Document:

EX-10.2

 Exhibit 10.2 

SECOND AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 CITYCENTER HOLDINGS, LLC 

Dated as of October 16, 2013 

 SECOND AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 CITYCENTER HOLDINGS, LLC 

This Second Amended and Restated Limited Liability Company Agreement (this “Agreement”) is made as of October 16, 2013 (the
“Effective Date”), by and between PROJECT CC, LLC, a Nevada limited liability company (“MGM”) and INFINITY WORLD DEVELOPMENT CORP, a Nevada corporation (“IW”). MGM and IW are hereinafter referred to individually as a
“Member” and collectively as the “Members”. 
 RECITALS 

A. WHEREAS, Mirage Resorts, Incorporated, a Nevada corporation (“Mirage Resorts”) and Dubai World, a Dubai, United
Arab Emirates government decree entity (“Dubai World”) entered into that certain Limited Liability Company Agreement of CityCenter Holdings, LLC dated as of August 21, 2007 (the “Original LLC Agreement”); 

B. WHEREAS, Mirage Resorts assigned all of its rights, title, interest and obligations in and to the Original LLC Agreement to
MGM pursuant to that certain Assignment and Assumption Agreement dated as of November 14, 2007; 
 C. WHEREAS, Dubai
World assigned all of its rights, title, interest and obligations in and to the Original LLC Agreement to IW pursuant to that certain Assignment and Assumption Agreement dated as of November 15, 2007; 

D. WHEREAS, MGM and IW entered into that certain Amendment No. 1 to the Limited Liability Company Agreement of CityCenter
Holdings, LLC dated as of November 15, 2007; 
 E. WHEREAS, MGM and IW entered into that certain Amendment No. 2
to the Limited Liability Company Agreement of CityCenter Holdings, LLC dated as of December 31, 2007; 
 F. WHEREAS,
MGM and IW entered into that certain Amended and Restated Limited Liability Company Agreement dated as of April 29, 2009 (the “Amended and Restated Agreement”); 

G. WHEREAS, MGM, MGM MIRAGE, the Company and IW entered into that certain letter agreement dated April 29, 2009 (the
“Cash Proceeds Letter”); 
 H. WHEREAS, MGM and IW entered into that certain letter agreement dated as of
June 29, 2010 which amended the Amended and Restated Agreement (the “Letter Agreement”); 
 I. WHEREAS, MGM
and IW entered into that Amendment No. 1 to Amended and Restated Limited Liability Company Agreement dated as of July 16, 2013 (“First Amendment”); 

 J. WHEREAS, MGM, through one or more Affiliates, owned the Project Assets; 

K. WHEREAS, MGM previously (i) contributed the Project Assets to CityCenter Land, LLC, a Nevada limited liability company
(“Project Owner”) and, thereafter, (ii) contributed 100% of the membership interests in Project Owner to the Company; 

L. WHEREAS, the Members have formed the Company to own, directly or indirectly through its Subsidiary, Project Owner, and to
manage, design, plan, develop, construct, operate, lease and sell the Project pursuant to the provisions of the Delaware Limited Liability Company Act, 6 Del. C. § 18-101 et seq., as the same may be amended from time to time (the
“Act”); and 
 M. WHEREAS, the Parties desire to amend and restate the Amended and Restated Agreement, as amended
by the Letter Agreement and the First Amendment, in its entirety, in order to set out their agreement as to the conduct of business and the affairs of the Company. 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in
consideration of the mutual promises set forth, the Parties agree as follows: 
 ARTICLE 1 

THE COMPANY 

Section 1.1 Organization. Mirage Resorts and Dubai World formed and established a limited liability company,
called CityCenter Holdings, LLC (the “Company”), under and pursuant to the provisions of the Act, and upon the terms and conditions set forth in the Original LLC Agreement. On November 2, 2007, a certificate of formation for the
Company was filed. 
 Section 1.2 Name. The name of the Company is CityCenter Holdings, LLC, and all business of
the Company shall be conducted solely in such name or in such other name or names as may be Approved by the Board of Directors. 

Section 1.3 Place of Business. The principal office of the Company shall be located at such place within the
County as may be approved by the Managing Member. 
 Section 1.4 Business of the Company. Subject to
Section 1.10 hereof, the business of the Company is to acquire and own the Project Assets and to design, develop, construct, finance, own and operate the Project. In furtherance of its business, the Company shall have and may exercise all the
powers now or hereafter conferred by the laws of the State of Delaware on limited liability companies formed under the laws of that State, and may do any and all things related or incidental to its business as fully as natural persons might or could
do under the laws of that State. Such power shall include, but shall not be limited to, the creation, ownership and operation of one or more wholly owned Subsidiaries for the purposes set forth in Section 1.10 hereof. The Company has registered
to do business in the State of Nevada. 
 Section 1.5 Purposes Limited. Except as otherwise provided in this
Agreement, the Company shall not engage in any other activity or business and none of the Members shall have any authority to hold itself out as an agent of the other Member in any other business or activity. 

  
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 Section 1.6 No Payments of Individual Obligations. The Members shall
use the Company’s credit and assets solely for the benefit of the Company. Other than as set forth in an Additional Agreement, no asset of the Company shall be transferred or encumbered for or in payment of any individual obligation of a
Member. 
 Section 1.7 Statutory Compliance. The Company shall exist under and be governed by, and this
Agreement shall be construed and enforced in accordance with, the laws of the State of Delaware, but excluding its conflict of law principles. The Members shall make all filings and disclosures required by, and shall otherwise comply with, all such
laws. The Members shall execute, file and record in the appropriate records any assumed or fictitious name certificate required by law to be filed or recorded in connection with the formation of the Company and shall execute, file and record such
other documents and instruments as may be necessary or appropriate with respect to the formation of, and conduct of business by, the Company. 

Section 1.8 Title to Property. All property, whether real or personal, tangible or intangible, owned by the
Company or its Subsidiaries shall be owned in the name of the Company or its Subsidiaries, and no Member shall have any ownership interest in such property in its individual name or right and each Member’s interest in the Company shall be
personal property for all purposes. 
 Section 1.9 Duration. The Company commenced on the date of its formation
pursuant to Section 1.1 hereof and shall continue until dissolved and liquidated pursuant to law or any provision of this Agreement. 

Section 1.10 Conduct of Business Through Single Purpose Entities. It is the intention of the Members that the
Company serve as a holding company and operate its business, and own each of the Project Assets, through single purpose wholly owned limited liability companies or other wholly owned entities (each, a “Subsidiary” or, together, the
“Subsidiaries”). 
 Section 1.11 Definitions. As used in this Agreement: 

“Acceptance Notice” has the meaning set forth in Section 11.6(b) hereof. 

“Act” has the meaning set forth in Recital L. 

“actual knowledge” has the meaning set forth in Section 10.1 or Section 10.2 hereof, as applicable. 

“Actual Pre-Closing Residential Proceeds” means the amount set forth on Schedule 1.11 which is the actual amount of
(A) cash proceeds received by MGM or its Affiliates, excluding any cash proceeds returned or refunded, from the sale or a contract to sell any residential units in the Project Components since the inception of the Project to the Closing Date
less (B) the Sales Expenses related to such residential units. 
 “Additional Agreements” means the Development Management
Agreement, the Operations Management Agreements, and the Ancillary Agreements. 
 “Additional Capital Contribution” has the
meaning set forth in Section 3.3(a) hereof and includes Capital Contributions made pursuant to Section 3.3, Section 3.4 and Section 3.5(b) hereof. 

  
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 “Adjusted Capital Account Balance” has the meaning set forth in Section 5.6(a)
hereof. 
 “Affiliate” means a Person which directly, or indirectly through one or more intermediaries, controls, is controlled by
or is under common control with the Person specified; provided, however, that a Member, as such, shall not be deemed to be an Affiliate of the other Member. For the purpose of this definition, “control” (including, with
correlative meanings, the terms “controls,” “controlling,” “controlled by” and “under common control with”), as 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. 

“Agreement” has the meaning set forth in the Preamble. 

“Alternate” has the meaning set forth in Section 9.1(c) hereof. 

“Amended and Restated Agreement” has the meaning set forth in Recital F. 

“Ancillary Agreement” means an agreement between MGM or its Affiliate and the Company providing for a grant of a lease, easement, or
permission to use or occupy any real, personal or intellectual property, including, but not limited to, such matters described in Exhibit B attached hereto. 

“Annual Budget” means, at any time, the annual budget for the day-to-day operations of a Project Component most recently Approved by
the Board of Directors in accordance with the terms of this Agreement. 
 “Appraisal Notice” has the meaning set forth in
Section 13.4 hereof. 
 “Appraised Value” has the meaning set forth in Section 13.4 hereof. 

“Approval” or “Approved” means, with the respect to the Board of Directors, the approval by (i) a majority of all of
the Representatives on the Board of Directors entitled to vote on the matter, (ii) as long as MGM or its Affiliate is a Member, at least one Representative designated by MGM, and (iii) as long as IW or its Affiliate is a Member, at least
one Representative designated by IW. 
 “Approved Counsel” means (i) Lionel Sawyer & Collins,
(ii) Snell & Wilmer, L.L.P., (iii) Brownstein Hyatt Farber Schreck, and (iv) any other attorney duly licensed in the State of Nevada that has been Approved by the Board of Directors or by all Members in writing. 

“Bankruptcy Code” means Title 11 of the United States Code (and any successor thereto), as amended from time to time. 

“Base Profit Interest” has the meaning set forth in Section 3.5(b) hereof. 

“Benchmarking Data” has the meaning set forth in Section 7.8(i) hereof. 

“Bi-Weekly Performance Report” has the meaning set forth in Section 7.8(i) hereof. 

“Board of Directors” has the meaning set forth in Section 9.1(a) hereof. 

  
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 “Business Day” means each day other than a Saturday, Sunday or any day observed by the
Federal, State of Nevada or local government in Las Vegas, Nevada as a legal holiday. 
 “Business Plan” means, collectively, each
of the Component Business Plans and the Project Business Plan, as each may be, from time to time, amended, modified or supplemented in accordance with the terms and provisions of this Agreement. 

“Capital Account” has the meaning set forth in Section 3.7(a) hereof. 

“Capital Contribution” means an Initial Capital Contribution or Additional Capital Contribution. 

“Cash Proceeds Letter” has the meaning set forth in Recital G. 

“Cash Purchase Procedure” has the meaning set forth in Section 4.2(a) hereof. 

“Casino Opening Date” has the meaning set forth in Section 4.2(c)(i) hereof. 

“Closing Date” means November 15, 2007. 

“Code” means the Internal Revenue Code of 1986 (and any successor thereto), as amended from time to time. 

“Company” has the meaning set forth in Section 1.1 hereof. 

“Company Accountants” means Deloitte & Touche, LLP. 

“Company Minimum Gain” has the meaning as set forth in Regulations Sections 1.704-2(b)(2) and 1.704-2(d). 

“Completion Date” has the meaning as set forth in the Amendment to Disbursement Agreement, dated as of April 29, 2009, between
the Company and Bank of America, N.A. 
 “Component Business Plan” has the meaning ascribed to such term in Section 7.8(b)
hereof, as such may be, from time to time, amended, modified or supplemented in accordance with the terms and provisions of this Agreement. 

“Conditional Transfer Price” means, with respect to the Units to be Transferred pursuant to Section 4.2, Section 9.3(d) or
Section 13.4 hereof, 100% of the Appraised Value of such Units. 
 “Condo Proceeds” has the meaning ascribed to the term
“Net Condo Proceeds” in the Credit Facility. 
 “Construction Budget” means, at any time, the budget for the
acquisition, development and construction of the entire Project prepared by, or on behalf of, the Managing Member and Approved by the Board of Directors, setting forth in detail, by category and line item, all Development Costs and all pre-opening
costs, as such budget shall be amended from time to time in accordance with this Agreement. The Construction Budget shall allocate and separate all Development Costs among the various Project Components so that the Construction Budget sets forth a
maximum amount of Development Costs for each Project Component and the sum of the aggregate budgeted 

  
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Development Costs for each Project Component will equal the aggregate amount of the Construction Budget. The Construction Budget was Approved by the Board of Directors on or about March 5,
2009 and is attached hereto as Exhibit I. All future Construction Budgets, including any amendments, modifications and/or supplements thereof and thereto, will be in the same form as the Construction Budget. 

“Construction Completion Guaranty” means that certain Amended and Restated Sponsor Completion Guarantee (MGM MIRAGE) dated as of
April 29, 2009, executed by MGM MIRAGE in favor of the Company and the other Persons named therein, as amended by the Second Amended and Restated Sponsor Completion Guarantee dated as of January 11, 2011 and by the Third Amended and
Restated Sponsor Completion Guarantee dated as of October 16, 2013. 
 “Contractual Obligation” means, as to any Person, any
provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

“Contribution Agreements” means each of the Contribution Agreements dated as of the Effective Date by and between the Company and IW
and MGM, respectively. 
 “County” means Clark County, Nevada. 

“CPI” means the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the United States
Department of Labor, Los Angeles-Anaheim-Riverside, All Items (1982-84 = 100), or any successor index thereto, as such successor index may be appropriately adjusted to establish substantial equivalence with the CPI, or if the CPI ceases to be
published and there is no successor thereto, such other index as shall be Approved by the Board of Directors. 
 “Credit Facility”
means that certain Third Amended and Restated Credit Agreement dated as of the Effective Date by and among the Company, Bank of America, N.A., as Administrative Agent, Bank of America, N.A. as an L/C Issuer, and certain other lenders, as the same
may be further amended or modified following the Effective Date. 
 “Damages” means any loss, cost, liability, claim, damage,
expense (including reasonable attorneys’ fees), demand and cause of action of any nature whatsoever, whether or not involving a third party claim and without taking into account any related insurance payments. 

“Deemed Satisfaction of DW Obligations” has the meaning set forth in Section 15.24 hereof. 

“Deemed Satisfaction of MR Obligations” has the meaning set forth in Section 15.25 hereof. 

“Default Interest Rate” means the Prime Rate plus five percent (5%). 

“Defaulting Member” has the meaning set forth in Section 13.1 hereof. 

“Delinquent Member” has the meaning set forth in Section 3.5 hereof. 

“Depreciation” shall mean, for each Fiscal Year or other period, an amount equal to the depreciation, amortization, or other cost
recovery deduction allowable with respect to an asset for such Fiscal Year or other period for U.S. federal income tax purposes, except that if the Gross Asset 

  
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Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of such Fiscal Year or other period, Depreciation shall be an amount which bears the same ratio
to such beginning Gross Asset Value as the federal income tax depreciation, amortization, or other cost recovery deduction for such Fiscal Year or other period bears to such beginning adjusted tax basis. 

“Development Agreement” means that certain Development Agreement, recorded with Clark County Recorders Office on May 23, 2006
as document number 20030523-0005103, by and among the County of Clark and Project CC, LLC D/B/A Project CityCenter, Bellagio, LLC, The April Cook Companies, Treasure Island Corp., Restaurant Ventures of Nevada, Inc., Victoria Partners, a Limited
Partnership and Boardwalk Casino, Inc. 
 “Development Costs” means, without duplication, all of the following fees, costs and
expenses incurred or to be paid in connection with the Project: (i) all hard construction costs to construct and complete the entire Project in accordance with the Plans, (ii) whether incurred before or after completion of any particular
Project Component, any costs of fit out of such Project Component (which shall include, without limitation, any free rent, tenant improvements or other tenant concessions), (iii) soft costs directly related to the construction of the Project
(such as architect’s fees), incurred since inception of the Project, (iv) other soft costs not directly related to hard construction costs of the Project (such as real estate taxes and insurance premiums), in each case, whether paid or
unpaid, and (v) all fees, costs and expenses incurred to acquire the Project Assets (excluding the initial Capital Contribution of Dubai World pursuant to the Original LLC Agreement). 

“Development Management Agreement” means that certain Development Management Agreement for CityCenter by and among MGM, MGM MIRAGE
and the Company dated November 15, 2007, as amended. 
 “Development Manager” has the meaning ascribed to it in the
Development Management Agreement. 
 “Disposing Member” has the meaning set forth in Section 11.6(a) hereof. 

“Disposition Notice” has the meaning set forth in Section 11.6(a) hereof. 

“Distributable Cash” has the meaning set forth in Section 6.3 hereof. 

“Dubai World” has the meaning set forth in Recital A. 

“DW L/C” means, collectively, (a) that certain letter of credit dated as of April 29, 2009 posted by Dubai World and
issued by Emirates Bank, NBD in favor of the Company in the amount of $408.455 million and (b) the sum of 85.545 million deposited by Dubai World with the lender under the Prior Construction Facility on April 29, 2009. 

“Dubai World Restricted Affiliates” has the meaning set forth in Section 15.21(b) hereof. 

“Effective Date” has the meaning set forth in the Preamble. 

  
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 “Emergency Situation” means a bona fide emergency situation which creates an imminent
risk to life, safety or significant damage to the Project. 
 “Encumbrance” means any monetary mortgage, pledge, Lien, charge,
hypothecation, security interest, or other monetary encumbrances of any nature whatsoever. 
 “Escalation” has the meaning set
forth in Section 9.3(c) hereof. 
 “Event of Bankruptcy” has the meaning set forth in Section 13.1 hereof. 

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

“Financing” means debt financing, which may be unsecured or collateralized by one or more Liens on the Project Assets or any portion
thereof (including purchase money financing collateralized by furniture, furnishings, fixtures, machinery or equipment), to be obtained by the Company from one or more commercial banks or other lenders (including vendors or the Members) for the
purpose of funding the Project. 
 “Financing Documents” means all agreements between the Company and any applicable lender
evidencing any Financing. 
 “First Amendment” has the meaning set forth in Recital I. 

“Fiscal Year” has the meaning set forth in Section 7.5 hereof. 

“Force Majeure” means war, terrorism, explosion, bombing, revolution, riots, civil commotion, strikes, lockout, inability to obtain
labor or materials, fire, flood, storm, earthquake, hurricanes, tornado, drought, tidal waves, settlement of dredged areas or other acts or elements, accident, government restrictions or appropriation or other causes, whether like or unlike the
foregoing, affecting the Project. 
 “Gaming” means to deal, operate, carry on, conduct, maintain or expose for play any game as
defined in applicable Gaming Laws, or to operate an inter-casino linked system. 
 “Gaming Approvals” means with respect to any
action by a particular Person, any consent, finding of suitability, license, approval or other authorization required for such action by such Person from a Gaming Authority or under Gaming Laws. 

“Gaming Authority” means those national, state, local and other governmental, regulatory and administrative authorities, agencies,
boards and officials responsible for or regulating gaming or gaming activities in any jurisdiction and, within the State of Nevada, specifically, the Nevada Gaming Commission, the Nevada State Gaming Control Board, and the Clark County Liquor and
Gaming Licensing Board. 
 “Gaming Components” means all Project Components in which Gaming will take place. 

“Gaming Laws” means those laws pursuant to which any Gaming Authority possesses regulatory, licensing or permit authority over
gaming within any jurisdiction and, within the State of Nevada, specifically, the Nevada Gaming Control Act, as codified in NRS Chapters 462 – 466, and the 

  
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regulations of the Nevada Gaming Commission promulgated thereunder, and the Clark County Code. 

“General Contractors” means the Prime Contractor and any other Person which becomes a general or prime contractor for any portion of the work
contemplated by the Construction Budget or the Plans. 
 “Gross Asset Value” has the meaning set forth in Section 3.9(a) hereof. 

“Harmon Completion Guaranty” means that certain guaranty the form of which shall be negotiated in good faith by the Members and
executed by MGM and MGM MIRAGE in favor of the Company which, among other things, shall provide for MGM’s and MGM MIRAGE’s obligation to pay all costs relating to the completion of the Harmon Hotel in excess of Two Hundred Million Dollars
($200,000,000) plus a cost escalator mutually agreed upon by the Members if the Major Decision to proceed with the completion of the Harmon Hotel is made. 

“Hotel Assets” means, collectively, the following Project Components: (i) the CityCenter Resort and Casino; (ii) the
Mandarin Oriental Hotel/Residences; (iii) the Vdara Condo/Hotel Tower; and (iv) assets related to (i), (ii) and (iii). 
 “Impasse”
has the meaning set forth in Section 9.3(c) hereof. 
 “Impasse Election Date” has the meaning set forth in Section 9.3(d) hereof. 

“Impasse Trigger Date” has the meaning set forth in Section 9.3(d) hereof. 

“Indemnified Party” and “Indemnified Parties” have the meaning set forth in Section 2.5(a) hereof. 

“Indemnifying Party” has the meaning set forth in Section 2.5(c) hereof. 

“Individual Adjusted Profit Interest Addition” has the meaning set forth in Section 3.5(b) hereof. 

“Individual Adjusted Profit Interest Subtraction” has the meaning set forth in Section 3.5(b) hereof. 

“Individual Base Profit Interest Addition” has the meaning set forth in Section 3.5(b) hereof. 

“Individual Base Profit Interest Subtraction” has the meaning set forth in Section 3.5(b) hereof. 

“Initial Capital Contribution” has the meaning set forth in Section 3.2 hereof. 

“Interest” means, with respect to a Member, the percentage ownership interest in the Company represented by the Units owned by such
Member. 
 “IW” has the meaning set forth in the Preamble. 

“IW Default Contributions” means any Additional Capital Contributions made by IW pursuant to Section 3.5(b). 

“IW Gaming Approval” has the meaning set forth in Section 4.2(b) hereof. 

  
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 “IW Indemnitees” has the meaning set forth in Section 13.3(a) hereof. 

“IW L/C Contributions” means any Additional Capital Contributions made by IW pursuant to Section 3.4. 

“IW Special Representative” has the meaning set forth in Section 9.5. 

“IW Tax Liability” has the meaning set forth in Section 4.7(a) hereof. 

“L/C Contribution” means any Additional Capital Contribution made pursuant to Section 3.4. 

“Lease Agreements” has the meaning set forth in Section 4.2(b) hereof. 

“Lending Member” has the meaning set forth in Section 3.5(a) hereof. 

“Letter Agreement” has the meaning set forth in Recital H. 

“Letters of Credit” means, collectively, the DW L/C and the MGM L/C. 

“License Breach” has the meaning set forth in Section 13.1(d) hereof. 

“Lien” or “Liens” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including,
without limitation, any conditional sale or other title retention agreement or lease in the nature thereof). 
 “Major Contract”
means any contract under which the Company would be required to make payments or incur liabilities in excess of $20 million. 
 “Major
Decision” has the meaning set forth in Section 9.3(a) hereof. 
 “Major Lease” means any lease agreement under which the
Company would be required to make payments, receive payments, or incur liabilities, in each case, in excess of $20 million. 

“Managing Member” means MGM or its successor as Managing Member. 

“Material Competitors” means, collectively, the entities identified in Exhibit H attached hereto. 

“Member” and “Members” has the meaning set forth in the Preamble. 

“Member Loan” has the meaning set forth in Section 3.5(a)(i) hereof. 

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

“Member Nonrecourse Debt Minimum Gain” means an amount, with respect to each Member Nonrecourse Debt, equal to the Company Minimum
Gain that would result if such Member Nonrecourse Debt were treated as a nonrecourse liability, determined in accordance with Regulations Section 1.704-2(i)(3). 

“Member Nonrecourse Deductions” has the meaning set forth in Regulations Sections 1.704-2(i)(1) and 1.704-2(i)(2). 

  
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 “MGM” has the meaning set forth in the Preamble. 

“MGM Additional Contribution” has the meaning set forth in Section 4.7(a) hereof. 

“MGM Default Contributions” means any Additional Capital Contributions made by MGM pursuant to Section 3.5(b). 

“MGM Indemnitees” has the meaning set forth in Section 13.3(b) hereof. 

“MGM L/C” means that certain letter of credit dated as of April 29, 2009 posted by MGM MIRAGE and issued by Bank of America,
N.A., in favor of the Company in the amount of $224 million. 
 “MGM L/C Contributions” means any Additional Capital Contributions
made by MGM pursuant to Section 3.4. 
 “MGM MIRAGE” means MGM Resorts International, a Delaware corporation f/k/a MGM
MIRAGE. 
 “MGM MIRAGE Restricted Affiliates” has the meaning set forth in Section 15.21(a) hereof. 

“Mirage Resorts” has the meaning set forth in Recital A. 

“Net Residential Proceeds” means the actual amount of (A) cash proceeds received by the Company or its Affiliates from the sale
of any residential units in the Project Components less (B) the Sales Expenses related to such residential units. 

“Non-Defaulting Member” means a Member who is not a Defaulting Member. 

“Non-Delinquent Member” has the meaning set forth in Section 3.5 hereof. 

“Non-Disposing Member” has the meaning set forth in Section 11.6(b) hereof. 

“Non-Recourse Liability” has the meaning set forth in Regulations Section 1.752-1(a)(2). 

“Offer Notice” has the meaning set forth in Section 11.6(b) hereof. 

“Offer Period” has the meaning set forth in Section 11.6(b) hereof. 

“Offered Units” has the meaning set forth in Section 11.6(a) hereof. 

“Operations Management Agreements” means, collectively, those certain agreements, as amended, listed on Exhibit D attached
hereto. 
 “Operations Manager” has the meaning ascribed to it in the Operations Management Agreements. 

“Original LLC Agreement” has the meaning set forth in Recital A. 

“Original Signing Date” means August 21, 2007. 

  
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 “Party” or “Parties” means MGM, IW, individually or collectively, as
appropriate, and their respective successors and assigns. 
 “Passive Member” has the meaning set forth in Section 11.4(b)(i)
hereof. 
 “People Mover” has the meaning set forth in Section 4.6 hereof. 

“Permitted Transfer” has the meaning set forth in Section 11.2 hereof. 

“Permitted Transferee” means, (i) in the case of MGM: any Person, one hundred percent (100%) of the voting stock or
beneficial ownership of which is owned directly or indirectly, including through subsidiaries, by MGM MIRAGE, and (ii) in the case of IW: any Person, one hundred percent (100%) of the voting stock or beneficial ownership of which is owned
directly or indirectly, including through subsidiaries, by Dubai World. 
 “Person” means any natural person, corporation, limited
liability company, firm, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, governmental or quasi-governmental entity or other entity of similar nature. 

“Plans” means, at any time, the plans and specifications for the construction of the Project, together with all additions,
modifications, supplements, addenda, and change orders thereto and thereof, in each event Approved by the Board of Directors in accordance with Section 7.8 and Section 9.3 hereof. 

“Prime Contractor” means Perini Building Company, Inc., an Arizona corporation, and its successors. 

“Prime Rate” means the “U.S. prime rate” published in the “Money Rates” or equivalent section of the Western
Edition of The Wall Street Journal, provided that if a “prime rate” range is published by The Wall Street Journal, then the highest rate of that range will be used, or if The Wall Street Journal ceases publishing a
prime rate or a prime rate range, then the Managing Member will select a prime rate, a prime rate range or another substitute interest rate index that is based upon comparable information. 

“Prior Construction Facility” means the Credit Agreement dated October 3, 2008 by and among the Company, Bank of America, N.A.
as Administrative Agent, Disbursement Agent, and Swing Line Lender, and certain other lenders, as amended pursuant to Amendment No. 1 to the Credit Agreement dated December 31, 2008, and Amendment No. 2 and Waiver to Credit Agreement
dated as of April 29, 2009. 
 “Profit” and “Loss” shall mean for each Fiscal Year or other period, the taxable
income or tax loss of the Company for federal income tax purposes for such Fiscal Year, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be separately stated pursuant
to Code Section 703(a)(1) shall be included in taxable income or tax loss), with the following adjustments: 
 (i) Any income of the
Company that is exempt from federal income tax and not otherwise taken into account in computing Profits and Losses hereunder shall be added to such taxable income or tax loss; 

  
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 (ii) Any expenditures of the Company described in Code Section 705(a)(2)(B), or treated as
Code Section 705(a)(2)(B) expenditures pursuant to Regulations Section 1.704-1(b)(2)(iv)(i) and not otherwise taken into account in computing Profits and Losses hereunder shall be subtracted from such taxable income or tax loss;

 (iii) In the event the Gross Asset Value of any Company asset is adjusted pursuant to the provisions of this Agreement, the amount of
such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Profits and Losses; 

(iv) 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 with 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; 

(v) In lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such taxable income or tax
loss, there shall be taken into account Depreciation for such Fiscal Year; 
 (vi) To the extent an adjustment to the adjusted tax basis of
any Company asset pursuant to Code Section 734(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 Member’s Interest, 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 Profits and Losses; and 
 (vii) Notwithstanding any other provisions of the
foregoing provisions of this definition, any items which are specially allocated to a Member hereunder shall not be taken into account in computing Profits and Losses. 

“Profit Interest” has the meaning set forth in Section 3.5(b) hereof. 

“Project” means the development known as CityCenter located in the County which is to consist of the Project Components. 

“Project Assets” means all real, personal and intangible property related to or used in connection with any business, operation,
enterprise or development that is the Project, but excluding all real, personal and intangible property related to or used in connection with any business, operation, enterprise or development that is not the Project. A description of a portion of
the property comprising the Project Assets is set forth in Exhibit C attached hereto. 
 “Project Business Plan” has the
meaning ascribed to such term in Section 7.8(a) hereof, as such Project Business Plan may be, from time to time, amended, modified or supplemented in accordance with the terms and provisions of this Agreement. 

“Project Components” means the elements of the Project generally described on Exhibit A attached hereto. 

“Project Owner” has the meaning set forth in Recital K. 

  
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 “Regulations” means the Treasury Regulations promulgated under the Code. 

“Regulatory Allocations” has the meaning set forth in Section 5.5 hereof. 

“Representative” has the meaning set forth in Section 9.1(b) hereof. 

“Sales Expenses” with respect to any residential units within the Project Components, means the sales commissions and marketing
expenses related to the sale of such residential units. 
 “Securities Laws” has the meaning set forth in Section 10.1(j).

 “Selling Member” has the meaning set forth in Section 11.8(a) hereof. 

“Subordinated Notes” means each of the Second Amended and Restated Sponsor Subordinated Notes dated as of January 1, 2011,
issued by the Company in favor of each of IW and MGM MIRAGE, respectively. 
 “Subsidiary” has the meaning set forth in
Section 1.10 hereof. 
 “Tag-Along Notice” has the meaning set forth in Section 11.8(b) hereof. 

“Tagging Member” has the meaning set forth in Section 11.8(b) hereof. 

“Tax Matters Partner” has the meaning set forth in Section 7.4 hereof. 

“Title Policy” means that certain title policy number C30-Z008553 issued by Commonwealth Land Title Insurance Company dated
October 30, 2008. 
 “Transfer” means, with respect to a Unit, to directly or indirectly sell, assign, transfer, give,
donate, pledge, hypothecate, deposit, alienate, bequeath, devise or otherwise dispose of or encumber such Unit. Notwithstanding the foregoing definition of Transfer, the following are not considered Transfers: 

(a) the transfer of interests (in one or more transactions) of an entity that owns, directly or indirectly, any Units if:
(A) the value of the Units held, directly or indirectly, by such entity does not exceed 50% of the fair market value of the total assets of such entity; and (B) the transferor continues to consolidate with the entity for financial
reporting purposes; and 
 (b) an offering of securities by, or a change of control of, MGM MIRAGE. 

“Transfer Breach” has the meaning set forth in Section 13.1(a) hereof. 

“Transferee” means a Person to whom a Transfer is made. 

“True Proceeds” has the meaning set forth in Section 4.7(a) hereof. 

“Unreturned Default Contributions” means (i) as to IW, the IW Default Contributions less the aggregate amount of distributions
made to IW pursuant to Section 6.4(a) hereof and (ii) as to MGM, the MGM Default Contributions less the aggregate amount of distributions made to MGM pursuant to Section 6.4(a) hereof. 

  
 -14- 

 “Unreturned L/C Capital Contributions” means (i) as to IW, the IW L/C
Contributions less the aggregate amount of distributions made to IW pursuant to Section 6.4(b) hereof and (ii) as to MGM, (a) the sum of $270 million as described in Section 3.3 hereof plus (b) the MGM L/C
Contributions less (c) the aggregate amount of distributions made to MGM pursuant to Section 6.4(c) hereof. 

“Unauthorized Action” has the meaning set forth in Section 9.1(a) hereof. 

“Unit” has the meaning set forth in Section 3.1 hereof. 

“Unreturned Investment” for a Member at any given time means the aggregate amount of such Member’s Capital Contribution made up
to that time less the aggregate amount of distributions made to such Member by the Company up to that time. 
 ARTICLE 2

THE MEMBERS 

Section 2.1 Identification. MGM and IW shall be the Members of the Company. No other Person may become a Member
except pursuant to a Transfer specifically permitted under and effected in compliance with this Agreement. 

Section 2.2 Services of Members. During the existence of the Company and, unless otherwise provided in an
Additional Agreement, the Members shall be required to devote only such time and effort to Company business as may be necessary to promote adequately the interests of the Company and the mutual interests of the Members, it being specifically
understood and agreed that the Members shall not be required to devote full time to Company business, and each Member agrees and acknowledges that each Member and its Affiliates currently do, and at any time and from time to time may, engage in and
possess interests in other business or operations of every type and description, independently or with others, including, but not limited to, such business or operations that relate to or compete with the Project; and (i) neither the Company
nor the other Member shall by virtue of this Agreement have any right, title or interest in or to such independent ventures or to the income or profits derived therefrom and (ii) nothing in this Agreement or any Additional Agreements shall be
deemed to limit, restrict, prohibit, or otherwise abridge each Member’s rights or ability to engage in or possess such interests. 

Section 2.3 Reimbursement and Fees. Unless expressly provided for in this Agreement, approved by each of the
Members, or provided for in an Additional Agreement, neither of the Members nor any Affiliate thereof shall be paid any compensation for its management services to the Company provided pursuant to the terms hereof or be reimbursed for out of pocket,
overhead or general administrative expenses. 
 Section 2.4 Transactions with Affiliates. The Company shall be
entitled to employ or retain, or enter into a transaction or contract with a Member or an officer, employee or Affiliate of any Member only after the Board of Directors has Approved such transaction or contract. Other than with respect to fees or
other payment provided for, contemplated, or permitted in an Additional Agreement, the compensation and other terms and conditions of any such 

  
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arrangement with any Member or any officer, employee or Affiliate of any Member shall be no less favorable to the Company than those that could reasonably be obtained at the time from an
unrelated party providing comparable goods or services. Except for and subject to the terms of an Additional Agreement, it is expressly understood and agreed that the Company shall not enter into any contracts with an Affiliate of any Member other
than at such Affiliate’s cost. 
 Section 2.5 Liability of the Members; Indemnification. 

