Document:

EX-4.16

 Exhibit 4.16 

[•], 2018 

MCE Cotai Investments Limited 

New Cotai, LLC 

Melco Resorts & Entertainment Limited 

and 

Studio City International Holdings Limited 

 
  

AMENDED AND RESTATED 

SHAREHOLDERS’ AGREEMENT 
  

 

 CONTENTS 
  

							
	 1.
	 	INTERPRETATION	  	 	1	 
			
	 2.
	 	DIRECTORS	  	 	10	 
			
	 3.
	 	SHARED VENDOR CONTRACTS	  	 	15	 
			
	 4.
	 	CASINO OPERATION	  	 	17	 
			
	 5.
	 	OTHER ADMINISTRATIVE MATTERS	  	 	18	 
			
	 6.
	 	PRE-EMPTIVE RIGHTS	  	 	18	 
			
	 7.
	 	CONFIDENTIALITY AND DISCLOSURE	  	 	20	 
			
	 8.
	 	DISPUTE	  	 	22	 
			
	 9.
	 	TERMINATION	  	 	23	 
			
	 10.
	 	NOTICES	  	 	24	 
			
	 11.
	 	NOTICES UNDER NEWCO MEMORANDUM AND ARTICLES OF ASSOCIATION, COMPANY MEMORANDUM AND ARTICLES OF ASSOCIATION AND DEPOSIT AGREEMENT	  	 	27	 
			
	 12.
	 	DUTIES, COSTS AND EXPENSES	  	 	27	 
			
	 13.
	 	GENERAL	  	 	28	 

  
 i 

 PARTIES 
  

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

  

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

  

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

  

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

BACKGROUND 
  

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

 

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

AGREED TERMS 
  

	1.	INTERPRETATION 

  

	1.1	Definitions 

 In this document: 

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

  
 1 

 ADS means an American Depositary Share, each representing [•] Class A Ordinary
Shares; 
 Affiliate means a Person who, directly or indirectly, through one or more intermediaries, controls, is controlled by or is
under common control with, a specified Person. For the purpose of the definition of Affiliate, “control”, “controlled by” and “under common control with” means the possession, direct or indirect, of the power to direct
or cause the direction of the management and policies of a Person, whether through ownership of voting shares, by agreement, contract, or otherwise. 

Authorisation means: 
  

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

  

	 	(b)	exemption, 

 from, by, or with, a Governmental Agency. 

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

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

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

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

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

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

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

Competitor means (other than Melco and its Affiliates): 
  

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

  

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

  

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

  
 2 

 Confidential Information means: 

 

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

 

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

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

 

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

  

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

 

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

  

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

 Confidentiality Deed means the confidentiality deed attached to this
document as Annexure A. 
 Contracts means agreements, contracts, arrangements or understandings, whether formal or informal,
written or oral. 
 control means, in relation to a person, the possession, directly or indirectly, of the power to direct or cause
the direction of the management and policies of the person, whether through the ownership of voting securities, by contract, or otherwise. 

D&O Policy means a directors and officers insurance policy taken out by the Company from time to time with a reputable insurer. 

Deed of Accession means a deed of accession substantially in the form contained in Annexure B. 

Deposit Agreement means the Deposit Agreement by and among the Company, Deutsche Bank Trust Company Americas and the other parties
thereto, to be entered into in connection with an underwritten public offering of the Company’s Equity Securities. 
 Director
means a member of the Board of the Company from time to time. 
 Disclosing Shareholder has the meaning given to that term in
clause 7.7(a). 
 Dispute has the meaning given to that term in clause 8.1(a). 

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

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

  
 3 

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

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

  

	 	(b)	the product of: 

  

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

 

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

 expressed as a percentage of all the Securities in issue. 

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

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

Equity Securities means, with respect to any Person, equity securities or any securities convertible into or exchangeable or exercisable
for any equity securities of such Person. 
 Exchange Right means the rights conferred upon New Cotai under Article III of the
Participation Agreement dated [•], 2018 between the Company, New Cotai and Newco (Participation Agreement). 

  
 4 

 Gaming Authorisation means any gaming concession, subconcession, licensing or regulatory
Authorisation (or any renewal or extension thereof) to conduct gaming business in any jurisdiction. 
 Gaming Promoter means any
gaming promoter duly licensed by the Macau government to act in any such capacity, and whose activity is to promote gaming in casinos in Macau by providing (among other things) amenities such as transport, lodgement, food and beverage and
entertainment to patrons. 
 Gaming Regulator means any Governmental Agency responsible for the regulation of gaming, wagering or
betting in any jurisdiction. 
 Governmental Agency means: 
  

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

  

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

  

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

Group means the Company and the Company Subsidiaries from time to time and the expressions member of the Group or Group
member or Group Company mean any one of them. 
 Hong Kong means the Hong Kong Special Administrative Region of the
People’s Republic of China. 
 Land means a plot of land situated in Macau, at the Cotai reclaimed land area, with gross area of
130,789 square meters, described at and denoted by the letter “A” on map no. 5899/2000 issued by Macao Cartography and Cadastre Bureau on 3 January 2012. 

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

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

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

  
 5 

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

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

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

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

Offer has the meaning set forth in clause 6.1. 

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

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

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

  
 6 

 Project Lender means any third party lender(s) to the Studio City Property or any
representative or agent (including a trustee, collateral agent or security agent) of any such third party lender(s). 
 Prospective
Purchaser has the meaning given to the term in clause 7.7(a). 
 Registration Rights Agreement means the registration
rights agreement entered into by and between the Shareholders (as defined therein) and the Company dated the date hereof. 
 Respective
Proportion means, with respect to an Entitled Minority Shareholder, a fraction, the numerator of which shall be the number of Exchange Shares validly held by such Entitled Minority Shareholder at the relevant time of calculation and the
denominator of which shall be the sum of (i) the number of issued and outstanding Class A Ordinary Shares held by Melco and its Affiliates (excluding the Company and its Subsidiaries), (ii) the number of Exchange Shares held by all
Entitled Minority Shareholders, and (iii) the number of Class A Ordinary Shares issuable if all Participants (as defined in the Participation Agreement) exercised their Exchange Rights with respect to the entirety of the remaining
Participation Interests (as defined in the Participation Agreement). 
 Security means a fully paid share in the capital of the
Company carrying the rights and obligations set out in this document and in the Memorandum and Articles of Association, which shall include Class A Ordinary Shares (including any Class A Ordinary Shares represented by ADSs) and
Class B Ordinary Shares. 
 Shared Vendor Contracts has the meaning given to the term in clause 3.1. 

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

Shareholder means a holder of Securities from time to time. 

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

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

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

  
 7 

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

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

  

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

Transaction Documents means this document, the Registration Rights Agreement and the Memorandum and Articles of Association. 

Transfer means to transfer, sell, exchange, hypothecate, assign, charge, pledge, encumber, gift, convey (including in trust) or
otherwise dispose of. 
 Unsubscribed Equity Securities has the meaning set forth in clause 6.3(b). 

Unsuitable Person means a person or entity whose direct or indirect ownership of Securities could (on the facts then known): 

 

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

  

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

 be reasonably expected to adversely
impact the suitability or entitlement of: 
 (x) any member of the Group; 

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

  
 8 

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

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

  

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

  

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

  

	1.2	Construction 

 Unless expressed to the contrary, in this document: 

 

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

  

	 	(b)	any gender includes the other genders; 

  

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

  

	 	(d)	includes means includes without limitation; 

  

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

  

	 	(f)	a reference to: 

  

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

 

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

 

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

 

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

 

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

  

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

  
 9 

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

  

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

  

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

 

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

  

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

  

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

 

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

  

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

 

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

  

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

  

	1.3	Headings 

 Headings do not affect the interpretation of this document. 

 

	2.	DIRECTORS 

  

	2.1	Melco Directors 

  

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

  
 10 

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

 

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

  

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

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

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

 

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

  

	2.2	Minority Directors 

  

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

  

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

  

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

 

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

  
 11 

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

  

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

  

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

 

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

  

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

  

	2.3	Eligibility and rights of Observers 

  

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

  

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

 

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

  

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

  

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

  
 12 

	2.4	Vacation of office 

 The office of a Director will be vacated if: 

 

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

  

	 	(b)	a Director dies; 

  

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

  

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

  

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

 

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

 

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

 

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

  

	2.5	Removal of Directors 

  

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

  

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

  

	2.6	Alternate directors 

  

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

  
 13 

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

  

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

  

	2.7	Director duties 

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

	2.8	Fees and expenses of Directors 

  

	 	(a)	The Company shall: 

  

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

  

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

  

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

  

	2.9	D&O Policy 

 The Company shall: 

 

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

  

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

  
 14 

	2.10	Indemnity deed 

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

	2.11	Post IPO 

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

	3.	SHARED VENDOR CONTRACTS 

  

	3.1	Shared Vendor Contracts 

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

  

	3.2	Obligation 

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

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

 

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

 

	3.3	Application 

  

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

  

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

  

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

  
 15 

	 	(iii)	a Governmental Agency; 

  

	 	(iv)	a Gaming Promoter; or 

  

	 	(v)	an Other Casino. 

  

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

  

	3.4	Gaming Promoters 

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

	 	(a)	the use or selection of Gaming Promoters; 

  

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

  

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

  

	3.5	Audit rights 

  

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

  

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

  

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

  

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

  
 16 

	4.	CASINO OPERATION 

  

	4.1	Casino operation 

  

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

  

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

 

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

  

	4.2	Gaming tables 

  

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

 

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

  

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

 

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

  

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

  

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

  
 17 

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

  

	5.	OTHER ADMINISTRATIVE MATTERS 

  

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

  

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

  

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

  

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

  

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

 

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

  

	6.	PRE-EMPTIVE RIGHTS 

  

	6.1	Pro rata offer 

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

  
 18 

	6.2	Offer Notice 

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

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

  

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

  

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

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

  

	6.3	Response to Offer 

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

	6.4	Failure to Respond 

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

	6.5	Payment by Accepting Entitled Minority Shareholders 

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

  
 19 

	6.6	Termination of Pre-Emptive Rights 

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

	7.	CONFIDENTIALITY AND DISCLOSURE 

  

	7.1	Disclosure by Directors 

  

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

  

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

 

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

  

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

 

	7.2	Restrictions on disclosure 

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

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

 

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

  

	7.3	Disclosure by Shareholders and holders of Upstream Securities 

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

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

  
 20 

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

  

	7.4	Disclosure generally 

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

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

  

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

  

	 	(c)	to any Project Lender. 

  

	7.5	Exceptions 

  

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

 

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

  

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

  

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

  

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

 

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

  

	7.6	Conditions to disclosure 

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

  
 21 

	7.7	Prospective Purchaser 

  

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

  

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

  

	7.8	Information to be held confidential 

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

	7.9	Prohibition 

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

 

	7.10	Disclosure document 

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

	8.	DISPUTE 

  

	8.1	Dispute 

  

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

 

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

  
 22 

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

  

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

  

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

 

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

  

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

  

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

  

	8.2	Proper exercise of rights not a Dispute 

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

 

	9.	TERMINATION 

  

	9.1	Term 

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

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

  

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

  
 23 

	9.2	Certain provisions continue 

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

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

  

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

 

	10.	NOTICES 

  

	10.1	General 

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

	10.2	How to give a communication 

 A communication shall be given by being: 

 

	 	(a)	personally delivered; 

  

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

  

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

 

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

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

	10.3	Particulars for delivery of notices 

  

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

 Melco Resorts & Entertainment Limited 

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

facsimile number: +852-2537-3618 

e-mail address: [•] 

attention: Company Secretary 

  
 24 

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

 Latham & Watkins 

18th Floor, One Exchange Square 

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

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

attention: Ji-Hyun Helena Kim 

MCE Cotai Investments Limited 

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

facsimile number: +852-2537-3618 

e-mail address: [•] 

attention: Company Secretary 

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

Latham & Watkins 

18th Floor, One Exchange Square 

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

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

attention: Ji-Hyun Helena Kim 

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

Greenwich, Connecticut 06830 

United States of America 

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

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

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

Skadden, Arps, Slate, Meagher & Flom LLP 

300 South Grand Avenue, Suite 3400 

Los Angeles, California 90071-3144 

facsimile number: +
1-213-621-5288 

email address: jeffrey.cohen@skadden.com 

attention: Jeffrey H. Cohen 

  
 25 

 Studio City International Holdings Limited 

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

facsimile number: +852-2537-3618 

e-mail address: [•] 

attention: Company Secretary 

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

Latham & Watkins 

18th Floor, One Exchange Square 

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

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

attention: Ji-Hyun Helena Kim 
  

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

  

	10.4	Communications by post 

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

	10.5	Communications by fax 

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

 

	10.6	After hours communications 

 If a communication is given: 

 

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

  

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

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

	10.7	Receipt of notice 

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

  
 26 

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

 

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

 

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

  

	12.	DUTIES, COSTS AND EXPENSES 

  

	12.1	Fees and costs 

  

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

  

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

  

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

  

	12.2	Duties 

  

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

  

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

  
 27 

	13.	GENERAL 

  

	13.1	Amendment 

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

 

	 	(a)	in writing; and 

  

	 	(b)	signed by each party; 

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

 

	13.2	Counterparts 

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

	13.3	Assignment 

  

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

 

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

  

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

 

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

  

	13.4	Entire understanding 

  

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

 

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

  

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

  

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

  

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

  
 28 

	13.5	Further steps 

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

	13.6	Attorneys 

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

	13.7	Inconsistency with Memorandum and Articles of Association 

  

	 	(a)	If there is any inconsistency between this document and the Memorandum and Articles of Association, this document prevails as between the Shareholders only to the extent of that inconsistency. 

 

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

  

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

  

	13.8	Relationship of parties 

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

	13.9	Rights cumulative 

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

	13.10	Survival of obligations after termination 

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

 

	13.11	Waiver and exercise of rights 

  

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

  
 29 

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

 

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

  

	13.12	Consent 

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

	13.13	Equitable relief 

 The parties acknowledge that: 

 

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

  

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

  

	13.14	Governing law and jurisdiction 

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

	13.15	No Third Party Rights 

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

	13.16	New Cotai Ownership Determination 

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

	13.17	Effectiveness 

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

  
 30 

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

			
	By:	 	  

		
	Position:	 	  

		
	Date:	 	  

 In the presence of: 
  

			
	Signature:	 	  

		
	Name:	 	  

		
	Address:	 	  

	
	  

  
 [Signature Page –
Shareholders’ Agreement] 

			
	New Cotai, LLC
		
	By:	 	  

		
	Position:	 	  

		
	Date:	 	  

  

			
	In the presence of:
		
	Signature:	 	  

		
	Name:	 	  

		
	Address:	 	  

	
	  

  
 [Signature Page –
Shareholders’ Agreement] 

			
	Melco Resorts & Entertainment Limited
		
	By:	 	  

		
	Position:	 	  

		
	Date:	 	  

  

			
	In the presence of:
		
	Signature:	 	  

		
	Name:	 	  

		
	Address:	 	  

	
	  

  
 [Signature Page –
Shareholders’ Agreement] 

			
	Studio City International Holdings Limited
		
	By:	 	  

		
	Position:	 	  

		
	Date:	 	  

  

			
	In the presence of:
		
	Signature:	 	  

		
	Name:	 	  

		
	Address:	 	  

	
	  

  
 [Signature Page –
Shareholders’ Agreement] 

 SCHEDULE I 
  

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

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

 SCHEDULE II 

Minority Shareholders 
  

					
	 Name of Minority Shareholder
	  	 Class B Ordinary Shares
	  	 Exchange Shares

	 New Cotai LLC
	  	 [•]
	  	Nil

 Annexure A 

Confidentiality Deed 
  

 
 [Discloser] 

 
  

[Recipient] 
  

 
 Confidentiality Deed 

  
   

 

	
	Contents

  

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

  
  

page i 

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

  
  

page ii 

 Date 

Parties 

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

			
		  	  

 Background 
  

	A	The Discloser possesses Confidential Information. 

  

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

  

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

 

			
		  	  

 Agreed terms 
  

	1	Interpretation 

  

	 	1.1	Definitions 

 In this document, the following terms have the following meanings: 

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

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

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

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

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

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

  

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

  
  

page 1 

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

  

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

 Effective Interest in Securities has the meaning given to that term
in the Shareholders’ Agreement. 
 Governmental Agency means: 

 

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

  

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

  

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

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

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

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

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

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

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

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

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

  
  

page 2 

	 	1.2	Construction 

 Unless expressed to the contrary, in this document: 

 

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

  

	 	(b)	any gender includes the other genders; 

  

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

  

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

 

	 	(e)	“includes” means includes without limitation; 

  

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

  

	 	(g)	a reference to: 

  

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

 

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

 

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

 

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

  

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

  

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

  

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

 

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

  

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

  

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

 

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

  
  

page 3 

	2	Confidential Information 

  

	 	2.1	Duty of confidentiality 

  

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

 

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

 

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

  

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

 

	 	2.2	Disclosure by holders of Upstream Securities 

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

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

  

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

  

	 	2.3	Disclosure generally 

 The Recipient may disclose any Confidential Information received
by it: 
  

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

  

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

  

	 	(c)	to any Project Lender. 

