Document:

EX-10.6

 Exhibit 10.6 

Form of 
 MGM GROWTH
PROPERTIES LLC 
 2016 Omnibus Incentive Plan 

 Table of Contents 

 

							
	 ARTICLE 1
	  	 Establishment, Purpose, and Duration
	  	 	1	  
	 1.1
	  	 Establishment
	  	 	1	  
	 1.2
	  	 Purpose of this Plan
	  	 	1	  
	 1.3
	  	 Duration of this Plan
	  	 	1	  
			
	 ARTICLE 2
	  	 Definitions
	  	 	1	  
			
	 ARTICLE 3
	  	 Administration
	  	 	6	  
	 3.1
	  	 General
	  	 	6	  
	 3.2
	  	 Authority of the Board
	  	 	6	  
	 3.3
	  	 Delegation
	  	 	6	  
			
	 ARTICLE 4
	  	 Shares Subject to this Plan and Maximum Awards
	  	 	6	  
	 4.1
	  	 Number of Shares Available for Awards
	  	 	6	  
	 4.2
	  	 Share Usage
	  	 	6	  
	 4.3
	  	 Annual Award Limits
	  	 	7	  
	 4.4
	  	 Adjustments in Authorized Shares
	  	 	7	  
			
	 ARTICLE 5
	  	 Eligibility and Participation
	  	 	8	  
	 5.1
	  	 Eligibility
	  	 	8	  
	 5.2
	  	 Actual Participation
	  	 	8	  
			
	 ARTICLE 6
	  	 Share Options
	  	 	8	  
	 6.1
	  	 Grant of Options
	  	 	8	  
	 6.2
	  	 Award Agreement
	  	 	8	  
	 6.3
	  	 Option Price
	  	 	8	  
	 6.4
	  	 Term of Options
	  	 	8	  
	 6.5
	  	 Exercise of Options
	  	 	9	  
	 6.6
	  	 Payment
	  	 	9	  
	 6.7
	  	 Restrictions on Share Transferability
	  	 	9	  
	 6.8
	  	 Termination of Employment
	  	 	9	  
			
	 ARTICLE 7
	  	 Share Appreciation Rights
	  	 	10	  
	 7.1
	  	 Grant of SARs
	  	 	10	  
	 7.2
	  	 SAR Agreement
	  	 	10	  
	 7.3
	  	 Term of SAR
	  	 	10	  
	 7.4
	  	 Exercise of Freestanding SARs
	  	 	10	  
	 7.5
	  	 Exercise of Tandem SARs
	  	 	10	  
	 7.6
	  	 Settlement of SAR Amount
	  	 	10	  
	 7.7
	  	 Termination of Employment
	  	 	10	  
	 7.8
	  	 Other Restrictions
	  	 	11	  
			
	 ARTICLE 8
	  	 Restricted Shares and Restricted Share Units
	  	 	11	  
	 8.1
	  	 Grant of Restricted Shares or Restricted Share Units
	  	 	11	  
	 8.2
	  	 Restricted Share or Restricted Share Unit Agreement
	  	 	11	  
	 8.3
	  	 Other Restrictions
	  	 	11	  
	 8.4
	  	 Certificate Legend
	  	 	12	  
	 8.5
	  	 Shareholder Rights
	  	 	12	  
	 8.6
	  	 Termination of Employment
	  	 	12	  
	 8.7
	  	 Section 83(b) Election
	  	 	12	  

							
			
	 ARTICLE 9
	  	 Performance Share Units/Performance Shares
	  	 	12	  
	 9.1
	  	 Grant of Performance Share Units/Performance Shares
	  	 	12	  
	 9.2
	  	 Value of Performance Share Units/Performance Shares
	  	 	13	  
	 9.3
	  	 Earning of Performance Share Units/Performance Shares
	  	 	13	  
	 9.4
	  	 Form and Timing of Payment of Performance Share Units/Performance Shares
	  	 	13	  
	 9.5
	  	 Termination of Employment
	  	 	13	  
			
	 ARTICLE 10
	  	 Other Share-Based Awards
	  	 	13	  
	 10.1
	  	 Other Share-Based Awards
	  	 	13	  
	 10.2
	  	 Value of Other Share-Based Awards
	  	 	13	  
	 10.3
	  	 Payment of Other Share-Based Awards
	  	 	14	  
	 10.4
	  	 Termination of Employment
	  	 	14	  
			
	 ARTICLE 11
	  	 Transferability of Awards
	  	 	14	  
			
	 ARTICLE 12
	  	 Performance Measures
	  	 	14	  
	 12.1
	  	 Performance Measures
	  	 	14	  
	 12.2
	  	 Evaluation of Performance
	  	 	16	  
			
	 ARTICLE 13
	  	 Dividend Equivalents Rights
	  	 	16	  
			
	 ARTICLE 14
	  	 Treatment on Change of Control
	  	 	16	  
			
	 ARTICLE 15
	  	 Beneficiary Designation
	  	 	17	  
			
	 ARTICLE 16
	  	 Rights of Participants
	  	 	17	  
	 16.1
	  	 Employment
	  	 	17	  
	 16.2
	  	 Participation
	  	 	18	  
	 16.3
	  	 Rights as a Shareholder
	  	 	18	  
			
	 ARTICLE 17
	  	 Amendment, Modification, Suspension, and Termination
	  	 	18	  
	 17.1
	  	 Amendment, Modification, Suspension, and Termination
	  	 	18	  
	 17.2
	  	 Adjustment of Awards Upon the Occurrence of Certain Unusual or Nonrecurring Events
	  	 	18	  
	 17.3
	  	 Awards Previously Granted
	  	 	18	  
	 17.4
	  	 Amendment to Conform to Law
	  	 	19	  
			
	 ARTICLE 18
	  	 Withholding
	  	 	19	  
	 18.1
	  	 Tax Withholding
	  	 	19	  
	 18.2
	  	 Share Withholding
	  	 	19	  
			
	 ARTICLE 19
	  	 Successors
	  	 	19	  
			
	 ARTICLE 20
	  	 General Provisions
	  	 	19	  
	 20.1
	  	 Legend
	  	 	19	  
	 20.2
	  	 Gender and Number
	  	 	20	  
	 20.3
	  	 Severability
	  	 	20	  
	 20.4
	  	 Requirements of Law
	  	 	20	  
	 20.5
	  	 Delivery of Title
	  	 	20	  
	 20.6
	  	 Inability to Obtain Authority
	  	 	20	  

  
 ii 

							
	 20.7
	  	 Investment Representations
	  	 	20	  
	 20.8
	  	 Uncertificated Shares
	  	 	21	  
	 20.9
	  	 Unfunded Plan
	  	 	21	  
	 20.10
	  	 No Fractional Shares
	  	 	21	  
	 20.11
	  	 Retirement and Welfare Plans
	  	 	21	  
	 20.12
	  	 Section 409A of the Internal Revenue Code
	  	 	22	  
	 20.13
	  	 Nonexclusivity of this Plan
	  	 	22	  
	 20.14
	  	 No Constraint on Corporate Action
	  	 	22	  
	 20.15
	  	 Governing Law
	  	 	22	  

  
 iii 

 MGM GROWTH PROPERTIES LLC 

2016 Omnibus Incentive Plan 

ARTICLE 1 

Establishment, Purpose, and Duration 

1.1 Establishment. MGM Growth Properties LLC, a Delaware limited liability company (hereinafter referred to as the
“Company”), establishes an incentive compensation plan to be known as the MGM Growth Properties LLC 2016 Omnibus Incentive Plan (hereinafter referred to as the “Plan”), as set forth in this document. This Plan
permits the grant of Options, SARs, Restricted Shares, Restricted Share Units, Performance Shares, Performance Share Units and Other Share-Based Awards. 

1.2 Purpose of this Plan. The purpose of this Plan is to provide a means whereby Employees, Directors and non-employee directors of the
Company’s Subsidiaries and Affiliates develop a sense of proprietorship and personal involvement in the development and financial success of the Company, and to encourage them to devote their best efforts to the business of the Company, thereby
advancing the interests of the Company and its shareholders. A further purpose of this Plan is to provide a means through which the Company may attract able individuals to provide services to or for the benefit of the Company and to provide a means
for such individuals to acquire and maintain share ownership in the Company, thereby strengthening their concern for the welfare of the Company. 

1.3 Duration of this Plan. Unless sooner terminated as provided herein, this Plan shall terminate on
            , 2026. After this Plan is terminated, no Awards may be granted but Awards previously granted shall remain outstanding in accordance with their applicable terms and conditions
and this Plan’s terms and conditions. 
 ARTICLE 2 

Definitions 

Whenever used in this Plan, the following terms shall have the meanings set forth below, and when the meaning is intended, the initial letter
of the word shall be capitalized. 
 “Annual Award Limit” or “Annual Award Limits” has the meaning set
forth in Section 4.3. 
 “Affiliate” means any corporation or other entity (including, but not limited to, a
partnership or a limited liability company), that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with, the corporation or other entity in question. 

“Award” means, individually or collectively, a grant under this Plan of Options, SARs, Restricted Shares, Restricted Share
Units, Performance Shares, Performance Share Units, or Other Share-Based Awards, in each case subject to the terms of this Plan. 