(a) Except as otherwise may be required by applicable law, neither Member nor any officer, director, employee, agent or
Affiliate of a Member nor any other Person that serves at the request of the Members on behalf of the Company including any Representative and the IW Special Representative (each, an “Indemnified Party” and collectively, the
“Indemnified Parties”) shall be liable for damages or otherwise to the Company or the other Member for any act or omission performed or omitted by it within the scope of the authority granted to it by this Agreement so long as such act or
omission shall not constitute bad faith or willful misconduct with respect to such acts or omissions. 
 (b) To the fullest
extent permitted by law, the Indemnified Parties shall be defended, indemnified and held harmless by the Company from and against any and all Damages, arising out of or incidental to any act performed or omitted to be performed by any one or more of
the Indemnified Parties (including, without limitation, to the extent permitted by law, actions or omissions constituting gross negligence) in connection with the business of the Company; provided, however, that such act did not constitute fraud or
willful misconduct on behalf of such Indemnified Party; and provided further, however, that any obligation to an Indemnified Party under this Section 2.5 shall be paid first from insurance proceeds under policies maintained by the Company or
from third party indemnities or guarantees, and to the extent such obligation remains unpaid, it shall be paid solely out of and to the extent of the assets of the Company and shall not be a personal obligation of any Member. To the extent that any
Indemnified Party has, at law or in equity, duties (including, without limitation, fiduciary duties) to the Company, any Member or other Person bound by the terms of this Agreement, such Indemnified Party acting in accordance with this Agreement
shall not be liable to the Company, any Member, or any such other Person for its reliance on (i) the advice of accountants or legal counsel for the Company, or (ii) the provisions of this Agreement. The provisions of this Agreement, to the
extent that they restrict the duties of an Indemnified Party otherwise existing at law or in equity, are agreed by the Parties to replace or modify such other duties to the greatest extent permitted under applicable Law. 

(c) The Company and each Member (if not the Indemnifying Party) shall be indemnified, defended and held harmless by the other
Member (the “Indemnifying Party”) from and against any and all Damages arising out of or incidental to (i) any act performed by the Indemnifying Party (including acts performed as the Member) or its authorized representatives,
officers, employees, directors, shareholders, partners and members that is not performed within the scope of authority conferred upon the Indemnifying Party or the applicable Person under this Agreement, (ii) the fraud or willful misconduct of
the Indemnifying Party or its authorized representatives, officers, employees, directors, shareholders, partners and members or (iii) the breach by the Company of any of its representations or warranties made under any joint venture, purchase,
loan or other agreement entered into in connection with the acquisition of Project Assets, which breach was solely the result of written information or matters pertaining to the Indemnifying Party provided or confirmed by such Indemnifying Party;
provided. however, that the cumulative 

  
 -16- 

 
indemnification obligation of a Member under this Section 2.5 shall in no event exceed the amount of the Unreturned Investment of the other Member at the time of such indemnification. 

(d) To the fullest extent permitted by law, expenses incurred by an Indemnified Party in defending a civil or criminal
action, suit or proceeding arising out of or in connection with this Agreement or the Company’s business or affairs shall be paid by the Company in advance of the final disposition of such action, suit or proceeding upon receipt of an
undertaking by or on behalf of the Indemnified Party to repay such amount plus interest at the Prime Rate if it is ultimately determined that the Indemnified Party was not entitled to be indemnified by the Company in connection with such action.

 (e) The Company may purchase, at its expense, insurance to insure any Indemnified Party against liability for any breach
or alleged breach of its fiduciary responsibilities or any act for which an Indemnified Party may receive indemnification hereunder. 

(f) Any and all indemnity obligations of each Party shall survive any termination of this Agreement or of the Company. 

ARTICLE 3
 CAPITAL CONTRIBUTIONS;
LOANS; CAPITAL ACCOUNTS 
 Section 3.1 Issuance of Units. The Company has issued one hundred
(100) membership units (each a “Unit” and collectively, the “Units”). Each of the Members owns fifty (50) Units. Additional Capital Contributions may be made and, if necessary, additional Units may be issued, in
accordance with terms and conditions approved by the Members. Issuance of additional Units pursuant to this Agreement does not constitute an amendment of this Agreement. Exhibit E attached hereto will be revised from time to time to reflect
the Units issued from time to time to the Members. Units shall represent the Interest (including ownership and voting interest), but not necessarily the Profit Interest, of each Member. 

Section 3.2 Initial Capital Contributions. Through March 26, 2009, each Member or its predecessor-in-interest
made Capital Contributions to the Company (“Initial Capital Contribution”) as set forth on Schedule 3.2. 

Section 3.3 Additional Capital Contributions. In the event that one or both of the Members is required to
contribute additional capital or lend any funds to the Company as expressly provided in this Agreement or the Board of Directors Approves any such additional capital contribution (each, an “Additional Capital Contribution”), except as
otherwise expressly provided in this Agreement, the amounts to be contributed shall be payable by the Members in proportion to their respective Profit Interests or as otherwise expressly provided in this Agreement; provided, however,
that prior to the Effective Date but after March 26, 2009, MGM contributed $270 million to the Company as an Additional Capital Contribution (with a corresponding increase to MGM’s Capital Account) and not as a Member Loan. The Members
shall not be required to contribute additional capital or lend any funds to the Company except as expressly provided in this Agreement. 

  
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 Section 3.4 Letters of Credit; Contribution of Subordinated Notes.

 (a) Pursuant to the Prior Construction Facility, concurrently with $1.8 billion being funded pursuant to the Prior
Construction Facility, (1) MGM delivered or caused to be delivered the MGM L/C and (2) IW delivered or caused to be delivered the DW L/C. The Company was entitled to draw on the Letters of Credit without any further action from the Board
of Directors as provided in the Prior Construction Facility. Each drawdown on a Letter of Credit by the Company has been treated as an Additional Capital Contribution with a corresponding increase to the Capital Account of the Member whose Letter of
Credit was drawn. Draws on the Letters of Credit were made in the following order: 
  

	 	(i)	 the first $135 million from the DW L/C; 

  

	 	(ii)	 the next $224 million from the MGM L/C; and 

  

	 	(iii)	 the next $359 million from the DW L/C. 

(b) Concurrently with the execution and delivery of the Credit Facility, each of IW and MGM have executed and delivered their
respective Contribution Agreements. The contribution by each Member pursuant to each Contribution Agreement will be treated as an Additional Capital Contribution with a corresponding increase to the Capital Account of the Member who executed and
delivered the Contribution Agreement. 
 Section 3.5 Failure to Make a Capital Contribution. If a Member fails
to make any required Capital Contribution as set forth herein from and after the Effective Date (the “Delinquent Member”), then such Delinquent Member shall be subject to the provisions of Article 13. In addition, the Member that did not
fail to make any required Capital Contribution as set forth herein (the “Non-Delinquent Member”) may exercise, on notice to the Delinquent Member, one of the following remedies: 

(a) the Non-Delinquent Member (the “Lending Member”) may advance the portion of the Delinquent Member’s
Capital Contribution that is in default, with the following results: 
 (i) The sum advanced shall constitute a loan from
the Lending Member to the Delinquent Member (each, a “Member Loan”) and a Capital Contribution of that sum to the Company by the Delinquent Member and shall be treated as such by the Parties for U.S. federal, state and local income tax
purposes; 
 (ii) The unpaid principal balance of the Member Loan and all accrued unpaid interest shall be due and payable
on the tenth day after written demand by the Lending Member to the Delinquent Member; 
 (iii) The unpaid balance of the
Member Loan shall bear interest at the Default Interest Rate, compounded monthly, from the day that the advance is deemed made until the date that the Member Loan, together with all accrued interest, is repaid to the Lending Member; 

(iv) All amounts distributable by the Company to the Delinquent Member shall (A) be paid to the Lending Member until the
Member Loan and all accrued interest 

  
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have been paid in full; (B) constitute a distribution to the Delinquent Member followed by a repayment of the Member Loan and accrued interest from the Delinquent Member to the Lending
Member; and (C) be treated as such by the Parties for U.S. federal, state and local income tax purposes; 
 (v) In
addition to the other rights and remedies granted to it under this Agreement, the Lending Member has the right to take any action available at law or in equity, at the cost and expense of the Delinquent Member, to obtain payment from the Delinquent
Member of the unpaid balance of the Member Loan and all accrued and unpaid interest; and 
 (vi) The Delinquent Member
grants to the Company, and to each Lending Member with respect to any Member Loans made to that Delinquent Member, as security, equally and ratably for the payment of all Capital Contributions that the Delinquent Member has agreed to make and the
payment of all Member Loans and interest accrued made by Lending Members to that Delinquent Member, a security interest in its assets under the Uniform Commercial Code of the State of Nevada. On any default in the payment of a required Capital
Contribution or in the payment of a Member Loan to a Lending Member or interest accrued, the Company or the Lending Member, as applicable, is entitled to all the rights and remedies of a secured party under the Uniform Commercial Code of the State
of Nevada with respect to the security interest granted. Each Delinquent Member hereby authorizes the Company and each Lending Member, as applicable, to prepare and file financing statements and other instruments that the Managing Member or the
Lending Member, as applicable, may deem necessary to effectuate and carry out the preceding provisions of this Section 3.5(a). 

(b) the Non-Delinquent Member may contribute the portion of the Delinquent Member’s Capital Contribution that is in
default, with the following results: Immediately following the contribution by the Non-Delinquent Member of a portion or all of the Delinquent Member’s Capital Contribution, the Profit Interest of the Non-Delinquent Member in the Company shall
be increased and the Profit Interest of the Delinquent Member in the Company shall be decreased, with the result that such change in Profit Interest shall be permanent, and the Delinquent Member shall not have the option, other than pursuant to this
Section 3.5(b), to restore its initial Profit Interest by making a curative Capital Contribution at a later time. The resulting Profit Interest of the Non-Delinquent Member shall be the number of percentage points (rounded to the nearest one
hundredth of a percentage point) determined in accordance with the following formula: (A) determine the Profit Interest of the Non-Delinquent Member immediately prior to the corresponding Additional Capital Contribution and (B) add the
Individual Base Profit Interest Addition corresponding to such Member with respect to such Additional Capital Contribution and (C) add the Individual Adjusted Profit Interest Addition corresponding to such Member with respect to such Additional
Capital Contribution. The resulting Profit Interest of the Delinquent Member shall be the number of percentage points (rounded to the nearest one hundredth of a percentage point) determined in accordance with the following formula:
(A) determine the Profit Interest of such Delinquent Member immediately prior to the corresponding Additional Capital Contribution, (B) subtract the Individual Base Profit Interest Subtraction corresponding to such Member with respect to
such Additional Capital Contribution and (C) subtract the Individual Adjusted Profit Interest Subtraction corresponding to such Member with respect to such Additional Capital Contribution. The “Profit Interest” of each of MGM and IW
as of the Effective Date is 50%. The Company shall not issue Units to any Member solely to reflect any increase in any Member’s Profit Interest, and a Member’s Interest shall not be deemed to increase or decrease solely as a result of an

  
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increase or decrease in the Member’s Profit Interest. For purposes of this Section 3.5(b), any failure by MGM or MGM MIRAGE to perform its obligations under the Construction Completion
Guaranty shall be treated in the same manner as a failure of MGM to make a required Capital Contribution and to the extent that IW elects, in its sole and absolute discretion, to cure such failure to perform by advancing funds on MGM’s or MGM
MIRAGE’s behalf, then such advances shall be treated the same as a contribution of MGM’s (as a Delinquent Member) Capital Contribution under this Section 3.5(b). 

For the purposes of this Section 3.5(b), (1) “Base Profit Interest” shall mean, with respect to a Member,
the percentage equivalent of a fraction, the numerator of which shall be the aggregate Capital Contributions made to the Company by such Member pursuant to this Agreement, and the denominator of which shall be the aggregate Capital Contributions
made to the Company by all the Members pursuant to this Agreement, (2) “Individual Adjusted Profit Interest Addition” shall mean the product of (i) 0.5 and (ii) the difference between (A) the Base Profit Interest of
such Member immediately after the corresponding Additional Capital Contribution and (B) the Base Profit Interest of such Member immediately prior to such Additional Capital Contribution, (3) “Individual Base Profit Interest
Addition” shall mean the difference between (A) the Base Profit Interest of such Member immediately after such Additional Capital Contribution and (B) the Base Profit Interest of such Member immediately prior to such Additional
Capital Contribution, (4) “Individual Adjusted Profit Interest Subtraction” shall mean the product of (i) 0.5 and (ii) the difference between (A) the Base Profit Interest of such Member immediately prior to such
Additional Capital Contribution and (B) the Base Profit Interest of such Member immediately after such Additional Capital Contribution, and (5) “Individual Base Profit Interest Subtraction” shall mean the difference between
(A) the Base Profit Interest of such Member immediately prior to such Additional Capital Contribution and (B) the Base Profit Interest of such Member immediately after such Additional Capital Contribution. 

By way of illustration, assume that (A) the Base Profit Interest and the Profit Interest of each Member is fifty
percent (50%), in each case, immediately prior to a Additional Capital Contribution; (B) each of the Parties have made a prior Capital Contribution of $3,000,000,000; (C) the Members approve an Additional Capital Contribution pursuant to
Section 3.3 hereof in the amount of $500,000,000, and (D) IW contributes only $150,000,000 (versus $250,000,000). If MGM contributes the $100,000,000 shortfall by IW in addition to its own $250,000,000 pro rata share of the Capital
Contribution, the resulting Profit Interest of MGM following such contribution would be 52.31%, determined as follows: 

Base Profit Interest of MGM after the Additional Capital Contribution: 

[$3,000,000,000 plus $350,000,000] divided by [$6,500,000,000] = 51.54% 

Base Profit Interest of MGM prior to the Additional Capital Contribution: 

50% 

Individual Adjusted Profit Interest Addition of MGM as a result of the Additional Capital Contribution: 

(51.54%-50%) x 0.5 = 0.77% 

  
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 Individual Base Profit Interest Addition of MGM as a result of the Additional
Capital Contribution: 
 (51.54%-50%) = 1.54% 

Profit Interest of MGM after the Additional Capital Contribution: 

50% + 1.54% + 0.77% = 52.31%. 

Accordingly, the resulting Profit Interest of MGM would be 52.31%. 

Assume that, following such Additional Capital Contribution, each of the Members approve a second Additional Capital
Contribution pursuant to Section 3.3 in the amount of $100,000,000, and IW fails to contribute any of such second Additional Capital Contribution. If MGM contributes the $50,000,000 shortfall by IW in addition to its own $50,000,000 pro
rata share of the second Additional Capital Contribution, the resulting Profit Interest of MGM following such contribution would be 53.41%, determined as follows: 

Base Profit Interest of MGM after the second Additional Capital Contribution: [$3,000,000,000 plus $350,000,000
plus $100,000,000] divided by [$6,600,000,000] = 52.27% 
 Base Profit Interest of MGM immediately prior to the
second Additional Capital Contribution: [$3,000,000,000 plus $350,000,000] divided by [$6,500,000,000] = 51.54% 

Individual Adjusted Profit Interest Addition of MGM as a result of the second Additional Capital Contribution: 

(52.27%-51.54%) x 0.5 = 0.37% 

Individual Base Profit Interest Addition of MGM as a result of the second Additional Capital Contribution: 

(52.27%-51.54%) = 0.73% 

Profit Interest of MGM immediately prior to the second Additional Capital Contribution: 

52.31%. 

Profit Interest of MGM after the second Additional Capital Contribution: 52.31% + 0.73% + 0.37% = 53.41%. 

Section 3.6 Additional Remedies for Failure to Make an Additional Capital Contribution. In addition to the
remedies provided under Section 3.5, the Company may, on notice to a Delinquent Member, take such action, at the cost and expense of the Delinquent Member, to obtain payment by the Delinquent Member of the portion of the Delinquent
Member’s Additional 

  
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Capital Contribution that is in default, together with interest on that amount at the Default Interest Rate from the date that the Additional Capital Contribution was due until the date that it
is made, provided, however, that in the event that a Member fails to make its Additional Capital Contribution within ten (10) Business Days following the receipt of written notice from the other Member that the Additional Capital
Contribution is due, then such Delinquent Member shall also be required to pay the other Member an “inconvenience fee” equal to ten percent (10%) of any Additional Capital Contribution shortfall. The Delinquent Member’s
obligation to make Additional Capital Contributions or repay any Member Loan to a Lending Member shall be recourse to such Delinquent Member (except to the extent and after such time that the Non-Delinquent Member elects to make a contribution of
any portion of the Delinquent Member’s Additional Capital Contribution). The Delinquent Member shall have direct liability for the Delinquent Member’s obligation to make Capital Contributions or repay any loan to a Lending Member. Payment
of interest and the inconvenience fee shall not be treated as Capital Contributions and shall not increase the Capital Account of the paying Member. 

Section 3.7 Capital Accounts. 

(a) There shall be maintained for each Member a separate capital account (“Capital Account”) which shall be
governed and maintained throughout the existence of the Company in accordance with the provisions of Regulations Section 1.704-1(b)(2)(iv). Without limiting the generality of the foregoing, a Member’s Capital Account shall be increased by
(A) the amount of money contributed by such Member to the Company, (B) the Gross Asset Value of any property contributed by such Member to the Company (net of liabilities securing such contributed property that the Company is considered to
assume or take subject to pursuant to Code Section 752), (C) the amount of any Profits allocated to such Member and any items in the nature of income or gain which are specially allocated to such Member hereunder, and (D) the amount
of any Company liabilities assumed by such Member or which are secured by any property distributed to such Member. A Member’s Capital Account shall be decreased by (X) the amount of money and the Gross Asset Value of any property
distributed to such Member by the Company (net of liabilities securing such distributed property that such Member is considered to assume or take subject to under Code Section 752), (Y) the amount of any Losses allocated to such Member and
any items in the nature of expenses or losses which are specially allocated to such Member hereunder, and (Z) the amount of any liabilities of such Member assumed by the Company or which are secured by any property contributed by such Member to
the Company. 
 (b) Notwithstanding Section 3.7(a) above, the principal amount of a promissory note which is not
readily traded on an established securities market and which is contributed to the Company by the maker of the note (or a Person related to the maker of the note within the meaning of Regulations Section 1.704-1(b)(2)(ii)(c)) shall not
be included in the Capital Account of any Person until the Company makes a taxable disposition of the note or until (and to the extent) principal payments are made on the note, all in accordance with Regulations
Section 1.704-1(b)(2)(iv)(d)(2). 
 (c) Upon the Transfer of a Member’s Unit in accordance with the
terms of this Agreement, the Transferee shall succeed to the Capital Account of the transferor to the extent it relates to the transferred Unit. 

(d) The foregoing provisions and the other provisions of this Agreement 

  
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relating to the maintenance of Capital Accounts are intended to comply with Regulations Section 1.704-1(b), and shall be interpreted and applied in a manner consistent with such Regulations.
In the event that at any time during the existence of the Company the Tax Matters Partner, with the advice of legal counsel or accountants, shall determine that it is prudent to modify the manner in which the Capital Accounts, or any debits or
credits thereto, are computed in order to comply with such Regulations, the Tax Matters Partner may make such modification. 

Section 3.8 Return of Capital. Except as specifically provided herein, no Member may withdraw capital from the
Company. To the extent any cash that any Member is entitled to receive pursuant to any provision of this Agreement would constitute a return of capital, each of the Members consents to the withdrawal of such capital. If any capital is, or is to be,
returned to a Member, the Member shall not have the right to receive property other than cash, except as otherwise expressly provided in this Agreement. No interest shall be payable on the Capital Contributions made by the Members to the Company.
The Members hereby agree that any payment received by MGM or its Affiliate pursuant to an Additional Agreement shall not be deemed a withdrawal of capital by, or a return of capital to, MGM or its Affiliates. 

Section 3.9 Gross Asset Value. 

(a) “Gross Asset Value” means, with respect to any asset, the asset’s adjusted basis for U.S. federal
income tax purposes, except as follows: 
 (i) The initial Gross Asset Value for any asset (other than money) contributed
by a Member to the Company shall be as determined by the Members by unanimous approval; 
 (ii) The Gross Asset Value of
all Company assets shall be adjusted to equal their respective gross fair market values, as Approved by the Board of Directors, as of the following times: (i) the acquisition of additional Profit Interests or Units in the Company by any new or
existing Member in exchange for more than a de minimis Capital Contribution; (ii) the distribution by the Company to a Member of more than a de minimis amount of cash or property as consideration for Units in the Company, if (in
any such event) such adjustment is necessary or appropriate, in the reasonable judgment of the Members, to reflect the relative economic interests of the Members in the Company; (iii) the liquidation of the Company for U.S. federal income tax
purposes pursuant to Regulations Section 1.704-1(b)(2)(ii)(g); or (iv) the grant of an interest in the Company (other than a de minimis interest) as consideration for the provision of services to or for the benefit of the Company by
an existing Member acting in a Member capacity, or by a new Member acting in a Member capacity or in anticipation of being a Member; 

(iii) The Gross Asset Value of any Company asset distributed to any Member shall be adjusted to equal its gross fair market
value on the date of distribution as Approved by the Board of Directors; 
 (iv) The Gross Asset Value of the
Company’s 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 Regulation Section 1.704-1(b)(2)(iv)(m) and Section 3.9(c) hereof; provided, however, that Gross Asset Values shall not be adjusted pursuant

  
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to this Section 3.9(a)(iv) to the extent that an adjustment pursuant to Section 3.9(a)(ii) of this definition is necessary or appropriate in connection with a transaction that would
otherwise result in an adjustment pursuant to this Section 3.9(a)(iv); and 
 (v) If the Gross Asset Value of an asset
has been determined or adjusted pursuant to Sections 3.9(a)(i), 3.9(a)(ii) or 3.9(a)(iv) above, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account from time to time with respect to such asset for purposes of
computing Profits and Losses. 
 (b) Upon the occurrence of any event specified in Regulations
Section 1.704-1(b)(2)(iv)(f), the Members, by unanimous approval, may cause the Capital Accounts of the Members to be adjusted to reflect the Gross Asset Value of the Company’s assets at such time in accordance with such Regulation
if the Members, by unanimous approval, determines that the Gross Asset Value of the Company’s assets has materially appreciated or depreciated in such an amount so as to render such adjustment necessary to preserve the economic arrangement of
the Members. 
 (c) To the extent an adjustment to the adjusted tax basis of any Company asset under Code
Section 734(b) or 743(b) is required to be taken into account in determining Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m), the amount of such adjustment to the Capital Accounts shall be treated as an item of
gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such gain or loss shall be specially allocated to the Members in a manner consistent with the manner in which their Capital Accounts are
required to be adjusted pursuant to such section of the Regulations. 
 Section 3.10 Completion Guaranty. Any
payments made by MGM or MGM MIRAGE pursuant to the Construction Completion Guaranty shall not constitute Capital Contributions to the Company, but rather shall be treated as paid outside the Company by MGM or MGM MIRAGE in its individual capacity
and not as (or on behalf) of a Member. Similarly, all distributions received by MGM or MGM MIRAGE pursuant to the Cash Proceeds Letter shall not constitute distributions of Distributable Cash, but rather shall be treated as paid outside the Company.

 Section 3.11 Harmon Completion Guaranty. Any payments made by MGM or MGM MIRAGE pursuant to the Harmon
Completion Guaranty shall not constitute Capital Contributions to the Company, but rather shall be treated as paid outside the Company by MGM or MGM MIRAGE in its individual capacity and not as (or on behalf) of a Member. 

ARTICLE 4
 COVENANTS 

Section 4.1 Intentionally Omitted. 

Section 4.2 Licensing. 

(a) Cooperation. Each Member shall use commercially reasonable efforts to prepare, file and process applications to
obtain all necessary Gaming registrations, licenses, 

  
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findings of suitability and approvals from Gaming Authorities that are required for the Company and its Subsidiaries to operate the Project. Further, each Member shall, and shall use commercially
reasonable efforts to cause the members of such Members to, use commercially reasonable efforts to prepare, file and process applications to obtain all necessary Gaming registrations, licenses, findings of suitability and approvals from Gaming
Authorities that are required in connection with the ownership of an interest in the Company and to obtain as soon as practicable all consents necessary to permit the Company to consummate its purposes as set forth in Section 1.4 hereof without
breaching or violating any applicable Gaming Law. Each Member shall, and shall cause its Affiliates to, (i) reasonably cooperate with any investigation by any Gaming Authority having jurisdiction over any Member or any Affiliate of any Member,
and use its best efforts to promptly comply with any directives of any such Gaming Authority, and (ii) use its commercially reasonable efforts to cause any Transferee of any portion of its Units likewise to so cooperate and comply. Each Member
agrees that it shall not intentionally take any action or omit to take any action that would have the effect of adversely affecting any Gaming registration, license, approval, finding of suitability or permit held by any Member or Affiliate thereof.
The Members and their Affiliates shall fully cooperate in connection with any review of this Agreement by any Gaming Authority. Each Member shall cooperate reasonably and shall (i) furnish upon request to each other such further information,
(ii) execute and deliver to each other such other documents, and (iii) do such other acts and things, as may be reasonably requested by the other Member or the Managing Member in obtaining the licenses and consents referred to in this
Section 4.2. Each Member acknowledges that monetary damages alone would not be adequate compensation for a breach of this Section 4.2 and the Members agree that a non-breaching Member shall be entitled to seek a decree or order from a
court of competent jurisdiction for specific performance to restrain a breach or threatened breach of this Section 4.2 or to require compliance by a Member with this Section 4.2. 

In the event that either Member shall intentionally obstruct the process for the Gaming Approvals in a manner that results in
an unreasonable delay in receiving such Gaming Approvals, then: 
 (i) If IW shall be the party so obstructing and
continuing to obstruct ten (10) Business Days after IW’s receipt of written notice specifying such obstruction from MGM, then, at the election of MGM, either (A) MGM may elect to purchase all rights and title to all of the Units owned
directly or indirectly by IW and its Affiliates at the lesser of (1) the Conditional Transfer Price and (2) the amount of the Unreturned Investment for IW, and IW will Transfer and sell such Units to MGM, or (B) MGM may obtain an
injunction to exercise specific performance rights requiring IW’s cooperation with the process for the Gaming Approvals. 

(ii) If MGM shall be the party so obstructing and continuing to obstruct ten (10) Business Days after MGM’s receipt
of written notice specifying such obstruction from IW, then, at the election of IW, either (A) MGM shall purchase all rights and title to all of the Units owned directly or indirectly by IW and its Affiliates at the greater of (1) the
Conditional Transfer Price and (2) the amount of the Unreturned Investment for IW, and IW will Transfer and sell such Units to MGM, or (B) IW may obtain an injunction to exercise specific performance rights requiring MGM’s cooperation
with the process for the Gaming Approvals. 
 In the event that either Member elects to have MGM purchase all rights and title to all of the
Units of IW, then the payment of the applicable purchase price shall be in cash by wire transfer of federal funds and the Transfer of Units shall take place no later than one hundred eighty (180) days

  
 -25- 

 
following the date such Member makes an election to have MGM purchase the Units (the “Cash Purchase Procedure”). 

(b) Delayed Gaming Approval. The Members agree that, in the event that the Managing Member, based on its reasonable
judgment, including its consultation with Approved Counsel, believes that the IW Gaming Approvals will likely not be granted or issued until some time after the anticipated Casino Opening Date, the Company and the Managing Member or its Affiliate
will enter into one or more lease agreements (the “Lease Agreements”) prior to the anticipated Casino Opening Date, which Lease Agreements, while in effect, would replace the corresponding provisions in the Operations Management Agreements
for all Gaming Components, and pursuant to which MGM or its Affiliate will lease all such Gaming Components from the Company and operate and manage such Gaming Components. The terms of such Lease Agreement shall be Approved by the Board of Directors
and shall provide for such payment terms to the Company to reflect substantially the identical economic benefits that the Company would have realized from such Gaming Components had the Operations Management Agreements been in effect. The Lease
Agreements shall terminate five (5) Business Days after the IW Gaming Approvals have been duly issued. For the purposes of this Section 4.2, “IW Gaming Approvals” shall mean all Gaming Approvals necessary for IW to obtain in
order for the Company to own or operate, directly or through a Subsidiary, any Gaming Component, for IW to hold any ownership or other interest in the Company, or for MGM or its Affiliates to be associated with IW or its Affiliates in connection
with the Project or the Company. 
 (c) Rejection of Gaming Approval. 

(i) At any time prior to the date on which IW receives the IW Gaming Approvals, in the event that MGM or its Affiliates are
prohibited by the Gaming Authorities in the State of Nevada from being associated with IW or its Affiliates in connection with the Project or the Company, the IW Gaming Approvals shall be deemed to have been rejected, and “Casino Opening
Date” shall mean the date on which the Cesar Pelli-designed resort casino opens for business to the public. 
 (ii) In
the event that the Company obtains an opinion of Approved Counsel or guidance from Approved Counsel or from the applicable Gaming Authorities that the IW Gaming Approvals will likely be rejected or revoked at any time, the Members hereby agree as
follows: 
 (1) If, notwithstanding IW’s continuing ownership of the Company, (A) the Company obtains an opinion
or guidance from Approved Counsel or from the applicable Gaming Authorities that the Gaming Components may continue to be operated pursuant to the Lease Agreements (or any other arrangements to permit the operating of the Gaming Components) and
(B) MGM or its Affiliates are not prohibited from being associated with IW or its Affiliates in connection with the Project or the Company, then IW and MGM shall remain Members of the Company pursuant to this Agreement so long as the previous
clauses (A) and (B) continue to be true. 
 (2) If, due to IW’s continuing ownership of the Company,
(A) the Company obtains an opinion or guidance from Approved Counsel or from the applicable Gaming Authorities that the Gaming Components may not continue to be operated pursuant to the 

  
 -26- 

 
Lease Agreements (or any other arrangements to permit the operating of the Gaming Components) and (B) MGM or its Affiliates are prohibited from being associated with IW or its Affiliates in
connection with the Project or the Company, then MGM may elect to purchase all rights and title to all of the Units owned directly or indirectly by IW and its Affiliates at the amount of the Unreturned Investment for IW, and IW will transfer and
sell such Units to MGM. Such purchase shall be consummated in accordance with the Cash Purchase Procedure. 
 (d)
Remedies Not Exclusive. Availability of any other remedy to the Members under this Agreement, including, but not limited to such remedies set forth in Article 13 hereof, shall not in any manner be deemed to limit, abridge, or restrict the
rights of the Members set forth in this Section 4.2. 
 Section 4.3 Ancillary Agreements. 

(a) The Company and MGM or an Affiliate of MGM have negotiated the terms and conditions of the current Ancillary Agreements
and shall negotiate the terms and conditions of any Ancillary Agreements entered into at a future date in good faith. The cost to the Company under an Ancillary Agreement identified in Exhibit B attached hereto shall be provided for in the
Construction Budget or an Annual Budget. In the event that the capital expenditures or operating costs related to one or more Ancillary Agreements described in Exhibit B attached hereto are in excess of the amount set forth in the
Construction Budget or Annual Budget, in each case, as Approved by the Board of Directors, MGM or MGM MIRAGE solely shall be responsible for payment of all such excess costs related to the Ancillary Agreements, which excess payments shall not
constitute Capital Contributions to the Company, but rather are treated as paid outside the Company in its individual capacity and not as (or on behalf) of a Member. 

(b) In the event any Ancillary Agreement is not described on Exhibit B attached hereto, the improvements and/or
services and benefits required for the Company to have the benefits thereunder shall be provided by MGM or MGM MIRAGE to the Company, and MGM’s only fee shall be a reimbursement of MGM’s out-of-pocket cost to provide such improvements
and/or services and benefits. 
 (c) MGM shall enter into, or cause its Affiliates to enter into, any Ancillary Agreements
necessary to develop, construct and operate the Project in accordance with the Project Business Plan. 
 Section 4.4
FAA Determination Letters. MGM and its Affiliates shall use commercially reasonable efforts to obtain and keep in effect the applicable determination letters from the Federal Aviation Agency necessary for the planned height of the proposed
buildings in the Project. 
 Section 4.5 Intentionally Omitted. 

Section 4.6 People Mover Construction Obligation. The Company’s liability for capital expenditures related to
the automated people mover system which traverses the Project (“People Mover”) shall be limited to Fifty Million Dollars ($50,000,000), and MGM and/or MGM MIRAGE solely shall be responsible for payment of all capital expenditures related
to the People Mover in excess of Fifty Million Dollars ($50,000,000). 

  
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 Section 4.7 Income Tax on Residential Units. 

(a) With respect to the first “True Proceeds”, as defined below, received by the Company from closings of the sales
or contracts of sale of any residential units in the Project Components, IW’s maximum income tax liability, as determined by IW, for federal, state, and foreign income tax purposes (collectively the “IW Tax Liability”) with respect to
any gain allocated by the Company to IW with respect to sales of residential units, in each case, within the Project Components shall be limited to $10 million. MGM shall make a Capital Contribution to the Company in an amount equal to the excess,
if any, of the IW Tax Liability over $10 million (the “MGM Additional Contribution”). The Company will distribute the MGM Additional Contribution to IW immediately upon IW’s request. The amount of any MGM Additional Contribution shall
be determined by MGM, subject to review by IW, on a quarterly basis with such amount to be funded in cash by MGM no later than thirty (30) days after the end of each quarter. “True Proceeds” shall mean the amount equal to $2.673
billion less Actual Pre-Closing Residential Proceeds. 
 (b) With respect to Net Residential Proceeds received by
the Company in excess of the first True Proceeds from closings of the sales of any residential units in the Project Components, each of the Members shall be responsible for its respective tax liability. 

