Document:

EX-4.3

 Exhibit 4.3 

EXECUTION VERSION 

SANTANDER HOLDINGS USA, INC. 

Company 
 to 

DEUTSCHE BANK TRUST COMPANY AMERICAS 

Trustee 
 Ninth Supplemental
Indenture 
 SENIOR DEBT SECURITIES 

Dated as of March 27, 2017 

 TABLE OF CONTENTS 

 

					
	 	  	PAGE	 
	 ARTICLE 1 Scope of Ninth Supplemental Indenture
	  	 	1	 
		
	 Section 1.01. Scope
	  	 	1	 
		
	 ARTICLE 2 Definitions
	  	 	2	 
		
	 Section 2.01. Definitions and Other Provisions of General Application
	  	 	2	 
		
	 ARTICLE 3 Form And Terms Of The Notes
	  	 	2	 
		
	 Section 3.01. Form and Dating
	  	 	2	 
	 Section 3.02. Terms of the Notes
	  	 	2	 
		
	 ARTICLE 4 Supplemental Indentures
	  	 	4	 
		
	 Section 4.01. Supplemental Indentures
	  	 	4	 
		
	 ARTICLE 5 Miscellaneous
	  	 	4	 
		
	 Section 5.01. Trust Indenture Act of 1939
	  	 	4	 
	 Section 5.02. Governing Law
	  	 	4	 
	 Section 5.03. Duplicate Originals
	  	 	4	 
	 Section 5.04. Separability
	  	 	4	 
	 Section 5.05. Ratification
	  	 	4	 
	 Section 5.06. Effectiveness
	  	 	4	 
	 Section 5.07. Successors
	  	 	4	 
	 Section 5.08. Trustee’s Disclaimer
	  	 	4	 
		
	 EXHIBIT A - Form of 3.700% Senior Note due 2022
	  	 	A-1	 

  
 i 

 NINTH SUPPLEMENTAL INDENTURE 

NINTH SUPPLEMENTAL INDENTURE (this “Ninth Supplemental Indenture”), dated as of March 27, 2017, between SANTANDER
HOLDINGS USA, INC., a corporation duly organized and existing under the laws of the Commonwealth of Virginia (the “Company”), having its principal office at 75 State Street, Boston, Massachusetts 02109, and Deutsche Bank Trust
Company Americas, a New York banking corporation, having a corporate trust office at 60 Wall Street, 16th Floor, New York, New York, 10005, as Trustee (the “Trustee”). 

RECITALS OF THE COMPANY 

WHEREAS, the Company and the Trustee executed and delivered an Indenture, dated as of April 19, 2011 (the “Base
Indenture”) to provide for the issuance by the Company from time to time of its unsecured debentures, notes or other evidences of indebtedness (the “Securities”); 

WHEREAS, the Company amended the Base Indenture pursuant to the Eighth Supplemental Indenture, dated as of March 1, 2017, between
the Company and the Trustee (the “Eighth Supplemental Indenture,” and the Base Indenture, as amended by the Eighth Supplemental Indenture and as supplemented by this Ninth Supplemental Indenture, the “Indenture”);

 WHEREAS, Sections 2.01, 3.01 and 9.01 of the Base Indenture provide that the Company, when authorized by a Board Resolution, and
the Trustee, at any time and from time to time, may enter into one or more indentures supplemental to the Indenture, without the consent of any Holders, to, among other things, establish the terms of Securities of any series as permitted by the
Indenture; 
 WHEREAS, the issuance and sale of $1,000,000,000 aggregate principal amount of a new series of the Securities of the
Company designated as its 3.700% Senior Notes due 2022 (the “Notes”) have been authorized by resolutions adopted by the board of directors of the Company; 

WHEREAS, the Company desires to issue and sell $1,000,000,000 aggregate principal amount of the Notes as of the date hereof; 

WHEREAS, the Company desires to establish the terms of the Notes; 

WHEREAS, all things necessary to make this Ninth Supplemental Indenture a legal and binding supplement to the Base Indenture in
accordance with its terms and the terms of the Base Indenture have been done; 
 WHEREAS, the Company has complied with all
conditions precedent provided for in the Base Indenture relating to this Ninth Supplemental Indenture; and 
 WHEREAS, the Company
has requested that the Trustee execute and deliver this Ninth Supplemental Indenture. 
 NOW, THEREFORE: 

For and in consideration of the premises stated herein and the purchase of the Notes by the Holders thereof, the Company and the Trustee
covenant and agree, for the equal and proportionate benefit of the Holders of the Notes, as follows: 
 ARTICLE 1 

SCOPE OF NINTH SUPPLEMENTAL INDENTURE 

Section 1.01. Scope. This Ninth Supplemental Indenture constitutes a supplement to the Base Indenture and an integral part of the
Indenture and shall be read together with the Base Indenture and Eighth Supplemental Indenture as though all the provisions thereof are contained in one instrument. Except as expressly amended by the Eighth Supplemental Indenture and Ninth
Supplemental Indenture, the terms and provisions of the Base Indenture shall remain in full force and effect. Notwithstanding the foregoing, this Ninth Supplemental Indenture shall only apply to the Notes. 

 ARTICLE 2 

DEFINITIONS 

Section 2.01. Definitions and Other Provisions of General Application. For all purposes of this Ninth Supplemental Indenture
unless otherwise specified herein: 
 (a)    all terms used in this Ninth Supplemental Indenture which are not
otherwise defined herein shall have the meanings they are given in the Base Indenture, as amended by the Eighth Supplemental Indenture; 

(b)    the provisions of general application stated in Sections 1.02 through 1.15 of the Base Indenture shall apply to
this Ninth Supplemental Indenture, except that the words “herein,” “hereof,” “hereto” and “hereunder” and other words of similar import refer to this Ninth Supplemental Indenture as
a whole and not to the Base Indenture or any particular Article, Section or other subdivision of the Base Indenture or this Ninth Supplemental Indenture; 

(c)    Section 1.01 of the Base Indenture is amended and supplemented, solely with respect to the Notes, by inserting the
following additional defined term in its appropriate alphabetical position: 
 “Issue Date” means March 27,
2017. 
 ARTICLE 3 

FORM AND TERMS OF THE NOTES 

Section 3.01. Form and Dating. 

(a)    The Notes and the Certificate of Authentication shall be substantially in the form of Exhibit A attached
hereto. The Notes may have notations, a legend or legends or endorsements as may be required to comply with any law or with any rules of any securities exchange or usage. Each Note shall be dated the date of its authentication. 

(b)    The terms contained in the Notes shall constitute, and are hereby expressly made, a part of the Indenture as
supplemented by this Ninth Supplemental Indenture and the Company and the Trustee, by their execution and delivery of this Ninth Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 

Section 3.02. Terms of the Notes. The following terms relating to the Notes are hereby established: 

(a)    Title. The Notes shall constitute a series of Securities having the title “Santander Holdings USA, Inc.
3.700% Senior Notes due 2022,” and the CUSIP number shall be either “80282K AK2” (144A) or “U8029K AA0” (Regulation S), as applicable. 

(b)    Principal Amount. The aggregate principal amount of the Notes that may be authenticated and delivered under
the Indenture, as amended hereby, shall be $1,000,000,000 on the Issue Date. Provided that no Covenant Breach or Event of Default has occurred and is continuing with respect to the Notes, the Company may, without notice to or the consent of the
Holders, create and issue additional Securities having the same terms as, and ranking equally and ratably with, the Notes in all respects and so that such additional Notes will be consolidated and form a single series with, and have the same terms
as to status, redemption or otherwise as, the Notes initially issued. 
 (c)    Person to Whom Interest is
Payable. Interest payable, and punctually paid or duly provided for, on any Interest Payment Date will be paid to the Person in whose name the Notes are registered at the close of business on the Regular Record Date for such interest, which
shall be the close of business fifteen (15) calendar days 

  
 2 

 
(whether or not a Business Day) immediately preceding an Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on
such Regular Record Date and may either be paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to Holders of Notes of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner and as provided for in the Base Indenture. 