  

	 	2.4	Exceptions 

  

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

 

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

  
  

page 4 

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

  

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

  

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

 

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

  

	 	2.5	Copies and extracts of Confidential Information 

  

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

  

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

 

	3	Return or destruction of Confidential Information 

  

	 	3.1	Return or destruction 

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

	 	3.2	Retained papers 

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

	 	3.3	Obligations to continue after materials returned 

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

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

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

  
  

page 5 

	 	3.4	The Recipient must certify destruction of materials 

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

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

  

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

 

	4	Indemnity 

  

	 	4.1	Indemnity 

  

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

  

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

  

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

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

 

	 	(b)	This indemnity survives termination of this document. 

  

	5	Liability 

  

	 	5.1	Discloser does not warrant Confidential Information is accurate 

 The Recipient
acknowledges that: 
  

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

  

	 	(b)	the Confidential Information may: 

  

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

  

	 	(ii)	be speculative; 

  

	 	(iii)	be forward looking and relatively uncertain; 

  

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

  

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

  

	 	5.2	Liability 

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

  
  

page 6 

	 	5.3	Release 

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

	6	Injunctive relief 

 The Recipient acknowledges that: 

 

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

  

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

 

	7	[Termination 

  

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

  

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

  

	8	General 

  

	 	8.1	Severance 

  

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

  

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

  

	 	(i)	materially alters: 

  

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

  

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

  

	 	(ii)	would be contrary to public policy. 

  

	 	8.2	Amendment 

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

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

  
  

page 7 

	 	8.3	Waiver and exercise of rights 

  

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

 

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

 

	 	8.4	Governing law and jurisdiction 

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

	 	8.5	Assignment 

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

	 	8.6	Entire understanding 

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

	 	8.7	Legal costs 

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

	 	8.8	Rights cumulative 

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

	 	8.9	Further steps 

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

	 	8.10	Counterparts and facsimile copies 

  

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

  

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

  

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

  

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

  
  

page 8 

	 	8.11	Relationship of parties 

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

	 	8.12	Ownership thresholds 

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

 

	9	Notices 

  

	 	9.1	General 

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

	 	9.2	How to give a communication 

 A communication must be given by being: 

 

	 	(a)	personally delivered; 

  

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

  

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

 

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

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

	 	9.3	Particulars for delivery of notices 

  

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

  

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

  

	 	9.4	Communications by post 

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

	 	9.5	Communications by fax 

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

  
  

page 9 

	 	9.6	After hours communications 

 If a communication is given: 

 

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

  

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

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

	 	9.7	Receipt of notice 

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

  
  

page 10 

 Executed as a deed. 
  

					
	 Signed, Sealed and Delivered
  

as a deed in the name of
  

[Discloser] acting by

        

        

its duly authorised representative
  

with authority of the board
  

in the presence of:

        

        

        

        
	 	 )
  

)
  

)
  

)
  

)
  

)
  

)
	 	  
  

Authorised Representative

        

        

        

        

	  
 Name of witness:

Title of witness:
	 		 	

  

					
	 Signed, Sealed and Delivered
  

as a deed in the name of
  

[Recipient] acting by

        

        

its duly authorised representative
  

with authority of the board
  

in the presence of:

        

        

        

        
	 	 )
  

)
  

)
  

)
  

)
  

)
  

)
	 	  
  

Authorised Representative

        

        

        

        

	  
 Name of witness:

Title of witness:
	 		 	

  
  

page 11 

 Annexure B 

Deed of Accession 
 Deed
poll dated 
 By 

[                    ] 

of [                    ] (Acceding
Party) 
 Background 
  

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

Declarations 
  

	1	Acceding party to be bound 

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

	2	Copy of the Deed 

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

	3	Representations and warranties 

 The Acceding Party represents and warrants to the Parties that:

  

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

  

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

  

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

  

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

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

Executed as a deed.EX-10.22

 Exhibit 10.22 

PARTICIPATION AGREEMENT 

This PARTICIPATION AGREEMENT (as it may be amended from time to time in accordance with the terms hereof, this “Agreement”),
dated [●], 2018, is made by and among Studio City International Holdings Limited (formerly known as CYBER ONE AGENTS LIMITED), a business company limited by shares incorporated in the British Virgin Islands (the “Pre-Migration Company” and, following the proposed transfer by way of continuation (redomiciling) of the Pre-Migration Company as an exempted company with limited
liability under the laws of the Cayman Islands, the “Company”), MSC Cotai Limited, a business company limited by shares incorporated in the British Virgin Islands (“Newco”), and New Cotai, LLC, a Delaware limited
liability company (“New Cotai”). Any capitalized term used and not otherwise defined herein shall have the meaning given to it in Article I. 

WHEREAS, New Cotai owns 72,511,760 Class A ordinary shares of the Pre-Migration Company,
representing a 40% equity interest in the Pre-Migration Company (the “New Cotai Shares”), and MCE Cotai Investments Limited (“MCE Cotai”), a wholly-owned subsidiary of Melco
Resorts & Entertainment Limited (“Melco”), owns 108,767,640 Class A ordinary shares of the Pre-Migration Company, representing a 60% equity interest in the Pre-Migration Company (the “MCE Cotai Shares”); 
 WHEREAS, the Pre-Migration Company, Newco, MCE Cotai, Melco, and New Cotai have entered into that certain Implementation Agreement, dated as of [●], 2018 pursuant to which, and subject to the premises thereof, Newco has
agreed to enter into this Participation Agreement pursuant to which the Participant accedes to certain rights, interests, entitlements, and obligations as set forth in this Agreement (all of such rights, interests, entitlements, and obligations,
together with those under the Tax Side Letter, the “Participation”); 
 WHEREAS, as set forth in the Implementation
Agreement and subject to the premises thereof, the parties hereto have, among other things, agreed to take certain other actions in anticipation of the Continuation and the contemplated initial public offering (the “IPO”) by the
Company of American Depositary Shares (“ADS”), each ADS representing a certain number of Class A Ordinary Shares; and 

WHEREAS, the Boards of Directors of the Pre-Migration Company, Newco, and New Cotai have each approved
this Agreement and determined that the transactions contemplated herein are in the best interests of the Pre-Migration Company, Newco, and New Cotai, as the case may be. 

NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

 ARTICLE I 

DEFINITIONS 

Section 1.1 Definitions. 

The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this
Agreement. 
 “Adjusted Class A Ordinary Shares Amount” means, with respect to an Exchanged
Participation Interest, a number of Class A Ordinary Shares equal to the product of (i) the Participation Percentage corresponding to such Exchanged Participation Interest and (ii) the number of Class A Ordinary Shares issued and
outstanding immediately prior to the effectiveness of the Exchange of such Exchanged Participation Interest; provided that, for purposes of calculating the number of Class A Ordinary Shares issued and outstanding immediately prior to the
effectiveness of the Exchange, any Adjustment Event the record date of which was prior to the effectiveness of such Exchange but which was effective after the effectiveness of such Exchange shall be deemed to have occurred immediately prior to the
effectiveness of such Exchange with respect to such Exchanged Participation Interest for purposes of the above calculation. 

“Adjustment Change” has the meaning set forth in Section 2.5(a) to this Agreement. 

“Adjustment Change Calculations” has the meaning set forth in Section 2.5(a) to this Agreement.

 “Adjustment Change Notice” has the meaning set forth in Section 2.5(a) to this Agreement. 

An “Adjustment Event” shall be deemed to have occurred upon either of the following: 

(i) the Company (a) paying (whether or not declared) a dividend on its outstanding Class A Ordinary Shares wholly or
partly in Class A Ordinary Shares or making a distribution to all holders of its outstanding Class A Ordinary Shares wholly or partly in Class A Ordinary Shares, (b) splitting or subdividing its outstanding Class A Ordinary
Shares, or (c) effecting a reverse share split, consolidation, or otherwise combining its outstanding Class A Ordinary Shares into a smaller number of Class A Ordinary Shares; or 

(ii) the Company completing a Recapitalization. 

“ADS” has the meaning set forth in the recitals to this Agreement. 

“Affiliate” means, with respect to any Person, a Person that directly, or indirectly through one or more intermediaries,
controls or is controlled by, or is under common control with, such Person. 

  
 2 

 “Agreement” has the meaning set forth in the preamble to this Agreement. 

“Average Class A Ordinary Share Price” means the volume-weighted average trading price of an ADS for the
five (5)-trading day period immediately preceding (a) the date on which an Exchange Notice is delivered pursuant to Section 3.1(b), (b) the effective date of the applicable Mandatory Exchange pursuant to
Section 3.1(e), or (c) the applicable date of determination pursuant to Section 2.7, Section 2.8, Section 3.1(a), or the definition of
“Termination Event”, as the case may be, based on quotations as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the New York Stock Exchange or, if such ADSs
are not listed or admitted to trading on the New York Stock Exchange, as reported on the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which such ADSs are
listed or admitted to trading, in each case, divided by the number of Class A Ordinary Shares that one ADS represents; provided that, for purposes of the definition of “Termination Event”, “five (5)-trading day
period” shall be replaced with “twenty (20)-trading day period”. 
 “business days” means any day other than
a Saturday, a Sunday or a day on which banking institutions in the United States, Hong Kong, Cayman Islands or British Virgin Islands are authorized by law, regulation or executive order to remain closed and, in the case of Hong Kong, other than a
day on which a tropical cyclone warning No. 8 or above or a “black rainstorm warning signal” is hoisted or remains hoisted at any time between 9:00 am and 5:00 pm. If a date on which an event is to occur is a non-business day at a place at which the event is to occur, the event may be made at that place on the next succeeding day that is a business day, and no interest shall accrue on such payment for the intervening
period. 
 “Cash Change of Control” means any Change of Control; provided that holders of the Class A Ordinary
Shares or ADSs do not (i) receive (or have the right to receive) securities of a class that is registered under the Exchange Act in such Change of Control or (ii) retain (or have the right to retain) Class A Ordinary Shares or ADSs
following such Change of Control. 
 “Cash Settlement” means immediately available funds in U.S. dollars in an amount equal
to the product of (i) the number of shares of Class A Ordinary Shares that would otherwise be delivered to a Participant in an Exchange pursuant to clauses (i) or (iv) of Section 3.1(e), and (x) in the
case of a Cash Change of Control, the amount of cash consideration (and the fair market value, as determined by members of the Company’s board of directors that are disinterested in the transaction, of any
non-cash consideration) per share each holder of Class A Ordinary Shares is to receive in the applicable Cash Change of Control, or (y) in the case of an Unsuitability Determination, the Average
Class A Ordinary Share Price. 
 A “Change in Control” shall be deemed to have occurred upon: 

(i) the sale, lease, or transfer, in one or a series of related transactions, of all or substantially all of the Company’s assets
(determined on a consolidated basis) to a Third Party; provided, that, for clarity and notwithstanding anything to the contrary, neither the approval of nor consummation of (A) a transaction treated for U.S. federal income tax purposes
as a liquidation of Newco into the Company or a wholly-owned Subsidiary of the Company or (B) a merger or consolidation of Newco into the Company or a wholly-owned Subsidiary of the Company will constitute a Change in Control; or 

  
 3 

 (ii) a merger or consolidation (including by way of scheme of arrangement or plan of arrangement)
of the Company with another Person in which the holders of Class A Ordinary Shares receive solely cash in exchange for their Class A Ordinary Shares; or 

(iii) a merger or consolidation of the Company or any Subsidiary of the Company with any other person, other than a merger or consolidation
which would result in the Voting Securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into Voting Securities of the surviving entity) at least 50.1% of the
total voting power represented by the Voting Securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or 

(iv) the acquisition, directly, or indirectly, by any Third Party (other than (a) a trustee or other fiduciary holding securities under
an employee benefit plan of the Company, or (b) a corporation or other entity owned, directly or indirectly, by all of the shareholders of the Company in substantially the same proportions as their ownership of shares in the Company) of
beneficial ownership (as defined in Rule 13d-3 under the Exchange Act) of at least 50.01% of the aggregate voting power of the Voting Securities of the Company pursuant to a Tender Offer; provided, that
the Company’s board of directors determines that such Tender Offer is in the best interests of the Company and its shareholders, approves such transaction and recommends to the shareholders of the Company that they tender their Equity
Securities of the Company in such Tender Offer. 
 “Class A Ordinary Shares” means the Class A
ordinary shares, par value US$0.0001 per share, of the Company. 
 “Class A Ordinary Shares Amount”
means, with respect to an Exchanged Participation Interest, a number of Class A Ordinary Shares equal to the product of (i) the Participation Percentage corresponding to such Exchanged Participation Interest and (ii) the number of
Class A Ordinary Shares issued and outstanding immediately prior to the effectiveness of the Exchange of such Exchanged Participation Interest. 

“Class B Adjustment” has the meaning set forth in Section 2.4(g) to this
Agreement. 
 “Class B Ordinary Shares” means the Class B ordinary shares, par value US$0.0001 per
share, of the Company. 
 “Class B Ordinary Shares Amount” means, with respect to a Participant’s
Participation Interest at any given time, the number of Class B Ordinary Shares equal to the product of (i) the Participation Percentage corresponding to such Participation Interest and (ii) the number of Class A Ordinary Shares
issued and outstanding at such time. 

  
 4 

 “Company” has the meaning set forth in the preamble to this Agreement. 

“Company Material Adverse Effect” means a material adverse effect on the Gaming License. 

“Company Shareholders Agreement” means the Amended and Restated Shareholders’ Agreement by and among MCE Cotai, Melco,
New Cotai, and the Company, to be entered into after the consummation of the Continuation pursuant to the Implementation Agreement. 

“Commencement of Enforcement” means the commencement by any Person of any declaration, action, procedure or proceeding to
enforce the rights of any representative or agent (including a trustee, collateral agent or security agent) or any lender(s) with respect to any Excluded Lien. 

“Continuation” means the transfer by way of continuation of the Pre-Migration Company
from the British Virgin Islands to the Cayman Islands as described in Section [1.1(f)] of the Implementation Agreement. 

“Corresponding Class B Ordinary Shares Amount” means, (a) with respect to an Exchanged Participation
Interest, a number of Class B Ordinary Shares equal to the product of (i) the number of aggregate Class B Ordinary Shares outstanding immediately prior to the effectiveness of the Exchange with respect to such Exchanged Participation
Interest and (ii) the quotient of (x) such Exchanged Participation Interest divided by (y) the Total Participation Percentage, and (b) with respect to any Transfer of Participation Interest, a number of Class B Ordinary
Shares equal to the product of (i) the number of aggregate Class B Ordinary Shares outstanding at the time of such Transfer of Participation Interest and (ii) the quotient of (x) such Participation Interest being transferred
divided by (y) the Total Participation Percentage; provided that, to the extent that the Corresponding Class B Ordinary Shares Amount would include a fractional Class B Ordinary Share, such fractional amount shall be rounded up to one
(1). 
 “Corresponding Payment” has the meaning set forth in Section 2.5(a) to this Agreement.

 “Corresponding Securities” has the meaning set forth in Section 6.2(a) to this Agreement. 

“Deemed Distributed Rights” has the meaning set forth in Section 2.8(a). 

“Discount” has the meaning set forth in Section 6.4 to this Agreement. 

“Dispute” has the meaning set forth in Section 7.10(a) of this Agreement. 

“Dispute Notice” has the meaning set forth in Section 7.10(b) of this Agreement. 

  
 5 

 “Distributed Right” means any right, option, or warrant granted by the Company
to all holders of its Class A Ordinary Shares to subscribe for, purchase, or otherwise acquire Class A Ordinary Shares, or other securities or rights convertible into, or exchangeable or exercisable for, Class A Ordinary Shares. 

“Disputing Parties” has the meaning set forth in Section 7.10(c) of this Agreement. 

“Enforcement of Excluded Lien” means any representative or agent (including a trustee, collateral agent or security agent) or
any lender(s) (x) taking possession of, or (y) following a judgment, order, decree or similar judicial or governmental action to such effect that remains unstayed and in effect for 60 consecutive days or is final and non-appealable, becoming entitled to take possession of, the Participation Interest or Class B Ordinary Shares subject to an Excluded Lien or the Class A Ordinary Shares Amount related thereto. 

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

“Equity Securities” means, with respect to any Person, equity securities or any securities convertible into or exchangeable
or exercisable for any equity securities of such Person. For the purposes of Article IV of this Agreement, any Distributed Rights are not included in the definition of Equity Securities. 

“Exchange” has the meaning set forth in Section 3.1(a) of this Agreement. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 “Exchange Date” has the meaning set forth in Section 3.1(b) of this Agreement. 