(c) The Capital Accounts of the Members with respect to the MGM Additional Contribution shall be adjusted such that each of
MGM and IW’s percentage of total capital of the Company immediately before the MGM Additional Contribution equals each such Member’s percentage of total capital of the Company immediately after the MGM Additional Contribution and the
distribution of such amount by the Company to IW (assuming for this purpose that such amount is immediately distributed by the Company to IW). For example, if immediately before a MGM Additional Contribution the total capital of the Company was $5.4
billion and MGM and IW each shared in 50% of such total capital or $2.7 billion each, upon a $0.1 billion MGM Additional Contribution to the Company, IW’s and MGM’s Capital Account balance immediately after the MGM Additional Contribution
would be $2.7 billion and $2.6 billion, respectively. Subsequently, the distribution of the MGM Additional Contribution in the amount of $0.1 billion to IW will reduce IW’s Capital Account balance to $2.6 billion, and therefore allow IW’s
and MGM’s Capital Account balance to be in the proper ratio of 50% each. In no event will this adjustment affect IW’s or MGM’s respective Profit Interest. 

ARTICLE 5 
 ALLOCATION OF PROFITS
AND LOSSES 
 Section 5.1 Allocation of Profits and Losses. 

(a) In General. Except as otherwise expressly provided in this Agreement, the Company’s Profits and Losses shall
be credited or debited, as the case may be, as set forth below in this Section 5.1. 
 (b) Profits. After
giving effect to any special allocations required under this Agreement and not contained in this Section 5.1(b), Profits for any Fiscal Year shall be 

  
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allocated in the following order and priority: 
 (i) First, to each
of Members, pro rata, in proportion to the amounts required to be allocated pursuant to this Section 5.1(b)(i), to the extent of, the excess, if any, of: (A) the cumulative Losses allocated to such Member pursuant to
Section 5.1(c)(iv) hereof for all periods, over (B) the cumulative Profits allocated to such Member pursuant to this Section 5.1(b)(i) for all periods; 

(ii) Second, to IW, to the extent of, the excess, if any, of: (A) the cumulative Losses allocated to IW pursuant to
Section 5.1(c)(iii) hereof for all periods, over (B) the cumulative Profits allocated to IW pursuant to this Section 5.1(b)(ii) for all periods; 

(iii) Third, to MGM, to the extent of, the excess, if any, of: (A) the cumulative Losses allocated to MGM pursuant to
Section 5.1(c)(ii) hereof for all periods, over (B) the cumulative Profits allocated to MGM pursuant to this Section 5.1(b)(iii) for all periods; and 

(iv) Thereafter, to the Members, pro rata, in proportion to their respective Profit Interests. 

(c) Losses. After giving effect to any special allocations required under this Agreement and not contained in this
Section 5.1, and subject to Section 5.6 hereof, Losses for any Fiscal Year shall be allocated in the following order and priority: 

(i) First, to the Members, pro rata, in proportion to the amounts required to be allocated pursuant to this
Section 5.1(c)(i), until such time as the Adjusted Capital Account Balance of each Member is reduced to the sum of its (A) Unreturned Default Contributions and (B) Unreturned L/C Contributions; 

(ii) Second, to MGM, until such time as its Adjusted Capital Account Balance is reduced to its Unreturned Default
Contributions; 
 (iii) Third, to IW, until such time as its Adjusted Capital Account Balance is reduced to its Unreturned
Default Contributions; 
 (iv) Fourth, to the Members, pro rata, in proportion their respective Adjusted Capital
Account Balances, until such time as each Member’s Adjusted Capital Account Balance is reduced to zero; and 
 (v)
Thereafter, to the Members, pro rata, in proportion to their respective Profit Interests. 
 Section 5.2
Minimum Gain Chargeback Allocation Provisions. 
 (a) Minimum Gain Chargeback. Except as otherwise provided
in Regulations Section 1.704-2(f), notwithstanding any other provision of this Agreement, if there is a net decrease in Company Minimum Gain during any Fiscal Year, each Member shall be specially allocated items of Company income and gain for
such Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount equal to such Member’s share of the net decrease in Company Minimum Gain, determined in accordance with Regulations Section 1.704-2(g). Allocations pursuant to the

  
 -29- 

 
previous sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined in accordance
with Regulations Sections 1.704-2(f)(6) and 1.704-2(j)(2). This Section 5.2(a) is intended to comply with the minimum gain chargeback requirement in Regulations Section 1.704-2(f) and shall be interpreted consistently therewith. 

(b) Member Minimum Gain Chargeback. Except as otherwise provided in Regulations Section 1.704-2(i)(4),
notwithstanding any other provision of this Agreement, if there is a net decrease in Member Nonrecourse Debt Minimum Gain attributable to a Member Nonrecourse Debt during any Fiscal Year, each Member who has a share of the Member Nonrecourse Debt
Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(5), shall be specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, subsequent Fiscal
Years) in an amount equal to such Member’s share of the net decrease in Member Nonrecourse Debt Minimum Gain attributable to such Member 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 Member 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 5.2(b) is intended to comply with the minimum gain chargeback requirement in Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith. 

Section 5.3 Qualified Income Offset. Notwithstanding any other provision of this Agreement, should a Member
unexpectedly receive an adjustment, allocation or distribution described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6) that causes or increases a deficit balance in such Member’s Capital
Account, such Member shall be specially allocated items of income and gain (consisting of a pro rata portion of each item of Company income, including gross income, and gain for such year) in an amount and manner sufficient to eliminate, to
the extent required by such Regulations, such deficit balance as quickly as possible. This Section 5.3 is intended to comply with the qualified income offset requirement in Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted
consistently therewith. 
 Section 5.4 Nonrecourse Deductions. 

(a) In General. Nonrecourse Deductions for any Fiscal Year shall be specially allocated among the Members in
proportion to their respective Profit Interests. 
 (b) Partner Nonrecourse Deductions. Any Member Nonrecourse
Deductions for any Fiscal Year shall be specially allocated to the Member who bears the economic risk of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance with Regulations
Section 1.704-2(i)(1). 
 Section 5.5 Curative Allocations. The allocations set forth in Sections 5.2, 5.3,
5.4 and 5.6(b) hereof (the “Regulatory Allocations”) are intended to comply with certain requirements of the Regulations. It is the intent of the Members that, to the extent possible, all Regulatory Allocations shall be offset as quickly
as possible with other Regulatory Allocations or with special allocations of other items of Company income, gain, loss, or deduction pursuant to this Section 5.5 so that, after such offsetting allocations are made, each Member’s Capital
Account balance is, to the extent possible, equal to the Capital Account balance such Member would have 

  
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had if the Regulatory Allocations had not occurred. 
 Section 5.6
Limitation on Losses. 
 (a) “Adjusted Capital Account Balance” means, with respect to any Member, the
balance of such Member’s Capital Account as of the end of the relevant Fiscal Year, after giving effect to the following adjustments: 

(i) Credit to such Capital Account any amounts which such Member is obligated to restore pursuant to this Agreement or as
determined pursuant to Regulations Section 1.704-1(b)(2)(ii)(c), or is deemed to be obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and 

(ii) Debit to such Capital Account the items described in clauses (4), (5) and (6) of
Section 1.704-1(b)(2)(ii)(d) of the Regulations. 
 The foregoing definition of Adjusted Capital Account Balance
is intended to comply with the provisions of Section 1.704-1(b)(2)(ii)(d) of the Regulations and shall be interpreted consistently therewith. 

(b) Notwithstanding the provisions of this Article 5, allocations of Losses to a Member shall be made only to the extent that
such loss allocations will not create an Adjusted Capital Account Balance deficit for that Member at the end of any Fiscal Year in excess of the sum of such Member’s share of Company Minimum Gain, such Member’s share of Member Nonrecourse
Debt Minimum Gain and (without duplication) the amount, if any, that such Member is obligated to restore pursuant to Regulations Section 1.704-1(b)(2)(ii)(d)(3). If and to the extent an allocation of Losses is not made to a Member by
reason of the preceding sentence, then such Losses shall be allocated to the other Members (to the extent the other Members are not limited in respect of the allocation of Losses under the preceding sentence). In the event there are any remaining
Losses in excess of the limitations set forth in the preceding two sentences, such remaining Losses shall be allocated among the Members in accordance with their Profit Interests as determined under Regulations Section 1.704-1(b)(3). Any Losses
reallocated under this Section shall be taken into account in computing subsequent allocations of income and losses pursuant to this Article 5, so that the net amount of any item so allocated and the income and losses allocated to each Member
pursuant to this Article 5, to the extent possible, shall be equal to the net amount that would have been allocated to each such Member pursuant to this Article 5 as if no reallocation of Losses had occurred under this Section 5.6(b). 

Section 5.7 Section 704(c) Tax Allocations. In accordance with Code Section 704(c) and the Regulations
thereunder, income, gain, loss, and deduction with respect to any property contributed to the capital of the Company will, solely for tax purposes, be allocated among the Members so as to take account of any variation between the adjusted basis of
such property to the Company for U.S. federal income tax purposes and its initial Gross Asset Value (computed in accordance with the definition of Gross Asset Value) using the “traditional method” pursuant to the Regulations
Section 1.704-3(b). If the Gross Asset Value of any Company asset is adjusted pursuant to Section 3.9(b) hereof, subsequent allocations of income, gain, loss, and deduction with respect to such asset will take account of any variation
between the adjusted basis of such asset for U.S. federal income tax purposes and its Gross Asset Value in the same manner as under Code 

  
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Section 704(c) and the Regulations thereunder using the “traditional method” pursuant to the Regulations Section 1.704-3(b). The Tax Matters Partner will make any elections or
other decisions relating to such allocations in any manner that reasonably reflects the purpose and intention of this Agreement. Allocations pursuant to this Section 5.7 are solely for purposes of U.S. federal, state, and local taxes and will
not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of Profits, Losses, other items or distributions pursuant to any provision of this Agreement. 

Section 5.8 Allocations Between Transferor and Transferee. Upon the Transfer of all or any portion of a
Member’s Units in accordance with the provisions of this Agreement, Profits and Losses with respect to such Units so Transferred shall be allocated between the transferor and Transferee of such Units on the basis of the computation method which
is in the best interest of the Company, provided such method is in conformity with the methods prescribed by Code Section 706 and Regulations Section 1.706-1(c)(2)(ii). 

Section 5.9 Regulations Interpretation. For purposes of this Agreement, the Regulations Sections referred to
herein shall be read and interpreted by substituting the term “Company” for the term “Partnership,” and by substituting the term “Member” for the term “Partner”. 

ARTICLE 6 
 NON-LIQUIDATING
DISTRIBUTIONS 
 Section 6.1 Initial Distribution. Simultaneous with MGM’s contribution of the Project
Assets to the Company, the Company distributed to MGM the amount as set forth on Schedule 6.1, a portion of such distribution was treated as qualifying for the exception to the disguised sales rules of the Code for reimbursements of
pre-formation expenditures pursuant to Regulations Section 1.707-4(d). 
 Section 6.2 Tax Distribution. The
Company shall distribute quarterly to the Members in accordance with their Profit Interests, to the extent cash is available to the Company, an amount sufficient to enable the Members (or, if applicable, the owners or members of such Member) to fund
their U.S. federal income tax liabilities attributable to their respective distributive shares of net taxable income of the Company (calculated for each Member (or, if applicable, the owners or members of such Member) net of any tax loss of the
Company previously allocated to such Member (or, if applicable, the owners or members of such Member) and not previously offset by allocations of taxable income), in each case assuming that each Member (or, if applicable, the owners or members of
such Member) is taxable at the highest marginal U.S. federal income tax rate applicable to a corporation. The amounts to be distributed to a Member as a tax distribution pursuant to this Section 6.2 in respect of any Fiscal Year shall be
computed as if any distributions made pursuant to Section 6.4 hereof during such Fiscal Year were a tax distribution in respect of such Fiscal Year. Any distribution pursuant to this Section 6.2 shall be deemed to have been made in
anticipation of, and shall reduce in a like amount, the respective distributions of the Members otherwise to be made pursuant to Section 6.4 hereof. 

  
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 Section 6.3 Distributable Cash. The term “Distributable
Cash” with respect to the Company for any period shall mean an amount equal to the total cash revenues and receipts of the Company from any source (including Capital Contributions, loans and refinancings) for such period, less the sum of
(i) all operating expenses paid or incurred by the Company, including current principal and interest payments on the Financing of the construction of the Project and other Company indebtedness, but excluding any distributions pursuant to
Section 6.2, (ii) all capital expenditures made by the Company, (iii) up to $250 million of Condo Proceeds used by the Company for Project Costs or paid to MGM or MGM MIRAGE in accordance with the Cash Proceeds Letter as a
reimbursement of amounts paid by MGM or MGM MIRAGE under the Construction Completion Guaranty, which amount shall be treated as a payment under Regulations Section 707(a)(1), and (iv) the amount established during such period for reserves
in accordance with the Project Business Plan for anticipated costs, expenses, liabilities and obligations of the Company, working capital needs of the Company, savings or other appropriate Company purposes. Distributions of Distributable Cash shall
be made to the holder of record of such Units on the date of distribution. 
 Section 6.4 Distribution of
Distributable Cash. Distributable Cash shall be distributed as follows: 
 (a) First, to the Members that have
Unreturned Default Contributions, pro rata, in proportion to their Unreturned Default Contributions, until such time as each Member’s Unreturned Default Contributions are reduced to zero; 

(b) Second, to IW until such time as its Unreturned L/C Contributions are reduced to zero; 

(c) Third, to MGM until such time as its Unreturned L/C Contributions are reduced to zero; and 

(d) Thereafter, the balance, if any, to the Members, pro rata in proportion to their respective Profit Interests. 

ARTICLE 7 
 ACCOUNTING AND
RECORDS; CAPITAL BUDGETS 
 Section 7.1 Books and Records. The books and records of the Company, and the
financial position and the results of its operations recorded, shall reflect all Company transactions, and shall otherwise be appropriate and adequate for the Company’s business in accordance with the Act and with generally accepted accounting
principles for both financial and tax reporting purposes and for purposes of determining net income and net loss. The books and records of the Company shall be kept on the accrual method of accounting applied in a consistent manner and shall reflect
all Company transactions and be appropriate and adequate for the Company’s business. The fees of independent accountants incurred by the Company for the preparation of all tax returns and audited financial statements for the Company shall be at
the Company’s expense. Each Member and its respective duly authorized representatives shall, at its sole expense, have the right, at any time 

  
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without notice to the other, to examine, copy and audit the Company’s books and records during normal business hours. 

Section 7.2 Reports. 

(a) Within twenty (20) days after the end of each Fiscal Year, within fifteen (15) days after the end of each of
the first three fiscal quarters thereof, and within twelve (12) days after the end of each calendar month other than March, June, September and December, the Managing Member shall cause the Members to be furnished with a copy of the balance
sheet of the Company as of the last day of the applicable period, and a statement of income or loss for the Company for such period. Quarterly and annual statements shall also include a statement of the Members’ Capital Accounts and changes
therein for such fiscal quarter or Fiscal Year, as applicable. Annual statements shall be audited by the Company Accountants, and shall be in such form as shall enable the Members to comply with all reporting requirements applicable to either of
them or their Affiliates under the Securities Exchange Act of 1934, as amended. The audited financial statements of the Company shall be furnished to the Members within fifty (50) days after the end of each Fiscal Year. 

(b) As promptly as practicable, but in any event no later than one hundred eighty (180) days after the end of the
Company’s taxable year, the Managing Member shall cause to be prepared and distributed to each Member all information necessary for the preparation of such Member’s U.S. federal and state income tax returns, including a statement showing
such Member’s share of income, gains, losses, deductions and credits for such year for U.S. federal and state income tax purposes and the amount of any distributions made to or for the account of such Member pursuant to this Agreement. 

(c) The Managing Member shall also provide to each Member monthly reports, or more frequent reports if appropriate,
concerning the status of development activities and construction, recent leasing, sales and financing activities for the Project, which reports shall be in a form reasonably acceptable to the Members and shall include, among other things, a general
description of all leases and contracts of sale which have been executed and all Major Leases and Major Contracts of sale which are currently under negotiation, as well as the status of all litigation (other than that which is covered by insurance
if the insurance carrier has accepted a tender of defense by the Company or the Project Owner without any reservation of rights unless such litigation, if successful, would result in a loss to the Company in excess of $1,000,000, net of insurance
coverage). During construction of the Project, the Managing Member shall provide to each Member copies of any reports that it sends to the lender providing an applicable construction loan. After completion of construction of the Project, the
Managing Member shall also provide to each Member monthly reports concerning the marketing, sales, leasing, and, if applicable, hotel occupancy and operations, which reports shall be in a form reasonably acceptable to the Members, as well as copies
of any reports it provides to any lender providing permanent financing for the Project or any Project Component. Without limiting the foregoing, the Managing Member shall notify the Members of any material threatened or actual litigation involving
the Company, the Project Owner or the Members (as Members of the Company) promptly after the Managing Member becomes aware thereof. During any construction occurring on any real property owned or leased directly or indirectly by the Company and/or
the Project Owner (including, without limitation, the initial construction of the Project), the monthly report shall also be accompanied by the weekly job meeting minutes prepared by the general contractor, commencing one (1) week after

  
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the commencement of such construction and continuing until the completion of construction (or such later date if such meetings continue thereafter). During the initial construction of the
Project, the Members or their representatives may attend the regularly scheduled weekly construction job meetings regarding such development and initial construction until completion of such construction, and the Members shall be invited to attend,
and shall be provided with prior notice of, any regularly scheduled meetings or major meetings scheduled in advance. Upon IW’s reasonable request, MGM shall provide IW with such reasonable information, analyses and reports prepared by or on the
behalf of the Managing Member that are related solely to the Project and in a form that may be presented in a manner to preserve the confidential, proprietary or sensitive information of MGM or its Affiliates. 

(d) All financial information to be delivered hereunder shall be delivered both electronically and as hard copies. 

Section 7.3 Tax Returns. The Managing Member, at the expense of the Company, shall prepare or cause the Company
Accountants to prepare all income and other tax returns, on an accrual basis, of the Company, which returns shall be sent to the Members within one hundred eighty (180) days after the end of each Fiscal Year, and cause the same to be filed in a
timely manner. The Managing Member shall furnish to each Member a copy of each such return as soon as it has been filed, together with any schedules or other information which each Member may require in connection with such Member’s own tax
affairs. Each of the Members shall, in its respective income tax return and other statements filed with the Internal Revenue Service or other taxing authority, report taxable income in accordance with the provisions of this Agreement. 

Section 7.4 Tax Matters Partner. The Managing Member is hereby designated as the “Tax Matters Partner”
of the Company as defined in Section 6231 of the Code and, to the extent authorized or permitted under applicable law, the Managing Member shall represent the Company in connection with all examinations of Company affairs by taxing authorities,
including, without limitation, resulting administrative and judicial proceedings. The Tax Matters Partner agrees to promptly notify the Members upon the receipt of any correspondence from any U.S. federal, state or local tax authorities relating to
any examination of the Company’s affairs, to consult with and allow for the participation by the Members in connection with the making of any elections, the progress of any such examination, and further the Tax Matters Partner agrees not to
settle any tax matters resulting from such examination without the Approval of the Board of Directors. 
 Section 7.5
Fiscal Year. The “Fiscal Year” of the Company shall be the calendar year. As used in this Agreement, a Fiscal Year shall include any partial Fiscal Year at the beginning or end of the term of the Company. 

Section 7.6 Bank Accounts. The Managing Member shall be responsible for causing one or more accounts to be
maintained in one or more banks, which accounts shall be used for the payment of expenses incurred in connection with the business of the Company, and in which shall be deposited any and all cash receipts. Such accounts shall be maintained in a bank
or banks in Nevada to the extent required by applicable law. All such amounts shall be and remain the property of the Company and shall be received, held and disbursed by the Company for the purposes specified in this Agreement. There shall not be
deposited in any of such accounts any funds other than funds belonging to the Company, and no other funds shall be commingled with such funds. 

  
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 Section 7.7 Tax Elections. 

(a) At the request of any Member, the Managing Member, on behalf of the Company, shall elect to adjust the basis of the
assets of the Company for U.S. federal income tax purposes in accordance with Section 754 of the Code in the event of a distribution of Company property as described in Section 734 of the Code or a Transfer by any Member of its Units as
described in Section 743 of the Code. 
 (b) The Tax Matters Partner shall make decisions with respect to any tax
dispute (subject to the Approval of the Board of Directors) as well as elections (subject to the Approval of the Board of Directors for elections that materially impact the tax liabilities of the Members) with respect to tax treatment of various
items; provided, however, that (i) the Members shall have the right to participate in any administrative or judicial proceeding at the Company level at its own expense; (ii) the Tax Matters Partner shall not enter into a
settlement of any Company item that is binding on the other Members without the prior written consent of all of the Members and (iii) shall notify the Members of any proposed settlement of any Company item and shall consult in good faith with,
and take into account reasonable comments made by any Member with respect to such proposed settlement. 
 Section 7.8
Business Plan and Budgets. 
 (a) Within thirty (30) days of the Closing Date, the Managing Member shall
prepare and deliver, or shall cause to be prepared and delivered, to IW for its review and approval, (i) the Construction Budget, (ii) a pre-opening budget for the Project and (iii) a written, detailed business plan for the Project
setting forth the proposed development, construction, management, financing, operation, leasing and sale plans for the Project. The Managing Member shall deliver, or cause to be delivered, to IW (I) prior to the beginning of each Fiscal Year
and (II) at such other times as determined by the Board of Directors, an updated business plan for the Project, including the Construction Budget, (ii) a pre-opening budget for the Project and (iii) a written, detailed business plan for
the Project setting forth the proposed development, construction, management, financing, operation, leasing and sale plans for the Project (collectively, the “Project Business Plan”). Any modifications to the previously approved Project
Business Plan shall be subject to the Approval of the Board of Directors in accordance with Section 9.3 hereof. 
 (b)
At least ninety (90) days prior to the beginning of each Fiscal Year, the Managing Member shall cause the Operations Manager to prepare and submit to the Board of Directors for its review and approval, (i) a proposed annual budget for each
Project Component for the upcoming Fiscal Year and (ii) a proposed business plan for each Project Component (x) setting forth the proposed, financing, operation, leasing and/or sale plans with respect to the applicable Project Component
and (y) including, without limitation, (1) a detailed description of the anticipated rents and operating expenses, the maintenance and repair of the applicable Project Component and any planned or required improvements to such Project
Component and (2) a detailed marketing report, which, at a minimum, sets forth a list of expected vacancies and a description of anticipated rents or other revenues over the applicable year and any related costs and expenses. Such business
plan, once Approved by the Representatives on the Board of Directors in accordance with Section 9.3 hereof shall be referred to herein as a “Component Business Plan” and, collectively, the “Component Business Plans” for the
applicable Project Component. Each proposed annual budget shall show all projected expenditures for operating expenses and capital 

  
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improvements and all projected revenues from any source for the Project Component covered by such annual budget. In addition, each such annual budget shall be prepared on both a cash and accrual
basis and shall be in a form that has been Approved by the Board of Directors. All projections in each proposed annual budget shall be done on a monthly basis. The Members acknowledge that the preliminary annual budget for a Project Component
provided pursuant to this Section 7.8(b) will necessarily reflect only preliminary estimates of items of income and expense, and is subject to subsequent revision as contemplated by subclause (e) below. 

(c) At least ninety (90) days prior to the beginning of each Fiscal Year, the Managing Member shall submit to the Board
of Directors for its review and approval, a revised annual budget for each Project Component. Such revised annual budget shall take into account changes, if any, suggested by the Members and/or the Board of Directors and any other circumstances of
which the Managing Member has become aware since the distribution of the prior Annual Budget for such Project Component. Such revised annual budget, once Approved by the Board of Directors in accordance with Section 9.3 hereof shall replace the
prior Annual Budget for such Project Component. 
 (d) If the Board of Directors is unable to agree upon a business plan or
annual budget prior to the first day of the Fiscal Year in question, then each Member, agreeing to use all good faith, commercially reasonable efforts to do so and subject to the terms of any Financing Documents then in effect, shall provide for the
Business Plan and Annual Budget for such Project Component in effect for the Fiscal Year then expiring to be utilized until a new business plan and/or annual budget, as applicable, has been Approved, with the line items in such expiring Business
Plan or Annual Budget that have not been Approved by the Board of Directors to be adjusted as follows: (x) insurance, taxes, common charges, utilities, debt service, labor expenses and required capital expenditures (necessary to comply with any
applicable laws or existing Contractual Obligations) shall each be adjusted to actual amounts, (y) all capital and non-recurring items (other than the aforesaid required expenditures) for the current calendar year in such annual budget shall
remain the same as in the expiring Annual Budget, and (z) all other expense line items shall be adjusted by an amount equal to the CPI Annual Percentage Increase (as hereinafter defined) as of the date of the expiring Annual Budget. The line
items in the business plan and/or annual budget that have been Approved by the Board of Directors shall replace the applicable line items in the prior Business Plan and/or Annual Budget. The “CPI Annual Percentage Increase” computed as of
a particular calendar month shall be equal to the percentage difference between the CPI for such calendar month and the CPI for the calendar month which is twelve (12) months prior to such calendar month. The Managing Member shall be entitled
to make expenditures of Company funds in accordance with the foregoing. 
 (e) After the Closing Date, no less often than
four (4) times per year, but in no event later than February 10, May 10, August 10 and November 10 of each year, the Managing Member shall prepare, or cause to be prepared, and submit to the Board of Directors for
its review, updated sales projections for the residential units (including condominiums and condo-hotel units) at the Project with variance calculations indicating the differences in average sales price and sales volume for the residential units
compared to the most recently approved Business Plan. 
 (f) If the proposed business plan and annual budget for a Project
Component are each Approved by the Board of Directors, then the same shall be the Business Plan and Annual Budget for such Project Component for the next Fiscal Year. Notwithstanding anything 

  
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to the contrary set forth herein, at any time prior to the day which is sixty (60) days before the beginning of the Fiscal Year to which the proposed business plan and annual budget for a
Project Component relate, if either Member becomes aware of circumstances that require a change to such proposed business plan or annual budget, then the Managing Member shall submit a revised business plan and/or annual budget for such Project
Component to the Board of Directors for its Approval. 
 (g) The Managing Member shall be obligated to keep IW and the
Board of Directors advised of material changes to the Plans (and the anticipated effect of such changes on the applicable Construction Budget) and the Approval of the Board of Directors shall be required for any material scope changes or other
material modifications to the Plans 
 (h) The Managing Member shall promptly provide copies of the respective budgets
approved pursuant to Section 9.3(a)(iv) hereof to the respective Operations Managers and shall provide reasonable oversight in respect of implementation of the respective budgets. 

(i) The Board of Directors shall at least on a quarterly basis discuss all aspects of the Project, and in connection with
such quarterly meeting the Managing Member shall prepare (i) a meeting agenda, (ii) operating performance information for the Project in a form reasonably satisfactory to IW, which information shall not be required to contain greater
detail than that which is to be included in the monthly reports required pursuant to Section 7.2(c); and (iii) so long as an Affiliate of MGM MIRAGE is “Managing Member”, data pertaining to the occupancy and financial performance
of the hotel and casino assets located in Las Vegas, Nevada owned or managed by MGM MIRAGE with respect to which MGM MIRAGE (a) furnished data in connection with the May 2010 Company Board meeting (a copy of which is attached hereto as
Exhibit J) and (b) has, as of the date of the meeting of the Board of Directors, the legal right to furnish such data to third parties such as IW (the “Benchmarking Data”); provided, however, (x) all Benchmarking Data
shall be at all times subject to the terms and conditions of that certain Confidentiality Agreement dated as of February 16, 2010 by and between MGM MIRAGE and IW and its affiliates and successors and, as set forth therein, shall be used for no
purpose other than evaluating the performance of the Project; (y) IW acknowledges that the Benchmarking Data may constitute material non-public information pertaining to MGM MIRAGE or its Affiliates; and (z) IW agrees that it will not use
the Benchmarking Data in connection with effecting any transactions (whether buying, selling, pledging, or hypothecating) in securities of MGM MIRAGE or any derivatives or other instrument based upon the securities of MGM MIRAGE. In addition, on the
first (1st) and fifteenth (15th) day of each calendar month or the next Business Day, if such dates are not Business Days, or on such other nearby date as the Managing Member shall reasonably schedule, the Managing Member shall
(1) deliver to IW a reasonably detailed report on the financial performance of the Hotel Assets (the “Bi-Weekly Performance Report”) and (2) make available appropriate executives of the Managing Member to participate in a meeting
with IW to discuss the Bi-Weekly Performance Report, if such a meeting is requested by IW. All rights established by this Section 7 .8(i), including without limitation the right to receive quarterly operating performance information for the
Project, the Benchmarking Data, and the Bi-Weekly Performance Report and to meet with executives of the Managing Member, are personal to IW and non-transferrable to any successor or assign of IW other than a Permitted Transferee of IW. In the event
that IW Transfers all or any portion of its Units to any Person other than a Permitted Transferee, the Managing Member’s obligations under this Section 7.8(i) shall automatically terminate without any further action of the

  
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Board of Directors and this Section 7.8(i) shall be of no further force and effect. 

Section 7.9 Ownership Ledger. The Company shall maintain a ledger in its principal place of business in Nevada
which shall at all times reflect the current ownership of the Units and shall be available for inspection by any applicable Gaming Authorities and their authorized agents at all reasonable times, without notice. 

ARTICLE 8 
 CONFIDENTIALITY;
INTELLECTUAL PROPERTY 
 Section 8.1 Confidential Treatment of Information. Each of the Members agrees, and
shall cause each of its Affiliates (i) not to disclose any material information concerning the Company or its business to the press or the general public without the approval of the other Member, such approval not to be unreasonably withheld or
delayed and (ii) to retain in strict confidence any proprietary confidential information and trade secrets of the other Member, whether disclosed prior to or after the date hereof, and not to use or disclose to Persons other than the Member or
its Affiliates (“third parties”), and to use its best efforts to cause its employees, agents and consultants not to use or disclose to third parties, such proprietary confidential information or trade secrets without the approval of the
other Member, unless in either case it can be established by the disclosing party that such information: 
 (a) at the time
of disclosure is part of the public domain and readily accessible to the public or such third party; 
 (b) at the time of
disclosure is already known by the receiving party otherwise than pursuant to a breach of an obligation of confidentiality; 

(c) is required by applicable law, regulation or court order to be disclosed; or 

(d) is required by any vendor, supplier or consultant in order to carry out the business of the Company, provided that the
disclosing Member shall obtain the written agreement and obligation of such third party, in a form reasonably satisfactory to the other Member, prior to disclosing such information, that all of the provisions of this Article 8 shall apply with equal
effect to such third party. The Company shall be a third party beneficiary of any such written agreement. 

Section 8.2 Intellectual Property. The Company shall own all trademarks, service marks, trade names, logos,
copyrights or other intellectual property created expressly for the Project by MGM or its Affiliates. Other than as expressly provided in the Development Management Agreement, the Operations Management Agreements, or an Ancillary Agreement, the
Company, IW, and their respective Affiliates shall not have any right to use any trademark, service mark, trade name, logo, copyright or other intellectual property owned by MGM or any of its Affiliates that is not otherwise a Project Asset, in
connection with the Project or the business of the Company. Except as expressly provided herein, the Company, MGM, and their respective Affiliates, shall not 

  
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have the right to use any trademark, service mark, trade name, logo, copyright or other intellectual property owned by IW or any of its Affiliates, in connection with the Project or the business
of the Company. 
 ARTICLE 9 

MANAGEMENT 

Section 9.1 General. 

(a) Subject to the other provisions of this Article 9 and except as otherwise herein expressly provided, the exclusive power
and authority to manage the Company’s business shall be vested in a board of directors (the “Board of Directors”) acting together by majority vote or by the affirmative vote of six (6) Representatives of the Board of Directors
(with the vote of at least one Representative designated by MGM and by IW as long as MGM and IW, respectively, are Members), as the case may be, and subject to the direction of the Board of Directors, the officers of the Company. Except as provided
in this Agreement, Approved by the Board of Directors, or contemplated in an Additional Agreement, no Member, officer, employee, or agent of any Member, shall directly or indirectly (i) act as agent of the Company for any purpose,
(ii) engage in any transaction in the name of the Company, (iii) make any commitment in the name of the Company, (iv) enter into any contract or incur any obligation in the name of the Company or (v) in any other way hold itself
out as acting for or on behalf of the Company (each action listed in (i) through (v) and not otherwise excepted above, an “Unauthorized Action”), and a Member shall be obligated to indemnify the Company for any costs or damages
incurred by the Company as a result of the Unauthorized Action of such Member, any Representative or officer of the Company appointed by such Member, or any officer, employee, representative or agent of such Member. Any attempted action in
contravention of the preceding sentence shall be null and void ab initio, and not binding upon the Company unless ratified with the Approval of the Board of Directors. 

(b) Except as provided below, the Board of Directors shall be comprised of the following six (6) authorized members
(“Representatives”): 
 (i) three (3) Representatives designated by IW, who initially shall be the
individuals set forth on Exhibit G attached hereto; and 
 (ii) three (3) Representatives designated by MGM,
who initially shall be the individuals set forth on Exhibit G attached hereto. 
 (c) Each of MGM and IW may change
any of its Representatives on the Board of Directors from time to time by written notice to the Company and the other Member. Any Representative appointed to the Board of Directors may vote at any meeting for any other Representative appointed by
the same Member who is absent at such meeting. The Board of Directors, upon a request by a Representative, may invite other Persons to attend meetings of the Board of Directors. By notice to the other from time to time, each of IW and MGM may
appoint (and remove) one (1) alternate for each of the Representatives that it is entitled to appoint. An individual so appointed (and not removed) shall be an “Alternate” and, in the Representative’s

  
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absence or at the Representative’s direction from time to time, shall have the right in all respects to act in the place of, and vote for, the Representative for whom he/she is the
Alternate. 
 (d) Any actions that are required to be “Approved” by the Board of Directors shall be taken
(i) at a meeting of the Board of Directors upon (A) the vote of the majority of the Representatives on the Board of Directors, (B) if MGM or its Affiliate is a Member, the vote of at least one Representative designated by MGM, and
(C) if IW or its Affiliate is a Member, the vote of at least one Representative designated by IW, or (ii) in writing upon resolutions duly executed by the requisite number of the Representatives as set forth in (i)(A), (B), and
(C) above. Any action so authorized shall be deemed Approved by the Board of Directors and notice thereof shall be delivered to all Members. Either Member may call a meeting of the Board of Directors by written notice to the other Member at
least ten (10) Business Days prior to a meeting of the Board of Directors and the written notice shall specify the time and place of the meeting and the anticipated subjects to be discussed and/or on which a vote will be taken (including
identification of such matters as Major Decisions, if applicable). 
 (e) Unless the Members determine otherwise, the Board
of Directors shall meet, at the Company’s expense, at least once each quarter at the offices of the Company at a time and place which is mutually acceptable to the Representatives. Any Representative or Alternate may attend any meeting of the
Board of Directors by telephone conference and the Company shall ensure that each Representative or Alternate attending the meeting can hear all others present at the meeting and be heard by them. 

