Document:

EX-4.5

 Exhibit 4.5 

EXECUTION COPY 
 VICI PROPERTIES
INC. 
 REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of December 22, 2017 by and among VICI
Properties Inc., a Maryland corporation (the “Company”), and the Holders (as defined below) of Company Common Stock (as defined below) listed on Schedule I hereto. The Company and the Holders are referred to collectively
herein as the “Parties”. Capitalized terms used herein have the meanings set forth in Section 1. 
 WITNESSETH:

 WHEREAS, the Parties hereto have entered into that certain Common Stock Purchase Agreement, dated as of November 29, 2017 (the
“Purchase Agreement”), which pursuant to which the Holders will purchase from the Company shares of Company Common Stock (the “Transaction”); and 

WHEREAS, the Transaction is being consummated simultaneously herewith; and 

WHEREAS, the Holders and the Company desire to enter into this Agreement to provide the Holders with certain rights relating to the
registration of the Company Common Stock; 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements set
forth herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by each Party, and intending to be legally bound, the Parties agree as follows: 

1.    Definitions. As used in this Agreement, the following terms shall have the respective
meanings set forth in this Section 1: 
 “Affiliate” means any Person that, directly or indirectly through one
or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 144 under the Securities Act. 

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

“Automatic Shelf Registration Statement” means an “automatic shelf registration statement” as defined in Rule 405.

 “beneficially owned”, “beneficial ownership” and similar phrases have the same meanings as such terms
have under Rule 13d-3 (or any successor rule then in effect) under the Exchange Act, except that in calculating the beneficial ownership of any Holder, such Holder shall be deemed to have beneficial ownership
of all securities that such Holder has the right to acquire, whether such right is currently exercisable or is exercisable upon the occurrence of a subsequent event. 

“Bought Deal” has the meaning set forth in Section 2(a)(v). 

 “Business Day” means any day that is not a Saturday, a Sunday or other day
on which banks are required or authorized by law to be closed in New York, New York. 
 “Capital Stock” means with respect
to a corporation, any and all shares, interests or equivalents of capital stock of such corporation (whether voting or nonvoting and whether common or preferred) and any and all options, warrants and other securities that at such time are
convertible into, or exchangeable or exercisable for, any such shares, interests or equivalents (including, without limitation, any note or debt security convertible into or exchangeable for shares of Company Common Stock). 

“Commission” means the Securities and Exchange Commission or any other federal agency then administering the Securities Act
or Exchange Act. 
 “Company” has the meaning set forth in the preamble. 

“Company Common Stock” means the shares of common stock, par value $0.01 per share, of the Company. 

“Demand Notice” has the meaning set forth in Section 2(b)(i). 

“Demand Registration” has the meaning set forth in Section 2(b)(i). 

“Demand Registration Statement” has the meaning set forth in Section 2(b)(i). 

“Demand Request” has the meaning set forth in Section 2(b)(i). 

“Due Diligence Information” has the meaning set forth in Section 4(p). 

“Effective Date” means the closing date of the transactions contemplated by the Purchase Agreement 

“Effectiveness Period” has the meaning set forth in Section 2(b)(iv). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder. 

“FINRA” means the Financial Industry Regulatory Authority or any successor regulatory authority agency. 

“Follow-On Holdback Period” has the meaning set forth in
Section 6(b)(ii). 
 “Form S-3 Shelf” has the meaning set
forth in Section 2(a)(i). 
 “Form S-11 Shelf” has the
meaning set forth in Section 2(a)(i). 
 “Free Writing Prospectus” means any “free writing
prospectus” as defined in Rule 405 promulgated under the Securities Act. 
 “Holdback Period” has the meaning set
forth in Section 6(b)(i). 

  
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 “Holdback Registrable Securities” means, with respect to any Holdback
Period or Follow-On Holdback Period, any securities that constitute Registrable Securities as of the time that such period commences, whether or not such securities cease to be Registrable Securities during
such period. 
 “Holder” and “Holder of Registrable Securities” means each Person that is party to this
Agreement on the date hereof and any Person who hereafter becomes a party to this Agreement pursuant to Section 10(g) of this Agreement. A Person shall cease to be a Holder hereunder at such time as it ceases to
beneficially own any Registrable Securities. 
 “Holder Indemnified Persons” has the meaning set forth in
Section 8(a). 
 “Holders of a Majority of Included Registrable Securities” means Holders of a
majority of the Registrable Securities included in a Demand Registration or Underwritten Shelf Takedown, as applicable. For the avoidance of doubt, only Registrable Securities held by Persons who are party to this Agreement as of the date hereof or
who thereafter execute a joinder in accordance with Section 10(g) shall be considered in calculating a majority of the Registrable Securities. 

“Holders of a Majority of Registrable Securities” means Holders of a majority of the Registrable Securities For the avoidance
of doubt, only Registrable Securities held by Persons who are party to this Agreement as of the date hereof or who thereafter execute a joinder in accordance with Section 10(g) shall be considered in calculating a majority of the Registrable
Securities. 
 “Included Registrable Securities” means the Registrable Securities included in a Demand Registration or
Underwritten Shelf Takedown, as applicable. 
 “Indemnified Persons” has the meaning set forth in
Section 8(b). 
 “indemnifying party” has the meaning set forth in
Section 8(c). 
 “Issuer Free Writing Prospectus” means an issuer free writing prospectus, as
defined in Rule 433, relating to an offer of the Registrable Securities. 
 “Lock-Up
Agreement” has the meaning set forth in Section 6(a). 
 “Losses” has the meaning set
forth in Section 8(a). 
 “Maximum Offering Size” has the meaning set forth in
Section 2(a)(vi). 
 “Other Registrable Securities” means (a) Company Common Stock
(including Company Common Stock beneficially owned as a result of, or issuable upon, the conversion, exercise or exchange of any other Capital Stock), (b) any securities issued or issuable with respect to, on account of or in exchange for Company
Common Stock, whether by stock split, stock dividend, recapitalization, merger, consolidation or other reorganization, charter amendment or otherwise, (c) any options, warrants or other rights to acquire Company Common Stock, and (d) any
securities received as a dividend or distribution in respect of, any of the securities described in 

  
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clauses (a) and (b) above, in each case beneficially owned by any other Person who has rights to participate in any offering of securities by the Company pursuant to a registration rights
agreement or other similar arrangement (other than this Agreement) with the Company or any direct or indirect parent of the Company relating to the Company Common Stock; provided, that in the case of an Underwritten Shelf Takedown or an
Underwritten Demand, Other Registrable Securities shall be limited to the securities of the class and series being offered in such Underwritten Shelf Takedown or Demand Registration. 

“Parties” has the meaning set forth in the preamble. 

“PDF” means portable document format (.pdf). 

“Person” means any individual, partnership, corporation, company, association, trust, joint venture, limited liability
company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof. 

“Piggyback Eligible Holders” has the meaning set forth in Section 2(c)(i). 

“Piggyback Notice” has the meaning set forth in Section 2(c)(i). 

“Piggyback Offering” has the meaning set forth in Section 2(c)(i). 

“Piggyback Registration” has the meaning set forth in Section 2(c)(i). 

“Piggyback Request” has the meaning set forth in Section 2(c)(i). 

“Plan” means the Third Amended Joint Plan of Reorganization Pursuant to Chapter 11 of the Bankruptcy Code dated
January 17, 2017, for Caesars Entertainment Operating Company, Inc. pursuant to the Bankruptcy Code. 
 “Proceeding”
means any action, claim, suit, proceeding or investigation (including a preliminary investigation or partial proceeding, such as a deposition) pending or known to the Company to be threatened. 

“Prospectus” means the prospectus included in a Registration Statement (including a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A promulgated under the Securities Act), all amendments and supplements to the Prospectus, including post-effective amendments, all
material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
 “Public Offering” means
any sale or distribution to the public of Capital Stock of the Company pursuant to an offering registered under the Securities Act, whether by the Company, by Holders and/or by any other holders of the Company’s Capital Stock. 

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

  
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 “Qualified Holder” means a Holder who, together with its Affiliates,
beneficially owns in the aggregate twenty percent (20%) or more of the Registrable Securities issued as of the date hereof; provided that, for purposes of Sections 2(a)(x), 2(b)(i), 2(b)(iv), and 2(e), the term
“Qualified Holder” shall include any two or more Holders acting together who, together with their Affiliates, own in the aggregate twenty percent (20%) or more of such Registrable Securities. 

“Questionnaire” has the meaning set forth in Section 2(a)(ii). 

“Registrable Securities” means (a) the Company Common Stock issuable pursuant to the Purchase Agreement, and
(b) any securities issued or issuable with respect to, on account of or in exchange for the securities referred to in clause (a), whether by way of split, dividend, distribution, combination, recapitalization, merger, consolidation or other
reorganization, charter amendment or otherwise (it being understood that, for purposes of this Agreement, a Person shall be deemed to be a Holder of Registrable Securities whenever such Person has the right to then acquire or obtain from the Company
any Registrable Securities, whether or not such acquisition has actually been effected), in each case that are beneficially owned on or after the date hereof by the Holders and their Affiliates or any transferee or assignee of any Holder or its
Affiliates after giving effect to a transfer made in compliance with Section 10(g), all of which securities are subject to the rights provided herein until such rights terminate pursuant to the provisions of this Agreement.
As to any particular Registrable Securities, such securities shall not be Registrable Securities when (i) a Registration Statement registering such Registrable Securities under the Securities Act has been declared effective and such Registrable
Securities have been sold, transferred or otherwise disposed of by the Holder thereof pursuant to such effective Registration Statement, (ii) such Registrable Securities are sold, transferred or otherwise disposed of pursuant to Rule 144 and
such Registrable Securities are thereafter freely transferable by such Person (without limitations on volume) without registration under the Securities Act, (iii) such Registrable Securities cease to be outstanding, or (iv) such
Registrable Securities are eligible for sale pursuant to Rule 144 without volume or manner-of-sale restrictions and without the requirement for the Company to be in
compliance with the current public information requirement under Rule 144(c)(1). 
 “Registration Expenses” has the meaning
set forth in Section 5. 
 “Registration Statement” means a registration statement of the Company
filed with or to be filed with the Commission under the Securities Act and other applicable law, including an Automatic Shelf Registration Statement, and including any Prospectus, amendments and supplements to each such registration statement or
Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement. 

“Related Party” has the meaning set forth in Section 10(r). 

“Representatives” means, with respect to any Person, such Person’s directors, officers, members, partners, limited
partners, general partners, shareholders, subsidiaries, managed accounts or funds, managers, management company, investment manager, affiliates, principals, employees, agents, investment bankers, attorneys, accountants, advisors, consultants, fund
advisors, financial advisor and other professionals of such Person, in each case, in such capacity, serving on or after the date of this Agreement. 

  
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 “road show” has the meaning set forth in
Section 8(a). 
 “Rule 144” means Rule 144 promulgated by the Commission pursuant to the
Securities Act, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“Rule 158” means Rule 158 promulgated by the Commission pursuant to the Securities Act, or any similar rule or regulation
hereafter adopted by the Commission having substantially the same effect as such Rule. 
 “Rule 405” means Rule 405 promulgated by the
Commission pursuant to the Securities Act, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, or any similar rule or regulation hereafter adopted
by the Commission having substantially the same effect as such Rule. 
 “Rule 433” means Rule 433 promulgated by the Commission pursuant to
the Securities Act, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“Sale Transaction” has the meaning set forth in Section 6(b)(i). 

“Seasoned Issuer” means an issuer eligible to use a registration statement on Form S-3 under the
Securities Act and who is not an “ineligible issuer” as defined in Rule 405 promulgated by the Commission pursuant to the Securities Act. 

“Securities” has the meaning set forth in Section 6(b)(i). 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder. 

“Selling Expenses” means all underwriting fees, discounts, selling commissions and stock transfer taxes applicable to the sale of Registrable
Securities and related legal and other fees of a Holder not included within the definition of Registration Expenses. 
 “Shelf Period” has
the meaning set forth in Section 2(a)(i). 
 “Shelf Public Offering Requesting Holder” has the meaning set forth
in Section 2(a)(iv). 
 “Shelf Registrable Securities” has the meaning set forth in
Section 2(a)(v). 

  
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 “Shelf Registration” means the registration of an offering of Registrable Securities on a
Form S-11 Shelf or a Form S-3 Shelf, as applicable, on a delayed or continuous basis under Rule 415 under the Securities Act, pursuant to
Section 2(a)(i). 
 “Shelf Registration Statement” has the meaning set forth in
Section 2(a)(i). 
 “Shelf Takedown Notice” has the meaning set forth in
Section 2(a)(v). 
 “Shelf Takedown Request” has the meaning set forth in
Section 2(a)(v). 
 “Subsidiary” means, when used with respect to any Person, any corporation or other entity,
whether incorporated or unincorporated, (a) of which such Person or any other Subsidiary of such Person is a general partner (excluding partnerships, the general partnership interests of which held by such Person or any Subsidiary of such
Person do not have a majority of the voting interests in such partnership) or (b) at least a majority of the securities or other interests of which having by their terms ordinary voting power to elect a majority of the board of directors or
others performing similar functions with respect to such corporation or other entity is directly or indirectly owned or controlled by such Person or by any one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries. 

“Suspension Event” has the meaning set forth in Section 2(e). 

“Suspension Notice” has the meaning set forth in Section 2(e). 

“Suspension Period” has the meaning set forth in Section 2(e). 

“Trading Market” means the principal national securities exchange in the United States on which Registrable Securities are (or are to be)
listed. 
 “Transaction” has the meaning set forth in the Recitals. 

“Underwritten Demand” means a Demand Registration conducted as an underwritten Public Offering. 

“Underwritten Shelf Takedown” has the meaning set forth in Section 2(a)(iv). 

“WKSI” means a “well known seasoned issuer” as defined under Rule 405. 

2. Registration. 
 (a) Shelf Registration. 

(i) Filing of Shelf Registration Statement. Promptly after the Effective Date, but in no event later than 75 days after the Effective Date, to the
extent permitted by the Commission’s rules and regulations, the Company shall file a Registration Statement for a Shelf Registration on Form S-11 covering the resale of all of the Registrable Securities
beneficially owned by the Holders on a delayed or continuous basis (the “Form S-11 Shelf”). After the Company becomes a Seasoned Issuer or WKSI, the Company shall convert the Form S-11 Shelf to a Registration Statement on 

  
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Form S-3 (or other appropriate short form registration statement then permitted by the Commission’s rules and regulations) covering the resale of all
of the Registrable Securities beneficially owned by the Holders on a delayed or continuous basis (the “Form S-3 Shelf” and, together with the Form S-11
Shelf, the “Shelf Registration Statement”) (which shall be an Automatic Shelf Registration Statement if the Company is a WKSI) as soon as reasonably practicable after the Company becomes so eligible. Subject to the terms of this
Agreement, including any applicable Suspension Period, the Company shall use commercially reasonable efforts to cause the Shelf Registration Statement to be declared effective under the Securities Act as promptly as reasonably practicable following
the filing of the Shelf Registration Statement. The Company shall use commercially reasonable efforts to keep such Shelf Registration Statement continuously effective under the Securities Act until the date that all Registrable Securities covered by
such Registration Statement are no longer Registrable Securities, including, to the extent a Form S-11 Shelf is converted to a Form S-3 Shelf and the Company thereafter
becomes ineligible to use Form S-3, by using commercially reasonable efforts to file a Form S-11 Shelf or other appropriate form specified by the Commission’s rules
and regulations as promptly as reasonably practicable after the date of such ineligibility and using its commercially reasonable efforts to have such Shelf Registration Statement declared effective as promptly as reasonably practicable after the
filing thereof (the period during which the Company is required to keep the Shelf Registration Statement continuously effective under the Securities Act in accordance with this clause (i), the “Shelf Period”). The Company shall
promptly notify the Holders named in the Shelf Registration Statement via e-mail to the addresses set forth on Schedule I hereof of the effectiveness of a Form S-11
Shelf. The Company shall file a final Prospectus in respect of such Shelf Registration Statement with the Commission to the extent required by Rule 424. The “Plan of Distribution” section of such Shelf Registration Statement shall include
a plan of distribution, which includes the means of distribution substantially in the form set forth in Exhibit B hereto. 
 (ii) Holder
Information. Notwithstanding any other provision hereof, no Holder of Registrable Securities shall be entitled to include any of its Registrable Securities in any Shelf Registration Statement pursuant to this Agreement unless and until such
Holder agrees in writing to be bound by all of the provisions of this Agreement applicable to such Holder, and the Holder furnishes to the Company a fully completed notice and questionnaire in the form attached hereto as Exhibit C (the
“Questionnaire”) and such other information in writing as the Company may reasonably request in writing for use in connection with the Shelf Registration Statement or Prospectus included therein and in any application to be filed
with or under state securities laws. In order to be named as a selling securityholder in the Shelf Registration Statement at the time it is first made available for use, a Holder must furnish the completed Questionnaire and such other information
that the Company may reasonably request in writing, if any, to the Company in writing no later than the fifth Business Day prior to the targeted effective date; provided that any holder providing a completed Questionnaire within that time
period may provide updated information regarding such Holder’s beneficial ownership and the number of shares requested to be included up to the second Business Day prior to the effective date. Each Holder as to which any Shelf Registration is
being effected agrees to furnish to the Company all information with respect to such Holder necessary to make the information previously furnished to the Company by such Holder not materially misleading. 

  
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 (iii) Supplements. From and after the effective date of the Shelf Registration Statement, upon
receipt of a completed Questionnaire and such other information that the Company may reasonably request in writing, if any, the Company will use its commercially reasonable efforts to file as promptly as reasonably practicable, but in any event on
or prior to the tenth Business Day after receipt of such information (or, if a Suspension Period is then in effect or initiated within five Business Day following the date of receipt of such information, the tenth Business Day following the end of
such Suspension Period) either (i) if then permitted by the Securities Act or the rules and regulations thereunder (or then-current Commission interpretations thereof), a supplement to the Prospectus contained in the Shelf Registration
Statement naming such Holder as a selling securityholder and containing such other information as necessary to permit such Holder to deliver the Prospectus to purchasers of the Holder’s Registrable Securities, or (ii) if it is not
then permitted under the Securities Act or the rules and regulations thereunder (or then-current Commission interpretations thereof) to name such Holder as a selling securityholder in a supplement to the Prospectus, a post-effective amendment to the
Shelf Registration Statement or an additional Shelf Registration Statement as necessary for such Holder to be named as a selling securityholder in the Prospectus contained therein to permit such Holder to deliver the Prospectus to purchasers of the
Holder’s Registrable Securities (subject, in the case of either clause (i) or clause (ii), to the Company’s right to delay filing or suspend the use of the Shelf Registration Statement as described in Section 2(e) hereof).
If the Company is not a WKSI or is not otherwise eligible to add additional selling stockholders by means of a prospectus supplement, notwithstanding the foregoing, the Company shall not be required to file more than one (1) post-effective
amendment or additional Shelf-Registration Statements in any fiscal quarter for all Holders pursuant to this Section 2(a)(iii); provided that the foregoing limitation shall not apply if the Registrable Securities to be added
represent beneficial ownership of more than $10 million of the Company Common Stock (as determined in good faith by the Company to the extent the Company Common Stock is not then listed on a national exchange). If the Company is a WKSI or is
otherwise eligible to add additional selling stockholders by means of a prospectus supplement, notwithstanding the foregoing, the Company shall not be required to file more than two (2) prospectus supplements for all Holders pursuant to this
Section 2(a)(iii) in any fiscal quarter; provided that the foregoing limitation shall not apply if the Registrable Securities to be added represent beneficial ownership of more than $10 million of the Company Common
Stock (as determined in good faith by the Company to the extent the Company Common Stock is not the listed on a national exchange). 
 (iv) Underwritten
Shelf Takedown. At any time during the Shelf Period (subject to any Suspension Period), any one or more Holders of Registrable Securities (such Holder, a “Shelf Public Offering Requesting Holder”) may request to sell all or any
portion of their Registrable Securities in an underwritten Public Offering that is registered pursuant to the Shelf Registration Statement (each, an “Underwritten Shelf Takedown”); provided, that, and subject to
Section 2(a)(v) below, the Company shall not be obligated to effect (x) an Underwritten Shelf Takedown for any Registrable Securities other than Company Common Stock; (y) more than four
(4) Underwritten Shelf Takedowns (together with any Demand Registrations) in aggregate; or (z) any Underwritten Shelf Takedown if the aggregate proceeds expected to be received from the sale of the Registrable Securities
requested to be sold in such Underwritten Shelf Takedown, in the good faith judgment of the managing underwriter(s) therefor, is less than $100 million as of the date of the Company receives a Shelf Takedown Request. 