(d)    Maturity Date. The entire outstanding principal of the Notes shall be payable on March 28, 2022
(the “Maturity Date”). 
 (e)    Interest. The rate at which the Notes shall bear interest shall
be 3.700% per annum (the “Applicable Rate”); the date from which interest shall accrue on the Notes shall be March 27, 2017 or the most recent Interest Payment Date to which interest has been paid or duly provided for; the
Interest Payment Dates for the Notes shall be March 28 and September 28 of each year, beginning on September 28, 2017. In the event that any scheduled Interest Payment Date for the Notes falls on a day that is not a Business Day, then
payment of interest payable on such Interest Payment Date shall be postponed to the next succeeding day which is a Business Day (and no interest on such payment will accrue for the period from and after such scheduled Interest Payment Date). 

(f)    Place of Payment of Principal and Interest. Payment of the principal of (and premium, if any) and interest
on the Notes will be made at the office or agency of the Company maintained for that purpose in New York, New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts against surrender of any Note in the case of any payment due at the Maturity Date; provided, however, that (i) if any Note is a Global Security, payments shall be made in respect of such Note pursuant to the Applicable
Procedures of the Depositary as in effect from time to time, and (ii) if any Note is not a Global Security, payment of interest in respect of such Note will be made by check mailed to the address of the Person entitled thereto as such address
shall appear in the Security Register at the close of business on the Regular Record Date for such interest. Notwithstanding the foregoing, if any Note is not a Global Security and has a principal amount of at least $1,000,000, upon request, the
Company will pay any amount that becomes due on such Note by wire transfer of immediately available funds to an account at a bank in New York City, on the due date. To request such a wire payment, the Holder of such Note must give the Paying Agent
appropriate wire transfer instructions at least five Business Days before the requested wire payment is due. In the case of any interest payment due on an Interest Payment Date, the instructions must be given by the person or entity who is the
Holder on the relevant Regular Record Date. Any wire instructions, once properly given, will remain in effect unless and until new instructions are given in the manner described above. 

(g)    Redemption. The Company may, at its option, on or after the 30th day prior to the Maturity Date, redeem the Notes,
in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest thereon to the date of redemption. Other than as set forth in the preceding sentence, the Notes are not
redeemable prior to the Maturity Date. 
 (h)    Sinking Fund. There shall be no sinking fund for the Notes. 

(i)    Denomination. The Notes shall be in minimum denominations of $2,000 and integral multiples of $1,000 in
excess thereof. 
 (j)    Currency of the Notes. The Notes shall be denominated, and payment of principal and
interest of the Notes shall be payable in, the currency of the United States of America. 
 (k)    Currency of
Payment. The principal of and interest on the Notes shall be payable in the currency of the United States of America. 

(l)    Defeasance. Article 13 of the Base Indenture shall apply to the Notes. 

(m)    Registered Form. The Notes shall be issuable as registered Global Securities, and the depositary for the
Notes shall be the Depository Trust Company in The City of New York (“DTC”) or any successor depositary appointed by the Company within 90 days of the termination of services of DTC (or any successor to DTC). Sections 2.04 and 3.05
of the Base Indenture shall apply to the Notes. 

  
 3 

 (n)    Covenants. The covenants set forth in Article 10 of the Base
Indenture shall apply to the Notes. 
 (o)    Additional Terms. Other terms applicable to the Notes are as
otherwise provided for below. 
 ARTICLE 4 

SUPPLEMENTAL INDENTURES 

Section 4.01. Supplemental Indentures. The following paragraph shall be added to the end of Section 9.01 of
the Base Indenture and shall only apply to the Notes: 
 Notwithstanding the foregoing, without the consent of any Holder of Securities,
the Company and the Trustee may amend or supplement the Indenture or the Securities to conform the terms of the Indenture and the Securities to the description of the Securities in the final offering memorandum dated March 22, 2017 relating to
the offering of the Securities. 
 ARTICLE 5 

MISCELLANEOUS 

Section 5.01. Trust Indenture Act of 1939. This Ninth Supplemental Indenture shall incorporate and be governed by the provisions
of the Trust Indenture Act that are required to be part of and to govern indentures qualified under the Trust Indenture Act. 

Section 5.02. Governing Law. This Ninth Supplemental Indenture and the Notes shall be governed by and construed in
accordance with the law of the State of New York, without regard to principles of conflicts of law. 
 Section 5.03. Duplicate
Originals. The parties may sign any number of copies of this Ninth Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

Section 5.04. Separability. In case any provision in this Ninth Supplemental Indenture or the Notes shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 5.05. Ratification. The Base Indenture, as amended by the Eighth Supplemental Indenture and as supplemented and amended by
this Ninth Supplemental Indenture, is in all respects ratified and confirmed. The Base Indenture, the Eighth Supplemental Indenture and this Ninth Supplemental Indenture shall be read, taken and construed as one and the same instrument. All
provisions included in this Ninth Supplemental Indenture supersede any conflicting provisions included in the Base Indenture unless not permitted by law. The Trustee accepts the trusts created by the Base Indenture, as amended by the Eighth
Supplemental Indenture and as supplemented by this Ninth Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Base Indenture, as amended by the Eighth Supplemental Indenture and as supplemented by this Ninth
Supplemental Indenture. 
 Section 5.06. Effectiveness. The provisions of this Ninth Supplemental Indenture shall become
effective as of the date hereof. 
 Section 5.07. Successors. All agreements of the Company in this Ninth Supplemental Indenture
shall bind its successors. All agreements of the Trustee in this Ninth Supplemental Indenture shall bind its successors. 

Section 5.08. Trustee’s Disclaimer. The recitals contained herein shall be taken as the statements of the
Company and the Trustee assumes no responsibility for their correctness. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Ninth Supplemental Indenture, the Notes, or for or in
respect of the recitals contained herein, all of which recitals are made solely by the Company. 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Ninth Supplemental Indenture to be duly
executed as of the date set forth above. 
  

									
		 		 		 	 SANTANDER HOLDINGS USA, INC.

as the Company

	Attest	 		 		 		 	
					
	By:	 	 /s/ Gerard A. Chamberlain
	 		 	By:	 	 /s/ Juan Carlos Alvarez de Soto

	Name:	 	Gerard A. Chamberlain	 		 	Name:	 	Juan Carlos Alvarez de Soto
	Title:	 	Assistant Secretary	 		 	Title:	 	Treasurer and Senior Executive Vice President

  

  
 SIGNATURE
PAGE TO NINTH SUPPLEMENTAL INDENTURE 

 
			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Trustee

		
	By:	 	Deutsche Bank National Trust Company
		
	By:	 	 /s/ Jeffrey Schoenfeld

		 	Jeffrey Schoefeld
		 	Vice President
		
	By:	 	 /s/ Chris Niesz

		 	Chris Niesz
		 	Assistant Vice President

  
 SIGNATURE
PAGE TO NINTH SUPPLEMENTAL INDENTURE 

 EXHIBIT A 

FORM OF NOTE 
 [FORM OF
FACE OF NOTE] 
 [Global Notes Legend] 

[THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY
OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE
THEREOF, EXCEPT IN LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 

THIS SECURITY IS NOT A DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE BANK INSURANCE FUND, THE SAVINGS
ASSOCIATION INSURANCE FUND OR ANY OTHER GOVERNMENTAL AGENCY. 
 [[FOR REGULATION S GLOBAL NOTE ONLY] UNTIL 40 DAYS AFTER THE LATER OF
COMMENCEMENT OR COMPLETION OF THE OFFERING, AN OFFER OR SALE OF SECURITIES WITHIN THE UNITED STATES BY A DEALER (AS DEFINED IN THE SECURITIES ACT) MAY VIOLATE THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IF SUCH OFFER OR SALE IS MADE
OTHERWISE THAN IN ACCORDANCE WITH RULE 144A THEREUNDER.] 
 [Restricted Notes Legend for Notes offered in reliance on Rule 144A] 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF
ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH
TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR
OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE THAT IS THE DATE ON WHICH THE ISSUER INSTRUCTS THE TRUSTEE THAT THIS RESTRICTIVE LEGEND SHALL BE DEEMED REMOVED (WHICH INSTRUCTION IS EXPECTED TO BE GIVEN ON OR ABOUT THE ONE-YEAR ANNIVERSARY OF THE ISSUANCE OF THIS SECURITY), ONLY (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS
THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT
OCCUR OUTSIDE THE 

  
 A-1 

 
UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO
THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS
LEGEND WILL BE REMOVED WITHOUT FURTHER ACTION OF THE ISSUER, THE TRUSTEE OR ANY HOLDER AT SUCH TIME AS THE ISSUER INSTRUCTS THE TRUSTEE IN WRITING TO REMOVE SUCH LEGEND IN ACCORDANCE WITH THE INDENTURE. 

