Document:

EX-10.1

 EXHIBIT 10.1 

AGREEMENT FOR EMPLOYEES 

STERIS plc 
 PERFORMANCE
RESTRICTED STOCK AGREEMENT – <Date> 
 This Agreement (“Agreement”) is between STERIS plc (“STERIS”) and
< first_name> <middle_name> < last_name> (“Grantee”), with respect to the grant of shares of STERIS restricted stock to Grantee pursuant to the STERIS plc 2006 Long-Term Equity Incentive Plan, as Amended and Restated
Effective August 2, 2016, and as further amended from time to time (the “Plan”). All terms used herein with initial capital letters and not otherwise defined herein that are defined in the Plan shall have the meanings assigned to them
in the Plan. 
 1. Grant of Restricted Shares. STERIS hereby grants to Grantee, as of the date (“Date of Grant”) set forth above and in the
Acknowledgment and Acceptance Form accompanying this Agreement (“Acknowledgment”),<shares_awarded> Ordinary Shares of STERIS restricted stock, par value ten pence per share, as previously disclosed to Grantee and as reflected in the
records of STERIS as granted as of the Date of Grant (“Restricted Shares”), upon and subject to the terms of this Agreement and the Plan. The Restricted Shares covered by this Agreement shall be issued to the Grantee effective upon the
Date of Grant. The Ordinary Shares subject to this grant of Restricted Shares shall be registered in the Grantee’s name in STERIS’s stock registry as fully paid and nonassessable. Any certificate or other evidence of ownership or the book
entry representing the Restricted Shares shall bear an appropriate legend referring to the restrictions hereinafter set forth. 
 2. Documents Delivered
with Agreement. STERIS has delivered or made available to the Grantee, along with this Agreement, the following documents: (a) STERIS’s Insider Trading Policy (the “Policy”); (b) the Plan and its related Prospectus;
(c) the Nondisclosure and Noncompetition Agreement to be entered into between STERIS and Grantee (the “Nondisclosure Agreement”); (d) the Acknowledgment; (e) STERIS or STERIS Corporation’s most recent Annual Report to
Shareholders and Form 10-K filed with the US Securities and Exchange Commission; and (f) STERIS’s most recent Annual Report and Accounts. Acceptance and compliance with these documents is a
condition to the effectiveness of this grant of Restricted Shares. By accepting this Agreement or executing the Acknowledgment, the Grantee acknowledges receipt, review and acceptance of these documents and compliance with their terms. Furthermore,
as a condition of this grant of Restricted Shares, STERIS in its discretion, may require Grantee to return an executed copy of the Acknowledgement in such format as STERIS may require. 

3. Restrictions on Transfer of Shares. The Ordinary Shares subject to this grant of Restricted Shares may not be sold, exchanged, assigned,
transferred, pledged, encumbered or otherwise disposed of by the Grantee, except to STERIS, unless, and only to the extent, the Restricted Shares have vested and become nonforfeitable as provided in Section 4 hereof or as otherwise provided in
the Plan; provided, however, that the Grantee’s rights with respect to such Ordinary Shares may be transferred by will or pursuant to the laws of descent and distribution. Any purported transfer or encumbrance in violation of the provisions of
this Section 3 shall be void, and the other party to any such purported transaction shall not obtain any rights to or interest in such Ordinary Shares. STERIS in its sole discretion, when and as permitted by the Plan, may waive the restrictions
on transferability with respect to all or a portion of the Ordinary Shares subject to this grant of Restricted Shares. 
 4. Vesting of Restricted
Shares. Subject to the terms of this Agreement and the Plan, other than Section 23 of the Plan, the provisions of which shall not apply to this grant of Restricted Shares, this grant of Restricted Shares is subject to the following
limitations: 
 [(a) Notwithstanding anything to the contrary contained in Section 23 of the Plan and subject to Section 4(f) of
this Agreement, if at the Date of Grant, Grantee has attained age 55 and has been in the service of STERIS and/or a Subsidiary for at least five consecutive years (“Qualifying Retirement Eligible”), the Restricted Shares shall vest and
become nonforfeitable in four equal annual installments, on                      and on each of the three immediately succeeding anniversaries
thereof (each such date, an “Anniversary Date”). 

 (b) Subject to Section 4(f) of this Agreement, if at the Date of Grant the Grantee is not
Qualifying Retirement Eligible, the Restricted Shares shall vest and become nonforfeitable on the fourth Anniversary Date succeeding the Date of Grant; provided, however, that if before the Restricted Shares have otherwise become vested and
nonforfeitable pursuant to the foregoing provision, the Grantee becomes Qualifying Retirement Eligible, then on the Anniversary Date that coincides with or immediately succeeds the date the Grantee becomes Qualifying Retirement Eligible and provided
the Grantee has remained in the employ of STERIS or a Subsidiary through such Anniversary Date, the Restricted Shares will become vested and nonforfeitable to the same extent as they would have been on such date under paragraph (a) had the
Grantee been Qualifying Retirement Eligible at the Date of Grant, and if such Anniversary Date is not the fourth Anniversary Date subsequent to the Date of Grant, the Restricted Shares will thereafter continue to vest in the same manner and to the
same extent as would have been the case under paragraph (a) had the Grantee been Qualifying Retirement Eligible at the Date of Grant. 

(c) Notwithstanding the foregoing, if any Anniversary Date on which the Restricted Shares or a portion thereof would otherwise vest is not a
trading day on the New York Stock Exchange, such vesting shall be deferred until the first trading day thereafter. 
 (d) Notwithstanding
anything herein to the contrary, the provisions of Section 11 of the Plan, other than Section 11(d)(iii), shall not apply to the Restricted Shares, and if the Grantee terminates service with STERIS and all Subsidiaries prior to the date on
which the Grantee’s Restricted Shares have become fully vested and nonforfeitable, subject to the provisions of Section 11(d)(iii) of the Plan, those portions of the Restricted Shares that are not vested at the time of such termination shall be
forfeited. 
 (e) Also notwithstanding the foregoing, if on any Anniversary Date any portion of the Restricted Shares that would otherwise
vest on such Anniversary Date represents a fractional share, that portion shall be aggregated with any portions of the Restricted Shares that represent fractional shares and would otherwise vest on succeeding Anniversary Dates and all portions so
aggregated shall vest on the first of the aforesaid Anniversary Dates. 
 (f) Also notwithstanding the foregoing, all of the Restricted
Shares shall be forfeited as of the April 1 that immediately succeeds the Date of Grant and none of such Restricted Shares shall vest, if the Performance Goal for the one-year period from the April 1
that immediately precedes the Date of Grant to the March 31 that immediately succeeds the Date of Grant (the “Performance Period”) is not met or exceeded. For purposes of this Agreement, the “Performance Goal” for the
Performance Period is [Applicable Performance Metric] of at least                     . [Definition of Applicable Performance Metric]]

 OR 
 [(a)
Notwithstanding anything to the contrary contained in Section 23 of the Plan and subject to Section 4(d) of this Agreement, the Restricted Shares shall vest and become nonforfeitable on
                    . 
 (b)
Notwithstanding the foregoing, if the date on which the Restricted Shares would otherwise vest is not a trading day on the New York Stock Exchange, such vesting shall be deferred until the first trading day thereafter. 

