X0306 4 2019-01-21 0 0000906780 EMPIRE RESORTS INC NYNY 0001315915 PEARLMAN EMANUEL R 350 EAST 79TH STREET NEW YORK NY 10075 1 1 0 0 Executive Chairman Restricted Stock Units 2019-01-21 4 A 0 50000 0.00 A Common Stock, par value $.01 per share 50000 50000 D Each restricted stock unit ("RSU") represents a contingent right to receive one share of common stock of Empire Resorts, Inc. (the "Company"). The Company may also elect to settle the vested RSUs for cash at its discretion. Mr. Pearlman was granted 50,000 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 January 21, 2020, one third vesting on January 21, 2021 and one third vesting on January 21, 2022; provided that the RSUs shall vest immediately: (i) upon a Change in Control, or (ii) if Mr. Pearlman is terminated as Executive Chairman for any reason other than for Cause. 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 January 21, 2022. All capitalized but undefined terms have the meanings ascribed thereto by the Plan. /s/ Nanette L. Horner, by Power of Attorney 2019-01-23