“Exchange Notice” has the meaning set forth in Section 3.1(b) of this Agreement. 

“Exchange Notice Withdrawal Date” has the meaning set forth in Section 3.1(b) of this Agreement.

 “Exchange Right” has the meaning set forth in Section 3.1(a) of this Agreement. 

“Exchanged Participation Interest” has the meaning set forth in Section 3.1(a) of this Agreement.

 “Exchanging Participant” has the meaning set forth in Section 3.1(b) of this Agreement. 

  
 6 

 “Excluded Lien” means, solely with respect to New Cotai, a charge, pledge,
encumbrance or security interest over New Cotai’s Participation Interest (and, if applicable, the Corresponding Class B Ordinary Shares Amount) granted by New Cotai to a Person in connection with the incurrence of New Cotai Debt,
provided that (i) such charge, pledge, encumbrance or security interest shall be an Excluded Lien only for so long as New Cotai’s obligations and voting rights arising under or relating to this Agreement and the Class B
Ordinary Shares are not impaired or limited by such charge, pledge, encumbrance or security interest and (ii) New Cotai satisfies all conditions under Section 7.1(b) of this Agreement at the time of the grant of such
charge, pledge, encumbrance or security interest. 
 “GAAP” means United States generally accepted accounting principles,
consistently applied. 
 “Gaming License” means the license, concession, subconcession, or other authorization from any
Governmental Authority which authorizes, permits, concedes, or allows any Affiliate of the Company, the Company or any of its Subsidiaries, at the relevant time, to own or manage casino or gaming areas or operate casino games of fortune and chance,
in each case, on the Company’s or any of its Subsidiaries’ premises. 
 “Governmental Authority” means
(i) any court or tribunal in any jurisdiction (domestic or foreign) or any governmental or regulatory body (whether domestic, national, federal, state, provincial, municipal, local, foreign, or multinational), agency, department, commission,
central bank, board, bureau, or other authority or instrumentality, (ii) any subdivision or authority of any of the foregoing, or (iii) any quasi-governmental body exercising, or entitled to exercise, any regulatory, administrative,
executive, judicial, legislative, police, expropriation, or Tax authority under or for the account of any of the above. 
 “ICC
Rules” has the meaning set forth in Section 7.10(d) of this Agreement. 
 “Impermissible
Transfer” has the meaning set forth in Section 3.1(e) to this Agreement. 
 “Implementation
Agreement” means the Implementation Agreement, dated as of [●], 2018, by and among the Pre-Migration Company, MCE Cotai, Melco, and New Cotai. 

“Initial Calculations” has the meaning set forth in Section 2.5(a) to this Agreement. 

“IPO” has the meaning set forth in the recitals to this Agreement. 

“Joinder Agreement” shall have the meaning set forth in Section 7.1(a) of this Agreement. 

“Lock-Out Period” means the period that ends on the date that is 180 days after the
date of the prospectus relating to the IPO or, if earlier, another date that marks the end of the “Lock-Up Period” contained in the lock-up agreement that the
applicable Participant entered into in connection with the IPO (such lock-up agreement, the “Lock-up Agreement”), including as a result of a full or
partial waiver or termination of the lock-up restrictions contained in the Lock-up Agreement. 

  
 7 

 “Mandatory Contribution” has the meaning set forth in
Section 6.1(a) of this Agreement. 
 “Mandatory Exchange” has the meaning set forth in
Section 3.1(e) of this Agreement. 
 “MCE Cotai” has the meaning set forth in the recitals to
this Agreement. 
 “MCE Cotai Shares” has the meaning set forth in the recitals to this Agreement. 

“Melco” has the meaning set forth in the recitals to this Agreement. 

“Minimum Exchange Participation Interest” means, with respect to a Participant, the portion of a Participation Interest such
that, if such Participant exercised its Exchange Right for such portion, such Participant would receive the number of Class A Ordinary Shares representing 0.05% of the voting rights of the Voting Securities of the Company. 

“Negotiation Period” has the meaning set forth in Section 2.5(c) of this Agreement. 

“New Cotai” has the meaning set forth in the preamble to this Agreement. 

“New Cotai Debt” means, solely with respect to New Cotai, any indebtedness of New Cotai used to amend, modify, restructure,
extend or refinance all or any portion of the 10.625% Senior Pay-In-Kind Notes due 2019 issued by New Cotai and New Cotai Capital Corp., as may from time to time be
amended, modified, restructured, extended or refinanced. 
 “New Cotai Shares” has the meaning set forth in the recitals to
this Agreement. 
 “Newco” has the meaning set forth in the preamble to this Agreement. 

“Newco Cash Distribution” has the meaning set forth in Section 2.2(a) of this Agreement. 

“Newco Charter” has the meaning set forth in Section 6.3(a)(i) of this Agreement. 

“Newco Employee” means an employee or director of (or any other service provider to) Newco or any of its Subsidiaries,
including any employee of an Affiliate of Newco that provides services for the business and operations of Newco and its Subsidiaries, or the Company acting in such capacity; provided that any such employee of the Company is an executive
officer of the Company and such employment is directly related to the Company’s status as the holder of the Newco Shares or the Company’s listing on the New York Stock Exchange. 

“Newco In-Kind Distribution” has the meaning set forth in
Section 2.2(b) of this Agreement. 
 “Newco Liquidation Date” has the meaning set forth in
Section 2.2(c) of this Agreement. 
 “Newco Repurchase” has the meaning set forth in
Section 6.2(c) of this Agreement. 

  
 8 

 “Newco Shares” means the ordinary shares, par value US$0.0001 per share, of
Newco. 
 “Newco Share Issuance” means an issuance of shares by Newco to the Company in exchange for the contribution (or
any deemed contribution) by the Company in accordance with this Agreement of all of the cash proceeds and/or property received by the Company (net of any underwriting fees, discounts, and selling commissions, or similar fees or related expenses, and
costs) from (a) a public offering or a Person that is a Third Party, (b) a Person that is an Affiliate of the Company in a transaction between the Company and such Person that has been approved by members of the Company’s board of
directors that are disinterested in the transaction, (c) the issuance of Class A Ordinary Shares or ADSs to a Person with respect to “assured entitlement” arrangements pursuant to Practice Note 15 of the Listing Rules of The
Stock Exchange of Hong Kong Limited (as it may be amended from time to time), (d) the issuance of Class A Ordinary Shares or ADSs pursuant to an Equity Plan in accordance with Section 2.7, or (e) the issuance of
Class A Ordinary Shares or ADSs in connection with the exercise of any Distributed Right. 
 “Notional Equity
Securities” has the meaning set forth in Section 4.2(b) of this Agreement. 
 “Notified
Party” means the Company, Newco, or any Affiliate of either or both. 
 “Objection Calculations” has the meaning
set forth in Section 2.5(b) of this Agreement. 
 “Objection Period” has the meaning set forth in
Section 2.5(b) of this Agreement. 
 “Offer” has the meaning set forth in
Section 4.1 of this Agreement. 
 “Offer Notice” has the meaning set forth in
Section 4.2 of this Agreement. 
 “Participant” means New Cotai in its capacity as the recipient
of the Participation Interest under this Agreement and each other Person that becomes a party to this Agreement pursuant to Section 7.1(a). 

“Participants Representative” means, at any given time (a) a member of the board of directors of the Company at such
time that has been appointed by New Cotai pursuant to the Company Shareholders Agreement or (b) if there is no such member of the board of directors at the relevant time, the Participant that holds the greatest Participation Percentage at such
time. 
 “Participation” has the meaning set forth in the recitals to this Agreement. 

“Participation Interest” means, with respect to any Participant, such Participant’s interest in the Participation. 

  
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 “Participation Percentage” means, with respect to each Participant, the number
of percentage points represented by such Participant’s Participation Interest, subject to adjustment from time to time as set forth in this Agreement (it being understood that, after each such adjustment, the Participation Percentage, as so
adjusted, shall be the Participation Percentage with respect to such Participant for purposes of this Agreement for any periods thereafter until the next adjustment as provided by this Agreement). As of the date of this Agreement and immediately
prior to the IPO, the Participation Percentage of New Cotai is 66-2/3%. 
 “Participation
Rights” has the meaning set forth in Section 2.8(a). 
 “Payment Notice” has the meaning
set forth in Section 2.5(a) to this Agreement. 
 “Permitted Transferee” means any one or more
investment funds or other entities directly or indirectly owned, managed or advised by Oaktree Capital Management, L.P. or Silver Point Capital, L.P. (for so long as the transferee continues to be directly or indirectly owned, managed, or advised by
Oaktree Capital Management, L.P. or Silver Point Capital, L.P.). 
 “Person” means an individual, a partnership (including
a limited partnership), a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, association, or other entity or a Governmental Authority. 

“Pre-Migration Company” has the meaning set forth in the preamble to this Agreement.

 “Pro Rata Share” has the meaning set forth in Section 4.1 of this Agreement. 

“Recapitalization” means, with respect to any Person, a merger, consolidation, business combination, scheme of arrangement,
or plan of arrangement by a Person or with or into another Person or the transfer of all or substantially all of the Person’s assets to another Person, other than a Change in Control. For the avoidance of doubt, the Transfer Agreement and the
transactions undertaken thereunder are not included in the definition of “Recapitalization”. 
 “Registration Rights
Agreement” means the amended and restated registration rights agreement by and among the Company and the shareholders party thereto, to be entered into after the consummation of the Continuation pursuant to the Implementation Agreement.

 “Registration Statement” means the Company’s registration statement on Form
F-1 related to the IPO, initially filed with the Securities and Exchange Commission on [●], 2018 (File No. [●]). 

“Relevant Review Event Date” has the meaning set forth in Section 3.1(e) of this Agreement. 

“Reviewable Materials” has the meaning set forth in Section 2.5(c) of this Agreement. 

  
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 “Review Event” means the requirement after the date hereof by a Governmental
Authority having jurisdiction over the Company or any of its Subsidiaries (or any of their Affiliates holding a Gaming License) that the Participants exchange all Participation Interests for the Class A Ordinary Shares Amount or any notice by
such Governmental Authority determining that the continued performance of this Agreement in accordance with its terms is not permitted (or, as permitted, is not viable) or that such continued performance could have a Company Material Adverse Effect.

 “Rights Purchase Price” has the meaning set forth in Section 2.8(b). 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder. 

“Settlement Notice” has the meaning set forth in Section 3.1(c). 

“Subsidiary” means, with respect to any Person: 

(i) any corporation, association, or other business entity of which (i) more than 50% of the total voting power of shares of capital stock
entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or shareholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers, or trustees of the
corporation, association, or other business entity that is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person (or a combination thereof) or (ii) the composition of its
board of directors is directly or indirectly controlled by such Person; and 
 (ii) any partnership or limited liability company of which
(a) more than 50% of the capital accounts, distribution rights, total equity and voting interests, or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of
the other Subsidiaries of such Person or a combination thereof, whether in the form of membership, general, special, or limited partnership interests or otherwise and (b) such Person or any Subsidiary of such Person is a controlling general
partner or otherwise controls such entity. 
 “Tax” shall mean tax, levy, duty, or other charge or withholding of a similar
nature imposed by a Governmental Authority (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same). 

“Tax Side Letter” has the meaning set forth in Section 7.9 to this Agreement. 

“Tender Offer” means a tender offer under Rule 14e-1 of the Exchange Act. 

“Termination Event” means the earlier of the time at which (a) the combined value of the Class A Ordinary Shares
issuable if all Participants exercised their Exchange Rights with respect to the entirety of the remaining Participation Interests would no longer equal at least US$40,000,000 based on the Average Class A Ordinary Share Price or (b) the
number of Class A Ordinary Shares issuable if all Participants exercised their Exchange Rights with respect to the entirety of the remaining Participation Interests would be less than 1.00% of the outstanding Class A Ordinary Shares. 

  
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 “Third Party” means, with respect to a Person, any Person that is not an
Affiliate of such Person. Unless the context otherwise requires, “Third Party” refers to a Third Party with respect to the Company. 

“Third Party Expert” has the meaning set forth in Section 2.5(c) of this Agreement. 

“Total Participation Percentage” means, at any time, the aggregate Participation Percentage represented by the Participation
Interests held by the Participants at such time (it being understood that, after each adjustment to the Participation Percentage of a Participant pursuant to this Agreement, the Total Participation Percentage, determined after giving effect to such
adjustment, shall be the Total Participation Percentage for purposes of this Agreement for any periods thereafter until the next adjustment as provided by this Agreement). As of the date of this Agreement and immediately prior to the IPO, the Total
Participation Percentage is 66-2/3%. 
 “Transfer” means to transfer, sell,
exchange, hypothecate, assign, charge, pledge, encumber, gift, convey (including in trust) or otherwise dispose of. 
 “Transfer
Agreement” means the Transfer Agreement, dated as of [●], 2018, by and between the Pre-Migration Company and Newco. 

“Unsuitable Person Determination” shall mean the receipt by Newco or any of its Subsidiaries or Affiliates of a written
notice (an “Unsuitable Person Notice”) from a Governmental Authority to whose jurisdiction Newco, such Subsidiary or such Affiliate is subject, setting forth the name of a Person who is considered to be an Unsuitable Person;
provided that a Review Event shall not constitute an Unsuitable Person Determination. 
 “Unsuitable Person” means a
Person who (i) is determined by a Governmental Authority to be unsuitable to have any Participation Interest in Newco, whether directly or indirectly, (ii) causes Newco, the Company, or any of their respective Subsidiaries or Affiliates to
lose or to be threatened by a Governmental Authority with the loss of any Gaming License, or (iii) in the sole discretion of the board of directors of the Company, is deemed likely to jeopardize Newco’s or any of its Subsidiaries’ or
Affiliates’ application for, receipt of approval for, right to the use of, or entitlement to, any Gaming License, and “Unsuitability” and “Unsuitable” shall be construed accordingly. 

“US$” and “U.S. dollars” mean the lawful currency of the United States of America. 

“Voting Securities” mean any securities of the Company which are entitled to vote generally in matters submitted for a vote
of the Company’s shareholders or generally in the election of the Company’s board of directors. 
 Section 1.2
Interpretation. In this Agreement, unless otherwise provided: 

  
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 (a) A reference to an Article, Section, Schedule or Exhibit is a reference to an Article or
Section of, or Schedule or Exhibit to, this Agreement, and references to this Agreement include any recital in or Schedule or Exhibit to this Agreement. The Exhibits form an integral part of and are hereby incorporated by reference into this
Agreement. 
 (b) Headings are inserted for convenience only and shall not affect the construction or interpretation of this Agreement. 

(c) The word “shall” shall be obligatory and the word “may” shall be permissive. 

(d) Unless the context otherwise requires, words importing the singular include the plural and vice versa, words importing the masculine
include the feminine and vice versa, and words importing persons include corporations, associations, partnerships, joint ventures, and limited liability companies and vice versa. 

(e) The words “hereof” and “herein”, and words of similar meaning shall refer to this Agreement as a whole and not to any
particular Article, Section, or clause, and the words “include”, “includes,” and “including” shall be deemed to be followed by the words “without limitation.” 

(f) Except as otherwise specified herein, a reference to any legislation or to any provision of any legislation shall include any amendment
to, and any modification or re-enactment thereof, any legislative provision substituted therefor and all rules, regulations, and statutory instruments issued thereunder or pursuant thereto. 

(g) Except as otherwise specified herein, a reference herein to any other agreement or document shall be to such agreement or document as it
may have been or may hereafter be amended, modified, supplemented, waived, or restated from time to time in accordance with its terms and, to the extent applicable, the terms of this Agreement, and shall include all annexes, exhibits, schedules, and
other documents or agreements attached thereto. 
 Section 1.3 Calculations. Any calculations undertaken pursuant to this Agreement
shall be carried out to the fourth decimal place. 
 ARTICLE II 

PARTICIPATION RIGHTS 

Section 2.1 Participation. Each of Newco and the Company acknowledges and agrees that, with respect to a Participant’s
Participation Interest, such Participant shall participate in the profits and losses and business and assets and properties of Newco to the extent set forth in this Agreement (it being understood that this Agreement shall not confer upon any
Participant any right (a) to participate in the management of, or any management rights with respect to, Newco or (b) to be a shareholder of, or any voting rights with respect to, or other rights as a shareholder of, Newco). 

  
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 Section 2.2 Payments on the Participation. 

