, for such REIT Shares, in either case as reported in the principal consolidated transaction reporting system with respect to
securities listed or admitted to trading on the New York Stock Exchange or, if such REIT Shares are not listed or admitted to trading on the New York Stock Exchange, as reported on the principal consolidated transaction reporting system with respect
to securities listed on the principal National Securities Exchange on which such REIT Shares are listed or admitted to trading or, if such REIT Shares are not listed or admitted to trading on any National Securities Exchange, the last quoted price,
or, if not so quoted, the average of the high 

  
 17 

 
bid and low asked prices in the over-the-counter market, as reported by the National Association of Securities
Dealers, Inc. Automated Quotation System or, if such system is no longer in use, the principal other automated quotation system that may then be in use or, if such REIT Shares are not quoted by any such organization, the average of the closing bid
and asked prices as furnished by a professional market maker making a market in such REIT Shares selected by the Board of Directors of VICI REIT or, in the event that no trading price is available for such REIT Shares, the fair market value of the
REIT Shares, as determined in good faith by the Board of Directors of VICI REIT. In the event that the REIT Shares Amount includes Rights that a holder of REIT Shares would be entitled to receive, then the Value of such Rights shall be determined by
the General Partner on the basis of such quotations and other information as it considers appropriate. 
 “Vesting Date”
has the meaning set forth in Section 4.4.C(2) hereof. 
 “VICI REIT” means VICI Properties Inc., a Maryland
corporation and the sole member of the General Partner. 
 “Withdrawing Partner” has the meaning set forth in
Section 15.1.C(6)(iii) hereof. 
 ARTICLE 2 

ORGANIZATIONAL MATTERS 

Section 2.1 Formation. The Partnership is a limited partnership formed and continued pursuant to the provisions of the Act
and upon the terms and subject to the conditions set forth in this Agreement. Except as expressly provided herein to the contrary, the rights and obligations of the Partners and the administration and termination of the Partnership shall be governed
by the Act. No Partner has any interest in any Partnership property, and the Partnership Interest of each Partner shall be personal property for all purposes. 

Section 2.2 Name. The name of the Partnership is “VICI Properties L.P.” The Partnership’s business may be
conducted under any other name or names deemed advisable by the General Partner, including the name of the General Partner or any Affiliate thereof. The words “Limited Partnership,” “L.P.,” “Ltd.” or similar words or
letters shall be included in the Partnership’s name where necessary for the purposes of complying with the laws of any jurisdiction that so requires. The General Partner in its sole and absolute discretion may change the name of the Partnership
at any time and from time to time and shall notify the Partners of such change in the next regular communication to the Partners (or, in the sole discretion of the General Partner, earlier); provided, that the name of the Partnership may not
be changed to include the name, or any variant thereof, of any Limited Partner without the written consent of such Limited Partner. 

Section 2.3 Principal Office and Registered Agent; Principal Executive Office. The Partnership shall maintain a registered
office at Corporation Service Company, 251 Little Falls Drive , City of Wilmington, New Castle County, Delaware 19808 or such other place within the State of Delaware as the General Partner may from time to time designate, and the registered agent
of the Partnership in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, City of Wilmington, New Castle County, Delaware 19808, or such other 

  
 18 

 
registered agent in the State of Delaware as the General Partner may from time to time designate. The principal office of the Partnership is located at 8329 W. Sunset Road, Suite 210 Las Vegas,
Nevada 89113 or such other place as the General Partner may from time to time designate by notice to the Limited Partners. The Partnership may maintain offices at such other place or places within or outside the State of Delaware as the
General Partner deems advisable. 
 Section 2.4 Power of Attorney. 

A. Each Limited Partner and Assignee hereby irrevocably constitutes and appoints the General Partner, any Liquidator, and authorized officers
and attorneys-in-fact of each (the “Attorney in Fact”), and each of those acting singly, in each case with full power of substitution, as its true and
lawful agent and attorney-in-fact, with full power and authority in its name, place and stead to: 

(1) execute, swear to, seal, acknowledge, deliver, file and record in the appropriate public offices: (a) all
certificates, documents and other instruments (including, without limitation, this Agreement and the Certificate and all amendments, supplements or restatements thereof) that the Attorney in Fact deems appropriate or necessary to form, qualify or
continue the existence or qualification of the Partnership as a limited partnership (or a partnership in which the limited partners have limited liability to the extent provided by applicable law) in the State of Delaware and in all other
jurisdictions in which the Partnership may conduct business or own property; (b) all instruments that the Attorney in Fact deems appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement
duly adopted in accordance with its terms; (c) all conveyances and other instruments or documents that the Attorney in Fact deems appropriate or necessary to reflect the dissolution and winding up of the Partnership pursuant to the terms
of this Agreement, including, without limitation, a certificate of cancellation; (d) all conveyances and other instruments or documents that the Attorney in Fact deems appropriate or necessary to reflect the distribution or exchange of
assets of the Partnership pursuant to the terms of this Agreement; (e) all instruments relating to the admission, acceptance, withdrawal, removal or substitution of any Partner pursuant to the terms of this Agreement or the Capital
Contribution of any Partner; and (f) all certificates, documents and other instruments relating to the determination of the rights, preferences and privileges relating to Partnership Interests; and 

(2) execute, swear to, acknowledge and file all ballots, consents, approvals, waivers, certificates and other instruments
appropriate or necessary, in the sole and absolute discretion of the Attorney in Fact, to make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action that is made or given by the Partners hereunder or is consistent
with the terms of this Agreement. 
 Nothing contained herein shall be construed as authorizing the Attorney in Fact to amend this Agreement except in
accordance with Sections 5.4, 7.3.C, and 14.2 hereof or as may be otherwise expressly provided for in this Agreement. 

  
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 B. The foregoing power of attorney is hereby declared to be irrevocable and a special power
coupled with an interest, in recognition of the fact that each of the Limited Partners and Assignees will be relying upon the power of the Attorney in Fact to act as contemplated by this Agreement in any filing or other action by it on behalf of the
Partnership, and it shall survive and not be affected by the subsequent Incapacity of any Limited Partner or Assignee and the Transfer of all or any portion of such Person’s Partnership Interest and shall extend to such Person’s heirs,
successors, assigns, transferees and personal representatives. Each such Limited Partner and Assignee hereby agrees to be bound by any representation made by the Attorney in Fact, acting in good faith pursuant to such power of attorney; and each
such Limited Partner and Assignee hereby waives, to the fullest extent permitted by law, any and all defenses that may be available to contest, negate or disaffirm the action of the Attorney in Fact, taken in good faith under such power of attorney.
Each Limited Partner and Assignee shall execute and deliver to the Attorney in Fact, within fifteen (15) days after receipt of the Attorney in Fact’s request therefor, such further designation, powers of attorney and other instruments as
the Attorney in Fact deems necessary to effectuate this Agreement and the purposes of the Partnership. Notwithstanding anything else set forth in this Section 2.4.B, to the fullest extent permitted by law, no Limited Partner shall incur any
personal liability for any action of the Attorney in Fact taken under such power of attorney. 
 Section 2.5 Term. The term of
the Partnership commenced on July 5, 2016, the date that the original Certificate was filed with the Secretary of State in accordance with the Act, and shall continue indefinitely unless the Partnership is dissolved sooner pursuant to
the provisions of Article 13 hereof or as otherwise provided by law. 
 Section 2.6 Partnership Interests Are Securities.
Each Partnership Interest in the Partnership shall constitute a “security” within the meaning of, and shall be governed by, (i) Article 8 of the Uniform Commercial Code (including
Section 8-102(a)(15) thereof) as in effect from time to time in the State of Delaware and (ii) the corresponding provisions of the Uniform Commercial Code of any other applicable
jurisdiction that now or hereafter substantially includes the 1994 revisions to Article 8 thereof as adopted by the American Law Institute and the National Conference of Commissioners on Uniform State Laws and approved by the American Bar
Association on February 14, 1995. 
 Section 2.7 Admission. The General Partner has been admitted as the
general partner of the Partnership upon its execution of the Original Agreement and hereby continues as the general partner of the Partnership upon its execution of a counterpart hereof. A Person shall be admitted as a limited partner of the
Partnership at the time that (a) this Agreement or a counterpart hereof is executed by or on behalf of such Person and (b) such Person is listed by the General Partner as a limited partner of the Partnership in the Partnership
Register. 
 ARTICLE 3 

PURPOSE 
 Section 3.1
Purpose and Business. The purpose and nature of the business to be conducted by the Partnership is to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the Act, including, without limitation,
(i) to conduct the business of ownership, construction, reconstruction, development, redevelopment, alteration, 

  
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improvement, maintenance, operation, sale, leasing, transfer, encumbrance, conveyance and exchange of the Properties, (ii) to acquire or invest in any securities and/or loans relating to the
Properties, (iii) to enter into any partnership, joint venture, business trust arrangement, limited liability company or other similar arrangement to engage in any business permitted by or under the Act, or to own interests in any entity
engaged in any business permitted by or under the Act, (iv) to conduct the business of providing property and asset management and brokerage services, whether directly or through one or more partnerships, joint ventures, Subsidiaries,
business trusts, limited liability companies or similar arrangements, and (v) to do anything necessary or incidental to the foregoing; provided, that such business shall be limited to and conducted in such a manner as to permit
VICI REIT at all times to qualify as a REIT, unless VICI REIT otherwise shall have ceased to, or VICI REIT determines pursuant to Section 5.6 of the Articles that VICI REIT shall no longer, qualify as a REIT. In connection with the
foregoing, and without limiting VICI REIT’s right in its sole and absolute discretion to cease qualifying as a REIT, the Partners acknowledge the status of VICI REIT as a REIT for U.S. federal income tax purposes and acknowledge that the
avoidance of income and excise taxes on VICI REIT inures to the benefit of all the Partners and not solely to the General Partner or its Affiliates. Notwithstanding the foregoing, the Limited Partners agree that VICI REIT may terminate or revoke its
status as a REIT under the Code at any time. The General Partner and VICI REIT shall also be empowered to do any and all acts and things necessary or prudent in its sole discretion to ensure that the Partnership will not be classified as a
“publicly traded partnership” taxable as a corporation for purposes of Section 7704 of the Code. 
 Section 3.2
Powers; Partner Authority and Responsibility. 
 A. The Partnership shall be empowered to do any and all acts and things necessary,
appropriate, proper, advisable, incidental to or convenient for the furtherance and accomplishment of the purposes and business described herein and for the protection and benefit of the Partnership including, without limitation, full power and
authority, directly or through its ownership interest in other entities, to enter into, perform and carry out contracts of any kind, to borrow and lend money and to issue evidence of indebtedness, whether or not secured by mortgage, deed of trust,
pledge or other lien, to acquire, own, manage, improve and develop real property and lease, sell, transfer and dispose of real property. 

B. Notwithstanding any other provision in this Agreement, the General Partner shall cause the Partnership not to take, or to refrain from
taking, any action that, in the judgment of VICI REIT, in its sole and absolute discretion, (i) could adversely affect the ability of the REIT Partner to satisfy the REIT Requirements, (ii) could subject VICI REIT to any taxes under
Code Section 857 or Code Section 4981 or any other related or successor provision under the Code, (iii) could violate any law or regulation of any governmental body or agency having jurisdiction over VICI REIT, its
securities or the Partnership or (iv) could cause VICI REIT not to be in compliance in all material respects with any covenants, conditions or restrictions now or hereafter placed upon VICI REIT pursuant to an agreement to which it is a
party, unless, in any such case, such action (or inaction) under clause (i), clause (ii), clause (iii) or clause (iv) above shall have been specifically Consented to by VICI REIT. The foregoing requirement, and all other
requirements, limitations and/or restrictions set forth in this Agreement that are intended for VICI REIT to maintain compliance as a REIT (or that otherwise are intended to prevent any Taxes to be paid by VICI REIT while it has elected to be a
REIT), shall be void and of no effect if VICI REIT otherwise shall have ceased to, or VICI REIT determines pursuant to Section 5.6 of the Articles that VICI REIT shall no longer, qualify as a REIT. 

  
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 C. The Partnership shall be a partnership only for the purposes specified in Section 3.1
hereof, and this Agreement shall not be deemed to create a company, venture or partnership between or among the Partners or any other Persons with respect to any activities whatsoever other than the activities within the purposes of the Partnership
as specified in Section 3.1 hereof. Except as otherwise provided in this Agreement, no Partner shall have any authority to act for, bind, commit or assume any obligation or responsibility on behalf of the Partnership, its properties or
any other Partner. No Partner, in its capacity as a Partner under this Agreement, shall be responsible or liable for any indebtedness or obligation of another Partner, nor shall the Partnership be responsible or liable for any indebtedness or
obligation of any Partner, incurred either before or after the execution and delivery of this Agreement by such Partner, except as to those responsibilities, liabilities, indebtedness or obligations incurred pursuant to and as limited by the terms
of this Agreement and the Act. 
 Section 3.3 Representations and Warranties by the Partners. 

A. Each Partner that is an individual (including, without limitation, each Additional Limited Partner or Substituted Limited Partner as a
condition to becoming an Additional Limited Partner or a Substituted Limited Partner) represents and warrants to, and covenants with, each other Partner that (i) the consummation of the transactions contemplated by this Agreement to be
performed by such Partner will not result in a breach or violation of, or a default under, any material agreement by which such Partner or any of such Partner’s property is bound, or any statute, regulation, order or other law to which such
Partner is subject, (ii) such Partner has the legal capacity to enter into this Agreement and perform such Partner’s obligations hereunder and (iii) this Agreement is binding upon, and enforceable against, such Partner
in accordance with its terms. 
 B. Each Partner that is not an individual (including, without limitation, each Additional Limited Partner
or Substituted Limited Partner as a condition to becoming an Additional Limited Partner or a Substituted Limited Partner) represents and warrants to, and covenants with, each other Partner that (i) all transactions contemplated by this
Agreement to be performed by it have been duly authorized by all necessary action, including, without limitation, that of its general partner(s), manager(s), committee(s), trustee(s), beneficiaries, directors and/or stockholder(s) (as the case may
be) as required, (ii) the consummation of such transactions shall not result in a breach or violation of, or a default under, its partnership or operating agreement, trust agreement, charter or bylaws (as the case may be) or any material
agreement by which such Partner or any of such Partner’s properties or any of its partners, members, beneficiaries, trustees or stockholders (as the case may be) is or are bound, or any statute, regulation, order or other law to which such
Partner or any of its partners, members, trustees, beneficiaries or stockholders (as the case may be) is or are subject, and (iii) this Agreement is binding upon, and enforceable against, such Partner in accordance with its terms. 

  
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 C. Each Partner (including, without limitation, each Additional Limited Partner or Substituted
Limited Partner as a condition to becoming an Additional Limited Partner or Substituted Limited Partner) represents, warrants and agrees that (i) it has acquired and continues to hold its interest in the Partnership for its own account for
investment purposes only and not for the purpose of, or with a view toward, the resale or distribution of all or any part thereof in violation of applicable laws, and not with a view toward selling or otherwise distributing such interest or any part
thereof at any particular time or under any predetermined circumstances in violation of applicable laws, (ii) it is a sophisticated investor, able and accustomed to handling sophisticated financial matters for itself, particularly real estate
investments, and that it has a sufficiently high net worth that it does not anticipate a need for the funds that it has invested in the Partnership in what it understands to be a highly speculative and illiquid investment, and
(iii) without the Consent of the General Partner, it shall not take any action that would cause the Partnership at any time to have more than 100 partners, including as partners those Persons (“Flow Through Partners”)
indirectly owning an interest in the Partnership through an entity treated as a partnership, Disregarded Entity, S corporation or grant or trust (each such entity, a “Flow Through Entity”), but only if substantially all of the value
of such Person’s interest in the Flow Through Entity is attributable to the Flow Through Entity’s interest (direct or indirect) in the Partnership. 

D. The representations and warranties contained in Sections 3.3.A, 3.3.B and 3.3.C hereof shall survive the execution and delivery of this
Agreement by each Partner (and, in the case of an Additional Limited Partner or a Substituted Limited Partner, the admission of such Additional Limited Partner or Substituted Limited Partner as a Limited Partner in the Partnership) and the
dissolution, liquidation and termination of the Partnership. 
 E. Each Partner (including, without limitation, each Additional Limited
Partner or Substituted Limited Partner as a condition to becoming an Additional Limited Partner or Substituted Limited Partner) hereby acknowledges that no representations as to potential profit, cash flows, funds from operations or yield, if any,
in respect of the Partnership or the General Partner have been made by the Partnership, the General Partner any Partner or any employee or representative or Affiliate of any of the foregoing, and that projections and any other information,
including, without limitation, financial and descriptive information and documentation, that may have been in any manner submitted to such Partner shall not constitute any representation or warranty of any kind or nature, express or implied. 

F. Notwithstanding the foregoing, the General Partner may, in its sole and absolute discretion, permit the modification of any of the
representations and warranties contained in Sections 3.3.A, 3.3.B and 3.3.C above as applicable to any Partner (including, without limitation any Additional Limited Partner or Substituted Limited Partner or any transferee of either), provided that
such representations and warranties, as modified, shall be set forth in either (i) a Partnership Unit Designation applicable to the Partnership Units held by such Partner or (ii) a separate writing addressed to the Partnership and the
General Partner. 
 ARTICLE 4 

CAPITAL CONTRIBUTIONS 

Section 4.1 Capital Contributions of the Partners. The Partners have heretofore made Capital Contributions to the Partnership. The
General Partner shall cause to be maintained in the principal business office of the Partnership, or such other place as may be determined by the General Partner, the books and records of the Partnership, which shall include, among other

  
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things, a register containing the name, address, and number, class and series of Partnership Units of each Partner, and such other information as the General Partner may deem necessary or
desirable (the “Partnership Register”). The General Partner and the Initial Limited Partner own Partnership Units in the amount set forth in the Partnership Register as of the date of this Agreement. The Partnership Register shall
not be part of this Agreement. The General Partner shall from time to time update the Partnership Register as necessary to accurately reflect the information therein, including as a result of any sales, exchanges or other Transfers, or any
redemptions, issuances or similar events involving or having an effect on Partnership Units. Any reference in this Agreement to the Partnership Register shall be deemed a reference to the Partnership Register as in effect from time to time. Subject
to the terms of this Agreement, the General Partner may take any action authorized hereunder in respect of the Partnership Register without any need to obtain the consent or approval of any other Partner. No action of any Limited Partner shall be
required to amend or update the Partnership Register. Except as required by law, no Limited Partner shall be entitled to receive a copy of the information set forth in the Partnership Register relating to any Partner other than itself. Except as
provided by law or in Section 4.2, 4.3, or 10.4 hereof, a Partner shall, without such Partner’s consent, have no obligation or, except with the prior Consent of the General Partner, right to make any additional Capital Contributions or
loans to the Partnership. 
 Section 4.2 Issuances of Additional Partnership Interests. Subject to the rights of any Holder of
any Partnership Interest set forth in a Partnership Unit Designation: 
 A. General. The General Partner is hereby authorized to cause
the Partnership to issue additional Partnership Interests, in the form of Partnership Units, for any Partnership purpose, at any time or from time to time, to the Partners (including the General Partner) or to other Persons, and to admit such
Persons as Additional Limited Partners, for such consideration and on such terms and conditions as shall be established by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partner or any other Person.
Without limiting the foregoing, the General Partner is expressly authorized to cause the Partnership to issue Partnership Units (i) upon the conversion, redemption or exchange of any Debt, Partnership Units, or other securities issued by the
Partnership, (ii) for less than fair market value, (iii) in connection with any merger of any other Person into the Partnership or (iv) upon the contribution of property or assets to the Partnership. Any
additional Partnership Interests may be issued in one or more classes, or one or more series of any of such classes, with such designations, preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to
distributions, qualifications or terms or conditions of redemption (including, without limitation, terms that may be senior or otherwise entitled to preference over existing Partnership Units) as shall be determined by the General Partner, in its
sole and absolute discretion without the approval of any Limited Partner or any other Person, and set forth in a written document thereafter attached to and made an exhibit to this Agreement, which exhibit shall be an amendment to this Agreement and
shall be incorporated herein by this reference (each, a “Partnership Unit Designation”), without the approval of any Limited Partner or any other Person. Without limiting the generality of the foregoing, the General Partner shall
have authority to specify: (a) the allocations of items of Partnership income, gain, loss, deduction and credit to each such class or series of Partnership Interests; (b) the right of each such class or series of Partnership
Interests to share (on a pari passu, junior or preferred basis) in Partnership distributions; (c) the rights of each such class or series of Partnership Interests upon dissolution 

  
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and liquidation of the Partnership; (d) the voting rights, if any, of each such class or series of Partnership Interests; (e) the conversion, redemption or exchange rights
applicable to each such class or series of Partnership Interests and; (f) any vesting conditions applicable to such class or series of Partnership Interests. Except as expressly set forth in any or as may otherwise be required under the
Act, a Partnership Interest of any class or series other than a Common Unit shall not entitle the holder thereof to vote on, or consent to, any matter. Upon the issuance of any additional Partnership Interest, the General Partner shall, without the
consent of any other Partners, amend the Partnership Register as appropriate to reflect such issuance. 
 B. Issuances to the General
Partner or VICI REIT. No additional Partnership Units shall be issued to the General Partner or VICI REIT or any of their respective Subsidiaries that are not also Subsidiaries of the Partnership unless either: (1) the additional
Partnership Interests are also offered to all other Partners holding Common Units in proportion to their respective Percentage Interests, (2) (a) the additional Partnership Units are (x) Common Units issued in connection with an issuance of
REIT Shares, or (y) Partnership Interests (which may be Preferred Units but not Common Units) issued in connection with an issuance of Capital Shares, which Partnership Interests have substantially identical economic terms to such Capital
Shares, and (b) VICI REIT or General Partner contributes to the Partnership the cash proceeds or other consideration (if any) received in connection with the issuance of such REIT Shares or Capital Shares except for any portion of such proceeds
or consideration that VICI REIT determines to contribute to the Golf Business TRS, (3) the additional Partnership Units are issued upon the conversion, redemption or exchange of Debt, Partnership Units or other securities issued by the
Partnership or (4) the additional Partnership Units are issued pursuant to Section 4.3.B, Section 4.3.E, Section 4.4 or Section 4.5. Notwithstanding anything in this Agreement to the contrary, including, for the avoidance of
doubt, the preceding subclauses (1) and (2), the General Partner shall take (and is hereby authorized to take) any and all actions as are required, and VICI REIT shall cooperate, in order to ensure that the number of outstanding Common Units
held by VICI REIT is at all times equal to the number of outstanding REIT Shares. 
 C. No Preemptive Rights. Except as expressly
provided in this Agreement or pursuant to any Partnership Unit Designation, no Person, including, without limitation, any Partner or Assignee, shall have any preemptive, preferential, participation or similar right or rights to subscribe for or
acquire any Partnership Interest or to otherwise make an additional Capital Contribution or, without limiting the restrictions set forth in Section 4.2.B above or Section 4.3 below, loan to the Partnership. 

D. Acquisition of Limited Partner Interests by General Partner. Any Limited Partner Interests acquired by the General Partner shall be
automatically converted into a General Partner Interest comprised of an identical number of Partnership Units with the same terms as the class or series so acquired. Any Affiliates of the General Partner, including VICI REIT, may acquire Limited
Partner Interests and shall, except as expressly provided in this Agreement, be entitled to exercise all rights of a Limited Partner relating to such Limited Partner Interests. 

  
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 Section 4.3 Additional Funds and Capital Contributions. 

A. General. The General Partner may, at any time and from time to time, determine that the Partnership requires additional funds
(“Additional Funds”) for the acquisition or development of additional Properties, for the redemption of Partnership Units or for such other purposes as the General Partner may determine, in its sole and absolute discretion.
Additional Funds may be obtained by the Partnership, at the election of the General Partner, in any manner provided in, and in accordance with, the terms of this Section 4.3 without the approval of any Limited Partner or any other Person. 

B. Additional Capital Contributions. The General Partner, on behalf of the Partnership, may obtain any Additional Funds by accepting
Capital Contributions from any Partners or other Persons. In connection with any such Capital Contribution (of cash or property), the General Partner is hereby authorized to cause the Partnership from time to time to issue additional Partnership
Units (as set forth in Section 4.2 above) in consideration therefor and the Percentage Interests of the General Partner and the Limited Partners in such class of Partnership Units shall be adjusted to reflect the issuance of such additional
Partnership Units. 
 C. Loans by Third Parties. The General Partner, on behalf of the Partnership, may obtain any Additional Funds
by causing the Partnership to incur Debt to any Person (other than the General Partner or VICI REIT) upon such terms as the General Partner determines appropriate, including making such Debt convertible, redeemable or exchangeable for Partnership
Units or REIT Shares; provided, however, that the Partnership shall not incur any such Debt if any Partner would be personally liable for the repayment of such Debt (unless such Partner otherwise agrees). 

D. General Partner and VICI REIT Loans. The General Partner, on behalf of the Partnership, may obtain any Additional Funds by causing
the Partnership to incur Debt to the General Partner and/or VICI REIT if such Debt is, to the extent permitted by law, on substantially the same terms and conditions (including interest rate, repayment schedule, and conversion, redemption,
repurchase and exchange rights) as Funding Debt incurred by the General Partner or VICI REIT, the net proceeds of which are loaned to the Partnership to provide such Additional Funds, provided, however, that the Partnership shall not incur
any such Debt if any Partner would be personally liable for the repayment of such Debt (unless such Partner otherwise agrees). 
 E.
Issuance of Securities by VICI REIT. VICI REIT shall not issue any additional REIT Shares, Capital Shares or New Securities unless VICI REIT contributes the cash proceeds or any other consideration received from the issuance of such
additional REIT Shares, Capital Shares or New Securities (as the case may be) and from the exercise of the rights contained in any such additional Capital Shares or New Securities to the Partnership in exchange for (x) in the case of an
issuance of REIT Shares, Partnership Common Units, or (y) in the case of an issuance of Capital Shares or New Securities, Partnership Unit Equivalents; provided, however, that notwithstanding the foregoing, the General Partner may
issue REIT Shares, Capital Shares or New Securities (a) pursuant to Section 4.4 or Section 15.1.B hereof, (b) pursuant to a dividend or distribution (including any stock split) of REIT Shares, Capital
Shares or New Securities to all of the holders of REIT Shares, Capital Shares or New Securities (as the case may be), (c) upon a conversion, redemption or exchange of Capital Shares, or (d) upon a conversion, redemption, exchange or
exercise of New Securities in exchange for cash proceeds to be used to operate or invest in assets of the Existing Business owned by the Golf Business TRS. In the event of any issuance of additional REIT Shares, Capital Shares or New Securities by
VICI REIT, and the 

  
 26 

 
contribution to the Partnership, by VICI REIT, of the cash proceeds or any other consideration received from such issuance (or property acquired with such proceeds), if any, if the cash proceeds
actually received by VICI REIT are less than the gross proceeds of such issuance as a result of any underwriter’s discount or other expenses paid or incurred in connection with such issuance, then VICI REIT shall be deemed to have made a
Capital Contribution to the Partnership in the amount equal to the sum of the cash proceeds of such issuance plus the amount of such underwriter’s discount and other expenses paid by VICI REIT (which discount and expense shall be treated as an
expense for the benefit of the Partnership for purposes of Section 7.4). In the event that VICI REIT issues any additional REIT Shares, Capital Shares or New Securities and contributes the cash proceeds or other consideration received from the
issuance thereof to the Partnership, the Partnership is expressly authorized to issue a number of Partnership Common Units or Partnership Equivalent Units to VICI REIT equal to the number of REIT Shares, Capital Shares or New Securities so issued,
divided by the Adjustment Factor then in effect (and taking into account any underwriter’s discount or other expenses in accordance with the preceding sentence), in accordance with this Section 4.3.E without any further act,
approval or vote of any Partner. 
 Section 4.4 Equity Plans. 

A. Options Granted to Persons other than Partnership Employees. If at any time or from time to time, in connection with any Equity
Plan, a stock option granted for REIT Shares to a Person other than a Partnership Employee is duly exercised: 
 (1) VICI
REIT, shall, as soon as practicable after such exercise, make a Capital Contribution to the Partnership in an amount equal to the exercise price paid to VICI REIT by such exercising party in connection with the exercise of such stock option. 

(2) Notwithstanding the amount of the Capital Contribution actually made pursuant to Section 4.4.A(1) hereof, VICI REIT
shall be deemed to have contributed to the Partnership as a Capital Contribution, in lieu of the Capital Contribution actually made, in consideration of additional Partnership Common Units, an amount equal to the Value of a REIT Share as of the date
of exercise multiplied by the number of REIT Shares then being issued in connection with the exercise of such stock option. 

(3) VICI REIT shall be issued a number of Common Units in consideration of the deemed Capital Contribution as described in
Section 4.4.A(2) hereof equal to the number of REIT Shares then being issued divided by the Adjustment Factor then in effect. 
 B.
Options Granted to Partnership Employees. If at any time or from time to time, in connection with any Equity Plan, a stock option granted for REIT Shares to a Partnership Employee is duly exercised: 

(1) VICI REIT shall sell to the Optionee, and the Optionee shall purchase from VICI REIT, a number of REIT Shares equal to the
number of REIT Shares the Optionee is entitled to receive pursuant to the exercise of the stock option multiplied by (a) the exercise price payable by the Optionee in connection with the exercise of such

  
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stock option divided by (b) the Value of the REIT Shares that the Optionee is entitled to receive. The purchase price per REIT Share for such sale of REIT Shares to the Optionee shall
be the Value of a REIT Share as of the date of exercise of such stock option. 
 (2) VICI REIT shall sell to the Partnership
(or if the Optionee is an employee or other service provider of a Subsidiary of the Partnership, VICI REIT shall sell to such Subsidiary of the Partnership), and the Partnership (or such Subsidiary, as applicable) shall purchase from VICI REIT, a
number of REIT Shares equal to (a) the number of REIT Shares as to which such stock option is being exercised less (b) the number of REIT Shares sold pursuant to Section 4.4.B(1) hereof. The purchase price per REIT Share for such sale
of REIT Shares to the Partnership (or such subsidiary) shall be the Value of a REIT Share as of the date of exercise of such stock option. 

(3) The Partnership shall transfer to the Optionee (or if the Optionee is an employee or other service provider of a Subsidiary
of the Partnership, the Partnership shall transfer to such Subsidiary and such Subsidiary shall transfer to the Optionee) at no additional cost, as additional compensation, the number of REIT Shares described in Section 4.4.B(2) hereof.

 (4) VICI REIT shall, as soon as practicable after such exercise, make a Capital Contribution to the Partnership of an
amount equal to all proceeds received (from whatever source, but excluding any payment in respect of payroll taxes or other withholdings) by VICI REIT in connection with the exercise of such stock option. In consideration of such Capital
Contribution, VICI REIT shall be issued a number of Common Units equal to the total number of REIT Shares described in Sections 4.4.B(1) and 4.4.B(2) divided by the Adjustment Factor then in effect. 

C. Stock Granted to Persons other than Partnership Employees. If at any time or from time to time, in connection with any Equity Plan
(other than as a result of the exercise of stock options), any REIT Shares are issued to a Person other than a Partnership Employee in consideration for services performed for VICI REIT: 

(1) VICI REIT shall issue such number of REIT Shares as are to be issued to such Person in accordance with the Equity Plan; and

 (2) On the date that the Value of such shares is includible in taxable income of such Person or such other date as
determined by the General Partner (the “Vesting Date”): (a) VICI REIT shall be deemed to have contributed the Value of such REIT Shares to the Partnership as a Capital Contribution, and (b) the Partnership shall issue to VICI REIT on
the Vesting Date a number of Common Units equal to the number of newly issued REIT Shares divided by the Adjustment Factor then in effect. 

  
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 D. Stock Granted to Partnership Employees. If at any time or from time to time, in
connection with any Equity Plan (other than as a result of the exercise of stock options), any REIT Shares are issued to a Partnership Employee (including any REIT Shares that are subject to forfeiture in the event such Partnership Employee
terminates his employment by the Partnership or the Partnership Subsidiaries) in consideration for services performed for the Partnership or the Partnership Subsidiaries: 

(1) VICI REIT shall issue such number of REIT Shares as are to be issued to the Partnership Employee in accordance with the
Equity Plan; 
 (2) On the Vesting Date, the following events shall be deemed to have occurred: (a) VICI REIT shall be
deemed to have sold such REIT Shares to the Partnership (or if the Partnership Employee is an employee or other service provider of a Subsidiary of the Partnership, to such Subsidiary) for a purchase price equal to the Value of such REIT Shares,
(b) the Partnership (or such Subsidiary) shall be deemed to have delivered the REIT Shares to the Partnership Employee, (c) VICI REIT shall be deemed to have contributed the purchase price to the Partnership as a Capital
Contribution, and (d) in the case where the Partnership Employee is an employee of a Subsidiary of the Partnership, the Partnership shall be deemed to have contributed such amount to the capital of such Subsidiary; and 

(3) The Partnership shall issue to VICI REIT on the Vesting Date a number of Common Units equal to the number of newly issued
REIT Shares divided by the Adjustment Factor then in effect in consideration for the Capital Contribution described in Section 4.4.D(2)(c) above. 