(f) Except as expressly stated herein, each Member and its Representatives shall have the right to grant or withhold
approval of any decision in its sole and absolute discretion, taking into account only such Member’s own views, self interest, objectives and concerns; provided that each Member and its Representatives shall act in good faith. It is further
acknowledged that the Members and their Representatives may require certain internal approvals in connection with some or all of such decisions. Neither Member nor any Representative of a Member shall have any fiduciary duty to any other
Member or the Company; provided, however, that the provisions of this sentence shall not alter or affect any of the specific rights, duties or obligations of the Members set forth in this Agreement. Additionally, neither the
Company nor any other Member shall have any claims (whether relating to the fact of such approval being granted or withheld or relating to the consequences thereof, including, without limitation, any claim related to any alleged breach of fiduciary
duty) by reason of any Member or a Representative of a Member having failed to approve a request or proposal from another Member or its Representatives or the Company. 

Section 9.2 Management by Managing Member. Subject to Section 9.3 and Section 9.5 hereof, MGM shall be
and hereby is appointed the Managing Member of the Company and shall serve in such capacity without fee or other compensation for its actions in its capacity as Managing Member, in each case, other than the fees and other compensation set forth in
the Additional Agreements. Except as otherwise provided in this Agreement, the Managing Member shall delegate all authority for the day to day management and operation of the Company to the Development Manager pursuant to the Development Management
Agreement and the Operations Manager pursuant to the Operations Management Agreements as provided in such agreements, provided, that such delegation shall not relieve the Managing Member of its liability under this Agreement. 

  
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 Section 9.3 Exclusive Powers of the Board of Directors. 

(a) In addition to those matters which, pursuant to other provisions of this Agreement, require Approval of the Board of
Directors, the following matters shall require the Approval of the Board of Directors (each, a “Major Decision”): 

(i) approval of any annual budget for the day-to-day operations of a Project Component; 

(ii) approval of each of the initial Component Business Plans; 

(iii) approval of any material amendment of or modification to any Business Plan; 

(iv) approval of any material amendment of or modification to (A) the Business Plan, (B) the Construction Budget or
(C) the Annual Budget that (i) involves any decision relating to a Contractual Obligation valued in excess of $20 million or (ii) results in any change involving an amount of 5% in the aggregate Construction Budget, 7.5% of the
aggregate annual capital expenditure budget for the Project, or 7.5% of the then current Annual Budget, provided, however, that matters that are not in the reasonable control of MGM or an Affiliate of MGM shall not be deemed to cause a
change to any of the matters that requires the Approval of the Board of Directors (by way of illustration, if employee wages increase as a result of change in applicable minimum wage laws, the increase to the Construction Budget and/or Annual Budget
as a result of such wage increase shall not be considered in determining the amount of a change to the Construction Budget and/or an Annual Budget); 

(v) the granting of a Lien or security interest in any asset of the Company or any of its subsidiaries, except in the
ordinary course of business; 
 (vi) any capital calls or Additional Capital Contributions funding other than Additional
Capital Contributions expressly Approved in the Business Plan or expressly required pursuant to the terms of this Agreement; 

(vii) any Major Contracts or Major Leases to be entered into by, or on behalf of, the Company, except for any Major Contract
expressly Approved in the Business Plan; 
 (viii) except for transactions with any Affiliate of the Company expressly
Approved in the Business Plan, any transactions between the Company and any Affiliate of the Company, or any amendment, modification or waiver of any of the Contractual Obligations between the Company and any Affiliate of the Company; 

(ix) the making of any distributions, other than distributions set forth in Sections 6.1 and 6.2 hereof, to the Members; 

(x) except as otherwise provided in this Agreement, the admission of additional Members other than as a result a Transfer
made pursuant to Section 11.2 hereof; 
 (xi) the acquisition of any real property in addition to the Project Assets
(excluding, however, any interest in any real property pursuant to an Ancillary Agreement or 

  
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other immaterial acquisition of property rights ancillary to the development of the Project Assets); 

(xii) any transaction which is unrelated to the purposes of the Company; 

(xiii) the incurrence of any Financing; 

(xiv) the modification, refinancing or early retirement of any Financing; 

(xv) the sale of any Company assets or the assets of any Subsidiary, except (1) as provided in the Development
Management Agreement, the Operations Management Agreements, or any Ancillary Agreement or (2) a sale of any Company assets or the assets of any Subsidiary expressly Approved in the Business Plan; 

(xvi) (1) prior to the completion of construction of the Project, the commencement, settlement or compromise of any Damages
or litigation by the Company involving any amount in excess of $15,000,000, (2) at any time after the completion of construction of the Project, the commencement, settlement or compromise of any Damages or litigation by the Company involving
any amount in excess of $5,000,000, and (3) at any time and regardless of the amount at issue, the submission to arbitration of any dispute or controversy between the Company, on the one hand, and any Member or the Affiliate of any Member; 

(xvii) the cancellation without replacement or lapse without replacement of any material insurance policy or any changes to
the insurance program, except, in each case, as contemplated in the Business Plan or as may be required by the lenders in connection with any Financing; 

(xviii) any transaction that materially changes the scope of the Project; 

(xix) any material change or modification to the Plans, including any change order and changes of scope of the Project in
excess of $1 million; 
 (xx) requiring any loans from a Member to the Company; 

(xxi) changing the Company Accountants as the external auditors of the Company; 

(xxii) any change in the name of the Company; 

(xxiii) making any U.S. federal, state, local or foreign income tax elections that materially impact the tax liabilities of
any Member; 
 (xxiv) amending this Agreement; 

(xxv) any filing for bankruptcy, dissolution or liquidation of the Company or any Subsidiary, or a merger, consolidation or
recapitalization involving the Company or any Subsidiary; 

  
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 (xxvi) determining whether to complete the Harmon Hotel (beyond completion of
core and shell which has been previously agreed upon); provided, however, that in the event that the Board elects to proceed with the completion of the Harmon Hotel, MGM shall execute the Harmon Completion Guaranty; 

(xxvii) approving any modification to, including any waiver of the Company’s rights under, either of the Letters of
Credit; 
 (xxviii) approval of the form of Harmon Completion Guaranty; and 

(xxix) establishing the initial policies and procedure respecting, including the protocol for signing authority for, the
Company’s bank accounts. 
 Notwithstanding anything to the contrary contained in this Section 9.3 but subject to
Section 9.5 hereof, a Major Decision shall not include any change to the Plans that results in cost savings to the Project, provided that such change could not reasonably be expected to materially (i) affect the Project’s fitness for
purpose, (ii) reduce projected revenues as set forth in the Project Business Plan, or (iii) adversely affect the quality of the construction, design, materials, finishes or furnishings of the Project, and the Managing Member has the
authority to make such change to the Plans without obtaining Approval of the Board of Directors. 
 (b) With respect to any
action that must be Approved by the Board of Directors, each Representative on the Board of Directors shall be entitled to withhold its approval in its sole discretion unless expressly provided otherwise in this Agreement. 

(c) In the event the requisite number of the Representatives on the Board of Directors as set forth in Section 9.1(d)
hereof is unable to agree regarding any Major Decision (“Impasse”), neither the Company nor any Member may take any further action to implement or execute any action that relates to such Major Decision that is at an Impasse. The Members
shall submit the applicable Major Decision to the respective chairmen of IW and MGM for good faith discussions regarding the resolution of the Impasse (“Escalation”). 

(d) In the event an Impasse with respect to any of the Major Decisions described in Sections 9.3(a)(i), 9.3(a)(ii),
9.3(a)(iii), 9.3(a)(iv), 9.3(a)(vi), and 9.3(a)(ix) remains twelve (12) months after the initial date of Escalation with respect thereto (“Impasse Trigger Date”), IW may elect, but no later than sixty (60) days after the
corresponding Impasse Trigger Date, to initiate the resolution procedure set forth in this Section 9.3(d) by providing a written notice of such election to MGM (the date of such notice, the “Impasse Election Date”), at which time:

 (i) If the aggregate Unreturned Investment applicable to all of the Units held by IW and its Affiliates is greater than
the aggregate Conditional Transfer Price for all of such Units: 
 (1) Within sixty (60) days of the Impasse Election
Date, MGM may elect, by written notice to IW, to purchase all rights and title to all of the Units owned directly or indirectly by IW and its Affiliates at the purchase price equal to one hundred percent (100%) of IW’s Unreturned
Investment, and IW will transfer and sell such Units to MGM (which such purchase shall be consummated in accordance with the Cash Purchase Procedure); provided, 

  
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however, that for the purpose of this Section 9.3(d)(i), MGM’s failure to duly elect to purchase IW’s Units shall be deemed to be an election not to purchase such Units; or

 (2) If MGM provides written notice that it does not elect, or is deemed not to elect, to purchase the Units from IW and
its Affiliates pursuant to Section 9.3(d)(i)(1) above, IW may elect to purchase all rights and title to all of the Units owned directly or indirectly by MGM and its Affiliates at the purchase price equal to one hundred percent (100%) of
MGM’s Unreturned Investment, and MGM will transfer and sell such Units to IW (which such purchase shall be consummated in accordance with the Cash Purchase Procedure); or 

(ii) If the aggregate Conditional Transfer Price for all of Units held by IW and its Affiliates is greater than the aggregate
Unreturned Investment applicable to all of such Units: 
 (1) Within sixty (60) days of the Impasse Election Date, MGM
may elect, by written notice to IW, to purchase all rights and title to all of the Units owned directly or indirectly by IW and its Affiliates at the purchase price equal to one hundred percent (100%) of the Conditional Transfer Price
applicable to such Units, and IW will transfer and sell such Units to MGM (which such purchase shall be consummated in accordance with the Cash Purchase Procedure); provided, however, that for the purpose of this
Section 9.3(d)(ii), MGM’s failure to duly elect to purchase IW’s Units shall be deemed to be an election not to purchase such Units; or 

(2) If MGM provides written notice that it does not elect, or is deemed not to elect, to purchase the Units from IW and its
Affiliates pursuant to Section 9.3(d)(ii)(1) above, IW may elect to purchase all rights and title to all of the Units owned directly or indirectly by MGM and its Affiliates at the purchase price equal to one hundred percent (100%) of the
Conditional Transfer Price applicable to such Units, and MGM will transfer and sell such Units to IW (which such purchase shall be consummated in accordance with the Cash Purchase Procedure). 

Section 9.4 Replacement of Managing Member. Except as otherwise provided in this Agreement, the Managing Member
may only be changed with the approval of each Member, upon resignation of the Managing Member, upon an Event of Default on the part of the Managing Member or, at the election of IW in the event of the termination of the Managing Member or its
Affiliate as the Operations Manager due to a default (beyond all applicable cure periods) under any of the Operations Management Agreements. 

Section 9.5 IW Special Representative. 

(a) IW may appoint a representative with respect to the Project (the “IW Special Representative”). As of the
Effective Date, IW has appointed Mr. William Grounds as the IW Special Representative. IW may replace or dismiss the IW Special Representative at any time by giving written notice of such replacement or dismissal to MGM and IW may specify a
replacement IW Special Representative. 
 (b) MGM shall consult with the IW Special Representative with respect to making
any modification to the Business Plan, Construction Budget or the Annual Budget which 

  
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would impact any Contractual Obligation by $1 million or more and any modification to the Business Plan, Construction Budget or the Annual Budget which would impact any Contractual Obligation to
increase by $1 million or more shall require the approval of the IW Special Representative, such approval not to be unreasonably conditioned, delayed or withheld; provided that the IW Special Representative shall act in good faith. 

(c) MGM will deliver or cause to be delivered to the IW Special Representative copies of all written notices and reports at
the same time provided to MGM or its Affiliates relating to the Project. 
 (d) The IW Special Representative may attend
meetings, conferences and conference calls of MGM, the Operations Manager, governmental entities, architects, engineers, contractors, tenants and other Persons, that are material to the development and operation of the Project Components and MGM
will use reasonable efforts to cause the IW Special Representative to have reasonable prior notice of such meetings, conferences and conference calls. MGM will, and will cause its Affiliates performing any duties related to the Project
Components to, consider any input of the IW Special Representative in making any determinations that are material to the development and operation of the Project Components. 

(e) MGM will provide office space to the IW Special Representative located at the Project offices and suitable to ease of
administration and function in the exercise of the IW Special Representative’s duties. 
 (f) In the event that the IW
Special Representative does not respond to a request for approval under this Section 9.5 within five (5) Business Days after such request is made, the IW Special Representative shall be deemed to have approved such request. 

(g) Upon the Completion Date, the IW Special Representative position shall terminate without any further action of the Board
of Directors. 
 ARTICLE 10 

REPRESENTATIONS AND WARRANTIES 

Section 10.1 MGM. For the purposes of this Section 10.1, in addition all other document or information
otherwise expressly disclosed to IW in writing, any document or information set forth in any public report (including all exhibits thereto) filed by MGM MIRAGE with the U.S. Securities and Exchange Commission shall be deemed to have been expressly
disclosed to IW in writing. For the purposes of this Section 10.1, the “actual knowledge” of MGM shall mean the actual (and not constructive) knowledge of James Murren, Gary Jacobs, Robert Baldwin, William McBeath, Bruce Aguilera and
John McManus. 
 MGM hereby represents and warrants, as of the Effective Date that: 

(a) MGM is a Nevada limited liability company duly formed, validly existing and in good standing under the laws of the State
of Nevada and has the requisite entity 

  
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power and authority to enter into and carry out the terms of this Agreement; 

(b) all of the outstanding equity interests of MGM are owned directly or indirectly by MGM MIRAGE; 

(c) all entity action required to be taken by MGM to enter into this Agreement has been taken; 

(d) this Agreement has been duly executed and delivered by MGM and constitutes the legal, valid and binding obligation of
MGM, enforceable in accordance with its terms (subject to applicable bankruptcy, insolvency, moratorium or similar laws affecting creditors’ rights generally, equitable principles and judicial discretion); 

(e) to the best of its knowledge, neither the execution and delivery of this Agreement, nor the performance of its
obligations hereunder, has resulted or will result in any violation of, or default under, the charter documents of MGM or any indenture, trust agreement, mortgage or other agreement or any permit, judgment, decree or order to which MGM is a party or
by which it is bound, and there is no default and no event or omission has occurred which, with the passage of time or the giving of notice or both, would constitute a default on the part of MGM under this Agreement; 

(f) to the best of its knowledge, there is no action, proceeding or investigation, pending or threatened, which questions the
validity or enforceability of this Agreement as to MGM; 
 (g) MGM is in material compliance with all applicable U.S.
federal, state or local laws, statutes, ordinances, rules, regulations, orders, judgments or decrees; 
 (h) MGM has no
reason to believe that it or its Affiliates will not receive any license, approval or permit necessary for the consummation of the transactions contemplated by this Agreement; 

(i) MGM is not, nor will the Company as a result of MGM holding Units be, an “investment company” as defined in, or
subject to regulation under, the Investment Company Act of 1940, as amended; and 
 (j) MGM acknowledges that the Units it
owns have not been registered under the Securities Act of 1933, as amended, or any other state or federal law relating to the sale or offering for sale of securities (collectively, the “Securities Laws”). MGM is aware that the Units owned
by it cannot be resold without registration under applicable Securities Laws or exemption therefrom. 
 Section 10.2
IW. For the purposes of this Section 10.2, the “actual knowledge” of IW shall mean the actual (and not constructive) knowledge of Abdul Wahid Al Ulama. 

IW hereby represents and warrants, as of the Effective Date, that: 

(a) IW is a corporation, duly organized, validly existing and in good standing under the laws of the State of Nevada, and has
the requisite power and authority to enter 

  
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into and carry out the terms of this Agreement; 
 (b) all of the
outstanding equity interests of IW are owned directly or indirectly by Dubai World; 
 (c) all entity action required to be
taken by IW to enter into this Agreement has been taken; 
 (d) this Agreement has been duly executed and delivered by IW
and constitutes the legal, valid and binding obligation of IW, enforceable in accordance with its terms (subject to applicable bankruptcy, insolvency, moratorium or similar laws affecting creditors’ rights generally, equitable principles and
judicial discretion); 
 (e) to the best of its knowledge, neither the execution and delivery of this Agreement, nor the
performance of its obligations hereunder, has resulted or will result in any violation of, or default under, the charter documents of IW or any indenture, trust agreement, mortgage or other agreement or any permit, judgment, decree or order to which
IW is a party or by which it is bound, and there is no default and no event or omission has occurred which, with the passage of time or the giving of notice or both, would constitute a default on the part of IW under this Agreement; 

(f) to the best of its knowledge, there is no action, proceeding or investigation, pending or threatened, which questions the
validity or enforceability of this Agreement as to IW; 
 (g) IW is in material compliance with all applicable and material
U.S. federal, state or local laws, statutes, ordinances, rules, regulations, orders, judgments or decrees; 
 (h) IW has no
reason to believe that it or its Affiliates will not receive any license, approval or permit necessary for the consummation of the transactions contemplated by this Agreement; 

(i) IW is not, nor will the Company as a result of IW holding Units be, an “investment company” as defined in, or
subject to regulation under, the Investment Company Act of 1940, as amended; and 
 (j) IW acknowledges that the Units it
owns have not been registered under the Securities Laws. IW is aware that the Units owned by it cannot be resold without registration under applicable Securities Laws or exemption therefrom. 

Section 10.3 Brokers. The Parties each represent to the other that they have not retained any broker, finder or
agent in connection with the transactions contemplated hereby or the negotiation thereof. Each Party shall indemnify and hold the other Party harmless from and against all Damages, arising out of or relating to any claim of brokerage or other
commissions relative to this Agreement or the transactions contemplated hereby insofar as any such claim arises by reason of services alleged to have been rendered to or at the request of the indemnifying Party. 

  
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 ARTICLE 11 

TRANSFER OF UNITS 

Section 11.1 Restrictions on Transfers. Except as set forth in Section 11.2 hereof, no holder of Units may
Transfer all or any portion of such holder’s Units prior to the fifth (5th) anniversary of the Casino Opening Date. Thereafter, a holder of Units may Transfer all or any portion of such holder’s Units to any Person, subject to the
conditions and restrictions set forth in Section 11.3 hereof and to compliance with the terms of the right of first offer set forth in Section 11.6 hereof and the Tag-Along Rights set forth in Section 11.8 hereof. Notwithstanding the
foregoing, subject to Section 11.3 hereof, a Member may at any time Transfer its Units pursuant to the terms set forth in Section 11.2 hereof. 

Section 11.2 Permitted Transfers. Subject to the conditions and restrictions set forth in Section 11.3
hereof, a Member may at any time Transfer all or any portion of its Units to (i) any other Member, and (ii) any Permitted Transferee (each, a “Permitted Transfer”). Except in connection with a Transfer occurring following
compliance with the terms of the right of first offer set forth in Section 11.6 hereof, no Member is released from its obligations under this Agreement solely as a result of the Permitted Transfer of all of its Units to a Permitted Transferee.

 (a) As a condition to the Transfer to a Permitted Transferee, each Permitted Transferee of any Member to which Units are
Transferred shall agree to Transfer back to such Member (or to another Permitted Transferee of such Member) any Units it owns prior to such Permitted Transferee ceasing to be a Permitted Transferee of such Member. 

(b) Subject to the Approval of the Board of Directors, any Member may pledge its Units as collateral to lenders in connection
with the Financing. In addition, either Member may pledge its Units as collateral in connection with any bona fide financing transaction by its Affiliates, provided that the lender is an institutional bank or investment bank and is not a Material
Competitor nor an Affiliate of a Material Competitor, and provided that such pledge would be subordinate to the Financing. Such pledge must also provide that the Member whose Units are not the subject of such pledge shall have the right, prior to
such lender’s foreclosure, to pay in full the debt secured by such pledge as it relates to the applicable Units so pledged. 

Section 11.3 Conditions to Transfers. A Transfer will not be treated as a Transfer permitted under
Section 11.1 hereof, Section 11.2 hereof, or Section 11.6 hereof unless and until all of the following conditions are satisfied: 

(a) The transferor and Transferee execute and deliver to the Company such documents and instruments of conveyance as may be
necessary or appropriate in the opinion of counsel to the Company to effect such Transfer and the Transferee executes and delivers to the Company a joinder to this Agreement in a form reasonably satisfactory to the Company to be bound by the terms
and conditions of this Agreement to the same extent that the transferring Member was so bound. In all cases, the transferor and/or Transferee must reimburse the Company for all costs and expenses that the Company incurs in connection with such
Transfer. 
 (i) The transferor and Transferee must furnish the Company with the Transferee’s taxpayer identification
number, sufficient information to determine the Transferee’s 

  
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initial tax basis in the Units transferred, and any other information reasonably necessary to permit the Company to file all required U.S. federal and state tax returns and other legally-required
information statements or returns. Without limiting the generality of the foregoing, the Company is not required to make any distribution otherwise provided for in this Agreement with respect to any transferred Units until the Company has received
such information. 
 (ii) The Transfer would not, in the opinion of counsel chosen by the Company, result in the
termination of the Company within the meaning of Section 708 of the Code. 
 (iii) The Units to be Transferred must be
registered under the Securities Laws, or, unless waived by the non-transferring Members, the transferor must provide to the Company an opinion of counsel, which opinion and counsel must be reasonably satisfactory to the non-transferring Member, to
the effect that such Transfer is exempt from registration under the Securities Laws. 
 (iv) In the case of a Transfer to a
Material Competitor, the non-Transferring Member must consent to such Transfer. 
 (v) All approvals of any Gaming Authority
required to effect a Transfer must be obtained prior to such Transfer. 
 (b) Notwithstanding anything to the contrary in
this Agreement, no Member shall be permitted to Transfer its Units or any portion thereof to the extent such Transfer would be in violation of applicable law (including Securities Laws and all Gaming Laws) or would cause a default under any
agreement or instrument to which the Company is a party or by which it is bound. 
 Section 11.4 Prohibited
Transfers. 
 (a) Any purported Transfer of Units that is not made in compliance with the applicable provisions of
Section 11.1, Section 11.2, and Section 11.6 hereof shall be null and void and of no force or effect whatsoever. In the case of a Transfer or attempted Transfer of Units other than pursuant to the applicable provisions of
Section 11.1, Section 11.2, and Section 11.6 hereof, the Party engaging or attempting to engage in such Transfer is obligated to indemnify, defend and hold harmless the Company and the other Members for, from and against all cost,
liability and damage that the Company or such indemnified Member may incur (including incremental tax liabilities, attorneys’ fees and expenses) as a result of such attempted Transfer and efforts to enforce the indemnity granted hereby. 

(b) If as a result of any direct or indirect transfer of Units, including any Transfers that are permitted under this Article
11 or any transfers of any direct or indirect interest in the Units that fall outside the definition of a Transfer, a Material Competitor acquires a direct or indirect interest in the Company, then, notwithstanding anything to the contrary in this
Agreement, the following shall apply: 
 (i) The Member with respect to whom such transfer has occurred (a “Passive
Member”) will become a passive member of the Company with no right to (x) appoint 

  
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more than one member to the Board of Directors, and all other Representative appointed by such Member will be removed immediately from the Board of Director and with no further action,
(y) act as or appoint a Managing Member, or (z) have a Representative appointed by such Passive Member not vote on any matters other than those specifically provided in the Sections 9.3(a)(v), 9.3(a)(vii), 9.3(a)(xii), 9.3(a)(xx),
9.3(a)(xxi), and 9.3(a)(xxii) hereof. 
 (c) Any purported Transfer of Units that is not made in compliance with the
applicable provisions of this Article 11 shall be null and void and of no force or effect whatsoever. In the case of a Transfer or attempted Transfer of Units other than pursuant to the applicable provisions of Article 11, the Party engaging or
attempting to engage in such Transfer is obligated to indemnify, defend and hold harmless the Company and the other Member for, from and against all cost, liability and damage that the Company or such indemnified Member may incur (including
incremental tax liabilities, attorneys’ fees and expenses) as a result of such attempted Transfer and efforts to enforce the indemnity granted hereby. 

Section 11.5 Distributions and Allocations in Respect of Transferred Units. If any Units are Transferred during
any Fiscal Year in compliance with the provisions of this Article 11, Profits and Losses, each item thereof and all other items attributable to the Transferred Units for such Fiscal Year will be divided and allocated between the transferor and the
Transferee by taking into account their varying interests during the Fiscal Year in accordance with Code Section 706(d), using any convention permitted by law and selected by the Managing Member. All distributions on or before the date of such
Transfer will be made to the transferor and all distributions thereafter will be made to the Transferee. Any Transfer of a Member’s Unit to a transferor shall be deemed a transfer of such Member’s Interest and Profit Interest represented
by such Unit in relation to the total number of Units owned by such Member immediately prior to such Transfer. Solely for purposes of making such allocations and distributions, the Company will recognize such Transfer not later than the end of the
calendar month during which the Company is given notice of the Transfer, provided that, if the Company is given notice of a Transfer at least ten (10) Business Days prior to the Transfer, the Company will recognize the Transfer as of the date
of the Transfer, and provided further that if the Company does not receive a notice stating the date such Units were transferred and such other information as the Managing Member may reasonably require within thirty (30) days after the end of
the Fiscal Year during which the Transfer occurs, then all such items will be allocated, and all distributions will be made, to the Person who, according to the books and records of the Company, was the owner of the Units on the last day of such
Fiscal Year. Neither the Company nor the Managing Member will incur any liability for making allocations and distributions in accordance with the provisions of this Section 11.5, whether or not the Managing Member or the Company have knowledge
of any Transfer of ownership of any Units. 
 Section 11.6 Right of First Offer. 

(a) Notice. A Member desiring to Transfer Units (other than pursuant to Section 11.2 hereof) (a “Disposing
Member”) shall first provide to the other Members and the Company prior written notice of the Member’s intention to make a Transfer of Units (the “Disposition Notice”), which shall set forth the number of Units proposed to be
Transferred (the “Offered Units”). 
 (b) Option to the Non-Disposing Member. Upon receipt of the
Disposition Notice, the other Member (the “Non-Disposing Member”) has the right, exercisable 

  
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within 30 days after receipt of the Disposition Notice (the “Offer Period”), to offer to purchase all, but not less than all, of the Offered Units by giving written notice to the
Disposing Member (the “Offer Notice”) and stating the terms (including the cash purchase price per Unit) on which the Non-Disposing Member irrevocably offers to purchase all of the Offered Units. The Disposing Member may elect to accept
the offer stated in the Offer Notice by giving written notice (the “Acceptance Notice”) to the Disposing Member within 30 days after receipt of the Offer Notice. The delivery of the Acceptance Notice shall result in a binding contract
between the Disposing Member and the Non-Disposing Member at the price stated in the Offer Notice. Within thirty (30) days following the receipt of the Acceptance Notice or, if later, the receipt of any required approvals from any Gaming
Authority, the Disposing Member and the Non-Disposing Member shall complete the sale and purchase of the Units. 
 (c)
Sale to a Third Party. In the event that the Disposing Member does not accept the offer set forth in the Offer Notice (or if the Non-Disposing Member does not deliver an Offer Notice within the time period contemplated by Section 11.6(b)
hereof), the Disposing Member shall have the right to sell the Units to a third party at a price that is not less than the price set forth in the Offer Notice and other terms and conditions that are not less favorable than the terms and conditions
set forth in the Offer Notice (or, if no Offer Notice was delivered pursuant to Section 11.6(b) hereof, at any price and terms and conditions); provided, however, that the consummation and closing of such sale must occur within
one hundred eighty (180) days after expiration of the Offer Period, provided, further that such 180-day period may be extended to allow for obtaining any necessary Gaming and regulatory approvals as long as the Disposing Member and the proposed
Transferee of the Disposing Member’s Units are using commercially reasonable efforts to obtain such approvals. If such sale of the Units is not closed within such 180-day period, or if the Disposing Member wishes to enter into a contract to
sell the Units on terms less than the price set forth in the Offer Notice or on terms and conditions less favorable than set forth in the Offer Notice, then any subsequent sale of the Units by the Disposing Member may be effected only after again
complying with the conditions of this Section 11.6. 
 Section 11.7 Indirect Transfers. In the case of an
indirect Transfer of Units, (A) the right of first offer provided for under Section 11.6 hereof shall apply to all of the Units held by the Member (versus only the Offered Units ), and (B) the burden is on the Member with respect to
whom there is a Transfer to construct a transaction in which the Units are separately priced in order to determine whether the requirements of Sections 11.6 hereof and this Section 11.7 have been met. 

Section 11.8 Tag-Along Rights. 

(a) Notwithstanding anything to the contrary in this Agreement, neither Member (“Selling Member”) may Transfer any
or all of its Units to a Person other than to a Permitted Transferee unless the other Member has the right to sell, in the same transaction, its Units to such Person, on a pro rata basis based on each Member’s Profit Interest, for a purchase
price determined in the identical manner, after giving effect to any adjustments made pursuant to Section 3.5(b) hereof to the Profit Interest corresponding to such Member’s Units, to the Profit Interest attach, as the purchase price of
the Selling Member’s Units shall have been determined (and subject to identical method of payment and other terms). 

(b) As soon as practicable after the Selling Member decides or proposes to sell any or all of its Units, but at least ninety
(90) days before the proposed date of a sale of the 

  
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Selling Member’s Units, the Selling Member shall give a written notice (the “Tag-Along Notice”) to the other Member at each Member’s address as shown on the Company’s
records. The Tag-Along Notice shall describe in detail the proposed sale, including the proposed price or consideration to be paid, the name and address of the proposed Transferee, and if the Selling Member is proposing to sell less than all of its
Units, the proportion of their total Units that they intend to sell. The non-Selling Member (“Tagging Member”) shall have the right to sell to the proposed Transferee the same proportion, based on such Member’s Profit Interest, of
such Member’s Units on the terms, subject to adjustments in the price based on any adjustments to each Member’s Profit Interest previously made pursuant to this Section 3.5(b) hereof, set forth in the Tag-Along Notice. Other than as
set forth herein, the terms of the Tag-Along Notice shall not be more burdensome to the Tagging Member than the terms applicable to the Selling Member in the purchase transaction with the Transferee. 

(c) The Tagging Member shall exercise the rights under this Section 11.8 by delivering a notice of exercise to the
Selling Member, with a copy to the Company, within thirty (30) days after the delivery of the Tag-Along Notice to the Tagging Member. 

(d) No later than one hundred eighty (180) days following delivery of the Tag Along Notice to the Company, the Selling
Members shall conclude the sale of its Units on the terms and conditions described in the Tag Along Notice, and the Tagging Member shall simultaneously sell its Units on the terms and conditions described in the Tag Along Notice (subject to
adjustments in the price based on any adjustments to each Member’s Profit Interest previously made pursuant to Section 3.5(b) hereof). 

ARTICLE 12 
 GAMING LAWS 

Section 12.1 Qualifications. 

(a) Subject to Gaming Laws. If the Company becomes, and for as long as it remains, subject to regulation under any
Gaming Laws, ownership of the Company shall be held subject to the applicable provisions of any applicable Gaming Laws. 

(b) Officers and Employees. The election of an individual to serve in any capacity with the Company is subject to any
findings of suitability, qualifications or approvals required under any Gaming Laws. For purposes of this Agreement, an individual shall be qualified to serve as an officer or in any other capacity, for so long as that individual is determined to
be, and continues to be, qualified and deemed suitable by all Gaming Authorities and under all applicable Gaming Laws. In the event any such individual does not continue to be so qualified and suitable, that individual shall be disqualified and
shall cease to be an officer or serve in such other capacity with the Company. 
 ARTICLE 13

  
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 EVENTS OF DEFAULT 

Section 13.1 Events of Default. The occurrence of any of the following events shall constitute an “Event of
Default” hereunder on the part of the Member to which such event relates (the “Defaulting Member”) if within 30 days following delivery to the Defaulting Member of written notice of such default by the other Member, or within 10 days
if the default is due solely to the non-payment of monies, the Defaulting Member fails to pay such monies, or in the case of non-monetary defaults, fails to commence substantial efforts to cure such default or thereafter fails within a reasonable
time to prosecute to completion with diligence the curing of such default; provided, however, that the occurrence of any of the events described in Section 13.1(a) or (b) below shall constitute an Event of Default immediately
upon such occurrence without any requirement of notice or the passage of time except as specifically set forth therein: 

(a) the violation by a Member of any of the restrictions set forth in Article 11 of this Agreement upon the right of such
Member to Transfer its Units (a “Transfer Breach”); 
 (b) (i) the institution by a Member of proceedings under
any federal or state law for the relief of debtors wherein such Member is seeking relief as a debtor, (ii) a general assignment by a Member for the benefit of creditors, (iii) the institution by a Member of a proceeding for relief under
the United States Bankruptcy Code, (iv) the institution against a Member of a proceeding under the United States Bankruptcy Code, which proceeding is not dismissed, stayed or discharged within 60 days after the filing thereof or, if stayed,
which stay is thereafter lifted without a contemporaneous discharge or dismissal of such proceeding, (v) the admission by a Member in writing of its inability to pay its debts as they mature or (vi) the attachment, execution or other
judicial seizure of all or any substantial part of a Member’s Units which remains undismissed or undischarged for a period of 15 days after the levy thereof, if such attachment, execution or other judicial seizure would reasonably be expected
to have a material adverse effect upon the performance by such Member of its obligations under this Agreement; provided, however, that any such attachment, execution or seizure shall not constitute an Event of Default if such Member
posts a bond sufficient to fully satisfy the amount of such claim or judgment within 15 days after the levy thereof and the Member’s Units are thereby released from the lien of such attachment (each an “Event of Bankruptcy”);
provided, however, that notwithstanding the foregoing or any provision of Delaware law to the contrary, none of the Events of Bankruptcy enumerated above shall be deemed an Event of Default hereunder until such time as: (a) a
chapter 11 trustee or an examiner with expanded powers is appointed to exercise rights otherwise vested in the Member’s estate or in the Member as debtor in possession, (b) the Event of Bankruptcy is a chapter 7 case in which an order for
relief is entered, or a chapter 11 case that has been converted to chapter 7 by entry of an order directing such conversion, (c) following an Event of Bankruptcy, the Member does not perform its obligations hereunder, or (d) following an
Event of Bankruptcy involving MGM or corresponding event involving any of MGM’s Affiliates, an Operations Manager does not perform its obligations under the applicable Operations Management Agreement; 

(c) any material breach by a Member of its representations and warranties pursuant to Article 10 hereof or any material
default in performance of, or failure to comply with, any other agreement, obligation or undertaking of a Member contained in this Agreement; 

(d) the issuance of a final and non-appealable order or directive of a 

  
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governmental agency of any jurisdiction, including any Gaming Authorities, disqualifying a Member from holding any license, approval or permit required for the business of the Company, or
directing that the other Member or any of its Affiliates terminate its relationship with such Member (a “License Breach”); 

(e) the occurrence of any fraudulent act or intentional act of willful misconduct by a Member in connection with or in any
way relating to the Company, the Project or the Project Assets; 
 (f) the failure by MGM, MGM MIRAGE or its Affiliate to
make any payment as and when required pursuant to the Cash Proceeds Letter, the Construction Completion Guaranty or the Harmon Completion Guaranty; 

(g) the failure by MGM, MGM MIRAGE or its Affiliate to make any payment of all capital expenditures related to the People
Mover in excess of Fifty Million Dollars ($50,000,000) as and when required; or 
 Section 13.2 Remedies upon
Default. 
 (a) Upon the occurrence of any Event of Default, the Non-Defaulting Member shall have the right, without
limitation, to exercise any and all rights and remedies set forth in this Agreement or as may be available at law or in equity against the Defaulting Member. 

