Document:

EX-4.22

Table of Contents

 Exhibit 4.22 

[●], 2018 

MCE Cotai Investments Limited 

New Cotai, LLC 

Melco Resorts & Entertainment Limited 

and 
 Studio
City International Holdings Limited 
  

 
 AMENDED AND
RESTATED 
 SHAREHOLDERS’ AGREEMENT 
  

 
  

Table of Contents

 CONTENTS 

 

							
	1.	  	INTERPRETATION	  	 	1	 
	2.	  	DIRECTORS	  	 	10	 
	3.	  	SHARED VENDOR CONTRACTS	  	 	14	 
	4.	  	CASINO OPERATION	  	 	16	 
	5.	  	OTHER ADMINISTRATIVE MATTERS	  	 	17	 
	6.	  	PRE-EMPTIVE RIGHTS	  	 	17	 
	7.	  	CONFIDENTIALITY AND DISCLOSURE	  	 	19	 
	8.	  	DISPUTE	  	 	21	 
	9.	  	TERMINATION	  	 	22	 
	10.	  	NOTICES	  	 	22	 
	11.	  	NOTICES UNDER NEWCO MEMORANDUM AND ARTICLES OF ASSOCIATION, COMPANY MEMORANDUM AND ARTICLES OF ASSOCIATION AND DEPOSIT AGREEMENT	  	 	25	 
	12.	  	DUTIES, COSTS AND EXPENSES	  	 	25	 
	13.	  	GENERAL	  	 	26	 

  
 i 

Table of Contents

 PARTIES 
  

	(1)	 MCE Cotai Investments Limited, a company incorporated in the Cayman Islands, of Intertrust Corporate
Services (Cayman) Limited, 190 Elgin Avenue, George Town, Grand Cayman KY1—9005, Cayman Islands (MCE Cotai) 

  

	(2)	 New Cotai, LLC, a limited liability company formed in Delaware, United States of America, c/o New Cotai
Holdings, LLC, of Two Greenwich Plaza, Greenwich, Connecticut 06830, United States of America (New Cotai) 

  

	(3)	 Melco Resorts & Entertainment Limited, a company incorporated in the Cayman
Islands, of Intertrust Corporate Services (Cayman) Limited, 190 Elgin Avenue, George Town, Grand Cayman KY1—9005, Cayman Islands (Melco) 

  

	(4)	 Studio City International Holdings Limited, a company incorporated in the Cayman Islands, with its
registered office at [●], Cayman Islands (Company) 

 BACKGROUND 

 

	(A)	 On 27 July 2011, MCE Cotai, New Cotai, Melco (formerly known as Melco Crown Entertainment Limited) and the
Company (formerly known as CYBER AGENTS ONE LIMITED, a company incorporated in the British Virgin Islands), entered into an agreement to govern their relationship in connection with, and the conduct and operations of, the Group (as amended by
Amendment No.1 to Shareholders’ Agreement, dated 25 September 2012, Amendment No.2 to Shareholders’ Agreement, dated 17 May 2013, Amendment No.3 to Shareholders’ Agreement, dated 3 June 2014, and Amendment No.4 to
Shareholders’ Agreement, dated 21 July 2014, the Original Shareholders Agreement). 

  

	(B)	 In connection with the transactions contemplated by the Implementation Agreement dated [●], 2018 between
the Company, New Cotai, MCE Cotai and Melco, MCE Cotai, New Cotai, Melco and the Company have agreed to amend and restate the Original Shareholders Agreement and enter into this document, executed as a deed, to govern their relationship in
connection with, and the conduct and operations of, the Group. 

 AGREED TERMS 

 

	1.	 INTERPRETATION 

 

	1.1	 Definitions 

In this document: 
 20-Day VWAP means the volume-weighted average trading price of an ADS for the twenty (20)-trading day period immediately preceding the date upon which the 20-Day VWAP is
being calculated based on quotations as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the New York Stock Exchange or, if such ADSs are not listed or admitted to
trading on the New York Stock Exchange, as reported on the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which such ADSs are listed or admitted to trading, in
each case, divided by the number of Class A Ordinary Shares that one ADS represents. 
 ADS means an American Depositary Share,
each representing [●] Class A Ordinary Shares; 

  
 1 

Table of Contents

 Affiliate means a Person who, directly or indirectly, through one or more intermediaries,
controls, is controlled by or is under common control with, a specified Person. For the purpose of the definition of Affiliate, “control”, “controlled by” and “under common control with” means the possession, direct or
indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting shares, by agreement, contract, or otherwise. 

Authorisation means: 
  

	 	(a)	 any consent, permit, license, or authorisation; or 

 

	 	(b)	 exemption, 

from, by, or with, a Governmental Agency. 

Board means the Board of Directors of the Company from time to time. 

Business Day means a day which is not a Saturday, Sunday or bank or public holiday in the Cayman Islands, Hong Kong or New York, nor a
day on which a tropical cyclone warning No. 8 or above or a “black rainstorm warning signal” is hoisted or remains hoisted in Hong Kong at any time between 9.00am and 5.00pm. 

Cash Purchase Price has the meaning given to that term in clause 6.5. 

Casino Management Agreement means the services and right to use agreement between Melco Crown Gaming (Macau) Limited, New Cotai
Entertainment, LLC and New Cotai Entertainment (Macau) Limited dated 11 May 2007, as amended from time to time, and any agreements or arrangements related thereto. 

Class A Ordinary Shares means the Class A ordinary shares, par value US$0.0001 per share, of the Company. 

Class B Ordinary Shares means the Class B ordinary shares, par value US$0.0001 per share, of the Company. 

Company Subsidiary means any company which is or becomes a Subsidiary of the Company from time to time. 

Competitor means (other than Melco and its Affiliates): 
  

	 	(a)	 any person or entity holding a Gaming Authorisation to operate games of fortune and chance in a casino in
Macau; 

  

	 	(b)	 any person or entity holding a direct or indirect interest in any person specified in clause
(a) of this definition and having the right to appoint a director on the board of any such entity; or 

  

	 	(c)	 any subsidiary of any person specified in clause (a) of this definition. 

Confidential Information means: 
  

	 	(a)	 any confidential, non-public or proprietary information relating to the
business, assets or affairs of the Group; and 

  
 2 

Table of Contents

	 	(b)	 any information relating to this document and the transactions contemplated by it including the existence of
this document and the transactions contemplated by it and of the negotiations which preceded it; 

 provided, however, that
Confidential Information shall not include information that: 
  

	 	(a)	 is or becomes generally available to the public other than as a result of disclosure in violation of this
document; 

  

	 	(b)	 is or becomes available to the receiving person on a non-confidential
basis prior to its disclosure to such person; 

  

	 	(c)	 is or has been independently developed or conceived by the receiving person without use of Confidential
Information; or 

  

	 	(d)	 becomes available to the receiving person on a non-confidential basis
from a source other than the Company; provided, that such source is not known by such person to be bound by a confidentiality agreement with the Company. 

Confidentiality Deed means the confidentiality deed attached to this document as Annexure A. 

Contracts means agreements, contracts, arrangements or understandings, whether formal or informal, written or oral. 

control means, in relation to a person, the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of the person, whether through the ownership of voting securities, by contract, or otherwise. 
 D&O
Policy means a directors and officers insurance policy taken out by the Company from time to time with a reputable insurer. 
 Deed of
Accession means a deed of accession substantially in the form contained in Annexure B. 
 Deposit Agreement means the
Deposit Agreement by and among the Company, Deutsche Bank Trust Company Americas and the other parties thereto, to be entered into in connection with an underwritten public offering of the Company’s Equity Securities. 

Director means a member of the Board of the Company from time to time. 

Disclosing Shareholder has the meaning given to that term in clause 7.7(a). 

Dispute has the meaning given to that term in clause 8.1(a). 

Dispute Notice has the meaning given to that term in clause 8.1(b). 

Disputing Parties has the meaning given to that term in clause 8.1(c). 

Duty means any stamp, transaction or registration duty or similar charge imposed by any Governmental Agency and includes any interest,
fine, penalty, charge or other amount in respect of the above. 
 Effective Interest in Securities means the interest of a person or
entity (the Person) in Securities calculated as the sum of: 

  
 3 

Table of Contents

	 	(a)	 the number of Securities in issue for which the Person is the registered holder; plus 

 

	 	(b)	 the product of: 

  

	 	(i)	 the fraction that is determined by multiplying the economic interest in the equity of an entity (the First
Entity) held by the Person (expressed as a fraction of all the economic interests in the equity of the First Entity) by the economic interest in the equity of each other entity within the chain of entities between the First Entity and the
Registered Holder (in each case expressed as a fraction of all the economic interests in the equity of each such entity) and, where the Person has an interest in Securities through more than one First Entity, the interest that is obtained by
aggregating such Person’s fractional interest in all such First Entities, and 

  

	 	(ii)	 the number of Securities in issue that are held by registered holders of Securities in which the Person holds
an interest through the chain or chains of entities in clause (b)(i) (Registered Holder); and 

 expressed as
a percentage of all the Securities in issue. 
 For the purposes of this definition, “economic interest in the equity of an entity”
excludes any derivative or synthetic security that represents an interest in the underlying equity securities of such entity. 
 Entitled
Minority Shareholder means any Minority Shareholder that is holding Class A Ordinary Shares at the relevant time of the offer of Equity Securities under clause 6.1. 

Equity Plan means any compensation plan, agreement, or other arrangement that provides for the grant or issuance of equity or
equity-based awards (including share options) and that is approved by the Company for the benefit of any of the employees of the Company or any of its Subsidiaries or Affiliates or other service providers (including directors, advisers and
consultants), or the employees or other services providers (including directors, advisers and consultants) of any of their respective Affiliates or Subsidiaries. 

Equity Securities means, with respect to any Person, equity securities or any securities convertible into or exchangeable or exercisable
for any equity securities of such Person. 
 Exchange Right means the rights conferred upon New Cotai under Article III of the
Participation Agreement dated [●], 2018 between the Company, New Cotai and Newco (Participation Agreement). 
 Gaming
Authorisation means any gaming concession, subconcession, licensing or regulatory Authorisation (or any renewal or extension thereof) to conduct gaming business in any jurisdiction. 

Gaming Promoter means any gaming promoter duly licensed by the Macau government to act in any such capacity, and whose activity is to
promote gaming in casinos in Macau by providing (among other things) amenities such as transport, lodgement, food and beverage and entertainment to patrons. 

Gaming Regulator means any Governmental Agency responsible for the regulation of gaming, wagering or betting in any jurisdiction. 

  
 4 

Table of Contents

 Governmental Agency means: 

 

	 	(a)	 a government, whether foreign, federal, state, territorial or local; 

 

	 	(b)	 a department, office, or minister of a government acting in that capacity; or 

 

	 	(c)	 a commission, delegate, instrumentality, agency, board or other governmental or semi-governmental, judicial,
administrative, monetary, regulatory, fiscal or tax authority, whether statutory or not. 

 Group means the Company
and the Company Subsidiaries from time to time and the expressions member of the Group or Group member or Group Company mean any one of them. 

Hong Kong means the Hong Kong Special Administrative Region of the People’s Republic of China. 

Land means a plot of land situated in Macau, at the Cotai reclaimed land area, with gross area of 130,789 square meters, described at
and denoted by the letter “A” on map no. 5899/2000 issued by Macao Cartography and Cadastre Bureau on 3 January 2012. 

Law means any law or legal or regulatory compliance requirement, including at common law, in equity, under any statute, regulation or by-law and any decision, directive, guidance, guideline or requirement of any Governmental Agency or the relevant stock exchange. 

Macau means the Macau Special Administrative Region of the People’s Republic of China. 

Melco Casino(s) means the casino(s) and gaming area(s) owned directly or indirectly (in whole or in majority) or operated (or both) by
Melco, the Subconcessionaire or any of their respective Affiliates. 
 Melco Original Share Amount means the number of Securities set
out next to Melco Shareholders in the attached Schedule I, which shall be increased or decreased from time to time in a corresponding manner to account for any split, subdivision, reverse split, consolidation, share dividend or share distribution in
respect of Securities, including any Adjustment Event (as defined in the Participation Agreement), provided any such increase or decrease shall be documented in an amendment of Schedule I by the parties in accordance with clause 13.1. 

Melco Shareholders means Melco and any Affiliate of Melco to whom Securities are issued or Transferred under this document. 

Memorandum and Articles of Association means the memorandum and articles of association of the Company, as may be amended from
time to time in accordance herewith. 
 Minority Shareholders means, at the relevant time of determination, any Shareholder the name
of which is set forth on Schedule II hereto, which schedule may be amended from time to time in accordance with clause 2.2(f) and subject to clause 2.2(g), provided that, at the relevant time of determination, such
Shareholder is either (i) validly holding Class B Ordinary Shares or (ii) validly holding (a) Class A Ordinary Shares which such Shareholder has received as a result of exercising (including in connection with a Mandatory
Exchange (as defined in the Participation Agreement) its Exchange Rights, or (b) Class A Ordinary Shares received from New Cotai or another Permitted Transferee, who in either case acquired them as described in the immediately preceding
clause (a) and subsequently transferred them to such Shareholder directly or indirectly through multiple transfers (on successive occasions) so long as (x) each of such transfers was made by and between a transferor and transferee who
were, at the time of such subsequent transfers, Permitted Transferees and (y) there were no other intervening Transfers of such Exchange Shares that were not between Permitted Transferees (such Class A Ordinary Shares acquired by each
Shareholder set out in Schedule II and in the manner contemplated in clauses (a) or (b), Exchange Shares); provided further that at any given time, there shall be no more than twenty-five (25) Minority Shareholders. For the
avoidance of doubt, the limit of twenty-five (25) Minority Shareholders is inclusive of Shareholders holding Class B Ordinary Shares. 

  
 5 

Table of Contents

 New Cotai Original Share Amount means the number of Securities set out next to New Cotai
in the attached Schedule I, which shall be increased or decreased from time to time in a corresponding manner to account for any split, subdivision, reverse split, consolidation, share dividend or share distribution in respect of Securities,
including any Adjustment Event (as defined in the Participation Agreement), provided any such increase or decrease shall be documented in an amendment of Schedule I by the parties in accordance with clause 13.1. 

Newco means MSC Cotai Limited, a business company limited by shares incorporated in the British Virgin Islands. 

Newco Memorandum and Articles of Association means the memorandum and articles of association of Newco, as may be amended from time to
time in accordance herewith. 
 Observer means an observer appointed to the Board in accordance with clause 2.2(a)(ii). 

Offer has the meaning set forth in clause 6.1. 

Opening means 27 October 2015, the date that the Studio City Property opened to the public. 

Other Casinos mean those casinos or gaming areas operated but not majority owned or controlled by Melco or any of its Affiliates. 

Permitted Transferee means any one or more investment funds or other entities directly or indirectly owned, managed or advised by
Oaktree Capital Management, L.P. or Silver Point Capital, L.P. (for so long as the transferee continues to be directly or indirectly owned, managed, or advised by Oaktree Capital Management, L.P. or Silver Point Capital, L.P.). 

Project Lender means any third party lender(s) to the Studio City Property or any representative or agent (including a trustee,
collateral agent or security agent) of any such third party lender(s). 
 Prospective Purchaser has the meaning given to the term in
clause 7.7(a). 
 Registration Rights Agreement means the registration rights agreement entered into by and between the
Shareholders (as defined therein) and the Company dated the date hereof. 
 Respective Proportion means, with respect to an Entitled
Minority Shareholder, a fraction, the numerator of which shall be the number of Exchange Shares validly held by such Entitled Minority Shareholder at the relevant time of calculation and the denominator of which shall be the sum of (i) the
number of issued and outstanding Class A Ordinary Shares held by Melco and its Affiliates (excluding the Company and its Subsidiaries), (ii) the number of Exchange Shares held by all Entitled Minority Shareholders, and (iii) the number of
Class A Ordinary Shares issuable if all Participants (as defined in the Participation Agreement) exercised their Exchange Rights with respect to the entirety of the remaining Participation Interests (as defined in the Participation Agreement).

  
 6 

Table of Contents

 Security means a fully paid share in the capital of the Company carrying the rights and
obligations set out in this document and in the Memorandum and Articles of Association, which shall include Class A Ordinary Shares (including any Class A Ordinary Shares represented by ADSs) and Class B Ordinary Shares. 

