<SEC-DOCUMENT>0001193125-11-257516.txt : 20110927
<SEC-HEADER>0001193125-11-257516.hdr.sgml : 20110927
<ACCEPTANCE-DATETIME>20110927171144
ACCESSION NUMBER:		0001193125-11-257516
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20110922
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110927
DATE AS OF CHANGE:		20110927

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LAKES ENTERTAINMENT INC
		CENTRAL INDEX KEY:			0001071255
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
		IRS NUMBER:				411913991
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24993
		FILM NUMBER:		111110285

	BUSINESS ADDRESS:	
		STREET 1:		130 CHESHIERE LANE
		CITY:			MINNETONKA
		STATE:			MN
		ZIP:			55305
		BUSINESS PHONE:		6124499092

	MAIL ADDRESS:	
		STREET 1:		130 CHESHIRE LANE
		CITY:			MINNETONKA
		STATE:			MN
		ZIP:			55305

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LAKES GAMING INC
		DATE OF NAME CHANGE:	19980929
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d236704d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:4px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>WASHINGTON, D.C. 20549 </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>FORM 8-K
</B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>CURRENT REPORT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Date of Report (Date of earliest event reported): September&nbsp;22, 2011 </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B>Lakes Entertainment, Inc. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>(Exact name of registrant as specified in its charter) </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Minnesota</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>0-24993</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>41-1913991</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(State or other jurisdiction of</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>incorporation)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Commission File Number)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(IRS Employer</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Identification No.)</B></FONT></P></TD></TR>
</TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>130 Cheshire Lane, Suite 101, Minnetonka, Minnesota</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>55305</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Address of principal executive offices)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Zip Code)</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Registrant&#146;s telephone number, including area code: (952) 449-9092 </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Not Applicable </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>(Former name or former address, if changed since last report) </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;Written</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;Soliciting</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c)) </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;1.01.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Entry into a Material Definitive Agreement. </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">On September&nbsp;22, 2011, Lakes Maryland Development, LLC (&#147;<B>Lakes Development</B>&#148;), an indirect wholly owned subsidiary of Lakes Entertainment, Inc., entered into a joint venture with Addy
Entertainment, LLC to form Evitts Resort, LLC (&#147;<B>Joint Venture</B>&#148;), which submitted a response to a request for proposal by the State of Maryland Video Lottery Facility Location Commission (&#147;<B>Commission</B>&#148;) for a video
lottery operation license (&#147;<B>License</B>&#148;) in Allegany County, Maryland. The Commission will evaluate applications and award the License to operate a video lottery operation at the Rocky Gap Lodge&nbsp;&amp; Golf Resort in Cumberland,
Maryland (&#147;<B>the Resort</B>&#148;). The License has an initial term of 15 years and is expected to be awarded in late 2011. Lakes Development made an initial investment of approximately $2.1 million (&#147;<B>Initial Investment</B>&#148;) in
the Joint Venture which was used to fund the application fee for its response to the request for proposal. The Initial Investment will be returned by the Commission if the License is not awarded to the Joint Venture. If the Commission awards the
License to the Joint Venture, under the Joint Venture agreement, Lakes Development must invest an additional $7.9 million and is to be the majority owner of the Joint Venture. The Joint Venture will be required to raise additional funds to fully
finance the development. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Also on September&nbsp;22, 2011, Lakes Maryland Casino Management, LLC (&#147;<B>Lakes
Management</B>&#148;), an indirect wholly owned subsidiary of Lakes Entertainment, Inc. entered into a Development Services and Management Agreement (&#147;<B>Management Agreement</B>&#148;) with the Joint Venture to develop and manage the gaming
facility and existing facilities at the Resort. If the Joint Venture is awarded the License, as compensation for its services under the Management Agreement, Lakes Management will receive a monthly fee equal to two percent (2%)&nbsp;of total
revenues, plus a monthly incentive fee equal to five percent (5%)&nbsp;of EBITDA. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A copy of the Limited Liability Company
Agreement for Evitts Resort, LLC is attached as Exhibit 10.1 and a copy of the Development Services and Management Agreement is attached as Exhibit 10.2 to this Current Report on Form 8-K. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A copy of the press release issued by Lakes on September&nbsp;26, 2011 pertaining to the aforementioned agreements is being furnished to
the Securities and Exchange Commission and is attached as Exhibit 99.1 to this Form 8-K. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;9.01.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Financial Statements and Exhibits. </B></FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Not Applicable </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Not Applicable </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Not Applicable </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Limited Liability Company Agreement for Evitts Resort, LLC by and between Lakes Maryland Development, LLC and Addy Entertainment, LLC, effective September&nbsp;22,
2011 </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Development Services and Management Agreement by and between Lakes Maryland Casino Management, LLC and Evitts Resort, LLC, effective September&nbsp;22, 2011
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lakes Entertainment, Inc. Press Release dated September&nbsp;26, 2011. </FONT></TD></TR></TABLE> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>SIGNATURES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">LAKES ENTERTAINMENT, INC.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(Registrant)</FONT></P></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date:&nbsp;&nbsp;&nbsp;&nbsp;September&nbsp;27, 2011</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;Timothy J.
Cope&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name: Timothy J. Cope</FONT></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:&nbsp;&nbsp; President and Chief Financial Officer</FONT></TD></TR>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d236704dex101.htm
<DESCRIPTION>LIMITED LIABILITY COMPANY AGREEMENT FOR EVITTS RESORT
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<TITLE>Limited Liability Company Agreement for Evitts Resort</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 10.1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>LIMITED LIABILITY COMPANY AGREEMENT FOR </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EVITTS RESORT, LLC
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><SMALL>A</SMALL> M<SMALL>ARYLAND</SMALL> <SMALL>LIMITED</SMALL> <SMALL>LIABILITY</SMALL> <SMALL>COMPANY</SMALL> </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%;padding-bottom:0px;"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>THIS LIMITED LIABILITY COMPANY AGREEMENT</B> (this &#147;<B>Agreement</B>&#148;) of Evitts Resort, LLC, a Maryland
limited liability company (the &#147;<B>Company</B>&#148;), is made and entered into on this 22</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">nd</SUP></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"> day of September, 2011, by and between Lakes Maryland Development, LLC (&#147;<B>Lakes</B>&#148;), a Minnesota limited liability company with an address at 130 Cheshire Lane, Suite 101, Minnetonka, MN
55305, and Addy Entertainment LLC (&#147;<B>Addy</B>&#148;), a Wyoming limited liability company, with an address at 2120 Carey Avenue, Cheyenne, Wyoming 82001, to be effective as of the Effective Date (as defined below); provided however, Lakes and
Addy each acknowledge, understand, and agree that this Agreement may be superseded if third parties become additional Members of the Company prior to the Effective Date. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>RECITALS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The purpose of the Company is to acquire certain real property
and related assets located in Flintstone, Maryland (pursuant to an asset purchase from the Maryland Economic Development Corporation for the hotel lodge and golf course (subject to the existing ground lease and a ground lease with the State of
Maryland) and obtain a VLT license issued by the Maryland Video Location Commission subject to Title 9, Subtitle 1A of the State Government Article, Annotated Code of Maryland and, thereafter, to renovate the existing hotel facility, and add a
casino to create a premier gaming and entertainment facility (the &#147;<B>Gaming Facility</B>&#148;), with the potential for planned build out and operation of other market driven destination attractions during follow-up phases (the &#147;<B>Follow
up Development</B>&#148;). The Gaming Facility together with the Follow up Development shall hereinafter be referred to as the &#147;<B>Project</B>&#148;. Lakes and Addy, each fully understanding the complexity of the Project and the risks and costs
related thereto, now desire to enter into this Agreement to develop and operate the Gaming Facility. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOW, THEREFORE, in
consideration of the mutual promises of the parties hereto, each to the other, and for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged by each party hereto, the parties hereto hereby agree as follows:
</FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SECTION I </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>DEFINED TERMS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following capitalized terms shall have the meanings
specified in this Section I. Other terms are defined in the text of this Agreement; and, throughout this Agreement, those terms shall have the meanings respectively ascribed to them. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Act</B>&#148; means Title 4A, Corporations and Associations Article, Annotated Code of Maryland, as amended from time to time.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Additional Capital Call Due Date</B>&#148; is defined in Section&nbsp;3.2. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Additional Financing</B>&#148; is defined in Section&nbsp;3.11. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Adjusted Capital Account Deficit</B>&#148; means, with respect to any Member, the deficit balance, if any, in such Member&#146;s
Capital Account as of the end of the relevant taxable year, after giving effect to the following adjustments: </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) the Capital Account balance shall be increased by the amounts which the Member is
deemed to be obligated to restore pursuant to Regulation Section&nbsp;1.704-1(b)(2)(ii)(c) or the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704&#151;2(i)(5) ; and </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) the Capital Account balance shall be decreased by the items described in Regulation Section&nbsp;1.704-1(b)(2)(ii)(d)(4), (5), and
(6). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The foregoing definition of Adjusted Capital Account Deficit is intended to comply with the provisions of Regulations
Section&nbsp;1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Affiliate</B>&#148; means, as to
any Member, any Person directly or indirectly through one or more intermediaries, Controlling, Controlled by or under direct or indirect common Control with the Member. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Agency</B>&#148; means the Maryland State Lottery Agency, and/or any other regulatory authority or body or any agency which has, or may at any time after the date hereof have, jurisdiction over
the gaming activities at the Gaming Facility, or any successor to any such authority, body or agency. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Agreement</B>&#148; means this Agreement, as amended from time to time. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Articles of Organization</B>&#148; means the certificate of formation for the Company, which certificate was filed with and
accepted by the Maryland Department of Assessments and Taxation September&nbsp;20, 2011, a copy of which is attached hereto as <B><U>Exhibit &#147;A&#148;</U></B>. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Asset Purchase Agreement</B>&#148; means the asset purchase agreement executed by and among the Company as purchaser, and Maryland Economic Development Corporation, as seller (and herein after
referred to as &#147;MEDCO&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Authority</B>&#148; is defined in Section&nbsp;12.1.1. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Base Fee</B>&#148; is defined in Section&nbsp;5.2.2.1. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Board</B>&#148; means the Board of Directors of the Company as set forth in Section&nbsp;5.1.1. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Bona Fide Offer</B>&#148; means an arm&#146;s-length offer from an unrelated third party that has the financial wherewithal to consummate the transaction for which an offer is made. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Buy/Sell Deposit</B>&#148; is defined in Section&nbsp;13.1.3.2. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Buy/Sell Offer</B>&#148; is defined in Section&nbsp;13.1.3.2. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Buy/Sell Intent Notice</B>&#148; is defined in Section&nbsp;13.1.1. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Buy/Sell Trigger Event</B>&#148; is defined in Section&nbsp;13.1.1. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Capital Account</B>&#148; means the account maintained by the Company for each
Member in accordance with the following provisions: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) a Member&#146;s Capital Account shall be credited with the
Member&#146;s Capital Contributions, the amount of any Company liabilities assumed by the Member, the Member&#146;s allocable share of Profit and any other items in the nature of Company income or gain specially allocated to such Member pursuant to
the provisions of Section IV (other than Sections 4.3.10 or 4.3.12); and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) a Member&#146;s Capital Account shall be
debited with the amount of cash and the fair market value of any Company property distributed to the Member (net of any liabilities secured by such property that the Member is considered to assume or take subject to under Code Section&nbsp;752), the
amount of any liabilities of the Member assumed by the Company, the Member&#146;s allocable share of Loss and any other items in the nature of Company deductions or losses specially allocated to the Member pursuant to the provisions of Section IV
(other than Sections 4.3.10 or 4.3.12). If any Interest is transferred pursuant to the terms of this Agreement, the transferee shall succeed to the Capital Account of the transferor to the extent the Capital Account is attributable to the
transferred Interest.<B> </B>In determining the amount of any liability for purposes of subparagraph (i)&nbsp;and this subparagraph (ii), there shall be taken into account Code Section&nbsp;752(c) and any other applicable provisions of the Code and
Regulations. It is intended that the Capital Accounts of all Members shall be maintained in compliance with the provisions of Regulation Section&nbsp;1.704-1(b), and all provisions of this Agreement relating to the maintenance of Capital Accounts
shall be interpreted and applied in a manner consistent with that Regulation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Capital Contribution</B>&#148; means
the total amount of cash and the fair market value of any other assets contributed (or deemed contributed under Regulation Section&nbsp;1.704-1(b)(2)(iv)(d)) to the Company by a Member, net of liabilities secured by such assets that the Company is
considered to assume or take subject to under Code Section&nbsp;752. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Capital Proceeds</B>&#148; means the net
receipts received by the Company from a Capital Transaction. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Capital Transaction</B>&#148; means (i)&nbsp;any
transaction not in the ordinary course of business which results in the Company&#146;s receipt of cash or other consideration other than Capital Contributions, Member Loans and Priority Loans, including, without limitation, the proceeds of any
grant, proceeds of sales or exchanges or other dispositions of property (including the Properties) not in the ordinary course of business, financing, refinancings, condemnations, recoveries of damage awards, and insurance proceeds, and (ii)&nbsp;any
revaluation of Company property pursuant to Section&nbsp;4.3.11 or any other provision of this Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Cash
Flow</B>&#148; means all cash funds derived from operations of the Company (including interest received on reserves, but excluding Member Loans, Priority Loans and Capital Contributions), without reduction for any non-cash charges, but less cash
funds used to pay current operating expenses (including debt service and all taxes) and to pay or establish reasonable reserves for future expenses, debt payments, tax payments, capital improvements and replacements established and funded in
accordance with the provisions of this Agreement. Cash Flow shall not include Capital Proceeds but shall be increased by the reduction of any reserve previously established. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Code</B>&#148; means the Internal Revenue Code of 1986, as amended, or any
corresponding provision of any succeeding law. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Committed</B>&#148; means the Member has issued a binding commitment
letter and has verifiable proof that the funds are available. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Company</B>&#148; means Evitts Resort, LLC, a Maryland
limited liability company, that shall be governed in accordance with this Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Contributing Member</B>&#148;
is defined in Section&nbsp;3.9.3. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Control</B>,&#148; &#147;<B>Controlling</B>&#148; and
&#147;<B>Controlled</B>&#148; means, with respect to any specified Person, the power to direct or cause the direction of the management or policies of the controlled Person directly or indirectly, whether through the ownership of voting securities,
by contract or otherwise. The terms &#147;Controlled,&#148; &#147;Controlling&#148; and &#147;Controls&#148; have meanings correlative to the foregoing. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Drag-Along Member</B>&#148; is defined in Section&nbsp;6.5.1. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Drag-Along Right</B>&#148; is defined in Section&nbsp;6.5.1. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Dragged-Along Member</B>&#148; is defined in Section&nbsp;6.5.1. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>EBITDA</B>&#148; means, with respect to the Gaming Facility: net income; plus interest expense; plus income taxes (but not
gaming taxes); plus depreciation and amortization; plus losses on disposal; plus any other non-cash expenses. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&#147;Economic Capital Account Balance&#148;</B> means, with respect to a Member as of any date, the Member&#146;s Capital Account
balance, increased by the Member&#146;s share of any Company Minimum Gain or Member Nonrecourse Debt Minimum Gain, computed on a hypothetical basis after taking into account all allocations through such date. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Effective Date</B>&#148; means the date this Agreement is executed by both Members. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Financed Amount</B>&#148; is defined in Section&nbsp;3.9.1. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Facility Loan</B>&#148; means the financing by the Company, as borrower, for any costs of the development and construction of
the Gaming Facility. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Free Transfer Period</B>&#148; is defined in Section&nbsp;6.4.4. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Gaming Facility</B>&#148; is defined in the Recitals. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Improvements</B>&#148; means those certain commercial real estate developments and ancillary and utility structures constructed, and to be constructed, on the Property by the Company, which are
intended to be gaming developments, with possible ancillary uses such as hospitality, retail and entertainment development, to the extent such uses are approved by the applicable Maryland governmental entities, including but not limited to the
Agency, and as such approval may be modified from time to time. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">4 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Initial Contributions</B>&#148; is defined in Section&nbsp;3.1.1. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Interest</B>&#148; means a Person&#146;s allocable share of the Profits and Losses (and other items of income, gain, deduction
and loss) of, and the right to receive distributions from, the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Interest Buyer</B>&#148; is defined in
Section&nbsp;6.5.1. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Involuntary Withdrawal</B>&#148; means, with respect to any Member, the occurrence of any of the
following events: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) the Member makes an assignment for the benefit of creditors; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) the Member files a voluntary petition of bankruptcy; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(iii) the Member is adjudged bankrupt or insolvent or there is entered against the Member an order for relief in any bankruptcy or insolvency proceeding; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv) the Member files a petition or answer seeking for the Member any reorganization, arrangement, composition, readjustment,
liquidation, dissolution, or similar relief under any statute, law, or regulation; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(v) the Member seeks, consents to, or
acquiesces in the appointment of a trustee for, receiver for, or liquidation of the Member or of all or any substantial part of the Member&#146;s properties; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(vi) the Member files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the Member in any proceeding described in Subsections
(i)&nbsp;through (v); </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(vii) any proceeding against the Member seeking reorganization, arrangement, composition, readjustment,
liquidation, dissolution, or similar relief under any statute, law, or regulation, continues for one hundred twenty (120)&nbsp;days after the commencement thereof, or the appointment of a trustee, receiver, or liquidator for the Member or all or any
substantial part of the Member&#146;s properties without the Member&#146;s agreement or acquiescence, which appointment is not vacated or stayed for one hundred twenty (120)&nbsp;days or, if the appointment is stayed, for one hundred twenty
(120)&nbsp;days after the expiration of the stay during which period the appointment is not vacated; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(viii) if the Member is
an individual, the Member&#146;s death or adjudication by a court of competent jurisdiction as incompetent to manage the Member&#146;s person or property; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(ix) if the Member is acting as a Member by virtue of being a trustee of a trust, the termination of the trust; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(x) if the Member is a partnership or another limited liability company, the dissolution and commencement of winding up of the partnership or limited liability company if such partnership or limited
liability company is not simultaneously replaced with another partnership or limited liability company satisfying the terms and provisions of this Agreement; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">5 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xi) if the Member is a corporation, the dissolution of the corporation or the revocation
of its charter if such corporation is not simultaneously replaced with another corporation satisfying the terms and provisions of this Agreement; or </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(xii) if the Member is an estate, the distribution by the fiduciary of the estate&#146;s entire interest in the limited liability company. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Lakes Development Fee</B>&#148; is defined in Section&nbsp;5.2.2.1. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Lender</B>&#148; means any Person providing a Loan to the Company or its subsidiary, other than a Member or an Affiliate of a
Member. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>License Award Date</B>&#148; is the date the Maryland Video Lottery Facility Location Commission awards the
Video Lottery Operation License for Allegany County as described in the RFP. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Loan</B>&#148; means a loan to the
Company or its subsidiary from an entity that is not a Member or an Affiliate of a Member, and any refinancing thereof. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Management Contract</B>&#148; is defined in Section&nbsp;5.1.3. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Management Fees</B>&#148; is defined in Section&nbsp;5.2.2.1. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Manager</B>&#148; means Lakes and/or any successor Manager admitted in accordance with the terms of this Agreement. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Maryland Gaming Law</B>&#148; means Title 9, Subtitle 1A, Government Law Article, Annotated Code of Maryland and Title 12,
Criminal Law Article, Annotated Code of Maryland, and any amendments, modifications or additions to Maryland law concerning gaming activities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Member</B>&#148; means each of Lakes and Addy (or any permitted assignee of Lakes and Addy) and any Person who subsequently is admitted as a member of the Company. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Member Loans</B>&#148; means the Working Capital Loans. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&#147;Member Nonrecourse Debt&#148;</B> has the meaning given to the term &#147;partner nonrecourse debt&#148; in Regulations
Section&nbsp;1.704-2(b)(4). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Member Loan Nonrecourse Deductions</B>&#148; has the meaning given to the term
&#147;partner nonrecourse deductions&#148; set forth in Regulations Section&nbsp;1.704-2(i)(1) and (2). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Member
Nonrecourse Debt Minimum Gain</B>&#148; has the meaning given to the term &#147;partner nonrecourse debt minimum gain&#148; set forth in Regulation Sections 1.704-2(i)(2) and (3). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Membership Unit&#148; shall represent the unit of ownership in the Company and shall include one percent Interest and one vote per
unit. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Minimum Gain</B>&#148; has the meaning given to the term &#147;partnership minimum gain&#148; set forth in
Regulation Sections 1.704-2(b)(2) and 1.704-2(d). Minimum Gain shall be computed </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">6 </FONT></P>