(b) In no event shall any Member have the right to, nor shall any Member be obligated or liable for, consequential, special
or punitive damages, and in no event may the total damages recovered under any circumstances exceed the amount of Capital Contributions paid or payable by a Member; provided, however, that, nothing in this Section 13.2 shall be
deemed to apply to, or limit or otherwise modify, any rights of any Member under Section 4.2(c)(ii) or Section 13.4 hereof. 

Section 13.3 Indemnification. 

(a) Indemnification by MGM. MGM shall indemnify and defend the Company, the Subsidiaries of the Company, IW, IW’s
Affiliates and their respective stockholders, members, partners, managers, officers, directors, employees, agents, successors and assigns (the “IW Indemnitees”) against, and shall hold the IW Indemnitees harmless from, any Damages incurred
or suffered by an IW Indemnitee resulting from, arising out of, or in connection with, or otherwise with respect to any breach of any representation, warranty, covenant or agreement made by MGM contained in this Agreement; provided,
however, that the cumulative indemnification obligation of MGM under this Section 13.3(a) shall in no event exceed the Unreturned Investment of IW at the time of such indemnification. 

(b) Indemnification by IW. IW shall indemnify and defend Company, the Subsidiaries of the Company, MGM, MGM’s
Affiliates and their respective stockholders, members, partners, managers, officers, directors, employees, agents, successors and assigns (the “MGM Indemnitees”) against, and shall hold the MGM Indemnitees harmless from, any Damages
incurred or suffered by an MGM Indemnitee resulting from, arising out of, or in connection with, or otherwise with respect to any breach of any representation, warranty, covenant or agreement made 

  
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by IW contained in this Agreement; provided, however, that the cumulative indemnification obligation of IW under this Section 13.3(b) shall in no event exceed the Unreturned
Investment of MGM at the time of such indemnification. 
 Section 13.4 Buy Out on Default. At any time during
the continuance of an Event of Default under this Agreement resulting from a Transfer Breach or a License Breach, the Non-Defaulting Member, without limiting any other rights or remedies it may have under this Agreement, at law or in equity, may,
upon written notice (the “Appraisal Notice”) delivered to the Defaulting Member, elect to purchase all (but not less than all) of the Units of the Defaulting Member for cash in an amount equal to the lesser of (A) the Conditional
Transfer Price and (B) the amount of the Unreturned Investment for the Defaulting Member, and the Defaulting Member will Transfer and sell such Units to the Non-Defaulting Member (which such purchase shall be consummated in accordance with the
Cash Purchase Procedure. The “Appraised Value” for all of the Units of a Member shall be the distribution that such Member would receive pursuant to Section 14.3 hereof if a single purchaser unrelated to any Member purchased the
Company business and assets as a going concern, subject to all existing indebtedness and Liens, in a single cash purchase, taking into account the current condition, use and net income of the Project and the Company were liquidated. If the Members
are unable to mutually agree upon the Appraised Value within 30 days after delivery of the Appraisal Notice, each Member shall select a reputable MAI appraiser to determine the Appraised Value. The two appraisers shall furnish the Members with their
written appraisals within 45 days of their selection, setting forth their determinations of the Appraised Value as of the date of the Appraisal Notice. If the higher of such appraisals does not exceed the lower of such appraisals by more than 10%,
the Appraised Value shall be the average of the two appraisals. If the higher of such appraisals exceeds the lower of such appraisals by more than 10%, the two appraisers shall, within 20 days, mutually select a third reputable MAI appraiser. The
third appraiser shall furnish the Members with its written appraisal within 45 days of its selection, and the Appraised Value shall be the average of the three appraisals. The cost of the appraisals shall be borne equally by the Defaulting Member
and the Non-Defaulting Member. The determination of the Appraised Value in accordance with this Section 13.4 shall constitute a final and non-appealable arbitration. The closing of the purchase and sale of the Units of the Defaulting Member
pursuant to this Section 13.4 shall occur not later than 180 days after determination of the Appraised Value, or such other time as may be directed by the Nevada Gaming Authorities. At the closing, the Defaulting Member shall deliver to the
Non-Defaulting Member good title to its Units, free and clear of any Liens. 
 ARTICLE 14 

DISSOLUTION AND LIQUIDATION 

Section 14.1 Events of Dissolution. Except as set forth in Section 14.2 hereof, the Company shall dissolve
upon the occurrence of any of the following events: 
 (a) the sale or other disposition (including, without limitation,
taking by eminent domain) of all or substantially all of the assets of the Company and the collection of the proceeds thereof; 

  
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 (b) the approval of each of the Members; 

(c) the death, withdrawal, Event of Bankruptcy which constitutes an Event of Default, or dissolution of a Member, or the
occurrence of any event that terminates a Member’s continued interest in the Company or causes a Transfer of such interest by operation of law, unless within 90 days after such event one or more new Members is admitted pursuant to
Section 11.2 or 14.2 hereof; or 
 (d) the occurrence or failure to occur of any other event, as a result of which it
is or becomes unlawful or impossible to carry on the business of the Company. 
 Section 14.2 Members’ Consent
to Continue Business. Upon the occurrence of an event described in Section 14.1 hereof which may cause the dissolution of the Company, or subsequent discovery of the occurrence of such an event, the Managing Member shall immediately notify
each of the remaining Members of the occurrence of the event, and each of the remaining Members shall notify the Managing Member whether or not it consents to continue the business of the Company. If all of the remaining Members consent to continue
the Company’s business, then the Company shall not be dissolved and the remaining Members shall continue the Company’s business. 

Section 14.3 Dissolution and Liquidation. Upon the occurrence of an event of dissolution described in
Section 14.1 hereof, if the business of the Company is not continued by the remaining Members pursuant to Section 14.2 hereof, the Company shall continue solely for the purpose of winding up its affairs in an orderly manner, liquidating
its assets and satisfying the claims of its creditors and Members and no Member shall take any action that is inconsistent with, or not necessary to or appropriate for, winding up the Company’s business and affairs. To the extent not
inconsistent with the foregoing, all covenants and obligations set forth in this Agreement shall continue in effect until such time as the Company’s assets have been distributed pursuant to this Section 14.3 and the Company has been
liquidated. The Managing Member shall be responsible for overseeing the winding up and liquidation of the Company, shall take full account of the Company’s liabilities and assets, shall cause the assets to be liquidated as promptly as is
consistent with obtaining the fair market value thereof and shall cause the proceeds therefrom, to the extent sufficient therefor, to be applied and distributed in the following order: 

(a) first, to the payment and discharge of all of the Company’s debts and liabilities to creditors other than Members,
in the order of priority provided by law; 
 (b) second, to the payment and discharge of all of the Company’s debts
and liabilities to Members, other than liabilities for distributions to which Members are entitled in their capacities as Members pursuant to Article 6; 

(c) third, to the establishment of any reserves that may reasonably be deemed necessary by the Managing Member to meet any
contingent or unforeseen liabilities or obligations of the Company not covered by insurance. Any such reserve shall be deposited in a bank or other financial institution. All or any portion of such reserve no longer needed for the purpose for which
it was established shall be distributed as promptly as practicable in accordance with Section 14.3(d) hereof, as appropriate; and 

  
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 (d) fourth, to the Members in accordance with Article 6. 

The Managing Member shall not receive any compensation for any services performed pursuant to this Section 14.3 but shall be entitled to
reimbursement for all out-of-pocket costs and expenses reasonably incurred in connection therewith. 
 It is intended that the distributions
set forth in this Section 14.3(d) comply with the requirement of Regulations Section 1.704-1(b)(2)(ii)(b)(2) that liquidating distributions be made in accordance with positive Capital Accounts. However, if the balances in the
Capital Accounts do not result in such requirement being satisfied, no change in the amounts of distributions pursuant to Article 6 shall be made, but rather, items of income, gain, loss, deduction and credit will be reallocated between the Members
so as to cause the balances in the Capital Accounts to be in the amounts necessary so that, to the extent possible, such result is achieved. 

Section 14.4 Notice of Dissolution. Upon the occurrence of an event of dissolution described in Section 14.1
hereof, if the business of the Company is not continued by the remaining Members pursuant to Section 14.2 hereof, the Managing Member shall, within 30 days thereafter (i) provide written notice thereof to each of the Members and to all
other Persons with whom the Company regularly conducts business (as determined in the discretion of the Managing Member) and (ii) publish notice of such dissolution in a newspaper of general circulation in each place in which the Company
conducts business. 
 Section 14.5 Disassociation. Unless and until an Event of Bankruptcy constitutes an Event
of Default, Section 18-304 of the Delaware Limited Liability Company Act, and any other applicable statute or principle of law, and any other provision herein, shall not result in such Member ceasing to be a Member in the Company or otherwise
result in such Member’s rights being restricted, limited or abridged. 
 ARTICLE 15 

MISCELLANEOUS PROVISIONS 

Section 15.1 Waiver of Partition and Covenant Not to Withdraw. Each Member covenants and agrees that the Members
have entered into this Agreement based on the mutual expectation that both Members will continue as Members and carry out the duties and obligations undertaken by them hereunder and, except as otherwise expressly required or permitted by this
Agreement or approved by each of the Members, each Member covenants and agrees not to (i) take any action to require partition or to compel any sale with respect to its Units or any property of the Company, (ii) take any action to file a
certificate of dissolution or its equivalent with respect to itself, (iii) take any action that would cause an Event of Bankruptcy to constitute an Event of Default of such Member, (iv) withdraw or resign, or attempt to do so, from the
Company, (v) exercise any power under the Act to dissolve the Company, (vi) except as permitted herein, transfer all or any portion of its Units, (vii) petition for judicial dissolution of the Company or (viii) demand a return of
its capital contributions. Upon any breach of this Section 15.1 by any Member, the other Member (in addition to all rights and remedies it may have under this Agreement, at law or in equity) shall be entitled to a decree or order from a court
of competent jurisdiction restraining and 

  
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enjoining such application, action or proceeding. 
 Section 15.2
Additional Agreements. IW shall have the right to exercise any and all remedies of the Company under any Additional Agreements in the name of and on behalf of the Company, without the necessity of and further notice to the counterparty under
the applicable Additional Agreements. 
 Section 15.3 Notices. Unless otherwise provided herein, all notices or
other communications required or permitted by this Agreement shall be in writing and shall be deemed to have been duly given on the date of delivery if delivered personally to the Party to whom notice is given, on the next Business Day if sent by
confirmed facsimile transmission or on the date of actual delivery if sent by overnight commercial courier or by first class mail, registered or certified, with postage prepaid and properly addressed to the Party at its address set forth below, or
at any other address that any Party may from time to time designate by written notice to the others: 

  
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	 If to MGM:

	  
 Project CC, LLC

c/o MGM Resorts International

3600 Las Vegas Boulevard South

Las Vegas, Nevada 89109

Attention: General Counsel

Facsimile: (702) 693-7628

	  
 If to MGM MIRAGE:

	  
 MGM Resorts International

3600 Las Vegas Boulevard South

Las Vegas, Nevada 89109

Attention: General Counsel

Facsimile: (702) 693-7628

	  
 If to IW:

	  
 Infinity World Development Corp.

c/o Dubai World
 Emirates Towers,
Level 47
 Sheikh Zayed Road
 P.
O. Box 17000
 Dubai, United Arab Emirates

Attention: General Counsel

Facsimile: 011-971-4-361-2680

 Section 15.4 Amendments. The provisions of this Agreement may not be waived,
amended or repealed, in whole or in part, except with the written consent of each of the Members. 
 Section 15.5
Successors and Assigns. This Agreement shall be binding on, and inure to the benefit of, the Parties hereto and their respective heirs, legal representatives, successors and permitted transferees and assigns. 

Section 15.6 Time. Time is of the essence with respect to this Agreement and each and every provision hereof. 

Section 15.7 Severability. Each provision of this Agreement is intended to be severable. If any term or provision
hereof is held to be illegal or invalid for any reason, such illegality or invalidity shall not affect the legality or validity of the remainder of this Agreement. 

Section 15.8 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. 
 Section 15.9
Attorneys’ Fees and Other Costs. Except as otherwise provided in this Agreement, each of the Parties shall bear its own legal fees and expenses in connection with the 

  
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negotiation, execution and performance of this Agreement. The Company shall bear all legal fees and expenses in connection with any proceeding in which the Company is named as a party. Should any
action or proceeding be commenced (including without limitation any proceeding in bankruptcy) by any of the Parties to enforce any of the terms of this Agreement or that in any other way pertains to Company affairs or this Agreement, the prevailing
Party or Parties in such action or proceeding (as determined by the presiding official(s)) shall be entitled to receive from the opposing Party or Parties the prevailing Party’s reasonable costs and attorneys’ fees incurred in
investigating, prosecuting, defending or appearing in any such action or proceeding. 
 Section 15.10 Entire
Agreement. This Agreement (together with the Letter Agreement) constitutes the complete and exclusive statement of the agreement among the Parties with respect to the subject matter hereof. This Agreement supersedes all prior negotiations,
understandings and agreements of the Parties, written or oral, with respect to the subject matter hereof. 

Section 15.11 Further Assurances. Each of the Parties agrees to perform any further acts and execute, acknowledge
and deliver any documents or instruments that may be reasonably necessary or appropriate to carry out the provisions of this Agreement and to satisfy the conditions to the obligations of the Parties hereunder. 

Section 15.12 Headings; Interpretation. Article and section headings contained in this Agreement are for
convenience of reference only and shall not be deemed a part of this Agreement or have any legal effect. All provisions of this Agreement shall be construed to further the interests and business of the Company. The Parties agree to cooperate with
one another in all respects in order to effect the purposes of and carry out the business activities of the Company, as more particularly set forth herein. 

Section 15.13 Exhibits. Each of the Exhibits referred to herein and attached hereto is hereby incorporated by
reference and made a part hereof for all purposes. Unless the context otherwise expressly requires, any reference to “this Agreement” shall mean and include all such Exhibits. 

Section 15.14 Approvals and Consents. Whenever the approval or consent of a Member or any of the Parties is
required by this Agreement, such Member or Party shall have the right to give or withhold such approval or consent in its sole and unfettered discretion, unless otherwise expressly provided herein. 

Section 15.15 Estoppels. Each of the Parties shall, upon the written request of any other Party, promptly execute
and deliver to the other Parties a statement certifying that this Agreement is unmodified and in full force and effect (or, if modified, the nature of the modification) and whether or not there are, to such Party’s knowledge, any uncured
defaults on the part of the other Party or Parties, specifying such defaults if any exist. Any such statement may be relied upon by third parties. 

Section 15.16 Compliance with Laws and Contractual Obligations. Each of the Members shall at all times act in
accordance with all applicable laws and regulations and shall indemnify and hold the other Parties (including their respective directors, officers, employees, Affiliates, successors and assigns) harmless for, from and against any and all Damages,
arising out 

  
 -61- 

 
of or relating to any breach of such laws or regulations. The Company will at all times comply with all legal and Contractual Obligations and requirements applicable to the acquisition or
development of the Project Assets and the operation of the Project. 
 Section 15.17 Remedies Cumulative. Each
right, power and remedy provided for in this Agreement or now or hereafter existing at law, in equity, by statute or otherwise shall be cumulative and concurrent and shall be in addition to every other right, power or remedy provided for in this
Agreement or now or hereafter existing at law, in equity, by statute or otherwise, and the exercise by any Party of any one or more of such rights, powers or remedies shall not preclude the simultaneous or later exercise by such Party of any or all
of such other rights, powers or remedies. 
 Section 15.18 Waiver. No consent or waiver, express or implied, by
any Party to or of any breach or default by any other Party in the performance of obligations under this Agreement shall be deemed or construed to be a consent or waiver to or of any other breach or default in the performance by such Party. Failure
on the part of any Party to complain of any act or failure to act by any other party or to declare any other party in default, irrespective of how long such failure continues, shall not constitute a waiver by any Party of its rights under this
Agreement. 
 Section 15.19 Governing Law and Choice of Forum. This Agreement shall be governed by and construed
in accordance with the laws of the State of Delaware, excluding its conflict of law principles. In the event of any litigation between the Parties concerning or arising out of this Agreement, the Parties hereby consent to the exclusive jurisdiction
of the federal and state courts in Delaware. 
 Section 15.20 Survival of Indemnification Obligations. Each and
every indemnification obligation of any one or more of the Members hereto shall expressly survive the termination of this Agreement and the dissolution of the Company. 

Section 15.21 Limited Liability. 

(a) The Parties acknowledge that in the event there is a default or an alleged default by MGM under the arrangements
contemplated by this Agreement, or any party has any claim arising from the arrangements contemplated in this Agreement, no party shall commence any lawsuit or otherwise seek to impose any liability whatsoever against Mr. Kirk Kerkorian,
Tracinda Corporation, a Nevada corporation, and any other corporation or entity controlled by Mr. Kerkorian (other than MGM MIRAGE and its subsidiaries) or any principals of MGM MIRAGE or the Affiliates of such principals (the “MGM MIRAGE
Restricted Affiliates”). The Parties hereby further agree that none of the MGM MIRAGE Restricted Affiliates shall have any liability whatsoever with respect to this Agreement. The Parties hereby further agree that they shall not permit or cause
the Company to assess a claim or impose any liability against any MGM MIRAGE Restricted Affiliate, either collectively or individually, as to any matter or thing arising out of or relating to this Agreement. In addition, the Parties agree that none
of the MGM MIRAGE Restricted Affiliates, individually or collectively, is a party to this Agreement or liable for any alleged breach or default of this Agreement by MGM or its Affiliates. It is expressly understood and agreed that this provision
shall have no force and effect with respect to any document or agreement as to which Kirk Kerkorian or Tracinda Corporation is a party with IW or IW’s Affiliates, except as set forth in such other agreement. 

  
 -62- 

 (b) The Parties acknowledge that in the event there is a default or an alleged
default by IW under the arrangements contemplated by this Agreement, or any party has any claim arising from the arrangements contemplated in this Agreement, no party shall commence any lawsuit or otherwise seek to impose any liability whatsoever
against either the Government of Dubai, the United Arab Emirates, any corporation or entity controlled by the Government of Dubai or the United Arab Emirates (other than IW and its subsidiaries) or any principals of Dubai World or the Affiliates of
such principals (the “Dubai World Restricted Affiliates”). The Parties hereby further agree that none of the Dubai World Restricted Affiliates shall have any liability whatsoever with respect to this Agreement. The Parties hereby further
agree that they shall not permit or cause the Company to assess a claim or impose any liability against any Dubai World Restricted Affiliate, either collectively or individually, as to any matter or thing arising out of or relating to this
Agreement. In addition, the Parties agree that none of the Dubai World Restricted Affiliates, individually or collectively, is a party to this Agreement or liable for any alleged breach or default of this Agreement by IW or its Affiliates. 

Section 15.22 Sovereign Immunity Waiver. IW irrevocably waives, with respect to itself and its revenues and assets
(irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from (a) suit, (b) jurisdiction of any court of Delaware or (c) relief by way of injunction, order for specific
performance or for recovery of enforcement of any judgment to which it or its revenues or assets might otherwise be entitled in any proceedings under or in connection with this Agreement by the courts of any jurisdiction and irrevocably agrees that
it will not claim any such immunity in any such proceedings and that the waivers set forth in this provision are intended to be irrevocable. 

Section 15.23 Member Enforcement. IW shall have the power and authority to enforce any breach or to allege and
enforce any breach or Event of Default by MGM under this Agreement without the necessity of including the Managing Member in any such action. The Managing Member cannot and is not authorized to waive, on behalf of IW, the occurrence or continuance
of any breach or Event of Default of this Agreement without the prior written consent of IW, which consent may be withheld by IW in its sole and absolute discretion. Notwithstanding the provisions of Section 9.3(a)(xvi), in the event that
either Member is in breach of this Agreement, the other Member may bring a claim or action on behalf of the Company against the breaching Member to enforce the rights of the Company against such breaching Member. 

Section 15.24 Release of Dubai World. Subject in all respects to the provisions of the succeeding sentence, Dubai
World’s obligations under this Agreement are hereby deemed satisfied in full and Dubai World is irrevocably released and forever discharged from any and all liabilities, claims, cross-claims, causes of action, rights, actions, suits, debts,
liens, damages, costs, attorneys’ fees, losses, expenses, obligations or demands, of any kind whatsoever, whether known or unknown, suspected or unsuspected, based on any facts, actions, or conduct occurring from the beginning of time through
the Effective Date, that arise out of or relate to this Agreement (the “Deemed Satisfaction of DW Obligations”). Notwithstanding the preceding sentence, and any rule of law or equity to the contrary notwithstanding, Dubai World’s
obligations under this Agreement, shall automatically reinstate without any further notice or other action being required on the part of the Company, in the event that the DW L/C is revoked, dishonored, cancelled or otherwise unavailable for
funding, then until the same has been cured by IW or Dubai World, it shall be as if the Deemed Satisfaction of DW Obligations pursuant to the first sentence of this Section 15.24 had never occurred. 

  
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 Section 15.25 Release of Mirage Resorts. Subject in all respects to
the provisions of the succeeding sentence, Mirage Resort’s obligations under this Agreement are hereby deemed satisfied in full and Mirage Resorts is irrevocably released and forever discharged from any and all liabilities, claims,
cross-claims, causes of action, rights, actions, suits, debts, liens, damages, costs, attorneys’ fees, losses, expenses, obligations or demands, of any kind whatsoever, whether known or unknown, suspected or unsuspected, based on any facts,
actions, or conduct occurring from the beginning of time through the Effective Date, that arise out of or relate to this Agreement (the “Deemed Satisfaction of MR Obligations”). Notwithstanding the preceding sentence, and any rule of law
or equity to the contrary notwithstanding, Mirage Resort’s obligations under this Agreement, shall automatically reinstate without any further notice or other action being required on the part of the Company, in the event that (i) the MGM
L/C is revoked, dishonored, cancelled or otherwise unavailable for funding; (ii) there is any breach or default by MGM or MGM MIRAGE under the Construction Completion Guaranty, the Harmon Completion Guaranty, or of MGM or MGM MIRAGE’s
obligations set forth in Section 4.6 hereof; or (iii) MGM or an MGM Affiliate fails to make any other payment as and when required pursuant to the terms hereof or of the applicable Additional Agreement, then until the same has been cured
by MGM, MGM MIRAGE or an MGM Affiliate, as applicable, it shall be as if the Deemed Satisfaction of MR Obligations pursuant to the first sentence of this Section 15.25 had never occurred. 

Section 15.26 WAIVER OF TRIAL BY JURY. THE MEMBERS TO THIS AGREEMENT HEREBY EXPRESSLY WAIVE ANY RIGHT TO TRIAL BY
JURY OF ANY CLAIM, DEMAND, ACTION, CAUSE OF ACTION, OR PROCEEDING ARISING UNDER OR WITH RESPECT TO THIS AGREEMENT, OR IN ANY WAY CONNECTED WITH, OR RELATED TO, OR INCIDENTAL TO, THE DEALINGS OF THE MEMBERS HERETO WITH RESPECT TO THIS AGREEMENT OR
THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND IRRESPECTIVE OF WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE. 

[Signatures on Next Page] 

  
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 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

  

			
	PROJECT CC, LLC,
	a Nevada corporation
	
	 /s/ Andrew Hagopian III

	Name:	 	Andrew Hagopian III
	Title:	 	Assistant Secretary
	
	INFINITY WORLD DEVELOPMENT CORP,
a Nevada corporation
	
	 /s/ William Grounds

	Name:	 	William Grounds
	Title:	 	President and CEO

 EXHIBIT A 

PROJECT COMPONENTS 
  

	•	 	 4,000-ROOM CITYCENTER RESORT AND CASINO 

  

	•	 	 400-ROOM MANDARIN ORIENTAL HOTEL/RESIDENCES 

  

	•	 	 400-ROOM THE HARMON HOTEL 

  

	•	 	 1,500-UNIT VDARA CONDO/HOTEL TOWER 

  

	•	 	 TWIN, 335-UNIT VEER LUXURY CONDO TOWERS 

  

	•	 	 500,000 SQUARE FEET OF RETAIL AND ENTERTAINMENT SPACE 

  

	•	 	 225,000 SQUARE FEET OF CONVENTION AND MEETING SPACE 

  

	•	 	 900,000 SQUARE FEET FOR BACK-OF-HOUSE OPERATIONS 

  

	•	 	 2,000-SEAT THEATER 

  

	•	 	 70,000-SQUARE-FOOT SPA 

  

	•	 	 7,500-CAR PARKING GARAGE (subject to Exhibit B) 

  

	•	 	 FIRE STATION (subject to Exhibit B) 

  

	•	 	 PEOPLE MOVERS (subject to Exhibit B) 

  

	•	 	 ON-SITE POWER PLANT (subject to Exhibit B) 

 EXHIBIT B 

ANCILLARY AGREEMENTS 
 The
Project is a significant mixed use development and is adjacent to additional properties owned by various Affiliates of MGM. There are a number of interdependencies between the Project or components thereof and such other properties of MGM
Affiliates, including the relationships identified below. 
 Effective Agreements 

The following agreements have been prepared and entered into by the Members and the appropriate Affiliate(s) of MGM in order to address the
various rights and obligations between the parties thereto with respect to the subject matters listed below: 
 Agreement Respecting
Bellagio Employee Garage: the improvement commonly referred to as the Bellagio Employee Garage is not a part of the Project Assets, but it provides parking spaces for the hotel condominium commonly referred to as Vdara, which hotel condominium
is a part of the Project Assets. That certain Declaration of Vdara Easements and Covenants by and between Bellagio, LLC, a Nevada limited liability company (“Bellagio”) and CityCenter Land, LLC, a Nevada limited liability company dated as
of November 15, 2007, and as amended by that certain First Amendment to Declaration of Vdara Easements and Covenants by and between Bellagio LLC, a Nevada limited liability company and CityCenter Land, LLC, a Nevada limited liability company
dated as March 26, 2009, addresses the various rights and obligations of the Company and the MGM Affiliate respecting the Bellagio Employee Garage. 

Agreement Respecting Frank Sinatra Garage: the multi-story parking structure (the “Frank Sinatra Garage”) is a part of the
Project located south of Harmon, north of Rue de Monte Carlo and east of Frank Sinatra Drive and provides parking to employees of the casino resort and other elements of the Project in addition to guests and employees of Monte Carlo, a resort casino
owned by an Affiliate of MGM and not a part of the Project. That certain Frank Sinatra Parking and Access Easement Agreement by and between CityCenter Land, LLC, a Nevada limited liability company, and Victoria Partners, a Nevada general partnership
dated as of March 26, 2009, addresses the various rights and obligations of the Company and the MGM Affiliate respecting the Frank Sinatra Garage. 

Agreement Respecting Use of Intellectual Property Included and Not Included in Project Assets: as part of the Project Assets, the
Company will own all trademarks and trade names created by MGM MIRAGE and its Affiliates specifically for the Project, and will have the right to use in connection with the Project, at no cost to the Company, certain trademarks and trade names and
other intellectual property not owned by the Company (e.g., the trade name ‘MGM’). In connection with the foregoing, CityCenter Land, LLC acquired certain intellectual property rights pursuant to that certain Assignment of Intellectual
property by and among Project CC, LLC, a Nevada limited liability company, MGM MIRAGE, a Delaware corporation and CityCenter Land, LLC, a Nevada limited liability company, dated as of November 15, 2007. CityCenter Land, LLC, concurrently
entered into that certain License Agreement dated as of November 15, 2007, with a number of its Affiliates in furtherance of developing the Project. 

 Joint Roadway Agreement: the Monte Carlo parcel and the ARIA parcel are both subject to a
reciprocal easement that establishes a joint roadway for vehicular and pedestrian use and grants Licensee, as defined below, an easement to the parking area. That certain Reciprocal Easement Agreement for Joint Roadway dated as of March 26,
2009 (the “Reciprocal Easement”) by and between CityCenter Land, LLC, a Nevada limited liability company, and Victoria Partners, a Nevada general partnership addresses the various rights and obligations of the Company and the MGM Affiliate
respecting the joint roadway and parking area. 
 Irrevocable, Non-Exclusive License Agreement: The Reciprocal Easement described
above provides Victoria Partners with an easement to use the parking area, and the parties have entered into an agreement to expand the permitted uses for the Reciprocal Easement for the purposes of facilitating entertainment and other attractions
in the area. That certain Irrevocable, Non-Exclusive License Agreement by and between ARIA Resort & Hotel Holdings, LLC, a Nevada limited liability company, and Victoria Partners, a Nevada general partnership dated as of July 2, 2012,
addresses the various rights and obligations of the Company and the MGM Affiliate respecting the parking easement area. 
 Central Plant
Agreement: as part of the Project, the Company has developed a central plant which will provide energy services to the Project, including thermal energy, heating, cooling, fire alarm and monitoring services. In addition, the Central Plant will
have the capacity to provide its services to presently existing or future improvements belonging to MGM Affiliates. That certain Central Plant Services Agreement by and between CityCenter Land, LLC, a Nevada limited liability company, CityCenter
Harmon Hotel Holdings, LLC, a Nevada limited liability company, ARIA Resorts & Casino Holdings, LLC, a Nevada limited liability company, CityCenter Luxury Residences Unit Owners Association, a Nevada nonprofit corporation, CityCenter
Boutique Hotel holdings, LLC, a Nevada limited liability company, CityCenter Vdara Condo Hotel Holdings, LLC, a Nevada limited liability company and Veer Towers Unit Owners Association, a Nevada nonprofit corporation addresses the various rights and
obligations of the Company and the MGM Affiliate respecting the services provided by the Central Plant. 
 Central Plant Excess Capacity
Agreement: The central plant may have the excess capacity beyond the needs of the Project, and the Company will first offer for sale to MGM any such additional energy capacity. That certain Central Plant Excess Capacity Agreement by and between
CityCenter Land, LLC, a Nevada limited liability company, and MGM MIRAGE, a Delaware corporation dated as of November 16, 2007, addresses the various rights and obligations of the Company and the MGM Affiliate respecting the excess energy
capacity produced by the Project. 
 Agreement Respecting People Mover: the Project includes an automated people mover system (the
“APM”) which traverses real estate that is both part of the Project and real estate that is owned by Bellagio and Monte Carlo and not a part of the Project. The services of the APM are utilized by each of the Project, Monte Carlo and
Bellagio. That certain Declaration of APM Easements, Covenants and Conditions by and between CityCenter Land, LLC, a Nevada limited liability company, and Bellagio, LLC, a Nevada limited liability company and Victoria Partners, a Nevada general
partnership dated as of December 1, 2009, addresses the various rights and obligations of the Company and the MGM Affiliate respecting the APM. 

  
 Exhibit B 

Page 2 

 Frank Sinatra Utility Easement: Bellagio, CityCenter Land, LLC and Victoria Partners share
an easement allowing access and maintenance of water, sewer, gas, electrical and other utility improvements. That certain Reciprocal Easement and Access Agreement by and between Bellagio, LLC, a Nevada limited liability company, CityCenter Land,
LLC, a Nevada limited liability company, and Victoria Partners, a Nevada general partnership dated as of March 26, 2009, addresses the various rights and obligations of the Company and the MGM Affiliate respecting the utility easement. 

Agreement Respecting Time Share Usage of Corporate Aircraft: the Company entered into a time share arrangement for use of corporate
aircraft. That certain Time Sharing Agreement by and between Mandalay Resort Group, a Nevada corporation and CityCenter Land, LLC, a Nevada limited liability company dated as of August 22, 2012, as amended by that certain First Amendment to
Time Sharing Agreement dated as of August 22, 2012, addresses the various rights and obligations of the Company and the MGM Affiliate respecting the aircraft time sharing arrangement. 