Shared Vendor Contracts has the meaning given to the term in clause 3.1. 

Shared Vendors has the meaning given to the term in clause 3.1. 

Shareholder means a holder of Securities from time to time. 

Shareholder Group means each of the Melco Shareholders, on the one hand, and the Minority Shareholders, on the other hand, or either one
of them (as the context requires). 
 Studio City Casino means the casino and gaming area within the Studio City Property. 

Studio City Property means the gaming, retail and entertainment resort located and operated on the Land. 

Subconcession means the trilateral agreement dated 8 September 2006 entered into by and among the Macau government, Wynn Resorts
(Macau), S.A. (Wynn Macau) (as concessionaire for the operation of casino games of chance and other casino games in Macau, under the terms of a concession contract dated 24 June 2002 between Macau and Wynn Macau, as amended on
8 September 2006) and the Subconcessionaire, comprising a set of instruments from which shall flow an integrated web of rights, duties and obligations by and for all and each of Macau, Wynn Macau and the Subconcessionaire, pursuant to the terms
of which the Subconcessionaire shall be entitled to operate casino games of chance and other casino games in Macau as an autonomous subconcessionaire in relation to Wynn Macau, including any supplemental letters or agreements entered into or issued
by the Macau government and the Subconcessionaire from time to time, and including any replacement concession or subconcession for the operation of casino games of chance and other casino games in Macau. 

Subconcessionaire means Melco Resorts (Macau) Limited, a company incorporated in Macau, or any other Affiliate of Melco holding a Gaming
Authorisation in Macau from time to time. 
 Subsidiary means, with respect to any Person: 

 

	 	(a)	 any corporation, association or other business entity of which (i) more than 50% of the total voting power
of shares of capital stock entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or shareholders’ agreement that effectively transfers voting power) to vote in the election of directors,
managers or trustees of the corporation, association or other business entity that is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person (or a combination thereof), or
(ii) the composition of its board of directors is directly or indirectly controlled by such Person; and 

  

	 	(b)	 any partnership or limited liability company of which (i) more than 50% of the capital accounts,
distribution rights, total equity and voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person or a
combination thereof, whether in the form of membership, general, special or limited partnership interests or otherwise, and (ii) such Person or any Subsidiary of such Person is a controlling general partner or otherwise controls such entity.

  
 7 

Table of Contents

 Transaction Documents means this document, the Registration Rights Agreement and the
Memorandum and Articles of Association. 
 Transfer means to transfer, sell, exchange, hypothecate, assign, charge, pledge, encumber,
gift, convey (including in trust) or otherwise dispose of. 
 Unsubscribed Equity Securities has the meaning set forth in clause
6.3(b). 
 Unsuitable Person means a person or entity whose direct or indirect ownership of Securities could (on the facts then
known): 
  

	 	(a)	 based on the written advice of outside legal counsel to a Shareholder or Melco (as applicable); or

  

	 	(b)	 based on an objection received from a Gaming Regulator, 

be reasonably expected to adversely impact the suitability or entitlement of: 

(x) any member of the Group; 
 (y)
any Melco Shareholder, any holder of Upstream Securities in any Melco Shareholder, or any of their respective Affiliates, in each case, in the case of a Transfer of any Securities or Upstream Securities by any person other than those persons; or

 (z) any Minority Shareholder, any holder of Upstream Securities in any Minority Shareholder, or any of their respective Affiliates, in
each case, in the case of a Transfer of any Securities or Upstream Securities by any person other than those persons, to maintain any Gaming Authorisation. 

Upstream Securities means, in respect of a Shareholder, any equity securities or interests in equity securities issued by that
Shareholder or by any person that directly, or indirectly through one or more interposed entities (whether legally or beneficially), holds an Effective Interest in Securities held by that Shareholder, but does not include any equity securities or
interests in equity securities: 
  

	 	(a)	 in any investment fund or account managed by any investment fund, or in any successors or Affiliates of the
foregoing, or in any person that, directly or indirectly through one or more interposed entities (whether legally or beneficially), holds equity securities or interests in equity securities in any such person; 

 

	 	(b)	 in Melco, or any of its shareholders or any person that directly, or indirectly through one or more interposed
entities (whether legally or beneficially), holds equity securities or interests in equity securities in those shareholders; or 

  

	 	(c)	 in any other Shareholder or holder of Upstream Securities whose shares are listed on an internationally
recognised stock exchange. 

  
 8 

Table of Contents

	1.2	 Construction 

Unless expressed to the contrary, in this document: 
  

	 	(a)	 words in the singular include the plural and vice versa; 

 

	 	(b)	 any gender includes the other genders; 

 

	 	(c)	 if a word or phrase is defined its other grammatical forms have corresponding meanings; 

 

	 	(d)	 includes means includes without limitation; 

 

	 	(e)	 no rule of construction will apply to a clause to the disadvantage of a party merely because that party put
forward the clause; 

  

	 	(f)	 a reference to: 

  

	 	(i)	 a person includes a partnership, individual, limited liability company, trust, joint venture, unincorporated
association, corporation and a Governmental Agency; 

  

	 	(ii)	 a person or a party includes the person’s legal personal representatives, successors, assigns and persons
substituted by novation; 

  

	 	(iii)	 any legislation includes subordinate legislation under it and includes that legislation and subordinate
legislation as modified or replaced; 

  

	 	(iv)	 an obligation includes a warranty or representation and a reference to a failure to comply with an obligation
includes a breach of warranty or representation; 

  

	 	(v)	 a right includes a benefit, remedy, discretion or power; 

 

	 	(vi)	 time is to local time in Hong Kong; 

 

	 	(vii)	 “US$” or US dollars is a reference to the currency of the United States of America;

  

	 	(viii)	 “HK$” or HK dollars is a reference to the currency of Hong Kong; 

 

	 	(ix)	 this or any other document includes the document as novated, varied or replaced in accordance with the terms
hereof and thereof and despite any change in the identity of the parties; 

  

	 	(x)	 this document includes all schedules, annexures and exhibits to it; 

 

	 	(xi)	 a clause, schedule or annexure is a reference to a clause, schedule or annexure, as the case may be, of this
document; 

  

	 	(xii)	 a reference to a meeting is a meeting in person, by conference telephone or similar equipment, so long as all
of the participants can hear each other; and 

  
 9 

Table of Contents

	 	(xiii)	 if the number of Securities the Effective Interest in Securities represents is required to be calculated, if
the number is not a whole number, that number will rounded up or down, as appropriate, with .5 or greater rounded up; 

  

	 	(g)	 if the date on or by which any act shall be done under this document is not a Business Day, the act shall be
done on or by the next Business Day; 

  

	 	(h)	 where time is to be calculated by reference to a day or event, that day or the day of that event is excluded;
and 

  

	 	(i)	 the schedules and annexures to this document shall be incorporated by reference herein and constitute a part
hereof. 

  

	1.3	 Headings 

Headings do not affect the interpretation of this document. 
  

	2.	 DIRECTORS 

  

	2.1	 Melco Directors 

 

	 	(a)	 Subject to clause 2.1(b), the Melco Shareholders may appoint, from time to time, by Notice to the
Company, one Director so long as they hold in aggregate a number of Securities equal to at least 33% but less than 66% of the Melco Original Share Amount, two Directors for so long as they hold in aggregate a number of Securities equal to at least
66% but less than 99% of the Melco Original Share Amount, and three Directors for so long as they hold in aggregate a number of Securities equal to at least 99% of the Melco Original Share Amount, including to fill vacancies created by removals
under clause 2.1(c) or vacancies created under clause 2.4 of Directors appointed by the Melco Shareholders. 

  

	 	(b)	 Despite clause 2.1(a), the Melco Shareholders may, from time to time, by notice to the Company, appoint
up to three Directors for so long as they hold in aggregate: 

  

	 	(i)	 a number of Securities equal to more than 66% of the Melco Original Share Amount; and 

 

	 	(ii)	 more Securities in issue than any other Shareholder and its Affiliates to whom Securities have been issued or
Transferred in accordance with this document, in the aggregate, provided that for the purposes of this clause 2.1(b)(ii), the depositary bank for the ADSs shall be deemed not to be a Shareholder ; 

including to fill vacancies created under clause 2.1(c), or vacancies created under clause 2.4 of Directors appointed by the
Melco Shareholders. 
  

	 	(c)	 Subject to clause 2.1(d), the Melco Shareholders may remove any Director appointed by them under
clauses 2.1(a) or 2.1(b) (as applicable) by notice to the Company. 

  

	 	(d)	 Any notice under clauses 2.1(a), 2.1(b) or 2.1(c) shall be signed by Shareholders holding a majority of
the Securities in issue held by all of the Melco Shareholders as at the date of the notice. 

  

	2.2	 Minority Directors 

 

	 	(a)	 New Cotai may, for so long as it holds in aggregate, a number of Securities equal to: 

  
 10 

Table of Contents

	 	(i)	 50% or more of the New Cotai Original Share Amount, appoint two Directors; and 

 

	 	(ii)	 25% or more, but less than 50% of the New Cotai Original Share Amount, (y) appoint one Director, including
in each case to fill vacancies created by removals under clause 2.2(c) or vacancies created under clause 2.4 of Directors appointed by New Cotai, in each case by written notice to the Company; and (z) to the extent not
prohibited by applicable Laws or the listing or exchange rules of any stock exchange on which the Securities are listed, appoint one Observer to the Board, including to fill vacancies created by removals under clause 2.2(c) or death or
resignation of an Observer, in each case by written notice to the Company. 

  

	 	(b)	 New Cotai may, for so long as it has the right to appoint at least one Director pursuant to clause
2.2(a), appoint a Director (who is already a member of the Board of the Company and appointed pursuant to Clause 2.2(a)) to sit on any committee of the Board (other than (i) a committee formed to evaluate a transaction between the Company
and the Minority Shareholders or their Affiliates or (ii) a committee that the Board has determined as a matter of good corporate governance should be comprised solely of independent directors and, at such time, no Director appointed by the
Minority Shareholders is independent under applicable stock exchange rules), to the extent any such appointment is not prohibited by applicable Laws or the listing or exchange rules of any stock exchange on which the Securities are listed; provided,
however, that a simple majority will be sufficient to approve such committees’ decisions and, provided further, that such Director will not be required to form a quorum at meetings of any committee so long as due notice of the meeting has been
provided. 

  

	 	(c)	 Subject to clause 2.2(d), New Cotai may remove any Director or Observer appointed under clause
2.2(a) or remove from any committee any Director appointed by it to such committee under clause 2.2(b) by notice to the Company. 

  

	 	(d)	 Any notice under clauses 2.2(a), 2.2(b) or 2.2(c) shall be signed by New Cotai. 

 

	 	(e)	 New Cotai’s rights under clauses 2.2(a) through 2.2(d) shall terminate at such time when New Cotai
no longer holds at least 5% of the Securities in issue. 

  

	 	(f)	 New Cotai shall amend Schedule II from time to time to ensure, at all times, that (i) it only includes
Shareholders that satisfy the definition of Minority Shareholders herein, (ii) the number of Class B Ordinary Shares and/or Exchange Shares set out next to each Minority Shareholder in Schedule II is accurate and (iii) the number of
Minority Shareholders does not exceed twenty-five (25). The amendment of Schedule II will be effective upon the receipt by Melco and the Company of a copy of such amendment in accordance with clause 10.7. 

 

	 	(g)	 New Cotai represents and warrants to the Company and Melco on the date hereof and on the date of each amendment
of Schedule II that (i) each Minority Shareholder set out in Schedule II is a Permitted Transferee, (ii) Schedule II accurately sets out the number of Class B Ordinary Shares and Exchange Shares held by each of the Minority
Shareholders, and (iii) each Minority Shareholder acquired and holds the Exchange Shares set out next to such Minority Shareholder’s name in Schedule II either (x) as a result of exercising (including in connection with a Mandatory
Exchange (as defined in the Participation Agreement) its Exchange Rights pursuant to which Class A Ordinary Shares were received, or (y) through a transfer from New Cotai or another Permitted Transferee, who in either case acquired them as
described in the immediately preceding clause (x) and subsequently transferred them to such Shareholder directly or indirectly through multiple transfers (on successive occasions) so long as (aa) each of such transfers were made by and between
a transferor and transferee who were, at the time of such subsequent transfers, Permitted Transferees and (bb) there were no other intervening Transfers of such Class A Ordinary Shares that were not between Permitted Transferees.

  
 11 

Table of Contents

	2.3	 Eligibility and rights of Observers 

 

	 	(a)	 An Observer is entitled to attend each meeting of the Board. 

 

	 	(b)	 An Observer shall be given the same notice of each meeting of the Board, at the same time and in the same form,
as given to the Directors. 

  

	 	(c)	 An Observer shall be provided with all of the information provided to Directors at the same time as such
information is provided to the Directors, including all board packs, agendas and any information to be presented to the Board. 

  

	 	(d)	 An Observer is not entitled to vote at meetings of the Board. 

 

	 	(e)	 It is a condition of the designation of an Observer under clause 2.2(a) that the Observer enters into,
or is already covered by, a confidentiality deed with the Company on terms substantially the same as the Confidentiality Deed or otherwise acceptable to the Company. 

 

	2.4	 Vacation of office 

The office of a Director will be vacated if: 
  

	 	(a)	 a Director resigns his office by notice in writing to the Company; 

 

	 	(b)	 a Director dies; 

  

	 	(c)	 an order is made by any competent court or official on the grounds that a Director is or may be suffering from
mental disorder or is otherwise incapable of managing his affairs and a majority of the Directors resolve that his office be vacated; 

  

	 	(d)	 without leave, a Director is absent from meetings of the Board (unless an alternate Director appointed by him
attends in his place) for a continuous period of 6 months, and a majority of the Directors resolve that his office be vacated; 

  

	 	(e)	 a Director becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his
creditors generally; 

  

	 	(f)	 a Director ceases to be or is prohibited from being a Director by law or by virtue of any provisions in the
Memorandum and Articles of Association; 

  

	 	(g)	 a Director is removed from office by notice in writing served upon him signed by not less than a majority in
number (or, if that is not a round number, the nearest lower round number) of the Directors (including himself) then in office; provided that a Director appointed by a Shareholder may only be removed by that Shareholder pursuant to clauses 2.1,
2.2 and 2.5; or 

  
 12 

Table of Contents

	 	(h)	 a Director is removed under clause 2.1(c) or 2.2(c) (as applicable); 

 

	2.5	 Removal of Directors 

 

	 	(a)	 If the number of Directors appointed by a person under clauses 2.1 or 2.2 is greater than the
number of Directors entitled to be appointed by that person under the relevant clause, then that person shall, within two Business Days of ceasing to be so entitled, give notice to the Company removing that number of Directors in excess of its
entitlement. 

  

	 	(b)	 If any person to whom clause 2.5(a) applies does not give notice removing the required number of
Directors within the period specified in that clause, any person entitled to appoint a Director under clauses 2.1 or 2.2 may give such a notice removing any such Directors. 

 

	2.6	 Alternate directors 

 

	 	(a)	 A Director (other than any independent Director under applicable stock exchange rules) may, with the prior
written approval of the Board, appoint an alternate director by notice to the Company. 

  

	 	(b)	 An alternate director may attend any Board meeting and vote on any resolution of the Board provided the
Director that appointed the alternate is not present at the meeting and is a Director at the time of the meeting. 

  

	 	(c)	 An alternate director is entitled to a separate vote for each Director the alternate director represents in
addition to any vote that alternate director may have as a Director if that alternate director is also a Director. 

  

	2.7	 Director duties 

Each Director and director of a Company Subsidiary shall be required to have regard to, and act in the best interests of, the Company and all
of its Shareholders; provided that, to the maximum extent permitted by law and without detracting from or limiting the foregoing obligation, Directors and directors of Company Subsidiaries shall be permitted to also have regard to the interests of
the Shareholder Group that appointed that Director in carrying out his or her duties as a Director or a director of any Company Subsidiary to the extent that those interests are consistent with the best interests of the Company and all of its
Shareholders. 
  