 “Award Agreement” means either (a) a written agreement entered into by the
Company and a Participant setting forth the terms and provisions applicable to an Award granted under this Plan, or (b) a written or electronic statement issued by the Company to a Participant describing the terms and provisions of such Award,
including any amendment or modification thereof. The Board may provide for the use of electronic, internet or other non-paper Award Agreements, and the use of electronic, internet or other non-paper means for the acceptance thereof and actions
thereunder by a Participant. 
 “Beneficial Owner” or “Beneficial Ownership” has the meaning ascribed to
such term in Rule 13d-3 of the General Rules and Regulations under the Exchange Act. 
 “Board” or “Board of
Directors” means the Board of Directors of the Company. 
 “Change of Control” means, with respect to (x) the
Company or (y) provided that it is an Affiliate of the Company at the relevant time, MGM (each of (x) and (y), a “Referenced Entity”), the first to occur of: 

(1) the date that a reorganization, merger, consolidation, recapitalization, or similar transaction (other than a spinoff, exchange offer or
similar transaction to or with the applicable Referenced Entity’s public shareholders) is consummated, unless: (i) at least 50% of the outstanding voting securities of the surviving or resulting entity (including, without limitation, an
entity which as a result of such transaction owns the Company either directly or through one or more subsidiaries) (“Resulting Entity”) are beneficially owned, directly or indirectly, by the persons who were the beneficial owners of the
outstanding voting securities of the Corporation immediately prior to such transaction in substantially the same proportions as their beneficial ownership, immediately prior to such transaction, of the outstanding voting securities of the
Corporation and (ii) immediately following such transaction no person or persons acting as a group beneficially owns capital stock of the Resulting Entity possessing thirty-five percent (35%) or more of the total voting power of the stock
of the Resulting Entity; 
 (2) the date that a majority of members of the Referenced Entity’s Board is replaced during any twelve
(12) month period by directors whose appointment or election is not endorsed by a majority of the members of the Referenced Entity’s Board before the date of the appointment or election; provided that no individual shall be considered to
be so endorsed if such individual initially assumed office as a result of either an actual or threatened “Election Contest” (as described in Rule 14a-11 promulgated under the Securities Exchange Act of 1934) or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the Board (a “Proxy Contest”) including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest; 

(3) the date that any one person, or persons acting as a group, acquires (or has or have acquired as of the date of the most recent
acquisition by such person or persons) beneficial ownership of stock of the Referenced Entity possessing thirty-five percent (35%) or more of the total voting power of the stock of the Referenced Entity; or 

(4) the date that any one person acquires, or persons acting as a group acquire (or has or have acquired as of the date of the most recent
acquisition by such person or persons), assets 

  
 2 

 
from the Referenced Entity that have a total gross fair market value equal to or more than forty percent (40%) of the total gross fair market value of all of the assets of the Referenced
Entity immediately before such acquisition or acquisitions. 
 For the avoidance of doubt, there can only be one Change of Control for purposes of the Plan.

 “Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time. For purposes of this Plan, references
to sections of the Code shall be deemed to include references to any applicable regulations thereunder and any successor or similar provision. 

“Company” means MGM Growth Properties LLC, a Delaware limited liability company, and any successor thereto as provided in
Article 19 herein. 
 “Director” means any individual who is a member of the Board of Directors of the Company. 

“Dividend Equivalent Right” means a right, to be credited to an Award granted to a Participant, as described in Article 13
hereof. 
 “Eligible Individual” means an individual who is (i) an Employee, (ii) a Director or (iii) a
non-employee director of any Subsidiary or Affiliate of the Company, including, without limitation, the Operating Partnership, in each case of (i), (ii) and (iii), to the extent permissible under Form S-8 under the Securities Act of 1933, as
amended from time to time. 
 “Employee” means any person designated as an employee of the Company, its Affiliates and/or
its Subsidiaries on the payroll records thereof. An Employee shall not include any individual during any period he or she is classified or treated by the Company, Affiliate, and/or Subsidiary as an independent contractor, a consultant, or any
employee of an employment, consulting, or temporary agency or any other entity other than the Company, Affiliate, and/or Subsidiary, without regard to whether such individual is subsequently determined to have been, or is subsequently retroactively
reclassified as a common-law employee of the Company, Affiliate, and/or Subsidiary during such period. 
 “Exchange Act”
means the Securities Exchange Act of 1934, as amended from time to time, or any successor act thereto. 
 “Fair Market
Value” or “FMV” means a price that is based on the opening, closing, actual, high, low, or average selling prices of a Share reported on the New York Stock Exchange (“NYSE”) or other established stock
exchange (or exchanges) on the applicable date, the preceding trading day, the next succeeding trading day, or an average of trading days, as determined by the Board in its discretion. Unless the Board determines otherwise, Fair Market Value shall
be deemed to be equal to the reported closing price of a Share on the most recent date on which Shares were publicly traded. In the event Shares are not publicly determined at the time a determination of their value is required to be made hereunder,
the determination of their Fair Market Value shall be made by the Board in such manner as it deems appropriate. Such definition(s) of FMV may be specified in an Award Agreement and may differ depending on whether FMV is in reference to the grant,
exercise, vesting, settlement, or payout of an Award. 

  
 3 

 “Family Members” of a Participant means any child, stepchild, grandchild,
parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law of such Participant, including adoptive relationships, any person sharing
such Participant’s household (other than a tenant or employee), a trust in which such individuals have more than fifty percent of the beneficial interest, a foundation in which these individuals (or the Participant) control the management of
assets, and any other entity in which these individuals (or the Participant) own more than fifty percent of the voting interest. 

“Freestanding SAR” means an SAR that is granted independently of any Options, as described in Article 7. 

“Full Value Award” means an Award other than in the form of an Option or SAR, and which is settled by the issuance of Shares.

 “Grant Price” means the price established at the time of grant of an SAR pursuant to Article 7, used to determine
whether there is any payment due upon exercise of the SAR. 
 “MGM” means MGM Resorts International, a Delaware
corporation. 
 “Nonemployee Director” means a Director who is not an Employee. 

“Operating Partnership” means MGM Growth Properties Operating Partnership LP, a Delaware limited partnership and Affiliate of
the Company. 
 “Option” means an option to purchase one or more Shares, granted pursuant to Article 6. 

“Option Price” means the price at which a Share may be purchased by a Participant pursuant to an Option. 

“Other Share-Based Award” means an equity-based or equity-related Award not otherwise described by the terms of this Plan,
granted pursuant to Article 10. 
 “Participant” means any Eligible Individual as set forth in Article 5 to whom an Award
is granted. 
 “Performance Measures” means measures as described in Article 12 on which the performance goals of certain
Awards may be based. 
 “Performance Period” means the period of time during which the performance goals must be met in
order to determine the degree of payout and/or vesting with respect to an Award. 
 “Performance Share” means an Award
under Article 9 herein and subject to the terms of this Plan, denominated in Shares, the value of which at the time it is payable is determined as a function of the extent to which corresponding performance criteria have been achieved. 

“Performance Share Unit” means an Award under Article 9 herein and subject to the terms of this Plan, denominated in units,
the value of which at the time it is payable is determined as a function of the extent to which corresponding performance criteria have been achieved. 

  
 4 

 “Period of Restriction” means the period when Restricted Shares or Restricted
Share Units are subject to a substantial risk of forfeiture (based on the passage of time, the achievement of performance goals, or upon the occurrence of other events as determined by the Board, in its discretion), as provided in Article 8. 

“Permitted Transfer” means any transfer of an Award by a Participant to a Participant’s Family Member made by gift or
domestic relations order if such transfer is not for value; provided, however, that neither (a) a transfer under a domestic relations order in settlement of marital property rights nor (b) a transfer to an entity in which more than fifty
percent of the voting interests are owned by Family Members or the Participant in exchange for an interest in that entity shall be deemed a transfer for value for the purposes of determining whether a transfer is a Permitted Transfer. 

“Plan” means the MGM Growth Properties LLC 2016 Omnibus Incentive Plan. 

“Plan Year” means the Company’s fiscal year. 

“Restricted Share” means an Award granted to a Participant pursuant to Article 8. 

“Restricted Share Unit” means an Award granted to a Participant pursuant to Article 8, where no Shares are actually awarded
to the Participant on the date of grant. 
 “Section 409A” means Code Section 409A, the regulations thereunder
promulgated by the United States Department of Treasury and other guidance issued thereunder. 
 “Share” means a share of
Class A common shares representing limited liability company interests of the Company. 
 “Share Appreciation Right”
or “SAR” means an Award, designated as an SAR, pursuant to the terms of Article 7 herein. 
 “Subsidiary”
means any corporation or other entity, whether domestic or foreign, in which the Company has or obtains, directly or indirectly, a proprietary interest of fifty percent (50%) or more by reason of share ownership or otherwise. 

“Tandem SAR” means an SAR that is granted in connection with a related Option pursuant to Article 7 herein, the exercise of
which shall require forfeiture of the right to purchase a Share under the related Option (and when a Share is purchased under the Option, the Tandem SAR shall similarly be canceled). 

  
 5 

 ARTICLE 3 

Administration 

3.1 General. The Board shall be responsible for administering this Plan, subject to this Article 3 and the other provisions of this
Plan. In connection with its administration of the Plan, the Board may employ attorneys, consultants, accountants, agents, and other individuals, any of whom may be an Employee, and the Board, the Company, and its officers and Directors shall be
entitled to rely upon the advice, opinions, or valuations of any such individuals. All actions taken and all interpretations and determinations made by the Board shall be final and binding upon the Participants, the Company, and all other interested
individuals. 
 3.2 Authority of the Board. The Board shall have full and exclusive discretionary power to interpret the terms and
the intent of this Plan and any Award Agreement or other agreement or document ancillary to or in connection with this Plan, to determine eligibility for Awards and to adopt such rules, regulations, forms, instruments, and guidelines for
administering this Plan as the Board may deem necessary or proper. Such authority shall include, but not be limited to, selecting Award recipients, establishing all Award terms and conditions, including the terms and conditions set forth in Award
Agreements, granting Awards as an alternative to or as the form of payment for grants or rights earned or due under compensation plans or arrangements of the Company, construing any ambiguous provision of the Plan or any Award Agreement, and,
subject to Article 17, correcting a defect or supplying any omission, or reconciling any inconsistency so that this Plan or any Award Agreement complies with applicable law, regulations and listing requirements and so as to avoid unanticipated
consequences or address unanticipated events (including any temporary closure of the stock exchange on which the Company’s Shares are listed, disruption of communications or natural catastrophe), or adopting modifications and amendments to this
Plan or any Award Agreement, including without limitation, any that are necessary to comply with the laws of the countries and other jurisdictions in which the Company, its Affiliates, and/or its Subsidiaries operate. 