E. Future Stock Incentive Plans. Nothing in this Agreement shall be construed or applied to preclude or restrain the Partnership or
VICI REIT from adopting, modifying or terminating stock incentive plans for the benefit of employees, directors or other business associates of VICI REIT, the Partnership or any of their Affiliates. The Partners acknowledge and agree that, in the
event that any such plan is adopted, modified or terminated by the Partnership or VICI REIT, amendments to this Section 4.4 may become necessary or advisable and that any approval or Consent to any such amendments requested by the General
Partner shall be deemed granted by the Limited Partners. 
 F. Issuance of Partnership Units. The Partnership is expressly authorized
to issue Partnership Units in accordance with any duly authorized Equity Plan pursuant to this Section 4.4 without any further act, approval or vote of any Partner. Such Equity Plan may contain, in the General Partner’s discretion, such
vesting provisions and terms relating to the rights of the participants in such Equity Plans to participate in allocations of Net Income and Net Loss and distributions (including, in the General Partner’s discretion, provisions designed to
assure that grants under the Equity Plans constitute “profits interests” for federal income tax purposes). 
 Section 4.5
Dividend Reinvestment Plan, Cash Option Purchase Plan, Stock Incentive Plan or Other Plan. Except as may otherwise be provided in this Article 4, all amounts received by VICI REIT in respect of any new REIT Shares issued pursuant to any
dividend reinvestment plan, cash option purchase plan, stock incentive or other stock or subscription plan or agreement shall be contributed by VICI REIT to the Partnership in exchange for additional Partnership Common Units. Upon such contribution,
the Partnership will issue to VICI REIT a number of Partnership Common Units equal to the quotient of (i) the new REIT Shares so issued, divided by (ii) the Adjustment Factor then in effect. 

  
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 Section 4.6 No Interest; No Return. No Partner shall be entitled to interest
on its Capital Contribution or on such Partner’s Capital Account. Except as provided herein or by law, no Partner shall have any right to demand or receive the return of its Capital Contribution from the Partnership. 

Section 4.7 Conversion or Redemption of Capital Shares; Issuance of Units. 

A. Conversion of Capital Shares. If, at any time, any of the Capital Shares are converted into REIT Shares, in whole or in part, then a
number of Partnership Units with preferences, conversion and other rights, restrictions (other than restrictions on transfer), rights and limitations as to distributions and qualifications that are substantially the same as those of such Capital
Shares (“Partnership Equivalent Units”) (for the avoidance of doubt, Partnership Equivalent Units need not have voting rights, redemption rights or restrictions on transfer that are substantially similar to such Capital Shares) equal to
the number of Capital Shares so converted shall automatically be converted into a number of Partnership Common Units equal to the quotient of (i) the number of REIT Shares issued upon such conversion divided by (ii) the Adjustment Factor
then in effect, and the Percentage Interests of the General Partner and the Limited Partners shall be adjusted to reflect such conversion. 

B. Redemption of Capital Shares or REIT Shares. Except as otherwise provided in this Agreement, if, at any time, any Capital Shares or
REIT Shares are redeemed or otherwise repurchased (whether by exercise of a put or call, automatically or by means of another arrangement) by VICI REIT for cash, the Partnership shall, immediately prior to such redemption or repurchase of Capital
Shares or REIT Shares, redeem or repurchase an equal number of Partnership Equivalent Units held by VICI REIT upon the same terms and for the same price per Partnership Equivalent Unit as the terms and price in respect of the Capital Shares or REIT
Shares that are redeemed or repurchased. 
 C. Issuance of Units Upon Certain Events. In the event that VICI REIT 

(1) (a) declares or pays a dividend on its outstanding REIT Shares wholly or partly in REIT Shares or makes a distribution to
all holders of its outstanding REIT Shares wholly or partly in REIT Shares, (b) splits or subdivides its outstanding REIT Shares or (c) effects a reverse stock split or otherwise combines its outstanding REIT Shares into a smaller number
of REIT Shares, then as of the date of such action by VICI REIT, the General Partner shall promptly cause the Partnership to issue additional Partnership Common Units to all Limited Partners (pro rata for their respective ownership of Partnership
Common Units immediately prior to such issuance), split or subdivide the outstanding Partnership Common Units or effect a reverse unit split of Partnership Common Units or combination thereof, as the case may be, so as to maintain the same ratio of
Partnership Common Units outstanding to REIT Shares outstanding immediately prior to any such action taken by VICI REIT; or 

(2) distributes any rights, options or warrants to all holders of its REIT Shares to subscribe for or to purchase or to
otherwise acquire REIT Shares, or other securities or rights convertible into, exchangeable for or exercisable for REIT Shares (other than REIT Shares issuable pursuant to a Qualified DRIP/COPP), at a price per share less than the

  
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Value of a REIT Share on the record date for such distribution (each a “Distributed Right”), then, as of the distribution date of such Distributed Rights, the General Partner shall
cause the Partnership to issue to the Limited Partners (pro rata for their respective ownership of Partnership Common Units immediately prior to such issuance) rights, options or warrants to purchase Partnership Common Units on terms substantially
similar to those of the applicable Distributed Rights at a price per Partnership Common Unit equal to the quotient obtained by dividing the price per share set forth in the applicable Distributed Right by the Adjustment Factor then in effect (each a
“Partnership Right”), provided, however, that such Partnership Right shall not be exercisable unless and until the applicable Distributed Right becomes exercisable and VICI REIT may not exercise any Partnership Right except to the
extent that the same amount of Distributed Rights have been exercised. 
 Section 4.8 Other Contribution Provisions. In the
event that any Partner is admitted to the Partnership and is given a Capital Account in exchange for services rendered to the Partnership, such transaction shall be treated by the Partnership and the affected Partner as if the Partnership had
compensated such Partner in cash and such Partner had contributed the cash that the Partner would have received to the capital of the Partnership. In addition, with the Consent of the General Partner, one or more Partners may enter into contribution
agreements with the Partnership which have the effect of providing a guarantee of certain obligations of the Partnership (and/or a wholly-owned Subsidiary of the Partnership). 

ARTICLE 5 
 DISTRIBUTIONS

 Section 5.1 Requirement and Characterization of Distributions. Subject to the rights of any Holder of any
Partnership Interest set forth in a Partnership Unit Designation, the General Partner shall cause the Partnership to distribute at least quarterly an amount equal to 100% of Available Cash to the Holders as of any Partnership Record Date with
respect to such quarter: (i) first, with respect to any Partnership Units that are entitled to any preference in distribution, in accordance with the rights of Holders of such class(es) of Partnership Units (and, within each such class, among
the Holders of each such class, pro rata in proportion to their respective Percentage Interests of such class on such Partnership Record Date); and (ii) second, with respect to any class(es) of Partnership Units that are not entitled to any
preference in distribution, in accordance with the rights of Holders of such class(es) of Partnership Units, as applicable (and, within each such class, among the Holders of each such class, pro rata in proportion to their respective Percentage
Interests of such class on such Partnership Record Date); provided, however, that in the event that VICI REIT declares and pays any dividend of cash or assets to holders of the REIT Shares or Capital Shares from the cash flow or assets of the
Golf Business TRS, each Limited Partner (other than VICI REIT) shall be paid in preference to any distribution to which VICI REIT is entitled under Clause (ii) an amount equal to the portion of any such dividend (or, in the case of a dividend
of assets, the fair market value such portion of such dividend as determined in good faith by the General Partner) which such Limited Partner would have received on account of REIT Shares which such Limited Partner would have received if such
Limited Partner’s Partnership Interest had been redeemed pursuant to Section 15.1.B hereof in exchange for REIT Shares immediately prior to the record date of such dividend by VICI REIT. The General Partner may, in its discretion and by
means of a Partnership Unit 

  
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Designation, prorate distributions in respect of additional Percentage Interests that were not outstanding during the entire period in respect of which any distribution is made. The General
Partner shall make such reasonable efforts, as determined by it in its sole and absolute discretion and consistent with VICI REIT’s qualification as a REIT, to cause the Partnership to distribute sufficient amounts to enable VICI REIT, for so
long as VICI REIT has determined to qualify as a REIT, to pay stockholder dividends that will (a) satisfy the requirements for qualifying as a REIT under the Code and Regulations (the “REIT Requirements”) and (b) except to
the extent otherwise determined by VICI REIT, eliminate any U.S. federal income or excise tax liability of VICI REIT. 
 Section 5.2
Distributions in Kind. Except as expressly provided herein, no right is given to any Holder to demand and receive property other than cash as provided in this Agreement. The General Partner may determine, in its sole and absolute
discretion, to make a distribution in kind of Partnership assets or Partnership Units to the Holders, and such assets or Partnership Units shall be distributed in such a fashion as to ensure that the fair market value is distributed and allocated in
accordance with Articles 5, 6 and 13 hereof; provided, however, that the General Partner shall not make a distribution in kind to any Holder unless the Holder has been given 90 days prior written notice of such distribution. 

Section 5.3 Amounts Withheld. All amounts withheld pursuant to the Code or any provisions of any state, local or non-United States tax law and Section 10.4 hereof with respect to any allocation, payment or distribution to any Holder shall be treated as amounts paid or distributed to such Holder pursuant to
Section 5.1 hereof for all purposes under this Agreement. 
 Section 5.4 Distributions to Reflect Additional Partnership
Units. In the event that the Partnership issues additional Partnership Units pursuant to the provisions of Article 4 hereof, subject to the rights of any Holder of any Partnership Interest set forth in a Partnership Unit Designation, the
General Partner is hereby authorized, without the consent of any other Partner, to make such revisions to this Article 5 and other provisions of this Agreement as it determines are necessary or desirable to reflect the issuance of such additional
Partnership Units, including, without limitation, making preferential distributions to Holders of certain classes of Partnership Units. 

Section 5.5 Restricted Distributions. Notwithstanding any provision to the contrary contained in this Agreement, neither the
Partnership nor the General Partner, on behalf of the Partnership, shall make a distribution to any Holder if such distribution would violate the Act or other applicable law. 

ARTICLE 6 
 ALLOCATIONS

 Section 6.1 Timing and Amount of Allocations of Net Income and Net Loss. Net Income and Net Loss of the
Partnership shall be determined and allocated with respect to each Partnership Year as of the end of each such year, provided that the General Partner may in its discretion allocate Net Income and Net Loss for a shorter period as of the end of such
period (and, for purposes of this Article 6, references to the term “Partnership Year” may include such shorter periods). Except as otherwise provided in this Article 6, and subject to Section 11.6.C hereof, an allocation to a Holder
of a share of Net Income or Net Loss shall be treated as an allocation of the same share of each item of income, gain, loss or deduction that is taken into account in computing Net Income or Net Loss. 

  
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 Section 6.2 General Allocations. 

A. Except as otherwise provided in this Article 6, Net Income and Net Loss for any Partnership Year shall be allocated among the Holders so
that their Capital Accounts as of the end of such Partnership Year are, as nearly as possible, equal to the amounts of distributions to which they would be entitled if the Partnership had sold all of its assets for their Gross Asset Values and paid
all of its liabilities (limited, with respect to each Nonrecourse Liability of the Partnership, to the Gross Asset Value of the asset or assets securing such Nonrecourse Liability) as of the end of such Partnership Year, and then distributed the
proceeds to the Partners in accordance with this Agreement, less with respect to each Holder, the following amounts calculated as of the end of such Partnership Year: (i) the sum of (x) such Holder’s share of Partnership
Minimum Gain and Partner Minimum Gain immediately prior to such deemed sale of the Partnership’s assets and (y) the amount, if any, which such Holder is obligated to contribute to the capital of the Company as of the last day of
such Partnership Year. 
 B. Allocations to Reflect Issuance of Additional Partnership Interests. In the event that the Partnership
issues additional Partnership Interests to the General Partner or any Additional Limited Partner pursuant to Section 4.2 or 4.3, the General Partner shall, without the consent of any other Partner, make such revisions to this
Section 6.2 or to Section 12.2.C or 13.2.A as it determines are necessary to reflect the terms of the issuance of such additional Partnership Interests, including making preferential allocations to certain classes of
Partnership Interests, subject to the terms of any Partnership Unit Designation with respect to Partnership Interests then outstanding. 

Section 6.3 Regulatory Allocation Provisions. Notwithstanding the foregoing provisions of this Article 6: 

A. Regulatory Allocations. 

(i) Minimum Gain Chargeback. Except as otherwise provided in Regulations
Section 1.704-2(f), notwithstanding the provisions of Section 6.2 hereof, or any other provision of this Article 6, if there is a net decrease in Partnership Minimum Gain during any
Partnership Year, each Holder shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Holder’s share of the net decrease in Partnership Minimum Gain, as
determined under Regulations Section 1.704-2(g). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Holder pursuant
thereto. The items to be allocated shall be determined in accordance with Regulations Sections 1.704-2(f)(6) and 1.704-2(j)(2). This Section 6.3.A(i) is
intended to qualify as a “minimum gain chargeback” within the meaning of Regulations Section 1.704-2(f) and shall be interpreted consistently therewith. 

  
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 (ii) Partner Minimum Gain Chargeback. Except as otherwise provided in
Regulations Section 1.704-2(i)(4) or in Section 6.3.A(i) hereof, if there is a net decrease in Partner Minimum Gain attributable to a Partner Nonrecourse Debt during any Partnership Year, each Holder
who has a share of the Partner Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(5), shall be specially allocated items of
Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Holder’s share of the net decrease in Partner Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with
Regulations Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Holder pursuant thereto. The items
to be so allocated shall be determined in accordance with Regulations Sections 1.704-2(i)(4) and 1.704-2(j)(2). This Section 6.3.A(ii) is intended to qualify as a
“chargeback of partner nonrecourse debt minimum gain” within the meaning of Regulations Section 1.704-2(i) and shall be interpreted consistently therewith. 

(iii) Nonrecourse Deductions and Partner Nonrecourse Deductions. Any Nonrecourse Deductions for any Partnership Year
shall be specially allocated to the Holders in accordance with their respective Percentage Interests. Any Partner Nonrecourse Deductions for any Partnership Year shall be specially allocated to the Holder(s) who bears the economic risk of loss with
respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable, in accordance with Regulations Section 1.704-2(i). 

(iv) Qualified Income Offset. If any Holder unexpectedly receives an adjustment, allocation or distribution described in
Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Partnership income and gain shall be specially allocated, in accordance with Regulations
Section 1.704-1(b)(2)(ii)(d), to such Holder in an amount and manner sufficient to eliminate, to the extent required by such Regulations, the Adjusted Capital Account Deficit of such Holder as quickly as
possible, provided that an allocation pursuant to this Section 6.3.A(iv) shall be made if and only to the extent that such Holder would have an Adjusted Capital Account Deficit after all other allocations provided in this Article 6 have been
tentatively made as if this Section 6.3.A(iv) were not in the Agreement. It is intended that this Section 6.3.A(iv) qualify and be construed as a “qualified income offset” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 
 (v)
Gross Income Allocation. In the event that any Holder has a deficit Capital Account at the end of any Partnership Year that is in excess of the sum of (1) the amount (if any) that such Holder is obligated to restore to the Partnership
upon complete liquidation of such Holder’s Partnership Interest (including, the Holder’s interest in outstanding Preferred Units and other Partnership Units) and (2) the amount that such Holder is deemed to be obligated to restore
pursuant to Regulations Section 1.704-1(b)(2)(ii)(c) or the penultimate sentences of Regulations Sections 1.704-2(g)(1) and
1.704-2(i)(5), each such 

  
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Holder shall be specially allocated items of Partnership income and gain in the amount of such excess to eliminate such deficit as quickly as possible, provided that an allocation pursuant to
this Section 6.3.A(v) shall be made if and only to the extent that such Holder would have a deficit Capital Account in excess of such sum after all other allocations provided in this Article 6 have been tentatively made as if this
Section 6.3.A(v) and Section 6.3.A(iv) hereof were not in the Agreement. 
 (vi) Limitation on Allocation of Net
Loss. To the extent that any allocation of Net Loss would cause or increase an Adjusted Capital Account Deficit as to any Holder, such allocation of Net Loss shall be reallocated (x) first, among the other Holders of Common Units in
accordance with their respective Percentage Interests with respect to Common Units and (y) thereafter, among the Holders of other classes of Partnership Units as determined by the General Partner, subject to the limitations of this
Section 6.3.A(vi). 
 (vii) Curative Allocations. The allocations set forth in Sections 6.3.A(i), (ii), (iii),
(iv), (v) and (vi) hereof (the “Regulatory Allocations”) are intended to comply with certain regulatory requirements, including the requirements of Regulations Sections 1.704-1(b) and 1.704-2. Notwithstanding the provisions of Sections 6.1 and 6.2 hereof, the Regulatory Allocations shall be taken into account in allocating other items of income, gain, loss and deduction among the Holders so that
to the extent possible without violating the requirements giving rise to the Regulatory Allocations, the net amount of such allocations of other items and the Regulatory Allocations to each Holder shall be equal to the net amount that would have
been allocated to each such Holder if the Regulatory Allocations had not occurred. 
 B. Allocation of Excess Nonrecourse
Liabilities. For purposes of determining a Holder’s proportional share of the “excess nonrecourse liabilities” of the Partnership within the meaning of Regulations
Section 1.752-3(a)(3), each Holder’s respective interest in Partnership profits shall be equal to such Holder’s Percentage Interest with respect to Common Units, except as otherwise determined
by the General Partner. 
 Section 6.4 Tax Allocations. 

A. In General. Except as otherwise provided in this Section 6.4, for income tax purposes under the Code and the Regulations, each
Partnership item of income, gain, loss and deduction (collectively, “Tax Items”) shall be allocated among the Holders in the same manner as its correlative item of “book” income, gain, loss or deduction is allocated
pursuant to Sections 6.2, 6.3 and 6.4 hereof. 
 B. Section 704(c) Allocations. Notwithstanding Section 6.4.A hereof, Tax Items
with respect to Property that is contributed to the Partnership with an initial Gross Asset Value that varies from its basis in the hands of the contributing Partner immediately preceding the date of contribution shall be allocated among the Holders
for income tax purposes pursuant to Regulations promulgated under Code Section 704(c) so as to take into account such variation. 

  
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The Partnership shall account for such variation under any method approved under Code Section 704(c) and the applicable Regulations as chosen by the General Partner. In the event that the
Gross Asset Value of any Partnership asset is adjusted pursuant to subsection (b) of the definition of “Gross Asset Value” (provided in Article 1 hereof), subsequent allocations of Tax Items with respect to such asset shall take
account of the variation, if any, between the adjusted basis of such asset and its Gross Asset Value in the same manner as under Code Section 704(c) and the applicable Regulations and using the method chosen by the General Partner.. Allocations
pursuant to this Section 6.4.B are solely for purposes of federal, state and local income taxes and shall not affect, or in any way be taken into account in computing, any Partner’s Capital Account or share of Net Income, Net Loss, or any
other items or distributions pursuant to any provision of this Agreement. 
 Section 6.5 Disregarded Entity. Notwithstanding
anything in this Agreement to the contrary, for so long as the Partnership is treated as a disregarded entity for federal and applicable state and local income tax purposes, the provisions of this Article VI (other than this Section 6.5) and
Sections 10.3, 10.5 and 13.3 shall not apply. 
 ARTICLE 7 

MANAGEMENT AND OPERATIONS OF BUSINESS 

Section 7.1 Management. 

A. Except as otherwise expressly provided in this Agreement, including any Partnership Unit Designation, all management powers over the
business and affairs of the Partnership are and shall be exclusively vested in the General Partner, and no Limited Partner shall have any right in its capacity as such to participate in or exercise control or management power over the business and
affairs of the Partnership or otherwise bind or obligate the Partnership. The General Partner may not be removed by the Partners, with or without cause, except with the Consent of the General Partner. In addition to the powers now or hereafter
granted a general partner of a limited partnership under applicable law or that are granted to the General Partner under any other provision of this Agreement, the General Partner, subject to the other provisions hereof including, without
limitation, Section 3.2 and Section 7.3, and the rights of any Holder of any Partnership Interest set forth in a Partnership Unit Designation, shall have full and exclusive power and authority, without the consent or approval of any
Limited Partner, to do or authorize all things deemed necessary or desirable by it to conduct the business and affairs of the Partnership, to exercise or direct the exercise of all of the powers of the Partnership and a general partner under the Act
and this Agreement and to effectuate the purposes of the Partnership including, without limitation: 
 (1) the making of any
expenditures, the lending or borrowing of money or selling of assets (including, without limitation, making prepayments on loans and borrowing money to permit the Partnership to make distributions to the Holders in such amounts as will permit VICI
REIT (so long as VICI REIT qualifies as a REIT), (a) to prevent the imposition of any federal income tax on VICI REIT (including, for this purpose, any excise tax pursuant to Code Section 4981), (b) to make distributions to is stockholders, and
(c) payments to any taxing authority sufficient to permit VICI REIT to maintain REIT status or otherwise satisfy the REIT Requirements), the assumption or 

  
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guarantee of, or other contracting for, indebtedness and other liabilities, the issuance of evidences of indebtedness (including the securing of same by deed to secure debt, mortgage, deed of
trust or other lien or encumbrance on the Partnership’s assets) and the incurring of any obligations that the General Partner deems necessary for the conduct of the activities of the Partnership; 

(2) the making of tax, regulatory and other filings, or rendering of periodic or other reports to governmental or other
agencies having jurisdiction over the business or assets of the Partnership; 
 (3) the taking of any and all acts necessary
or prudent to ensure that the General Partner will maintain (x) any position, status or election of the General Partner or VICI REIT that the General Partner deems beneficial to the Partnership in its sole discretion, including without
limitation, VICI REIT continuing to qualify as a REIT and its status and compliance with applicable law and best practices as a company with publicly traded securities and which makes filings and reports to the SEC under the Exchange Act and the
Securities Act, and (y) any position, status or election of the Partnership that the General Partner deems beneficial to the Partnership in its sole discretion, including without limitation, that the Partnership will not be classified as a
“publicly traded partnership” under Code Section 7704; 
 (4) subject to Section 11.2 hereof, the
acquisition, sale, transfer, exchange or other disposition of any, all or substantially all of the assets (including the goodwill) of the Partnership (including, but not limited to, the exercise or grant of any conversion, option, privilege or
subscription right or any other right available in connection with any assets at any time held by the Partnership) or the merger, consolidation, reorganization or other combination of the Partnership with or into another entity; 

(5) the mortgage, pledge, encumbrance or hypothecation of any assets of the Partnership, the assignment of any assets of the
Partnership in trust for creditors or on the promise of the assignee to pay the debts of the Partnership, the use of the assets of the Partnership (including, without limitation, cash on hand) for any purpose consistent with the terms of this
Agreement and on any terms that the General Partner sees fit, including, without limitation, the financing of the operations and activities of the General Partner, the Partnership or any of the Partnership’s Subsidiaries, the lending of funds
to other Persons (including, without limitation, but subject to the other terms hereof, the General Partner and/or the Partnership’s Subsidiaries) and the repayment of obligations of the Partnership, its Subsidiaries and any other Person in
which the Partnership has an equity investment, the making of expenditures and the making of capital contributions to and equity investments in the Partnership’s Subsidiaries; 

(6) the purchase, sale, management, operation, leasing, landscaping, repair, alteration, demolition, replacement or improvement
of any Property or any part or interest thereof; 

  
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 (7) the negotiation, execution and performance of any contracts, including leases
(including ground leases), easements, management agreements, franchise agreements, licenses, rights of way and other property-related agreements, conveyances or other instruments that the General Partner considers useful or necessary to the conduct
of the Partnership’s or any Subsidiary’s operations or the implementation of the General Partner’s powers under this Agreement, including contracting with (x) contractors, developers, consultants, governmental authorities,
accountants, legal counsel, other professional advisors and other agents and the payment of their expenses and compensation, as applicable, and (y) Affiliates of the General Partner (but subject to compliance with Section 7.6 hereof); 

(8) the distribution of Partnership cash or other Partnership assets in accordance with this Agreement, the holding,
management, investment and reinvestment of cash and other assets of the Partnership, and the collection and receipt of revenues, rents and income of the Partnership; 

(9) the selection and dismissal of officers and employees of the Partnership (if any), any Subsidiary of the Partnership or any
Subsidiary of the General Partner or the General Partner (including, without limitation, employees having titles or offices such as “president,” “vice president,” “secretary” and “treasurer”), and agents and
the determination of their compensation and other terms of employment or hiring; 
 (10) the maintenance of such insurance
(including, without limitation, directors and officers insurance) for the benefit of the Partnership, any or any Subsidiary of the General Partner, the Partners (including, without limitation, the General Partner) and the officers and directors
thereof as the General Partner deems necessary or appropriate; 
 (11) the formation of, or acquisition of an interest in,
and the contribution of property to, any further limited or general partnerships, limited liability companies, joint ventures or other relationships that it deems desirable (including, without limitation but subject to compliance with Sections 7.5
and 7.6 hereof, the acquisition of interests in, and the contributions of property to, any Subsidiary and any other Person in which the General Partner has an equity investment from time to time); 

(12) the control of any matters affecting the rights and obligations of the Partnership, including the settlement, compromise,
submission to arbitration or any other form of dispute resolution, or abandonment, of any claim, cause of action, liability, debt or damages, due or owing to or from the Partnership, the commencement or defense of suits, legal proceedings,
administrative proceedings, arbitrations or other forms of dispute resolution, and the representation of the Partnership in all suits or legal proceedings, administrative proceedings, arbitrations or other forms of dispute resolution, the incurring
of legal expense, and the indemnification of any Person against liabilities and contingencies to the extent permitted by law; 

(13) the filing of applications, communicating and otherwise dealing with any and all governmental agencies having jurisdiction
over, or in any way affecting, the Partnership’s assets or any other aspect of the Partnership business; 

  
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 (14) the taking of any action necessary or appropriate to comply with all
regulatory requirements applicable to the Partnership in respect of its business, including preparing or causing to be prepared all financial statements required under applicable regulations and contractual undertakings and all reports, filings and
documents, if any, required or advisable under the Exchange Act, the Securities Act, or by National Securities Exchange requirements, in each case whether applicable to the Partnership or VICI REIT or any of their respective Subsidiaries; 

(15) the undertaking of any action in connection with the Partnership’s direct or indirect investment in any Subsidiary or
any other Person (including, without limitation, the contribution or loan of funds by the Partnership to such Persons); 

(16) the determination of the fair market value of any Partnership property distributed in kind using such reasonable method of
valuation as the General Partner may adopt; provided, however, that such methods are otherwise consistent with the requirements of this Agreement; 

(17) the enforcement of any rights against any Partner pursuant to representations, warranties, covenants and indemnities
relating to such Partner’s contribution of property or assets to the Partnership; 
 (18) the exercise, directly or
indirectly, through any attorney-in-fact acting under a general or limited power of attorney, of any right, including the right to vote, appurtenant to any asset or
investment held by the Partnership; 
 (19) the exercise of any of the powers of the General Partner enumerated in this
Agreement on behalf of or in connection with any Subsidiary of the Partnership or any other Person in which the Partnership has a direct or indirect interest, or jointly with any such Subsidiary or other Person; 

(20) the exercise of any of the powers of the General Partner enumerated in this Agreement on behalf of any Person in which the
Partnership does not have an interest, pursuant to contractual or other arrangements with such Person; 
 (21) the making,
execution and delivery of any and all deeds, leases, notes, deeds to secure debt, mortgages, deeds of trust, security agreements, conveyances, contracts, guarantees, warranties, indemnities, waivers, releases, confessions of judgment or any other
legal instruments or agreements in writing necessary or appropriate in the judgment of the General Partner for the accomplishment of any of the powers of the General Partner enumerated in this Agreement; 

(22) the issuance of additional Partnership Units in connection with Capital Contributions by Additional Limited Partners and
additional Capital Contributions by Partners pursuant to Article 4 hereof; 
 (23) the giving or withholding of any consent
or approval granted to the General Partner hereunder; 

  
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 (24) an election to dissolve the Partnership pursuant to Section 13.1.B
hereof; 
 (25) the determination regarding whether a payment to a Partner who exercises its Redemption Right under
Section 15.1 will be paid in the form of cash or REIT Shares, except as such determination may be limited by the express terms of Section 15.1; 

(26) the distribution of cash to acquire Common Units held by a Limited Partner in connection with a Redemption under
Section 15.1 hereof; 
 (27) an election to acquire Tendered Units in exchange for REIT Shares (subject to the
approval of the Board of Directors of VICI REIT on behalf of VICI REIT); 
 (28) the collection and receipt of revenues and
income of the Partnership; 
 (29) the maintenance of the Partnership Register to reflect accurately at all times the Capital
Contributions and Percentage Interests of the Partners with respect to the respective classes of Partnership Units as the same are adjusted from time to time to the extent necessary to reflect redemptions, Capital Contributions, the issuance of
Partnership Units, the admission of any Additional Limited Partner or any Substituted Limited Partner or otherwise, which amendment and restatement, notwithstanding anything in this Agreement to the contrary, shall not be deemed an amendment to this
Agreement, as long as the matter or event being reflected in the Partnership Register otherwise is authorized by this Agreement; and 

(30) the registration of any class of securities of the Partnership under the Securities Act or the Exchange Act, and the
listing of any debt securities of the Partnership on any exchange or trading forum. 
 B. Each of the Limited Partners agrees that, except
as provided in Section 7.3 hereof and subject to the rights of any Holder of any Partnership Interest set forth in a Partnership Unit Designation, the General Partner is authorized to execute and deliver any affidavit, agreement, certificate,
consent, instrument, notice, power of attorney, waiver or other writing or document in the name and on behalf of the Partnership and to otherwise exercise any power of the General Partner under this Agreement and the Act on behalf of the Partnership
without any further act, approval or vote of the Partners or any other Persons, notwithstanding any other provision of the Act or any applicable law, rule or regulation and, in the absence of any specific corporate action on the part of the General
Partner to the contrary, the taking of any action or the execution of any such document or writing by an officer of the General Partner, in the name and on behalf of the General Partner, in its capacity as the general partner of the Partnership,
shall conclusively evidence (1) the approval thereof by the General Partner, in its capacity as the general partner of the Partnership, (2) the General Partner’s determination that such action, document or writing is
necessary, advisable, appropriate, desirable or prudent to conduct the business and affairs of the Partnership, exercise the powers of the Partnership under this Agreement and the Act or effectuate the purposes of the Partnership, or any other
determination by the General Partner required by this Agreement in connection with the taking of such action or execution of such document in writing, and (3) the authority of such officer with respect thereto. 

  
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 C. At all times from and after the date hereof, the General Partner may cause the Partnership to
obtain and maintain (i) casualty, liability and other insurance on the Properties and (ii) liability insurance for the Indemnitees hereunder. 

D. At all times from and after the date hereof, the General Partner may cause the Partnership to establish and maintain working capital and
other reserves in such amounts as the General Partner, in its sole and absolute discretion, determines from time to time. 
 E. In
exercising its authority under this Agreement, the General Partner may, but shall be under no obligation to, take into account the tax consequences to any Partner of any action taken (or not taken) by it, but shall be obligated to take such action
as is necessary to ensure satisfaction of the REIT Requirements with respect to VICI REIT. To the fullest extent permitted by law, the General Partner and the Partnership shall not have liability to a Limited Partner under any circumstances as a
result of any income tax liability incurred by such Limited Partner as a result of an action (or inaction) by the General Partner pursuant to its authority under this Agreement. Notwithstanding the foregoing, in connection with the acquisition of
properties from Persons to whom the Partnership issues Partnership Interests as part of the purchase price, in order to preserve such Persons’ tax deferral, the Partnership may contractually agree not to sell or otherwise transfer the
properties for a specified period of time, or in some instances, not to sell or otherwise transfer the properties without compensating the sellers of the properties for their loss of the tax deferral. 

F. The determination as to any matter relating to the business and affairs of the Partnership, including the following matters, made by or at
the direction of the General Partner consistent with this Agreement and the Act, shall be final and conclusive and shall be binding upon the Partnership and every Limited Partner and shall not constitute a breach of this Agreement, of any agreement
contemplated herein or therein, or of any duty hereunder or otherwise existing at law, in equity or otherwise, including any fiduciary duty: the amount of assets at any time available for distribution or the redemption of Common Units; the amount
and timing of any distribution; the amount, purpose, time of creation, increase or decrease, alteration or cancellation of any reserves or charges and the propriety thereof (whether or not any obligation or liability for which such reserves or
charges shall have been created shall have been paid or discharged); the amount of any Partner’s Capital Account, Adjusted Capital Account or Adjusted Capital Account Deficit; the amount of Net Income, Net Loss or Depreciation for any period;
the Gross Asset Value of any Partnership asset; the Value of any REIT Share; the amount of the Adjustment Factor at any time; any election, or failure to elect, to require the General Partner to acquire Tendered Units in exchange for REIT Shares;
whether any acquisition of Tendered Units in exchange for REIT Shares would or might cause any Person to violate the Ownership Limit; the REIT Shares Amount at any time; any interpretation of this Agreement or the terms, preferences, conversion or
other rights, voting powers or rights, restrictions, limitations as to dividends or distributions, qualifications or terms or conditions of redemption of any class or series of Partnership Interest; the fair value, or any sale, bid or asked price to
be applied in determining the fair value, of any asset owned or held by the Partnership or of any Partnership Interest; the number of authorized or outstanding Units of any class or series; any matter relating to the acquisition, holding and
disposition of any assets by the Partnership; or any other matter relating to the business and affairs of the Partnership or required or permitted by applicable law, this Agreement or otherwise to be determined by the General Partner. 

  
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 Section 7.2 Certificate of Limited Partnership. The General Partner may file
amendments to and restatements of the Certificate and do all the things to maintain the Partnership as a limited partnership (or a partnership in which the limited partners have limited liability) under the laws of the State of Delaware and each
other state, the District of Columbia or any other jurisdiction, in which the Partnership may elect to do business or own property. Subject to the terms of Section 8.5.A hereof and the Act, the General Partner shall not be required, before or
after filing, to deliver or mail a copy of the Certificate or any amendment thereto to any Limited Partner. The General Partner shall use all reasonable efforts to cause to be filed such other certificates or documents as may be reasonable and
necessary or appropriate for the formation, continuation, qualification and operation of the Partnership as a limited partnership (or a partnership in which the limited partners have limited liability to the extent provided by applicable law) in the
State of Delaware and any other state, or the District of Columbia or other jurisdiction, in which the Partnership may elect to do business or own property. 