[Restricted Notes Legend for Notes Offered in Reliance on Regulation S.] 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF
ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH
TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR
OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH
SECURITY), ONLY (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM
NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER
THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE
(D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED WITHOUT FURTHER ACTION OF THE ISSUER, THE TRUSTEE OR ANY HOLDER AT SUCH TIME AS THE
ISSUER INSTRUCTS THE TRUSTEE IN WRITING TO REMOVE SUCH LEGEND IN ACCORDANCE WITH THE INDENTURE. BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS
ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT. 
 THIS SECURITY (OR ITS
PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR
BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE
SECURITIES ACT. 
 [Definitive Notes Legend] 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH
TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

  
 A-2 

 SANTANDER HOLDINGS USA, INC. 

3.700% Senior Notes due 2022 
 CUSIP
No. [80282K AK2][U8029K AA0] 
 ISIN: [US80282KAK25][USU8029KAA08] 

							
	 No.
	 		 	$	 	

 Santander Holdings USA, Inc., a corporation duly organized and existing under the laws of the Commonwealth of
Virginia (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of
$                     on March 28, 2022, and to pay interest thereon from March 27, 2017 or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, semi-annually on March 28 and September 28 in each year, commencing September 28, 2017, and at the Maturity Date, at the rate of 3.700% per annum, until the principal hereof is paid
or made available for payment, provided that any premium, and any such installment of interest, which is overdue shall bear interest at the rate of 3.700% per annum (to the extent that the payment of such interest shall be legally
enforceable), from the dates such overdue amounts are due until they are paid or duly provided for, and such interest on any overdue installment shall be payable on demand. The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be
the close of business fifteen (15) calendar days (whether or not a Business Day) immediately prior to an Interest Payment Date. Any such interest so payable, but not punctually paid or duly provided for will forthwith cease to be payable to the
Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to
be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, as more fully provided in said Indenture. 

Payment of the principal of (and premium, if any) and interest on this Security will be made at the office or agency of the Company maintained
for that purpose in New York, New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts against surrender of this Security in the case of any payment due at
the Maturity Date; provided, however, that (i) if this Security is a Global Security, payments shall be made pursuant to the Applicable Procedures of the Depositary as in effect from time to time, and (ii) if this Security is not
a Global Security, payment of interest will be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register at the close of business on the Regular Record Date for such interest.
Notwithstanding the foregoing, if this Security is not a Global Security and has a principal amount of at least $1,000,000, upon request, the Company will pay any amount that becomes due on this Security by wire transfer of immediately available
funds to an account at a bank in New York City, on the due date. To request wire payment, the Holder must give the Paying Agent appropriate wire transfer instructions at least five Business Days before the requested wire payment is due. In the case
of any interest payment due on an Interest Payment Date, the instructions must be given by the person or entity who is the Holder on the relevant Regular Record Date. Any wire instructions, once properly given, will remain in effect unless and until
new instructions are given in the manner described above. 
 Reference is hereby made to the further provisions of this Security set forth
on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the
certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

[Signature Page Follows] 

  
 A-3 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated: 
  

									
	Attest	 		 		 	 SANTANDER HOLDINGS USA, INC.

as the Company

					
	By:	 	  
	 		 	By:	 	  

	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein and referred to in the Indenture referred to hereinafter. 

Dated: 
  

			
		 	 DEUTSCHE BANK TRUST COMPANY,

as Trustee

		
	 By:
	 	Deutsche Bank National Trust Company
		
	 By:
	 	  

  
 A-4 

 [Reverse of Security] 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under an Indenture, dated as of April 19, 2011 (herein called the “Base Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and Deutsche Bank
Trust Company Americas, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), as amended by an Eighth Supplemental Indenture, dated as of March 1, 2017, between the Company and
the Trustee (herein called the “Eighth Supplemental Indenture”), and as supplemented by a Ninth Supplemental Indenture, dated as of March 27, 2017, between the Company and the Trustee (herein called the “Ninth
Supplemental Indenture” and, together with the Base Indenture and Eighth Supplemental Indenture, the “Indenture”), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the
face hereof, initially limited in aggregate principal amount of $1,000,000,000. 
 The Securities of this series shall be redeemable in
whole or in part by the Company on or after the 30th day prior to the Maturity Date at 100% of the principal amount of the Securities of this series (par), plus accrued and unpaid interest thereon to the date of redemption. Other than as set forth
in the preceding sentence, the Securities of this series are not redeemable prior to the Maturity Date. The Securities of this series are not entitled to the benefit of any sinking fund. 

The Securities of this series will not be listed on any national securities exchange or included in any automated quotation system. Currently
there is no market for the Securities of this series. 
 If an Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants,
Covenant Breaches and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of all Securities at the time Outstanding
to be affected, considered together as one class for this purpose (such Securities to be affected may be Securities of the same or different series and, with respect to any series, may comprise fewer than all the Securities of such series). The
Indenture also contains provisions (i) permitting the Holders of a majority in principal amount of the Securities at the time Outstanding to be affected under the Indenture, considered together as one class for this purpose (such affected
Securities may be Securities of the same or different series and, with respect to any particular series, may comprise fewer than all the Securities of such series), on behalf of the Holders of all Securities so affected, to waive compliance by the
Company with certain provisions of the Indenture and (ii) permitting the Holders of a majority in principal amount of the Securities at the time Outstanding of any series to be affected under the Indenture (with each such series considered
separately for this purpose), on behalf of the Holders of all Securities of such series, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and
binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Security. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to
institute any proceeding with respect to the Indenture, or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Covenant Breach or
Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in
respect of such Covenant Breach or Event of Default as Trustee and offered 

  
 A-5 

 
the Trustee indemnity and/or security satisfactory to it, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time
Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity and/or security. The foregoing shall not apply to any suit
instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like
tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and in integral multiples of
$1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a
different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

This Security is a Global Security and is subject to the provisions of the Indenture relating to Global Securities, including the limitations
in Section 3.05 thereof on transfers and exchanges of Global Securities.     
 The Indenture and this Security
shall be governed by and construed in accordance with the law of the State of New York, without regard to principles of conflicts of law. 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

  
 A-6 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to: 
  
  

(Print or type assignee’s name, address and zip code) 
  

 
 (Insert assignee’s soc. sec. or
tax I.D. No.) 
 and irrevocably
appoint                    agent to transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 

 
  
  

									
	Date:	 	  
	 		 	Your Signature:	 	  

  
  

Sign exactly as your name appears on the other side of this Note. 
  

									
	 Signature Guarantee:
  

	 Date:
	 	  

	 		 	  

	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	 		 	Signature of Signature Guarantee

  
 A-7 

 CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR 

REGISTRATION OF TRANSFER RESTRICTED NOTES 
 This
certificate relates to $                     principal amount of Notes held in (check applicable space)
             book-entry or              definitive form by the undersigned. 