Utility Easement: Bellagio and CityCenter Land, LLC share an easement allowing access and maintenance of water, sewer, electrical, IT,
and other improvements. That certain Easement Agreement between Bellagio, LLC, a Nevada Limited Liability Company and CityCenter Land, LLC, a Nevada Limited Liability Company executed as of March 26, 2009, addresses the rights and obligations
of Bellagio and CityCenter respecting the utility easement. 
 Contemplated Agreements 

The following agreements are currently being negotiated by the Members and the appropriate Affiliate(s) of MGM in order to address the various
rights and obligations between the parties thereto with respect to the subject matters listed below: 
 Agreement Respecting Triangle
Parcel: Bellagio, LLC, a Nevada limited liability company, formerly owned real estate west of Frank Sinatra Drive (the “Triangle Parcel”) upon which a substation is being constructed to serve the Project and other properties. The
Triangle Parcel has been subdivided and conveyed to Nevada Power Company pursuant to that certain Real Property Agreement and Escrow Instructions by and between Bellagio, LLC, a Nevada limited liability company; CityCenter Land, LLC, a Nevada
limited liability company; Nevada Power Company, a Nevada corporation d/b/a NV Energy; and Nevada Title Company, a Nevada corporation dated as of December 8, 2008, along with that certain Grant of Easement and Agreement and Grant of Easements
and Declaration of Covenants and Restrictions attached as Exhibits “A” and “B” respectively. Bellagio, LLC is currently in the process of conveying the remainder of the Triangle Parcel to CityCenter Land, LLC. The appropriate
agreements for such conveyance are being finalized. 

  
 Exhibit B 

Page 3 

 EXHIBIT C 

PARTIAL DESCRIPTION OF PROJECT ASSETS 
  

	(i)	 Owned real estate on which Vdara, Veer Towers, the Harmon Hotel, Crystals, Mandarin Hotel and Residences, the Resort Casino and the Central Plant
serving the same are being contributed, including all construction progress on such land; 

  

	(ii)	 All construction contracts, architect agreements, design contracts and related agreements for the design, development and construction of
CityCenter; 

  

	(iii)	 All intellectual property owned by MGM or its Affiliates and developed exclusively for CityCenter, including “Vdara,”
“Crystals,” and “Veer Towers”; 

  

	(iv)	 All inventory and personal property which is reflected in the Construction Budget; 

 

	(v)	 All artwork purchased pursuant to the Art Consulting Agreement for CityCenter; and 

 

	(vi)	 All permits, licenses and approvals obtained by MGM or its Affiliates for the development and construction of CityCenter. 

 EXHIBIT D 

OPERATIONS MANAGEMENT AGREEMENTS 
  

	•	 	 Hotel and Casino Operations and Hotel Assets Management Agreement among Project CC, LLC, CityCenter Hotel & Casino, LLC, MGM Mirage, and
CityCenter Land, LLC for CityCenter Las Vegas, Nevada dated November 15, 2007 as amended by (i) Amendment No. 1 to Hotel and Casino Operations and Hotel Assets Management Agreement dated April 29, 2009 and (ii) the Letter
Agreement 

  

	•	 	 Retail Management Agreement among Project CC, LLC, The Crystals at CityCenter Management, LLC, MGM Mirage, and CityCenter Holdings, LLC for
CityCenter Las Vegas, Nevada dated November 15, 2007 as amended by (i) Amendment No. 1 to Retail Management Agreement dated April 29, 2009 and (ii) the Letter Agreement 

 

	•	 	 Condo-Hotel Operations Management Agreement among Vdara Condo Hotel, LLC and CityCenter Vdara Development, LLC for CityCenter Las Vegas, Nevada
dated November 15, 2007 as amended by (i) Amendment No. 1 to Condo-Hotel Operations Management Agreement dated April 29, 2009 and (ii) the Letter Agreement 

 EXHIBIT E 

GROSS ASSET VALUE/CAPITAL CONTRIBUTIONS 
 Gross
Asset Value of the Project Assets on the date of MGM’s Initial Capital Contribution to the Company: $5.385 billion 
 Capital Account and Unit
ownership following contribution of Project Assets by MGM and cash by IW at the Closing Date: 
  

									
	 	  	Capital Account	 	  	Units	 
			
	 MGM
	  	$	2.692 billion	  	  	 	50	  
			
	 IW
	  	$	2.692 billion	  	  	 	50	  

 EXHIBIT F 

INTENTIONALLY OMITTED 

 EXHIBIT G 

REPRESENTATIVES OF THE BOARD OF DIRECTORS 

Representatives Appointed by MGM: 
  

	•	 	 Corey Sanders 

  

	•	 	 James J. Murren 

  

	•	 	 Robert H. Baldwin 

Representatives Appointed by IW: 
  

	•	 	 Chris O’Donnell 

  

	•	 	 William Grounds 

  

	•	 	 H.E. Hamad Mubarak Mohd Buamim 

 EXHIBIT H 

MATERIAL COMPETITORS 

“Material Competitors” means Wynn Resorts Ltd., Las Vegas Sands Corp., and Harrah’s Entertainment, Inc. and their successors
and assigns and their respective Affiliates. 

 EXHIBIT I 

CONSTRUCTION BUDGET 
 CITYCENTER HOLDINGS, LLC

 PROJECT BUDGET 
 AS OF APRIL 29, 2009 

 

					
	DESCRIPTION	  	REVISED PROJECT
BUDGET	 
	 ($ in Thousands)
	  	 	 
		
	 GMP CONSTRUCTION COSTS
	  			
	 Aria Tower
	  	$	1,293,710	  
	 Aria Podium
	  	 	1,296,029	  
	 Convention Center
	  	 	495,185	  
	 Showroom
	  	 	171,780	  
	 Sinatra Garage
	  	 	151,559	  
	 Block A Infrastructure
	  	 	49,411	  
	 Vdara
	  	 	602,673	  
	 Central Plant
	  	 	89,691	  
	 Site Utilities
	  	 	106,267	  
	 Block B Infrastructure
	  	 	91,711	  
	 Mandarin Oriental
	  	 	602,511	  
	 Garage #5
	  	 	105,716	  
	 Harmon
	  	 	227,823	  
	 Crystals & Garage #6
	  	 	441,141	  
	 Block C Infrastructure
	  	 	75,936	  
	 Demolition
	  	 	10,738	  
	 Block C Excavation
	  	 	25,673	  
	 Veer
	  	 	370,720	  
		  	  
	  
	 
	 Total GMP Construction Costs
	  	$	6,208,276	  
		  	  
	  
	 

					
	 OTHER HARD COSTS
	  			
	 Adjustments, Other Costs & Reimbursements
	  	$	 101,537	  
	 Design
	  	 	446,098	  
	 Project Administration
	  	 	96,550	  
	 Tishman Fees
	  	 	80,178	  
	 3rd Party Inspection, QA/QC, Site Security & Temp Power
	  	 	80,063	  
	 Permits & Utility Connection Fees
	  	 	63,651	  
	 FF&E
	  	 	321,292	  
		  	  
	  
	 
	 Total Other Hard Costs
	  	$	1,189,369	  
		  	  
	  
	 
		
	 SOFT COSTS
	  			
	 OS&E
	  	$	 294,821	  
	 Preopening
	  	 	148,862	  
	 Tenant Allowances
	  	 	90,988	  
	 Insurance & Legal Fees
	  	 	49,866	  
	 Art
	  	 	36,304	  
	 Real Estate Taxes
	  	 	52,215	  
	 Retail & CC Development Agreement Fees
	  	 	26,371	  
	 LEED Sales Tax Exemption
	  	 	(103,640	) 
		  	  
	  
	 
	 Total Soft Costs
	  	$	595,786	  
		  	  
	  
	 
		
	 OTHER SOFT COSTS
	  			
	 Financing Costs and Debt Service (4)
	  	$	 266,089	  
	 Penthouse Fitout Costs
	  	 	33,907	  
	 Condominium Selling Expenses
	  	 	142,210	  
	 Operating Cash
	  	 	50,000	  
	 Owner Contingency
	  	 	—  	  
		  	  
	  
	 
	 Total Other Soft Costs
	  	$	492,207	  
		  	  
	  
	 
	 TOTAL PROJECT BUDGET
	  	$	8,485,638	  
		  	  
	  
	 

 EXHIBIT J 

BENCHMARKING DATA PRESENTED AT THE MAY 2010 MEETING OF BOARD OF DIRECTORS 

 SCHEDULE 1.11 

ACTUAL PRE-CLOSING RESIDENTIAL PROCEEDS: $197 million 

 SCHEDULE 3.2 

INITIAL CAPITAL CONTRIBUTIONS 
 MGM’s
Initial Capital Contribution 
  

	 	•	 	 On November 15, 2007, Mirage Resorts contributed the Project Assets to the Company 

 

	 	•	 	 On November 15, 2007, Mirage Resorts contributed $245.951 million to the Company in connection with pre-financing construction costs
(excluding capitalized interest) 

 IW’s Initial Capital Contribution 

 

	 	•	 	 On November 15, 2007, Dubai World contributed $2.961 billion to the Company 

 

	 	•	 	 On November 15, 2007, Dubai World contributed $245.951 million to the Company in connection with pre-financing construction costs (excluding
capitalized interest) [Note: This $245.951 million is also captured in the $2.961 billion described above] 

 SCHEDULE 6.1 

INITIAL DISTRIBUTION: $2.469 billion [Note: This figure is computed after deducting $245.951 million for the Mirage Resorts contribution in
connection with Pre-Financing Construction Costs]

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
		
	 ARTICLE 1 THE COMPANY
	  	 	2	  
			
	 Section 1.1
	    	 Organization
	  	 	2	  
			
	 Section 1.2
	    	 Name
	  	 	2	  
			
	 Section 1.3
	    	 Place of Business
	  	 	2	  
			
	 Section 1.4
	    	 Business of the Company
	  	 	2	  
			
	 Section 1.5
	    	 Purposes Limited
	  	 	2	  
			
	 Section 1.6
	    	 No Payments of Individual Obligations
	  	 	3	  
			
	 Section 1.7
	    	 Statutory Compliance
	  	 	3	  
			
	 Section 1.8
	    	 Title to Property
	  	 	3	  
			
	 Section 1.9
	    	 Duration
	  	 	3	  
			
	 Section 1.10
	    	 Conduct of Business Through Single Purpose Entities
	  	 	3	  
			
	 Section 1.11
	    	 Definitions
	  	 	3	  
		
	 ARTICLE 2 THE MEMBERS
	  	 	15	  
			
	 Section 2.1
	    	 Identification
	  	 	15	  
			
	 Section 2.2
	    	 Services of Members
	  	 	15	  
			
	 Section 2.3
	    	 Reimbursement and Fees
	  	 	15	  
			
	 Section 2.4
	    	 Transactions with Affiliates
	  	 	15	  
			
	 Section 2.5
	    	 Liability of the Members; Indemnification
	  	 	16	  
		
	 ARTICLE 3 CAPITAL CONTRIBUTIONS; LOANS; CAPITAL ACCOUNTS
	  	 	17	  
			
	 Section 3.1
	    	 Issuance of Units
	  	 	17	  
			
	 Section 3.2
	    	 Initial Capital Contributions
	  	 	17	  
			
	 Section 3.3
	    	 Additional Capital Contributions
	  	 	17	  
			
	 Section 3.4
	    	 Letters of Credit
	  	 	18	  
			
	 Section 3.5
	    	 Failure to Make a Capital Contribution
	  	 	18	  
			
	 Section 3.6
	    	 Additional Remedies for Failure to Make an Additional Capital Contribution
	  	 	21	  
			
	 Section 3.7
	    	 Capital Accounts
	  	 	22	  
			
	 Section 3.8
	    	 Return of Capital
	  	 	23	  
			
	 Section 3.9
	    	 Gross Asset Value
	  	 	23	  
			
	 Section 3.10
	    	 Completion Guaranty
	  	 	24	  
			
	 Section 3.11
	    	 Harmon Completion Guaranty
	  	 	24	  

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	    	 	  	Page	 
		
	 ARTICLE 4 COVENANTS
	  	 	24	  
			
	 Section 4.1
	    	 Intentionally Omitted
	  	 	24	  
			
	 Section 4.2
	    	 Licensing
	  	 	24	  
			
	 Section 4.3
	    	 Ancillary Agreements
	  	 	27	  
			
	 Section 4.4
	    	 FAA Determination Letters
	  	 	27	  
			
	 Section 4.5
	    	 Intentionally Omitted
	  	 	27	  
			
	 Section 4.6
	    	 People Mover Construction Obligation
	  	 	27	  
			
	 Section 4.7
	    	 Income Tax on Residential Units
	  	 	28	  
		
	 ARTICLE 5 ALLOCATION OF PROFITS AND LOSSES
	  	 	28	  
			
	 Section 5.1
	    	 Allocation of Profits and Losses
	  	 	28	  
			
	 Section 5.2
	    	 Minimum Gain Chargeback Allocation Provisions
	  	 	29	  
			
	 Section 5.3
	    	 Qualified Income Offset
	  	 	30	  
			
	 Section 5.4
	    	 Nonrecourse Deductions
	  	 	30	  
			
	 Section 5.5
	    	 Curative Allocations
	  	 	30	  
			
	 Section 5.6
	    	 Limitation on Losses
	  	 	31	  
			
	 Section 5.7
	    	 Section 704(c) Tax Allocations
	  	 	31	  
			
	 Section 5.8
	    	 Allocations Between Transferor and Transferee
	  	 	32	  
			
	 Section 5.9
	    	 Regulations Interpretation
	  	 	32	  
		
	 ARTICLE 6 NON-LIQUIDATING DISTRIBUTIONS
	  	 	32	  
			
	 Section 6.1
	    	 Initial Distribution
	  	 	32	  
			
	 Section 6.2
	    	 Tax Distribution
	  	 	32	  
			
	 Section 6.3
	    	 Distributable Cash
	  	 	33	  
			
	 Section 6.4
	    	 Distribution of Distributable Cash
	  	 	33	  
			
	 Section 6.5
	    	 Sponsor Subordinated Notes
	  	 	34	  
		
	 ARTICLE 7 ACCOUNTING AND RECORDS; CAPITAL BUDGETS
	  	 	33	  
			
	 Section 7.1
	    	 Books and Records
	  	 	33	  
			
	 Section 7.2
	    	 Reports
	  	 	34	  
			
	 Section 7.3
	    	 Tax Returns
	  	 	35	  
			
	 Section 7.4
	    	 Tax Matters Partner
	  	 	35	  
			
	 Section 7.5
	    	 Fiscal Year
	  	 	35	  

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	    	 	  	Page	 
			
	 Section 7.6
	    	 Bank Accounts
	  	 	35	  
			
	 Section 7.7
	    	 Tax Elections
	  	 	36	  
			
	 Section 7.8
	    	 Business Plan and Budgets
	  	 	36	  
			
	 Section 7.9
	    	 Ownership Ledger
	  	 	39	  
		
	 ARTICLE 8 CONFIDENTIALITY; INTELLECTUAL PROPERTY
	  	 	39	  
			
	 Section 8.1
	    	 Confidential Treatment of Information
	  	 	39	  
			
	 Section 8.2
	    	 Intellectual Property
	  	 	39	  
		
	 ARTICLE 9 MANAGEMENT
	  	 	40	  
			
	 Section 9.1
	    	 General
	  	 	40	  
			
	 Section 9.2
	    	 Management by Managing Member
	  	 	41	  
			
	 Section 9.3
	    	 Exclusive Powers of the Board of Directors
	  	 	42	  
			
	 Section 9.4
	    	 Replacement of Managing Member
	  	 	45	  
			
	 Section 9.5
	    	 IW Special Representative
	  	 	45	  
		
	 ARTICLE 10 REPRESENTATIONS AND WARRANTIES
	  	 	46	  
			
	 Section 10.1
	    	 MGM
	  	 	46	  
			
	 Section 10.2
	    	 IW
	  	 	47	  
			
	 Section 10.3
	    	 Brokers
	  	 	48	  
		
	 ARTICLE 11 TRANSFER OF UNITS
	  	 	49	  
			
	 Section 11.1
	    	 Restrictions on Transfers
	  	 	49	  
			
	 Section 11.2
	    	 Permitted Transfers
	  	 	49	  
			
	 Section 11.3
	    	 Conditions to Transfers
	  	 	49	  
			
	 Section 11.4
	    	 Prohibited Transfers
	  	 	50	  
			
	 Section 11.5
	    	 Distributions and Allocations in Respect of Transferred Units
	  	 	51	  
			
	 Section 11.6
	    	 Right of First Offer
	  	 	51	  
			
	 Section 11.7
	    	 Indirect Transfers
	  	 	52	  
			
	 Section 11.8
	    	 Tag-Along Rights
	  	 	52	  
		
	 ARTICLE 12 GAMING LAWS
	  	 	53	  
			
	 Section 12.1
	    	 Qualifications
	  	 	53	  
		
	 ARTICLE 13 EVENTS OF DEFAULT
	  	 	53	  
			
	 Section 13.1
	    	 Events of Default
	  	 	54	  

  
 -iii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	    	 	  	Page	 
			
	 Section 13.2
	    	 Remedies upon Default
	  	 	55	  
			
	 Section 13.3
	    	 Indemnification
	  	 	55	  
			
	 Section 13.4
	    	 Buy Out on Default
	  	 	56	  
		
	 ARTICLE 14 DISSOLUTION AND LIQUIDATION
	  	 	56	  
			
	 Section 14.1
	    	 Events of Dissolution
	  	 	56	  
			
	 Section 14.2
	    	 Members’ Consent to Continue Business
	  	 	57	  
			
	 Section 14.3
	    	 Dissolution and Liquidation
	  	 	57	  
			
	 Section 14.4
	    	 Notice of Dissolution
	  	 	58	  
			
	 Section 14.5
	    	 Disassociation
	  	 	58	  
		
	 ARTICLE 15 MISCELLANEOUS PROVISIONS
	  	 	58	  
			
	 Section 15.1
	    	 Waiver of Partition and Covenant Not to Withdraw
	  	 	58	  
			
	 Section 15.2
	    	 Additional Agreements
	  	 	59	  
			
	 Section 15.3
	    	 Notices
	  	 	59	  
			
	 Section 15.4
	    	 Amendments
	  	 	60	  
			
	 Section 15.5
	    	 Successors and Assigns
	  	 	60	  
			
	 Section 15.6
	    	 Time
	  	 	60	  
			
	 Section 15.7
	    	 Severability
	  	 	60	  
			
	 Section 15.8
	    	 Counterparts
	  	 	60	  
			
	 Section 15.9
	    	 Attorneys’ Fees and Other Costs
	  	 	60	  
			
	 Section 15.10
	    	 Entire Agreement
	  	 	61	  
			
	 Section 15.11
	    	 Further Assurances
	  	 	61	  
			
	 Section 15.12
	    	 Headings; Interpretation
	  	 	61	  
			
	 Section 15.13
	    	 Exhibits
	  	 	61	  
			
	 Section 15.14
	    	 Approvals and Consents
	  	 	61	  
			
	 Section 15.15
	    	 Estoppels
	  	 	61	  
			
	 Section 15.16
	    	 Compliance with Laws and Contractual Obligations
	  	 	61	  
			
	 Section 15.17
	    	 Remedies Cumulative
	  	 	62	  
			
	 Section 15.18
	    	 Waiver
	  	 	62	  
			
	 Section 15.19
	    	 Governing Law and Choice of Forum
	  	 	62	  
			
	 Section 15.20
	    	 Survival of Indemnification Obligations
	  	 	62	  

  
 -iv- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	    	 	  	Page	 
			
	 Section 15.21
	    	 Limited Liability
	  	 	62	  
			
	 Section 15.22
	    	 Sovereign Immunity Waiver
	  	 	63	  
			
	 Section 15.23
	    	 Member Enforcement
	  	 	63	  
			
	 Section 15.24
	    	 Release of Dubai World
	  	 	63	  
			
	 Section 15.25
	    	 Release of Mirage Resorts
	  	 	64	  
			
	 Section 15.26
	    	 WAIVER OF TRIAL BY JURY
	  	 	64	  

  

			
	 Exhibit A
	  	 Project Components

	 Exhibit B
	  	 Ancillary Agreements

	 Exhibit C
	  	 Partial Description of Project Assets

	 Exhibit D
	  	 Operations Management Agreements

	 Exhibit E
	  	 Gross Asset Value/Capital Contributions

	 Exhibit F
	  	 Intentionally Omitted

	 Exhibit G
	  	 Representatives of the Board Of Directors

	 Exhibit H
	  	 Material Competitors

	 Exhibit I
	  	 Construction Budget

	 Exhibit J
	  	 Benchmarking Data Presented at the May 2010 Meeting of Board of Directors

	 Schedule 1.11
	  	 Actual Pre-Closing Residential Proceeds

	 Schedule 3.2
	  	 Initial Capital Contributions

	 Schedule 6.1
	  	 Initial Distribution

  
 -v-EX-4.3

 Exhibit 4.3 

TWITTER, INC. 
 2013
EMPLOYEE STOCK PURCHASE PLAN 
 1. Purpose. The purpose of the Plan is to provide employees of the Company and its Designated
Companies with an opportunity to purchase Common Stock through accumulated Contributions. The Company’s intends for the Plan to have two components: a Code Section 423 Component (“423 Component”) and a non-Code
Section 423 Component (“Non-423 Component”). The Company’s intention is to have 423 Component of the Plan qualify as an “employee stock purchase plan” under Section 423 of the Code. The provisions of the 423
Component, accordingly, will be construed so as to extend and limit Plan participation in a uniform and nondiscriminatory basis consistent with the requirements of Section 423 of the Code. In addition, this Plan authorizes the grant of an
option to purchase shares of Common Stock under the Non-423 Component that does not qualify as an “employee stock purchase plan” under Section 423 of the Code; such an option will be granted pursuant to rules, procedures or sub-plans
adopted by the Administrator designed to achieve tax, securities laws or other objectives for Eligible Employees and the Company. Except as otherwise provided herein, the Non-423 Component will operate and be administered in the same manner as the
423 Component. 
 2. Definitions. 

(a) “Administrator” means the Board or any Committee designated by the Board to administer the Plan pursuant to
Section 14. 
 (b) “Affiliate” means any entity, other than a Subsidiary, in which the Company has an equity or other
ownership interest. 
 (c) “Applicable Laws” means the requirements relating to the administration of equity-based awards
and the related issuance of shares of Common Stock under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable securities
and exchange control laws of any foreign country or jurisdiction where options are, or will be, granted under the Plan. 
 (d)
“Board” means the Board of Directors of the Company. 
 (e) “Change in Control” means the occurrence of
any of the following events: 
 (i) A change in the ownership of the Company which occurs on the date that any one person, or more than one
person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than fifty percent (50%) of the total voting power of the stock of the
Company; provided, however, that for purposes of this subsection, the acquisition of additional stock by any one Person, who is considered to own more than fifty percent (50%) of the total voting power of the stock of the Company will not be
considered a Change in Control; or 

  
 1 

 (ii) A change in the effective control of the Company which occurs on the date that a majority
of members of the Board is replaced during any twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purposes of this
clause (ii), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change in Control; or 

(iii) A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires (or
has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than fifty percent
(50%) of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection, the following will not constitute a change in the
ownership of a substantial portion of the Company’s assets: (A) a transfer to an entity that is controlled by the Company’s stockholders immediately after the transfer, or (B) a transfer of assets by the Company to: (1) a
stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company’s stock, (2) an entity, fifty percent (50%) or more of the total value or voting power of which is owned, directly
or indirectly, by the Company, (3) a Person, that owns, directly or indirectly, fifty percent (50%) or more of the total value or voting power of all the outstanding stock of the Company, or (4) an entity, at least fifty percent
(50%) of the total value or voting power of which is owned, directly or indirectly, by a Person described in this subsection (iii)(B)(3). For purposes of this subsection, gross fair market value means the value of the assets of the Company, or
the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. 
 For purposes of this
definition, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. 

Notwithstanding the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control
event within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or final U.S. Treasury Regulations and Internal Revenue Service guidance that has been promulgated or may be promulgated
thereunder from time to time. 
 Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if:
(i) its sole purpose is to change the state of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s
securities immediately before such transaction. 

  
 2 

 (f) “Code” means the U.S. Internal Revenue Code of 1986, as amended. Reference
to a specific section of the Code or U.S. Treasury Regulation thereunder will include such section or regulation, any valid regulation or other official applicable guidance promulgated under such section, and any comparable provision of any future
legislation or regulation amending, supplementing or superseding such section or regulation. 
 (g) “Committee” means a
committee of the Board appointed in accordance with Section 14 hereof. 
 (h) “Common Stock” means the common stock of
the Company. 
 (i) “Company” means Twitter, Inc., a Delaware corporation, or any successor thereto. 

(j) “Compensation” means an Eligible Employee’s base straight time gross earnings, commissions (to the extent such
commissions are an integral, recurring part of compensation), incentive compensation, bonuses, payments for overtime and shift premium, but exclusive of payments for equity compensation income and other similar compensation. The Administrator, in
its discretion, may, on a uniform and nondiscriminatory basis, establish a different definition of Compensation for a subsequent Offering Period. 

(k) “Contributions” means the payroll deductions and other additional payments that the Company may permit to be made by a
Participant to fund the exercise of options granted pursuant to the Plan. 
 (l) “Designated Company” means any Subsidiary
or Affiliate that has been designated by the Administrator from time to time in its sole discretion as eligible to participate in the Plan. For purposes of the 423 Component, only the Company and its Subsidiaries may be Designated Companies,
provided, however that at any given time, a Subsidiary that is a Designated Company under the 423 Component shall not be a Designated Company under the Non-423 Component. 

(m) “Director” means a member of the Board. 

(n) “Eligible Employee” means any individual who is a common law employee providing services to the Company or a Designated
Company and is customarily employed for at least twenty (20) hours per week and more than five (5) months in any calendar year by the Employer, or any lesser number of hours per week and/or number of months in any calendar year
established by the Administrator (if required under Applicable Law) for purposes of any separate Offering or for Eligible Employee participating in the Non-423 Component. For purposes of the Plan, the employment relationship will be treated as
continuing intact while the individual is on sick leave or other leave of absence that the Employer approves or is legally protected under Applicable Laws. Where the period of leave exceeds three (3) months and the individual’s right to
reemployment is not guaranteed either by statute or by contract, the employment relationship will be deemed to have terminated three (3) months and one (1) day following the commencement of such leave. The Administrator, in its discretion,
from time to 

  
 3 

 
time may, prior to an Enrollment Date for all options to be granted on such Enrollment Date in an Offering, determine (for each Offering under the 423 Component, on a uniform and
nondiscriminatory basis or as otherwise permitted by Treasury Regulation Section 1.423-2) that the definition of Eligible Employee will or will not include an individual if he or she: (i) has
not completed at least two (2) years of service since his or her last hire date (or such lesser period of time as may be determined by the Administrator in its discretion), (ii) customarily works not more than twenty (20) hours per
week (or such lesser period of time as may be determined by the Administrator in its discretion), (iii) customarily works not more than five (5) months per calendar year (or such lesser period of time as may be determined by the
Administrator in its discretion), (iv) is a highly compensated employee within the meaning of Section 414(q) of the Code, or (v) is a highly compensated employee within the meaning of Section 414(q) of the Code with
compensation above a certain level or is an officer or subject to the disclosure requirements of Section 16(a) of the Exchange Act, provided the exclusion is applied with respect to each Offering under the 423 Component in an identical
manner to all highly compensated individuals of the Employer whose employees are participating in that Offering. Each exclusion shall be applied with respect to an Offering under a 423 Component in a manner complying with U.S. Treasury Regulation Section 1.423-2(e)(2)(ii). Such exclusions may be applied with respect to an Offering under the Non-423 Component without regard to the limitations of Treasury Regulation
Section 1.423-2. 
 (o) “Employer” means the employer of the applicable
Eligible Employee(s). 
 (p) “Enrollment Date” means the first Trading Day of each Offering Period. 

(q) “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, including the rules and regulations
promulgated thereunder. 
 (r) “Exercise Date” means the first Trading Day on or after May 15 and November 15 of
each Purchase Period. Notwithstanding the foregoing, the first Exercise Date under the Plan will be May 15, 2014. 
 (s) “Fair
Market Value” means, as of any date and unless the Administrator determines otherwise, the value of Common Stock determined as follows: 

(i) If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the New York
Stock Exchange, NASDAQ Global Select Market, the NASDAQ Global Market or the NASDAQ Capital Market of The NASDAQ Stock Market, its Fair Market Value will be the closing sales price for such stock as quoted on such exchange or system on the date of
determination (or the closing bid, if no sales were reported), as reported in The Wall Street Journal or such other source as the Administrator deems reliable; 

(ii) If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair Market Value
will be the mean between the high bid and low asked prices for the Common Stock on the date of determination (or if no bids and asks were reported on that date, as applicable, on the last Trading Day such bids and asks were reported), as reported in
The Wall Street Journal or such other source as the Administrator deems reliable; 

  
 4 

 (iii) In the absence of an established market for the Common Stock, the Fair Market Value
thereof will be determined in good faith by the Administrator; or 
 (iv) For purposes of the Enrollment Date of the first Offering Period
under the Plan, the Fair Market Value will be the initial price to the public as set forth in the final prospectus included within the registration statement on Form S-1 filed with the Securities and Exchange Commission for the initial public
offering of the Common Stock (the “Registration Statement”). 
 Notwithstanding the foregoing, if the determination date for the
Fair Market Value occurs on a weekend or holiday, the Fair Market Value will be the price as determined in accordance with subsections (i) through (iii) above (as applicable) on the immediately preceding business day, unless otherwise
determined by the Administrator. 
 (t) “Fiscal Year” means the fiscal year of the Company. 

(u) “New Exercise Date” means a new Exercise Date if the Administrator shortens any Offering Period then in progress. 

(v) “Offering” means an offer under the Plan of an option that may be exercised during an Offering Period as further
described in Section 4. For purposes of the Plan, the Administrator may designate separate Offerings under the Plan (the terms of which need not be identical) in which Eligible Employees of one or more Employers will participate, even if
the dates of the applicable Offering Periods of each such Offering are identical and the provisions of the Plan will separately apply to each Offering. To the extent permitted by U.S. Treasury Regulation
Section 1.423-2(a)(1), the terms of each Offering need not be identical provided that the terms of the Plan and an Offering together satisfy U.S. Treasury Regulation
Section 1.423-2(a)(2) and (a)(3). 
 (w) “Offering Periods” means the
periods of approximately twelve (12) months during which an option granted pursuant to the Plan may be exercised, (i) commencing on the first Trading Day on or after May 15 and November 15 of each year and terminating on the
first Trading Day on or after May 15 and November 15, approximately twelve (12) months later; provided, however, that the first Offering Period under the Plan will commence with the first Trading Day on or after the date on which the
U.S. Securities and Exchange Commission declares the Company’s Registration Statement effective and will end on the first Trading Day on or after November 15, 2014, and provided, further, that the second Offering Period under the Plan will
commence on the first Trading Day on or after May 15, 2014. The duration and timing of Offering Periods may be changed pursuant to Sections 4 and 20. 

(x) “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in
Section 424(e) of the Code. 

  
 5 

 (y) “Participant” means an Eligible Employee that participates in the Plan. 

(z) “Plan” means this Twitter, Inc. 2013 Employee Stock Purchase Plan. 

(aa) “Purchase Period” means the approximately six (6) month period commencing after one Exercise Date and ending with
the next Exercise Date, except that the first Purchase Period of any Offering Period will commence on the Enrollment Date and end with the next Exercise Date. Unless the Administrator provides otherwise, the Purchase Period will have the same
duration and coincide with the length of the Offering Period. 
 (bb) “Purchase Price” means an amount equal to eighty-five
percent (85%) of the Fair Market Value of a share of Common Stock on the Enrollment Date or on the Exercise Date, whichever is lower; provided however, that the Purchase Price may be determined for subsequent Offering Periods by the
Administrator subject to compliance with Section 423 of the Code (or any successor rule or provision or any other Applicable Law, regulation or stock exchange rule) or pursuant to Section 20. 

(cc) “Registration Date” means the effective date of the first registration statement that is filed by the Company and
declared effective pursuant to Section 12(g) of the Exchange Act, with respect to any class of the Company’s securities. 

(dd) “Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in
Section 424(f) of the Code. 
 (ee) “Trading Day” means a day on which the national stock exchange upon which the
Common Stock is listed is open for trading. 
 (ff) “U.S. Treasury Regulations” means the Treasury regulations of the Code.
Reference to a specific Treasury Regulation or Section of the Code shall include such Treasury Regulation or Section, any valid regulation promulgated under such Section, and any comparable provision of any future legislation or regulation amending,
supplementing or superseding such Section or regulation. 
 3. Eligibility. 

(a) First Offering Period. Any individual who is an Eligible Employee immediately prior to the first Offering Period will be
automatically enrolled in the first Offering Period. 
 (b) Subsequent Offering Periods. Any Eligible Employee on a given Enrollment
Date subsequent to the first Offering Period will be eligible to participate in the Plan, subject to the requirements of Section 5. 

(c) Non-U.S. Employees. Eligible Employees who are citizens or residents of a non-U.S. jurisdiction (without regard to whether they
also are citizens or residents of the United States or resident aliens (within the meaning of Section 7701(b)(1)(A) of the Code)) may 

  
 6 

 
be excluded from participation in the Plan or an Offering if the participation of such Eligible Employees is prohibited under the laws of the applicable jurisdiction or if complying with the laws
of the applicable jurisdiction would cause the Plan or an Offering to violate Section 423 of the Code. In the case of the Non-423 Component, an Eligible Employee may be excluded from participation in the Plan or an Offering if the Administrator
has determined that participation of such Eligible Employee is not advisable or practicable. 
 (d) Limitations. Any provisions of
the Plan to the contrary notwithstanding, no Eligible Employee will be granted an option under the Plan (i) to the extent that, immediately after the grant, such Eligible Employee (or any other person whose stock would be attributed to such
Eligible Employee pursuant to Section 424(d) of the Code) would own capital stock of the Company or any Parent or Subsidiary of the Company and/or hold outstanding options to purchase such stock possessing five percent (5%) or
more of the total combined voting power or value of all classes of the capital stock of the Company or of any Parent or Subsidiary of the Company, or (ii) to the extent that his or her rights to purchase stock under all employee stock purchase
plans (as defined in Section 423 of the Code) of the Company or any Parent or Subsidiary of the Company accrues at a rate, which exceeds twenty-five thousand dollars ($25,000) worth of stock (determined at the Fair Market Value of the
stock at the time such option is granted) for each calendar year in which such option is outstanding at any time, as determined in accordance with Section 423 of the Code and the regulations thereunder. 