(c) Notwithstanding anything herein to the contrary, the provisions of Section 11 of the Plan, other than Section 11(d)(iii), shall not
apply to the Restricted Shares, and if the Grantee terminates service with STERIS and all Subsidiaries prior to the date on which the Grantee’s Restricted Shares have become fully vested and nonforfeitable, subject to the provisions of Section
11(d)(iii) of the Plan, those portions of the Restricted Shares that are not vested at the time of such termination shall be forfeited. 

(d) Also notwithstanding the foregoing, all of the Restricted Shares shall be forfeited as of the April 1 that immediately succeeds the
Date of Grant and none of such Restricted Shares shall vest, if the Performance Goal for the one-year period from the April 1 that immediately precedes the Date of Grant to the March 31 that
immediately succeeds the Date of Grant (the “Performance Period”) is not met or exceeded. For purposes of this Agreement, the “Performance Goal” for the Performance Period is [Applicable Performance Metric] of at least
                    . [Definition of Applicable Performance Metric]] 

 5. Forfeiture of Shares. Subject to the terms of this Agreement and the Plan, if the Grantee violates the
Policy, this Agreement, or the Nondisclosure Agreement or ceases to be employed by STERIS or a Subsidiary prior to the time all of the Restricted Shares have become vested and nonforfeitable, the Restricted Shares shall be forfeited, to the extent
not then vested, subject to the provisions of Section 11(d)(iii) of the Plan. In the event of a forfeiture under this Section 5, any forfeited Restricted Shares shall be returned by the Grantee to STERIS for no consideration. 

6. Dividend, Voting and Other Rights. Except as otherwise provided herein, from and after the Date of Grant, the Grantee shall have all of the rights
of a shareholder with respect to the Restricted Shares covered by this Agreement, including the right to vote such Restricted Shares and receive any dividends that may be paid thereon; provided, however, that any additional Ordinary Shares or other
securities that the Grantee may become entitled to receive pursuant to a stock dividend, issuance of rights or warrants, stock split, combination of shares, recapitalization, merger, consolidation, separation, or reorganization or any other change
in the capital structure of STERIS shall be subject to the same or similar restrictions as the Restricted Shares covered by this Agreement as determined by STERIS. 

7. Stock Certificate(s). The Ordinary Shares subject to this grant of Restricted Shares shall not be represented by certificates unless otherwise
provided by resolution of the Board or required by law, and if such Ordinary Shares should be represented by certificates, the certificates will be held in custody by STERIS until those shares shall vest in accordance with the provisions hereof or
as otherwise provided in the Plan. STERIS shall cause the Restricted Shares to be registered in the name of Grantee in STERIS’s stock registry, with the foregoing restrictions noted thereon. STERIS may require as a condition to the
effectiveness of this grant of Restricted Shares that Grantee deliver to STERIS a stock power endorsed in blank by the Grantee with respect to the Restricted Shares and Grantee agrees to deliver the same. 

8. Compliance with Law. Notwithstanding any other provision of this Agreement, STERIS shall not be obligated to issue any Ordinary Shares pursuant to
this Agreement if the issuance thereof would result in a violation of any applicable law. 
 9. Employment. For purposes of this Agreement, the
continuous employment of the Grantee with STERIS or a Subsidiary shall not be deemed to have been interrupted, and Grantee shall not be deemed to cease being an employee of STERIS or Subsidiary, by reason of (i) the transfer of his or her
employment among STERIS and its Subsidiaries or (ii) a leave of absence not to exceed 12 months approved in writing by a duly elected officer of STERIS. 

10. Certain Determinations. The application, violation, or other interpretation of the terms of this Agreement, the Plan, the Nondisclosure Agreement,
the Policy, or any other STERIS policy shall be determined by the Board or the Chief Executive Officer or his delegatee or delegatees, if applicable, in their sole discretion, and such determination shall be final and binding on the Grantee. 

11. Termination of the Plan; No Right to Future Grants; No Right of Employment; Extraordinary Item of Compensation. By entering into this Agreement,
the Grantee acknowledges: (a) that the Plan is discretionary in nature and may be suspended or terminated by STERIS at any time; (b) that the grant of Restricted Shares is a one-time benefit which
does not create any contractual or other right to receive future grants of restricted shares, or benefits in lieu of restricted shares; (c) that all determinations with respect to any such future grants, including, but not limited to, the times
when the restricted shares shall be granted, the number of shares subject to each grant of restricted shares, and the time or times when the restricted shares shall become nonforfeitable, will be at the sole discretion of STERIS; (d) that the
Grantee’s participation in the Plan shall not create a right to further employment with the Grantee’s employer and shall not interfere with the ability of the Grantee’s employer to terminate the Grantee’s employment relationship
at any time with or without cause; (e) that the Grantee’s participation in the Plan is voluntary; (f) that the value of the Restricted Shares is an extraordinary item of compensation which is outside the scope of the Grantee’s
employment contract, if any; (g) that the Restricted Shares are not part of normal and expected compensation for purposes of any other employee benefit plan or program of STERIS, including for purposes of calculating any severance, resignation,
redundancy, end of service, bonus, long-service, pension or retirement benefits or similar payments; (h) that the right to vesting of the Restricted Shares ceases upon termination of employment for any reason except as may otherwise be
explicitly provided in the Plan or this Agreement; (i) that the future value, if any, of the Restricted Shares is unknown and cannot be predicted with certainty; and (j) that, where the Grantee’s employer is a Subsidiary of STERIS,
the Restricted Shares have been granted to the Grantee in the Grantee’s status as an employee of such Subsidiary and the terms of this Agreement can be modified by STERIS to facilitate the issuance and administration of the award and can in no
event be understood or interpreted to mean that STERIS is the Grantee’s employer or that the Grantee has an employment relationship with STERIS. 

 12. Employee Data Privacy. By entering into the Agreement, and as a condition of this award of Restricted
Shares, the Grantee consents to the collection, use and transfer of personal data as described in this Section 12. The Grantee understands that STERIS and its Subsidiaries hold certain personal information about the Grantee, including, but not
limited to, the Grantee’s name, home address and telephone number, date of birth, social insurance number, salary, nationality, job title, any shares of stock or directorships held in STERIS, details of all Restricted Shares or other
entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in the Grantee’s favor, for the purpose of managing and administering the Plan (“Data”). The Grantee further understands that STERIS and/or
its Subsidiaries will transfer Data among themselves as necessary for the purposes of implementation, administration and management of the Grantee’s participation in the Plan, and that STERIS and/or its Subsidiaries may each further transfer
Data to any third parties assisting STERIS in the implementation, administration and management of the Plan (“Data Recipients”). The Grantee understands that these Data Recipients may be located in the Grantee’s country of residence,
the European Economic Area, and in countries outside the European Economic Area, including the United States. The Grantee authorizes the Data Recipients to receive, possess, use, retain and transfer Data in electronic or other form, for the purposes
of implementing, administering and managing the Plan, including any transfer of such Data, as may be necessary or appropriate for the administration of the Plan and/or the subsequent holding of shares of stock on the Grantee’s behalf, to a
broker or third party with whom the shares acquired on exercise may be deposited. The Grantee understands that he or she may, at any time, review the Data, require any necessary amendments to it or withdraw the consent herein by notifying STERIS in
writing. The Grantee further understands that withdrawing consent may affect the Grantee’s ability to participate in the Plan, at the sole discretion of the Board or the Chief Executive Officer or its delegatee or delegatees. 

