Document:

Exhibit 10.6

 

 

HUADI INTERNATIONAL GROUP CO., LTD.

No. 1688 Tianzhong Street, Longwan District,

Wenzhou, Zhejiang Province

People’s Republic of China 325025

+86-057786598888

 

March 9, 2020

 

Peiling Cheng

2427 Deer Creek

Weston, FL, 33327

 

Re: Director Offer Letter

 

Dear Ms. Cheng:

 

Huadi International
Group Co. Ltd., a Cayman Islands limited liability company (the “Company” or “we”), is pleased to offer
you a position as a Director of the Company. We believe your background and experience will be a significant asset to the
Company and we look forward to your participation as a Director in the Company. Should you choose to accept this position as a
Director, this letter agreement (the “Agreement”) shall constitute an agreement between you and the Company and contains
all the terms and conditions relating to the services you agree to provide to the Company. Your appointment shall also be subject
to the approval of Company’s Board of Directors and/or Nomination and Compensation Committees and shall begin upon Company’s
listing on a national exchange.

 

1. Term.  This
Agreement is effective as of the date of this Agreement. Your term as a Director shall continue subject to the provisions in Section
9 below or until your successor is duly elected and qualified.  The position shall be up for re-appointment every year
by the board of the Directors of the Company (the “Board”) and upon re-appointment, the terms and provisions of this
Agreement shall remain in full force and effect.

 

2. Services.  You
shall render customary services as a Director, Chair of the Nomination Committee, and member of the Audit and Compensation Committees
(hereinafter, your “Duties”). During the term of this Agreement, you may attend and participate at each meeting regarding
the business and operation issues of the Company as regularly or specially called, via teleconference, video conference or in person.
You shall consult with the members of the Board and committee (if any) regularly and as necessary via telephone, electronic mail
or other forms of correspondence.

 

3. Services for
Others.  You shall be free to represent or perform services for other persons during the term of this Agreement.  

 

4. Compensation.  As
compensation for your services to the Company, you will receive upon execution of this Agreement a compensation of $20,000 for
each calendar year of service under this Agreement on a pro-rated basis and payable on a quarterly basis.

 

You shall be reimbursed
for reasonable expenses incurred by you in connection with the performance of your Duties (including travel expenses for in-person
meetings).

 

5. D&O Insurance
Policy. During the term under this Agreement, the Company shall include you as an insured under its officers and directors
insurance policy with a Side A coverage.

 

6. No Assignment.  Because
of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written
consent of the Company.

 

     

     

    

 

 

 

7. Confidential
Information; Non-Disclosure.  In consideration of your access to certain Confidential Information (as defined
below) of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

 

a. Definition.  For
purposes of this Agreement the term “Confidential Information” means: (i) any information which the Company possesses
that has been created, discovered or developed by or for the Company, and which has or could have commercial value or utility in
the business in which the Company is engaged; (ii) any information which is related to the business of the Company and is generally
not known by non-Company personnel; and (iii) Confidential Information includes, without limitation, trade secrets and any information
concerning products, processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar
laws, and whether or not reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development
and test results, specifications, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses,
strategies, forecasts, customer and supplier identities, characteristics and agreements.

 

b. Exclusions.  Notwithstanding
the foregoing, the term Confidential Information shall not include: (i) any information which becomes generally available or is
readily available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other
agreement requiring confidentiality between the Company and you; (ii) information received from a third party in rightful
possession of such information who is not restricted from disclosing such information; (iii) information known by you prior to
receipt of such information from the Company, which prior knowledge can be documented and (iv) information you are required to
disclose pursuant to any applicable law, regulation, judicial or administrative order or decree, or request by other regulatory
organization having authority pursuant to the law; provided, however, that you shall first have given prior written notice to the
Company and made a reasonable effort to obtain a protective order requiring that the Confidential Information not be disclosed.

 

c. Documents. You
agree that, without the express written consent of the Company, you will not remove from the Company’s premises, any notes, formulas,
programs, data, records, machines or any other documents or items which in any manner contain or constitute Confidential Information,
nor will you make reproductions or copies of same.  You shall promptly return any such documents or items, along with
any reproductions or copies to the Company upon the Company’s demand, upon termination of this Agreement, or upon your termination
or Resignation (as defined in Section 9 herein).

 

d. Confidentiality.  You
agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly,
any Confidential Information or anything relating to such information without the prior written consent of the Company, except
as may be necessary in the course of your business relationship with the Company.  You further agree that you will not
use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of
your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement.
Notwithstanding the foregoing, you may disclose Confidential Information to your legal counsel and accounting advisors who have
a need to know such information for accounting or tax purposes and who agree to be bound by the provisions of this paragraph (d).

 

e. Ownership.  You
agree that the Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask
work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating
to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas
and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that
arise out of your Duties (collectively, “Inventions”) and you will promptly disclose and provide all Inventions
to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and
to perfect, obtain, maintain, enforce, and defend any rights assigned.

 

8.  Non-Solicitation.  
During the term of your appointment, you shall not solicit for employment any employee of the Company with whom you have had contact
due to your appointment.

 

    2

     

    

 

 

 

9.  Termination
and Resignation.  Your services as a Director may be terminated for any or no reason by the determination of
the Board. You may also terminate your services as a Director for any or no reason by delivering your written notice of resignation
to the Company (“Resignation”), and such Resignation shall be effective upon the time specified therein or, if no time
is specified, upon receipt of the notice of resignation by the Company. Upon the effective date of the termination or Resignation,
your right to compensation hereunder will terminate subject to the Company’s obligations to pay you any compensation that you have
already earned and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as
of the effective date of such termination or Resignation.

 

10. Governing
Law; Arbitration.    All questions with respect to the construction and/or enforcement of this Agreement,
and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of the State of New York.
All disputes with respect to this Agreement, including the existence, validity, interpretation, performance, breach or termination
thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally
resolved by arbitration administered by the American Arbitration Association at its New York office in force when the Notice of
Arbitration is submitted. The law of this arbitration clause shall be New York law. The seat of arbitration shall be in New York.
The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.

 

11. Entire Agreement;
Amendment; Waiver; Counterparts.  This Agreement expresses the entire understanding with respect to the subject
matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof.  Any
term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent
of the parties hereto.  Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver
of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement.  The
failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect
the right of any such party to require future performance of such provision or any other provision of this Agreement.  This
Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute
one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed
to be the same, and equally enforceable, as an original of such signature.

 

12. Indemnification.  The
Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any
expenses, including reasonable attorney’s fees, judgments, fines, settlements and other legally permissible amounts
(“Losses”), incurred in connection with any proceeding arising out of, or related to, your performance of your
Duties, other than any such Losses incurred as a result of your gross negligence or willful misconduct.  The
Company shall advance to you any expenses, including reasonable attorneys’ fees and costs of settlement, incurred in
defending any such proceeding to the maximum extent permitted by applicable law.  Such costs and expenses incurred
by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such proceeding
promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the
incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate
under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant
to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company. 

 

13. Acknowledgement.  
You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding,
conclusive, and final all decisions or interpretations of the Board of Directors of the Company of any questions arising
under this Agreement.

 

    3

     

    

 

 

The Agreement has been executed and delivered
by the undersigned and is made effective as of the date set first set forth above.

  

	 	Sincerely,
	 	 	 
	 	Huadi International Group Co., Ltd.
	 	 	 
	 	By:	/s/
Huisen Wang
	 	 	Huisen Wang
	 	 	Chief Executive Officer

 

	AGREED AND ACCEPTED:
	 	 
	/s/
Peiling Cheng	 

Peiling Cheng

 

 

4EX-10.1

 Exhibit 10.1 

Execution Copy 

SECOND AMENDED AND RESTATED PUT-CALL RIGHT AGREEMENT 

THIS SECOND AMENDED AND RESTATED PUT-CALL RIGHT AGREEMENT (this “Agreement”) is
entered into as of September 18, 2020, by and among CLAUDINE PROPCO LLC, a Delaware limited liability company (together with its successors and permitted assigns, “VICI”), and CAESARS CONVENTION CENTER OWNER, LLC, a Delaware limited
liability company (together with its successors and permitted assigns, “Owner”). VICI and Owner are together referred to herein as the “Parties”, and each individually, a “Party”. 

RECITALS: 

A.    Owner, as successor-in-interest to
Interim Owner (as defined in Recital D, below), is the owner of that certain parcel of real property and the buildings and other improvements constructed thereon, and fixtures and certain other property interests related thereto, located in Clark
County, Nevada, as more particularly described on Exhibit A-1 attached hereto (collectively, the “Eastside Convention Center Land”), upon which (i) the Eastside Convention
Center and (ii) all parking improvements, sidewalks, landscaped areas and walkways that are constructed primarily to serve, or that were legally required to be constructed (such as to meet mandatory
set-back requirements) as a condition to the construction of, the Eastside Convention Center are located. 

B.    VICI is the owner of that certain parcel of real property and the buildings and other improvements constructed
thereon, and fixtures and certain other property interests related thereto, commonly known as Harrah’s Las Vegas Hotel & Casino, having an address of 3475 South Las Vegas Boulevard, Clark County, Nevada (collectively, the “HLV
Property”). The HLV Property is more particularly described on Exhibit A-2 attached hereto. 

C.    On the Effective Date, (i) Claudine Property Owner LLC, a Delaware limited liability company, an Affiliate of
VICI, acquired from Harrah’s Las Vegas, LLC, a Nevada limited liability company (“HLV Tenant”), an Affiliate of Owner, all of the membership interests in VICI, pursuant to the terms and conditions of that certain Purchase and
Sale Agreement, dated as of November 29, 2017 (the “HLV Property PSA”), (ii) VICI leased the HLV Property to HLV Tenant, pursuant to the terms and conditions of that certain Amended and Restated Lease dated as of
December 22, 2017, as amended by that certain First Amendment to Amended and Restated Lease dated as of December 26, 2018 (collectively, the “HLV Lease”), each by and between VICI, as landlord, and HLV Tenant, as tenant,
and (iii) Vegas Development Land Owner LLC, a Delaware limited liability company and Affiliate of Owner (“Parcel 1 Owner”), 3535 LV Newco, LLC, a Delaware limited liability company and Affiliate of Owner (“Parcel 2
Owner” and with Parcel 1 Owner, collectively, “Original Owner”), and VICI entered into that certain Put-Call Right Agreement dated as of December 22, 2017 (the “Original
Agreement”), whereby, subject to the satisfaction of certain conditions and upon the terms set forth in the Original Agreement, (a) Original Owner was granted the right to require VICI to purchase the Eastside Convention Center
Property from Original Owner and, if VICI does not perform such obligation, the right to acquire the HLV Property from VICI and (b) VICI was granted the right to require Original Owner to sell the Eastside Convention Center Property to VICI in
the event that Original Owner does not exercise Original Owner’s right to require VICI to purchase the Eastside Convention Center Property from Original Owner. 