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separately for each Member in a manner consistent with the Regulations under Code Section&nbsp;704(b). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Negative Capital Account</B>&#148; means a Capital Account with a balance of less than zero. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Net Gaming Revenue</B>&#148; means gross gaming revenue less cash sales incentives (including, without limitation, discounts and match play in table games or free play and slot club points in
slot transactions) and the change in progressive jackpot liabilities and revenue from gaming-related activities </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Nonrecourse Deductions</B>&#148; has the meaning set forth in Regulation Section&nbsp;1.704-2(b)(1). The amount of Nonrecourse
Deductions for a taxable year of the Company shall be determined according to the provisions of Regulation Section&nbsp;1.704-2(c). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Nonrecourse Liability</B>&#148; means any liability of the Company with respect to which no Member bears the economic risk of loss for the liability as determined in accordance with Code
Section&nbsp;752 and the Regulations promulgated thereunder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Non-Suitable Member</B>&#148; is defined in
Section&nbsp;12.1.2. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Offer</B>&#148; is defined in Section&nbsp;6.4.2.3. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Offeree Member</B>&#148; is defined in Section&nbsp;13.1.3.1. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Offeror Member</B>&#148; is defined in Section&nbsp;13.1.3.1. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Opening Date</B>&#148; means the date on which the casino portion of the Gaming Facility opens to the public for commercial
business. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Addy Fee</B>&#148; is defined in Section&nbsp;5.2.3. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Person</B>&#148; means and includes any individual, corporation, partnership, association, limited liability company, trust,
estate, or other entity. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Positive Capital Account</B>&#148; means a Capital Account with a balance greater than
zero. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Preferred Equity Return</B>&#148; equals the amount accruing on a daily basis, at 12%&nbsp;per annum, on the
sum of the Unreturned Capital Contributions of such Member, until the closing of the Facility Loan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Prevailing
Rate</B>&#148; means the greater of (1)&nbsp;10% or (2)&nbsp;the then market interest rate that would be offered by an unaffiliated third party lender in an arm&#146;s-length transaction. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Priority Loan</B>&#148; means any Emergency Loan and/or Working Capital Loan advanced for the development or operation of the
Gaming Facility. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Profit</B>&#148; and &#147;<B>Loss</B>&#148; means, for each taxable year of the Company (or other
period for which Profit or Loss must be computed), the income, gain, loss and deductions of the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">7 </FONT></P>


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Company in the aggregate or separately stated, as appropriate, for federal income tax purposes determined in accordance with Code Section&nbsp;703(a), with the following adjustments: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) any income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Profit and Loss,
shall be added to such taxable income or loss; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) any expenditures of the Company described in Code
Section&nbsp;705(a)(2)(B) (or treated as such pursuant to Regulation Section&nbsp;1.704-1(b)(2)(iv)(i)) and not otherwise taken into account in computing Profit and Loss, shall be subtracted from taxable income or loss; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) in the event the book value of any Company asset is adjusted pursuant to Sections 4.3.6 or 4.3.13, such adjustment will be taken
into account as gain or loss from the disposition of such asset for purposes of computing Profit and Loss; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv) gain or loss
resulting from any disposition (or deemed disposition) of Company property with respect to which gain or loss is recognized (or deemed recognized) for federal income tax purposes shall be computed by reference to the adjusted book value of the
property disposed of, notwithstanding the fact that the adjusted book value differs from the adjusted basis of the property for federal income tax purposes; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(v) in lieu of the depreciation, amortization, or cost recovery deductions allowable in computing taxable income or loss, there shall be taken into account the depreciation computed with respect to the
book value (or adjusted book value) of the asset; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(vi) notwithstanding any other provision of this definition, any items
of income, gain, loss or deduction which are specially allocated pursuant to Section&nbsp;4.3 hereof shall not be taken into account in computing Profit or Loss. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The amounts of the items of Company income, gain, loss, and deduction available to be specially allocated pursuant to Section&nbsp;4.3 hereof shall be determined by applying rules analogous to those set
forth in clauses (i)&nbsp;through (v)&nbsp;above. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Project</B>&#148; means the Property and Improvements as defined
in the Recitals. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Property</B>&#148; means those certain parcels of land consisting of approximately 260 acres in
Flintstone, Maryland, which is currently owned by the state of Maryland. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Regulation</B>&#148; or
&#147;<B>Regulations</B>&#148; means the income tax regulations, including any temporary regulations, that have been issued under the Code, and any successor regulations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Remaining Member</B>&#148; is defined in Section 6.4.1. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&#147;Required Allocations&#148;</B> has the meaning given to the term in Section&nbsp;4.3.9. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Resolution Period</B>&#148; is defined in Section&nbsp;13.1.2. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>RFP</B>&#148; means the Request for Proposals for a Video Lottery Operation License in Allegany County issued by the State of
Maryland Video Lottery Facility Location Commission on June&nbsp;24, 2011. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Sale Interest</B>&#148; is defined in
Section&nbsp;6.5.1. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Special Allocations</B>&#148; means the Required Allocations and the curative
allocations made pursuant to Section&nbsp;4.3.9. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Tag-Along Right</B>&#148; is defined in Section&nbsp;6.5.2.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Tag-Along Member</B>&#148; is defined in Section&nbsp;6.5.2. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Tag-Along Notice</B>&#148; is defined in Section&nbsp;6.5.2. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Tax Distribution</B>&#148; is defined in Section 4.3.14. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Third Party Loan</B>&#148; is defined in Section&nbsp;3.9.1. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Transfer</B>&#148; means, when used as a noun, any voluntary sale, hypothecation, pledge, assignment, attachment or other
transfer, and, when used as a verb, means, voluntarily to sell, hypothecate, pledge, assign, or otherwise transfer. Notwithstanding the foregoing, a Transfer shall not include any pledge, assignment, or other grant of a security interest in a
Membership Right to secure indebtedness for borrowed money incurred in an arm&#146;s-length financing transaction. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Transfer Closing Date</B>&#148; is defined in Section&nbsp;6.4.3. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Transfer Member</B>&#148; is defined in Section&nbsp;6.4.2. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Transfer Purchase Price</B>&#148; is defined in Section&nbsp;6.4.2.3. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Transferee</B>&#148; is defined in Section&nbsp;6.4.2. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Transferee Offer</B>&#148; is defined in Section&nbsp;6.4.2. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Transferor Interest</B>&#148; is defined in Section&nbsp;6.4.2. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Unpaid Preferred Equity Return</B>&#148; means the Preferred Equity Return reduced by distributions on account of such Preferred
Equity Return under Section&nbsp;4.1.2. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Unreturned Capital Contributions</B>&#148; means the Capital Contributions
of each Member reduced by distributions on account of such Capital Contributions under Section&nbsp;4.1.2. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Voluntary
Withdrawal</B>&#148; means a Member&#146;s dissociation with the Company by means other than by a Transfer or an Involuntary Withdrawal. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Working Capital Loans</B>&#148; means all loans made to the Company by the Members as provided in subsection 3.9.2 hereof. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">9 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SECTION II </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>NAME; PURPOSE; TERM; MEMBERS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.1. <U>Name of the Company</U>. The name of
the Company shall be Evitts Resort, LLC. The Company may do business under that name and under any fictitious name upon which the Board selects. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">2.2. <U>Purpose</U>. The Company is organized solely to, directly, or indirectly: (a)&nbsp;develop the Gaming Facility, and (b)&nbsp;own, hold, lease, manage, operate and otherwise deal in and with the
Gaming Facility, and to do any and all things necessary or incidental to that purpose; and, if determine d by the Board (c)&nbsp;to develop the Follow Up Development and own, hold, lease, manager, operate and otherwise deal in and with such Follow
Up Development property and assets. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3. <U>Term</U>. The term of the Company commenced on September&nbsp;20, 2011, upon the
Maryland State Department of Assessments and Taxation&#146;s acceptance of the Articles of Organization for filing. The Company shall continue in existence in perpetuity, unless its existence is sooner terminated pursuant to Section VII of this
Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.4. <U>Principal Office</U>. The initial principal office of the Company shall be located at 2314 Annapolis Ridge
Court, Annapolis, Maryland 21401. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.5. <U>Members</U>. The name, present mailing address and Membership Units of each Member
is set forth on <B><U>Exhibit B</U></B>. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SECTION III </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS; LOANS; THIRD PARTY </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>EQUITY </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.1. <U>Capital Contributions</U>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.1.1. Each party&#146;s Capital Contribution shall be reflected on <B><U>Exhibit B</U></B>, which shall be amended from
time to time as necessary by the Board. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.1.2. Each party shall be required to make an Initial Capital
Contribution (&#147;<B>Initial Contribution</B>&#148;) as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.1.2.1. <U>Lakes</U>. Lakes shall make an
Initial Capital Contribution to the Company equal to $2,105,000. Lakes shall be required to make its Initial Contributions in cash (via wire transfer) simultaneously with its execution of this Agreement. For its Initial Capital Contribution, Lakes
shall receive 182,222 Membership Units. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.1.2.2. <U>Addy</U>. Addy&#146;s Initial Capital Contribution shall
be equal to $205,364, which the Members acknowledge and agree Addy previously advanced. For its Initial Capital Contribution, Addy shall receive 17,778 Membership Units. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">3.2. <U>Additional Capital Contributions</U>. The Members will be required to make additional Capital Contributions for each Member for the development, operation and
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">10 </FONT></P>