13. Relation to Plan. This Agreement is subject to the terms and conditions of the Plan. In the event of any inconsistency between the provisions of
this Agreement and the Plan, the Plan shall govern. 
 14. Amendments. Any amendment to the Plan shall be deemed to be an amendment to this Agreement
to the extent that the amendment is applicable hereto; provided, however, that no amendment shall have a material adverse effect on the rights of the Grantee under this Agreement without the Grantee’s consent. 

15. Severability. If any provision of this Agreement or the application of any provision hereof to any person or circumstances is held invalid or
unenforceable, the remainder of this Agreement and the application of such provision to any other person or circumstances shall not be affected, and the provisions so held to be invalid or unenforceable shall be reformed to the extent (and only to
the extent) necessary to make it enforceable and valid while accomplishing the most similar purpose. 
 16. Governing Law. This Agreement shall be
governed by and construed in accordance with the internal substantive laws of the State of Ohio, without giving effect to any principle of law that would result in the application of the law of any other jurisdiction. Any unresolved dispute shall be
submitted exclusively to the jurisdiction of the courts of Lake County, Ohio. 
 17. Payment of Par Value. By entering into this Agreement, the
Grantee undertakes and agrees to pay the par value of £0.10 for each Restricted Share granted pursuant to this Agreement (the “Par Value Consideration”) on or before the date (“Payment Date”) that is six weeks after the
Date of Grant as such date may be extended by STERIS in its sole discretion. Such payment of the Par Value Consideration shall be made, at the option of Grantee’s employer, on or before the Payment Date through withholding of the Par Value
Consideration by the Grantee’s employer from the Grantee’s compensation as soon as reasonably practicable after the Grant Date or by other means of payment by the Grantee as determined by STERIS or such employer. If such payment is not
received by the Payment Date, the Restricted Shares shall be forfeited for non-payment pursuant to the Articles of Association of STERIS. 

 18. Taxes. Unless Grantee has made an election under Section 83(b) of the Code with respect to the
Restricted Shares, each time any of the Restricted Shares become vested and nonforfeitable STERIS shall withhold or cause to be withheld from such Restricted Shares at the time such vesting occurs a number of Ordinary Shares having a value equal to
the amount of federal, state, local, foreign or other taxes required to be withheld pursuant to applicable employment or tax laws, as determined by STERIS. Likewise, with respect to previous Plan grants of restricted shares and in respect of which
the Grantee has not made an election under Section 83(b) of the Code, STERIS shall withhold or cause to be withheld from such restricted shares at the time such vesting occurs a number of Common Shares having a value equal to the amount of federal,
state, local, foreign or other taxes required to be withheld pursuant to applicable employment or tax laws, as determined by STERIS. For purposes of the foregoing withholding, the Ordinary Shares used for tax withholding will be valued at an
amount equal to the Market Value per Share of such Ordinary Shares on the date the benefit is to be included in the Grantee’s income. The foregoing provisions shall apply notwithstanding any alternate methods for the payment of withholding of
taxes contained in the Plan. 
 19. Miscellaneous. Nothing contained in this Agreement shall be understood as conferring on Grantee any right to
continue as an employee of STERIS or any Subsidiary or affiliate. STERIS reserves the right to correct any clerical, typographical, or other error in this Agreement or otherwise with respect to this grant. This Agreement shall inure to the
benefit of and be binding upon its parties and their respective heirs, executors, administrators, successors, and assigns, but the Restricted Shares shall not be transferable by Grantee other than as provided in Section 17 of the Plan.

20. Authority. Any director or authorised signatory of STERIS is authorised to execute any document and do any act necessary or desirable to effect the
forfeiture of any Restricted Shares which are subject to forfeiture and their return to STERIS for no consideration in accordance with the Plan and/or this Agreement. 

STERIS has caused this Agreement to be executed on its behalf by its duly authorized officer, and Grantee has entered into this Agreement and
accepted all terms and conditions thereof by electronic acceptance and/or by the signed Acknowledgment, either of which has the same force and binding effect as if this Agreement were physically signed by Grantee, all as of the Date of Grant. 

 

					
	STERIS plc	  		  	Grantee
			
	 By:
	  		  	 Signature by electronic acceptance and/or execution of the Acknowledgment and Acceptance form.

			
	 SecretaryEX-10.1

 Exhibit 10.1 
  

 
  

FIRST AMENDMENT TO BUILDING TERM LOAN AGREEMENT, BUILDING 

LOAN DISBURSEMENT AGREEMENT AND PROJECT DISBURSEMENT 

AGREEMENT 
 (to be filed pursuant
to the Lien Law of the State of New York) 
 among 

MONTREIGN OPERATING COMPANY, LLC, 

as Borrower 
 and 

THE LENDERS PARTY HERETO, 
 as
Lenders 
 and 
 CREDIT SUISSE
AG, CAYMAN ISLANDS BRANCH, 
 as Administrative Agent 

dated as of May 26, 2017 

************************************************* 

CREDIT SUISSE SECURITIES (USA) LLC, 

as Joint Lead Arranger and Joint Book Runner 

FIFTH THIRD BANK, 
 as Joint Lead
Arranger and Joint Book Runner 
  
  

 

 FIRST AMENDMENT TO 

BUILDING TERM LOAN AGREEMENT, BUILDING LOAN DISBURSEMENT 

AGREEMENT AND PROJECT DISBURSEMENT AGREEMENT 

THIS FIRST AMENDMENT TO BUILDING TERM LOAN AGREEMENT, BUILDING LOAN DISBURSEMENT AGREEMENT AND PROJECT DISBURSEMENT AGREEMENT (this
“Amendment”), dated as of May 26, 2017 and effective as of the Effective Date (as hereinafter defined), is made and entered into by and among MONTREIGN OPERATING COMPANY, LLC, a New York limited liability company with an
address at 204 State Route 17b, Monticello, New York 12701 (the “Borrower”), EMPIRE RESORTS REAL ESTATE I, LLC, a New York limited liability company with an address at 204 State Route 17b, Monticello, New York 12701 (the
“Golf Sub”), EMPIRE RESORTS REAL ESTATE II, LLC, a New York limited liability company with an address at 204 State Route 17b, Monticello, New York 12701 (the “EV Sub”), EMPIRE RESORTS, INC., a Delaware corporation
with an address at 204 State Route 17b, Monticello, New York 12701 (the “Completion Guarantor”), MONTREIGN HOLDING COMPANY, LLC, a New York limited liability company with an address at 204 State Route 17b, Monticello, New York 12701
(the “Equity Pledgor”), CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as administrative agent for the Secured Parties with an address at Eleven Madison Avenue, New York, New York 10010 (in such capacity, together with its successors and
assigns in such capacity, the “Administrative Agent”), each of the First Amendment Additional Term B Lenders (as defined below), CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, on behalf of each of the Lenders consenting to this Amendment
with an address at Eleven Madison Avenue, New York, New York 10010, CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as collateral agent for the Secured Parties with an address at Eleven Madison Avenue, New York, New York 10010 (in such capacity, together
with its successors and assigns in such capacity, the “Collateral Agent”), and CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as disbursement agent under the Disbursement Agreements with an address at Eleven Madison Avenue, New York, New
York 10010 (in such capacity, together with its successors and assigns in such capacity, the “Disbursement Agent”). 