The undersigned (check one box below): 
  

	☐	has requested the Trustee by written order to deliver in exchange for its beneficial interest in the Global Security held by the Depository a Note in definitive, registered form of authorized denominations and an
aggregate principal amount equal to its beneficial interest in such Global Security (or the portion thereof indicated above); 

  

	☐	has requested the Trustee by written order to exchange or register the transfer of a Note. 

 In connection with
any transfer of any of the Notes evidenced by this certificate occurring prior to the expiration of the period referred to in Rule 144 under the Securities Act, the undersigned confirms that such Notes are being transferred in accordance
with its terms: 
 CHECK ONE BOX BELOW 
  

							
				
	        	 	(1)	 	☐	 	to the Issuer; or
				
		 	(2)	 	☐	 	to the Registrar for registration in the name of the Holder, without transfer; or
				
		 	(3)	 	☐	 	pursuant to an effective registration statement under the Securities Act; or
				
		 	(4)	 	☐	 	to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) that purchases for its own account or for the account of a qualified institutional buyer to whom notice is given that such
transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act; or
				
		 	(5)	 	☐	 	outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act and such Notes shall be held immediately after the
transfer through Euroclear or Clearstream until the expiration of the Restricted Period (as defined in the Indenture); or
				
		 	(6)	 	☐	 	to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) that has furnished to the Trustee a signed letter containing certain representations and agreements;
or
				
		 	(7)	 	☐	 	pursuant to another available exemption from registration provided by Rule 144 under the Securities Act.

 Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced by this certificate in the
name of any Person other than the registered Holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Trustee may require, prior to registering any such transfer of the Notes, such legal opinions,
certifications and other information as the Issuer and/or Trustee has reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities
Act. 
  

									
	Date:	 	  
	 		 	  

		 		 		 	Your Signature

  
 A-8 

 Signature Guarantee: 
  

									
	Date:	 	  
	 		 	  

	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	 		 	Signature of Signature Guarantee

  
  

  
 A-9 

 TO BE COMPLETED BY PURCHASER IF (4) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises
sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act, and is aware that the sale to it is being made in reliance on Rule 144A
and acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the
undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

									
	Dated:	 	  
	 		 	  

		 		 		 	NOTICE:	 	To be executed by an executive officer

  
 A-10 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The initial principal amount of this Global Note is
$                    . The following increases or decreases in this Global Note have been made: 

 

									
	 Date of
Exchange
	  	 Amount of decrease
in Principal
Amount
of this Global Note
	  	 Amount of increase in
Principal Amount
of
this Global Note
	  	 Principal amount of this
Global Note
following
such decrease or increase
	  	 Signature of authorized
signatory of Trustee
or
Securities Custodian

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 A-11EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of March 27, 2017 (the “Commencement Date”), by and
between Empire Resorts, Inc., a Delaware corporation (including its subsidiaries, the “Company”), and Ryan M. Eller (the “Executive”, and the Company and the Executive collectively referred to herein as “the Parties”).

 W I T N E S S E T H: 

WHEREAS, the Company desires to employ the Executive as President of the Company, and to enter into an agreement embodying the terms of such
employment (this “Agreement”), and the Executive desires to continue employment with the Company, subject to the terms and conditions of this Agreement; 

NOW, THEREFORE, in consideration of the premises and the mutual covenants and promises of the Parties contained herein, the Parties, intending
to be legally bound, hereby agree as follows: 
 1. Term. The term of employment under this Agreement shall be for
the period beginning on the Commencement Date and ending on the close of business on February 28, 2021 (the “Term”), or such earlier date upon which the Executive’s employment is terminated by either Party in accordance with the
provisions of this Agreement. 
 2. Employment. 

(a) Position. As of the Commencement Date, the Executive shall be employed as President and Chief Operating Officer and/or
such other title or titles as may be granted by the Company. The Executive shall perform such duties and responsibilities as may reasonably be assigned to him from time to time by the Company’s Chief Executive Officer, if such officer position
exists, and the Board of Directors (the “Board”) and, in the absence of such assignment, such duties as are customary and commensurate with the position held by the Executive. The Executive agrees to comply with the Company’s
written policies and procedures throughout the Term; provided, however, that if any such policy or procedure conflicts with the terms of this Agreement, the terms of this Agreement shall prevail. The Executive shall report to the Company’s
Chief Executive Officer, if such officer position exists, and the Board. 
 (b) Obligations. The Executive agrees to
(i) perform his duties faithfully and devote substantially all of his full business time and attention to the business and affairs of the Company; (ii) devote his skill and ability to promote the interests of the Company; and
(iii) carry out his duties in a competent and professional manner. Anything herein to the contrary notwithstanding, nothing shall preclude the Executive from: (i) serving on the boards of directors of trade associations and/or charitable
organizations; (ii) engaging in charitable activities and community affairs; and (iii) managing his personal investments and affairs, provided that the activities described in the preceding clauses (i) through (iii) do not
materially interfere with the proper performance of his duties and responsibilities hereunder and do not prevent him from devoting substantially all of his full business time and attention to the affairs of the Company. 

  
 1 

 3. Base Salary. The Company agrees to pay or cause to be paid to the Executive
during the Term a base salary at the rate of Six Hundred Thousand Dollars ($600,000) per year for the Term which may increase if, in their sole discretion, the Board shall determine based on a number of factors that the Executive’s performance
warrants such an increase (the base salary in effect shall be referred to herein as, the “Base Salary”). Such Base Salary shall be payable, less applicable withholdings and deductions, in accordance with the Company’s reasonable
and customary payroll practices applicable to its executive officers. 
 4. Bonus. The Executive shall be eligible to
participate in any annual bonus plan maintained by the Company for its senior executives on such terms and conditions as may be determined from time to time by the Compensation Committee of the Board. The payment of any such bonus shall be in
the absolute discretion of the Board and based on a number of factors including but not limited to overall performance and profitability of the Company. 

5. Additional Incentive. 

(a) The Compensation Committee of the Board may, at the sole discretion of the Compensation Committee, grant Executive equity awards (each an
“Award”) under the Empire Resorts, Inc. 2015 Equity Incentive Plan (the “2015 Plan”). The terms of any Awards shall be as described in the award letter relating to each Award and the terms and conditions of the 2015 Plan, as
applicable. In the event of any conflict between the terms and provisions of this Section 5 and the 2015 Plan, as applicable, the 2015 Plan shall govern. 

(b) For the purposes of this Agreement, “Change in Control” shall have the same meaning as in the 2015 Plan. 

(c) Employee Benefits. The Executive shall be eligible to participate in all employee benefit plans, practices and programs
maintained by the Company and made available to senior level executive officers generally and as may be in effect from time to time, including any medical and health plans and any equity-based incentive programs that may be put into place, subject,
however, to the terms and conditions of the various plans and programs and subject to the determinations of any person or committee administering such plans and programs. The Executive’s participation in such plans, practices and programs shall
be on the same basis and terms as are applicable to senior level executive officers of the Company generally. Such level of benefits shall be at a level commensurate with his position. For the avoidance of doubt, the Company shall be entitled
to terminate or reduce any employee benefit enjoyed pursuant to the provision of this Section, if such reduction is applicable to all senior level executives of the Company who are at a level commensurate with Executive’s position.
Notwithstanding the foregoing, the Executive will not be eligible to participate in any severance plan of the Company. The Executive severance benefits, if any, are to be solely set forth in Sections Section 9(b)(ii) and (iii). 