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management of the Gaming Facility as follows (&#147;<B>Additional Capital Calls</B>&#148;) (the funds for the Additional Capital Calls shall be defined as each Members&#146; &#147;<B>Additional
Capital Contribution</B>&#148;): </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.2.1.1. <U>Lakes</U>. Lakes shall make an additional capital contribution to
the Company equal to $7,895,000 and shall receive additional Membership Units, the number of which shall be determined by dividing the total Additional Capital Contribution made by 22.1120. For fully funding its Additional Capital Contribution,
Lakes shall receive 357,045 Membership Units. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.2.1.2. <U>Addy</U>. Addy shall make an additional capital
contribution to the Company equal to $9,794,636 and shall receive additional Membership Units, the number of which shall be determined by dividing the total Additional Capital Contribution made by 22.1120. For fully funding its Additional Capital
Contribution, Addy shall receive 442,955 Membership Units. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.3. The funds for the Additional Capital Contributions shall be
Committed by the Members on or before License Award Date (&#147;<B>Additional Capital Call Due Date</B>&#148;). Any and all reasonable and necessary expenses incurred by the Company between the Effective Date and the License Award Date shall be paid
by Addy and shall be credited to its Additional Capital Contribution and shall receive Membership Units for payment of such expenses at a rate of $22.1120 per Membership Units; for all expenses incurred thereafter, each Member shall pay one-half of
such expenses. If Addy fails to timely make all of its Additional Capital Call (including the expenses set forth in this Section&nbsp;3.3) (the Additional Capital Contribution in respect of which such failure occurs, a &#147;<B>Defaulted
Contribution</B>&#148;), Addy shall not be entitled to the provisions set forth in Section&nbsp;5.1.6 and Article 13, and its Membership Units shall be adjusted as set forth in Section&nbsp;3.4 below. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.4. <U>Redetermination of Membership Units Upon Contribution Default</U>. If a Member fails to commit their Additional Capital
Contribution as required of it hereunder within the time herein provided, and such failure shall continue for five (5)&nbsp;days after the effectiveness of the notice from the Company to the Defaulting Member specifying such failure (with time being
of the essence as to such five (5)&nbsp;day cure period), then the non-Defaulting Member may fund some or all of the deficit resulting from the Defaulting Member&#146;s Default Contribution and receive additional Membership Units at a rate of
$22.1120 per Membership Unit, and, if it so chooses, have such funding be credited against its Additional Capital Contribution requirement. Such redetermination of Membership Units shall be reflected on Exhibit B. If a Member fails to have the funds
Committed by the Additional Capital Call Due Date or fund its required Additional Capital Contribution hereunder, it shall have no further right to purchase additional Membership Units or fund any Additional Capital Contribution. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.6. <U>No Interest on Capital Contributions</U>. Members shall not be paid interest on their Capital Contributions. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.7. <U>Return of Capital Contributions</U>. Except as otherwise provided in this Agreement (including, without limitation,
Section&nbsp;4.4.2), no Member shall have the right to receive the return of any Capital Contribution. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">11 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.8. <U>Form of Return of Capital</U>. Except as otherwise specified herein (including,
without limitation, Section&nbsp;4.4.2), if a Member is entitled to receive a return of a Capital Contribution, the Member shall not have the right to receive anything but cash in return of the Member&#146;s Capital Contribution. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.9. <U>Capital Accounts</U>. A separate Capital Account shall be maintained for each Member. Each such Capital Account shall be
maintained in accordance with the rules of Regulation Section&nbsp;1.704-1(b)(2)(iv). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.10. <U>Loans not Capital
Contributions</U>. Any loans made by a Member to the Company, including Member Loans and Priority Loans, shall not be considered Capital Contributions and shall not increase the Capital Account of the lending Member. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.11. <U>Loans</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">3.11.1. The Members recognize and agree that the Company intends to initially borrow funds, in excess of the Initial Contributions, necessary to develop the Gaming Facility (the &#147;<B>Financed
Amount</B>&#148;). The Members shall use commercially reasonable efforts to pursue and arrange third party financing (the &#147;<B>Third Party Loan</B>&#148;) as acceptable to Board, provided the lender is deemed suitable by applicable governmental
authorities to develop the Gaming Facility. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.11.2. In the event the Board determines that the Company
requires any funds for the development, operation and management of the Gaming Facility, the Manager may make a working capital loan to the Company (the &#147;<B>Working Capital Loans</B>&#148;). All Working Capital Loans shall (i)&nbsp;bear
interest at the Prevailing Rate, (ii)&nbsp;be for a term of not more than five (5)&nbsp;years from the date such Working Capital Loan is advanced, (iii)&nbsp;be repaid from Cash Flow and Distributions of Cash Proceeds pursuant to Sections 4.1.2,
4.2.2 or 4.1.3 (as applicable), and (iv)&nbsp;be on such other additional terms as may be reasonably acceptable to the Manager and the Board. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">3.12. <U>Emergency Funds</U>. Notwithstanding anything to the contrary contained herein, the Manager shall be permitted to advance funds to the Company for any reasonable, but short-term, need, with
interest on such funds at the Prevailing Rate (an &#147;<B>Emergency Loan</B>&#148;), but may receive a priority return of such funds from Gaming Facility repayment (as set forth in Section&nbsp;4.1.3), Cash Flow, Working Capital Loans, or other
sources when such sources are obtained by the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.13. <U>Additional Equity or Mezzanine Financing</U>. In the event
the Company is unable to obtain sufficient debt financing to fund the development of the Gaming Facility over and above the Facility Loan and the Company is required to obtain additional equity or mezzanine financing (&#147;<B>Additional
Financing</B>&#148;), the Members shall use their commercial best efforts to pursue and obtain such Additional Financing, and, unless the Board otherwise agrees, the Interest issued in connection with such Additional Financing, if any, shall have no
voting rights. Each Member shall have the option to fund some or all of such Additional Financing on its own behalf and purchase such debt or equity instruments underlying such Additional Financing on the same terms and conditions offered to third
parties in arms length Additional Financing transactions, provided that a Member whom decides to participate in such manner shall not receive any voting rights in such debt or equity instruments regardless of whether such
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">12 </FONT></P>



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rights are offered to third parties and provided further, that should both Members desire to participate, they shall do so pro rata in accordance with their current Interests in the Company
unless both Members agree otherwise. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SECTION IV </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>PROFIT, LOSS, AND DISTRIBUTIONS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.1. <U>Allocations of Profit or Loss
other than from Capital Transactions, Distributions of Cash Flow, and Distribution for Repayment of Working Capital Loans and Emergency Loans</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">4.1.1. <U>Allocations of Profit or Loss other than from a Capital Transaction</U>. After giving effect to the Special Allocations set forth in Section&nbsp;4.3, for any taxable year of the Company, Profit
or Loss (other than Profit or Loss resulting from a Capital Transaction, which Profit or Loss shall be allocated in accordance with the provisions of Sections 4.2.1) shall be allocated to the Members in proportion to their Membership Units.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.1.2. <U>Distributions of Cash Flow</U>. Cash Flow of the Company shall be distributed to the Members
quarterly, commencing at the conclusion of the first fiscal quarter after the Opening Date, or more frequently if determined by the Board, subject to the provisions of Section&nbsp;4.1.3, no later than forty-five (45)&nbsp;days after the end of each
fiscal quarter in the following order of priority: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.1.2.1. First, Cash Flow shall be applied to the payment
of any accrued and unpaid interest and then principal on any Emergency Loan, pro rata in proportion to the Emergency Loans then payable; then </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">4.1.2.2. Second, Cash Flow shall be applied to the payment of any accrued and unpaid interest and then principal on any Working Capital Loan, pro rata in proportion to the Working Capital Loans then
payable; then </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.1.2.3. Third, Cash Flow shall be paid to Lakes and Addy for any unpaid fees as set forth in
Section&nbsp;5.2.2.2 and 5.2.3; then </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.1.2.4. Fourth, Cash Flow shall be paid to the Members until the
Members&#146; Preferred Equity Return is paid in full; then </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.1.2.5. Fifth, Cash Flow shall be paid to the
Members (in the proportion that each Members&#146; Unreturned Capital Contributions bears to the aggregate of all Members&#146; Unreturned Capital Contributions) in an amount equal to each Members&#146; Capital Contributions<B>; </B>then </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.1.2.6. The balance, if any, to the Members in proportion to their then current Membership Units. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.1.3. <U>Distributions for Repayment of Emergency Loans and/or Working Capital Loans made to the Gaming Facility</U>.
Notwithstanding anything herein to the contrary, if the Manager made an Emergency Loan or a Working Capital Loan which was used for the development or operation of the Gaming Facility, repayment of
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">13 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
such Emergency Loan or Working Capital Loan to Manager shall be made within 48 hours after such Emergency Loan or Working Capital Loan is repaid by the Gaming Facility to Company. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.2. <U>Distributions of Capital Proceeds and Allocations of Profit or Loss from Capital Transactions.</U> </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.2.1. <U>Allocations of Profit and Loss from a Capital Transaction</U>. After giving effect to the Special Allocations
set forth in Section&nbsp;4.3, if, at the end of any taxable year in which there is any Capital Transaction, the quotient obtained by dividing any Member&#146;s positive Economic Capital Account Balance by the aggregate of all Members&#146; Economic
Capital Account Balances at such time (such Member&#146;s &#147;<B>Economic Capital Account Quotient</B>&#148;), would differ from such Member&#146;s percentage of Membership Units, then Profit (and items thereof) and Loss (and items thereof)
attributable to such Capital Transaction shall be allocated among the Members in a manner such that the positive Economic Capital Account Quotient of each Member, immediately after giving effect to such allocation, is, as nearly possible, equal to
such Member&#146;s percentage of Membership Units; provided, however, that this Section&nbsp;4.2.1 shall not be applied to cause any Member to have an Adjusted Capital Account Deficit. If the preceding sentence would not apply (because the Economic
Capital Account Quotient of each Member is equal to such Member&#146;s percentage of Membership Unit), then, after giving effect to the Special Allocations set forth in Section&nbsp;4.3, at the end of any taxable year in which there is any Capital
Transaction, Profit and Loss (or any items of either of them) attributable to such Capital Transaction shall be allocated to the Members in proportion to their percentage of Membership Units. No Member shall be entitled to any allocation of Profit
or Loss (or any items of either of them) attributable to a Capital Transaction which occurred prior to such Member becoming a Member. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">4.2.2. <U>Distributions of Capital Proceeds</U>. Capital Proceeds shall be distributed and applied by the Company in the following order and priority: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.2.2.1. First, to the payment of all expenses of the Company incident to a Capital Transaction; then </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.2.2.2. Second, to the payment of any accrued and unpaid interest and then principal on any Third Party Loan; then
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.2.2.3. Third, to the establishment of any reserves which the Board deems necessary for liabilities or
obligations of the Company; then </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.2.2.4. Fourth, to the payment of any accrued and unpaid interest and then
outstanding principal balance of any Emergency Loans, pro rata in proportion to the Emergency Loans then payable; then </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:17%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">4.2.2.5. Fifth, to the payment of any accrued and unpaid interest and then outstanding principal balance of any Working Capital Loans, pro rata in proportion to the Working Capital Loans then payable;
then </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.2.2.6. Sixth, to the Members as follows: </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">14 </FONT></P>



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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="26%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">to the members until their Preferred Equity Return is paid in full; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="26%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">to the Members (in the proportion that each Members&#146; Unreturned Capital Contributions bears to the aggregate of all Members&#146; Unreturned Capital Contributions)
in an amount equal to each Members&#146; Capital Contributions; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="26%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">if any Member has a Positive Capital Account balance, to those Members with Positive Capital Account balances in proportion to their Positive Capital Account balances;
then </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="26%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the balance, to the Members in proportion to their then current Membership Units. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.3. Special Allocations, Tax Allocations and Tax Distributions. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.3.1. <U>Qualified Income Offset</U>. In the event any Member unexpectedly receives any adjustments, allocations, or
distributions described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5), or (6)&nbsp;resulting in an Adjusted Capital Account Deficit, items of Company gross income and gain shall be specially allocated to each such Member in an amount and
manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as quickly as possible, provided that an allocation pursuant to this provision shall be made only if and to the extent
that such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in Section IV have been tentatively made as if this Section&nbsp;4.3.1 were not in the Agreement. This provision is intended to comply with, and
shall be interpreted consistently with, the &#147;qualified income offset&#148; requirement in Regulations Section&nbsp;1.704-1(b)(2)(ii)(d). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">4.3.2. <U>Minimum Gain Chargeback</U>. Except as set forth in Regulation Sections 1.704-2(f)(2), (3)&nbsp;and (4), if, during any taxable year, there is a net decrease in Minimum Gain, each Member, prior
to any other allocation pursuant to this Section IV, shall be specially allocated items of Company gross income and gain for such taxable year (and, if necessary, subsequent taxable years) in an amount equal to that Member&#146;s share of the net
decrease of Minimum Gain, computed in accordance with Regulation Section&nbsp;1.704-2(g). The items to be so allocated shall be determined in accordance with Regulations Sections 1.704-2(f)(6) and 1.704-2(j)(2)(i). This Section&nbsp;4.3.2 is
intended to comply with, and shall be interpreted consistently with, the &#147;minimum gain chargeback&#148; requirement in Regulation Section&nbsp;1.704-2(f). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">4.3.3. <U>Chargeback of Member Nonrecourse Debt Minimum Gain</U>. Notwithstanding the other provisions of this Section IV (other than Section&nbsp;4.3.2), except as provided in Regulation
Section&nbsp;1.704-2(i)(4), if there is a net decrease in Member Nonrecourse Debt Minimum Gain attributable to a Member Nonrecourse Debt during any taxable year, any Member with a share of Member Nonrecourse Debt Minimum Gain attributable to such
Member Nonrecourse Debt, determined in accordance with </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">15 </FONT></P>



