Document:

Exhibit 10.2

    

     

      

    NON-QUALIFIED STOCK OPTION AGREEMENT

    

    

    (PDS BIOTECHNOLOGY CORPORATION 2019 INDUCEMENT PLAN)

    

    

    Name of Optionee:

    

    

    No. of Stock Options:

    

    

    Option Exercise Price per Share:

    

    

    Grant Date:

    

    

    Expiration Date:

    

    

    PDS Biotechnology Corporation (the “Company”) hereby grants to the Optionee named above a non-qualified option (the “Stock Option”) to purchase on or prior to
      the Expiration Date specified above all or part of the number of shares of Common Stock, par value $0.00033 per share (the “Stock”), of the Company specified above at the Option Exercise Price per Share.
      This Stock Option is granted to Optionee in connection with his or her entry into employment with the Company and is an inducement material to the Optionee’s entry into employment within the meaning of Rule 5635(c)(4) of the NASDAQ Listing Rules.

    

    

    1. Applicable Equity Plan. This Stock Option is being awarded under the Company’s 2019 Inducement Plan (the “Plan”). Notwithstanding the foregoing and
      anything in this Agreement to the contrary, this Stock Option shall be subject to and governed by the terms and conditions of the Plan, including the powers of the Administrator set forth in Section 2(b) of the Plan. Capitalized terms in this
      Agreement shall have the meaning specified in the Plan, unless a different meaning is specified in this Agreement.

    

    

    2. Exercisability Schedule1. No portion of this Stock Option may be exercised until such portion shall have become exercisable according to the
      vesting schedule below or in accordance with Section 4. Except as set forth in Section 4, and subject to the discretion of the Administrator to accelerate the exercisability schedule, this Stock Option shall become ___% exercisable on the 12 month
      anniversary of the Grant date.  The remaining ___% will become exercisable in equal monthly installments, rounded down to the nearest whole share of Stock, over ____________ months commencing on the 12 month anniversary of the Grant Date.

    

    

    Once exercisable, this Stock Option shall continue to be exercisable at any time or times prior to the close of business on the Expiration Date, subject to the provisions
      hereof and of the Plan.

     

    

    3. Manner of Exercise.

    

    

    (a) The Optionee may exercise this Stock Option from time to time on or prior to the Expiration Date of this Stock Option by giving written notice to the Company of his or
      her election to purchase some or all of the Stock Option purchasable at the time of such notice. This notice shall specify the number of Stock Options to be purchased.

    

    

    Payment of the purchase price for the Stock Options may be made by one or more of the following methods: (i) in cash, by certified or bank check or other instrument
      acceptable to the Administrator; (ii) through the delivery (or attestation to the ownership) of shares of Stock that have been purchased by the Optionee on the open market or that are beneficially owned by the Optionee and are not then subject to any
      restrictions under any Company plan and that otherwise satisfy any holding periods as may be required by the Administrator; (iii) by the Optionee delivering to the Company a properly executed exercise notice together with irrevocable instructions to
      a broker to promptly deliver to the Company cash or a check payable and acceptable to the Company to pay the option purchase price, provided that in the event the Optionee chooses to pay the option purchase price as so provided, the Optionee and the
      broker shall comply with such procedures and enter into such agreements of indemnity and other agreements as the Administrator shall prescribe as a condition of such payment procedure; or (iv) a combination of (i), (ii) and (iii) above. Payment
      instruments will be received subject to collection.

    

    

    
      

    

    1 Vesting Schedule subject to adjustment based on terms of specific award.

     

    

    
      
        

    

    The transfer to the Optionee on the records of the Company or of the transfer agent of the Stock Options will be contingent upon (i) the Company’s receipt from the Optionee
      of the full purchase price for the Stock Options, as set forth above, (ii) the fulfillment of any other requirements contained herein or in the Plan or in any other agreement or provision of laws, and (iii) the receipt by the Company of any
      agreement, statement or other evidence that the Company may require to satisfy itself that the issuance of Stock to be purchased pursuant to the exercise of Stock Options under the Plan and any subsequent resale of the shares of Stock will be in
      compliance with applicable laws and regulations. In the event the Optionee chooses to pay the purchase price by previously-owned shares of Stock through the attestation method, the number of shares of Stock transferred to the Optionee upon the
      exercise of the Stock Option shall be net of the shares attested to.

     

    

    (b) The shares of Stock purchased upon exercise of this Stock Option shall be transferred to the Optionee on the records of the Company or of the transfer agent upon
      compliance to the satisfaction of the Administrator with all requirements under applicable laws or regulations in connection with such issuance and with the requirements hereof and of the Plan. The determination of the Administrator as to such
      compliance shall be final and binding on the Optionee. The Optionee shall not be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares of Stock subject to this Stock Option unless and until this Stock Option
      shall have been exercised pursuant to the terms hereof, the Company or the transfer agent shall have transferred the shares to the Optionee, and the Optionee’s name shall have been entered as the stockholder of record on the books of the Company.
      Thereupon, the Optionee shall have full voting, dividend and other ownership rights with respect to such shares of Stock.

    

    

    (c) The minimum number of shares with respect to which this Stock Option may be exercised at any one time shall be 100 shares, unless the number of shares with respect to
      which this Stock Option is being exercised is the total number of shares subject to exercise under this Stock Option at the time.

    

    

    (d) Notwithstanding any other provision of this Agreement or of the Plan, no portion of this Stock Option shall be exercisable after the Expiration Date of this Agreement.

    

    

    4. Termination of Employment.

    

    

    (a) Termination Due to Death. If the Optionee’s employment terminates by reason of the Optionee’s death, any unvested portion of this Stock Option outstanding on
      such date shall cease to vest and shall be forfeited and the vested portion of this Stock Option may thereafter be exercised by the Optionee’s legal representative or legatee for a period of 180 days from the date of death or until the Expiration
      Date, if earlier.

    

    

    (b) Termination Due to Disability. If the Optionee’s employment terminates by reason of the Optionee’s Disability (as defined by the Administrator), any unvested
      portion of this Stock Option outstanding on such date shall cease to vest and shall be forfeited and the vested portion of this Stock Option and may thereafter be exercised by the Optionee for a period of 180 days from the date of termination or
      until the Expiration Date, if earlier.

    

    

    (c) Termination for Cause. If the Optionee’s employment terminates for Cause, any portion of this Stock Option outstanding on such date shall terminate immediately
      and be of no further force and effect. For purposes hereof, “Cause” shall mean, unless otherwise provided in an employment agreement between the Company and the Optionee, a determination by the Administrator that the Optionee shall be dismissed as a
      result of (i) the Optionee's willful misconduct or gross negligence in connection with the performance of the Optionee's duties for the Company or its Subsidiaries; (ii) the Optionee's conviction of, or a plea of guilty or nolo contendere to, a
      felony or a crime involving fraud or moral turpitude; (iii) the Optionee's engaging in any business that directly or indirectly competes with the Company or its Subsidiaries; or (iv) disclosure of trade secrets, customer lists or any other
      confidential information of the Company or its Subsidiaries to a competitor or an unauthorized person.

    

    

    (d) Other Termination. If the Optionee’s employment terminates for any reason other than in the circumstances set forth above, and unless otherwise determined by
      the Administrator, any portion of this Stock Option outstanding on such date may be exercised, to the extent exercisable on the date of termination, for a period of 90 days from the date of termination or until the Expiration Date, if earlier. Any
      portion of this Stock Option that is not exercisable on the date of termination shall terminate immediately and be of no further force or effect.

    

    

    The Administrator’s determination of the reason for termination of the Optionee’s employment shall be conclusive and binding on the Optionee and his or her representatives
      or legatees.

     

    

    
      
        

    

    5. Transferability. This Agreement is personal to the Optionee, is non-assignable and is not transferable in any manner, by operation of law or otherwise, other
      than by will or the laws of descent and distribution. This Stock Option is exercisable, during the Optionee’s lifetime, only by the Optionee, and thereafter, only by the Optionee’s legal representative or legatee.