	2.8	 Fees and expenses of Directors 

 

	 	(a)	 The Company shall: 

  

	 	(i)	 pay the reasonable expenses properly incurred by Directors in relation to the business of the Group, including
accommodation expenses in travelling to and from meetings of the Board or any committee of the Board, any Group Company, or any committee of any such company, and provided such expenses are supported by valid receipts; and 

 

	 	(ii)	 pay the cost of any insurance policies taken out by the Company in respect of the Directors.

  
 13 

Table of Contents

	 	(b)	 No Director that is not independent within the meaning of the listing or exchange rules of any stock exchange
on which the Securities are listed is entitled to be paid any fees in connection with his or her appointment or role as a Director. 

  

	2.9	 D&O Policy 

The Company shall: 
  

	 	(a)	 maintain a D&O Policy in respect of each Director and each director of a Company Subsidiary that provides a
level of coverage consistent with that maintained by similarly sized companies that engage in activities similar to those undertaken by the Company and the Company Subsidiaries; and 

 

	 	(b)	 pay the premiums in respect of that D&O Policy in relation to the Director’s term in office and for
six years after the expiry of the Director’s term (to the maximum extent permitted by Law). 

  

	2.10	 Indemnity deed 

Each Group member shall enter into a deed of access and indemnity with each director of such a company (on terms acceptable to the Board) under
which it indemnifies the directors to the maximum extent permitted by Law and gives each director a right (subject to certain limitations) to have access to and make copies of Board papers and minutes in respect of the period during which the
relevant director is or was a director of such a company. 
  

	2.11	 Post IPO 

Following an underwritten public offering of the Company’s Equity Securities, or American depositary shares representing the
Company’s Equity Securities, related party transactions shall be approved by an audit committee of independent Directors, unless the rules of the relevant exchange require or permit an alternative approval process by independent Directors (in
which case that process will apply). 
  

	3.	 SHARED VENDOR CONTRACTS 

 

	3.1	 Shared Vendor Contracts 

The parties acknowledge that Melco and its Affiliates may from time to time enter into Contracts with a supplier, vendor or other party or its
Affiliates or related parties (Shared Vendors) for the provision of various goods and services to more than one Melco Casino (Shared Vendor Contracts). 
  

	3.2	 Obligation 

Subject to clause 3.3, Melco shall, for so long as New Cotai holds 5% or more of the Securities in issue, use commercially reasonable
endeavours: 
  

	 	(a)	 to obtain on behalf of the Group, to the extent possible, economic and other terms at least as favourable (when
taken as a whole and after taking into account, among other things, the passing of time, inflation and the then prevailing economic conditions) to the Group as the economic and other terms it obtains from the applicable Shared Vendor for any of the
other Melco Casinos in respect of similar goods and services; and 

  
 14 

Table of Contents

	 	(b)	 to utilise the services of, and obtain goods from, the Shared Vendors and to obtain volume and pricing
discounts on such services and goods from such Shared Vendors for the benefit of the Group. 

  

	3.3	 Application 

  

	 	(a)	 The parties agree that clause 3.2 will not apply in respect of any the following Shared Vendors:

  

	 	(i)	 any utility operators (water, electricity, gas and telephone and whether public or private) in Hong Kong or
Macau; 

  

	 	(ii)	 a financier or lender to Melco or any of its Affiliates; 

 

	 	(iii)	 a Governmental Agency; 

 

	 	(iv)	 a Gaming Promoter; or 

 

	 	(v)	 an Other Casino. 

  

	 	(b)	 The parties agree that clause 3.2(b) does not apply to any Shared Vendor Contract which is the subject
of any dispute, claim, or other proceedings or the performance of which, or the goods provided under which, do not in the reasonable opinion of Melco or any of its Affiliates, meet appropriate standards of performance. 

 

	3.4	 Gaming Promoters 

Melco will use commercially reasonable efforts to ensure that there is no bias or discrimination by or at the direction of Melco or any of its
Affiliates against the Group with respect to: 
  

	 	(a)	 the use or selection of Gaming Promoters; 

 

	 	(b)	 the allocation of customers by Gaming Promoters (to the extent it is within the control of Melco); or

  

	 	(c)	 the commissions, commission rate policies or extensions of credit in respect of Gaming Promoters for the Group
as compared to commissions, commission rate policies or extensions of credit in respect of Gaming Promoters for any of the other Melco Casinos (excluding Other Casinos). 

 

	3.5	 Audit rights 

  

	 	(a)	 If clause 3.2 applies, New Cotai may on an annual basis jointly request the Company to instruct the
Company’s auditors to audit the compliance by Melco with its obligations under clause 3.2 and to share the results thereof with the Director(s) appointed by New Cotai. 

 

	 	(b)	 The parties agree that any audit conducted under clause 3.5(a) will be limited to a review of a random
sample of Shared Vendor Contracts of an appropriate size to be determined by the auditor to verify compliance by Melco with clause 3.2(a). 

  

	 	(c)	 Any work conducted by the Company’s auditors in respect of clause 3.5(a) will be at the expense of
the Company. 

  
 15 

Table of Contents

	 	(d)	 Melco shall instruct the auditors of the other Melco Casinos (other than Other Casinos) to reasonably cooperate
with the Company’s auditors in connection with any work conducted by the Company’s auditors under clause 3.5(a) (but subject to clause 3.5(b)). 

 

	4.	 CASINO OPERATION 

 

	4.1	 Casino operation 

 

	 	(a)	 The Subconcessionaire is the holder of the Subconcession under which the Subconcessionaire is authorised by the
Macau government to conduct the operation of casino games of chance and other casino games in Macau. 

  

	 	(b)	 The parties acknowledge that the Subconcessionaire shall operate the Studio City Casino within the
Subconcession pursuant to the terms of the Casino Management Agreement. 

  

	 	(c)	 The Subconcessionaire shall apply for a Gaming Authorisation to operate in Macau prior to any expiration of the
Subconcession from time to time, or at such other time determined by the Macau government, and, in any event, continue to operate the Studio City Casino for as long as the Subconcession is in effect. 

 

	4.2	 Gaming tables 

 

	 	(a)	 The parties acknowledge that the initial number of gaming tables authorised by the Macau government for
operation at Studio City Casino on Opening is 250 mass gaming tables. 

  

	 	(b)	 Any additional gaming tables authorised by the Macau government to be utilised by the Subconcessionaire after
initial allocation of gaming tables by the Macau government to the Studio City Casino will (to the extent permitted by the Macau government) be allocated by the Subconcessionaire to the Studio City Casino and the other Melco Casinos:

  

	 	(i)	 in proportion to the number of tables the Studio City Casino and the other Melco Casinos have (or have
allocated to them) at that time; and 

  

	 	(ii)	 if the number of additional gaming tables authorised by the Macau government to be utilised by the
Subconcession is disproportionately more than the number of gaming tables authorised to other concession and subconcession holders in Macau (based on the number of gaming tables held by each of them and including circumstances in which the
percentage of additional gaming tables allocated to the Subconcessionaire exceeds the percentage of gaming tables allocated to other gaming concession or subconcession holders in Macau under the table cap regime implemented by the Macau government
from time to time), the amount of the excess will (to the extent permitted by the Macau government) be allocated by the Subconcessionaire between the Studio City Casino and the other Melco Casinos based on: 

 

	 	(A)	 the relative gaming expansion plans approved by the Macau government; or 

 

	 	(B)	 if no such plans exist, pro rated based on the respective number of tables at (or allocated to) the Studio City
Casino and the other Melco Casinos. 

  
 16 

Table of Contents

	 	(c)	 In the event that, after initial allocation of gaming tables by the Macau government to the Studio City Casino,
the number of gaming tables authorised by the Macau government to be utilized by the Subconcession is reduced, Melco and New Cotai shall discuss in good faith whether there is to be any reduction in the number of gaming tables at the Studio City
Casino having regard to (among other things) a fair and appropriate allocation of gaming tables to all Melco Casinos and after taking into account any Macau government requirement and the capital expenditures of each of the Melco Casinos and, in any
event, the number of gaming tables at the Studio City Casino shall not be disproportionately reduced relative to the reduction of gaming tables at other Melco Casinos (unless the Melco Shareholders and New Cotai agree otherwise).

  

	5.	 OTHER ADMINISTRATIVE MATTERS 

 

	5.1	 For so long as any Shareholder, holder of Upstream Securities in a Shareholder, or any of their
respective Affiliates, is required to provide information to any Gaming Regulator in relation to their interest in the Company (including any information about another Shareholder or any holder of Upstream Securities in that Shareholder), the
Company will and will procure that each Company Subsidiary will, to the extent permitted by law, cooperate in good faith to obtain and endeavour to provide that information where requested in writing by that person. 

 

	5.2	 Despite clause 5.1(a), if reasonable to do so, the Company may limit the information provided to such
information as is required by the Gaming Regulator or otherwise customarily provided to any such Gaming Regulator. 

  

	5.3	 Any person to whom information is provided under clause 5.1(a) shall agree, as a condition of being
provided with that information, to cooperate with the Company to seek to limit or protect the information required to be provided, if the Company determines (acting reasonably) that providing such information would: 

 

	 	(a)	 materially compromise the competitiveness of the Studio City Property; or 

 

	 	(b)	 be prohibited by applicable Laws or the listing or exchange rules of any stock exchange on which the Securities
or Melco’s equity securities are listed. 

  

	5.4	 The parties agree to be bound by and comply with the provisions as set out in Annexures G and H of the
Original Shareholders Agreement, which shall apply mutatis mutandis hereto, referring to Newco instead of the Company where applicable. 

  

	6.	 PRE-EMPTIVE RIGHTS 

 

	6.1	 Pro rata offer 

If the Company proposes to offer Equity Securities of the Company for subscription (other than issuances in connection with a public offering,
under any Equity Plan or “assured entitlement” arrangements pursuant to the Listing Rules of The Stock Exchange of Hong Kong Limited (as it may be amended from time to time)), solely or primarily to Melco or any of its Affiliates, each
Entitled Minority Shareholder is entitled to subscribe for up to its Respective Proportion of the Equity Securities proposed to be issued, and the Company shall give written notice to New Cotai of the proposed issuance, describing the type of Equity
Securities, the cash price per Equity Security, the number of Equity Securities, and the general terms upon which the Company proposes to issue the same (Offer). 

  
 17 

Table of Contents

	6.2	 Offer Notice 

The Company shall make the Offer to each Entitled Minority Shareholder by giving a notice in writing (Offer Notice) to New Cotai
specifying: 
  

	 	(a)	 the total number of Equity Securities proposed to be issued to Melco and/or its Affiliates;

  

	 	(b)	 the number of Equity Securities each Entitled Minority Shareholder is entitled to subscribe for (up to its
Respective Proportion of the aggregate of all Equity Securities to be issued to Melco and its Affiliates); and 

  

	 	(c)	 the terms of issue of the Equity Securities (including the issue price which shall be the same price for all of
the Equity Securities being offered). 

 The Company shall provide such Offer Notice as soon as reasonably practicable (but
not less than fifteen (15) business days) prior to the date of the closing of the issue of the Equity Securities; provided that if the Company determines that such advance notice is not practical under the circumstances, the Company may
provide notice as soon as practicable after such closing. 
  

	6.3	 Response to Offer 

Within fifteen (15) business days after the date the Offer Notice is deemed given in accordance with clause 10, New Cotai shall
give notice to the Company stating, with respect to each Entitled Minority Shareholder, whether such Entitled Minority Shareholder accepts all or any portion of the Equity Securities offered to it in the Offer Notice or it declines the Offer in
full. 
  

	6.4	 Failure to Respond 

If New Cotai does not give notice to the Company stating whether an Entitled Minority Shareholder accepts all or a portion of the Equity
Securities offered to such Entitled Minority Shareholder in the Offer within the period stated in clause 6.3, any such Entitled Minority Shareholder shall be deemed to have declined all of the Equity Securities offered to it in the Offer.

  

	6.5	 Payment by Accepting Entitled Minority Shareholders 

If an Entitled Minority Shareholder accepts all or any portion of the Equity Securities offered to such Entitled Minority Shareholder in the
Offer, upon the closing of the issuance of the Equity Securities as specified in the Offer Notice, such Entitled Minority Shareholder shall pay to the Company an amount in cash (in U.S. dollars) equal to the aggregate purchase price for the number
of Equity Securities specified in the notice of acceptance of such Entitled Minority Shareholder’s Offer (the Cash Purchase Price) on the terms specified in the Offer Notice. If an Entitled Minority Shareholder fails to make a timely
payment of the Cash Purchase Price in full in accordance with the terms specified in the Offer Notice, such Entitled Minority Shareholder shall be deemed to have declined all of the Equity Securities offered to it in the Offer. 

 

	6.6	 Termination of Pre-Emptive Rights 

Clauses 6.1 through 6.5 shall terminate and be of no further force or effect (Termination of
Pre-Emptive Rights) upon which time (a) the Participation Agreement is no longer in effect and (b) either (i) the combined value of the Exchange Shares held by all Minority Shareholders no longer
equals at least US$40,000,000 based on a 20-Day VWAP or (ii) the total sum of the number of Exchange Shares held by all Minority Shareholders is less than 1.00% of the outstanding Class A Ordinary
Shares. 

  
 18 

Table of Contents

	7.	 CONFIDENTIALITY AND DISCLOSURE 

 

	7.1	 Disclosure by Directors 

 

	 	(a)	 Each Director shall not disclose any Confidential Information except, to the extent not prohibited by Law:

  

	 	(i)	 to any officer, manager, employee, director (or equivalent) or financial, legal or accounting adviser of or
lender to a Shareholder or holder of Upstream Securities; and 

  

	 	(ii)	 in the case of a Director employed by an investment fund or a management company of an investment fund (as
applicable) that holds, or has any Affiliates that hold, an Effective Interest in Securities, to any partner, officer, manager, employee or director (or equivalent) of that investment fund or management company. 

 

	 	(b)	 Each Shareholder shall procure that the Director appointed by them complies with the Director’s
obligations under this clause 7 (subject to such Director’s fiduciary duties). 

  

	7.2	 Restrictions on disclosure 

A person (other than a Director) shall not disclose any Confidential Information except, to the extent not prohibited by Law: 

 

	 	(a)	 in the case of a Shareholder or holder of Upstream Securities, where permitted under clauses 7.3,
7.4, 7.5 or 7.6; or 

  

	 	(b)	 in any other case, where permitted under clauses 7.4, 7.5 or 7.8. 

 

	7.3	 Disclosure by Shareholders and holders of Upstream Securities 

Each Shareholder and holder of Upstream Securities, as applicable, may, subject to clause 7.6, disclose any Confidential Information to
the extent not prohibited by Law: 
  

	 	(a)	 (i) to Oaktree Capital Management, L.P., or any investment fund or account or entity managed by Oaktree Capital
Management, L.P. that is a holder of Upstream Securities or (ii) to Silver Point Capital, L.P., or any investment fund or account or entity managed by Silver Point Capital, L.P. that is a holder of Upstream Securities, in the case of each of
clauses (i) and (ii), so long as those persons own Effective Interests in Securities that correspond to a number of Securities equal to least 10% of the New Cotai Original Share Amount in aggregate; or 

 

	 	(b)	 to any officer, manager, employee, representative, director (or equivalent) or financial, legal or accounting
adviser of or lender to a Shareholder or holder of Upstream Securities or any of the other persons specified in the applicable paragraphs of this clause 7.3. 

  
 19 

Table of Contents

	7.4	 Disclosure generally 

A person may disclose any Confidential Information received by it, to the extent not prohibited by Law: 

 

	 	(a)	 in the case of a person that is an investment fund, to any partner in that fund; 

 

	 	(b)	 to any officer, manager, employee, director (or equivalent) or financial, legal, valuation or accounting
adviser of or lender to a Shareholder or holder of Upstream Securities or any of the other persons specified in this clause 7.4; and 

  

	 	(c)	 to any Project Lender. 

 

	7.5	 Exceptions 

  

	 	(a)	 Despite any other provision of this clause to the contrary, but subject to clause 7.5(b), a person may
disclose Confidential Information to: 

  

	 	(i)	 any person to whom it is required to disclose the Confidential Information by Law; 

 

	 	(ii)	 any person to the extent necessary in connection with the exercise of any remedy hereunder;

  

	 	(iii)	 any Governmental Agency where required by that agency; or 

 

	 	(iv)	 any stock exchange on which its securities, or the securities of any of its Affiliates, are listed if required
by the listing or exchange rules of such stock exchange. 