Section 7.3 Restrictions on General Partner’s Authority. 

A. The General Partner may not take any action in contravention of an express prohibition or limitation of this Agreement without the Consent
of the Limited Partners, and may not, except to the extent necessary to ensure VICI REIT’s compliance with the REIT Requirements: 

(1) take any action that would make it impossible to carry on the ordinary business of the Partnership, except as otherwise
provided in this Agreement; 
 (2) perform any act that would subject a Limited Partner to liability as a general partner in
any jurisdiction or any other liability except as provided herein or under the Act; 
 (3) enter into any contract, mortgage,
loan or other agreement that expressly prohibits or restricts (a) the General Partner or the Partnership from performing its specific obligations under Section 15.1 hereof in full or (b) a Limited Partner from exercising
its rights under Section 15.1 hereof to effect a Redemption in full, except, in either case, (x) such contractual restrictions that limit or prevent the General Partner from paying any Redemption under
Section 15.1 in cash but which do not limit or prevent the General Partner or VICI REIT, as applicable, from paying any Redemption under Section 15.1 with the REIT Shares Amount, (y) with the Consent of each
Limited Partner affected by the prohibition or restriction, or (z) in connection with or as a result of a Termination Transaction in accordance with Section 11.2.B(i) and/or (ii) hereof, does not require the
Consent of the Limited Partners; or 
 (4) withdraw from the Partnership or Transfer any portion of the General
Partners’ interest other than as expressly provided for in this Agreement. 
 B. Except as provided in Sections 5.4 and 7.3.C and
hereof or as may be otherwise expressly provided for in this Agreement, the General Partner shall not, without the prior Consent of the Partners, amend, modify or terminate this Agreement. 

  
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 C. Subject to the rights of any Holder of any Partnership Interest set forth in a Partnership
Unit Designation, the General Partner shall have the power, without the Consent of the Partners, to amend this Agreement as may be required to facilitate or implement any of the following purposes: 

(1) to add to the obligations of the General Partner or surrender any right or power granted to the General Partner or any
Affiliate of the General Partner for the benefit of the Limited Partners; 
 (2) to reflect issuance of additional
Partnership Units in accordance with the terms of this Agreement, the admission, substitution, termination or withdrawal of Partners, the Transfer of any Partnership Interest in accordance with this Agreement, and to amend the Partnership Register
in connection with such admission, substitution, withdrawal, Transfer or adjustment; 
 (3) to reflect a change that is of an
inconsequential nature or does not adversely affect the Limited Partners in any material respect, or to cure any ambiguity, correct or supplement any provision in this Agreement not inconsistent with law or with other provisions, or make other
changes with respect to matters arising under this Agreement that will not be inconsistent with law or with the provisions of this Agreement; 

(4) to set forth or amend the designations, preferences, conversion or other rights, voting powers, restrictions, limitations
as to distributions, qualifications or terms or conditions of redemption of the Holders of any additional Partnership Interests issued pursuant to Article 4, including, without limitation, amending Articles 5, 6, 8 and 13 hereof, to appropriately
reflect the distributions, allocations, partnership rights and rights upon liquidation (including any preference, priority or subordination thereof) of the additional Partnership Interests so issued in accordance with the terms thereof; 

(5) to satisfy any requirements, conditions or guidelines contained in any order, directive, opinion, ruling or regulation of a
federal or state agency or contained in federal or state law; 
 (6) (a) to reflect such changes as are reasonably necessary
for VICI REIT to maintain its status as a REIT or to satisfy the REIT Requirements, (b) to reflect the Transfer of all or any part of a Partnership Interest among the General Partner, VICI REIT and any Disregarded Entity with respect to
the General Partner or VICI REIT or (c) to ensure that the Partnership will not be classified as a “publicly traded partnership” under Code Section 7704; 

(7) to modify either or both of the manner in which items of Net Income or Net Loss are allocated pursuant to Article VI or the
manner in which Capital Accounts are adjusted, computed, or maintained (but in each case only to the extent otherwise provided in this Agreement and as may be permitted under applicable law); 

(8) to reflect the issuance of additional Partnership Interests in accordance with Section 4.2; 

  
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 (9) to reflect any modification to this Agreement permitted by
Section 4.4.E or any other provision of this Agreement that authorizes the General Partner to make amendments without the consent of any other Person; 

(10) to reflect any modification to this Agreement as is necessary or desirable (as determined by the General Partner in its
sole and absolute discretion) in connection with any merger or consolidation of the Partnership with and into VICI REIT or any wholly-owned subsidiary of VICI REIT, or any Transfer by VICI REIT of its interest in the Partnership to any wholly-owned
subsidiary of VICI REIT; 
 (11) to reflect any modification to this Agreement as is necessary or desirable (as determined by
the General Partner in its sole and absolute discretion), including, without limitation, to the definition of “Adjustment Factor” to reflect the direct ownership of assets by the General Partner or VICI REIT, as applicable, as contemplated
by Section 7.5; and 
 (12) to reflect any other modification to this Agreement as is reasonably necessary for
the business or operations of the Partnership or the General Partner and which does not violate Section 7.3.D; and 

(13) to effect or facilitate a Termination Transaction that, in accordance with Section 11.2.B(i) and/or (ii), does
not require the Consent of the Limited Partners and, if the Partnership is the Surviving Partnership in any Termination Transaction, to modify Section 15.1 or any related definitions to provide that the holders of interests in such Surviving
Partnership have rights that are consistent with Section 11.2.B(ii). 
 D. Notwithstanding Sections 7.3.B, 7.3.C, 5.4 and 14.2
hereof, this Agreement shall not be amended, and no action may be taken by the General Partner, without the Consent of each Partner adversely affected thereby, if such amendment or action would (i) convert a Limited Partner Interest in
the Partnership into a General Partner Interest (except as a result of the General Partner acquiring such Partnership Interest), (ii) adversely modify the limited liability of a Limited Partner in any material respect, (iii) adversely alter the
rights of any Partner to receive the distributions to which such Partner is entitled pursuant to Article 5 or Section 13.2.A(4) hereof, or alter the allocations specified in Article 6 hereof (except, in any case, as expressly permitted
pursuant to Sections 4.2, 5.4, 7.3.C and Article 6 hereof), (iv) adversely alter or modify the Redemption rights, Cash Amount or REIT Shares Amount as set forth in Section 15.1 hereof, or amend or modify any related definitions in a
manner adverse to a Limited Partner seeking to exercise such rights, (v) alter or modify Section 11.2 hereof (except as permitted by Section 7.3.C(9) hereof), (vi) reduce any Limited Partner’s rights to indemnification;
(vii) create any liability of any Limited Partner not already provided in this Agreement; (viii) amend, alter or modify this Section 7.3.D, (ix) admit any Person as a general partner of the Partnership other than in accordance with
Section 12.1, or (x) otherwise materially and adversely affect the rights or obligations of a Common Limited Partner without affecting the rights or obligations of all Common Limited Partners having the same rights or obligations in the
same manner. Further, no amendment may alter the restrictions on the General Partner’s authority set forth elsewhere in this Section 7.3 without the Consent specified herein. Any such amendment or action consented to by any Partner shall
be effective as to that Partner, notwithstanding the absence of such consent by any other Partner. 

  
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 Section 7.4 Reimbursement of the General Partner. 

A. The General Partner shall not be compensated for its services as General Partner of the Partnership except as provided in this Agreement
(including the provisions of Articles 5 and 6 hereof regarding distributions, payments and allocations to which the General Partner may be entitled in its capacity as the General Partner). 

B. Subject to Section 15.12 hereof and except as otherwise provided in any contract to which the Partnership is a party, the Partnership shall
be responsible for and shall pay all expenses relating to the Partnership’s, the General Partner’s, VICI REIT’s and any Subsidiary’s organization, business and operations. Subject to Section 15.12 hereof and except as
otherwise provided in any contract to which the Partnership is a party, the Partnership shall be liable for, and shall reimburse the General Partner and VICI REIT, as applicable, on a monthly basis, or such other basis as the General Partner may
determine in its sole and absolute discretion, for all sums expended by the General Partner or VICI REIT or their Subsidiaries in connection with the Partnership’s, the General Partner’s, VICI REIT’s or their Subsidiaries’
business, including, without limitation, (i) expenses relating to the ownership of interests in and management and operation of the Partnership, the General Partner, VICI REIT and any Subsidiary, (ii) compensation of officers and
employees of the Partnership, the General Partner, VICI REIT or any Subsidiary, (iii) director fees and expenses of the General Partner, VICI REIT or their Subsidiaries, (iv) any expenses incurred by VICI REIT or the General
Partner in connection with the redemption or other repurchase of REIT Shares or Capital Shares, (v) any expenses incurred by VICI REIT or the General Partner in connection with an offering of REIT Shares, Capital Shares or New Securities
(in lieu of being issued additional Common Units or Partnership Equivalent Units, in the discretion of the General Partner), (vi) any amounts paid by the General Partner, VICI REIT or their Subsidiaries for accounting, administrative, legal,
technical, management and other services rendered to the Partnership, the General Partner, VICI REIT or their Subsidiaries, and (vii) all costs and expenses of VICI REIT being a public company, including, without limitation, costs of
filings with the SEC, reports and distributions to its stockholders. The Partners acknowledge that all such expenses of the General Partner, VICI REIT and their Subsidiaries are deemed to be for the benefit of the Partnership. Such reimbursements
shall be in addition to (without duplication of) any reimbursement of the General Partner, VICI REIT or their Subsidiaries as a result of indemnification pursuant to Section 7.7 hereof. 

C. To the extent practicable, Partnership expenses shall be billed directly to and paid by the Partnership and, subject to Section 15.12
hereof, if and to the extent any reimbursements to the General Partner, VICI REIT or their Subsidiaries by the Partnership pursuant to this Section 7.4 constitute gross income to such Person (as opposed to the repayment of advances made by such
Person on behalf of the Partnership), such amounts shall be treated as “guaranteed payments” within the meaning of Code Section 707(c) and shall not be treated as distributions for purposes of computing the Partners’
Capital Accounts. 

  
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 D. The ownership of its assets, and the operation of, or for the benefit of, the Partnership, and
the General Partner shall be reimbursed expenses it incurs relating to the Partnership’s ownership of its assets and the operation of, or for the benefit of, any reimbursement to the General Partner pursuant to Section 10.3. 

Section 7.5 Outside Activities of the General Partner and its Affiliates. Neither the General Partner nor VICI REIT shall directly
or indirectly enter into or conduct any business, other than in connection with, (a) with respect to the General Partner, the ownership, acquisition and disposition of Partnership Interests as the General Partner, (b) with respect to the
General Partner, the management of the business and affairs of the Partnership, (c) with respect to VICI REIT, the operation of VICI REIT as a reporting company with a class (or classes) of securities registered under the Exchange Act,
(d) with respect to VICI REIT, its operations as a REIT, (e) with respect to VICI REIT, the offering, sale, syndication, private placement or public offering of stock, bonds, securities or other interests in VICI REIT and the Partnership,
(f) financing or refinancing of any type related to the Partnership, the General Partner, VICI REIT or their Subsidiaries, and (g) with respect to VICI REIT, the ownership of the Golf Business TRS and the operation of the assets
owned directly or indirectly thereby to operate the Existing Business and such activities as are incidental thereto or the financing thereof; provided, however, that, except as otherwise provided herein, any funds raised by VICI REIT pursuant
to the preceding clauses (e) and (f) shall be made available to the Partnership on equivalent terms, whether as Capital Contributions, loans or otherwise, as appropriate. The General Partner and VICI REIT shall not own any assets or take
title to assets (other than temporarily in connection with an acquisition prior to contributing such assets to the Partnership) other than (i) Partnership Interests as the General Partner or Limited Partner, (ii) equity of
the Golf Business TRS and (iii) such cash and cash equivalents, bank accounts or similar instruments or accounts as such group deems reasonably necessary, taking into account Section 7.1.D hereof and the requirements
necessary for VICI REIT to qualify as a REIT and for the General Partner and VICI REIT to carry out their respective responsibilities contemplated under this Agreement and the Charter. 

Section 7.6 Transactions with Affiliates. 

A. The Partnership may lend or contribute funds or other assets to its Subsidiaries and other Persons in which the Partnership has a direct or
indirect equity investment, and such Persons may borrow funds from the Partnership; provided that, except in the case of direct or indirect wholly owned Subsidiaries of the Partnership, such contribution or lending shall be on terms and conditions
no less favorable to the Partnership in the aggregate than would be available from an unrelated third party, as determined by the General Partner in good faith. The foregoing authority shall not create any right or benefit in favor of any Subsidiary
or any other Person. 
 B. The Partnership may transfer assets to joint ventures, limited liability companies, partnerships, corporations,
business trusts or other business entities in which it is or thereby becomes a participant upon such terms and subject to such conditions consistent with this Agreement and applicable law as the General Partner believes, in good faith, to be
advisable; provided that in no event shall the Partnership own securities of any entity to the extent such ownership would be inconsistent with the REIT Requirements. 

  
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 C. The General Partner, in its sole and absolute discretion and without the approval of the
Limited Partners, may propose and adopt on behalf of the Partnership benefit plans (including plans provided for the issuance of Partnership Interests or options to purchase Partnership Interests) funded by the Partnership for the benefit of
employees, directors or other service providers of or to the General Partner, the Partnership, VICI REIT, Subsidiaries of the Partnership or any Affiliate of any of them in respect of services performed, directly or indirectly, for the benefit of
the Partnership. 
 Section 7.7 Indemnification. 

A. To the fullest extent permitted by applicable law, the Partnership shall indemnify each Indemnitee from and against any and all losses,
claims, damages, liabilities, joint or several, expenses (including, without limitation, attorney’s fees and other legal fees and expenses), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions,
suits or proceedings, civil, criminal, administrative or investigative, whether by or in the right of the Partnership or otherwise that relate to the operations of the Partnership (“Actions”) as set forth in this Agreement in which
such Indemnitee may be involved, or is threatened to be involved, as a party or otherwise; provided, however, that the Partnership shall not indemnify an Indemnitee (i) if the act or omission of the Indemnitee was material to the
matter giving rise to the Action and either was committed in bad faith or was the result of active and deliberate dishonesty; (ii) in the case of any criminal proceeding, if the Indemnitee had reasonable cause to believe that the act or omission was
unlawful; or (iii) for any transaction for which such Indemnitee actually received an improper personal benefit in violation or breach of any provision of this Agreement; and provided, further, that no payments pursuant to this Agreement
shall be made by the Partnership to indemnify or advance expenses to any Indemnitee (x) with respect to any Action initiated or brought voluntarily by such Indemnitee (and not by way of defense) unless (I) approved or authorized by
the General Partner or (II) incurred to establish or enforce such Indemnitee’s right to indemnification under this Agreement, or (y) to indemnify an Indemnitee in connection with one or more claims or Actions involving
such Indemnitee if such Indemnitee is found liable to the Partnership with respect to such claim or Action. If Indemnitee is entitled to indemnification hereunder with respect to one or more but less than all claims, issues or matters in any Action,
the Partnership shall provide indemnification hereunder in connection with each such claim, issue or mater, allocated on a reasonable and proportionate basis. 

B. Without limitation, the foregoing indemnity shall extend to any liability of any Indemnitee, pursuant to a loan guaranty or otherwise, for
any indebtedness of the Partnership or any Subsidiary of the Partnership (including, without limitation, any indebtedness which the Partnership or any Subsidiary of the Partnership has assumed or taken subject to), and the General Partner is hereby
authorized and empowered, on behalf of the Partnership, to enter into one or more indemnity agreements consistent with the provisions of this Section 7.7 in favor of any Indemnitee having or potentially having liability for any such
indebtedness. It is the intention of this Section 7.7 that the Partnership indemnify each Indemnitee to the fullest extent permitted by law and this Agreement. The termination of any proceeding by judgment, order or settlement does not
create a presumption that the Indemnitee did not meet the requisite standard of conduct set forth in this Section 7.7. The termination of any proceeding by conviction of an Indemnitee or upon a plea of nolo contendere or its equivalent
by an Indemnitee, or an entry of 

  
 47 

 
an order of probation against an Indemnitee prior to judgment, does not create a presumption that such Indemnitee acted in a manner contrary to that specified in this Section 7.7. with
respect to the subject matter of such proceeding. Any indemnification pursuant to this Section 7.7 shall be made only out of the assets of the Partnership, and neither the General Partner nor any other Holder shall have any obligation to pay or
otherwise satisfy such indemnification obligation or to contribute to the capital of the Partnership or otherwise provide funds to enable the Partnership to fund its obligations under this Section 7.7. 

C. To the fullest extent permitted by law, subject to the last proviso of the first paragraph of Section 7.7.A., expenses incurred by an
Indemnitee who is a party to a proceeding or otherwise subject to or the focus of or is involved in any Action shall be paid or reimbursed by the Partnership as incurred by the Indemnitee in advance of the final disposition of the Action upon
receipt by the Partnership of (i) a written affirmation by the Indemnitee of the Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Partnership as authorized in Section 7.7.A
has been met, and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined that the standard of conduct has not been met. 

D. The indemnification provided by this Section 7.7 shall be in addition to any other rights to which an Indemnitee or any other
Person may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity and shall inure to the benefit of the heirs,
successors, assigns and administrators of the Indemnitee unless otherwise provided in a written agreement with such Indemnitee or in the writing pursuant to which such Indemnitee is indemnified. 

E. The Partnership may, but shall not be obligated to, purchase and maintain insurance, on behalf of any of the Indemnitees and such other
Persons as the General Partner shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership’s activities, regardless of whether the Partnership would have
the power to indemnify such Person against such liability under the provisions of this Agreement. 
 F. Any liabilities which an Indemnitee
incurs as a result of acting on behalf of the Partnership or the General Partner (whether as a fiduciary or otherwise) in connection with the operation, administration or maintenance of an employee benefit plan or any related trust or funding
mechanism (whether such liabilities are in the form of excise taxes assessed by the IRS, penalties assessed by the U.S. Department of Labor, restitutions to such a plan or trust or other funding mechanism or to a participant or beneficiary of such
plan, trust or other funding mechanism, or otherwise) shall be treated as liabilities or judgments or fines under this Section 7.7, unless such liabilities arise as a result of (i) an act or omission of such Indemnitee that was
material to the matter giving rise to the Action and either was committed in bad faith or was the result of active and deliberate dishonesty; (ii) in the case of any criminal proceeding, an act or omission that such Indemnitee had
reasonable cause to believe was unlawful, or (iii) any transaction in which such Indemnitee actually received an improper personal benefit in violation or breach of any provision of this Agreement. 

  
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 G. In no event may an Indemnitee subject any of the Holders to personal liability by reason of
the indemnification provisions set forth in this Agreement. 
 H. An Indemnitee shall not be denied indemnification in whole or in part
under this Section 7.7 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. 

I. The provisions of this Section 7.7 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators and
shall not be deemed to create any rights for the benefit of any other Persons. Any amendment, modification or repeal of this Section 7.7 or any provision hereof shall be prospective only and shall not in any way affect the limitations on
the Partnership’s liability to any Indemnitee under this Section 7.7 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part,
prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 
 J. It is the intent of the
parties that any amounts paid by the Partnership to the General Partner pursuant to this Section 7.7 shall be treated as “guaranteed payments” within the meaning of Code Section 707(c) and shall not be treated as
distributions for purposes of computing the Partners’ Capital Accounts. 
 K. Any obligation or liability whatsoever of the General
Partner which may arise at any time under this Agreement or any other instrument, transaction, or undertaking contemplated hereby shall be satisfied, if at all, out of the assets of the General Partner or the Partnership only. No such obligation or
liability shall be personally binding upon, nor shall resort for the enforcement thereof be had to, any of the General Partner’s directors, stockholders, officers, employees, or agents, regardless of whether such obligation or liability is in
the nature of contract, tort or otherwise. 
 Section 7.8 Liability of the General Partner. 

A. The Limited Partners agree that: (i) the General Partner is acting for the benefit of the Partnership, VICI REIT, the Limited Partners
and VICI REIT’s stockholders collectively; (ii) neither the General Partner generally nor VICI REIT nor the Board of Directors of VICI REIT specifically is under any obligation to give priority to the separate interests of the Limited
Partners or VICI REIT’s stockholders (including, without limitation, the tax consequences to Limited Partners or Assignees or to stockholders) in deciding whether to cause the Partnership to take (or decline to take) any actions; and (iii) if
there is a conflict between the interests of the stockholders of VICI REIT on one hand and the Limited Partners on the other, the General Partner shall endeavor in good faith to resolve the conflict in a manner not adverse to either the stockholders
of VICI REIT or the Limited Partners and, in the event of such a conflict that cannot be resolved in a manner not adverse to both VICI REIT and its stockholders and to the Limited Partners, may be resolved in favor of VICI REIT and its stockholders,
and any action or failure to act on the part of the General Partner that gives priority to the separate interests of VICI REIT or its stockholders that does not result in a violation of the contract rights of the Limited Partners under this
Agreement does not violate any duty owed by the General Partner to 

  
 49 

 
the Partnership and/or the Partners or violate the obligation of good faith and fair dealing. The Limited Partners agree that the status of VICI REIT as a REIT and as a reporting company under
Section 12 of the Exchange Act with the REIT Shares listed on an exchange is of benefit to the Partnership and that actions taken in good faith by the General Partner in support thereof shall be deemed actions taken for the benefit of the
Partnership and all Partners including the Limited Partners. 
 B. Subject to its obligations and duties as General Partner set forth in
this Agreement and applicable law, the General Partner may exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its employees or agents (subject to the
supervision and control of the General Partner). The General Partner shall not be responsible to the Partnership or any Partner for any misconduct or negligence on the part of any such employee or agent appointed by it in good faith. The General
Partner may consult with legal counsel, accountants, appraisers, management consultants, investment bankers and other consultants and advisers selected by it, and any act taken or omitted to be taken in reliance upon the opinion of such Persons as
to matters that the General Partner believes to be within such Person’s professional or expert competence shall be conclusively presumed to have been taken or omitted to be taken in good faith and shall not constitute a breach of any duty
(including any fiduciary duty) or obligation arising at law or in equity or under this Agreement. 
 C. Any obligation or liability
whatsoever of the General Partner which may arise at any time under this Agreement or any other instrument, transaction, or undertaking contemplated hereby shall be satisfied, if at all, out of the assets of the General Partner or the Partnership
only. No such obligation or liability shall be personally binding upon, nor shall resort for the enforcement thereof be had to, VICI REIT or any of VICI REIT’s directors or stockholders, or to any officers, employees, or agents of the General
Partner or VICI REIT, regardless of whether such obligation or liability is in the nature of contract, tort or otherwise. Notwithstanding anything to the contrary set forth in this Agreement, none of the VICI REIT directors or stockholders of VICI
REIT or the officers of the General Partner or VICI REIT shall be liable or accountable in damages or otherwise to the Partnership, any Partners, or any Assignees for losses sustained, liabilities incurred or benefits not derived as a result of
errors in judgment or mistakes of fact or law or of any act or omission, except for any such losses sustained, liabilities incurred or benefits not derived as a result of: (i) an act or omission on the part of such Person that was committed in
bad faith or was the result of active and deliberate dishonesty; (ii) in the case of any criminal proceeding, an act or omission on the part of such Person that such Person had reasonable cause to believe was unlawful; or
(iii) for any loss resulting from any transaction for which such Person actually received an improper personal benefit in money, property or services in violation or breach of any provision of this Agreement. 

D. Any amendment, modification or repeal of this Section 7.8 or any provision hereof shall be prospective only and shall not in any way
affect the limitations on liability to the Partnership and the Partners under this Section 7.8 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring,
in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 

  
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 E. Notwithstanding anything herein to the contrary, except for liabilities resulting from
(i) an act or omission on the part of such Partner that was committed in bad faith or was the result of active and deliberate dishonesty; (ii) in the case of any criminal proceeding, an act or omission on the part of such Partner
that such Partner had reasonable cause to believe was unlawful; or (iii) any transaction for which such Partner actually received an improper personal benefit in money, property or services in violation or breach of any provision of this
Agreement, or pursuant to any express indemnities given to the Partnership by any Partner pursuant to any other written instrument to the fullest extent permitted by law, no Partner shall have any personal liability whatsoever, to the Partnership or
to the other Partners or to any other Person bound by this Agreement, including any damages arising out of the breach of any such Partner’s fiduciary duties as such duties may have been modified by this Agreement. Without limitation of the
foregoing, no property or assets of such Partner, other than its interest in the Partnership, shall be subject to levy, execution or other enforcement procedures for the satisfaction of any judgment (or other judicial process) in favor of any other
Partner(s) or any other Person bound by this Agreement and arising out of, or in connection with, this Agreement. 
 F. To the extent that,
at law or in equity, the General Partner has duties (including fiduciary duties) and liabilities relating thereto to the Partnership or the Limited Partners, the General Partner shall not be liable to the Partnership or to any other Partner for its
good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict or eliminate the duties and liabilities of the General Partner under the Act or otherwise existing at law or in equity to the
Partnership or its partners, are agreed by the Partners to replace such other duties and liabilities of such General Partner. 
 G. To the
fullest extent permitted by law and notwithstanding any other provision of this Agreement or in any agreement contemplated herein or applicable provisions of law or equity or otherwise, whenever in this Agreement the General Partner or the
Liquidator is permitted or required to make a decision (i) in its “sole and absolute discretion,” “sole discretion” or “discretion” or under a grant of similar authority or latitude, the General Partner and the
Liquidator, as applicable, shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall have no duty or obligation to give any consideration to any interest or factors affecting the Partnership
or the Partners or any of them, or (ii) in its “good faith” or under another expressed standard, the General Partner shall act under such express standard and shall not be subject to any other or different standards. If any
question should arise with respect to the operation of the Partnership, which is not otherwise specifically provided for in this Agreement or the Act, or with respect to the interpretation of this Agreement, the General Partner is hereby authorized
to make a final determination with respect to any such question and to interpret this Agreement in such a manner as it shall deem, in its sole discretion, to be fair and equitable, and its determination and interpretations so made shall be final and
binding on all parties. The General Partner’s “sole and absolute discretion,” “sole discretion” and “discretion” under this Agreement shall be exercised consistently with the General Partner’s fiduciary duties
and obligation under the implied contractual covenant of good faith and fair dealing under the Act. 

  
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 H. Notwithstanding anything to the contrary in this agreement, it is understood and/or agreed
that the term “good faith” as used in this agreement shall, in each case, mean “subjective good faith” as understood and interpreted under Delaware law; provided, however, that for the avoidance of doubt, any resolution of
a conflict of interest between VICI REIT or the interests of stockholders of VICI REIT, on the one hand, and the Partnership or any Limited Partner on the other hand, in a manner favorable to VICI REIT or the interests of the stockholders of VICI
REIT shall not be deemed a violation of such “subjective good faith” standard. 
 Section 7.9 Other Matters Concerning the
General Partner. 
 A. The General Partner may rely in good faith and shall be protected from liability to the Partnership and
the Partners in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture or other paper or document believed by it in good faith to be genuine and to
have been signed or presented by the proper party or parties. 
 B. The General Partner may consult with legal counsel, accountants,
appraisers, management consultants, investment bankers, architects, engineers, environmental consultants and other consultants and advisers selected by it, and the General Partner shall be protected from liability to the Partnership and the Limited
Partners for any act taken or omitted to be taken in good faith reliance upon the opinion of such Persons as to matters that the General Partner reasonably believes to be within such Person’s professional or expert competence. 

C. The General Partner shall have the right, in respect of any of its powers or obligations hereunder, to act through any of its duly
authorized officers or agents or a duly appointed attorney or attorneys-in-fact. Each such officer, agent or attorney shall, to the extent authorized by the General
Partner, have full power and authority to do and perform all and every act and duty that is permitted or required to be done by the General Partner hereunder. 

D. Notwithstanding any other provision of this Agreement or the Act, any action of the General Partner on behalf of the Partnership or any
decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action or omission is necessary or advisable in order (i) to protect the ability of VICI REIT to continue
to qualify as a REIT, (ii) for VICI REIT otherwise to satisfy the REIT Requirements, (iii) for VICI REIT to avoid incurring any taxes under Code Section 857 or Code Section 4981, or (iv) for any
Affiliate to continue to qualify as a “qualified REIT subsidiary” (within the meaning of Code Section 856(i)(2)), is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners (including,
without limitation, making prepayments on loans and borrowing money to permit the Partnership to make distributions to the Partners in such amounts as will permit VICI REIT to prevent the imposition of any federal income tax on VICI REIT (including,
for this purpose, any excise tax pursuant to Code Section 4981), to make distributions to its stockholders and payments to any taxing authority sufficient to permit VICI REIT to maintain REIT status or otherwise to satisfy the REIT
Requirements). 
 E. To the extent VICI REIT or its respective officers or directors or any other Indemnitee, take any action in the name or
on behalf of the General Partner, in the General Partner’s capacity as the sole general partner of the Partnership, VICI REIT and its respective officers and directors or any other Indemnitee, shall be entitled to the same protection as the
General Partner and its members, managers and agents. 

  
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 Section 7.10 Title to Partnership Assets. Title to Partnership assets, whether
real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Partnership as an entity, and no Partner, individually or collectively with other Partners or Persons, shall have any ownership interest in such
Partnership assets or any portion thereof. Title to any or all of the Partnership assets may be held in the name of the Partnership, the General Partner or one or more nominees, as the General Partner may determine, including Affiliates of the
General Partner (including VICI REIT). The General Partner hereby declares and warrants that any Partnership assets for which legal title is held in the name of the General Partner or any nominee or Affiliate of the General Partner shall be held by
the General Partner or such nominee or Affiliate for the use and benefit of the Partnership in accordance with the provisions of this Agreement. All Partnership assets shall be recorded as the property of the Partnership in its books and records,
irrespective of the name in which legal title to such Partnership assets is held. 
 Section 7.11 Reliance by Third
Parties. Notwithstanding anything to the contrary in this Agreement, any Person dealing with the Partnership shall be entitled to assume that the General Partner has full power and authority, without the consent or approval of any other
Partner, or Person, to encumber, sell or otherwise use in any manner any and all assets of the Partnership and to enter into any contracts on behalf of the Partnership, and take any and all actions on behalf of the Partnership, and such Person shall
be entitled to deal with the General Partner as if it were the Partnership’s sole party in interest, both legally and beneficially. Each Limited Partner hereby waives, to the fullest extent permitted by law, any and all defenses or other
remedies that may be available against such Person to contest, negate or disaffirm any action of the General Partner in connection with any such dealing. In no event shall any Person dealing with the General Partner or its representatives be
obligated to ascertain that the terms of this Agreement have been complied with or to inquire into the necessity or expediency of any act or action of the General Partner or its representatives. Each and every certificate, document or other
instrument executed on behalf of the Partnership by the General Partner or its representatives shall be conclusive evidence in favor of any and every Person relying thereon or claiming thereunder that (i) at the time of the execution and
delivery of such certificate, document or instrument, this Agreement was in full force and effect, (ii) the Person executing and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on
behalf of the Partnership and (iii) such certificate, document or instrument was duly executed and delivered in accordance with the terms and provisions of this Agreement and is binding upon the Partnership. 

ARTICLE 8 
 RIGHTS AND
OBLIGATIONS OF LIMITED PARTNERS 
 Section 8.1 Limitation of Liability. No Limited Partner, in its capacity as such,
shall have any liability under this Agreement except for intentional harm or gross negligence on the part of such Limited Partner or as expressly provided in this Agreement (including, without limitation, Section 10.4 hereof) or under the Act.

 Section 8.2 Management of Business. Subject to the rights and powers of the General Partner hereunder, no Limited
Partner or Assignee (other than in its separate capacity as the General Partner, any of its Affiliates or any officer, director, member, employee, partner, agent 

  
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or trustee of the General Partner, the Partnership or any of their Affiliates, in their capacity as such) shall take part in the operations, management or control (within the meaning of the Act)
of the Partnership’s business, transact any business in the Partnership’s name or have the power to sign documents for or otherwise bind the Partnership. The transaction of any such business by the General Partner, any of its Affiliates or
any officer, director, member, employee, partner, agent, representative, or trustee of the General Partner, the Partnership or any of their Affiliates, in their capacity as such, shall not affect, impair or eliminate the limitations on the liability
of the Limited Partners or Assignees under this Agreement. 
 Section 8.3 Outside Activities of Limited Partners. Subject to any
agreements entered into pursuant to Section 7.6 hereof and any other agreements entered into by a Limited Partner or any of its Affiliates with the General Partner, the Partnership or a Subsidiary (including, without limitation, any
employment agreement), any Limited Partner (other than VICI REIT) and any Assignee, officer, director, employee, agent, trustee, Affiliate, member or stockholder of any Limited Partner shall be entitled to and may have business interests and engage
in business activities in addition to those relating to the Partnership, including business interests and activities that are in direct or indirect competition with the Partnership or that are enhanced by the activities of the Partnership. Neither
the Partnership nor any Partner shall have any rights by virtue of this Agreement in any business ventures of any Limited Partner or Assignee. Subject to such agreements, none of the Limited Partners nor any other Person shall have any rights by
virtue of this Agreement or the partnership relationship established hereby in any business ventures of any other Person (other than the General Partner and VICI REIT), and such Person shall have no obligation pursuant to this Agreement, subject to
Section 7.6 hereof and any other agreements entered into by a Limited Partner or its Affiliates with the General Partner, the Partnership or a Subsidiary, to offer any interest in any such business ventures to the Partnership, any Limited
Partner, or any such other Person, even if such opportunity is of a character that, if presented to the Partnership, any Limited Partner or such other Person, could be taken by such Person. 