    

    

    6. Tax Withholding. The Optionee shall, not later than the date as of which the exercise of this Stock Option becomes a taxable event for Federal income tax
      purposes, pay to the Company or make arrangements satisfactory to the Administrator for payment of any Federal, state, and local taxes required by law to be withheld on account of such taxable event. The Company shall have the authority to cause the
      minimum required tax withholding obligation to be satisfied, in whole or in part, by withholding from shares of Stock to be issued to the Optionee a number of shares of Stock with an aggregate Fair Market Value that would satisfy the withholding
      amount due.

    

    

    7. No Obligation to Continue Employment. Neither the Company nor any Subsidiary is obligated by or as a result of the Plan or this Agreement to continue the
      Optionee in employment and neither the Plan nor this Agreement shall interfere in any way with the right of the Company or any Subsidiary to terminate the employment of the Optionee at any time.

    

    

    8. Notices. Notices hereunder shall be mailed or delivered to the Company at its principal place of business and shall be mailed or delivered to the Optionee at the
      address on file with the Company or, in either case, at such other address as one party may subsequently furnish to the other party in writing.

    

    

    The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned.

     

    

    	 	
            By:

          	 

    

    

    
      
        

    

    NOTICE OF GRANT AND OPTION AGREEMENT

    

    

    	
            Company Information:

          	
            Optionee:

          
	 	 
	
            PDS Biotechnology Corporation

          	
            [NAME]

          
	 	 
	 	
            [ADDRESS]

          
	 	 
	 	
            [CITY, STATE, ZIP]

          
	 	 
	 	
            United States

          
	 	 
	
            Phone:

          	
            Phone: [_________]

          
	 	 
	
            Fax:

          	
            Email: [__________]

          

    

    

    	
            Plan Name:

          	
            PDS Biotechnology

            Corporation 2019

            Inducement Plan

          	
            Date of Grant:

          	
            [_____]

          
	 	 	 	 
	
            Grant Type:

          	
            NQSO

          	
            Date of Expiration:

          	
            [_____]

          
	 	 	 	 
	
            Option Number:

          	
            [___]

          	 	 
	 	 	 	 
	
            Number Granted:

          	
            [_____]

          	 	 
	 	 	 	 
	
            Vesting Type:

          	
            [Other]

          	
            Exercise Price:

          	
            $[_____]

          
	 	 	 	 
	
            Vesting Start Date:

          	
            [_____]

          	
            Total Option Price:

          	
            $[_____]

          
	 	 	 	 
	
            Vesting Schedule:

          	 	 	 

    

    

    	 	
            Date Vested

          	
            Options Vested

          	 
	 	 	 	 
	
            12 month anniversary

          	
            [_____]

          	
            [_____]

          	 
	 	 	 	 
	
            Monthly vesting date following 12 month anniversary

          	
            [_____]

          	
            [_____] per month

          	 
	 	 	 	 
	
            Vesting Time Period In months

          	
            [_____] months

          	 	 
	 	 	 	 
	 	
            Total:

          	
            [_____]

          	 

    

    

    	
            By your signature and the Company's signature below, you and the Company agree that the Non-Qualified Stock Option specified in this Grant Notice is granted under
              and governed by the terms and conditions of the PDS Biotechnology Corporation 2019 Inducement Plan, as amended from time to time, and the Option Award Agreement, all of which are attached and made a part of this Grant Notice.

          
	 	 	 
	
            OPTIONEE:

          	 	
            PDS BIOTECHNOLOGY CORPORATION

          
	 	 	 
	
            Name:

          	
            [_________]

          	 	
            By:

          	
            [_________]

          
	 	
            

            

          	 	 	
            

            

          
	 	 	 	 	 
	
            Date:

          	 	 	
            Date:EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 
 This Employment
Agreement (this “Agreement”) is entered into as of May 1, 2019 by and between MGM Growth Properties Operating Partnership LP, a Delaware limited partnership (“Employer”), James C. Stewart
(“Employee”). 
  

	1.	 Employment. Employer hereby employs Employee, and Employee hereby accept employment by Employer as
Chief Executive Officer of MGM Growth Properties LLC, a Delaware limited liability company (“MGP”), as well as of Employer, to perform such executive, managerial or administrative duties as Employer may specify from time to time
during the Specified Term (as defined in Section 2). 

  

	2.	 Term. The term of Employee’s employment under this Agreement commences on
May 1, 2019 and terminates on April 30, 2023 (the “Specified Term”), unless a new written employment agreement is executed by the parties. If Employee remains employed after the
expiration of the Specified Term, and the parties do not execute a new employment agreement, then Employee shall be employed at-will and none of the provisions of the Agreement shall apply to Employee’s continued employment at-will, except Sections 8, 10.5, 11 and 12, and Employer shall have the right to terminate Employee’s employment with or without cause or notice, for any reason or no reason, and (unless otherwise provided
herein) without any payment of severance or compensation. 

  

	3.	 Compensation. During the Specified Term, Employer shall pay Employee a minimum annual salary of
$850,000.00 payable in arrears at such frequencies and times as Employer pays its other employees. Employee is also eligible to receive generally applicable fringe benefits commensurate with Employer’s employees in positions comparable
to Employee. Employer will also reimburse Employee for all reasonable business and travel expenses Employee incurs in performing Employee’s duties under this Agreement, payable in accordance with Employer’s customary practices and
policies, as Employer may modify and amend them from time to time. Employee’s performance may be reviewed periodically. Employee is eligible for consideration for a discretionary raise, discretionary bonus, promotion, and/or participation in
discretionary benefit plans; provided, however, whether and to what extent Employee will be granted any of the above will be determined by Employer in its sole and absolute discretion. 

 

	 	3.1	 In addition, Employee is eligible for consideration for a discretionary annual bonus in accordance with the
terms and conditions of the Employer’s management incentive program (the “Program”). Employee will be eligible for consideration for an annual bonus targeted to be equal to 150% of Employee’s base salary which is established
under the Program (the “Target Bonus”). The terms and conditions of the Program may be changed from time to time. 

	4.	 Extent of Services. Employee agrees that Employee’s employment by Employer is full time and
exclusive. Employee further agrees to perform Employee’s duties in a competent, trustworthy and businesslike manner. Employee agrees that during the Specified Term, Employee will not render any services of any kind (whether or not for
compensation) for any person or entity other than Employer, and that Employee will not engage in any other business activity (whether or not for compensation) that is similar to or conflicts with Employee’s duties under this Agreement, without
the approval of the Board or the person or persons designated by the Board to determine such matters. 

  

	5.	 Policies and Procedures. Employee agrees and acknowledges that Employee is bound by Employer’s
policies and procedures as they may be modified, amended or adopted by Employer from time to time, including, but not limited to, the Employer’s Code of Conduct and Conflict of Interest policies. In the event the terms in this Agreement
conflict with Employer’s policies and procedures, the terms of this Agreement shall take precedence. As Employee is aware, problem gaming and underage gambling can have adverse effects on individuals and the gaming industry as a whole. Employee
acknowledges that Employee has read and is familiar with Employer’s policies, procedures and manuals and agrees to abide by them. Because these matters are of such importance to Employer, Employee specifically confirms that Employee is familiar
with and will comply with Employer’s policies of prohibiting underage gaming, supporting programs to treat compulsive gambling, and promoting diversity in all aspects of Employer’s business. 

 

	6.	 Licensing Requirements. Employee acknowledges that Employer is engaged in a business that is or may be
subject to and exists because of privileged licenses issued by governmental authorities in Nevada, Michigan, Mississippi, Illinois, Maryland, Massachusetts, New Jersey, Macau S.A.R., and other jurisdictions in which Employer is engaged in a gaming
business or where Employer has applied to (or during the Specified Term may apply to) engage in a gaming business. Employee shall apply for and obtain any license, qualification, clearance or other similar approval which Employer or any regulatory
authority which has jurisdiction over Employer requests or requires that Employee obtain. 

  

	7.	 Failure to Satisfy Licensing Requirement. Employer has the right to terminate Employee’s employment
under Section 10.1 of this Agreement if: (i) Employee fails to satisfy any licensing requirement referred to in Section 6 above; (ii) Employer is directed to cease business with Employee by any governmental authority referred to
in Section 6 above; (iii) Employer determines in good faith, in its reasonable judgment, that Employee was, is or, with the support of specific evidence reasonably believes that Employee may be involved in, or are about to be involved in,
any activity, relationship(s) or circumstance which could or does jeopardize Employer’s business, reputation or such licenses; or (iv) any of Employer’s licenses is threatened to be, or is, denied, curtailed, suspended or revoked as a
result of Employee’s employment by Employer or as a result of Employee’s actions. 