3.3 Delegation. The Board may delegate to a committee of one or more of its members all or any number of its administrative or other
duties or powers under this Plan. If the Board delegates such duties or powers to a committee, all references under this Plan to the “Board” shall be interpreted to include such committee. 

ARTICLE 4 
 Shares
Subject to this Plan and Maximum Awards 
 4.1 Number of Shares Available for Awards. Subject to adjustment as provided in
Section 4.4 herein, the maximum number of Shares available for issuance to Participants under this Plan (the “Share Authorization”) shall be [●] Shares. 

4.2 Share Usage. Shares covered by an Award shall only be counted as used to the extent they are actually issued. Any Shares related to
Awards which terminate by expiration, forfeiture, cancellation, or otherwise without the issuance of such Shares, are settled in cash in lieu of Shares, or are exchanged with the Board’s permission, prior to the issuance of Shares, for Awards
not involving Shares, shall be available again for grant under this Plan. Moreover, if the Option Price of any Option granted under this Plan or the tax withholding requirements with respect to any Award granted under this Plan are satisfied by
tendering Shares to the Company (by either actual delivery or by attestation), or if an SAR is exercised, only the number of Shares 

  
 6 

 
issued, net of the Shares tendered, if any, will be deemed delivered for purposes of determining the maximum number of Shares available for delivery under this Plan. The Shares available for
issuance under this Plan may be authorized and unissued Shares or treasury Shares. 
 4.3 Annual Award Limits. The following limits
(each an “Annual Award Limit” and, collectively, “Annual Award Limits”) shall apply to grants of such Awards under this Plan: 

(a) Options and SARs: The maximum aggregate number of Shares subject to all Options and SARs granted in any one Plan Year to any one
Participant shall be [●] Shares. 
 (b) All Other Awards: The maximum aggregate grant with respect to all other Awards granted
in any one Plan Year to any one Participant shall be [●] Shares, or equal to the value of [●] Shares determined as of the grant of the Award, as applicable. 

(c) Nonemployee Director Limits: The maximum aggregate grant (regardless of the type(s) of Award granted) in any one Plan Year to any
one Participant who is a Nonemployee Director shall be an Award or Awards having an aggregate grant date fair value (as determined for financial reporting purposes) of no more than $600,000. Without limitation of the foregoing, the aggregate value
of all compensation paid or provided to a Nonemployee Director in respect of a single fiscal year of the Company shall not exceed $600,000, and for purposes of determining such aggregate value, compensation in the form of Awards shall be valued at
the aggregate grant date fair value (as determined for financial reporting purposes). 
 4.4 Adjustments in Authorized Shares. 

(a) If the outstanding securities of the class then subject to this Plan are increased, decreased or exchanged for or converted into cash,
property or a different number or kind of securities, or if cash, property or securities are distributed in respect of those outstanding securities, in any case as a result of a reorganization, merger consolidation, recapitalization, restructuring,
reclassification, extraordinary dividend or other distribution (other than regular, quarterly cash dividends), stock split, reverse stock split or the like, or if substantially all of the property and assets of the Company are sold, then, the Board
shall make appropriate and proportionate adjustments in (a) the number, price (if applicable) and type of shares or other securities or cash or other property that may be subject to Awards previously granted under this Plan, (b) the
maximum number and type of shares or other securities or cash or other property that may be issued pursuant to Awards thereafter granted under this Plan, and (c) the maximum number of Shares for which Awards may be granted during any one Plan
Year. 
 (b) Subject to Section 17.3 and Article 12, the Board, in its sole discretion, may also make appropriate adjustments in the
terms of any Awards under this Plan to reflect or related to such changes or distributions and to modify any other terms of outstanding Awards, including modifications of performance goals and changes in the length of Performance Periods. Subject to
Section 17.3, the determination of the Board as to the foregoing adjustments, if any, shall be conclusive and binding on Participants under this Plan. 

(c) Subject to the provisions of Article 17 and notwithstanding anything else herein to the contrary, without affecting the number of Shares
reserved or available hereunder, 

  
 7 

 
the Board may authorize the issuance or assumption of benefits under this Plan in connection with any merger, consolidation, acquisition of property or stock, or reorganization upon such terms
and conditions as it may deem appropriate (including, but not limited to, a conversion of equity awards into Awards under this Plan in a manner consistent with applicable regulations), subject to compliance with the rules under Code
Section 424, as and where applicable. 
 ARTICLE 5 

Eligibility and Participation 

5.1 Eligibility. Subject to Section 20.8 hereof, individuals eligible to participate in this Plan shall consist of all Eligible
Individuals. 
 5.2 Actual Participation. Subject to the provisions of this Plan, the Board may, from time to time, select from all
Eligible Individuals, those individuals to whom Awards shall be granted and shall determine, in its sole discretion, the nature of, any and all terms permissible by law, and the amount of each Award; provided that, (i) in the case of Awards to
Eligible Individuals engaged by Affiliates rather than by the Company, the Board has determined that such individuals have provided, or are expected to provide, services to the Company, and (ii) in the case of Options, that the Shares subject
thereto qualify as “service recipient stock” with respect to the Participant for purposes of Section 409A. 
 ARTICLE 6

 Share Options 

6.1 Grant of Options. Subject to the terms and provisions of this Plan, Options may be granted to Participants in such number, and upon
such terms, and at any time and from time to time as shall be determined by the Board, in its sole discretion. All Options granted under the Plan shall be nonqualified stock options not intended to meet the requirements of Code Section 422.

 6.2 Award Agreement. Each Option grant shall be evidenced by an Award Agreement that shall specify the Option Price, the maximum
duration of the Option, the number of Shares to which the Option pertains, the conditions upon which an Option shall become vested and exercisable, and such other provisions as the Board shall determine which are not inconsistent with the terms of
this Plan. 
 6.3 Option Price. The Option Price for each grant of an Option under this Plan shall be determined by the Board in its
sole discretion and shall be specified in the Award Agreement; provided, however, the Option Price on the date of grant must be at least equal to one hundred percent (100%) of the FMV of the Shares as determined on the date of grant. 

6.4 Term of Options. Each Option granted to a Participant shall expire at such time as the Board shall determine at the time of grant;
provided, however, no Option shall be exercisable later than the tenth (10th) anniversary date of its grant. 

  
 8 

 6.5 Exercise of Options. Options granted under this Article 6 shall be exercisable at such
times and be subject to such restrictions and conditions as the Board shall in each instance approve, which terms and restrictions need not be the same for each grant or for each Participant. 

6.6 Payment. 
 (a)
Options granted under this Article 6 shall be exercised by the delivery of a notice of exercise to the Company or an agent designated by the Company in a form specified or accepted by the Board, or by complying with any alternative procedures which
may be authorized by the Board, setting forth the number of Shares with respect to which the Option is to be exercised, accompanied by full payment for the Shares. 

(b) A condition of the issuance of the Shares as to which an Option shall be exercised shall be the payment of the Option Price. The Option
Price of any Option shall be payable to the Company in full either: (i) in cash or its equivalent; (ii) by tendering (either by actual delivery or attestation) previously acquired Shares having an aggregate Fair Market Value at the time of
exercise equal to the Option Price; (iii) a cashless exercise (broker-assisted exercise) through a “same day sale” commitment; (iv) by a combination of (i), (ii), and (iii); or (v) any other method approved or accepted by
the Board in its sole discretion. 
 (c) Subject to any governing rules or regulations, as soon as practicable after receipt of written
notification of exercise and full payment (including satisfaction of any applicable tax withholding), the Company shall deliver to the Participant evidence of book entry Shares, or upon the Participant’s request, Share certificates in an
appropriate amount based upon the number of Shares purchased under the Option(s). 
 (d) Unless otherwise determined by the Board, all
payments under all of the methods indicated above shall be paid in United States dollars. 
 6.7 Restrictions on Share
Transferability. The Board may impose such restrictions on any Shares acquired pursuant to the exercise of an Option granted under this Article 6 as it may deem advisable, including, without limitation, minimum holding period requirements,
restrictions under applicable federal securities laws, under the requirements of any stock exchange or market upon which such Shares are then listed and/or traded, or under any blue sky or state securities laws applicable to such Shares. 

6.8 Termination of Employment. Each Participant’s Award Agreement shall set forth the extent to which the Participant shall have
the right to exercise the Option following termination of the Participant’s employment or provision of services to the Company, its Affiliates, and/or its Subsidiaries, as the case may be. Such provisions shall be determined in the sole
discretion of the Board, shall be included in the Award Agreement entered into with each Participant, need not be uniform among all Options issued pursuant to this Article 6, and may reflect distinctions based on the reasons for termination. 

  
 9 

 ARTICLE 7 

Share Appreciation Rights 

7.1 Grant of SARs. 
 (a)
Subject to the terms and conditions of this Plan, SARs may be granted to Participants at any time and from time to time as shall be determined by the Board. The Board may grant Freestanding SARs, Tandem SARs, or any combination of these forms of
SARs. 
 (b) Subject to the terms and conditions of this Plan, the Board shall have complete discretion in determining the number of SARs
granted to each Participant and, consistent with the provisions of this Plan, in determining the terms and conditions pertaining to such SARs. 

(c) The Grant Price for each grant of a Freestanding SAR shall be determined by the Board and shall be specified in the Award Agreement;
provided, however, the Grant Price on the date of grant must be at least equal to one hundred percent (100%) of the FMV of the Shares as determined on the date of grant. The Grant Price of Tandem SARs shall be equal to the Option Price of the
related Option. 
 7.2 SAR Agreement. Each SAR Award shall be evidenced by an Award Agreement that shall specify the Grant Price, the
term of the SAR, and such other provisions as the Board shall determine. 
 7.3 Term of SAR. The term of an SAR granted under this
Plan shall be determined by the Board, in its sole discretion, and except as determined otherwise by the Board and specified in the SAR Award Agreement, no SAR shall be exercisable later than the tenth (10th) anniversary date of its grant. 