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Regulations Section&nbsp;1.704-2(i)(5), at the beginning of such taxable year shall be specially allocated items of Company gross income and gain for such taxable year (and, if necessary,
subsequent taxable years) in an amount equal to such Member&#146;s share of the net decrease in Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Regulations Section&nbsp;1.704-2(i)(4).
The items to be so allocated shall be determined in accordance with Regulations Section&nbsp;1.704-2(i)(4), 1.704-2(f)(6), and 1.702-2(j)(2)(ii). This Section&nbsp;4.3.3 is intended to comply with, shall be interpreted consistently with, the
&#147;partner nonrecourse debt minimum gain chargeback&#148; requirement in Regulation Section&nbsp;1.704-2(i)(4). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">4.3.4. <U>Gross Income Allocations</U>. In the event any Member has a deficit Capital Account at the end of any Company taxable year which is in excess of the sum of (i)&nbsp;the amount such Member is
obligated to restore pursuant to any provision of this Agreement, and (ii)&nbsp;the amount such Member is deemed to be obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), such Member
shall be specially allocated items of Company gross income and gain in the amount of such excess as quickly as possible; provided, however, that an allocation pursuant to this Section&nbsp;4.3.4 shall be made only if and to the extent that such
Member would have a deficit Capital Account after all other allocations provided for in this Section IV have been tentatively made as if Section&nbsp;4.3.1 and this Section&nbsp;4.3.4 were not in this Agreement. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.3.5. <U>Loss Limitation</U>. To the extent that allocations of Loss (or special allocations of loss and deduction) for
a Company taxable year would cause a Member to have an Adjusted Capital Account Deficit while any other Member would not have an Adjusted Capital Account Deficit, such Loss (or items of loss and deduction) shall be allocated to the Members without
Adjusted Capital Account Deficits in proportion to the relative amount of Loss (or items of loss and deduction) that may be allocated to each such Member without causing any such Member to have an Adjusted Capital Account Deficit, prior to
allocation of any remaining Loss (or items of loss and deduction) to any Member for such Company taxable year. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.3.6. <U>Code Section&nbsp;754 Adjustment</U>. To the extent an adjustment to the tax basis of any Company asset
pursuant to Code Section&nbsp;734(b) or Code Section&nbsp;743(b) is required, pursuant to Regulation Section&nbsp;1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of the adjustment to the Capital Accounts
shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases basis), and the gain or loss shall be specially allocated to the Members in a manner consistent with the manner in which
their Capital Accounts are required to be adjusted pursuant to that Section of the Regulations. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.3.7.
<U>Nonrecourse Deductions</U>. Nonrecourse Deductions for any taxable year or other period shall be specially allocated among the Members in proportion to their Membership Units. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.3.8. <U>Member Loan Nonrecourse Deductions</U>. Any Member Loan Nonrecourse Deductions for any taxable year or other
period shall be specially allocated to the Member who bears the economic risk of loss with respect to the Member </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">16 </FONT></P>