  
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	8.	 Restrictive Covenants. 

Employee acknowledges that, in the course of performing Employee’s responsibilities under this Agreement, Employee will form relationships
and become acquainted with “Confidential Information” (defined below in Section 22). Employee further acknowledges that such relationships and the Confidential Information are valuable to Employer and the Company Group, and the
restrictions on Employee’s future employment contained in this Agreement, if any, are reasonably necessary in order for Employer to remain competitive in Employer’s various businesses and to prevent Employee from engaging in unfair
competition against Employer after termination of Employee’s employment with Employer for any reason. 
 In consideration of this
Agreement and the compensation payable to Employee under this Agreement, and in recognition of Employer’s heightened need for protection from abuse of relationships formed or disclosure and misuse of Confidential Information garnered before and
during the Specified Term of this Agreement, Employee covenants and agree as follows: 
  

	 	8.1	 Competition. Except as otherwise explicitly provided in Section 10 of this Agreement, during the
entire Specified Term and thereafter for the “Restrictive Period” (defined below in Section 22) Employee shall not directly or indirectly be employed by, provide consultation or other services to, engage in, participate in or
otherwise be connected in any way with any “Competitor” (defined below in Section 22) in any capacity that is the same, substantially the same or similar to the position or capacity (irrespective of title or department) as that held
at any time during Employee’s employment with Employer; provided, however, that if Employee remains employed at-will by Employer after expiration of the Specified Term Employee shall not be subject to
this Section 8.1 unless (i) Employee is terminated for Employer’s Good Cause or (ii) Employee resigns his or her position, in which case Employee will remain subject to this Section 8.1 for the remainder of the Restrictive
Period. 

  

	 	8.2	 Non-Solicitation. At all times during Employee’s employment with the Employer and at all times
thereafter, Employee shall not use, access, disclose, make known to, or otherwise disseminate for personal gain or for the benefit of a third party (or induce, encourage or assist others in doing any of the foregoing acts) any Company Group
“Trade Secrets” (as defined in Section 22) for any purpose whatsoever. Further, at all times during Employee’s employment with the Employer, and for 12 months thereafter, Employee will not, without the prior written consent of
Employer: 

  

	 	(a)	 make known to any Competitor and/or any member, manager, officer, director, employee or agent of a Competitor,
the “Business Contacts” (defined in Section 22) of Company Group; 

  
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	 	(b)	 induce to leave and/or take away, or attempt to induce to leave and/or take away, any Business Contacts of
Company Group; and/or 

  

	 	(c)	 entice any Business Contact to cease his/her/its relationship with Company Group or end his/her employment with
Company Group, without the prior written consent of Employer, in each and every instance, such consent to be within Employer’s sole and absolute discretion. 

 

	 	8.3	 Confidentiality. At all times during Employee’s employment with the Employer, and at all times
thereafter, Employee shall not, without the prior written consent of Employer in each and every instance—such consent to be within the Employer’s sole and absolute discretion— use, disclose or make known to any person, entity or other
third party outside of the Company Group any Confidential Information belonging to Company Group or its individual members. 

Notwithstanding the foregoing, the provisions of Section 8.3 shall not apply to Confidential Information: (i) that is required to be
disclosed by law or by any court, arbitrator, mediator or administrative or legislative body (including any committee thereof) in any litigation, arbitration, mediation or legislative hearing, with jurisdiction to order Employee to disclose or make
accessible any information, provided, however, that Employee provides Employer with ten (10) days’ advance written notice of such disclosure to enable Employer to seek a protective order or other relief to protect the confidentiality of
such Confidential Information; (ii) that becomes generally known to the public or within the relevant trade or industry other than due to Employee’s or any third party’s violation of this Agreement or other obligation of
confidentiality; or (iii) that becomes available to Employee on a non-confidential basis from a source that is legally entitled to disclose it to Employee. 

 

	 	8.4	 Third Party Information. Employee understands and acknowledges that the Company Group has received, and
in the future will receive, from third parties, their confidential or proprietary information subject to a duty to maintain the confidentiality of such information and to use it only for certain limited purposes. At all times during Employee’s
employment with the Employer, whether pursuant to this Agreement or at-will, and at all times thereafter, Employee shall hold any and all such third party confidential or proprietary information of third
parties in the strictest confidence and will not intentionally or negligently disclose it to any person or entity or to use it except as necessary in carrying out Employee’s duties and obligations hereunder consistent with the Company
Group’s agreement with such third party. Employee shall not be in violation of Employee’s obligations hereunder if such third party confidential or proprietary information is already generally known to the public through no wrongful act of
Employee or any other party. 

  
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	 	8.5	 Acknowledgement of Ownership of Confidential Information Property Acquired or Developed During Employment;
Non-Transfer. Employee understands, agrees, and hereby confirms that Employee’s duties and responsibilities include acquiring Confidential Information and developing Relationships for the benefit of Employer and, as applicable, Company
Group. Employee acknowledges that Confidential Information acquired, obtained, learned, or developed during Employee’s employment with Employer, including but not limited to, Business Contacts developed during Employee’s employment,
constitutes the sole and exclusive property of Company Group, regardless of whether the information qualifies for protection as a Trade Secret. 

  

	 	8.5.1	 Employee further understands, agrees, and hereby confirms that during Employee’s employment, Employee
shall not, at any time or for any reason whatsoever, except upon the express written authorization of the Employer, store, transfer, maintain, copy, duplicate or otherwise possess Confidential Information on any device or in any form or format
except on devices and in such formats as expressly approved and issued by Employer to Employee. By way of example, and without limitation, Employee shall not text, copy, or otherwise transfer in any form or format Confidential Information to any
document, paper, computer, tablet, Blackberry, cellular phone, personal mobile device, iPhone, iPad, thumb drive, smart phone memory, zip drive or disk, flash drive, external drive or any other similar device used for storing or recording data of
any kind (the “Devices”) unless such Device is issued by the Employer to Employee, or unless such text, copy or transfer is expressly approved in writing by the Employer before Employee’s use of such Device. 

 

	 	8.6	 Return of Confidential Information. Upon termination of Employee’s employment for any reason at any
time, Employee shall immediately return to the Employer, and retain no copies of, any all Confidential Information in Employee’s possession or control. If any Confidential Information is recorded or saved in any format or on any Devices,
Employee shall delete the Confidential Information and, upon Employer’s request, allow Employer to inspect such Devices to confirm the deletion. Upon Employer’s request, Employee shall allow Employer reasonable access to Employee’s
personal computers, email accounts, and Devices to confirm that Employee does not possess any Confidential Information of Company Group in contravention of this Agreement. 

 

	 	8.7	 Acknowledgement of Copyrights in and to Compilations of Confidential Information. Employee acknowledges
that Company Group owns copyrights in any and all compilations of Confidential Information in any tangible or electronic form (including, but not limited to, printed lists, handwritten lists, spreadsheets, and databases) in any storage media,
including, but not limited to, Devices, (collectively, “Copyrighted Works”). Employee further acknowledges that 

  
 5 

	 	
unauthorized copying, distributing, or creating derivative works, or inducing or contributing to such conduct by others, based on such Copyrighted Works constitutes infringement of Company
Group’s copyrights in and to the Copyrighted Works. Employee acknowledges that only the Employer is authorized to grant authorization to Employee copy, distribute or create derivative works based on the Copyrighted Works. Employee shall obtain
any such authorization from Employer in writing, in advance of any copying, distribution or creation of derivative works by Employee. Employee acknowledges that federal law provides for civil liability and criminal penalties for copyright
infringement. Employee agrees not to challenge, contest or dispute Company Group’s right, title and interest in the Copyrighted Works and waives any legal or equitable defense to infringement of such Copyrighted Works. 