RECITALS 
 A. The Borrower, the
Administrative Agent and the Lenders are parties to that certain Building Term Loan Agreement, dated as of January 24, 2017 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Loan
Agreement”), by and among the Borrower, the Administrative Agent, the banks, financial institutions and other entities from time to time party thereto in the capacity of lenders (the “Lenders”), and the other agents and
arrangers party thereto, which was recorded in the County Clerk’s office in the County of Sullivan, State of New York on February 14, 2017 as Instrument # 2017-579, affecting the premises identified
on Exhibit C attached hereto. 
 B. In connection with the execution of the Loan Agreement, (i) the Borrower, EV Sub, the
Administrative Agent, the Collateral Agent and the Disbursement Agent executed that certain Building Loan Disbursement Agreement, dated as of January 24, 2017 (as amended, 

  
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amended and restated, supplemented or otherwise modified from time to time, the “Building Loan Disbursement Agreement”) and (ii) the Borrower, EV Sub, the Administrative
Agent, the Collateral Agent and the Disbursement Agent executed that certain Project Disbursement Agreement, dated as of January 24, 2017 (as amended, amended and restated, supplemented or otherwise modified from time to time, the
“Project Disbursement Agreement” and, together with the Building Loan Disbursement Agreement, the “Disbursement Agreements”). 

C. The Borrower has requested that the Lenders agree, subject to the conditions and on the terms set forth in this Amendment, to
(i) amend certain provisions of the Loan Agreement in order to, among other things, provide for an increase in the Term B Loans, and (ii) amend certain provisions of each of the Disbursement Agreements. 

D. The Lenders are willing to agree to such amendments, subject to the conditions and on the terms set forth below. 

E. Subject to the conditions and on the terms set forth below, the First Amendment Additional Term B Lenders are willing to fund $35,000,000
in Term B Loans on the Effective Date. 
 AGREEMENT 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower and the
Administrative Agent, on behalf of the Required Lenders, agree as follows: 
 1. Definitions. Except as otherwise expressly provided
herein, capitalized terms used in this Amendment shall have the meanings given in the Loan Agreement (after giving effect to this Amendment), and the rules of interpretation set forth in the Loan Agreement shall apply to this Amendment. 

2. Amendments to Loan Agreement. 

(a) Clause (a)(vi) of the definition of “Consolidated Adjusted EBITDA” in Section 1.01 of the Loan Agreement is hereby
deleted in its entirety and replaced with the following: 
 (vi) all transaction fees, charges and other amounts related to
the Transactions occurring on or about the Closing Date and the transactions contemplated by the First Amendment occurring on or about the First Amendment Effective Date (in each case, including any financing fees, legal fees and expenses, due
diligence fees or any other fees and expenses in connection therewith), 

  
 3 

 (b) The definition of “Required Equity Contribution” in Section 1.01 of the
Loan Agreement is hereby deleted in its entirety and replaced with the following: 
 “Required Equity
Contribution” shall mean equity contributions to the Borrower and the other Loan Parties in an aggregate amount not less than $42,473,957 in Cash (including the Closing Date Equity Contribution and equity contributions made between the
Closing Date and the First Amendment Effective Date). 
 (c) The definition of “Term B Loan Commitment” in
Section 1.01 of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 
 “Term B
Loan Commitment” shall mean, with respect to any Lender, such Lender’s commitment to make or otherwise fund a Term B Loan pursuant to Section 2.01(a)(ii) or the First Amendment, and “Term B Loan Commitments” shall mean such
commitments of all such Lenders in the aggregate. The amount of each Lender’s Term B Loan Commitment is set forth on the Lender Addendum delivered by such Lender on or prior to the Closing Date or as referenced as “First Amendment
Additional Term B Loan Commitments” in the First Amendment. The aggregate amount of the Term B Loan Commitments as of the Closing Date was $415,000,000, and as of the First Amendment Effective Date an additional $35,000,000 of Term B Loan
Commitments were obtained pursuant to the First Amendment. 
 (d) Section 1.01 of the Loan Agreement is hereby amended by inserting the
following definitions in alphabetical order: 
 “First Amendment” shall mean that certain First Amendment to
Building Term Loan Agreement, Building Loan Disbursement Agreement and Project Disbursement Agreement, dated as of May 26, 2017, and effective as of the First Amendment Effective Date, by and among the Borrower, the Administrative Agent and the
other parties party thereto. 
 “First Amendment Effective Date” shall mean the date the First Amendment is
effective in accordance with its terms. 
 (e) Section 2.11(b) of the Loan Agreement is hereby amended by inserting the phrase “and on
the First Amendment Effective Date” after the phrase “made on the Closing Date” in the fifth line of such Section. 
 3.
Amendments to Disbursement Agreements. 
 (a) Building Loan Disbursement Agreement Amendments. 

(1) The Table of Exhibits and the Exhibits to the Building Loan Disbursement Agreement are hereby amended by inserting
Exhibit A to this Amendment as a new “Exhibit N-1” to the Building Loan Disbursement Agreement (Section 22 Lien Law Affidavit as of the Effective Date). The Lenders hereby authorize and direct
the Disbursement Agent, on or prior to the Effective Date, to attach the Revised Section 22 Lien Law Affidavit (as defined below) to this Amendment as Exhibit A. 

  
 4 

 (2) Section 1.1 of the Building Loan Disbursement Agreement is hereby amended by
deleting the definitions of “Lenders’ Title Policy” and “Section 22 Lien Law Affidavit” contained therein and inserting the definitions below in alphabetical order: 

“First Amendment” shall mean that certain First Amendment to Building Term Loan Agreement, Building Loan
Disbursement Agreement and Project Disbursement Agreement, dated as of May 26, 2017, and effective as of the First Amendment Effective Date, by and among the Borrower, the Administrative Agent and the other parties party thereto. 

“First Amendment Effective Date” shall mean the date the First Amendment is effective in accordance with its
terms. 
 “Lenders’ Title Policy” means, collectively, the title insurance policies (including all
endorsements thereto) issued as of the Closing Date and as of the First Amendment Effective Date by the Title Company to the Collateral Agent for the benefit of the Secured Parties, as the same may be further endorsed or modified pursuant to the
terms hereof from time to time following the Closing Date. 
 “Section 22 Lien Law
Affidavit” means a true statement under oath verified by the Borrower as required by Section 22 of the Lien Law and otherwise in form and substance reasonably acceptable to Administrative Agent. A copy of the Section 22 Lien Law
Affidavit as in effect as of the Closing Date is attached hereto as Exhibit N, and a copy of the Section 22 Lien Law Affidavit as in effect as of the First Amendment Effective Date is attached hereto as Exhibit N-1. 
 (3) Section 2.2.1(b) of the Building Loan Disbursement Agreement is hereby
amended by inserting the phrase “and the First Amendment Effective Date” after the phrase “the Closing Date” in each instance where the same appears. 

(4) Section 2.2.1(c) of the Building Loan Disbursement Agreement is hereby amended by inserting the phrase “and the First
Amendment Effective Date” after the phrase “the Closing Date” in each instance where the same appears in the first sentence thereof. 

(5) Section 5 of the Building Loan Disbursement Agreement is hereby amended by inserting the phrase “, on the First
Amendment Effective Date” after the phrase “on the Closing Date” therein. 

  
 5 

 (6) Section 6.1.4 of the Building Loan Disbursement Agreement is hereby amended
by inserting the phrase “or on the First Amendment Effective Date, as the case may be” after the phrase “executed on the Closing Date” therein. 

(b) Project Disbursement Agreement Amendments. 

(1) Exhibit G to the Project Disbursement Agreement is hereby deleted and replaced with Exhibit B to this Amendment.