Section 8.4 Return of Capital. Except pursuant to the rights of Redemption set forth in Section 15.1 hereof or in any Partnership
Unit Designation, no Limited Partner shall be entitled to the withdrawal or return of its Capital Contribution, except to the extent of distributions made pursuant to this Agreement or upon dissolution of the Partnership as provided herein. Except
to the extent provided in Article 5 and Article 6 hereof or otherwise expressly provided in this Agreement or in any Partnership Unit Designation, no Limited Partner or Assignee shall have priority over any other Limited Partner or Assignee either
as to the return of Capital Contributions or as to profits, losses or distributions. 
 Section 8.5 Rights of Limited Partners
Relating to the Partnership. 
 A. In addition to other rights provided by this Agreement or by the Act, and except as limited by
Section 8.5.C hereof, the General Partner shall deliver to each Limited Partner a copy of any information mailed or electronically delivered to all of the common stockholders of the General Partner as soon as practicable after such mailing. 

  
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 B. The Partnership shall notify any Qualifying Party, on request, of the then current Adjustment
Factor and any change made to the Adjustment Factor shall be set forth in the quarterly report required by Section 9.3.B hereof immediately following the date such change becomes effective. 

C. Notwithstanding any other provision of this Section 8.5, the General Partner may keep confidential from the Limited Partners (or any
of them), for such period of time as the General Partner determines in its sole and absolute discretion to be reasonable, any information that (i) the General Partner reasonably believes to be in the nature of trade secrets or other
information the disclosure of which the General Partner in good faith believes is not in the best interests of the Partnership or could damage the Partnership or its business or (ii) the Partnership is required by law or by agreement to keep
confidential. 
 D. The General Partner shall have the authority (but is not obligated) to issue certificates evidencing the Partnership
Units in accordance with Section 17-702(b) of the Act. Any such certificate (i) shall be in form and substance as approved by the General Partner, (ii) shall not be negotiable
and (iii) shall bear a legend to the following effect: 
 THIS CERTIFICATE IS NOT NEGOTIABLE. THE PARTNERSHIP UNITS REPRESENTED
BY THIS CERTIFICATE ARE GOVERNED BY AND TRANSFERABLE ONLY IN ACCORDANCE WITH (A) THE PROVISIONS OF THE AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF VICI PROPERTIES L.P., AS AMENDED, SUPPLEMENTED OR RESTATED FROM TIME TO TIME AND
(B) ANY APPLICABLE FEDERAL OR STATE SECURITIES OR BLUE SKY LAWS. 
 The General Partner may direct a new certificate or certificates to be issued in
place of any certificate or certificates theretofore issued by the Partnership alleged to have been lost, destroyed, stolen or mutilated, upon the making of an affidavit of that fact by the Person claiming the certificate to be lost, destroyed,
stolen or mutilated. Unless otherwise determined by the General Partner, the owner of such lost, destroyed, stolen or mutilated certificate or certificates, or his or her legal representative, shall be required, as a condition precedent to the
issuance of a new certificate or certificates, to give the Partnership a bond in such sums as the General Partner may direct as indemnity against any claim that may be made against the Partnership. 

Section 8.6 Partnership Right to Call Limited Partner Interests. Notwithstanding any other provision of this Agreement, on and after
the date on which the aggregate Percentage Interests of the Common Units held by the Limited Partners are less than one percent (1%) of the total outstanding Common Units held by all Partners, the Partnership shall have the right, but not the
obligation, from time to time and at any time to redeem any and all outstanding Common Units held by Limited Partners by treating any such Limited Partner as a Tendering Party who has delivered a Notice of Redemption pursuant to
Section 15.1 hereof for the amount of Common Units to be specified by the General Partner, in its sole and absolute discretion, by notice to such Limited Partner that the Partnership has elected to exercise its rights under this
Section 8.6. Such notice given by the General Partner to a Limited Partner pursuant to this Section 8.6 shall be treated as if it were a Notice of Redemption delivered to the General Partner

  
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by such Limited Partner. For purposes of this Section 8.6, (a) any Limited Partner (whether or not otherwise a Qualifying Party) may, in the General Partner’s sole and absolute
discretion, be treated as a Qualifying Party that is a Tendering Party and (b) the provisions of Sections 15.1.E(2) and 15.1.B hereof shall not apply, but the remainder of Section 15.1 hereof shall apply, mutatis mutandis. 

ARTICLE 9 
 BOOKS,
RECORDS, ACCOUNTING AND REPORTS 
 Section 9.1 Records and Accounting. 

A. The General Partner shall keep or cause to be kept at the principal place of business of the Partnership those records and documents, if
any, required to be maintained by the Act and any other books and records deemed by the General Partner to be appropriate with respect to the Partnership’s business, including, without limitation, all books and records necessary to provide to
the Limited Partners any information, lists and copies of documents required to be provided pursuant to Section 8.5.A, Section 9.3 or Article 13 hereof. Any records maintained by or on behalf of the Partnership in the regular course of
its business may be kept on any information storage device, provided that the records so maintained are convertible into clearly legible written form within a reasonable period of time. 

B. The books of the Partnership shall be maintained, for financial and tax reporting purposes, on an accrual basis in accordance with
generally accepted accounting principles, or on such other basis as the General Partner determines to be necessary or appropriate. To the extent permitted by sound accounting practices and principles, the Partnership and the General Partner may
operate with integrated or consolidated accounting records, operations and principles. 
 Section 9.2 Partnership Year. For
purposes of this Agreement, “Partnership Year” means the fiscal year of the Partnership, which shall be the same as the tax year of the Partnership. The tax year shall be the calendar year unless otherwise required by the Code. 

Section 9.3 Reports. 
 A.
As soon as practicable, but in no event later than one hundred five (105) days after the close of each Partnership Year, the General Partner shall cause to be mailed to each Limited Partner of record as of the close of the Partnership Year,
financial statements of the Partnership, or of VICI REIT if such statements are prepared solely on a consolidated basis with VICI REIT, for such Partnership Year, presented in accordance with generally accepted accounting principles, such statements
to be audited by a nationally recognized firm of independent public accountants selected by the General Partner. 
 B. As soon as
practicable, but in no event later than sixty (60) days after the close of each calendar quarter (except the last calendar quarter of each year), the General Partner shall cause to be mailed to each Limited Partner of record as of the last
day of the calendar quarter, a report containing unaudited financial statements of the Partnership for such calendar quarter, or of VICI REIT if such statements are prepared solely on a consolidated basis with VICI REIT, and such other information
as may be required by applicable law or regulation or as the General Partner determines to be appropriate. 

  
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 C. The General Partner shall have satisfied its obligations under Section 9.3.A and
Section 9.3.B by posting or making available the reports required by this Section 9.3 on the website maintained from time to time by the Partnership or the General Partner, provided that such reports are able to be printed or
downloaded from such website. 
 D. At the request of any Limited Partner, the General Partner shall provide access to the books, records
and work papers upon which the reports required by this Section 9.3 are based, to the extent required by the Act. 
 ARTICLE
10 
 TAX MATTERS 

Section 10.1 Preparation of Tax Returns. The General Partner shall arrange for the preparation and timely filing of all returns
with respect to Partnership income, gains, deductions, losses and other items required of the Partnership for federal and state income tax purposes and shall use all reasonable efforts to furnish, within ninety (90) days of the close of each
taxable year, the tax information reasonably required by Limited Partners for federal and state income tax and any other tax reporting purposes. The Limited Partners shall promptly provide the General Partner with such information relating to any
Contributed Property as is readily available to the Limited Partners, including tax basis and other relevant information, as may be reasonably requested by the General Partner from time to time. 

Section 10.2 Tax Elections. Except as otherwise provided herein, the General Partner shall, in its sole and absolute
discretion, determine whether to make any available election pursuant to the Code, including, but not limited to, the election under Code Section 754. The General Partner shall have the right to seek to revoke any such election (including,
without limitation, any election under Code Section 754) upon the General Partner’s determination in its sole and absolute discretion that such revocation is in the best interests of the Partnership and the Partners. 

Section 10.3 Tax Matters Partner. 

A. The General Partner shall be for federal (and applicable state and local) income tax purposes (i) in the case of Partnership Years
beginning before January 1, 2018, the “tax matters partner” of the Partnership, as defined in Code Section 6231(a)(7), prior to enactment of P.L. 114-74, and (ii) in the case of Partnership Years beginning on or
after January 1, 2018, the “partnership representative” of the Partnership, as such term is defined in Section 6223 as amended by P.L. 114-74 (collectively referred to
hereinafter as the “Tax Matters Partner”). The Tax Matters Partner shall receive no compensation for its services. All third-party costs and expenses incurred by the Tax Matters Partner in performing its duties as such (including legal and
accounting fees and expenses) shall be borne by the Partnership. The Tax Matters Partner will take no action which is reasonably expected to have a disproportionate adverse effect on one or more Partners (other than the REIT Partner) without such
Partners’ written consent. Nothing herein shall be construed to restrict the Partnership from engaging an accounting firm to assist the Tax Matters Partner in discharging its duties hereunder. 

  
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 B. The Tax Matters Partner is authorized, but not required: 

(1) to enter into any settlement with the IRS with respect to any administrative or judicial proceedings for the adjustment of
Partnership items required to be taken into account by a Partner for income tax purposes (such administrative proceedings being referred to as a “tax audit” and such judicial proceedings being referred to as “judicial review”),
provided that the Tax Matters Partner shall provide timely notice to each Partner of any tax audit or judicial review. In the settlement agreement with respect to any such proceedings, the Tax Matters Partner may expressly state that such agreement
shall bind all Partners, except that, with respect to Partnership Years beginning before January 1, 2018, such settlement agreement shall not bind any Partner (i) who (within the time prescribed pursuant to the Code and Regulations) files a
statement with the IRS providing that the Tax Matters Partner shall not have the authority to enter into a settlement agreement on behalf of such Partner (as the case may be) or (ii) who is a “notice partner” (as defined in Code
Section 6231) or a member of a “notice group” (as defined in Code Section 6223(b)(2)); 

(2) in the event that, in the case of Partnership Years beginning before January 1, 2018, a notice of a final
administrative adjustment at the Partnership level of any item required to be taken into account by a Partner for tax purposes, or in the case of Partnership Years beginning before January 1, 2018, a notice of final partnership adjustment (in
each case, a “Final Adjustment”) is mailed to the Tax Matters Partner, to seek judicial review of such Final Adjustment, including the filing of a petition for readjustment with the United States Tax Court or the United States Claims
Court, or the filing of a complaint for refund with the District Court of the United States for the district in which the Partnership’s principal place of business is located; 

(3) in the case of Partnership Years beginning before January 1, 2018, to intervene in any action brought by any other
Partner for judicial review of a final adjustment; 
 (4) to file a request for an administrative adjustment with the IRS at
any time and, if any part of such request is not allowed by the IRS, to file an appropriate pleading (petition or complaint) for judicial review with respect to such request; 

(5) to enter into an agreement with the IRS to extend the period for assessing any tax that is attributable to any item
required to be taken into account by a Partner for tax purposes, or an item affected by such item; and 
 (6) to take any
other action on behalf of the Partners or any of them in connection with any tax audit or judicial review proceeding to the extent permitted by applicable law or regulations. 

The taking of any action and the incurring of any expense by the Tax Matters Partner in connection with any such proceeding, except to the extent required by
law, is a matter in the sole and absolute discretion of the Tax Matters Partner and the provisions relating to indemnification of the General Partner set forth in Section 7.7 hereof shall be fully applicable to the Tax Matters Partner in its
capacity as such. 

  
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 C. In the case of the payment by the Partnership of an assessed imputed underpayment in a
Partnership Year beginning on or after January 1, 2018, the Tax Matters Partner is authorized to allocate the assessed amount among the Partners in a manner it deems equitable in its sole discretion. 

Section 10.4 Withholding. Each Limited Partner hereby authorizes the Partnership to withhold from or pay on behalf of or
with respect to such Limited Partner any amount of federal, state, local or foreign taxes that the General Partner determines the Partnership is required to withhold or pay with respect to any amount distributable or allocable to such Limited
Partner pursuant to this Agreement, including, without limitation, any taxes required to be withheld or paid by the Partnership pursuant to Code Section 1441, Code Section 1442, Code Section 1445 or Code
Section 1446. Any amount withheld with respect to a Limited Partner pursuant to this Section 10.4 shall be treated as paid or distributed, as applicable, to such Limited Partner for all purposes under this Agreement. Any amount paid on
behalf of or with respect to a Limited Partner, in excess of any such withheld amount, shall constitute a loan by the Partnership to such Limited Partner, which loan shall be repaid by such Limited Partner within thirty (30) days after
the affected Limited Partner receives written notice from the General Partner that such payment must be made, provided that the Limited Partner shall not be required to repay such deemed loan if either (i) the Partnership withholds such payment
from a distribution that would otherwise be made to the Limited Partner or (ii) the General Partner determines, in its sole and absolute discretion, that such payment may be satisfied out of the Available Cash of the Partnership that would, but
for such payment, be distributed to the Limited Partner. Any amounts payable by a Limited Partner hereunder shall bear interest at the base rate on corporate loans at large United States money center commercial banks, as published from time to time
in the Wall Street Journal (but not higher than the maximum lawful rate) from the date such amount is due (i.e., thirty (30) days after the Limited Partner receives written notice of such amount) until such amount is paid in full. 

Section 10.5 Organizational Expenses. The General Partner may cause the Partnership to elect to deduct expenses, if any, incurred
by it in organizing the Partnership ratably over a 180-month period as provided in Section 709 of the Code. 

ARTICLE 11 
 PARTNER
TRANSFERS AND WITHDRAWALS 
 Section 11.1 General Limitation on Transfer. 

A. No Partnership Interest shall be Transferred, in whole or in part, except in accordance with the terms and conditions set forth in this
Article 11. Any Transfer or purported Transfer of a Partnership Interest not made in accordance with this Article 11 shall be null and void ab initio. 

B. No part of the interest of a Partner shall be subject to the claims of any creditor, to any spouse for alimony or support, or to legal
process, and may not be voluntarily or involuntarily alienated or encumbered except as may be specifically provided for in this Agreement or the Act. 

  
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 Section 11.2 Transfer of General Partner’s Partnership Interest. 

A. Except as provided in Section 11.2.B or Section 11.2.C, and subject to the rights of any Holder of any Partnership Interest
set forth in a Partnership Unit Designation, the General Partner may not Transfer all or any portion of its Partnership Interest without the Consent of the Limited Partners. It is a condition to any Transfer of a Partnership Interest of a General
Partner otherwise permitted hereunder that: (i) coincident with such Transfer, the transferee is admitted as a General Partner pursuant to Section 12.1 hereof; (ii) the transferee assumes, by operation of law or express
agreement, all of the obligations of the transferor General Partner under this Agreement with respect to such Transferred Partnership Interest; and (iii) the transferee has executed such instruments as may be necessary to effectuate such
admission and to confirm the agreement of such transferee to be bound by all the terms and provisions of this Agreement with respect to the Partnership Interest so acquired and the admission of such transferee as a General Partner. 

B. Except as provided in this Section 11.2.B or in Section 11.2.C, neither the General Partner nor VICI REIT shall, and the
General Partner shall not permit the Partnership to, engage in any merger, consolidation or other combination with or into another Person, any sale of all or substantially all of its assets or any reclassification of or change in all of its
outstanding REIT Shares or Partnership Interests (each, a “Termination Transaction”) unless any of clause (i), (ii) or (iii) below is satisfied: 

(i) in connection with such Termination Transaction, all of the Limited Partners will receive, or will have the right to elect
to receive, for each Common Unit an amount of cash, securities or other property equal to the product of the Adjustment Factor and the greatest amount of cash, securities or other property paid to a holder of one REIT Share in consideration of one
REIT Share pursuant to the terms of such Termination Transaction; provided, that if, in connection with such Termination Transaction, a purchase, tender or exchange offer shall have been made to and accepted by the holders of more than fifty percent
(50%) of the outstanding REIT Shares, each holder of Common Units shall receive, or shall have the right to elect to receive, the greatest amount of cash, securities or other property which such holder of Common Units would have received had it
exercised its right to Redemption pursuant to Article 15 hereof and received REIT Shares in exchange for its Common Units immediately prior to the expiration of such purchase, tender or exchange offer and had thereupon accepted such purchase, tender
or exchange offer and then such Termination Transaction shall have been consummated; or 
 (ii) all of the following
conditions are met: (w) substantially all of the assets directly or indirectly owned by the Partnership immediately prior to the Termination Transaction are owned directly or indirectly by the Partnership or another limited partnership or
limited liability company which is the survivor of a merger, consolidation or combination of assets with the Partnership (in each case, the “Surviving Partnership”); (x) the Limited Partners who held Common Units (other than VICI
REIT) immediately prior to the consummation of such Termination Transaction own a percentage interest of the Surviving Partnership 

  
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based on the relative fair market value of the net assets of the Partnership and the other net assets of the Surviving Partnership immediately prior to the consummation of such transaction; (y)
the rights, preferences and privileges in the Surviving Partnership of such Limited Partners are at least as favorable as those in effect immediately prior to the consummation of such transaction and as those applicable to any other limited partners
or non-managing members of the Surviving Partnership; and (z) the rights of such Limited Partners include at least one of the following: (a) the right to redeem their interests in the Surviving Partnership for the consideration
available to such Persons pursuant to Section 11.2.B(i) or (b) the right to redeem their interests in the Surviving Partnership for cash on terms substantially equivalent to those in effect with respect to their Partnership
Units immediately prior to the consummation of such transaction, or, if the ultimate controlling Person of the Surviving Partnership has publicly traded common equity securities, such common equity securities, with an exchange ratio based on the
determination of relative fair market value of such securities and the REIT Shares; or 
 (iii) the terms of such Termination
Transaction are otherwise approved by the Consent of the Limited Partners. 
 C. Subject to compliance with the other provisions of this
Article 11, the General Partner may Transfer all of its Partnership Interests at any time to any Person that is, at the time of such Transfer, a wholly-owned Subsidiary of VICI REIT, including any “qualified REIT subsidiary” (within the
meaning of Code Section 856(i)(2)), without the Consent of any Limited Partners, and designate such wholly-owned Subsidiary to become the General Partner under Section 12.1. 

D. Except in connection with Transfers permitted in this Article 11, the General Partner may not voluntarily withdraw as a general partner of
the Partnership without the Consent of the Limited Partners. 
 Section 11.3 Limited Partners’ Rights to Transfer. 

A. General. Except as provided in 11.3.B and subject to the rights of any Holder of any Partnership Interest set forth in a Partnership
Unit Designation, no Limited Partner may Transfer all or any portion of its Partnership Interest to any transferee without the Consent of the General Partner. 

B. Transfers without the Consent of the General Partner. Each Limited Partner (other than VICI REIT), and each transferee of
Partnership Units or Assignee pursuant to a Permitted Transfer, may Transfer all or any portion of its Partnership Interest to any Person, without the Consent of the General Partner, but subject to the other provisions of Article 11 hereof, pursuant
to (i) a Permitted Transfer or (ii) a Transfer that satisfies each of the following conditions: 

(1) The transferor Limited Partner (or the Partner’s estate in the event of the Partner’s death) shall give written
notice of the proposed Transfer to the General Partner 

  
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and VICI REIT, which notice shall state (i) the identity and address of the proposed transferee and (ii) the amount and type of consideration proposed to be received for the Transferred
Partnership Units. VICI REIT shall have ten (10) Business Days upon which to give the transferor Limited Partner notice of its election to acquire the Partnership Units on the terms set forth in such notice. If it so elects, it shall purchase
the Partnership Units on such terms within ten (10) Business Days after giving notice of such election; provided, however, that in the event that the proposed terms involve a purchase for cash, VICI REIT may at its election deliver in
lieu of all or any portion of such cash a note from VICI REIT payable to the transferor Limited Partner at a date as soon as reasonably practicable, but in no event later than one hundred eighty (180) days after such purchase, and
bearing interest at an annual rate equal to the total dividends declared with respect to one (1) REIT Share for the four (4) preceding fiscal quarters of VICI REIT, divided by the Value of one (1) REIT share as of the closing of
such purchase; and provided, further, that such closing may be deferred to the extent necessary to effect compliance with the Hart-Scott-Rodino Act, if applicable, and any other applicable requirements of law. If VICI REIT does not so elect to
purchase the Partnership Units, the transferor Limited Partner may, within the sixty (60) Business Day Period following the earlier of the expiration of the ten (10) Business Day period referred to in the second sentence of
Section 11.3.B.1 or the affirmative election of VICI REIT not to purchase the Units, Transfer such Partnership Units to a third party, on terms no more favorable to the transferee than the proposed terms, subject to the other conditions
of this Section 11.3. If the Limited Partner does not Transfer the subject Partnership Units within such period or, if such Transfer is not consummated within such sixty (60) Business Day Period in accordance with the terms
hereof, the right provided hereunder shall be deemed to be revived and such Partnership Units shall not be sold to any Person unless re-offered to the General Partner in accordance with this
Section 11.3.B(1). 
 (2) Qualified Transferee. Any Transfer of a Partnership Interest shall be made only to a
single Qualified Transferee; provided, however, that, for such purposes, all Qualified Transferees that are Affiliates, or that comprise investment accounts or funds managed by a single Qualified Transferee and its Affiliates, shall be
considered together to be a single Qualified Transferee. 
 (3) Opinion of Counsel. The transferor Limited Partner
shall deliver or cause to be delivered to the General Partner an opinion of counsel reasonably satisfactory to it to the effect that the proposed Transfer may be effected without registration under the Securities Act and will not otherwise violate
the registration provisions of the Securities Act and the regulations promulgated thereunder or violate any state securities laws or regulations applicable to the Partnership or the Partnership Interests Transferred; provided, however, that
the General Partner may, in its sole discretion, waive this condition upon the request of the transferor Limited Partner. If, in the opinion of such counsel, such Transfer would require the filing of a registration statement under the Securities Act
or would otherwise violate any Federal or state securities laws or regulations applicable to the Partnership or the Partnership Units, the General Partner may prohibit any Transfer otherwise permitted under this Section 11.3 by a Limited
Partner or Partnership Interests. 

  
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 (4) Minimum Transfer Restriction. Any Transferring Partner must Transfer
not less than the lesser of (i) five hundred (500) Partnership Units or (ii) all of the remaining Partnership Units owned by such Transferring Partner, without, in each case, the Consent of the General Partner; provided, however, that,
for purposes of determining compliance with the foregoing restriction, all Partnership Units owned by Affiliates of a Limited Partner shall be considered to be owned by such Limited Partner. 

(5) Exception for Permitted Transfers. The conditions of Sections 11.3.B(1) through 11.3.B(4) hereof shall not apply in
the case of a Permitted Transfer. 
 C. Transferee Subject to Existing Restrictions. It is a condition to any Transfer otherwise
permitted hereunder (whether or not such Transfer is effected during or after the first Twelve-Month Period) that the transferee assumes by operation of law or express agreement all of the obligations of the transferor Limited Partner under this
Agreement or any contractual obligation (including any “lockup” agreement with any underwriter of the General Partner’s securities) with respect to such Transferred Partnership Interest, and no such Transfer shall relieve the
transferor Partner of its obligations under this Agreement without the Consent of the General Partner. Each transferee of any Transferred Partnership Interest shall be subject to any restrictions on ownership and transfer of stock of the General
Partner contained in the Charter that may limit or restrict such transferee’s ability to exercise its Redemption rights, including, without limitation, the Ownership Limit. Any transferee, whether or not admitted as a Substituted Limited
Partner, shall take subject to the obligations of the transferor hereunder. Unless admitted as a Substituted Limited Partner, no transferee, whether by a voluntary Transfer, by operation of law or otherwise, shall have any rights hereunder, other
than the rights of an Assignee as provided in Section 11.5 hereof. 
 D. Incapacity. If a Limited Partner is subject to
Incapacity, the executor, administrator, trustee, committee, guardian, conservator or receiver of such Limited Partner’s estate shall have all the rights of a Limited Partner, but not more rights than those enjoyed by other Limited Partners,
for the purpose of settling or managing the estate, and such power as the Incapacitated Limited Partner possessed to Transfer all or any part of its interest in the Partnership. The Incapacity of a Limited Partner, in and of itself, shall not
dissolve or terminate the Partnership. 
 E. Violation of Law. The General Partner may prohibit any Transfer otherwise permitted by a
Limited Partner of his or her Partnership Units if it determines, based on the advice of counsel to the Partnership or the General Partner, that (i) such transfer would require the filing of a registration statement under the Securities
Act or the Exchange Act by the Partnership, (ii) would otherwise violate any federal or state securities laws or regulations applicable to the Partnership or the Partnership Units or (iii) otherwise violate applicable law. 

F. No Transfer of Component Parts. Except with the Consent of the General Partner, no Transfer may result in the transfer of any
component portion of a Partnership Interest, such as the Capital Account, or rights to distributions, separate and apart from all other components of a Partnership Interest. 

  
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 G. No Potential Adverse Consequences. Except with the Consent of the General Partner, no
Transfer by a Limited Partner of its Partnership Interests (including any Redemption, any other acquisition of Partnership Units by the General Partner or any acquisition of Partnership Units by the Partnership) may be made to or by any Person if
such Transfer could: (i) result in the Partnership being treated as an association taxable as a corporation; (ii) be treated as effectuated through an “established securities market” or a “secondary market (or the
substantial equivalent thereof)” within the meaning of Code Section 7704 and the Regulations promulgated thereunder; (iii) result in the Partnership being unable to qualify for one or more of the “safe harbors” set forth
in Regulations Section 1.7704-1 (or such other guidance subsequently published by the IRS setting forth safe harbors under which interests will not be treated as “readily tradable on a
secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code) (the “Safe Harbors”); or (iv) based on the advice of counsel to the Partnership or the General Partner,
adversely affect the ability of the General Partner to continue to qualify as a REIT or subject the General Partner to any additional taxes under Code Section 857 or Code Section 4981. 

H. Limitations on Transfers to Non-Recourse Lenders. No Transfer of any Partnership Interest
may be made to a lender to the Partnership or any Person who is related (within the meaning of Section 1.752-4(b) of the Regulations) to any lender to the Partnership whose loan constitutes a
Nonrecourse Liability, without the Consent of the General Partner; provided, however, that, as a condition to such Consent, the lender may be required to enter into an arrangement with the Partnership and the General Partner to redeem or
exchange for the REIT Shares Amount any Partnership Units held by such lender simultaneously with the time at which such lender would be deemed to be a partner in the Partnership for purposes of allocating liabilities to such lender under
Section 752 of the Code (provided that, for purpose of calculating the REIT Shares Amount in this Section 11.3.H, “Tendered Units” shall mean all such Partnership Units held by such lender). 

Section 11.4 Admission of Substituted Limited Partners. 

A. No Limited Partner shall have the right to substitute a transferee (including any transferees pursuant to Transfers permitted by
Section 11.3 hereof) as a Limited Partner in its place. A transferee of a Limited Partner Interest may be admitted as a Substituted Limited Partner only with the Consent of the General Partner. The failure or refusal by the General Partner to
permit a transferee of any such interests to become a Substituted Limited Partner shall not give rise to any cause of action against the Partnership or the General Partner. Subject to the foregoing, an Assignee shall not be admitted as a Substituted
Limited Partner until and unless it furnishes to the General Partner (i) evidence of acceptance, in form and substance satisfactory to the General Partner, of all the terms, conditions and applicable obligations of this Agreement, (ii) a
counterpart signature page to this Agreement executed by such Assignee and (iii) such other documents and instruments as may be required or advisable, in the sole and absolute discretion of the General Partner, to effect such
Assignee’s admission as a Substituted Limited Partner. 
 B. Concurrently with, and as evidence of, the admission of a Substituted
Limited Partner, the General Partner shall amend the Partnership Register to reflect the name, address and number and class and/or series of Partnership Units of such Substituted Limited Partner and to eliminate or adjust, if necessary, the name,
address and number of Partnership Units of the predecessor of such Substituted Limited Partner. 

  
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 C. A transferee who has been admitted as a Substituted Limited Partner in accordance with this
Article 11 shall have all the rights and powers and be subject to all the restrictions and liabilities of a Limited Partner under this Agreement. 

Section 11.5 Assignees. If the General Partner does not Consent to the admission of any permitted transferee under
Section 11.3 hereof as a Substituted Limited Partner, as described in Section 11.4 hereof, or in the event that any Partnership Interest is deemed to have been Transferred notwithstanding the restrictions set forth in this
Article 11, such transferee shall be considered an Assignee for purposes of this Agreement; provided, however, that any Transfer in violation of Section 11.3.E or Section 11.6.D shall be void. An Assignee shall be
entitled to all the rights of an assignee of a limited partnership interest under the Act, including the right to receive distributions from the Partnership and the share of Net Income, Net Losses and other items of income, gain, loss, deduction and
credit of the Partnership attributable to the Partnership Interest assigned to such transferee and the rights to Transfer the Partnership Interest provided in this Article 11, but shall not be deemed to be a holder of a Partnership Interest for any
other purpose under this Agreement (other than as expressly provided in Section 15.1 hereof with respect to a Qualifying Party that becomes a Tendering Party), and shall not be entitled to effect a Consent or vote with respect to such
Partnership Interest on any matter presented to the Partners for approval (such right to Consent or vote, to the extent provided in this Agreement or under the Act, fully remaining with the transferor Limited Partner). In the event that any such
transferee desires to make a further Transfer of any such Partnership Interest, such transferee shall be subject to all the provisions of this Article 11 to the same extent and in the same manner as any Limited Partner desiring to make a Transfer of
a Limited Partner Interest. 
 Section 11.6 General Provisions. 

A. No Limited Partner may withdraw from the Partnership other than as a result of: (i) a Transfer of all of such Limited Partner’s
Partnership Units permitted in accordance with this Article 11 with respect to which the transferee becomes a Substituted Limited Partner; (ii) a redemption (or acquisition by the General Partner) of all of its Partnership Units pursuant to a
Redemption under Section 15.1 hereof and/or pursuant to any Partnership Unit Designation. 
 B. Any Limited Partner who shall
Transfer all of its Partnership Units in a Transfer (i) permitted pursuant to this Article 11 where such transferee was admitted as a Substituted Limited Partner, (ii) pursuant to the exercise of its rights to effect a redemption of
all of its Partnership Units pursuant to a Redemption under Section 15.1 hereof and/or pursuant to any Partnership Unit Designation shall cease to be a Limited Partner. 

C. If any Partnership Unit is Transferred in compliance with the provisions of this Article 11, or is redeemed by the Partnership, or acquired
by the Partnership pursuant to Section 15.1 hereof, on any day other than the first day of a Partnership Year, then Net Income, Net Losses, each item thereof and all other items of income, gain, loss, deduction and credit attributable to
such Partnership Unit for such Partnership Year shall be allocated to the transferor Partner or the Tendering Party (as the case may be) and, in the case of a Transfer other than a 

  
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Redemption, to the transferee Partner, by taking into account their varying interests during the Partnership Year in accordance with Code Section 706(d), using the “interim closing of
the books” method or another permissible method selected by the General Partner in its sole and absolute discretion. Solely for purposes of making such allocations, unless the General Partner decides in its sole and absolute discretion to use
another method permitted under the Code, each of such items for the calendar month in which a Transfer occurs shall be allocated to the transferee Partner and none of such items for the calendar month in which a Transfer or a Redemption occurs shall
be allocated to the transferor Partner, or the Tendering Party (as the case may be) if such Transfer occurs on or before the fifteenth (15th) day of the month, and otherwise such items shall be allocated to the transferor. All distributions of
Available Cash attributable to such Partnership Unit with respect to which the Partnership Record Date is before the date of such Transfer, assignment or Redemption shall be made to the transferor Partner or the Tendering Party (as the case may be)
and, in the case of a Transfer other than a Redemption, all distributions of Available Cash thereafter attributable to such Partnership Unit shall be made to the transferee Partner. 

D. In addition to any other restrictions on Transfer herein contained, in no event may any Transfer of a Partnership Interest by any Partner
(including any Redemption, any acquisition of Partnership Units by VICI REIT or any other acquisition of Partnership Units by the Partnership) be made: (i) to any Person or entity who lacks the legal right, power or capacity to own a
Partnership Interest; (ii) in violation of applicable law; (iii) except with the Consent of the General Partner, of any component portion of a Partnership Interest, such as the Capital Account, or rights to distributions,
separate and apart from all other components of a Partnership Interest; (iv) in the event that such Transfer could cause VICI REIT, the General Partner or any General Partner Affiliate to cease to comply with the REIT Requirements or to
cease to qualify as a “qualified REIT subsidiary” (within the meaning of Code Section 856(i)(2)); (v) except with the Consent of the General Partner, if such Transfer could, based on the advice of counsel to the Partnership or the
General Partner, cause a termination of the Partnership for Federal or state income tax purposes (except as a result of the Redemption (or acquisition by the General Partner) of all Common Units held by all Limited Partners); (vi) if such Transfer
could, based on the advice of legal counsel to the Partnership or the General Partner, cause the Partnership to cease to be classified as a partnership for federal income tax purposes (except as a result of the Redemption (or acquisition by the
General Partner) of all Common Units held by all Limited Partners); (vii) if such Transfer would cause the Partnership to become, with respect to any employee benefit plan subject to Title I of ERISA, a
“party-in-interest” (as defined in ERISA Section 3(14)) or a “disqualified person” (as defined in Code Section 4975(c)); (viii) if such Transfer could, based on the advice
of legal counsel to the Partnership or the General Partner, cause any portion of the assets of the Partnership to constitute assets of any employee benefit plan pursuant to Department of Labor Regulations
Section 2510.3-101; (ix) if such Transfer requires the registration of such Partnership Interest pursuant to any applicable Federal or state securities laws; (x) except with the Consent of the General
Partner, if such Transfer could (1) be treated as effectuated through an “established securities market” or a “secondary market” (or the substantial equivalent thereof) within the meaning of Section 7704 of the Code and the
Regulations promulgated thereunder, (2) cause the Partnership to become a “publicly traded partnership,” as such term is defined in Sections 469(k)(2) or 7704(b) of the Code, or (3) cause the Partnership to fail to qualify
for at least one of the Safe Harbors; (xi) if such Transfer causes the Partnership (as opposed to VICI REIT) to become a reporting company under the Exchange 

  
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Act; or (xii) if such Transfer subjects the Partnership to regulation under the Investment Company Act of 1940, the Investment Advisors Act of 1940 or ERISA, each as amended. The
General Partner shall, in its sole discretion, be permitted to take all action necessary to prevent the Partnership from being classified as a “publicly traded partnership” under Code Section 7704. 