  

	 	(b)	 A party who is required to disclose Confidential Information under clause 7.5(a) shall use commercially
reasonable endeavours to, and to the maximum extent permitted by Law to, limit the form and content of that disclosure. 

  

	7.6	 Conditions to disclosure 

Each Shareholder shall be responsible for ensuring that each holder of its Upstream Securities does not disclose Confidential Information that
is not permitted to be disclosed under clauses 7.3, 7.4 and 7.5 unless the Company, acting in its reasonable discretion at the request of a Shareholder, executes a Confidentiality Deed or other similar agreement with any
particular holder of Upstream Securities. 
  

	7.7	 Prospective Purchaser 

 

	 	(a)	 A Shareholder (Disclosing Shareholder) shall not disclose, and shall procure that no holder of Upstream
Securities discloses, any Confidential Information to a prospective purchaser of Securities or Upstream Securities (Prospective Purchaser) unless the Prospective Purchaser, prior to being provided with any such information, enters into a
confidentiality agreement on terms no less onerous to the Prospective Purchaser than those set out in the Confidentiality Deed or otherwise reasonably acceptable to the Company. 

 

	 	(b)	 The Disclosing Shareholder shall require that a Prospective Purchaser return or destroy any information
provided by the Disclosing Shareholder to the Prospective Purchaser under clause 7.2 (subject to customary exceptions) if the Prospective Purchaser has not purchased the Disclosing Shareholder’s Securities or the Upstream Securities on
or before the date six (6) months after the date of entry into the confidentiality agreement referred to in clause 7.7(a). 

  
 20 

Table of Contents

	7.8	 Information to be held confidential 

Each Shareholder shall procure that any person to whom information is disclosed by that Shareholder or any Director appointed by that
Shareholder under clauses 7.1 and 7.2 keeps that information confidential and, except as permitted by this clause 7, does not disclose the information to any other person. 

 

	7.9	 Prohibition 

A Shareholder shall not, and, subject to clause 7.6, shall procure that the holder of Upstream Securities in respect of such Shareholder
does not, knowingly disclose any information to any Competitor or an Unsuitable Person, or any of their directors, officers or employees. 
  

	7.10	 Disclosure document 

The obligations of confidentiality in this clause 7 do not apply to any information concerning the Group, its business or its assets in
any document publicly available in connection with an underwritten public offering of the Company’s Equity Securities, or American depositary shares representing the Company’s Equity Securities. 

 

	8.	 DISPUTE 

  

	8.1	 Dispute 

  

	 	(a)	 If a dispute (Dispute) arises out of or relates to this document (including any dispute as to the
existence, breach or termination of this document or as to any claim in tort, in equity or pursuant to any statute) a party to the document may only commence arbitration proceedings relating to the Dispute if the procedures set out in clauses
8.1(b) to 8.1(h) have been fulfilled. 

  

	 	(b)	 A party to this document claiming the Dispute has arisen under or in relation to this document shall give
written notice (Dispute Notice) to the other parties to the Dispute specifying the nature of the Dispute. 

  

	 	(c)	 On receipt of the Dispute Notice by the other parties, all the parties to the Dispute (Disputing
Parties) shall endeavour in good faith to resolve the Dispute expeditiously using informal dispute resolution techniques such as mediation, expert evaluation or determination or similar techniques agreed by them. 

 

	 	(d)	 If the Disputing Parties do not resolve the Dispute within twenty (20) days of receipt of the Dispute
Notice the Dispute shall be determined by way of arbitration in accordance with the Rules of Arbitration of the International Chamber of Commerce in force on the date when the notice of arbitration is submitted in accordance with these rules.

  
 21 

Table of Contents

	 	(e)	 The number of arbitrators shall be three and the nationality or residence of the chairman of the arbitral
tribunal shall not be the United States, Hong Kong or Macau. 

  

	 	(f)	 The arbitral proceedings shall be conducted in the English language and the place of arbitration shall be Hong
Kong. 

  

	 	(g)	 By agreeing to arbitration pursuant to clause 8.1(d), the parties do not intend to deprive any court of
its jurisdiction to issue an interim injunction or other interim relief in aid of the arbitration proceedings, provided that the parties agree that they may seek only such relief as is consistent with their agreement to resolve the Dispute by way of
arbitration. Without prejudice to such relief that may be granted by a national court, the arbitral tribunal shall have full authority to grant interim or provisional remedies or to order a party to seek modification or vacation of the relief
granted by a national court. For purposes of this clause 8.1(g), the parties irrevocably and unconditionally submit to the exclusive jurisdiction of the courts of Hong Kong and any courts which have jurisdiction to hear appeals from those
courts and waive any right to object to any proceedings being brought in those courts. 

  

	 	(h)	 Any dispute that arises under this document shall be resolved in accordance with this clause 8.

  

	8.2	 Proper exercise of rights not a Dispute 

For the avoidance of doubt, the proper exercise by a Shareholder or Shareholder Group of its rights hereunder shall not constitute a Dispute
merely because such exercise is contrary to the interests of the Company or another Shareholder or Shareholder Group. 
  

	9.	 TERMINATION 

  

	9.1	 Term 

Subject to clause 9.2, this document continues in full force and effect until: 

 

	 	(a)	 terminated by written agreement between the parties; or 

 

	 	(b)	 in the case of a Shareholder, that Shareholder ceases to hold any Securities. 

 

	9.2	 Certain provisions continue 

The termination of this document with respect to a party does not affect: 

 

	 	(a)	 any obligation of that party which accrued prior to that termination and which remains unsatisfied or which has
been breached; and 

  

	 	(b)	 any provision of this document which is expressed to come into effect on, or to continue in effect after, that
termination, including those specified in clause 13.10. 

  

	10.	 NOTICES 

  

	10.1	 General 

A notice, demand, certification, process or other communication relating to this document shall be in writing in English and may be given by an
agent of the sender. 

  
 22 

Table of Contents

	10.2	 How to give a communication 

A communication shall be given by being: 
  

	 	(a)	 personally delivered; 

 

	 	(b)	 left at the party’s current delivery address for notices; 

 

	 	(c)	 sent to the party’s current postal address for notices by reputable international delivery service for
delivery within five days; or 

  

	 	(d)	 sent by fax to the party’s current fax number for notices, 

provided that any communication hereunder may also be sent by e-mail (which shall not constitute
notice). 
  

	10.3	 Particulars for delivery of notices 

 

	 	(a)	 The particulars for delivery of notices for each party, including such party’s (i) delivery address
for notices, (ii) postal address for notices (if different than delivery address), (iii) facsimile number for notices, (iv) e- mail address for notices, and (v) designated person or office to
whom notices are to be addressed, are as initially set out below and in the Deed of Accession (as the case may be): 

Melco Resorts & Entertainment Limited 

36/F, The Centrium 
 60 Wyndham
Street, Central 
 Hong Kong 

facsimile number: +852-2537-3618 

e-mail address: mco-comsec@melco-resorts.com 

attention: Company Secretary 

with copy to (which copy will not constitute notice for the purposes of this clause 10): 

Latham & Watkins 

18th Floor, One Exchange Square 

8 Connaught Place, Central 
 Hong
Kong 
 facsimile number: +852-2912-2600 

e-mail address: Helena.Kim@lw.com 

attention: Ji-Hyun Helena Kim 

MCE Cotai Investments Limited 

c/o Melco Resorts & Entertainment Limited at its address set out herein for delivery of notices 

facsimile number: +852-2537-3618 

e-mail address: mco-comsec@melco-resorts.com 

attention: Company Secretary 

with copy to (which copy will not constitute notice for the purposes of this clause 10): 

  
 23 

Table of Contents

 Latham & Watkins 

18th Floor, One Exchange Square 

8 Connaught Place, Central 
 Hong
Kong 
 facsimile number: +852-2912-2600 

e-mail address: Helena.Kim@lw.com 

attention: Ji-Hyun Helena Kim 

New Cotai, LLC 
 c/o New
Cotai Holdings, LLC 
 Two Greenwich Plaza 

Greenwich, Connecticut 06830 

United States of America 

facsimile number:
+1-203-542-4133 
 e-mail address: dreganato@silverpointcapital.com 
 attention David Reganato 

facsimile number:
+1-203-542-4314 
 e-mail address: tlavelle@silverpointcapital.com 
 attention Timothy Lavelle 

with copy to (which copy will not constitute notice for the purposes of this clause 10): 

Skadden, Arps, Slate, Meagher & Flom LLP 

300 South Grand Avenue, Suite 3400 

Los Angeles, California 90071-3144 

facsimile number: +
1-213-621-5288 

email address: jeffrey.cohen@skadden.com 

attention: Jeffrey H. Cohen 

Studio City International Holdings Limited 

36/F, The Centrium 
 60 Wyndham
Street, Central 
 Hong Kong 

facsimile number: +852-2537-3618 

e-mail address: comsec@sc-macau.com 

attention: Company Secretary 

with copy to (which copy will not constitute notice for the purposes of this clause 10): 

Latham & Watkins 

18th Floor, One Exchange Square 

8 Connaught Place, Central 
 Hong
Kong 
 facsimile number: +852-2912-2600 

e-mail address: Helena.Kim@lw.com 

attention: Ji-Hyun Helena Kim 
  

	 	(b)	 Each party may change its particulars for delivery of notices by notice to each other party.

  

	10.4	 Communications by post 

Subject to clause 10.6, a communication is deemed given five days after being sent under clause 10.2(c). 

  
 24 

Table of Contents

	10.5	 Communications by fax 

Subject to clause 10.6, a communication is deemed given if sent by fax, when the sender’s fax machine produces a report that the
fax was sent in full to the addressee. That report is conclusive evidence that the addressee received the fax in full at the time indicated on that report. 
  

	10.6	 After hours communications 

If a communication is given: 
  

	 	(a)	 after 5.00pm in the place of receipt; or 

 

	 	(b)	 on a day which is a Saturday, Sunday or bank or public holiday in the place of receipt, 

it is taken as having been given at 9.00am on the next day which is not a Saturday, Sunday or bank or public holiday or (in the case of Hong
Kong) general holiday in that place. 
  

	10.7	 Receipt of notice 

A notice, demand, certification, process or other communication relating to this document shall be deemed received when it is deemed given
hereunder. 
  

	11.	 NOTICES UNDER NEWCO MEMORANDUM AND ARTICLES OF ASSOCIATION, COMPANY MEMORANDUM AND ARTICLES OF ASSOCIATION
AND DEPOSIT AGREEMENT 

  

	11.1	 The Company irrevocably covenants that it shall or shall cause Newco to, as applicable, promptly provide
a person designated by New Cotai with a copy of any notice or other communication or document that Newco is required to deliver to the Company under the Newco Memorandum and Articles of Association in its capacity as a Shareholder (as such term is
defined in the Newco Memorandum and Articles of Association) of Newco. 

  

	11.2	 The Company irrevocably covenants that it shall promptly provide a person designated by New Cotai with a
copy of any notice or other communication that a holder of Equity Securities of the Company (other than Class B Ordinary Shares) or ADSs is entitled to receive under the Memorandum and Articles of Association or the Deposit Agreement; provided
that this clause 11.2 shall not require a separate or duplicate notice to be provided to the extent that (a) New Cotai or any person designated by New Cotai is already entitled to receive a substantially similar notice under another agreement
to which the Company is a party or (b) the information set out in such notice is publicly available. 

  

	12.	 DUTIES, COSTS AND EXPENSES 

 

	12.1	 Fees and costs 

 

	 	(a)	 The Company shall pay the reasonable legal and other costs and expenses incurred by the parties in negotiating,
preparing, executing, and registering this document and the other Transaction Documents and provided that receipts for such expenses are provided to the Company prior to such payment. 

 

	 	(b)	 If a party other than the Company pays the reasonable legal and other costs and expenses incurred by it of
negotiating, preparing, executing, and registering this document or any of the other Transaction Documents then the Company shall reimburse that amount to the paying party on demand. 

  
 25 

Table of Contents

	 	(c)	 Except as otherwise expressly stated in this document, each party shall pay its own legal and other costs and
expenses of performing its obligations under this document and of any dispute that may arise in connection with any amendment to this document. 

  

	12.2	 Duties 

  

	 	(a)	 The Company, as between the parties, is liable for and shall pay all Duty (including any fine or penalty except
where it arises from default by another party) on or relating to this document, any document executed under it or any dutiable transaction evidenced or effected by it except in respect of any Transfer of Securities, where unless otherwise agreed by
the parties to such Transfer, Duty in respect of such Transfer will be borne by the transferee. 

  

	 	(b)	 If a party other than the Company pays any Duty (including any fine or penalty) on or relating to this
document, any document executed under it or any dutiable transaction evidenced or effected by it, the Company shall reimburse that amount to the paying party on demand provided that such costs and/or expenses are reasonable. 

 

	13.	 GENERAL 

  

	13.1	 Amendment 

No amendment to this document will be effective unless it is: 
  

	 	(a)	 in writing; and 

  

	 	(b)	 signed by each party; 

provided that New Cotai may amend Schedule II, subject to the requirements of clauses 2.2(f) and representations and warranties set
forth in 2.2(g), in its sole discretion without the consent of any other party in accordance with the definition of Minority Shareholders. 
  

	13.2	 Counterparts 

This document may consist of a number of counterparts and if so the counterparts taken together constitute one document. 

 

	13.3	 Assignment 

  

	 	(a)	 Except to the extent expressly permitted under this document, a party shall not Transfer any right under this
document without the prior written consent of the other parties. 

  

	 	(b)	 Any purported Transfer in breach of this clause 13.3 is of no effect. 

 

	 	(c)	 The Company may assign its rights, and the Shareholders may assign their rights, under this document to any
Project Lender if required by that lender in connection with, providing any such financing. 

  
 26 

Table of Contents

	 	(d)	 For the avoidance of doubt, without limitation of the provisions governing the requirements applicable to a
transferee to be a Minority Shareholder, this document does not restrict the transfer of Class A Ordinary Shares to a transferee. 

  

	13.4	 Entire understanding 

 

	 	(a)	 This document together with the other Transaction Documents constitutes the entire understanding between the
parties as to the subject matter of this document. 

  

	 	(b)	 All previous negotiations, understandings, representations, warranties, memoranda or commitments concerning the
subject matter of this document are superseded by this document and are of no effect. No party is liable to any other party in respect of those matters. 

  

	 	(c)	 No oral explanation or information provided by any party to another: 

 

	 	(i)	 affects the meaning or interpretation of this document; or 

 

	 	(ii)	 constitutes any collateral agreement, warranty or understanding between any of the parties.

  

	13.5	 Further steps 

Each party shall promptly do whatever any other party reasonably requires of it to give effect to this document (including voting their
Securities in favour of any resolution). 
  

	13.6	 Attorneys 

Each of the attorneys executing this document declares that the attorney has no notice of the revocation of the power of attorney under which
the attorney executes this document. 
  

	13.7	 Inconsistency with Memorandum and Articles of Association 

 

	 	(a)	 If there is any inconsistency between this document and the Memorandum and Articles of Association, this
document prevails as between the Shareholders only to the extent of that inconsistency. Each Shareholder and the Company (to the fullest extent permissible under applicable law) acknowledges and agrees that there is no inconsistency between
clause 13.7(d) and the Memorandum and Articles of Association as of the date of this document and for so long as none of the rights attached to the Class B Ordinary Shares under Article 29 or Article 56 of the Memorandum and Articles of
Association are amended or removed. 

  

	 	(b)	 At the written request of any party, all parties shall take all necessary steps, including voting in favour of
any resolution, to amend the Memorandum and Articles of Association to remove the inconsistency specified in clause 13.7(a). 

  

	 	(c)	 Each Shareholder and the Company acknowledges and agrees that the terms of this document (i) are
enforceable between the Shareholders and the Company (and between the Shareholders inter se) and (ii) are not rendered invalid solely due to any inconsistency between this document and the Memorandum and Articles of Association.