 

	9.	 Representations and Warranties. 

Employee hereby represents and warrants to Employer, and hereby agrees with Employer, as follows: 

 

	 	9.1	 A portion of Employee’s compensation and consideration under this Agreement is (i) Employer’s
agreement to employ Employee; (ii) Employee’s agreement that the covenants contained in Sections 4 and 8 hereof are reasonable, appropriate and suitable in their geographic scope, duration and content; (iii) Employee’s agreement
that Employee shall not, directly or indirectly, raise any issue of the reasonableness, appropriateness and suitability of the geographic scope, duration or content of such covenants and agreements in any proceeding to enforce such covenants and
agreements; (iv) Employee’s agreement that such covenants and agreements shall survive the termination of this Agreement, in accordance with their terms; and (v) the free and full assignability by Employer of such covenants and
agreements upon a sale, reorganization or other transaction of any kind relating to the ownership and/or control of Company Group or its members or assigns. 

  

	 	9.2	 The enforcement of any remedy under this Agreement will not prevent Employee from earning a livelihood, because
Employee’s past work history and abilities are such that Employee can reasonably expect to find work irrespective of the covenants and agreements contained in Section 8 hereof. 

 

	 	9.3	 The covenants and agreements stated in Sections 4, 6, 7, and 8 hereof are essential for the Employer’s
reasonable protection of its Trade Secrets, Business Contacts, and Confidential Information. 

  

	 	9.4	 The Employer has reasonably relied on Employee’s covenants, representations and agreements in this
Agreement. 

  

	 	9.5	 Employee has the full right, power and authority to enter into this Agreement and perform Employee’s
duties and obligations hereunder, and the entering into and performance of this Agreement by Employee will not violate or conflict with any arrangements or other agreements Employee may have or agreed to have with any other person or entity.

  
 6 

	 	9.6	 Employee acknowledges that the Employer has and will continue to invest substantial time and expense in
developing and protecting Confidential Information, all of which Employee expressly understands and agrees belongs solely and exclusively to Company Group. Employee further acknowledges and agrees that because the Company Group has and will continue
to invest substantial time and expense in developing and protecting Confidential Information, that any loss of or damage to the Company Group as a result of a breach or threatened breach of any of the covenants or agreements set forth in Sections 4
and 8 hereof, the Company Group will suffer irreparable harm. Consequently, Employee covenants and agrees that any violation by Employee of Sections 4 or 8 of this Agreement shall entitle the Employer to immediate injunctive relief in a court of
competent jurisdiction without the necessity of posting any bond or waiving any claim for damages. Employee further covenants and agrees that Employee will not contest the enforceability of just an injunction in any state or country in which such an
injunction is not, itself, a violation of law. 

  

	10.	 Termination. 

  

	 	10.1	 Employer’s Good Cause Termination. Employer has the right to terminate this Agreement at any time
during the Specified Term hereof for “Employer’s Good Cause” (defined below in Section 22). Upon any such termination, Employer shall have no further liability or obligations whatsoever to Employee under this Agreement except as
provided under Sections 10.1.1 and 10.1.2 below. 

  

	 	10.1.1	 In the event Employer’s Good Cause termination is the result of Employee’s death during the Specified
Term, Employee’s beneficiary (as designated by Employee on Employer’s benefit records) shall be entitled to receive Employee’s salary for a three (3) month period following Employee’s death, such amount to be paid at regular
payroll intervals. 

  

	 	10.1.2	 In the event Employer’s Good Cause termination is the result of Employee’s “Disability”
(defined below in Section 22), Employer shall pay Employee (or Employee’s beneficiary in the event of Employee’s death during the period in which payments are being made) an amount equal to Employee’s salary for three
(3) months following Employee’s termination, such amount to be paid at regular payroll intervals, net of payments received by Employee from any short term disability policy which is either self-insured by Employer or the premiums of which
were paid by Employer (and not charged as compensation to Employee). 

  
 7 

	 	10.2	 Employer’s No Cause Termination. 

 

	 	10.2.1	 Employer has the right to terminate this Agreement on written notice to Employee in its sole discretion for any
cause Employer deems sufficient or for no cause, at any time during the Specified Term, including on the last day of the Specified Term. Subject to the conditions set forth below, Employer’s sole liability to Employee upon such termination
shall be as follows: Employee shall receive an amount equal to: (i) Employee’s annual base salary and (ii) Target Bonus (the “Severance Payment”), less all applicable taxes, payable in twelve (12) monthly installments
commencing upon the date that is thirty (30) days after the date of separation; plus any earned but unpaid discretionary bonus due to Employee, payable in accordance with the provisions of the Program. In addition, Employee shall receive a lump
sum payment equal to 1.5 times the cost of COBRA coverage for a period of twelve (12) months immediately following separation (the “COBRA Payment”), payable in twelve (12) monthly installments commencing upon separation.

  

	 	10.2.2	 If Employee remains employed at-will by Employer after expiration of
the Specified Term and is thereafter separated during the Restrictive Period for no cause, Employee shall receive a lump sum payment (less all applicable taxes) equal to the greater of: (i) twenty-six
(26) weeks of base salary or (ii) two (2) times the amount the employee would otherwise receive under the Employer’s then-effective discretionary severance policy. 

 

	 	10.2.3	 Employee’s eligibility for the Severance Payment and COBRA Payment set forth in Section 10.2.1 or the
payment set forth in Section 10.2.2 shall be expressly subject to, conditioned upon, and in consideration of Employee’s execution, within twenty-one (21) days following the date of
Employee’s termination of employment (or such shorter time period as may be required by the Employer consistent with applicable law) and non-revocation of a release prepared by Employer and waiving and
releasing Employer and the Company Group, their parents, subsidiaries and affiliates, and their officers, directors, agents, benefit plan trustees and employees, from any and all claims whether known or unknown, and regardless of type, cause or
nature, including but not limited to claims arising under any and all express or implied employment agreements, any and all statutory and common law tort claims, any and all salary, bonus, stock, vacation (PTO), insurance and other benefit plans,
and all state and federal laws, ordinances and statutes applicable to Employee’s employment or the cessation of that employment that may be released by private 

  
 8 

	 	
agreement (including but not limited to Title VII of the Civil Rights Act of 1964, as amended; the Age Discrimination in Employment Act as amended by the Older Workers Benefit Protection Act of
1990; the Americans with Disabilities Act, as amended; the Equal Pay Act; the Lily Ledbetter Fair Pay Act; the Family and Medical Leave Act; the Employee Retirement Income Security Act; the Genetic Information Nondiscrimination Act; Chapter 608,
Compensation, Wages and Hours, of the Nevada Revised Statutes; Chapter 613, Employment Practices, of the Nevada Revised Statutes; the Worker Adjustment Retraining Notification Act (“WARN”); Post-Civil War Reconstruction Act, as Amended (42
U.S.C. §1981-1988); the National Labor Relations Act; the Labor Management Relations Act; any other federal, state or local law prohibiting employment discrimination or otherwise regulating employment; which release becomes irrevocable in
accordance with its terms (which, for the avoidance of doubt, will occur within thirty (30) days or fewer following the date of Employee’s termination of employment). 

 

	 	10.2.4	 As a further condition to Employer’s obligations under Section 10.2.1 or 10.2.2 above, Employee
agrees to cooperate with Employer regarding matters on which Employee has worked, on a reasonable basis and at times mutually convenient to both parties. Employee further agrees to fully cooperate with the Employer in any ongoing or future legal
matters about which Employee has knowledge or information, or that concern Employee’s former position with the Employer. 

  

	 	10.2.5	 Upon a termination as set forth in Section 10.2.1 or 10.2.2 above, Employee shall continue to be bound by
the restrictions in Section 8 above; provided, however, that if the reason for the termination is the elimination of Employee’s position, Employee shall not be bound by Section 8.1 but will continue to be bound by all other
restrictions in Section 8 above. Notwithstanding anything to the contrary herein, Employer’s conditional obligation under Section 10.2.1 to pay Employee’s salary shall cease if Employee breaches in any material respect any of the
covenants set forth in Section 8 above; additionally, and without waiving any rights to other damages resulting from said breach, Employer shall be entitled to recover any and all amounts already paid to Employee under Section 10.2.1.