  
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 (v) Notice of Underwritten Shelf Takedown. All requests for Underwritten Shelf Takedowns shall be
made by giving written notice to the Company (the “Shelf Takedown Request”). Each Shelf Takedown Request shall specify the approximate number of shares of Company Common Stock to be sold in the Underwritten Shelf Takedown and the
expected price range (net of underwriting discounts and commissions) of such Underwritten Shelf Takedown. Subject to Section 2(e) below, after receipt of any Shelf Takedown Request, the Company shall give written notice (the
“Shelf Takedown Notice”) of such requested Underwritten Shelf Takedown (which notice shall state the material terms of such proposed Underwritten Shelf Takedown, to the extent known) to all other Holders of Registrable Securities
that have Registrable Securities registered for sale under a Shelf Registration Statement and that have requested to receive such notices (“Shelf Registrable Securities”). Such notice shall be given not more than ten
(10) Business Days and not less than five (5) Business Days, in each case prior to the expected date of commencement of marketing efforts for such Underwritten Shelf Takedown. Subject to Section 2(c)(ii), the
Company shall include in such Underwritten Shelf Takedown all Shelf Registrable Securities that are Company Common Stock with respect to which the Company has received written requests for inclusion therein within (x) in the case of a
“bought deal” or “overnight transaction” (a “Bought Deal”), two (2) Business Days; (y) in the case any other Underwritten Shelf Takedown, five (5) Business Days, in each case
after the giving of the Shelf Takedown Notice. For the avoidance of doubt, the Company shall not be required to provide a Shelf Takedown Notice with respect to a Public Offering utilizing a Shelf Registration Statement other than an Underwritten
Shelf Takedown, and Holders shall not have rights to participate therein under this Section 2(a)(v). 
 (vi) Priority of Registrable
Shares. If the managing underwriters for such Underwritten Shelf Takedown advise the Company and the Holders of Shelf Registrable Securities proposed to be included in such Underwritten Shelf Takedown that in their reasonable view the number of
Shelf Registrable Securities proposed to be included in such Underwritten Shelf Takedown exceeds the number of Shelf Registrable Securities which can be sold in an orderly manner in such offering within a price range acceptable to the Holders of a
Majority of Included Registrable Securities requested to be included in the Underwritten Shelf Takedown (the “Maximum Offering Size”), then the Company shall promptly give written notice to all Holders of Shelf Registrable
Securities proposed to be included in such Underwritten Shelf Takedown of such Maximum Offering Size, and shall include in such Underwritten Shelf Takedown the number of Shelf Registrable Securities which can be so sold in the following order of
priority, up to the Maximum Offering Size: (A) first, the Shelf Registrable Securities requested to be included in such Underwritten Shelf Takedown by the Holders of such Shelf Registrable Securities, allocated, if necessary for the offering
not to exceed the Maximum Offering Size, pro rata among such Holders on the basis of the number of Shelf Registrable Securities requested to be included therein by each such Holder, (B) second, any securities proposed to be offered by
the Company, and (C) Other Registrable Securities requested to be included in such Underwritten Shelf Takedown to the extent permitted hereunder, allocated, if necessary for the offering not to exceed the Maximum Offering Size, pro rata
among the respective holders of such Other Registrable Securities on the basis of the number of securities requested to be included therein by each such holder. 

(vii) Restrictions on Timing of Underwritten Shelf Takedowns. The Company shall not be obligated to effect an Underwritten Shelf Takedown
(A) within ninety (90) days (or such longer period 

  
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specified in any applicable lock-up agreement entered into with underwriters) after the consummation of a previous Underwritten Shelf Takedown or Demand
Registration or consummation of a Company-initiated Public Offering or (B) within sixty (60) days prior to the Company’s good faith estimate of the date of filing of a Company-initiated registration statement. 

(viii) Selection of Bankers and Counsel. The Holders of a Majority of Included Registrable Securities requested to be included in an Underwritten Shelf
Takedown shall have the right to: (A) select the investment banker(s) and manager(s) to administer the offering (which shall consist of one (1) or more reputable nationally recognized investment banks, subject to the Company’s
approval (which shall not be unreasonably withheld, conditioned or delayed)) and one (1) firm of legal counsel to represent all of the Holders (along with one local counsel, to the extent reasonably necessary, for any applicable
jurisdiction), in connection with such Underwritten Shelf Takedown, and (B) determine the price, underwriting discount and other financial terms of the related underwriting agreement for the Registrable Securities included in such
Underwritten Shelf Takedown; provided that the Company shall select such investment banker(s), manager(s) and counsel (including local counsel) if the Holders of such Majority of Included Registrable Securities cannot so agree on the same
within a reasonable time period. 
 (ix) Withdrawal from Registration. Any Holder whose Registrable Securities were to be included in any such
registration pursuant to Section 2(a)(ii) may elect to withdraw any or all of its Registrable Securities therefrom, without liability to any of the other Holders and without prejudice to the rights of any such Holder or Holders to
include Registrable Securities in any future registration (or registrations), by written notice to the Company delivered prior to the effective date of the relevant Underwritten Shelf Takedown. 

(x) WKSI Filing. Upon the Company first becoming a WKSI, if requested by a Qualified Holder with securities registered on an existing Shelf
Registration Statement, the Company will convert such existing Shelf Registration Statement to an Automatic Shelf Registration Statement. 
 (b) Demand
Registration. 
 If the Company (i) is in violation of its obligation to file a Shelf Registration Statement pursuant to Section 2(a) or
(ii) following the effectiveness of the Shelf Registration Statement contemplated by Section 2(a), thereafter ceases to have an effective Shelf Registration Statement during the Shelf Period (other than during any Suspension
Period), subject to the terms and conditions of this Agreement (including Section 2(b)(iii)), upon written notice to the Company (a “Demand Request”) delivered by a Qualified Holder requesting that the Company effect the
registration (a “Demand Registration”) under the Securities Act of any or all of the Registrable Securities beneficially owned by such Qualified Holder(s), the Company shall give a notice of the receipt of such Demand Request (a
“Demand Notice”) to all other Holders of Registrable Securities that have requested to receive such notices (which notice shall state the material terms of such proposed Demand Registration, to the extent known). Such Demand Notice
shall be given not more than ten (10) Business Days and not less than five (5) Business Days, in each case prior to the expected date of the public filing of the registration statement (the (i) “Demand Registration
Statement”) for such Demand Registration. Subject to the provisions of Section 2(a)(iv) and Section 2(e) below, the Company shall include in such Demand Registration 

  
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all Registrable Securities that are Company Common Stock with respect to which the Company has received written requests for inclusion therein within five (5) Business Days after the later
of the Company (i) the giving the Demand Notice and (ii) five (5) Business Days prior to the actual public filing of the Demand Registration Statement. Nothing in this Section 2(b) shall relieve the Company of its
obligations under Section 2(a). 
 (ii) Demand Registration Using Form S-3. The Company shall effect any requested Demand Registration
using a Registration Statement on Form S-3 whenever the Company is a Seasoned Issuer or a WKSI, and shall use an Automatic Shelf Registration Statement if it is a WKSI. 

(iii) Limitations on Demand Registration. The Company shall not be required to effect more than four (4) Underwritten Demands (together with any
Underwritten Shelf Takedowns) in aggregate. The Company shall not be required to effect an Underwritten Demand if the aggregate proceeds expected to be received from the sale of the Registrable Securities requested to be registered in such
Underwritten Demand, in the good faith judgment of the managing underwriter(s) therefor, is less than $100 million as of the date the Company receives a written request for an Underwritten Demand. The Company shall not be obligated to
effect a Demand Registration (A) within ninety (90) days (or such longer period specified in any applicable lock-up agreement entered into with underwriters) after the consummation of a
previous Demand Registration or Underwritten Shelf Takedown or Company-initiated Public Offering or (B) within sixty (60) days prior to the Company’s good faith estimate of the date of filing of a Company-initiated
registration statement. 
 (iv) Effectiveness of Demand Registration Statement. The Company shall use its commercially reasonable efforts to have the
Demand Registration Statement declared effective by the Commission and keep the Demand Registration Statement continuously effective under the Securities Act for the period of time necessary for the underwriters or Holders to sell all the
Registrable Securities covered by such Demand Registration Statement or such shorter period which will terminate when all Registrable Securities covered by such Demand Registration Statement have been sold pursuant thereto (including, if necessary,
by filing with the Commission a post-effective amendment or a supplement to the Demand Registration Statement or the related Prospectus or any document incorporated therein by reference or by filing any other required document or otherwise
supplementing or amending the Demand Registration Statement, if required by the rules, regulations or instructions applicable to the registration form used by the Company for such Demand Registration Statement or by the Securities Act, any state
securities or “blue sky” laws, or any other rules and regulations thereunder) (the “Effectiveness Period”). A Demand Registration shall not be deemed to have occurred (A) if the Registration Statement is withdrawn
without becoming effective, (B) if the Registration Statement does not remain effective in compliance with the provisions of the Securities Act and the laws of any state or other jurisdiction applicable to the disposition of the
Registrable Securities covered by such Registration Statement for the Effectiveness Period, (C) if, after it has become effective, such Registration Statement is subject to any stop order, injunction or other order or requirement of the
Commission or other governmental or regulatory agency or court for any reason other than a violation of applicable law solely by any selling Holder and has not thereafter become effective, (D) in the event of an Underwritten Demand, if
the conditions to closing specified in the underwriting agreement entered into in connection with such registration are not satisfied or waived other than by reason of some act or omission by a Qualified Holder, or (E) if the number

  
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of Registrable Securities included on the applicable Registration Statement is reduced in accordance with Section 2(b)(v) such that less than 66 2/3% of the Registrable Securities of
the Holders of Registrable Securities who sought to be included in such registration are so included in such Registration Statement. 
 (v) Priority of
Registration. Notwithstanding any other provision of this Section 2(b), if (A) a Demand Registration is an Underwritten Demand and (B) the managing underwriters advise the Company that in their reasonable
view, the number of Registrable Securities proposed to be included in such offering (including Registrable Securities requested by Holders to be included in such Public Offering and any securities that the Company or any other Person proposes to be
included that are Other Registrable Securities) exceeds the Maximum Offering Size, then the Company shall so advise the Holders with Registrable Securities proposed to be included in such Underwritten Demand, and shall include in such offering the
number of Registrable Securities which can be so sold in the following order of priority, up to the Maximum Offering Size: (I) first, the Registrable Securities requested to be included in such Underwritten Demand by the Holders,
allocated, if necessary for the offering not to exceed the Maximum Offering Size, pro rata among the Holders on the basis of the number of Registrable Securities requested to be included therein by each such Holder, (II) second, any
securities proposed to be registered by the Company, and (III) third, Other Registrable Securities requested to be included in such underwritten Public Offering to the extent permitted hereunder, allocated, if necessary for the offering
not to exceed the Maximum Offering Size, pro rata among the respective holders of such Other Registrable Securities on the basis of the number of securities requested to be included therein by each such holder. 

(vi) Underwritten Demand. The determination of whether any Public Offering of Registrable Securities pursuant to a Demand Registration will be an
Underwritten Demand shall be made in the sole discretion of the Holders of a Majority of Included Registrable Securities included in such Demand Registration, and such Holders of a Majority of Included Registrable Securities included in such
Underwritten Demand shall have the right to (A) determine the plan of distribution, the price at which the Registrable Securities are to be sold and the underwriting commissions, discounts and fees and other financial terms, and
(B) select the investment banker(s) and manager(s) to administer the offering (which shall consist of one (1) or more reputable nationally recognized investment banks, subject to the Company’s approval (which shall not
be unreasonably withheld, conditioned or delayed)) and one (1) firm of legal counsel to represent all of the Holders (along with one local counsel, to the extent reasonably necessary, for any applicable jurisdiction), in connection with
such Demand Registration; provided that the Company shall select such investment banker(s), manager(s) and counsel (including local counsel) if the Holders of a Majority of Included Registrable Securities cannot so agree on the same within a
reasonable time period. 
 (vii) Withdrawal of Registrable Securities. Any Holder whose Registrable Securities were to be included in any such
registration pursuant to Section 2(b) may elect to withdraw any or all of its Registrable Securities therefrom, without liability to any of the other Holders and without prejudice to the rights of any such Holder to include Registrable
Securities in any future registration (or registrations), by written notice to the Company delivered on or prior to the effective date of the relevant Demand Registration Statement. 

  
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 (c) Piggyback Registration. 

(i) Registration Statement on behalf of the Company. If at any time the Company proposes to file a Registration Statement or conduct an Underwritten
Shelf Takedown, other than a Shelf Registration pursuant to Section 2(a) or a Demand Registration pursuant to Section 2(b), in connection with an underwritten Public Offering of Capital Stock (other than registrations on Form
S-8 or Form S-4) (a “Piggyback Offering”), and the registration form to be used may be used for the registration of Registrable Securities, the Company shall give prompt written notice (the
“Piggyback Notice”) to all Holders that have requested to receive such notices (collectively, the “Piggyback Eligible Holders”) of the Company’s intention to conduct such underwritten Public Offering;
provided that, in the case of an Underwritten Shelf Takedown from an existing effective shelf registration statement, the Company shall not be required to provide a Piggyback Notice or include any Registrable Securities in such Public
Offering unless either (i) such registration statement with respect to which the Company is conducting an Underwritten Shelf Takedown may be used for the registration and offering of Registrable Securities without the need to file a
post-effective amendment thereto, (ii) the Company is a WKSI eligible to file an automatically effective registration statement or automatically effective post-effective amendment or (iii) if the Company is not a WKSI, the
need to file any such post-effective amendment or new registration statement would not reasonably be expected to have a material adverse effect on the timing of the Company’s primary offering, in the good faith determination of the
Company’s Board of Directors. The Piggyback Notice shall be given, (i) in the case of a Piggyback Offering that is an Underwritten Shelf Takedown, not earlier than ten (10) Business Days and not less than five
(5) Business Days, in each case under this clause (i), prior to the expected date of commencement of marketing efforts for such Underwritten Shelf Takedown; or (ii) in the case of any other Piggyback Registration, not less
than five (5) Business Days after the public filing of such Registration Statement. The Piggyback Notice shall offer the Piggyback Eligible Holders the opportunity to include for registration in such Piggyback Offering the number of
Registrable Securities of the same class and series as those proposed to be registered as they may request, subject to Section 2(c)(ii) (a “Piggyback Registration”). Subject to Section 2(c)(ii), the Company
shall include in each such Piggyback Offering such Registrable Securities constituting Common Stock for which the Company has received written requests (each, a “Piggyback Request”) for inclusion therein from Piggyback Eligible
Holders within (x) in the case of a Bought Deal, two (2) Business Days; (y) in the case any other Underwritten Shelf Takedown, three (3) Business Days; or (z) otherwise, five
(5) Business Days, in each case after the date of the Company’s notice; provided that the Company may not commence marketing efforts for such Public Offering until such periods have elapsed and the inclusion of all such
securities so requested, subject to Section 2(c)(ii). If a Piggyback Eligible Holder decides not to include all of its Registrable Securities in any Piggyback Offering thereafter filed by the Company, such Piggyback Eligible Holder shall
nevertheless continue to have the right to include any Registrable Securities in any subsequent Piggyback Offerings or Registration Statements as may be filed by the Company with respect to offerings of Registrable Securities, all upon the terms and
conditions set forth herein. The Company shall use its commercially reasonable efforts to effect the registration under the Securities Act of all Registrable Securities which the Company has been so requested to register pursuant to the Piggyback
Requests, to the extent required to permit the disposition of the Registrable Securities so requested to be registered. 

  
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 (ii) Priority of Registration. If the managing underwriter or managing underwriters of such Piggyback
Offering advise the Company and the Piggyback Eligible Holders that, in their reasonable view the amount of securities requested to be included in such registration (including Registrable Securities requested by the Piggyback Eligible Holders to be
included in such offering and any securities that the Company or any other Person proposes to be included that are not Registrable Securities) exceeds the Maximum Offering Size (which, for the purposes of a Piggyback Registration relating to a
primary offering of the Company’s Capital Stock, shall be within a price range acceptable to the Company), then the Company shall so advise all Piggyback Eligible Holders with Registrable Securities proposed to be included in such Piggyback
Registration, and shall include in such offering the number which can be so sold in the following order of priority, up to the Maximum Offering Size: (A) first, (x) if the Piggyback Registration includes a primary offering of the Company’s
Capital Stock, such securities that the Company proposes to sell up to the Maximum Offering Size, or (y) if the Piggyback Registration is an offering at the demand of the holders of Other Registrable Securities, the securities that such
holders propose to sell and thereafter any securities proposed to be offered by the Company, in each case up to the Maximum Offering Size, and (B) second, the Company Common Stock constituting Registrable Securities or Other Registrable
Securities requested to be included in such Piggyback Registration by each Piggyback Eligible Holder and any holder of Other Registrable Securities with rights to participate in such offering, allocated, if necessary for the offering not to exceed
the Maximum Offering Size, pro rata on the basis of the amount of Company Common Stock or other Capital Stock constituting Registrable Securities and Other Registrable Securities requested in aggregate to be included therein. All Piggyback Eligible
Holders requesting to be included in the Piggyback Registration must sell their Registrable Securities to the underwriters selected as provided in Section 2(c)(iv) on the same terms and conditions as apply to the Company. 

(iii) Withdrawal from Registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this
Section 2(c), whether or not any Piggyback Eligible Holder has elected to include Registrable Securities in such Registration Statement, without prejudice, however, to the right of the Holders to request that such registration be
effected as a registration under Section 2(b) to the extent permitted thereunder and subject to the terms set forth therein. The Registration Expenses of such withdrawn registration shall be borne by the Company in accordance with
Section 5 hereof. Any Holder that has elected to include Registrable Securities in a Piggyback Offering may elect to withdraw such Holder’s Registrable Securities at any time prior to the Business Day prior to the execution of the
underwriting agreement entered into in connection therewith. 
 (iv) Selection of Bankers and Counsel. If a Piggyback Registration pursuant to this
Section 2(c) involves an underwritten Public Offering, the Company shall have the right to (A) determine the plan of distribution, including the price at which the Registrable Securities are to be sold and the underwriting
commissions, discounts and fees and (B) select the investment banker or bankers and managers to administer the Public Offering, including the lead managing underwriter or underwriters, each of which shall be a nationally recognized
investment bank. Holders of a Majority of Included Registrable Securities included in such underwritten Public Offering shall have the right to select one (1) firm of legal counsel to represent all of the Holders (along with one local
counsel, to the extent reasonably necessary, for any applicable jurisdiction), in connection with such Piggyback Registration; provided, that the Company shall select such counsel (including local counsel) if the Holders of a Majority of
Included Registrable Securities cannot so agree on the same within a reasonable time period. 

  
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 (v) Effect of Piggyback Registration. No registration effected under this Section 2(c)
shall relieve the Company of its obligations to effect any registration of the offer and sale of Registrable Securities under Section 2(a) or Section 2(b) hereof, and no registration effected pursuant to this
Section 2(c) shall be deemed to have been effected pursuant to Section 2(a) or Section 2(b) hereof. 
 (d) Notice
Requirements. Any Demand Request, Piggyback Request or Shelf Takedown Request shall (i) specify the maximum number or class or series of Registrable Securities intended to be offered and sold by the Holder making the request,
(ii) express such Holder’s bona fide intent to offer up to such maximum number of Registrable Securities for distribution, (iii) describe the nature or method of the proposed offer and sale of Registrable Securities (to
the extent applicable), and (iv) contain the undertaking of such Holder to provide all such information and materials and take all action as may reasonably be required in order to permit the Company to comply with all applicable
requirements in connection with the registration of such Registrable Securities. 
 (e) Suspension Period. Notwithstanding any other provision of
this Section 2, the Company shall have the right but not the obligation to defer the filing of (but not the preparation of), or suspend the use by the Holders of, any Demand Registration or Shelf Registration (whether prior to or after
receipt by the Company of a Shelf Takedown Request or Demand Request) (i) if the Company reasonably believes (with the advice of competent counsel expert in such matters) that any such registration or offering would require the Company,
under applicable securities laws and other laws, to make disclosure of material nonpublic information that would not otherwise be required to be disclosed at that time and the Company believes in good faith that such disclosures at that time would
not be in the Company’s best interests; provided that the exception in clause (i) shall continue to apply only during the time in which such material nonpublic information has not been disclosed and remains material; and
(ii) if the Company’s Board of Directors determines in good faith, after consultation with its external advisors or legal counsel, that the offer or sale of Registrable Securities would reasonably be expected to have a material
adverse effect on any proposal or plan by the Company or any of its subsidiaries to engage in any material acquisition of assets or stock (other than in the ordinary course of business) or any material merger, consolidation, tender offer,
recapitalization, reorganization or other transaction involving the Company or any of its subsidiaries; provided that, the period of any delay or suspension under exceptions (i) and (ii) shall not exceed a period of sixty
(60) days and any such delays or extensions shall not in aggregate exceed ninety (90) days in any twelve (12) month period (any such period, a “Suspension Period”, and any event triggering any
such delay or suspension, a “Suspension Event”); provided, however, that in such event, the Qualified Holders will be entitled to withdraw any request for a Demand Registration and, if such request is withdrawn, such
Demand Registration will not count as a Demand Registration and the Company will pay all Registration Expenses in connection with such registration, regardless of whether such registration is effected. The Company shall give written notice to the
Holders of Registrable Securities registered under or pursuant to any Shelf Registration Statement or any Demand Registration with respect to its declaration of a Suspension Period and of the expiration of the relevant Suspension Period (a
“Suspension Notice”). If the filing of any Demand 

  
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Registration is suspended or an Underwritten Shelf Takedown is delayed pursuant to this Section 2(e), once the Suspension Period ends, the Qualified Holders may request a new Demand
Registration or a new Underwritten Shelf Takedown (and such request shall not be counted as an additional Underwritten Shelf Takedown or Demand Registration for purposes of either Section 2(a)(iv) or Section 2(b)(i)). The
Company shall not include any material non-public information in the Suspension Notice and or otherwise provide such information to a Holder unless specifically requested by a Holder in writing. A Holder shall not effect any sales of the Registrable
Securities pursuant to a Registration Statement at any time after it has received a Suspension Notice from the Company and prior to receipt of an End of Suspension Notice. Holders may recommence effecting sales of the Registrable Securities pursuant
to a Registration Statement following further written notice from the Company to such effect (an “End of Suspension Notice”) from the Company, which End of Suspension Notice shall be given by the Company to the Holders with
Registrable Securities included on any suspended Registration Statement and Counsel to the Holders, if any, promptly (but in no event later than two Business Days) following the conclusion of any Suspension Event. Notwithstanding any provision
herein to the contrary, if the Company gives a Suspension Notice with respect to any Registration Statement pursuant to this Section 2(e), the Company agrees that it shall (i) extend the period which such Registration
Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from the date of receipt by the Holders of the Suspension Notice to and including the date of receipt by the Holders of the End of Suspension
Notice; and (ii) provide copies of any supplemented or amended prospectus necessary to resume sales, if requested by any Holder; provided that such period of time shall not be extended beyond the date that there are no longer
Registrable Securities covered by such Registration Statement. 
 (f) Required Information. The Company may require each Holder of Registrable
Securities as to which any Registration Statement is being filed or sale is being effected to furnish to the Company such information regarding the distribution of such securities and such other information relating to such Holder and its ownership
of Registrable Securities as the Company may from time to time reasonably request in writing (provided that such information shall be used only in connection with such registration), and the Company may exclude from such registration or sale
the Registrable Securities of any such Holder who fails to furnish such information within a reasonable time after receiving such request or who does not consent to the inclusion in a Registration Statement or Prospectus related to such registration
or sale of such information related to such Holder that is required by the rules and regulations of the Commission. Each Holder agrees to furnish such information to the Company and to cooperate with the Company as reasonably necessary to enable the
Company to comply with the provisions of this Agreement. 
 (g) Other Registration Rights Agreements. The Company represents and warrants to each
Holder that, as of the date of this Agreement, it has not entered into any agreement with respect to any of its securities granting any registration rights to any Person with respect to the Registrable Securities. The Company will not enter into on
or after the date of this Agreement, unless this Agreement is modified or waived as provided in Section 10(c), any agreement that is inconsistent with the rights granted to the Holders with respect to Registrable Securities in this
Agreement or otherwise conflicts with the provisions hereof in any material respect. Other than as set forth in this Agreement, if the Company enters into any agreement that would allow any holder of Company Common Stock or other Capital Stock of
the Company to include such 

  
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Capital Stock in any Registration Statement of the Company on a basis more favorable than the rights of the Holders under this Agreement (as determined in good faith by the Company), this
Agreement shall be automatically amended to provide for such more favorable terms and, to the extent the Company enters into any agreement that would allow any holder of Company Common Stock or other Capital Stock of the Company to include such
Capital Stock in any Registration Statement or Underwritten Shelf Takedown under Section 2(a) or 2(b) of this Agreement, such other agreement shall similarly provide for the Holders to have reciprocal rights with respect to any demand
registrations or underwritten offerings thereunder. 
 (h) Cessation of Registration Rights. All registration rights granted under this
Section 2 shall continue to be applicable with respect to any Holder until such time as the Holder no longer holds any Registrable Securities. 