(a) Newco shall not pay (whether or not declared) any dividend or other distribution in cash in respect of or on account of Newco Shares (a
“Newco Cash Distribution”) unless, contemporaneously with any such payment, Newco pays to each Participant as of the record date for such Newco Cash Distribution, and each such Participant shall be entitled to receive in respect of
its Participation Interest as of such record date, an amount in cash (in U.S. dollars) equal to the product of (x) such Participant’s Participation Percentage as of such record date and (y) the aggregate amount of the Newco Cash
Distribution. At any time Newco declares and sets aside any funds for the payment of any dividend or other distribution (whether or not declared) in cash in respect of or on account of Newco Shares, Newco shall set aside the corresponding amount
that would be required to be paid to all Participants, as of the record date for such Newco Cash Distribution, with respect to, and at the time that, the Newco Cash Distribution is paid. Notwithstanding the first sentence of this
Section 2.2(a), at the time the amount set aside for distribution to Participants pursuant to the immediately preceding sentence is otherwise to be paid pursuant to the first sentence of this
Section 2.2(a), such amount may be paid pursuant to Section 3.3 to the extent the effectiveness of an applicable Exchange occurs after such amount is set aside and prior to the applicable Newco
Cash Distribution. 
 (b) Newco shall not pay (whether or not declared) any dividend or other distribution of assets other than cash in
respect of or on account of Newco Shares (a “Newco In-Kind Distribution”) unless, contemporaneously with any such payment, dividend, or distribution, Newco pays or transfers to each
Participant as of the record date for such Newco In-Kind Distribution, and each such Participant shall be entitled to receive in respect of its Participation Interest as of such record date, the portion of
such distributed assets equal to the difference of (i) the aggregate amount of such Newco In-Kind Distribution, minus (ii) the quotient of (x) the aggregate amount of such Newco In-Kind Distribution divided by (y) the sum of 100% and such Participant’s Participation Percentage as of such record date. 

(c) Immediately prior to the earlier of (i) the date of commencement (as prescribed in this context under the laws of the British Virgin
Islands or other applicable law) of any voluntary or involuntary liquidation, dissolution, or winding up of Newco and (ii) any record date for any payment of any distributions in respect of or on account of the Newco Shares in connection with
such liquidation, dissolution, or winding up (such earlier date of (i) and (ii), the “Newco Liquidation Date”), the Exchange of all Participation Interests held by all Participants for the Class A Ordinary Shares Amount
shall be effected, and all Class B Ordinary Shares shall be deemed to have been surrendered for cancellation and cancelled. An Exchange pursuant to this Section 2.2(c) shall be effected in accordance with the
provisions of Section 3.1(e). 
 Section 2.3 Contributions to Newco. A Participant shall have no obligation under any
circumstances to make any contribution to Newco. 
 Section 2.4 Adjustments to Participation Percentage. The Participation Percentage
of a Participant shall be adjusted as follows: 

  
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 (a) At such time as any Participant exercises the Exchange Right under
Section 3.1(a) of this Agreement with respect to all or part of such Participant’s Participation Interest, the Participation Percentage of each Participant (as in effect immediately prior to such exercise) shall be
adjusted to equal the quotient (expressed as a percentage) of (x) the number of Class A Ordinary Shares that such Participant would be entitled to receive pursuant to the terms of this Agreement if, immediately after the exercise of such
Exchange Right, such Participant were to exercise its Exchange Rights in accordance with the terms of this Agreement with respect to the entirety of its Participation Interest (as determined immediately after the exercise of such Exchange Right and,
for the avoidance of doubt, excluding the number of Class A Ordinary Shares delivered in connection with the exercise of such Exchange Right) divided by (y) the number of Class A Ordinary Shares issued and outstanding immediately
after the exercise of such Exchange Right, which, for the avoidance of doubt, shall include any Class A Ordinary Shares delivered upon the exercise of such Exchange Right but shall not include any Class A Ordinary Shares described in
clause (x) of this Section 2.4(a). For the purposes of this Section 2.4(a), the time of any exercise of the Exchange Right by any Participant shall be deemed to be the time of the relevant
Exchange is effective, as determined pursuant to Section 3.1(a). 
 (b) Immediately after a Newco Share Issuance,
the Participation Percentage of each Participant (as in effect immediately prior to such Newco Share Issuance) shall be adjusted to equal the quotient (expressed as a percentage) of (x) the number of Class A Ordinary Shares that such
Participant would have been entitled to receive pursuant to the terms of this Agreement if, immediately prior to such Newco Share Issuance, such Participant had exercised its Exchange Rights in accordance with the terms of this Agreement with
respect to the entirety of its Participation Interest divided by (y) the number of Class A Ordinary Shares issued and outstanding immediately after such Newco Share Issuance, which, for the avoidance of doubt, shall not include any
Class A Ordinary Shares described in clause (x) of this Section 2.4(b). 
 (c) The Participation
Percentage of any Participant shall not be adjusted as a result of Newco effecting (A) a split, subdivision, reverse split, or consolidation of a class of shares issued by Newco or (B) a dividend or distribution in respect of the Newco
Shares payable in the form of Newco Shares. 
 (d) Subject to Section 2.4(b) and so long as the Company is in
compliance with Section 6.3(b), no adjustment shall be made to the Participation Percentage of any Participant if there is any capital reorganization of Newco or any reclassification or recapitalization of the Newco Shares.

 (e) At such time as Newco engages in a Newco Repurchase that is permitted by Section 6.2(c), the Participation
Percentage of each Participant (as in effect immediately prior to such Newco Repurchase) shall be adjusted to equal the quotient (expressed as a percentage) of (x) the number of Class A Ordinary Shares that such Participant would have been
entitled to receive pursuant to the terms of this Agreement if, immediately prior to such Newco Repurchase, such Participant had exercised its Exchange Rights in accordance with the terms of this Agreement with respect to the entirety of its
Participation Interest divided by (y) the number of Class A Ordinary Shares issued and outstanding immediately after such Newco Repurchase, which, for the avoidance of doubt, shall not include any Class A Ordinary Shares described in
clause (x) of this Section 2.4(e). 

  
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 (f) Without duplication for any adjustment effected pursuant to
Section 2.4(b), the Participation Percentage of each Participant shall be adjusted as required by Section 2.8 or Section 4.6 and as required by the transactions that occur
or are deemed to have occurred pursuant to Section 2.7. 
 (g) The number of Class B Ordinary Shares held by
each Participant shall be adjusted by the Company (the “Class B Adjustment”) from time to time so that, at all times, such number of Class B Ordinary Shares shall equal such Participant’s Class B
Ordinary Shares Amount at such time. 
 Section 2.5 Adjustment and Payment Notices; Disputed Calculations. 

(a) Newco shall deliver to the Participants, (i) promptly (but in no event later than five (5) business days) following the
occurrence of an event resulting in an adjustment to the Participation Percentage of the Participants pursuant to Section 2.4(a), (b) or (e), Section 2.7,
Section 2.8, or Section 4.6 of this Agreement or a Class B Adjustment (in each case, an “Adjustment Change”), a notice (an “Adjustment Change Notice”) which
shall set forth Newco’s good faith determination of the Adjustment Change and include reasonable supporting details and good faith calculations of such Adjustment Change (the “Adjustment Change Calculations”) and (ii) at
least five (5) business days prior to Newco making any Newco Cash Distribution or Newco In-Kind Distribution, a notice (a “Payment Notice”) which shall set forth Newco’s good faith
determination of the corresponding payment (the “Corresponding Payment”) to be made hereunder in respect of the Participation Interest, if any, and include reasonable supporting details and good faith calculations of such payment
(together with Adjustment Change Calculations, the “Initial Calculations”). 
 (b) If, within twenty (20) days
following the receipt of an Adjustment Change Notice described in Section 2.5(a)(i) or within ten (10) days following the receipt of a Payment Notice described in Section 2.5(a)(ii) (the
“Objection Period”), the Participants do not provide a written objection to such determination (which must be provided through the Participants Representative), together with reasonable supporting calculations, that the Initial
Calculations were not in accordance with this Agreement (the “Objection Calculations”) then the determination of Newco with respect to such Adjustment Change or Corresponding Payment, as the case may be, and the Initial Calculations
shall be deemed final and binding on the Participants; provided, however, that the time limitations set forth in this sentence shall not apply in the event Newco has engaged in fraud or intentional misconduct in connection with its
determination of whether a proper Adjustment Change or Corresponding Payment, as the case may be, has occurred. 

  
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 (c) If the Participants Representative delivers a written objection to the Adjustment Change
Notice or Payment Notice under Section 2.5(b) within the applicable Objection Period, the Participants Representative and Newco shall promptly endeavor in good faith to resolve such dispute. In the event that a written
agreement has not been reached within thirty (30) days after the date of receipt by Newco of the objection, or such later date as Newco and the Participants Representative may mutually agree to (the “Negotiation Period”), then
the Participants Representative and Newco shall promptly submit for review to an internationally recognized independent valuation or accounting firm agreed between Newco and the Participants Representative or, failing agreement, to KPMG
International Cooperative and if KPMG International Cooperative is unwilling or is unavailable to serve in such capacity to BDO International Limited (the “Third Party Expert”) the Adjustment Change Notice or Payment Notice, as
applicable, the Initial Calculations and the Objection Calculations (i.e., no independent review) (the “Reviewable Materials”), and the Third Party Expert shall consider solely the provisions of this Agreement and the
Reviewable Materials and shall select either the Initial Calculations or the Objection Calculations (in its totality and without modification). Each of the Participants Representative and Newco shall use commercially reasonable efforts to cause the
Third Party Expert to render a decision in accordance with this Section 2.5, along with a statement of reasons therefor, within thirty (30) days of the submission of the Reviewable Materials, or a reasonable time
thereafter, to the Third Party Expert. The decision of the Third Party Expert shall be final and binding upon the Participants and Newco (absent fraud or manifest error), and the decision of the Third Party Expert shall constitute an arbitral award
that is final, binding, and non-appealable and upon which a judgment may be entered by a court having jurisdiction thereover. 

(d) In the event the Participants Representative and Newco submit any Reviewable Materials to the Third Party Expert for resolution pursuant
to this Section 2.5, each of the Participants and Newco shall pay its costs and expenses incurred under this Section 2.5; and the fees and costs of the Third Party Expert shall be borne by Newco,
on the one hand, if the Third Party Expert selects the Objection Calculations, and the Participants, on the other hand, if the Third Party Expert selects the Initial Calculations. 

Section 2.6 Transfer of Participation Interest. If a Participant Transfers all or any portion of its Participation Interest to a
Permitted Transferee in accordance with the terms and conditions of this Agreement (including the satisfaction of the conditions set out in Section 7.1(a) and the limitations set out in
Section 6.5), such Participant’s Participation Percentage shall be reduced by the number of percentage points equal to the Participation Percentage represented by the transferred Participation Interest (as set out in
the Joinder Agreement) and the Corresponding Class B Ordinary Shares Amount shall be accordingly transferred on the business day immediately following the date on which the fully completed and executed Joinder Agreement is delivered and
received by Newco and the Company in accordance with Section 7.2. In the agreement governing the transfer of a Participation Interest and the Joinder Agreement, the Participant shall indicate the number of percentage points
equal to the Participation Percentage represented by the Participation Interest to be transferred and the applicable Corresponding Class B Ordinary Shares Amount. 

  
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 Section 2.7 Equity Plans. 

(a) Share Options Granted to Persons other than Newco Employee. If, at any time or from time to time, in connection with any
Equity Plan, an option to purchase Class A Ordinary Shares granted to a Person other than a Newco Employee is duly exercised, then: 

(i) the Company shall, as soon as practicable after such exercise, make a contribution to the capital of Newco in an amount
equal to the exercise price paid, if any, to the Company by such exercising party in connection with the exercise of such share option and, in exchange for such contribution to the capital of Newco, Newco shall issue to the Company a number of Newco
Shares equal to the number of Class A Ordinary Shares issued by the Company in connection with the exercise of such share option; and 

(ii) the Company shall be deemed to have contributed to Newco as a contribution an amount equal to the product of the Average
Class A Ordinary Share Price as of the date of exercise and the number of Class A Ordinary Shares then being issued in connection with the exercise of such share option. 

(b) Share Options Granted to Newco Employees. If, at any time or from time to time, in connection with any Equity Plan, an
option to purchase Class A Ordinary Shares granted to a Newco Employee is duly exercised, then: 
 (i) the Company shall
issue to the Newco Employee exercising such option the number of Class A Ordinary Shares required to be issued as a result of such exercise and Newco shall issue to the Company in exchange for the exercise price paid, if any, by the Newco
Employee to Newco (reduced by any payment in respect of payroll taxes or other withholdings made by the Company) a number of Newco Shares equal to the number of Class A Ordinary Shares issued by the Company to such Newco Employee as a result of
such exercise; and 
 (ii) the following events will be deemed to have occurred: 

(1) the Company shall be deemed to have sold to Newco, and Newco shall be deemed to have purchased from the Company, the number
of Class A Ordinary Shares as to which such stock option is being exercised in exchange for a purchase price per Class A Ordinary Share equal to the Average Class A Ordinary Share Price as of the date of exercise; 

(2) Newco shall be deemed to have sold to the Newco Employee for a cash price per share equal to the Average Class A
Ordinary Share Price as of the date of exercise the number of Class A Ordinary Shares equal to the quotient of (a) the exercise price paid to the Company by the exercising party in connection with the exercise of such share option divided
by (b) the Average Class A Ordinary Share Price as of the date of exercise; and 

  
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 (3) Newco shall be deemed to have transferred to the Newco Employee the number of
Class A Ordinary Shares equal to the number of Class A Ordinary Shares described in Section 2.7(b)(ii)(1) less the number of Class A Ordinary Shares described in
Section 2.7(b)(ii)(2). 
 (c) Class A Ordinary Shares Issued to Newco Employees Under Equity Plans.
If, at any time or from time to time, in connection with any Equity Plan (other than in respect of the exercise of a share option), any Class A Ordinary Shares are issued to a Newco Employee (including any Class A Ordinary Shares that
are subject to surrender or forfeiture in the event specified vesting conditions are not achieved and any Class A Ordinary Shares issued in settlement of a restricted share unit or similar award) in consideration for services performed for
Newco or any of its Subsidiaries, then: 
 (i) the Company shall issue such number of Class A Ordinary Shares as are to
be issued to the Newco Employee in accordance with the Equity Plan and Newco shall issue to the Company in exchange for any amounts paid by the Newco Employee (reduced by any payment in respect of payroll taxes or other withholdings made by the
Company) a number of Newco Shares equal to the number of Class A Ordinary Shares issued by the Company to such Newco Employee at such time pursuant to the Equity Plan; and 

(ii) the following events will be deemed to have occurred: 

(1) the Company shall be deemed to have sold such Class A Ordinary Shares to Newco for a purchase price per share equal to
the Average Class A Ordinary Share Price on such date, 
 (2) Newco shall be deemed to have delivered the Class A
Ordinary Shares to the Newco Employee, and 
 (3) the Company shall be deemed to have contributed the purchase price to Newco
as a contribution to the capital of Newco. 
 (d) Class A Ordinary Shares Issued to Persons other than Newco Employees Under Equity
Plans. If, at any time or from time to time, in connection with any Equity Plan (other than in respect of the exercise of a share option), any Class A Ordinary Shares are issued to a Person other than a Newco Employee (including any
Class A Ordinary Shares that are subject to surrender or forfeiture in the event specified vesting conditions are not achieved and any Class A Ordinary Shares issued in settlement of a restricted share unit or similar award) in
consideration for services performed for the Company, Newco, or any Subsidiary of Newco, then: 

  
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 (i) the Company shall issue such number of Class A Ordinary Shares as are to
be issued to such Person in accordance with the Equity Plan and Newco shall issue to the Company in exchange for any amounts paid by such Person (reduced by any payment in respect of withholdings made by the Company) a number of Newco Shares equal
to the number of Class A Ordinary Shares issued by the Company to such Person at such time pursuant to the Equity Plan; and 

(ii) the Company shall be deemed to have contributed the product of the Average Class A Ordinary Share Price as of such
date and the number of Class Ordinary Shares issued by the Company to such Person to Newco as a contribution to the capital of Newco. 

(e) If any holder of Class A Ordinary Shares under any Equity Plan surrenders or forfeits all or a portion of such Class A Ordinary
Shares for no payment, an equivalent number of Newco Shares held by the Company shall be surrendered or forfeited and the Participation Percentage of each Participant shall be adjusted to equal the quotient (expressed as a percentage) of
(x) the number of Class A Ordinary Shares that such Participant would have been entitled to receive pursuant to the terms of this Agreement if, immediately prior to such surrender or forfeiture, such Participant had exercised its Exchange
Rights with respect to the entirety of its Participation Interest divided by (y) the number of Class A Ordinary Shares issued and outstanding immediately after such surrender or forfeiture, which, for the avoidance of doubt, shall not
include any surrendered or forfeited Class A Ordinary Shares and shall not include Class A Ordinary Shares described in clause (x) of this Section 2.7(e). 