  
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 D.    On April 19, 2018, (i) the Designated Land Parcel 1 (as
defined in the Original Agreement) was Transferred by Parcel 1 Owner to Eastside Convention Center, LLC, a Delaware limited liability company (“Interim Owner”), in accordance with Section 2(b) of the Original Agreement,
(ii) the Designated Land Parcel 2 (as defined in the Original Agreement) was Transferred by Parcel 2 Owner to CGQ, which is an Affiliate of Parcel 2 Owner and Interim Owner, in accordance with Section 2(b) of the Original Agreement,
(iii) the Designated Land Parcel 2 was Transferred by CGQ to Owner Guarantor, which is an Affiliate of Parcel 2 Owner, CGQ and Owner, in accordance with Section 2(b) of the Original Agreement, and (iv) the Designated Land Parcel 2 was
Transferred by Owner Guarantor to Interim Owner in accordance with Section 2(b) of the Original Agreement (collectively, the “2018 Eastside Convention Center Land Transfers”). Interim Owner assumed all of the rights and
obligations of Original Owner under the Original Agreement upon the consummation of the 2018 Eastside Convention Center Land Transfers set forth in clauses (i) and (iv) of this Recital D in accordance with Section 7(b) of the Original
Agreement. 
 E.    On July 20, 2020, VICI and Interim Owner entered into that certain Amended and Restated Put-Call Right Agreement (the “Amended Agreement”), which amended and restated the Original Agreement in its entirety in order to (i) reflect the termination of the HLV Lease, incorporation of
the HLV Property into the Las Vegas Lease and joinder of VICI and HLV Tenant as parties to the Las Vegas Lease, (ii) reflect that the Eastside Convention Center was constructed upon the Eastside Convention Center Land pursuant to the terms and
conditions of the Original Agreement and (iii) otherwise modify the terms and conditions of the Original Agreement, as set forth therein. 

F.    Immediately prior to the execution of the Amended Agreement, (i) VICI and HLV Tenant terminated the HLV Lease
and (ii) VICI, HLV Tenant, CPLV Landlord, CPLV Tenant and, solely for the purposes of the last paragraph of Section 1.1 of the Las Vegas Lease, Propco TRS entered into that certain Second Amendment to Lease (CPLV)
dated as of the date of the Amended Agreement (the “Second Amendment to Las Vegas Lease”). The Second Amendment to Las Vegas Lease amended the CPLV Lease to, among other things, (a) incorporate the HLV Property therein and
thereby make the HLV Property and CPLV Property subject to a single lease and (b) join VICI and HLV Tenant as parties thereto. The CPLV Lease, as amended by the Second Amendment to Las Vegas Lease and as may be further amended, supplemented or
otherwise modified from time to time (other than pursuant to the Las Vegas Lease Amendment), shall be referred to herein as the “Las Vegas Lease”. 

G.    Immediately prior to the execution of this Agreement, in accordance with Section 2(b) of the Amended Agreement,
Interim Owner Transferred to Owner the Eastside Convention Center Property (the “2020 Eastside Convention Center Land Transfer”). Owner assumed all of the rights and obligations of Interim Owner under the Amended Agreement upon the
consummation of the 2020 Eastside Convention Center Land Transfer in accordance with Section 7(b) of the Amended Agreement. 

  
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 H.    Concurrently with the execution of this Agreement, VICI Lendco LLC
is advancing to Owner a loan in the principal amount of Four Hundred Million and No/100 Dollars ($400,000,000), which loan shall be secured by, among other things, a first priority deed of trust on the Eastside Convention Center Property (the
“Mortgage Loan”). 
 I.    The Parties desire to enter into this Agreement to amend and restate the
Amended Agreement in its entirety in order to reflect certain provisions with respect to the Mortgage Loan and to otherwise modify the terms and conditions of the Amended Agreement, as set forth herein. 

AGREEMENT: 
 NOW,
THEREFORE, in consideration of good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 

1.    Definitions. For purposes of this Agreement, the following terms shall have the
following meanings: 
 “2018 Eastside Convention Center Land Transfers” shall have the meaning set forth in
the recitals hereto. 
 “2020 Eastside Convention Center Land Transfer” shall have the meaning set forth in
the recitals hereto. 
 “Access Provisions” means the following: 

(1)    VICI, at its cost, may conduct such surveys and non-invasive
investigations and inspections of the Eastside Convention Center Property (collectively “Inspections”) as VICI elects in its sole discretion and Owner, at reasonable times, shall provide reasonable access to the Eastside Convention
Center Property to VICI and VICI’s consultants and other representatives for such purpose. VICI’s right to perform the Inspections shall be subject to and will not unreasonably interfere with or disturb the rights of tenants, guests and
customers at the Eastside Convention Center Property, and the Inspections shall not unreasonably interfere with Owner’s business operations. VICI and its agents, contractors and consultants shall comply with Owner’s reasonable requests
with respect to the Inspections to minimize such interference. VICI will cause each of VICI’s consultants that will be performing such tests and inspections (other than purely visual inspections) to provide Owner (as a condition to performing
such Inspections) with proof of commercial general liability insurance on an occurrence form with limits of not less than One Million and 00/100 Dollars ($1,000,000.00) per occurrence and Five Million and 00/100 Dollars ($5,000,000.00) aggregate
limit for bodily injury, death and property damage. 
 (2)    In connection with such access, VICI shall
be deemed to agree to indemnify and hold harmless Owner from and against any loss that Owner shall incur as the result of the acts of VICI or VICI’s representatives or consultants in conducting physical diligence with respect to the Eastside
Convention Center Property or, in the case of physical damage to the Eastside Convention Center Property resulting from such physical diligence, for the reasonable cost of repairing or restoring the Eastside Convention Center Property to
substantially its condition immediately prior to such damage (unless VICI promptly shall 

  
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cause such damage to be repaired or restored); provided, however, (i) the foregoing indemnity and agreement to hold Owner harmless shall not apply to, and VICI shall not be liable or
responsible for, (A) the discovery of any fact or circumstance not caused by VICI or its representatives or consultants (except to the extent VICI exacerbates such fact or circumstance), (B) any
pre-existing condition (except to the extent VICI exacerbates such pre-existing condition), or (C) the negligence or willful misconduct of Owner, any of
Owner’s Affiliates or any of their respective agents, employees, consultants or representatives and (ii) in no event shall VICI be liable for any consequential, punitive or special damages; provided that, for the avoidance of doubt, such
waiver of consequential, punitive and special damages shall not be deemed a waiver of damages that Owner is required to pay to a party other than Owner or an Affiliate of Owner in respect of consequential, punitive or special damages. 

“Affiliate” means, with respect to any Person, any other Person that, directly or indirectly, Controls, is
Controlled by or is under common Control with such Person. In no event shall Owner or any of its Affiliates, on the one hand, or VICI or any of its Affiliates, on the other hand, be deemed to be an Affiliate of the other Party as a result of this
Agreement or other agreements or arrangements between such Parties. 
 “Agreement” shall have the meaning
set forth in the preamble hereof. 
 “Amended Agreement” shall have the meaning set forth in the recitals
hereto. 
 “Amended Las Vegas Lease” means the Las Vegas Lease, as amended by the Las Vegas Lease Amendment.

 “Arbitration Panel” shall have the meaning set forth in Section 6 hereof. 

“Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which national
banks in the City of Las Vegas, Nevada, or in the City of New York, New York are authorized, or obligated, by law or executive order, to close. 

“Call Right” means VICI’s right to require Owner to sell the Eastside Convention Center Property to VICI
or an Affiliate of VICI and simultaneously cause Lessee to lease the Eastside Convention Center Property back from VICI or such Affiliate of VICI subject to and in accordance with the terms and conditions of this Agreement. 

“Call Right Property Package” shall have the meaning set forth in Section 5(b). 

“Call Right Property Package Request” shall have the meaning set forth in
Section 5(b). 
 “CEOC Corp. Tenant” shall mean Caesars Entertainment Operating
Company, Inc., a Delaware corporation. 
 “CEOC LLC Tenant” shall mean CEOC, LLC, a Delaware limited
liability company (for itself and as successor by merger to CEOC Corp. Tenant), together with its permitted successors and assigns. 

  
 4 

 “CGQ” shall mean Caesars Growth Quad, LLC, a Delaware
limited liability company. 
 “Closing Date” means (i) the date upon which the Eastside Convention
Center Property shall be conveyed to VICI or an Affiliate of VICI and leased back to Lessee, either pursuant to the Put Right or Call Right, as applicable, in accordance with the terms hereof, or (ii) the date upon which the HLV Property shall
be conveyed to Owner or an Affiliate of Owner pursuant to the HLV Repurchase Right, in accordance with the terms hereof. 

“Control” (including the correlative meanings of the terms “Controlled by” and “under common
Control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, through the ownership of voting securities,
partnership interests, other equity interests or otherwise. 
 “Convention Center” shall mean a convention,
conference, meeting, exposition and/or exhibition center or similar building or group of related buildings. 
 “CPLV
Landlord” shall mean CPLV Property Owner LLC, a Delaware limited liability company, together with its permitted successors and assigns. 

“CPLV Lease” shall mean that certain Lease (CPLV) dated as of October 6, 2017, by and among CPLV
Landlord, CPLV Tenant and CEOC Corp. Tenant, as amended by (i) that certain First Amendment to Lease (CPLV) dated as of December 26, 2018, by and between CPLV Landlord and CPLV Tenant, and (ii) that certain Omnibus Amendment to
Leases, dated as of June 1, 2020, by and among, among others, CPLV Landlord and CPLV Tenant, pursuant to which CPLV Landlord leased the CPLV Property to CPLV Tenant. 

“CPLV Property” shall mean the “Leased Property” (as defined in the CPLV Lease). 

“CPLV Tenant” shall mean, collectively, Desert Palace Tenant and CEOC LLC Tenant. 