  
 2 

 6. Other Benefits. 

(a) Vacation. During each calendar year of the Term, the Executive shall be eligible to accrue paid vacation up to
twenty (20) days in accordance with the Company’s vacation policy for senior level executive officers, as it may be amended from time to time. The Executive agrees that vacation time is to be taken at such time(s) as shall not materially
interfere with the Executive’s fulfillment of his duties hereunder. 
 (b) Perquisites. The Executive shall be
entitled to perquisites on the same basis as provided to other senior level executive officers at the Company. In addition to the foregoing and Section 7 below, the Executive shall be entitled to the following perquisites. At the end of the
Term or on the Termination Date (as defined below), whichever occurs sooner, Executive shall immediately vacate the housing provided pursuant to Section 6(b)(i) and return to the Company the automobile provided pursuant to Section 6(b)(ii)
in accordance with the policies and procedures of the Company applicable to all employees. 
 (i) Housing Allowance. During the Term,
Executive shall be entitled to receive a housing allowance of $1,600 per month plus utility expenses for purposes of obtaining housing in Sullivan County, New York or a neighboring county in New York, which allowance shall be payable no later than
the end of the net succeeding calendar month after the month to which the payment relates. Executive will be responsible for any taxes due on such allowance. In addition, the Executive shall be entitled to reimbursement of reasonable relocation
expenses incurred in connection with the relocation to Sullivan County, New York. The Executive shall provide such appropriate documentation regarding these expenses as the Company may reasonably request. 

(ii) Automobile. The Company shall lease or purchase an automobile for Executive’s sole and exclusive use, the approximate monthly
value of which shall not exceed $1,500. In addition, the Company shall be responsible for the payment of insurance, maintenance, gas and other expenses related to the business use of the automobile (“Car Expenses”) upon receipt of
appropriate documentation of such Car Expenses by Executive. 
 7. Expenses. The Executive shall be reimbursed on not
less than a monthly basis for all reasonable, ordinary and necessary expenses incurred by him in connection with the performance of his duties hereunder or for promoting, pursuing or otherwise furthering the business or interests of the Company
(including but not limited to travel costs, dining and entertainment), in each case in accordance with policies established by the Board from time to time in effect and upon receipt of appropriate documentation of such expenses. 

8. Termination. 

(a) Death. The Executive’s employment hereunder shall terminate automatically upon the Executive’s death. 

(b) Disability. If during the Term of this Agreement, Executive becomes physically or mentally unable to perform his duties
for the Company hereunder in the reasonable judgment of the Board and such incapacity has continued for a total of ninety (90) consecutive days or any one hundred twenty (120) days in a period of three hundred sixty-five
(365) consecutive days (“Disability”), then the Company shall have the right to terminate Executive’s employment with the Company upon written notice to Executive. 

  
 3 

 (c) Cause. The Company shall be entitled to terminate the
Executive’s employment for “Cause.” For purposes of this Agreement, “Cause” shall mean that the Executive: (i) pleads “guilty” or “no contest” to or is convicted of an act which is defined as a
felony under federal or state law or as a crime under federal or state law which involves Executive’s fraud or dishonesty; (ii) in carrying out his duties, engages in conduct that constitutes willful neglect or willful misconduct; provided
such plea, conviction, neglect or misconduct results in material economic harm to the Company; (iii) fails to obtain or maintain required licenses in the jurisdiction where the Company currently operates or has plans to operate;
(iv) willfully and intentionally fails to perform the material responsibilities of the Executive’s position, (v) engages in an act of dishonesty in the performance of his duties hereunder, (vi) harasses or discriminates against
the Company’s employees, customers, or vendors in violation of Company policies with respect to such conduct; (vii) engages in any conduct that is reasonably likely to cause harm to the reputation of the Company or risk the loss of any
license required by the Company in the jurisdiction where the Company currently operates or has plans to operate; (viii) makes a material disclosure as defined by Section 10(a) or (ix) materially breaches any term of this
Agreement. In the event any of the occurrences in (i) through (ix) above have occurred, the Executive shall be given written notice by the Company of its intention to so terminate his employment, such notice (i) to state in
detail the particular act or acts or failure or failures to act that constitute the grounds on which the proposed termination for Cause is based and (ii) to be given within sixty (60) days after the Board knew of such acts or failures to
act. In the event such notice is timely given by the Company, the Executive shall have thirty (30) days after the date that the notice is given in which to cure such conduct, to the extent such cure is possible. For the avoidance of
doubt, any of the occurrences constituting Cause set forth in clauses (i), (ii) and (v) above cannot be cured. No act or failure to act on Executive’s part will be considered “willful” unless done, or omitted to be done
by Executive not in good faith and without reasonable belief that his action or omission was in the best interests of the Company. 
 (d)
Good Reason. The Executive may terminate his employment hereunder for “Good Reason”, which is defined to include the following events arising without the consent of the Executive: (A) a material diminution in the
Executive’s Base Salary (unless such diminution is part of an across-the-board diminution affecting all senior officers of the Company equally); (B) a material diminution in the Executive’s title, authority, duties or responsibilities
(including reporting responsibilities); (C) a material diminution in the authority, duties and responsibilities of the person to whom the Executive is required to report, including a requirement that the Executive report to a corporate officer
or employee, other than the Chief Executive Officer, if such an officer position exists; (D) a material diminution in the budget over which the Executive retains authority; (E) a material change in the geographic location at which the
Executive must perform his duties and responsibilities for the Company; or (F) any other action or inaction that constitutes a material breach of the terms of this Agreement. In the event any of the occurrences in (A) through
(F) above have occurred, the Company shall be given written notice by the Executive of his intention to so terminate his employment, such notice; (i) to state in detail the particular act or acts or failure or failures to act that
constitute the grounds 

  
 4 

 
on which the proposed termination for Good Reason is based and (ii) to be given within thirty (30) days after the Executive knew of such acts or failures to act. In the event such
notice is timely given by the Executive, the Company shall have thirty (30) days after the date that the notice is given in which to cure such conduct, to the extent such cure is possible. In the event of the occurrence of an event described in
(A) through (F) above, which event remains uncured after the Company has received written notice of Executive’s intention to terminate his employment to the Company, the Executive shall have sixty (60) days from the initial
existence of the event(s) that constitute the grounds on which the proposed termination for Good Reason is based to terminate his employment for Good Reason. 

(e) Without Cause. The Company may terminate the Executive’s employment hereunder without Cause at any time and for any
reason (or for no reason) in the Company’s sole discretion by giving the Executive a Notice of Termination (as defined below). Such termination shall not be deemed a breach of this Agreement.

(f) Voluntary. Notwithstanding anything contained elsewhere in this Agreement to the contrary, the Executive may terminate
his employment hereunder at any time and for any reason whatsoever (or for no reason) in the Executive’s sole discretion by giving the Company a Notice of Termination (as defined below). Such termination shall not be deemed a breach of
this Agreement. 
 (g) Notice of Termination. For purposes of this Agreement, a “Notice of Termination” shall
mean a notice which indicates the specific termination provision of this Agreement relied upon and which sets forth in reasonable detail, if applicable, the facts and circumstances claimed to provide a basis for termination of the Executive’s
employment under the provision so indicated. For purposes of this Agreement, no purported termination of employment which requires a Notice of Termination shall be effective without such Notice of Termination. The Termination Date (as
defined below) specified in such Notice of Termination shall be no less than thirty (30) days from the date the Notice of Termination is given. 

(h) Termination Date. “Termination Date” shall mean the date of the termination of the Executive’s employment
with the Company and specifically (i) in the case of the Executive’s death, his date of death; (ii) in the case of a termination of the Executive’s employment for Cause, the relevant date specified in Section 8(c) of this
Agreement; (iii) in the case of a termination of the Executive’s employment for Good Reason, the relevant date specified in Section 8(d) of this Agreement; (iv) in the case of the expiration of the Term of this Agreement in
accordance with Section 1, the date of such expiration; and (v) in all other cases, the date specified in the Notice of Termination. 