Section 2.8 Grants of Distributed Rights 

(a) If, at any time or from time to time, the Company grants a Distributed Right (other than in connection with any Equity Plan) (i) at a
price per share less than the Average Class A Ordinary Share Price on the record date for such grant or (ii) that does not expire by the thirty (30) days after such grant, then Newco shall grant to each Participant similar rights,
options, or warrants (“Participation Rights”), as applicable, with the same terms and conditions as such Distributed Rights mutatis mutandis, such that each Participant shall have the right to subscribe for, to purchase, or to
otherwise acquire, as the case may be, an increase in its Participation Interest that would increase the Class A Ordinary Share Amount with respect to its Participation Interest (as determined immediately before such grant) by the same number
of Class A Ordinary Shares as such Participant would have been entitled to subscribe for, to purchase, or to otherwise acquire on the exercise of the Distributed Rights that such Participant would have been granted if, immediately prior to the
record date for such Distribution Right, such Participant, in accordance with the terms of this Agreement, had exercised its Exchange Rights with respect to the entirety of its Participation Interest (the “Deemed Distributed
Rights”). For the avoidance of doubt, if the effectiveness of an Exchange occurs prior to or on the record date for such grant with respect to all or a portion of the Participation Interest of an Exchanging Participant, then notwithstanding
anything in this Section 2.8, Newco shall not grant any Participation Rights to such Participant with respect to its Exchanged Participation Interest. 

  
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 (b) Each Participant shall have the right (subject to any applicable exercise conditions
contained in the Distributed Rights) to exercise all or a portion of its Participation Rights by paying to Newco an amount (the “Rights Purchase Price”) equal to the product of (x) the total price that such Participant would
have had to pay to exercise all of its Deemed Distributed Rights and (y) a fraction (1) the numerator of which shall be the Participation Rights being exercised by such Participant, and (2) the denominator of which shall be the
Participation Rights received by such Participant; provided that, if the Distributed Rights included a “cashless exercise” or similar feature, such “cashless exercise” or similar feature shall also apply to the
Participation Rights. 
 (c) Upon a Participant’s exercise of any of its Participation Rights and payment of the Rights Purchase Price,
such Participant’s Participation Percentage shall be adjusted to equal the quotient (expressed as a percentage) of (x) the sum of (1) the number of Class A Ordinary Shares that such Participant would be entitled to receive
pursuant to the terms of this Agreement if, immediately prior to such exercise of its Participation Rights, such Participant had exercised its Exchange Rights in accordance with the terms of this Agreement with respect to the entirety of its
Participation Interest and (2) the number of Class A Ordinary Shares that such Participant would have been entitled to purchase for the Rights Purchase Price payable by such Participant upon such exercise of its Participation Rights if
such Participant held Distribution Rights divided by (y) the number of Class A Ordinary Shares issued and outstanding immediately prior to such exercise of Participation Rights, which, for the avoidance of doubt, shall not include any
Class A Ordinary Shares described in clause (x) of this Section 2.8(c). 
 (d) If such Participation
Rights are not exercisable prior to the time a Participant exchanges all of its Participation Interests, the Participant shall continue to hold such Participation Rights. Notwithstanding anything to the contrary in this
Section 2.8, with respect to any Participation Rights held by a Participant that would not otherwise have been exercisable prior to a Termination Event, upon such Termination Event, Newco shall procure a Distribution Right
of the Company with the same terms and conditions as such Participation Rights mutatis mutandis, and deliver such Distribution Rights to such Participant in exchange for such Participation Rights. 

ARTICLE III 
 EXCHANGE
RIGHTS 
 Section 3.1 Exchange of Participation Interest. 

(a) Subject to Section 3.1(i), each Participant shall be entitled at any time and from time to time, upon the terms
and subject to the conditions hereof, to exchange all or part of its Participation Interest subject to the surrender to the Company for cancellation of the Corresponding Class B Ordinary Shares Amount (such right to exchange, the
“Exchange Right”, and such portion of the Participation Interest proposed to be exchanged, expressed as a number of percentage points equal to the Participation Percentage represented by such portion, the “Exchanged
Participation Interest”) for the Class A Ordinary Shares Amount, provided that, to the extent that a Participant would receive a fractional Class A Ordinary Share in respect of the Exchanged Participation Interest, Newco shall pay
to such Participant an amount in cash (in U.S. dollars) equal to the product of (i) such fractional share and (ii) the Average Class A Ordinary Share Price as of the date of the applicable Exchange Notice (such an exchange of
Participation Interests and the surrender to the Company for cancellation of the Corresponding Class B Ordinary Shares Amount for Class A Ordinary Shares, an “Exchange”). Upon the effectiveness of such Exchange, the
Company shall update the register of members and books and records of the Company to indicate that the Corresponding Class B Shares Amount set out in the Exchange Notice has been cancelled, effective at the time such Exchange is effective. For
purposes of this Agreement, the effectiveness of an Exchange shall be deemed to be the time the Class A Ordinary Shares Amount are delivered by Newco to an Exchanging Participant, and delivery of the Class A Ordinary Shares shall be deemed
to occur at the time when the register of members of the Company has been duly updated in accordance with Section 3.1(b)(iv). 

  
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 (b) A Participant (an “Exchanging Participant”) shall exercise its right to
effect an Exchange as set forth in Section 3.1(a) above by delivering to Newco (i) a written election of exchange in respect of the Exchanged Participation Interest substantially in the form of Exhibit A hereto
(the “Exchange Notice”), duly executed by the Exchanging Participant, delivered to Newco to its electronic mail address and confirmed by mail at its address set forth in Section 7.2, (ii) any share
certificates representing the Corresponding Class B Ordinary Shares Amount, and (iii) if applicable, Internal Revenue Service Form W-9. Upon the effectiveness of an Exchange, all rights of the
exchanging Participant in the Exchanged Participation Interest and the Corresponding Class B Ordinary Shares Amount that are being surrendered to the Company shall be free and clear of any pledges, liens, security interests, encumbrances,
rights of first refusal, equities, claims and the like, and cancelled pursuant to the Exchange shall cease. 
 (i) An
Exchange Notice from an Exchanging Participant shall specify the future date on which the Exchange is to be effected; provided that such Exchange Notice may be contingent (including as to the timing or date of the Exchange) upon the
consummation of a purchase by another Person of Class A Ordinary Shares into which the Exchanged Participation Interest is exchangeable (whether in a tender or exchange offer, an underwritten offering or otherwise); provided that an
Exchange may not be effective, under any circumstances, on a date that is earlier than the fifth business day, or later than a date that is ninety (90) days, following delivery of the Exchange Notice to Newco (such date upon which the Exchange
is to be effective, whether by specification of a date or the satisfaction of certain contingencies, the “Exchange Date”); provided further that any contingency is required to be satisfied within ninety (90) days
of the date of the Exchange Notice. In the event any contingency set out in an Exchange Notice remains unsatisfied on the ninetieth day after the Exchange Notice (the “Exchange Notice Withdrawal Date”), such Exchange Notice
shall be deemed to have been withdrawn by the Exchanging Participant pursuant to Section 3.1(b)(iii) on the Exchange Notice Withdrawal Date. 

  
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 (ii) Upon the delivery by Newco of the Class A Ordinary Shares Amount to an
Exchanging Participant pursuant to an Exchange Notice and the surrender of the Corresponding Class B Ordinary Shares Amount by such Exchanging Participant to the Company for cancellation, a Corresponding Class B Ordinary Shares Amount of
such Exchanging Participant shall be cancelled and the Exchanging Participant shall be automatically deemed to no longer be the holder of such Class B Ordinary Shares, without any further action on the part of the Exchanging Participant or
Newco; provided that the register of members of the Company shall forthwith be updated accordingly. Notwithstanding anything in this Agreement to the contrary, the Participants hereby agree that, upon the effectiveness of an Exchange,
pursuant to the applicable Exchange Notice, each Exchanging Participant shall be deemed to have surrendered its Corresponding Class B Ordinary Shares for cancellation, and the Company hereby agrees that such surrender shall be effective upon
the effectiveness of the Exchange without any action on part of the Participant. 
 (iii) An Exchanging Participant may amend
an Exchange Notice at any time prior to the Exchange Date by delivery of a written notice of amendment to Newco; provided that the Exchange Date may not be earlier than on the fifth business day following delivery of such notice of amendment
to Newco; provided further that such amendment notice may not change, as the case may be, the future date or the period for satisfaction of the contingency referred to in Section 3.1(b)(i) beyond ninety
(90) days of the date of the initial Exchange Notice. An Exchanging Participant may withdraw an Exchange Notice at any time prior to the Exchange Date by delivery of a written notice of withdrawal to Newco, in which event such Exchange Notice
shall be null and void; provided that, upon request by Newco, such Exchanging Participant shall promptly reimburse Newco for all reasonable out-of-pocket expenses
(including any expenses of the registrar for the Company and Newco) incurred by Newco and the Company in connection with such proposed Exchange prior to receipt of such withdrawal notice. Such obligation of the Exchanging Participant to reimburse
Newco shall also apply to any deemed withdrawal of the Exchange Notice pursuant to Section 3.1(b)(i). 

(iv) An Exchanging Participant shall be entered in the register of members of the Company as the holder of the Class A
Ordinary Shares Amount deliverable to such Exchanging Participant in connection with an Exchange upon the effectiveness of such Exchange, and such Exchanging Participant shall be deemed to be the holder of such Class A Ordinary Shares from and
after the effectiveness of such Exchange; upon the effectiveness of such Exchange, Newco shall deliver or procure the delivery of a copy of the register of members of the Company showing (or, if the Exchanging Participant so elects, as soon as
reasonably practicable after any such election, share certificates representing) the Class A Ordinary Shares Amount deliverable upon the effectiveness of such Exchange to the Exchanging Participant, registered in the name of such Exchanging
Participant. 

  
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 (c) Within three (3) business days following the business day on which Newco has received
the Exchange Notice or, (i) in the case of a Mandatory Exchange (other than as a result of a Termination Event pursuant to clause (v) of Section 3.1(e) or an Enforcement of Excluded Lien pursuant to clause
(vi) of Section 3.1 (e)), at least five (5) business days prior to the date of such Mandatory Exchange, (ii) in the case of a Mandatory Exchange that is the result of a Termination Event pursuant to clause
(v) of Section 3.1(e), no more than two (2) business days after the date of such Termination Event, or (iii) in the case of a Mandatory Exchange that is the result of an Enforcement of Excluded Lien pursuant
to clause (vi) of Section 3.1(e), one (1) business day prior to such Mandatory Exchange, Newco shall give written notice (the “Settlement Notice”) to each Exchanging Participant (with a copy to
the Company) (or in the case of a Mandatory Exchange, all Participants) of a good faith estimate of the Class A Ordinary Shares Amount (or in the case of a Mandatory Exchange that is the result of either a Cash Change of Control pursuant to
clause (i) of Section 3.1(e) or an Unsuitable Person Determination pursuant to clause (iv) of Section 3.1(e), the Cash Settlement, if applicable) such Participant will receive and the
corresponding Class B Ordinary Shares Amount, which shall include reasonable supporting documentation and calculations to allow such Participants to determine compliance with this Agreement. If a record date for an Adjustment Event occurs prior
to the effectiveness of any Exchange and a previously delivered Settlement Notice with respect to such Exchange did not reflect such Adjustment Event, the Company shall provide an updated Settlement Notice within five (5) business days of such
record date. 
 (d) Notwithstanding anything herein to the contrary, with respect to any Exchange pursuant to this
Section 3.1: 
 (i) Without the consent of Newco, a Participant may not effect an Exchange for less
than the Minimum Exchange Participation Interest. 
 (ii) After delivery of the Exchange Notice in respect of an Exchanged
Participation Interest, a Participant shall continue to hold such Exchanged Participation Interest subject to an Exchange and, for the avoidance of doubt, shall have no rights as a shareholder of the Company with respect to the Class A Ordinary
Shares issuable in connection with the Exchange until the effectiveness of such Exchange. 
 (iii) In the case of a Mandatory
Exchange pursuant to clause (iv) (Unsuitable Person Determination) of Section 3.1(e), the relevant Participant shall not be entitled to (aa) receive any payment of any kind (other than (A) to the extent permitted by law and the Unsuitable
Person Notice, for any payment owed to such Participant pursuant to this Agreement on account of any Newco Cash Distribution or Newco In-Kind Distribution declared prior to the receipt of the related
Unsuitable Person Notice but not yet paid to such Participant and (B) the Cash Settlement), with respect to its Participation Interest, (bb) receive any remuneration in any form from Newco, the Company or any of their Affiliates for services
rendered after the date of the related Unsuitable Person Notice, or (cc) exercise, directly or indirectly or through any proxy, trustee, or nominee, any other right conferred by such Participation Interest. 

  
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 (e) Notwithstanding any other provision of this Agreement, in the event of (i) a Change in
Control, (ii) a Review Event, (iii) a Newco Liquidation Date, (iv) an Unsuitable Person Determination, (v) a Termination Event, or (vi) an Enforcement of Excluded Lien, the Participants (or, in case of an Unsuitable Person
Determination, the relevant Participant and, in case of an Enforcement of Excluded Lien, New Cotai) shall be deemed to have delivered an Exchange Notice to exchange all of their Participation Interests (or in the case of clause (vi), New
Cotai’s Participation Interests that are subject to the applicable Enforcement of Excluded Lien) for the Class A Ordinary Shares Amount, free and clear of any pledges, liens, security interests, encumbrances, rights of first refusal,
equities, claims and the like, and, upon such Mandatory Exchange, all Corresponding Class B Ordinary Shares shall be accordingly deemed surrendered and automatically cancelled; provided, such Mandatory Exchange shall occur, as
applicable, on (aa) the closing of such Change in Control, (bb) the date indicated or required by the relevant Governmental Authority or regulation (the “Relevant Review Event Date”), (cc) the date required pursuant
to Section 2.2(c) in the case of a Newco Liquidation Date, (dd) with respect to an Unsuitable Person Determination, the date determined by Newco as the date required by the relevant Governmental Authority,
(ee) with respect to a Termination Event, the date specified by Newco as the settlement date in the Settlement Notice so long as such settlement date is no later than fifteen (15) business days after the Termination Date, or (ff) with
respect to an Enforcement of Excluded Lien, the date specified by Newco as the settlement date in the Settlement Notice so long as such settlement date is no earlier than five (5) business days prior to the Enforcement of Excluded Lien and no
later than five (5) business days after the Enforcement of Excluded Lien; provided that, in the event of a Review Event, promptly following the occurrence of the Review Event and until the Relevant Review Event Date, Newco and any
relevant Affiliates will, to the extent practicable in consideration of the applicable legal and timing requirements, engage in good faith discussions with the Participants Representative and, if appropriate, the relevant Governmental Authority, to
find an alternative arrangement that may address the Review Event and provide the Participants with similar corporate, U.S. tax and organizational consequences as this Agreement. To the extent practicable and permitted by law, Newco shall provide to
the Participants at least thirty (30) days prior written notice of the date on which such Mandatory Exchange (other than in case of a Termination Event or Enforcement of Excluded Lien) shall occur; provided that if such notice is not
practicable or permitted by law, Newco shall use its reasonable best efforts to provide Newco with as much advance notice of such Mandatory Exchange (other than in case of a Termination Event or Enforcement of Excluded Lien) as reasonably
practicable and in no event less than five (5) business days or such shorter period if so required by law. Newco, at its option, may elect to settle a Mandatory Exchange that is the result of either a Cash Change of Control pursuant to clause
(i) above or an Unsuitable Person Determination pursuant to clause (iv) above, by providing the Cash Settlement instead of the Class A Ordinary Shares Amount; provided that in the case of a Mandatory Exchange that is a result
of a Cash Change of Control pursuant to clause (i) above, Newco must notify all applicable Participants that it has elected such Cash Settlement in the applicable Settlement Notice and that the Cash Settlement shall apply to all Participants;
provided, further, that, in case of a Mandatory Exchange that is a result of an Unsuitable Person Determination pursuant to clause (iv) above, Newco must notify the relevant Participants that it has elected such Cash Settlement in
the applicable Settlement Notice and, in the case of a Cash Change of Control, the Cash Settlement shall apply to all Participants. An Exchange pursuant to this Section 3.1(e) is referred to herein as a “Mandatory
Exchange.” A Mandatory Exchange shall be effected in accordance with the relevant provisions of this Article III. Additionally, immediately prior to any Transfer of Participation Interests (and the Corresponding Class B Ordinary
Shares, as the case may be) to a Person that is not a Permitted Transferee (an “Impermissible Transfer”) pursuant to a Chapter 11 plan of reorganization confirmed by order of a U.S. bankruptcy court, or as a result of any other
bankruptcy or insolvency proceedings (including, without limitation, by way of a scheme of arrangement) in another court of competent jurisdiction, then, notwithstanding anything to the contrary in this Agreement, such Participation Interests shall
immediately and automatically be exchanged (and, if not immediately and automatically exchanged, shall be deemed to have been immediately and automatically exchanged) for the Class A Ordinary Shares Amount (and the Corresponding Class B
Ordinary Shares Amount shall be surrendered) as if a Mandatory Exchange with respect to such Participation Interests had occurred on the date such Impermissible Transfer would have otherwise occurred without further notice or action of the parties
other than those actions required by Section 3.1(b)(iv) to evidence such Exchange, and such Person that is the non-Permitted Transferee will receive such Class A ordinary Shares
Amount and not be a Participant under this Agreement nor have any rights under this Agreement. 

