Document:

Exhibit

EXECUTION VERSION

FOURTH SUPPLEMENTAL INDENTURE TO THE INDENTURES 
FOURTH SUPPLEMENTAL INDENTURE (this “Fourth Supplemental Indenture”), dated as of March 29, 2019, among MGP OH Propco, LLC, a Delaware limited liability company (the “Guaranteeing Entity”), MGP Finance Co-Issuer, Inc., a Delaware corporation (the “Co-Issuer”), MGM Growth Properties Operating Partnership LP, a Delaware limited partnership (the “Issuer” and, together with the Co-Issuer, the “Issuers”), the other Subsidiary Guarantors (as defined in the Indenture referred to herein) and U.S. Bank National Association, as Trustee under the Indenture referred to below (the “Trustee”).
W I T N E S S E T H
WHEREAS, the Issuers have heretofore executed and delivered to the Trustee (i) an indenture, dated as of April 20, 2016 providing for the issuance of 5.625% Senior Notes due 2024 (the “2024 Notes”); (ii) an indenture, dated as of August 12, 2016 providing for the issuance of 4.500% Senior Notes due 2026 (the “2026 Notes”); (iii) an indenture, dated as of September 21, 2017 providing for the issuance of 4.500% Senior Notes due 2028 (the “2028 Notes”); and (iv) an indenture, dated as of January 25, 2019 providing for the issuance of 5.750% Senior Notes due 2027 (the “2027 Notes,” and, collectively, with the 2024 Notes, the 2026 Notes and the 2028 Notes, the “Notes,” and each of (i), (ii), (iii) and (iv) as amended and supplemented, as applicable, by the Supplemental Indenture dated June 15, 2018 , by the Second Supplemental Indenture dated July 10, 2018 and by the Third Supplemental Indenture dated January 29, 2019, collectively, the “Indentures”);
WHEREAS, the Indentures provide that under certain circumstances the Guaranteeing Entity shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Entity shall unconditionally guarantee all of the Issuers’ obligations under the Notes and the Indentures on the terms and conditions set forth herein (the “Note Guarantee”); and
WHEREAS, pursuant to Section 9.01 of the Indentures, the Trustee is authorized to execute and deliver this Fourth Supplemental Indenture.
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Entity and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:
1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indentures.
2. AGREEMENT TO GUARANTEE. The Guaranteeing Entity hereby agrees to provide an unconditional Guarantee on the terms and subject to the conditions set forth in each Note Guarantee and in the Indentures including but not limited to Article 10 thereof.
3. NO RECOURSE AGAINST OTHERS. No director, officer, employee, incorporator or stockholder of the Issuers or any Subsidiary Guarantor, as such, will have any liability for any obligations of the Company or any Subsidiary Guarantors under the Notes, the Indenture, the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws.
4. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS FOURTH SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

41086.01500

5. COUNTERPARTS. The parties may sign any number of copies of this Fourth Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.
 
6. EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof.
7. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Fourth Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Entity and the Company.
[Signatures on following page]

IN WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental Indenture to be duly executed and attested, all as of the date first above written.
Dated: March 29, 2019
	
			
	Guaranteeing Entity:

	 
	 
	 

	MGP OH PROPCO, LLC

	 
	 

	By:
	 
	 /s/ Andy H. Chien

	 
	 
	Name:   Andy H. Chien

	 
	 
	Title:   Chief Financial Officer and Treasurer

	 

	Issuers:

	MGM GROWTH PROPERTIES OPERATING PARTNERSHIP LP

	 
	 

	By:
	 
	 /s/ Andrew Hagopian III

	 
	 
	Name:   Andrew Hagopian III

	 
	 
	Title:   Assistant Secretary

	 

	MGP FINANCE CO-ISSUER, INC.

	 
	 

	By:
	 
	  /s/ Andrew Hagopian III

	 
	 
	Name:   Andrew Hagopian III

	 
	 
	Title:   Secretary

	 

[Signature Page to Fourth Supplemental Indenture]

	
			
	 

	Subsidiary Guarantors:

	MGP LESSOR HOLDINGS, LLC

	 
	 

	By:
	 
	  /s/ Andrew Hagopian III

	 
	 
	Name:   Andrew Hagopian III

	 
	 
	Title:   Secretary

	 

	MGP LESSOR, LLC

	 
	 

	By:
	 
	  /s/ Andrew Hagopian III

	 
	 
	Name:   Andrew Hagopian III

	 
	 
	Title:   Secretary

	 

	MGP OH, INC.

	 
	 

	By:
	 
	 /s/ Andy H. Chien

	 
	 
	Name:   Andy H. Chien

	 
	 
	Title:   Chief Financial Officer and Treasurer

	 
	 
	 

	NORTHFIELD PARK ASSOCIATES LLC

	 
	 

	By:
	 
	   /s/ Andrew Hagopian III

	 
	 
	Name:   Andrew Hagopian III
Title:   Assistant Secretary

	

CEDAR DOWNS OTB, LLC

	 
	 

	By:
	 
	   /s/ Andrew Hagopian III

	 
	 
	Name:   Andrew Hagopian III

	 
	 
	Title:   Assistant Secretary

	MGP YONKERS REALTY SUB, LLC

	 
	 

	By:
	 
	   /s/ Andrew Hagopian III

	 
	 
	Name:   Andrew Hagopian III

	 
	 
	Title:   Secretary

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

[Signature Page to Fourth Supplemental Indenture]

	
			
	YRL ASSOCIATES, L.P.