(i) Confidentiality. Each Holder agrees that such Holder shall treat as confidential the receipt of a Demand Notice, Shelf Takedown Notice or Piggyback
Notice and shall not disclose or use the information contained in any such notice without the prior written consent of the Company until such time as the information contained therein is or becomes available to the public generally, other than as a
result of disclosure by the Holder in breach of the terms of this Agreement; provided that no Holder will be entitled to receive any such notices (and shall not be eligible to participate in any offering related thereto, notwithstanding any
other provision of this Agreement) unless a Holder has provided written notice to the Company in the manner specified in Section 10 requesting to receive such notices. 

3. [Reserved] 
 4. Registration Procedures.
The procedures to be followed by the Company and each participating Holder to register the sale of Registrable Securities pursuant to a Registration Statement in accordance with this Agreement, and the respective rights and obligations of the
Company and such Holders with respect to the preparation, filing and effectiveness of such Registration Statement, are as follows: 
 (a) The Company will
(i) prepare and file a Registration Statement or a prospectus supplement, as applicable, with the Commission (within the time period specified in Section 2(a) or Section 2(b), as applicable, in the case of a Shelf
Registration, an Underwritten Shelf Takedown or a Demand Registration) which Registration Statement (A) shall be on a form selected by the Company for which the Company qualifies, (B) shall be available for the sale of the
Registrable Securities in accordance with the intended method or methods of distribution, and (C) shall comply as to form in all material respects with the requirements of the applicable form and include and/or incorporate by reference
all financial statements required by the Commission to be filed therewith, (ii) use its commercially reasonable efforts to cause such Registration Statement to become effective and remain effective for the periods provided under
Section 2(a) or Section 2(b), as applicable, in the case of a Shelf Registration Statement or a Demand Registration Statement. The Company will furnish to any Qualified Holder named as a selling stockholder therein, any
counsel designated by such Qualified Holder, counsel for the Holders of a Majority of Included Registrable Securities (selected as provided herein) and the managing underwriter or underwriters of an underwritten Public Offering of Registrable
Securities, if applicable, copies of all correspondence from the Commission received in connection with such 

  
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Public Offering, subject in the case of any Qualified Holder to such Holder entering into a confidentiality agreement with respect thereto if requested by the Company. The Company will
(I) at least two (2) Business Days (or such shorter period as shall be reasonably practicable under the circumstances) prior to the anticipated filing of the Shelf Registration Statement, a Demand Registration Statement or
any related Prospectus or any amendment or supplement thereto, or before using any Issuer Free Writing Prospectus, furnish to any Qualified Holder named as a selling stockholder therein, any counsel designated by such Qualified Holder and counsel
for the Holders of a Majority of Included Registrable Securities (selected as provided herein) and the managing underwriter or underwriters of an underwritten Public Offering of Registrable Securities, if applicable, copies of all such documents
proposed to be filed (subject in the case of any Qualified Holder to such Holder entering into a confidentiality agreement with respect thereto if requested by the Company), (II) use its commercially reasonable efforts to address in each such
document prior to being so filed with the Commission such comments as any of the foregoing Persons reasonably shall propose and (III) without limiting the Company’s rights under Section 2(f), not include in any
Registration Statement or any related Prospectus or any amendment or supplement thereto information regarding a participating Holder to which a participating Holder reasonably objects; provided, however, the Company shall not be
required to provide copies of any amendment or supplement filed solely to incorporate in any Form S-11 (or other form not providing for incorporation by reference) any filing by the Company under the Exchange Act or any amendment or supplement filed
for the purpose of adding additional selling stockholders thereunder. 
 (b) The Company will as promptly as reasonably practicable (i) prepare
and file with the Commission such amendments, including post-effective amendments, and supplements to each Registration Statement and the Prospectus used in connection therewith as (A) may be reasonably requested by any Holder of
Registrable Securities covered by such Registration Statement necessary to permit such Holder to sell in accordance with its intended method of distribution, to the extent consistent such intended method of distribution is consistent with Exhibit
B hereto, or (B) may be necessary under applicable law to keep such Registration Statement continuously effective with respect to the disposition of all Registrable Securities covered thereby for the periods provided under
Section 2(a) or Section 2(b), as applicable, in accordance with the intended method of distribution. 
 (c) The Company will make
all required filing fee payments in respect of any Registration Statement or Prospectus used under this Agreement (and any Public Offering covered thereby) within the deadlines specified by the Securities Act. 

(d) The Company will notify each Holder of Registrable Securities named as a selling stockholder in any Registration Statement and the managing underwriter or
underwriters of an underwritten Public Offering of Registrable Securities, if applicable, (i) as promptly as reasonably practicable when any Registration Statement or post-effective amendment thereto has been declared effective;
(ii) of the issuance or threatened issuance by the Commission or any other governmental or regulatory authority of any stop order, injunction or other order or requirement suspending the effectiveness of a Registration Statement covering
any or all of the Registrable Securities or the initiation or threatening of any Proceedings for that purpose; (iii) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from
qualification of any of the Registrable Securities for sale in any jurisdiction, or 

  
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the initiation or threatening of any Proceeding for such purpose; or (iv) of the discovery that, or upon the happening of any event the result of which, such Registration Statement or
Prospectus or Issuer Free Writing Prospectus relating thereto or any document incorporated or deemed to be incorporated therein by reference contains an untrue statement in any material respect or omits any material fact necessary to make the
statements in the Registration Statement or the Prospectus or Issuer Free Writing Prospectus relating thereto not misleading, or when any Issuer Free Writing Prospectus includes information that may conflict with the information contained in the
Registration Statement or Prospectus, or if, for any other reason, it shall be necessary during such time period to amend or supplement such Registration Statement or Prospectus in order to comply with the Securities Act, correct such misstatement
or omission or effect such compliance. 
 (e) Upon the occurrence of any event contemplated by Section 4(d)(iv), as promptly as reasonably
practicable, the Company will (x) prepare a supplement or amendment, including a post-effective amendment, if required by applicable law, to the affected Registration Statement or a supplement to the related Prospectus or any document
incorporated or deemed to be incorporated therein by reference or to the applicable Issuer Free Writing Prospectus, (y) furnish, if requested, a reasonable number of copies of such supplement or amendment to the selling Holders, their
counsel and the managing underwriter or underwriters of an underwritten Public Offering of Registrable Securities, if applicable, and (z) file such supplement, amendment and any other required document with the Commission so that, as
thereafter delivered to the purchasers of any Registrable Securities, such Registration Statement, such Prospectus or such Issuer Free Writing Prospectus shall not contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein (in the case of a Prospectus or an Issuer Free Writing Prospectus, in light of the circumstances under which they were made) not misleading, and such Issuer Free Writing
Prospectus shall not include information that conflicts with information contained in the Registration Statement or Prospectus, in each case such that each selling Holder can resume disposition of such Registrable Securities covered by such
Registration Statement or Prospectus. Following receipt of notice of any event contemplated by clauses 4(d)(ii)-(iv), a Holder shall suspend sales of the Registrable Securities pursuant to such Registration Statement and shall not resume sales until
such time as it has received written notice from the Company to such effect. The Company shall provide any supplemented or amended prospectus necessary to resume sales, if requested by any Holder. 

(f) The Company will use its commercially reasonable efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any stop order
or other order suspending the effectiveness of a Registration Statement or the use of any Prospectus, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any
jurisdiction, as promptly as practicable, or if any such order or suspension is made effective during any Suspension Period, as promptly as practicable after the Suspension Period is over. 

(g) During the Effectiveness Period or the Shelf Period, as applicable, the Company will furnish to each selling Holder, its counsel and the managing
underwriter or underwriters of an underwritten Public Offering of Registrable Securities, if applicable, upon their request, without charge, at least one conformed copy of each Registration Statement and each amendment thereto and all exhibits to
the extent requested by such selling Holder or underwriter (including those incorporated by reference) promptly after the filing of such documents with the Commission. 

  
 - 20 - 

 (h) The Company will promptly deliver to each selling Holder and the managing underwriter or underwriters of
an underwritten Public Offering of Registrable Securities, if applicable, without charge, as many copies of the applicable Registration Statement, each amendment and supplement thereto, the Prospectus included in such Registration Statement
(including each preliminary Prospectus, final Prospectus, and any other Prospectus (including any Prospectus filed under Rule 424, Rule 430A or Rule 430B promulgated under the Securities Act and any Issuer Free Writing Prospectus)), all exhibits and
other documents filed therewith and such other documents as such selling Holder or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities by such selling Holder or underwriter, and upon request,
subject to any confidentiality undertaking as the Company shall reasonably request, a copy of any and all transmittal letters or other correspondence to or received from the Commission or any other governmental authority relating to such offer.
Subject to Section 2(e) hereof, the Company consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders and any applicable underwriter in connection with the offering and sale of the
Registrable Securities covered by such Prospectus and any amendment or supplement thereto. 
 (i) The Company will (i) register or qualify the
Registrable Securities covered by a Registration Statement, no later than the time such Registration Statement is declared effective by the Commission, under all applicable securities laws (including the “blue sky” laws) of such
jurisdictions each underwriter, if any, or any selling Holder shall reasonably request; (ii) keep each such registration or qualification effective during the period such Registration Statement is required to be kept effective under the
terms of this Agreement; and (iii) do any and all other acts and things which may be reasonably necessary or advisable to enable such underwriter, if any, and each selling Holder to consummate the disposition in each such jurisdiction of
the Registrable Securities covered by such Registration Statement; provided, however, that the Company will not be required to (x) qualify generally to do business in any jurisdiction where it would not
otherwise be required to qualify but for this subparagraph, (y) subject itself to taxation in any such jurisdiction, or (z) consent to general service of process (other than service of process in connection with such
registration or qualification or any sale of Registrable Securities in connection therewith) in any such jurisdiction. 
 (j) The Company will cooperate
with the Holders and the underwriter or managing underwriter of an underwritten Public Offering of Registrable Securities, if any, to facilitate the timely preparation and delivery of certificates or book-entry statements representing Registrable
Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates or book-entry statements shall be free of all restrictive legends, indicating that the Registrable Securities are unregistered or unqualified for
resale under the Securities Act, Exchange Act or other applicable securities laws, and to enable such Registrable Securities to be in such denominations and registered in such names as any such Holders or the underwriter or managing underwriter of
an underwritten Public Offering, as applicable, may reasonably request and instruct any transfer agent and registrar of Registrable Securities, if any, may request. In connection therewith, if required by the Company’s transfer agent, the
Company will promptly, after the effective date of the Registration Statement, cause an opinion of counsel as to the effectiveness of the Registration Statement to be delivered to and maintained with such transfer agent, together with any other
authorizations, certificates and directions required by the transfer agent which authorize and direct the transfer agent to issue such Registrable Securities without 

  
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any such legend upon the sale by any Holder or the underwriter or managing underwriter of an underwritten Public Offering of Registrable Securities, if any, of such Registrable Securities under
the Registration Statement and to release any stop transfer orders in respect thereof. At the request of any Holder or the managing underwriter, if any, the Company will promptly deliver or cause to be delivered an opinion or instructions to the
transfer agent in order to allow the Registrable Securities to be sold from time to time free of all restrictive legends. 
 (k) The right of any Holder to
include such Holder’s Registrable Securities in an underwritten offering shall be conditioned upon (x) such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the
underwriting to the extent provided herein, (y) such Holder entering into customary agreements, including an underwriting agreement in customary form, and sell such Holder’s Registrable Securities on the basis provided in any
underwriting arrangements approved by the Holders entitled to select the managing underwriter or managing underwriters hereunder (provided that (I) any such Holder shall not be required to make any representations or warranties to
the Company or the underwriters (other than (A) representations and warranties regarding (1) such Holder’s ownership of its Registrable Securities to be sold or transferred, (2) such Holder’s power and
authority to effect such transfer, (3) such matters pertaining to compliance with securities laws as may be reasonably requested by the Company or the underwriters, (4) the accuracy of information concerning such Holder as
provided by or on behalf of such Holder, and (5) any other representations required to be made by the Holder under applicable law, and (B) such other representations, warranties and other provisions relating to such
Holder’s participation in such Public Offering as may be reasonably requested by the underwriters) or to undertake any indemnification obligations to the Company with respect thereto, except as otherwise provided in Section 8(b)
hereof, or to the underwriters with respect thereto, except to the extent of the indemnification being given to the underwriters and their controlling Persons in Section 8(b) hereof) and (II) and the aggregate amount of the
liability of such Holder in connection with such offering shall not exceed such Holder’s net proceeds from the disposition of such Holder’s Registrable Securities in such offering) and (z) such Holder completing and executing
all questionnaires, powers of attorney, custody agreements and other documents reasonably required under the terms of such underwriting arrangements or by the Company in connection with such underwritten Public Offering. 

(l) The Company agrees with each Holder that, in connection with any underwritten Public Offering (including an Underwritten Shelf Takedown), the Company
shall: (i) enter into and perform under such customary agreements (including underwriting agreements in customary form, including customary representations and warranties and provisions with respect to indemnification and contribution)
and take all such other actions as the Holders of a Majority of Included Registrable Securities being sold or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities and provide
reasonable cooperation, including causing appropriate officers to attend and participate in “road shows” and analyst or investor presentations and such other selling or other informational meetings organized by the underwriters, if any
(taking into account the needs of the Company’s businesses and the responsibilities of such officers with respect thereto). The Company and its management shall not be required to participate in any marketing effort that lasts longer than five
(5) Business Days. 

  
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 (m) The Company will use commercially reasonable efforts to obtain for delivery to the underwriter or
underwriters of an underwritten Public Offering of Registrable Securities (i) a signed counterpart of one or more comfort letters from independent public accountants of the Company in customary form and covering such matters of the type
customarily covered by comfort letters and (ii) an opinion or opinions from counsel for the Company (including any local counsel reasonably requested by the underwriters) dated the date of the closing under the underwriting agreement, in
customary form, scope and substance, covering the matters customarily covered in opinions requested in sales of securities in an underwritten Public Offering, which opinions shall be reasonably satisfactory to such underwriters and their counsel.

 (n) The Company will (i) provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by the
applicable Registration Statement from and after a date not later than the effective date of such Registration Statement and provide and enter into any reasonable agreements with a custodian for the Registrable Securities and (ii) no
later than the effective date of the applicable Registration Statement, provide a CUSIP number for all Registrable Securities. 
 (o) The Company will
cooperate with each Holder of Registrable Securities and each underwriter or agent, if any, participating in the disposition of Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA. 

(p) The Company will, upon reasonable notice and at reasonable times during normal business hours, make available for inspection by a representative appointed
by the Holders of a Majority of Included Registrable Securities, counsel selected by such Holders in accordance with this agreement, any underwriter participating in any disposition pursuant to such registration, as applicable, and any other
attorney or accountant retained by such underwriter, all financial and other records and pertinent corporate documents of the Company, and cause the Company’s officers, directors, employees and independent accountants to supply all information
reasonably requested by any such Holder, underwriter, attorney or accountant in connection with such Registration Statement or Underwritten Shelf Takedown, as applicable, and make themselves available at mutually convenient times to discuss the
business of the Company and other matters reasonably requested by any such Holders, sellers, underwriter or agent thereof in connection with such Registration Statement as shall be necessary to enable them to exercise their due diligence
responsibility, as applicable (any information provided under this Section 4(p), “Due Diligence Information”), subject in each case to the foregoing persons entering into customary confidentiality and non-use agreements
with respect to any confidential information of the Company. The Company shall not provide any Due Diligence Information to a Holder unless such Holder explicitly requests such Due Diligence Information in writing. 

(q) The Company will comply with all applicable rules and regulations of the Commission, the Trading Market, FINRA and any state securities authority, and
make available to each Holder, as soon as reasonably practicable after the effective date of the Registration Statement, an earnings statement covering at least 12 months which shall satisfy the provisions of Section 11(a) of
the Securities Act and Rule 158. 
 (r) The Company will ensure that any Issuer Free Writing Prospectus utilized in connection with any Prospectus complies
in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, and is retained in accordance with the Securities Act to the extent required thereby. 

  
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 (s) Each Holder represents that it has not prepared or had prepared on its behalf or used or referred to,
and agrees that it will not prepare or have prepared on its behalf or used or refer to, any Free Writing Prospectus without the prior written consent of the Company and, in connection with any underwritten Public Offering, the underwriters. 

(t) Following the listing of the Company Common Stock in accordance with the requirements of the Plan, the Company will use commercially reasonable efforts to
cause the Registrable Securities of the same class, to the extent any further action is required, to be similarly listed and to maintain such listing until such time as the securities cease to constitute Registrable Securities. 

(u) The Company shall, if such registration for an underwritten Public Offering is pursuant to a Registration Statement on Form S-3 or any similar short-form
registration, include in such Registration Statement such additional information for marketing purposes as the managing underwriter(s) reasonably request(s). 

(v) The Company shall hold in confidence and not use or make any disclosure of information concerning a Holder provided to the Company, unless
(i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such information is necessary to avoid or correct a misstatement or omission in any Registration
Statement, (iii) the release of such information is ordered pursuant to a subpoena or other final, non-appealable order from a court or governmental body of competent jurisdiction, or (iv) such information has been made
generally available to the public other than by disclosure in violation of this Agreement or any other agreement known to the Company. The Company agrees that it shall, upon learning that disclosure of such information concerning a Holder is sought
in or by a court or governmental body of competent jurisdiction or through other means or otherwise determining that any such disclosure is required under the foregoing clauses (i) through (iii), give prompt written notice to such Holder
and allow such Holder, at the Holder’s expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such information. 

(w) In order to render the Registrable Securities eligible for resale pursuant to Rule 144A under the Securities Act, while any of the Registrable Securities
remain “restricted securities,” it will make available, upon request, to any Holder of the Registrable Securities or prospective purchasers of the Registrable Securities the information specified in Rule 144A(d)(4), unless the Company
furnishes information to the Commission pursuant to Section 13 or 15(d) of the Exchange Act. 
 5. Registration Expenses. The
Company shall bear all reasonable Registration Expenses incident to the Parties’ performance of or compliance with their respective obligations under this Agreement or otherwise in connection with any Demand Registration, Shelf Registration,
Shelf Takedown Request or Piggyback Registration (excluding any Selling Expenses), whether or not any Registrable Securities are sold pursuant to a Registration Statement. 

“Registration Expenses” shall include, without limitation, (i) all registration, qualification and filing fees and expenses (including
fees and expenses (A) of the Commission or FINRA, (B) incurred in connection with the listing of the Registrable Securities on the Trading Market, 

  
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and (C) in compliance with applicable state securities or “Blue Sky” laws (including reasonable fees and disbursements of counsel for the underwriters in connection with blue sky
qualifications of the Registrable Securities as may be set forth in any underwriting agreement)); (ii) expenses in connection with the preparation, printing, mailing and delivery of any registration statements, prospectuses and other documents in
connection therewith and any amendments or supplements thereto (including expenses of printing certificates for the Company’s shares and printing prospectuses); (iii) analyst or investor presentation or road show expenses of the Company and the
underwriters, if any; (iv) messenger, telephone and delivery expenses; (v) reasonable fees and disbursements of counsel (including any local counsel), auditors and accountants for the Company (including the expenses incurred in connection
with “comfort letters” required by or incident to such performance and compliance); (vi) the reasonable fees and disbursements of underwriters to the extent customarily paid by issuers or sellers of securities (including, if applicable,
the fees and expenses of any “qualified independent underwriter” (and its counsel) that is required to be retained in accordance with the rules and regulations of FINRA and the other reasonable fees and disbursements of underwriters
(including reasonable fees and disbursements of counsel for the underwriters) in connection with any FINRA qualification; (vii) fees and expenses of any special experts retained by the Company; (viii) Securities Act liability insurance, if
the Company so desires such insurance; (ix) reasonable fees and disbursements of one third-party counsel (along with one local counsel, to the extent reasonably necessary, for any applicable jurisdiction) representing all Holders mutually
agreed by Holders of a Majority of Included Registrable Securities participating in the related registration; (x) fees and expenses payable in connection with any ratings of the Registrable Securities, including expenses relating to any
presentations to rating agencies; (xi) internal expenses of the Company (including all salaries and expenses of its officers and employees performing legal or accounting duties); (xii) transfer agents’ and registrars’ fees and
expenses and the fees and expenses of any other agent or trustee appointed in connection with such offering. In addition, the Company shall be responsible for all of its expenses incurred in connection with the consummation of the transactions
contemplated by this Agreement (including expenses payable to third parties and including all salaries and expenses of the Company’s officers and employees performing legal or accounting duties), the expense of any annual audit and any
underwriting fees, discounts, selling commissions and stock transfer taxes and related legal and other fees applicable to securities sold by the Company and in respect of which proceeds are received by the Company. Each Holder shall pay any Selling
Expenses applicable to the sale or disposition of such Holder’s Registrable Securities pursuant to any Demand Registration Statement or Piggyback Offering, or pursuant to any Shelf Registration Statement under which such selling Holder’s
Registrable Securities were sold, and in any other fees and expenses not constituting Registration Expenses in proportion to the amount of such selling Holder’s shares of Registrable Securities sold in any offering under such Demand
Registration Statement, Piggyback Offering or Shelf Registration Statement. 
 6. Lock-Up Agreements.