  
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 (f) Subject to Section 3.2(c), if any Class A Ordinary Shares
issued in an Exchange shall be issued in certificated form, the certificates evidencing such Class A Ordinary Shares shall bear a legend in substantially the following form: 

THE TRANSFER OF THESE SECURITIES HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY
OTHER JURISDICTION AND MAY NOT BE SOLD OR TRANSFERRED OTHER THAN IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS AMENDED (OR OTHER APPLICABLE LAW), OR AN EXEMPTION THEREFROM. THESE SECURITIES REPRESENT
“EXCHANGE SHARES” UNDER THAT CERTAIN AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT BY AND AMONG STUDIO CITY INTERNATIONAL HOLDINGS LIMITED AND THE SHAREHOLDERS PARTY THERETO, DATED AS OF [●], AS AMENDED FROM TIME TO TIME. 

(g) If (i) any Class A Ordinary Shares may be sold pursuant to a registration statement that has been declared effective by the
Securities and Exchange Commission, (ii) all of the applicable conditions of Rule 144 are met, or (iii) if a Participant otherwise requests removal of the legend, the Company, upon the written request of the Participant and, in the case of
clauses (ii) and (iii), receipt of an opinion of counsel addressed to such Participant (any cost related thereto to be borne by the Participant) and the Company reasonably acceptable to the Company, shall take all necessary action promptly to
remove such legend and, if the Class A Ordinary Shares are certificated, issue to such Participant new certificates evidencing such Class A Ordinary Shares without the legend. 

  
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 (h) Except as specifically provided herein, Newco and each Participant shall bear their own
expenses related to any Exchange; provided that Newco shall bear all transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, any Exchange (which, for the avoidance of doubt, shall not include
any income or similar taxes imposed on any Participant); provided, however, that, if any Class A Ordinary Shares are to be registered in a name other than that of the Participant that requested the Exchange, then such Participant
and/or the person in whose name such shares are to be registered shall pay to the Company the amount of any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, such Exchange or shall establish
to the reasonable satisfaction of the Company that such tax has been paid or is not payable. In the event that an Exchange fails to be consummated due to the failure of one or more conditions set forth by this Agreement, the Exchanging Participant
shall promptly reimburse Newco for all reasonable out-of-pocket expenses incurred by Newco and the Company in connection with such proposed Exchange prior to the failure
of such conditions to be known to Newco. 
 (i) Notwithstanding anything to the contrary in this Article III, a Participant shall not
be entitled to effect an Exchange (and, if attempted, any such Exchange shall be void ab initio), and Newco shall have the right to refuse to honor any request to effect an Exchange, at any time or during any period, if Newco shall reasonably
determine that such Exchange would be prohibited by any applicable law (including the unavailability of any requisite registration statement filed under the Securities Act or any exemption from the registration requirements thereunder), provided
this Section 3.1(i) shall not limit Newco’s obligations under Section 3.2(c). Upon such determination, Newco shall promptly provide the Participant requesting the Exchange written notice of
such determination, and such notice shall include an explanation in reasonable detail as to the reason that the Exchange has not been effected. 

Section 3.2 Validity of Class A Ordinary Shares; Procurement of Class A Ordinary Shares.

 (a) Each of Newco and the Company covenants that all Class A Ordinary Shares issued upon an Exchange will, upon delivery in
accordance with this Agreement, be validly issued, fully paid, and non-assessable. Upon the receipt of an Exchange Notice, unless Newco has determined, at its option, to effect such a Mandatory Exchange that
is the result of either a Cash Change of Control pursuant to clause (i) of Section 3.1(e) or an Unsuitable Person Determination pursuant to clause (iv) of Section 3.1(e), by means of a
Cash Settlement, Newco covenants that it will procure the Class A Ordinary Shares to be delivered by Newco to the applicable Participant upon the effectiveness of such Exchange. 

  
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 (b) In connection with an Exchange, Newco shall be permitted under this Agreement to acquire
newly-issued Class A Ordinary Shares in exchange for the issuance to the Company of Newco Shares on a one-for-one basis. 

(c) Upon the terms of and subject to the conditions of the Registration Rights Agreement, Newco covenants and agrees to deliver the
Class A Ordinary Shares, if requested, in a transaction registered pursuant to an effective registration statement under the Securities Act with respect to any Exchange to the extent that a registration statement is effective and available for
such shares. 
 Section 3.3 No Impairment of Payments; No Duplications. No Exchange shall impair the right of a Participant that
delivers an Exchange Notice to receive any payment, dividend, or distribution payable with respect to such Participant’s Exchanged Participation Interest pursuant to Section 2.2 of this Agreement. If a Participant
delivers an Exchange Notice prior to the record date for a payment, dividend, or distribution in respect of Newco Shares and the Exchange is effective after such record date, then the Participant who delivered such an Exchange Notice shall be
entitled to receive such payment, dividend, or distribution with respect to the Exchanged Participation Interest on the payment date from Newco notwithstanding the Exchange of the Exchanged Participation Interest on the Exchange Date;
provided that such Participant shall not be entitled to receive such payment, dividend, or distribution if such Participant would otherwise receive such payment, dividend, or distribution in respect of any Class A Ordinary Shares
received in exchange for the Exchanged Participation Interest. For the avoidance of doubt, to the extent that any payment, distribution, adjustment, or consideration has been applied to the Participant’s entire Participation Percentage in
connection with an event pursuant to this Agreement, such Participant shall not receive, nor be entitled to receive, any payment, distribution, adjustment, or consideration with respect to the same event under any circumstances, including in case of
an Exchange. In the event that a Participant receives any payment, distribution, or adjustment with respect to the same event in breach of the provisions of this Section 3.3, Newco and the Company reserves its right to set-off against such Participant’s payment, distribution, adjustment, or consideration. 

Section 3.4 Adjusted Class A Ordinary Shares Amount. With respect to any Exchanging Participant in an Exchange,
if the effectiveness of such Exchange occurs after the record date for an Adjustment Event and prior to such Adjustment Event, (A) if the Adjusted Class A Ordinary Shares Amount is greater than the Class A Ordinary Share Amount, the
Company shall issue to such Exchanging Participants the excess of the Adjusted Class A Ordinary Share Amount over the Class A Ordinary Shares Amount, and (B) if the Class A Ordinary Shares Amount is greater than the Adjusted
Class A Ordinary Share Amount, such Exchanging Participant shall surrender, for no consideration, the excess of the Class A Ordinary Share Amount over the Adjusted Class A Ordinary Shares Amount. 

  
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 ARTICLE IV 

RIGHTS RELATING TO CERTAIN ISSUANCES AFFECTING PARTICIPATION 

Section 4.1 Rights Relating to Certain Issuances Affecting Participation. If the Company proposes to offer Equity Securities for
subscription (other than issuances in connection with a public offering, under any Equity Plan or “assured entitlement” arrangements pursuant to Practice Note 15 of the Listing Rules of The Stock Exchange of Hong Kong Limited (as it may be
amended from time to time)) solely or primarily to Melco or any of its Affiliates, Newco hereby grants to each Participant the right, subject to and in accordance with the provisions of this Article IV, to maintain its Participation
Percentage based on such Participant’s pro rata share of such Equity Securities that are offered to Melco and/or its Affiliates. A Participant’s pro rata share shall be equal to the fraction, the numerator of which shall be the number of
Class A Ordinary Shares that such Participant would be entitled to receive pursuant to the terms of this Agreement if such Participant exercised its Exchange Rights with respect to all of such Participant’s Participation Interests pursuant
to Section 3.1(a), and the denominator of which shall be the sum of (i) the number of issued and outstanding Class A Ordinary Shares held by Melco and its Affiliates (excluding the Company and its Subsidiaries),
(ii) the number of Exchange Shares (as defined in the Company Shareholders Agreement) held by all Entitled Minority Shareholders (as defined in the Company Shareholders Agreement), and (iii) the number of Class A Ordinary Shares
issuable if all Participants exercised their Exchange Rights with respect to the entirety of the remaining Participation Interests (such fraction, the “Pro Rata Share”). If the Company proposes to undertake an issuance of Equity
Securities to which the rights under this Article IV apply, Newco shall give written notice to each Participant of the proposed issuance, describing the type of Equity Securities, the cash price per Equity Security, the number of Equity
Securities, and the general terms upon which the Company proposes to issue the same (an “Offer”). 
 Section 4.2 Offer
Notice. Newco shall make the Offer to each Participant by giving a notice in writing (an “Offer Notice”) to each Participant specifying: 

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

(b) the number of Equity Securities the Participant would have been entitled to subscribe for (up to its Pro Rata Share of the aggregate of
all Equity Securities to be issued to Melco and its Affiliates) if such Participant had exercised its Exchange Rights with respect to all of its Participation Interests as if the Participant held pre-emptive
rights from the Company that correspond to the pre-emptive rights set forth under this Article IV (the “Notional Equity Securities”); and 

(c) the terms of issue of the Equity Securities (including the issue price which shall be the same price for all of the Equity Securities
being offered) and Newco shall provide such Offer Notice as soon as reasonably practicable (but not less than fifteen (15) business days) prior to the date of the closing of the issue of the Equity Securities; provided that if Newco
determines that such advance notice is not practical under the circumstances, Newco may provide notice as soon as practicable after such closing. 

  
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 Section 4.3 Response to Offer. Within fifteen (15) business days after the date the
Offer Notice is deemed given in accordance with Section 7.2, each Participant shall give notice to Newco stating that such Participant accepts all or any portion of the Notional Equity Securities offered to it in the Offer
Notice or declines the Offer in full. 
 Section 4.4 Failure to Respond. If a Participant does not give notice to Newco within the
period stated in Section 4.3, the Participant shall be deemed to have declined the Offer in full. 
 Section 4.5
Payment by Accepting Participants. If a Participant accepts all or any portion of the Notional Equity Securities offered to such Participant in the Offer, upon the closing of the issuance of the Equity Securities as specified in the Offer
Notice, such Participant shall pay to Newco an amount in cash (in U.S. dollars) equal to the aggregate purchase price for the number of Notional Equity Securities specified in its notice of acceptance of its Offer on the terms specified in the Offer
Notice. If a Participant fails to make a timely payment of such aggregate purchase price in full for the number of Notional Equity Securities specified in its notice of acceptance of its Offer in accordance with the terms specified in the Offer
Notice, such Participant shall be deemed to have declined the Offer. 
 Section 4.6 Adjustments to Participation Percentage.
Upon the issuance and sale of the Equity Securities that constitute Class A Ordinary Shares by the Company and the timely payment by a Participant of the amounts payable to Newco pursuant to Section 4.5 in full, such
Participant’s Participation Percentage shall be adjusted to equal the quotient (expressed as a percentage) of (x) the number of Class A Ordinary Shares that such Participant would be entitled to receive pursuant to the terms of this
Agreement if, immediately after such issuance and sale of Equity Securities, such Participant were to exercise its Exchange Rights in accordance with the terms of this Agreement with respect to the entirety of its Participation Interest (determined
after giving effect to this Article IV) divided by (y) the number of Class A Ordinary Shares issued and outstanding immediately after such issuance and sale of Equity Securities, which, for the avoidance of doubt, shall not include
any Class A Ordinary Shares that Participants would be entitled to receive pursuant to the exercise of Exchange Rights described in clause (x) of this Section 4.6. Upon the issuance and sale of the Equity
Securities that do not constitute Class A Ordinary Shares by the Company and the payment by a Participant of the amounts payable to Newco pursuant to Section 4.5, such Participant shall be granted a participation right
corresponding thereto similar to that granted pursuant to this Agreement, mutatis mutandis. 
 ARTICLE V 

REPRESENTATIONS AND WARRANTIES 

Section 5.1 Representations and Warranties of Newco. Newco represents and warrants that (i) it is a business company duly
incorporated and existing in good standing under the laws of its jurisdiction of organization; (ii) it has all requisite corporate power and authority to enter into and perform its respective obligations under this Agreement and to consummate
the transactions contemplated hereby, including causing the delivery of the Class A Ordinary Shares in accordance with the terms hereof; (iii) the execution and delivery of this Agreement by it and the consummation by it of the
transactions contemplated hereby, including causing the delivery of the Class A Ordinary Shares, have been duly authorized by all necessary corporate action on its part; and (iv) this Agreement constitutes a legal, valid, and binding
obligation of Newco enforceable against Newco in accordance with its terms. 

  
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 Section 5.2 Representations and Warranties of the
Pre-Migration Company. The Pre-Migration Company represents and warrants that (i) it is an exempted company duly incorporated and is existing in good standing
under the laws of its jurisdiction of organization; (ii) it has all requisite corporate power and authority to enter into and perform its respective obligations under this Agreement and to consummate the transactions contemplated hereby,
including the issuance of the Class A Ordinary Shares in accordance with the terms hereof; (iii) the execution and delivery of this Agreement by it and the consummation by it of the transactions contemplated hereby, including the issuance
of the Class A Ordinary Shares, have been duly authorized by all necessary corporate action on its part; and (iv) this Agreement constitutes a legal, valid, and binding obligation of the
Pre-Migration Company enforceable against the Pre-Migration Company in accordance with its terms. The Pre-Migration Company
represents and warrants that it has reserved for issuance, solely for the purpose of issuance upon an Exchange, the maximum number of Class A Ordinary Shares as may be deliverable from time to time by Newco to Participants upon exchange of all
outstanding Participation Interests. 
 Section 5.3 Representations and Warranties of the Participants. Each Participant, severally
and not jointly, represents and warrants that (i) it is duly organized, as applicable, and, to the extent such concept exists in its jurisdiction of organization, is in good standing under the laws of such jurisdiction; (ii) it has all
requisite legal capacity and authority to enter into and perform this Agreement and to consummate the transactions contemplated hereby; (iii) the execution and delivery of this Agreement by it and the consummation by it of the transactions
contemplated hereby have been duly authorized by all necessary corporate or other entity action on the part of such Participant; and (iv) this Agreement constitutes a legal, valid, and binding obligation of such Participant enforceable against
such Participant in accordance with its terms. 
 ARTICLE VI 

COVENANTS 

Section 6.1 Covenants of the Company and the Pre-Migration Company. 

(a) The Company irrevocably covenants to (i) contribute to Newco: (A) all proceeds (net of any underwriting fees, discounts, and
selling commissions, or similar fees or related expenses and costs) received by the Company from the issuance or sale of Equity Securities of the Company, including the net proceeds from the issuance of Equity Securities upon the exercise of equity
compensation or the deposit of Equity Securities with a depositary in connection with such equity compensation and (B) all assets acquired by the Company after the date of this Agreement, whether acquired for cash or Equity Securities of the
Company (such contributions in clauses (A) and (B), a “Mandatory Contribution”); and (ii) transfer to Newco all proceeds received by the Company from any indebtedness for borrowed money (net of any underwriting fees,
discounts, and selling commissions, or similar fees or related expenses and costs), in which event Newco shall issue to the Company an intercompany note equal in principal amount to such indebtedness and otherwise on the same terms as such
indebtedness. 

  
 31 

 (b) The Company irrevocably covenants that the Company shall at all times own all of the issued
and outstanding Newco Shares and that the Company shall not own the capital stock, shares, or equity interests of any other Person or any other assets not permitted hereby. 

(c) The Pre-Migration Company covenants that, upon the Continuation taking effect, the Company
(i) will be an exempted company duly incorporated and will be existing in good standing under the laws of the Cayman Islands; (ii) will have all requisite corporate power and authority to perform its respective obligations under this
Agreement and to consummate the transactions contemplated hereby, including the issuance of the Class A Ordinary Shares in accordance with the terms hereof; (iii) the consummation by it of the transactions contemplated hereby, including
the issuance of the Class A Ordinary Shares, will have been duly authorized by all necessary corporate action on its part; and (iv) this Agreement will constitute a legal, valid, and binding obligation of the Company enforceable against
the Company in accordance with its terms. 
 (d) If there has been any change in the number of Class A Ordinary Shares or Class B
Ordinary Shares issued and outstanding in any given calendar month, the Company shall deliver a certified copy of the register of members within ten (10) business days following the end of such month, showing such change. 

(e) The Company irrevocably covenants not to cause or initiate a voluntary liquidation, dissolution, or winding up of Newco; provided
that the Company may cause or initiate a voluntary liquidation, dissolution, or winding up of Newco if, substantially concurrently with such liquidation, dissolution, or winding up, the Company is also liquidated, dissolved, or wound-up. 
 Section 6.2 Covenants of Newco. 