7.4 Exercise of Freestanding SARs. Freestanding SARs may be exercised upon whatever terms and conditions the Board, in its sole
discretion, imposes. 
 7.5 Exercise of Tandem SARs. Tandem SARs may be exercised for all or part of the Shares subject to the
related Option upon the surrender of the right to exercise the equivalent portion of the related Option. A Tandem SAR may be exercised only with respect to the Shares for which its related Option is then exercisable. 

7.6 Settlement of SAR Amount. Subject to Section 20.11 herein, upon the exercise of an SAR, a Participant shall be entitled to
receive payment from the Company, in the form of cash or Shares, in an amount determined by multiplying: 
 (a) The excess of the Fair
Market Value of a Share on the date of exercise over the Grant Price, less applicable tax withholding; by 
 (b) The number of Shares with
respect to which the SAR is exercised. 
 7.7 Termination of Employment. Each Award Agreement shall set forth the extent to which the
Participant shall have the right to exercise the SAR following termination of the Participant’s employment with or provision of services to the Company, its Affiliates, and/or its Subsidiaries, as the case may be. Such provisions shall be
determined in the sole discretion of the Board, shall be included in the Award Agreement entered into with Participants, need not be uniform among all SARs issued pursuant to this Plan, and may reflect distinctions based on the reasons for
termination. 

  
 10 

 7.8 Other Restrictions. The Board shall impose such other conditions and/or restrictions
on any Shares received upon exercise of an SAR granted pursuant to this Plan as it may deem advisable or desirable. These restrictions may include, but shall not be limited to, a requirement that the Participant hold the Shares received upon
exercise of an SAR for a specified period of time. 
 ARTICLE 8 

Restricted Shares and Restricted Share Units 

8.1 Grant of Restricted Shares or Restricted Share Units. Subject to the terms and provisions of this Plan, the Board, at any time and
from time to time, may grant Restricted Shares and/or Restricted Share Units to Participants in such amounts as the Board shall determine. Restricted Share Units shall be similar to Restricted Shares except that no Shares are actually awarded to the
Participant on the date of grant. 
 8.2 Restricted Shares or Restricted Share Unit Agreement. Each grant of Restricted Shares and/or
Restricted Share Units shall be evidenced by an Award Agreement that shall specify the Period(s) of Restriction, the number of Restricted Shares or the number of Restricted Share Units granted, and such other provisions as the Board shall determine.

 8.3 Other Restrictions. 

(a) The Board shall impose such other conditions and/or restrictions on any Restricted Shares or Restricted Share Units granted pursuant to
this Plan as it may deem advisable including, without limitation, a requirement that Participants pay a stipulated purchase price for each Restricted Share or each Restricted Share Unit, restrictions based upon the achievement of specific
performance goals, time-based restrictions on vesting following the attainment of the performance goals, time-based restrictions, restrictions under applicable laws or under the requirements of any stock exchange or market upon which such Shares are
listed or traded, and/or holding requirements or sale restrictions placed on the Shares by the Company upon vesting of such Restricted Shares or Restricted Share Units. 

(b) To the extent deemed appropriate by the Board, the Company may retain the certificates representing Restricted Shares in the
Company’s possession until such time as all conditions and/or restrictions applicable to such Shares have been satisfied or lapse. 

(c) Except as otherwise provided in this Article 8, Restricted Shares covered by each Restricted Share Award shall become freely transferable
by the Participant after all conditions and restrictions applicable to such Shares have been satisfied or lapse (including satisfaction of any applicable tax withholding obligations), and Restricted Share Units shall be paid in cash, Shares, or a
combination of cash and Shares as the Board, in its sole discretion shall determine. 

  
 11 

 8.4 Certificate Legend. In addition to any legends placed on certificates pursuant to
Section 8.3, each certificate representing Restricted Shares granted pursuant to this Plan may bear a legend such as the following or as otherwise determined by the Board in its sole discretion: 

The sale or transfer of Shares of stock represented by this certificate, whether voluntary, involuntary, or by operation of law, is subject to
certain restrictions on transfer as set forth in the MGM Growth Properties LLC 2016 Omnibus Incentive Plan, and in the associated Award Agreement. A copy of this Plan and such Award Agreement may be obtained from MGM Growth Properties LLC. 

8.5 Shareholder Rights. Unless otherwise determined by the Board and set forth in a Participant’s Award Agreement, to the extent
permitted or required by law, as determined by the Board, Participants holding Restricted Shares granted hereunder shall have the right to receive dividends in cash or other property or distribution rights in respect of their Restricted Shares, to
the extent made available under the terms of the Awards granting the Restricted Shares, and may be granted the right to exercise full voting rights with respect to those Shares during the Period of Restriction. A Participant shall have no voting
rights at any time with respect to any Restricted Share Units granted hereunder. Notwithstanding the foregoing, dividends and/or Dividend Equivalent Rights that relate to Awards that vest in whole or in part subject to performance goals or
conditions shall, to the extent made available under the terms of the Awards, be subject to the same performance goals or conditions as the underlying Award. 

8.6 Termination of Employment. Each Award Agreement shall set forth the extent to which the Participant shall have the right to retain
Restricted Shares and/or Restricted Share Units following termination of the Participant’s employment with or provision of services to the Company, its Affiliates, and/or its Subsidiaries, as the case may be. Such provisions shall be determined
in the sole discretion of the Board, shall be included in the Award Agreement entered into with each Participant, need not be uniform among all Restricted Shares or Restricted Share Units issued pursuant to this Plan, and may reflect distinctions
based on the reasons for termination. 
 8.7 Section 83(b) Election. The Board may provide in an Award Agreement that the Award
of Restricted Shares is conditioned upon the Participant making or refraining from making an election with respect to the Award under Code Section 83(b). If a Participant makes an election pursuant to Code Section 83(b) concerning a
Restricted Share Award, the Participant shall be required to file promptly a copy of such election with the Company. 
 ARTICLE 9 

Performance Share Units/Performance Shares 

9.1 Grant of Performance Share Units/Performance Shares. Subject to the terms and provisions of this Plan, the Board, at any time and
from time to time, may grant Performance Share Units and/or Performance Shares to Participants in such amounts and upon such terms as the Board shall determine. 

  
 12 

 9.2 Value of Performance Share Units/Performance Shares. Each Performance Share Unit shall
have an initial value that is established by the Board at the time of grant. Each Performance Share shall have an initial value equal to the Fair Market Value of a Share on the date of grant. The Board shall set performance goals in its discretion
which, depending on the extent to which they are met, will determine the value and/or number of Performance Share Units/Performance Shares that will be paid out to the Participant. 

9.3 Earning of Performance Share Units/Performance Shares. Subject to the terms of this Plan, after the applicable Performance Period
has ended, the holder of Performance Share Units/Performance Shares shall be entitled to receive payout on the value and number of Performance Share Units/Performance Shares earned by the Participant over the Performance Period, to be determined as
a function of the extent to which the corresponding performance goals have been achieved. 
 9.4 Form and Timing of Payment of
Performance Share Units/Performance Shares. Payment of earned Performance Share Units/Performance Shares shall be as determined by the Board and as evidenced in the Award Agreement. Subject to the terms of this Plan, the Board, in its sole
discretion, may pay earned Performance Share Units/Performance Shares in the form of cash or in Shares (or in a combination thereof) equal to the value of the earned Performance Share Units/Performance Shares at the close of the applicable
Performance Period, or as soon as practicable after the end of the Performance Period. Any Shares may be granted subject to any restrictions deemed appropriate by the Board. The determination of the Board with respect to the form of payout of such
Awards shall be set forth in the Award Agreement pertaining to the grant of the Award. 
 9.5 Termination of Employment. Each Award
Agreement shall set forth the extent to which the Participant shall have the right to retain Performance Share Units and/or Performance Shares following termination of the Participant’s employment with or provision of services to the Company,
its Affiliates, and/or its Subsidiaries, as the case may be. Such provisions shall be determined in the sole discretion of the Board, shall be included in the Award Agreement entered into with each Participant, need not be uniform among all Awards
of Performance Share Units or Performance Shares issued pursuant to this Plan, and may reflect distinctions based on the reasons for termination. 

ARTICLE 10 
 Other
Share-Based Awards 
 10.1 Other Share-Based Awards. The Board may grant other types of equity-based or equity-related Awards
not otherwise described by the terms of this Plan (including the grant or offer for sale of unrestricted Shares) in such amounts and subject to such terms and conditions, as the Board shall determine. Such Awards may involve the transfer of actual
Shares to Participants, and may include, without limitation, Awards designed to comply with or take advantage of the applicable local laws of jurisdictions other than the United States. 

10.2 Value of Other Share-Based Awards. Each Other Share-Based Award shall be expressed in terms of Shares or units based on Shares, as
determined by the Board. The Board 

  
 13 

 
may establish performance goals in its discretion. If the Board exercises its discretion to establish performance goals, the number and/or value of Other Share-Based Awards that will be paid out
to the Participant will depend on the extent to which the performance goals are met. 
 10.3 Payment of Other Share-Based Awards.
Payment, if any, with respect to an Other Share-Based Award shall be made in accordance with the terms of the Award, in cash or Shares as the Board determines. 

10.4 Termination of Employment. The Board shall determine the extent to which the Participant shall have the right to receive Other
Share-Based Awards following termination of the Participant’s employment with or provision of services to the Company, its Affiliates, and/or its Subsidiaries, as the case may be. Such provisions shall be determined in the sole discretion of
the Board, and may be included in an agreement entered into with each Participant, but need not be uniform among all Other Share-Based Awards issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination. 

ARTICLE 11 

Transferability of Awards 

Except for any Permitted Transfers provided for in a Participant’s Award Agreement, which Permitted Transfers may be subject to
additional restrictions determined by the Board and as set forth in the Award Agreement, no other Award granted under this Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of
descent and distribution. Further, except with respect to interests in Awards which have been subject to a Permitted Transfer provided for in a Participant’s Award Agreement, all Awards granted to a Participant under this Plan, as applicable,
shall be exercisable during his or her lifetime only by such Participant. With respect to those Awards, if any, that are subject to Permitted Transfers, references in this Plan to exercise or payment related to such Awards by or to the Participant
shall be deemed to include, as determined by the Board, the Participant’s Family Members to whom such Permitted Transfers were made. 