  

	 	10.3	 Employee’s Good Cause Termination. Employee may terminate this Agreement for “Employee’s
Good Cause” (defined below in Section 22). Prior to any termination under this Section 10.3 being effective, Employee agrees to give Employer thirty (30) days’ advance written notice, within thirty (30) days of the

  
 9 

	 	
initial event comprising Employee’s Good Cause, specifying the facts and circumstances that comprise Employee’s Good Cause. During such thirty (30) day period, Employer may either
cure the breach (in which case Employee’s notice will be considered withdrawn and this Agreement will continue in full force and effect) or declare that Employer disputes that Employee’s Good Cause exists, in which case this Agreement will
continue in full force until the dispute is resolved in accordance with Section 12. For the avoidance of doubt, following 30 day cure period, Employee shall not be required to continue to report to work in order to maintain the right to assert
claims under this section through the contemplated arbitration process. In the event this Agreement is terminated under this Section 10.3, subject to the conditions set forth below, Employer’s sole liability to Employee upon such
termination shall be as follows: 

  

	 	10.3.1	 Employee shall receive an amount equal to: (i) Employee’s annual base salary and (i) Target
Bonus (the “Severance Payment”), less all applicable taxes, payable in twelve (12) monthly installments commencing upon the date that is thirty (30) days after the date of separation; plus any earned but unpaid discretionary
bonus due to Employee, payable in accordance with the provisions of the Program. In addition, Employee shall receive a lump sum payment equal to 1.5 times the cost of COBRA coverage for a period of twelve (12) months immediately following
separation (the “COBRA Payment”), payable in twelve (12) monthly installments commencing upon separation. If this Agreement is terminated under this Section within six (6) months of Employee’s date of hire, employee shall
only receive an amount equal to six (6) months of base salary; and further, the Restrictive Period shall be limited to six (6) months. 

  

	 	10.3.2	 Employee’s eligibility for the salary payments and health benefits set forth in Section 10.3.1 shall
be expressly subject to, conditioned upon, and in consideration of Employee’s execution, within twenty-one (21) days following the date of Employee’s termination of employment (or such shorter
time period as may be required by the Employer consistent with applicable law), and non-revocation of a release prepared by Employer and waiving and releasing Employer and the Company Group, their parents,
subsidiaries and affiliates, and their officers, directors, agents, benefit plan trustees and employees, from any and all claims whether known or unknown, and regardless of type, cause or nature, including but not limited to claims arising under any
and all express or implied employment agreements, any and all statutory and common law tort claims, any and all salary, bonus, stock, vacation (PTO), insurance and other benefit plans, and all state and federal laws, ordinances and statutes
applicable to Employee’s employment or the cessation of that employment that may be released by private 

  
 10 

	 	
agreement (including but not limited to Title VII of the Civil Rights Act of 1964, as amended; the Age Discrimination in Employment Act as amended by the Older Workers Benefit Protection Act of
1990; the Americans with Disabilities Act, as amended; the Equal Pay Act; the Lily Ledbetter Fair Pay Act; the Family and Medical Leave Act; the Employee Retirement Income Security Act; the Genetic Information Nondiscrimination Act; Chapter 608,
Compensation, Wages and Hours, of the Nevada Revised Statutes; Chapter 613, Employment Practices, of the Nevada Revised Statutes; WARN; Post-Civil War Reconstruction Act, as Amended (42 U.S.C. §1981-1988); the National Labor Relations Act; the
Labor Management Relations Act; any other federal, state or local law prohibiting employment discrimination    or otherwise regulating employment; which release becomes irrevocable in accordance with its terms (which, for the
avoidance of doubt, will occur within thirty (30) days or fewer following the date of Employee’s termination of employment). 

  

	 	10.3.3	 As a further condition to Employer’s salary obligations under Section 10.2.1 above, Employee agrees
to cooperate with Employer regarding matters on which Employee has worked, on a reasonable basis and at times mutually convenient to both parties. Employee further agrees to fully cooperate with the Employer in any ongoing or future legal matters
about which Employee has knowledge or information, or that concern Employee’s former position with the Employer. 

  

	 	10.3.4	 In the event of termination of this Agreement under this Section 10.3, the restrictions of
Section 8.1 shall no longer apply. 

  

	 	10.4	 Employee’s No Cause Termination. In the event Employee terminates Employee’s employment under
this Agreement without cause, Employer will have no further liability or obligations whatsoever to Employee hereunder. Employer will be entitled to all of Employer’s rights and remedies by reason of such termination, including without
limitation, the right to enforce the covenants and agreements contained in Section 8 and Employer’s right to recover damages. 

  

	 	10.5	 Survival of Covenants. Notwithstanding anything contained in this Agreement to the contrary, except as
specifically provided in Sections 10.2.4 and 10.3.4 with respect to the undertaking contained in Section 8.1, the covenants and agreements contained in Section 8 shall survive a termination of this Agreement or the cessation of
Employee’s employment to the extent and for the period provided for in Section 8, regardless of the reason for such termination. 

  

	11.	 Arbitration. Except as otherwise provided for in this Agreement and in Exhibit B to this Agreement
(which constitutes a material provision of this Agreement), any controversy, dispute or claim directly or indirectly arising out of or relating to this Agreement, or the breach thereof, or arising out of or relating to the employment of Employee, or
the termination thereof, shall be resolved by binding arbitration pursuant to Exhibit B. 

  
 11 

	12.	 Disputed Claim. In the event of any “Disputed Claim” (defined below in Section 22), such
Disputed Claim shall be resolved by binding arbitration pursuant to Exhibit B. Unless and until the arbitration process for a Disputed Claim is finally resolved in Employee’s favor and Employer thereafter fails to satisfy such award within
thirty (30) days of its entry, Employee shall not have affected an Employee’s Good Cause termination and Employee shall not have any termination rights pursuant to Section 10.3 with respect to such Disputed Claim. Nothing herein shall
preclude or prohibit Employer from invoking the provisions of Section 10.2, or of Employer seeking or obtaining injunctive or other equitable relief. 

  

	13.	 Severability. If any section, provision, paragraph, phrase, word, and/or line (collectively,
“Provision”) of this Agreement is declared to be unenforceable, then this Agreement will be deemed retroactively modified to the extent necessary to render the otherwise unenforceable Provision, and the rest of the Agreement, valid and
enforceable. If a court or arbitrator declines to modify this Agreement as provided herein, the invalidity or unenforceability of any Provision of this Agreement shall not affect the validity or enforceability of the remaining Provisions. This
Section 13 does not limit Employer’s rights to seek damages or such additional relief as may be allowed by law and/or equity in respect to any breach by Employee of the enforceable provisions of this Agreement. 

 

	14.	 No Waiver of Breach or Remedies. No failure or delay on the part of Employee or Employer in exercising
any right, power or remedy hereunder shall operate as a waiver thereof nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy
hereunder. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 

  

	15.	 Amendment or Modification. No amendment, modification, termination or waiver of any provision of this
Agreement shall be effective unless the same shall be in writing and signed by Employee and a duly authorized member of Employer’s senior management. No consent to any departure by Employee from any of the terms of this Agreement shall be
effective unless the same is signed by a duly authorized member of Employer’s senior management. Any such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 

 

	16.	 Governing Law. The laws of the State in which the Employer’s principal place of business is located
shall govern the validity, construction and interpretation of this Agreement, and except for Disputed Claims and subject to the Arbitrations provisions included herewith, exclusive jurisdiction over any claim with respect to this Agreement shall
reside in the courts of the State of Nevada. 

  
 12 

	17.	 Number and Gender. Where the context of this Agreement requires the singular shall mean the plural and
vice versa and references to males shall apply equally to females and vice versa. 

  

	18.	 Headings. The headings in this Agreement have been included solely for convenience of reference and
shall not be considered in the interpretation or construction of this Agreement. 

  

	19.	 Assignment. This Agreement is personal to Employee and may not be assigned by Employee. Employee agrees
that Employer may assign this Agreement. Without limitation of the foregoing, Employee expressly agrees that Employer’s successors, affiliates and assigns may enforce the provisions of Section 8 above, and that five percent (5%) of the
annual salary Employer has agreed to pay in Section 3 above is in consideration for Employee’s consent to the right of Employer’s successors, affiliates and assigns to enforce the provisions of Section 8. 