 (2) Section 1.1 of the Project Disbursement Agreement is hereby amended by deleting the definitions of “AEV Minimum
Amount” and “Section 22 Lien Law Affidavit” contained therein and inserting the definitions below in alphabetical order: 

“AEV Minimum Amount” means Nine Million Eight Hundred Sixty-Six
Thousand Seven Hundred Two 14/100 Dollars ($9,866,702.14). 
 “First Amendment” shall mean that certain
First Amendment to Building Term Loan Agreement, Building Loan Disbursement Agreement and Project Disbursement Agreement, dated as of May 26, 2017, and effective as of the First Amendment Effective Date, by and among the Borrower, the
Administrative Agent and the other parties party thereto. 
 “First Amendment Effective Date” shall mean the
date the First Amendment is effective in accordance with its terms. 
 “Section 22 Lien Law
Affidavit” means a true statement under oath verified by the Borrower as required by Section 22 of the Lien Law and otherwise in form and substance reasonably acceptable to Administrative Agent. A copy of the Section 22 Lien Law
Affidavit as in effect as of the Closing Date is attached as Exhibit N to the Building Loan Disbursement Agreement, and a copy of the Section 22 Lien Law Affidavit as in effect as of the First Amendment Effective Date is attached as
Exhibit N-1 to the Building Loan Disbursement Agreement.” 
 (3) Section
5 of the Project Disbursement Agreement is hereby amended by inserting the phrase “, on the First Amendment Effective Date” after the phrase “on the Closing Date” therein. 

(c) Budget Amendments. Notwithstanding anything to the contrary contained in any Loan Document, each of the Building Budget, Construction
Budget and Project Budget are hereby deemed amended to reflect (i) the application of the proceeds of the First Amendment Term B Loans, as set forth in Section 4(c) below, (ii) the reduction in the AEV Minimum Amount, as reflected
in Section 3(b) above, (iii) the payment of fees and expenses incurred in connection with this Amendment, and (iv) an increase in the contingency Line Items in an aggregate amount not to exceed $5,000,000, and the Lenders
hereby direct and authorize the Disbursement Agreement to make such amendments to each of the Building Budget, Construction Budget and Project Budget as may be reasonably requested by the Borrower to reflect the foregoing. 

  
 6 

 4. New Term B Loans. 

(a) Immediately after giving effect to the amendments set forth in Sections 2 and 3 above, each Lender described on Schedule
A attached hereto (the “First Amendment Additional Term B Lenders”) severally agrees to provide to the Borrower an additional Term B Loan Commitment in an aggregate principal amount as set forth opposite its name on Schedule
A attached hereto (the “First Amendment Additional Term B Loan Commitments”), on the terms and subject to the conditions set forth in the Loan Agreement and this Amendment. Subject to the terms and conditions set forth in the
Loan Agreement and this Amendment, each First Amendment Additional Term B Lender severally agrees to make to the Borrower, on the Effective Date, term loans (the “First Amendment Term B Loans”) in an aggregate principal amount of
such First Amendment Additional Term B Lender’s First Amendment Additional Term B Loan Commitment, which First Amendment Term B Loans shall be made to the Administrative Agent on the Effective Date. Notwithstanding any other provision of this
Amendment, undrawn First Amendment Additional Term B Loan Commitments shall automatically terminate on the funding of the First Amendment Term B Loans pursuant to this clause (a). Once funded, the First Amendment Term B Loans made pursuant to
this clause (a) shall be treated uniformly as Term B Loans, indistinguishable from the Term B Loans made on the Closing Date, including without limitation with respect to maturity, prepayments, repayments, interest rate and other
economic terms. The First Amendment Additional Term B Lenders shall be deemed to be Term B Lenders and Lenders for all purposes under the Loan Agreement, with respect to such Term B Loans made pursuant to this clause (a). 

(b) The initial Interest Period for all First Amendment Term B Loans hereunder shall commence upon the making of such First Amendment Term B
Loans and end on the last day of the Interest Period(s) applicable to the Term B Loans (as of the date of the making of the First Amendment Term B Loans) and such First Amendment Term B Loans shall have the same LIBO Rate as the corresponding Term B
Loans (and, if there are multiple Interest Periods and/or multiple LIBO Rates applicable to the Term B Loans as of such date of the making of the First Amendment Term B Loans, then the First Amendment Term B Loans shall have multiple Interest
Periods ending on the same days (and having the same LIBO rates) as such Interest Periods, and with respect to amounts proportionate to the amount of the Term B Loans applicable to such Interest Periods). 

(c) Notwithstanding anything to the contrary contained herein, upon satisfaction or waiver of the applicable conditions precedent specified
herein, the Administrative Agent and the Borrower shall cause the proceeds of the First Amendment Term B Loans received by the Administrative Agent from the First Amendment Additional Term B Lenders to be credited (i) to the Interest Reserve
Account in an amount equal to the Specified Interest Reserve Account Amount, as calculated on such date and after giving effect to the Term B Loans made on the Effective Date pursuant to this Amendment, (ii) to the Golf Course Loan Account in
an amount equal to $2,500,000, and (iii) to the Loan Proceeds Account in an amount equal to all other 

  
 7 

 
proceeds of the First Amendment Term B Loans received by the Administrative Agent on the Effective Date after application thereof to fees and expenses incurred in connection with this Amendment.

 (d) By executing this Amendment, each First Amendment Additional Term B Lender (i) confirms that it has received a copy of the Loan
Agreement and the other Loan Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this
Amendment, (ii) agrees that it will, independently and without reliance upon the Administrative Agent, the Collateral Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to
make its own credit decisions in taking or not taking action under the Loan Agreement and this Amendment, (iii) appoints and authorizes Administrative Agent, the Collateral Agent and the Disbursement Agent to take such action as agent on its
behalf and to exercise such powers under the Loan Agreement and the other Loan Documents as are delegated to the Administrative Agent, the Collateral Agent or the Disbursement Agent, as the case may be, by the terms thereof, together with such
powers as are reasonably incidental thereto and (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Loan Agreement are required to be performed by it as a Lender and Term B Lender
thereunder. 
 5. Representations and Warranties. To induce the Lenders to agree to this Amendment, the Borrower represents to the
Lenders and the Administrative Agent that as of the date hereof and as of the Effective Date: 
 (a) the Borrower, the Equity Pledgor, the
Completion Guarantor and each of the other Loan Parties has all power and authority to enter into, execute and deliver the First Amendment Documents (as defined below) to which each is a party and to carry out the transactions contemplated by, and
to perform its obligations under or in respect of, the First Amendment Documents to which the Borrower, the Equity Pledgor, the Completion Guarantor and each of the other Loan Parties is a party; 

(b) the execution and delivery of the First Amendment Documents and the performance of the obligations of the Borrower, the Equity Pledgor,
the Completion Guarantor and each of the other Loan Parties under or in respect of the First Amendment Documents to which the Borrower, the Equity Pledgor, the Completion Guarantor or each such other Loan Party is a party have been duly authorized
by all necessary corporate, partnership or limited liability company action on the part of the Borrower, the Equity Pledgor, the Completion Guarantor and each of the other Loan Parties; 

(c) the execution and delivery of the First Amendment Documents and the performance of the obligations of the Borrower, the Equity Pledgor,
the Completion Guarantor and each of the other Loan Parties under or in respect of the First Amendment Documents to which each is a party does not and will not (i) violate (A) any provision of law, statute, rule or regulation applicable to such
Person in any material respect, (B) any Governing Document of any such Person, (C) any order of any Governmental Authority or arbitrator applicable to such 