E. Transfers pursuant to this Article 11 may only be made on the first day of a fiscal quarter of the Partnership, unless the
General Partner otherwise consents. 
 ARTICLE 12 

ADMISSION OF PARTNERS 

Section 12.1 Admission of Successor General Partner. A successor to all of the General Partner’s General Partner Interest
pursuant to a Transfer permitted by Section 11.2 hereof or pursuant to an appointment under Section 13.1.A and, in each case, who is proposed to be admitted as a successor General Partner shall be admitted to the Partnership
as the General Partner, effective immediately prior to such Transfer or appointment or as otherwise provided herein, upon the fulfillment of the conditions set forth in Section 11.2. Upon any such admission of any successor General
Partner in accordance with this Section 12.1, the former General Partner shall cease to be a general partner of the Partnership without any separate Consent of the Limited Partners or the consent or approval of any other Partners. Any such
successor General Partner is hereby authorized to, and shall, carry on the business and affairs of the Partnership without dissolution. In each case, the admission shall be subject to the successor General Partner executing and delivering to the
Partnership an acceptance of all of the terms and conditions of this Agreement and such other documents or instruments, which shall include a counterpart signature page to this Agreement, as may be required to effect the admission of such Person as
a General Partner. Upon any such successor General Partner becoming the General Partner, the successor General Partner shall become the General Partner for all purposes herein, and shall be vested with the powers and rights of the General Partner,
and shall be liable for all obligations and responsible for all duties of the General Partner. Concurrently with, and as evidence of, the admission of a successor General Partner, the General Partner shall amend the Partnership Register to reflect
the name, address and number and classes and/or series of Partnership Units of such successor General Partner. Other than pursuant to a Transfer pursuant to Section 11.2 or an appointment under Section 13.1.A, no Person may
be admitted to the Partnership as a general partner. 
 Section 12.2 Admission of Additional Limited Partners. 

A. A Person (other than an existing Partner) who makes a Capital Contribution to the Partnership in exchange for Partnership Units and in
accordance with this Agreement shall be admitted to the Partnership as an Additional Limited Partner only upon furnishing to the General Partner (i) evidence of acceptance, in form and substance satisfactory to the General Partner, of
all of the terms and conditions of this Agreement, including, without limitation, the power of attorney granted in Section 2.4 hereof, (ii) a counterpart signature page to this Agreement executed by such Person and
(iii) such other documents or instruments as may be required in the sole and absolute discretion of the General Partner in order to effect such Person’s admission as an Additional Limited Partner. Concurrently with, and as evidence
of, the admission of an Additional Limited Partner, the General Partner shall amend the Partnership Register to reflect the name, address and number and classes and/or series of Partnership Units of such Additional Limited Partner. 

  
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 B. Notwithstanding anything to the contrary in this Section 12.2, no Person shall be
admitted as an Additional Limited Partner without the Consent of the General Partner. The admission of any Person as an Additional Limited Partner shall become effective on the date upon which the name of such Person is recorded on the Partnership
Register, following the consent of the General Partner to such admission and the satisfaction of all the conditions set forth in Section 12.2.A. 

C. If any Additional Limited Partner is admitted to the Partnership on any day other than the first day of a Partnership Year, then Net
Income, Net Losses, each item thereof and all other items of income, gain, loss, deduction and credit allocable among Holders for such Partnership Year shall be allocated among such Additional Limited Partner and all other Holders by taking into
account their varying interests during the Partnership Year in accordance with Code Section 706(d), using the “interim closing of the books” method or another permissible method selected by the General Partner. Solely for
purposes of making such allocations, each of such items for the calendar month in which an admission of any Additional Limited Partner occurs shall be allocated among all the Holders including such Additional Limited Partner, in accordance with the
principles described in Section 11.6.C hereof. All distributions of Available Cash with respect to which the Partnership Record Date is before the date of such admission shall be made solely to Partners and Assignees other than the
Additional Limited Partner, and all distributions of Available Cash thereafter shall be made to all the Partners and Assignees including such Additional Limited Partner. 

D. Any Additional Limited Partner admitted to the Partnership that is an Affiliate of the General Partner shall be deemed to be a
“General Partner Affiliate” hereunder and shall be reflected as such on the Partnership Register. 
 Section 12.3
Amendment of Agreement and Certificate of Limited Partnership. Without the consent of any other Partner, for the admission to the Partnership of any Partner, the General Partner shall take all steps necessary and appropriate under the Act to
amend the records of the Partnership and, if necessary, to prepare as soon as practical an amendment of this Agreement (including an amendment of the Partnership Register) and, if required by law, shall prepare and file an amendment to the
Certificate and may for this purpose exercise the power of attorney granted pursuant to Section 2.4 hereof. 
 Section 12.4
Limit on Number of Partners. Unless otherwise permitted by the General Partner in its sole and absolute discretion, no Person shall be admitted to the Partnership as an Additional Limited Partner if the effect of such admission would be to
cause the Partnership to have a number of Partners that would cause the Partnership to become a reporting company under the Exchange Act. 

Section 12.5 Admission. A Person shall be admitted to the Partnership as a limited partner of the Partnership or a general partner
of the Partnership only upon strict compliance, and not upon substantial compliance, with the requirements set forth in this Agreement for admission to the Partnership as a Limited Partner or a General Partner. 

  
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 ARTICLE 13 

DISSOLUTION, LIQUIDATION AND TERMINATION 

Section 13.1 Dissolution. The Partnership shall not be dissolved by the admission of Substituted Limited Partners or
Additional Limited Partners or by the admission of a successor General Partner in accordance with the terms of this Agreement. Upon the withdrawal of the General Partner, any successor General Partner is hereby authorized to, and shall, continue the
business and affairs of the Partnership without dissolution. However, the Partnership shall dissolve, and its affairs shall be wound up, upon the first to occur of any of the following (each a “Liquidating Event”): 

A. the occurrence of an event of withdrawal (as defined in the Act) with respect to a General Partner; provided, the Partnership shall not be
dissolved and required to be wound up in connection with any of the events specified in this clause (A) if (1) at the time of the occurrence of such event there is at least one remaining general partner of the Partnership who is hereby
authorized to and shall carry on the business of the Partnership, or (2) if at such time there is no remaining General Partner, if within 90 days after such event of withdrawal, a Majority in Interest of the Limited Partners agree in
writing or vote to continue the business of the Partnership and to appoint, effective as of the date of withdrawal, one or more additional General Partners; 

B. an election to dissolve the Partnership made by the General Partner, with the Consent of the Partners; 

C. entry of a decree of judicial dissolution of the Partnership pursuant to the provisions of the Act; or 

D. at any time there are no limited partners of the Partnership, unless the Partnership is continued without dissolution in accordance with
the Act. 
 Section 13.2 Winding Up. 

A. Upon the occurrence of a Liquidating Event, the Partnership shall continue solely for the purposes of winding up its affairs in an orderly
manner, liquidating its assets and satisfying the claims of its creditors and the Holders. After the occurrence of a Liquidating Event, no Holder shall take any action that is inconsistent with, or not necessary to or appropriate for, the winding up
of the Partnership’s business and affairs. The General Partner (or, in the event that there is no remaining General Partner or the General Partner has dissolved, become bankrupt within the meaning of the Act or ceased to operate, any Person
elected by a Majority in Interest of the Partners (the General Partner or such other Person being referred to herein as the “Liquidator”)) shall be responsible for overseeing the winding up and dissolution of the Partnership and
shall take full account of the Partnership’s liabilities and property, and the Partnership property shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom (which may, to the extent
determined by the General Partner, include shares of stock in the General Partner) shall be applied and distributed in the following order: 

(1) First, to the satisfaction of all of the Partnership’s debts and liabilities to creditors other than the Holders
(whether by payment or the making of reasonable provision for payment thereof); 

  
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 (2) Second, to the satisfaction of all of the Partnership’s debts and
liabilities to the General Partner (whether by payment or the making of reasonable provision for payment thereof), including, but not limited to, amounts due as reimbursements under Section 7.4 hereof; 

(3) Third, to the satisfaction of all of the Partnership’s debts and liabilities to the other Holders (whether by payment
or the making of reasonable provision for payment thereof); and 
 (4) Fourth, to the Partners in accordance with
Section 5.1. 
 The General Partner shall not receive any additional compensation for any services performed pursuant to this Article 13 other than
reimbursement of its expenses as set forth in Section 7.4. 
 B. Notwithstanding the provisions of Section 13.2.A hereof that
require liquidation of the assets of the Partnership, but subject to the order of priorities set forth therein, if the Liquidator determines that an immediate sale of part or all of the Partnership’s assets would be impractical or would cause
undue loss to the Holders, the Liquidator may, in its sole and absolute discretion, defer for a reasonable time the liquidation of any assets except those necessary to satisfy liabilities of the Partnership (including to those Holders as creditors)
and/or distribute to the Holders, in lieu of cash, as tenants in common and in accordance with the provisions of Section 13.2.A hereof, undivided interests in such Partnership assets as the Liquidator deems not suitable for liquidation. Any
such distributions in kind shall be made only if, in the good faith judgment of the Liquidator, such distributions in kind are in the best interest of the Holders, and shall be subject to such conditions relating to the disposition and management of
such properties as the Liquidator deems reasonable and equitable and to any agreements governing the operation of such properties at such time. The Liquidator shall determine the fair market value of any property distributed in kind using such
reasonable method of valuation as it may adopt. 
 C. To the fullest extent permitted by law, if any Holder has a deficit balance in its
Capital Account (after giving effect to all contributions, distributions and allocations for all taxable years, including the year during which such liquidation occurs), except as otherwise agreed to by such Holder or as may otherwise be required
with respect to the General Partner in its capacity as the general partner of the Partnership, such Holder shall have no obligation to make any contribution to the capital of the Partnership with respect to such deficit, and such deficit shall not
be considered a debt owed to the Partnership or to any other Person for any purpose whatsoever. 

  
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 D. In the sole and absolute discretion of the General Partner or the Liquidator, a pro rata
portion of the distributions that would otherwise be made pursuant to this Article 13 may be: 
 (1) distributed
to a trust established for the benefit of the General Partner and the Holders for the purpose of liquidating Partnership assets, collecting amounts owed to the Partnership, and paying any contingent, conditional or unmatured liabilities or
obligations of the Partnership arising out of or in connection with the Partnership and/or Partnership activities. The assets of any such trust shall be distributed to the Holders, from time to time, in the reasonable discretion of the General
Partner or the Liquidator, in the same proportions and amounts as would otherwise have been distributed to the Holders pursuant to this Agreement; or 

(2) withheld or escrowed to provide a reasonable reserve for Partnership liabilities (contingent or otherwise) and to reflect
the unrealized portion of any installment obligations owed to the Partnership, provided that such withheld or escrowed amounts shall be distributed to the Holders in the manner and order of priority set forth in Section 13.2.A hereof as soon
as practicable. 
 E. The provisions of Section 7.8 hereof shall apply to any Liquidator appointed pursuant to this Article 13 as
though the Liquidator were the General Partner of the Partnership. 
 Section 13.3 Deemed Contribution and Distribution.
Notwithstanding any other provision of this Article 13, in the event that the Partnership is liquidated within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), but no Liquidating Event has
occurred, the Partnership’s Property shall not be liquidated, the Partnership’s liabilities shall not be paid or discharged and the Partnership’s affairs shall not be wound up. Instead, for federal income tax purposes the Partnership
shall be deemed to have contributed all of its assets and liabilities to a new partnership in exchange for an interest in the new partnership; and immediately thereafter, distributed Partnership Units to the Partners in the new partnership in
accordance with their respective Capital Accounts in liquidation of the Partnership, and the new partnership is deemed to continue the business of the Partnership. Nothing in this Section 13.3 shall be deemed to have constituted a
Transfer to an Assignee as a Substituted Limited Partner without compliance with the provisions of Section 11.4 hereof. 

Section 13.4 Rights of Holders. Except as otherwise provided in this Agreement and subject to the rights of any Holder of any
Partnership Interest set forth in a Partnership Unit Designation, (a) each Holder shall look solely to the assets of the Partnership for the return of its Capital Contribution, (b) no Holder shall have the right or power to demand
or receive property other than cash from the Partnership and (c) no Holder shall have priority over any other Holder as to the return of its Capital Contributions, distributions or allocations. 

Section 13.5 Notice of Dissolution. In the event that a Liquidating Event occurs or an event occurs that would, but for an
election or objection by one or more Partners pursuant to Section 13.1 hereof, result in a dissolution of the Partnership, the General Partner or Liquidator shall, within thirty (30) days thereafter, provide written notice thereof
to each Holder and, in the General Partner’s or Liquidator’s sole and absolute discretion or as required by the Act, to all other parties with whom the Partnership regularly conducts business (as determined in the sole and absolute
discretion of the General Partner or Liquidator), and the General Partner or Liquidator may, or, if required by the Act, shall, publish notice thereof in a newspaper of general circulation in each place in which the Partnership regularly conducts
business (as determined in the sole and absolute discretion of the General Partner or Liquidator). 

  
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 Section 13.6 Cancellation of Certificate of Limited Partnership. Upon the completion of
the liquidation of the Partnership cash and property as provided in Section 13.2 hereof, the Partnership shall be terminated, a certificate of cancellation shall be filed with the Secretary of State, at which time the Partnership shall terminate,
all qualifications of the Partnership as a foreign limited partnership or association in jurisdictions other than the State of Delaware shall be cancelled, and such other actions as may be necessary to terminate the Partnership shall be taken. 

Section 13.7 Reasonable Time for Winding-Up. A reasonable time shall be allowed for
the orderly winding-up of the business and affairs of the Partnership and the liquidation of its assets pursuant to Section 13.2 hereof, in order to minimize any losses otherwise attendant upon such winding-up, and the provisions of this Agreement shall remain in effect between and among the Partners during the period of liquidation; provided, however, reasonable efforts shall be made to complete such winding-up within twenty-four (24) months after the adoption of a plan of liquidation of the General Partner, as provided in Section 562(b)(2)(B) of the Code, if necessary, in the sole and absolute
discretion of the General Partner or Liquidator. 
 ARTICLE 14 

PROCEDURES FOR ACTIONS AND 

CONSENTS OF PARTNERS; AMENDMENTS; MEETINGS 

Section 14.1 Procedures for Actions and Consents of Partners. The actions requiring Consent of any Partner or Partners pursuant to
this Agreement, including Section 7.3 hereof, or otherwise pursuant to applicable law, are subject to the procedures set forth in this Article 14. 

Section 14.2 Amendments. In addition to the other provisions of this Agreement that permit amendments to this Agreement
(including without limitation, pursuant to Section 7.3.C), Amendments to this Agreement may be proposed by the General Partner or by Limited Partners holding fifty percent (50%) or more of the Common Units held by Limited Partners and,
except as set forth in Section 7.3.C and 7.3.D and subject to the rights of any Holder of any Partnership Interest set forth in a Partnership Unit Designation, shall be approved by the Consent of the General Partner and the Consent of
the Partners. Such Amendment shall become effective following any such consent required hereunder, subject to Section 7.3.D. Following such proposal, the General Partner shall submit to the Partners entitled to vote thereon any proposed
amendment that, pursuant to the terms of this Agreement, requires the consent, approval or vote of such Partners. The General Partner shall seek the consent, approval or vote of the Partners entitled to vote thereon on any such proposed amendment in
accordance with Section 14.3 hereof. Upon obtaining such approvals required by this Agreement and without further action or execution by any other Person, including any Limited Partner, (i) any amendment to this Agreement may
be implemented and reflected in a writing executed solely by the General Partner, and (ii) the Limited Partners shall be deemed a party to and bound by such amendment of this Agreement. For the avoidance of doubt, notwithstanding
anything to the contrary in this Agreement, this Agreement may not be amended without the Consent of the General Partner. 

  
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 Section 14.3 Actions and Consents of the Partners. 

A. Meetings of the Partners may be called only by the General Partner to transact any business that the General Partner determines. The call
shall state the nature of the business to be transacted. Notice of any such meeting shall be given to all Partners entitled to act at the meeting not less than seven (7) days nor more than sixty (60) days prior to the date of such
meeting. Partners may vote in person or by proxy at such meeting. Unless approval by a different number or proportion of the Partners is required by this Agreement or in any Partnership Unit Designation, the affirmative vote of the General Partner
and the Majority in Interest of the Common Limited Partners shall be sufficient to approve such proposal at a meeting of the Partners. Whenever the vote, consent or approval of Partners is permitted or required under this Agreement, such vote,
consent or approval may be given at a meeting of Partners or may be given in accordance with the procedure prescribed in Section 14.3.B hereof. 

B. Any action requiring the Consent of any Partner or group of Partners pursuant to this Agreement or that is required or permitted to be
taken at a meeting of the Partners may be taken without a meeting if a consent in writing or by electronic transmission setting forth the action so taken or consented to is given by Partners whose affirmative vote would be sufficient to approve such
action or provide such Consent at a meeting of the Partners. Such consent may be in one instrument or in several instruments, and shall have the same force and effect as the affirmative vote of such Partners at a meeting of the Partners. Such
consent shall be filed with the General Partner. An action so taken shall be deemed to have been taken at a meeting held on the effective date so certified. For purposes of obtaining a Consent in writing or by electronic transmission, the General
Partner may require a response within a reasonable specified time, but not less than fifteen (15) days, and failure to respond in such time period shall, to the fullest extent permitted by law, constitute a Consent that is consistent with the
General Partner’s recommendation with respect to the proposal; provided, however, that an action shall become effective at such time as requisite Consents are received even if prior to such specified time. 

C. Each Partner entitled to act at a meeting of the Partners may authorize any Person or Persons to act for it by proxy on all matters in
which a Partner is entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting. Each proxy must be signed by the Partner or its
attorney-in-fact. No proxy shall be valid after the expiration of eleven (11) months from the date thereof unless otherwise provided in the proxy (or there is
receipt of a proxy authorizing a later date). Every proxy shall be revocable at the pleasure of the Partner executing it, such revocation to be effective upon the Partnership’s receipt of written notice of such revocation from the Partner
executing such proxy, unless such proxy states that it is irrevocable and is coupled with an interest. 
 D. The General Partner may set, in
advance, a record date for the purpose of determining the Partners (i) entitled to Consent to any action, (ii) entitled to receive notice of or vote at any meeting of the Partners or (iii) in order to make a
determination of Partners for any other proper purpose. Such date, in any case, shall not be prior to the close of business on the day the record date is fixed and shall be not more than ninety (90) days and, in the case of a meeting of
the Partners, not less than five (5) days, before the date on which the meeting is to be held. If no record date is fixed, the record date for the determination of Partners entitled to notice of or to vote at a meeting of the Partners
shall be at the close of business on the day on 

  
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which the notice of the meeting is sent, and the record date for any other determination of Partners shall be the effective date of such Partner action, distribution or other event. When a
determination of the Partners entitled to vote at any meeting of the Partners has been made as provided in this section, such determination shall apply to any adjournment thereof 

E. Each meeting of Partners shall be conducted by the General Partner or such other Person as the General Partner may appoint pursuant to such
rules for the conduct of the meeting as the General Partner or such other Person deems appropriate in its sole and absolute discretion. Without limitation, meetings of Partners may be conducted in the same manner as meetings of the General
Partner’s stockholders and may be held at the same time as, and as part of, the meetings of the General Partner’s stockholders. 

ARTICLE 15 
 GENERAL
PROVISIONS 
 Section 15.1 Redemption Rights of Qualifying Parties. 

A. After the applicable Twelve-Month Period, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein) to
require the Partnership to redeem all or a portion of the Common Units held by such Tendering Party (Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a
“Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof prior to the end
of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that at the General Partner’s option, the General Partner first receives an
opinion of counsel satisfactory to it in its sole and absolute discretion to the effect that the proposed Special Redemption will not cause the Partnership or the General Partner to violate any Federal or state securities laws or regulations
applicable to the Special Redemption, the issuance and sale of the Tendered Units to the Tendering Party or the issuance and sale of the REIT Shares to the Tendering Party pursuant to Section 15.1.B of this Agreement. Any Redemption shall be
exercised pursuant to a Notice of Redemption delivered to the General Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however,
shall not arise or be binding against the Partnership until the earlier of (i) the date the General Partner notifies the Tendering Party that the General Partner declines to acquire some or all of the Tendered Units under
Section 15.1.B hereof following receipt of a Notice of Redemption and (ii) the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank
check payable to the Tendering Party or, in the General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the tenth (10th) Business Day following the date on which the General Partner receives a
Notice of Redemption from the Tendering Party. 
 B. Notwithstanding the provisions of Section 15.1.A hereof, on or before the close of
business on the Cut-Off Date, the General Partner may, in the General Partner’s sole and absolute discretion but subject to the Ownership Limit, as modified to take into account any waivers or
modifications of such restrictions by the Board of Directors, elect to cause VICI REIT to acquire some or all (such percentage being referred to as the “Applicable Percentage”) of the

  
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Tendered Units from the Tendering Party in exchange for REIT Shares. If the General Partner elects to cause VICI REIT to acquire some or all of the Tendered Units pursuant to this
Section 15.1.B, the General Partner shall give written notice thereof to VICI REIT and the Tendering Party on or before the close of business on the Cut-Off Date. If the General Partner elects to cause
VICI REIT to acquire any of the Tendered Units for REIT Shares, the General Partner shall direct VICI REIT to issue and deliver such REIT Shares to the Tendering Party pursuant to the terms of this Section 15.1.B, in which case
(1) VICI REIT’s issuance and delivery of the REIT Shares shall satisfy the Tendering Party’s exercise of its Redemption right with respect to such Tendered Units and (2) such transaction shall be treated, for
federal income tax purposes, as a transfer by the Tendering Party of such Tendered Units to the General Partner in exchange for the REIT Shares Amount. If the General Partner so elects, on the Specified Redemption Date, the Tendering Party shall
sell such number of the Tendered Units to VICI REIT in exchange for a number of REIT Shares equal to the product of the REIT Shares Amount and the Applicable Percentage. The Tendering Party shall submit (i) such information,
certification or affidavit as the General Partner may reasonably require in connection with the application of the Ownership Limit, as modified to take into account any waivers or modifications of such restrictions by the Board of Directors, to any
such acquisition and (ii) such written representations, investment letters, legal opinions or other instruments necessary, in the General Partner’s view, to effect compliance with the Securities Act. In the event of a purchase of
the Tendered Units by VICI REIT pursuant to this Section 15.1.B, the Tendering Party shall no longer have the right to cause the Partnership to effect a Redemption of such Tendered Units and, upon notice to the Tendering Party by the
General Partner given on or before the close of business on the Cut-Off Date that the General Partner has elected to cause VICI REIT to acquire some or all of the Tendered Units pursuant to this
Section 15.1.B, the obligation of the Partnership to effect a Redemption of the Tendered Units as to which the General Partner’s notice relates shall not accrue or arise. A number of REIT Shares equal to the product of the
Applicable Percentage and the REIT Shares Amount, if applicable, shall be delivered by VICI REIT as duly authorized, validly issued, fully paid and non-assessable REIT Shares and, if applicable, Rights, free
of any pledge, lien, encumbrance or restriction, other than the Ownership Limit, the Securities Act and relevant state securities or “blue sky” laws. Neither any Tendering Party whose Tendered Units are acquired by VICI REIT pursuant to
this Section 15.1.B, any Partner, any Assignee nor any other interested Person shall have any right to require or cause VICI REIT to register, qualify or list any REIT Shares owned or held by such Person, whether or not such REIT Shares
are issued pursuant to this Section 15.1.B, with the SEC, with any state securities commissioner, department or agency, under the Securities Act or the Exchange Act or with any stock exchange; provided, however, that this limitation
shall not be in derogation of any registration or similar rights granted pursuant to any other written agreement between VICI REIT and any such Person. Notwithstanding any delay in such delivery, the Tendering Party shall be deemed the owner of such
REIT Shares and Rights for all purposes, including, without limitation, rights to vote or consent, receive dividends, and exercise rights, as of the Specified Redemption Date. REIT Shares issued upon an acquisition of the Tendered Units by VICI REIT
pursuant to this Section 15.1.B may contain such legends regarding restrictions under the Securities Act and applicable state securities laws as the General Partner determines to be necessary or advisable in order to ensure compliance
with such laws. 

  
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 C. Notwithstanding Section 15.1.A or Section 15.1.B above: 

(1) If a Qualifying Party has delivered to the General Partner a Notice of Redemption with respect to Excess Units (such Excess
Units plus any other Tendered Units that such Qualifying Party agrees to treat as Excess Units, the “Offering Units”) and the General Partner is eligible to file a registration statement under Form
S-3 (or any successor form similar thereto), then: 
 (2) (x) the General Partner
shall be entitled, upon written notice to such Tendering Party, to either (1) cause the Partnership to redeem the Offering Units with the proceeds of an offering, whether registered under the Securities Act or exempt from such registration,
underwritten, offered and sold directly to investors or through agents or other intermediaries, or otherwise distributed (a “Stock Offering Funding”) of a number of REIT Shares (“Offered Shares”) equal to not less
than the REIT Shares Amount with respect to the Offering Units pursuant to the terms of this Section 15.1.C; or (2) cause the Partnership to pay the Cash Amount with respect to the Excess Units pursuant to the terms of
Section 15.1.A; provided, that if the General Partner fails to give notice of its exercise of the election described in this clause (x) within the period of time specified in Section 15.1.B for an election to
deliver the REIT Shares Amount, it will be deemed to have elected not to purchase the Tendered Units through a Stock Offering Funding; and 

(3) (y) the Tendering Party shall be entitled, upon written notice to the General Partner and the Partnership delivered
concurrently with the Redemption Notice, to cause the Partnership to redeem the Offering Units with the proceeds of a Stock Offering Funding pursuant to the terms of this Section 15.1.C. 

(4) In the event that either the General Partner or the Tendering Party elects a Stock Offering Funding, the General Partner
may, in its sole discretion, on or prior to the Cut-Off Date, give notice (a “Single Funding Notice”) of such election to all Qualifying Parties and require that all Qualifying Parties elect
whether or not to effect a Redemption to be funded through such Stock Offering Funding. In the event a Qualifying Party elects to effect such a Redemption, it shall give notice thereof and of the number of Common Units to be made subject thereto in
writing to the General Partner within 10 Business Days after receipt of the Single Funding Notice, and such Qualifying Party shall be treated as a Tendering Party for all purposes of this Section 15.1.C. 

(5) In the event of a Stock Offering Funding, on the Specified Redemption Date (determined pursuant to the proviso in the
definition thereof), the General Partner shall purchase each Offering Unit that is still a Tendered Unit on such date for cash in immediately available funds in the amount (the “Stock Offering Funding Amount”) equal to the net
proceeds per Offered Share received by the General Partner from the Stock Offering Funding, determined after deduction of underwriting discounts and commissions but not deducting any other expenses such as legal and accounting fees and expenses,
Securities and Exchange Commission registration fees, state blue sky and securities laws fees and expenses, printing expenses, FINRA filing fees and listing fees or other
out-of-pocket expenses (the “Net Proceeds”). 

  
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 (6) In the event of any Stock Offering Funding, the following additional terms
and conditions shall apply: 
 (i) As soon as reasonably practicable after the Tendering Party or the General Partner elects
to effect a Stock Offering Funding, the General Partner shall use its reasonable efforts to effect such registration, qualification or compliance (including, without limitation, the execution of an undertaking to file post-effective amendments,
appropriate qualifications under applicable blue sky or other state securities laws and appropriate compliance with applicable regulations issued under the Securities Act and any other governmental requirements or regulations) as would permit or
facilitate the sale and distribution of the Offered Shares; provided, that, if the General Partner shall deliver a certificate to the Tendering Party stating that the General Partner has determined in the good faith judgment of the Board of
Directors of the General Partner that such filing, registration or qualification would require disclosure of material non-public information, the disclosure of which would have a material adverse effect on the
General Partner and the Partnership, then the General Partner may delay making any filing or delay the effectiveness of any registration or qualification for the shorter of (a) the period ending on the date upon which such information is
disclosed to the public or ceases to be material or (b) an aggregate period of ninety (90) days in connection with any Stock Offering Funding. 

(ii) The General Partner shall advise each Tendering Party, regularly and promptly upon any request, of the status of the Stock
Offering Funding process, including the timing of all filings, the selection of and understandings with underwriters, agents, dealers and brokers, the nature and contents of all communications with the Securities and Exchange Commission and other
governmental bodies, the expenses related to the Stock Offering Funding as they are being incurred, the nature of marketing activities, and any other matters reasonably related to the timing, price and expenses relating to the Stock Offering Funding
and the compliance by the General Partner with its obligations with respect thereto. The General Partner will have reasonable procedures whereby the Tendering Party with the largest number of Offered Units (the “Lead Tendering
Party”) may select (x) the bookrunning managing underwriters or placement agents for the Stock Offering Funding and (y) the appropriate time, in consultation with any underwriters, for the marketing and pricing of the Stock
Offering Funding. In addition, the General Partner and each Tendering Party may, but shall be under no obligation to, enter into understandings in writing (“Pricing Agreements”) whereby the Tendering Party will agree in advance as
to the acceptability of a Net Proceeds amount at or below some agreed upon amount. Furthermore, the General Partner shall establish pricing notification procedures with each such Tendering Party, such that the Tendering Party will have the maximum
opportunity practicable to determine whether to become a Withdrawing Partner pursuant to Section 15.1.C(6)(iii) below. 

  
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 (iii) The General Partner will permit the Lead Tendering Party to participate in
the pricing discussions for the Stock Offering Funding, and upon notification of the price per REIT Share in the Stock Offering Funding from the managing underwriter(s), in the case of a registered public offering, or lead placement agent(s), in the
event of an unregistered offering, engaged by the General Partner in order to sell the Offered Shares, shall immediately use its reasonable efforts to notify each Tendering Party of the price per REIT Share in the Stock Offering Funding and
resulting Net Proceeds. Each Tendering Party shall have one hour from the receipt of such written notice (as such time may be extended by the General Partner) to elect to withdraw its Redemption (a Tendering Party making such an election being a
“Withdrawing Partner”), and Common Units with a REIT Shares Amount equal to such excluded Offered Shares shall be considered to be withdrawn from the related Redemption; provided that the General Partner shall keep each of the
Tendering Parties reasonably informed as to the likely timing of delivery of its notice. If a Tendering Party, within such time period, does not notify the General Partner of such Tendering Party’s election not to become a Withdrawing Partner,
then such Tendering Party shall, except as otherwise provided in a Pricing Agreement, be deemed not to have withdrawn from the Redemption, without liability to the General Partner. To the extent that the General Partner is unable to notify any
Tendering Party, such unnotified Tendering Party shall, except as otherwise provided in any Pricing Agreement, be deemed not to have elected to become a Withdrawing Partner. Each Tendering Party whose Redemption is being funded through the Stock
Offering Funding who does not become a Withdrawing Partner shall have the right, subject to the approval of the managing underwriter(s) or placement agent(s) and restrictions of any applicable securities laws, to submit for Redemption additional
Common Units in a number no greater than the number of Common Units withdrawn. If more than one Tendering Party so elects to redeem additional Common Units, then such Common Units shall be redeemed on a pro rata basis, based on the number of
additional Common Units sought to be so redeemed. 
 (iv) The General Partner shall take all reasonable action in order to
effectuate the sale of the Offered Shares including, but not limited to, the entering into of an underwriting or placement agreement in customary form with the managing underwriter(s) or placement agent(s) selected for such underwriting by the
General Partner. Notwithstanding any other provision of this Agreement, if the managing underwriter(s) or placement agent(s) advises the General Partner in writing that marketing factors require a limitation of the number of shares to be offered,
then the General Partner shall so advise all Tendering Parties and the number of Common Units to be sold to the General Partner pursuant to the Redemption shall be allocated among all Tendering Parties in proportion, as nearly as practicable, to the
respective number of Common Units as to which each Tendering Party elected to effect a Redemption, provided, that if the General Partner is also offering to sell shares for other purposes than to fund the redemption of the Offering Units and to pay
related expenses, then those other shares shall be removed from the offering prior to removing shares the proceeds of which would be used to redeem Offering Units and to pay related expenses. No Offered Shares excluded from the underwriting by
reason of the managing underwriter’s or placement agent’s marketing limitation shall be included in such offering. 

  
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 (7) The General Partner may include securities for its own account in any
offering made pursuant to Section 15.1C hereof, provided that the securities sold for the purpose of paying the Redemption for all Tendering Parties shall have priority over the securities included by the General Partner for its own account in
the event that the underwriters or placement agents inform the General Partner that not all such securities can be accommodated in the offering. 