 (a) Holder Lock-Up. In connection with any underwritten Public Offering expected to result in gross proceeds of at least
$50.0 million, if requested by (i) the managing underwriters of such Public Offering and (ii) the Company, in the case of a Company-initiated Public Offering, or the Holders of a Majority of Included Registrable
Securities, in the case of any Underwritten Shelf Takedown or Underwritten Demand pursuant to Section 2(a) or 2(b), each Holder of Holdback Registrable Securities participating in such Public Offering and, if requested by the managing

  
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underwriters of such Public Offering, each Holder of Holdback Registrable Securities shall enter into a lock-up agreement with the managing underwriters of such Public Offering to not make any
sale or other disposition of any of the Holdback Registrable Securities owned by such Holder (a “Lock-Up Agreement”); provided that all executive officers and directors of the Company and the Holders requesting such Lock-Up
Agreements are bound by and have entered into substantially similar Lock-Up Agreements; provided, further, that the foregoing provisions shall only be applicable to the Holders if all
stockholders, officers and directors are treated similarly with respect to any release prior to the termination of the lock-up period such that if any such persons are released, then all Holders shall also be
released to the same extent on a pro rata basis. The Company may impose stop-transfer instructions with respect to the shares of Capital Stock (or other securities) subject to the restrictions set forth in this Section 6(a) until
the end of the applicable period of the Lock-Up Agreement. The provisions of this Section 6(a) shall cease to apply to such Holder once such Holder no longer beneficially owns any Holdback Registrable Securities. 

(b) Lock-Up Agreements. The Lock-Up Agreement shall provide for the
following unless the underwriters managing such underwritten Public Offering otherwise agree in writing: 
 (i) in connection with an initial underwritten
Public Offering of the Company involving the offer and sale of Company Common Stock by the Company prior to the one-year anniversary of the date of this Agreement, such holder shall not (A) offer,
sell, contract to sell, pledge or otherwise dispose of (including sales pursuant to Rule 144), directly or indirectly, any Holdback Registrable Securities of the Company (including Holdback Registrable Securities of the Company that may be deemed to
be owned beneficially by such holder in accordance with the rules and regulations of the Commission) (collectively, “Securities”), (B) enter into a transaction with respect to the Securities which would have the same effect as
described in clause (A) above, (C) enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences or ownership of any Securities, whether such transaction is to be settled by
delivery of such Securities, in cash or otherwise (each of (A), (B) and (C) above, a “Sale Transaction”), or (D) publicly disclose the intention to enter into any Sale Transaction, commencing on the date
requested by the managing underwriters (which shall be no earlier than seven (7) days prior to the anticipated “pricing” date for such Public Offering) and continuing to the date that is 180 days following the
“pricing” date for such initial Public Offering (the “Holdback Period”). 
 (ii) in connection with all other underwritten Public
Offerings of the Company prior to the one-year anniversary of the date of this Agreement, such holder shall not effect any Sale Transaction commencing on the date requested by the managing underwriters (which
shall be no earlier than seven (7) days prior to the anticipated “pricing” date for such Public Offering) and continuing to the date that is 90 days following the “pricing” date for such Public Offering (a “Follow-On Holdback Period”). 
 (iii) For the purpose of the lock-up
provisions of this Section 6, any Company Common Stock that is (x) issued in the Transaction, and (y) held by a Holder during the period ending one-year after the date of this Agreement, shall be subject to the
lock-up provisions of this Section 6 regardless of whether such Company Common Stock no longer constitutes “Registrable Securities”; provided that, for the avoidance of doubt, any such Company Common Stock sold to a non-affiliated third party transferee, either in a public resale under Rule 144 or pursuant to a registered offering, shall not be subject to the lock-up requirements of this
Section 6. 

  
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 (c) Company Lock-Up. In connection with any underwritten Public Offering, and upon the reasonable
request of the managing underwriters, the Company shall: (i) agree to a customary lock-up provision applicable to the Company in an underwriting agreement as reasonably requested by the managing
underwriters during any Holdback Period or Follow-On Holdback Period; and (ii) cause each of its executive officers and directors to enter into Lock-Up
Agreements, in each case, in customary form and substance, and with exceptions that are customary, for an underwritten Public Offering. 
 7. [Reserved]

 8. Indemnification. 
 (a) The Company shall
indemnify, defend and hold harmless each Holder, its partners, stockholders, equityholders, general partners, limited partners, managers, members, and Affiliates and each of their respective officers and directors and any Person who controls any
such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and any agent, employee, attorney or Representative thereof (collectively, “Holder Indemnified Persons”),
and any underwriter that facilitates the sale of the Registrable Securities and any Person who controls such underwriter (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), to the
fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, joint or several, costs (including reasonable costs of preparation and investigation and reasonable attorneys’, accountants’ and
experts’ fees, whether or not the Indemnified Person is a party to any Proceeding) and expenses, judgments, fines, penalties, interest, settlements or other amounts arising from any and all Proceedings, whether civil, criminal, administrative
or investigative, in which any Indemnified Person may be involved, or is threatened to be involved, as a party or otherwise, under the Securities Act or otherwise (collectively, “Losses”), as incurred, arising out of, based upon,
resulting from or relating to (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which any Registrable Securities were registered, Prospectus, preliminary prospectus, road show, as
defined in Rule 433(h)(4) under the Securities Act (a “road show”), or in any summary or final prospectus or Issuer Free Writing Prospectus or in any amendment or supplement thereto or in any documents incorporated by reference in
any of the foregoing or (ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary, in the case of any Prospectus, preliminary prospectus, road show or Issuer Free Writing
Prospectus, in light of the circumstances under which they were made, to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company or any of its Subsidiaries of any federal, state or common
law rule or regulation relating to action or inaction in connection with any Company provided information in such registration, disclosure document or related document or report, and the Company will reimburse such Indemnified Person for any legal
or other expenses reasonably incurred by it in connection with investigating or defending any such Proceeding; provided, however, that the Company shall not be liable to any Indemnified Person to the extent that any such Losses arise
out of, are based upon or results from an untrue or alleged untrue statement or omission or alleged omission made in such Registration Statement, such preliminary, summary or final prospectus or Issuer Free Writing Prospectus or such amendment or
supplement, in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Indemnified Person specifically for use in the preparation thereof. 

  
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 (b) In connection with any Registration Statement filed by the Company pursuant to Section 2
hereof in which a Holder has registered for sale its Registrable Securities, each such selling Holder agrees (severally and not jointly) to indemnify, defend and hold harmless, to the fullest extent permitted by law, the Company, its directors and
officers, Affiliates, employees, members, managers, agents and each Person who controls the Company (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) (together with Holder Indemnified
Persons, collectively, “Indemnified Persons”), from and against any Losses resulting from (i) any untrue statement of a material fact contained in any Registration Statement under which such Registrable Securities were
registered, Prospectus, preliminary prospectus, road show, Issuer Free Writing Prospectus, or any amendment thereof or supplement thereto or any documents incorporated by reference therein, or (ii) any omission to state therein a
material fact required to be stated therein or necessary, in the case of any Prospectus, preliminary prospectus, road show, Issuer Free Writing Prospectus, in light of the circumstances under which they were made, to make the statements therein not
misleading, in each case to the extent, but only to the extent, that such untrue statement or omission is contained in any information furnished in writing by or on behalf of such selling Holder to the Company specifically for inclusion therein and
has not been corrected in a subsequent writing prior to the sale of the Registrable Securities. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the net proceeds (after deducting
underwriters’ discounts, fees and commissions) received by such Holder under the sale of Registrable Securities giving rise to such indemnification obligation less any amounts paid (including such Holder’s share of any other Selling
Expenses) by such Holder in connection with such sale and any amounts paid by such Holder as a result of liabilities incurred under the underwriting agreement, if any, related to such sale. 

(c) Any Indemnified Person shall give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification under this
Section 8 (provided that any delay or failure to so notify the Person obligated to indemnify the Indemnified Person with respect to such claim (the “indemnifying party”) shall not relieve the indemnifying party of
its obligations hereunder except to the extent, if at all, that it is actually and materially prejudiced by reason of such delay or failure). The indemnifying party shall be entitled to assume the defense of such claim with counsel reasonably
satisfactory to the Indemnified Person; provided, however, that any Indemnified Person shall have the right to select and employ its own counsel (and one local counsel in each relevant jurisdiction), and the indemnifying party shall
bear the reasonable fees, costs and expenses of such separate counsel if (A) the Indemnified Person has reasonably concluded (based upon advice of its counsel) that there may be legal defenses available to it or other Indemnified Persons
that are different from or in addition to those available to the indemnifying party, or (B) in the reasonable judgment of any such Indemnified Person (based upon advice of its counsel) a conflict of interest may exist between such
Indemnified Person and the indemnifying party with respect to such claims; (C) the indemnifying party shall not have employed counsel satisfactory to the Indemnified Person to represent the Indemnified Person within a reasonable time
after notice of the institution of such action; (D) the indemnifying party shall authorize the Indemnified Person to employ separate counsel at the expense of the indemnifying party; or (E) the indemnifying party shall have
failed to assume the defense of such 

  
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claim within a reasonable time after receipt of notice of such claim from the Indemnified Person and employ counsel reasonably satisfactory to such Indemnified Person. An indemnifying party shall
not be liable under this Section 8(c) to any Indemnified Person regarding any settlement or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of
which indemnification or contribution may be sought hereunder (whether or not the Indemnified Person is an actual or potential party to such claim or action) unless such settlement, compromise or consent is consented to by such indemnifying party,
which consent shall not be unreasonably withheld. No action may be settled without the consent of the Indemnified Person, provided that the consent of the Indemnified Person shall not be required if (A) such settlement includes an
unconditional release of such Indemnified Person in form and substance satisfactory to such Indemnified Person from all liability on the claims that are the subject matter of such settlement, (B) such settlement provides for the payment
by the indemnifying party of money as the sole relief for such action, and (C) such settlement does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person. It
is understood that the indemnifying party or parties shall not, except as specifically set forth in this Section 8(c), in connection with any Proceeding or related Proceedings in the same jurisdiction, be liable for the reasonable fees,
disbursements or other charges of more than one separate firm admitted to practice in such jurisdiction at any one time. 
 (d) In the event that the
indemnity provided in Section 8(a) or Section 8(b) above is unavailable to or insufficient to hold harmless an Indemnified Person for any reason, then the indemnifying party under Section 8(a) or 8(b), as
applicable, in lieu of indemnifying such Indemnified Person thereunder, agrees to contribute to the aggregate Losses (including reasonable costs of preparation and investigation and reasonable attorneys’, accountants’ and experts’
fees, whether or not the Indemnified Person is a party to any Proceeding) to which such indemnifying party may be subject in such proportion as is appropriate to reflect the relative benefits received by the indemnifying party on the one hand and by
the Indemnified Person on the other from the Public Offering of the Company Common Stock; provided, however, that the maximum amount of liability in respect of such contribution shall be limited in the case of any Holder to the net
proceeds (after deducting underwriters’ discounts, fees and commissions and other Selling Expenses) received by such Holder in connection with such registration. If, however, the allocation provided by the immediately preceding sentence is not
permitted by applicable law, then the indemnifying party shall contribute to such amount paid or payable by such Indemnified Person in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the
indemnifying party on the one hand and the Indemnified Person on the other in connection with the statements or omissions which resulted in such Losses, as well as any other relevant equitable considerations. The relative fault shall be determined
by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party on the one hand or the
Indemnified Person on the other and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

(e) The Parties agree that it would not be just and equitable if contribution pursuant to Section 8(d) were determined by pro rata
allocation (even if the Holders of Registrable Securities or any agents or underwriters or all of them were treated as one entity for such purpose) or by any other 

  
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method of allocation which does not take account of the equitable considerations referred to above in Section 8(d). The amount paid or payable by an Indemnified Person as a result of
the Losses referred to above in Section 8(d) shall be deemed to include any reasonable legal or other reasonable out-of-pocket expenses incurred by such Indemnified Person in connection with
investigating or defending any such action or claim. 
 (f) Notwithstanding the provisions of Section 8(d), no Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

(g) For purposes of Section 8(d), each Person who controls any Holder, agent or underwriter (within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act), and each director, officer, employee and agent of any such Holder, agent or underwriter, shall have the same rights to contribution as such Holder, agent or underwriter, and each Person
who controls the Company (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and each officer and director of the Company shall have the same rights to contribution as the Company,
subject in each case to the applicable terms and conditions of this Section 8(d). 
 (h) The provisions of this Section 8 will
remain in full force and effect, regardless of any investigation made by or on behalf of any Holder or the Company or any of the officers, directors or controlling Persons referred to in this Section 8 hereof, and will survive the
transfer of Registrable Securities. 
 (i) The remedies provided for in this Section 8 are not exclusive and shall not limit any rights or
remedies which may otherwise be available to any Indemnified Person at law or in equity. 
 9. [Reserved] 

10. Miscellaneous. 
 (a) Remedies. In the
event of a breach by the Company of any of its obligations under this Agreement, each Holder, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, will be entitled to specific
performance of its rights under this Agreement. The Company agrees that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and further agrees that,
in the event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate and shall waive any requirement for the posting of a bond. 

(b) Discontinued Disposition. Each Holder agrees by its acquisition of Registrable Securities that, upon receipt of a notice from the Company of the
occurrence of any event of the kind described in clauses (ii) through (iv) of Section 4(d) or the occurrence of a Suspension Period, such Holder will forthwith discontinue disposition of such Registrable Securities under the
Registration Statement until such Holder’s receipt of the copies of the supplemental Prospectus or amended Registration Statement or until it is advised in writing by the Company that the use of the applicable Prospectus may be resumed, and, in
either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such 

  
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Prospectus or Registration Statement. The Company may provide appropriate stop orders to enforce the provisions of this Section 10(b). In the event the Company shall give any such
notice, the period during which the applicable Registration Statement is required to be maintained effective shall be extended by the number of days during the period from and including the date of the giving of such notice to and including the date
when each seller of Registrable Securities covered by such Registration Statement either receives the copies of the supplemented or amended Prospectus or is advised in writing by the Company that the use of the Prospectus may be resumed. 

(c) Amendments. This Agreement may be amended, modified, extended or terminated, and the provisions hereof may be waived, only with (i) the
consent of the Company and (ii) the affirmative vote of Holders of a Majority of Registrable Securities; provided that in no event shall the obligations of any Holder of Registrable Securities be increased or the rights of any
Holder be adversely affected (without similarly increasing or adversely affecting the rights of all Holders), except with the written consent of such Holder; and provided further, any provision that is for the express benefit of only
Qualified Holders shall be amended only with the consent of the Holders of a majority of the Registrable Securities held by all Qualified Holders. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect
to a matter that relates exclusively to the rights of Holders of Registrable Securities whose securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect the rights of other Holders of Registrable
Securities may be given by holders of at least a majority of the Registrable Securities being sold by such Holders pursuant to such Registration Statement. 

(d) Waivers. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing
waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any Party to exercise any right hereunder in any manner impair the exercise of any
such right. 
 (e) Termination and Effect of Termination. This Agreement shall terminate with respect to each Holder when such Holder no longer holds
any Registrable Securities and will terminate in full when no Holder holds any Registrable Securities, except for the provisions of Section 8, which shall survive any such termination. No termination under this Agreement shall relieve
any Person of liability for breach or Registration Expenses incurred prior to termination. In the event this Agreement is terminated, each Person entitled to indemnification rights pursuant to Section 8 shall retain such indemnification
rights with respect to any matter that (i) may be an indemnified liability thereunder and (ii) occurred prior to such termination. 

(f) Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be
deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile (with confirmation of delivery) or electronic mail in PDF or similar electronic or digital format
(with confirmation of receipt) prior to 5:00 p.m. (New York time) on a business day in the place of receipt, (ii) the business day after the date of transmission, if such notice or communication is delivered via facsimile (with
confirmation of delivery) or electronic mail in PDF or similar electronic or digital format (with confirmation of receipt) later than 5:00 p.m. (New York time) 

  
 - 31 - 

 
on any date and earlier than 11:59 p.m. (New York time) on such date, (iii) the Business Day following the date of mailing, if sent by nationally recognized overnight courier service
or (iv) upon actual receipt by the Party to whom such notice is required to be given. The address for such notices and communications shall be as follows (or at such other address as shall be given in writing by any Party to the other
Parties): 
 If to the Company: 
 VICI Properties Inc. 

8329 W. Sunset Road, Suite 210 
 Las Vegas, NV 89113 

Attn.: Chief Financial Officer 
 with a copy (which shall not
constitute notice) to: 
 Kramer Levin Naftalis & Frankel LLP 

1177 Avenue of the Americas 
 New York, NY 10036 

Attn.: Abbe Dienstag and Christopher Auguste 
 If to any other
Person who is then a Holder, to the address of such Holder as it appears on the signature pages hereto or such other address as may be designated in writing hereafter by such Person. 

(g) Successors and Assigns; Transfers; New Issuances. This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their
respective heirs, executors, administrators, successors and legal representatives. The Registrable Securities and the rights of a Holder hereunder may be transferred, assigned, or otherwise conveyed on a pro rata basis in connection with any
transfer, assignment, or other conveyance of Registrable Securities to any transferee or assignee; provided that all of the following additional conditions are satisfied with respect to any transfer, assignment or conveyance of Registrable
Securities or rights hereunder: (i) such transfer or assignment is made in compliance with the Securities Act, any other applicable securities or “blue sky” laws, or rules or regulations promulgated by FINRA, and the terms and
conditions of the certificate of incorporation and the by-laws of the Company; (ii) such transferee or assignee shall have delivered to the Company a Joinder Agreement in substantially the form attached hereto as Exhibit A
agreeing to become subject to and bound by the terms of this Agreement; provided, however, that notwithstanding the foregoing, no transferee or assignee of Capital Stock of the Company issued in the Transaction that has been sold, transferred or
otherwise disposed of by the Holder thereof pursuant to (x) a public resale under Rule 144 or (y) a registered offering, will be required to deliver a Joinder Agreement; and (iii) the Company is given written
notice by such Holder of such transfer or assignment, stating the name and address of the transferee or assignee, identifying the Registrable Securities with respect to which such rights are being transferred or assigned and the total number of
Registrable Securities and other Capital Stock of the Company beneficially owned by such transferee or assignee. Notwithstanding any other provision of this Agreement to the contrary, the Company shall not transfer or assign its rights or
obligations hereunder without the prior written consent of each Holder. 

  
 - 32 - 

 (h) Governing Law. This Agreement, and any claim, controversy or dispute arising under or related to
this Agreement, shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to the choice of law or conflicts of law. 

(i) Submission to Jurisdiction. Each of the Parties, by its execution of this Agreement, (i) hereby irrevocably submits to the exclusive
jurisdiction of the United States District Court for the Southern District of New York and the state courts sitting in the State of New York, County of New York for the purpose of any Proceeding arising out of or based upon this Agreement or
relating to the subject matter hereof, (ii) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, and agrees not to allow any of its Subsidiaries to assert, by way of motion, as a defense or otherwise,
in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that any such Proceeding brought in one of the above-named courts is
improper, or that this Agreement or the subject matter hereof or thereof may not be enforced in or by such court and (iii) hereby agrees not to commence or maintain any Proceeding arising out of or based upon this Agreement or relating
to the subject matter hereof or thereof other than before one of the above-named courts nor to make any motion or take any other action seeking or intending to cause the transfer or removal of any such Proceeding to any court other than one of the
above-named courts whether on the grounds of inconvenient forum or otherwise. Notwithstanding the foregoing, to the extent that any party hereto is or becomes a party in any litigation in connection with which it may assert indemnification rights
set forth in this Agreement, the court in which such litigation is being heard shall be deemed to be included in clause (i) above. Notwithstanding the foregoing, any party to this Agreement may commence and maintain an action to enforce
a judgment of any of the above-named courts in any court of competent jurisdiction. Each party hereto hereby consents to service of process in any such Proceeding in any manner permitted by New York law, and agrees that service of process by
registered or certified mail, return receipt requested, at its address specified pursuant to Section 10(f) hereof is reasonably calculated to give actual notice. 

(j) Waiver of Venue. The Parties irrevocably and unconditionally waive, to the fullest extent permitted by applicable law, (i) any
objection that they may now or hereafter have to the laying of venue of any Proceeding arising out of or relating to this Agreement in any court referred to in Section 10(i) and (ii) the defense of an inconvenient forum to
the maintenance of such Proceeding in any such court. 
 (k) WAIVER OF JURY TRIAL. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 (l) Cumulative
Remedies. The remedies provided herein are cumulative and not exclusive of any remedies provided by law. 
 (m) Severability. If any term,
provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the Parties shall use their commercially 

  
 - 33 - 

 
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby
stipulated and declared to be the intention of the Parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or
unenforceable. 
 (n) Entire Agreement. This Agreement constitutes the entire agreement among the Parties with respect to the subject matter hereof
and supersedes all prior contracts or agreements with respect to the subject matter hereof and supersedes any and all prior or contemporaneous discussions, agreements and understandings, whether oral or written, that may have been made or entered
into by or among any of the Parties or any of their respective Affiliates relating to the transactions contemplated hereby. 
 (o) Execution of
Agreement. This Agreement may be executed and delivered (by facsimile, by electronic mail PDF or otherwise) in any number of counterparts, each of which, when executed and delivered, shall be deemed an original, and all of which together shall
constitute the same agreement. 
 (p) Determination of Ownership. In determining ownership of Company Common Stock hereunder for any purpose, the
Company may rely solely on the records of the transfer agent for the Company Common Stock or other Capital Stock of the Company from time to time, or, if no such transfer agent exists, the Company’s stock ledger. 