 

	20.	 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of Employer’s
successors and assigns. 

  

	21.	 Certain Definitions. As used in this Agreement: 

“Board” means the board of managers of MGM Growth Properties OP GP LLC, a Delaware limited liability company, which is the general
partner of Employer. 
 “Business Contacts” are defined as the names, addresses, contact information or any information pertaining
to any persons, advertisers, suppliers, vendors, independent contractors, brokers, partners, employees, entities, patrons or customers (excluding Company Group’s Trade Secrets, which are protected from disclosure in accordance with
Section 8.2 above) upon whom or which Employee: contacted or attempted to contact in any manner, directly or indirectly, or which Employer reasonably anticipated Employee would contact within six months of Employee’s last day of employment
at Employer, or with whom or which Employee worked or attempted to work during Employee’s employment by Employer. 
 “Company
Group” means Employer, and all of its parent, subsidiary and affiliated entities (including, without limitation, MGP and MGM), together with all of their respective officers, directors, joint venturers, members, shareholders, employees, ERISA
plans, attorneys and assigns. 
 “Competitor” means any person, corporation, partnership, limited liability company or other entity
which is either directly, indirectly or through an affiliated company, engaged in or proposes to engage in the development, acquisition, ownership, operation or management of casino gaming facilities to be held in a Real Estate Investment Trust or
similar form of ownership in the United States. This shall also include Wynn Resorts, Las Vegas Sands, Boyd Gaming, Caesar’s Entertainment, Pinnacle Entertainment, Stations Casinos, Penn National Gaming and their affiliates. 

  
 13 

 “Confidential Information” is defined as all Trade Secrets, Business Contacts,
business practices, business procedures, business processes, financial information, contractual relationships, marketing practices and procedures, management policies and procedures, and/or any other information of Company Group or otherwise
regarding Company Group’s operations and/or Trade Secrets or those of any member of Company Group and all information maintained or entered on any database, document or report set forth on Exhibit A or any other loyalty, hotel, casino or other
customer database or system, irrespective of whether such information is used by Employee during Employee’s employment by Employer. 

“Disputed Claim” means that Employee maintains pursuant to Section 10.3 that Employer has materially breached its duty to
Employee and Employer has denied such material breach. 
 “Employee’s Good Cause” shall mean (i) any assignment to
Employee of duties that are materially and significantly different than those contemplated by the terms of this Agreement or are clearly inappropriate or demeaning and not customary for someone serving as a chief executive officer; (ii) any
material and significant limitation on the powers of the Employee not contemplated by the terms of the Agreement; or (iii) the failure of Employer to pay Employee any compensation when due, save and except a Disputed Claim to compensation. 

“Employee’s Physician” shall mean a licensed physician selected by Employee for purposes of determining Employee’s
disability pursuant to the terms of this Agreement. 
 “Employer’s Good Cause” shall mean: 

 

	 	(1)	 Employee’s death; 

 

	 	(2)	 Employee’s “Disability,” which is hereby defined to include incapacity for medical reasons
certified to by “Employer’s Physician” (defined below) which precludes the Employee from performing the essential functions of Employee’s duties hereunder for a consecutive or predominately consecutive period of six
(6) months, with or without reasonable accommodations. (In the event Employee disagrees with the conclusions of Employer’s Physician, Employee (or Employee’s representative) shall designate a physician of Employee’s choice,
(“Employee’s Physician”) and Employer’s Physician and Employee’s Physician shall then jointly select a third physician, who shall make a final determination regarding Employee’s Disability, which shall be binding on the
parties). Employee acknowledges that consistent and reliable attendance is an essential function of Employee’s position. Employee agrees and acknowledges that a termination under this paragraph does not violate any federal, state or local law,
regulation or ordinance, including but not limited to the Americans With Disabilities Act; 

  
 14 

	 	(3)	 Employee’s failure to abide by Employer’s policies and procedures, misconduct, insubordination,
inattention to Employer’s business, failure to perform the duties required of Employee up to the standards established by the Employer’s senior management, dishonesty, or other material breach of this Agreement. Employer reserves the sole
and absolute discretion to determine whether any of the foregoing circumstances exist or have occurred, provided that such discretion is exercised lawfully and in good faith; or 

 

	 	(4)	 Employee’s failure or inability to satisfy the requirements stated in Section 6 above.

 “Employer’s Physician” shall mean a licensed physician selected by Employer for purposes of determining
Employee’s disability pursuant to the terms of this Agreement. 
 “Restrictive Period” means the twelve (12) month period
immediately following any separation of Employee from active employment for any reason occurring during the Specified Term or the twelve (12) month period immediately following the expiration of the Specified Term. 

“Trade Secrets” are defined in a manner consistent with the broadest interpretation of Nevada law. Trade Secrets shall include,
without limitation, Confidential Information, formulas, inventions, patterns, compilations, vendor lists, customer lists, contracts, business plans and practices, marketing plans and practices, financial plans and practices, programs, devices,
methods, know-hows, techniques or processes, any of which derive economic value, present or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who may or could obtain any economic
value from its disclosure or use, including but not limited to the general public. 
  

	22.	 Employee acknowledges that MGP is a publicly traded company and agrees that in the event there is any default
or alleged default by Employer under the Agreement, or Employee has or may have any claims arising from or relating to the Agreement, Employee shall not commence any action or otherwise seek to impose any liability whatsoever against any person or
entity in its capacity as a shareholder of MGP (“Stockholder”). Employee further agrees that Employee shall not permit any party claiming through Employee, to assert a claim or impose any liability against any Stockholder (in its capacity
as a Stockholder) as to any matter or thing arising out of or relating to the Agreement or any alleged breach or default by Employer. 

  

	23.	 Section 409A. 

 

	 	23.1	 This Agreement is intended to comply with, or otherwise be exempt from, Section 409A of Internal Revenue
Code of 1986, as amended (the “Code”) and any regulations and Treasury guidance promulgated thereunder (“Section 409A”). If Employer determines in good faith that any provision of this Agreement would cause Employee to incur
an additional tax, penalty, or interest under Section 409A, 

  
 15 

	 	
the Board and Employee shall use reasonable efforts to reform such provision, if possible, in a mutually agreeable fashion to maintain to the maximum extent practicable the original intent of the
applicable provision without violating the provisions of Section 409A or causing the imposition of such additional tax, penalty, or interest under Section 409A. The preceding provisions, however, shall not be construed as a guarantee by
Employer of any particular tax effect to Employee under this Agreement. 

  

	 	23.2	 “Termination of employment,” or words of similar import, as used in this Agreement means, for
purposes of any payments under this Agreement that are payments of deferred compensation subject to Section 409A, Employee’s “separation from service” as defined in Section 409A. 

 

	 	23.3	 For purposes of Section 409A, the right to a series of installment payments under this Agreement shall be
treated as a right to a series of separate payments. 

  

	 	23.4	 With respect to any reimbursement of Employee’s expenses, or any provision of in-kind benefits to Employee, as specified under this Agreement, such reimbursement of expenses or provision of in-kind benefits shall be subject to the following conditions:
(1) the expenses eligible for reimbursement or the amount of in-kind benefits provided in one taxable year shall not affect the expenses eligible for reimbursement or the amount of in-kind benefits provided in any other taxable year, except for any medical reimbursement arrangement providing for the reimbursement of expenses referred to in Section 105(b) of the Code; (2) the
reimbursement of an eligible expense shall be made pursuant to Employer’s reimbursement policy but no later than the end of the year after the year in which such expense was incurred; and (3) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit. 

  

	 	23.5	 If a payment obligation under this Agreement that constitutes a payment of “deferred compensation”
(as defined under Treasury Regulation Section 1.409A-1(b)(1), after giving effect to the exemptions in Treasury Regulation Sections 1.409A-1(b)(3) through (b)(12))
arises on account of Employee’s separation from service while Employee is a “specified employee” (as defined under Section 409A), any payment thereof that is scheduled to be paid within six (6) months after such separation
from service shall accrue without interest and shall be paid within 15 days after the end of the six-month period beginning on the date of such separation from service or, if earlier, within 15 days following
Employee’s death. 