(a) Newco irrevocably covenants that Newco shall issue to the Company a number of Newco Shares corresponding to the number of Equity
Securities issued by the Company in respect of a Mandatory Contribution; provided that, in the event that any of such Equity Securities issued by the Company are securities convertible into or exchangeable or exercisable for Equity Securities
of the Company (including Distributed Rights but excluding any option issued in connection with any Equity Plan), Newco shall, with respect to such convertible, exchangeable, or exercisable securities, issue to the Company a like amount and type of
convertible, exchangeable, or exercisable securities (“Corresponding Securities”) that shall convert into or be exchanged or exercised for Equity Securities of Newco at the time(s) and in such number(s) as the applicable securities
of the Company shall then convert or be exchanged into. 

  
 32 

 (b) Other than with respect to Corresponding Securities issued in accordance with
Section 6.2(a), Newco irrevocably covenants that Newco shall not issue Equity Securities, share equivalents, or any other classes of shares other than the Newco Shares, and that Newco shall not issue any Newco Shares to any
Person other than the Company. 
 (c) Newco irrevocably covenants not to effect any purchase, redemption, cancellation, surrender, or
otherwise acquire for value any Newco Shares (a “Newco Repurchase”) unless the Company uses the net proceeds of such Newco Repurchase solely to purchase, redeem, cancel, surrender, or otherwise acquire the same number of
Class A Ordinary Shares (including by acquiring a corresponding number of ADSs) (i) from holders of the Class A Ordinary Shares or ADSs who are Third Parties, (ii) through open-market purchases of ADSs, or (iii) from
Affiliates of the Company provided that the terms of such purchase, redemption, cancellation, surrender, or other acquisition from such Affiliates are approved by the members of the board of directors of the Company who are disinterested in such
transaction. 
 (d) Newco irrevocably covenants that it and its subsidiaries shall not, directly or indirectly, lend, advance funds, issue
debt securities, or otherwise extend credit to, or purchase any securities of, the Predecessor Company or the Company; provided that Newco may provide guarantees of indebtedness for borrowed money of the Company; provided,
further, that this covenant shall not prohibit the Company from recording as an intercompany loan the amount of any fees or expenses of the Company paid by Newco. 

(e) Newco irrevocably covenants that it shall pay all fees and expenses owed by the Company, including pursuant to
Section 6.4, unless otherwise directed by the Company. 
 Section 6.3 Covenants of the Company and Newco.

 (a) Each of Newco and the Company irrevocably covenants that, for as long as this Agreement is in effect, it shall not: 

(i) amend the following provisions of the (x) Memorandum and Articles of Association of Newco and (y) Articles of
Association of Newco, registered on [●], 2018 (together, the “Newco Charter”): 
 (1) [Paragraphs 15
and 21 of the Memorandum of Association of Newco; and 
 (2) Articles 9, 19, 116, and 156 of the Articles of Association of
Newco,] 
 (ii) amend the Newco Charter in a manner that adversely affects the rights of a Participant to receive payments
pursuant to this Agreement, a Participant’s Exchange Rights, or the Class A Ordinary Shares Amount issuable upon exercise thereof or any related definitions; or 

  
 33 

 (iii) amend any provision in the Newco Charter otherwise protecting the rights
set forth in subsections (i) and (ii) above. 
 (b) The Company and Newco irrevocably covenant not to cause or initiate any capital
reorganization of Newco or any redesignation, reclassification, or recapitalization of the Newco Shares; provided that the Company or Newco may cause or initiate such a capital reorganization of Newco or reclassification or
recapitalization of the Newco Shares if, substantially concurrently therewith, a corresponding capital reorganization of the Company or reclassification or recapitalization of the Company’s Class A Ordinary Shares occurs, as applicable.

 (c) Upon a capital reorganization of Newco or any reclassification or recapitalization of the Newco Shares; each of the Company and Newco
irrevocably covenant that they shall cause a corresponding capital reorganization of the Company or reclassification or recapitalization of the Company’s Class A Ordinary Shares, as applicable. 

(d) If this Agreement is found to be inconsistent or in conflict with the Newco Charter, the Company and Newco irrevocably covenant that they
shall procure an amendment to the Newco Charter such that the Newco Charter, as amended, is neither inconsistent nor in conflict with this Agreement. 

Section 6.4 Covenants of Newco, the Company, and the Participants. In consideration of Newco receiving all of the assets of the
Company (and assuming all of the Company’s liabilities) (other than, in each case, as specifically provided for in the Transfer Agreement) as set forth in the Transfer Agreement and because Newco is and will continue to be a wholly owned
Subsidiary of the Company, the ADSs of which will, upon the completion of the IPO, be publicly traded, the parties hereto acknowledge and agree, that Newco will pay all fees and expenses incurred by the Company and that it shall bear or, as
necessary, reimburse the Company for any reasonable out-of-pocket expenses incurred by the Company, including all fees, expenses, and costs of the Company being a public
company (including public reporting obligations, proxy statements, shareholder meetings, stock exchange fees, transfer agent fees, SEC and FINRA filing fees and offering expenses) and maintaining its corporate existence, and the share based
compensation costs in relation to any Equity Plans. In the event that (i) shares of Class A Ordinary Shares were sold to underwriters in the IPO of the Company or are sold to underwriters in any public offering after the IPO, in each case,
at a price per share that is lower than the price per share for which such shares of Class A Ordinary Shares are sold to the public in such public offering after taking into account underwriters’ discounts or commissions and brokers’
fees or commissions (such difference, the “Discount”) and (ii) the net proceeds from such public offering are used to fund the cash contributed to Newco, Newco shall reimburse the Company for such Discount by treating such
Discount as additional cash contributed by the Company to Newco, and increasing the Company’s capital account by the amount of such Discount. To the extent practicable, expenses incurred by the Company that are the subject of this
Section 6.4 shall be billed directly to and paid by Newco. 

  
 34 

 Section 6.5 Covenants of the Participants. Each Participant acknowledges and agrees
that the sum of the number of (a) Participants under this Agreement and (b) Minority Shareholders (as defined in the Company Shareholders Agreement) that are not Participants under this Agreement shall not exceed twenty-five (25) at
any time, and that any Transfer or request for Transfer in violation of this Section 6.5 or Section 7.1 shall be null and void. 

ARTICLE VII 

MISCELLANEOUS 
 Section 7.1
Additional Participants and Excluded Lien. 
 (a) Subject to Section 6.5, a Participant shall have the
right to Transfer, at any time, all or any portion of the Participation Interest (and the related rights hereunder) and Corresponding Class B Ordinary Shares held by such Participant to such Participant’s Permitted Transferees subject to
the following conditions: (i) the Transfer will not violate registration requirements under any federal or state securities laws; (ii) such Participant has obtained all required authorizations, if any, from each relevant Governmental
Authority (x) having jurisdiction over the Company or its Subsidiaries or (y) that regulates the Gaming License; (iii) the Transfer is not made to any Person who lacks the legal right, power, or capacity to own such Participation
Interest in Newco; (iv) the Transfer will not cause any portion of the assets of Newco to become “plan assets” of any “benefit plan investor” within the meaning of regulations issued by the U.S. Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the Code of Federal Regulations as modified by Section 3(42) of the Employee Retirement Income Security Act of 1974, as amended from time to
time; (v) the Transfer will not result in Newco being subject to the Investment Company Act of 1940, as amended; (vi) except for any Transfer that would not be prohibited under the Lock-up Agreement,
the Transfer is not made prior to the expiration of the Lock-Out Period; (vii) the transferor also Transfers to the same Permitted Transferee the Corresponding Class B Ordinary Shares Amount (in
accordance with all required authorizations, if any, from each relevant Governmental Authority (x) having jurisdiction over the Company or its Subsidiaries or (y) that regulates the Gaming License); (viii) the Transferee shall have
executed and delivered to Newco, and the transferring Participant shall have acknowledged and confirmed, a joinder to this Agreement substantially in the form of Exhibit B hereto (the “Joinder Agreement”); (ix) the
Participation Interest being so Transferred must be no less than the Minimum Exchange Participation Interest; (x) the transferring Participant shall have promptly delivered notice to Newco, the Company, and the other Participants of such
Permitted Transferee’s execution of a Joinder Agreement; and (xi) such Transfer would not result in a violation of Section 6.5 and, upon the receipt by Newco and the Company of the copy of Joinder Agreement fully
and validly executed by such Permitted Transferee (and acknowledged and confirmed by the transferring Participant), such Permitted Transferee shall become a Participant hereunder. Except as set forth in this Section 7.1, a
Participant may not assign or Transfer any of its rights or obligations under this Agreement or any Class B Ordinary Shares and each Participant hereby acknowledges and agrees that any Transfer or request for Transfer in violation of this
Section 7.1 shall be null and void. 

  
 35 

 (b) New Cotai shall have the right to grant Excluded Lien, at any time, with respect to all or
any portion of the Participation Interest and Corresponding Class B Ordinary Shares held by New Cotai subject to the following conditions: (i) such grant of Excluded Lien will not violate registration requirements under any federal or
state securities laws; (ii) New Cotai (and, if applicable, the representative or agent (including a trustee, collateral agent or security agent) or any lender of New Cotai Debt) has obtained all required authorizations, if any, from each
relevant Governmental Authority (x) having jurisdiction over the Company or its Subsidiaries or (y) that regulates the Gaming License; (iii) such Excluded Lien is not made for the benefit of any Person who lacks the legal right,
power, or capacity to have the rights granted to such Person under such Excluded Lien with respect to New Cotai’s Participation Interest or, if applicable, Corresponding Class B Shares; (iv) such Excluded Lien will not cause any
portion of the assets of Newco to become “plan assets” of any “benefit plan investor” within the meaning of regulations issued by the U.S. Department of Labor at Section 2510.3-101 of
Part 2510 of Chapter XXV, Title 29 of the Code of Federal Regulations as modified by Section 3(42) of the Employee Retirement Income Security Act of 1974, as amended from time to time; (v) such Excluded Lien will not result in Newco being
subject to the Investment Company Act of 1940, as amended; (vi) except for any Excluded Lien that would not be prohibited under the Lock-up Agreement, such Excluded Lien is not made prior to the
expiration of the Lock-Out Period; (vii) in the event that such Excluded Lien also applies to the Corresponding Class B Ordinary Shares Amount, such Excluded Lien must be made in accordance with all
required authorizations, if any, from each relevant Governmental Authority (x) having jurisdiction over the Company or its Subsidiaries or (y) that regulates the Gaming License); (viii) New Cotai shall have promptly delivered a notice
to Newco and the Company of the creation of such Excluded Lien and a complete and full copy of the executed agreements and other documentation granting such Excluded Lien, which must include (A) an acknowledgement by the representative or agent
(including a trustee, collateral agent or security agent) or the lenders of New Cotai Debt, as the case may be, (1) that, pursuant to the terms of this Agreement, such representative or agent (including a trustee, collateral agent or security
agent) or lenders, as the case may be, is not entitled, at any time, to take possession of any Participation Interest or Corresponding Class B Ordinary Shares (except, if applicable, for the limited purpose of effecting the Mandatory Exchange
following an Enforcement of Excluded Lien), and (2) of the Mandatory Exchange provisions relating to any Enforcement of Excluded Lien under Section 3.1(e) and Excluded Lien provisions under this
Section 7.1(b) of this Agreement; (B) an undertaking by each of New Cotai and the representative or agent (including a trustee, collateral agent or security agent) or the lenders of New Cotai Debt, as the case may be,
to provide a written notice to Newco and the Company (1) promptly upon any Commencement of Enforcement and (2) in case of any Enforcement of Excluded Lien, at least five (5) business days prior to such Enforcement of Excluded Lien and
(C) an undertaking by the representative or agent (including a trustee, collateral agent or security agent) or the lenders of New Cotai Debt, as the case may be, to not proceed with an Enforcement of Excluded Lien until at least five
(5) business days after the notice with respect to Enforcement of Excluded Lien provided in clause (B) is given; and (ix) in the event of any change or amendment to the Excluded Lien or the relevant executed document, New Cotai shall
promptly deliver a copy of such change or amendment to Newco and the Company. In the event of any Commencement of Enforcement or Enforcement of Excluded Lien, New Cotai shall promptly, and in any event within three (3) business days of such
Commencement of Enforcement and, to the extent practicable, at least five (5) business prior to such Enforcement of Excluded Lien (and if not practicable, as soon as practicable), as the case may be, provide a notice to Newco and the Company of
the Commencement of Enforcement or Enforcement of Excluded Lien, as the case may be, and copies of all relevant documentation with respect to the Commencement of Enforcement or Enforcement of Excluded Lien, as the case may be. Except as set forth in
this Section 7.1(b), New Cotai may not grant any Excluded Lien and no Excluded Lien may subsist, for the purposes of this Agreement, in violation of this Section 7.1(b). For the avoidance of doubt,
none of the representative or agent (including a trustee, collateral agent or security agent) or any lender in connection with any Excluded Lien will, at any time, be a Participant under this Agreement nor have any rights under this Agreement,
except for the right to receive the Class A Ordinary Shares Amount, if any, in case of a Mandatory Exchange following an Enforcement of Excluded Lien. 

  
 36 

 Section 7.2 Addresses and Notices. All notices, requests, claims, demands, and other
communications hereunder shall be in writing and shall be given by delivery in person, by courier service, by fax (delivery receipt requested), by electronic mail, or by registered or certified mail (postage prepaid, return receipt requested) to the
respective parties at the following addresses (or at such other address for a party as shall be as specified in a notice given in accordance with this Section 7.2): 

(a) If to Newco, to: 
 MSC Cotai
Limited 
 c/o Studio City International Holdings Limited at its address set out herein for delivery of notices 

Fax:              +852-2537-3618 

E-mail:         [    ] 

Attention:     Company Secretary 

With a copy to: 

Latham & Watkins 
 18th Floor, One Exchange Square 
 8 Connaught Place, Central 

Hong Kong 
 Fax:              +852-2912-2600 
 E-mail:         Helena.Kim@lw.com 
 Attention:     Ji-Hyun Helena Kim 
 (b) If to the Company, to: 

  
 37 

 Studio City International Holdings Limited 

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

 Fax:              +852-2537-3618

 E-mail:         [    ] 

Attention:     Company Secretary 

With a copy to: 

Latham & Watkins 
 18th Floor, One Exchange Square 
 8 Connaught Place, Central 

Hong Kong 

Fax:              +852-2912-2600 

E-mail:         Helena.Kim@lw.com 

Attention:     Ji-Hyun Helena Kim 

(c) If to New Cotai, to: 
 New
Cotai, LLC 
 c/o New Cotai Holdings, LLC 

Two Greenwich Plaza 
 Greenwich,
Connecticut 06830 
 United States of America 

Fax:              +1-203-542-4133 

E-mail:         tlavelle@silverpointcapital.com 

Attention:     Timothy Lavelle 

With a copy to: 
 Skadden, Arps,
Slate, Meagher & Flom LLP 
 300 South Grand Avenue, Suite 3400 

Los Angeles, CA 90071-3144 

Fax:              +1 213 621 5288 

E-mail:         Jeffrey.Cohen@skadden.com 

Attention:     Jeffrey H. Cohen, Esq. 

(d) If to any other Participant, to the address and other contact information set forth in the records of Newco or the Company from time to
time. 
 (e) All notices, requests, claims, demands, and other communications hereunder is deemed given (i) if by delivery in person,
by courier service, or by electronic mail, at such time as it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused by the addressee upon presentation, (ii) if by fax,
when the sender’s fax machine produces a report that the fax was sent in full to the addressee, and (iii) if by registered or certified mail, five days after being sent; provided that if any communication is given (x) after
5:00 pm in the place of receipt or (b) on a day which is a Saturday, Sunday or bank or public holiday in the place of receipt, it shall be deemed as having been given at 9:00 am on the next day which is not a Saturday, Sunday or bank
or public holiday or (in the case of Hong Kong) general holiday in such place. 

  
 38 

 Section 7.3 Further Action. The parties shall execute and deliver all
documents, provide all information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 

Section 7.4 Binding Effect; Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of all of the
parties and, to the extent permitted by this Agreement, their respective successors, executors, administrators, heirs, legal representatives, and permitted assigns; provided, however, neither this Agreement nor any rights or
obligations hereunder may be assigned by the Company or Newco, and no rights or obligations of any Participant may be assigned and no Participation Interest of any Participant may be Transferred to any Person other than a Permitted Transferee in
compliance and satisfaction of Section 7.1(a), in which event such transferring Participant shall promptly deliver notice of such proposed Transfer to Newco, the Company, and the other Participants. 