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Nonrecourse Debt to which the Member Loan Nonrecourse Deductions are attributable in accordance with Regulation Section&nbsp;1.704-2(i)(1). </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.3.9. <U>Curative Allocation</U>. The allocations set forth in Sections 4.3.1 through 4.3.8 (the &#147;<B>Required
Allocations</B>&#148;) are intended to comply with certain requirements of the Regulations. It is the intent of the Members that, to the extent possible, all Required Allocations shall be offset either with other Required Allocations or with special
allocations of other items of Company income, gain, loss or deduction pursuant to this Section&nbsp;4.3.9. Therefore, notwithstanding any other provision of this Section IV (other than the Required Allocations), the Board shall make such offsetting
special allocations of Company income, gain, loss or deduction in whatever manner it determines appropriate so that, after such offsetting allocations are made, each Member&#146;s Capital Account balance is, to the extent possible, equal to the
Capital Account balance such Member would have had if the Required Allocations were not part of this Agreement and all Company items were allocated pursuant to the economic agreement among the Members without regard to the Required Allocations. In
exercising its discretion under this Section&nbsp;4.3.9, the Board shall take into account future Required Allocations under Sections 4.3.2 and 4.3.3 that, although not yet made, are likely to offset other Required Allocations previously made under
Sections 4.3.7 and 4.3.8. Subject to any provision in the Required Allocations specifying a different result, the Board shall, with respect to each taxable year, (1)&nbsp;apply the Required Allocations in whatever order is most likely to minimize
the economic distortions that might otherwise result from the Required Allocations, and (2)&nbsp;divide all Required Allocations among the Members in a manner that is likely to minimize such economic distortions. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.3.10. <U>Recapture Property</U>. To the extent permitted or required by the Code and Treasury Regulations, tax gain
from any disposition of Company property which is described in, and treated as ordinary income under, Code Section&nbsp;1245(a), 1250(a), 1252(a), or 1254(a) (&#147;<B>Recapture Property</B>&#148;), shall be specially allocated among the Members in
the manner prescribed in the applicable Regulations thereunder or, in the absence of an applicable Regulation prescribing an allocation, in accordance with the principles of Regulation Section&nbsp;1.1245-1(e)(2). In applying this
Section&nbsp;4.3.10, the Board shall take into account any gain recognized by a Member pursuant to Code Section&nbsp;751 in respect of any Recapture Property. This Section&nbsp;4.3.10 shall not be applied to allocate tax gain from a disposition of
Recapture Property in a manner inconsistent with the principles of Code Section&nbsp;704(c). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.3.11.
<U>Revaluation of Company Property</U>. At the election of the Board, upon the occurrence of any event described in Regulation Section&nbsp;1.704-1(b)(2)(iv)(f)(5), the fair market value of the Company&#146;s assets shall be adjusted to equal their
respective fair market values as of the date of such event (as determined by an independent valuation firm selected by the Board). Any revaluation of Company property in connection with a Capital Contribution, which, for the avoidance of doubt,
shall constitute an event described in Regulation Section&nbsp;1.704-1(b)(2)(iv)(f)(5), shall be made as of the due date of such Capital Contributions, and allocations in respect of such revaluation under this Section IV shall take into account any
adjustment to the Membership Units made pursuant to Section&nbsp;3.3. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">17 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.3.12. <U>Section&nbsp;704(c) Principles</U>. In accordance with Code
Section&nbsp;704(c) and the Regulations thereunder, as well as Regulation Sections 1.704-1(b)(2)(iv)(d)(3), income, gain, loss, and deduction with respect to any property contributed (or deemed contributed) to the Company shall, solely for tax
purposes, be allocated among the Members so as to take account of any variation between the adjusted basis of the property to the Company for federal income tax purposes and its fair market value at the date of contribution (or deemed contribution).
If the book value (or adjusted book value) of any Company asset is adjusted as provided herein, subsequent allocations of income, gain, loss, and deduction with respect to the asset shall take account of any variation between the adjusted basis of
the asset for federal income tax purposes and its adjusted book value in the manner required under Code Section&nbsp;704(c) and the Regulations thereunder. Except to the extent otherwise set forth in this Section&nbsp;4.3.12, any elections or other
decisions relating to such allocations shall be made by the Members as of the date of this Agreement (being Lakes and Addy) in any manner that reasonably reflects the purpose and intention of this Agreement. Allocations pursuant to this
Section&nbsp;4.3.12 are solely for purposes of federal, state and local taxes and shall not affect, or in any way be taken into account in computing, any Member&#146;s Capital Account, share of Profit and Loss (or items specially allocated for
Capital Account purposes), or distributions pursuant to any provision of this Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.3.13.
<U>Withholding</U>. All amounts required to be withheld or paid with respect to any Member pursuant to Code Section [1446] or any other provision of federal, state, or local tax law shall be treated as amounts actually distributed to the affected
Members for all purposes under this Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.3.14. <U>Minimum Distribution to Pay Tax</U>. Within 90 days
after the close of each taxable year of the Company, so long as the Board has not determined in good faith that a distribution would be prohibited or create a default or event of default under the Act or any agreement to which the Company is
subject, the Company will distribute an amount of cash to the Members (reduced for any prior distributions to such Members in respect of such taxable year), in proportion to their respective Membership Units, sufficient to pay the federal and state
income taxes on the Profits and other items of Company income and gain (for the avoidance of doubt, taking into account any (i)&nbsp;allocations with respect to &#147;section 704(c) property&#148; and (ii)&nbsp;&#147;reverse section 704(c)
allocations&#148; (within the meaning of Regulation Section&nbsp;1.704-3(a)(6))) allocated to the Members in such taxable year (or with respect to such fiscal quarter, taking into account items of Profit and Loss of the Company for such taxable year
through the end of such fiscal quarter), based on the highest combined marginal federal and state tax rate applicable to any Member for the taxable year (&#147;<B>Tax Distributions</B>&#148;). Tax Distributions shall be treated as an advance against
distributions pursuant to Sections 4.1.2.5., 4.1.2.6, and 4.2.2.6(d). If the Board reasonably determines that the Company does not have sufficient cash (taking into account factors such as other obligations of the Company, requirements of the Act
and the terms of any agreement to which the Company is subject, and the necessity or desirability to establish reserves) to make in full the Tax Distribution to all Members, then the Board shall distribute the cash available for distribution as a
Tax Distribution to the Members pro rata in accordance with their respective Membership Units. For the avoidance of doubt, all Tax Distributions are required to be made to the Members pro rata in accordance the Members&#146; Membership Units even
though one or </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">18 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
more Members may have Company taxable income in excess of the Company taxable income allocable to other Members. Notwithstanding anything to the contrary in this Agreement, any mandated Tax
Distributions shall be treated as being made in priority to all other distributions to be made pursuant to this Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">4.3.15. <U>Nonrecourse Liabilities</U>. Pursuant to Regulations Section&nbsp;1.752-3(a)(3), solely for purposes of determining each Member&#146;s proportionate share of &#147;excess nonrecourse
liabilities&#148; of the Company (as defined in Regulations Section&nbsp;1.752-3(a)(3)), the Members&#146; respective Membership Units shall be their respective interests in &#147;profits.&#148; </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.4. <U>Liquidation and Dissolution</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">4.4.1. Except as otherwise provided in Section&nbsp;4.4.2, if the Company is liquidated, the assets of the Company shall be distributed to the Members in accordance with the balances in their respective
Capital Accounts, after taking into account the allocations of Profit and Loss, and any items specially allocated, pursuant to Section IV, if any, and distributions of cash or property, if any, pursuant to Sections 4.1.2.5 and 4.2.2.6(d).
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.4.2. No Member shall be obligated to restore a Negative Capital Account. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.5. <U>General</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">4.5.1. Except as otherwise provided in this Agreement, the timing and amount of all distributions shall be determined by the Board. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.5.2. If any assets of the Company are distributed in kind to the Members, those assets shall be valued on the basis of
their fair market value, and any Member entitled to any interest in those assets shall receive that interest as a tenant-in-common with all other Members so entitled. Unless the Members otherwise agree, the fair market value of the assets shall be
determined by an independent appraiser who shall be selected by the Board. For purposes of determining Profit and Loss, each asset distributed in kind to an Member shall be treated as if the asset had been sold for its fair market value, and any
Profit and Loss (or items of income, gain, loss and deduction) shall be allocated as provided in Section IV and shall be properly credited or charged to the Capital Accounts of the Members prior to the distribution of such assets. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.5.3. All Profit and Loss (and items of income, gain, loss and deduction) shall be allocated to the Persons shown on the
records of the Company to have been Members as of the last day of the taxable year for which the allocation is to be made. Notwithstanding the foregoing, except as described in the proviso at the end of this sentence, if there is a Transfer or an
Involuntary Withdrawal during the taxable year, Profit and Loss (and items of income, gain, loss and deduction) shall be allocated between the original Member and the successor on the basis of the number of days each was a Member during the taxable
year; provided, however, the Company&#146;s taxable year shall be segregated into two or more segments in order to account for Profit or Loss (or items of income, gain, loss or deduction) attributable to a Capital Transaction or to any
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">19 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
other extraordinary non-recurring items of the Company. If the percentage of Membership Units of the Members change during the taxable year, allocations pursuant to this Section IV shall take
into account the varying percentage of Membership Units of the Members in a manner analogous to that described in the previous sentence. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">4.5.4. The Board is hereby authorized to amend this Section IV to comply with the Code and the Regulations promulgated under Code Section&nbsp;704(b) or take such action in respect thereof to reflect the
intended economic arrangement of the Members; provided, however, that no amendment shall materially affect allocations or distributions to an Member without the Member&#146;s prior written consent. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.6. <U>No&nbsp;Distribution&nbsp;by&nbsp;Reason&nbsp;of&nbsp;Withdrawal</U>. Neither withdrawal from the Company, Transfer of any
interest in the Company, nor demand for the return of capital will entitle any owner of an interest in the Company to receive any Distribution from the Company. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>SECTION V </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>MANAGEMENT: RIGHTS, POWERS, AND DUTIES </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1. <U>Management</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">5.1.1. <U>Board of Directors</U>. The Company will at all times have a Board of Directors comprised of at least five (5)&nbsp;persons. Lakes will designate three (3)&nbsp;members of the Board and Addy
will designate two (2)&nbsp;members of the Board. The Board will elect the Chairman. Members of the Board shall be designated by written notice to the Members and will serve until replaced by the Member so designating. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.2. <U>Manager</U>. The Board shall appoint a Manager to run the day to day operations of the Company, subject to, at
all times, determinations made by the Board. Lakes is hereby initially designated to serve as the Manager. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%;padding-bottom:0px;"><FONT
STYLE="font-family:Times New Roman" SIZE="2">5.1.3. <U>Management Agreements</U>. The Company shall enter into a management agreement with Lakes and/or one of its Affiliates to manage the Gaming Facility (the &#147;<B>Management
Contract</B>&#148;).</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> The Company may also enter into
other management agreements relating the development, construction and/or management of any aspect of the operations of the Project other than the Gaming Facility (with Lakes, its Affiliates, or any other third party). Any and all such agreements
must be unanimously agreed upon by the Board before being executed. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.4. <U>General Powers</U>. The Manager
shall have the power, and authority, subject in all cases to the other provisions of this Agreement and the requirements of applicable law, to manage, control, administer, and operate the day to day business and affairs of the Company for the
purposes herein stated, and to make all decisions affecting such day to day business and affairs. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">A separate development services and management contract (the &#147;Management Contract&#148;) will be entered into between Lakes Maryland Casino
Management, LLC and the Company governing the management and development of the Gaming Facility. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.5. <U>The Project</U>. Except as may otherwise be required under the
Maryland Gaming Law: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.5.1. Each Member shall (and shall cause its respective members to) cooperate in good
faith to pursue the development of the Project, which, subject to obtaining the necessary approvals by the applicable Maryland governmental entities, including but not limited to the Agency, will include the Gaming Facility and other possible
ancillary uses such as retail, entertainment and hotel uses. The overall design of the Gaming Facility shall be determined by the Board, including the general use, construction time frame, the tenant mix program and the general layout of the Gaming
Facility (the &#147;<U>Master Plan</U>&#148;). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.5.2. The Members agree that the Gaming Facility shall be
required to be constructed in accordance with the requirements and timeframes stipulated in and pursuant to all applicable laws. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:17%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">5.1.5.3. The Members recognize and agree that the development of the Gaming Facility is conditioned upon obtaining the approvals or required permits under the Maryland Gaming Laws to develop and operate
casino gaming facilities on the Property. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.6. <U>Major Actions</U>. Notwithstanding anything to the
contrary otherwise contained in this Agreement, and provided that Addy has fully funded neither the Board nor the Manager shall take any of the following actions without the unanimous written consent of the Board (which consent shall not be
unreasonably withheld or delayed), each a &#147;<B>Board </B><U>Major Action</U>.&#148; Board Major Actions consist of the following: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%; text-indent:13%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) any amendment to this Agreement; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) the authorization or
approval of a merger or consolidation of the Company; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) the entry into a partnership or joint venture with
any third party; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) issuance or sale of any new Interest; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) approval of the annual operating and capital budgets of the Gaming Facility, and any amendments thereto; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) incur obligations on behalf of the Company which are in excess of $1,000,000; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g) any Additional Capital Contributions in excess of those set forth in Section&nbsp;3.2 herein; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(h) any material changes to the Master Plan, Project, Gaming Facility or Improvements; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) any Capital Transaction; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">21 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:17%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(j) approval of any management agreement to manage the Gaming Facility
(other than the Management Contract) to be entered into by the Company after the execution of this Agreement; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:17%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(k) in the event the Management Contract is terminated, the subsequent hiring of a replacement manager. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:13%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">5.2. <U>Personal Services; Compensation</U> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.2.1. No Member
shall be required to perform services for the Company solely by virtue of being a Member. Except as set forth in Section&nbsp;5.2.2 and 5.2.3, no Member shall perform services for the Company or be entitled to compensation for services performed for
the Company. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.2.2. As compensation for its management of the Gaming Facility, Lakes will receive the
following compensation pursuant to the Management Contract: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.2.2.1. For managing the development and
construction and on-going management of the Gaming Facility by an Affiliate of Lakes, such Affiliate shall be entitled to a management fee, payable each month out of the cash flows of the Gaming Facility, which management fee shall be as set forth
in the Management Contract (the &#147;<B>Management Fees</B>&#148;); and (b)&nbsp;a development fee in the amount of $500,000 (&#147;<B>Lakes Development Fee</B>&#148;) to be paid upon the closing of the Third Party Loan. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.2.2.2. If the Lakes Development Fee is unable to be paid at the closing of the Third Party Loan, such fee shall accrue
without interest and shall be paid to Lakes as set forth in Section&nbsp;4.1.2.3. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.2.3. For its construction
management services, Addy shall be entitled to a construction management fee in the amount of $500,000 (&#147;<B>Addy Fee</B>&#148;) to be paid upon the closing of the Third Party Loan. If the Addy Fee is unable to be paid at the closing of the
Third Party Loan, such fee shall accrue without interest and shall be paid to Addy as set forth in Section&nbsp;4.1.2.3. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">5.2.4. Upon substantiation of the amount and purpose thereof, the Manager, as well as any Board member, shall be reimbursed for third-party out-of-pocket costs and expenses (such as travel) reasonably
incurred by the Manager (or the respective Board member as the case may be) in connection with the activities of the Company. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.3. <U>Duties of the Manager</U>. Subject to the annual budgets approved by the Board, the Manager shall devote such time to the
business and affairs of the Company as is necessary to carry out the Manager&#146;s duties set forth in this Agreement. The Manager shall undertake the planning process of the Gaming Facility and have such other duties as set forth herein, subject
at all times to the limitations provided for herein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.4. <U>Liability and Indemnification</U>. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">22 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.4.1. No Member shall be liable, responsible, or accountable, in damages
or otherwise, to any Member or to the Company for any act performed by the Member within the scope of the authority conferred on the Member by this Agreement, except for (a)&nbsp;fraud authorized by an officer, director or manager of a Member or
(b)&nbsp;gross negligence or an intentional breach of this Agreement expressly authorized by an officer, director or manager of a Member. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">5.4.2. The Company shall indemnify each Member for any act performed by the Member within the scope of the authority conferred on the Member by this Agreement, except for (a)&nbsp;fraud authorized by an
officer, director or manager of a Member or (b)&nbsp;gross negligence or an intentional breach of this Agreement expressly authorized by an officer, director or manager of a Member; provided that any indemnity under this Section&nbsp;5.4.2 shall be
provided out of and to the extent of Company assets only, and no Member shall have any personal liability on account thereof beyond its Capital Contribution. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">5.4.3. Notwithstanding any other provision in this Agreement, in the event the Company or another Member suffers any actual (but not punitive or consequential) loss, damage or expense as a direct result
of such Member&#146;s fraud, gross negligence or intentional breach of this Agreement then, to the extent allowed pursuant to Section&nbsp;5.4.1, the offending Member shall defend, indemnify and save harmless the Company and the other Member from
and against, and shall reimburse the Company and the other Member with respect to, any such loss, damage or expense (including reasonable attorneys fees). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">5.5 <U>Approval of Management Contract</U>. The Management Contract shall be executed contemporaneous with the execution of this Agreement. </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SECTION VI </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>TRANSFER OF INTERESTS AND WITHDRAWALS OF MEMBERS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.1. <U>Transfers</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">6.1.1. <U>Transfer of Membership Interest</U>. A Member may not Transfer all or any portion of or any interest or rights in its Membership Units unless the following conditions (&#147;<B>Conditions of
Transfer</B>&#148;) are satisfied: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.1.1.1. The Transfer will not require registration of Membership Units
under any federal or state securities laws (other than in connection with opting in to Article 8 of the Uniform Commercial Code to the extent required by any lender to the Company); </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.1.1.2. The transferee delivers to the Company a written instrument agreeing to be bound by the terms of this Agreement.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.1.1.3. The Transfer will not cause the Company to be a &#147;publicly traded partnership&#148; within the
meaning of Code Section&nbsp;7704(b); </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">23 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.1.1.4. The Transfer will not result in the Company being subject to the
Investment Company Act of 1940, as amended; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.1.1.5. The transferor or the transferee delivers the following
information to the Company: (i)&nbsp;the transferee&#146;s taxpayer identification number; and (ii)&nbsp;the transferee&#146;s initial tax basis in the Transferred Interest; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.1.1.6. The Transfer will not result in the violation of or non-compliance with any laws, rules or regulations governing
the Project or the Gaming Facility or a determination that the Company or any Member is not suitable (as defined in Section&nbsp;12.1 hereof) or would require additional licenses or permits in order to continue to operate the Gaming Facility as
contemplated to be operated and developed in accordance with the terms of this Agreement; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.1.1.7. The
transferring Member shall represent and shall obtain a representation from the transferee of such Person&#146;s Interest, that such transferee is suitable (as defined in Section&nbsp;13. 1 hereof) for gaming purposes; and </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.1.1.8. A Member may sell its Membership Units only pursuant to a Bona Fide Offer. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.1.2. If the Conditions of Transfer are satisfied, then, subject to Section&nbsp;6.5 herein, a Member may Transfer all
or any portion of that Person&#146;s Membership Units. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.1.3. Each Member hereby acknowledges the
reasonableness of the prohibition contained in this Section&nbsp;6.1 in view of the purposes of the Company and the relationship of the Members. The Transfer of any Membership Units in violation of the prohibition contained in this Section&nbsp;6.1
shall be deemed invalid, null and void, and of no force or effect. Any Person to whom Membership Units are attempted to be transferred in violation of this Section shall not be entitled to vote on matters coming before the Members, participate in
the management of the Company, act as an agent of the Company, receive distributions from the Company or have any other rights in or with respect to the Membership Units. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.1.4. Notwithstanding anything set forth in this Agreement to the contrary, but provided that the Conditions of Transfer
(other than Section&nbsp;6.1.1.5) are satisfied, any Member may at any time, and from time to time, Transfer all, or any portion of, or any interest or rights in, the Member&#146;s Membership Units to any Affiliate of the Member. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.1.5. For the purposes of this Section VI, the rules applicable to the Transfer of a Member&#146;s Membership Units
shall apply in the same manner to Transfers of direct or indirect equity interests in the Members; provided, however, the following Transfers, at any level or tier of ownership, shall not be subject to this Section&nbsp;6.1 and shall constitute
permitted Transfers for all purposes of this Agreement: (a)&nbsp;Transfers of any Members&#146; Membership Units or any equity interest in any Member in connection with the merger, consolidation, roll-up, reorganization, or sale of such Member or
substantially all of such Member&#146;s assets with or into, a real estate </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">24 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
investment trust, umbrella partnership or other public or private enterprise (&#147;<B>Successor Entity</B>&#148;); or (b)&nbsp;sale of stock in a Member&#146;s parent or other Affiliate for
financing purposes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.2. <U>Voluntary Withdrawal.</U> No Member shall have the right or power to Voluntarily Withdraw from
the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.3. <U>Involuntary Withdrawal</U>. Immediately upon the occurrence of an Involuntary Withdrawal, the successor
of the withdrawn Member shall thereupon be admitted as a Member, provided such Person has obtained all necessary gaming licenses in accordance with Sections 11.3 and 12.1 hereof and has executed a Joiner to this Agreement agreeing to be bound by the
terms hereof, as then in effect. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.4. <U>Right of First Refusal</U>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.4.1. If a Member (a &#147;<B>Transfer Member</B>&#148;) receives a Bona Fide Offer (the &#147;<B>Transferee
Offer</B>&#148;) from any other Person who is not an Affiliate (a &#147;<B>Transferee</B>&#148;) to purchase all of Transfer Member&#146;s Membership Units (the &#147;<B>Transferor Interest</B>&#148;), then, prior to any acceptance of an offer for
the Transfer of the Transferor Interest, the Transfer Member shall give the other Member(s) (the &#147;<B>Remaining Member</B>&#148;) written notice (the &#147;<B>Transfer Notice</B>&#148;) containing each of the following: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.4.1.1. the Transferee&#146;s identity; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.4.1.2. a true and complete copy of the Transferee Offer (or, if the Transferee Offer is not in writing, a writing
setting forth the terms and conditions of the Transferee Offer); and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.4.1.3. Transfer Member&#146;s offer
(the &#147;<B>Offer</B>&#148;) to sell the Transferor Interest to the Remaining Member, for a total price equal to the price set forth in the Transferee Offer (the &#147;<B>Transfer Purchase Price</B>&#148;), which shall be payable on the terms of
payment set forth in the Transferee Offer. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%;padding-bottom:0px;"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.4.2. The Offer shall be and remain
irrevocable for a period (the &#147;<B>Offer Period</B>&#148;) ending at 11:59 P.M. local time at the Company&#146;s principal office, on the (a)&nbsp;fourteenth (14th)&nbsp;day following the date the Transfer Notice is given to the Remaining Member
if the Transfer Notice is given prior to the closing of the Facility Loan, or (b)&nbsp;on the thirtieth (30</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;day following the date the Transfer Notice is given to the Remaining Member if the Transfer Notice is given on or after the closing of the Facility Loan. At any time during the Offer Period, the
Remaining Member may accept the offer by notifying the Transfer Member in writing that the Remaining Member intends to purchase all, but not less than all, of the Transferor Interest. If the Remaining Member accepts the Offer, then the parties shall
fix a closing date (the &#147;<B>Transfer Closing Date</B>&#148;) for the purchase, which shall not be earlier than ten (10)&nbsp;or more than the later of ninety-five (95)&nbsp;days after the expiration of the Offer Period or the date upon which
the Authority approves or gives written notice of non-objection to the Transfer. If the Remaining Member accepts the Offer, the Transfer Purchase Price shall be paid in immediately available funds in accordance with the payment terms set forth in
the Transferee Offer. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.4.3. If the Remaining Member does not accept the Offer (within the time
and in the manner specified in this Section), then the Transfer Member shall be free for a period (the &#147;<B>Free Transfer Period</B>&#148;) of thirty-five (35)&nbsp;days after the expiration of the Offer Period to Transfer the Transferor
Interest to the Transferee, subject to any necessary approvals or notices of non-objection of the Authority, for the same or greater price and on the same terms and conditions as set forth in the Transfer Notice. If the Transfer Member does not
Transfer the Transferor Interest within the Free Transfer Period, Transfer Member&#146;s right to Transfer the Transferor Interest shall be subject to this Section for any future Transfer. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.4.4. Any Transfer by the Transfer Member after the last day of the Free Transfer Period or without strict compliance
with the terms, provisions, and conditions of this Section and the other terms, provisions, and conditions of this Agreement, shall be null and void and of no force or effect. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">6.5. <U>Drag-Along and Tag-Along Rights.</U> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.5.1. If a Member
(the &#147;<B>Drag-Along Member</B>&#148;) receives a Bona Fide Offer to purchase all of its Membership Units that it desires to accept (the &#147;<B>Sale Interest</B>&#148;), then the Drag-Along Member shall have the right to cause remaining
Member(s) (the &#147;<B>Dragged-Along Member</B>&#148;) to transfer all of its/their Membership Units (the &#147;<B>Drag-Along Right</B>&#148;) in accordance with the following terms and conditions: (i)&nbsp;Drag-Along Member shall give written
notice to Dragged-Along Member specifying the proposed purchaser of the Sale Interest (the &#147;<B>Interest Buyer</B>&#148;) and (ii)&nbsp;the written notice shall include the material terms and conditions upon which Drag-Along Member intends to
sell the Sale Interest and the date (which may be an estimate) as to when Drag-Along Member expects to complete the sale of the Sale Interest and provide the Dragged-Along Member the opportunity to exercise its/their right of first refusal with
respect to the Interest as set forth in <B>Section&nbsp;6.4</B>. If the Dragged-Along Member does not exercise its/their right of first refusal, then it/they shall cooperate diligently and in good faith with Drag-Along Member&#146;s exercise of the
Drag-Along Right. If requested by Drag-Along Member, Dragged-Along Member shall join in the execution of a membership purchase agreement and any and all other documents executed by Drag-Along Member in connection with the sale of the Sale Interest
(or shall execute conforming documents adjusted to reflect the interest so transferred by Dragged-Along Member). Dragged-Along Member hereby grants to Drag-Along Member a power of attorney (which is coupled with an interest and therefore
irrevocable) for the purpose of executing any and all documents required to be executed by Dragged-Along Member in connection with the Drag-Along Right. Drag-Along Member shall not exercise this power of attorney unless Dragged-Along Member fails to
execute any documents required to be executed by it in connection with the Drag-Along Right for a period of ten (10)&nbsp;days after receiving written notice of such failure. Notwithstanding the foregoing, the Dragged-Along Member will not be
required to join in the sale of its Membership Interest hereunder unless, in connection with such sale, Dragged-Along Member receives its proportional share of rights and obligations, including, without limitation, purchase price. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.5.2. If a Member determines that it desires to sell the Sale Interest without exercising its Drag-Along Right, then
such Member shall deliver a written notice that it does not intend to exercise its Drag-Along Right to the other </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">26 </FONT></P>