ARTICLE 12 

Performance Measures 

12.1 Performance Measures. Awards under this Plan may be granted or may become vested or payable based upon the achievement of
Performance Measures specified by the Board. Performance Measures under this Plan include: 
 (a) Market share; 

(b) Gross revenue; 
 (c) Pretax
operating income; 
 (d) Net earnings or net income (before or after taxes); 

  
 14 

 (e) Earnings per Share (or other equity interest); 

(f) Net sales or revenue growth; 

(g) Net operating profit; 
 (h)
Return measures (including, but not limited to, return on assets, capital, invested capital, equity, sales, or revenue); 
 (i) Cash flow
(including, but not limited to, operating cash flow, free cash flow, cash flow return on equity, and cash flow return on investment); 
 (j)
Earnings before or after taxes, interest, depreciation, and/or amortization; 
 (k) Gross or operating margins; 

(l) Productivity; 
 (m)
Productivity ratios; 
 (n) Cost reductions and savings; 

(o) Share (or other equity) price (including, but not limited to, growth measures); 

(p) Consummation of debt and equity offerings; 

(q) Equity capital raised; 
 (r)
Expense targets; 
 (s) Margins; 

(t) Operating efficiency; 
 (u)
Market share; 
 (v) Customer satisfaction; 

(w) Working capital targets; 

(x) Economic value added or EVA® (net operating profit after tax minus the sum of
capital multiplied by the cost of capital); 
 (y) Total shareholder return; 

(z) Actual or adjusted funds from operations (FFO); 

(aa) Actual or adjusted funds from acquisitions (FFA); and 

(bb) Such other business and/or personal criteria as may be deemed appropriate by the Board. 

  
 15 

 Any Performance Measure(s) may be used to measure the performance of the Company, any of its
Affiliates or operating units or any combination of the foregoing, annually or cumulatively over a period of years, on an absolute basis or relative to a pre-established target, to a previous year’s result as the Board may deem appropriate, or
any of the above Performance Measures as compared to the performance of a group of comparator companies, or published or special index that the Board, in its sole discretion, deems appropriate, or the Company may select Performance Measure
(o) above as compared to various stock market indices. The Board also has the authority to provide for accelerated vesting of any Award based on the achievement of performance goals pursuant to the Performance Measures specified in this Article
12. 
 12.2 Evaluation of Performance. The Board may provide in any such Award that any evaluation of performance may include or
exclude, and may adjust the performance goals (including to prorate goals and payments for a partial Performance Period) in the event of, any of the following events that occurs during a Performance Period: (a) asset write-downs,
(b) litigation or claim judgments or settlements, (c) the effect of changes in tax laws, accounting principles, or other laws or provisions affecting reported results, (d) any reorganization and restructuring programs,
(e) extraordinary nonrecurring items as described in applicable accounting provisions and/or in management’s discussion and analysis of financial condition and results of operations appearing in the Company’s annual report to
shareholders for the applicable year, (f) other nonrecurring events such as mergers, acquisitions, reorganizations, spinoffs or divestitures, (g) foreign exchange gains and losses, (h) financing transactions and (i) such other
occurrences as may be deemed appropriate by the Board in its sole discretion. 
 ARTICLE 13 

Dividend Equivalents Rights 

Any Participant selected by the Board may be granted Dividend Equivalent Rights based on the dividends paid on Shares that are subject to any
Award other than Options or SARs, to be credited as of dividend payment dates, during the period between the date the Award is granted and the date the Award is exercised, is settled, is paid, vests or expires, as determined by the Board. Such
Dividend Equivalent Rights shall be converted to cash or additional Shares by such formula and at such time and subject to such limitations as may be determined by the Board. Notwithstanding the foregoing, Dividend Equivalents Right that relate to
Awards that vest or become payable or earned in whole or in part subject to performance goals or conditions shall, to the extent made available under the terms of the Award, be subject to the same performance goals or conditions as the underlying
Award. 
 ARTICLE 14 

Treatment on Change of Control 

Upon the occurrence of a Change of Control, unless otherwise provided in the Award Agreement, the Board is authorized (but not obligated) to
make adjustments in the terms and 

  
 16 

 
conditions of outstanding Awards, including without limitation the following (or any combination thereof): (a) continuation or assumption of such outstanding Awards under the Plan by the
Company (if it is the surviving company or corporation) or by the surviving company or corporation or its parent; (b) substitution by the surviving company or corporation or its parent of awards with substantially the same terms for outstanding
Awards (with appropriate adjustments to the type of consideration payable upon settlement of the Awards); (c) accelerated exercisability, vesting and/or payment under outstanding Awards immediately prior to or upon the occurrence of such event
or upon a termination of employment or other service following such event; and (d) if all or substantially all of the Company’s outstanding Shares transferred in exchange for cash consideration in connection with such Change of Control:
(i) upon written notice, provide that any outstanding Options and Share Appreciation Rights are exercisable during a reasonable period of time immediately prior to the scheduled consummation of the event or such other reasonable period as
determined by the Board (contingent upon the consummation of the event), and at the end of such period, such Options and Share Appreciation Rights shall terminate to the extent not so exercised within the relevant period; and (ii) cancellation
of all or any portion of outstanding Awards for fair value (in the form of cash, shares, other property or any combination thereof) as determined in the sole discretion of the Board; provided, that, in the case of Options and Share Appreciation
Rights, the fair value may equal the excess, if any, of the value of the consideration to be paid in the Change of Control transaction to holders of Shares (or, if no such consideration is paid, Fair Market Value of the Shares subject to such
outstanding Awards or portion thereof being canceled) over the aggregate exercise or base price, as applicable, with respect to such Awards or portion thereof being canceled, or if no such excess, zero. 

ARTICLE 15 

Beneficiary Designation  

Each Participant under this Plan may, from time to time, name any beneficiary or beneficiaries (who may be named contingently or successively)
to whom any benefit under this Plan is to be paid in case of the Participant’s death before the Participant receives any or all of such benefit. Each such designation shall revoke all prior designations by the same Participant, shall be in a
form prescribed by the Board, and will be effective only when filed by the Participant in writing with the Company during the Participant’s lifetime. In the absence of any such beneficiary designation, benefits remaining unpaid or rights
remaining unexercised at the Participant’s death shall be paid or exercised by the Participant’s executor, administrator, or legal representative. 

ARTICLE 16 

Rights of Participants  

16.1 Employment. 
 (a)
Nothing in this Plan or an Award Agreement shall interfere with or limit in any way the right of the Company, its Affiliates, and/or its Subsidiaries, to terminate any Participant’s employment or service on the Board or to the Company at any
time or for any reason not prohibited by law, nor confer upon any Participant any right to continue his or her employment or other service for any specified period of time. 

  
 17 

 (b) Neither an Award nor any benefits arising under this Plan shall constitute an employment
contract with the Company, its Affiliates, and/or its Subsidiaries and, accordingly, subject to Articles 3 and 17, this Plan and the benefits hereunder may be terminated at any time in the sole and exclusive discretion of the Board without giving
rise to any liability on the part of the Company, its Affiliates, and/or its Subsidiaries. 
 16.2 Participation. No Eligible
Individual shall have the right to be selected to receive an Award under this Plan, or, having been so selected, to be selected to receive a future Award. 

16.3 Rights as a Shareholder. Except as otherwise provided herein, a Participant shall have none of the rights of a shareholder with
respect to Shares covered by any Award until the Participant becomes the record holder of such Shares. 
 ARTICLE 17 

Amendment, Modification, Suspension, and Termination  

17.1 Amendment, Modification, Suspension, and Termination. Subject to Section 17.3, the Board may, at any time and from time to
time, alter, amend, modify, suspend, or terminate this Plan and any Award Agreement in whole or in part; provided, however, that, without the prior approval of the Company’s shareholders and except as provided in Section 4.4, the Option
Price of outstanding Options or the Grant Price of outstanding SARs issued under this Plan will not be reduced; at any time when the Option Price of outstanding Options or the Grant Price of outstanding SARs is above the Fair Market Value of a
Share, no alteration, amendment or modification shall provide that any such outstanding Option or SAR be cancelled and regranted or exchanged for either cash or a new Award with a lower (or no) Exercise Price or Grant Price; and no other action
shall be taken with respect to an Option or SAR that would be treated as a repricing under the rules and regulations of the principal U.S. national securities exchange on which the Shares are listed. No material amendment of this Plan shall be made
without shareholder approval if shareholder approval is required by law, regulation, or stock exchange rule. 
 17.2 Adjustment of Awards
Upon the Occurrence of Certain Unusual or Nonrecurring Events. The Board may make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events (including, without limitation,
the events described in Section 4.4 hereof) affecting the Company or the financial statements of the Company or of changes in applicable laws, regulations, or accounting principles, whenever the Board determines that such adjustments are
appropriate in order to prevent unintended dilution or enlargement of the benefits or potential benefits intended to be made available under this Plan. The determination of the Board as to the foregoing adjustments, if any, shall be conclusive and
binding on Participants under this Plan. 
 17.3 Awards Previously Granted. Notwithstanding any other provision of this Plan to the
contrary (other than Section 17.4), no termination, amendment, suspension, or modification 

  
 18 

 
of this Plan or an Award Agreement shall adversely affect in any material way any Award previously granted under this Plan, without the written consent of the Participant holding such Award. 