(q) Headings; Section References. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the
meaning hereof. 
 (r) No Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, and notwithstanding the fact that
certain of the Holders may be partnerships or limited liability companies, each of the Holders and the Company agrees and acknowledges that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement
shall be had against any of the Company’s or the Holder’s former, current or future direct or indirect equity holders, controlling persons, stockholders, directors, officers, employees, agents, Affiliates, members, financing sources,
managers, general or limited partners or assignees (each, a “Related Party” and collectively, the “Related Parties”), in each case other than the Company, the current or former Holders or any of their respective
assignees under this Agreement, whether by the enforcement of any assessment or by any legal or equitable Proceeding, or by virtue of any applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach
to, be imposed on or otherwise be incurred by any of the Related Parties, as such, for any obligation or liability of the Company or the Holders under this Agreement or any documents or instruments delivered in connection herewith for any claim
based on, in respect of or by reason of such obligations or liabilities or their creation; provided, however, nothing in this Section 10(r) shall relieve or otherwise limit the liability of the Company or any current or former
Holder, as such, for any breach or violation of its obligations under this Agreement or such agreements, documents or instruments. 
 (s) Descriptive
Headings; Interpretation; No Strict Construction. Unless the context requires otherwise: (i) any pronoun used in this Agreement shall include the corresponding masculine, 

  
 - 34 - 

 
feminine or neuter forms; (ii) references to Sections, paragraphs and clauses refer to Sections, paragraphs and clauses of this Agreement; (iii) the terms
“include,” “includes,” “including” or words of like import shall be deemed to be followed by the words “without limitation”; (iv) the terms “hereof,”
“herein” or “hereunder” refer to this Agreement as a whole and not to any particular provision of this Agreement; (v) unless the context otherwise requires, the term “or” is not exclusive and
shall have the inclusive meaning of “and/or”; (vi) defined terms herein will apply equally to both the singular and plural forms and derivative forms of defined terms will have correlative meanings; (vii) references to any law
or statute shall be deemed to refer to such law or statute as amended or supplemented from time to time and shall include all rules and regulations and forms promulgated thereunder, and references to any law, rule, form or statute shall be construed
as including any legal and statutory provisions, rules or forms consolidating, amending, succeeding or replacing the applicable law, rule, form or statute; (viii) references to any agreement or contract are to that agreement or contract
as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof; (ix) references to any Person include such Person’s successors and permitted assigns; (x) references to
“days” are to calendar days unless otherwise indicated; and (xi) references to “writing”, “written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic
media) in a visible form. Each of the parties hereto acknowledges that each party was actively involved in the negotiation and drafting of this Agreement and agrees that no law or rule of construction shall be raised or used in which the provisions
of this Agreement shall be construed in favor or against any party hereto because one is deemed to be the author thereof. All references to laws, rules, regulations and forms in this Agreement shall be deemed to be references to such laws, rules,
regulations and forms, as amended from time to time or, to the extent replaced, the comparable successor thereto in effect at the time. All references to agencies, self-regulatory organizations or governmental entities in this Agreement shall be
deemed to be references to the comparable successors thereto from time to time. 
 (t) Recapitalizations, Exchanges, etc. The provisions of this
Agreement shall apply to the fullest extent set forth herein with respect to (i) the Company Common Stock, (ii) any and all securities into which shares of Company Common Stock is converted, exchanged or substituted in any
recapitalization or other capital reorganization by the Company and (iii) any and all equity securities of the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise) which may be
issued in respect of, in conversion of, in exchange for or in substitution of, the Company Common Stock and shall be appropriately adjusted for any stock dividends, splits, reverse splits, combinations, recapitalizations and the like occurring after
the date hereof. The Company shall cause any successor or assign (whether by merger, consolidation, sale of assets or otherwise) to assume the obligations of the Company under this Agreement or enter into a new registration rights agreement with the
Holders on terms substantially the same as this Agreement as a condition of any such transaction. 
 [Signature Pages Follow] 

  
 - 35 - 

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

			
	 VICI PROPERTIES INC.

		
	By:	 	/s/ Mary E. Higgins
	 Name:
	 	 Mary E. Higgins

	 Title:
	 	 CFO

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 
			
	 QUANTUM PARTNERS LP

By:    QP GP LLC, ITS GENERAL PARTNER

		
	By:	 	/s/ Thomas O’Grady
	 Name:
	 	 Thomas O’Grady

	 Title:
	 	
Attorney-in-Fact

 
			
	 Canyon Capital Advisors LLC,

on behalf of its participating funds and
 managed
accounts

		
	By:	 	/s/ John P. Plaga
	 Name:
	 	 John P. Plaga

	 Title:
	 	 Authorized Signatory

 
			
	Senator Global Opportunity Master Fund LP
		
	By:	 	/s/ Evan Gartenlaub
	 Name:
	 	 Evan Gartenlaub

	 Title:
	 	 Authorized Person

 
			
	HBK MASTER FUND L.P.
		
	By:	 	HBK Services LLC, its investment advisor
		
	By:	 	/s/ Jon L. Mosle III
	 Name:
	 	 Jon L. Mosle III

	 Title:
	 	 Authorized Power

 
			
	For and on behalf of Pentwater Capital Management, LP
	
	As investment advisor to:
	
	 PWCM Master Fund Ltd

Oceana Master Fund Ltd

Pentwater Equity Opportunities Master Fund Ltd

Pentwater Merger Arbitrage Master Fund Ltd

MAP 98 Segregated Portfolio

		
	By:	 	/s/ Neal Nenadovic
	 Name:
	 	 Neal Nenadovic

	 Title:
	 	 Chief Financial Officer

 
			
	 Monarch Debt Recovery Master Fund Ltd

Monarch Capital Master Partners III LP

Monarch Capital Master Partners IV LP

MCP Holdings Master LP

Monarch Special Opportunities Master Fund Ltd

	
	 By:    Monarch Alternative Capital LP, as

investment manager

		
	By:	 	/s/ Chris Santana
	 Name:
	 	 Chris Santana

	 Title:
	 	 Managing Principal

 
			
	 TACONIC OPPORTUNITY MASTER FUND L.P.

	
	 By: Taconic Capital Advisors L.P., its

investment manager

		
	By:	 	/s/ Peyton McNutt
	 Name:
	 	 Peyton McNutt

	 Title:
	 	 Associate General Counsel

 
			
	 TACONIC MASTER FUND 1.5 L.P.

	
	 By: Taconic Capital Advisors L.P., its

investment manager

		
	By:	 	/s/ Peyton McNutt
	 Name:
	 	 Peyton McNutt

	 Title:
	 	 Associate General Counsel

 
			
	HG VORA SPECIAL OPPORTUNITIES MASTER FUND, LTD.
		
	 By:
	 	 HG Vora Capital Management, LLC

as investment adviser

		
	By:	 	/s/ Mandy Lam
	 Name:
	 	 Mandy Lam

	 Title:
	 	 Authorized Signatory

 
			
	SILVER POINT CAPITAL FUND, L.P.
	
	 BY SILVER POINT CAPITAL, L.P., ITS

INVESTMENT MANAGER

		
	By:	 	/s/ Steven Weiser
	 Name:
	 	 Steven Weiser

	 Title:
	 	 Authorized Signatory

 
			
	SILVER POINT CAPITAL OFFSHORE MASTER FUND. L.P.,
	 BY SILVER POINT CAPITAL, L.P., ITS

INVESTMENT MANAGER

		
	By:	 	/s/ Brett Rodda
	 Name:
	 	 Brett Rodda

	 Title:
	 	 Authorized Signatory

 
			
	Centerbridge Special Credit Partners III, L.P.
		
	By:	 	/s/ Susanne V. Clark
	 Name:
	 	 Susanne V. Clark

	 Title:
	 	 Authorized Signatory

 
			
	Centerbridge Credit Partners Master, L.P.
		
	By:	 	/s/ Susanne V. Clark
	 Name:
	 	 Susanne V. Clark

	 Title:
	 	 Authorized Signatory

 
			
	Centerbridge Credit Partners, L.P.
		
	By:	 	/s/ Susanne V. Clark
	 Name:
	 	 Susanne V. Clark

	 Title:
	 	 Authorized Signatory

 
			
	Dwight Place Capital Partners, LLC
		
	By:	 	/s/ Ilan Mandel
	 Name:
	 	 Ilan Mandel

	 Title:
	 	 CFO

 
			
	Dwight Place Capital Management, LLC
		
	By:	 	/s/ Ilan Mandel
	 Name:
	 	 Ilan Mandel

	 Title:
	 	 CFO

 
			
	MASTER SIF SICAV SIF
	
	 By: Marathon Asset Management L.P.

Its Investment Manager and Authorized Signatory

		
	By:	 	/s/ Louis T. Hanover
	 Name:
	 	 Louis T. Hanover

	 Title:
	 	 Authorized Signatory

 
			
	MARATHON SPECIAL OPPORTUNITY MASTER FUND LTD.
	
	 By: Marathon Asset Management L.P.

Its Investment Manager and Authorized Signatory

		
	By:	 	/s/ Louis T. Hanover
	 Name:
	 	 Louis T. Hanover

	 Title:
	 	 Authorized Signatory

 
			
	MARATHON BLUE GRASS CREDIT FUND LP
	
	 By: Marathon Asset Management L.P.

Its Investment Manager and Authorized Signatory

		
	By:	 	/s/ Louis T. Hanover
	 Name:
	 	 Louis T. Hanover

	 Title:
	 	 Authorized Signatory

 
			
	TRS CREDIT FUND LP
	
	 By: Marathon Asset Management L.P.

Its Investment Manager and Authorized Signatory

		
	By:	 	/s/ Louis T. Hanover
	 Name:
	 	 Louis T. Hanover

	 Title:
	 	 Authorized Signatory

 
			
	HIGHLINE CAPITAL PARTNERS, L.P.
		
	By:	 	/s/ Michael Klarman
	 Name:
	 	 Michael Klarman

	 Title:
	 	 Member of the GP

 
			
	HIGHLINE CAPITAL PARTNER QP, LP
		
	By:	 	/s/ Michael Klarman
	 Name:
	 	 Michael Klarman

	 Title:
	 	 Member of the GP

 
			
	HIGHLINE CAPITAL MASTER LP
		
	By:	 	/s/ Michael Klarman
	 Name:
	 	 Michael Klarman

	 Title:
	 	 Member of the GP

 
			
	HIGHLINE CAPITAL QUALIFIED MASTER LP
		
	By:	 	/s/ Michael Klarman
	 Name:
	 	 Michael Klarman

	 Title:
	 	 Member of the GP

 
			
	HIGHLINE ENHANCED QUALIFIED MASTER LP
		
	By:	 	/s/ Michael Klarman
	 Name:
	 	 Michael Klarman

	 Title:
	 	 Member of the GP

 
			
	HIGHLINE A MASTER FUND LLC
		
	By:	 	/s/ Michael Klarman
	 Name:
	 	 Michael Klarman

	 Title:
	 	 Member of the GP

 
			
	HIGHLINE B MASTER FUND LLC
		
	By:	 	/s/ Michael Klarman
	 Name:
	 	 Michael Klarman

	 Title:
	 	 Member of the GP

 
			
	ECF Value Fund, LP
		
	By:	 	/s/ Marc Blatter
	 Name:
	 	 Marc Blatter

	 Title:
	 	 Chief Financial Officer

 
			
	ECF Value Fund II, LP
		
	By:	 	/s/ Marc Blatter
	 Name:
	 	 Marc Blatter

	 Title:
	 	 Chief Financial Officer

 
			
	ECF Value Fund International Master, LP
		
	By:	 	/s/ Marc Blatter
	 Name:
	 	 Marc Blatter

	 Title:
	 	 Chief Financial Officer

 
			
	Long Pond Offshore Master, L.P.
		
	By:	 	/s/ Anthony Famiglietti
	 Name:
	 	 Anthony Famiglietti

	 Title:
	 	 CFO, Long Pond Capital

 
			
	Long Pond U.S. Master, LP
		
	By:	 	/s/ Anthony Famiglietti
	 Name:
	 	 Anthony Famiglietti

	 Title:
	 	 CFO, Long Pond Capital

 
			
	 SOUND POINT CAPITAL

MANAGEMENT, LP, AS INVESTMENT

MANAGER FOR FUNDS LISTED ON

SCHEDULE 1 HERETO

		
	By:	 	/s/ Wendy Ruberti
	 Name:
	 	 Wendy Ruberti

	 Title:
	 	 General Counsel

 Schedule 1 
 Sound Point
Credit Opportunities Master Fund, LP 
 Sound Point Beacon Master Fund, LP 

Sound Point Montauk Fund, LP 
 Neuberger Berman Alternative funds
— Neuberger Berman Absolute Return Multi-Manager Fund 
 Neuberger Berman Investment Funds, Plc 

Principal Funds, Inc. — Global Market Strategy Fund 
 SP Co-Invest, LLC 

 
			
	 Diameter Master Fund LP

		
	By:	 	/s/ Christopher H. Sullivan
	 Name:
	 	 Christopher H. Sullivan

	 Title:
	 	 Authorized Signatory

 
			
	 OCM VICI HOLDINGS, LLC

	
	 By: Oaktree Fund GP IIA, LLC

Its: Manager

	
	 By: Oaktree Fund GP III, L.P.

Its: Managing Member

		
	By:	 	/s/ Kaj Vazales
	 Name:
	 	 Kaj Vazales

	 Title:
	 	 Authorized Signatory

		
	By:	 	/s/ Steven Tesoriere
	 Name:
	 	 Steven Tesoriere

	 Title:
	 	 Authorized Signatory

 
			
	 MARBLE RIDGE MASTER FUND LP

		
	By:	 	/s/ Dan Kamensky
	 Name:
	 	 Dan Kamensky

	 Title:
	 	 Managing Partner

 
			
	 Associated British Foods Pension Scheme

	
	 By: Beach Point Capital Management LP

Its Investment Manager

		
	By:	 	/s/ Carl Goldsmith
	 Name:
	 	 Carl Goldsmith

	 Title:
	 	 Co-Chief Investment Officer

 
			
	 Beach Point Multi-Asset Credit Fund Ltd.

	
	 By: Beach Point Capital Management LP

Its Investment Manager

		
	By:	 	/s/ Carl Goldsmith
	 Name:
	 	 Carl Goldsmith

	 Title:
	 	 Co-Chief Investment Officer

 
			
	 Beach Point Multi-Strategy Credit Master Fund, L.P.

	
	 By: Beach Point Capital Management LP

Its Investment Manager

		
	By:	 	/s/ Carl Goldsmith
	 Name:
	 	 Carl Goldsmith

	 Title:
	 	 Co-Chief Investment Officer

 
			
	 Beach Point Orange SCF LP

	
	 By: Beach Point Capital Management LP

Its Investment Manager

		
	By:	 	/s/ Carl Goldsmith
	 Name:
	 	 Carl Goldsmith

	 Title:
	 	 Co-Chief Investment Officer

 
			
	 Beach Point SCF 0166 LP

	
	 By: Beach Point Capital Management LP

Its Investment Manager

		
	By:	 	/s/ Carl Goldsmith
	 Name:
	 	 Carl Goldsmith

	 Title:
	 	 Co-Chief Investment Officer

 
			
	 Beach Point SCF IV LLC

	
	 By: Beach Point Capital Management LP

Its Investment Manager

		
	By:	 	/s/ Carl Goldsmith
	 Name:
	 	 Carl Goldsmith

	 Title:
	 	 Co-Chief Investment Officer

 
			
	 Beach Point SCF Multi-Port LP

	
	 By: Beach Point Capital Management LP

Its Investment Manager

		
	By:	 	/s/ Carl Goldsmith
	 Name:
	 	 Carl Goldsmith

	 Title:
	 	 Co-Chief Investment Officer

 
			
	 Beach Point SCF VIII, Ltd.

	
	 By: Beach Point Capital Management LP

Its Investment Manager

		
	By:	 	/s/ Carl Goldsmith
	 Name:
	 	 Carl Goldsmith

	 Title:
	 	 Co-Chief Investment Officer

 
			
	 Beach Point SCF X, LP

	
	 By: Beach Point Capital Management LP

Its Investment Manager

		
	By:	 	/s/ Carl Goldsmith
	 Name:
	 	 Carl Goldsmith

	 Title:
	 	 Co-Chief Investment Officer

 
			
	 Beach Point Select Fund LP

	
	 By: Beach Point Capital Management LP

Its Investment Manager

		
	By:	 	/s/ Carl Goldsmith
	 Name:
	 	 Carl Goldsmith

	 Title:
	 	 Co-Chief Investment Officer

 
			
	 Beach Point TX SCF LP

	
	 By: Beach Point Capital Management LP

Its Investment Manager

		
	By:	 	/s/ Carl Goldsmith
	 Name:
	 	 Carl Goldsmith

	 Title:
	 	 Co-Chief Investment Officer

 
			
	 Beach Point SCF I LP

	
	 By: Beach Point Capital Management LP

Its Investment Manager

		
	By:	 	/s/ Carl Goldsmith
	 Name:
	 	 Carl Goldsmith

	 Title:
	 	 Co-Chief Investment Officer

 
			
	 Beach Point Global Master Fund, L.P.

	
	 By: Beach Point Capital Management LP

Its Investment Manager

		
	By:	 	/s/ Carl Goldsmith
	 Name:
	 	 Carl Goldsmith

	 Title:
	 	 Co-Chief Investment Officer

 
			
	 Beach Point Total Return Master Fund L.P.
  

By: Beach Point Capital Management LP
 Its Investment
Manager

		
	By:	 	/s/ Carl Goldsmith
	Name:	 	Carl Goldsmith
	Title:	 	Co-Chief Investment Officer

 
			
	 Beach Point Securitized Credit Fund LP
  

By: Beach Point Capital Management LP
 Its Investment
Manager

		
	By:	 	/s/ Carl Goldsmith
	Name:	 	Carl Goldsmith
	Title:	 	Co-Chief Investment Officer

 
			
	 HBOS Final Salary Pension Scheme

 
 By: Beach Point Capital Management LP

Its Investment Manager

		
	By:	 	/s/ Carl Goldsmith
	Name:	 	Carl Goldsmith
	Title:	 	Co-Chief Investment Officer

 
			
	 MERCER QIF FUND PLC — MERCER INVESTMENT FUND 1

 
 By: Beach Point Capital Management LP

Its Investment Manager

		
	By:	 	/s/ Carl Goldsmith
	Name:	 	Carl Goldsmith
	Title:	 	Co-Chief Investment Officer

 
			
	 Lloyds Bank Pension Scheme No. 1

 
 By: Beach Point Capital Management LP

Its Investment Manager

		
	By:	 	/s/ Carl Goldsmith
	Name:	 	Carl Goldsmith
	Title:	 	Co-Chief Investment Officer

 
			
	 Lloyds Bank Pension Scheme No. 2

 
 By: Beach Point Capital Management LP

Its Investment Manager

		
	By:	 	/s/ Carl Goldsmith
	Name:	 	Carl Goldsmith
	Title:	 	Co-Chief Investment Officer

 
			
	 Pacific Coast Investment Fund LLC

 
 By: Beach Point Capital Management LP

Its Investment Manager

		
	By:	 	/s/ Carl Goldsmith
	Name:	 	Carl Goldsmith
	Title:	 	Co-Chief Investment Officer

 
			
	 CORPORATE CAPITAL TRUST II

		
	By:	 	/s/ Nicole J. Macarchuk
	Name:	 	Nicole J. Macarchuk
	Title:	 	Authorized Signatory

 
			
	 KKR GLOBAL CREDIT
 OPPORTUNITIES
MASTER FUND L.P.

		
	By:	 	/s/ Nicole J. Macarchuk
	Name:	 	Nicole J. Macarchuk
	Title:	 	Authorized Signatory

 
			
	 KKR INCOME OPPORTUNITIES FUND

		
	By:	 	/s/ Nicole J. Macarchuk
	Name:	 	Nicole J. Macarchuk
	Title:	 	Authorized Signatory

 
			
	 TACTICAL VALUE SPN-GLOBAL

CREDIT OPPORTUNITIES L.P.

		
	By:	 	/s/ Nicole J. Macarchuk
	Name:	 	Nicole J. Macarchuk
	Title:	 	Authorized Signatory

 SCHEDULE I 

COMMON STOCKHOLDERS 
 Canyon-ASP Fund, L.P. — Investing (New) 
 Canyon Balanced Master Fund, Ltd. 

Canyon Distressed Opportunity Master Fund II, L. P. 
 Canyon-SL Value Fund LP 
 The Canyon Value Realization Master Fund, L.P. 

Canyon Blue Credit Investment Fund L.P. 
 Canyon-GRF Master Fund II, L.P. 
 Canyon Distressed Opportunity Investing Fund II, L.P. 

EP Canyon Ltd 
 CANYON
NZ-DOF INVESTING L.P. 
 Canyon Value Realization MAC 18 Ltd. 

Canyon Value Realization Fund, L.P. — Investing 
 HBK Master
Fund L.P. 
 HG Vora Special Opportunities Master Fund, Ltd. 

Monarch Capital Master Partners III LP 
 MCP Holdings Master LP

 Monarch Debt Recovery Master Fund Ltd 
 Monarch Special
Opportunities Master Fund Ltd 
 Monarch Capital Master Partners IV LP 

PWCM Master Fund Ltd. 
 Oceana Master Fund Ltd. 

Pentwater Equity Opportunities Master Fund Ltd. 
 Pentwater Merger
Arbitrage Master Fund Ltd. 
 MAP 98 Segregated Portfolio 

Senator Global Opportunity Master Fund LP 
 Silver Point Capital
Fund, L.P. 
 Silver Point Capital Offshore Master Fund, L.P. 