“Desert Palace Tenant” shall mean Desert Palace LLC, a Nevada limited liability company, together with its
permitted successors and assigns. 
 “Development Interests” shall mean Use Rights that are in the good
faith judgment of Owner commercially appropriate for the development or operation of the Eastside Convention Center. 

“Eastside Convention Center” means the Convention Center constructed upon the Eastside Convention Center Land,
known as “Caesars Forum”. 
 “Eastside Convention Center Land” shall have the meaning set forth in
the recitals hereto. 

  
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 “Eastside Convention Center Property” shall mean the
Eastside Convention Center, together with the Eastside Convention Center Land and all buildings, fixtures and improvements located thereon and all real property rights and interests relating thereto, collectively. 

“Effective Date” shall mean December 22, 2017. 

“Financial Statements” means, (i) for a Fiscal Year, consolidated statements of a Person’s income,
stockholders’ equity and comprehensive income and cash flows for such period and the related consolidated balance sheet as at the end of such period, together with the notes thereto, all in reasonable detail and setting forth in comparative
form the corresponding figures for the corresponding period in the preceding Fiscal Year and prepared in accordance with GAAP and audited by a “big four” or other nationally recognized accounting firm, and (ii) for a Fiscal Quarter,
consolidated statements of a Person’s income, stockholders’ equity and comprehensive income and cash flows for such period and for the period from the beginning of the Fiscal Year to the end of such period and the related consolidated
balance sheet as at the end of such period, together with the notes thereto, all in reasonable detail and setting forth in comparative form the corresponding figures for the corresponding period in the preceding Fiscal Year or Fiscal Quarter, as the
case may be, and prepared in accordance with GAAP, together with a certificate, executed by the chief financial officer or treasurer of such Person, certifying that such financial statements fairly present, in all material respects, the financial
position and results of operations of such Person in accordance with GAAP (subject to normal year-end audit adjustments and the absence of footnotes). 

“Fiscal Quarter” means, with respect to any Person, for any date of determination, a fiscal quarter for each
Fiscal Year of such Person. 
 “Fiscal Year” means the annual period commencing January 1 and
terminating December 31 of each year. 
 “GAAP” means generally accepted accounting principles in the
United States consistently applied in the preparation of Financial Statements, as in effect from time to time. 

“Gaming Approval Failure” shall mean the failure to obtain all Requisite Gaming Approvals within the
Regulatory Period. 
 “Gaming Authorities” means, collectively, (i) the Nevada Gaming Commission,
(ii) the Nevada State Gaming Control Board, (iii) the Clark County Liquor and Gaming Licensing Board, and (iv) any other foreign, federal, state or local governmental entity or authority, or any department, commission, board, bureau,
agency, court or instrumentality thereof, regulating gaming activities or related activities. 
 “Gaming
Laws” means all applicable constitutions, treaties, laws, regulations and orders and statutes pursuant to which any Gaming Authority possesses regulatory, licensing or permit authority over gaming, gambling or casino activities, including,
without limitation, the Nevada Gaming Control Act, as codified in Nevada Revised Statutes 

  
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Chapter 463, the regulations promulgated thereunder, and the Clark County Code, each as from time to time amended, modified or supplemented, including by succession of comparable successor
statutes, and all rules, rulings, orders, ordinances, regulations of any Gaming Authority applicable to the gambling, casino, gaming businesses or activities of the applicable Person or any of its Affiliates in any jurisdiction, as in effect from
time to time, including the policies, interpretations and administration thereof by the Gaming Authorities. 
 “HLV
Lease” shall have the meaning set forth in the recitals hereto. 
 “HLV Property” shall have the
meaning set forth in the recitals hereto. 
 “HLV Property PSA” shall have the meaning set forth in the
recitals hereto. 
 “HLV Removal Amendment” shall mean an amendment and restatement of the Las Vegas Lease,
pursuant to which, if applicable pursuant to Section 4 hereof, the Las Vegas Lease shall be amended and restated, effective as of the Closing Date, as provided in Section 18.3 of the Las Vegas Lease. 

“HLV Repurchase Election Period” means the period of one (1) year commencing on the date upon which a Put
Right Closing Failure occurs and ending on the day immediately preceding the first anniversary thereof. 
 “HLV
Repurchase PSA Modifications” shall mean those terms and conditions set forth on Exhibit D attached hereto. 

“HLV Repurchase Right” means Owner’s right to require VICI to sell the HLV Property to Owner in
accordance with and subject to the terms and conditions of this Agreement. 
 “HLV Repurchase Right Property
Package” shall have the meaning set forth in Section 4(b). 
 “HLV Repurchase
Right Property Package Request” shall have the meaning set forth in Section 4(b). 

“HLV Repurchase Right Purchase Price” means the amount equal to the product of (x) the HLV Rent (as
defined in the Las Vegas Lease) due under the Las Vegas Lease for the most recently ended four (4) consecutive Fiscal Quarter period for which Financial Statements are available as of the date of Owner’s election to exercise the HLV
Repurchase Right and (y) thirteen (13). 
 “HLV Repurchase Sale Agreement” means a purchase and sale
agreement for the purchase and sale of the HLV Property, in materially the same form and on materially the same terms and conditions as the HLV Property PSA, except for the HLV Repurchase PSA Modifications. 

“HLV Tenant” shall have the meaning set forth in the recitals hereto. 

  
 7 

 “Interim Owner” shall have the meaning set forth in the
recitals hereto. 
 “Las Vegas Lease” shall have the meaning set forth in the recitals hereto. 

“Las Vegas Lease Amendment” shall mean an amendment to the Las Vegas Lease, the form of which is attached
hereto as Exhibit B, pursuant to which VICI or an Affiliate of VICI, as landlord, will lease the Eastside Convention Center Property to Lessee, as tenant. 

“Las Vegas Lease Amendment Rent” means an amount, to be determined by Owner, which is not less than
Twenty-Five Million and 00/100 Dollars ($25,000,000.00) nor greater than Thirty-Five Million and 00/100 Dollars ($35,000,000.00), which is the amount of Rent (as defined in the Amended Las Vegas Lease) per annum to be attributable to the Eastside
Convention Center Property in the event the Call Right or Put Right is exercised; provided that, for the avoidance of doubt, the Las Vegas Lease Amendment Rent and the Rent (including Variable Rent (as defined in the Las Vegas Lease)) will be
calculated without taking into account Net Revenue (as defined in the Las Vegas Lease) produced by the Eastside Convention Center; provided, further, under the Amended Las Vegas Lease, the Las Vegas Lease Amendment Rent shall be adjusted on the
first Escalator Adjustment Date (as defined in the Las Vegas Lease) that occurs after the Closing Date, and annually thereafter on each anniversary of such Escalator Adjustment Date, to an amount which is equal to the Las Vegas Lease Amendment Rent
payable for the immediately preceding Lease Year (as defined in the Las Vegas Lease) (as in effect on the last day of such preceding Lease Year), multiplied by the Escalator (as defined in the Las Vegas Lease). 

“Legal Requirements” means all applicable federal, state, county, municipal and other governmental statutes,
laws (including securities laws), rules, policies, guidance, codes, orders, regulations, ordinances, permits, licenses, covenants, conditions, restrictions, judgments, decrees and injunctions, whether now or hereafter enacted and in force, as
applicable to any Person or to the Eastside Convention Center Property. 
 “Lessee” shall mean “HLV
Tenant” under the Las Vegas Lease or an Affiliate of such “HLV Tenant,” which will be the lessee of the Eastside Convention Center Property pursuant to the Las Vegas Lease Amendment. 

“Lockout Period” shall mean the period commencing on the Effective Date and ending on the earlier of
(a) the end of the VICI Election Period (but only in the event that neither Owner exercised the Put Right pursuant to and in accordance with the terms and provisions of Section 3 nor VICI timely exercised the Call
Right pursuant to and in accordance with the terms and provisions of Section 5) and (b) the termination of this Agreement. 

“Material Adverse Effect” shall mean any defect in the design or construction of the Eastside Convention
Center, any Hazardous Substances (as defined in the Amended Las Vegas Lease) located in, on, under or about the Eastside Convention Center Property or any portion thereof or incorporated therein, any casualty or condemnation with respect

  
 8 

 
to the Eastside Convention Center Property, and/or any violation of any Legal Requirements with respect to the Eastside Convention Center Property that (a) has a material adverse effect on
the value of the Eastside Convention Center Property (i.e., will, or are reasonably likely to, individually or in the aggregate, reduce the value of the Eastside Convention Center by more than fifteen percent (15%) of the Put-Call Purchase Price), (b) has or would reasonably be expected to have a material adverse effect on Owner’s authority and/or ability to convey title to the Eastside Convention Center Property within the time
or otherwise in accordance with the provisions of this Agreement and/or (c) has or would reasonably be expected to have a material adverse effect on the use and/or operation of the Eastside Convention Center Property as a Convention Center, in
each case individually or in the aggregate. 
 “Memorandum of Agreement” shall mean that certain Memorandum
of Second Amended and Restated Put-Call Right Agreement to be recorded against the Eastside Convention Center Land and the HLV Property in the office of the County Recorder of Clark County, Nevada, the form of
which is attached hereto as Exhibit G. 
 “Mortgage Loan” shall have the meaning set forth in
the recitals hereto. 
 “Mortgage Loan Agreement” shall mean that certain Loan Agreement, dated as of the
date hereof, between VICI Lendco LLC, as lender, and Owner, as borrower, as the same may be amended, amended and restated, or otherwise supplemented from time to time. 

“Original Agreement” shall have the meaning set forth in the recitals hereto. 

“Original Owner” shall have the meaning set forth in the recitals hereto. 

“Owner” shall have the meaning set forth in the preamble hereof. 