17.4 Amendment to Conform to Law. Notwithstanding any other provision of this Plan to the contrary, the Board of Directors may amend
the Plan or an Award Agreement, to take effect retroactively or otherwise, as deemed necessary or advisable for the purpose of conforming the Plan or an Award Agreement to any present or future law relating to plans of this or similar nature
(including, but not limited to, Section 409A), and to the administrative regulations and rulings promulgated thereunder. 
 ARTICLE
18 
 Withholding 

18.1 Tax Withholding. The Company shall have the power and the right to deduct or withhold, or require a Participant to remit to the
Company, the minimum statutory amount to satisfy federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Plan, or such other rate as may be
approved without adverse accounting consequences. 
 18.2 Share Withholding. With respect to withholding required upon the exercise
of Options or SARs, upon the lapse of restrictions on Restricted Shares and Restricted Share Units, or upon the achievement of performance goals related to Performance Shares, or any other taxable event arising as a result of an Award granted
hereunder, Participants may elect, subject to the approval of the Board, to satisfy the withholding requirement, in whole or in part, by having the Company withhold Shares having a Fair Market Value on the date the tax is to be determined equal to
the minimum statutory total tax that could be imposed on the transaction. All such elections shall be irrevocable, made in writing, and signed by the Participant, and shall be subject to any restrictions or limitations that the Board, in its sole
discretion, deems appropriate. 
 ARTICLE 19  

Successors 
 All
obligations of the Company under this Plan with respect to Awards granted hereunder shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or
otherwise, of all or substantially all of the business and/or assets of the Company. 
 ARTICLE 20 

General Provisions 

20.1 Legend. The certificates for Shares may include any legend which the Board deems appropriate to reflect any restrictions on
transfer of such Shares. 

  
 19 

 20.2 Gender and Number. Except where otherwise indicated by the context, any masculine
term used herein also shall include the feminine, the plural shall include the singular, and the singular shall include the plural. 
 20.3
Severability. In the event any provision of this Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of this Plan, and this Plan shall be construed and enforced as if the
illegal or invalid provision had not been included. 
 20.4 Requirements of Law. The granting of Awards and the issuance of Shares
under this Plan shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 

20.5 Delivery of Title. The Company shall have no obligation to issue or deliver evidence of title for Shares issued under this Plan
prior to: 
 (a) Obtaining any approvals from governmental agencies that the Company determines are necessary or advisable; and 

(b) Completion of any registration or other qualification of the Shares under any applicable national or foreign law or ruling of any
governmental body that the Company determines to be necessary or advisable. 
 20.6 Inability to Obtain Authority. The inability of
the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary or advisable to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of
any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained. 

20.7 Investment Representations. The Board may require any individual receiving Shares pursuant to an Award under this Plan to
represent and warrant in writing that the individual is acquiring the Shares for investment and without any present intention to sell or distribute such Shares. 

20.8 Participants Based Outside of the United States. Notwithstanding any provision of this Plan to the contrary, in order to comply
with the laws in countries other than the United States in which the Company and its Subsidiaries and Affiliates operate or engage persons who would otherwise qualify as Eligible Individuals, the Board, in its sole discretion, shall have the power
and authority to: 
 (a) Determine which Employees, Directors and non-employee directors of the Company’s Subsidiaries and Affiliates,
and which Subsidiaries and Affiliates, shall be covered by this Plan; 
 (b) Determine which Employees, Directors and non-employee directors
of the Company’s Subsidiaries and Affiliates shall be eligible to participate in this Plan; 

  
 20 

 (c) Modify the terms and conditions of any Award granted to Eligible Individuals outside the
United States to comply with applicable non-U.S. laws; 
 (d) Establish subplans and modify exercise procedures and other terms and
procedures, to the extent such actions may be necessary or advisable under applicable law, provided that any subplans and modifications to Plan terms and procedures established under this Section 20.8 by the Board shall be attached to this Plan
document as appendices; and 
 (e) Take any action, before or after an Award is made, that it deems advisable to obtain approval or comply
with any necessary local governmental regulatory exemptions or approvals. 
 Notwithstanding the above, the Board may not take any actions hereunder, and no
Awards shall be granted, that would violate applicable law. 
 20.9 Uncertificated Shares. To the extent that this Plan provides for
issuance of certificates to reflect the transfer of Shares, the transfer of such Shares may be effected on a noncertificated basis, to the extent not prohibited by applicable law or the rules of any stock exchange. 

20.10 Unfunded Plan. Participants shall have no right, title, or interest whatsoever in or to any investments that the Company, and/or
its Subsidiaries, and/or its Affiliates may make to aid it in meeting its obligations under this Plan. Nothing contained in this Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a
fiduciary relationship between the Company and any Participant, beneficiary, legal representative, or any other individual. To the extent that any person acquires a right to receive payments from the Company, its Subsidiaries, and/or its Affiliates
under this Plan, such right shall be no greater than the right of an unsecured general creditor of the Company, a Subsidiary, or an Affiliate, as the case may be. All payments to be made hereunder shall be paid from the general funds of the Company,
a Subsidiary, or an Affiliate, as the case may be and no special or separate fund shall be established and no segregation of assets shall be made to assure payment of such amounts except as expressly set forth in this Plan. 

20.11 No Fractional Shares. No fractional Shares shall be issued or delivered pursuant to this Plan or any Award. The Board shall
determine whether cash, Awards, or other property shall be issued or paid in lieu of fractional Shares or whether such fractional Shares or any rights thereto shall be forfeited or otherwise eliminated. 

20.12 Retirement and Welfare Plans. Neither Awards made under this Plan nor Shares or cash paid pursuant to such Awards may be included
as “compensation” for purposes of computing the benefits payable to any Participant under the Company’s or any Subsidiary’s or Affiliate’s retirement plans (both qualified and non-qualified) or welfare benefit plans
unless such other plan expressly provides that such compensation shall be taken into account in computing a Participant’s benefit. 

  
 21 

 20.13 Section 409A of the Internal Revenue Code. 

(a) To the maximum extent possible, it is intended that the Plan and all Awards hereunder are, and shall be, exempt from or otherwise comply
with the requirements of Section 409A, and that the Plan and all Award Agreements shall be interpreted and applied by the Board in a manner consistent with this intent in order to avoid the imposition of any taxes under Section 409A. In
the event that any (i) provision of the Plan or an Award Agreement, (ii) Award, payment or transaction or (iii) other action or arrangement contemplated by the provisions of the Plan is determined by the Board to not comply with the
applicable requirements of Section 409A, the Board shall have the authority to take such actions and to make such changes to the Plan or an Award Agreement as the Board deems necessary to comply with such requirements. 

(b) No payment that constitutes deferred compensation under Section 409A that would otherwise be made under the Plan or an Award
Agreement upon a termination of Service will be made or provided unless and until such termination is also a “separation from service,” as determined in accordance with Section 409A. Notwithstanding the foregoing or anything
elsewhere in the Plan or an Award Agreement to the contrary, if a Participant is a “specified employee” as defined in Section 409A at the time of termination of service with respect to an Award, then solely to the extent
necessary to avoid the imposition of any additional tax under Section 409A, the commencement of any payments or benefits under the Award shall be deferred until the date that is six months following the Participant’s termination of service
(or, if earlier, the date of death of the specified employee) and shall instead be paid (in a manner set forth in the Award Agreement) on the payment date that immediately follows the end of such six-month period (or death) or as soon as
administratively practicable within thirty (30) days thereafter, but in no event later than the end of the applicable taxable year. 

(c) In no event whatsoever shall the Company be liable for any additional taxes, interest or penalties that may be imposed on a Participant by
Section 409A or any damages for failing to comply with Section 409A. 
 20.14 Nonexclusivity of this Plan. The adoption of
this Plan shall not be construed as creating any limitations on the power of the Board to adopt such other compensation arrangements as it may deem desirable for any Participant. 

20.15 No Constraint on Corporate Action. Nothing in this Plan shall be construed to: (i) limit, impair, or otherwise affect the
Company’s or a Subsidiary’s or an Affiliate’s right or power to make adjustments, reclassifications, reorganizations, or changes of its capital or business structure, or to merge or consolidate, or dissolve, liquidate, sell, or
transfer all or any part of its business or assets; or, (ii) limit the right or power of the Company or a Subsidiary or an Affiliate to take any action which such entity deems to be necessary or appropriate. 

20.16 Governing Law. The Plan and each Award Agreement shall be governed by the laws of the State of Delaware, excluding any conflicts
or choice of law rule or principle that might otherwise refer construction or interpretation of this Plan to the substantive law of another jurisdiction. Unless otherwise provided in the Award Agreement, recipients of an Award under this Plan are
deemed to submit to the exclusive jurisdiction and venue of the federal or state courts of Delaware, to resolve any and all issues that may arise out of or relate to this Plan or any related Award Agreement. 

  
 22EX-10.10

 Exhibit 10.10 

FORM OF 
 MGM Growth
Properties LLC 
 2016 DEFERRED COMPENSATION PLAN 

FOR NON-EMPLOYEE DIRECTORS 

MGM Growth Properties LLC, a Delaware limited liability company (the “Company”), hereby establishes this nonqualified
deferred compensation plan for (i) members of the Board of Directors of the Company and (ii) members of any Affiliate Board, in each case, who are not employees or officers of the Company (“Non-Employee Directors”), which
plan is known as the MGM Growth Properties LLC 2016 Deferred Compensation Plan for Non-Employee Directors (the “Plan”). The purpose of the Plan is to enhance the Company’s and its Affiliates’ ability to attract and retain
Non-Employee Directors whose training, experience and ability will promote the interests of the Company and to directly align the interests of such Non-Employee Directors with the interests of the Company’s shareholders. The Plan is designed to
permit Non-Employee Directors to defer the receipt of all or a portion of the compensation otherwise payable to them for services to the Company. 

The Plan is effective as of [●], 2016 (the “Effective Date”). The Plan is intended to be, and shall be administered as,
an unfunded plan maintained for the purpose of providing deferred compensation for the Non-Employee Directors and, as such, is not an “employee benefit plan” within the meaning of Title I of ERISA (as defined below). 

ARTICLE I 

DEFINITIONS 
 1.1
“Administrator” means the administrator that has been appointed by the Board pursuant to Article V of the Plan. 
 1.2
“Affiliate” means any corporation or any other entity (including, but not limited to, a partnership or a limited liability company), that directly or indirectly through one or more intermediaries controls, is controlled by or is
under common control with the corporation or other entity in question. 
 1.3 “Affiliate Board” means the board of
directors, board of managers or similar administrative body of any Affiliate of the Company. 
 1.4 “Board” means the Board
of Directors of the Company or such committee thereof (for avoidance of doubt, comprised solely of one or more members of the Board of Directors of the Company) to which the Board of Directors of the Company delegates one or more of its obligations,
responsibilities and authorities under the Plan from time to time. 
 1.5 “Cash Fees” shall have the meaning set forth in
Section 3.2(b) of the Plan. 
 1.6 “Code” means the Internal Revenue Code of 1986, as amended. 

