X0306 4 2018-03-13 0 0000906780 EMPIRE RESORTS INC NYNY 0001315915 PEARLMAN EMANUEL R 350 EAST 79TH STREET NEW YORK NY 10075 1 1 0 0 Executive Chairman Common Stock, $.01 par value per share 2018-03-13 4 A 0 25000 0.00 A 180859 D Mr. Pearlman was granted 25,000 restricted stock units ("RSUs") under the Empire Resorts, Inc. 2015 Equity Incentive Plan, as amended (the "Plan"), which RSUs vest annually in three equal installments, with one third vesting on March 13, 2019, one third vesting on March 13, 2020 and one third vesting on March 13, 2021; provided that the RSUs shall vest immediately: (i) upon a Change in Control, (ii) if Mr. Pearlman is terminated as Executive Chairman for any reason other than for Cause, or (iii) if Mr. Pearlman is removed from the Board of Directors by the shareholders other than for cause or he is not re-nominated by Kien Huat Realty III Limited to stand for election to the Board of Directors. Subject to Mr. Pearlman's continued employment with the Company, the shares of common stock deliverable upon vesting of the RSUs shall be delivered on March 13, 2023. All capitalized but undefined terms have the meanings ascribed thereto by the Plan. /s/ Nanette L. Horner, by Power of Attorney 2018-03-15