4. Offering Periods. The Plan will be implemented by consecutive Offering Periods with a new Offering Period commencing on the first
Trading Day on or after May 15 and November 15 each year, or on such other date as the Administrator will determine; provided, however, that the first Offering Period under the Plan will commence with the first Trading Day on or after the
date upon which the Company’s Registration Statement is declared effective by the U.S. Securities and Exchange Commission and end on the first Trading Day on or after November 15, 2014, and provided, further, that the second Offering
Period under the Plan will commence on the first Trading Day on or after May 15, 2014. The Administrator will have the power to change the duration of Offering Periods (including the commencement dates thereof) with respect to future
Offerings without stockholder approval if such change is announced prior to the scheduled beginning of the first Offering Period to be affected thereafter; provided, however, that no Offering Period may last more than twenty-seven (27) months.

 5. Participation. 

(a) First Offering Period. An Eligible Employee will be entitled to continue to participate in the first Offering Period pursuant to
Section 3(a) only if such individual submits a subscription agreement authorizing Contributions in a form determined by the Administrator (which may be similar to the form attached hereto as Exhibit A) to the Company’s
designated plan administrator (i) no earlier than the effective date of the Form S-8 registration statement with respect to the issuance of Common Stock under this Plan and (ii) no later than ten (10) business days following the
effective date of such S-8 registration statement or such other period of time as the Administrator may determine (the “Enrollment Window”). An Eligible Employee’s failure to submit the subscription agreement during the Enrollment
Window will result in the automatic termination of such individual’s participation in the first Offering Period. 
 (b) Subsequent
Offering Periods. An Eligible Employee may participate in the Plan pursuant to Section 3(b) by (i) submitting to the Company’s stock administration office (or its designee), on or before a date determined by the Administrator
prior to an applicable Enrollment Date, a properly completed subscription agreement authorizing Contributions in the form provided by the Administrator for such purpose, or (ii) following an electronic or other enrollment procedure determined
by the Administrator. 

  
 7 

 6. Contributions. 

(a) At the time a Participant enrolls in the Plan pursuant to Section 5, he or she will elect to have Contributions (in the form of
payroll deductions or otherwise, to the extent permitted by the Administrator) made on each pay day during the Offering Period in an amount not exceeding fifteen percent (15%) of the Compensation, which he or she receives on each pay day
during the Offering Period (for illustrative purposes, should a pay day occur on an Exercise Date, a Participant will have any payroll deductions made on such day applied to his or her account under the then-current Purchase Period or Offering
Period). The Administrator, in its sole discretion, may permit all Participants in a specified Offering to contribute amounts to the Plan through payment by cash, check or other means set forth in the subscription agreement prior to each Exercise
Date of each Purchase Period. A Participant’s subscription agreement will remain in effect for successive Offering Periods unless terminated as provided in Section 10 hereof. 

(b) In the event Contributions are made in the form of payroll deductions, such payroll deductions for a Participant will commence on the
first pay day following the Enrollment Date and will end on the last pay day prior to the Exercise Date of such Offering Period to which such authorization is applicable, unless sooner terminated by the Participant as provided in Section 10
hereof; provided, however, that for the first Offering Period, payroll deductions will commence on the first pay day on or following the end of the Enrollment Window. 

(c) All Contributions made for a Participant will be credited to his or her account under the Plan and Contributions will be made in whole
percentages only. A Participant may not make any additional payments into such account. 
 (d) A Participant may discontinue his or her
participation in the Plan as provided in Section 10. Except as may be permitted by the Administrator, as determined in its sole discretion, a Participant may not change the rate of his or her Contributions during an Offering Period. 

(e) Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8) of the Code and Section 3(b), a
Participant’s Contributions may be decreased to zero percent (0%) at any time during a Purchase Period. Subject to Section 423(b)(8) of the Code and Section 3(b) hereof, Contributions will recommence at the rate
originally elected by the Participant effective as of the beginning of the first Purchase Period scheduled to end in the following calendar year, unless terminated by the Participant as provided in Section 10. 

  
 8 

 (f) Notwithstanding any provisions to the contrary in the Plan, the Administrator may allow
Eligible Employees to participate in the Plan via cash contributions instead of payroll deductions if (i) payroll deductions are not permitted under applicable local law, (ii) the Administrator determines that cash contributions are
permissible under Section 423 of the Code or (iii) for Participants participating in the Non-423 Component. 
 (g) At the time the
option is exercised, in whole or in part, or at the time some or all of the Common Stock issued under the Plan is disposed of (or any other time that a taxable event related to the Plan occurs), the Participant must make adequate provision for the
Company’s or Employer’s federal, state, local or any other tax liability payable to any authority including taxes imposed by jurisdictions outside of the U.S., national insurance, social security or other tax withholding obligations, if
any, which arise upon the exercise of the option or the disposition of the Common Stock (or any other time that a taxable event related to the Plan occurs). At any time, the Company or the Employer may, but will not be obligated to, withhold from
the Participant’s compensation the amount necessary for the Company or the Employer to meet applicable withholding obligations, including any withholding required to make available to the Company or the Employer any tax deductions or benefits
attributable to sale or early disposition of Common Stock by the Eligible Employee. In addition, the Company or the Employer may, but will not be obligated to, withhold from the proceeds of the sale of Common Stock or any other method of withholding
the Company or the Employer deems appropriate to the extent permitted by U.S. Treasury Regulation Section 1.423-2(f). 

7. Grant of Option. On the Enrollment Date of each Offering Period, each Eligible Employee participating in such Offering Period will
be granted an option to purchase on each Exercise Date during such Offering Period (at the applicable Purchase Price) up to a number of shares of Common Stock determined by dividing such Eligible Employee’s Contributions accumulated prior
to such Exercise Date and retained in the Eligible Employee’s account as of the Exercise Date by the applicable Purchase Price; provided that in no event will an Eligible Employee be permitted to purchase during each Purchase Period more than
3,000 shares of Common Stock (subject to any adjustment pursuant to Section 19) and provided further that such purchase will be subject to the limitations set forth in Sections 3(c) and 13. The Eligible Employee may accept the grant
of such option (i) with respect to the first Offering Period by submitting a properly completed subscription agreement in accordance with the requirements of Section 5 on or before the last day of the Enrollment Window, and (ii) with
respect to any subsequent Offering Period under the Plan, by electing to participate in the Plan in accordance with the requirements of Section 5. The Administrator may, for future Offering Periods, increase or decrease, in its absolute
discretion, the maximum number of shares of Common Stock that an Eligible Employee may purchase during each Purchase Period of an Offering Period. Exercise of the option will occur as provided in Section 8, unless the Participant has withdrawn
pursuant to Section 10. The option will expire on the last day of the Offering Period. 

  
 9 

 8. Exercise of Option. 

(a) Unless a Participant withdraws from the Plan as provided in Section 10, his or her option for the purchase of shares of Common Stock
will be exercised automatically on the Exercise Date, and the maximum number of full shares subject to the option will be purchased for such Participant at the applicable Purchase Price with the accumulated Contributions from his or her account. No
fractional shares of Common Stock will be purchased; any Contributions accumulated in a Participant’s account, which are not sufficient to purchase a full share will be retained in the Participant’s account for the subsequent Purchase
Period or Offering Period, subject to earlier withdrawal by the Participant as provided in Section 10. Any other funds left over in a Participant’s account after the Exercise Date will be returned to the Participant. During a
Participant’s lifetime, a Participant’s option to purchase shares hereunder is exercisable only by him or her. 
 (b) If the
Administrator determines that, on a given Exercise Date, the number of shares of Common Stock with respect to which options are to be exercised may exceed (i) the number of shares of Common Stock that were available for sale under the Plan on
the Enrollment Date of the applicable Offering Period, or (ii) the number of shares of Common Stock available for sale under the Plan on such Exercise Date, the Administrator may in its sole discretion (x) provide that the Company will
make a pro rata allocation of the shares of Common Stock available for purchase on such Enrollment Date or Exercise Date, as applicable, in as uniform a manner as will be practicable and as it will determine in its sole discretion to be equitable
among all Participants exercising options to purchase Common Stock on such Exercise Date, and continue all Offering Periods then in effect or (y) provide that the Company will make a pro rata allocation of the shares available for purchase on
such Enrollment Date or Exercise Date, as applicable, in as uniform a manner as will be practicable and as it will determine in its sole discretion to be equitable among all participants exercising options to purchase Common Stock on such Exercise
Date, and terminate any or all Offering Periods then in effect pursuant to Section 20. The Company may make a pro rata allocation of the shares available on the Enrollment Date of any applicable Offering Period pursuant to the preceding
sentence, notwithstanding any authorization of additional shares for issuance under the Plan by the Company’s stockholders subsequent to such Enrollment Date. 

(c) Further, with respect to any Offering under the Non-423 Component that is made to Participants of Designated Companies within the European
Economic Area (the “EEA”), if a prospectus may be required to be filed in accordance with EU Prospectus Directive No. 2003/71/EC, as currently and hereinafter amended (the “EU Prospectus Directive”), then until such
time as a valid prospectus is on file or a prospectus is not required or is no longer required under the EU Prospectus Directive in connection with such Offerings under the Plan, the total Purchase Price payable for the aggregate number of
shares of Common Stock offered under this Plan under all Offerings that are not otherwise exempt from the EU Prospectus Directive made to Participants of Designated Companies within the EEA for any twelve (12)-month period shall not exceed EUR
5 million (the “EEA Limit”). If the Administrator determines that, on a given Enrollment Date, the total Purchase Price payable for the number of shares of Common Stock with respect to which options are to be exercised may

  
 10 

 
cause the EEA Limit to be exceeded, the Administrator may in its sole discretion (x) provide that the Company will make a pro rata allocation of the shares of Common Stock available for
purchase and under the EEA Limit on such Enrollment Date, as applicable, in as uniform a manner as will be practicable and as it will determine in its sole discretion to be equitable among all Participants of Designated Companies within the EEA
exercising options to purchase Common Stock by reference to the Offering Period beginning on that Enrollment Date, and continue all Offering Periods then in effect or (y) provide that the Company will make a pro rata allocation of the shares of
Common Stock available for purchase and under the EEA Limit on such Enrollment Date, as applicable, in as uniform a manner as will be practicable and as it will determine in its sole discretion to be equitable among all Participants of Designated
Companies within the EEA exercising options to purchase Common Stock by reference to the Offering Period beginning on that Enrollment Date, and terminate any or all Offering Periods then in effect pursuant to Section 20.

9. Delivery. As soon as reasonably practicable after each Exercise Date on which a purchase of shares of Common Stock occurs, the
Company will arrange the delivery to each Participant of the shares purchased upon exercise of his or her option in a form determined by the Administrator (in its sole discretion) and pursuant to rules established by the Administrator. The
Company may permit or require that shares be deposited directly with a broker designated by the Company or to a designated agent of the Company, and the Company may utilize electronic or automated methods of share transfer. The Company may require
that shares be retained with such broker or agent for a designated period of time and/or may establish other procedures to permit tracking of disqualifying dispositions of such shares. No Participant will have any voting, dividend, or other
stockholder rights with respect to shares of Common Stock subject to any option granted under the Plan until such shares have been purchased and delivered to the Participant as provided in this Section 9. 

10. Withdrawal. 
 (a) A
Participant may withdraw all but not less than all the Contributions credited to his or her account and not yet used to exercise his or her option under the Plan at any time by (i) submitting to the Company’s stock administration office
(or its designee) a written notice of withdrawal in the form determined by the Administrator for such purpose (which may be similar to the form attached hereto as Exhibit B), or (ii) following an electronic or other withdrawal
procedure determined by the Administrator. All of the Participant’s Contributions credited to his or her account will be paid to such Participant promptly after receipt of notice of withdrawal and such Participant’s option for the Offering
Period will be automatically terminated, and no further Contributions for the purchase of shares will be made for such Offering Period. If a Participant withdraws from an Offering Period, Contributions will not resume at the beginning of the
succeeding Offering Period, unless the Participant re-enrolls in the Plan in accordance with the provisions of Section 5. 
 (b) A
Participant’s withdrawal from an Offering Period will not have any effect upon his or her eligibility to participate in any similar plan that may hereafter be adopted by the Company or in succeeding Offering Periods that commence after the
termination of the Offering Period from which the Participant withdraws. 

  
 11 

 11. Termination of Employment. Upon a Participant’s ceasing to be an Eligible
Employee, for any reason, he or she will be deemed to have elected to withdraw from the Plan and the Contributions credited to such Participant’s account during the Offering Period but not yet used to purchase shares of Common Stock under the
Plan will be returned to such Participant or, in the case of his or her death, to the person or persons entitled thereto under Section 15, and such Participant’s option will be automatically terminated. Unless determined otherwise by the
Administrator in a manner that, with respect to an Offering under the 423 Component, is permitted by, and compliant with, Section 423 of the Code, a Participant whose employment transfers between entities through a termination with an immediate
rehire (with no break in service) by the Company or a Designated Company shall not be treated as terminated under the Plan; however, no Participant shall be deemed to switch from an Offering under the Non-423 Component to an Offering under the
423 Component or vice versa unless (and then only to the extent) such switch would not cause the 423 Component or any Option thereunder to fail to comply with Section 423 of the Code. 

12. Interest. No interest will accrue on the Contributions of a participant in the Plan, except as may be required by Applicable Law,
as determined by the Company, and if so required by the laws of a particular jurisdiction, shall, with respect to Offerings under the 423 Component, apply to all Participants in the relevant Offering, except to the extent otherwise permitted by U.S.
Treasury Regulation Section 1.423-2(f). 
 13. Stock. 

(a) Subject to adjustment upon changes in capitalization of the Company as provided in Section 19 hereof, the maximum number of shares of
Common Stock that will be made available for sale under the Plan will be 12,000,000 shares of Common Stock. The number of Shares available for issuance under the Plan will be increased on the first day of each Fiscal Year beginning with the 2014
Fiscal Year equal to the least of (i) 11,300,000 shares of Common Stock, (ii) one percent (1%) of the outstanding shares of Common Stock on the last day of the immediately preceding Fiscal Year, or (iii) an amount determined by
the Administrator. 
 (b) Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly
authorized transfer agent of the Company), a Participant will only have the rights of an unsecured creditor with respect to such shares, and no right to vote or receive dividends or any other rights as a stockholder will exist with respect to such
shares. 
 (c) Shares of Common Stock to be delivered to a Participant under the Plan will be registered in the name of the Participant or
in the name of the Participant and his or her spouse. 
 14. Administration. The Plan will be administered by the Board or a
Committee appointed by the Board, which Committee will be constituted to comply with Applicable Laws. The Administrator will have full and exclusive discretionary authority to construe, interpret and

  
 12 

 
apply the terms of the Plan, to designate separate Offerings under the Plan, to designate Subsidiaries and Affiliates as participating in the 423 Component or Non-423 Component, to determine
eligibility, to adjudicate all disputed claims filed under the Plan and to establish such procedures that it deems necessary for the administration of the Plan (including, without limitation, to adopt such procedures and sub-plans as are necessary
or appropriate to permit the participation in the Plan by employees who are foreign nationals or employed outside the U.S., the terms of which sub-plans may take precedence over other provisions of this Plan, with the exception of
Section 13(a) hereof, but unless otherwise superseded by the terms of such sub-plan, the provisions of this Plan shall govern the operation of such sub-plan). Unless otherwise determined by the Administrator, the employees eligible to
participate in each sub-plan will participate in a separate Offering and will be in the Non-423 Component, unless such designation would cause the 423 Component to violate the requirements of Section 423 of the Code. Without limiting the
generality of the foregoing, the Administrator is specifically authorized to adopt rules and procedures regarding eligibility to participate, the definition of Compensation, handling of Contributions, making of Contributions to the Plan (including,
without limitation, in forms other than payroll deductions), establishment of bank or trust accounts to hold Contributions, payment of interest, conversion of local currency, obligations to pay payroll tax, determination of beneficiary designation
requirements, withholding procedures and handling of stock certificates that vary with applicable local requirements. The Administrator also is authorized to determine that, to the extent permitted by U.S. Treasury Regulation Section 1.423-2(f), the terms of an option granted under the Plan or an Offering to citizens or residents of a non-U.S. jurisdiction will be less favorable than the terms of options granted under the Plan or
the same Offering to employees resident solely in the U.S. Every finding, decision and determination made by the Administrator will, to the full extent permitted by law, be final and binding upon all parties. 

15. Designation of Beneficiary. 

(a) If permitted by the Administrator, a Participant may file a designation of a beneficiary who is to receive any shares of Common Stock and
cash, if any, from the Participant’s account under the Plan in the event of such Participant’s death subsequent to an Exercise Date on which the option is exercised but prior to delivery to such Participant of such shares and cash. In
addition, if permitted by the Administrator, a Participant may file a designation of a beneficiary who is to receive any cash from the Participant’s account under the Plan in the event of such Participant’s death prior to exercise of the
option. If a Participant is married and the designated beneficiary is not the spouse, spousal consent will be required for such designation to be effective. 

(b) Such designation of beneficiary may be changed by the Participant at any time by notice in a form determined by the Administrator. In the
event of the death of a Participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such Participant’s death, the Company will deliver such shares and/or cash to the executor or administrator
of the estate of the Participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such shares and/or cash to the spouse or to any one or more dependents or
relatives of the Participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate. 

(c) All beneficiary designations will be in such form and manner as the Administrator may designate from time to time. Notwithstanding
Sections 15(a) and (b) above, the Company and/or the Administrator may decide not to permit such designations by Participants in non-U.S. jurisdictions to the extent permitted by U.S. Treasury Regulation
Section 1.423-2(f). 

  
 13 

 16. Transferability. Neither Contributions credited to a Participant’s account nor
any rights with regard to the exercise of an option or to receive shares of Common Stock under the Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution or as
provided in Section 15 hereof) by the Participant. Any such attempt at assignment, transfer, pledge or other disposition will be without effect, except that the Company may treat such act as an election to withdraw funds from an Offering
Period in accordance with Section 10 hereof. 
 17. Use of Funds. The Company may use all Contributions received or held by it
under the Plan for any corporate purpose, and the Company will not be obligated to segregate such Contributions except under Offerings or for Participants in the Non-423 Component for which Applicable Laws require that Contributions to the Plan by
Participants be segregated from the Company’s general corporate funds and/or deposited with an independent third party. Until shares of Common Stock are issued, Participants will only have the rights of an unsecured creditor with respect to
such shares. 
 18. Reports. Individual accounts will be maintained for each Participant in the Plan. Statements of account will be
given to participating Eligible Employees at least annually, which statements will set forth the amounts of Contributions, the Purchase Price, the number of shares of Common Stock purchased and the remaining cash balance, if any. 

19. Adjustments, Dissolution, Liquidation, Merger or Change in Control. 

(a) Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Common Stock, other securities, or
other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Common Stock or other securities of the Company, or other change in the corporate
structure of the Company affecting the Common Stock occurs, the Administrator, in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, will, in such manner as it may deem
equitable, adjust the number and class of Common Stock that may be delivered under the Plan, the Purchase Price per share and the number of shares of Common Stock covered by each option under the Plan that has not yet been exercised, and the
numerical limits of Sections 7 and 13. 
 (b) Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of
the Company, any Offering Period then in progress will be shortened by setting a New Exercise Date, and will terminate immediately prior to the consummation of such proposed 

  
 14 

 
dissolution or liquidation, unless provided otherwise by the Administrator. The New Exercise Date will be before the date of the Company’s proposed dissolution or liquidation. The
Administrator will notify each Participant in writing or electronically, prior to the New Exercise Date, that the Exercise Date for the Participant’s option has been changed to the New Exercise Date and that the Participant’s option will
be exercised automatically on the New Exercise Date, unless prior to such date the Participant has withdrawn from the Offering Period as provided in Section 10 hereof. 

(c) Merger or Change in Control. In the event of a merger or Change in Control, each outstanding option will be assumed or an
equivalent option substituted by the successor corporation or a Parent or Subsidiary of the successor corporation. In the event that the successor corporation refuses to assume or substitute for the option, the Offering Period with respect to which
such option relates will be shortened by setting a New Exercise Date on which such Offering Period shall end. The New Exercise Date will occur before the date of the Company’s proposed merger or Change in Control. The Administrator will notify
each Participant in writing or electronically prior to the New Exercise Date, that the Exercise Date for the Participant’s option has been changed to the New Exercise Date and that the Participant’s option will be exercised automatically
on the New Exercise Date, unless prior to such date the Participant has withdrawn from the Offering Period as provided in Section 10 hereof. 

20. Amendment or Termination. 

(a) The Administrator, in its sole discretion, may amend, suspend, or terminate the Plan, or any part thereof, at any time and for any reason.
If the Plan is terminated, the Administrator, in its discretion, may elect to terminate all outstanding Offering Periods either immediately or upon completion of the purchase of shares of Common Stock on the next Exercise Date (which may be sooner
than originally scheduled, if determined by the Administrator in its discretion), or may elect to permit Offering Periods to expire in accordance with their terms (and subject to any adjustment pursuant to Section 19). If the Offering Periods
are terminated prior to expiration, all amounts then credited to Participants’ accounts that have not been used to purchase shares of Common Stock will be returned to the Participants (without interest thereon, except as otherwise
required under Applicable Laws, as further set forth in Section 12 hereof) as soon as administratively practicable. 
 (b) Without
stockholder consent and without limiting Section 20(a), the Administrator will be entitled to change the Offering Periods or Purchase Periods, designate separate Offerings, limit the frequency and/or number of changes in the amount withheld
during an Offering Period, establish the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars, permit Contributions in excess of the amount designated by a Participant in order to adjust for delays or mistakes in the
Company’s processing of properly completed Contribution elections, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each
Participant properly correspond with Contribution amounts, and establish such other limitations or procedures as the Administrator determines in its sole discretion advisable that are consistent with the Plan. 

  
 15 

 (c) In the event the Administrator determines that the ongoing operation of the Plan may result
in unfavorable financial accounting consequences, the Administrator may, in its discretion and, to the extent necessary or desirable, modify, amend or terminate the Plan to reduce or eliminate such accounting consequence including, but not limited
to: 
 (i) amending the Plan to conform with the safe harbor definition under the Financial Accounting Standards Board Accounting Standards
Codification Topic 718 (or any successor thereto), including with respect to an Offering Period underway at the time; 
 (ii) altering the
Purchase Price for any Offering Period or Purchase Period including an Offering Period or Purchase Period underway at the time of the change in Purchase Price; 

(iii) shortening any Offering Period or Purchase Period by setting a New Exercise Date, including an Offering Period or Purchase Period
underway at the time of the Administrator action; 
 (iv) reducing the maximum percentage of Compensation a Participant may elect to set
aside as Contributions; and 
 (v) reducing the maximum number of Shares a Participant may purchase during any Offering Period or Purchase
Period. 
 Such modifications or amendments will not require stockholder approval or the consent of any Plan Participants. 

21. Notices. All notices or other communications by a Participant to the Company under or in connection with the Plan will be deemed to
have been duly given when received in the form and manner specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 

22. Conditions Upon Issuance of Shares. Shares of Common Stock will not be issued with respect to an option unless the exercise of such
option and the issuance and delivery of such shares pursuant thereto will comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of 1933, as amended, the Exchange Act, the rules and
regulations promulgated thereunder, and the requirements of any stock exchange upon which the shares may then be listed, and will be further subject to the approval of counsel for the Company with respect to such compliance. 

As a condition to the exercise of an option, the Company may require the person exercising such option to represent and warrant at the time of
any such exercise that the shares are being purchased only for investment and without any present intention to sell or distribute such shares if, in the opinion of counsel for the Company, such a representation is required by any of the
aforementioned applicable provisions of law. 

  
 16 

 23. Code Section 409A. The 423 Component of the Plan is exempt from the application
of Code Section 409A and any ambiguities herein will be interpreted to so be exempt from Code Section 409A. In furtherance of the foregoing and notwithstanding any provision in the Plan to the contrary, if the Administrator determines that
an option granted under the Plan may be subject to Code Section 409A or that any provision in the Plan would cause an option under the Plan to be subject to Code Section 409A, the Administrator may amend the terms of the Plan and/or of an
outstanding option granted under the Plan, or take such other action the Administrator determines is necessary or appropriate, in each case, without the Participant’s consent, to exempt any outstanding option or future option that may be
granted under the Plan from or to allow any such options to comply with Code Section 409A, but only to the extent any such amendments or action by the Administrator would not violate Code Section 409A. Notwithstanding the foregoing, the
Company shall have no liability to a Participant or any other party if the option to purchase Common Stock under the Plan that is intended to be exempt from or compliant with Code Section 409A is not so exempt or compliant or for any action
taken by the Administrator with respect thereto. The Company makes no representation that the option to purchase Common Stock under the Plan is compliant with Code Section 409A. 

24. Term of Plan. The Plan will become effective upon the earlier to occur of its adoption by the Board or its approval by the
stockholders of the Company. It will continue in effect for a term of twenty (20) years, unless sooner terminated under Section 20. 

25. Stockholder Approval. The Plan will be subject to approval by the stockholders of the Company within twelve (12) months after
the date the Plan is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree required under Applicable Laws. 

26. Automatic Transfer to Low Price Offering Period. Unless the Administrator, in its sole discretion, chooses otherwise prior to an
Enrollment Date, and to the extent permitted by Applicable Laws, if the Fair Market Value of the Common Stock on any Exercise Date in an Offering Period is lower than the Fair Market Value of the Common Stock on the Enrollment Date of such Offering
Period, then all participants in such Offering Period automatically will be withdrawn from such Offering Period immediately after the exercise of their option on such Exercise Date and automatically re-enrolled in the immediately following Offering
Period as of the first day thereof and the preceding Offering Period will terminate. 
 27. Governing Law. The Plan shall be governed
by, and construed in accordance with, the laws of the State of California (except its choice-of-law provisions). 
 28. No Right to
Employment. Participation in the Plan by a Participant shall not be construed as giving a Participant the right to be retained as an employee of the Company or a Subsidiary or Affiliate, as applicable. Furthermore, the Company or a Subsidiary or
Affiliate may dismiss a Participant from employment at any time, free from any liability or any claim under the Plan. 
 29.
Severability. If any provision of the Plan is or becomes or is deemed to be invalid, illegal, or unenforceable for any reason in any jurisdiction or as to any Participant, such 

  
 17 

 
invalidity, illegality or unenforceability shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as to such jurisdiction or Participant as if the invalid,
illegal or unenforceable provision had not been included. 
 30. Compliance with Applicable Laws. The terms of this Plan are intended
to comply with all Applicable Laws and will be construed accordingly. 

  
 18 

 EXHIBIT A 

TWITTER, INC. 
 2013
EMPLOYEE STOCK PURCHASE PLAN 
 SUBSCRIPTION AGREEMENT 
  

			
	         Original Application	  	Offering Date:                     
		
	         Change in Payroll Deduction Rate	  	

 Capitalized terms used but not otherwise defined herein shall have the meaning given to such terms in the
Twitter, Inc. 2013 Employee Stock Purchase Plan. 
 1. I,
                                        , hereby
elect to participate in the Twitter, Inc. (the “Company”) 2013 Employee Stock Purchase Plan (the “Plan”) and subscribe to purchase shares of the Company’s Common Stock in accordance with this 2013 Employee Stock Purchase
Plan Subscription Agreement (the “Subscription Agreement”) and the Plan. 
 2. I hereby authorize payroll deductions from each
paycheck in the amount of     % of my Compensation on each payday (from 0 to 15%) during the Offering Period in accordance with the Plan. (Please note that no fractional percentages are permitted.) 

3. I understand that said payroll deductions will be accumulated for the purchase of shares of Common Stock at the applicable Purchase Price
determined in accordance with the Plan. I understand that if I do not withdraw from an Offering Period, any accumulated payroll deductions will be used to automatically exercise my option and purchase Common Stock under the Plan. 

4. I have received a copy of the complete Plan and its accompanying prospectus. I understand that my participation in the Plan is in all
respects subject to the terms of the Plan. The Company reserves the right to modify the Plan and to impose other requirements on my participation in the Plan, on the option and on any shares of Common Stock purchased under the Plan, to the extent
the Company determines it is necessary or advisable for legal or administrative reasons. I agree to be bound by such modifications regardless of whether notice is given to me of such event, subject, in any case, to my right to withdrawal from
participation in the Plan. I further agree to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. 

  
 19 

 5. I understand the following paragraph applies to me if I am a U.S. taxpayer or subject to
U.S. taxation: If I dispose of any shares received by me pursuant to an offering of the Plan in the United States within two (2) years after the Offering Date (the first day of the Offering Period during which I purchased such shares) or
one (1) year after the Exercise Date, I will be treated for U.S. federal income tax purposes as having received ordinary income at the time of such disposition in an amount equal to the excess of the Fair Market Value of the shares at the time
such shares were purchased by me over the Purchase Price. I hereby agree to notify the Company in writing within thirty (30) days after the date of any disposition of my shares and I will make adequate provision for U.S. federal, state or
other tax withholding obligations, if any, which arise upon the disposition of the Common Stock. The Company may, but will not be obligated to, withhold from my compensation the amount necessary to meet any applicable withholding obligation
including any withholding necessary to make available to the Company any tax deductions or benefits attributable to sale or early disposition of Common Stock by me. If I dispose of such shares at any time after the expiration of the
two (2)-year and one (1)-year holding periods, I understand that I will be treated for U.S. federal income tax purposes as having received income only at the time of such disposition, and that such income will be taxed as ordinary income
only to the extent of an amount equal to the lesser of (a) the excess of the Fair Market Value of the shares at the time of such disposition over the Purchase Price, or (b) 15% of the Fair Market Value of the shares on the first day of the
Offering Period. The remainder of the gain, if any, recognized on such disposition will be taxed as capital gain. 
 6. The Company may, in
its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. I hereby consent to receive such documents by electronic delivery and agree to participate in the Plan through an
on-line or electronic system established and maintained by the Company or another third party designated by the Company. 
 7. The
Subscription Agreement shall be governed by and construed in accordance with the laws of the State of California (without regard to its conflict of laws provisions) as such laws are applied to agreements between California residents entered into and
to be performed entirely within California. For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties, I hereby submit and consent to the exclusive jurisdiction of the State of California and
agree that such litigation shall be conducted only in the courts of San Francisco County, California, or the federal courts for the U.S. for the Northern District of California, and no other courts. 

8. Notwithstanding any provision of this Subscription Agreement, I understand that if I am working or resident in a country other than the
United States, my participation in the Plan shall also be subject to the Additional Terms and Conditions for Non-U.S. Employees set forth in Appendix A attached hereto and any special terms and conditions for my country set forth in
Appendix B attached hereto. Further, I understand that if I relocate to one of the countries included in Appendix B, the special terms and conditions for such country will apply to me to the extent the Company determines in its sole
discretion that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. Appendix A and Appendix B constitute part of this Subscription Agreement. 

  
 20 

 9. I hereby agree to be bound by the terms of the Plan and this Subscription Agreement. The
effectiveness of this Subscription Agreement is dependent upon my eligibility to participate in the Plan. 
  

			
	Employee’s Tax ID Number:	 	  

		
	Employee’s Address:	 	  

		
		 	  

		
		 	  

 I ACKNOWLEDGE AND UNDERSTAND THAT THIS SUBSCRIPTION AGREEMENT INCLUDING ITS APPENDICES AND MY PARTICIPATION IN
THE PLAN WILL REMAIN IN EFFECT THROUGHOUT SUCCESSIVE OFFERING PERIODS UNLESS AFFIRMATIVELY TERMINATED BY ME. 
  

							
	Dated:	 	  
	 		 	  

				
		 		 		 	Signature of Employee

  
 21 

 APPENDIX A 

TWITTER, INC. 
 2013
EMPLOYEE STOCK PURCHASE PLAN 
 ADDITIONAL TERMS AND CONDITIONS FOR NON-U.S. EMPLOYEES 

Capitalized terms used but not otherwise defined herein shall have the meaning given to such terms in the Twitter, Inc. 2013 Employee Stock
Purchase Plan 
 1. Terms of Plan Participation for Non-U.S. Employees. I understand and agree that this Appendix A contains
additional terms and conditions that, together with the Plan and the Subscription Agreement, govern my participation in the Plan if I am working or resident in a country other than the United States. I further understand and agree that my
participation in the Plan will also be subject to any terms and conditions for my country set forth in Appendix B attached hereto.  

2. Conversion of Payroll Deductions. I understand that, if my payroll deductions or Contributions under the Plan are made in any
currency other than U.S. dollars, such payroll deductions or Contributions will be converted to U.S. dollars on or prior to the Exercise Date using a prevailing exchange rate in effect at the time such conversion is performed, as determined by the
Administrator. I understand and agree that neither the Company, the Employer nor any Parent, Subsidiary or Affiliate shall be liable for any foreign exchange rate fluctuation between my local currency and the U.S. Dollar that may affect the
value of the options granted to me under the Plan, or of any amounts due to me under the Plan or as a result of the subsequent sale of any shares of Common Stock acquired under the Plan.  