 1.7 “Company” means MGM Growth Properties LLC. 

1.8 “Deferred Compensation Accounts” shall have the meaning set forth in Article III of the Plan. 

1.9 “Deferred Share Unit” shall have the meaning set forth in Section 3.3 of the Plan. 

1.10 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

1.11 “Fees” includes all fee income payable to Non-Employee Directors for their service on the Board, including, but not
limited to (a) annual retainer fees (whether paid in equity (including RSUs) or cash) and (b) compensation that may be payable to such Non-Employee Directors for serving on any of the committees of the Board, as chairperson of any of the
committees of the Board or as Lead Director. The term “Fees” does not include travel payments that may be made to such Non-Employee Directors as a result of attending meetings of the Board or payments that constitute reimbursement
for expenses incurred by a Non-Employee Director in connection with his or her services to the Board. Notwithstanding anything herein to the contrary, fee income payable to Non-Employee Directors for their service to Affiliate Boards shall not be
considered “Fees” for purposes of this Plan unless approved by the Board. 
 1.12 “Measurement Fund” shall have
the meaning set forth in Section 3.3 of the Plan. 
 1.13 “Participant” means a Non-Employee Director (and, if
applicable, his or her beneficiaries) who has elected to participate in the Plan. 
 1.14 “Plan Year” means
(a) initially, the period commencing [●], 2016, and terminating on December 31, 2016, and (b) thereafter, each full or partial calendar year during which this Plan is in effect. 

1.15 “Restricted Share Unit” or “RSU” means an award granted to a Non-Employee Director who is a member of
either the Board or an Affiliate Board pursuant to Article 8 of the Company’s 2016 Omnibus Incentive Plan, as amended from time to time, in consideration of the Participant’s past or expected future provision of services to the Company.

 1.16 “Service End Date” means the first day of the month following the month in which the Participant terminates his or
her services as a Non-Employee Director. 
 1.17 “Share” means a share of Class A common shares representing limited
liability company interests of the Company. 
 1.18 “Subsidiary” means any corporation, limited liability company or
partnership in which the Company owns, directly or indirectly, more than 50% of the total combined voting power of all classes of stock of such corporation or of the capital interest or profits interest of such partnership. 

  
 2 

 ARTICLE II 

PARTICIPATION REQUIREMENTS 

2.1 Eligibility. All Non-Employee Directors are eligible to participate in the Plan. A Non-Employee Director will be deemed a
Participant in the Plan if he or she defers all or a portion of the RSUs and/or other Fees to be earned during a Plan Year as provided herein. 

2.2 Elections. 
 (a)
General Rules. The election to defer all or a portion of the Participant’s RSUs and/or other Fees for the next Plan Year, as well as the election of the form and timing of any distributions on the Participant’s behalf with respect
to the amount deferred during such Plan Year, shall be made by written notice delivered by the Participant to the Company in the manner specified by the Company and not later than the last day immediately preceding such Plan Year. In the case of a
Non-Employee Director who first becomes eligible during a Plan Year, such election must be made by written notice not later than thirty (30) days after such Non-Employee Director first becomes eligible to participate in this Plan; provided,
however, that with respect to such initial elections, no RSUs and/or other Fees attributable to the period before which the election is made and presented to the Company are eligible for deferral under this Plan. Each such election shall be
irrevocable during such Plan Year and thereafter, except as set forth below. 
 (b) Amendment of Election Form. Each Participant may
amend his or her election forms with respect to his or her Deferred Compensation Account balance (i) to change the previously-elected form of distribution in respect of all distributions under the Plan to another distribution form permitted
under Section 4.1, or (ii) to change the starting date for commencement of all payments under the Plan to another definitely determinable date, provided, however that such election shall be made in the manner specified by the Company.
Notwithstanding the foregoing, to be effective, any election made pursuant to this Section 2.2(b) must satisfy the following conditions: (x) it must be made at least twelve months prior to the date as of which distribution to the
Participant in respect of his or her Deferred Compensation Account would otherwise have been made to the Participant and (y) it must defer the commencement date of distribution to the Participant in respect of his or her Deferred Compensation
Account for at least five (5) years from the date that would have applied absent such election. 
 ARTICLE III 

DEFERRED COMPENSATION ACCOUNTS 

3.1 Establishment of Deferred Compensation Accounts. An account shall be established for each Participant which shall be designated as
his or her Deferred Compensation Account. Each Participant’s Deferred Compensation Account may be sub-allocated as a recordkeeping matter and accounting convenience, but the Company shall not be required to segregate any amounts credited to the
Deferred Compensation Accounts in any manner or in any form, except in its sole discretion. 

  
 3 

 3.2 Crediting Deferred Compensation Accounts. 

(a) Crediting of RSUs to Deferred Compensation Accounts. Upon the execution of a valid election form pursuant to Section 2.2(a)
with respect to the deferral of RSUs, such deferred RSUs shall be credited to the Participant’s Deferred Compensation Accounts as of the date the award would have otherwise vested. 

(b) Crediting of Other Fees to Deferred Compensation Accounts. Upon the execution of a valid election form pursuant to
Section 2.2(a) with respect to the deferral of Fees other than RSUs attributable to services performed by the Participant in the next Plan Year (such Fees referred to herein as “Cash Fees”), such Fees shall be credited to the
Participant’s Deferred Compensation Accounts on the last day of the fiscal quarter to which such Fees relate. 
 3.3
Crediting/Debiting of Account Balances. In accordance with, and subject to, the rules and procedures that are established from time to time by the Board, in its sole discretion, amounts shall be credited or debited to a Participant’s
Deferred Compensation Account in accordance with the following rules: 
 (a) Election of Measurement Funds. Solely with respect to
Cash Fees deferred under the Plan, a Participant may elect, on an election form provided by the Board, one or more Measurement Fund(s) (as described in Section 3.3(c)) to be used to determine the additional amounts to be credited or debited to
the Participant’s Deferred Compensation Account. A Participant may elect to add or delete one or more available Measurement Fund(s) to be used to determine the additional amounts to be credited or debited to the Participant’s Deferred
Compensation Account, or, other than with respect to changes between the Company share fund and any other Measurement Fund, to change the portion of the Cash Fees deferred under the Participant’s Deferred Compensation Account allocated to each
previously or newly elected Measurement Fund. A Participant may elect to make such a change by submitting an election form, whether written or electronic (as determined by the Board from time to time and in its sole discretion), to the Board. Any
election so made and accepted by the Board shall apply no later than the third business day following the Board’s acceptance of the election. Any such election shall continue to apply to Cash Fees deferred under the Participant’s Deferred
Compensation Account, unless subsequently changed in accordance with this Section 3.3(a). Once an election has been made to allocate deferred Cash Fees to the Company share fund, the Participant shall not be permitted to change such election to
allocate such Cash Fees to a different Measurement Fund. 
 (b) Proportionate Allocation. In making any election described in
Section 3.3(a), the Participant shall specify on the election form, in increments of one percentage point (1%), the percentage of the Cash Fees deferred under the Participant’s Deferred Compensation Account to be allocated to a Measurement
Fund (as if the Participant were making an investment in that Measurement Fund with that portion of the Participant’s Deferred Compensation Account). 

(c) Measurement Funds. A Participant may elect one or more measurement funds (the “Measurement Funds”) from among
those selected by the Board for the purpose of crediting or debiting additional amounts to the Participant’s Deferred Compensation Account. 

  
 4 

 
Measurement Funds selected by the Board may include one or more mutual funds, a fixed interest crediting rate formula, a Company share fund and/or other investment alternatives. As necessary, the
Board may, in its sole discretion, discontinue, substitute or add Measurement Funds. Each such action will take effect as of the first day of the calendar quarter that follows by thirty (30) days or more the day on which the Board gives
Participants advance written notice of such change, unless such advance notice cannot be given due to reasons beyond the control of the Board, in which case notice of the change shall be given as soon as administratively practical. In selecting the
Measurement Funds that are available from time to time, neither the Board nor the Company shall be liable to any Participant for such selection or adding, deleting or continuing any available Measurement Fund. The Participant shall bear full
responsibility for all results associated with the Participant’s selection of Measurement Funds under this Section 3.3, and the Company shall have no responsibility or liability with respect to the Participant’s selection of such
Measurement Funds. 
 (d) Crediting or Debiting Method. The performance of each elected Measurement Fund (either positive or
negative) will be reasonably determined by the Board. The portion of a Participant’s Deferred Compensation Account that relates to Cash Fees deferred under the Plan shall be credited or debited on a daily basis based on the performance of each
Measurement Fund selected by the Participant. 
 (e) No Actual Investment. Notwithstanding any other provision of this Plan that may
be interpreted to the contrary, the Measurement Funds are to be used for measurement purposes only, and a Participant’s election of any such Measurement Fund, the allocation to the Participant’s Deferred Compensation Account thereof, the
calculation of additional amounts and the crediting or debiting of such amounts to a Participant’s Deferred Compensation Account shall not be considered or construed in any manner as an actual investment of the Participant’s Deferred
Compensation Account in any such Measurement Fund. In the event that the Company, in its sole discretion, decides to invest funds in any or all of the Measurement Funds, no Participant shall have any rights in or to such investments themselves.
Without limiting the foregoing, a Participant’s Deferred Compensation Account shall at all times be a bookkeeping entry only and shall not represent any investment made on the Participant’s behalf by the Company; and the Participant shall
at all times remain an unsecured creditor of the Company. 
 (f) Deferred Share Units. With respect to the portion of a
Participant’s Deferred Compensation Account attributable to deferred RSUs and the portion of a Participant’s Deferred Compensation Account attributable to Cash Fees for which the Measurement Fund selected is the Company share fund, such
amounts will be deemed invested in deferred share units that are intended to mirror the performance of Shares, with each deferred share unit the equivalent of one Share (“Deferred Share Units”). Any such Deferred Share Units
attributable to Cash Fees shall be treated as Restricted Share Units (which, for avoidance of doubt, have granted pursuant to Article 8 of the Company’s 2016 Omnibus Incentive Plan, as amended from time to time, subject to a period of
restriction). Such amounts will be credited under the Plan as if the Participant had actually purchased Shares on the date of such deferral. If dividends on the Shares are declared while a Participant holds Deferred Share Units in his or her
Deferred Compensation Account, additional Deferred Share Units will be credited to such Deferred Compensation Account in the following manner. First, a notional value equal to the cash value of dividends that would be paid upon the same number of
whole Shares as the Participant has 