D. Notwithstanding the foregoing, but subject to Section 15.1.C, no Limited Partner (i) shall be entitled to effect a
Redemption for cash or an exchange for REIT Shares to the extent the ownership or right to acquire REIT Shares pursuant to such exchange on the Specified Redemption Date could cause such Limited Partner or any other Person to violate the Ownership
Limit after giving effect to any waivers or modifications of such restrictions by the Board of Directors and (ii) shall have any rights under this Agreement to acquire REIT Shares which would otherwise be prohibited under the Charter
after giving effect to any waivers or modifications of such restrictions by the Board of Directors. To the extent any attempted Redemption or exchange for REIT Shares would be in violation of this Section 15.1.D, it shall be null and
void ab initio and such Limited Partner shall not acquire any rights or economic interest in any Cash Amount otherwise payable upon such Redemption or the REIT Shares otherwise issuable upon such exchange. 

E. Notwithstanding anything herein to the contrary (but subject to Section 15.1.D), with respect to any Redemption pursuant to
Section 15.1.B hereof for exchange for REIT Shares pursuant to this Section 15.1: 
 (1) All Common
Units acquired by the General Partner shall automatically, and without further action required, be converted into and deemed to be a General Partner Interest comprised of the same number of Common Units. 

(2) Subject to the Ownership Limit, as modified to take into account any waivers or modifications of such restrictions by the
Board of Directors of VICI REIT, no Tendering Party may effect a Redemption for less than one thousand (1,000) Common Units or, if such Tendering Party holds (as a Limited Partner or, economically, as an Assignee) less than one thousand (1,000)
Common Units, all of the Common Units held by such Tendering Party, without, in each case, the Consent of the General Partner. 

(3) If (i) a Tendering Party surrenders its Tendered Units during the period after the Partnership Record Date with
respect to a distribution and before the record date established by the General Partner for a distribution to its stockholders of some or all of its portion of such Partnership distribution, and (ii) the General Partner elects to cause
VICI REIT acquire any of such Tendered Units in exchange for REIT Shares pursuant to Section 15.1.B, such Tendering Party shall pay to the General Partner on the Specified Redemption Date an amount in cash equal to the portion of the
Partnership distribution in respect of the Tendered Units exchanged for REIT Shares, insofar as such distribution relates to the same period for which such Tendering Party would receive a distribution in respect of such REIT Shares. 

  
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 (4) The consummation of such Redemption (or an acquisition of Tendered Units by
VICI REIT pursuant to Section 15.1.B hereof, as the case may be) shall be subject to the expiration or termination of the applicable waiting period, if any, under the Hart-Scott-Rodino Act. 

(5) The Tendering Party shall continue to own (subject, in the case of an Assignee, to the provisions of Section 11.5
hereof) all Common Units subject to any Redemption, and be treated as a Limited Partner or an Assignee, as applicable, with respect to such Common Units for all purposes of this Agreement, until such Common Units are either transferred to or paid
for by the Partnership or VICI REIT, as applicable, on the Specified Redemption Date. Until a Specified Redemption Date and an acquisition of the Tendered Units by the General Partner pursuant to Section 15.1.B hereof, the Tendering
Party shall have no rights as a stockholder of the General Partner with respect to the REIT Shares issuable in connection with such acquisition. 

F. In connection with an exercise of Redemption rights pursuant to this Section 15.1, except as otherwise Consented to by the General
Partner, the Tendering Party shall submit the following to the General Partner, in addition to the Notice of Redemption: 

(1) A written affidavit, dated the same date as the Notice of Redemption, (a) disclosing the actual and constructive
ownership, as determined for purposes of Code Sections 856(a)(6) and 856(h), of REIT Shares by (i) such Tendering Party and (ii) to the best of their knowledge any Related Party and (b) representing that, after
giving effect to the Redemption or an acquisition of the Tendered Units by VICI REIT pursuant to Section 15.1.B hereof, neither the Tendering Party nor to the best of their knowledge any Related Party will own REIT Shares in violation of
the Ownership Limit as modified to take into account any waivers or modifications of such restrictions by the Board of Directors of VICI REIT; 

(2) A written representation that neither the Tendering Party nor to the best of their knowledge any Related Party has any
intention to acquire any additional REIT Shares prior to the closing of the Redemption or an acquisition of the Tendered Units by VICI REIT pursuant to Section 15.1.B hereof on the Specified Redemption Date; and 

(3) An undertaking to certify, at and as a condition to the closing of (i) the Redemption or (ii) the
acquisition of the Tendered Units by VICI REIT pursuant to Section 15.1.B hereof on the Specified Redemption Date, that either (a) the actual and constructive ownership of REIT Shares by the Tendering Party and to the best of
their knowledge any Related Party remain unchanged from that disclosed in the affidavit required by Section 15.1.F(1) or (b) after giving effect to the Redemption or an acquisition of the Tendered Units by VICI REIT pursuant
to Section 15.1.B hereof, neither the Tendering Party nor to the best of their knowledge any Related Party shall own REIT Shares in violation of the Ownership Limit, as modified to take into account any waivers or modifications of such
restrictions by the Board of Directors of VICI REIT. 

  
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 Section 15.2 Addresses and Notice. Any notice, demand, request or report
required or permitted to be given or made to a Partner or Assignee under this Agreement shall be in writing and shall be deemed given or made when delivered in person or when sent by first class United States mail or by other means of written or
electronic communication (including by telecopy, facsimile, electronic mail or commercial courier service) to the Partner, or Assignee at the address set forth in the Partnership Register or such other address of which the Partner shall notify the
General Partner in accordance with this Section 15.2. 
 Section 15.3 Titles and Captions. All article or section
titles or captions in this Agreement are for convenience only. They shall not be deemed part of this Agreement and in no way define, limit, extend or describe the scope or intent of any provisions hereof. Except as specifically provided otherwise,
references to “Articles” or “Sections” are to Articles and Sections of this Agreement. 
 Section 15.4
Construction. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and
vice versa. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” 

Section 15.5 Further Action. The parties shall execute and deliver all documents, provide all information and take or
refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 
 Section 15.6 Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns. 

Section 15.7 Waiver. 

A. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to
exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any other covenant, duty, agreement or condition. 

B. The restrictions, conditions and other limitations on the rights and benefits of the Limited Partners contained in this Agreement, and the
duties, covenants and other requirements of performance or notice by the Limited Partners, are for the benefit of the Partnership and, except for an obligation to pay money to the Partnership, may be waived or relinquished by the General Partner, in
its sole and absolute discretion, on behalf of the Partnership in one or more instances from time to time and at any time; provided, however, that any such waiver or relinquishment may not be made if it would have the effect of
(i) creating liability for any other Limited Partner, (ii) causing the Partnership to cease to qualify as a limited partnership, (iii) reducing the amount of cash otherwise distributable to the Limited Partners (other
than any such reduction that affects all of the Limited Partners holding the same class or series of 

  
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Partnership Units on a uniform or pro rata basis, if approved by a Majority in Interest of the Partners holding such class or series of Partnership Units), (iv) resulting in the classification of
the Partnership as an association or publicly traded partnership taxable as a corporation or (v) violating the Securities Act, the Exchange Act or any state “blue sky” or other securities laws; and provided, further, that any waiver
relating to compliance with the Ownership Limit or other restrictions in the Charter shall be made and shall be effective only as provided in the Charter. 

Section 15.8 Counterparts. This Agreement may be executed in counterparts, all of which together shall constitute one
agreement binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall become bound by this Agreement immediately upon affixing its signature hereto. 

Section 15.9 Applicable Law; Consent to Jurisdiction; Waiver of Jury Trial. 

A. This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Delaware, without regard to the
principles of conflicts of law. In the event of a conflict between any provision of this Agreement and any non-mandatory provision of the Act, the provisions of this Agreement shall control and take
precedence. 
 B. Unless otherwise agreed by the General Partner in writing, each Partner hereby (i) submits to the exclusive
jurisdiction of any state or federal court sitting in the State of Delaware (collectively, the “Delaware Courts”), with respect to any dispute arising out of this Agreement or any transaction contemplated hereby to the extent such
courts would have subject matter jurisdiction with respect to such dispute, (ii) to the fullest extent permitted by law, irrevocably waives, and agrees not to assert by way of motion, defense, or otherwise, in any such action, any claim
that it is not subject personally to the jurisdiction of any of the Delaware Courts, that its property is exempt or immune from attachment or execution, that the action is brought in an inconvenient forum, or that the venue of the action is
improper, (iii) to the fullest extent permitted by law, agrees that notice or the service of process in any action, suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby shall be properly
served or delivered if delivered to such Partner at such Partner’s last known address as set forth in the Partnership’s books and records, and (iv) TO THE FULLEST EXTENT PERMITTED BY LAW, IRREVOCABLY WAIVES ANY AND ALL RIGHT
TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 15.10 Entire Agreement. This Agreement contains all of the understandings and agreements between and among the
Partners with respect to the subject matter of this Agreement and the rights, interests and obligations of the Partners with respect to the Partnership. Notwithstanding any provision in this Agreement or any Partnership Unit Designation to the
contrary, including any provisions relating to amending this Agreement, the Partners hereby acknowledge and agree that the General Partner, without the approval of any Limited Partner, may enter into side letters or similar written agreements to or
with Limited Partners that are not Affiliates of the General Partner, executed contemporaneously with the admission of such Limited Partner to the Partnership, which have the effect of establishing rights under, or altering or supplementing the
terms of, this Agreement or any Partnership Unit Designation, as 

  
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negotiated with such Limited Partner and which the General Partner in its sole discretion deems necessary, desirable or appropriate. The parties hereto agree that any terms, conditions or
provisions contained in such side letters or similar written agreements with a Limited Partner shall govern with respect to such Limited Partner notwithstanding the provisions of this Agreement. 

Section 15.11 Invalidity of Provisions. If any provision of this Agreement is or becomes invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby. 

Section 15.12 Limitation to Preserve REIT Status. Notwithstanding anything else in this Agreement, with respect to any
period in which VICI REIT has elected to be treated as a REIT for federal income tax purposes, to the extent that the amount to be paid, credited, distributed or reimbursed by the Partnership to any REIT Partner or its officers, directors, employees
or agents, whether as a reimbursement, fee, expense or indemnity (a “REIT Payment”), would constitute gross income to the REIT Partner for purposes of Code Section 856(c)(2) or Code Section 856(c)(3)
that is not described in subsections (A) through (I) of Code Section 856(c)(2) or subsections (A) through (I) of Code Section 856(c)(3), then, notwithstanding any other provision of this Agreement, the
amount of such REIT Payments, as selected by the General Partner in its discretion from among items of potential distribution, reimbursement, fees, expenses and indemnities, shall be reduced for any Partnership Year so that the REIT Payments, as so
reduced, for or with respect to such REIT Partner shall not exceed the lesser of: 
 (i) an amount equal to the excess, if
any, of (a) four percent (4%) of the REIT Partner’s total gross income (but excluding the amount of any REIT Payments and any amounts excluded from gross income pursuant to Section 856(c) of the Code) for the Partnership Year
over (b) the amount of gross income (within the meaning of Code Section 856(c)(2)) derived by the REIT Partner from sources other than those described in subsections (A) through (I) of Code
Section 856(c)(2) (but not including the amount of any REIT Payments or any amounts excluded from gross income pursuant to Section 856(c) of the Code); or 

(ii) an amount equal to the excess, if any, of (a) twenty-four percent (24%) of the REIT Partner’s total gross income
(but excluding the amount of any REIT Payments and any amounts excluded from gross income pursuant to Section 856(c) of the Code) for the Partnership Year over (b) the amount of gross income (within the meaning of Code
Section 856(c)(3)) derived by the REIT Partner from sources other than those described in subsections (A) through (I) of Code Section 856(c)(3) (but not including the amount of any REIT Payments or any amounts
excluded from gross income pursuant to Section 856(c) of the Code); 
 provided, however, that REIT Payments in excess of the amounts set
forth in clauses (i) and (ii) above may be made if the General Partner, as a condition precedent, obtains an opinion of tax counsel that the receipt of such excess amounts should not adversely affect the REIT Partner’s ability to qualify
as a REIT. To the extent that REIT Payments may not be made in a Partnership Year as a consequence of the limitations set forth in this Section 15.12, such REIT Payments shall carry over and shall be treated as arising in the following
Partnership Year if such carry 

  
 83 

 
over does not adversely affect the REIT Partner’s ability to qualify as a REIT, provided, however, that any such REIT Payment shall not be carried over more than three Partnership
Years, and any such remaining payments shall no longer be due and payable. The purpose of the limitations contained in this Section 15.12 is to prevent any REIT Partner from failing to qualify as a REIT by reason of such REIT Partner’s
share of items, including distributions, reimbursements, fees, expenses or indemnities, receivable directly or indirectly from the Partnership, and this Section 15.12 shall be interpreted and applied to effectuate such purpose. 

Section 15.13 No Partition. No Partner nor any
successor-in-interest to a Partner shall have the right while this Agreement remains in effect to have any property of the Partnership partitioned, or to file a
complaint or institute any proceeding at law or in equity to have such property of the Partnership partitioned, and each Partner, on behalf of itself and its successors and assigns hereby waives any such right. It is the intention of the Partners
that the rights of the parties hereto and their successors-in-interest to Partnership property, as among themselves, shall be governed by the terms of this Agreement,
and that the rights of the Partners and their respective successors-in-interest shall be subject to the limitations and restrictions as set forth in this Agreement. 

Section 15.14 No Third-Party Rights Created Hereby. The provisions of this Agreement are solely for the purpose of defining
the interests of the Holders, inter se; and no other Person, firm or entity (i.e., a party who is not a signatory hereto or a permitted successor to such signatory hereto) shall have any right, power, title or interest by way of subrogation or
otherwise, in and to the rights, powers, title and provisions of this Agreement; provided, that Indemnitees are intended third-party beneficiaries of Section 7.7. No creditor or other third party having dealings with the Partnership
(other than as expressly provided herein with respect to Indemnitees) shall have the right to enforce the right or obligation of any Partner to make Capital Contributions or loans to the Partnership or to pursue any other right or remedy hereunder
or at law or in equity. None of the rights or obligations of the Partners herein set forth to make Capital Contributions or loans to the Partnership shall be deemed an asset of the Partnership for any purpose by any creditor or other third party,
nor may any such rights or obligations be sold, transferred or assigned by the Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the Partnership or any of the Partners. 

Section 15.15 No Rights as Stockholders. Nothing contained in this Agreement shall be construed as conferring upon the
Holders of Partnership Units any rights whatsoever as stockholders of VICI REIT or as members of the General Partner, including without limitation any right to receive dividends or other distributions made to stockholders of VICI REIT or to vote or
to consent or receive notice as stockholders in respect of any meeting of stockholders for the election of directors of VICI REIT or any other matter. 

[Remainder of Page Left Blank Intentionally] 

  
 84 

 IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above. 

 

			
	GENERAL PARTNER:
	
	 VICI PROPERTIES GP LLC, a Delaware limited liability company,

		
	By:	 	/s/ John Payne
		 	Name: John Payne
		 	Its:       President
	
	LIMITED PARTNER:
	
	 VICI PROPERTIES INC., a Maryland corporation

		
	By:	 	/s/ John Payne
		 	Name: John Payne
		 	Its:       President

 Signature Page to Partnership Agreement 

 EXHIBIT A 

NOTICE OF REDEMPTION 
 To: VICI Properties
GP LLC 
 [•] 
 [•]

 The undersigned Limited Partner or Assignee hereby irrevocably tenders for Redemption Common Units in VICI Properties L.P. in accordance with the terms
of the Agreement of Limited Partnership of VICI Properties L.P., dated as of                     , 2017 as amended (the
“Agreement”), and the Redemption rights referred to therein. The undersigned Limited Partner or Assignee: 

(a) undertakes (i) to surrender such Common Units and any certificate therefor at the closing of the Redemption and
(ii) to furnish to the General Partner, prior to the Specified Redemption Date, the documentation, instruments and information required under Section 15.1.F of the Agreement; 

(b) directs that the certified check representing the Cash Amount, or the REIT Shares Amount, as applicable, deliverable upon
the closing of such Redemption be delivered to the address specified below; 
 (c) represents, warrants, certifies and agrees
that: 
 (i) the undersigned Limited Partner or Assignee is a Qualifying Party, 

(ii) the undersigned Limited Partner or Assignee has, and at the closing of the Redemption will have, good, marketable and
unencumbered title to such Common Units, free and clear of the rights or interests of any other person or entity, 
 (iii)
the undersigned Limited Partner or Assignee has, and at the closing of the Redemption will have, the full right, power and authority to tender and surrender such Common Units as provided herein, and 

(iv) the undersigned Limited Partner or Assignee has obtained the consent or approval of all persons and entities, if any,
having the right to consent to or approve such tender and surrender; and 
 (d) acknowledges that he will continue to own
such Common Units until and unless either (1) such Common Units are acquired by the General Partner pursuant to Section 15.1.B of the Agreement or (2) such redemption transaction closes. 

All capitalized terms used herein and not otherwise defined shall have the same meaning ascribed to them respectively in the Agreement. 

Dated:                      
                   

  
 A-1 

 
			
	 Name of Limited Partner
or

 
			
	 Assignee:
	 	 
		
		 	

 
			
	 (Signature of Limited Partner
or

 
			
	 Assignee):
	 	 
		
	 	 	 

 
			
	 (Street Address)

	
	 
	 (City) (State) (Zip Code)

	
	
	 Signature Medallion
Guaranteed

 
			
	 by:
	 	 

  

			
	
Issue Check Payable to:            
                                         
   

			
		
	Please insert social security or identifying number:	 	 

  
 A-2 

					
	Issue Check Payable to:	  	 	  	
			
	Please insert social security or identifying number:	  	 	  	

  

 EXHIBIT B 

CERTIFICATE OF DESIGNATION OF SERIES A PREFERRED UNITS 

 CERTIFICATE OF DESIGNATION 

OF 
 SERIES A CONVERTIBLE
PREFERRED UNITS 
 OF 

VICI PROPERTIES L.P. 

WHEREAS, provision for the making of this Certificate of Designation is contained in the order of the United States Bankruptcy Court for the
Northern District of Illinois, dated as of January 17, 2017 confirming the Joint Plan of Reorganization of Caesars Entertainment Operating Company, Inc., and its affiliated debtors filed pursuant to section 1121(a) of chapter 11 of title 11 of
the United States Code (the “Plan of Reorganization”); 
 WHEREAS, as of the date of this Certificate of Designation, VICI
Properties Inc., a Maryland corporation (the “Corporation”), owns 100% of the membership interests in VICI Properties GP LLC, the general partner (in such capacity, the “General Partner”) of VICI Properties L.P., a
Delaware limited partnership (the “Operating Partnership”), and is a limited partner in the Operating Partnership; 

WHEREAS, the designation of preferred units of the Operating Partnership hereby is permitted by the terms of the Amended and Restated
Agreement of Limited Partnership of the Operating Partnership, as amended from time to time (the “Partnership Agreement”); 

WHEREAS, this designation of preferred units of the Operating Partnership is intended to provide for one such preferred unit to be issued to
the Corporation for each share of its Series A Preferred Stock (as hereinafter defined) that is issued and outstanding; and 
 WHEREAS, this
Certificate of Designation has been adopted by the General Partner pursuant to Section 4.2 of the Partnership Agreement and is attached as an exhibit thereto and incorporated by reference herein. 

NOW THEREFORE, the General Partner hereby designates a series of preferred units and fixes the following powers, designations, preferences and
other special rights of such preferred units, as follows: 
 Section 1. Designation and Amount. The units of such series shall
be designated as “Series A Convertible Preferred Units” (the “Series A Preferred Units”) and the number of units constituting such series shall be twelve million (12,000,000) and any additional units issued pursuant to the
terms of this Certificate of Designation. 
 Section 2. Maturity. The Series A Preferred Units shall have no stated maturity and
will not be subject to any sinking fund or mandatory redemption at the election of the Operating Partnership. 
 Section 3.
Rank. The Series A Preferred Units shall, with respect to distribution rights and rights upon liquidation, dissolution or winding-up of the affairs of the Operating Partnership, rank senior to all
classes of the Common Units (as defined herein) and each other class of the Operating Partnership’s capital interests and any other class or series of preferred units established after the original issue date of the Series A Preferred Units
(the original issue date of Series A Preferred Units, the “Issue Date”) (all such units, collectively, the “Junior Units”), except any such class or series of preferred units as is designated as senior or pari passu
to the Series A Preferred Units. 
 Section 4. Definitions. As used herein, the following terms shall have the following
meanings: 
 (A) “Accrued Distributions” shall mean, with respect to any unit of Series A Preferred Units, as of any date,
the accrued and unpaid distributions on such unit (whether or not declared) from, and including, the most recent Distribution Payment Date (or the Issue Date, if such date is prior to the first Distribution Payment Date) to, but not including, such
date. 
 (B) “Accumulated Distributions” means, with respect to any unit of the Series A Preferred Units, as of any date,
the aggregate accumulated and unpaid distributions, if any, on such unit (whether or not declared) from the Issue Date to, but not including, the most recent Distribution Payment Date, and all unpaid Additional Payment and any unpaid additional
amounts in respect of Breaches as set forth in Section 5(A)(i), if any, on such unit. 

  
 B-1 

 (C) “Additional Payment” with respect to any Series A Preferred Units that was
required to be redeemed pursuant to Section 8 and were not so redeemed, an amount equal to 5% per annum of the consideration otherwise due and payable on the Series A Preferred Units not so redeemed in addition to any distributions on such
Series A Preferred Units, compounding quarterly and accruing on a daily basis during the period from the original date of redemption through and including the actual redemption date of such Series A Preferred Units, payable only in U.S. dollars.

 (D) “Breach” means any of the following events: (i) the Operating Partnership’s failure to pay distributions
when due to the holder of the Series A Preferred Units as contemplated in this Certificate of Designation, (ii) the Operating Partnership’s failure to make any redemption payment pursuant to Section 8, (iii) the Operating
Partnership’s failure to make any payment pursuant to Section 6, (iv) the Operating Partnership’s failure to convert Series A Preferred Units pursuant to Section 7, (v) to the extent not set forth in clauses (i) through (iv)
of this definition, the Operating Partnership’s failure to satisfy any of its obligations or covenants set forth herein, and (vi) the Operating Partnership becoming the subject of a petition in bankruptcy or any proceeding related to
insolvency, receivership, liquidation or comparable proceeding or any assignment for the benefit of creditors 
 (E)
“Board” means the board of directors of the Corporation. 
 (F) “Business Day” means any day other than a
Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law or executive order to close. 

(G) “Certificate of Designation” means this certificate of designation for the Series A Preferred Units, as such may be
amended from time to time. 
 (H) “Certificate of Limited Partnership” means the Certificate of Limited Partnership of the
Operating Partnership as filed with the Secretary of State of the State of Delaware, as such may be amended from time to time. 
 (I)
“Code” means the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder. 
 (J)
“Common Units” means common units of the Operating Partnership or any other equity interest of the Operating Partnership into which such Common Units shall be reclassified or changed. 

(K) “Common Shares” means the shares of common stock of the Corporation. 

(L) “Continuing Directors” means (i) individuals who on the Issue Date constituted the Board or (ii) any new
directors whose election or nomination was approved by at least a majority of the directors then still in office who were either directors on the Issue Date or whose election or nomination was previously so approved by holders of the Common Shares
and Series A Preferred Stock. 
 (M) “Corporation” has the meaning given to such term in the Preamble. 

(N) “Deemed Liquidation Event” means any of the following: (i) the lease of all or substantially all of the assets of
either the Corporation or the Operating Partnership to a Person other than OpCo (or another subsidiary of OpCo necessary for the operation of the assets of the Corporation or the Operating Partnership, as the case may be) or the sale, distribution,
transfer or conveyance of all or substantially all of the assets of either the Corporation or the Operating Partnership (in each case whether in one transaction or a series of transactions) to another Person (including any stockholder of the
Corporation) or any Fundamental Transaction in respect of either the Corporation (as defined in the Series A Articles Supplementary) or the Operating Partnership (as defined herein); (ii) an acquisition of the Corporation by another Person by means
of any transaction or series of transactions (including any reorganization, merger, consolidation or share transfer), where the stockholders of the Corporation immediately preceding such transaction own, following such transaction, less than 50% of
the securities of the Corporation entitled to vote generally in the election of the Corporation’s directors; (iii) if any person (including any syndicate or 

  
 B-2 

 
group deemed to be a “person” under Section 13(d)(3) of the Exchange Act and the rules of the SEC thereunder) is or becomes the “beneficial owner” (as determined in
accordance with Rule 13d-3 of the Exchange Act, except that a person will be deemed to own any securities that such person has a right to acquire, whether such right is exercisable immediately or only after
the passage of time), directly or indirectly, of 50% or more of the total voting power of all classes of voting stock of the Corporation; (iv) on the first day on which a majority of the members of the Board does not consist of Continuing
Directors; (v) on approval of a plan of liquidation or dissolution of the Corporation or the Operating Partnership; (vi) if the Corporation ceases to be a REIT or (vii) if the Corporation enters into any
Non-REIT Transaction. Notwithstanding anything to the contrary herein or otherwise, neither the General Partner nor the Corporation shall take any actions that would cause clauses (i) or (ii) of this
definition to occur unless the Operating Partnership or the Corporation, as the case may be, can satisfy all of its obligations under this Certificate of Designation or the Series A Articles Supplementary, as applicable, including its payment
obligations, if any, after giving effect to the matters set forth in clauses (i) or (ii) of this definition, as applicable. 
 (O)
“Distribution Payment Date” has the meaning given to such term in Section 5(B). 
 (P) “Distribution Record
Date” has the meaning given to such term in Section 5(B). 
 (Q) “Exchange Act” means the Securities Exchange
Act of 1934, as amended. 
 (R) “Fundamental Transaction” means any recapitalization, reclassification or change of the
Common Units (other than changes resulting from a subdivision, combination or reclassification of the type described in Section 7(D)(iii) of the Series A Articles Supplementary), a consolidation, merger (excluding a merger solely for the
purpose of changing the Operating Partnership’s jurisdiction of organization) or combination involving the Operating Partnership, or a sale, lease or other transfer to another Person of all or substantially all of the assets of the Operating
Partnership (or of the Operating Partnership and its subsidiaries on a consolidated basis), or any statutory share exchange, in each case as a result of which the Common Units would be converted into, or exchanged for, stock, other securities, other
property or assets (including cash or any combination thereof). 
 (S) “General Partner” has the meaning given to such term
in the Preamble. 
 (T) “holder” means the beneficial holder of the Series A Preferred Units. 

(U) “Implied Common Equity Value” shall mean $2,684.1 million. 

(V) “Issue Date” has the meaning given to such term in Section 3. 

(W) “Junior Units” has the meaning given to such term in Section 3. 

(X) “Liquidation Event” means any voluntary or involuntary bankruptcy, reorganization, insolvency, liquidation, dissolution
or winding-up of the affairs of the Operating Partnership or any other similar event or proceeding. 

(Y) “Liquidation Preference” means, for each Series A Preferred Unit, the Original Issue Price, plus an amount equal to any
Accumulated Distributions, if any, and Accrued Distributions, if any, to the date of payment of respect of Liquidation Preference. 
 (Z)
“Non-REIT Transaction” shall mean any transaction or series of transactions, including by way of merger or consolidation, a sale of all or substantially all of the assets, stock sale or
otherwise, which causes or is reasonably likely to cause the Corporation or any successor entity resulting from such transaction to cease being a REIT. 

(AA) “Operating Partnership” has the meaning given to such term in the Preamble. 

(BB) “OpCo” shall mean Caesars Entertainment Operating Company, Inc., a Delaware corporation. 

  
 B-3 

 (CC) “Original Issue Price” shall mean $25 per Series A Preferred Unit. 

(DD) “Partnership Agreement” has the meaning given to such term in the Preamble. 

(EE) “per annum” means per calendar year from January 1 until December 31. 

(FF) “Person” means any person, including without limitation any syndicate or group, that would be deemed to be a
“person” under Section 13(d)(3) of the Exchange Act and the rules of the SEC thereunder. 
 (GG) “Plan of
Reorganization” has the meaning given to such term in the Preamble. 
 (HH) “REIT” means a real estate investment
trust within the meaning of Section 856 of the Code. 
 (II) “SEC” means the U.S. Securities and Exchange Commission.

 (JJ) “Securities Act” means the Securities Act of 1933, as amended. 

(KK) “Series A Articles Supplementary” means the Articles Supplementary for the Series A Preferred Stock, as such may be
amended from time to time. 
 (LL) “Series A Preferred Stock” means the shares of preferred stock of the Corporation as
designated by the Series A Articles Supplementary. 
 (MM) “Special Distribution” shall mean the amount per Common Unit of
any extraordinary distribution, special distribution or other distribution that is not a regular quarterly cash distribution. 
 (NN)
“Yield” means the greater of 5% per annum and the distribution rate per annum resulting from (i) the aggregate amount of distributions (including Special Distributions, if any) declared payable to the holders of the Common
Units as of the record date for the Common Units, if such date is concurrent with the Distribution Record Date, or the most recent record date, if any, following the most recent Distribution Record Date if such record date is not concurrent, divided
by (ii) the Implied Common Equity Value. 
 Section 5. Distributions. 

(A) The holder of the Series A Preferred Units is entitled to receive, when, as and if authorized by the General Partner, cumulative
preferential distributions, payable in the manner and at the times provide for in Section 5(B) below, at the rate of the Yield multiplied by the Original Issue Price, payable only in additional Series A Preferred Units; provided, that
(i) in the event of a Breach other than a Breach due to a failure to redeem Series A Preferred Units in accordance with Section 8, the distribution rate of the Series A Preferred Units shall increase by an increment of 2% per annum
(such increment payable solely in U.S. dollars) which amount shall be cumulative, accrue daily and compound quarterly during the period starting from the date of occurrence through and including the date that the Breach is cured and (ii) in the
event of a Breach due to a failure to redeem Series A Preferred Units in accordance with Section 8, the holder shall be entitled to the Additional Payment, payable quarterly in conjunction with the payment of distributions on the Series A
Preferred Units as provided for in Section 5(B). For the avoidance of doubt, the holder of the Series A Preferred Units shall be entitled to receive only a single 2% per annum distribution rate increase during the continuance of any one or more
Breaches subject to clause (i) and the holder shall be entitled to only a single Additional Payment during the continuance of a Breach subject to clause (ii). 

(B) Distributions on the Series A Preferred Units shall be cumulative, accrue daily and compound quarterly at the Yield from the most recent
date to which distributions have been paid, or if no distributions have been paid, from the Issue Date and shall be payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year or, if any such date is
not a Business Day, the next succeeding Business Day commencing January 15, 2018 (each, a “Distribution Payment Date”) in the form of additional Series A Preferred Units, as calculated based on the Liquidation Preference (other
than amounts in respect of Breaches as described in Section 5(A)). Any distribution payable on the Series A Preferred Units for any partial distribution period will be computed on the basis 

  
 B-4 

 
of a 360-day year consisting of twelve 30-day months. Distributions will be payable to the holder of the Series A
Preferred Units as it appears in the unit records of the Operating Partnership at the close of business on the applicable record date, which shall be the date set by the General Partner or, if not set, the last day of the calendar month immediately
preceding the applicable Distribution Payment Date (each, a “Distribution Record Date”). 
 (C) No distributions on the
Series A Preferred Units payable in respect of Breaches as described in Section 5(A) shall be authorized by the General Partner or paid or set apart for payment by the Operating Partnership if such declaration or payment would be prohibited by
law. 
 (D) Notwithstanding the foregoing Section 5(C), distributions on the Series A Preferred Units will accrue daily whether or not
the Operating Partnership has earnings, whether or not there are funds legally available for the payment of such distributions and whether or not such distributions are declared or set aside. Accrued but unpaid distributions on the Series A
Preferred Units will not bear interest and the holder of the Series A Preferred Units will not be entitled to any distributions in excess of the full cumulative and compounded distributions described above. Any distribution payment made on the
Series A Preferred Units shall first be credited against the earliest accumulated but unpaid distribution due with respect to such units that remains payable. 

(E) No distributions (other than a distribution payable solely in Junior Units, cash in lieu of fractional units or cash paid upon redemption
of Common Units in accordance with the terms of the Partnership Agreement) will be declared, made or paid or set apart for payment on any Junior Units, nor may any Junior Units be redeemed, purchased or otherwise acquired for any consideration
(other than repurchases pursuant to binding contractual commitments of Junior Units held by employees, directors or consultants upon termination of their employment or services, the exercise of options settled in Junior Units, or as a result of
forfeiture of Junior Units held by past and present employees or directors for tax withholding purposes) by the Operating Partnership or on its behalf (except by conversion of the Series A Preferred Units into or exchange for Junior Units or
exchange of Junior Units for securities of the Corporation in accordance with the terms of the Partnership Agreement) unless full Accrued Distributions and Accumulated Distributions have been or contemporaneously are declared and paid, or, in the
case of distributions payable in respect of Breaches as described in Section 5(A) above, declared and paid, or declared and a sum sufficient for the payment thereof is set apart for such payment, on the Series A Preferred Units for all
distribution periods ending on or prior to the date of such declaration, payment, redemption, purchase or acquisition; provided, that the foregoing restriction will not limit the acquisition of Common Units or the declaration or payment of cash
distributions on Common Units solely to the extent necessary to preserve the Corporation’s qualification as a REIT. 
 (F) The holder
of the Series A Preferred Units at the close of business on a Distribution Record Date shall be entitled to receive the distribution payment on those units on the corresponding Distribution Payment Date notwithstanding the conversion of such units
following that Distribution Record Date or the Operating Partnership’s default in payment of the distribution due on that Distribution Payment Date. In the event the holder of Series A Preferred Units on a Distribution Record Date surrenders
(or whose transferee surrenders) any units for conversion on the corresponding Distribution Payment Date, the holder shall receive the distribution payable by the Operating Partnership on the Series A Preferred Units on that date, and the holder
need not include payment in the amount of such distribution upon surrender of the Series A Preferred Units for conversion. 