Quantum Partners LP 
 Taconic Master Fund 1.5 LP 

Taconic Opportunity Master Fund LP 

 Beach Point Total Return Master Fund, L.P. 

Beach Point Select Fund LP 
 Beach Point SCF X LP 

Beach Point Multi-Asset Credit Fund Ltd. 
 Beach Point
Multi-Strategy Credit Master Fund, L.P. 
 Beach Point SCF VIII Ltd. 

Beach Point Global Master Fund, L.P. 
 Beach Point Securitized
Credit Fund LP 
 Beach Point SCF IV LLC 
 Beach Point SCF
Multi-Port LP 
 Beach Point TX SCF LP 
 Beach Point SCF I LP

 Pacific Coast Investment Fund LLC 
 Lloyds Bank Pension
Scheme No.1 
 Lloyds Bank Pension Scheme No.2 
 HBOS Final
Salary Pension Scheme 
 Associated British Foods Pension Plan 

Mercer QIF Fund PLC 
 Beach Point Orange SCF LP 

Beach Point SCF 0166 LP 
 Centerbridge Credit Partners Master,
L.P. 
 Centerbridge Credit Partners, L.P. 
 Centerbridge
Special Credit Partners III, L.P. 
 Diameter Master Fund LP 

ECF Value Fund, L.P. 
 ECF Value Fund II, L.P. 

ECF Value Fund International Master L.P. 
 Dwight Place Capital
Partners, LLC 
 Dwight Place Capital Management, LLC 

Highline Capital Partners, L.P. 
 Highline Capital Partners QP,
L.P. 
 Highline Capital Master, L.P. 
 Highline Capital
Qualified Master, L.P. 
 Highline Enhanced Qualified Master, L.P. 

Highline A Master Fund, LLC 
 Highline B Master Fund, LLC 

Corporate Capital Trust II 

 KKR Global Credit Opportunities Master Fund L.P. 

KKR Income Opportunities Fund 
 Tactical Value SPN-Global Credit Opportunities L.P. 
 Long Pond U.S. Master, LP 

Long Pond Offshore Master, L.P. 
 Marathon Blue Grass Credit Fund
LP 
 TRS Credit Fund L.P. 
 Marathon Special Opportunity Master
Fund Ltd 
 Master SIF SICAV SIF 
 Marble Ridge Master Fund LP

 OCM VICI Holdings, LLC 
 Sound Point Credit Opportunities
Master Fund, LP 
 Sound Point Beacon Master Fund, LP 
 Sound
Point Montauk Fund, LP 
 Neuberger Berman Alternative Funds — Neuberger Berman Absolute Return Multi-Manager Fund 

Neuberger Berman Investment Funds, Plc 
 Principal Funds, Inc
— Global Multi-Strategy Fund 
 SP Co-Invest Fund, LLC 

 EXHIBIT A 

Form of Joinder Agreement 

The undersigned hereby agrees, effective as of the date set forth below, to become a party to that certain Registration Rights Agreement (as
amended, restated and modified from time to time, the “Agreement”) dated as of [●], by and among VICI Properties Inc., a Maryland corporation (the “Company”), and the holders of the Company Common Stock named
therein, and for all purposes of the Agreement the undersigned will be included within the term “Holder” (as defined in the Agreement). The address, facsimile number and email address to which notices may be sent to the undersigned are as
follows: 
  

			
		
	Address:	 	 
		 	 
		 	 
	 Facsimile No.:
	 	 
	 Email:
	 	 
	 Date:
	 	 

  

					
	[If entity]
	
	 [ENTITY NAME]

		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  

	
	[If individual]
	
	   

	Individual Name:

  
 A-1 

 EXHIBIT B 

Form of Plan of Distribution1 

The selling stockholders, or their pledgees, donees, transferees, or any of their successors in interest selling shares received from a named
selling stockholder as a gift, partnership distribution or other permitted transfer after the date of the applicable prospectus (all of whom may be selling stockholders), may sell some or all of the securities covered by this prospectus from time to
time on any stock exchange or automated interdealer quotation system on which our common stock is listed, in the over-the-counter market, in privately negotiated
transactions or otherwise, at fixed prices that may be changed, at market prices prevailing at the time of sale, at prices related to prevailing market prices or at prices otherwise negotiated. The selling stockholders may sell the securities by one
or more of the following methods, without limitation: 
  

	 	•	 	block trades in which the broker or dealer so engaged will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction; 

 

	 	•	 	purchases by a broker or dealer as principal and resale by the broker or dealer for its own account pursuant to this prospectus; 

  

	 	•	 	an exchange distribution in accordance with the rules of any stock exchange on which our common stock is listed; 

  

	 	•	 	ordinary brokerage transactions and transactions in which the broker solicits purchases; 

  

	 	•	 	privately negotiated transactions; 

  

	 	•	 	short sales, either directly or with a broker-dealer or affiliate thereof; 

  

	 	•	 	through the writing of options on the common stock, whether or not the options are listed on an options exchange; 

  

	 	•	 	through loans or pledges of the common stock to a broker-dealer or an affiliate thereof; 

  

	 	•	 	by entering into transactions with third parties who may (or may cause others to) issue securities convertible or exchangeable into, or the return of which is derived in whole or in part from the value of, our common
stock; 

  

	 	•	 	through the distribution by any selling stockholder to its partners, members or stockholders; 

  

	 	•	 	one or more underwritten offerings on a firm commitment or best efforts basis; and 

  

	 	•	 	any combination of any of these methods of sale. 

 For example, the selling stockholders may
engage brokers and dealers, and any brokers or dealers may arrange for other brokers or dealers to participate in effecting sales of our 

 

	1 	 The Plan of Distribution will be appropriately modified in the event that any securities other than common stock
are offered for distribution in accordance with the terms of the Agreement. 

  
 B-1 

 
common stock. These brokers, dealers or underwriters may act as principals, or as an agent of a selling stockholder. Broker-dealers may agree with a selling stockholder to sell a specified number
of shares of our common stock or preferred stock at a stipulated price per share. If the broker-dealer is unable to sell the common stock acting as agent for a selling stockholder, it may purchase as principal any unsold securities at the stipulated
price. Broker-dealers who acquire common stock as principals may thereafter resell the common stock from time to time in transactions on any stock exchange or automated interdealer quotation system on which the common stock is then listed, at prices
and on terms then prevailing at the time of sale, at prices related to the then-current market price or in negotiated transactions. Broker-dealers may use block transactions and sales to and through broker-dealers, including transactions of the
nature described above. 
 A selling stockholder may also enter into hedging and/or monetization transactions. For example, a selling
stockholder may: 
  

	 	•	 	enter into transactions with a broker-dealer or affiliate of a broker-dealer or other third party in connection with which that other party will become a selling stockholder and engage in short sales of our common stock
under this prospectus, in which case the other party may use shares of our common stock received from the selling stockholder to close out any short position; 

  

	 	•	 	sell short our common stock under this prospectus and use shares of our common stock held by the selling stockholder to close out any short position; 

 

	 	•	 	enter into options, forwards or other transactions that require the selling stockholder to deliver, in a transaction exempt from registration under the Securities Act, shares of our common stock to a broker-dealer or an
affiliate of a broker-dealer or other third party who may then become a selling stockholder and publicly resell or otherwise transfer shares of our common stock under this prospectus; 

 

	 	•	 	loan or pledge shares of our common stock to a broker-dealer or affiliate of a broker-dealer or other third party who may then become a selling stockholder and sell the loaned shares or, in an event of default in the
case of a pledge, become a selling stockholder and sell the pledged shares, under this prospectus. As and when a selling stockholder takes such actions, the number of securities offered under this prospectus on behalf of such selling stockholder
will decrease. The plan of distribution for that selling stockholder’s common stock will otherwise remain unchanged; or 

  

	 	•	 	enter into derivative transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions. If the applicable prospectus supplement indicates, in
connection with those derivatives, the third parties may sell securities covered by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so, the third party may use securities pledged by the selling
stockholder or borrowed from the selling stockholder or others to settle those sales or to close out any related open borrowings of common stock, and may use securities received from the selling stockholder in settlement of those derivatives to
close out any related open borrowings of stock. The third party in such sale transactions may be an underwriter and, if applicable, will be identified as such in the applicable prospectus supplement (or a post-effective amendment).

  
 B-2 

 The selling stockholders may also sell shares of our common stock pursuant to Rule 144 under
the Securities Act. 
 We do not know of any arrangements by the selling stockholders for the sale of our common stock. 

To the extent required under the Securities Act, the aggregate amount of selling stockholders’ common stock being offered and the terms
of the offering, the names of any agents, brokers, dealers or underwriters and any applicable commission with respect to a particular offer will be set forth in an accompanying prospectus supplement. Any underwriters, dealers, brokers or agents
participating in the distribution of the common stock may receive compensation in the form of underwriting discounts, concessions, commissions or fees from a selling stockholder and/or purchasers of selling stockholders’ common stock for whom
they may act (which compensation as to a particular broker-dealer might be in excess of customary commissions). 
 The selling stockholders
and any underwriters, brokers, dealers or agents that participate in the distribution of the common stock may be deemed to be “underwriters” within the meaning of the Securities Act, and any discounts, concessions, commissions or fees
received by them and any profit on the resale of the common stock sold by them may be deemed to be underwriting discounts and commissions. 

The selling stockholders and other persons participating in the sale or distribution of the common stock will be subject to applicable
provisions of the Exchange Act and the rules and regulations thereunder, including Regulation M. This regulation may limit the timing of purchases and sales of any of the common stock by the selling stockholders and any other person. The
anti-manipulation rules under the Exchange Act may apply to sales of common stock in the market and to the activities of the selling stockholders and their affiliates. Furthermore, Regulation M may restrict the ability of any person engaged in
the distribution of the common stock to engage in market-making activities with respect to the particular common stock being distributed for a period of up to five business days before the distribution. These restrictions may affect the
marketability of the common stock and the ability of any person or entity to engage in market-making activities with respect to the common stock. 

To the extent permitted by applicable law, this plan of distribution may be modified in a prospectus supplement or otherwise. 

We agreed to register the common stock under the Securities Act and to keep the registration statement of which this prospectus is a part
effective for a specified period of time. We have also agreed to indemnify the selling stockholders against certain liabilities, including liabilities under the Securities Act. The selling stockholders have agreed to indemnify us in certain
circumstances against certain liabilities, including liabilities under the Securities Act. 
 We will not receive any proceeds from sales of
any common stock by the selling stockholders. 
 We cannot assure you that the selling stockholders will sell all or any portion of the
common stock offered hereby. All of the foregoing may affect the marketability of the securities offered hereby. 

  
 B-3 

 EXHIBIT C 

Form of Notice and Holder Questionnaire 

The undersigned beneficial holder of common stock, par value $0.01 per share, which shares the undersigned believes are Registrable Securities
(as defined in the Registration Rights Agreement (as defined below)), understands that the Company intends to file or has filed with the Commission a registration statement (the “Shelf Registration Statement”) on Form S-11 for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”), of the Registrable Securities, in accordance with the terms of the registration
rights agreement (the “Registration Rights Agreement”), among the Company and the Holders named therein. A copy of the Registration Rights Agreement is available from the Company upon request at the address set forth below. All
capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the Registration Rights Agreement. 
 Each
beneficial holder of Registrable Securities (each a “beneficial owner”) is entitled to the benefits of the Registration Rights Agreement. In order to sell, or otherwise dispose of, any Registrable Securities pursuant to the Shelf
Registration Statement, a beneficial owner of Registrable Securities will be required to be named as a selling securityholder in the related prospectus, deliver a prospectus to purchasers of Registrable Securities (to the extent required by
applicable law) and be bound by those provisions of the Registration Rights Agreement applicable to such beneficial owner (including certain indemnification provisions as described below). Beneficial owners that do not (i) complete this Notice
and Questionnaire and (ii) execute a Joinder in the Form attached as Exhibit A of the Registration Rights Agreement (if required) and deliver both documents to the Company as provided below will not be named as selling securityholders in
the prospectus and, therefore, will not be permitted to sell any Registrable Securities pursuant to the Shelf Registration Statement. 

Further, the right of a beneficial owner to receive notices of and participate in underwritten offerings, exercise piggyback rights or
include shares pursuant to the demand rights set forth in the Registration Rights Agreement is conditioned upon an affirmative election to receive such notices. A beneficial owner may provide such notice pursuant to this Notice and Questionnaire by
making the elections in Question 6 or by providing written notice in the manner contemplated by the Registration Rights Agreement. 

Certain legal consequences arise from being named as a selling securityholder in the Shelf Registration Statement and the related prospectus.
Accordingly, holders and beneficial owners of Registrable Securities are advised to consult their own securities legal counsel regarding the consequences of being named or not being named as a selling securityholder in the Shelf Registration
Statement and the related prospectus. 
 NOTICE 

The undersigned beneficial owner (the “Selling Securityholder”) of Registrable Securities hereby gives notice to the Company
of its intention to sell or otherwise dispose of Registrable Securities beneficially owned by it and listed below in Item 3 (unless otherwise specified under such Item 3) pursuant to the Shelf Registration Statement. The undersigned, by signing and
returning this Notice and Questionnaire, understands that it will be bound by the terms and conditions of this Notice and Questionnaire and the Registration Rights Agreement. 

  
 C-1 

 Pursuant to the Registration Rights Agreement, the undersigned has agreed to indemnify and
hold harmless the Company, its directors and officers, affiliates, employees, members, managers, agents and each person who controls the Company (within the meaning of Section 15 of the Securities Act or Section 20 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), from and against certain losses arising in connection with statements or omissions concerning the undersigned that are made in, or omitted from, the Shelf Registration Statement
or the related prospectus in reliance upon the information provided in this Notice and Questionnaire. 
 QUESTIONNAIRE 

Please respond to every item, even if your response is “none.” If you need more space for any response, please attach additional
sheets of paper. Please be sure to indicate your name and the number of the item being responded to on each such additional sheet of paper, and to sign each such additional sheet of paper before attaching it to this Questionnaire. Please note that
you may be asked to answer additional questions depending on your responses to the following questions. 
 If you have any questions about
the contents of this Questionnaire or as to who should complete this Questionnaire, please contact the Mary Beth Higgins, Chief Financial Officer of the Company, at (702) 407-6556. 

The undersigned hereby provides the following information to the Company and represents and warrants that such information is accurate and
complete: 
  

							
	1.    	  	Identity and Background of the Record Holder of the Registrable Securities.
			
		  	(a)	 	Full legal name:
				
		  	(b)	 	(i)	 	Business address (including street address) (or residence if no business address), telephone number and e-mail address of record holder:
				
		  		 		 	Address:
				
		  		 		 	Telephone No.:
				
		  		 		 	E-mail address:
				
		  		 		 	Contact person:
				
		  		 	(ii)	 	If an entity:
				
		  		 		 	Type of entity:
				
		  		 		 	State of formation:

  
 C-2 

	 	(c)	 	Are you a broker-dealer registered pursuant to Section 15 of the Exchange Act? 

 Yes. 

No. 
  

	 	(d)	 	If your response to Item 1(c) above is no, are you an “affiliate” of a broker-dealer registered pursuant to Section 15 of the Exchange Act? 

Yes. 
 No. 

For the purposes of this Item 1(d), an “affiliate” of a registered broker-dealer includes any person that directly, or indirectly
through one or more intermediaries, controls, or is controlled by, or is under common control with, such broker-dealer, and does not include any individuals employed by such broker-dealer or its affiliates. 

 

	 	(e)	 	Full legal name of the person, if any, through which you hold the Registrable Securities (i.e., name of your broker or the DTC participant, if applicable, through which your Registrable Securities are held):

 Name of Broker: 

DTC No.: 
 Contact person: 

Telephone No.: 
  

	2.	Your Relationship with the Company. 

  

	 	(a)	 	Have you or any of your affiliates, officers, directors or principal equity holders (owners of 5% or more of the equity securities of the undersigned) held any position or office or have you had any other material
relationship with the Company (or its predecessors or affiliates) within the past three years? 

 Yes. 

No. 
  

	 	(b)	 	If your response to Item 2(a) above is yes, please state the nature and duration of your relationship with the Company: 

  
 C-3 

	3.	Your Interest in the Registrable Securities. 

  

	 	(a)	 	In the table below, state the type and amount of Registrable Securities beneficially owned by you. 

  

									
	 Type of Security
	  	Number of Shares	 	  	Type of Ownership (direct, or
indirect through trust,
partnership, etc.)	 
		  				  			
		  				  			
		  				  			

  

	 	(b)	 	Other than as set forth in your response to Item 3(a) above, do you beneficially own any other securities of the Company? 

Yes. 
 No. 

 

	 	(c)	 	If your answer to Item 3(b) above is yes, state the type and the aggregate amount of such other securities of the Company beneficially owned by you. 

Type: 
 Aggregate amount: 

 

	 	(d)	 	If your response to Item 1(d) is yes, did you acquire the securities listed in Item 3(a) above in the ordinary course of business? 

Yes. 
 No. 

 

	 	(e)	 	If your response to Item 1(d) is yes, at the time of your acquisition of the securities listed in Item 3(a) above, did you have any agreements or understandings, direct or indirect, with any person to distribute the
securities? 

 Yes. 

No. 

  
 C-4 

	 	(f)	 	If your response to Item 3(e) above is yes, please describe such agreements or understandings: 

Note: If you are an affiliate of a broker-dealer and did not acquire your Registrable Securities in the ordinary course of business or
at the time of acquisition had any agreements or understandings, direct or indirect, with any person to distribute the securities, the Company may be required to identify you as an underwriter in the Shelf Registration Statement and related
Prospectus. 
  

	 	(g)	 	Is any of the Registrable Securities subject to a pledge? If so, please describe. 

 Yes. 

No. 
  

	4.	Nature of your Beneficial Ownership. 

 If the Selling Securityholder is not a natural person or
is a natural person who has delegated voting or dispositive power by contract or otherwise in respect of the Registrable Securities, please identify the natural person or persons who have voting or investment control over the Registrable Securities
listed in Item 3(a) and describe the relationship by which they exercise such powers. If voting and dispositive powers are divided among such listed persons, so indicate. 
  

	5.	Plan of Distribution. 

 Except as set forth below, the undersigned Selling Securityholder
intends to distribute the Registrable Securities listed above in Item 3(a) only pursuant to the section entitled “Plan of Distribution” to be included in the Shelf Registration Statement and related Prospectus, a form of which is attached
as Exhibit B to the Registration Rights Agreement. 
 State any exceptions here: 

Note: In no event will such method(s) of distribution take the form of an underwritten offering of the Registrable Securities, except
in accordance with the terms of the Registration Rights Agreement. 

  
 C-5 

 6. The undersigned hereby affirmatively elects to receive the following notices (as defined
in the Registration Rights Agreement) (please check all that apply): 
 ☐    Demand Notice 

☐    Piggyback Notice 

☐    Shelf Takedown Notice 

The undersigned acknowledges its obligation to comply with the provisions of the Exchange Act and the rules thereunder relating to stock
manipulation, particularly Regulation M thereunder (or any successor rules or regulations), in connection with any offering of Registrable Securities pursuant to the Registration Rights Agreement. The undersigned agrees that neither it nor any
person acting on its behalf will engage in any transaction in violation of such provisions. 
 The undersigned beneficial owner and Selling
Securityholder hereby acknowledges its obligations under the Registration Rights Agreement to indemnify and hold harmless certain persons as set forth therein. Pursuant to the Registration Rights Agreement, the Company has agreed under certain
circumstances to indemnify Selling Securityholders against certain liabilities. 
 In accordance with the undersigned’s obligation
under the Registration Rights Agreement to provide such information as may be required by law for inclusion in the Shelf Registration Statement, the undersigned agrees to promptly notify the Company of any inaccuracies or changes in the information
provided herein that may occur subsequent to the date hereof at any time while the Shelf Registration Statement remains effective. 
 All
notices to the beneficial owner hereunder and pursuant to the Registration Rights Agreement shall be made in writing to the undersigned at the address set forth in Item 1(b) of this Notice and Questionnaire. 

By signing below, the undersigned acknowledges that it is the beneficial owner of the Registrable Securities set forth herein, represents that
the information provided herein is accurate, consents to the disclosure of the information contained in this Notice and Questionnaire and the inclusion of such information in the Shelf Registration Statement and the related Prospectus. The
undersigned understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Shelf Registration Statement and the related Prospectus. 

Once this Notice and Questionnaire is executed by the undersigned beneficial owner and received by the Company, the terms of this Notice and
Questionnaire, and the representations and warranties contained herein, shall be binding on, shall inure to the benefit of and shall be enforceable by the respective successors, heirs, personal representatives and assigns of the Company and the
undersigned beneficial owner. This Notice and Questionnaire shall be governed, adjudicated and enforced in accordance with terms of the Registration Rights Agreement. 

  
 C-6 

 IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice
and Questionnaire to be executed and delivered either in person or by its duly authorized agent. 
  

			
	NAME OF BENEFICIAL OWNER:
	
	 
	(Please Print)
		
	 Signature:
	 	 

 
			
		
	 Date:
	 	 

  
 C-7 

 PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND 

QUESTIONNAIRE TO VICI PROPERTIES INC. AS FOLLOWS: 

VICI Properties Inc. 
 8329 W.
Sunset Road, Suite 210 
 Las Vegas, Nevada 89113 

Attention Mary Elizabeth Higgins, Chief Financial Officer 

E-mail Address: mbhiggins@caesars.com 

This Notice and Questionnaire must be returned in the manner and within the time period set forth in the Registration Rights Agreement in order to include
Registrable Securities in such Shelf Registration Statement. 

  
 C-8EX-10.32

 Exhibit 10.32 

EXECUTION COPY 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”), dated as of November 27, 2017 (the “Effective Date”), by
and between VICI Properties Inc., with its principal place of business at 8329 W. Sunset Road, Suite 210, Las Vegas, Nevada 89113 (the “Company”), and David Kieske (“Executive”). 