  
 16 

	24.	 Ownership of Intellectual Property. Employee expressly acknowledges that all trademarks, trade dress,
copyrightable works, patentable inventions, ideas, new or novel inventions, concepts, systems, methods of operation, improvements, strategies, techniques, trade secrets including, but not limited to, customers (including, but not limited to,
customer names, contact information, historical and/or theoretical play, or other information, and the right to market to such customers), data of any type or nature and regardless of the form or media, as well as all materials of any type of nature
that comprise, reflect or embody any of the foregoing including, without limitation, databases, software, artistic works, advertisements, brochures, marketing plans, customer lists, memoranda, business plans, and proposals (collectively,
“Intellectual Property”) created, conceived, developed, contributed to, or otherwise obtained, in whole or in part by the Employee during the term of Employee’s employment by Employer shall at all times be owned by Employer (and is
hereby expressly assigned by Employee to Employer) if the Intellectual Property: (a) was created, conceived, developed, or contributed to: (1) using any of Employer’s property or resources; (2) on Employer’s premises; or
(3) during Employee’s hours of employment; or (b) relates to Employee’s employment by Employer, even though creation of such Intellectual Property was not within the scope of Employee’s duties and responsibilities for which
the Employer employs the Employee. All works of authorship created by Employee within the scope of this provision shall be deemed works made for hire as defined in the Copyright Act of 1976, 17 U.S.C. § 101. To the extent such works are deemed
not to be works of authorship, Employee hereby irrevocably assigns (or authorizes Employer to act as Employee’s agent to assign) all right, title and interest in and to the copyrights in the works, including, without limitation, right of
attribution and all related moral rights, to the Employer. Employee further agrees that any inventions and trade secrets covered by this provision shall be owned absolutely and exclusively by Employer, including all patent rights throughout the
world. Employee acknowledges that this provision provides Employer with rights greater than provided under certain applicable laws including, without limitation, Nevada Revised Statutes § 600.500. Employee shall promptly inform Employer about
such patentable inventions and shall not disclose to any third parties any information about the inventions without the prior written consent of Employer. Employee agrees to execute and deliver to Employer, upon request, such documents as may be
necessary for Employer to perfect its rights in any and all Intellectual Property covered by this provision. To fulfill the intent of this paragraph, Employee irrevocably appoints Employer and Employer’s authorized agents as his/her agent and
attorney in fact to transfer, vest or confirm Employer’s rights and to execute and file any such applications and to do all other lawful acts to further the prosecution and issuance of letters, patents or trademark or copyright registrations
with the same legal force as if done by Employee, in all instances in which Employer is unable for any reason to secure Employee’s personal signature. Employee shall not be entitled to any compensation or other consideration for any
Intellectual Property covered by this provision. 

  
 17 

 IN WITNESS WHEREOF, the parties hereto have entered into this Agreement as of the
date written above. 
  

	
	EMPLOYEE – James C. Stewart
	
	/s/ James C. Stewart
	   Dated: June 17, 2019

 EMPLOYER – MGM Growth Properties Operating Partnership, LP 

 

	
	/s/ James J. Murren
	   By: James J. Murren, Manager

  Dated: June 17, 2019

  
 18 

 EXHIBIT A 
  

			
	 Name of Report
	  	 Generated By

	Including, but not limited to:	  	
	Arrival Report	  	Room Reservation/Casino Marketing
	Departure Report	  	Room Reservation/Casino Marketing
	Master Gaming Report	  	Casino Audit
	Department Financial Statement	  	Finance
	$5K Over High Action Play Report	  	Casino Marketing
	$50K Over High Action Play Report	  	Casino Marketing
	Collection Aging Report(s)	  	Collection Department
	Accounts Receivable Aging	  	Finance
	Marketing Reports	  	Marketing
	Daily Player Action Report	  	Casino Operations
	Daily Operating Report	  	Slot Department
	Database Marketing Reports	  	Database Marketing
	Special Event Calendar(s)	  	Special Events/Casino Marketing
	Special Event Analysis	  	Special Events/Casino Marketing
	Tenant Gross Sales Reports	  	Finance
	Convention Group Tentative/Confirmed	  	
	    Pacing Reports	  	Convention Sales
	Entertainment Event Settlement Reports	  	Finance
	Event Participation Reports	  	Casino Marketing
	Table Ratings	  	Various
	Top Players	  	Various
	Promotion Enrollment	  	Promotions
	Player Win/Loss	  	Various

  
 19 

 EXHIBIT B - ARBITRATION 

This Exhibit B sets forth the methods for resolving any controversy, dispute or claim directly or indirectly arising out of or relating to the Employment
Agreement (“Agreement”), or the breach thereof, or arising out of or relating to the employment of Employee, or the termination thereof, and accordingly, this Exhibit B shall be considered to be a part of the Agreement. 

 

	1.	 Except for a claim by either Employee or Employer for injunctive relief where such would be otherwise
authorized by law, any controversy, dispute or claim directly or indirectly arising out of or relating to the Agreement, or the breach hereof, or arising out of or relating to the employment of Employee, or the termination thereof, including without
limitation any claim involving the interpretation or application of the Agreement or wrongful termination or discrimination claims, shall be submitted to binding arbitration in accordance with the employment arbitration rules then in effect of the
Judicial Arbitration and Mediation Service (“JAMS”), to the extent not inconsistent with this paragraph. This Exhibit B covers any claim Employee might have against any officer, director, employee, or agent of Employer, or any of
Employer’s subsidiaries, divisions, and affiliates, and all successors and assigns of any of them. The promises by Employer and Employee to arbitrate differences, rather than litigate them before courts or other bodies, provide consideration
for each other, in addition to other consideration provided under the Agreement. 

  

	2.	 Claims Subject to Arbitration. This Exhibit B covers all claims arising in the course of Employee’s
employment by Employer except for those claims specifically excluded from coverage as set forth in paragraph 3 of this Exhibit B. It contemplates mandatory arbitration to the fullest extent permitted by law. Only claims that are justifiable under
applicable state or federal law are covered by this Exhibit B. Such claims covered by this arbitration provision include, but are not limited to, any dispute or controversy arising out of Employee’s employment, the events leading up to Employee
being offered employment, the cessation of Employee’s employment, the compensation, terms, and other conditions of Employee’s employment, or statements made or actions taken at any time regarding Employee’s employment at the Employer
which could have been brought in a court of competent jurisdiction, including, but not limited to, claims under the Age Discrimination in Employment Act; Title VII of the Civil Rights Act of 1964, as amended; the Americans with Disabilities Act of
1990; Sections 1981 through 1988 of Title 42 of the United States Code; the Fair Labor Standards Act, as amended; the federal Family and Medical Leave Act; the Lilly Ledbetter Act; GINA; all laws arising under the State of Nevada pertaining to civil
rights, employment, whistleblower, or common law, and any other federal, state, or local civil or human rights law, or any other local, state or federal law, regulation, or ordinance, as well as any claim based on any public policy, contract, tort,
or common law or any claim for costs, attorney’s or other fees, or other expenses, wages or other compensation; work related injury claims not covered under workers’ compensation laws; wrongful discharge; and any and all unlawful
employment discrimination and/or harassment claims (collectively, “Claims”). Employee expressly  

  
 20 

	 	
understands and agrees that Employee shall have no right or authority to raise any dispute or to have any dispute heard or arbitrated as a class or collective action or in a representative or
private attorney general capacity on behalf of a class of persons or the general public. This arbitration provision does not require arbitration of claims for workers’ compensation or unemployment insurance. This Arbitration Agreement is
intended to be construed as broadly as possible under applicable law so that all claims and defenses that could be raised before a court must instead be raised in arbitration. However, nothing in this arbitration provision shall be construed as
precluding Employee from filing a charge or complaint with the Equal Employment Opportunity Commission or equivalent state agency, the National Labor Relations Board, or any other similar state or federal agency seeking administrative resolution of
a dispute or claim. 

  

	3.	 Claims Not Subject to Arbitration. Claims under state workers’ compensation statutes or
unemployment compensation statutes are specifically excluded from this Exhibit B. Claims pertaining to any of Employer’s employee welfare benefit and pension plans are excluded from this Exhibit B. In the case of a denial of benefits under any
of Employer’s employee welfare benefit or pension plans, the filing and appeal procedures in those plans must be utilized. Claims by Employer or Employee for injunctive or other relief for violations of
non-competition and/or confidentiality agreements are also specifically excluded from this Exhibit B. 