“Owner Election Period” means the period of time commencing on January 1, 2024 and ending on
December 31, 2024. 
 “Owner Guarantor” shall mean Caesars Resort Collection, LLC, a Delaware limited
liability company. 
 “Owner Guaranty” shall mean the Second Amended and Restated Guaranty in the form
attached hereto as Exhibit E, which shall be made by Owner Guarantor in favor of VICI. 
 “Owner
Licensing Event” means: (a) a communication (whether oral or in writing) by or from any Gaming Authority to Owner or any of its Affiliates or to VICI or any of its Affiliates or other action by any Gaming Authority that indicates that
such Gaming Authority is likely to find that the association of any member of the Owner Subject Group with VICI or any of its Affiliates is likely to (i) result in a disciplinary action relating to, or the loss of, inability to reinstate or
failure to obtain, any registration, application or license or any other rights or entitlements held or required to be held by VICI or any of its Affiliates under any Gaming Law, or (ii) violate any Gaming Law to which VICI or any of its

  
 9 

 
Affiliates is subject; or (b) any member of the Owner Subject Group is required to be licensed, registered, qualified or found suitable under any Gaming Law, and such Person is not or does
not remain so licensed, registered, qualified or found suitable within any applicable timeframes required by the applicable Gaming Authority, or, after becoming so licensed, registered, qualified or found suitable, fails to remain so. For purposes
of this definition, an “Affiliate” of VICI includes any Person for which VICI or its Affiliate is providing management services. For the avoidance of doubt, it shall not be an Owner Licensing Event if (x) Owner can resolve or cure the
Owner Licensing Event within applicable timeframes (for purposes of illustration and not limitation, by terminating any responsible employee) and (y) Owner acts timely to cure the Owner Licensing Event. 

“Owner Panel Member” shall have the meaning set forth in Section 6(b). 

“Owner Subject Group” means Owner, Owner’s Affiliates and its and their principals, direct or indirect
shareholders, officers, directors, agents, employees and other related Persons (including in the case of any trusts or similar Persons, the direct or indirect beneficiaries of such trust or similar Persons), excluding VICI and its Affiliates. 

“Parcel 1 Owner” shall have the meaning set forth in the recitals hereto. 

“Parcel 2 Owner” shall have the meaning set forth in the recitals hereto. 

“Party” and “Parties” shall have the meaning set forth in the preamble hereof. 

“Person” means any individual, corporation, limited liability company, partnership, joint venture,
association, joint stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other form of entity. 

“Project Costs” means an amount equal to the sum of (a) the product of (i) all costs actually
incurred (including internally allocated costs) by Owner that are capitalized under GAAP in respect of the development, design and construction of the Eastside Convention Center (including any incidental improvements on the Eastside Convention
Center Land such as parking improvements, but in each case, only to the extent they service the Eastside Convention Center), but expressly excluding any amounts attributable to land value or land purchase costs, and (ii) 1.03, plus
(b) the product of the number of acres of the Eastside Convention Center Land and Four Million Dollars ($4,000,000.00) per acre, all as (x) evidenced by reasonable supporting documentation and (y) certified to in writing by an officer
of Owner. 
 “Propco TRS” shall mean Propco TRS LLC, a Delaware limited liability company, together with its
successors and assigns. 
 “Put/Call Convention Center Conditions” means each of the following: (1) the
Eastside Convention Center shall be constructed; (2) the Eastside Convention Center shall contain at least 250,000 usable square feet of convention, conference, meeting, exposition and/or and exhibition space; (3) Project Costs exceed Two
Hundred Fifty Million and 00/100 Dollars ($250,000,000.00), (x) evidenced by reasonable supporting documentation and (y) certified to in writing by an officer of Owner; (4) the Eastside Convention Center

  
 10 

 
shall have been constructed in compliance with all applicable Legal Requirements in all material respects, and good construction practices; and (5) all certificates of occupancy (or its
local equivalent), and which may include one or more temporary certificates of occupancy, licenses and approvals necessary for use of the Eastside Convention Center as a convention, conference, office, exhibition and meeting facility shall have been
issued by the applicable governmental and/or quasi-governmental authorities and remain in full force and effect. 
 “Put-Call Purchase Price” means the product of (a) thirteen (13) and (b) the Las Vegas Lease Amendment Rent. 

“Put-Call PSA Modifications” shall mean those terms and conditions set
forth on Exhibit C attached hereto. 
 “Put Exercise Conditions” shall have the meaning set
forth in Section 3(a). 
 “Put Right” means Owner’s right to require VICI to
purchase the Eastside Convention Center Property from Owner and simultaneously lease the Eastside Convention Center Property back to Lessee subject to and in accordance with the terms and conditions of this Agreement. 

“Put Right Closing Failure” shall have the meaning set forth in Section 3(g). 

“Put Right Election Notice” shall have the meaning set forth in Section 3(b). 

“Put Right Property Package” shall have the meaning set forth in Section 3(b). 

“Regulatory Approval Supporting Information” means information regarding VICI (and, without limitation, its
officers and Affiliates) or Owner (and, without limitation, its officers and Affiliates) that is reasonably requested either by Owner from VICI or by VICI from Owner, as the case may be, in connection with obtaining any Requisite Gaming Approvals
that may be required in connection with the transactions contemplated by this Agreement. 
 “Regulatory
Period” means the period of time that is two hundred seventy (270) days (or such longer time as may be agreed between Owner and VICI) after the finalization and execution of a Sale Agreement or HLV Repurchase Sale Agreement, as the
case may be. 
 “Rent” shall have the meaning set forth in the Amended Las Vegas Lease. 

“Requisite Gaming Approvals” shall mean any necessary licenses, qualifications and approvals from applicable
Gaming Authorities required for the exercise of the Put Right, HLV Repurchase Right or Call Right, as the case may be, and the consummation of the transactions contemplated thereby. 

“Sale Agreement” means a purchase and sale agreement for the purchase and sale of the Eastside Convention
Center Property, in materially the same form and on materially the same terms and conditions as the HLV Property PSA, except for the Put-Call PSA Modifications. 

  
 11 

 “Second Amendment to Las Vegas Lease” shall have the
meaning set forth in the recitals hereto. 
 “Stated Maturity Date” shall have the meaning assigned thereto
in the Mortgage Loan Agreement. 
 “Tenant Default” shall have the meaning set forth in
Section 3(a). 
 “Third Panel Member” shall have the meaning set forth in
Section 6(b). 
 “Use Rights” shall mean any easements, licenses, space leases,
parking rights and other similar agreements. 
 “VICI” shall have the meaning set forth in the preamble
hereof. 
 “VICI Election Period” means the period of time commencing on the Stated Maturity Date and ending
on December 31, 2026; provided, however, notwithstanding the foregoing, upon an Event of Default (as defined in the Mortgage Loan Agreement), VICI may, at its option, accelerate the first
(1st) day of the VICI Election Period (and therefore VICI’s right to exercise the Call Right) to any date selected by VICI by notice thereof to Owner. 

“VICI Guarantor” shall mean VICI Properties 1 LLC, a Delaware limited liability company. 

“VICI Guaranty” shall mean the Second Amended and Restated Guaranty in the form attached hereto as
Exhibit F, which shall be made by VICI Guarantor in favor of Owner. 
 “VICI Licensing Event”
means: (a) a communication (whether oral or in writing) by or from any Gaming Authority to Owner or any of its Affiliates or to VICI or any of its Affiliates or other action by any Gaming Authority that indicates that such Gaming Authority is
likely to find that the association of any member of the VICI Subject Group with Owner or any of its Affiliates is likely to (i) result in a disciplinary action relating to, or the loss of, inability to reinstate or failure to obtain, any
registration, application or license or any other rights or entitlements held or required to be held by Owner or any of its Affiliates under any Gaming Law, or (ii) violate any Gaming Law to which Owner or any of its Affiliates is subject; or
(b) any member of the VICI Subject Group is required to be licensed, registered, qualified or found suitable under any Gaming Law, and such Person is not or does not remain so licensed, registered, qualified or found suitable within any
applicable timeframes required by the applicable Gaming Authority, or, after becoming so licensed, registered, qualified or found suitable, fails to remain so. For purposes of this definition, an “Affiliate” of Owner includes any Person
for which Owner or its Affiliate is providing management services. For the avoidance of doubt, it shall not be a VICI Licensing Event if (x) VICI can resolve or cure the VICI Licensing Event within applicable timeframes (for purposes of
illustration and not limitation, by terminating any responsible employee) and (y) VICI acts timely to cure the VICI Licensing Event. 

  
 12 

 “VICI Panel Member” shall have the meaning set forth in
Section 6(b). 
 “VICI Subject Group” means VICI, VICI’s Affiliates and its
and their principals, direct or indirect shareholders, officers, directors, agents, employees and other related Persons (including in the case of any trusts or similar Persons, the direct or indirect beneficiaries of such trust or similar Persons),
excluding Owner and its Affiliates. 
 2.    Convention Center. 

(a)    Owner has constructed the Eastside Convention Center upon the Eastside Convention Center Land. Nothing contained
herein shall affect or be deemed to affect the Parties’ and their Affiliates’ respective rights and obligations under any of the Other Leases (as such term is defined in the Las Vegas Lease). 

(b)    Notwithstanding anything to the contrary contained herein, during the Lockout Period, Owner shall be prohibited
from selling, disposing, conveying or otherwise transferring all or any portion of the Eastside Convention Center Land or permitting the sale, disposition, conveyance or other transfer of any direct or indirect membership, partnership or other
equity interest in Owner, including, without limitation, pursuant to a lease of the Eastside Convention Center Land and/or the Eastside Convention Center (other than the granting of any Use Rights) (collectively, “Transfers”),
except such prohibition shall not apply to (i) Transfers to Affiliates of Owner, (ii) Transfers to a Person which is not an Affiliate of Owner that acquires (or whose Affiliate acquires) HLV Tenant’s interest in the HLV Property,
including, without limitation, any direct or indirect membership, partnership or other equity interest in HLV Tenant so long as, during the Lockout Period, the owner of the Eastside Convention Center Property and the tenant with respect to the HLV
Property under the Las Vegas Lease shall be the same Person or Affiliates of each other, or (iii) Transfers (including pursuant to a deed of trust) to VICI or any of its Affiliates; provided, however, the foregoing does not prohibit Owner from
granting a deed of trust on any portion of the Eastside Convention Center Property as security for any indebtedness obtained (x) in a bona fide third-party financing that is also secured by a deed of trust on HLV Tenant’s interest in the
HLV Property in accordance with the terms of the Las Vegas Lease (provided that a memorandum of this Agreement is recorded in the Clark County real estate records as contemplated in Section 7(m) prior to the execution of
each such deed of trust) or (y) from VICI or any Affiliate of VICI. 
 3.    Put Right in Favor of Owner.