  
 27 

Table of Contents

	 	(d)	 So long as the Participation Agreement remains in effect and any Class B Ordinary Shares remain issued and
outstanding, each of the Shareholders and the Company covenant (as separate independent covenants and in the case of the Company to the extent permissible under applicable law) not to amend or remove, including by passage of a Special Resolution (as
defined in the Memorandum and Articles of Association), any of the rights attached to the Class B Ordinary Shares under Article 29 or Article 56 of the Memorandum and Articles of Association, unless the Company first obtains the approval of the
holders of a majority of the issued Class B Ordinary Shares by way of the written consent of the holders of a majority of the issued Class B Ordinary Shares, or with the sanction of a resolution passed by at least a majority of the holders
of issued Class B Ordinary Shares present in person or by proxy at a separate general meeting of the holders of the issued Class B Ordinary Shares. 

 

	13.8	 Relationship of parties 

This document is not intended to create a partnership, joint venture, fiduciary or agency relationship between the parties. 

 

	13.9	 Rights cumulative 

Except as otherwise expressly stated in this document, the rights of a party under this document are cumulative and are in addition to any
other rights of that party. 
  

	13.10	 Survival of obligations after termination 

Clauses 1 (Interpretation), 2.8 (Fees and expenses of Directors), 2.9 (D&O Policy), 2.10 (Indemnity deed),
5.2 (Other Administrative Matters), 8 (Dispute), 9.2 (Certain provisions continue), 10 (Notices), 13.3 (Assignment), 13.7(a), 13.7(b), 13.7(c), 13.9 (Rights cumulative), 13.10
(Survival of obligations after termination), 13.11 (Waiver and exercise of rights), 13.12 (Consent), 13.13(b) (Equitable relief), 13.14 (Governing law and jurisdiction) and 13.15 (No Third Party Rights) of this
document will remain in full force and effect and survive the expiry or termination of this document. 
  

	13.11	 Waiver and exercise of rights 

 

	 	(a)	 A single or partial exercise or waiver by a party of a right relating to this document does not prevent any
other exercise of that right or the exercise of any other right. 

  

	 	(b)	 A party is not liable for any loss, cost or expense of any other party caused or contributed to by the waiver,
exercise, attempted exercise, failure to exercise or delay in the exercise of a right. 

  

	 	(c)	 A right relating to this document may only be waived in writing signed by the party or parties waiving the
right. 

  

	13.12	 Consent 

Unless this document expressly provides otherwise, a party may give conditionally or unconditionally or withhold its approval or consent in its
absolute discretion. 
  

	13.13	 Equitable relief 

The parties acknowledge that: 

  
 28 

Table of Contents

	 	(a)	 damages or an account of profits may be an inadequate remedy to compensate a Shareholder for a breach of this
document; and 

  

	 	(b)	 a party is entitled to specific performance or injunctive relief (as appropriate) as a remedy for any breach or
threatened breach by a party of this document, in addition to any other remedies available to them at law or in equity. 

  

	13.14	 Governing law and jurisdiction 

This document is governed by and is to be construed in accordance with the laws applicable in Hong Kong. 

 

	13.15	 No Third Party Rights 

A person who is not a party to this document shall have no right under the Contracts (Rights of Third Parties) Ordinance (Cap. 623 of the Laws
of Hong Kong) to enforce any of its terms. 
  

	13.16	 New Cotai Ownership Determination 

In determining the number of Securities held by New Cotai at the relevant time for purposes of any threshold in this document, including for
purposes of the New Cotai Original Share Amount, the Securities held by the Minority Shareholders as set out in Schedule II at such relevant time shall be deemed to be held by New Cotai. 

 

	13.17	 Effectiveness 

This document and the rights and obligations herein are not binding and effective until the consummation of an underwritten public offering of
the Company’s Equity Securities, or American depositary shares representing the Company’s Equity Securities. 

  
 29 

Table of Contents

 IN WITNESS WHEREOF, the parties have caused this document to be duly executed as a deed as of the date first
above written. 
 MCE Cotai Investments Limited 
  

			
	 By:
	 	 
	 Position:
	 	  

	 Date:
	 	  

 In the presence of: 
  

			
	 Signature:
	 	 
	 Name:
	 	  

	 Address:
	 	  

 [Signature Page – Shareholders’ Agreement] 

Table of Contents

 New Cotai, LLC 
  

			
	 By:
	 	 
	 Position:
	 	  

	 Date:
	 	  

 In the presence of: 
  

			
	 Signature:
	 	 
	 Name:
	 	  

	 Address:
	 	  

 [Signature Page – Shareholders’ Agreement] 

Table of Contents

 Melco Resorts & Entertainment Limited 

 

			
	 By:
	 	 
	 Position:
	 	  

	 Date:
	 	  

 In the presence of: 
  

			
	 Signature:
	 	 
	 Name:
	 	  

	 Address:
	 	  

 [Signature Page – Shareholders’ Agreement] 

Table of Contents

 Studio City International Holdings Limited 

 

			
	 By:
	 	 
	 Position:
	 	  

	 Date:
	 	  

 In the presence of: 
  

			
	 Signature:
	 	 
	 Name:
	 	  

	 Address:
	 	  

 [Signature Page – Shareholders’ Agreement] 

Table of Contents

 SCHEDULE I 
  

			
	 Melco Shareholders
	  	 [To insert the number of shares that represents 60% of the outstanding shares of SCIH immediately prior to the IPO]

 

	 New Cotai
	  	[To insert the number of shares that represents 40% of the outstanding shares of SCIH immediately prior to the IPO]

Table of Contents

 SCHEDULE II 

Minority Shareholders 
  

					
	 Name of Minority Shareholder
	  	 Class B Ordinary Shares
	  	 Exchange Shares

	 New Cotai LLC
	  	[•]	  	Nil

Table of Contents

 Annexure A 

Confidentiality Deed 
  

 
  
  

[Discloser] 
  

 
 [Recipient] 

 
  
  

Confidentiality Deed 

Table of Contents

 Contents 
  

							
	1	 	Interpretation	  	1
		 	1.1	  	Definitions	  	1
		 	1.2	  	Construction	  	3
			
	2	 	Confidential Information	  	4
		 	2.1	  	Duty of confidentiality	  	4
		 	2.2	  	Disclosure by holders of Upstream Securities	  	4
		 	2.3	  	Disclosure generally	  	4
		 	2.4	  	Exceptions	  	4
		 	2.5	  	Copies and extracts of Confidential Information	  	5
			
	3	 	Return or destruction of Confidential Information	  	5
		 	3.1	  	Return or destruction	  	5
		 	3.2	  	Retained papers	  	5
		 	3.3	  	Obligations to continue after materials returned	  	5
		 	3.4	  	The Recipient must certify destruction of materials	  	5
			
	4	 	Indemnity	  	6
		 	4.1	  	Indemnity	  	6
			
	5	 	Liability	  	6
		 	5.1	  	Discloser does not warrant Confidential Information is accurate	  	6
		 	5.2	  	Liability	  	6
		 	5.3	  	Release	  	7
			
	6	 	Injunctive relief	  	7
			
	7	 	[Termination	  	7
			
	8	 	General	  	7
		 	8.1	  	Severance	  	7
		 	8.2	  	Amendment	  	7
		 	8.3	  	Waiver and exercise of rights	  	8
		 	8.4	  	Governing law and jurisdiction	  	8
		 	8.5	  	Assignment	  	8
		 	8.6	  	Entire understanding	  	8
		 	8.7	  	Legal costs	  	8
		 	8.8	  	Rights cumulative	  	8
		 	8.9	  	Further steps	  	8
		 	8.10	  	Counterparts and facsimile copies	  	8
		 	8.11	  	Relationship of parties	  	9
		 	8.12	  	Ownership thresholds	  	9
			
	9	 	Notices	  	9
		 	9.1	  	General	  	9
		 	9.2	  	How to give a communication	  	9
		 	9.3	  	Particulars for delivery of notices	  	9
		 	9.4	  	Communications by post	  	9

  
 page i 

Table of Contents

							
		 	9.5	  	Communications by fax	  	9
		 	9.6	  	After hours communications	  	10
		 	9.7	  	Receipt of notice	  	10

  
 page ii 

Table of Contents

 Date 

Parties 

[●] of [●]; facsimile number: [●]; e-mail address: [●]; attention: [●] (Discloser) 

[●] of [●]; facsimile number: [●]; e-mail address: [●]; attention: [●] (Recipient) 

Background 
  

	A	 The Discloser possesses Confidential Information. 

 

	B	 The Discloser proposes to disclose Confidential Information to the Recipient. 

 

	C	 The Recipient agrees to maintain the confidentiality of the Confidential Information that is disclosed to it,
on the terms of this document. 

 Agreed terms 
  

	1	 Interpretation 

1.1 Definitions 
 In this
document, the following terms have the following meanings: 
 Affiliate has the meaning given to that term in the Shareholders’
Agreement. 
 Business Day means a day which is not a Saturday, Sunday or bank or public holiday in Hong Kong or New York, nor a day
on which a tropical cyclone warning No. 8 or above or a “black rainstorm warning signal” is hoisted or remains hoisted in Hong Kong at any time between 9.00am and 5.00pm. 

Company means Studio City International Holdings Limited, a company incorporated in the Cayman Islands. 

Competitor has the meaning given to that term in the Shareholders’ Agreement. 

Confidential Information means any confidential, non-public or proprietary information relating
to the business, assets or affairs of the Group; provided, however, that Confidential Information shall not include information that: 
  

	 	(a)	 is or becomes generally available to the public other than as a result of disclosure in violation of this
document; 

  

	 	(b)	 is or becomes available to the receiving person on a non-confidential
basis prior to its disclosure to such person; 

  
 page 1 

Table of Contents

	 	(c)	 is or has been independently developed or conceived by the receiving person without use of Confidential
Information; or 

  

	 	(d)	 becomes available to the receiving person on a non-confidential basis
from a source other than the Discloser; provided that such source is not known by such person to be bound by a confidentiality agreement with the Discloser. 

Effective Interest in Securities has the meaning given to that term in the Shareholders’ Agreement. 

Governmental Agency means: 
  

	 	(a)	 a government, whether foreign, federal, state, territorial or local; 

 

	 	(b)	 a department, office, or minister of a government acting in that capacity; or 

 

	 	(c)	 a commission, delegate, instrumentality, agency, board or other governmental or semi-governmental, judicial,
administrative, monetary, regulatory, fiscal or tax authority, whether statutory or not. 

 Group has the meaning
given to that term in the Shareholders’ Agreement. 
 Law means any law or legal requirement, including at common law, in equity,
under any statute, regulation or by-law and any decision, directive, guidance, guideline or requirement of any Governmental Agency or the relevant stock exchange. 

MRE means Melco Resorts & Entertainment Limited, a company incorporated in the Cayman Islands. 

New Cotai Original Share Amount has the meaning given to that term in the Shareholders’ Agreement. 

Permitted Transferee has the meaning given to that term in the Shareholders’ Agreement. 

Project Lender has the meaning given to that term in the Shareholders’ Agreement. 

Security has the meaning given to that term in the Shareholders’ Agreement. 

Shareholders’ Agreement means the Amended and Restated Shareholders’ Agreement by and among MCE Cotai Investments Limited, New
Cotai, LLC, MRE, and the Company dated [●] 2018, as may be amended from time to time. 
 Subsidiary has the
meaning given to that term in the Shareholders’ Agreement. 
 Unsuitable Person has the meaning given to that term in the
Shareholders’ Agreement. 
 Upstream Securities has the meaning given to that term in the Shareholders’ Agreement. 

  
 page 2 

Table of Contents

	 	1.2	 Construction 

Unless expressed to the contrary, in this document: 
  

	 	(a)	 words in the singular include the plural and vice versa; 

 

	 	(b)	 any gender includes the other genders; 

 

	 	(c)	 if a word or phrase is defined its other grammatical forms have corresponding meanings; 

 

	 	(d)	 a party may give or withhold any consent to be given under this document in its absolute discretion and may
impose any conditions on that consent; 

  

	 	(e)	 “includes” means includes without limitation; 

 

	 	(f)	 no rule of construction will apply to a clause to the disadvantage of a party merely because that party put
forward the clause; 

  

	 	(g)	 a reference to: 

  

	 	(i)	 a person includes a partnership, individual, limited liability company, trust, joint venture, unincorporated
association, corporation and a Governmental Agency; 

  

	 	(ii)	 any legislation includes subordinate legislation under it and includes that legislation and subordinate
legislation as modified or replaced; 

  

	 	(iii)	 an obligation includes a warranty or representation and a reference to a failure to comply with an obligation
includes a breach of warranty or representation; 

  

	 	(iv)	 a right includes a benefit, remedy, discretion or power; 

 

	 	(v)	 this or any other document includes the document as novated, varied or replaced in accordance with the terms of
this document or the other document and despite any change in the identity of the parties; 

  

	 	(vi)	 a clause, schedule or annexure is a reference to a clause, schedule or annexure, as the case may be, of this
document; 

  

	 	(vii)	 writing includes any mode of representing or reproducing words in tangible and permanently visible form, and
includes fax transmissions; and 

  

	 	(viii)	 this document includes all schedules and annexures to it; 

 

	 	(ix)	 if the number of Securities the Effective Interest in Securities represents is required to be calculated, if
the number is not a whole number, that number will be rounded up or down, as appropriate, with .5 or greater rounded up; 

  

	 	(h)	 if the date on or by which any act must be done under this document is not a Business Day, the act must be done
on or by the next Business Day; and 

  
 page 3 

Table of Contents

	 	(i)	 where time is to be calculated by reference to a day or event, that day or the day of that event is excluded.

  

	2	 Confidential Information 

 

	 	2.1	 Duty of confidentiality 

 

	 	(a)	 The Recipient must keep the Confidential Information disclosed by the Discloser to the Recipient confidential
and must not disclose any Confidential Information except: 

  

	 	(i)	 in the case where the Recipient is a holder of Upstream Securities, where permitted under clause
2.2, 2.3, or 2.4; or 

  

	 	(ii)	 in any other case, where permitted under clause 2.3 or 2.4. 

 

	 	(b)	 The Recipient must not knowingly disclose any information to any Competitor or an Unsuitable Person, or any of
their respective directors, officers, or employees. 

  

	 	2.2	 Disclosure by holders of Upstream Securities 

If the Recipient is a holder of Upstream Securities, the Recipient may disclose any Confidential Information to the extent not prohibited by
Law: 
  

	 	(a)	 (i) to Oaktree Capital Management, L.P., or any investment fund or account or entity managed by Oaktree Capital
Management, L.P. that is a holder of Upstream Securities or (ii) to Silver Point Capital, L.P., or any investment fund or account or entity managed by Silver Point Capital, L.P. that is a holder of Upstream Securities, in the case of each of
clauses (i) and (ii), so long as those persons own Effective Interests in Securities that correspond to a number of Securities equal to at least 10% of the New Cotai Original Share Amount in aggregate; or 

 

	 	(b)	 to any officer, manager, employee, representative, director (or equivalent) or financial, legal or accounting
adviser of or lender to the Recipient or any of the other persons specified in the applicable paragraphs of this clause 2.2. 

  

	 	2.3	 Disclosure generally 

The Recipient may disclose any Confidential Information received by it: 

 

	 	(a)	 if the Recipient is an investment fund, to any partner in that fund; 

 

	 	(b)	 to any officer, manager, employee, director (or equivalent) or financial, legal, valuation or accounting
adviser of or lender to the Recipient or any of the other persons specified in this clause 2.3; and 

  

	 	(c)	 to any Project Lender. 

 

	 	2.4	 Exceptions 

  

	 	(a)	 Despite any other provision of this clause to the contrary, but subject to clause 2.4(b), the Recipient
may disclose Confidential Information to: 

  

	 	(i)	 any person to whom it is required to disclose the information by Law; 

  
 page 4 

Table of Contents

	 	(ii)	 any person to the extent necessary in connection with the exercise of any remedy hereunder;

  

	 	(iii)	 any Governmental Agency where required by that agency; or 

 

	 	(iv)	 any stock exchange on which its securities, or the securities of any of its Affiliates, are listed if required
by the listing or exchange rules of such stock exchange. 

  

	 	(b)	 If the Recipient is required to disclose information under clause 2.4(a), the Recipient must use
commercially reasonable endeavours to, and to the maximum extent permitted by Law to, limit the form and content of that disclosure. 

  

	 	2.5	 Copies and extracts of Confidential Information 

 

	 	(a)	 The Recipient may only copy or extract any Confidential Information to the extent reasonably required by the
Recipient. 