3. Tax Obligations. I acknowledge and agree that, regardless of any action taken by the Company or the Employer with respect to any or
all income tax, social security, social insurances, National Insurance Contributions, payroll tax, fringe benefit, or other tax-related items related to my participation in the Plan and legally applicable to me including, without limitation, in
connection with the grant of such options, the purchase or sale of shares of Common Stock acquired under the Plan and/or the receipt of any dividends on such shares (“Tax-Related Items”), the ultimate liability for all Tax-Related Items is
and remains my responsibility and may exceed the amount actually withheld by the Company or the Employer. Furthermore, I acknowledge that the Company and/or the Employer (1) make no representations or undertakings regarding the treatment of any
Tax-Related Items in connection with any aspect of the options under the Plan and (2) do not commit to and are under no obligation to structure the terms of the grant of options or any aspect of my participation in the Plan to reduce or
eliminate my liability for Tax-Related Items or achieve any particular tax result. Further, if I have become subject to tax in more than one jurisdiction between the Enrollment Date and the 

  
 1 

 
date of any relevant taxable or tax withholding event, as applicable, I acknowledge that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account
for Tax-Related Items in more than one jurisdiction. 
 Prior to the purchase of shares of Common Stock under the Plan or any other relevant
taxable or tax withholding event, as applicable, I agree to make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In this regard, I authorize the Company and/or the Employer, or their respective
agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: (1) withholding from my wages or Compensation paid to me by the Company and/or the Employer; or
(2) withholding from proceeds of the sale of the shares of Common Stock purchased under the Plan either through a voluntary sale or through a mandatory sale arranged by the Company (on my behalf pursuant to this authorization). Depending on the
withholding method, the Company may withhold or account for Tax-Related Items by considering applicable maximum applicable withholding rates, in which case I will receive a refund of any over-withheld amount in cash and will have no entitlement to
the Common Stock equivalent. 
 Finally, I agree to pay to the Company or the Employer any amount of Tax-Related Items that the Company or
the Employer may be required to withhold as a result of my participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to purchase shares of Common Stock under the Plan on my behalf and/or refuse to
issue or deliver the shares or the proceeds of the sale of shares if I fail to comply with my obligations in connection with the Tax-Related Items. 

4. Service Acknowledgments. By electing to participate in the Plan, I acknowledge, understand and agree that: 

(a) the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated
by the Company at any time, to the extent provided for in the Plan; 
 (b) all decisions with respect to future grants of options under the
Plan, if applicable, will be at the sole discretion of the Company; 
 (c) the grant of options under the Plan shall not create a right to
employment or be interpreted as forming an employment or service contract with the Company, the Employer, or any Parent, Subsidiary or Affiliate of the Company, and shall not interfere with the ability of the Company or the Employer, as applicable,
to terminate my employment (if any); 
 (d) I am voluntarily participating in the Plan; 

(e) the options granted under the Plan and the shares of Common Stock underlying such options, and the income and value of same, are not
intended to replace any pension rights or compensation; 

  
 2 

 (f) the options granted under the Plan and the shares of Common Stock underlying such options,
and the income and value of same, are not part of my normal or expected compensation for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses,
long-service awards, pension or retirement benefits or similar payments; 
 (g) the future value of the shares of Common Stock underlying
the options granted under the Plan is unknown, indeterminable and cannot be predicted with certainty; 
 (h) the shares of Common Stock that
I acquire under the Plan may increase or decrease in value, even below the Purchase Price; 
 (i) no claim or entitlement to compensation or
damages shall arise from the forfeiture options granted to me under the Plan as a result of the termination of my status as an Eligible Employee (for any reason whatsoever, and whether or not later found to be invalid or in breach of employment laws
in the jurisdiction where I am employed or the terms of my employment agreement, if any) and, in consideration of the grant of options under the Plan to which I am otherwise not entitled, I irrevocably agree never to institute a claim against the
Company, the Employer, or any Parent, Subsidiary or Affiliate, waive my ability, if any, to bring such claim, and release the Company, the Employer, and any Parent, Subsidiary or Affiliate from any such claim that may arise; if, notwithstanding the
foregoing, any such claim is allowed by a court of competent jurisdiction, I shall be deemed irrevocably to have agreed to not to pursue such claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such
claim; 
 (j) in the event of the termination of my status as an Eligible Employee (for any reason whatsoever, whether or not later found to
be invalid or in breach of employment laws in the jurisdiction where I am employed or the terms of my employment agreement, if any), my right to participate in the Plan and any options granted to me under the Plan, if any, will terminate effective
as of the date that I am no longer actively employed by the Company or one of its Designated Companies and, in any event, will not be extended by any notice period mandated under the employment laws in the jurisdiction in which I am employed or the
terms of my employment agreement, if any (e.g., active employment would not include a period of “garden leave” or similar period pursuant to the employment laws in the jurisdiction in which I am employed or the terms of my
employment agreement, if any); the Company shall have the exclusive discretion to determine when I am no longer actively employed for purposes of my participation in the Plan (including whether I may still be considered to be actively employed while
on a leave of absence); and 
 (k) the grant of the option to purchase shares of Common Stock under the Plan and the benefits evidenced by
the Subscription Agreement do not create any entitlement not otherwise specifically provided for in the Plan, or provided by the Company in its discretion, to have such rights or benefits transferred to, or assumed by, another company nor to be
exchanged, cashed out or substituted for, in connection with a sale of substantially all of the Company’s assets or a merger of the Company in which the Company is not the surviving corporation. 

  
 3 

 5. Data Privacy Consent. I understand that the Company and the Employer
may collect, where permissible under Applicable Law certain personal information about me, including, but not limited to, my name, home address and telephone number, date of birth, social insurance number or other identification number, salary,
nationality, job title, any shares of Common Stock or directorships held in the Company, details of all options granted under the Plan or any other entitlement to shares of Common Stock awarded, canceled, exercised, vested, unvested or outstanding
in my favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan. I understand that Company may transfer my Data to the United States, which is not considered by the European Commission to have data
protection laws equivalent to the laws in my country. The Company therefore maintains an EU-US Safe Harbor certification to protect my data consistent with data protection laws of the EU. 

I understand that the Company will transfer my Data to its designated broker, or such other stock plan service provider as may be selected
by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan. I understand that the recipients of the Data may be located in the United States or elsewhere, and that a
recipient’s country of operation (e.g., the United States) may have different data privacy laws that the European Commission or my jurisdiction does not consider to be equivalent to the protections in my country. I understand that I may request
a list with the names and addresses of any potential recipients of the Data by contacting my local human resources representative. I authorize the Company, the Company’s designated broker and any other possible recipients which may assist the
Company with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing my participation in the Plan. I
understand that Data will be held only as long as is necessary to implement, administer and manage my participation in the Plan. I understand that that I may, at any time, view Data, request additional information about the storage and processing of
Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing my local human resources representative. Further, I understand that I am providing the consents herein on a
purely voluntary basis. If I do not consent, or if I later seek to revoke my consent, my employment status or career with the Company or the Employer will not be adversely affected; the only adverse consequence of refusing or withdrawing my consent
is that the Company would not be able to grant me options under the Plan or other equity awards, or administer or maintain such awards. Therefore, I understand that refusing or withdrawing my consent may affect my ability to participate in the Plan.
For more information on the consequences of my refusal to consent or withdrawal of consent, I understand that I may contact my local human resources representative. 

I understand that I have the right to access, and to request a copy of, the Data held about me. I also understand that I have the right to
discontinue the collection, processing, or use of my Data, or supplement, correct, or request deletion of my Data. To exercise my rights, I may contact my local human resources representative. 

I hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of my personal data as
described in the Subscription Agreement and 

  
 4 

 
any other Plan materials by and among, as applicable, the Employer, the Company and its Parents, Subsidiaries and Affiliates for the exclusive purpose of implementing, administering and managing
my participation in the Plan. I understand that my consent will be sought and obtained for any processing or transfer of my data for any purpose other than as described in the Subscription Agreement and any other plan materials. 

6. No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any
recommendations or assessments regarding my participation in the Plan, or my acquisition or sale of the underlying shares of Common Stock. I am hereby advised to consult with my own personal tax, legal and financial advisors regarding my
participation in the Plan before taking any action related to the Plan. 
 7. Language. If I have received the Subscription Agreement
or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control, subject to Applicable Laws. 

8. Severability. The provisions of the Subscription Agreement are severable and if any one or more provisions are determined to be
illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. 
 9.
Waiver. I acknowledge that a waiver by the Company of breach of any provision of the Subscription Agreement shall not operate or be construed as a waiver of any other provision of the Subscription Agreement, or of any subsequent breach by me or
any other participant. 
 10. Electronic Delivery and Acceptance. The Company may, in its sole discretion, decide to deliver any
documents related to options awarded under the Plan or options that may be awarded under the Plan by electronic means or request my consent to participate in the Plan by electronic means. Such means of electronic delivery may include but do not
necessarily include the delivery of a link to a Company intranet or the Internet site of a third party involved in administering the Plan, the delivery of the document via e-mail or such other means of electronic delivery specified by the Company. I
consent to the electronic delivery of the Plan documents and this Subscription Agreement. I acknowledge that I may receive from the Company a paper copy of any documents delivered electronically at no cost to me by contacting the Company by
telephone or in writing. I further acknowledge that I will be provided with a paper copy of any documents if the attempted electronic delivery of such documents fails. Similarly, I understand that I must provide the Company or any designated third
party administrator with a paper copy of any documents if the attempted electronic delivery of such documents fails. I may revoke my consent to the electronic delivery of documents or may change the electronic mail address to which such documents
are to be delivered (if I have provided an electronic mail address) at any time by notifying the Company of such revoked consent or revised e-mail address by telephone, postal service or electronic mail. Finally, I understand that I am not required
to consent to electronic delivery of documents. 

  
 5 

 APPENDIX B 

TWITTER, INC. 
 2013
EMPLOYEE STOCK PURCHASE PLAN 
 COUNTRY-SPECIFIC PROVISIONS FOR NON-U.S. EMPLOYEES 

Terms and Conditions 

I understand that this Appendix B includes additional terms and conditions that govern the options to purchase shares of Common Stock granted
to me under the Plan if I work in one of the countries listed below. If I am a citizen or resident of a country other than the one in which I am currently working (or if I am considered as such for local law purposes) or if I transfer employment to
another country after enrolling in the Plan, I acknowledge and agree that the Company will, in its discretion, determine the extent to which the terms and conditions herein will be applicable to me. 

Capitalized terms used but not otherwise defined herein shall have the meaning given to such terms in the Twitter, Inc. 2013 Employee Stock
Purchase Plan, the Subscription Agreement or Appendix A to the Subscription Agreement. 
 Notifications 

This Appendix B also includes notifications that contain information regarding securities laws, exchange controls and certain other issues of
which you should be aware with respect to your participation in the Plan. The information is based on the securities, exchange control and other laws in effect in the respective countries as of October 2013. Such laws are often complex and change
frequently. As a result, the Company recommends that you not rely on the information in this Appendix B as the only source of information relating to the consequences of your participation in the Plan because the information included herein may be
out of date at the time that you exercise your option and purchase shares of Common Stock under the Plan or subsequently sell such shares. 

In addition, the information contained herein is general in nature and may not apply to your particular situation and the Company is not in a
position to assure you of any particular result. Accordingly, you are advised to seek appropriate professional advice as to how the relevant laws in my country may apply to your situation. 

Finally, if you are a citizen or resident of a country other than the one in which you are currently working (or if you are considered as such
for local law purposes) or if you move to another country after options have been granted to you under the Plan, the information contained herein may not be applicable to you. 

  
 6 

 AUSTRALIA 

Notifications 

Securities Law Information. The offering and resale of shares of Common Stock acquired under the Plan to a person or entity resident in
Australia may be subject to disclosure requirements under Australian law. You should obtain legal advice regarding any applicable disclosure requirements prior to making any such offer. 

BRAZIL 

Terms and Conditions 

Authorization for Plan Participation. I hereby authorize the Employer to make payroll deductions from each of my paychecks in that
percentage of my Compensation specified in my election and I authorize the Employer, the Company or any Parent, Subsidiary or Affiliate of the Company to remit such accumulated payroll deductions, on my behalf, to the United States of America, to
purchase shares of Common Stock, as provided by Circular No. 3,280/05 of the Central Bank, under the terms of the Plan. 
 Upon request
of the Company or the Employer, I agree to execute a letter of authorization and any other agreements or consents that may be required to enable the Employer, the Company or any Parent, Subsidiary or Affiliate of the Company (or any of their
designated third parties) to remit my accumulated payroll deductions from Brazil for the purchase of shares. I understand that I will not be able to participate in the Plan if I fail to execute a letter of authorization or any other form of
agreement or consent that is required for the remittance of my payroll deductions. 
 Compliance with Law. By enrolling in the Plan
and accepting the terms of the Subscription Agreement, I acknowledge and agree to comply with all applicable Brazilian laws and pay any and all applicable taxes associated with the purchase and the sale of shares acquired under the Plan. 

Notifications 

Report of Overseas Assets. If you are a resident or domiciled in Brazil, you will be required to submit an annual declaration of
assets and rights held outside of Brazil to the Central Bank of Brazil if the aggregate value of such assets and rights equals or exceeds US$100,000. Assets and rights that must be reported include, but are not limited to, the shares of Common Stock
acquired under the Plan. 

  
 7 

 CANADA 

Terms and Conditions 

Labor Law Acknowledgement. This provision replaces the acknowledgement contained in Section 4(j) of Appendix A to the Subscription
Agreement: 
 In the event of the termination of my status as an Eligible Employee (for any reason whatsoever, whether or not later found to
be invalid or in breach of employment laws in the jurisdiction where I am employed or the terms of my employment agreement, if any), my right to participate in the Plan and any options granted to me under the Plan, if any, will terminate effective
as of the date that is the earlier of: (i) the date that my employment with the Company or the Employer is terminated; (ii) the date that I receive written notice of termination of my employment from the Company or the Employer (regardless
of any notice period or period of pay in lieu of such notice mandated under the employment laws in the jurisdiction where I am employed or the terms of my employment agreement, if any); or (iii) the date that I am no longer actively employed by
the Company or any of its Designated Companies, with such date being determined by the Company in its sole discretion. 
 The following
provisions will apply if you are a resident of Quebec: 
 Authorization to Release Necessary Personal Information. I hereby
authorize the Company (including any Parent, Subsidiary or Affiliate) and the Company’s representatives to discuss with and obtain all relevant information from all personnel, professional or not, involved in the administration and operation of
the Plan. I further authorize the Company and any Parent, Subsidiary or Affiliate and the Company’s designated Plan broker(s) to disclose and discuss the Plan with their advisors. I further authorize the Employer to record such information and
to keep such information in my employee file. 
 English Language Provision. I hereby provide my consent to receive Plan information
in English through my enrollment in the Plan. Specifically, I acknowledge as follows: 
 The parties acknowledge that it is their express
wish that this Subscription Agreement, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English. 

Disposition relative à l’utilisation de la langue anglaise. Par la présente, je consens à
recevoir les informations relatives au Plan d’Achat d’Actions en anglais par le biais de mon inscription au Plan d’Achat d’Actions. Particulièrement, je reconnais comme suit : 

Les parties reconnaissent avoir exigé la rédaction en anglais du Contrat de Souscription, ainsi que de tous documents
exécutés, avis donnés et procédures judiciaires intentées, directement ou indirectement, relativement à la présente convention. 

Notifications 

Securities Law Information. There may be securities law implications for you if you sell shares of Common Stock acquired through the
Plan through a broker other than a broker appointed under the Plan or the sale does not take place through the facilities of a stock exchange outside of Canada on which the shares of Common Stock are listed (i.e., the New York Stock
Exchange). 
 Tax Reporting Obligation. Foreign property (including options granted under the Plan and shares of Common Stock) held
by Canadian residents must be reported annually on Form T1135 

  
 8 

 
(Foreign Income Verification Statement) if the total value of such foreign property exceeds C$100,000 at any time during the year. The form must be filed by April 30th of the following year.

 FRANCE 

Terms and Conditions 

Language Consent. By completing the enrollment process and submitting the Subscription Agreement, I confirm that I have read and
understood the documents relating to the rights to purchase Common Stock (the Plan, the Subscription Agreement, Appendix A to the Subscription Agreement and this Appendix B) which were provided to me in the English language. I accept the terms
of these documents accordingly. 
 Consentement Relatif à la Langue Utilisée. En
complétant et renvoyant le présent du Contrat de Souscription, je confirme avoir lu et compris les documents relatifs aux droits d’acquisition d’Actions Ordinaires qui m’ont été remis en langue anglaise (le
Plan, le Contrat de Souscription, Annexe A du Contrat de Souscription, Annexe B). J’accepte les conditions afférentes à ces documents en connaissance de cause. 

Payroll Deductions. Section 2 of the Subscription Agreement has been translated into French in order to expressly authorize the
payroll deductions under the Plan. 
 Prélèvements sur Salaires. La Section 2 du Contrat de Souscription a
été traduite en français afin que vous puissiez autoriser de manière expresse les prélèvements sur votre Rémunération dans le cadre du Plan d’Achat d’Actions. 

 

	 	•	 	I hereby authorize payroll deductions from each paycheck in the amount of     % of my Compensation on each payday (from 0 to 15%) during the Offering Period in accordance with the Plan. (Please note
that no fractional percentages are permitted.) 

  

	 	•	 	Par la présente, j’autorise un prélèvement sur salaires de     % de ma Rémunération (de 0% à 15%), sur chaque Rémunération
versée au cours de la Période d’Offre conformément au Plan d’Achat d’Actions. (Veuillez noter que le pourcentage de retenue sur salaire ne peut être qu’un chiffre entier, sans chiffre après la
virgule.) 

 Notifications 

Tax Reporting Information. French residents may hold shares of Common Stock outside of France, provided that they declare all foreign
accounts, whether open, current or closed, on their annual income tax return. 
 Securities Disclaimer. The participation in the Plan
is exempt or excluded from the requirement to publish a prospectus under the EU Prospectus Directive as implemented in France. 

  
 9 

 GERMANY 

Notifications 

Exchange Control Information. If you remit proceeds in excess of €12,500 out of or into Germany, such cross-border payment
must be reported monthly to the State Central Bank. In the event that you make or receive a payment in excess of this amount, I am responsible for obtaining the appropriate form from a German bank and complying with applicable reporting
requirements. In addition, you must also report on an annual basis in the unlikely event that you hold shares of Common Stock exceeding 10% of the total voting capital of the Company. 

Securities Disclaimer. The participation in the Plan is exempt or excluded from the requirement to publish a prospectus under the EU
Prospectus Directive as implemented in Germany. 
 INDIA 

Notifications 

Exchange Control Information. Indian residents are required to repatriate any cash dividends paid on shares of Common Stock acquired
under the Plan and any proceeds from the sale of such shares of Common Stock to India within 90 days of receipt. Upon repatriation, the individual will receive a foreign inward remittance certificate (“FIRC”) from the bank where he or she
deposits the foreign currency and he or she should maintain the FIRC as evidence of the repatriation of funds in the event the Reserve Bank of India or the Employer requests proof of repatriation. It is your responsibility to comply with applicable
exchange control laws in India. 
 Tax Reporting Obligation. Indian residents are required to declare the following items in their
annual tax return: (i) any foreign assets held by them (including shares of Common Stock acquired under the Plan), and (ii) any foreign bank accounts for which they have signing authority. It is your responsibility to comply with
applicable foreign asset tax laws in India and you should consult with your personal tax advisor to ensure that you are properly reporting your foreign assets and bank accounts. 

IRELAND 

Notifications 
 Director
Notification Obligation. Directors, shadow directors or secretaries of an Irish Parent, Subsidiary or Affiliate must notify such Irish Parent, Subsidiary or Affiliate in writing within five business days of receiving or disposing of an interest
in the Company (e.g., options granted under the Plan, shares of Common Stock, etc.), or within five business days of becoming aware of the event giving rise to the notification requirement or within five business days of becoming a director
or secretary if such an interest exists at the time. This notification requirement also applies with respect to the interests of the spouse or children under the age of 18 of the director, shadow director or secretary (whose interests will be
attributed to the director, shadow director or secretary). 

  
 10 

 Securities Disclaimer. The participation in the Plan is exempt or excluded from the
requirement to publish a prospectus under the EU Prospectus Directive as implemented in Ireland. 
 JAPAN 

Notifications 

Foreign Assets Reporting. Japanese residents holding assets outside of Japan (e.g., shares of Common Stock purchased under
the Plan) with a value exceeding ¥50,000,000 (as of December 31 each year) are required to comply with annual tax reporting obligations with respect to such assets. You should consult with a personal tax advisor in Japan to ensure that you
are properly complying with these obligations. 
 KOREA 

Terms and Conditions 

Power of Attorney. I am an employee working for Twitter Korea Limited (“Twitter-Korea”), a corporation duly organized and
existing under the laws of the Republic of Korea, and, by my election to participate in the Plan, I hereby appoint attorney-in-fact, Twitter-Korea (including any successor entity), through its duly appointed representative, as my true and lawful
representative, with full power and authority to do the following: 
  

	(i)	To prepare, execute and file any report/application and all other documents required for implementation of the Twitter, Inc. 2013 Employee Stock Purchase Plan in Korea; 

 

	(ii)	To take any action that may be necessary or appropriate for implementation of said Plan with the competent Korean authorities, including but not limited to a foreign exchange bank; and 

 

	(iii)	To constitute and appoint, in its place and stead, and as its substitute, one representative or more, with power of revocation. 

I hereby ratify and confirm as my own act and deed all that such representative may do or cause to be done by virtue of this instrument. 

Notifications 

Exchange Control Notification. Exchange control laws require Korean residents who realize US$500,000 or more from the sale of shares of
Common Stock in a single transaction to repatriate the proceeds from such sale to Korea within 18 months of the sale. 

  
 11 

 NETHERLANDS 

Notifications 
 You
should be aware of the Dutch insider trading rules, which may affect the sale of shares of Common Stock acquired under the Plan. In particular, you may be prohibited from effecting certain share transactions if you have insider information regarding
the Company. Below is a discussion of the applicable restrictions. You are advised to read the discussion carefully to determine whether the insider rules could apply to you. If it is uncertain whether the insider rules apply, the Company recommends
that you consult with a legal advisor. The Company cannot be held liable if you violate the Dutch insider trading rules. You are responsible for ensuring your compliance with these rules. 

Prohibition Against Insider Trading. 

Dutch securities laws prohibit insider trading. The regulations are based upon the European Market Abuse Directive and are stated in section
5:56 of the Dutch Financial Supervision Act (Wet op het financieel toezicht or Wft) and in section 2 of the Market Abuse Decree (Besluit marktmisbruik Wft). For further information you are referred to the website of the Authority for
the Financial Markets (AFM); http://www.afm.nl/~/media/Files/brochures/2012/insider-dealing.ashx. 
 Given the broad scope of
the definition of inside information, certain employees of the Company working at its Dutch Affiliate may have inside information and thus are prohibited from making a transaction in securities in the Netherlands at a time when they have such inside
information. By entering into this Subscription Agreement and participating in the Plan, you acknowledge having read and understood the notification above and acknowledges that it is the your responsibility to comply with the Dutch insider trading
rules, as discussed herein. 
 Securities Disclaimer. The participation in the Plan is exempt or excluded from the
requirement to publish a prospectus under the EU Prospectus Directive as implemented in the Netherlands. 
 SINGAPORE 

Terms and Conditions 

Form of Contributions. Notwithstanding Sections 2 and 3 of the Subscription Agreement, due to restrictions on payroll deductions
under Singapore law, I acknowledge and agree that I may be required to participate in the Plan by means other than payroll deductions (e.g., bank wire or check) if the Company, in its discretion, determines that collection of payroll
deductions is not permissible or administratively feasible under Singapore law.
 In this regard and upon notice by the Company or the
Employer, I understand and agree that no payroll deductions will be made from my paychecks and that I will be required to make Contributions for the purchase of shares of Common Stock under the Plan by the means set forth

  
 12 

 
in such notice. I further understand and agree that no shares of Common Stock will be purchased on my behalf under the Plan if I fail to submit my Contributions in the manner required by
such notice.
 Notifications 

Securities Law Information. The grant of options under the Plan is being made pursuant to the “Qualifying Person” exemption
under section 273(1)(f) of the Singapore Securities and Futures Act (Chapter 289, 2006 Ed.) (“SFA”). The Plan has not been lodged or registered as a prospectus with the Monetary Authority of Singapore. Further, the options granted under
the Plan are subject to section 257 of the SFA and you are not permitted to sell, or offer to sell, any shares of Common Stock in Singapore unless such sale or offer is made pursuant to the exemptions under Part XIII Division (1) Subdivision
(4) (other than section 280) of the SFA. 
 Director Notification Obligation. Directors, associate directors or shadow directors
of a Singapore Parent, Subsidiary or Affiliate are subject to certain notification requirements under the Singapore Companies Act. Among these requirements is an obligation to notify such entity in writing within two business days of any of the
following events: (i) the acquisition or disposal of an interest (e.g., options granted under the Plan or shares of Common Stock) in the Company or any Parent, Subsidiary or Affiliate, (ii) any change in previously-disclosed
interests (e.g., upon exercise of options granted under the Plan), or (iii) becoming a director, associate director or shadow director of a Parent, Subsidiary or Affiliate in Singapore, if the individual holds such an interest at that
time. 
 Insider Trading Notification. You should be aware of the Singapore insider-trading rules as these rules may impact your
ability to acquire or dispose of shares of Common Stock or rights to acquire shares (e.g., options granted under the Plan). Under the Singapore insider-trading rules, you are prohibited from selling shares of Common Stock when you are in
possession of information concerning the Company which is not generally available and which you know or should know will have a material effect on the price of such shares once such information is generally available. 

SPAIN 
 Terms
and Conditions 
 Nature of Grant. The following provision supplements Section 4 of Appendix A to the Subscription
Agreement: 
 By accepting the options, I consent to participation in the Plan and acknowledge that I have received a copy of the Plan. I
understand that the Company has unilaterally, gratuitously, and discretionarily decided to offer the Plan to individuals who may be employees of the Company or of its Parents, Subsidiaries or Affiliates throughout the world. The decision is a
temporary decision that is entered into upon the express assumption and condition that any grant of options will not economically or otherwise bind the Company or any of its Parents, Subsidiaries or Affiliates presently or in the future, other than
as expressly set forth in the 

  
 13 

 
Subscription Agreement, including Appendix A to the Subscription Agreement. Consequently, I understand that any grant of options is made on the assumption and condition that it shall not become a
part of any employment contract (either with the Company or any of its Parents, Subsidiaries or Affiliates) and shall not be considered a mandatory benefit, salary for any purpose (including severance compensation), or any other right whatsoever.
Further, I understand and freely accept that the Company does not guarantee that any benefit whatsoever shall arise from the option, which is gratuitous and discretionary, since the future value of the shares of Common Stock is unknown and
unpredictable. Finally, I understand that the Company would not be making this grant of options but for the assumptions and conditions referred to above; thus, I expressly acknowledge and freely accept that should any or all of the assumptions be
mistaken or should any of the conditions not be met for any reason, then the grant of options shall be null and void and the Plan shall not have any effect whatsoever. 

I understand and agree that, as a condition of my participation in the Plan, the termination of my employment for any reason will
automatically result in the cancellation of any options granted to me under the Plan. In particular, I understand and agree that, unless otherwise expressly provided for by the Administrator, I will not be permitted to continue to participate in the
Plan or to purchase shares of Common Stock under the Plan if I terminate employment for by reason of, including, but not limited to: resignation, retirement, disciplinary dismissal adjudged to be with cause, disciplinary dismissal adjudged or
recognized to be without cause, individual or collective layoff on objective grounds, whether adjudged to be with cause or adjudged or recognized to be without cause, material modification of the terms of employment under Article 41 of the
Workers’ Statute, relocation under Article 40 of the Workers’ Statute, Article 50 of the Workers’ Statute, unilateral withdrawal by the Employer, and under Article 10.3 of Royal Decree 1382/1985. 

Notifications 

Securities Law Information. The options described in the Subscription Agreement, Appendix A to the Subscription Agreement and this
Appendix B do not qualify under Spanish regulations as securities. No “offer of securities to the public,” as defined under Spanish law, has taken place or will take place in the Spanish territory. The Subscription
Agreement (including Appendix A to the Subscription Agreement and this Appendix B) has not been nor will it be registered with the Comisión Nacional del Mercado de Valores, and does not constitute a public offering prospectus. 

Foreign Assets Reporting. Effective January 1, 2013, you may be subject to certain tax reporting requirements with respect to
assets or rights that you hold outside of Spain, including bank accounts, securities and real estate if the aggregate value for particular category of assets exceeds €50,000 as of December 31 each year. Shares of Common Stock acquired
under the Plan or other equity programs offered by the Company constitute securities for purposes of this requirement, but unvested awards (e.g., options, etc.) are not subject to this reporting requirement. 

  
 14 

 If applicable, you must report your foreign assets on Form 720 by no later than March 31
following the end of the relevant year. After the rights and/or assets are initially reported, the reporting obligation will only apply if the value of previously-reported rights or assets increases by more than €20,000 as of each subsequent
December 31. You should consult with your personal advisor to determine any obligations in this respect. 
 Share Reporting
Requirement. The acquisition of shares of Common Stock must be declared for statistical purposes to the Direccion General de Comercio e Inversiones (the “DGCI”), the Bureau for Commerce and Investments, which is a
department of the Ministry of Economy and Competitiveness. Generally, the declaration must be filed in January for shares owned as of December 31 of each year; however, if the value of the shares acquired or the amount of the sale proceeds
exceeds €1,502,530, the declaration must be filed within one month of the acquisition or sale, as applicable. You should consult with your personal advisor to determine your obligations in this respect. 

Foreign Currency Payments. When receiving foreign currency payments exceeding €50,000 derived from the ownership of shares of
Common Stock (i.e., dividends or proceeds from the sale of the shares of Common Stock), you must inform the financial institution receiving the payment of the basis upon which such payment is made. You will need to provide the following
information: (i) your name, address, and fiscal identification number; (ii) the name and corporate domicile of the Company; (iii) the amount of the payment and the currency used; (iv) the country of origin; (v) the reasons
for the payment; and (vi) further information that may be required. 
 Foreign Assets and Transaction Reporting. Effective
January 1, 2013, you may be required to electronically declare to the Bank of Spain any foreign accounts (including brokerage accounts held abroad), any foreign instruments (e.g., shares of Common Stock) and any transactions with
non-Spanish residents (including any payments of cash or shares made to you by the Company or a U.S. brokerage account) if the balances in such accounts together with the value of such instruments as of December 31, or the volume of
transactions with non-Spanish residents during the prior or current year, exceed €1,000,000. Once the €1,000,000 threshold has been surpassed in either respect, you will generally be required to report all of your foreign accounts, foreign
instruments and transactions with non-Spanish residents, even if the relevant threshold has not been crossed for an individual item. You will generally only be required to report on an annual basis (by January 20 of each year, beginning with
January 20, 2014); however, if the balances in your foreign accounts together with value of your foreign instruments or the volume of transactions with non-Spanish residents exceed €100,000,000, more frequent reporting will be required.

 Securities Disclaimer. The participation in the Plan is exempt or excluded from the requirement to publish a prospectus
under the EU Prospectus Directive as implemented in Spain. 

  
 15 

 UNITED KINGDOM 

Terms and Conditions 

Tax Obligations. The following provision supplements Section 3 of Appendix A to the Subscription Agreement: 

Tax-Related Items shall include Primary and, to the extent legally possible Secondary, Class 1 National Insurance Contributions. 

I agree that the Company or the Employer may calculate the Tax-Related Items to be withheld and accounted for by reference to the maximum
applicable rates, without prejudice to any right I may have to recover any overpayment from relevant U.K. tax authorities. If payment or withholding of any income tax liability arising in connection with my participation in the Plan is not made by
me to the Employer within ninety (90) days of the event giving rise to such income tax liability or such other period specified in Section 222(1)(c) of the U.K. Income Tax (Earnings and Pensions) Act 2003 (the “Due Date”), I
understand and agree that the amount of any uncollected income tax will constitute a loan owed by me to the Employer, effective on the Due Date. I understand and agree that the loan will bear interest at the then-current official rate of Her
Majesty’s Revenue and Customs, it will be immediately due and repayable by me, and the Company and/or the Employer may recover it at any time thereafter by any of the means referred to in the Plan and/or this Subscription Agreement.
Notwithstanding the foregoing, I understand and agree that if I am a director or an executive officer of the Company (within the meaning of such terms for purposes of Section 13(k) of the Exchange Act), I will not be eligible for such a loan to
cover the income tax liability. In the event that I am a director or executive officer and the income tax is not collected from or paid by me by the Due Date, I understand that the amount of any uncollected income tax will constitute an additional
benefit to me on which additional income tax and National Insurance Contributions will be payable. I understand and agree that I be responsible for reporting and paying any income tax due on this additional benefit directly to Her Majesty’s
Revenue and Customs under the self-assessment regime and for reimbursing the Company or the Employer (as appropriate) for the value of any primary and (to the extent legally possible) secondary class 1 national insurance contributions due on this
additional benefit which the Company or the Employer may recover from me by any of the means referred to in the Plan and/or this Subscription Agreement. 

Notwithstanding the foregoing, if I am an executive officer or director (as within the meaning of Section 13(k) of the U.S. Securities
and Exchange Act of 1934, as amended), the terms of the provision above will not apply. In the event that I am an executive office or director and income tax is not collected from or paid by me by the Due Date, the amount of any uncollected income
tax will constitute a benefit to me on which additional income tax and National Insurance Contributions (“NICs”) (including Employer’s NICs, as defined below) may be payable. I understand that I will be responsible for reporting and
paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Company and/or the Employer (as appropriate) for the value of any NICs due on this additional benefit. 

  
 16 

 Notification 

Securities Disclaimer. Neither this Subscription Agreement nor Appendix is an approved prospectus for the purposes of section
85(1) of the Financial Services and Markets Act 2000 (“FSMA”) and no offer of transferable securities to the public (for the purposes of section 102B of FSMA) is being made in connection with the Plan. The Plan is exclusively available in
the UK to bona fide employees and former employees and any other UK Subsidiary. 

  
 17 

 APPENDIX C 

TWITTER, INC. 
 2013
EMPLOYEE STOCK PURCHASE PLAN 
 NOTICE OF WITHDRAWAL 

The undersigned participant in the Offering Period of the Twitter, Inc. 2013 Employee Stock Purchase Plan that began on
            ,             (the “Offering Date”) hereby notifies the Company that he or she hereby withdraws from the
Offering Period. He or she hereby directs the Company to pay to the undersigned as promptly as practicable all the Contributions credited to his or her account with respect to such Offering Period. The undersigned understands and agrees that his or
her option for such Offering Period will be automatically terminated. The undersigned understands further that no further payroll deductions will be made for the purchase of shares in the current Offering Period and the undersigned will be eligible
to participate in succeeding Offering Periods only by delivering to the Company a new Subscription Agreement. 
  

			
	Name and Address of Participant:
	
	  

	
	  

	
	  

	
	Signature:
	
	  

		
	Date:	 	  

  
 18

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