9. Compensation Upon Termination of Employment. 

(a) At End of Term; For Cause; Without Good Reason. If during the Term of this Agreement, the Executive’s employment
under this Agreement is terminated by the Company for Cause or by the Executive without Good Reason (and other than by reason of the Executive’s death or Disability), or at the end of the Term, the Company’s sole obligation hereunder,
subject to applicable law, shall be to pay the Executive the following amounts earned hereunder but not paid as of the Termination Date: 

  
 5 

 (i) the Executive’s Base Salary through the Termination Date; 

(ii) reimbursement of any and all reasonable, ordinary, and necessary expenses incurred in connection with the
Executive’s duties and responsibilities under this Agreement and for which the Company received appropriate documentation prior to the Termination Date; and 

(iii) any benefits to which Executive may be entitled to under the plans and programs described in Section 5(c) or
Section 6 as of the Termination Date in accordance with the terms of this Agreement and relevant programs or policies of the Company. 
 Subsections
(i) through (iii) shall be referred to collectively as the “Accrued Obligation.” 
 (b) Without Cause or for Good
Reason. If the Executive’s employment hereunder is terminated by the Executive for Good Reason or by the Company without Cause, the Company’s sole obligation hereunder shall be to pay the Executive the following amounts: 

(i) the Accrued Obligation; 

(ii) a pro-rata portion (based on the days worked by the Executive during the applicable year) of any bonus awarded pursuant to any
annual bonus plan maintained by the Company for its senior executives to which the Executive would have been entitled had he not been terminated, which shall be paid at such time as other participants in the bonus plan are paid their respective
bonuses in respect of that fiscal year, but no later than March 15 of the calendar year following the Termination Date; 

(iii) The Executive’s Base Salary for the following period (the “Salary Continuation Period”): (A) in the event that
Executive’s employment hereunder is terminated prior to the occurrence of a Change in Control, the lesser of (x) eighteen (18) months following such termination or (y) the remaining duration of the Term; or (B) in the event
that Executive’s employment hereunder is terminated on or following the occurrence of a Change in Control, the greater of (x) twenty four (24) months following such termination or (y) the remaining duration of the Term; in each
instance such amount payable in equal installments in accordance with the Company’s payroll practices applicable to its executive officers which payments shall commence on the earlier of the first payroll date following the 75th day after the
Termination Date, or thirty (30) days after the effective date of the Release referenced below in Section 9(g). The first payment pursuant to this Section 9(b)(iii) shall include those payments that would have previously been
paid if the payments described in this Section had begun on the first payroll date following the Termination Date. This timing of the commencement of payments pursuant to this Section 9(b)(iii) is subject to Section 11 below; and 

(iv) that portion of any Equity Awards that is unvested on the Termination Date shall be deemed vested on the Termination Date and
Options shall remain outstanding through the remainder of the original term of such Options. 

  
 6 

 (c) Disability. If the Executive’s employment hereunder is terminated by
the Company by reason of the Executive’s Disability, the Company’s sole obligation hereunder shall be to pay the Executive the following amounts: 

(i) the Accrued Obligation; and 

(ii) any accrued benefits under the Company’s regular and any supplemental long-term disability plan or plans; and

 (iii) that portion of any Equity Awards that is unvested on the Termination Date shall be deemed vested on the
Termination Date and Options shall remain outstanding through the remainder of the original term of such Options. 
 (d)
Death. If the Executive’s employment hereunder is terminated due to his death, the Company’s sole obligation hereunder shall be to pay the Accrued Obligation to the person or persons designated in writing by the
Executive to receive such payment, or if no such designation was made, to the Executive’s estate. In addition, that portion of any Equity Awards that is unvested on the Termination Date shall be deemed vested on the Termination Date and
Options shall remain outstanding through the remainder of the original term of such Options. 
 (e) Continuation of Employee
Benefits. Notwithstanding anything to the contrary, in addition to any amounts payable in the event of a termination under Section 9(b), the Company, the Company shall fully subsidize the cost of all Consolidated Omnibus Budget
Reconciliation Act (“COBRA”) premiums during the Salary Continuation Period and the Company shall continue to provide the Executive, during the Salary Continuation Period with any other benefits set forth under Section 5(c) as though
the Executive’s employment had not terminated (to the extent such coverage may be continued under the terms of such plans and programs and exclusive of participation in any Section 401(k) Plan or any other plans for severance benefits). In
accordance with the applicable provisions of COBRA, the Executive may continue COBRA coverage at the Executive’s sole cost for any remaining COBRA period after the Salary Continuation Period. Notwithstanding the foregoing and subject to
Executive’s group health plan coverage continuation rights under COBRA, the Company’s obligation to provide the continuation of benefits under this Section shall be reduced to the extent the same types are received or made available to
Executive under the plans, programs or arrangements of a subsequent employer or is otherwise received by Executive during such period. The Executive shall have the obligation to notify the Company, during the Salary Continuation Period, that he is
eligible for, entitled to or receiving such benefits from a subsequent employer or is otherwise receiving such benefits. 
 (f) No
Mitigation; No Offset. In the event of any termination of his employment hereunder, the Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise and no
such payment shall be offset or reduced by the amount of any compensation provided to the Executive in any subsequent employment, except as provided in Section 9(e) of this Agreement. 

  
 7 

 (g) Release. Any other provisions of this Agreement notwithstanding,
Section 9(b)(ii) and (iii) shall not apply unless and until: (i) Executive has executed and delivered a full and complete general release of all claims in such form as is reasonably requested by the Company which Executive has not
revoked in any time frame provided in the general release; and (ii) Executive has returned all the Company’s property. Any obligation on the part of the Company for payments pursuant to Section 9(b)(ii) and (iii), shall cease if the
Executive violates of the provisions of Section 10 below. 
 (h) Timing of Payments. Other than the benefits
provided for in Section 9(e) above, unless otherwise specifically indicated herein, the payments provided for in this Section 9 shall begin within ninety (90) days of the termination of the Executive’s employment with the Company
provided the Executive has not revoked acceptance of the releases set forth in Section 9(g). 
 (i) Limitation on
Benefits. Notwithstanding anything to the contrary contained in this Agreement, to the extent that any of the payments and benefits provided for under this Agreement or any other agreement or arrangement between the Company and the
Executive (collectively, the “Payments”) (i) constitute a “parachute payment” within the meaning of Section 280G of the Code and (ii) but for this Section 9(i), would be subject to the excise tax imposed by
Section 4999 of the Code, then the Payments shall be reduced to the extent that such reduction would result in after-tax payments and benefits to the Executive that exceed the after-tax payments and benefits to which the Executive be entitled
without such reduction. Any determination required under this Section shall be made in writing by the Company’s independent public accountants (the “Accountants”), whose determination shall be conclusive and binding upon the Executive
and the Company for all purposes and the Executive agrees not to take any position (in any tax return or otherwise) inconsistent with determination. For purposes of making the calculations required by this Section, the Accountants may make
reasonable assumptions and approximations concerning applicable taxes and may rely in reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and the Executive shall furnish to the
Accountants such information and documents as the Accountants may request in order to make a determination under this Section. The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations
contemplated by this Section. If the limitation set forth in this Section 9(i) is applied to reduce an amount payable to the Executive, and the Internal Revenue Service successfully asserts that, despite the reduction, the Executive has
nonetheless received payments which are in excess of the maximum amount that could have been paid to the Executive without being subjected to any excise tax, then, unless it would be unlawful for the Company to make such a loan or similar extension
of credit to the Executive, the Executive may repay such excess amount to the Company as though such amount constituted a loan to the Executive made at the date of payment of such excess amount, bearing interest at 120% of the applicable federal
rate (as determined under Section 1274(d) of the Code in respect of such loan). 
 (j) Valuation of Non-Competition
Obligations. The Company shall make reasonable efforts to cooperate with the Executive with regard to the value for tax purposes of the Executive’s non-competition obligations under this Agreement. 

