Document:

Exhibit

Exhibit 4.2
EXECUTION VERSION

SUPPLEMENTAL INDENTURE
SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of December 26, 2017 , among Claudine Propco LLC (the “New Guarantor”), a subsidiary of Claudine Property Owner LLC (or its successor), VICI Properties 1 LLC and VICI FC Inc. (collectively, the “Issuers”), and UMB Bank, National Association, as trustee under the indenture referred to below (the “Trustee”).
W I T N E S S E T H :
WHEREAS the Issuers and the Subsidiary Guarantors have heretofore executed and delivered to the Trustee an indenture (as amended, supplemented or otherwise modified, the “Indenture”) dated as of October 6, 2017, providing for the issuance of the Issuers’ 8.0% Second-Priority Senior Secured Notes due 2023 (the “Notes”), initially in the aggregate principal amount of $766,891,864;
WHEREAS Section 4.11 of the Indenture provides that under certain circumstances the Issuers are required to cause the New Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the New Guarantor shall unconditionally guarantee all the Issuers’ Obligations under the Notes and the Indenture pursuant to a Note Guarantee on the terms and conditions set forth herein; and
WHEREAS pursuant to Section 9.01 of the Indenture, the Trustee, the Issuers and an additional Subsidiary Guarantor, if any, are authorized to execute and deliver this Supplemental Indenture;
NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Guarantor, the Issuers and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders of the Notes as follows:
1.Defined Terms.  As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital hereto are used herein as therein defined, except that the term “holders” in this Supplemental Indenture shall refer to the term “holders” as defined in the Indenture and the Trustee acting on behalf of and for the benefit of such holders. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.
2.    Agreement to Guarantee.  The New Guarantor hereby agrees, jointly and severally with all existing guarantors (if any), to unconditionally guarantee the Issuers’ 

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Obligations under the Notes and the Indenture on the terms and subject to the conditions set forth in Article XII of the Indenture and to be bound by all other applicable provisions of the Indenture and the Notes and to perform all of the obligations and agreements of a guarantor under the Indenture.
3.    Notices.  All notices or other communications to the New Guarantor shall be given as provided in Section 13.02 of the Indenture.
4.    Ratification of Indenture; Supplemental Indentures Part of Indenture.  Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby.
5.    Governing Law.  THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
6.    Trustee Makes No Representation.  The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture.
7.    Counterparts.  The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.
8.    Effect of Headings.  The Section headings herein are for convenience only and shall not affect the construction thereof.

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IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written.
CLAUDINE PROPCO LLC
By:    /s/ John Payne     
Name: John Payne
Title: President and Secretary
VICI PROPERTIES 1 LLC
By:    /s/ John Payne     
Name: John Payne
Title: President and Secretary
VICI FC INC.
By:    /s/ John Payne     
Name: John Payne
Title: President and Secretary

[Signature Page – Supplemental Indenture]

UMB BANK, NATIONAL ASSOCIATION, 
as Trustee
By:    /s/ Gavin Wilkinson    
Name: Gavin Wilkinson
Title: Senior Vice President

[Signature Page – Supplemental Indenture]Exhibit

Exhibit 4.3
EXECUTION VERSION

SUPPLEMENTAL INDENTURE
SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of December 26, 2017, among Claudine Property Owner LLC (the “New Guarantor”), a subsidiary of VICI Properties 1 LLC (or its successor), VICI Properties 1 LLC and VICI FC Inc. (collectively, the “Issuers”), and UMB Bank, National Association, as trustee under the indenture referred to below (the “Trustee”).
W I T N E S S E T H :
WHEREAS the Issuers and the Subsidiary Guarantors have heretofore executed and delivered to the Trustee an indenture (as amended, supplemented or otherwise modified, the “Indenture”) dated as of October 6, 2017, providing for the issuance of the Issuers’ 8.0% Second-Priority Senior Secured Notes due 2023 (the “Notes”), initially in the aggregate principal amount of $766,891,864;
WHEREAS Section 4.11 of the Indenture provides that under certain circumstances the Issuers are required to cause the New Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the New Guarantor shall unconditionally guarantee all the Issuers’ Obligations under the Notes and the Indenture pursuant to a Note Guarantee on the terms and conditions set forth herein; and
WHEREAS pursuant to Section 9.01 of the Indenture, the Trustee, the Issuers and an additional Subsidiary Guarantor, if any, are authorized to execute and deliver this Supplemental Indenture;
NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Guarantor, the Issuers and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders of the Notes as follows:
1.Defined Terms.  As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital hereto are used herein as therein defined, except that the term “holders” in this Supplemental Indenture shall refer to the term “holders” as defined in the Indenture and the Trustee acting on behalf of and for the benefit of such holders. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.
2.    Agreement to Guarantee.  The New Guarantor hereby agrees, jointly and severally with all existing guarantors (if any), to unconditionally guarantee the Issuers’ 

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Obligations under the Notes and the Indenture on the terms and subject to the conditions set forth in Article XII of the Indenture and to be bound by all other applicable provisions of the Indenture and the Notes and to perform all of the obligations and agreements of a guarantor under the Indenture.
3.    Notices.  All notices or other communications to the New Guarantor shall be given as provided in Section 13.02 of the Indenture.
4.    Ratification of Indenture; Supplemental Indentures Part of Indenture.  Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby.
5.    Governing Law.  THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
6.    Trustee Makes No Representation.  The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture.
7.    Counterparts.  The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.
8.    Effect of Headings.  The Section headings herein are for convenience only and shall not affect the construction thereof.