  
 5 

 
Deferred Share Units in his or her Deferred Compensation Account on the dividend crediting date (e.g., the date such dividend is payable) will be calculated. Second, such notional value will be
deemed to be allocated to the Participant’s Deferred Compensation Account and credited to a corresponding number of Deferred Share Units to such Deferred Compensation Account (in whole or fractional units) as of the same date, as soon as
administratively practicable. For the avoidance of doubt, deferred RSUs must always be hypothetically invested in Deferred Share Units, however, although Cash Fees deferred under the Plan may be hypothetically invested in any of the Measurement
Funds, including Deferred Share Units, once invested in Deferred Share Units, deferred Cash Fees may not be transferred to any other Measurement Funds. 

(g) Valuation of Deferred Compensation Account. With respect to any distribution for a Participant’s Deferred Compensation Account
as provided for in Article IV of the Plan, the aggregate value of any such distribution shall be valued as of the date of distribution. 

ARTICLE IV 

DISTRIBUTIONS FROM THE PLAN 

4.1 Timing and Form of Distribution. The Company shall pay to the Participant (or, in the event of the Participant’s death, to the
Participant’s designated beneficiary) a sum equal to the amount then standing to his or her credit in his or her Deferred Compensation Account (plus earnings or losses as provided for under Section 3.3 herein), in the following manner:

 (a) Lump Sum or Installment Payments. Payments shall be made in a lump sum, or in installments (to the extent made available by
the Administrator), as elected by the Participant in his or her deferral election form, to begin within 90 days following the Participant’s Service End Date. In the event an installment option is chosen, such installments shall be as nearly
equal as practicable and shall continue even if the Participant again serves on the Board. The form of distribution for that portion of a Participant’s Deferred Compensation Account deemed invested in Deferred Share Units shall be Shares. The
form of distribution for that portion of a Participant’s Deferred Compensation Account deemed invested in Measurement Fund(s) other than Deferred Share Units shall be cash. 

(b) Small Account Balances – Lump Sum Payout. Notwithstanding the foregoing, in the event the amount scheduled for distribution on
or following the Participant’s Service End Date in installments (rather than lump sum) is ten thousand dollars ($10,000) or less at the time distributions would commence by reason of the application of this Section 4.1(b), payment of such
portion of Participant’s Deferred Compensation Account balance shall be made in a single lump sum within 90 days of the date such distribution would otherwise have commenced, notwithstanding the form of benefit payment elected by the
Participant. 
 (c) Normal Form of Benefits. In the event no election is made pursuant to this Article IV, payments shall be made in
lump sum within 90 days following the Participant’s Service End Date. 
 (d) Death of Participant. Notwithstanding the above, if
the Participant dies (either before payments commence from the Plan or while such payments are being made), the balance of the Participant’s Deferred Compensation Account shall immediately become due and payable in one lump sum to the
Participant’s beneficiary or, if no beneficiary is designated or then living, to the Participant’s estate within 90 days of the date of the Participant’s death. 

  
 6 

 ARTICLE V 

ADMINISTRATION OF THE PLAN 

5.1 Administration of the Plan. The Board shall appoint an Administrator to administer the Plan, which Administrator shall be comprised
of one or more executive officers of the Company. The Administrator shall maintain such procedures and records as will enable the Administrator to determine the Participants and their beneficiaries who are entitled to receive benefits under the Plan
and the amounts thereof. 
 5.2 General Powers of Administration. The Board shall have the exclusive right, power, and authority to
interpret, in its sole discretion, any and all of the provisions of the Plan; to resolve any ambiguity or inconsistency or provide for any omission under the Plan; and to consider and decide conclusively any questions (whether of fact or otherwise)
arising in connection with the administration of the Plan or any claim for benefits arising under the Plan. Any decision or action of the Board or the Administrator shall be conclusive and binding on the Company and the Participants. The Plan is
designed to comply with the applicable requirements of Section 409A of the Code and the regulations promulgated thereunder, and shall be administered and construed to the maximum extent possible consistent with the requirements of such Section
and such regulations. 
 ARTICLE VI 

AMENDMENT AND TERMINATION 

6.1 Amendment of the Plan. The Administrator shall have the authority to adopt minor amendments to the Plan without prior approval by
the Board that: 
 (a) are necessary or advisable for purposes of complying with applicable laws and regulations; 

(b) relate to administrative practices under the Plan (including, but not limited to, the establishment of any procedures or processes or
accounts related to the distribution of Shares or other amounts under the Plan); or 
 (c) have an insubstantial financial effect on the
Plan. 
 The Board shall have the authority to adopt any other amendments to the Plan not encompassed under the terms of the preceding
sentence. Any such amendments must be made by written instrument, and notice of such amendments shall be provided as soon as practicable to Participants after their adoption. 

  
 7 

 6.2 Limitations on Amendment or Termination of the Plan. The Company reserves the right to
amend or terminate the Plan in any respect and at any time, without the consent of Participants or beneficiaries; provided, however, that the following conditions with respect to such amendment or termination must be satisfied in order for such
amendment or termination to be binding and in effect: 
 (a) Such amendment or termination must be made pursuant to a written resolution of
the Board which is approved thereafter by the Board; and 
 (b) Such amendment or termination resolution may not adversely affect the rights
of any Participant or beneficiary to receive benefits earned and accrued under the Plan prior to such amendment or termination; provided, however, that the following shall not be deemed to violate this provision: 

(i) any acceleration of payments of amounts accrued under the Plan by action of the Board or by operation of the Plan’s
terms; or 
 (ii) any decision by the Board to limit participation (or other features of the Plan) prospectively under the
Plan. 
 ARTICLE VII 

GENERAL PROVISIONS 

7.1 Shares Issued Under the Plan. Any Shares that are distributed under the Plan in accordance with Article IV shall be funded from the
share pool available under the Company’s 2016 Omnibus Incentive Plan, as amended from time to time, or any other equity incentive plan of the Company. No shares shall be separately issuable under the Plan. 

7.2 Participant’s Rights Unsecured and Unfunded. This Plan is an unfunded plan maintained primarily to provide deferred
compensation benefits for Non-Employee Directors, and therefore is exempt from the provisions of Parts 2, 3 and 4 of Title I of ERISA. Accordingly, no assets of the Company shall be segregated or earmarked to represent the liability for accrued
benefits under the Plan. Amounts referenced in Participant account statements are only recordkeeping devices reflecting such liability for accrued benefits, and do not reflect any actual amounts credited. The right of a Participant (or his or her
Beneficiary) to receive a payment hereunder shall be an unsecured claim against the general assets of the Company or any successor to the Company. All payments under the Plan shall be made from the general funds of the Company or any successor. The
Company is not required to set aside money or any other property to fund its obligations under the Plan, and all amounts that may be set aside by the Company prior to the distribution of account balances under the terms of the Plan remain the
property of the Company (or, if applicable, any successor). Notwithstanding the foregoing, nothing in this Section 7.2 shall preclude the Company, in its sole discretion, from establishing a “rabbi trust” or other vehicle in
connection with the operation of this Plan, provided that no such action shall cause the Plan to fail to be an unfunded plan designed to provide deferred compensation benefits for Non-Employee Directors within the meaning of Title I of ERISA. 

  
 8 

 7.3 No Guarantee of Benefits. Nothing contained in the Plan shall constitute a guaranty by
the Company or any other person or entity that the assets of the Company will be sufficient to pay any benefit hereunder. 
 7.4 No
Creation of Employee Rights; Plan is Not A Contract of Employment. Participation in the Plan shall not be construed to give or deem any Participant to be an employee of the Company. This Plan shall not constitute a contract of employment between
the Company and any Participant. 
 7.5 Non-Alienation Provision. No interest of any person or entity in, or right to receive a
benefit or distribution under, the Plan shall be subject in any manner to sale, transfer, anticipation, assignment, pledge, attachment, garnishment, or other alienation or encumbrance of any kind; nor may such interest or right to receive a
distribution be taken, either voluntarily or involuntarily for the satisfaction of the debts of, or other obligations or claims against, such person or entity, including claims for alimony, support, separate maintenance and claims in bankruptcy
proceedings. 
 7.6 Applicable Law; Severability. The Plan shall be construed and administered under the laws of the State of
Delaware, except to the extent that such laws are preempted by ERISA, if applicable. In the event any provision of this Plan shall be determined to be illegal or invalid for any reason, the remaining portion(s) shall continue in full force and
effect as if such illegal or invalid provision had never been included herein. 
 7.7 No Impact on Other Benefits. Amounts accrued
under the Plan shall not be included in a Participant’s compensation for purposes of calculating benefits under any other plan, program or arrangement sponsored by the Company. 

7.8 Incapacity of Recipient. If a Participant or other beneficiary entitled to a distribution under the Plan is living under
guardianship or conservatorship, distributions payable under the terms of the Plan to such Participant or beneficiary shall be paid to his or her appointed guardian or conservator and such payment shall be a complete discharge of any liability of
the Company under the Plan. 
 7.9 Usage of Terms and Headings. Words in the masculine gender shall include the feminine and the
singular shall include the plural, and vice versa, unless qualified by the context. Any headings are included for ease of reference only, and are not to be construed to alter the terms of the Plan. 

*        *        * 

  
 9

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