  
 8 

 10. Employee Covenants. 

(a) Unauthorized Disclosure. The Executive shall not, during the Term of this Agreement and thereafter, make any Unauthorized Disclosure (as
defined below). For purposes of this Agreement, “Unauthorized Disclosure” shall mean disclosure by the Executive without the prior written consent of the Board to any person, other than an employee of the Company or a person to whom
disclosure is reasonably necessary or appropriate in connection with the performance by the Executive of his duties hereunder, of any confidential information relating to the business or prospects of the Company, including, but not limited to, any
information with respect to any of the Company’s customers, products, finances or financial projections, methods of distribution, strategies, business and marketing plans and business policies and practices, including information disclosed to
the Company by others under agreements to hold such information confidential (the “Confidential Information”). Notwithstanding the foregoing, the Executive may disclose Confidential Information (i) to the extent such disclosure
is or may be required by law, but only after providing (A) notice to the Company of any third party’s request for such information, which notice shall include the Executive’s intent with respect to such request, and (B) to the
extent possible under the circumstances, sufficient opportunity for the Company to challenge or limit the scope of the disclosure, or (ii) in confidence to an attorney, accountant or other advisor for the purpose of securing professional advice
concerning the Executive’s personal matters, provided that such attorney or other advisor agrees to observe these confidentiality provisions. Confidential Information shall not include the use or disclosure by the Executive of any
information known generally to the public or known within the Company’s trade or industry (other than as a result of any direct or indirect action or inaction by the Executive or any disclosure by the Executive in violation of this
Section 10(a)). This Section 10(a) has no temporal, geographical or territorial restriction. Nothing in this Agreement prohibits or restricts the Executive (or Executive’s attorney) from initiating communications directly with,
responding to an inquiry from, or providing testimony before the Securities and Exchange Commission (the “SEC”), the Financial Industry Regulatory Authority (“FINRA”), any other self-regulatory organization or any other federal
or state regulatory authority regarding this Agreement, or its underlying facts or circumstances, or a possible securities law violation. Executive further understands that this Agreement does not limit Executive’s ability to communicate with
any securities regulatory agency or authority or government agencies or otherwise participate in any investigation or proceeding that may be conducted by any securities regulatory agency or authority or government agency. This Agreement does not
limit the Executive’s right to receive an award for information provided to any government agencies or to the SEC staff or any other securities regulatory agency or authority. 

  
 9 

 (b) Non-Competition. The Executive shall not, during the Term of this
Agreement and during the Non-Competition Period (as defined below), directly or indirectly, without the prior written consent of the Board, own, manage, operate, join, control, be employed by, consult with or participate in the ownership,
management, operation or control of, or be connected with (as a stockholder, partner, or otherwise) any business competing with, or substantially similar to, the businesses of Company and its present and future subsidiaries, joint ventures, partners
or other affiliates (except that affiliates of the Company that are solely in a business unrelated to the Company’s business shall not be included) (the “Empire Companies”), as such businesses exist within 100 miles of the location in
which any such entity conducts, or is actively investigating the possibility of conducting, its businesses as of the beginning of the Non-Competition Period. Notwithstanding the foregoing, the provisions of this Section 10(b) shall not be
deemed to prohibit the Executive’s ownership of up to 2% of the total shares of all classes of stock outstanding of any publicly held company. Notwithstanding the foregoing, following the Termination Date, Executive shall be entitled to be
employed by, consult with or participate in the management, operation or control of Genting Berhad, Genting Malaysia Berhad, Genting Hong Kong Limited, or affiliates thereof, or any other entity in which Tan Sri Lim Kok Thay or any member of the Lim
family has, directly or indirectly, invested, without the prior written consent of the Board. 
 (c)
Non-Solicitation. During the period from the termination of the Executive’s employment with the Company through the one year anniversary of the date of termination, the Executive shall not, directly or indirectly, alone or in
conjunction with another person, (i) hire, solicit, retain, compensate or otherwise induce or attempt to induce any individual who is an employee of any of the Empire Companies, to leave the employ of the Empire Companies or in any way
interfere with the relationship between any of the Empire Companies and any employee thereof, (ii) hire, engage, send any work to, place orders with, or in any manner be associated with any supplier, contractor, subcontractor or other business
relation of any of the Empire Companies if such action by the Executive would have a material adverse effect on the business, assets or financial condition of any of the Empire Companies, or materially interfere with the relationship between any
such person or entity and any of the Empire Companies, or (iii) solicit or accept business from any customer of any of the Empire Companies. In connection with the foregoing provisions of this Section 10, the Executive represents that
his experience, capabilities and circumstances are such that such provisions will not prevent him from earning a livelihood.
 (d)
Non-Competition Period. For purposes of this Agreement, the “Non-Competition Period” means the period from the termination of the Executive’s employment with the Company through (i) in the case of a termination
without Cause by the Company, the end of the Salary Continuation Period, (ii) in the case of a voluntary termination by the Executive without Good Reason, one (1) year following the date of such termination, (iii) in the case of
Executive terminating his employment for Good Reason, the end of the Salary Continuation Period (iv) in the case of a termination by the Company with Cause, for one (1) year following such termination and (v) in the case of the
expiration of the Term, for three (3) months following the expiration of the Term. 
 (e) Remedies. The Executive
agrees that any breach of the terms of this Section 10 would result in irreparable injury and damage to the Company for which the Company would have no adequate remedy at law. The Executive therefore also agrees that in the event of said
breach or any threat of such a breach, the Company shall be entitled to seek an 

  
 10 

 
immediate injunction and restraining order to prevent such breach or continued breach by the Executive, in addition to any other remedies to which the Company may be entitled at law or in
equity. The Executive and the Company further agree that the provisions of this Section 10 are reasonable and properly required for the adequate protection of the current and future business of the Empire Companies and that the Company
would not have entered into this Agreement but for the inclusion of such covenants herein. Should a court determine, however, that any provision of the covenants is unreasonable, either in period of time, geographical area, or otherwise, the
Parties agree that such covenants should be interpreted and enforced to the maximum extent which such court deems reasonable and such determination shall have no effect upon, and shall not impair the enforceability of, any other provision of this
Agreement. The existence of a claim, charge, or cause of action by the Executive against the Company shall not constitute a defense to the enforcement by the Company of the foregoing confidentiality, non-competition, and non solicitation sections.

 11. Section 409A. It is the intention of the Parties that this Agreement be exempt from or comply strictly with
the provisions of Section 409A of the Code, and Treasury Regulations and other Internal Revenue Service guidance promulgated thereunder (the “Section 409A Rules”) and any ambiguity herein shall be interpreted so as to be consistent
with the intent of this paragraph. In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Executive by Section 409A or damages for failing to comply with Section 409A.
Notwithstanding anything contained herein to the contrary, all payments and benefits which are payable upon a termination of employment hereunder shall be paid or provided only upon those terminations of employment that constitute a “separation
from service” from the Company within the meaning of the 409A Rules (determined after applying the presumption set forth in Treas. Reg. Section 1.09A-1(h)(1)). Further, to the extent the Executive is a specified employee under the
409A Rules at the time of a termination of employment and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent any accelerated
recognition of income or additional tax under Section 409A, then the Company will defer the commencement of any payments or benefits hereunder (without any reduction in payments or benefits ultimately paid or provided to the Executive) until
the date that is at least six (6) months following the Executive’s termination of employment with the Company (or the earliest date permitted under Section 409A Rules, e.g., immediately upon the Executive’s death), whereupon the
Company will promptly pay the Executive a lump-sum amount equal to the cumulative amounts that would have otherwise been previously paid to the Executive under this Agreement during the period in which such payments or benefits were
deferred. Thereafter, the normal schedule for the remaining payments will commence. Notwithstanding anything to the contrary in this Agreement, reimbursement payments shall be promptly made to the Executive following such submission, but
in no event later than December 31st of the calendar year following the calendar year in which the expense was incurred. In no event shall the Executive be entitled to any reimbursement
payments after December 31st of the calendar year following the calendar year in which the expense was incurred. 