 (a)    Put Right. Provided that (i) the Put/Call Convention Center Conditions have been
satisfied, (ii) the Eastside Convention Center shall have been operating and is capable of fully operating at the time the Put Right is exercised, and there shall be Financial Statements for no less than four (4) consecutive Fiscal
Quarters, (iii) the Las Vegas Lease shall be in full force and effect, no Tenant Event of Default (as defined in the Las Vegas Lease) shall exist, and no event or circumstance, which with the passage of time would result in a Tenant Event of
Default (a “Tenant Default”), shall exist, (iv) neither Owner nor any Affiliate of Owner shall then be in 

  
 13 

 
material default hereunder, (v) there is no Material Adverse Effect, and (vi) there shall exist no Event of Default (as defined in the Mortgage Loan Agreement), then at any time during
the Owner Election Period, Owner shall have the right to exercise the Put Right in accordance with the procedures set forth in this Section 3 (all of the foregoing, collectively, the “Put Exercise
Conditions”). If any or all of the Put Exercise Conditions are not satisfied, then Owner shall not be entitled to exercise the Put Right. 

(b)    Requirements of Put Right Property Package. In order to duly and timely exercise the Put Right,
subject to satisfaction of the Put Exercise Conditions, Owner shall deliver to VICI a notice (the “Put Right Election Notice”) of Owner’s election to exercise the Put Right, which shall include a package of information (the
“Put Right Property Package”), which shall set forth all material information with respect to the Eastside Convention Center Property and the Put Right including, without limitation, the following: 

 

	 	(i)	 reasonable evidence that the Put Exercise Conditions have been satisfied; 

 

	 	(ii)	 the proposed Sale Agreement, in the condition required by this Agreement, which shall include the Put-Call Purchase Price and Closing Date; 

  

	 	(iii)	 the proposed Las Vegas Lease Amendment, in the condition required by this Agreement; 

 

	 	(iv)	 delivery of Financial Statements for the most recently ended four (4) consecutive Fiscal Quarter period
for which Financial Statements are available as of the date of Owner’s exercise of the Put Right; and 

  

	 	(v)	 the proposed Put-Call Purchase Price and Las Vegas Lease Amendment
Rent; and 

  

	 	(vi)	 due diligence materials of a type that would customarily be provided to a purchaser of properties such as the
Eastside Convention Center Property and produced by reputable third-party companies reasonably acceptable to VICI, including in any event a recent title report, survey, environmental reports, current tax status and any assessments owed, and
information regarding any known litigation or judgment (collectively, “Diligence Materials”). 

 Promptly upon
VICI’s reasonable request therefor, Owner shall provide to VICI additional information reasonably related to the Put Right Property Package, to the extent such information is reasonably available to Owner. Further, following delivery of the Put
Right Election Notice, VICI and its consultants and representatives shall have access to the Eastside Convention Center Property pursuant to, and VICI, and its consultants and representatives, shall comply with, the Access Provisions. 

(c)    Put Right Deadline. If Owner does not deliver a Put Right Election Notice to VICI in accordance with
the provisions of Section 3(b) prior to the expiration of the Owner Election Period, TIME BEING OF THE ESSENCE, the Put Right shall automatically terminate and be deemed null and void. 

  
 14 

 (d)    Dispute Regarding Put Right Property Package; Material
Adverse Effect. If a Put Right Election Notice and Put Right Property Package are timely delivered by Owner to VICI but VICI either (1) has comments or revisions to the draft Las Vegas Lease Amendment or Sale Agreement that are required
to cause same to comply with the provisions of this Agreement, (2) believes that a condition exists (evidenced through the Diligence Materials or otherwise) that has a Material Adverse Effect, or (3) believes that any or all of the Put
Exercise Conditions have not been satisfied, then VICI shall notify Owner thereof within twenty (20) days of VICI’s receipt of the Put Right Property Package (or, if later, such evidence of an alleged Material Adverse Effect, Tenant Event
of Default or Tenant Default). In such event, Owner and VICI shall negotiate in good faith up to a period of thirty (30) days in an effort to reconcile the applicable issue(s). If Owner and VICI are unable to resolve the subject dispute, then
Owner may withdraw the Put Right Election Notice (in which case the Put Right may not be exercised again for a period of six (6) months (but in no event after the end of the Owner Election Period)), and if Owner does not withdraw the Put Right
Election Notice, the Parties agree that such dispute shall be resolved pursuant to arbitration in accordance with the procedures set forth in Section 6 hereof. 

(e)    Finalization of Put Right Documents. If a Put Right Election Notice and Put Right Property Package
are timely delivered, and (if applicable) any disputes under Section 3(d) above have been resolved, Owner and VICI shall, as soon as reasonably practicable (but in all events within ten (10) days thereafter), enter
into the Sale Agreement (with a Las Vegas Lease Amendment attached thereto as an exhibit, which Las Vegas Lease Amendment shall be executed upon the consummation of the closing under the Sale Agreement). 

(f)    Gaming Approvals. If a Gaming Approval Failure occurs, the Put Right shall automatically
terminate and be deemed null and void. Each Party shall use good faith, commercially reasonable efforts in order to timely obtain the Requisite Gaming Approvals that it must obtain for the Put Right transaction, and the other Party shall use good
faith, commercially reasonable efforts in order to assist such Party in its efforts to timely obtain such Requisite Gaming Approvals. If there is a dispute among the Parties as to whether good faith, commercially reasonable efforts were used
throughout the Regulatory Period, such dispute shall be resolved in accordance with the procedures set forth in Section 6 hereof, and such matter shall be submitted to arbitration in accordance with the procedures set forth
in Section 6 hereof within twenty (20) days after the expiration of the Regulatory Period. Each Party, at no material unreimbursed expense to such Party, agrees to reasonably cooperate with the other Party and use
commercially reasonable efforts to provide Regulatory Approval Supporting Information that is reasonably requested by the other Party, in such Party’s efforts to obtain any necessary regulatory approvals (including, if necessary, Requisite
Gaming Approvals). 
 (g)    Closing. The closing of the Put Right transaction shall occur in accordance
with the terms of the Sale Agreement. In the event that a Put Right transaction fails to close for any reason other than Owner’s breach or default under this Agreement or under the Sale Agreement or because of a failure of one or more
representations or warranties by Seller under the Sale Agreement to be true and correct in all material respects as of the Closing Date (a “Rep Condition Failure”), or due to a Gaming Approval Failure and the Sale Agreement is
terminated 

  
 15 

 
(any such failure to close for a reason other than such breach or default by Owner, a Rep Condition Failure or Gaming Approval Failure, a “Put Right Closing Failure”), Owner
shall have the right to exercise the HLV Repurchase Right in accordance with the procedures set forth in Section 4 hereof. Either VICI or Owner shall have the right, to be exercised within twenty (20) days after the
date the alleged Put Right Closing Failure occurs, to submit any dispute related to the failure to close to arbitration in accordance with the procedures set forth in Section 6 hereof in order to obtain a determination of
the reason for such failure to close. If the Sale Agreement has been executed between the Parties, from and after such execution the terms and conditions of such Sale Agreement shall govern all disputes between the Parties (other than the reason for
such failure to close), rather than the arbitration procedures set forth in Section 6 hereof. 

(h)    Failure to Execute Sale Agreement Due To VICI’s Breach. Prior
to entering into this transaction, Owner and VICI have discussed the fact that substantial damages will be suffered by Owner if VICI shall breach or default in its obligations under this Section 3 to execute a Sale
Agreement if and when required under this Section 3 (a “VICI LD Default”); accordingly, the Parties agree that a reasonable estimate of Owner’s damages in such event is the amount of Nine Million and
00/100 Dollars ($9,000,000.00) (the “Owner Liquidated Damages Amount”). In the event of a VICI LD Default, then, as Owner’s sole and exclusive remedy hereunder, at law, in equity or otherwise (but for the avoidance of doubt,
without limiting Owner’s rights to exercise the HLV Repurchase Right in accordance with the procedures set forth in Section 4 hereof) VICI shall pay the Owner Liquidated Damages Amount to Owner as liquidated damages.
VICI’s obligation to pay the Owner Liquidated Damages Amount if and when payable hereunder shall survive the termination of this Agreement. In the event of an alleged VICI LD Default, Owner shall provide notice to VICI of same, setting forth in
reasonable detail the nature of such VICI LD Default (a “VICI LD Default Notice”). VICI shall have the right, to be exercised within twenty (20) days after the date Owner gives a VICI LD Default Notice, to submit any dispute
related to such alleged VICI LD Default to arbitration in accordance with the procedures set forth in Section 6 hereof in order to obtain a determination as to whether a VICI LD Default occurred. In the event the
Arbitration Panel’s determination is that a VICI LD Default occurred, VICI shall have a period of twenty (20) days from the date of such determination to cure such default, failure of which shall result in VICI being required to pay the
Owner Liquidated Damages Amount. 
 (i)    Termination of Agreement. Upon closing of the Put Right
transaction, this Agreement shall automatically terminate and be of no further force and effect. 
 4.    HLV
Repurchase Right in Favor of Owner. 
 (a)    HLV Repurchase Right. If and only if Owner duly
exercises the Put Right in accordance with the terms and conditions of Section 3, but a Put Right transaction fails to close by the outside date by which the closing could occur under the Sale Agreement (as described as the
“Closing Date” in Exhibit D) due to a Put Right Closing Failure, then, during the HLV Repurchase Election Period, Owner shall have the right to exercise the HLV Repurchase Right subject to and in accordance with the further
terms and provisions of this Section 4. Under no circumstances shall Owner have the right to exercise the HLV Repurchase Right in the event Owner withdraws its Put Right pursuant to the terms and provisions of
Section 3(d) (unless Owner subsequently duly exercises its Put Right again within the Owner Election Period and otherwise in accordance with the terms and conditions of Section 3, and thereafter a
Put Right transaction again fails to close by the outside date by which the closing could occur under the Sale Agreement due to a Put Right Closing Failure and otherwise in accordance with the terms and conditions of this Agreement). 

  
 16 

 (b)    Requirements of HLV Repurchase Right Property Package
Request. As a condition to exercising the HLV Repurchase Right, Owner shall deliver to VICI during the HLV Repurchase Election Period a notice of Owner’s intention to exercise the HLV Repurchase Right and a request for the HLV
Repurchase Right Property Package from VICI (collectively, the “HLV Repurchase Right Property Package Request”). As promptly as practicable after receipt of the HLV Repurchase Right Property Package Request, but in no event later
than the date occurring thirty (30) days after VICI’s receipt of the HLV Repurchase Right Property Package Request, VICI shall provide to Owner a package of information (the “HLV Repurchase Right Property Package”), which
shall include the following: 
  

	 	(i)	 the proposed HLV Repurchase Sale Agreement, in the condition required by this Agreement, which shall include
the HLV Repurchase Right Purchase Price and Closing Date; 

  

	 	(ii)	 the computation of the proposed HLV Repurchase Right Purchase Price; and 

 

	 	(iii)	 Diligence Materials (if and to the extent VICI has such materials in its possession and Lessee does not already
have same at the time the HLV Repurchase Right Property Package Request was received). 