Section 6. Liquidation Preference. 

In the event of any distributions in respect of Series A Preferred Stock in connection with a Liquidation Event or Deemed Liquidation Event,
each Series A Preferred Unit shall be entitled to receive substantially concurrently the same consideration (if cash) or similar consideration (if other than cash) that is received by each corresponding share of Series A Preferred Stock in such
Liquidation Event or Deemed Liquidation Event. 
 Section 7. Conversion of Series A Preferred Units held by the Corporation. In
the event of a conversion of shares of Series A Preferred Stock into Common Shares (w) at the option of the holders of Series A Preferred Stock, (x) at the option of the Corporation, (y) as a result of any mandatory conversion of the
Series A Preferred Stock pursuant to Section 9 or (z) otherwise under the terms of the Series A Articles Supplementary, then, upon conversion of such shares of Series A Preferred Stock, the General Partner shall convert or cause the
conversion of an equal whole number of Series A Preferred Units into Common Units as such shares of Series A Preferred Stock 

  
 B-5 

 
are converted into Common Shares. For the avoidance of doubt, in the event of a mandatory conversion of the Series A Preferred Stock pursuant to Section 9 or otherwise under the terms of the
Series A Articles Supplementary, the Common Units provided upon conversion of the Series A Preferred Units under this Section 7 shall be deemed to be the full payment and satisfaction of any and all distributions accruing and unpaid from and
after the Issue Date up to and including the date of such mandatory conversion and no further effect will be given to such distribution nor will any additional consideration be due and payable in respect thereof. In the event of a conversion of
shares of Series A Preferred Stock into Common Shares, (a) to the extent the Corporation is required to pay cash in lieu of fractional Common Shares pursuant to the Series A Articles Supplementary in connection with such conversion, the
Operating Partnership shall distribute an equal amount of cash to the Corporation and (b) to the extent the Corporation receives cash proceeds in addition to the shares of Series A Preferred Stock tendered for conversion, the Corporation shall
contribute such proceeds to the Operating Partnership. Except as provided in the preceding sentence, the Corporation may not elect under this Certificate of Designation to convert shares of Series A Preferred Units held by it into Common Units. 

Section 8. Redemption of Series A Preferred Units held by the Corporation. In the event of the redemption of shares of Series A
Preferred Stock at the option of the holders of Series A Preferred Stock or otherwise as provided by the terms of the Series A Articles Supplementary, then, upon the redemption of such shares of Series A Preferred Stock, the General Partner shall
redeem or cause the redemption of an equal number of Series A Preferred Units for an amount of consideration per Series A Preferred Unit that is redeemed equal to the amount of consideration for each share of Series A Preferred Stock that has been
redeemed. Except as provided in the preceding sentence, the Corporation may not elect under this Certificate of Designation to redeem Series A Preferred Units held by it. 

Section 9. Other Provisions. 

(A) Unless otherwise specified in this Certificate of Designation, all notices provided hereunder shall be given by first-class mail to the
record holder of Series A Preferred Units at the holder’s address as the same appears on the books of the Operating Partnership. Any notice which was mailed in the manner herein provided shall be conclusively presumed to have been duly given
whether or not the holder receives the notice. 
 (B) The Series A Preferred Units shall be issuable only in whole units. 

(C) Any payments required to be made hereunder on any day that is not a Business Day shall be made on the next succeeding Business Day without
interest or additional payment for such delay. 
 (D) The holder of Series A Preferred Units shall not be entitled to any preemptive rights
to acquire additional capital interests of the Operating Partnership. 
 <signature page follows> 

  
 B-6 

 IN WITNESS WHEREOF, the Operating Partnership has caused this Certificate of Designation to be
signed this      day of October, 2017. 
  

			
	 VICI Properties L.P.

		
	 By:
	 	 VICI Properties GP LLC, its General Partner

		
	 By:
	 	 VICI Properties Inc.

		
	 By:
	 	 
		 	 Name:

		 	 Title:

  
 B-7EX-10.25

 Exhibit 10.25 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”), dated as of October 6, 2017, by and between VICI Properties Inc., with its
principal place of business at 8329 W. Sunset Road, Suite 210, Las Vegas, Nevada 89113 (the “Company”), and Edward Baltazar Pitoniak, residing at the address set forth on the signature page hereof (“Executive”).

 WHEREAS, the Company wishes to offer employment to Executive, and Executive wishes to accept such offer, on the terms set forth below.

 Accordingly, the parties hereto agree as follows: 

1. Term. The Company hereby employs Executive, and Executive hereby accepts such employment, for a term (as the same may be extended,
the “Term”) commencing as of the Effective Date and continuing until December 31, 2020 (the “Initial Period”) unless terminated earlier in accordance with the provisions of Section 4. Unless either party
notifies the other party of non-renewal in writing, in accordance with Section 10, not less than 90 days prior to the expiration of the Initial Period or any subsequent renewal period, the Term shall
automatically be extended for successive one-year periods in accordance with the terms of this Agreement (subject to earlier termination as aforesaid). 

2. Duties. During the Term, Executive shall be employed by the Company as Chief Executive Officer of the Company, and, as such,
Executive shall report directly to the Board of Directors of the Company (the “Board”). As long as Executive serves as the Chief Executive Officer of the Company, the Company shall cause the Executive to be nominated to serve on the
Board, subject to the limitations of applicable law, each time that his term as a director is set to expire. Executive shall faithfully perform for the Company the duties of said office and shall perform such other duties of an executive, managerial
or administrative nature as shall be specified and designated from time to time by the Board, which duties shall not be materially inconsistent with the duties performed by executives holding similar offices with comparable companies. Executive
shall devote substantially all of his business time and effort to the performance of his duties hereunder, except that Executive may devote reasonable time and attention to civic, charitable, business or social activities so long as such activities
do not interfere with Executive’s employment duties. In addition, Executive will be permitted to serve, with the prior written consent of the Board, as a member of the board of directors or advisory boards (or their equivalents, in the case of
a non-corporate entity) of non-competing businesses. Executive shall comply with the policies, procedures, standards, and regulations established from time to time by
the Company (the “Policies”). Executive shall obtain and keep in full force and effect throughout the Term all gaming licenses or approvals necessary or appropriate for Executive’s position. During the Term, Executive shall be
based in the Company’s offices in New York, NY, except for reasonably required travel on the Company’s business consistent with Executive’s position. 

 3. Compensation. 

3.1 Salary. For purposes of this Agreement, a “Contract Year” shall mean each calendar year during the Term. The
Company shall pay Executive a base salary at the rate of $725,000 per annum (the “Initial Annual Salary”), in accordance with the customary payroll practices of the Company applicable to senior executives, but not less frequently
than monthly. The Compensation Committee of the Board (the “Compensation Committee”) shall review Executive’s base salary each Contract Year and may increase such amount as it may deem advisable (such salary, as the same may be
increased, the “Annual Salary”). The Annual Salary shall be prorated (on the basis of a 365-day year) for any partial Contract Year. 

3.2 Bonus and Incentive Compensation. Executive will be entitled to participate in the Company’s annual bonus program as follows:

 (a) Annual Bonus Compensation. Executive shall be eligible to receive a bonus each Contract Year commencing with the 2018 Contract
Year (“Annual Bonus”) with a target amount equal to 100% of Annual Salary (“Target Bonus”) and a maximum amount equal to 200% of Annual Salary. Executive’s Annual Bonus shall be based on performance goals for
the applicable year, all of which shall be determined by the Compensation Committee, which also shall determine the levels of performance below which no bonus will be payable. The Annual Bonus shall be paid on a date within the 74-day period commencing on January 1 of the year following the year in which the applicable performance period ends. The payment of any Annual Bonus following Executive’s termination of employment shall
be as set forth in Section 4. 
 (b) Initial Bonus. Executive shall receive an initial cash bonus as of the Effective Date of
$161,500. 
 (c) Equity Incentive Awards. Executive shall receive each Contract Year commencing with the 2018 Contract Year awards
under the Company’s equity incentive plan or such other plans or programs as the Compensation Committee shall determine with a target value, as determined by the Compensation Committee, of at least 250% of Annual Salary. 

(d) Initial Equity Grant. In order to align the interests of Executive with the interests of the Company’s shareholders, Executive
shall receive a long-term incentive award under the Company’s equity incentive plan with a fair market value equal to $1,250,000, valued as of the Effective Date based on an independent appraisal of the value of the Company’s common stock
as of the Effective Date. Such award shall be as soon after the Effective Date as the Compensation Committee determines the fair market value. Such award shall vest at the rate of 25% on each of the first four anniversaries of the grant date. 

(e) 2017 (Stub Period) Incentive Compensation. Executive shall receive a bonus for the 2017 Contract Year comprised of (i) shares
of the Company’s common stock with a fair market value equal to $500,000 (the “Share Bonus”), measured as of January 15, 2018, rounded up to the nearest whole share and (ii) $150,000 in cash. Such bonus shall be paid
within the 74-day period commencing on January 1, 2018. No portion of the Share Bonus shall be transferable and no portion may be encumbered until January 15, 2020. 

(f) Clawback. Notwithstanding any provision in this Agreement to the contrary, amounts payable hereunder shall be subject to clawback or
disgorgement, to the extent applicable, under (A) the Policies or any claw-back policy adopted by the Company, (B) the Dodd-Frank Wall Street Reform and Consumer Protection Act, as amended, and rules,

  
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regulations, and binding, published guidance thereunder, which legislation provides for the clawback and recovery of incentive compensation in the event of certain financial statement
restatements and (C) the Sarbanes-Oxley Act of 2002. If pursuant to Section 10D of the Securities Exchange Act of 1934, as amended (the “Act”), the Company or any Company Affiliate (as defined below) would not be eligible
for continued listing, if applicable, under Section 10D(a) of the Act if it (or they) did not adopt policies consistent with Section 10D(b) of the Act, then, in accordance with those policies that are so required, any incentive-based
compensation payable to Executive under this Agreement or otherwise shall be subject to claw-back in the circumstances, to the extent, and in the manner, required by Section 10D(b)(2) of the Act, as interpreted by rules of the Securities
Exchange Commission. Nothing in this provision is intended to supersede any existing or future claw-back provision adopted or amended by the Company, including, but not limited to the provision that may be set forth in the Company’s equity
incentive plan. For purposes of this Agreement a “Company Affiliate” shall mean any individual or entity that directly or indirectly controls, is controlled by, or is under common control with the Company. 

3.3 Benefits. Executive shall be permitted during the Term to participate in any group life, hospitalization or disability insurance
plans, health programs, retirement plans, fringe benefit programs and similar benefits that may be available to other senior executives of the Company generally, on the same terms as such other executives, in each case to the extent that Executive
is eligible under the terms of such plans or programs. Executive shall be entitled to paid vacation in accordance with the normal vacation policies of the Company, as applicable to employees at Executive’s level. 

3.4 Expenses. The Company shall pay or reimburse Executive for all ordinary and reasonable out-of-pocket expenses incurred by Executive during the Term in the performance of Executive’s services under this Agreement; provided that such expenses are incurred and accounted for by Executive in
accordance with the relevant Company Policies. 
 3.5 Relocation Expenses. The Company shall pay or reimburse Executive for all
ordinary and reasonable expenses incurred by Executive related to Executive’s relocation to New York metropolitan area, including moving expenses, temporary housing, and associated expenses, which expenses are anticipated to be approximately
$75,000. 
 4. Termination of Employment. 

4.1 Termination by the Company for Cause; Termination by Executive without Good Reason. 

(a) The Company shall have the right to terminate Executive’s employment for Cause. Upon the reasonable belief by the Board that Executive
has committed an act (or has failed to act in a manner) which constitutes Cause, the Board may immediately suspend Executive from Executive’s duties herein and bar Executive from its premises during the period of the Company’s
investigation of such acts (or failures to act) (the “Investigation Period”) and any such suspension shall not be deemed to be a breach of this Agreement by the Company or the Executive and/or otherwise provide Executive a right to
terminate Executive’s employment for Good Reason; provided, however, that the Company shall have the right to terminate 

  
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Executive’s employment for Cause immediately and nothing in this Agreement shall require the Company to provide an Investigation Period or otherwise provide advance notice of termination for
Cause, except to the extent that a cure period is available as provided for herein. To the extent that the events giving rise to Cause are, in the reasonable determination of the Board, able to be cured, the Company shall provide the Executive with
written notice setting out the events giving rise to Cause and provide Executive with a 5-day period in which to cure such events prior to terminating Executive’s employment for Cause. For purposes of
this Agreement, “Cause” shall mean: 
  

	 	(i)	Executive’s commission of, guilty plea or plea of no contest to, a felony or a misdemeanor (or its equivalent under applicable law), 

 

	 	(ii)	conduct by Executive that constitutes fraud or embezzlement, or any acts of dishonesty in relation to Executive’s duties with the Company, 

 

	 	(iii)	Executive’s gross negligence, bad faith, or misconduct which causes either reputational or economic harm to the Company or any Company Affiliate, as determined by the Board in its sole discretion,

  

	 	(iv)	Executive’s willful refusal or failure to perform Executive’s duties hereunder, as determined by the Board in its sole discretion, 

 

	 	(v)	Executive’s refusal or failure to perform any reasonable directive of the Company, 

  

	 	(vi)	Executive’s knowing misrepresentation of any material fact that the Company reasonably requests, 

  

	 	(vii)	Executive being found unsuitable for, or having been denied, a gaming license, or having such license revoked by a gaming regulatory authority in any jurisdiction in which the Company or any Company Affiliate conducts
operations, 

  

	 	(viii)	Executive’s violation, as determined by the Board, of any securities or employment laws or regulations, or 

  

	 	(ix)	Executive’s breach of Executive’s obligations under this Agreement or violation of the Policies, as determined by the Board in its sole discretion. 

For purposes of clause (iii) above, an act or omission shall not be deemed to be bad faith or misconduct if taken or omitted in the good faith belief
that such act or omission was in, or not opposed to, the best interests of the Company. 
 (b) The Company may terminate Executive’s
employment hereunder for Cause as set forth above, and Executive may, upon 90 days prior written notice to the Company, terminate his employment at any time. If the Company terminates Executive’s employment for Cause, or Executive terminates
his employment and the termination by Executive is not covered by Section 

  
 - 4 - 

 
4.3 or 4.4, then (i) within ten (10) business days following such termination, the Company shall pay to Executive any unpaid Annual Salary earned through the date of termination,
(ii) within thirty (30) days following such termination or submission of documentation of such expenses, whichever is later, the Company shall reimburse Executive pursuant to Section 3.4 for reasonable expenses incurred but not paid
prior to such termination of employment, and (iii) the Company shall provide to Executive other or additional benefits (if any), in accordance with the then-applicable terms of any then-applicable plan, program, agreement or other arrangement
of any of the Company or any Company Affiliates in which Executive participates (the rights, including the time of payment, described in sub-clauses (i), (ii), and (iii) are collectively referred to as
the “Accrued Obligations”). Executive shall have no further rights to any other compensation or benefits hereunder on or after the termination of employment, or any other rights hereunder. 

4.2 Termination upon Death or Disability. If Executive dies during the Term, the obligations of the Company to or with respect to
Executive shall terminate in their entirety except as otherwise provided under this Section 4.2. If Executive becomes “disabled” (defined for purposes of this Agreement, if Executive by virtue of ill health or other disability is
unable to perform substantially the duties assigned to him for at least 90 consecutive or non-consecutive days out of any consecutive 12-month period), the Company shall
have the right, to the extent permitted by law (including under the Americans with Disabilities Act), to terminate the employment of Executive upon notice in writing to Executive. Upon death or termination of employment by virtue of disability in
accordance with this Section 4.2, Executive (or Executive’s estate or beneficiaries in the case of the death of Executive) shall have no right to receive any compensation or benefits hereunder on and after the effective date of the
termination of employment other than: 
 (A) the Accrued Obligations, as set forth in Section 4.1; 

(B) any Annual Bonus earned for the Contract Year prior to the year of termination but not yet paid, which shall be paid at the date such
Annual Bonus would have been paid had Executive not terminated employment (any such entitlement, including the payment date, an “Accrued Bonus”); 

(C) a cash payment equal to the prorated portion (based on the number of complete months employed during the Contract Year) of the Annual Bonus
that Executive would have received had he not terminated employment (based on the actual level of achievement of the applicable performance goals) for the Contract Year in which Executive’s employment hereunder terminates, payable at such time
as the Annual Bonus would have been paid had Executive not terminated employment, provided, however, that Executive shall not receive the Pro-Rata Bonus if the Company does not pay bonuses to employees
generally for such Contract Year (such entitlement, including the payment date, a “Pro-Rata Bonus”); and 

(D) elimination of any time-based vesting conditions on each outstanding unvested restricted stock, stock option or other equity award and
other incentive award in the Company that Executive had been granted and which Executive then continues to hold. 

  
 - 5 - 

 Executive (or, in the case of his death, his estate and beneficiaries) shall have no further
rights to any other compensation or benefits hereunder on or after the termination of employment, or any other rights hereunder. 
 4.3
Termination by the Company without Cause or by Executive for Good Reason. 
 (a) Good Reason. For purposes of this Agreement,
Executive shall have “Good Reason” to terminate Executive’s employment if, (i) within thirty (30) days after Executive knows (or has reason to know) of the occurrence of any of the following events, Executive provides
written notice to the Company requesting that it cure such event, (ii) the Company fails to cure such event, if curable, within sixty (60) days following such notice, except as set forth below, and, (iii) within ten (10) days
after the expiration of such cure period, Executive terminates his employment: 
  

	 	(i)	a reduction in Executive’s Base Salary or target or maximum bonus opportunity or failure to pay compensation due under this Agreement, which reduction only may be cured within ten (10) days following written
notice by Executive; 

  

	 	(ii)	a material diminution in Executive’s duties or responsibilities or the assignment to Executive of duties materially inconsistent with Executive’s positions, titles, offices, duties, or responsibilities with
the Company (not including any Investigation Period), which diminution or assignment only may be cured within ten (10) days following written notice by Executive; 

 

	 	(iii)	relocation of Executive’s principal business office to any location outside of New York, NY; 

  

	 	(iv)	the Company’s failure to take commercially reasonable best efforts to re-nominate Executive to the Board (unless such nomination is prohibited by legal or regulatory
requirements); or 

  

	 	(iii)	any other material breach by the Company of any of its obligations to the Executive under this Agreement. 

(b) Severance. If the Company terminates Executive’s employment and the termination is not covered by Section 4.1, 4.2, 4.4 or
4.5 or if Executive terminates his employment for Good Reason, the following shall apply: 
  

	 	(i)	The Company shall pay the Accrued Obligations as set forth in Section 4.1. 

  

	 	(ii)	Subject to Executive’s delivery of a separation agreement and release in the form attached hereto as Exhibit A (with such changes as may be necessary due to applicable law) (the “Separation
Agreement”), which Separation Agreement shall have become irrevocable, and subject to Executive’s compliance with the covenants set forth in Section 6, Executive (or Executive’s estate or beneficiaries in the case of
Executive’s death) shall be entitled to: 

  
 - 6 - 

	 	(A)	any Accrued Bonus, paid as set forth in Section 4.2(B); 

  

	 	(B)	a Pro-Rata Bonus, if any, paid as set forth in Section 4.2(C); 

  

	 	(C)	a cash payment equal to 150% of the sum of (i) Executive’s Annual Salary and (ii) Executive’s Annual Bonus at the target level for the Contract Year in which Executive’s employment hereunder
terminates, payable in equal installments over a 12-month period in accordance with the Company’s usual and customary payroll practices; 

 

	 	(D)	a cash payment of $40,000; 

  

	 	(E)	elimination of any time-based vesting conditions on any restricted stock, stock option or other equity awards in the Company that Executive had been granted and which Executive then continues to hold, to the extent then
unvested; 

  

	 	(F)	a pro-rata portion (based on the number of complete months employed during the applicable performance period and applied separately to each performance goal, to the extent
applicable) of outstanding unvested equity awards that are subject to performance-based vesting conditions (whether or not in tandem with time-based vesting conditions) will not be forfeited as of such termination of employment but will continue to
be outstanding until the end of the applicable performance period, at which time they may vest pursuant to achievement of the applicable performance goals; and 

  

	 	(G)	to the extent that Executive holds outstanding vested stock options as of the termination of employment (including to the extent vested pursuant to clause (E) above), such stock options shall remain exercisable
until the date six months after the effective date of such termination of employment, or the option expiration date, if earlier. 

  

	 	(iii)	Subject to Section 4.6, amounts payable pursuant to clause (C) of Section 4.3(b)(ii) shall commence, and the amount payable pursuant to clause (D) of Section 4.3(b)(ii) shall be paid, on the 74th day following the separation from service (the “Payment Commencement Date), provided Executive has delivered the Separation Agreement to the Employer and such Separation Agreement has
become irrevocable, and provided, further, that the first such payment with respect to clause (C) shall be equal to the amount that would have been payable under such clauses between the date of termination and the Payment Commencement Date had
such payments commenced at the separation from service. 

  
 - 7 - 

	 	(iv)	Executive shall have no further rights to any other compensation or benefits hereunder on or after the termination of employment, or any other rights hereunder. 

4.4 Termination by the Company without Cause or by Executive for Good Reason in Connection with a Change in Control. If the Company
terminates Executive’s employment and the termination is not covered by Section 4.1, 4.2 or 4.5, or if Executive terminates his employment for Good Reason, and the date of notice of such termination of employment is either within six
months before or twelve months after a Change in Control, as defined below, the following shall apply in lieu of the provisions of Section 4.3(b): 
  

	 	(i)	The Company shall pay the Accrued Obligations as set forth in Section 4.1. 

  

	 	(ii)	Subject to Executive’s delivery of a Separation Agreement, which shall have become irrevocable, and subject to Executive’s compliance with the covenants set forth in Section 6, Executive (or
Executive’s estate or beneficiaries in the case of the death of Executive) shall be entitled to: 

  

	 	(A)	any Accrued Bonus, paid as set forth in Section 4.2(B); 

  

	 	(B)	a Pro-Rata Bonus, if any, paid as set forth in Section 4.2(C); 

  

	 	(C)	a cash payment equal to 200% of the sum of (i) Executive’s Annual Salary and (ii) Executive’s Annual Bonus at the target level for the Contract Year in which Executive’s employment hereunder
terminates, payable in a lump sum; 

  

	 	(D)	a cash payment of $40,000; 

  

	 	(E)	elimination of all vesting conditions on any restricted stock, stock option or other equity awards in the Company that Executive had been granted and which Executive then continues to hold, to the extent then unvested;
and 

  

	 	(F)	to the extent that Executive holds outstanding stock options as of the termination of employment, such stock options shall remain exercisable until the date six months after the effective date of such termination of
employment, or the option expiration date, if earlier. 

  

	 	(iii)	Subject to Section 4.6, amounts payable pursuant to clauses (C) and (D) of Section 4.4(ii) shall be paid on the Payment Commencement Date, provided Executive has delivered the Separation Agreement to the
Employer and such Separation Agreement has become irrevocable. 

  
 - 8 - 

	 	(iv)	Executive shall have no further rights to any other compensation or benefits hereunder on or after the termination of employment, or any other rights hereunder. 

 

	 	(v)	For purposes of this Agreement, a “Change in Control” shall mean: 

  

	 	(A)	any transaction or group of related transactions (whether a merger, consolidation, sale or otherwise) pursuant to which any Person, as defined below, (in any case, excluding the Company and any Company Affiliate) or
group (within the meaning of Section 13(d)(3) of the Exchange Act) of such Persons acting together pursuant to which such Person or group of Persons acquires a majority of the aggregate voting power of the capital stock ordinarily entitled to
elect directors of the Company; 

  

	 	(B)	any disposition in one transaction or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries, determined on a consolidated basis, to any Person or Persons (in any
case, excluding the Company and any Company Affiliate); or 

  

	 	(C)	within a 12-month period, a majority of the members of the Board cease to be Continuing Directors; as used herein, a “Continuing Director” means any member of the Board
who was a member of such Board on the date hereof; provided that any person becoming a director subsequent to such date whose election or nomination for election was supported by a majority of the directors who then comprised the Continuing
Directors shall be considered to be a Continuing Director. 

 For the purposes hereof, the term “Person” shall mean an
individual, partnership, corporation, limited liability company, association, joint stock company, trust, joint venture, unincorporated organization, association or other entity or a governmental entity. Notwithstanding the foregoing, to the extent
that a Change in Control is the basis for a payment that is subject to Section 409A of the Code, a Change in Control shall be deemed to occur with respect to such payment only if a change in the ownership or effective control of the Company or
a change in the ownership of a substantial portion of the assets of the Company shall also be deemed to have occurred under Section 409A of the Code. 

4.5 Natural Termination. In the event that Executive’s employment by the Company terminates at the scheduled expiration of the Term
because of a non-renewal of the Term as a result of a decision by the Company not to renew as contemplated by and in accordance with the last sentence of Section 1 (and not theretofore under
Section 4.1, 4.2, 4.3 or 4.4), 
  

	 	(i)	Executive shall (subject, in the case of the following clause (C), to Executive’s delivery of a Separation Agreement, which shall have become irrevocable and Executive’s compliance with the covenants set forth
in Section 6) be entitled to: 

  
 - 9 - 

	 	(A)	the Accrued Obligations, paid as set forth in Section 4.1; 

  

	 	(A)	any Accrued Bonus, paid as set forth in Section 4.2(B); and 

  

	 	(C)	elimination of any time-based vesting conditions on any restricted stock, stock option or other equity awards in the Company that Executive had been granted and which Executive then continues to hold, to the extent then
unvested. 

  

	 	(ii)	Executive shall have no further rights to any other compensation or benefits hereunder on or after the termination of employment, or any other rights hereunder. 

4.6 Delay in Payment to a Specified Employee. If Executive is a “specified employee” within the meaning of Treasury Regulation
Section 1.409A-1(i) as of the date of Executive’s separation from service, the provisions of this Section 4.6 shall apply, but only if and to the extent required to avoid the imputation of any
tax, penalty or interest pursuant to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations and interpretive guidance promulgated thereunder (collectively,
“Section 409A”). No distribution shall be made to Executive under Section 4.2, 4.3 or 4.4 of this Agreement before the date that is six months after his separation from service or, if earlier, the date of
Executive’s death. Any amounts otherwise payable to Executive upon or in the six month period following Executive’s separation from service that are not so paid by reason of this Section 4.6 shall be paid (without interest) as soon as
practicable (and in all events within 10 days) after the date that is six months after Executive’s separation from service (or, if earlier, as soon as practicable, and in all events within 10 days, after the date of Executive’s death).

 5. Limitation on Payments. 

5.1 General. In the event that the payments and benefits (the “Payments”) paid or provided to Executive under this
Agreement or otherwise (a) constitute “parachute payments” within the meaning of Section 280G of the Code (“Section 280G”), and (b) but for this Section 5, would be subject to the
excise tax imposed by Section 4999 of the Code (“Section 4999”), then the Payments shall be either (x) delivered in full, or (y) delivered as to such lesser extent which would result in no portion
of the Payments being subject to excise tax under Section 4999, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999, results in the receipt
by Executive on an after-tax basis of the greatest amount of the Payments, notwithstanding that all or some portion of the Payments may be taxable under Section 4999. The provisions of this Section 5
shall apply if, at the time of any change in ownership or control of the Company (within the meaning of Section 280G), the Company is an entity whose stock is readily tradable on an established securities market (or otherwise), within the
meaning of Section 280G. 

  
 - 10 - 

 5.2 Accountants’ Determinations. Unless the Company and Executive otherwise agree in
writing, any determination required under this Section 5 shall be made in writing by the Company’s independent public accountants (the “Accountants”) immediately prior to the transaction described in
Section 280G(b)(2)(A)(i) of the Code, whose determination shall be conclusive and binding upon Executive and the Company for all purposes. For purposes of making the calculations required by this Section 5, the Accountants may make
reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Section 280G and Section 4999. The Company and Executive shall furnish to the
Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section 5. The Company shall bear all costs the Accountants may reasonably incur in connection with any
calculations contemplated by this Section 5. If a reduction in the Payments constituting “parachute payments” as defined in Section 280G is necessary so that benefits are delivered to a lesser extent, reduction will occur in the
following order: (a) reduction of the cash payments and (b) cancellation of accelerated vesting of equity awards. In the event that the accelerated vesting of equity awards is to be cancelled, such vesting acceleration shall be cancelled
in the reverse chronological order of Executive’s equity awards’ grant dates. 
 6.
Non-Competition, Non-Solicitation, and Confidentiality; Certain Other Covenants. Executive acknowledges that: (i) as a result of Executive’s employment
by the Company, Executive has obtained and will obtain Confidential Information (as defined below); (ii) the Confidential Information has been developed and created by the Company and Company Affiliates at substantial expense and the Confidential
Information constitutes valuable proprietary assets of the Company; (iii) the Company and the Company Affiliates will suffer substantial damage and irreparable harm which will be difficult to compute if, during the Term or thereafter, Executive
should violate the provisions of this Section 6; (iv) the nature of the Company’s and the Company Affiliates’ business is such that it can be conducted anywhere in the world and is not limited to a geographic scope or region;
(v) the Company and the Company Affiliates will suffer substantial damage which will be difficult to compute if, during the Term or thereafter, Executive should solicit or interfere with the Company’s or the Company Affiliates’
employees, clients, or customers in violation of the provisions of this Section 6 or should divulge Confidential Information relating to the business of the Company or the Company Affiliates; (vi) the provisions of this Agreement are
reasonable and necessary for the protection of the business of the Company and the Company Affiliates; (vii) the Company would not have hired or continued to employ Executive or grant the benefits contemplated under this Agreement unless
Executive agreed to be bound by the terms hereof; and (viii) the provisions of this Agreement will not preclude Executive from other gainful employment following Executive’s termination from the Company. 

6.1 Disclosure of Confidential Information. Executive acknowledges that the Company will provide Executive with confidential and
proprietary information regarding the business in which the Company and Company Affiliates are involved, and the Company and the Company Affiliates will provide Executive with trade secrets of the Company and the Company Affiliates (hereinafter all
such confidential information and trade secrets referred to as the “Confidential Information”). For purposes of this Agreement, “Confidential Information” includes, but is not limited to: 

  
 - 11 - 

 (a) Information related to the business of the Company and the Company Affiliates, including but
not limited to marketing strategies and plans, sales procedures, operating policies and procedures, pricing and pricing strategies, player identification systems (including information gleaned from Total Rewards), business and strategic plans,
finances, financial management systems, financial statements and projections, accounting and tax positions and procedures, organizational charts, salary and benefit programs, and other business and financial information of the Company and the
Company Affiliates; 
 (b) Information regarding the customers of the Company and the Company Affiliates which Executive acquired as a result
of his employment with the Company, including but not limited to, customer contracts, customer lists, work performed for customers, customer contacts, customer requirements and needs, data used by the Company and the Company Affiliates to formulate
customer proposals, customer financial information and other information regarding the customer’s business; 
 (c) Information regarding
the vendors of the Company and the Company Affiliates which Executive acquired as a result of his employment with the Company, including but not limited to, product and service information and other information regarding the business activities of
such vendors; 
 (d) Training materials developed by and utilized by the Company and the Company Affiliates; 

(e) Any other information which Executive acquired as a result of his employment with the Company and which Executive has a reasonable basis to
believe the Company or the Company Affiliates, as the case may be, would not want disclosed to a business competitor or to the general public; and 

(f) Information which: 
  

	 	(i)	is proprietary to, about or created by the Company or the Company Affiliates; 

  

	 	(ii)	gives the Company or any of the Company Affiliates some competitive advantage, the opportunity of obtaining such advantage or the disclosure of which could be detrimental to the interests of the Company or the Company
Affiliates; 

  

	 	(iii)	is not typically disclosed to non-executives by the Company or otherwise is treated as confidential by the Company or the Company Affiliates; or 

 

	 	(iv)	is designated as Confidential Information by the Company or from all the relevant circumstances should reasonably be assumed by Executive to be confidential to the Company or any Company Affiliates; 

provided, however, that Confidential Information shall not include information which at the time of receipt or thereafter becomes publicly known
or is obtainable in the public domain, in either case through no wrongful act of Executive. 