  

	 	(b)	 Where the Recipient copies or extracts Confidential Information, the Recipient must comply with clause 3
in respect of any copy or extract. 

  

	3	 Return or destruction of Confidential Information 

 

	 	3.1	 Return or destruction 

Subject to clause 3.2 and except as required by Law, the Recipient must within three Business Days of [the Discloser requesting in
writing1/the Recipient ceasing to be a holder of Upstream Securities2] return to the Discloser (or if the Discloser requests,
destroy) all material containing any Confidential Information that is in the possession or control of the Recipient (including any Confidential Information disclosed by that person under clause 2.2 or 2.3, as
applicable) unless such Confidential Information is in electronic form, in which case the Recipient must use all reasonable endeavours to destroy such Confidential Information. 

 

	 	3.2	 Retained papers 

The Recipient may retain board papers, board presentations, board minutes, and any reports containing Confidential Information but must ensure
that such information is kept confidential and used only to the extent required by the Recipient. 
  

	 	3.3	 Obligations to continue after materials returned 

The obligations of the Recipient under this document will, from the date of this document, continue and be enforceable at any time by the
Discloser and its Affiliates, even if the materials containing the Confidential Information are returned to the Discloser or destroyed, pursuant to clause 3.1. 

 

	 	3.4	 The Recipient must certify destruction of materials 

If the Discloser requests the Recipient to destroy any materials containing Confidential Information pursuant to
clause 3.1: 
  

	1 	 This will apply in the case where the Recipient is a Prospective Purchaser. 

	2 	 This will apply in all cases other than where the Recipient is a Prospective Purchaser. 

  
 page 5 

Table of Contents

	 	(a)	 without limiting clause 3.1, all electronic or computer data or programs containing Confidential
Information must be permanently deleted from the magnetic or other storage media on which it is stored so that it cannot be recovered or reconstructed in any way; and 

 

	 	(b)	 the Recipient must certify in writing to the Discloser within five Business Days that the Confidential
Information has been permanently and irretrievably deleted. 

  

	4	 Indemnity 

  

	4.1	 Indemnity 

  

	 	(a)	 The Recipient must indemnify and keep indemnified the Discloser from and against: 

 

	 	(i)	 any cost, expense, loss, liability or damage; and 

 

	 	(ii)	 any liability whatsoever in respect of any action, claim or proceeding brought or threatened to be brought
(including all costs and expenses which the Discloser may suffer or incur in disputing any such action, claim or proceeding), 

in respect of or in connection with any breach of this document. 
  

	 	(b)	 This indemnity survives termination of this document. 

 

	5	 Liability 

  

	 	5.1	 Discloser does not warrant Confidential Information is accurate 

The Recipient acknowledges that: 
  

	 	(a)	 the Discloser does not represent that the Confidential Information is accurate or complete; and

  

	 	(b)	 the Confidential Information may: 

 

	 	(i)	 have been prepared without any particular standard of care; 

 

	 	(ii)	 be speculative; 

  

	 	(iii)	 be forward looking and relatively uncertain; 

 

	 	(iv)	 be based on assumptions (stated or unstated) which may not be realised; and 

 

	 	(v)	 contain material which has not been audited or verified. 

 

	 	5.2	 Liability 

Subject to any written agreement between the parties to the contrary, the Discloser is not liable to the Recipient or any other person in
relation to the use of the Confidential Information by the Recipient or any other person. 

  
 page 6 

Table of Contents

	 	5.3	 Release 

Subject to any written agreement between the parties to the contrary, the Recipient releases the Discloser to the fullest extent permitted by
law from any claim regarding any person’s reliance on the Confidential Information. 
  

	6	 Injunctive relief 

The Recipient acknowledges that: 
  

	 	(a)	 because of the nature of the Confidential Information, damages or an account of profit may be an inadequate
remedy for the Discloser in the event of an unauthorised use or disclosure of the Confidential Information; and 

  

	 	(b)	 the Discloser is entitled to seek an ex parte interlocutory or final injunction to restrain any actual or
threatened unauthorised use or disclosure of the Confidential Information by the Recipient. 

  

	7	 [Termination 

  

	 	(a)	 The Discloser may terminate this document at any time by giving written notice to the Recipient.

  

	 	(b)	 Any notice given to terminate this document will be taken to be a request to return or destroy all material
containing any Confidential Information in accordance with clause 3.1.]3 

  

	8	 General 

  

	 	8.1	 Severance 

  

	 	(a)	 Subject to clause 8.1(b), if a provision of this document is illegal or unenforceable in any
relevant jurisdiction, it may be severed for the purposes of that jurisdiction without affecting the enforceability of the other provisions of this document. 

  

	 	(b)	 Clause 8.1(a) does not apply if severing the provision: 

 

	 	(i)	 materially alters: 

  

	 	(A)	 the scope and nature of this document; or 

 

	 	(B)	 the relative commercial or financial positions of the parties; or 

 

	 	(ii)	 would be contrary to public policy. 

 

	 	8.2	 Amendment 

This document may only be varied or replaced by a document executed by the parties. 

 

	3 	 This will apply where the Recipient is a Prospective Purchaser only. 

  
 page 7 

Table of Contents

	 	8.3	 Waiver and exercise of rights 

 

	 	(a)	 A single or partial exercise or waiver of a right relating to this document does not prevent any other exercise
of that right or the exercise of any other right. 

  

	 	(b)	 A party is not liable for any loss, cost or expense of any other party caused or contributed to by the waiver,
exercise, attempted exercise, failure to exercise or delay in the exercise of a right. 

  

	 	8.4	 Governing law and jurisdiction 

This document is governed by and is to be construed in accordance with the laws applicable in Hong Kong. 

 

	 	8.5	 Assignment 

Neither party may assign any right or obligation under this document without the other party’s prior written consent. Any dealing in
breach of this clause is of no effect. 
  

	 	8.6	 Entire understanding 

This document and the Shareholders’ Agreement (if applicable) contain the entire understanding between the parties as to the subject
matter of this document. 
  

	 	8.7	 Legal costs 

Except as expressly stated otherwise in this document, each party must pay its own legal and other costs and expenses of negotiating,
preparing, executing and performing its obligations under this document. 
  

	 	8.8	 Rights cumulative 

Except as expressly stated otherwise in this document, the rights of a party under this document are cumulative and are in addition to any
other rights of that party. 
  

	 	8.9	 Further steps 

Each party must promptly do whatever any other party reasonably requires of it to give effect to this document and to perform its obligations
under it. 
  

	 	8.10	 Counterparts and facsimile copies 

 

	 	(a)	 This document may consist of a number of counterparts and, if so, the counterparts taken together constitute
one document. 

  

	 	(b)	 This document may be entered into and becomes binding on the parties upon one party (Sender) signing the
document and sending a facsimile copy of the signed document to the other party (Receiver) and the Receiver either: 

  

	 	(i)	 signing the document received by it and sending it by facsimile transmission to the Sender; or

  

	 	(ii)	 signing a counterpart of the document received by it and sending it by facsimile transmission to the Sender.

  
 page 8 

Table of Contents

	 	8.11	 Relationship of parties 

This document is not intended to create a partnership, joint venture or agency relationship between the parties. 

 

	 	8.12	 Ownership thresholds 

In determining the number of Upstream Securities held by a person in an entity for the purposes of any threshold in this document, Upstream
Securities held by an Affiliate of that person in that same entity shall be deemed to be held by that person. 
  

	9	 Notices 

  

	 	9.1	 General 

A notice, demand, certification, process or other communication relating to this document must be in writing in English and may be given by an
agent of the sender. 
  

	 	9.2	 How to give a communication 

A communication must be given by being: 
  

	 	(a)	 personally delivered; 

 

	 	(b)	 left at the party’s current delivery address for notices; 

 

	 	(c)	 sent to the party’s current postal address for notices by reputable international delivery service for
delivery within three days; or 

  

	 	(d)	 sent by fax to the party’s current fax number for notices, 

provided that any communication hereunder may also be sent by e-mail (which shall not constitute
notice). 
  

	 	9.3	 Particulars for delivery of notices 

 

	 	(a)	 The particulars for delivery of notices for each party, including such party’s (i) delivery address
for notices, (ii) postal address for notices (if different than delivery address), (iii) facsimile number for notices, (iv) e-mail address for notices, and (v) the person or office to whom
notices are to be addressed, are initially as set out opposite such party’s name at the commencement of this document. 

  

	 	(b)	 Each party may change its particulars for delivery of notices by notice to each other party.

  

	 	9.4	 Communications by post 

Subject to clause 9.6, a communication is deemed given five days after being sent under clause 9.2(c). 

 

	 	9.5	 Communications by fax 

Subject to clause 9.6, a communication is deemed given if sent by fax, when the sender’s fax machine produces a
report that the fax was sent in full to the addressee. That report is conclusive evidence that the addressee received the fax in full at the time indicated on that report. 

  
 page 9 

Table of Contents

	 	9.6	 After hours communications 

If a communication is given: 
  

	 	(a)	 after 5.00pm in the place of receipt; or 

 

	 	(b)	 on a day which is a Saturday, Sunday or bank or public holiday in the place of receipt, 

it is taken as having been given at 9.00am on the next day which is not a Saturday, Sunday or bank or public holiday or (in the case of Hong
Kong) general holiday in that place. 
  

	 	9.7	 Receipt of notice 

A notice, demand, certification, process or other communication relating to this document shall be deemed received when it is deemed given
hereunder. 

  
 page 10 

Table of Contents

 Executed as a deed. 
  

					
	 Signed, Sealed and Delivered
 as a deed
in the name of [Discloser] acting by
  
 its duly authorised
representative with authority of the board in the presence of:
	    	 )
 )

)
 )

)
 )

)
	  	  
 Authorised
Representative

	  
 Name of witness:

Title of witness:
	    		  	

  

					
	 Signed, Sealed and Delivered
 as a deed
in the name of [Recipient] acting by
  
 its duly authorised
representative with authority of the board in the presence of:
	    	 )
 )

)
 )

)
 )

)
	  	  
 Authorised
Representative

	  
 Name of witness:

Title of witness:
	    		  	

  
 page 11 

Table of Contents

 Annexure B 
 Deed of
Accession 
 Deed poll dated 

By 

[                         
                       ] 
 of
[                            ] (Acceding Party) 

Background 
  

	A	 This document is supplemental to an Amended and Restated Shareholders Agreement dated [●], 2018
(Agreement) by and among MCE Cotai Investments Limited, a company incorporated in the Cayman Islands, c/o Intertrust Corporate Services (Cayman) Limited, 190 Elgin Avenue, George Town, Grand Cayman KY1 - 9005, Cayman Islands, New Cotai, LLC,
a limited liability company formed in Delaware, United States of America, c/o New Cotai Holdings, LLC, of Two Greenwich Plaza, Greenwich, Connecticut 06830, United States of America, Melco Resorts & Entertainment Limited, a company
incorporated in the Cayman Islands, c/o Intertrust Corporate Services (Cayman) Limited, 190 Elgin Avenue, George Town, Grand Cayman KY1 - 9005, Cayman Islands, and Studio City International Holdings Limited, a company incorporated in the Cayman
Islands, with its registered office at [            ☐], Cayman Islands. 

Declarations 
  

	1	 Acceding party to be bound 

The Acceding Party covenants with all parties to the Agreement from time to time (whether original or by accession) (Parties) to
observe, perform and be bound by all the terms of the Agreement in so far as they remain to be observed and performed, as if the Acceding Party had been an original party to the Agreement as [Shareholder]. 

Table of Contents

	2	 Copy of the Deed 

The Acceding Party confirms that it has been supplied with a copy of the Agreement. 

 

	3	 Representations and warranties 

The Acceding Party represents and warrants to the Parties that: 
  

	 	(a)	 (registration): it is a corporation, partnership, limited liability company, or other organization, as
applicable, duly incorporated, formed, or organized, as applicable, and validly existing under the laws of the country of its registration, formation, or organization, as applicable; 

 

	 	(b)	 (corporate power): it has the corporate, partnership, limited liability company, or other
organizational, as applicable, power to enter into and perform its obligations under this document and to carry out the transactions contemplated by the Agreement. 

 

	 	(c)	 (corporate action): it has taken all necessary corporate, partnership, limited liability company, or
other organizational, as applicable, action to authorise the entry into and performance of this document and to carry out the transactions contemplated by the Agreement; 

 

	 	(d)	 (binding obligation): the obligations in this document are valid and binding obligations of the Acceding
Party. 

 This deed poll is governed by the laws applicable in Hong Kong. 

Executed as a deed.EX-10.1

 Exhibit 10.1 

INDEMNIFICATION AGREEMENT 

This Indemnification Agreement (this “Agreement”) is entered into as of
                 by and among Studio City International Holdings Limited, a Cayman Islands exempted company (the “Company”), MSC Cotai Limited, a
business company limited by shares incorporated in the British Virgin Islands (“Newco”), and the undersigned, a director and/or an officer of the Company (the “Indemnitee”), as applicable, and, solely for purposes
of Section G.11 of this Agreement, Melco International Development Limited, a public limited company incorporated in Hong Kong with its shares listed on The Stock Exchange of Hong Kong Limited (“Melco International”). 

RECITALS 
 WHEREAS, the
Board of Directors of the Company (the “Board of Directors”) has determined that the inability to attract and retain highly competent persons to serve the Company is detrimental to the best interests of the Company and its
shareholders and that it is reasonable and necessary for the Company to provide adequate protection to such persons against risks of claims and actions against them arising out of their services to the Company; 

WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on
behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified; and 

WHEREAS, this Agreement is a supplement to and in furtherance of the Memorandum and Articles of Association of the Company
(“Memorandum and Articles of Association”), and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of the Indemnitee thereunder. 

AGREEMENT 
 In
consideration of the premises and the covenants contained herein, the Company and the Indemnitee do hereby covenant and agree as follows: 
  

	A.	 DEFINITIONS 

The following terms shall have the meanings defined below: 

Corporate Status means the status of a person who is or was a director or officer, of the Company or a director, officer,
partner, managing member, trustee, fiduciary or agent of any other corporation, partnership, joint venture or other entity which such person is or was serving at the request of the Company. 

Disinterested Director means a director of the Company who is not and was not a party to the Proceeding in respect of which
indemnification is sought by the Indemnitee. 
 Enterprise means any other corporation, partnership, joint venture or other
entity for which the Indemnitee is or was serving at the request of the Company as a director, officer, partner, managing member, trustee, fiduciary or agent. 

Exchange Act means the United States Securities Exchange Act of 1934, as amended from time to time. 

  
 1 

 Expenses shall include, without limitation, damages, judgments, fines,
penalties, settlements and costs, attorneys’ fees and disbursements and costs of attachment or similar bond, investigations, and any other expenses paid or incurred in connection with investigating, prosecuting, defending, settling, appealing,
being a witness in, otherwise participating in, or preparing for any of the foregoing in, any Proceeding. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation the
principal, premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent. 

HK Exemption means the first occurrence of (1) a vote of the independent shareholders of Melco International to approve the
terms of this Agreement, (2) the determination by Melco International that the terms of this Agreement are permitted under the relevant rules of the Stock Exchange of Hong Kong, including as a result of seeking and obtaining any other exemption
provided thereunder, in each case, without taking into account any limitations contained herein as a result of sections 468 and 469 of the Hong Kong Companies Ordinance (Cap 622). 

Indemnifiable Event means any event or occurrence that takes place either before or after the execution of this Agreement,
related to the fact that the Indemnitee is or was a director or an officer of the Company, or is or was serving at the request of the Company as a director, officer, partner, managing member, trustee, fiduciary or agent of an Enterprise, or related
to anything done or not done by the Indemnitee in any such capacity, in each case in the course of the Indemnitee performing his or her duties in any such capacity. 

Indemnify means to indemnify and hold harmless, and indemnification shall have the corresponding meaning. 

Independent Counsel means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither
presently is, nor in the past five (5) years has been, retained to represent (i) the Company, the Indemnitee or any of their respective affiliates in any matter material to either such party (other than with respect to matters concerning
the Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term
“Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to
determine the Indemnitee’s rights under this Agreement. 
 Participant means a person who is a party to, or witness or
participant (including on appeal) in, a Proceeding. 
 Person shall have the meaning as set forth in Sections 13(d) and 14(d)
of the Exchange Act; provided, however, that Person shall exclude (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company and (iii) any corporation owned,
directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of shares of the Company. 