 Promptly upon Owner’s reasonable request
therefor, VICI shall provide to Owner additional information reasonably related to the HLV Repurchase Right, to the extent such information is in its possession and Lessee does not already have same. 

VICI and Owner agree to use good faith, commercially reasonable efforts, for a period of thirty (30) days after VICI’s receipt of the HLV Repurchase
Right Property Package Request to negotiate, prepare and finalize the HLV Removal Amendment, including all exhibits and schedules thereto. If, despite such efforts, the Parties are unable to reach agreement on the final form of the HLV Removal
Amendment prior to the expiration of such thirty (30) day period, then, upon the expiration of such thirty (30) day period, the terms and conditions of the HLV Removal Amendment that remain unresolved shall be established pursuant to
arbitration in accordance with the procedures set forth in Section 6 hereof. 

(c)    Call Right Deadline. If Owner does not deliver a HLV Repurchase Right Property Package Request to
VICI in accordance with the provisions of Sections 4(a) and 4(b) prior to the expiration of the HLV Repurchase Election Period, TIME BEING OF THE ESSENCE, the HLV Repurchase Right shall automatically terminate and be deemed null and
void. 
 (d)    Dispute Regarding HLV Repurchase Right Property Package. If Owner, after reviewing the HLV
Repurchase Right Property Package, either (1) disagrees with VICI’s computation of the HLV Repurchase Right Purchase Price or (2) has comments or revisions to the draft HLV Repurchase Sale Agreement that are required to cause same to
comply with the provisions of this Agreement, Owner shall notify VICI thereof within twenty (20) days of Owner’s 

  
 17 

 
receipt of the HLV Repurchase Right Property Package. In such event, Owner and VICI shall negotiate in good faith up to a period of thirty (30) days in an effort to reconcile the applicable
issue(s). If Owner and VICI are unable to resolve the subject dispute, such dispute shall be resolved pursuant to arbitration in accordance with the procedures set forth in Section 6 hereof. 

(e)    Finalization of HLV Repurchase Right Documents. If the HLV Repurchase Right Property Package is
timely delivered, and (if applicable) any disputes under Section 4(b) or Section 4(d) above have been resolved, Owner and VICI shall, as soon as reasonably practicable (but in all events within ten
(10) days thereafter), enter into the HLV Repurchase Sale Agreement (with the HLV Removal Amendment attached thereto as an exhibit, which HLV Removal Amendment shall be executed upon the consummation of the closing under the HLV Repurchase Sale
Agreement). 
 (f)    Gaming Approvals. If a Gaming Approval Failure occurs, the HLV Repurchase Right
shall automatically terminate and be deemed null and void. Each party shall use good faith, commercially reasonable efforts in order to timely obtain the Requisite Gaming Approvals that it must obtain for the HLV Repurchase Right transaction, and
the other party shall use good faith, commercially reasonable efforts in order to assist such party in its efforts to timely obtain such Requisite Gaming Approvals. If there is a dispute among the Parties as to whether good faith, commercially
reasonable efforts were used throughout the Regulatory Period, such dispute shall be resolved in accordance with the procedures set forth in Section 6 hereof, and such matter shall be submitted to arbitration in accordance
with the procedures set forth in Section 6 hereof within twenty (20) days after the expiration of the Regulatory Period. Each Party, at no material unreimbursed expense to such Party, agrees to reasonably cooperate
with the other Party and use commercially reasonable efforts to provide Regulatory Approval Supporting Information that is reasonably requested by the other Party, in such Party’s efforts to obtain any necessary regulatory approvals (including,
if necessary, Requisite Gaming Approvals). 
 (g)    Closing. The closing of the HLV Repurchase Right
transaction shall occur in accordance with the terms of the HLV Repurchase Sale Agreement. In the event that a HLV Repurchase Right transaction fails to close as aforesaid, either VICI or Owner shall have the right, to be exercised within twenty
(20) days after the date the alleged failure occurs, to submit any dispute related to such failure to arbitration in accordance with the procedures set forth in Section 6 hereof; provided, however, that, if the HLV
Repurchase Sale Agreement has been executed between the Parties, from and after such execution, the terms and conditions of such HLV Repurchase Sale Agreement shall govern all disputes between the Parties. 

5.    Call Right in Favor of VICI. 

(a)    Call Right. Provided that (i) clauses (1), (2) and (3) (excluding clauses (x) and (y)
thereof) of the Put/Call Convention Center Conditions have been satisfied, (ii) the Las Vegas Lease shall be in full force and effect, (iii) Landlord (as defined in the Las Vegas Lease) shall not be in material uncured default under the
Las Vegas Lease, and (iv) VICI is not in material default hereunder (and, for the avoidance of doubt, it shall not be deemed a material default if a VICI LD Default occurred and thereafter VICI paid the Owner Liquidated Damages Amount), then,
at any time during the VICI Election Period, VICI shall have the right to exercise the Call Right in accordance with the procedures set forth in this Section 5. 

  
 18 

 (b)    Requirements of Call Right Election Notice and Call Right
Property Package Request. As a condition to exercising the Call Right, VICI shall deliver to Owner a notice of VICI’s intention to exercise the Call Right and a request for the Call Right Property Package from Owner (collectively, the
“Call Right Property Package Request”). As promptly as practicable after receipt of the Call Right Property Package Request, but in no event later than the date occurring thirty (30) days after Owner’s receipt of the Call
Right Property Package Request, Owner shall provide to VICI a package of information (the “Call Right Property Package”), which shall set forth all material information with respect to the Eastside Convention Center Property and the
Call Right including, without limitation, the following: 
  

	 	(i)	 reasonable evidence that the Put/Call Convention Center Conditions have been satisfied; 

 

	 	(ii)	 the proposed Sale Agreement, in the condition required by this Agreement, which shall include the Put-Call Purchase Price and Closing Date; 

  

	 	(iii)	 the proposed Las Vegas Lease Amendment, in the condition required by this Agreement; 

 

	 	(iv)	 delivery of the Financial Statements for the most recently ended four (4) consecutive Fiscal Quarter
period for which Financial Statements are available as of the date of VICI’s exercise of the Call Right, as the case may be; 

  

	 	(v)	 the proposed Put-Call Purchase Price and Las Vegas Lease Amendment
Rent; and 

  

	 	(vi)	 Diligence Materials. 

Promptly upon VICI’s reasonable request therefor, Owner shall provide to VICI additional information reasonably related to the Call Right, to the extent
such information is reasonably available to Owner. Further, following delivery of the Call Right Property Package Request, VICI and its consultants and representatives shall have access to the Eastside Convention Center Property pursuant to, and
VICI, and its consultants and representatives, shall comply with, the Access Provisions. 
 (c)    Call Right
Deadline. If VICI does not deliver a Call Right Property Package Request to Owner in accordance with Section 5(b) prior to the expiration of the VICI Election Period, TIME BEING OF THE ESSENCE, this
Agreement shall automatically terminate on the expiration of such period. 
 (d)    Failure of Put/Call Convention
Center Conditions. If upon VICI’s delivering of the Call Right Property Package Request to Owner, the Put/Call Convention Center Conditions have not been satisfied (a “Call Right Condition Failure”), then this Agreement
shall automatically terminate at the conclusion of the VICI Election Period unless following a Call Right Condition Failure, VICI again exercises its Call Right within the VICI Election Period and at the time of delivering of the Call Right Property
Package Request to Owner, clause (1), (2) and (3) (excluding clauses (x) and (y) thereof) of the Put/Call Convention Center Conditions are then satisfied. 

  
 19 

 (e)    Dispute Regarding Call Right Property Package. If
VICI, after reviewing the Call Right Property Package, still wishes to exercise the Call Right but VICI has comments or revisions to the draft Las Vegas Lease Amendment and/or Sale Agreement required to cause the same to comply with the provisions
of this Agreement, VICI shall notify Owner thereof within twenty (20) days of VICI’s receipt of the Call Right Property Package. In such event, Owner and VICI shall negotiate in good faith up to a period of thirty (30) days in an
effort to reconcile the applicable issue(s). If Owner and VICI are unable to resolve the subject dispute, such dispute shall be resolved pursuant to arbitration in accordance with the procedures set forth in Section 6
hereof. Notwithstanding anything to the contrary contained herein, in the event that (x) the Call Right Property Package discloses that any of the Put/Call Convention Center Conditions is not satisfied, (y) a Tenant Event of Default or
Tenant Default exists, and/or (z) a condition exists or an event occurred (evidenced through the Diligence Materials or otherwise) that has a Material Adverse Effect, then, with respect to clauses (x) or (y), Owner may terminate this
Agreement to be effective at the conclusion of the VICI Election Period, subject to the provisions of Section 5(d), and if Owner does not so terminate this Agreement, and with respect to clause (z), VICI shall have the
right to retract its exercise of the Call Right by providing notice to Owner thereof within twenty (20) days of VICI’s receipt of the Call Right Property Package (or, if later, in the case of any item described in either clauses
(y) or (z) above, twenty (20) days following the occurrence of such event). In such case, this Agreement shall automatically terminate at the conclusion of the VICI Election Period, subject to the provisions of
Section 5(d). 
 (f)    Finalization of Call Right Documents. If the Call Right
Property Package is timely delivered, and (if applicable) any disputes under Section 5(e) above have been resolved, if VICI still wishes to exercise the Call Right, Owner and VICI shall as soon as reasonably practicable
(but in all events within ten (10) days thereafter) enter into the Sale Agreement (with a Las Vegas Lease Amendment attached thereto as an exhibit, which Las Vegas Lease Amendment shall be executed upon the consummation of the closing under the
Sale Agreement). 
 (g)    Gaming Approvals. If a Gaming Approval Failure occurs, then this Agreement
shall automatically terminate. Each Party shall use good faith, commercially reasonable efforts in order to timely obtain the Requisite Gaming Approvals that it must obtain for the Call Right Transaction, and the other Party shall use good faith,
commercially reasonable efforts in order to assist such Party in its efforts to timely obtain such Requisite Gaming Approvals. If there is a dispute among the Parties as to whether good faith, commercially reasonable efforts were used throughout the
Regulatory Period, such dispute shall be resolved in accordance with the procedures set forth in Section 6 hereof, and such matter shall be submitted to arbitration in accordance with the procedures set forth in
Section 6 hereof within twenty (20) days after the expiration of the Regulatory Period. Each Party, at no material unreimbursed expense to such Party, agrees to reasonably cooperate with the other Party and use
commercially reasonable efforts to provide Regulatory Approval Supporting Information that is reasonably requested by the other Party, in such Party’s efforts to obtain any necessary regulatory approvals (including, if necessary, Requisite
Gaming Approvals). 