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Member(s) (the &#147;<B>Tag-Along Notice</B>&#148;), which shall specify (i)&nbsp;the Interest Buyer, (ii)&nbsp;the material terms and conditions upon which such Member intends to sell the Sale
Interest (iii)&nbsp;the date (which may be an estimate) as to when such Member expects to complete the sale of the Sale Interests and (iv)&nbsp;provide the other Member(s) the opportunity to exercise its/their right of first refusal with respect to
the Interest as set forth in <B>Section&nbsp;6.4</B>. If the other Member(s) does/do not exercise its/their right of first refusal, then upon receipt of such notice, the remaining Member(s) (&#147;<B>Tag-Along Member</B>&#148;) shall have the right
to require such selling Member to cause a transfer of all of the Tag-Along Member&#146;s Interest (the &#147;<B>Tag-Along Right</B>&#148;). Tag-Along Member shall provide a written response to such notice within the Offer Period (as defined in
Section&nbsp;6.4 above) using the day of receipt of the Tag-Along Notice as the measuring date. Failure by Tag-Along Member to respond within such time period shall be deemed a waiver of the Tag-Along Right. If Tag-Along Member fails to respond to
the Tag-Along Notice or affirmatively waives its Tag-Along Right and if such selling Member shall fail to close the transaction described in the Tag-Along Notice within six (6)&nbsp;months after the expiration of the Offer Period described above
(which six (6)&nbsp;month period shall be automatically extended to up to twelve (12)&nbsp;months after expiry of such Offer Period, if such selling Member is unable to close the transaction described above due to pending regulatory approvals and is
pursuing, in good faith, such approvals) or the delivery of an affirmative waiver of Tag-Along Member&#146;s Tag-Along Right and Right of First Refusal Rights, such selling Member shall not thereafter consummate such transaction without again
complying with the provisions of this Section&nbsp;6.5.2. The Members shall cooperate diligently and in good faith with Tag-Along Member&#146;s exercise of the Tag-Along Right. If requested by such selling Member, Tag-Along Member shall join in the
execution of a membership purchase agreement and any and all other documents executed by such selling Member in connection with the sale of the Sale Interest (or shall execute conforming documents adjusted to reflect the interest so transferred by
Tag-Along Member). Such selling Member and Tag-Along Member shall each pay its own costs and expenses in connection with the conveyance of the Sale Interest pursuant to this Section&nbsp;6.5.2. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.6. <U>Other Restrictions</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding anything in this Agreement to the contrary, in no event shall any Transfer of Membership Units be permitted in the event such Transfer could reasonably result in (i)&nbsp;the violation of,
or non-compliance with, any laws, rules, regulations, ordinances or similar promulgated by applicable Maryland governmental authorities (including but not limited to the Agency) related to the Project or the Gaming Facility, or (ii)&nbsp;the loss of
or actual and direct transfer or conveyance of any approval, license or permit to operate the Gaming Facility. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SECTION VII
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>DISSOLUTION, LIQUIDATION, AND </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>TERMINATION OF THE COMPANY </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.1. <U>Events of Dissolution.</U> The Company
shall be dissolved upon the happening of any of the following events: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.1.1. upon the sale of all or
substantially all of the Project; </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.1.2. upon the unanimous written agreement of all of the Members; or
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.1.3. upon the occurrence of an Involuntary Withdrawal of a Member, unless the remaining Members, within
ninety (90)&nbsp;days after the occurrence of the Involuntary Withdrawal, unanimously elect to continue the business of the Company pursuant to the terms of this Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">7.2. <U>Procedure for Winding Up and Dissolution</U>. If the Company is dissolved, the Board shall wind up its affairs. On winding up of the Company, the assets of the Company shall be distributed, first,
to creditors of the Company, including Members who are creditors, in satisfaction of the liabilities of the Company, and then to the Members in accordance with Section&nbsp;4.1. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.3. <U>Filing of Certificate of Cancellation</U>. If the Company is dissolved, the Manager shall promptly file a Certificate of
Cancellation with the Delaware Secretary of State. If there is no Manager, then the Certificate of Cancellation shall be filed by the remaining Members of the Board; if there are no remaining Board members, the Articles shall be filed by the last
Person to be a Member; if there is neither a Manager, remaining Members, or a Person who last was a Member, the Articles shall be filed by the legal or personal representatives of the Person who last was a Member. </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SECTION VIII </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>BOOKS, RECORDS, ACCOUNTING, AND TAX ELECTIONS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.1. <U>Bank Accounts</U>.
All funds of the Company shall be deposited in a bank account or accounts maintained in the Company&#146;s name in the State of Maryland and withdrawals shall be made only in the regular course of business. The Board shall determine the institution
or institutions at which the accounts will be opened and maintained, the types of accounts, and the Persons who will have authority with respect to the accounts and the funds therein. All deposits (including security deposits and other funds
required to be escrowed by any tenant or lender of the Company) and other funds not needed in the operation of the business of the Company shall be deposited, to the extent permitted by any lender and mortgage requirements and in accordance with any
tenant leases, in such accounts and other investments as may be reasonably determined by the Board. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.2. <U>Books and
Records</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.2.1. The Manager shall cause to be kept complete and accurate books and records of the Company
and supporting documentation of the transactions with respect to the conduct of the Company&#146;s business. The records shall include, but not be limited to, complete and accurate information regarding the state of the business and financial
condition of the Company, a copy of the Articles of Organization and Limited Liability Company Agreement and all amendments to the articles and this Agreement; a current list of the names and last known business, residence, or mailing addresses of
all Members; and the Company&#146;s federal, state or local tax returns. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.2.2. The books and records of the
Company shall be maintained in accordance with United States generally accepted accounting principles and the tax </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
capital account basis, consistently applied and shall be available at the Company&#146;s principal office for examination by any Member or the Member&#146;s duly authorized representative at any
and all reasonable times during normal business hours. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.2.3. The Manager shall maintain adequate internal
controls over its financial reporting. If requested by a Member and/or any member of the Board, the Manager shall cooperate with such Member (or Board member as applicable) to provide the documentation and testing of such internal controls as may be
required for such requesting Member or its Affiliate to comply with certification requirements under securities and other laws. It is understood that costs associated with such documentation and testing shall be borne by the requesting Member.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3. <U>Taxable Year and Fiscal Year</U>. Subject to any applicable requirements of Maryland law and the Code, the fiscal
year and taxable year of the Company shall be the twelve (12)&nbsp;month period ending on the closest Sunday to December&nbsp;31. The books of the Company shall be kept on such fiscal basis for financial accounting and income tax purposes.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.4. <U>Reports</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">8.4.1. As soon as available, but in any event within one hundred (120)&nbsp;days after the end of each taxable year of the Company, the Manager shall cause to be sent to each Person who was a Member at
any time during the accounting year then ended: (i)&nbsp;financial statements of the Company, which statements shall be audited if any Member (or Affiliate thereof) is a publicly traded company, prepared in accordance with the systems and procedures
described above by the accountant selected by the Manager including a balance sheet as of the end of the fiscal year, and statements of income, Members&#146; equity, and cash flows for the fiscal year, and (ii)&nbsp;a summary of any fees or other
remuneration or any reimbursement paid to any Member or Affiliate in respect of such taxable year. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.4.2. As
soon as available, but in any event within forty-five (45)&nbsp;days after the end of each month, the Manager shall also provide each Member with (i)&nbsp;unaudited comprehensive, written monthly reports regarding the financial operations,
marketing, occupancy, rental rate, ancillary services, and development activities of the Company and the Gaming Facility and (ii)&nbsp;timely notice of all material events, notices and correspondence with respect to the Gaming Facility and/or the
Company. Such unaudited monthly financial information shall be prepared in accordance with the systems and procedures described above. The monthly reports shall include such other and further income reports and schedules as may reasonably be
requested by the Member(s). As soon as available, but in any event within forty-five (45)&nbsp;days after the end of each month, the Manager shall provide Members with a certification regarding financial reporting during the previous fiscal month
including certification as to reconciliation of accounts and that the financial reporting is complete and accurate. Manager shall inform the Members as soon as identified and known by Manager of any significant noncompliance with its internal
controls over financial reporting or instances of fraud relating to or affecting the Gaming Facility. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">29 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.4.3. If certified financial statements are obtained for the Company by
any Member for any reason, such financial statements shall be delivered to all Members within thirty (30)&nbsp;days of the receipt thereof by the Member. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">8.4.4. The parties acknowledge and agree that the provisions of this Section&nbsp;8.4 shall be subject to the applicable provisions of Maryland law with respect to gaming operations. In the event the
deadlines contemplated by this Section&nbsp;8.4 shall require adjustment such that the Members shall be in compliance with applicable Maryland law, the Members hereby agree to cooperate in good faith to meet the requirements of such law. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.5. <U>Special Basis Adjustment</U>. In the case of a distribution of property made in the manner provided in Section&nbsp;734 of the
Code, or in the case of a transfer of an Interest permitted by this Agreement made in the manner provided in Section&nbsp;743 of the Code, upon the request of a Member, provided the Members agree that the election would benefit the Members, the
Manager, on behalf of the Company, shall file an election under Section&nbsp;754 of the Code in accordance with the procedures set forth in the applicable Treasury Regulations. If such an election is filed, the Manager will be required to provide
any additional accounting or tax information with respect to any adjustment to basis for any Member. The Manager agrees to give to the Members such information as the Members may reasonably request as to the effects of any such Section&nbsp;754
election. Any additional expense resulting from an adjustment of the Company assets that specifically relate to or results from a Member transaction shall be borne by the electing Member. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.6. <U>Certain Tax Matters</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">8.6.1. The Manager shall prepare or cause to be prepared, and shall file or cause to be filed, on or before the due date (giving effect to any extension thereof), all federal, state or local tax returns
required to be filed by the Company. Copies of all Company tax returns shall be submitted to each Member for review fifteen (15)&nbsp;days prior to the statutory dates for filing if filed on or before the original due date or thirty (30)&nbsp;days
if filed on or before an extended due date. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.6.2. The Manager shall be the tax matters partner, as that term
is defined in the Code and shall, in consultation with the Board, make all elections for tax purposes. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.7. <U>Title to
Company Property</U>. Subject to the applicable provisions of Maryland law with respect to gaming operations, all real and personal property acquired by the Company shall be acquired and held by the Company in its name. </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SECTION IX </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CONFIDENTIALITY </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">9.1. <U>Confidentiality</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.1.1. The Members understand and
agree that the financial terms and conditions of this Agreement and the substance of this Agreement are and shall remain confidential, and shall be communicated and available only to such employees or
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">30 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
agents of a Member with a legitimate business need to know such terms and conditions. Each party shall be responsible for any breach of this Section by such party&#146;s employees, related
companies and/or agents and each such party shall cooperate with the other party to remedy the breach. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.1.2.
In view of the nature of information which each Member may receive about the other Member&#146;s core business during the relationship, the Members hereby agree that each party shall not disclose any unauthorized information to any person or persons
and further agree that any violation, or other threatened violation of this Agreement, could cause irreparable damage to a Member, the Company, their respective Affiliates and subsidiary companies. The term &#147;confidential&#148; as used herein
includes but is not limited to: (a)&nbsp;financial condition and projections (including balance sheets, income statements etc.); (b)&nbsp;technical information (including functional and technical specifications, designs, drawings, analysis,
research, processes, etc.); (c)&nbsp;business information (including sales and marketing and customer lists); (d)&nbsp;any other valuable information designated as confidential expressly or by the circumstances in which it is provided and/or
(e)&nbsp;is of such a nature that the receiving party should reasonably understand that the disclosing party desires to protect such information against unrestricted disclosure. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.1.3. Notwithstanding the foregoing, nothing contained in this Agreement shall preclude disclosures necessary to comply
with accounting standards and applicable securities and other laws and regulations including disclosures made in order to comply with the regulations of the United States Securities and Exchange Commission; <U>provided</U>, <U>however</U>, that any
such disclosure proposed to be made pursuant to this paragraph shall include only such information as is required by law to disclose. If a Member is requested by a governmental agency or entity or other third person to disclose any confidential
information, it will promptly notify Company to permit the other Member to seek a protective order or take other appropriate action. Each Member will also cooperate in the other Member&#146;s efforts to obtain a protective order or take other
appropriate action, except to the extent that doing so would be reasonably likely to impact such Member&#146;s relationship with the applicable gaming regulators or affect its gaming license. </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SECTION X </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>COVENANTS AND REPRESENTATIONS OF THE MEMBERS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">10.1. <U>Representations and Warranties of the Manager</U>. The Manager hereby represents, warrants, and covenants that it and its Affiliates are experienced in the field of construction, development,
management, and other aspects normally associated developments such as the Project (including the Gaming Facility) and shall provide such functions hereunder in a professional and appropriate manner. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2. <U>General Representations</U>. Each party hereto represents and warrants to the Company and each other Member that: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.1. It has been duly authorized to execute and deliver this Agreement. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">31 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.2. This Agreement is enforceable against each such party in accordance
with its terms. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.3. It has the full right and legal authority to enter into and fully perform the duties
described in this Agreement in accordance with its terms. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.4. It has the financial, legal and other
necessary capacity to perform the functions described in this Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.5. It will comply with all
applicable rules, laws, regulations, ordinances and safety standards applicable to the Gaming Facility. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.6. To the best of its knowledge, it has no reason to believe that the Company, its Members or their respective
Affiliates will not receive any gaming license, approval or permit necessary for the consummation of the transactions contemplated by this Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">10.3. <U>Gaming Licensing Matters</U>. Each Member covenants to use its commercially reasonable efforts to diligently obtain all state and local licenses, including gaming licenses, necessary to conduct
gaming operations in the Gaming Facility. The Members agree to provide each other with copies of all applications, reports, letters and other documents filed or provided to the state or local licensing authorities, unless such materials contain
confidential or proprietary information, in which case, written certification to the other parties that such materials have been filed shall be provided in lieu of copies thereof. The Members shall provide all reasonable cooperation with any
investigation by any gaming authority having jurisdiction over any Member or any Affiliate of any Member. Each Member shall cause any transferee of any portion of its Interest likewise to so cooperate or to agree to so cooperate. Each Member agrees
that it shall not take any action or omit to take any action that would have the effect of adversely affecting any gaming license, approval or permit held by any Member. The Members and their Affiliates, to the extent reasonably necessary, in
connection with any review of this Agreement by the Agency shall execute and deliver any further documents or instruments, including amendments to this Agreement, as the Agency may reasonably require and which do not alter the terms of this
Agreement in a manner unfavorable to any of the Members. Each Member acknowledges that monetary damages alone would not be adequate compensation for a breach of this Section&nbsp;11.3, and the Members agree that a non-breaching Member shall be
entitled to seek a decree or order from a court of competent jurisdiction for specific performance to restrain a breach or threatened breach of this Section&nbsp;11.3 or to require compliance by a Member with this Section&nbsp;11.3, as well as
enforcing the rights and obligations pursuant to Section&nbsp;12.1 hereof. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SECTION XI </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>GENERAL PROVISIONS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">11.1. <U>Assurances</U>. Each Member shall execute all such certificates and other documents and shall do all such filing, recording, publishing and other acts as the Manager deems appropriate to comply
with the requirements of law for the formation and operation of the Company and to comply with any laws, rules, and regulations relating to the acquisition, operation, or holding of the property of the Company. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">32 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.2. <U>Notifications</U>. Any notice, demand, consent, election, offer, approval, request,
or other communication (collectively a &#147;<U>Notice</U>&#148;) required or permitted under this Agreement must be in writing and either delivered personally or sent by certified or registered mail, postage prepaid, return receipt requested, via
reputable overnight courier service, or via facsimile or other electronic transmission with confirmed receipt. Any notice to be given hereunder by the Company shall be given by the Manager. A notice must be addressed to a Member at the Member&#146;s
last known address on the records of the Company. A notice to the Company must be addressed to the Company&#146;s principal office. A notice that is sent by mail will be deemed given three (3)&nbsp;business days after it is mailed. Any party may
designate, by notice to all of the others, substitute addresses or addressees for notices; and, thereafter, notices are to be directed to those substitute addresses or addressees. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.3. <U>Specific Performance; Damages</U>. The parties recognize that irreparable injury may result from a breach of any provision of
this Agreement and that money damages may be inadequate to fully remedy the injury. Accordingly, in the event of a breach or threatened breach of one or more of the provisions of this Agreement, any party who may be injured (in addition to any other
remedies which may be available to that party) may be entitled to one or more preliminary or permanent orders (i)&nbsp;restraining and enjoining any act which would constitute a breach or (ii)&nbsp;compelling the performance of any obligation which,
if not performed, would constitute a breach. Notwithstanding anything to the contrary in this Agreement, in no event shall a Member be liable to the Company or another Member for consequential or punitive damages. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.4. <U>Complete Agreement</U>. This Agreement constitutes the complete and exclusive statement of the agreement among the Members. It
supersedes all prior written and oral statements, including any prior representation, statement, condition, or warranty. Except as expressly provided otherwise herein, this Agreement may not be amended without the written consent of all of the
Members. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.5. <U>Applicable Law</U>. All questions concerning the construction, validity, and interpretation of this
Agreement and the performance of the obligations imposed by this Agreement shall be governed by the internal law, not the law of conflicts, of the State of Maryland. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">11.6. <U>Section Titles</U>. The headings herein are inserted as a matter of convenience only, and do not define, limit, or describe the scope of this Agreement or the intent of the provisions hereof.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.7. <U>Binding Provisions</U>. This Agreement is binding upon, and inures to the benefit of, the parties hereto and their
respective heirs, executors, administrators, personal and legal representatives, successors, and permitted assigns. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.8.
<U>Jurisdiction and Venue</U>. Any suit involving any dispute or matter arising under this Agreement may only be brought in a Federal Court in the State of Maryland without giving effect to principles of conflicts of law and all Members hereby
consent to the exercise of personal jurisdiction by any such court with respect to any such proceeding. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">33 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.9. <U>Terms</U>. Common nouns and pronouns shall be deemed to refer to the masculine,
feminine, neuter, singular and plural, as the identity of the Person may in the context require. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.10. <U>Severability of
Provisions</U>. Each provision of this Agreement shall be considered separable; and if, for any reason, any provision or provisions herein are determined to be invalid and contrary to any existing or future law, such invalidity shall not impair the
operation of or affect those portions of this Agreement which are valid. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.11. <U>Counterparts</U>. This Agreement may be
executed simultaneously in two or more counterparts, each of which shall be deemed an original and all of which, when taken together, constitute one and the same document. The signature of any party to any counterpart shall be deemed a signature to,
and may be appended to, any other counterpart. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.12. <U>No Third Party Beneficiaries</U>. Except as expressly provided in
Sections 6.5, nothing in this Agreement shall be construed as implying or intending any third party beneficiaries to this Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">11.13. <U>Costs of Company</U>. The Company shall reimburse each of the Members for all of their cost and expenses (including reasonable attorneys fees and travel costs) in conducting due diligence on the
Company and the assets/property it intends to acquire that are incurred after the execution of this Agreement and as reasonably determined necessary by the Board in pursuing the Company&#146;s closing on the Agreement it has entered into with MEDCO.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.14. <U>Brokerage Commissions</U>. Each party represents and warrants that it shall be responsible for paying its own
brokerage commissions relating to the Asset Purchase Agreement and the transactions contemplated by this Agreement, and that the Company shall in no way, directly or indirectly, be responsible for such commissions. Notwithstanding the previous
sentence, the Members agree that the Company shall be responsible for paying any commissions due to Dynamic Play with respect to the raising of funds necessary to close on the Asset Purchase Agreement. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.15. <U>Refund of the Video Lottery Operation License</U>. Notwithstanding anything herein to the contrary, if the Maryland Video
Lottery Facility Location Commission (or any such governmental body charged with refunding the initial license fee) refunds the $2,100,000 initial license fee to the Company, such fee shall be refunded to Lakes within 24 hours after the Company
receives such refund from the Maryland Video Lottery Facility Location Commission (or any such governmental body charged with refunding the initial license fee). </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>SECTION XII </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SUITABILITY </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.1. <U>Suitability</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">12.1.1. The Members recognize and agree that, in order for the Company and/or a subsidiary and/or Affiliate of the Company, to successfully enter into and maintain one or more applicable gaming licenses
and/or permits from the applicable authorities, including the Agency (each an &#147;<B>Authority</B>&#148;), the principals of each&nbsp;Member </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">34 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
shall be&nbsp;required to&nbsp;have their backgrounds approved. As used herein, the approval of a person&#146;s or entity&#146;s background by any Authority shall be referred to herein that such
person or entity is &#147;suitable&#148;. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.1.2. In the event an Authority makes a final, non-appealable
determination that&nbsp;any Member (or any principal/member of a Member)&nbsp;does not meet the standards for the approval of such Member&#146;s background by the Authority and has not been found suitable or revokes, suspends or cancels such
Member&#146;s suitability (including through the revocation, suspension or cancelation of any applicable license, permit or the like), or such Member withdraws its suitability application or voluntarily surrenders its applicable license or permit,
then such Member (&#147;<B>Non-Suitable&nbsp;Member</B>&#148;)&nbsp;shall no longer have any voting rights in the Company. Upon such determination, revocation, suspension, cancelation withdrawal or surrender, the Non-Suitable Member shall have 120
days to enter into definitive documentation to sell its Membership Units to a third party, subject to Article VI, and a reasonable time thereafter to close on such sale (not to exceed 180 days). If the Non-Suitable Member fails to enter into such
definitive documentation and to close such sale within such time periods, it will be deemed to offer its Membership Units in the Company for sale to the other Member (the &#147;<B>Suitable Member</B>&#148;) at&nbsp;a&nbsp;price as hereinafter set
forth.&nbsp;Such offer shall be and remain open for a period of 60 days (or such shorter time period as may be required by an Authority) from the date it is deemed to have offered such sale to the Suitable Member. During such period, the
Non-Suitable Member and the Suitable Member shall attempt to reach agreement on the value of the Membership Units of the Non-Suitable Member. If the parties reach an agreement as to the value of the Non-Suitable Member&#146;s Membership Units, the
Suitable Member shall have 60 days to decide whether to accept or reject the Non-Suitable Member&#146;s offer to see its Membership Units to the Suitable Member. If the parties are not able to reach agreement, then the Non-Suitable Member shall
appoint an appraiser, the Suitable Member shall appoint a second appraiser and the two appraisers shall appoint a third independent appraiser. The independent appraiser shall then determine the value of the Non-Suitable Member&#146;s Membership
Units. The purchase price shall be equal to 90% of the value determined by the independent appraiser. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.1.3.
The Membership Units of the Non-Suitable Member shall be transferred to the Suitable Member and the Suitable Member shall pay the purchase price in immediately available funds to the Non-Suitable Member on or before the date which is one hundred
eighty (180)&nbsp;days (or such shorter time period that may be required by an Authority) after the final determination of the Authority (the &#147;<B>Closing</B>&#148;). At Closing, the Non-Suitable Member shall execute such assignments and other
documents to fully vest the Suitable Member with all of the Membership Units of the Non-Suitable Member in the Company. Further, at Closing, the Company shall repay any Member Loans and Priority Loans made by the Non-Suitable Member to the Company
and the Non-Suitable Member shall repay the Company any loans made to it by the Company. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.1.4.
Notwithstanding the foregoing, in lieu of being bought out of the Company,&nbsp;a&nbsp;Non-Suitable Member can remain&nbsp;as a Member in the Company and&nbsp;stay in compliance if it satisfies the&nbsp;Authority&nbsp;within the time frame provided
by the Authority that it has taken such action to become suitable (i.e. by removing any principal, officer, director, member, or other person who does not satisfy the suitability standards of </FONT></P>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">35 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
the gaming authorities). The Members hereby agree to take any such reasonable action required by the Authority to become and remain suitable. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.2 <U>Regulatory Issues</U>. In the event that a Member&#146;s (the &#147;<B>Regulatory Affected Member</B>&#148;) board of directors,
after due diligence investigation (including speaking with the applicable gaming authorities), reasonably and in good faith determines that its association with the other Member jeopardizes any license, permit or suitability finding it currently has
or for which the Regulatory Affected Member has applied, then the Regulatory Affected Member shall, upon written notice to the remaining Member, be entitled to sell its Membership Interest to a third party of its choosing, provided that the transfer
complies with Article VI (except Section&nbsp;6.1.1.6, for which the consent will be deemed to have been granted pursuant to this Section). </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLE XII </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>DISPUTES / BUY-SELL </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.1 <U>Buy / Sell &#150; Disputes</U>. Provided that Addy funded its entire Additional Capital Contribution, then: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.1.1 In the event of any good faith dispute with respect to a Major Action where the Members, despite the exercise of
good faith efforts by such parties, fail to reach agreement upon the approval or disapproval of such Major Action (a &#147;<B>Buy/Sell Trigger Event</B>&#148;), then either Member may deliver a non-binding written notice to the other Member (a
&#147;<B>Buy/Sell Intent Notice</B>&#148;) indicating that it desires to institute the buy/sell procedure set forth in this Section&nbsp;13.1. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">13.1.2 If a Buy/Sell Trigger Event occurs and for any reason in their sole and absolute discretion the Members fail to reach a binding resolution of the differences which led to the receipt of such
Buy/Sell Intent Notice within sixty (60)&nbsp;days after the delivery of such Buy/Sell Intent Notice, unless extended by mutual agreement in each party&#146;s sole and absolute discretion as to the process of the negotiations (the
&#147;<B>Resolution Period</B>&#148;), then the Member that delivered the Buy/Sell Intent Notice may institute the buy/sell procedure set forth in Section&nbsp;13.1.3 below. If the Member that delivered the Buy/Sell Intent Notice does not institute
the buy/sell procedure within ten (10)&nbsp;days after the Resolution Period expires, then such Buy/Sell Intent Notice shall be void and have no further force and effect, but any Member shall be entitled to send a new Buy/Sell Intent Notice in
accordance with the procedures of this Section&nbsp;13.1. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.1.3 If either Member shall institute the
buy/sell procedure, then: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.1.3.1 The Member (or Members) instituting the procedures is (are), for purposes
of this section, hereinafter called &#147;<B>Offeror Member</B>&#148; and the other Member (or Members) is (are), for purposes of this section, hereinafter called &#147;<B>Offeree Member</B>.&#148; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.1.3.2 The Offeror Member shall deliver to the Offeree Member an offer (&#147;<B>Buy/Sell Offer</B>&#148;) in writing,
stating the purchase price and all other material terms and conditions under which the Offeror Member is willing to purchase the interest in the Company of the Offeree Member. Such </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">36 </FONT></P>