Proceeding means any threatened, pending, or completed action, suit, arbitration or proceeding, or any inquiry, hearing or
investigation, whether civil, criminal, administrative, investigative or other, including appeal, in which the Indemnitee may be or may have been involved as a party or otherwise by reason of an Indemnifiable Event, including, without limitation,
any threatened, pending, or completed action, suit or proceeding by or in the right of the Company. 
  

	B.	 AGREEMENT TO INDEMNIFY 

1.    General Agreement. In the event the Indemnitee was, is, or is threatened to be made, a party to or a
Participant (as a witness, deponent or otherwise) in any Proceeding, the Company shall indemnify the Indemnitee from and against any and all Expenses (including all interest, assessments and other charges paid or payable in connection with or in
respect of such Expenses) which are actually and reasonably incurred by the Indemnitee in connection with such Proceeding, whether or not such Proceeding proceeds to judgment or is settled or is otherwise brought to a final disposition, to the
fullest extent permitted by applicable law. 

  
 2 

 2.    Indemnification of Expenses of a Party Who is Wholly or Partly
Successful. Notwithstanding any other provisions of this Agreement (and in addition to, and not in limitation of, any right of Indemnitee under Section B.5), to the fullest extent permitted by applicable law and to the extent that the Indemnitee
was or is a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall indemnify the Indemnitee against all Expenses
actually and reasonably incurred by the Indemnitee in connection therewith. If the Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in
such Proceeding, the Company shall indemnify the Indemnitee against all Expenses actually and reasonably incurred by the Indemnitee in connection with or related to each successfully resolved claim, issue or matter to the fullest extent permitted by
law. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 

3.     Partial Indemnification. If the Indemnitee is entitled under any provision of this Agreement to
indemnification by the Company for a portion of Expenses, but not for the total amount of Expenses, the Company shall indemnify the Indemnitee for the portion of such Expenses to which the Indemnitee is entitled. 

4.     Indemnification for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the
fullest extent permitted by applicable law and to the extent that the Indemnitee is, by reason of the Indemnitee’s Corporate Status, a witness or otherwise asked to participate in any Proceeding to which the Indemnitee was or is not a party,
the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee in connection therewith. 
 5.
    Additional Indemnification. 
 (a)    Notwithstanding any limitation in Sections B.1 or
B.2, the Company shall indemnify the Indemnitee to the fullest extent permitted by applicable law if the Indemnitee was or is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to
procure a judgment in its favor) by reason of the Indemnitee’s Corporate Status. 
 (b)    For purposes of this
Section B.5, the meaning of the phrase “to the fullest extent permitted by applicable law” shall include, but not be limited to: 

i.    to the fullest extent permitted by the provision of the laws of the Cayman Islands and, prior to the
HK Exemption, by sections 468 and 469 of the Hong Kong Companies Ordinance (Cap 622), in each case, that authorize or contemplate additional indemnification by agreement, or the corresponding provision of any amendment to or replacement of the such
laws; and 
 ii.    to the fullest extent authorized or permitted by any amendments to or replacements of
the laws of the Cayman Islands and, prior to the HK Exemption, sections 468 and 469 of the Hong Kong Companies Ordinance (Cap 622), in each case, adopted after the date of this Agreement that increase the extent to which a corporation may indemnify
its officers and directors. 
 (c)    The parties hereto intend that this Agreement shall provide to the fullest extent
permitted by law for indemnification in excess of that expressly permitted by statute, including, without limitation, any indemnification provided by the Memorandum and Articles of Association, vote of the Company’s shareholders or
Disinterested Directors or applicable law. 

  
 3 

 6.    Exclusions. Notwithstanding anything in this Agreement, the
Company shall not be obligated under this Agreement to make any indemnification payment in connection with any claim involving the Indemnitee: 

(a)    subject to Section E.4, for which payment has actually been received by or on behalf of the Indemnitee (and not
subsequently returned) under any insurance policy or other indemnity provision, except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; or 

(b)    except as provided in Section C.3(d) of this Agreement, in connection with any Proceeding (or any part of any
Proceedings) initiated by the Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by the Indemnitee against the Company, any director, officer, employee or other indemnitees of the Company or any other party, and not by
way of defense, unless (i) the Board of Directors has authorized the Proceeding (or any part of any Proceeding) prior to its initiation; (ii) the Proceeding is to enforce indemnification rights under this Agreement initiated pursuant to
Section C.3(a) of this Agreement or any applicable law; or (iii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law; or 

(c)     for (i) an accounting of profits made from the purchase and sale (or sale and purchase) by the Indemnitee of
securities of the Company within the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law, (ii) any reimbursement of the Company by the Indemnitee of any bonus or other incentive-based or
equity-based compensation or of any profits realized by the Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the
Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and sale by the Indemnitee of securities in violation of
Section 306 of the Sarbanes-Oxley Act); or (iii) any reimbursement of the Company by the Indemnitee of any compensation pursuant to any compensation recoupment or clawback policy adopted by the Board of Directors or the compensation
committee of the Board of Directors, including but not limited to any such policy adopted to comply with stock exchange listing requirements implementing Section 10D of the Exchange Act; 

(d)    to the extent brought about or contributed to by the dishonesty or fraud of the Indemnitee seeking payment
hereunder; provided, however, notwithstanding the foregoing, the Indemnitee shall be indemnified under this Agreement as to any claims upon which suit may be brought against him by reason of any alleged dishonesty on his or her part,
unless a judgment or other final adjudication thereof adverse to the Indemnitee establishes that he or she committed (i) acts of active and deliberate dishonesty, (ii) with actual dishonest purpose and intent, and (iii) which acts
were material to the cause of action so adjudicated; or 
 (e)    which payment it is prohibited from paying as
indemnity by applicable law. For the purpose of this Agreement, applicable law shall include U.S. federal law, Cayman Islands law, the governing law of this Agreement and, prior to the HK Exemption, sections 468 and 469 of the Hong Kong Companies
Ordinance (Cap 622). 
 7.    No Employment Rights. Nothing in this Agreement is intended to create in the
Indemnitee any right to continued employment with the Company. 

  
 4 

 8.    Contribution. To the fullest extent permissible under
applicable law, if the indemnification provided for in this Agreement is unavailable to the Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying the Indemnitee, shall contribute to the amount incurred by the Indemnitee, whether
for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an Indemnifiable Event, in such proportion as is deemed fair and reasonable in light of all of the
circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and the Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of
the Company (and, other than such the Indemnitee, its directors, officers, employees and agents) and the Indemnitee in connection with such event(s) and/or transaction(s); provided that the relative benefits accruing to the Indemnitee shall be
deemed to be an amount not greater than the Indemnitee’s compensation from the Company beginning from the year in which the events giving rise to such losses or Expenses are alleged to have occurred and the relative fault of the Company on the
one hand and of the Indemnitee on the other hand shall be determined by reference to, among other things, the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent the circumstances resulting in such
Expenses, judgments, fines or settlement amounts. The Company agrees that it would not be just and equitable if contribution pursuant to this Section B.8 were determined by pro rata allocation or any other method of allocation which does not take
account of the foregoing equitable considerations. 
 C.    INDEMNIFICATION PROCESS 

1.    Notice and Cooperation by the Indemnitee. The Indemnitee shall, as a condition precedent to his or her right
to be indemnified under this Agreement, give the Company notice in writing as soon as reasonably practicable of any claim made against the Indemnitee for which indemnification will or could be sought under this Agreement; provided that the delay of
the Indemnitee to give notice under this Agreement shall not prejudice any of the Indemnitee’s rights hereunder, unless such delay results in the Company’s forfeiture of substantive rights or defenses. Notice to the Company shall be given
in accordance with Section G.8 below. If, at the time of receipt of such notice, the Company has directors’ and officers’ liability insurance policies in effect, the Company shall give prompt notice to its insurers of the Proceeding
relating to the notice. The Company shall thereafter take all necessary and desirable action to cause such insurers to pay, on behalf of the Indemnitee, all Expenses payable as a result of such Proceeding. In addition, the Indemnitee shall give the
Company such cooperation as the Company may reasonably request and the Company shall give the Indemnitee such cooperation as the Indemnitee may reasonably request, including providing any documentation or information which is not privileged or
otherwise protected from disclosure and which is reasonably available to the Indemnitee or the Company, as the case may be. 

2.    Indemnification Payment. 

(a)    Advancement of Expenses. Notwithstanding any provision of this Agreement to the contrary (other than Section
C.3(d)), the Company shall advance, to the extent not prohibited by law, the reasonable Expenses incurred by the Indemnitee (or reasonably expected by the Indemnitee to be incurred by the Indemnitee within three months in connection with any
Proceeding (or any part of any Proceeding) within thirty (30) days after the receipt by the Company of a statement or statements requesting such advances from time to time, whether prior to or after final disposition of any Proceeding. Advances
shall, to the fullest extent permitted by applicable law, be unsecured and interest free. Advances shall be made without regard to the Indemnitee’s ability to repay the Expenses and without regard to the Indemnitee’s ultimate entitlement
to indemnification under the other provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred pursuing an action to enforce this right of advancement, including Expenses incurred preparing and forwarding statements
to the Company to support the advances claimed. The Indemnitee shall qualify for advances upon the execution and delivery to the Company of this Agreement, which shall constitute an undertaking providing that the Indemnitee undertakes to repay the
amounts advanced (without interest) to the extent that it is ultimately determined that the Indemnitee is not entitled to be indemnified by the Company. No other form of undertaking shall be required other than the execution of this Agreement. Any
excess of the advance Expense over the actual Expense will be promptly repaid to the Company. This Section C.2(a) shall not apply to any claim made by the Indemnitee for which indemnity is excluded pursuant to Section B.6. 

  
 5 

 (b)    Reimbursement of Expenses. To the extent the Indemnitee
has not requested any advanced payment of Expenses from the Company, the Indemnitee shall be entitled to receive reimbursement for the Expenses incurred in connection with a Proceeding from the Company as soon as practicable and, in any event,
within 30 days after the Indemnitee makes a written request to the Company for reimbursement unless a determination is required by applicable law with respect to the Indemnitee’s entitlement to indemnification, in which case the Company shall
refer the indemnification request to the Independent Counsel (as defined below) in accordance with Section C.2(c) below. The Company will be entitled to participate in the Proceedings at its own expense. 

(c)    Procedure upon Application for Indemnification. If a determination is required by applicable law with
respect to the Indemnitee’s entitlement to indemnification or that the Company reasonably believes that it is not obligated under this Agreement to indemnify the Indemnitee, the Company shall, within 10 business days after the Indemnitee’s
written request for an advancement or reimbursement of Expenses, notify the Indemnitee that the request for advancement of Expenses or reimbursement of Expenses will be submitted to the Independent Counsel. The Independent Counsel shall make a
determination on the request and a copy of such determination shall be delivered to the Indemnitee in accordance with Section C.8(b) below. Notwithstanding anything foregoing to the contrary, in the event it is so determined that the Indemnitee is
not entitled to indemnification in connection with a Proceeding under this Agreement or applicable law, the Company shall be entitled to be reimbursed by the Indemnitee for all the Expenses previously advanced or otherwise paid to the Indemnitee in
connection with such Proceeding; provided, however, that the Indemnitee may bring a suit to enforce his or her indemnification right in accordance with Section C.3 below. 

3.    Suit to Enforce Rights. 

(a)    In the event that (i) a determination is made pursuant to Section C.2 of this Agreement that the Indemnitee is
not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section C.2(a) of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to
Section C.2(c) of this Agreement within 90 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section B.2, Section B.3 or Section B.4 of this Agreement within 10
business days after receipt by the Company of a written request therefor, (v) payment of indemnification pursuant to Section B.1 or Section B.5 of this Agreement is not made within 10 business days after a determination has been made that the
Indemnitee is entitled to indemnification or (vi) the Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or Proceeding designed to
deny, or to recover from, the Indemnitee the benefits provided or intended to be provided to the Indemnitee hereunder, the Indemnitee shall be entitled to an adjudication by a court of the Indemnitee’s entitlement to such indemnification or
advancement of Expenses. The Company shall not oppose the Indemnitee’s right to seek any such adjudication. Unless the court determines that each of the material assertions made by the Indemnitee as a basis for such action was not made in good
faith or was frivolous, the Indemnitee shall be entitled to be paid all court costs and reasonable expenses in connection with such proceeding. Any determination by the Independent Counsel not challenged by the Indemnitee and any judgment entered by
the court shall be binding on the Company and the Indemnitee. 
 (b)    In the event that a determination shall have
been made pursuant to Section C.2(c) of this Agreement that the Indemnitee is not entitled to indemnification, any judicial proceeding commenced pursuant to this Section C.3 shall be conducted in all respects as a de novo trial on the merits and the
Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding commenced pursuant to this Section C.3, the Company shall have the burden of proving the Indemnitee is not entitled to indemnification or
advancement of Expenses, as the case may be. 

  
 6 

 (c)    If a determination shall have been made pursuant to Section
C.2(c) of this Agreement that the Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section C.3, absent (i) a misstatement by the
Indemnitee of a material fact, or an omission of a material fact necessary to make the Indemnitee’s statement not materially misleading, in connection with the request for indemnification or (ii) a prohibition of such indemnification under
applicable law. 
 (d)    The Company shall, to the fullest extent not prohibited by law, be precluded from asserting in
any judicial proceeding or arbitration commenced pursuant to this Section C.3 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is bound by all the
provisions of this Agreement. It is the intent of the Company that, to the fullest extent permitted by law, the Indemnitee not be required to incur legal fees or other Expenses associated with the interpretation, enforcement or defense of the
Indemnitee’s rights under this Agreement by litigation or otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Indemnitee hereunder. The Company shall, to the fullest extent
permitted by law, indemnify the Indemnitee against any and all Expenses and, if requested by the Indemnitee, shall (within 30 days after receipt by the Company of a written request therefor) advance, to the extent not prohibited by law, such
Expenses to the Indemnitee, which are incurred by the Indemnitee in connection with any action brought by the Indemnitee for indemnification or advancement of Expenses from the Company under this Agreement or under any directors’ and
officers’ liability insurance policies maintained by the Company if, in the case of indemnification, the Indemnitee is wholly successful on the underlying claims; if the Indemnitee is not wholly successful on the underlying claims, then such
indemnification shall be only to the extent the Indemnitee is successful on such underlying claims or otherwise as permitted by law, whichever is greater. 

(e)    Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of the Indemnitee to
indemnification under this Agreement shall be required to be made prior to the final disposition of any Proceeding. 

4.    Assumption of Defense. In the event the Company is obligated under this Agreement to advance or bear any
Expenses for any Proceeding against the Indemnitee, the Company shall be entitled to assume the defense of such Proceeding, with counsel approved by the Indemnitee, upon delivery to the Indemnitee of written notice of its election to do so. After
delivery of such notice, approval of such counsel by the Indemnitee and the retention of such counsel by the Company, the Company will not be liable to the Indemnitee under this Agreement for any fees of counsel subsequently incurred by the
Indemnitee with respect to the same Proceeding, unless (i) the employment of counsel by the Indemnitee has been previously authorized by the Company, (ii) the Indemnitee shall have reasonably concluded, based on written advice of counsel,
that there may be a conflict of interest of such counsel retained by the Company between the Company and the Indemnitee in the conduct of any such defense, or (iii) the Company ceases or terminates the employment of such counsel with respect to
the defense of such Proceeding, in any of which events the fees and expenses of the Indemnitee’s counsel shall be at the expense of the Company. At all times, the Indemnitee shall have the right to employ counsel in any Proceeding at the
Indemnitee’s expense. 
 5.    Burden of Proof and Presumptions. In making a determination with respect to
entitlement to indemnification hereunder, the person or persons or entity making such determination shall, to the fullest extent not prohibited by law, presume that the Indemnitee is entitled to indemnification under this Agreement, and the Company
shall, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of the
Company (including by its directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because the Indemnitee has met the
applicable standard of conduct, nor an actual determination by the Company (including by its directors or Independent Counsel) that the Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a
presumption that the Indemnitee has not met the applicable standard of conduct. 