  
 20 

 (h)    Closing. The closing of the Call Right transaction
shall occur in accordance with the terms of the Sale Agreement. In the event that the Parties fail to execute a Sale Agreement, either VICI or Owner shall have the right, to be exercised within twenty (20) days after the date the alleged
failure occurs, to submit any dispute related to such failure to arbitration in accordance with the procedures set forth in Section 6 hereof; provided, however, that if the Sale Agreement has been executed between the
Parties, from and after such execution the terms and conditions of such Sale Agreement shall govern all disputes between the Parties. 

(i)    Failure to Execute Sale Agreement Due To Owner Breach. Prior to entering into this
transaction, Owner and VICI have discussed the fact that substantial damages will be suffered by VICI if Owner shall breach or default in its obligations under this Section 5 to execute a Sale Agreement when required under
this Section 5 (an “Owner LD Default”); accordingly, the Parties agree that a reasonable estimate of VICI’s damages in such event is the amount of Nine Million and 00/100 Dollars ($9,000,000.00) (the
“VICI Liquidated Damages Amount”). In the event of an Owner LD Default, then, as VICI’s sole and exclusive remedy hereunder, at law, in equity or otherwise, Owner shall pay the VICI Liquidated Damages Amount to VICI as
liquidated damages, and thereafter, the Parties shall have no further rights or obligations hereunder except for other obligations which expressly survive the termination of this Agreement. Owner’s obligation to pay the VICI Liquidated Damages
Amount if and when payable hereunder shall survive the termination of this Agreement. In the event of an alleged Owner LD Default, VICI shall provide notice to Owner of same, setting forth in reasonable detail the nature of such Owner LD Default (an
“Owner LD Default Notice”). Owner shall have the right, to be exercised within twenty (20) days after the date VICI gives an Owner LD Default Notice, to submit any dispute related to such alleged Owner LD Default to arbitration
in accordance with the procedures set forth in Section 6 hereof in order to obtain a determination as to whether an Owner LD Default occurred. In the event the Arbitration Panel’s determination is that an Owner LD
Default occurred, Owner shall have a period of twenty (20) days from the date of such determination to cure such default, failure of which shall result in Owner being required to pay the VICI Liquidated Damages Amount. 

(j)    Financial Statements and Access to Eastside Convention Center Property. At any time and from time to
time after the date which is one (1) year prior to the Stated Maturity Date, within thirty (30) days after request therefor by VICI, Owner shall provide: (x) to VICI, Financial Statements for the then most recent period of four
(4) consecutive Fiscal Quarters ended at least ninety (90) days prior to such date, and (y) to VICI and its consultants and representatives, access to the Eastside Convention Center Property pursuant to, and VICI, and its consultants
and representatives, shall comply with, the Access Provisions. 
 (k)    Termination of Agreement.
Upon closing of the Call Right transaction, this Agreement shall automatically terminate and be of no further force and effect. 

6.    Arbitration. 

(a)    Arbitrator Qualifications. Any dispute required pursuant to the terms and conditions of this Agreement
to be resolved by arbitration shall be submitted to and determined by an arbitration panel comprised of three (3) members (the “Arbitration Panel”). No more than one (1) panel member may be with the same firm, and no panel
member may have an economic interest in the outcome of the arbitration. In addition, each panel member shall have (i) at least ten (10) 

  
 21 

 
years of experience as an arbitrator and at least one (1) year of experience in a profession that directly relates to the ownership, operation, financing or leasing of gaming or other
hospitality facilities similar to the Eastside Convention Center Property, as applicable, or (ii) at least one (1) year of experience as an arbitrator and at least ten (10) years of experience in a profession that directly relates to
the ownership, operation, financing or leasing of gaming or other hospitality facilities similar to the HLV Property or Eastside Convention Center Property, as applicable. 

(b)    Arbitrator Appointment. The Arbitration Panel shall be selected as set forth in this
Section 6(b). Within fifteen (15) Business Days after the expiration of the applicable date identified in this Agreement, Owner shall select and identify to VICI a panel member meeting the criteria of the above
paragraph (the “Owner Panel Member”) and VICI shall select and identify to Owner a panel member meeting the criteria of the above paragraph (the “VICI Panel Member”). If a Party fails to timely select its respective
panel member, the other Party may notify such Party in writing of such failure, and if such Party fails to select its respective panel member within three (3) Business Days after receipt of such notice, then such other Party may select and
identify to such Party such panel member on such Party’s behalf. Within ten (10) Business Days after the selection of the Owner Panel Member and the VICI Panel Member, the Owner Panel Member and the VICI Panel Member shall jointly select a
third panel member meeting the criteria of the above paragraph (the “Third Panel Member”). If the Owner Panel Member and the VICI Panel Member fail to timely select the Third Panel Member and such failure continues for more than
three (3) Business Days after written notice of such failure is delivered to the Owner Panel Member and VICI Panel Member by either Owner or VICI, then Owner and VICI shall cause the Third Panel Member to be appointed by the managing officer of
the American Arbitration Association. 
 (c)    Arbitration Procedure. Within twenty
(20) Business Days after the selection of the Arbitration Panel, Owner and VICI each shall submit to the Arbitration Panel a written statement identifying its summary of the issues. Owner and VICI may also request an evidentiary hearing on the
merits in addition to the submission of written statements, such request to be made in writing within such twenty (20) Business Day period. The Arbitration Panel shall determine the appropriate terms and conditions of the documents or other
matters in question in accordance with this Agreement. The Arbitration Panel shall make its decision within twenty (20) days after the later of (i) the submission of such written statements, and (ii) the conclusion of any evidentiary
hearing on the merits (if any). The Arbitration Panel shall reach its decision by majority vote and shall communicate its decision by written notice to Owner and VICI. 

(d)    Determinations by Arbitration Panel. For the avoidance of doubt, (i) any damages payable
hereunder shall be payable only in cash or cash equivalents or, in the discretion of both Parties acting reasonably, equity securities or debt with at least the same value as a cash award or, in the sole discretion of each Party, such other form of
consideration as may be agreed between them; and (ii) in making any determination of an issue with respect to Gaming Laws or involving the Gaming Authorities, the Arbitration Panel shall be limited to determining whether the Owner acted in good
faith and/or a commercially reasonable manner with respect to this Agreement and its obligations hereunder. 

(e)    Binding Decision. The decision by the Arbitration Panel shall be final, binding and conclusive
and shall be non-appealable and enforceable in any court having jurisdiction. All hearings and proceedings held by the Arbitration Panel shall take place in New York, New York. 

  
 22 

 (f)    Determination Rules. The resolution
procedure described herein shall be governed by the Commercial Rules of the American Arbitration Association and the Procedures for Large, Complex, Commercial Disputes in effect as of the Effective Date. 

(g)    Liability for Costs. Owner and VICI shall bear equally the fees, costs and expenses of the
Arbitration Panel in conducting any arbitration described in this Section 6. 

7.    Miscellaneous. 

(a)    Notices. Any notice, request or other communication to be given by any Party hereunder shall be in
writing and shall be sent by registered or certified mail, postage prepaid and return receipt requested, by hand delivery or express courier service, by email transmission or by an overnight express service to the following address or to such other
address as either Party may hereafter designate: 
  

			
	To Owner:	 	Eastside Convention Center, LLC
		 	c/o Caesars Entertainment, Inc.
		 	100 West Liberty Street, Suite 1150
		 	Reno, NV 89501
		 	Attention: General Counsel
		 	Email: equatmann@ caesars.com
		
	To VICI:	 	Claudine Propco LLC
		 	c/o VICI Properties Inc.
		 	535 Madison Avenue, 20th Floor
		 	New York, NY 10022
		 	Attention: General Counsel
		 	Email: corplaw@viciproperties.com

 Notice shall be deemed to have been given on the date of delivery if such delivery is made on a Business Day, or if not, on
the first Business Day after delivery. If delivery is refused, notice shall be deemed to have been given on the date delivery was first attempted. Notice sent by email shall be deemed given only upon an independent,
non-automated confirmation from the recipient acknowledging receipt. 

(b)    Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of Owner
and VICI and their respective permitted successors and assigns; provided, however, in all instances this Agreement shall “run with the land” and be binding against any successor of the Parties and each such permitted successor or assign
shall be required to execute and notarize a joinder to this Agreement in a form of joinder reasonably acceptable to the Parties hereto, but failure to execute and/or have notarized such joinder shall in no way affect such successor’s or
assign’s obligations under this Agreement. Owner shall not have the right to assign its rights or obligations under this Agreement without the prior written consent of VICI; provided, that if after the date hereof HLV Tenant assigns its rights
and obligations as “HLV Tenant” under 

  
 23 

 
and pursuant to the terms of the Las Vegas Lease to a person or entity that is not an Affiliate of HLV Tenant and Owner (an “HLV Tenant
Non-Affiliate Assignee”), then Owner, concurrently with such assignment by HLV Tenant, shall assign this Agreement to such HLV Tenant Non-Affiliate Assignee or
to an Affiliate of such HLV Tenant Non-Affiliate Assignee. VICI shall not have the right to assign its rights or obligations under this Agreement, other than to an Affiliate of VICI; provided, that if after
the date hereof VICI assigns its rights and obligations as “HLV Landlord” under and pursuant to the terms of the Las Vegas Lease, then this Agreement shall be automatically assigned and be binding upon and inure to the benefit of such
successor that is then the “HLV Landlord” under the Las Vegas Lease. The foregoing shall be subject to the terms and provisions of Section 2(b). 