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IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written.
CLAUDINE PROPERTY OWNER LLC
By:    /s/ John Payne     
Name: John Payne
Title: President and Secretary
VICI PROPERTIES 1 LLC
By:    /s/ John Payne     
Name: John Payne
Title: President and Secretary
VICI FC INC.
By:    /s/ John Payne     
Name: John Payne
Title: President and Secretary

[Signature Page – Supplemental Indenture]

UMB BANK, NATIONAL ASSOCIATION, 
as Trustee
By:    /s/ Gavin Wilkinson    
Name: Gavin Wilkinson
Title: Senior Vice President

[Signature Page – Supplemental Indenture]Exhibit

Exhibit 10.52

AMENDMENT NO. 1 TO 
VICI PROPERTIES INC. 2017 STOCK INCENTIVE PLAN

WHEREAS, VICI Properties Inc. (the “Company”) has adopted the VICI Properties Inc. 2017 Stock Incentive Plan (the “Plan”) (capitalized terms used but not defined herein shall have the meaning ascribed thereto in the Plan); and 
WHEREAS, Section 3.1 of the Plan permits the Board to amend the Plan from time to time; and 
WHEREAS, the Board has determined (upon recommendation of the Committee) it is advisable and in the best interests of the Company and its stockholders to amend the Plan to, among other things, (a) require a minimum one-year vesting period for awards, subject to certain limited exceptions, as is the practice of the Company, and (b) clarify the Plan’s existing prohibition on the repricing of stock options and stock appreciation rights; 
NOW, THEREFORE, in accordance with Section 3.1 of the Plan, the Plan is hereby amended effective as of the date set forth below as follows:
1.    Section 1.5(c) of the Plan is amended by deleting the references to “Section 2.6(e)” and replacing each such reference with a reference to “Section 2.7(e)”.
2.    A new Section 1.5(g) is added to the Plan to read as follows:
“(g)    Minimum Vesting. Awards granted under the Plan shall be subject to a minimum vesting period of not less than one year from the date of grant of the award.  This minimum vesting period may be accelerated or waived in the event of a grantee’s death, disability, retirement, termination of employment, corporate transactions or such other events that the Committee determines either at the time an award is granted or by the Committee pursuant to the exercise of its powers under the Plan. Notwithstanding the foregoing minimum vesting period, the following Awards shall not be subject to the foregoing minimum vesting requirement (i) any Awards to non-employee directors that vest on the earlier of the one-year anniversary of the date of grant and the next annual meeting of stockholders which is at least 50 weeks after the immediately preceding year’s annual meeting and (ii) any additional Awards the Committee may grant up to five percent (5%) of the shares reserved for awards under Section 1.5(a) of the Plan, as such amount may be adjusted under Section 3.6(a).”  
3.    Section 3.1(b) of the Plan is hereby deleted in its entirety and replaced by the following new provision to read as follows:
“(b)    Modification of Awards; Prohibition Relating to Repricing, Buyout and Exchange of Awards. The Committee may cancel any award under the Plan. Subject to the limitations in this Section 3.1(b), the Committee also may amend any outstanding award and the applicable Grant Certificate, including, without limitation, by amendment which would: (i) accelerate the time or times at which the award becomes unrestricted or 

may be exercised; (ii) waive or amend any goals, restrictions or conditions set forth in the Agreement; or (iii) waive or amend the operation of Section 2.5. Any such cancellation or amendment (other than an amendment pursuant to Section 3.6) that materially impairs the rights or materially increases the obligations of a grantee under an outstanding award shall be made only with the consent of the grantee (or, upon the grantee’s death, the person having the right to exercise the award). Notwithstanding the foregoing, the Committee may not, without shareholder approval, except as otherwise permitted under Section 3.6 of the Plan, directly or indirectly reduce the exercise price of an outstanding option or stock appreciation right, including (i) changing the terms of an option or stock appreciation right to reduce the exercise price of such option or stock appreciation right; (ii) repurchasing or buying out for cash or cancelling an option or stock appreciation right in exchange for another award at a time when the exercise price of such option or stock appreciation right is greater than the Fair Market Value of the underlying shares; or (iii) taking any other action that is treated as a “repricing” under generally accepted accounting principles or the stockholder approval rules of any national securities exchange on which the securities of the Company are then listed.”
4.    Except as expressly amended hereby, the Plan shall continue in full force and effect in accordance with the provisions thereof.
IN WITNESS WHEREOF, the Company has caused this Amendment No. 1 to the VICI Properties Inc. 2017 Stock Incentive Plan to be executed by its duly authorized officer as of February 12, 2019.

	
		
	VICI PROPERTIES INC.

	 
	 

	By:
	/s/ SAMANTHA S. GALLAGHER

	 
	Name: Samantha S. Gallagher 

	 
	Title: Executive Vice President, General Counsel and Secretary

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