	By:
	MGP Lessor, LLC

	Its:
	General Partner

	 
	 

	By:
	 
	   /s/ Andrew Hagopian III

	 
	 
	Name:   Andrew Hagopian III
Title:   Secretary

[Signature Page to Fourth Supplemental Indenture]

	
			
	Trustee:

	U.S. BANK NATIONAL ASSOCIATION

	as Trustee

	 
	 

	By:
	 
	 /s/ Raymond S. Haverstock

	 
	 
	Authorized Signatory

[Signature Page to Fourth Supplemental Indenture]Exhibit

FIRST AMENDMENT TO THE 
RETIREMENT TRANSITION AGREEMENT 

This First Amendment to the Retirement Transition Agreement (“First Amendment”) is entered into this 1st day of May 2019 between Jacobs Engineering Group Inc. and its affiliated and subsidiary companies (“Jacobs”) and Gary Mandel (“Employee”).  The effective date of this First Amendment shall be the latter date affixed to the two signatures below, below.

WHEREAS, Employee has been a full-time employee of Jacobs; and

WHEREAS, Employee previously announced his intention to retire from Jacobs; and

WHEREAS, Employee and Jacobs entered into a Retirement Transition Agreement dated November 20, 2018 (“Retirement Transition Agreement”) regarding the terms and timing of such retirement; and

WHEREAS, Employee and Jacobs wish to amend the Retirement Transition Agreement; and 

WHEREAS, Employee and Jacobs desire to define the details of the amendments to the Retirement Transition Agreement.

NOW, THEREFORE, in consideration of the valuable promises and the terms contained herein, it is agreed as follows:

Amendments.  Paragraph 1 of the Retirement Transition Agreement, which currently provides as follows – 

		
	1.
	Retirement Date.  Employee shall begin a transition to retirement beginning April 1, 2019 (the “Transition Date”), on a modified full-time status basis, and shall retire from Jacobs effective December 31, 2019 (the “Retirement Date”).  After the Retirement Date, Employee shall perform no further duties, functions or services for Jacobs.

shall be amended to provide as follows – 

		
	1.
	Retirement Date.  Employee shall begin a transition to retirement beginning May 1, 2019 (the “Transition Date”), on a modified full-time status basis, and shall retire from Jacobs effective December 31, 2019 (the “Retirement Date”).  After the Retirement Date, Employee shall perform no further duties, functions or services for Jacobs.

Further, Paragraph 3 of the Retirement Transition Agreement, which currently provides in pertinent part as follows –

		
	3.
	Executive Advisor. On October 1, 2018, Employee became a special advisor to Jacobs’ Chief Executive Officer (“CEO”), and as of the Transition Date Employee shall continue in this role on a modified full-time basis, with the expectation that 

Page 1

First Amendment to the Retirement Transition Agreement

Employee will work 21 hours per week during this period. Employee shall perform this advisory role until December 31, 2019, and his salary between April 1, 2019 and December 31, 2019 (the “EA Period’) shall be $83,333.33 per month.

shall be amended to provide as follows – 

		
	3.
	Executive Advisor. On October 1, 2018, Employee became a special advisor to Jacobs’ Chief Executive Officer (“CEO”), and as of the Transition Date Employee shall continue in this role on a modified full-time basis, with the expectation that Employee will work 21 hours per week during this period. Employee shall perform this advisory role until December 31, 2019, and his salary between May 1, 2019 and December 31, 2019 (the “EA Period’) shall be $93,750.00 per month.

No Other Amendments.  By signing below, the parties acknowledge and agree that, except as explicitly set forth herein, no other amendments are being made to the Retirement Transition Agreement or the Supplemental Release Agreement, and all other paragraphs, subparagraphs and/or provisions of the Retirement Transition Agreement remain in full force and effect.

Choice of Law.  The validity, interpretation, construction and performance of this First Amendment shall be governed by the laws of the State of Texas (without giving effect to its conflicts of laws, rules or principles) and no failure or delay in exercising any right, power or privilege hereunder shall operate or a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder.

Severability.  The invalidity or unenforceability of any provision of this First Amendment shall not affect the validity or enforceability of any other provision of this First Amendment or the Retirement Transition Agreement, which shall remain in full force and effect.

Entire Understanding; No Oral Changes.  Employee and Jacobs acknowledge that this First Amendment, the Retirement Transition Agreement and the Supplemental Release Agreement sets forth the entire understanding between them.  Neither party has relied upon any representation or statement with respect to the subject matter hereof, written or oral, not set forth in this First Amendment, the Retirement Transition Agreement and the Supplemental Release Agreement.  No provision of this First Amendment or of the Retirement Transition Agreement may be modified, waived or discharged unless such modification, waiver or discharge is agreed to in writing signed by Employee and Jacobs’ CEO.  This First Amendment may not be changed orally, but only by a specific written agreement signed by the party against whom enforcement of any waiver, change, modification, extension, or discharge is sought.

This First Amendment is deemed to have been drafted jointly by the parties and any uncertainty or ambiguity shall not be construed for or against any party based upon attribution of drafting to any party.

Arbitration.  The parties agree that the arbitration of disputes provides mutual advantages in terms of facilitating the fair and expeditious resolution of disputes.  In consideration of these mutual advantages, the parties agree to the Arbitration Procedures set forth in Exhibit “A” to the Retirement Transition Agreement, which procedures are incorporated herein by reference.

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First Amendment to the Retirement Transition Agreement

Executed at Houston, Texas, this 25th day of April, 2019.
(City, State)
              /s/ Gary Mandel__________
Gary Mandel

Executed at Dallas, Texas, this 24th day of April, 2019.
(City, State)
         

JACOBS ENGINEERING GROUP INC. 

By:  /s/ Steven J. Demetriou__________
                                                     
        Steven J. Demetriou
Chair and Chief Executive Officer

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First Amendment to the Retirement Transition Agreement

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