Section 7.5 Severability. If any term or other provision of this Agreement is held to be invalid, illegal, or incapable of
being enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions is not affected in any
manner materially adverse to any party. Upon a determination that any term or other provision is invalid, illegal, or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

Section 7.6 Amendment. The provisions of this Agreement may be amended, modified, altered, or supplemented only by a
written instrument signed by the Company, Newco, and the Participants Representative. 
 Section 7.7 Termination of
Agreement. This Agreement shall terminate and have no further force and effect upon the earlier of (a) the Mandatory Exchange related to a Termination Event being consummated and (b) no Participation Interest being outstanding
(or Total Participation Percentage being zero); provided that (i) Sections 2.2(a), 2.2(b), 2.5(a)(i), 2.5(b), 2.5(c), and 2.5(d) shall survive the termination of this Agreement until
(x) Newco has fulfilled all of its obligations thereunder with respect to payments and distributions, and providing notices, to the Participants and (y) the parties hereto have had an opportunity, to the extent provided under this
Agreement, to object to, and resolve any disputes with respect to, any calculations pursuant to such sections, and (ii) Section 3.4 shall survive the termination of this Agreement until all Class A Ordinary Shares required to be
delivered thereunder have been delivered in accordance therewith Section 3.4 or upon a determination by Newco that no such Class A Ordinary Shares are required to be so delivered; provided, further, that,
for so long as any provision of this Agreement survives the termination of this Agreement pursuant to clause (i) or (ii) above, this Article VII (other than Section 7.1) shall also survive the termination of
this Agreement. 

  
 39 

 Section 7.8 Waiver. No failure by any party to insist upon the strict
performance of any covenant, duty, agreement, or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach of any other covenant, duty, agreement or condition. 

Section 7.9 Tax Side Letter. Pursuant to Section 1.1(c) of the Implementation Agreement, the Pre-Migration Company, Newco, and New Cotai shall, contemporaneously with the execution and delivery of this Agreement, execute and deliver a side letter with respect to certain United States federal, state, and
local Tax matters (the “Tax Side Letter”). Each and every provision of the Tax Side Letter is hereby incorporated into and made a part of this Agreement as if set forth in full herein, and this Agreement and the Tax Side Letter
shall be taken together and read and construed as one and the same agreement. 
 Section 7.10 Dispute; Submission to
Jurisdiction. 
 (a) Except for disputes pursuant to Section 2.5 for which the procedures to resolve disputes
are set forth therein, if a dispute (a “Dispute”) arises out of or relates to this Agreement (including any dispute as to the existence, breach, or termination of this Agreement or as to any claim in tort, in equity, or pursuant to
any statute), a party to this Agreement may only commence arbitration proceedings relating to the Dispute if the procedures set out in Sections 7.10(b) to 7.10(h) have been fulfilled. 

(b) A party to this Agreement claiming the Dispute has arisen under or in relation to this Agreement must give written notice (a
“Dispute Notice”) to the other parties to the Dispute specifying the nature of the Dispute. 
 (c) On receipt of the
Dispute Notice by the other parties, all the parties to the Dispute (the “Disputing Parties”) must endeavor in good faith to resolve the Dispute expeditiously using informal dispute resolution techniques, such as mediation, expert
evaluation, or determination or similar techniques agreed by them. 
 (d) If the Disputing Parties do not resolve the Dispute within twenty
(20) days of receipt of the Dispute Notice, the Dispute shall be determined by way of arbitration in accordance with the ICC Rules of Arbitration of the International Chamber of Commerce (the “ICC Rules”) in
force on the date when the request for arbitration is submitted in accordance with these rules. 

  
 40 

 (e) The number of arbitrators shall be three and the nationality, domicile, or residence of the
chairman of the arbitral tribunal shall not be the United States, China, Hong Kong, or Macau. Each party shall nominate in the Request (as defined in the ICC Rules) and the Answer (as defined in the ICC Rules), respectively, one arbitrator for
confirmation. If a party fails to nominate an arbitrator, the appointment shall be made by the ICC Court. The two arbitrators so appointed shall nominate a third arbitrator who shall act as the presiding arbitrator of the arbitral tribunal. Failing
such designation within 30 days from the confirmation of the second arbitrator, ICC Court shall appoint the presiding arbitrator. 
 (f) The
arbitral proceedings shall be conducted in the English language and the place of arbitration shall be Hong Kong. 
 (g) By agreeing to
arbitration pursuant to Section 7.10(d), the parties do not intend to deprive any court of its jurisdiction to issue an interim injunction or other interim relief in aid of the arbitration proceedings or enforce such
arbitration decision of an arbitral tribunal or any arbitral award (including any relief for specific performance or injunctive relief), provided that the parties agree that they may seek only such relief as is consistent with their agreement to
resolve the Dispute by way of arbitration. Without prejudice to such relief that may be granted by a national court, the arbitral tribunal shall have full authority to grant interim or provisional remedies or to order a party to seek modification or
vacation of the relief granted by a national court. For purposes of this Section 7.10(g), the parties irrevocably and unconditionally submit to the non-exclusive jurisdiction of Hong
Kong and any courts which have jurisdiction to hear appeals from those courts and waive any right to object to any proceedings being brought in those courts. 

(h) Any dispute that arises under this Agreement must be resolved in accordance with this Section 7.10. 

Section 7.11 Counterparts. This Agreement may be executed and delivered (including by facsimile transmission or by e-mail delivery of a “.pdf” format data file) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an
original but all of which taken together shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy, by e-mail delivery of a “.pdf” format data file or other
electronic transmission service shall be considered original executed counterparts for purposes of this Section 7.11. 

Section 7.12 Specific Performance. The parties hereto agree that irreparable damage would occur in the event that any of
the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to specific performance of the terms and provisions hereof, in
addition to any other remedy to which they are entitled at law or in equity. 

  
 41 

 Section 7.13 Independent Nature of Participants’ Rights and Obligations.
The obligations of each Participant hereunder are several and not joint with the obligations of any other Participant, and no Participant shall be responsible in any way for the performance of the obligations of any other Participant hereunder. The
decision of each Participant to enter into this Agreement has been made by such Participant independently of any other Participant. Nothing contained herein, and no action taken by any Participant pursuant hereto, shall be deemed to constitute the
Participants as a partnership, an association, a joint venture, or any other kind of entity, or create a presumption that the Participants are in any way acting in concert or as a group with respect to such obligations or the transactions
contemplated hereby. 
 Section 7.14 Participants Representative. If, at any time, there is more than one Participant,
the Participants, by executing a Joinder Agreement, hereby designate and appoint the Participants Representative on behalf of the Participants. If any provision of this Agreement requires the decision, action, or consent of the Participants or
notice to be delivered to the Participants, the Participants Representative shall have the authority to make any such decision, take any such action, grant any consents, or receive such notices on behalf of the Participants under this Agreement;
provided, however, that the Participants Representative shall not be entitled to act on behalf of the Participants with respect to the provisions of Article IV. Newco and the Company shall be entitled to deal exclusively with
the Participants Representative, and the decision, action or consent or waiver of the Participants Representative shall be determinative. Newco and the Company shall be entitled to rely upon the Participants Representative’s decision, action or
consent or waiver on behalf of the Participants. 
 Section 7.15 Applicable Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York, without giving effect to any choice or conflict of laws provision or rule that would cause the application of the laws of any other jurisdiction. 

Section 7.16 Acknowledgement and Agreement. Each of the Company and Newco agrees and acknowledges that the Participation Agreement
establishes Participation Interests, provides enforceable rights against each of the Company and Newco and is being entered into for due consideration and corporate benefit. 

[Signature Pages Follow] 

  
 42 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the date
first set forth above. 
  

			
	STUDIO CITY INTERNATIONAL
HOLDINGS LIMITED

			
		
	By:	 	  

		 	Name:
		 	Title:

			
	
	MSC COTAI LIMITED

			
		
	By:	 	  

		 	Name:
		 	Title:

			
	
	NEW COTAI, LLC

			
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Participation Agreement] 

 EXHIBIT A 

[FORM OF] 
 EXCHANGE NOTICE 

MSC Cotai Limited 
 c/o Studio City International Holdings
Limited 
 36/F, The Centrium 
 60 Wyndham Street 

Central 
 Hong Kong 

Attention:        Company Secretary 

Reference is hereby made to the Participation Agreement, dated as of [●], 2018 (the “Agreement”), among Studio City
International Holdings Limited, a business company limited by shares incorporated in the British Virgin Islands (the “Pre-Migration Company” and, following the proposed continuation
(redomiciling) of the Pre-Migration Company as an exempted company with limited liability under the laws of the Cayman Islands, the “Company”), MSC Cotai Limited, a business company limited by
shares incorporated in the British Virgin Islands with limited liability (“Newco”), and New Cotai, LLC, a Delaware limited liability company (“New Cotai”). Any capitalized term used but not defined herein shall have
the meaning given to it in the Agreement. 
 The undersigned Participant hereby transfers to Newco the Exchanged Participation Interest set
forth below in Exchange and hereby surrenders for cancellation the Corresponding Class B Shares Amount for Class A Ordinary Shares to be issued in its name as set forth below, in accordance with the terms of the Agreement. 

 

			
	Legal name of Participant:	 	  

			
	  
 Address:
	 	  

			
	  
 E-mail:
	 	  

			
	  

Pre-Exchange Participation Interest owned:
	 	  

  
 A-1 

 Please fill in either A or B but not both. Please fill in both blanks of whichever A or B you
select. 
 A. Exchanged Participation Interest (If you choose to complete A, please fill in both blanks below and DO NOT complete B.) 

 

			
	  
	 	Exchanged Participation Interest
	  
  
  

 
	 	  
 Participation Interest owned post-exchange (Amount should equal the
difference of subtracting the Exchanged Participation Interest from pre-Exchange Participation Interest owned)

 B. Percentage of Pre-Exchange Participation Interest Being Exchanged (If you
choose to complete B (instead of A), please fill in both blanks below and DO NOT complete A.) 
  

			
	  
  
	 	Percentage of Pre-Exchange Participation Interest being exchanged (i.e., X % of your Pre-Exchange Participation Interest)
	  
  

 
	 	  
 Percentage of Pre-Exchange
Participation Interest not being exchanged (i.e., 100% less the percentage of your Pre-Exchange Participation Interest being exchanged )

  

			
	Account number:	 	  

			
	  
 Legal name of account holder:
	 	  

 The undersigned hereby represents and warrants that (i) the undersigned has full legal capacity to
execute and deliver this Exchange Notice and to perform the undersigned’s obligations hereunder; (ii) this Exchange Notice has been duly executed and delivered by the undersigned and is the legal, valid, and binding obligation of the
undersigned enforceable against it in accordance with the terms thereof or hereof, as the case may be; (iii) the Exchanged Participation Interest and the Corresponding Class B Shares Amount subject to this Exchange Notice are being
transferred to Newco free and clear of any pledges, liens, security interests, encumbrances, rights of first refusal, equities, claims and the like; and (iv) no consent, approval, authorization, order, registration or qualification of any third
party or with any court or governmental agency or body having jurisdiction over the undersigned or the Exchanged Participation Interest subject to this Exchange Notice is required to be obtained by the undersigned for the transfer of the Exchanged
Participation Interest to Newco. 

  
 A-2 

 The undersigned hereby further represents and warrants that (i) the undersigned is an
“accredited investor” as that term is defined in Rule 501(a)(3) of Regulation D (“Regulation D”) to the Securities Act of 1933, as amended (the “Securities Act”), and the undersigned has not experienced a
disqualifying event as enumerated pursuant to Rule 506(d) of Regulation D; (ii) the undersigned is acquiring the Class A Ordinary Shares for the undersigned’s own account, for investment purposes only and not with a view towards, or
for resale in connection with, any public sale or distribution thereof; (iii) the undersigned understands that the Class A Ordinary Shares are being conveyed to the undersigned in reliance on specific exemptions from the registration
requirements of the United States federal and state securities laws and that Newco and the Company are relying upon the truth and accuracy of, and the undersigned’s compliance with, the representations and warranties of the undersigned set
forth herein in order to determine the availability of such exemptions and the eligibility of the undersigned to receive such Class A Ordinary Shares; (iv) the undersigned understands that its investment in the Class A Ordinary Shares
involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to the acquisition of the Class A Ordinary Shares; (v) the
undersigned understands that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Class A Ordinary Shares or the fairness or suitability of the
investment in the Class A Ordinary Shares by the undersigned nor have such authorities passed upon or endorsed the merits of the offering of the Class A Ordinary Shares; (vi) the undersigned understands that: (a) the Class A
Ordinary Shares have not been and are not being registered under the Securities Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or (2) sold in
reliance on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights Agreement, neither the Company nor any other person is under any obligation to register the Class A Ordinary Shares under the
Securities Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder; (vii) the undersigned has such knowledge and experience in financial and business matters, is capable of evaluating the merits
and risks of an investment in the Class A Ordinary Shares and is able to bear the economic risk of an investment in the Class A Ordinary Shares in the amount contemplated hereunder for an indefinite period of time; (viii) the
undersigned has adequate means of providing for its current financial needs and contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment in the Class A Ordinary Shares; and
(ix) the undersigned can afford a complete loss of its investment in the Class A Ordinary Shares. 
  

	CC:	Studio City International Holdings Limited 

 36/F, The Centrium 

60 Wyndham Street 
 Central 

Hong Kong 

Attention:         Company Secretary 

  
 A-3 

 IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Exchange Notice to
be executed and delivered by the undersigned or by its duly authorized attorney. 
  

			
	  

	Name	 	
		
	Dated:	 	  

  
 A-4 

 EXHIBIT B 

[FORM OF] 
 JOINDER AGREEMENT 

This Joinder Agreement (“Joinder Agreement”) is a joinder to (i) the Participation Agreement, dated as of [●],
2018 (the “Agreement”), among Studio City International Holdings Limited, a business company limited by shares incorporated in the British Virgin Islands (the “Pre-Migration
Company” and, following the proposed continuation (redomiciling) of the Pre-Migration Company as an exempted company with limited liability under the laws of the Cayman Islands, the
“Company”), MSC Cotai Limited, a business company limited by shares incorporated in the British Virgin Islands (“Newco”), and New Cotai, LLC, a Delaware limited liability company (“New Cotai”) and
(ii) the Tax Side Letter, dated as of [●], 2018 (the “Tax Side Letter”), among the Pre-Migration Company, Newco, and New Cotai. Any capitalized term used but not defined in this
Joinder Agreement shall have the meaning given to it in the Agreement. This Joinder Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to any choice or conflict of laws
provision or rule that would cause the application of the laws of any other jurisdiction. In the event of any conflict between this Joinder Agreement and the Agreement or the Tax Side Letter, the terms of this Joinder Agreement shall control. 

The undersigned, having acquired the Participation Interest and the Corresponding Class B Ordinary Shares, as set out below, represents
that it has obtained all required authorizations, if any, from each relevant Governmental Authority (x) having jurisdiction over the Company or its Subsidiaries or (y) that regulates the Gaming License, for such acquisition, and hereby
joins and enters into the Agreement and the Tax Side Letter. By signing and returning this Joinder Agreement to Newco and the Company, the undersigned (i) accepts and agrees to be bound by and subject to all of the terms and conditions of and
agreements of a Participant contained in the Agreement and the Tax Side Letter, with all attendant rights, duties and obligations of a Participant thereunder, (ii) makes each of the representations and warranties of a Participant set forth in
Section 5.3 of the Agreement as fully as if such representations and warranties were set forth herein and (iii) represents and warrants that it is a Permitted Transferee as defined in the Agreement. The parties to the
Agreement and the Tax Side Letter shall treat the execution and delivery hereof by the undersigned as the execution and delivery of the Agreement and the Tax Side Letter by the undersigned and, upon receipt of this Joinder Agreement by Newco and the
Company, the signature of the undersigned set forth below shall constitute a counterpart signature to the signature page of the Agreement and the Tax Side Letter. 
  

					
	Transferor:	  	  
	  	

  

					
	Transferee:	  	  
	  	

  

			
	Participation Interest Transferred by Transferor to Transferee:	 	      

  
 B-1 

 Participation Interest owned by Transferor post-Transfer (Amount should equal the difference of subtracting the
transferred Participation Interest from pre-transfer Participation Interest owned by
Transferee):                                       
                                         
  
  

			
	Participation Interest owned by Transferee post-Transfer:	  	  

  

			
	Corresponding Class B Ordinary Shares Amount (as defined in the Agreement):	  	  

 Legal Name of
Transferee:                                       
                                         
                  
  

			
	Transferee’s Address for Notices:	  	With copies to:
		
	  
	  	  

		
	 Transferee’s E-mail for Notices
	  	 E-mail for Notices

		
	  
	  	  

 IN WITNESS WHEREOF, the undersigned has caused this Joinder Agreement to be duly executed as of the date first
set forth above. 
 TRANSFEREE 
 NAME: 

 

			
	By:	 	  

		 	Name:
		 	Title:

 Acknowledged and confirmed by: 

TRANSFEROR 
 NAME: 

  
 B-2 

			
	By:	 	  

		 	Name:
		 	Title:

  
 B-3

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