(c)    Amendment and Restatement; Entire Agreement; Amendment. Effective as of the date hereof, the Parties
hereby amend and restate the Amended Agreement in its entirety on the terms set forth in this Agreement. This Agreement and the exhibits hereto constitute the entire and final agreement of the Parties with respect to the subject matter hereof and
may not be changed or modified except by an agreement in writing signed by the Parties. Owner and VICI hereby agree that all prior or contemporaneous oral understandings, agreements or negotiations relative to the subject matter hereof are merged
into and revoked by this Agreement. 
 (d)    Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of Nevada, which State the Parties agree has a substantial relationship to the Parties and to the underlying transaction embodied hereby. This Agreement is the product of joint drafting by
the Parties and shall not be construed against either Party as the drafter hereof. 
 (e)    Venue. With
respect to any action relating to this Agreement (other than disputes submitted to arbitration pursuant to the terms of this Agreement), Owner and VICI irrevocably submit to the exclusive jurisdiction of the courts of the State of Nevada sitting in
Clark County, Nevada and the United States District Court having jurisdiction over Clark County, Nevada, and Owner and VICI each waives: (a) any objection to the laying of venue of any suit or action brought in any such court; (b) any
claim that such suit or action has been brought in an inconvenient forum; (c) any claim that the enforcement of this Section is unreasonable, unduly oppressive, and/or unconscionable; and (d) the right to claim that such court lacks
jurisdiction over that Party. 
 (f)    Waiver of Jury Trial. EACH PARTY HERETO, KNOWINGLY AND
VOLUNTARILY, AND FOR THEIR MUTUAL BENEFIT, WAIVES ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION REGARDING THE PERFORMANCE OR ENFORCEMENT OF, OR IN ANY WAY RELATED TO, THIS AGREEMENT. 

(g)    Severability. If any term or provision of this Agreement or any application thereof shall be held
invalid or unenforceable, the remainder of this Agreement and any other application of such term or provision shall not be affected thereby. 

(h)    Third-Party Beneficiaries. This Agreement is solely for the benefit of the parties hereto and is not
enforceable by any other persons, other than successors and assigns as contemplated in Section 7(b). 

  
 24 

 (i)    Time of Essence. TIME IS OF THE ESSENCE WITH
RESPECT TO THIS AGREEMENT AND EACH PROVISION HEREOF IN WHICH TIME OF PERFORMANCE IS ESTABLISHED. 
 (j)    Further
Assurances. The Parties agree to promptly sign all documents reasonably requested to give effect to the provisions of this Agreement. In addition, VICI agrees to, at Owner’s sole cost and expense, reasonably cooperate with all
applicable Gaming Authorities in connection with the administration of their regulatory jurisdiction over the Owner and the transactions contemplated and described herein, including the provision of such documents and other information as may be
requested by such Gaming Authorities. 
 (k)    Counterparts; Originals. This Agreement may be executed in
any number of counterparts, each of which shall be a valid and binding original, but all of which together shall constitute one and the same instrument. Facsimile or digital copies of this Agreement, including the signature page hereof, shall be
deemed originals for all purposes. 
 (l)    Licensing Events; Termination. 

(i)    If there shall occur a VICI Licensing Event and any aspect of such VICI Licensing Event is
attributable to a member of the VICI Subject Group, then Owner or VICI, as applicable, shall notify the other Party thereof as promptly as practicable after becoming aware of such VICI Licensing Event (but in no event later than twenty
(20) days after becoming aware of such VICI Licensing Event). In such event, VICI shall use commercially reasonable efforts to resolve, and to cause the other members of the VICI Subject Group to use commercially reasonable efforts to resolve,
such VICI Licensing Event within the time period required by the applicable Gaming Authorities by submitting to investigation by the relevant Gaming Authorities and cooperating with any reasonable requests made by such Gaming Authorities (including
filing requested forms and delivering information to the Gaming Authorities). If, despite these efforts, such VICI Licensing Event cannot be resolved to the satisfaction of the applicable Gaming Authorities within the time period required by such
Gaming Authorities, Owner shall have the right, in its discretion, to (1) cause this Agreement to temporarily cease to be in full force and effect, until such time, as any, as the VICI Licensing Event is resolved to the satisfaction of the
applicable Gaming Authorities (provided that, if the VICI Election Period, Owner Election Period or HLV Repurchase Election Period would otherwise terminate at a time while this Agreement is not in full force and effect, then the VICI
Election Period, Owner Election Period or HLV Repurchase Election Period, as the case may be, shall be extended until the date that is the earlier of (x) one hundred eighty (180) days after the date on which the Parties become aware that
the VICI Licensing Event was resolved to the satisfaction of the applicable Gaming Authorities, (y) the date on which each of VICI and Owner reasonably determines that the VICI Licensing Event is not likely to be resolved or otherwise ceases
using commercially reasonable efforts to resolve such VICI Licensing Event and (z) the date that is one (1) year following the expiration of the VICI Election Period, Owner Election Period or HLV Repurchase Election Period, as the case may
be) or (2) to the extent causing this Agreement to temporarily cease to be in full force and effect in lieu of terminating this Agreement is not sufficient for the applicable Gaming Authorities, notify VICI of its intention to terminate this
Agreement, in which case this Agreement shall terminate upon receipt of such notice. 

  
 25 

 (ii)    If there shall occur an Owner Licensing Event
and any aspect of such Owner Licensing Event is attributable to a member of the Owner Subject Group, then VICI or Owner, as applicable, shall notify the other Party thereof as promptly as practicable after becoming aware of such Owner Licensing
Event (but in no event later than twenty (20) days after becoming aware of such Owner Licensing Event). In such event, Owner shall use commercially reasonable efforts to resolve, and to cause the other members of the Owner Subject Group to use
commercially reasonable efforts to resolve, such Owner Licensing Event within the time period required by the applicable Gaming Authorities by submitting to investigation by the relevant Gaming Authorities and cooperating with any reasonable
requests made by such Gaming Authorities (including filing requested forms and delivering information to the Gaming Authorities). If, despite these efforts, such Owner Licensing Event cannot be resolved to the satisfaction of the applicable Gaming
Authorities within the time period required by such Gaming Authorities, VICI shall have the right, in its discretion, to (1) cause this Agreement to temporarily cease to be in full force and effect, until such time, as any, as the Owner
Licensing Event is resolved to the satisfaction of the applicable Gaming Authorities (provided that, if the VICI Election Period, Owner Election Period or HLV Repurchase Election Period would otherwise terminate at a time while this Agreement
is not in full force and effect, then the VICI Election Period, Owner Election Period or HLV Repurchase Election Period, as the case may be, shall be extended until the date that is the earlier of (x) one hundred eighty (180) days after
the date on which the Parties become aware that the Owner Licensing Event was resolved to the satisfaction of the applicable Gaming Authorities, (y) the date on which each of VICI and Owner reasonably determines that the Owner Licensing Event
is not likely to be resolved or otherwise ceases using commercially reasonable efforts to resolve such Owner Licensing Event and (z) the date that is one (1) year following the expiration of the VICI Election Period, Owner Election Period
or HLV Repurchase Election Period, as the case may be) or (2) to the extent causing this Agreement to temporarily cease to be in full force and effect in lieu of terminating this Agreement is not sufficient for the applicable Gaming
Authorities, notify Owner of its intention to terminate this Agreement, in which case this Agreement shall terminate upon receipt of such notice. 

(m)    Memorandum. Concurrently with execution of this Agreement, the Parties shall execute the Memorandum
of Agreement attached hereto as Exhibit G and promptly thereafter shall cause such Memorandum of Agreement to be recorded against the Eastside Convention Center Land and the HLV Property in the office of the County Recorder of Clark
County, Nevada. Notwithstanding anything to the contrary, each of Owner and VICI shall, promptly upon the termination of this Agreement, enter into a termination of the Memorandum of Agreement that is in recordable form and promptly thereafter cause
such termination to be recorded in the office of the County Recorder of Clark County, Nevada. Each Party shall bear its own costs in negotiating and finalizing such termination, but the Parties shall split equally all costs and expenses of recording
such termination. 
 (n)    Guaranties. On the date hereof, (i) Owner Guarantor shall execute and
deliver the Owner Guaranty and (ii) VICI Guarantor shall execute and deliver the VICI Guaranty. 

  
 26 

 (o)    Mortgage Loan Agreement. Notwithstanding anything
to the contrary, Owner acknowledges that the terms of this Agreement, including, without limitation, Section 2(b), shall not supersede or vitiate the provisions in the Mortgage Loan Agreement addressing Transfers or any
other matters. 
 (p)    Subordination. Notwithstanding anything to the contrary, this Agreement shall be
expressly subject and subordinate to that certain Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing, made by Owner to Fidelity National Title Agency of Nevada, Inc., as trustee, for the benefit of VICI Lendco LLC
(an Affiliate of VICI) and its successors and assigns (collectively, “Lender”), dated of even date herewith, as the same may be amended, modified, restated, renewed, consolidated, replaced, extended or supplemented from time to
time. Such subordination shall be self-operative and no further instrument of subordination shall be required to make the interest of Lender superior to the interest of Owner under this Agreement. 

[Remainder of Page Intentionally Left Blank] 

  
 27 

 IN WITNESS WHEREOF, VICI and Owner have executed this Agreement as of the date first set
forth above. 
  

			
	VICI:
	
	CLAUDINE PROPCO LLC,
	a Delaware limited liability company
		
	By:	 	 /s/ David Kieske

	Name:	 	David Kieske
	Title:	 	Treasurer

 [signatures continued on following page] 

  
 [Signature Page to Put-Call Agreement] 

 
			
	OWNER:
	
	CAESARS CONVENTION CENTER OWNER, LLC,
	a Delaware limited liability company,
		
	By:	 	 /s/ Bret D. Yunker

	Name:	 	Bret D. Yunker
	Title:	 	Chief Financial Officer

  
 [Signature Page to Put-Call Agreement] 

 EXHIBIT A-1 

Description of the Eastside Convention Center Land 

 EXHIBIT A-2 

Description of the HLV Property 

 EXHIBIT B 

Form of Las Vegas Lease Amendment 

 EXHIBIT C 

Put-Call PSA Modifications 

 EXHIBIT D 

HLV Repurchase PSA Modifications 

 EXHIBIT E 

Form of Owner Guaranty 

 EXHIBIT F 

Form of VICI Guaranty 

 EXHIBIT G 

Memorandum of Agreement

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