  
 7 

 6.    No Settlement without Consent. Neither party to this
Agreement shall settle any Proceeding in any manner that would impose any damage, loss, penalty or limitation on the Indemnitee without the other party’s written consent. Neither the Company nor the Indemnitee shall unreasonably withhold its
consent to any proposed settlement. 
 7.    Company Participation. Subject to Section B.8, the Company shall not
be liable to indemnify the Indemnitee under this Agreement with regard to any judicial action if the Company was not given a reasonable and timely opportunity, at its expense, to participate in the defense, conduct and/or settlement of such action.

 8.    Independent Counsel. 

(a)    For purposes of this Agreement, the Independent Counsel with respect to each indemnification request of the
Indemnitee that is referred by the Company pursuant to Section C.2(c) above shall make its determination in a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee within 60 days after the later of the
Indemnitee’s written request for an advancement or reimbursement of Expenses and the resolution of any objection to the Independent Counsel under Section C.8(b) below. If the Independent Counsel determines that the Indemnitee is entitled to
indemnification, payment to the Indemnitee shall be made within 10 days after such determination. The Indemnitee shall cooperate with the person, persons or entity making such determination with respect to the Indemnitee’s entitlement to
indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to the
Indemnitee and reasonably necessary to such determination. Any Independent Counsel shall act reasonably and in good faith in making a determination under this Agreement of the Indemnitee’s entitlement to indemnification. Any reasonable costs or
expenses (including reasonable attorneys’ fees and disbursements) incurred by the Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to
the Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold the Indemnitee harmless therefrom to the extent as aforesaid. 

(b)    If the Company submits the Indemnitee’s request for indemnification to the Independent Counsel under Section
C.2(c), the Independent Counsel shall be selected by the Board of Directors by a majority vote, including the affirmative vote of a majority of Disinterested Directors that are independent (within the meaning of the listing rules of The New York
Stock Exchange). The Indemnitee may, within 10 days after such written notice of selection shall have been given, deliver to the Company a written objection to such selection; provided, however, that such objection may be asserted only
on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a
proper and timely objection, the person so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is
withdrawn or a court has determined that such objection is without merit. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting under this Agreement, and
the Company shall pay all reasonable fees and expenses incident to the procedures of this Section C.8(b), regardless of the manner in which such Independent Counsel was selected or appointed. If, within 20 days after the later of submission by
the Indemnitee of a written objection pursuant to this Section C.8(b) hereof and the final disposition of the relevant Proceeding, no Independent Counsel shall have been selected and not objected to, either the Company or the Indemnitee may petition
the court of competent jurisdiction for resolution of any objection which shall have been made by the Company or the Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person
selected by such court or by such other person as such court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section C.2(c) hereof. Upon the due
commencement of any judicial proceeding or arbitration pursuant to Section C.3 of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of
professional conduct then prevailing). 

  
 8 

 (c)    In making a determination with respect to entitlement to
indemnification hereunder, the Independent Counsel shall presume that the Indemnitee is entitled to indemnification under this Agreement if the Indemnitee has submitted a request for indemnification in accordance with this Agreement, and the Company
shall have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. The termination of any Proceeding or of any claim, issue or matter therein,
by judgment, order, settlement (with or without court approval), conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right
of the Indemnitee to indemnification or create a presumption that the Indemnitee did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any
criminal Proceeding, that the Indemnitee had reasonable cause to believe that his or her conduct was unlawful. For purposes of any determination of good faith, the Indemnitee shall be deemed to have acted in good faith if the Indemnitee’s
action is based on the records or books of account of the Company and any other corporation, partnership, joint venture or other entity of which the Indemnitee is or was serving at the written request of the Company as a director, officer, partner,
managing member, trustee, fiduciary or agent, including financial statements, or on information supplied to the Indemnitee by the officers and directors of the Company or such other corporation, partnership, joint venture or other entity in the
course of their duties, or on the advice of legal counsel for the Company or such other corporation, partnership, joint venture or other entity or on information or records given or reports made to the Company or such other corporation, partnership,
joint venture or other entity by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Company or such other corporation, partnership, joint venture or other entity. In addition, the
knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Company or such other corporation, partnership, joint venture or other entity shall not be imputed to the Indemnitee for purposes of determining the
right to indemnification under this Agreement. The provisions of this Section C.8(c) shall not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of
conduct set forth in this Agreement. 
 (d)    The Company agrees to pay the reasonable fees and expenses of the
Independent Counsel and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto. 

 

	D.    DIRECTOR	 AND OFFICER LIABILITY INSURANCE 

1.    Maintenance of Insurance. The Company shall use commercially reasonable efforts to obtain and maintain in
effect during the entire period for which the Company is obligated to indemnify the Indemnitee under this Agreement, one or more policies of insurance with reputable insurance companies providing the directors of the Company with coverage for losses
incurred in connection with their services to the Company and to ensure the Company’s performance of its indemnification obligations under this Agreement. The Indemnitee shall be covered by such policy or policies in accordance with its or
their terms to the maximum extent of the coverage available for any such director, officer, employee or agent under such policy or policies. In all such insurance policies, the Indemnitee shall be named as an insured in such a manner as to provide
the Indemnitee with the same rights and benefits as are accorded to the most favorably insured of the Company’s directors and officers. Notwithstanding anything to the contrary in this Agreement, the Company shall use its commercially
reasonable efforts to cause any insurance policies referenced in this Section D to cover the Indemnitee without taking into account any limitations contained herein as a result of sections 468 and 469 of the Hong Kong Companies Ordinance (Cap 622).

  
 9 

 2.    Coverage of the Indemnitee. If, at the time of the receipt
of a notice of a claim pursuant to the terms hereof, the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such claim or of the commencement of a Proceeding, as the case may be, to the insurers
in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such
Proceeding in accordance with the terms of such policies. The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable (or for which advancement is provided hereunder) hereunder if and to the extent
that the Indemnitee has otherwise actually received (and not subsequently returned) such payment under any insurance policy, contract, agreement or otherwise. The Company’s obligation to indemnify or advance Expenses hereunder to the Indemnitee
who is or was serving at the request of the Company as a director, officer, trustee, partner, managing member, fiduciary, employee or agent of any other corporation, partnership, joint venture or other entity shall be reduced by any amount the
Indemnitee has actually received (and not subsequently returned) as indemnification or advancement of Expenses from such other corporation, partnership, joint venture or other entity. 

 

	E.    NON-EXCLUSIVITY;	 TERM 

1.    Non-Exclusivity. The rights of indemnification and to receive
advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any rights to which the Indemnitee may at any time be entitled under the Company’s Memorandum and Articles of Association, as may be amended from time to
time, applicable law, any written agreement between the Indemnitee and the Company (including its subsidiaries and affiliates), a vote of shareholders or a resolution of directors, or otherwise. The indemnification provided under this Agreement
shall continue to be available to the Indemnitee for any action taken or not taken while serving in an indemnified capacity even though he or she may have ceased to serve in any such capacity at the time of any Proceeding. To the extent that a
change in applicable laws permits greater indemnification by agreement than would be afforded under the Memorandum and Articles of Association or this Agreement, it is the intent of the parties hereto that the Indemnitee shall enjoy by this
Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

 2.    Primary Obligations. The Company hereby acknowledges that the Indemnitee may have certain rights to
indemnification, advancement of Expenses and/or insurance provided by one or more Persons with whom or which the Indemnitee may be associated (including, without limitation, any Sponsor Entity). The Company hereby acknowledges and
agrees: 
 (a)    the Company is the indemnitor of first resort with respect to any request for indemnification or
advancement of Expenses made pursuant to this Agreement concerning any Proceeding arising from or related to the Indemnitee’s Corporate Status with the Company. 

(b)    the Company is primarily liable for all indemnification and indemnification or advancement of Expenses obligations
for any Proceeding arising from or related to the Indemnitee’s Corporate Status, whether created by law, organizational or constituent documents, contract (including this Agreement) or otherwise. 

(c)    any obligation of any other Persons with whom or which the Indemnitee may be associated (including, without
limitation, any Sponsor Entity) to indemnify the Indemnitee and/or advance Expenses to the Indemnitee in respect of any proceeding are secondary to the obligations of the Company’s obligations. 

  
 10 

 (d)    the Company will indemnify the Indemnitee and advance Expenses to
the Indemnitee hereunder to the fullest extent provided herein without regard to any rights the Indemnitee may have against any other Person with whom or which the Indemnitee may be associated (including, any Sponsor Entity) or insurer of any such
Person. 
 3.    Third Party Waiver. The Company irrevocably waives, relinquishes and releases (A) any other
Person (other than Newco with respect to Newco’s obligations pursuant to Section G.10) with whom or which the Indemnitee may be associated (including, without limitation, any Sponsor Entity) from any claim of contribution, subrogation,
reimbursement, exoneration or indemnification, or any other recovery of any kind in respect of amounts paid by the Company to the Indemnitee pursuant to this Agreement and (B) any right to participate in any claim or remedy of the Indemnitee
against any Sponsor Entity (or former Sponsor Entity), whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive from any Sponsor Entity (or
former Sponsor Entity), directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right. 

4.    Third Party Indemnification or Advancement of Expenses. The Company hereby acknowledges that any
indemnification or advancement of Expenses provided by any other Person with whom or which the Indemnitee may be associated (including, without limitation, any Sponsor Entity) is specifically in excess over the Company’s obligation to indemnify
and advance Expenses or any valid and collectible insurance (including but not limited to any malpractice insurance or professional errors and omissions insurance) provided by the Company. 

5.    Reduction of The Company’s Obligation. The Company’s obligation to indemnify or advance Expenses
hereunder to the Indemnitee for any Proceeding concerning the Indemnitee’s Corporate Status with an Enterprise will be reduced by any amount the Indemnitee has actually received as indemnification or advancement of Expenses from such
Enterprise. The Company and the Indemnitee intend that any such Enterprise (and its insurers) be the indemnitor of first resort with respect to indemnification and advancement of Expenses for any Proceeding related to or arising from the
Indemnitee’s Corporate Status with such Enterprise. The Company’s obligation to indemnify and advance Expenses to the Indemnitee is secondary to the obligations the Enterprise or its insurers owe to the Indemnitee. the Indemnitee agrees to
take all reasonably necessary and desirable action to obtain from an Enterprise indemnification and advancement of Expenses for any Proceeding related to or arising from the Indemnitee’s Corporate Status with such Enterprise. 

For purposes of this Section E, “Sponsor Entity” means Melco Resorts & Entertainment Limited and New Cotai, LLC and any of
their respective affiliates, other than the Company and its subsidiaries. 
  

	F.    TERM	 

1.    Duration of Agreement. This Agreement shall continue until and terminate upon the later of: (a) ten (10)
years after the date that the Indemnitee shall have ceased to serve as a director of the Company or as a director, officer, partner, managing member, trustee, fiduciary or agent of an Enterprise and (b) one (1) year after the final termination
of any Proceeding then pending in respect of which the Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any proceeding commenced by the Indemnitee pursuant to Section C of this Agreement relating
thereto.  

  
 11 

	G.    MISCELLANEOUS	 

1.    Amendment of this Agreement. No supplement, modification, or amendment of this Agreement shall be binding
unless executed in writing by the parties hereto. No waiver of any of the provisions of this Agreement shall operate as a waiver of any other provisions (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as
specifically provided in this Agreement, no failure to exercise or any delay in exercising any right or remedy shall constitute a waiver. 

2.    Subrogation. In the event of payment to the Indemnitee by the Company under this Agreement, the Company shall
be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents
necessary to enable the Company to bring suit to enforce such rights. In the event any other Person with whom or which the Indemnitee may be associated (including, without limitation, any Sponsor Entity) or their insurers advances or extinguishes
any liability or loss for the Indemnitee, the payor has a right of subrogation against the Company or its insurers for all amounts so paid which would otherwise be payable by the Company or its insurers under this Agreement. In no event will payment
by any other Person (other than Newco) with whom or which the Indemnitee may be associated (including, without limitation, any Sponsor Entity) or their insurers affect the obligations of the Company hereunder or shift primary liability for the
Company’s obligation to indemnify or advance of Expenses to any other Person with whom or which the Indemnitee may be associated (including, without limitation, any Sponsor Entity). 

3.    Assignment; Binding Effect. Neither this Agreement nor any of the rights or obligations hereunder may be
assigned by either party hereto without the prior written consent of the other party; except that the Company may, without such consent, assign all such rights and obligations to a successor in interest to the Company which assumes all obligations
of the Company under this Agreement. Notwithstanding the foregoing, this Agreement shall be binding upon and inure to the benefit of and be enforceable by and against the parties hereto and the Company’s successors (including any direct or
indirect successor by purchase, merger, consolidation, or otherwise to all or substantially all of the business and/or assets of the Company) and assigns, as well as the Indemnitee’s spouses, heirs, and personal and legal representatives. 

4.    Severability and Construction. Nothing in this Agreement is intended to require or shall be construed as
requiring the Company to do or fail to do any act in violation of applicable law. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and
enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal
or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to
applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing
any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. The Company’s inability, pursuant to a court order,
to perform its obligations under this Agreement shall not constitute a breach of this Agreement. The parties hereto acknowledge that they each have opportunities to have their respective counsels review this Agreement. Accordingly, this Agreement
shall be deemed to be the product of both of the parties hereto, and no ambiguity shall be construed in favor of or against either of the parties hereto. 

5.    Enforcement. The Company expressly confirms and agrees that it has entered into this Agreement and assumed
the obligations imposed on it hereby in order to induce the Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that the Indemnitee is relying upon this Agreement in serving or continuing to serve as a director
or officer of the Company. This Agreement shall not impose any obligation on the Indemnitee or the Company to continue the Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements or commitments of
the parties, if any. 

  
 12 

 6.    Counterparts. This Agreement may be executed in two or more
counterparts, both of which taken together shall constitute one instrument. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement. 

7.    Governing Law. This agreement and all acts and transactions pursuant hereto and the rights and obligations of
the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of New York, U.S.A., without giving effect to conflicts of law provisions thereof. 

8.    Notices. All notices, demands, and other communications required or permitted under this Agreement shall be
made in writing and shall be deemed to have been duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, (b) mailed by certified or registered mail with
postage prepaid, on the third business day after the date on which it is so mailed, (c) mailed by reputable overnight courier and receipted for by the party to whom said notice or other communication shall have been directed or (d) sent by
facsimile transmission, with receipt of oral confirmation that such transmission has been received and addressed to the Company at: 

Studio City International Holdings Limited 

36th Floor, The Centrium 

60 Wyndham Street 
 Central, Hong
Kong 
 Attention: Company Secretary 
 and to
the Indemnitee, at his or her address last known to the Company. 
 9.    Entire Agreement. This Agreement [and
that certain Director Agreement, dated                     , 2018, by and among the Company, Newco and the Indemnitee]1, as each may be amended from time to time, constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, between the Company and the Indemnitee with
respect to the subject matter hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Memorandum and Articles of Association of the Company and applicable law, and shall not be deemed a substitute
therefor, nor to diminish or abrogate any rights of the Indemnitee thereunder. 
 10.    Fees and Expenses.
Pursuant to the terms of that certain Participation Agreement dated as of                     , 2018 by and among the Company, Newco and New Cotai,
LLC, Newco hereby agrees to pay all fees and expenses incurred by the Company pursuant to this Agreement and that Newco shall bear or, as necessary, reimburse the Company for any reasonable out-of-pocket expenses incurred by the Company in connection with this Agreement. 

11.    HK Exemption. Melco International shall use its reasonable best efforts to cause an HK Exemption event to
occur as soon as reasonably practicable but in no event later than the day on which the next annual general meeting of shareholders of Melco International is held. 

(Signature page follows) 

 

	1 	 Only applicable to directors and not officers. 

  
 13 

 IN WITNESS WHEREOF, the parties hereto execute this Agreement as of the date first written above. 

 

			
	Studio City International Holdings Limited
	
	  

	Name:	 	
	Title:	 	
	
	INDEMNITEE
	
	  

	Name:	 	
	
	MSC Cotai Limited
	
	  

	Name:	 	
	Title:	 	

			
	 Melco International Development Limited

solely for purposes of Section G.11

	
	  

	Name:	 	
	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00287-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00287-of-00352.parquet"}]]