  

	4.	 Non-Waiver of Substantive Rights. This Exhibit B does not waive any rights or remedies available under
applicable statutes or common law. However, it does waive Employee’s right to pursue those rights and remedies in a judicial forum. By signing the Agreement and the acknowledgment at the end of this Exhibit B, the undersigned Employee
voluntarily agrees to arbitrate Employee’s claims covered by this Exhibit B. This Exhibit B also does not waive the Employee’s right to file a charge or complaint with any federal or state agency, including with the Equal Employment
Opportunity Commission. 

  

	5.	 Time Limit to Pursue Arbitration; Initiation: To ensure timely resolution of disputes, Employee and
Employer must initiate arbitration within the statute of limitations (deadline for filing) provided for by applicable law pertaining to the claim. The failure to initiate arbitration within this time limit will bar any such claim. Any aggrieved
party is encouraged to give written notice of any claim as soon as possible after the event(s) in dispute so that arbitration of any differences may take place promptly. The parties agree that the aggrieved party must, within the time frame provided
by this Exhibit B, give written notice of a claim to the other party. If the Employee is the aggrieved party, notice must be given to the President of Employer with a copy to Employer’s designated legal counsel for purposes of arbitration. If
the Employer is the aggrieved party, notice must be given to the Employee at the last known address provided by Employee. The written notice shall identify and describe the nature of the claim, the supporting facts and the relief or remedy sought.

  
 21 

	6.	 Selecting an Arbitrator: This Exhibit B mandates Arbitration under the then current rules of the
Judicial Arbitration and Mediation Service (JAMS) regarding employment disputes. The arbitrator shall be either a retired judge or an attorney experienced in employment law and licensed to practice in the state in which arbitration is convened. The
parties shall select one arbitrator from among a list of seven qualified neutral arbitrators provided by JAMS. If the parties are unable to agree on the arbitrator, each party shall strike one name and the remaining named arbitrator shall be
selected. 

  

	7.	 Representation/Arbitration Rights and Procedures: 

 

	 	a.	 Employee may be represented by an attorney of Employee’s choice at Employee’s own expense.

  

	 	b.	 The arbitrator shall apply the substantive law (and the law of remedies, if applicable) of Nevada (without
regard to its choice of law provisions) and/or federal law when applicable. In all cases, this Exhibit B shall provide for the broadest level of arbitration of claims between an employer and employee under Nevada law. The arbitrator is without
jurisdiction to apply any different substantive law or law of remedies. 

  

	 	c.	 The arbitrator shall have no authority to award non-economic damages or
punitive damages except where such relief is specifically authorized by an applicable state or federal statute or common law. In such a situation, the arbitrator shall specify in the award the specific statute or other basis under which such relief
is granted. 

  

	 	d.	 The applicable law with respect to privilege, including attorney-client privilege, work product, and offers to
compromise must be followed. 

  

	 	e.	 The parties shall have the right to conduct reasonable discovery, including written and oral (deposition)
discovery and to subpoena and/or request copies of records, documents and other relevant discoverable information consistent with the procedural rules of JAMS. The arbitrator shall decide disputes regarding the scope of discovery and shall have
authority to regulate the conduct of any hearing and/or trial proceeding. The parties shall have the right to file a motion to dismiss and a motion for summary judgment, and the arbitrator shall entertain such motions. 

 

	 	f.	 The parties shall exchange witness lists at least 30 days prior to the trial/hearing procedure. The arbitrator
shall have subpoena power so that either Employee or Employer may summon witnesses. The arbitrator shall use the Federal Rules of Evidence. Both parties have the right to file a post hearing brief. Any party, at its own expense, may arrange for and
pay the cost of a court reporter to provide a stenographic record of the proceedings. 

  
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	 	g.	 Any arbitration hearing or proceeding shall take place in private, not open to the public, in Las Vegas,
Nevada, except that if the Employee is employed by the Employer in the United States but outside Clark County, Nevada, the arbitration hearing or proceeding shall take place in the county and State in which Employee is employed or was last employed.

  

	8.	 Arbitrator’s Award: The arbitrator shall issue a written decision containing the specific issues
raised by the parties, the specific findings of fact, and the specific conclusions of law. The award shall be rendered promptly, typically within 30 days after conclusion of the arbitration hearing, or the submission of post-hearing briefs if
requested. The arbitrator may not award any relief or remedy in excess of what a court could grant under applicable law. The arbitrator’s decision is final and binding on both parties. Judgment upon an award rendered by the arbitrator may be
entered in any court having competent jurisdiction. 

  

	 	a.	 Either party may bring an action in any court of competent jurisdiction to compel arbitration under this
Exhibit B and to confirm, enforce, vacate or modify an arbitration award. 

  

	 	b.	 In the event of any administrative or judicial action by any agency or third party to adjudicate a claim on
behalf of Employee which is subject to arbitration under this Exhibit B, Employee hereby waives the right to participate in any monetary or other recovery obtained by such agency or third party in any such action, and Employee’s sole remedy
with respect to any such claim shall be any award decreed by an arbitrator pursuant to the provisions of this Exhibit B. 

  

	9.	 Fees and Expenses: Employer shall be responsible for paying any filing fee and the fees and costs of the
arbitrator. Employee and Employer shall each pay for their own expenses, attorney’s fees (a party’s responsibility for his/her/its own attorney’s fees is only limited by any applicable statute specifically providing that
attorney’s fees may be awarded as a remedy), and costs and fees regarding witness, photocopying and other preparation expenses. If any party prevails on a statutory claim that affords the prevailing party attorney’s fees and costs, or if
there is a written agreement providing for attorney’s fees and/or costs, the arbitrator may award reasonable attorney’s fees and/or costs to the prevailing party, applying the same standards a court would apply under the law applicable to
the claim(s). 

  

	10.	 The arbitration provisions of this Exhibit B shall survive the termination of Employee’s employment
with Employer and the expiration of the Agreement. These arbitration provisions can only be modified or revoked in a writing signed by both parties and which expressly states an intent to modify or revoke the provisions of this Exhibit B.

  
 23 

	11.	 The arbitration provisions of this Exhibit B do not alter or affect the termination provisions of this
Agreement. 

  

	12.	 Capitalized terms not defined in this Exhibit B shall have the same definition as in the Employment Agreement
to which this is Exhibit B. 

  

	13.	 If any provision of this Exhibit B is adjudged to be void or otherwise unenforceable, in whole or in part, such
adjudication shall not affect the validity of the remainder of Exhibit B. All other provisions shall remain in full force and effect. 

ACKNOWLEDGMENT 
 BOTH PARTIES ACKNOWLEDGE
THAT: THEY HAVE CAREFULLY READ THIS EXHIBIT B IN ITS ENTIRETY, THEY UNDERSTAND ITS TERMS, EXHIBIT B CONSTITUTES A MATERIAL TERM AND CONDITION OF THE EMPLOYMENT AGREEMENT BETWEEN THE PARTIES TO WHICH IT IS EXHIBIT B, AND THEY AGREE TO ABIDE BY ITS
TERMS. 
 The parties also specifically acknowledge that by agreeing to the terms of this Exhibit B, they are waiving the right to pursue claims covered by
this Exhibit B in a judicial forum and instead agree to arbitrate all such claims before an arbitrator without a court or jury. It is specifically understood that this Exhibit B does not waive any rights or remedies which are available
under applicable state and federal statutes or common law. Both parties enter into this Exhibit B voluntarily and not in reliance on any promises or representation by the other party other than those contained in the Agreement or in this
Exhibit B. 
 Employee further acknowledges that Employee has been given the opportunity to discuss this Exhibit B with Employee’s private legal
counsel and that Employee has availed himself/herself of that opportunity to the extent Employee wishes to do so. 
  

					
	EMPLOYEE	 		 	 EMPLOYER – MGM Growth Properties

Operating Partnership, LP

			
	/s/ James C. Stewart	 		 	/s/ James J. Murren
	James C. Stewart	 		 	By: James J. Murren

  
 24

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