  
 8 

 
Person or (D) any Contractual Obligation of any such Person which in the case of this clause (D), could reasonably be expected to have a Material Adverse Effect, (ii) be in conflict
with, result in a breach of or constitute (alone or with notice or lapse of time or both) a default under, or give rise to any right to accelerate or to require the prepayment, repurchase or redemption of any obligation under any such Contractual
Obligation or other instrument which, in the case of this clause (ii) only, could reasonably be expected to have a Material Adverse Effect, or (iii) result in the creation or imposition of any Lien upon or with respect to any property or
assets now owned or hereafter acquired by any such Person (other than Liens created under the Security Documents and the Revolving Facility Documents); 

(d) the First Amendment Documents have been duly executed and delivered by the Borrower, the Equity Pledgor, the Completion Guarantor and each
of the other Loan Parties, as applicable, and constitute legal, valid and binding obligations of such Person, enforceable against such Person in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or
other similar laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law; 

(e) no event has occurred and is continuing or will result from the execution and delivery of the First Amendment Documents or the performance
by the Borrower, the Equity Pledgor, the Completion Guarantor or any other Loan Party of their obligations hereunder, under the Loan Agreement or under the other Loan Documents that would constitute a Default or an Event of Default; and 

(f) each of the representations and warranties made by the Borrower, the Equity Pledgor, the Completion Guarantor or any other Loan Party in
or pursuant to the Loan Documents, as amended hereby, shall be true and correct in all material respects as if made on and as of the Effective Date, except for representations and warranties expressly stated to relate to a specific earlier date, or
which by their context relate to an earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date; provided that, if a representation and warranty is qualified as to
materiality, with respect to such representation and warranty, the applicable materiality qualifier set forth above shall be disregarded for purposes of this representation and warranty. 

6. No Waiver. Notwithstanding anything to the contrary set forth in this Amendment, this Amendment does not constitute a waiver of any
Default or Event of Default, or waiver of compliance with, or modification or amendment of, any other term or condition, under the Loan Documents. 

7. Effectiveness of this Amendment. This Amendment shall be effective only if and when: 

(a) this Amendment is signed by the Borrower, the Equity Pledgor, the Completion Guarantor, the other Loan Parties party hereto, the
Administrative Agent, the Collateral Agent, the Disbursement Agent, the First Amendment Additional Term B Lenders and the 

  
 9 

 
Administrative Agent on behalf of the Required Lenders (and the Administrative Agent shall have received written direction by the Required Lenders to execute this Amendment on their behalf), and
each such party shall have delivered their fully executed signature pages hereto to the Administrative Agent; 
 (b) the Borrower shall have
delivered to the Administrative Agent an amendment to the Revolving Credit Agreement, executed by the Borrower, the Equity Pledgor, the other Loan Parties party thereto and the Revolving Administrative Agent, which amendment shall (i) permit
the transactions contemplated by this Amendment, and (ii) have been executed and delivered by the parties thereto and shall be in full force and effect; 

(c) each of the representations and warranties contained in Section 5 of this Amendment shall be true and correct in
all respects and, in furtherance thereof, the Borrower shall have received all necessary approvals and/or consents from the Governmental Authorities (including Gaming Authorities and the IDA) in form and substance reasonably satisfactory to the
Administrative Agent for the execution and delivery of this Amendment and the performance of the obligations of the Borrower and the other Loan Parties under or in respect of this Amendment; 

(d) the Administrative Agent shall have received (i) a Mortgage, executed by the Borrower and the Golf Sub, (ii) a Mortgage,
executed by the EV Sub, (iii) an Assignment of Leases and Rents, executed by the Borrower and the Golf Sub, and (iv) an Assignment of Leases and Rents, executed by the EV Sub (collectively, the “First Amendment Real Estate
Documents” and, together with this Amendment and each other document required to be executed by the Borrower, the Completion Guarantor, the Equity Pledgor and the other Loan Parties under this Amendment, the “First Amendment
Documents”), each dated as of the Effective Date, in each case executed and delivered by a duly authorized officer of each party thereto, in form and substance reasonably satisfactory to the Administrative Agent; 

(e) the Administrative Agent shall have received (i) an Effective Date certificate dated as of the Effective Date and signed by a
Financial Officer or other authorized officer of the Borrower, and (ii) a Solvency Certificate dated as of the Effective Date and signed by the chief financial officer of the Borrower, in each case, in form and substance reasonably satisfactory
to the Administrative Agent; 
 (f) the Administrative Agent shall have received a consent and acknowledgement relating to each Mortgage
from the landlord of each material leased Real Property that constitutes Mortgaged Property, in form and substance reasonably satisfactory to the Administrative Agent; 

(g) the Administrative Agent and the Collateral Agent shall have received in respect of each Mortgaged Property a mortgagee’s title
insurance policy (or policies) or marked up unconditional binder for such insurance or unconditional commitment to issue a title policy for such insurance. Each such policy shall (i) be in an amount equal to the aggregate amount of the First
Amendment Additional Term B Loan Commitments; (ii) insure that the Mortgage insured 

  
 10 

 
thereby creates a valid Lien on, and security interest in, such Mortgaged Property free and clear of all defects and encumbrances, except as disclosed therein; (iii) name the Collateral
Agent, for the benefit of the Secured Parties, as the insured thereunder; (iv) be in the form of an ALTA Loan Policy acceptable to the Administrative Agent; (v) contain such endorsements and affirmative coverage as the Administrative Agent
may reasonably request, each in form and substance reasonably acceptable to the Administrative Agent; and (vi) be issued by the Title Company. The Administrative Agent and the Collateral Agent shall have received evidence reasonably
satisfactory to each of them that all premiums in respect of each such policy, any charges for mortgage recording tax, and all related expenses, if any, have been paid or will be paid on the Effective Date and that all mortgage tax and related
affidavits, if any, have been delivered to the Title Company; 
 (h) the Administrative Agent and the Collateral Agent shall have received
(i) evidence as to whether (1) any Mortgaged Properties are located in an area designated by the Federal Emergency Management Agency as having special flood or mud slide hazards and (2) the communities in which any such Mortgaged
Properties are located are participating in the National Flood Insurance Program, (ii) if there are any such Mortgaged Properties, the Borrower’s written acknowledgement of receipt of written notification from the Administrative Agent
(1) as to the existence of each such Mortgaged Property and (2) as to whether the communities in which such Mortgaged Properties are located are participating in the National Flood Insurance Program, and (iii) if any such Mortgaged
Properties are located in communities that participate in the National Flood Insurance Program, evidence that the applicable Loan Party has obtained flood insurance in respect of such Mortgaged Properties to the extent required under the applicable
regulations of the Board; 
 (i) the Administrative Agent and the Collateral Agent shall have received a Section 22 Lien Law Affidavit
in form and substance reasonably satisfactory to them and the Title Company (the “Revised Section 22 Lien Law Affidavit”). The Borrower shall have delivered to the Title Company for filing in the appropriate
public records this Amendment, such Section 22 Lien Law Affidavit and a Notice of Lending in form and substance reasonably acceptable to the Administrative Agent and the Collateral Agent; 