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price shall be stated in terms of the price attributable to 100% of the value of the Company. The Offeree Member then shall be obligated either: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) To purchase the interest of the Offeror Member in the Company at a price equal to the one hundred percent
(100%)&nbsp;value referred to above multiplied by the Offeror Member&#146;s Membership Units in the Company; or </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%; text-indent:13%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(b) To sell to the Offeror Member the interest of the Offeree Member in the Company at a price equal to the one hundred percent (100%)&nbsp;value referred to above multiplied by the Offeree Member&#146;s
Membership Units in the Company. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Offeree Member shall give written notice of such election to the Offeror
Member within thirty (30)&nbsp;days after receipt of the offer. Failure of the Offeree Member to give the Offeror Member notice that the Offeree Member has elected under subsection (i)(a) above shall be conclusively deemed to be an election under
(i)(b) above. Within fifteen (15)&nbsp;business days after determination of whom the purchasing party will be, the purchasing party shall deliver to the selling party a deposit in an amount equal to the lesser of (a)&nbsp;Five Million Dollars
($5,000,000), or (b)&nbsp;10% of Purchase Price, which shall be credited to the Purchase Price at closing (the &#147;<B>Buy/Sell Deposit</B>&#148;). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">If there shall be more than one purchaser, such purchasers shall purchase the Member Interests of the sellers in the proportion that their Member Interests bears to each other, unless agreed otherwise.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) The closing of a purchase pursuant hereto shall be held at a mutually acceptable place on a mutually
accepted date not more than ninety (90)&nbsp;days after receipt of the written notice of the Offeree Member&#146;s election above; <U>provided</U>, <U>however</U>, a purchasing party can extend such closing date for such time as is reasonably
necessary to obtain any required regulatory approvals (provided the selling party and purchasing Party are diligently pursuing the same). At such closing, the selling party shall assign to the purchasing party the Membership Units in the Company so
sold free and clear of all liens, claims, and encumbrances. The purchasing party shall pay one hundred percent (100%)&nbsp;of the purchase price (less the Buy/Sell Deposit) in cash or by a cashier&#146;s or certified check from a bank acceptable to
the selling party at the closing. At the closing, the purchasing party shall obtain the release of the selling party from all obligations of the Company which may have been personally guaranteed by the selling party or any of its members. If such
releases cannot be obtained, the purchasing party shall personally indemnify the selling party. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) If
either the Offeror Member or the Offeree Member elects, pursuant to Section&nbsp;13.1.3.1 hereof, to purchase the interest of the other in the Company but thereafter does not close the purchase of such interest pursuant hereto (or fails to put up
the Buy-Sell Deposit in the time frame required in (i)&nbsp;above), then such party shall be deemed to be in default and the other party in addition to his rights and remedies, may (i)&nbsp;continue the Company, (ii)&nbsp;purchase the interest in
the Company of the defaulting party at the purchase price determined by multiplying the defaulting party&#146;s percentage of </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">37 </FONT></P>