  
 11 

 Additionally, in the event that following the date hereof, the Company or the Executive
reasonably determines that any compensation or benefits payable under this Agreement may be subject to Section 09A, the Company and the Executive shall work together to adopt such amendments to this Agreement or adopt other policies or
procedures (including amendments, policies and procedures with retroactive effect), or take any other commercially reasonable actions necessary or appropriate to (x) exempt the compensation and benefits payable under this Agreement from
Section 409A Rules and/or preserve the intended tax treatment of the compensation and benefits provided with respect to this Agreement or (y) comply with the requirements of Section 409A Rules. 

12. Withholding of Taxes. The Company may take such actions as are reasonably appropriate or consistent with applicable law
and the Plans in connection with any compensation paid pursuant to this Agreement with respect to the withholding of any taxes (including income or employment taxes) or any other tax matters, including, but not limited to, requiring the Executive to
furnish to the Company any applicable withholding taxes prior to the vesting of Restricted Shares or the issuance of common stock upon exercise of an Option. 

13. Indemnification; Insurance; Limitation of Liability. 

(a) The Company agrees that if the Executive is made a party, or is threatened to be made a party, to any action, suit or proceeding, whether
civil, criminal, administrative or investigative (a “Proceeding”), by reason of the fact that he is or was a director, officer or employee of the Company or is or was serving at the request of the Company as a director, officer, member,
employee or agent of another corporation, partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans, the Executive shall be indemnified and held harmless by the Company to the fullest extent
legally permitted or authorized by the Company’s certificate of incorporation, by-laws or resolutions of the Board against all cost, expense, liability and loss (including, without limitation, attorneys’ fees, judgments, fines, ERISA
excise taxes or other liabilities or penalties and amounts paid or to be paid in settlement) reasonably incurred or suffered by the Executive in connection therewith, and such indemnification shall continue as to the Executive even if he has ceased
to be a director, member, employee or agent of the Company or other entity and shall inure to the benefit of the Executive’s heirs, executors and administrators. The Company shall advance to the Executive all costs and expenses incurred by
him in connection with a Proceeding within a reasonable time after submission of reasonable documentation of such costs and expenses. Such request shall include an undertaking by the Executive to repay the amount of such advance if it shall
ultimately be determined that he is not entitled by law to be indemnified against such costs and expenses. 
 (b) Neither the failure of the
Company (including its Board, independent legal counsel or stockholders) to have made a determination prior to the commencement of any Proceeding concerning payment of amounts claimed by the Executive under Section 13(a) above that
indemnification of the Executive is proper because he has met the applicable standard of conduct, nor a determination by the Company (including its Board, independent legal counsel or stockholders) that the Executive has not met such applicable
standard of conduct, shall create a presumption in any judicial proceeding that the Executive has not met the applicable standard of conduct. 

  
 12 

 (c) The Company agrees to continue and maintain director’s and officer’s liability
insurance policy covering the Executive, until such time as actions against the Executive are no longer permitted by law, with terms and conditions no less favorable than the most favorable coverage then applying to any other senior level executive
officer or director of the Company. 
 14. Representations.

(a) The Executive represents and warrants that he has the free and unfettered right to enter into this Agreement and to perform his obligations
under it and that he knows of no agreement between him and any other person, firm or organization, or any law or regulation, that would be violated by the performance of his obligations under this Agreement. The Executive represents that in
connection with the Executive’s employment with the Company, the Executive shall not use or disclose any trade secrets or other proprietary information or intellectual property in which a prior employer or company has any right, title or
interest and your employment with the Company will not infringe or violate the rights of any prior employer or company. The Executive represents and warrants to the Company that he has returned all property and confidential information belonging to
any prior employer, other than confidential information that has become generally known to the public or within the relevant trade industry. 

(b) The Company represents and warrants that it is validly existing and in good standing under the laws of the State of Delaware and is
registered or qualified to conduct business in all other jurisdictions in which the failure to be so registered or qualified would adversely affect the ability of the Company to perform its obligations under this Agreement. The Company has
taken all company action required to execute, deliver and perform this Agreement and to make all of the provisions of this Agreement the valid and enforceable obligations they purport to be and has caused this Agreement to be executed by a duly
authorized officer of the Company. All consents and approvals by any third party required to be obtained by the Company in order for it to be authorized to enter into and consummate this Agreement have been obtained and no further third party
approvals or consents are required to consummate this Agreement. Execution and delivery of this Agreement and all related documents, and performance of the obligations hereunder by the Company do not conflict with any provision of any law or
regulation to which the Company or any of its affiliates are subject, conflict with or result in a breach of or constitute a default under any of the terms, conditions or provisions of any agreement or instrument to which the Company or any of its
affiliates are a party or by which the Company is bound or any order or decree applicable to the Company, or result in the creation or imposition of any lien on any assets or property of the Company, and/or which would materially and adversely
affect the ability of the Company to perform its obligations under this Agreement. The Company has obtained all consents, approvals, authorizations or orders of any court or governmental agency or body, if any, required for the execution, delivery
and performance by the Company of this Agreement. 
  

  
 13 

 15. Successors and Assigns. 

(a) This Agreement shall be binding upon and shall inure to the benefit of the Company, its successors and assigns and the Company shall
require any successor or assign to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession or assignment had taken place. The term
“the Company” as used herein shall include any such successors and assigns. The term “successors” and “assigns” as used herein shall mean a corporation or other entity acquiring or otherwise succeeding to, directly
or indirectly, all or substantially all the assets and business of the Company (including this Agreement) whether by operation of law or otherwise. 

(b) Neither this Agreement nor any right or interest hereunder shall be assignable or transferable by the Executive, his beneficiaries or legal
representatives, except by will or by the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal personal representative. 

16. Notice. For the purposes of this Agreement, notices and all other communications provided for in this Agreement
(including the Notice of Termination) shall be in writing and shall be deemed to have been duly given when personally delivered or sent by registered or certified mail, return receipt requested, postage prepaid, or upon receipt if overnight delivery
service or facsimile is used, and addressed as follows: 
 To the Executive: 

Ryan M. Eller, 
 at the address in
the payroll records of the Company 
 To the Company: 

Empire Resorts, Inc. 
 c/o
Monticello Casino and Raceway, Route 17B 
 P.O. Box 5013 

Monticello, New York 12701 

Attention: Nanette L. Horner, Chief Counsel 

17. Survivorship. Except as otherwise set forth in this Agreement, the Executive’s covenants set forth in
Section 10 hereof shall survive any termination of the Executive’s employment. 
 18. Waiver. The waiver by
either Party of a breach of any provision of this Agreement shall not be construed as a waiver of any subsequent breach. The failure of a Party to insist upon strict adherence to any provision of this Agreement on one or more occasions shall
not be considered a waiver or deprive that Party of the right thereafter to insist upon strict adherence to that provision or any other provision of this Agreement. Any waiver must be in writing and signed by the Executive and the Company. 

  
 14 

 19. Governing Law. This Agreement shall be governed by, and construed and
enforced in accordance with, the laws of the State of New York without giving effect to the conflict of law principles thereof. Any action, suit or other legal proceeding that is commenced to resolve any matter arising under or relating to any
provision of this Agreement shall be submitted to the exclusive jurisdiction of any state or federal court in New York County. 
 20.
Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. 

21. Entire Agreement. This Agreement constitutes the entire agreement between the Parties and supersedes all prior
agreements, understandings and arrangements, oral or written, between the Parties with respect to the subject matter hereof. This Agreement may be executed in one or more counterparts. 

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer and the Executive has executed this
Agreement as of the day and year first above written. 
  

			
	EMPIRE RESORTS, INC.
		
	By:	 	 /s/ Emanuel R. Pearlman

	Name:	 	Emanuel R. Pearlman
	Title:	 	Executive Chairman of the Board
	
	EXECUTIVE:
	
	 /s/ Ryan M. Eller

  
 15

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