(j) the Administrative Agent shall have received (i) a copy of the certificate of formation or organization, articles of incorporation,
certificate of limited partnership or other formation documents, including all amendments thereto, of each Loan Party, certified as of a recent date by the Secretary of State of the state of its organization, and a certificate as to the good
standing of each Loan Party as of a recent date, from such Secretary of State; (ii) a certificate of the Secretary, Assistant Secretary, managing member or other Authorized Officer of each Loan Party dated the Effective Date and certifying
(A) that attached thereto is a true and complete copy of the limited liability company agreement, operating agreement, by-laws, limited partnership agreement or other such Governing Document of such Loan
Party as in effect on the Effective Date and at all times since a date prior to the date of the resolutions described in clause (B) below, (B) that attached thereto is a true and complete copy of resolutions duly adopted by the board of
directors, board of managers, manager, general partner, managing member or similar governing body of such Loan Party authorizing the execution, delivery and 

  
 11 

 
performance of the First Amendment Documents to which such Person is a party, and in the case of the Borrower, the borrowings hereunder, in the case of each other Loan Party, the affirmation and
ratification of the granting of the Liens contemplated to be granted by it under the Security Documents, in the case of each Subsidiary Guarantor and the Borrower, the affirmation and ratification of the Guaranteeing of the Obligations as
contemplated by the Subsidiary Guaranty, and, in the case of each Loan Party, the affirmation and ratification of the guarantees and other obligations set forth in the Loan Documents, and that such resolutions have not been modified, rescinded or
amended and are in full force and effect, (C) that the certificate of formation, articles or certificate of organization, articles of incorporation, certificate of limited partnership or other formation documents of such Loan Party have not
been amended since the date of the last amendment thereto shown on the certificate with respect thereto furnished pursuant to clause (i) above and (D) as to the incumbency and specimen signature of each officer or other authorized
signatory executing any First Amendment Document or any other document delivered in connection herewith on behalf of such Loan Party; (iii) in the case of each Loan Party, a certificate of another officer as to the incumbency and specimen
signature of the Secretary, Assistant Secretary, managing member or other Authorized Officer, as the case may be, executing the certificate pursuant to (ii) above; and (iv) such other documents related to the foregoing matters as the
Administrative Agent may reasonably request; 
 (k) the Administrative Agent shall have received from the Borrower a notice of Borrowing
with respect to the First Amendment Additional Term B Loan Commitments in form and substance reasonably satisfactory to the Administrative Agent, and the Borrower shall have borrowed loans under this Amendment in an aggregate principal amount of
$35,000,000; 
 (l) the First Amendment Additional Term B Lenders, the Lenders, the Agents and the Lead Arranger shall have received all
Fees required to be paid hereunder, under the Loan Agreement or under any engagement or fee letter entered into by such party and the Borrower, and all expenses required to be paid hereunder, under the Loan Agreement or under any engagement or fee
letter entered into by such party and the Borrower for which invoices have been presented, before the Effective Date, including (i) for each Lender that has directed the Administrative Agent to execute this Amendment on its behalf, an amendment
fee equal to 0.05% of such Lender’s Commitments and Loans immediately prior to the Effective Date (for purposes of clarification, other than any First Amendment Additional Term B Loan Commitments), and (ii) for each First Amendment
Additional Term B Lender, an upfront fee equal to 0.25% of the aggregate principal amount of such First Amendment Additional Term B Lender’s First Amendment Additional Term B Loan Commitment; and 

(m) the Administrative Agent, on behalf of itself and the Lenders, shall have received written opinions of (i) Paul, Weiss, Rifkind,
Wharton & Garrison LLP, as special New York counsel for the Loan Parties, the Completion Guarantor and the Equity Pledgor, and (ii) Fox Rothschild LLP, as special New York counsel for the Loan Parties, the Equity Pledgor and the
Completion Guarantor, each such opinion to (A) be dated the Effective Date, (B) be addressed to the Administrative Agent, the other Agents and the Lenders, (C) cover such matters relating to the First Amendment Documents as the
Administrative Agent shall reasonably request and which are customary for transactions of the type contemplated herein and (D) be otherwise in form and substance reasonably satisfactory to the Administrative Agent. 

  
 12 

 This Amendment shall be deemed to be effective on the date (the “Effective
Date”) on which each of the foregoing conditions is satisfied (such conditions to be satisfied no later than 5pm EST on June 2, 2017). 

8. Acknowledgements. By executing this Amendment, the Borrower, the Equity Pledgor, the Completion Guarantor and each of the other Loan
Parties (a) acknowledges that it expects to receive substantial direct and indirect benefits as a result of this Amendment and the transactions contemplated hereby, (b) consents to this Amendment and the performance by the Borrower, the
Equity Pledgor, the Completion Guarantor and each of the other Loan Parties of their obligations hereunder, (c) acknowledges that notwithstanding the execution and delivery of this Amendment, the obligations of each of the Borrower, the Equity
Pledgor, the Completion Guarantor and each of the other Loan Parties under each of the other Loan Documents to which such Person is a party (including, without limitation, its respective guarantees, pledges, grants of security interests and other
obligations thereunder), are not impaired or affected and each such Loan Document continues in full force and effect and (d) affirms and ratifies, to the extent it is a party thereto, each Loan Document with respect to all of the Obligations as
expanded or amended hereby. 
 9. Fungible Term Loans. The Borrower and the Administrative Agent intend to treat the Amendment and
the fees contemplated hereby as not resulting in a “significant modification” of the Term B Loans, within the meaning of U.S. Treasury Regulation 1.1001-3, and intend to treat all the Term B Loans as
one fungible tranche for U.S. federal income tax purposes. 
 10. No Novation. The amendment of the Loan Agreement and the
Disbursement Agreements as contemplated hereby shall not be construed to (and is not intended to) novate, discharge or release the Borrower, the Equity Pledgor, the Completion Guarantor or any other Loan Party from any obligations owed to the
Lenders, the Administrative Agent, the Collateral Agent or the Disbursement Agent under the Loan Agreement or any other Loan Documents, which shall remain owing under the Loan Agreement and the other Loan Documents. In furtherance of the foregoing,
this Amendment shall not extinguish the Obligations outstanding under the Loan Agreement or any other Loan Documents. 
 11. Consent.
Upon the receipt of the signatures of each of the Lenders authorizing the Administrative Agent to execute this Amendment on its behalf, each of such Lenders shall be deemed to have acknowledged receipt of, and consented to and approved the
amendments and modifications to the Loan Documents set forth herein and hereby authorizes and directs the Administrative Agent, the Collateral Agent and/or the Disbursement Agent to execute and deliver this Amendment, the First Amendment Real
Property Documents and any other First Amendment Document to which the Administrative Agent, the Collateral Agent and/or the Disbursement Agent is a party. 

  
 13 

 12. Miscellaneous. THIS AMENDMENT, AND ANY INSTRUMENT OR AGREEMENT REQUIRED HEREUNDER
(TO THE EXTENT NOT OTHERWISE EXPRESSLY PROVIDED FOR THEREIN) AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO AND THERETO, HEREUNDER AND THEREUNDER, SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK
(WITHOUT REGARD TO CONFLICT OF LAWS PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF LAWS OTHER THAN THE LAW OF THE STATE OF NEW YORK). This Amendment may be executed in one or more duplicate counterparts and, subject to the other terms and
conditions of this Amendment, when signed by all of the parties listed below shall constitute a single binding agreement. Delivery of an executed signature page to this Amendment by facsimile transmission or electronic mail shall be as effective as
delivery of a manually signed counterpart of this Amendment. Except as amended hereby, all of the provisions of the Loan Agreement and the other Loan Documents shall remain in full force and effect except that each reference to the “Loan
Agreement”, “Building Loan Disbursement Agreement”, “Project Disbursement Agreement” or words of like import in any Loan Document, shall mean and be a reference to the Loan Agreement, Building Loan Disbursement Agreement and
Project Disbursement Agreement, as applicable, as amended hereby. This Amendment shall be deemed a “Loan Document” as defined in the Loan Agreement. Sections 9.11 and 9.15 of the Loan Agreement shall apply to this Amendment and all past
and future amendments to the Loan Agreement and the other Loan Documents as if expressly set forth herein. 
 13. New York Lien Law
Compliance. A true statement under oath, verified by Borrower as required by Section 22 of the Lien Law of the State of New York, is attached hereto as Exhibit A and made part hereof. 