  
 - 12 - 

 6.2 Covenant Not to Compete. While employed by the Company and, in the event of a
termination of Executive’s employment, for a period of 12 months thereafter in the event of all terminations of employment other than Natural Termination pursuant to Section 4.5, and for a period of 3 months thereafter in the event of a
Natural Termination by reason of Executive’s delivery of a non-renewal notice pursuant to Section 1 (for clarity, the restrictions contained in this Section 6.2 shall terminate on
Executive’s last day of employment where such termination results from the Company’s delivery of a non-renewal notice pursuant to Section 1), in consideration of the obligations of the Company
hereunder, including without limitation its disclosure of Confidential Information to Executive, Executive shall not, directly or indirectly, for compensation or otherwise, engage in or have any interest in (i) Gaming and Leisure Properties,
Inc. and its Subsidiaries and Affiliates, (ii) MGM Growth Properties LLC and its Subsidiaries and Affiliates, and (iii) any sole proprietorship, partnership, corporation, company, association, business or any other person or entity
(whether as an employee, officer, corporation, business or any creditor, consultant or otherwise) that, directly or indirectly, competes with the Company’s “Business” (as defined below) in any and all states in which the Company or
any Company Affiliate conducts such business or within 100 miles of any location where the Company or any Company Affiliate conducts such business while Executive is employed by the Company or any Company Affiliate and, with respect to the period
following the termination of Executive’s employment, within the two-year period preceding such termination of employment; provided, however, Executive may continue to hold securities of the Company or any
Company Affiliate or continue to hold or acquire, solely as an investment, shares of capital stock or other equity securities of any company if (a) he currently holds an interest in such stock or other securities, and before the date hereof has
disclosed to the Board in detail (i) the applicable company (or companies) and (ii) the specific stock or other equity securities of the entity he owns, or (b) the stock or other securities are traded on any national securities
exchange or are regularly quoted in the over-the-counter market, so long as Executive does not control, acquire a controlling interest in, or become a member of a group
which exercises direct or indirect control of more than 1% of any class of capital stock of such entity (other than through an investment in any mutual, private equity or hedge fund or similar pooled investment vehicle). For purposes of this
Agreement, the Company’s “Business” is defined as the ownership or operation of a Real Estate Investment Trust that invests in lines of business in which the Company invests or in which the Company has active plans to invest as
of the date Executive’s employment terminates, and such other businesses conducted by the Company or any Company Affiliate after the date hereof, and from time to time during the Term or such other businesses that the Company or any Company
Affiliate had active plans to engage in as of the date Executive’s employment terminates. 
 6.3
Non-Solicitation of Certain Persons. While employed by the Company and, in the event of a termination of Executive’s employment, for a period of 12 months thereafter, in consideration of the
obligations of the Company hereunder, including without limitation its disclosure of Confidential Information to Executive, Executive shall not, directly or indirectly, for himself or as principal, agent, independent contractor, consultant,
director, officer, member, or employee of any other person, firm, corporation, partnership, company, association, business or other entity, solicit, attempt to contract with, or enter into a contractual or business relationship of any kind
pertaining to any aspect of the Company’s Business, or any other business conducted by the Company or any Company Affiliate at the time of termination of employment or at any time in the prior 12-month
period, with any person or entity with which the Company or any Company Affiliate has any contractual or business relationship of a material operating or strategic nature or in the previous 12 months has engaged in negotiations toward such a
relationship. 

  
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 6.4 Non-Solicitation of Employees. While employed
by the Company and, in the event of a termination of Executive’s employment for a period of 12 months thereafter, in consideration of the obligations of the Company hereunder, including without limitation its disclosure of Confidential
Information to Executive, Executive shall not directly or indirectly, for himself or as principal, agent, independent contractor, consultant, director, officer, member, or employee of any other person, firm, corporation, partnership, company,
association or other entity, either (a) hire, attempt to employ, contact with respect to hiring, solicit with respect to hiring or enter into any contractual arrangement with any employee or former employee of the Company or any Company
Affiliate, or (b) induce or otherwise advise or encourage any employee of the Company or any Company Affiliate to leave his or her employment. 

6.5 Confidentiality. Subject to Sections 6.6 and 6.10, while employed by the Company and after Executive’s employment terminates,
in consideration of the obligations of the Company hereunder, including without limitation its disclosure of Confidential Information to Executive, Executive shall keep secret and retain in strictest confidence, shall not disclose to any
third-party, and shall not use for his benefit or the benefit of others, except in connection with the business affairs of the Company or any Company Affiliate (collectively, the “Benefited Persons”), any Confidential Information
unless such disclosure is required by a valid subpoena or other legal mandate or otherwise by rule of law or other valid order of a court or government body or agency or in any litigation between the Executive and any Benefited Person. In the event
disclosure is so required, Executive shall provide the Company with written notice within three (3) days of receiving such subpoena or other order if legally permitted to do so, and shall cooperate with the Company in seeking an appropriate
protective order and in attempting to keep such information confidential to the maximum extent possible. Executive agrees to promptly deliver to the Company upon request the originals and all copies, in whatever medium, of all such Confidential
Information in Executive’s possession, custody or control. 
 6.6 Permitted Uses of Trade Secrets. Misappropriation of a trade
secret of the Company in breach of this Agreement may subject Executive to liability under the Defend Trade Secrets Act of 2016 (the “DTSA”), entitle the Company to injunctive relief, and require Executive to pay compensatory
damages, double damages, and attorneys’ fees. Notwithstanding any other provision of this Agreement, Executive hereby is notified in accordance with the DTSA that Executive will not be held criminally or civilly liable under any federal or
state trade secret law for the disclosure of a trade secret that is made (a) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, in each case solely for the purpose of reporting or
investigating a suspected violation of law; or (b) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Executive is further notified that if Executive files a lawsuit for retaliation by
the Company for reporting a suspected violation of law, Executive may disclose the Company’s trade secrets to Executive’s attorney and use the trade secret information in the court proceeding if Executive files any document containing the
trade secret under seal and does not disclose the trade secret except pursuant to court order. 

  
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 6.7 Tangible Items. All files, records, documents, manuals, books, forms, reports,
memoranda, studies, data, calculations, recordings, or correspondence, whether visually perceptible, machine-readable or otherwise, in whatever form they may exist, and all copies, abstracts and summaries of the foregoing, and all physical items
related to the business of the Company, whether of a public nature or not, and whether prepared by Executive or not, are and shall remain the exclusive property of the Company, and shall not be removed from its premises, except as required in the
course of Executive’s employment by the Company, without the prior written consent of the Company. Such items, including any copies or other reproductions thereof, shall be promptly returned by Executive to the Company at any time upon the
written request of the Company and in all events upon termination of his employment (or, if requested by the Company, destroyed by Executive). 

6.8 Remedies. The Company and Executive acknowledge and agree that a breach by Executive of any of the covenants contained in this
Section 6 will cause immediate and irreparable harm and damage to the Company and its Affiliates , and that monetary damages will be inadequate to compensate the Company and its Affiliates, , as the case may be, for such breach. Accordingly,
Executive acknowledges that the Company and its Affiliates shall, in addition to any other remedies available to it at law or in equity, be entitled to an injunction from any court of competent jurisdiction enjoining and restraining any violation of
said covenants by Executive or any of his affiliates, associates, partners or agents, either directly or indirectly, without the necessity of posting a bond, or proving the inadequacy of legal remedies or irreparable harm. 

6.9 Modification. If, at any time, a reviewing court of appropriate jurisdiction called upon to issue an injunction in accordance with
Section 6.8 finds any of the provisions of this Section 6 to be invalid or unenforceable under any applicable law, by reason of being vague or unreasonable as to area, duration, or scope of activity, this Agreement shall be considered
divisible and such court shall have authority to modify this Agreement to cover only such area, duration, and scope as shall be determined to be reasonable and enforceable by the court. Executive and the Company agree that this Agreement, as so
amended, shall be valid and binding as though any invalid or unenforceable provision had not been included herein. 
 6.10 Confidential
Disclosure to Governmental and Quasi-Governmental Entities. Nothing in this Agreement prohibits or restricts Executive from reporting possible violations of federal, state, or local law or regulation to, or discussing any such possible
violations with, any governmental agency or entity or self-regulatory organization, including by initiating communications directly with, responding to any inquiry from, or providing testimony before any federal, state, or local regulatory authority
or agency or self-regulatory organization, including without limitation the Securities and Exchange Commission, the Equal Employment Opportunity Commission, FINRA, and the Occupational Safety and Health Administration, or making any other
disclosures that are protected by the whistleblower provisions of any federal, state, or local law or regulation. 
 6.11 Company
Property. The parties hereto agree that any work of authorship, invention, design, discovery, development, technique, improvement, source code, hardware, device, data, apparatus, practice, process, method, or other work product whatever related
to the Company’s or the Company Affiliates’ business (whether patentable or subject to copyright, or 

  
 - 15 - 

 
not, and hereinafter collectively called “discovery”) that Executive, either solely or in collaboration with others, conceives, creates, makes, discovers, invents, develops,
perfects, or reduces to practice during the term of Executive’s employment, whether or not during regular business hours or on the Company’s or any Company Affiliates’ premises, shall be the sole and complete property of the Company
and/or the Company Affiliates. More particularly, and without limiting the foregoing, Executive agrees that all of the foregoing and any (i) inventions (whether patentable or not, and without regard to whether any patent therefor is ever
sought); (ii) marks, names, or logos (whether or not registrable as trade or service marks, and without regard to whether registration therefor is ever sought); (iii) works of authorship (without regard to whether any claim of copyright therein is
ever registered); and (iv) trade secrets, ideas, and concepts (subsections (i) - (iv) collectively, “Intellectual Property Products”) created, conceived, or prepared on the Company’s or the Company Affiliates’
premises or otherwise, whether or not during normal business hours, and related to the Company’s business, shall perpetually and throughout the world be the exclusive property of the Company and/or the Company Affiliates, as shall all tangible
media (including, but not limited to, papers, computer media, and digital and cloud-based of all types and models) in which such Intellectual Property Products shall be recorded or otherwise fixed. Upon termination of Executive’s employment
with the Company for any reason whatsoever, and at any earlier time the Company so requests, Executive will immediately deliver to the custody of the person designated by the General Counsel of the Company all originals and copies of any documents
and other property of the Company or any Company Affiliates in Executive’s possession or under Executive’s custody or control. 

6.12 Works for Hire. Executive agrees that all works of authorship created in whole or in part by Executive during Executive’s
engagement by the Company and related to the Company’s business shall be works made for hire of which the Company or the Company Affiliates is the author and owner of copyright. To the extent that any competent decision-making authority should
ever determine that any work of authorship created by Executive during Executive’s engagement by the Company is not a work made for hire, Executive hereby assigns all right, title, and interest in the copyright therein, in perpetuity and
throughout the world, to the Company. To the extent that this Agreement does not otherwise serve to grant or otherwise vest in the Company or any of the Company Affiliates all rights in any Intellectual Property Product created in whole or in part
by Executive during Executive’s engagement by the Company, Executive hereby assigns all right, title, and interest therein, in perpetuity and throughout the world, to the Company. Executive agrees to execute, immediately upon the Company’s
reasonable request and without any additional compensation, any further assignments, applications, conveyances or other instruments, at any time after execution of this Agreement, whether or not Executive remains employed by the Company at the time
such request is made, in order to permit the Company, the Company Affiliates, and/or their respective successors and assigns to protect, perfect, register, record, maintain, or enhance their rights in any Intellectual Property Product;
provided, that, the Company shall bear the cost of any such assignments, applications, or consequences. 
 7. Litigation
and Regulatory Cooperation. Executive agrees that upon separation for any reason from the Company, Executive will cooperate and assist in all ways reasonably requested by the Company in assuring an orderly transition of all matters being handled
by him, subject however to Executive’s subsequent professional and employment obligations. During the Term and continuing thereafter upon termination of employment, Executive shall reasonably 

  
 - 16 - 

 
cooperate with the Company and the Company Affiliates in the defense or prosecution of any claims or actions now in existence or that may be brought or threatened in the future against or on
behalf of any of the Company, the Company Affiliates, or any divisions, successors, and assigns thereof, about which the Company believes Executive may have relevant information. Executive’s cooperation in connection with such claims or actions
shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company, the Company Affiliates, or any successors and assigns thereof at mutually convenient
times. Executive also shall, subject however to Executive’s subsequent professional and employment obligations, cooperate fully with the Company in connection with any investigation or review by any federal, state, or local regulatory authority
as any such investigation or review relates to events or occurrences that transpired while Executive was employed by the Company. Executive’s cooperation and assistance pursuant to this Section 7 shall be without additional consideration;
provided, that, the Company will pay in advance for Executive’s reasonable travel expenses incurred with respect to such cooperation and assistance. Executive shall not be required to cooperate against his legal interests or the
legal interests of any entity that is then his employer. 
 8. Dispute Resolution. Except with respect to claims arising out of or
related to a breach or alleged breach of Section 6, which claims may be brought in court, all disputes between the parties or any claims concerning the performance, breach, construction or interpretation of this Agreement, or in any manner
arising out of this Agreement or Executive’s employment by the Company, shall be submitted to binding arbitration in accordance with the Employment Arbitration Rules, as amended from time to time, of the American Arbitration Association (the
“AAA”), which arbitration shall be carried out in the manner set forth below: 
  

	 	(i)	Such arbitration shall be conducted in New York, New York or such other location as the Company’s headquarters may be located at such time, and the arbitrator will apply New York law, including federal law as
applied in New York courts. The arbitration shall be conducted in accordance with the AAA’s Employment Arbitration Rules, as modified by the terms set forth in this Agreement. The arbitration will be conducted by a single arbitrator, who shall
be an attorney who specializes in the field of employment law and shall have prior experience arbitrating employment disputes. The fees and costs of the arbitrator and/or the AAA shall be divided among the Company and Executive, subject to
reallocation as provided in Section 8(iv) below. 

  

	 	(ii)	The arbitrator shall not have the authority to modify the terms of this Agreement except to the extent that the Agreement violates any governing statue, in which case the arbitrator may modify the Agreement solely as
necessary to not conflict with such statute. The arbitrator shall have the authority to award any remedy or relief that a court of the State of New York or federal court located in the State of New York could grant in conformity with the applicable
law on the basis of claims actually made in the arbitration. The arbitrator shall render an award and written opinion which shall set forth the factual and legal basis for the award. 

  
 - 17 - 

	 	(iii)	The award of the arbitrator shall be final and binding on the Company and Executive, and judgment on the award may be confirmed and entered in any state or federal court located in New York, New York. The arbitration
shall be conducted on a strictly confidential basis, and Executive shall not disclose the existence of a claim, the nature of a claim, any documents, exhibits, or information exchanged or presented in connection with any such a claim, or the result
of any arbitration (collectively, “Arbitration Materials”), to any third party, with the sole exception of Executive’s legal counsel, who Executive shall ensure adheres to all confidentiality terms in this Agreement. In the
event of any court proceeding to challenge or enforce an arbitrator’s award, the Company and Executive hereby consent to the exclusive jurisdiction of the state and federal courts in New York and agree to venue in that jurisdiction. The Company
and Executive agree to take all steps necessary to protect the confidentiality of the Arbitration Materials in connection with any such proceeding, agree to file all Confidential Information (and documents containing Confidential Information) under
seal to the extent possible, and agree to the entry of an appropriate protective order encompassing the confidentiality terms of this Agreement. 

  

	 	(iv)	Each of the Company and Executive agrees to pay its own costs and fees in connection with any arbitration of a dispute arising under this Agreement, and any court proceeding arising therefrom, provided, however, that
(a) the arbitrator shall be authorized to award attorneys’ fees and costs to any party in accordance with applicable law and (b) the arbitrator shall award to the party substantially prevailing in such arbitration his or its costs,
including reasonable attorneys’ fees. 

  

	 	(v)	TO THE EXTENT ANY DISPUTE IS FOUND NOT TO BE SUBJECT TO THIS ARBITRATION PROVISION, BOTH THE COMPANY AND EXECUTIVE HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO TRIAL BY JURY. 

EXECUTIVE ACKNOWLEDGES THAT EXECUTIVE HAS CAREFULLY READ THIS SECTION 8, VOLUNTARILY AGREES TO ARBITRATE ALL DISPUTES, AND HAS HAD THE OPPORTUNITY TO REVIEW
THE PROVISIONS OF SECTION 8 WITH ANY ADVISORS AS EXECUTIVE CONSIDERED NECESSARY. BY SIGNING BELOW, EXECUTIVE SIGNIFIES EXECUTIVE’S UNDERSTANDING AND AGREEMENT TO SECTION 8. 

9. Severability. As the provisions of this Agreement are independent of and severable from each other, the Company and Executive agree
that if, in any action before any court or agency legally empowered to enforce this Agreement, any term, restriction, covenant, or promise hereof is found to be unreasonable or otherwise unenforceable, then such decision shall not affect the
validity of the other provisions of this Agreement, and such invalid term, restriction, covenant, or promise shall also be deemed modified to the extent necessary to make it enforceable. 

  
 - 18 - 

 10. Notice. For purposes of this Agreement, notices, demands and all other communications
provided for in this Agreement shall be in writing and shall be deemed to have been duly given when received if delivered in person, the next business day if delivered by overnight commercial courier (e.g., Federal Express), or the third business
day if mailed by United States certified mail, return receipt requested, postage prepaid, to the following addresses: 
  

	 	(a)	If to the Company, to: 

 VICI Properties Inc. 

8329 W. Sunset Road, Suite 210 

Las Vegas, Nevada 89113 
 Attn:
General Counsel 
  

	 	(b)	If to Executive, to: 

 Edward Baltazar Pitoniak 

at the address on record with the Company 

with a copy to: 

Katzke & Morgenbesser LLP 

1345 Avenue of the Americas, 11th Floor 

New York, New York 10105 
 Attn:
Andrew O’Brien, Esq. 
 Either party may change its address for notices in accordance with this Section 10 by providing written notice of such
change to the other party. 
 11. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the
State of New York applicable to contracts to be performed therein. 
 12. Benefits; Binding Effect; Assignment. This Agreement shall
be binding upon and inure to the benefit of the parties and their respective heirs, personal representatives, legal representatives, successors and permitted assigns. Executive shall not assign this Agreement or any of Executive’s obligations
hereunder in whole or in part. However, the Company is expressly authorized to assign this Agreement to a Company Affiliate upon written notice to Executive, provided that (a) the assignee assumes all of the obligations of the Company under
this Agreement, (b) Executive’s role when viewed from the perspective of Company Affiliates in the aggregate is comparable to such role immediately before the assignment, and (c) the Company, for so long as an affiliate of the
assignee, remains secondarily liable for the financial obligations hereunder. 

  
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 13. Attorneys’ Fees. The Company agrees to reimburse Executive up to $25,000 for his
reasonable legal fees incurred in reviewing this Agreement. 
 14. Interpretation. As both parties have had the opportunity to
consult with legal counsel of their own choosing, no provision of this Agreement shall be construed against or interpreted to the disadvantage of any party by reason of such party having, or being deemed to have, drafted, devised, or imposed such
provision. 
 15. Entire Agreement. This Agreement constitutes the entire agreement between the parties, and all prior
understandings, agreements or undertakings between the parties concerning Executive’s employment or the other subject matters of this Agreement are superseded in their entirety by this Agreement. 

16. Waivers and Amendments. This Agreement may be amended, superseded, canceled, renewed or extended, and the terms hereof may be
waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance. No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor
shall any waiver on the part of any party of any such right, power or privilege nor any single or partial exercise of any such right, power or privilege, preclude any other or further exercise thereof or the exercise of any other such right, power
or privilege. 
 17. No Duty to Mitigate. Executive shall not be required to mitigate damages or the amount of any payment provided
for under this Agreement by seeking other employment or otherwise, nor will any payments hereunder be subject to offset in the event Executive does mitigate. 

18. Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original, but which together shall be
one and the same instrument. 
 19. Tax Advice. Executive confirms and represents to the Company that he has had the opportunity to
obtain the advice of legal counsel, financial and tax advisers, and such other professionals as he deems necessary for entering into this Agreement, and he has not relied upon the advice of the Company or the Company’s officers, directors, or
employees. 
 20. Withholding. Any payments made to Executive under this Agreement shall be reduced by any applicable withholding
taxes or other amounts required to be withheld by law or contract. 
 21. Section 409A. This Agreement is intended
to comply with, or be exempt from, the requirements of Section 409A, with respect to amounts subject thereto, and shall be interpreted and construed consistent with that intent. No expenses eligible for reimbursement, or in-kind benefits to be provided, during any calendar year shall affect the amounts eligible for reimbursement in any other calendar year, to the extent subject to the requirements of Section 409A, and no such
right to reimbursement or right to in-kind benefits shall be subject to liquidation or exchange for any other benefit. For purposes of Section 409A, each payment in a series of installment payments
provided under this Agreement shall be treated as a separate payment. Any payments to be made under this Agreement upon a termination of employment shall only be made upon a “separation from service” under Section 409A. 

  
 - 20 - 

 22. Survivability. Those provisions and obligations of this Agreement which are intended
to survive shall survive notwithstanding termination of Executive’s employment with the Company. 
 [Signature Page Follows] 

  
 - 21 - 

 IN WITNESS WHEREOF, the parties hereto have signed their names as of the day and year first above
written. 
  

			
	 VICI PROPERTIES INC.

	
	By:       /s/ Craig
Macnab                                        
    
	 Name:  Craig Macnab

	 Title:    Director

	
	 /s/ Edward Baltazar Pitoniak

	 Edward Baltazar Pitoniak

  
 - 22 - 

 EXHIBIT A 

SEPARATION AGREEMENT AND RELEASE 

In consideration of and in accordance with the October 6, 2017 Employment Agreement by and between Edward Baltazar Pitoniak,
(“Executive”) and VICI Properties Inc., with offices at VICI Properties Inc., 8329 W. Sunset Road, Suite 210 Las Vegas, Nevada 89113 (together with its successors and assigns, the “Company”) (“Employment
Agreement”), of which this Exhibit A is part, Executive hereby agrees as follows. All terms not defined in this Separation Agreement and Release (“Separation Agreement”) shall have the same meanings as those set forth in
the Employment Agreement. 
 1. Consideration. Executive acknowledges and agrees that the payments and benefits to be
paid to Executive under Section [4.3][4.4] of the Employment Agreement, as set forth in a schedule hereto (the “Consideration Amounts”), represent good, valuable, and sufficient consideration for signing this Separation Agreement,
and exceed any amounts or interests to which Executive otherwise would be entitled. Executive acknowledges and agrees that except as specifically provided in this Separation Agreement, the Company shall have no other obligations or liabilities,
monetary or otherwise, to Executive following the date hereof and that the payments and benefits contemplated herein constitute a complete settlement, satisfaction, and waiver of any and all claims Executive may have against the Company. 

2. Release of Claims. 

(a) Executive, for Executive, Executive’s spouse, and each of Executive’s heirs, beneficiaries, representatives, agents, successors,
and assigns (collectively, “Executive Releasors”), irrevocably and unconditionally releases and forever discharges the Company, (i) each and all of its predecessors, parents, Subsidiaries, Affiliates, divisions, successors, and
assigns (collectively with the Company, the “Company Entities”), (ii) each and all of the Company Entities’ current and former officers, directors, employees, and, in their respective capacities as such, each and all of the
Company Entities’ shareholders, representatives, attorneys, agents, and assigns(collectively, with the Company Entities, the “Company Releasees”), from any and all causes of action, claims, actions, rights, judgments,
obligations, damages, demands, accountings, or liabilities of any kind or character, whether known or unknown, whether accrued or contingent, that Executive has, had, or may have against them, or any of them, by reason of, arising out of, connected
with, touching upon, or concerning Executive’s employment with the Company, Executive’s separation from the Company, and Executive’s relationship with any or all of the Company Releasees, and from any and all statutory claims,
regulatory claims, claims under the Employment Agreement, and any and all other claims or matters of whatever kind, nature, or description, arising from the beginning of the world up through the Separation Agreement Effective Date (as defined below)
(collectively, the “Released Claims”). Executive acknowledges that the Released Claims specifically include, but are not limited to, any and all claims for fraud, breach of express or implied contract, breach of the implied covenant
of good faith and fair dealing, interference with contractual rights, violation of public policy, invasion of privacy, intentional or negligent infliction of emotional distress, intentional or negligent misrepresentation, defamation, libel, slander,
or breach of privacy; claims for failure to pay wages, benefits, deferred compensation, commissions, bonuses, vacation pay, expenses, 

  
 - 23 - 

 
severance pay, attorneys’ fees, or other compensation of any sort; claims related to stock options, equity awards, or other grants, awards, or warrants; claims related to any tangible or
intangible property of Executive that remains with the Company; claims for retaliation, harassment or discrimination on the basis of race, color, sex, sexual orientation, national origin, ancestry, religion, age, disability, medical condition,
marital status, gender identity, gender expression, or any other characteristic or criteria protected by law; any claim under Title VII of the Civil Rights Act of 1964 (Title VII, as amended), 42 U.S.C. §§ 2000e, et seq., the Civil Rights
Act of 1991, the Civil Rights Act of 1866, the Family and Medical Leave Act (“FMLA”), 29 U.S.C. §§ 2601, et seq., the Fair Labor Standards Act (“FLSA”), 29 U.S.C. §§ 201, et seq., the Equal Pay
Act, 29 U.S.C. §206(a) and interpretive regulations, the Americans with Disabilities Act (“ADA”), 42 U.S.C. §§ 12101, et seq., the Consolidated Omnibus Budget Reconciliation Act of 1986 (“COBRA”), the
Occupational Safety and Health Act (“OSHA”) or any other health and/or safety laws, statutes, or regulations, the Uniformed Services Employment and Reemployment Rights Act (“USERRA”), 38 U.S.C. §§
4301-4333, the Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. §§ 301, et seq., the Immigration Reform and Control Act of 1986, 8 U.S.C. §§ 1101, et seq., or the Internal Revenue Code of
1986, as amended, the Worker Adjustment and Retraining Notification Act; all claims arising under the Sarbanes-Oxley Act of 2002 (Public Law 107-204), including whistleblowing claims under 18 U.S.C.
§§ 1513(e) and 1514A; the applicable state Wage and Hour Laws, and any and all other foreign, federal, state, or local laws, common law, or case law, including but not limited to all statutes, regulations, common law, and other laws in
place in New York, New York. Notwithstanding anything in this Separation Agreement to the contrary, Executive is not releasing pursuant to this Separation Agreement any claims with respect to (i) Annual Salary due under the Employment Agreement
through the date of termination, (ii) vested employee benefits or vested deferred compensation under the Company’s applicable plans and arrangements, (iii) matters which cannot be released under applicable law and/or
(iv) indemnification by the Company to the maximum extent pursuant to its by-laws and to third party directors’ and officers‘ liability or other insurance coverage. 

(b) Executive acknowledges that there is a risk that after the execution of this Separation Agreement, Executive will incur or suffer damage,
loss, or injury that is in some way caused by or connected with Executive’s employment with the Company or its Subsidiaries or Affiliates or Executive’s separation from the Company or its Subsidiaries or Affiliates, and any relationship
with or membership or investment in the Company Releasees, but that is unknown or unanticipated at the time of execution of this Separation Agreement. Executive specifically assumes that risk, and agrees that this Separation Agreement and the
Released Claims apply to all unknown or unanticipated, accrued or contingent claims and all matters caused by or connected with Executive’s employment with the Company or its Subsidiaries or Affiliates and/or Executive’s separation from
the Company or its Subsidiaries or Affiliates, as well as those claims currently known or anticipated. Executive acknowledges and agrees that this Separation Agreement constitutes a knowing and voluntary waiver of any and all rights and claims
Executive does or may have as of the Separation Agreement Effective Date. Executive acknowledges that Executive has waived rights or claims pursuant to this Separation Agreement in exchange for consideration, the value of which exceeds payment or
remuneration to which Executive otherwise would be entitled. 

  
 - 24 - 

 (c) To the extent permitted by law, Executive agrees never to file a lawsuit or other adversarial
proceeding with any court or arbitrator against the Company or any other Company Releasee asserting any Released Claims. Executive represents and agrees that, prior to signing this Separation Agreement, Executive has not filed or pursued any
complaints, charges, or lawsuits of any kind with any court, governmental or administrative agency, arbitrator, or other forum against the Company or any of the other Company Releasees, asserting any claims whatsoever. Executive understands and
acknowledges that, in the event Executive files an administrative charge or commences any proceeding with respect to any Released Claim, or in the event another person or entity does so in whole or in part on Executive’s behalf, Executive
waives and is estopped from receiving any monetary award or other legal or equitable relief in connection with any such proceeding. 
 (d)
Executive represents and warrants that Executive has not assigned, transferred, or permitted the subrogation of any of Executive’s rights, claims, and/or causes of action, including any claims referenced in this Separation Agreement, or
authorized any other person or entity to assert any such claim or claims on Executive’s behalf, and Executive agrees to indemnify and hold harmless the Company against any assignment, transfer, or subrogation of said rights, claims, and/or
causes of action. 
 3. Survival. The following Sections of the Employment Agreement shall remain in full force and
effect following the Termination Date: Section 3.2(f) (“Clawback”), Section 4 (“Termination of Employment”), Section 6 (“Non-Competition,
Non-Solicitation, and Confidentiality; Certain Other Covenants”), Section 7 (“Litigation And Regulatory Cooperation”) Section 8 (“Dispute Resolution”), Section 10
(“Notice”) and Section 12 (“Benefits; Binding Effect; Assignment”). Any disputes arising in connection with this Separation Agreement or otherwise arising between any of Executive Releasors, on the one hand, and any of the
Company Releasees, on the other hand, shall be resolved in accordance with Sections 6 and 8 of the Employment Agreement. 
 4. Tax
Liability. Executive expressly acknowledges that neither the Company nor its attorneys have made any representations to Executive regarding the tax consequences of the consideration provided to Executive pursuant to this Separation
Agreement and Section 9 of the Employment Agreement. It is the intention of the parties to this Separation Agreement that no payments made under this Separation Agreement and/or Section 9 of the Employment Agreement be subject to the
additional tax on deferred compensation imposed by Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), but Company does not guarantee that any such payment complies with or is exempt from Code
Section 409A. Each payment made under this Separation Agreement or Section 9 of the Employment Agreement will be treated as a separate payment for purposes of Code Section 409A and the right to a series of installment payments under
this Separation Agreement is to be treated as a right to a series of separate payments. 

  
 - 25 - 

 5. Knowing/Voluntary Waiver. 

(a) Executive is entitled to consider the terms of this Separation Agreement for twenty-one
(21) days before signing it. If Executive fails to execute this Separation Agreement within this twenty-one (21) day period, this Separation Agreement will be null and void and of no force or effect.
To execute this Separation Agreement, Executive must sign and date the Separation Agreement below, and return a signed copy hereof to Attn: General Counsel, VICI Properties Inc., 8329 W. Sunset Road, Suite 210 Las Vegas, Nevada 89113, (phone): (702)
407-6000, via nationally recognized overnight carrier or email. 
 (b) Executive may revoke this
Separation Agreement within seven (7) days of Executive’s signing it by delivering a written notice of such revocation to Attn: General Counsel, VICI Properties Inc., 8329 W. Sunset Road, Suite 210 Las Vegas, Nevada 89113, (phone): (702) 407-6000, via nationally recognized overnight carrier or email. If Executive revokes this Separation Agreement within seven (7) days of signing it, this Separation Agreement and the promises contained herein or
in Section 9 of the Employment Agreement automatically will be null and void. If Executive signs this Separation Agreement and does not revoke this Separation Agreement within seven (7) days of signing it, this Separation Agreement shall
become binding, effective, and irrevocable on the eighth (8th) day after the Separation Agreement is executed by both parties (the “Separation Agreement Effective Date”). 

(c) Executive acknowledges that Executive (a) has carefully read this Separation Agreement and the Employment Agreement; (b) is
competent to manage Executive’s own affairs; (c) fully understands the Separation Agreement’s and Employment Agreement’s contents and legal effect, and understands that Executive is giving up any legal claims Executive has
against any of the Company Releasees, including but not limited to any and all legal rights or claims under the Age Discrimination in Employment Act of 1967 (“ADEA”) (29 U.S.C. § 626, as amended), and all other federal, state,
foreign, and local laws regarding age discrimination, whether those claims are presently known or hereafter discovered; (d) has been advised to consult with an attorney of Executive’s choosing prior to signing this Separation Agreement, if
Executive so desires; and (e) has chosen to enter into this Separation Agreement freely, without coercion, and based upon Executive’s own judgment, and that Executive has not relied upon any promises made by any of the Company Releasees,
other than the promises explicitly contained in this Separation Agreement. 
 6. Miscellaneous. 

This Separation Agreement may be executed in counterparts, each of which shall be deemed an original, and both of which together shall
constitute one and the same instrument. The section headings in this Separation Agreement are provided for convenience only and shall not affect the construction or interpretation of this Separation Agreement or the provisions hereof. 

This Separation Agreement shall not in any way be construed as an admission that the Company, Executive, or any other individual or entity has
any liability to or acted wrongfully in any way with respect to Executive, the Company, or any other person. 
 This Separation Agreement
shall not be construed against either Party, and no consideration shall be given or presumption made on the basis of who drafted the Separation Agreement or any particular provision hereof or who supplied the form of this Separation Agreement. In
construing the Separation Agreement, (i) examples shall not be construed to limit, expressly or by implication, the matter they illustrate, (ii) the connectives “and,” “or,” and

  
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“and/or” shall be construed either disjunctively or conjunctively so as to construe a sentence or clause most broadly and bring within its scope all subject matter that might otherwise
be construed to be outside of its scope; (iii) the word “includes” and its derivatives means “includes, but is not limited to” and corresponding derivative expressions, (iv) a defined term has its defined meaning
throughout the Separation Agreement, whether it appears before or after the place where it is defined, and (v) the headings and titles herein are for convenience only and shall have no significance in the interpretation hereof. 

The Parties agree that each of the Company Releasees is an intended third party beneficiary of this Separation Agreement and shall have the
authority to enforce the provisions applicable to it, her, or Executive in accordance with the terms of hereof. 
 7. Entire
Agreement. Except as otherwise specifically provided herein, this Separation Agreement constitutes the entire agreement of the Parties with respect to the subject matter hereof, contains all the covenants, promises, representations,
warranties, and agreements between the Parties with respect to Executive’s separation from the Company and all positions therewith; provided, however, that nothing in this Agreement shall supersede the Sections in the Employment
Agreement identified in Paragraph 3 (“Survival”) of this Separation Agreement. Any modification of this Separation Agreement will be effective only if it is in writing and signed by Executive and the Chief Executive Officer or
General Counsel of the Company. 
 [Signature Page Follows] 

  
 - 27 - 

 IN WITNESS WHEREOF, the parties hereto have executed this General Release on this
         day of 
  

			
	 EXECUTIVE

	
	  

Edward Baltazar Pitoniak

	
	 VICI Properties
Inc.

			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 - 28 -

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