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

Accordingly, the parties hereto agree as follows: 

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

2.    Duties. During the Term, Executive shall be employed by the Company initially as Special Advisor to the Chief
Executive Officer of the Company (the “CEO”), with such title to change to Executive Vice President and Chief Financial Officer on January 1, 2018 or such later date as Executive receives the regulatory approvals necessary for
him to hold and execute such role. Executive shall report to the CEO. Executive shall faithfully perform for the Company the duties of said office and shall perform such other duties of an executive, managerial or administrative nature as shall be
specified and designated from time to time by the CEO, which duties shall not be materially inconsistent with the duties performed by executives holding similar offices with comparable companies. Executive shall devote substantially all of his
business time and effort to the performance of his duties hereunder, except that Executive may devote reasonable time and attention to civic, charitable, business or social activities so long as such activities do not interfere with Executive’s
employment duties. In addition, Executive will be permitted to serve, with the prior written consent of the Board of Directors of the Company (the “Board”), as a member of the board of directors or advisory boards (or their
equivalents, in the case of a non-corporate entity) of non-competing businesses. Executive shall comply with the policies, procedures, standards, and regulations
established from time to time by the Company (the “Policies”). Executive shall obtain and keep in full force and effect throughout the Term all gaming licenses or approvals necessary or appropriate for Executive’s position.
During the Term, Executive shall be based in the Company’s offices in New York, NY, except for reasonably required travel on the Company’s business consistent with Executive’s position. 

3.    Compensation. 

3.1    Salary. For purposes of this Agreement, a “Contract Year” shall mean each calendar year
during the Term. The Company shall pay Executive a base salary at the rate of $450,000 per annum (as the same may be increased from time to time, the “Annual Salary”), in 

 
accordance with the customary payroll practices of the Company applicable to senior executives, but not less frequently than monthly. The CEO shall review Executive’s base salary each
Contract Year and may recommend to the Compensation Committee of the Board (the “Compensation Committee”) an increase in such amount as he may deem advisable, and the Compensation Committee may approve or disapprove of any such
recommended increase in its sole discretion. The Annual Salary shall be prorated (on the basis of a 365-day year) for any partial Contract Year. 

3.2    Bonus and Incentive Compensation. Executive will be entitled to participate in the Company’s annual
bonus program as follows: 
 (a)    Annual Bonus Compensation. Executive shall be eligible to receive a bonus each
Contract Year commencing with the 2018 Contract Year (“Annual Bonus”) with a target amount equal to 85% of Annual Salary (“Target Bonus”) and a maximum amount equal to 170% of Annual Salary. Executive’s Annual
Bonus shall be based on performance goals for the applicable year, all of which shall be determined by the Compensation Committee, which also shall determine the levels of performance below which no bonus will be payable. The Annual Bonus shall be
paid in cash on a date within the 74-day period commencing on January 1 of the year following the year in which the applicable performance period ends. The payment of any Annual Bonus following
Executive’s termination of employment shall be as set forth in Section 4. 
 (b)    Initial Bonus.
Executive shall receive an initial cash bonus as of the Effective Date in the amount of $150,000 (the “Initial Bonus”), payable within thirty days after the Effective Date. Executive shall repay to the Company the full amount of the
initial cash bonus in the event his employment is terminated by the Company for Cause or by Executive without Good Reason, in each case prior to the first anniversary of the Effective Date. 

(c)    First Anniversary Bonus. Executive shall receive a cash bonus in the amount of $150,000 (the “First
Anniversary Bonus”), payable within thirty days after the first anniversary of the Effective Date provided that he is continuously employed by the Company through such date. Executive shall repay to the Company the full amount of such bonus
in the event his employment is terminated by the Company for Cause or by Executive without Good Reason, in each case prior to the second anniversary of the Effective Date. 

(d)    Equity Incentive Awards. Executive shall receive each Contract Year commencing with the 2018 Contract Year
awards under the Company’s equity incentive plan or such other plans or programs as the Compensation Committee shall determine with a target value, as determined by the Compensation Committee, of at least 150% of Annual Salary. 

(e)    Initial Equity Grant. In order to align the interests of Executive with the interests of the Company’s
shareholders, on or within 30 days after the Effective Date, Executive shall receive a long-term incentive award under the Company’s equity incentive plan consisting of shares of the Company’s common stock with a fair market value
(without any discount to reflect restrictions) equal to $500,000, valued as of the Effective Date, as determined by the Company with reference to the trading price of the Company’s common stock (the “Initial Equity Grant”).
Such award shall vest at the rate of 25% on each of the first four anniversaries of 

  
 - 2 - 

 
the Effective Date. No portion of such award shall be transferable and no portion may be encumbered until the earlier of (X) two years after the date of vesting of such portion and
(Y) the fourth anniversary of the Effective Date. 
 (f)    2017 (Stub Period) Incentive Compensation.
Executive shall receive a bonus for the 2017 Contract Year comprised of (i) shares of the Company’s common stock with a fair market value (without any discount to reflect restrictions) equal to $400,000 (the “Share
Bonus”), measured as of January 15, 2018 (the “Share Bonus Grant Date”), rounded up to the nearest whole share and (ii) $350,000 in cash. Such bonus shall be paid within the
74-day period commencing on January 1, 2018. The Share Bonus shall vest at the rate of 25% on each of the first four anniversaries of the Share Bonus Grant Date. No portion of the Share Bonus shall be
transferable and no portion may be encumbered until the earlier of (X) two years after the date of vesting of such portion and (Y) the fourth anniversary of the Share Bonus Grant Date. 

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

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

3.4    Expenses. The Company shall pay or reimburse Executive for all ordinary and reasonable out-of-pocket expenses incurred by Executive during the Term in the performance of Executive’s services under this Agreement; provided that such expenses are incurred and
accounted for by Executive in accordance with the relevant Company Policies. 

  
 - 3 - 

 3.5    Indemnification Agreement; Directors and Officers Liability
Insurance. Executive and the Company shall enter into an Indemnification Agreement in the standard form used by the Company for its directors and officers. Executive will be covered by directors and officers liability insurance on the same basis
as generally applied to the Company’s directors and other officers. 
 4.    Termination of Employment. 

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

(a)    The Company shall have the right to terminate Executive’s employment for Cause. Upon the reasonable belief by
the Board that Executive has committed an act (or has failed to act in a manner) which constitutes Cause, the Board may immediately suspend Executive from Executive’s duties herein and bar Executive from its premises during the period of the
Company’s investigation of such acts (or failures to act) (the “Investigation Period”) and any such suspension shall not be deemed to be a breach of this Agreement by the Company or the Executive and/or otherwise provide
Executive a right to terminate Executive’s employment for Good Reason; provided, however, that the Company shall have the right to terminate Executive’s employment for Cause immediately and nothing in this Agreement shall
require the Company to provide an Investigation Period or otherwise provide advance notice of termination for Cause, except to the extent that a cure period is available as provided for herein. To the extent that the events giving rise to Cause are,
in the reasonable determination of the Board, able to be cured, the Company shall provide the Executive with written notice setting out the events giving rise to Cause and provide Executive with a 5-day period
in which to cure such events prior to terminating Executive’s employment for Cause. For purposes of this Agreement, “Cause” shall mean: 
  

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

 

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

 

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

  

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

 

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

  

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

  
 - 4 - 

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

  

	 	(viii)	Executive’s violation, as determined by the Board, of any securities or employment laws or regulations or other laws, rules, or regulations of all jurisdictions, or agencies, boards or commissions thereof, having
regulatory jurisdiction over the employment or activities of Executive hereunder, or 

  

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

For purposes of clause (iii) above, an act or omission shall not be deemed to be bad faith or misconduct if taken or omitted in the good faith belief that
such act or omission was in, or not opposed to, the best interests of the Company. 
 (b)    The Company may terminate
Executive’s employment hereunder for Cause as set forth above, and Executive may, upon 90 days prior written notice to the Company, terminate his employment at any time. If the Company terminates Executive’s employment for Cause, or
Executive terminates his employment and the termination by Executive is not covered by Section 4.3 or 4.4, then (i) within ten (10) business days following such termination, the Company shall pay to Executive any unpaid Annual Salary
earned through the date of termination, (ii) within thirty (30) days following such termination or submission of documentation of such expenses, whichever is later, the Company shall reimburse Executive pursuant to Section 3.4 for
reasonable expenses incurred but not paid prior to such termination of employment, and (iii) the Company shall provide to Executive other or additional benefits (if any), in accordance with the then-applicable terms of any then-applicable plan,
program, agreement or other arrangement of any of the Company or any Company Affiliates in which Executive participates (the rights, including the time of payment, described in sub-clauses (i), (ii), and
(iii) are collectively referred to as the “Accrued Obligations”). Executive shall have no further rights to any other compensation or benefits hereunder on or after the termination of employment, or any other rights hereunder.

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

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

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

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

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

(E)    to the extent the Initial Bonus or First Anniversary Bonus has not previously been paid, payment of such bonuses on
the sixtieth day following the date of termination and, to the extent the Initial Equity Grant has not yet been issued, the Initial Equity Grant shall be granted and shall be deemed fully vested as of the date of grant; and 

(F)    to the extent that any of Executive’s vested equity awards are subject to a restriction on sale within a
specified period following vesting, such restriction shall be lifted as of the date of termination. 
 Executive (or, in the case of his
death, his estate and beneficiaries) shall have no further rights to any other compensation or benefits hereunder on or after the termination of employment, or any other rights hereunder. 

4.3    Termination by the Company without Cause or by Executive for Good Reason. 

(a)    Good Reason. For purposes of this Agreement, Executive shall have “Good Reason” to terminate
Executive’s employment if, (i) within thirty (30) days after Executive knows (or has reason to know) of the occurrence of any of the following events, Executive provides written notice to the Company requesting that it cure such
event, (ii) the Company fails to cure such event, if curable, within sixty (60) days following such notice, except as set forth below, and, (iii) within ten (10) days after the expiration of such cure period, Executive terminates
his employment: 

  
 - 6 - 

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

  

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

 

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

  

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

(b)    Severance. If the Company terminates Executive’s employment and the termination is not covered by
Section 4.1, 4.2, 4.4, 4.5, or 4.6 or if Executive terminates his employment for Good Reason, the following shall apply: 
  

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

  

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

  

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

  

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

  

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

 

	 	(D)	a cash payment of $27,500; 

  

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

  
 - 7 - 

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

  

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

  

	 	(H)	to the extent that any of Executive’s vested equity awards are subject to a restriction on sale within a specified period following vesting, such restriction shall be lifted as of the date the Separation Agreement
has become irrevocable; 

  

	 	(I)	to the extent the Initial Bonus or First Anniversary Bonus has not previously been paid, payment of such bonuses on the sixtieth day following the date of termination and, to the extent the Initial Equity Grant has not
yet been issued, the Initial Equity Grant shall be granted and shall be deemed fully vested as of the date of grant. 

  

	 	(iii)	Subject to Section 4.7, amounts payable pursuant to clause (C) of Section 4.3(b)(ii) shall commence, and the amount payable pursuant to clause (D) of Section 4.3(b)(ii) shall be paid, on the 74th day following the separation from service (the “Payment Commencement Date”), provided Executive has delivered the Separation Agreement to the Employer and such Separation Agreement
has become irrevocable, and provided, further, that the first such payment with respect to clause (C) shall be equal to the amount that would have been payable under such clauses between the date of termination and the Payment Commencement Date
had such payments commenced at the separation from service. 

  

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

  
 - 8 - 

 4.4 Termination by the Company without Cause or by Executive for Good Reason in
Connection with a Change in Control. If the Company terminates Executive’s employment and the termination is not covered by Section 4.1, 4.2, 4.5, or 4.6 or if Executive terminates his employment for Good Reason, and the date of notice
of such termination of employment is either within six months before or twelve months after a Change in Control, as defined below, the following shall apply in lieu of the provisions of Section 4.3(b): 

 

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

  

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

  

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

  

	 	(B)	a Pro-Rata Bonus, if any, paid as set forth in Section 4.2(C) assuming achievement of all performance goals at target and regardless of whether the Company pays bonuses to
employees generally for such Contract Year; 

  

	 	(C)	a cash payment equal to 150% of the sum of (i) Executive’s Annual Salary and (ii) Executive’s Annual Bonus at the target level for the Contract Year in which Executive’s employment hereunder
terminates, payable in a lump sum; 

  

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

  

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

  

	 	(F)	all performance-based equity will remain outstanding and eligible to vest, subject solely to achievement of the applicable performance goals prorated through the date of termination; 

 

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

  

	 	(H)	to the extent that any of Executive’s vested equity awards are subject to a restriction on sale within a specified period following vesting, such restriction shall be lifted as of the date the Separation Agreement
has become irrevocable. 

  
 - 9 - 

	 	(iii)	Subject to Section 4.7, amounts payable pursuant to clauses (B), (C) and (D) of Section 4.4(ii) shall be paid on the Payment Commencement Date, provided Executive has delivered the Separation Agreement to
the Employer and such Separation Agreement has become irrevocable. 

  

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

 

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

  

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

  

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

  

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

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

  
 - 10 - 

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

 

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

  

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

  

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

  

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

  

	 	(D)	to the extent that any of Executive’s vested equity awards are subject to a restriction on sale within a specified period following vesting, such restriction shall be lifted as of the date the Separation Agreement
has become irrevocable. 

  

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

4.6    Natural Termination Due to Executive Non-Renewal. In the event that
Executive’s employment by the Company terminates at the scheduled expiration of the Term because of a non-renewal of the Term as a result of a decision by Executive not to renew as contemplated by and in
accordance with the last sentence of Section 1 (and not theretofore under Section 4.1, 4.2, 4.3 or 4.4), Executive shall be entitled to (A) the Accrued Obligations, paid as set forth in Section 4.1; (B) any Accrued Bonus,
paid as set forth in Section 4.2(B); and (B) to the extent that any of Executive’s vested equity awards are subject to a restriction on sale within a specified period following vesting, such restriction shall be lifted as of the date
the Separation Agreement has become irrevocable. Executive shall have no further rights to any other compensation or benefits hereunder on or after the termination of employment, or any other rights hereunder. 

4.7    Delay in Payment to a Specified Employee. If Executive is a “specified employee” within the meaning
of Treasury Regulation Section 1.409A-1(i) as of the date of Executive’s separation from service, the provisions of this Section 4.7 shall apply, but only if and to the extent required to avoid
the imputation of any tax, penalty or interest pursuant to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations and interpretive guidance promulgated thereunder (collectively,
“Section 409A”). No distribution shall be made to Executive under Section 4.2, 4.3 or 4.4 of this Agreement before the date that is 

  
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six months after his separation from service or, if earlier, the date of Executive’s death. Any amounts otherwise payable to Executive upon or in the six month period following
Executive’s separation from service that are not so paid by reason of this Section 4.7 shall be paid (without interest) as soon as practicable (and in all events within 10 days) after the date that is six months after Executive’s
separation from service (or, if earlier, as soon as practicable, and in all events within 10 days, after the date of Executive’s death). 

5.    Limitation on Payments. 

5.1    General. In the event that the payments and benefits (the “Payments”) paid or provided to
Executive under this Agreement or otherwise (a) constitute “parachute payments” within the meaning of Section 280G of the Code (“Section 280G”), and (b) but for this Section 5, would
be subject to the excise tax imposed by Section 4999 of the Code (“Section 4999”), then the Payments shall be either (x) delivered in full, or (y) delivered as to such lesser extent which would
result in no portion of the Payments being subject to excise tax under Section 4999, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999,
results in the receipt by Executive on an after-tax basis of the greatest amount of the Payments, notwithstanding that all or some portion of the Payments may be taxable under Section 4999. The provisions
of this Section 5 shall apply if, at the time of any change in ownership or control of the Company (within the meaning of Section 280G), the Company is an entity whose stock is readily tradable on an established securities market (or
otherwise), within the meaning of Section 280G. 
 5.2    Accountants’ Determinations. Unless the
Company and Executive otherwise agree in writing, any determination required under this Section 5 shall be made in writing by the Company’s independent public accountants (the “Accountants”) immediately prior to the
transaction described in Section 280G(b)(2)(A)(i) of the Code, whose determination shall be conclusive and binding upon Executive and the Company for all purposes. For purposes of making the calculations required by this Section 5, the
Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Section 280G and Section 4999. The Company and Executive shall
furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section 5. The Company shall bear all costs the Accountants may reasonably incur in connection with
any calculations contemplated by this Section 5. If a reduction in the Payments constituting “parachute payments” as defined in Section 280G is necessary so that benefits are delivered to a lesser extent, reduction will occur in
the following order: (a) reduction of the cash payments and (b) cancellation of accelerated vesting of equity awards. In the event that the accelerated vesting of equity awards is to be cancelled, such vesting acceleration shall be
cancelled in the reverse chronological order of Executive’s equity awards’ grant dates. 
 6.    Non-Competition, Non-Solicitation, and Confidentiality; Certain Other Covenants. Executive acknowledges that: (i) as a result of Executive’s employment by the
Company, Executive has obtained and will obtain Confidential Information (as defined below); (ii) the Confidential Information has been developed and created by the Company and Company Affiliates at substantial expense and the Confidential
Information constitutes valuable proprietary assets of the Company; (iii) the Company and the Company Affiliates will suffer 

  
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substantial damage and irreparable harm which will be difficult to compute if, during the Term or thereafter, Executive should violate the provisions of this Section 6; (iv) the nature of
the Company’s and the Company Affiliates’ business is such that it can be conducted anywhere in the world and is not limited to a geographic scope or region; (v) the Company and the Company Affiliates will suffer substantial damage
which will be difficult to compute if, during the Term or thereafter, Executive should solicit or interfere with the Company’s or the Company Affiliates’ employees, clients, or customers in violation of the provisions of this
Section 6 or should divulge Confidential Information relating to the business of the Company or the Company Affiliates; (vi) the provisions of this Agreement are reasonable and necessary for the protection of the business of the Company
and the Company Affiliates; (vii) the Company would not have hired or continued to employ Executive or grant the benefits contemplated under this Agreement unless Executive agreed to be bound by the terms hereof; and (viii) the provisions
of this Agreement will not preclude Executive from other gainful employment following Executive’s termination from the Company. 

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

(a)    Information related to the business of the Company and the Company Affiliates, including but not limited to
marketing strategies and plans, sales procedures, operating policies and procedures, pricing and pricing strategies, player identification systems (including information gleaned from Total Rewards), business and strategic plans, finances, financial
management systems, financial statements and projections, accounting and tax positions and procedures, organizational charts, salary and benefit programs, and other business and financial information of the Company and the Company Affiliates; 

(b)    Information regarding the customers of the Company and the Company Affiliates which Executive acquired as a result
of his employment with the Company, including but not limited to, customer contracts, customer lists, work performed for customers, customer contacts, customer requirements and needs, data used by the Company and the Company Affiliates to formulate
customer proposals, customer financial information and other information regarding the customer’s business; 

(c)    Information regarding the vendors of the Company and the Company Affiliates which Executive acquired as a result of
his employment with the Company, including but not limited to, product and service information and other information regarding the business activities of such vendors; 

(d)    Training materials developed by and utilized by the Company and the Company Affiliates; 

  
 - 13 - 

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

(f)    Information which: 
  

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

  

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

  

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

 

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

provided, however, that Confidential Information shall not include information which at the time of receipt or thereafter becomes publicly known
or is obtainable in the public domain, in either case through no wrongful act of Executive. 
 6.2    Covenant Not to
Compete. While employed by the Company and, in the event of a termination of Executive’s employment, for a period of 12 months thereafter in the event of all terminations of employment other than termination pursuant to Section 4.5 or
4.6, and for a period of 3 months thereafter in the event of a termination by reason of Executive’s delivery of a non-renewal notice pursuant to Section 1 (for clarity, the restrictions contained in
this Section 6.2 shall terminate on Executive’s last day of employment where such termination results from the Company’s delivery of a non-renewal notice pursuant to Section 1), in
consideration of the obligations of the Company hereunder, including without limitation its disclosure of Confidential Information to Executive, Executive shall not, directly or indirectly, for compensation or otherwise, engage in or have any
interest in (i) Gaming and Leisure Properties, Inc. and its Subsidiaries and Affiliates, (ii) MGM Growth Properties LLC and its Subsidiaries and Affiliates, and (iii) any sole proprietorship, partnership, corporation, company,
association, business or any other person or entity (whether as an employee, officer, corporation, business or any creditor, consultant or otherwise) that, directly or indirectly, competes with the Company’s “Business” (as defined
below) in any and all states in which the Company or any Company Affiliate conducts such business or within 100 miles of any location where the Company or any Company Affiliate conducts such business while Executive is employed by the Company
or any Company Affiliate and, with respect to the period following the termination of Executive’s employment, within the two-year period preceding such termination of employment; provided, however,
Executive may continue to hold securities of the Company or any Company Affiliate or continue to hold or 

  
 - 14 - 

 
acquire, solely as an investment, shares of capital stock or other equity securities of any company if (a) he currently holds an interest in such stock or other securities, and before the
date hereof has disclosed to the Board in detail (i) the applicable company (or companies) and (ii) the specific stock or other equity securities of the entity he owns, or (b) the stock or other securities are traded on any national
securities exchange or are regularly quoted in the over-the-counter market, so long as Executive does not control, acquire a controlling interest in, or become a member
of a group which exercises direct or indirect control of more than 1% of any class of capital stock of such entity (other than through an investment in any mutual, private equity or hedge fund or similar pooled investment vehicle). For purposes of
this Agreement, the Company’s “Business” is defined as the ownership or operation of a Real Estate Investment Trust that invests in lines of business in which the Company invests or in which the Company has active plans to
invest as of the date Executive’s employment terminates, and such other businesses conducted by the Company or any Company Affiliate after the date hereof, and from time to time during the Term or such other businesses that the Company or any
Company Affiliate had active plans to engage in as of the date Executive’s employment terminates. 
 6.3    Non-Solicitation of Certain Persons. While employed by the Company and, in the event of a termination of Executive’s employment, for a period of 12 months thereafter, in consideration of the obligations of
the Company hereunder, including without limitation its disclosure of Confidential Information to Executive, Executive shall not, directly or indirectly, for himself or as principal, agent, independent contractor, consultant, director, officer,
member, or employee of any other person, firm, corporation, partnership, company, association, business or other entity, solicit, attempt to contract with, or enter into a contractual or business relationship of any kind pertaining to any aspect of
the Company’s Business, or any other business conducted by the Company or any Company Affiliate at the time of termination of employment or at any time in the prior 12-month period, with any person or
entity with which the Company or any Company Affiliate has any contractual or business relationship of a material operating or strategic nature or in the previous 12 months has engaged in negotiations toward such a relationship. 