  
 14 

 IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed by their officers
or partners thereunto duly authorized as of the day and year first above written. 
 MONTREIGN OPERATING COMPANY, LLC, 

a New York limited liability company 
  

			
	By:	 	 /s/ Ryan Eller

	Name:	 	Ryan Eller
	Title:	 	President

  

							
	STATE OF New York	 	)	 		 	
		 	)	 	ss.	 	
	COUNTY OF Sullivan	 	)	 		 	

 On the 24th day of May, in the year 2017, before me, the undersigned, personally appeared Ryan Eller,
personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her
signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. 
  

	
	 /s/ Erin Sherlock

	Notary Public

  
 [Signature Page to First
Amendment to Building Loan Agreement, Building Loan Disbursement Agreement and Project Disbursement Agreement] 

 MONTREIGN HOLDING COMPANY, LLC, 

a New York limited liability company 
  

			
	By:	 	 /s/ Ryan Eller

	Name:	 	Ryan Eller
	Title:	 	President

  

							
	STATE OF New York	 	)	 		 	
		 	)	 	ss.	 	
	COUNTY OF Sullivan	 	)	 		 	

 On the 24th day of May, in the year 2017, before me, the undersigned, personally appeared Ryan Eller,
personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her
signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. 
  

	
	 /s/ Erin Sherlock

	Notary Public

  
 [Signature Page to First
Amendment to Building Loan Agreement, Building Loan Disbursement Agreement and Project Disbursement Agreement] 

 EMPIRE RESORTS, INC., 

a Delaware corporation 
  

			
	By:	 	 /s/ Ryan Eller

	Name:	 	Ryan Eller
	Title:	 	President

  

							
	STATE OF New York	 	)	 		 	
		 	)	 	ss.	 	
	COUNTY OF Sullivan	 	)	 		 	

 On the 24th day of May, in the year 2017, before me, the undersigned, personally appeared Ryan Eller,
personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her
signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. 
  

	
	 /s/ Erin Sherlock

	Notary Public

  
 [Signature Page to First
Amendment to Building Loan Agreement, Building Loan Disbursement Agreement and Project Disbursement Agreement] 

 EMPIRE RESORTS REAL ESTATE I, LLC, 

a New York limited liability company 
  

			
	By:	 	 /s/ Ryan Eller

	Name:	 	Ryan Eller
	Title:	 	President

  

							
	STATE OF New York	 	)	 		 	
		 	)	 	ss.	 	
	COUNTY OF Sullivan	 	)	 		 	

 On the 24th day of May, in the year 2017, before me, the undersigned, personally appeared Ryan Eller,
personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her
signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. 
  

	
	 /s/ Erin Sherlock

	Notary Public

  
 [Signature Page to First
Amendment to Building Loan Agreement, Building Loan Disbursement Agreement and Project Disbursement Agreement] 

 EMPIRE RESORTS REAL ESTATE II, LLC, 

a New York limited liability company 
  

			
	By:	 	 /s/ Ryan Eller

	Name:	 	Ryan Eller
	Title:	 	President

  

							
	STATE OF New York	 	)	 		 	
		 	)	 	ss.	 	
	COUNTY OF Sullivan	 	)	 		 	

 On the 24th day of May, in the year 2017, before me, the undersigned, personally appeared Ryan Eller,
personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her
signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. 
  

	
	 /s/ Erin Sherlock

	Notary Public

  
 [Signature Page to First
Amendment to Building Loan Agreement, Building Loan Disbursement Agreement and Project Disbursement Agreement] 

 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, 

as Administrative Agent and on behalf of the Required Lenders 
  

			
	By:	 	 /s/ Robert Hetu

	Name:	 	Robert Hetu
	Title:	 	Authorized Signatory

  

			
	By:	 	 /s/ Whitney Gaston

	Name:	 	Whitney Gaston
	Title:	 	Authorized Signatory

  

							
	STATE OF New York	 	)	 		 	
		 	)	 	ss.	 	
	COUNTY OF New York	 	)	 		 	

 On the 25th day of May, in the year 2017, before me, the undersigned, personally appeared Robert Hetu and
Whitney Gaston, Authorized Signatories, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in
his/her capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. 

 

	
	 /s/ Majorie E. Buff

	Notary Public

  
 [Signature Page to First
Amendment to Building Loan Agreement, Building Loan Disbursement Agreement and Project Disbursement Agreement] 

 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, 

as Collateral Agent 
  

			
	By:	 	 /s/ Robert Hetu

	Name:	 	Robert Hetu
	Title:	 	Authorized Signatory

  

			
	By:	 	 /s/ Whitney Gaston

	Name:	 	Whitney Gaston
	Title:	 	Authorized Signatory

  

							
	STATE OF New York	 	)	 		 	
		 	)	 	ss.	 	
	COUNTY OF New York	 	)	 		 	

 On the 25th day of May, in the year 2017, before me, the undersigned, personally appeared Robert Hetu and
Whitney Gaston, Authorized Signatories, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in
his/her capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. 

 

	
	 /s/ Majorie E. Buff

	Notary Public

  
 [Signature Page to First
Amendment to Building Loan Agreement, Building Loan Disbursement Agreement and Project Disbursement Agreement] 

 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, 

as Disbursement Agent 
  

			
	By:	 	 /s/ Robert Hetu

	Name:	 	Robert Hetu
	Title:	 	Authorized Signatory

  

			
	By:	 	 /s/ Whitney Gaston

	Name:	 	Whitney Gaston
	Title:	 	Authorized Signatory

  

							
	STATE OF New York	 	)	 		 	
		 	)	 	ss.	 	
	COUNTY OF New York	 	)	 		 	

 On the 25th day of May, in the year 2017, before me, the undersigned, personally appeared Robert Hetu and
Whitney Gaston, Authorized Signatories, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in
his/her capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. 

 

	
	 /s/ Majorie E. Buff

	Notary Public

  
 [Signature Page to First
Amendment to Building Loan Agreement, Building Loan Disbursement Agreement and Project Disbursement Agreement] 

 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, 

as a First Amendment Additional Term B Lender 
  

			
	By:	 	 /s/ Robert Hetu

	Name:	 	Robert Hetu
	Title:	 	Authorized Signatory

  

			
	By:	 	 /s/ Whitney Gaston

	Name:	 	Whitney Gaston
	Title:	 	Authorized Signatory

  

							
	STATE OF New York	 	)	 		 	
		 	)	 	ss.	 	
	COUNTY OF New York	 	)	 		 	

 On the 25th day of May, in the year 2017, before me, the undersigned, personally appeared Robert Hetu and
Whitney Gaston, Authorized Signatories, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in
his/her capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. 

 

	
	 /s/ Majorie E. Buff

	Notary Public

  
 [Signature Page to First
Amendment to Building Loan Agreement, Building Loan Disbursement Agreement and Project Disbursement Agreement]

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