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

6.5    Confidentiality. Subject to Sections 6.6 and 6.10, while employed by the Company and after Executive’s
employment terminates, in consideration of the obligations of the Company hereunder, including without limitation its disclosure of Confidential Information to Executive, Executive shall keep secret and retain in strictest confidence, shall not
disclose to any third-party, and shall not use for his benefit or the benefit of others, except in connection with the business affairs of the Company or any Company Affiliate (collectively, the “Benefited 

  
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Persons”), any Confidential Information unless such disclosure is required by a valid subpoena or other legal mandate or otherwise by rule of law or other valid order of a court or
government body or agency or in any litigation between the Executive and any Benefited Person. In the event disclosure is so required, Executive shall provide the Company with written notice within three (3) days of receiving such subpoena or
other order if legally permitted to do so, and shall cooperate with the Company in seeking an appropriate protective order and in attempting to keep such information confidential to the maximum extent possible. Executive agrees to promptly deliver
to the Company upon request the originals and all copies, in whatever medium, of all such Confidential Information in Executive’s possession, custody or control. 

6.6    Permitted Uses of Trade Secrets. Misappropriation of a trade secret of the Company in breach of this
Agreement may subject Executive to liability under the Defend Trade Secrets Act of 2016 (the “DTSA”), entitle the Company to injunctive relief, and require Executive to pay compensatory damages, double damages, and attorneys’
fees. Notwithstanding any other provision of this Agreement, Executive hereby is notified in accordance with the DTSA that Executive will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a
trade secret that is made (a) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, in each case solely for the purpose of reporting or investigating a suspected violation of law; or
(b) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Executive is further notified that if Executive files a lawsuit for retaliation by the Company for reporting a suspected violation
of law, Executive may disclose the Company’s trade secrets to Executive’s attorney and use the trade secret information in the court proceeding if Executive files any document containing the trade secret under seal and does not disclose
the trade secret except pursuant to court order. 
 6.7    Tangible Items. All files, records, documents, manuals,
books, forms, reports, memoranda, studies, data, calculations, recordings, or correspondence, whether visually perceptible, machine-readable or otherwise, in whatever form they may exist, and all copies, abstracts and summaries of the foregoing, and
all physical items related to the business of the Company, whether of a public nature or not, and whether prepared by Executive or not, are and shall remain the exclusive property of the Company, and shall not be removed from its premises, except as
required in the course of Executive’s employment by the Company, without the prior written consent of the Company. Such items, including any copies or other reproductions thereof, shall be promptly returned by Executive to the Company at any
time upon the written request of the Company and in all events upon termination of his employment (or, if requested by the Company, destroyed by Executive). 

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

  
 - 16 - 

 6.9    Modification. If, at any time, a reviewing court of
appropriate jurisdiction called upon to issue an injunction in accordance with Section 6.8 finds any of the provisions of this Section 6 to be invalid or unenforceable under any applicable law, by reason of being vague or unreasonable as
to area, duration, or scope of activity, this Agreement shall be considered divisible and such court shall have authority to modify this Agreement to cover only such area, duration, and scope as shall be determined to be reasonable and enforceable
by the court. Executive and the Company agree that this Agreement, as so amended, shall be valid and binding as though any invalid or unenforceable provision had not been included herein. 

6.10    Confidential Disclosure to Governmental and Quasi-Governmental Entities. Nothing in this Agreement prohibits
or restricts Executive from reporting possible violations of federal, state, or local law or regulation to, or discussing any such possible violations with, any governmental agency or entity or self-regulatory organization, including by initiating
communications directly with, responding to any inquiry from, or providing testimony before any federal, state, or local regulatory authority or agency or self-regulatory organization, including without limitation the Securities and Exchange
Commission, the Equal Employment Opportunity Commission, FINRA, and the Occupational Safety and Health Administration, or making any other disclosures that are protected by the whistleblower provisions of any federal, state, or local law or
regulation. 
 6.11    Company Property. The parties hereto agree that any work of authorship, invention, design,
discovery, development, technique, improvement, source code, hardware, device, data, apparatus, practice, process, method, or other work product whatever related to the Company’s or the Company Affiliates’ business (whether patentable or
subject to copyright, or not, and hereinafter collectively called “discovery”) that Executive, either solely or in collaboration with others, conceives, creates, makes, discovers, invents, develops, perfects, or reduces to practice
during the term of Executive’s employment, whether or not during regular business hours or on the Company’s or any Company Affiliates’ premises, shall be the sole and complete property of the Company and/or the Company Affiliates.
More particularly, and without limiting the foregoing, Executive agrees that all of the foregoing and any (i) inventions (whether patentable or not, and without regard to whether any patent therefor is ever sought); (ii) marks, names, or
logos (whether or not registrable as trade or service marks, and without regard to whether registration therefor is ever sought); (iii) works of authorship (without regard to whether any claim of copyright therein is ever registered); and
(iv) trade secrets, ideas, and concepts (subsections (i) - (iv) collectively, “Intellectual Property Products”) created, conceived, or prepared on the Company’s or the Company Affiliates’ premises or
otherwise, whether or not during normal business hours, and related to the Company’s business, shall perpetually and throughout the world be the exclusive property of the Company and/or the Company Affiliates, as shall all tangible media
(including, but not limited to, papers, computer media, and digital and cloud-based of all types and models) in which such Intellectual Property Products shall be recorded or otherwise fixed. Upon termination of Executive’s employment with the
Company for any reason whatsoever, and at any earlier time the Company so requests, Executive will immediately deliver to the custody of the person designated by the General Counsel of the Company all originals and copies of any documents and other
property of the Company or any Company Affiliates in Executive’s possession or under Executive’s custody or control. 

  
 - 17 - 

 6.12    Works for Hire. Executive agrees that all works of
authorship created in whole or in part by Executive during Executive’s engagement by the Company and related to the Company’s business shall be works made for hire of which the Company or the Company Affiliates is the author and owner of
copyright. To the extent that any competent decision-making authority should ever determine that any work of authorship created by Executive during Executive’s engagement by the Company is not a work made for hire, Executive hereby assigns all
right, title, and interest in the copyright therein, in perpetuity and throughout the world, to the Company. To the extent that this Agreement does not otherwise serve to grant or otherwise vest in the Company or any of the Company Affiliates all
rights in any Intellectual Property Product created in whole or in part by Executive during Executive’s engagement by the Company, Executive hereby assigns all right, title, and interest therein, in perpetuity and throughout the world, to the
Company. Executive agrees to execute, immediately upon the Company’s reasonable request and without any additional compensation, any further assignments, applications, conveyances or other instruments, at any time after execution of this
Agreement, whether or not Executive remains employed by the Company at the time such request is made, in order to permit the Company, the Company Affiliates, and/or their respective successors and assigns to protect, perfect, register, record,
maintain, or enhance their rights in any Intellectual Property Product; provided, that, the Company shall bear the cost of any such assignments, applications, or consequences. 

7.    Litigation and Regulatory Cooperation. Executive agrees that upon separation for any reason from the Company,
Executive will cooperate and assist in all ways reasonably requested by the Company in assuring an orderly transition of all matters being handled by him, subject however to Executive’s subsequent professional and employment obligations. During
the Term and continuing thereafter upon termination of employment, Executive shall reasonably cooperate with the Company and the Company Affiliates in the defense or prosecution of any claims or actions now in existence or that may be brought or
threatened in the future against or on behalf of any of the Company, the Company Affiliates, or any divisions, successors, and assigns thereof, about which the Company believes Executive may have relevant information. Executive’s cooperation in
connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company, the Company Affiliates, or any successors and
assigns thereof at mutually convenient times. Executive also shall, subject however to Executive’s subsequent professional and employment obligations, cooperate fully with the Company in connection with any investigation or review by any
federal, state, or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while Executive was employed by the Company. Executive’s cooperation and assistance pursuant to this
Section 7 shall be without additional consideration; provided, that, the Company will pay in advance for Executive’s reasonable travel expenses incurred with respect to such cooperation and assistance. Executive shall not be
required to cooperate against his legal interests or the legal interests of any entity that is then his employer. 

8.    Dispute Resolution. Except with respect to claims arising out of or related to a breach or alleged breach of
Section 6, which claims may be brought in court, all disputes between the parties or any claims concerning the performance, breach, construction or interpretation of this Agreement, or in any manner arising out of this Agreement or
Executive’s employment by the Company, shall be submitted to binding arbitration in accordance with the Employment Arbitration Rules, as amended from time to time, of the American Arbitration Association (the “AAA”), which
arbitration shall be carried out in the manner set forth below: 

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

  

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

 

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

  
 - 19 - 

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

  

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

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

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

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

	 	(a)	If to the Company, to: 

 VICI Properties Inc. 

8329 W. Sunset Road, Suite 210 

Las Vegas, Nevada 89113 
 Attn:
General Counsel 
  

	 	(b)	If to Executive, to: 

 David Kieske 

at the address on record with the Company 

  
 - 20 - 

 with a copy to: 

Goodwin Procter LLP 
 100
Northern Avenue 
 Boston, Massachusetts 02210 

Attn: Daniel P. Adams, Esq. 
 Either party may
change its address for notices in accordance with this Section 10 by providing written notice of such change to the other party. 

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

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

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

  
 - 21 - 

 18.    Counterparts. This Agreement may be executed in
counterparts, each of which will be deemed an original, but which together shall be one and the same instrument. 

19.    Tax Advice. Executive confirms and represents to the Company that he has had the opportunity to obtain the
advice of legal counsel, financial and tax advisers, and such other professionals as he deems necessary for entering into this Agreement, and he has not relied upon the advice of the Company or the Company’s officers, directors, or employees.

 20.    Withholding. Any payments made to Executive under this Agreement shall be reduced by any applicable
withholding taxes or other amounts required to be withheld by law or contract. 
 21.    Section 409A. This
Agreement is intended to comply with, or be exempt from, the requirements of Section 409A, with respect to amounts subject thereto, and shall be interpreted and construed consistent with that intent. No expenses eligible for reimbursement, or in-kind benefits to be provided, during any calendar year shall affect the amounts eligible for reimbursement in any other calendar year, to the extent subject to the requirements of Section 409A, and no such
right to reimbursement or right to in-kind benefits shall be subject to liquidation or exchange for any other benefit. For purposes of Section 409A, each payment in a series of installment payments
provided under this Agreement shall be treated as a separate payment. Any payments to be made under this Agreement upon a termination of employment shall only be made upon a “separation from service” under Section 409A. 

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

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

			
	VICI PROPERTIES INC.
		
	By:	 	/s/ Edward B. Pitoniak
	Name: Edward B. Pitoniak
	Title: CEO
	
	/s/ David Kieske
	David Kieske

  
 - 23 - 

 EXHIBIT A 

SEPARATION AGREEMENT AND RELEASE 

In consideration of and in accordance with the ________, 2017 Employment Agreement by and between David Kieske, (“Executive”)
and VICI Properties Inc., with offices at VICI Properties Inc., 8329 W. Sunset Road, Suite 210 Las Vegas, Nevada 89113 (together with its successors and assigns, the “Company”) (“Employment Agreement”), of
which this Exhibit A is part, Executive hereby agrees as follows. All terms not defined in this Separation Agreement and Release (“Separation Agreement”) shall have the same meanings as those set forth in the Employment Agreement.

 1.    Consideration. Executive acknowledges and agrees that the payments and benefits to be paid
to Executive under Section [4.3][4.4][4.5] of the Employment Agreement, as set forth in a schedule hereto (the “Consideration Amounts”), represent good, valuable, and sufficient consideration for signing this Separation
Agreement, and exceed any amounts or interests to which Executive otherwise would be entitled. Executive acknowledges and agrees that except as specifically provided in this Separation Agreement, the Company shall have no other obligations or
liabilities, monetary or otherwise, to Executive following the date hereof and that the payments and benefits contemplated herein constitute a complete settlement, satisfaction, and waiver of any and all claims Executive may have against the
Company. 
 2.    Release of Claims. 

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

  
 - 24 - 

 
severance pay, attorneys’ fees, or other compensation of any sort; claims related to stock options, equity awards, or other grants, awards, or warrants; claims related to any tangible or
intangible property of Executive that remains with the Company; claims for retaliation, harassment or discrimination on the basis of race, color, sex, sexual orientation, national origin, ancestry, religion, age, disability, medical condition,
marital status, gender identity, gender expression, or any other characteristic or criteria protected by law; any claim under Title VII of the Civil Rights Act of 1964 (Title VII, as amended), 42 U.S.C. §§ 2000e, et
seq., the Civil Rights Act of 1991, the Civil Rights Act of 1866, the Family and Medical Leave Act (“FMLA”), 29 U.S.C. §§ 2601, et seq., the Fair Labor Standards Act (“FLSA”), 29 U.S.C.
§§ 201, et seq., the Equal Pay Act, 29 U.S.C. §206(a) and interpretive regulations, the Americans with Disabilities Act (“ADA”), 42 U.S.C. §§ 12101, et seq., the Consolidated Omnibus
Budget Reconciliation Act of 1986 (“COBRA”), the Occupational Safety and Health Act (“OSHA”) or any other health and/or safety laws, statutes, or regulations, the Uniformed Services Employment and Reemployment
Rights Act (“USERRA”), 38 U.S.C. §§ 4301-4333, the Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. §§ 301, et seq., the Immigration Reform and Control Act
of 1986, 8 U.S.C. §§ 1101, et seq., or the Internal Revenue Code of 1986, as amended, the Worker Adjustment and Retraining Notification Act; all claims arising under the Sarbanes-Oxley Act of 2002 (Public Law 107-204), including whistleblowing claims under 18 U.S.C. §§ 1513(e) and 1514A; the applicable state Wage and Hour Laws, and any and all other foreign, federal, state, or local laws,
common law, or case law, including but not limited to all statutes, regulations, common law, and other laws in place in New York, New York. Notwithstanding anything in this Separation Agreement to the contrary, Executive is not releasing pursuant to
this Separation Agreement any claims with respect to (i) Annual Salary due under the Employment Agreement through the date of termination, (ii) vested employee benefits or vested deferred compensation under the Company’s applicable
plans and arrangements, (iii) matters which cannot be released under applicable law and/or (iv) indemnification by the Company to the maximum extent pursuant to its by-laws and to third party
directors’ and officers‘ liability or other insurance coverage. 
 (b)    Executive acknowledges that there is
a risk that after the execution of this Separation Agreement, Executive will incur or suffer damage, loss, or injury that is in some way caused by or connected with Executive’s employment with the Company or its Subsidiaries or Affiliates or
Executive’s separation from the Company or its Subsidiaries or Affiliates, and any relationship with or membership or investment in the Company Releasees, but that is unknown or unanticipated at the time of execution of this Separation
Agreement. Executive specifically assumes that risk, and agrees that this Separation Agreement and the Released Claims apply to all unknown or unanticipated, accrued or contingent claims and all matters caused by or connected with Executive’s
employment with the Company or its Subsidiaries or Affiliates and/or Executive’s separation from the Company or its Subsidiaries or Affiliates, as well as those claims currently known or anticipated. Executive acknowledges and agrees that this
Separation Agreement constitutes a knowing and voluntary waiver of any and all rights and claims Executive does or may have as of the Separation Agreement Effective Date. Executive acknowledges that Executive has waived rights or claims pursuant to
this Separation Agreement in exchange for consideration, the value of which exceeds payment or remuneration to which Executive otherwise would be entitled. 

  
 - 25 - 

 (c)    To the extent permitted by law, Executive agrees never to file a
lawsuit or other adversarial proceeding with any court or arbitrator against the Company or any other Company Releasee asserting any Released Claims. Executive represents and agrees that, prior to signing this Separation Agreement, Executive has not
filed or pursued any complaints, charges, or lawsuits of any kind with any court, governmental or administrative agency, arbitrator, or other forum against the Company or any of the other Company Releasees, asserting any claims whatsoever. Executive
understands and acknowledges that, in the event Executive files an administrative charge or commences any proceeding with respect to any Released Claim, or in the event another person or entity does so in whole or in part on Executive’s behalf,
Executive waives and is estopped from receiving any monetary award or other legal or equitable relief in connection with any such proceeding. 

(d)    Executive represents and warrants that Executive has not assigned, transferred, or permitted the subrogation of any
of Executive’s rights, claims, and/or causes of action, including any claims referenced in this Separation Agreement, or authorized any other person or entity to assert any such claim or claims on Executive’s behalf, and Executive agrees
to indemnify and hold harmless the Company against any assignment, transfer, or subrogation of said rights, claims, and/or causes of action. 

3.    Survival. The following Sections of the Employment Agreement shall remain in full force and
effect following the Termination Date: Section 3.2(g) (“Clawback”), Section 4 (“Termination of Employment”), Section 6 (“Non-Competition,
Non-Solicitation, and Confidentiality; Certain Other Covenants”), Section 7 (“Litigation And Regulatory Cooperation”) Section 8 (“Dispute Resolution”), Section 10
(“Notice”) and Section 12 (“Benefits; Binding Effect; Assignment”). Any disputes arising in connection with this Separation Agreement or otherwise arising between any of Executive Releasors, on the one hand, and any of the
Company Releasees, on the other hand, shall be resolved in accordance with Sections 6 and 8 of the Employment Agreement. 

4.    Tax Liability. Executive expressly acknowledges that neither the Company nor its attorneys have
made any representations to Executive regarding the tax consequences of the consideration provided to Executive pursuant to this Separation Agreement and the Employment Agreement. It is the intention of the parties to this Separation Agreement that
no payments made under this Separation Agreement and/or the Employment Agreement be subject to the additional tax on deferred compensation imposed by Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”),
but Company does not guarantee that any such payment complies with or is exempt from Code Section 409A. Each payment made under this Separation Agreement or the Employment Agreement will be treated as a separate payment for purposes of Code
Section 409A and the right to a series of installment payments under this Separation Agreement is to be treated as a right to a series of separate payments. 

5.    Knowing/Voluntary Waiver. 

(a)    Executive is entitled to consider the terms of this Separation Agreement for
twenty-one (21) days before signing it. If Executive fails to execute this Separation Agreement within this twenty-one (21) day period, this Separation
Agreement will be null and void and of no force or effect. To execute this Separation Agreement, Executive must sign and 

  
 - 26 - 

 
date the Separation Agreement below, and return a signed copy hereof to Attn: General Counsel, VICI Properties Inc., 8329 W. Sunset Road, Suite 210 Las Vegas, Nevada 89113, (phone): (702) 407-6000, via nationally recognized overnight carrier or email. 

(b)    Executive may revoke this Separation Agreement within seven (7) days of Executive’s signing it by
delivering a written notice of such revocation to Attn: General Counsel, VICI Properties Inc., 8329 W. Sunset Road, Suite 210 Las Vegas, Nevada 89113, (phone): (702) 407-6000, via nationally
recognized overnight carrier or email. If Executive revokes this Separation Agreement within seven (7) days of signing it, this Separation Agreement and the promises contained herein automatically will be null and void. If Executive signs this
Separation Agreement and does not revoke this Separation Agreement within seven (7) days of signing it, this Separation Agreement shall become binding, effective, and irrevocable on the eighth (8th) day after the Separation Agreement is
executed by both parties (the “Separation Agreement Effective Date”). 
 (c)    Executive acknowledges
that Executive (a) has carefully read this Separation Agreement and the Employment Agreement; (b) is competent to manage Executive’s own affairs; (c) fully understands the Separation Agreement’s and Employment
Agreement’s contents and legal effect, and understands that Executive is giving up any legal claims Executive has against any of the Company Releasees, including but not limited to any and all legal rights or claims under the Age Discrimination
in Employment Act of 1967 (“ADEA”) (29 U.S.C. § 626, as amended), and all other federal, state, foreign, and local laws regarding age discrimination, whether those claims are presently known or hereafter discovered;
(d) has been advised to consult with an attorney of Executive’s choosing prior to signing this Separation Agreement, if Executive so desires; and (e) has chosen to enter into this Separation Agreement freely, without coercion, and
based upon Executive’s own judgment, and that Executive has not relied upon any promises made by any of the Company Releasees, other than the promises explicitly contained in this Separation Agreement. 

6.    Miscellaneous. 

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

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

  
 - 27 - 

 
clause most broadly and bring within its scope all subject matter that might otherwise be construed to be outside of its scope; (iii) the word “includes” and its derivatives means
“includes, but is not limited to” and corresponding derivative expressions, (iv) a defined term has its defined meaning throughout the Separation Agreement, whether it appears before or after the place where it is defined, and
(v) the headings and titles herein are for convenience only and shall have no significance in the interpretation hereof. 
 The Parties
agree that each of the Company Releasees is an intended third party beneficiary of this Separation Agreement and shall have the authority to enforce the provisions applicable to it, her, or Executive in accordance with the terms of hereof. 

7.    Entire Agreement. Except as otherwise specifically provided herein, this Separation Agreement
constitutes the entire agreement of the Parties with respect to the subject matter hereof, contains all the covenants, promises, representations, warranties, and agreements between the Parties with respect to Executive’s separation from the
Company and all positions therewith; provided, however, that nothing in this Agreement shall supersede the Sections in the Employment Agreement identified in Paragraph 3 (“Survival”) of this Separation Agreement.
Any modification of this Separation Agreement will be effective only if it is in writing and signed by Executive and the Chief Executive Officer or General Counsel of the Company. 

[Signature Page Follows] 

  
 - 28 - 

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

	
	 EXECUTIVE

	
	   

	David Kieske

  

			
	 VICI Properties Inc.

		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 - 29 -

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