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Membership Units in the Company by the purchase price attributable to one hundred percent (100%)&nbsp;of the Company as set forth in the offer, or (iii)&nbsp;sell the assets or Interests of the
Company to a third party or parties with the defaulting Member waiving its right of first refusal otherwise granted herein. The purchase price shall be paid as provided in Subsection (ii)&nbsp;above. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.1.4 At the closing: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:17%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">13.1.4.1 Selling Party shall deliver to Purchasing Party, or any affiliate thereof, an assignment of the interest to be sold pursuant to the provisions hereof (or deeds or other instruments if
applicable), which assignments, deeds or other instruments shall (i)&nbsp;be sufficient to transfer the same, (ii)&nbsp;contain the warranty of Selling Party that Selling Party has (and Purchasing Party shall acquire thereunder) good title to such
interest, free and clear of all liens, encumbrances, claims, rights and options of any kind or character whatsoever (but in each case subject to applicable provisions of this Agreement and encumbrances then currently or thereafter encumbering the
Project), and (iii)&nbsp;not contain any other representations or warranties on the part of the Selling Party; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.1.4.2 Purchasing Party shall deliver to Selling Party by wire transfer of immediately available federal funds the
Final Buy/Sell Purchase Price, determined as set forth above, as adjusted by the prorations and credits set forth below; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:17%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">13.1.4.3 Payment of any transfer, gains or similar taxes arising out of the transfer of to Purchasing Party shall be in accordance with local practice and each party shall pay its own legal costs and
expenses; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.1.4.4 the Company shall repay any Member Loans and Priority Loans made by the Selling Party
or Selling Parties to the Company and the Selling Party or Selling Parties shall repay the Company any loans made to it by the Company. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Members acknowledge and agree that time is of the essence with respect to each time period stated in this Section&nbsp;13.1 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I></I></B>[<B><I>Signature Page to Follow] </I></B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">38 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>IN WITNESS WHEREOF</B>, the parties have executed, or caused this Agreement to be
executed, under seal, as of the date set forth hereinabove. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>MEMBERS</U>:</FONT></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">WITNESS/ATTEST:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>LAKES MARYLAND DEVELOPMENT, LLC </B>a Minnesota limited liability company</FONT></TD></TR>
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<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="text-indent:2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;Janice Saeugling</FONT></P></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;Damon Schramm</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name: Damon Schramm, its Secretary</FONT></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">WITNESS/ATTEST:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ADDY ENTERTAINMENT, LLC</B>, a Wyoming limited liability company </FONT></TD></TR>
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<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="text-indent:2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;Henry Jimenez</FONT></P></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;William Correa</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name: William Correa, its Manager</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">39 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EXHIBIT A </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLES OF ORGANIZATION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>OF </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EVITTS RESORT, LLC </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLES OF ORGANIZATION </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The undersigned, with the intention of creating
a Maryland Limited Liability Company files the following Articles of Organization: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The name of the Limited Liability Company is: EVITTS RESORT, LLC </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The purpose for which the Limited Liability Company is filed is as follows: Own property and assets associated with VLT operations and licensure in Maryland, maintain
VLT license and provide management and operations of property and assets and all other legal activities. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The address of the Limited Liability Company in Maryland is 2314 Annapolis Ridge Court, Annapolis, Maryland 21401 </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The resident agent of the Limited Liability Company in Maryland is Enrique M. Melendez Whose address is 2314 Annapolis Ridge Court, Annapolis, Maryland 21401
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5) /s/&nbsp;&nbsp;&nbsp;&nbsp;Enrique M. Melendez</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6) /s/&nbsp;&nbsp;&nbsp;&nbsp;Enrique M. Melendez</FONT></TD></TR>
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<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Signature(s) of Authorized Person(s)</FONT></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Resident Agent</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">I hereby consent to my designation in this document</FONT></P></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Filing party&#146;s return address:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7) Enrique M. Melendez</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">2314 Annapolis Ridge Court</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Annapolis, Maryland 21401</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>STATE OF MARYLAND </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">I hereby certify that this is a true and complete copy of the 21 page document on file in this office, DATE: 9-20-11 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>STATE DEPARTMENT OF ASSRSSMENTS AND TAKATION </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">By: /s/&nbsp;&nbsp;&nbsp;&nbsp;Kimberly V.
Johnson, custodian This stamp replaces our previous certification system, Effective: 6/95 </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">40 </FONT></P>



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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EXHIBIT B </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:0px;" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>L<SMALL>IST</SMALL> <SMALL>OF</SMALL> M<SMALL>EMBERS</SMALL>, C<SMALL>APITAL</SMALL>, <SMALL>AND</SMALL>
M<SMALL>EMBERSHIP</SMALL> U<SMALL>NITS<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT></SMALL><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="61%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Name and Address</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Current&nbsp;
Capital</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Contribution</B></FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Membership<BR>Units</B></FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Percentage&nbsp;
of<BR>Outstanding</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Membership<BR>Units</B></FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lakes Maryland Development, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,105,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">182,222</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">91.11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">130 Cheshire Lane</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Minnetonka, MN 55305</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Addy Entertainment LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">205,364</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17,778</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.99</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;margin-left:8%;border-bottom:0.5pt solid #000000; width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP>&nbsp;</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Members acknowledge that the Current Capital Contributions listed in this Exhibit B represent the amounts contributed as of September&nbsp;22,
2011. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">41 </FONT></P>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>d236704dex102.htm
<DESCRIPTION>DEVELOPMENT SERVICES AND MANAGEMENT AGREEMENT
<TEXT>
<HTML><HEAD>
<TITLE>Development Services and Management Agreement</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 10.2 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>DEVELOPMENT SERVICES AND MANAGEMENT AGREEMENT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:0px;"><FONT STYLE="font-family:Times New Roman" SIZE="2">THIS
DEVELOPMENT SERVICES AND MANAGEMENT AGREEMENT (this &#147;<B>Agreement</B>&#148;) is made and entered into this
22</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">nd</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> day of September, 2011 (&#147;<B>Effective
Date</B>&#148;) by and among a Evitts Resort, LLC, a Maryland limited liability company (the &#147;<B>Company</B>&#148;), and Lakes Maryland Casino Management, LLC, a Minnesota limited liability company (&#147;<B>Manager</B>&#148;). </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>RECITALS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A. The Company (acting either on its own or as a holding company) has or will have all legal right, title and interest to own and operate
the Casino Facilities, and will conduct gaming activities in accordance with all applicable Legal Requirements. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">B. Manager
has represented to the Company that it has the managerial and operational capacity and skill to assist in the development and construction of the Casino Facilities and to operate the Casino; and Manager agrees to provide the management expertise
necessary to the conducting of successful gaming operations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">C. The Company desires to retain the services of a management
company, with knowledge and experience in the gaming industry, to manage and operate its gaming operations at the Casino Facilities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">D. Manager is willing to provide such services, subject to the terms and conditions of this Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">NOW, THEREFORE, in consideration of the hereinafter mutual promises and covenants, and for other good and valuable consideration as set forth herein, the receipt and sufficiency of which are expressly
acknowledged, the Company, the Company and Manager agree as follows: </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLE 1 </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Definitions </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">1.1 <U>Definitions</U>. As used in this Agreement, the terms listed below shall have the meanings assigned to them: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Affiliate</B>&#148; means, with respect to any specified Person, any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common
control with the specified Person. For the purposes of this definition, &#147;control&#148; (including the terms controlling, controlled by, or under common control with) means the possession, direct or indirect, or the power to direct or cause the
direction of the management and policies of a person, whether through the ownership of voting securities, partnership or member interests, by contract or otherwise. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Annual Report</B>&#148; has the meaning ascribed thereto Section&nbsp;6.4(a). </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Applicable Rate</B>&#148; means a variable annual rate of interest equal to the
prime interest rate of Chase Manhattan Bank U.S.A., N.A. (or any successor bank) plus two percent (2%). The Applicable Rate shall change when and as the rate used to determine the Applicable Rate changes </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Approved Budget</B>&#148; has the meaning ascribed thereto in Section&nbsp;6.1(b). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Casino</B>&#148; means the gaming operation located within the Casino Facilities. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Casino Facilities</B>&#148; means, collectively, the Casino, hotel, golf course, restaurants, showrooms, retail space and other
ancillary facilities (both gaming and non-gaming) and all the parking areas, access drives, walkways, and similar improvements appurtenant to and serving such building and the foregoing, together with all Furnishings and Equipment and personal
property (whether tangible or intangible) and all other components of the physical plant under Company&#146;s ownership or control (including but not limited to mechanical, electrical, water and sewer systems, but not including components of public
utilities which may be located on the premises) used or to be used in connection with the foregoing located on part of the land described on attached Exhibit A, each whether now existing or hereafter constructed or acquired. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Company Loan</B>&#148; means any Emergency Loan or Working Capital Loan (as those terms are defined in the Limited Liability
Company Agreement for Evitts Resorts, LLC) made to the Company, which was subsequently loaned to the Casino for the development or operation of the Casino. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Control Agreements</B>&#148; shall mean all Loan Documents, any other development agreement with local governmental authorities, any ground leases, space leases, license agreements, licenses,
equipment leases, service contracts, maintenance agreements, construction contracts, utility contracts, insurance policies, any covenants, restrictions, easements and similar instruments affecting the Casino Facilities or any part thereof, and any
other material agreements with other third parties or governmental entities affecting the Casino Facilities or any part thereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Core Positions</B>&#148; means the General Manager and Chief Financial Officer. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Costs of Operations</B>&#148; means the total amount of all expenses and costs of any kind or nature of operating, maintaining and owning the Casino Facilities in accordance with GAAP, including
without limitation: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) the cost of all food and beverages sold by the Casino Facilities and of all operating supplies related
thereto; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) salaries, wages and other benefits of the Casino Facilities&#146; personnel, including costs of payroll taxes
and employee benefits; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) the cost of all other materials, supplies, goods and services in connection with the operation of
the Casino Facilities including, without limitation, utilities, trash removal, </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
office supplies, security and all other services performed by third parties, telephone and data processing equipment and other equipment; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv) the cost of repairs to and maintenance of the Casino Facilities that are not required to be capitalized pursuant to GAAP; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(v) insurance and bonding premiums with respect to the Casino Facilities; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(vi) all assessments, water/sewer charges, and other fees and charges payable by or assessed against the Company with respect to the
operation of the Casino Facilities; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(vii) legal, consulting, accounting and other fees for professionals for services related
to the operation of the Casino Facilities, including but not limited to the cost of annual audits required under Section&nbsp;6.4 below; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(viii) all expenses payable to the Video Lottery Location Commission and/or Maryland State Lottery Agency for oversight and regulation, and any and all other regulatory or oversight expenses payable by
the Company; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ix) all expenses for marketing the Casino Facilities, including all expenses of advertising, sales, and public
relations activities; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(x) all promotional allowances, including all items &#147;comped&#148; to customers of the Casino
Facilities and described in clause (xv)&nbsp;of the definition of &#147;Revenue Exclusions&#148;; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xi) all excise, sales,
gross receipts, admission, entertainment, tourist or use taxes, and device fees, real estate taxes, ad valorem taxes, personal property taxes, utility taxes and other taxes (as those terms are defined by GAAP), assessments for public improvements,
and municipal, county and state license and permit fees; and, </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xii) all rents payable pursuant to any ground lease for the
subject property. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cost of Operations shall not include federal, state, or local income tax payable by the Company or its
members and any costs incurred by Manager or its Affiliates that are not expressly reimbursable by the Company pursuant to the terms of this Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>&#147;County&#148;</B> means Allegany County, Maryland. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Designated
Court</B>&#148; means, collectively, (i)&nbsp;the United States District Court for the District of Maryland, (ii)&nbsp;for any dispute with respect to which such court lacks jurisdiction, any circuit or chancery court of competent jurisdiction
located within Allegany County, Maryland, and (iii)&nbsp;in either case, all courts to which an appeal therefrom may be available. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Development Services</B>&#148; has the meaning ascribed thereto in Section&nbsp;2.2. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&#147;EBITDA&#148; </B>means earnings before interest, taxes, depreciation and
amortization, which shall be computed prior to the calculation of the Incentive Fee to Manager of 5%. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Effective
Date</B>&#148; means the date referenced in the pre-amble of this Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Employment Laws</B>&#148; means,
collectively, any federal, state, local and foreign statutes, laws, ordinances, regulations, rules, permits, judgments, orders and decrees affecting labor union activities, civil rights or employment in the United States, including the Civil Rights
Act of 1870, 42 U.S.C. &#167;1981, the Civil Rights Acts of 1871, 42 U.S.C. &#167;1983 the Fair Labor Standards Act, 29 U.S.C. &#167;201, et seq., the Civil Rights Act of 1964, 42 U.S.C. &#167;2000e, et seq., as amended, the Age Discrimination in
Employment Act of 1967, 29 U.S.C. &#167;621, et seq., the Rehabilitation Act, 29 U.S.C. &#167;701, et seq., the Americans With Disabilities Act of 1990, 29 U.S.C. &#167;706, 42 U.S.C. &#167;12101, et seq., the Employee Retirement Income Security Act
of 1974, 29 U.S.C. &#167; 301, et seq., the Equal Pay Act, 29 U.S.C. &#167;201, et seq., the National Labor Relations Act, 29 U.S.C. &#167;151, et seq., and any regulations promulgated pursuant to such statutes, as amended from time to time, and
together with any similar laws now or hereafter enacted, including all rules, regulations and policies imposed by Maryland Gaming Law now or in the future concerning employment, such as qualifications and any required certifications, credentialing
or licensing of officers, directors, board members and employees. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Facility Loan</B>&#148; means the financing by the
Company, as borrower, for any costs of the development and construction of the Casino Facilities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Fiscal
Year</B>&#148; means the accounting year used for the operation of the Casino Facilities, which shall be consistent with the accounting year of the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Furnishings and Equipment</B>&#148; means all fixtures, furniture, and equipment required for the operation of the Casino Facilities in accordance with the standards set forth in this Agreement,
including, without limitation: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) cashier, money sorting and money counting equipment, surveillance and communication
equipment, and security equipment (including software); </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) slot machines, video games of chance, table games, keno equipment
and other gaming equipment (including software); </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) office furnishings and equipment; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv) furniture, fixtures and equipment necessary for the operation of any portion of the Casino Facilities for accessory purposes,
including equipment for hotel, golf course, event center, showrooms, kitchens, laundries, dry cleaning, cocktail lounges, restaurants, public rooms, commercial and parking spaces, and recreational facilities; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(v) all other signage, trade fixtures, furnishings and equipment now or hereafter located and installed in or about the Casino Facilities
which are used in the operation of the Casino Facilities in accordance with the Operating Standard. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">4 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>GAAP</B>&#148; means generally accepted accounting principles, as set forth in the
opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity
as have been approved by a significant segment of the accounting profession, consistently applied. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Gaming
Laws</B>&#148; means, collectively, the Maryland Gaming Law and any other gaming regulations applicable to the Casino. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Gaming License</B>&#148; means (i)&nbsp;with respect to Manager, collectively, all necessary governmental permits, approvals,
consents and licenses/certifications which Manager may be required to obtain and maintain under any Gaming Laws, as amended, from time to time, or under this Agreement in connection with the operation of the Casino, and (ii)&nbsp;with respect to the
Company, collectively, all other necessary governmental permits, approvals, consents and licenses/certifications which the Company may be required to obtain and maintain under any Gaming Laws, as amended, from time to time (subject to the terms of
this Agreement regarding Manager&#146;s responsibilities), in connection with the operation of the Casino. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Governmental Authority(ies)</B>&#148; means the United States, the State of Maryland, the County and any governmental court,
agency, department, commission, board, bureau or instrumentality of the foregoing and any quasi-governmental authority (including sewer district, storm water management district or tollway authority), but only to the extent it has legal jurisdiction
over gaming at the Casino Facilities, the operation of the Casino, or the obligations of the Company or the Manager under this Agreement or any other Control Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Legal Requirements</B>&#148; means any and all present and future judicial, administrative, and federal, state or local rulings or decisions, and any and all present and future federal, state or
local ordinances, rules, regulations, permits, licenses and certificates, in any way applicable to the Company, the Manager, or the Casino Facilities, including the Gaming Laws and Employment Laws. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Lender&#148;</B> means any third party who makes the Facility Loan or any other loan to the Company. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Loan Documents</B>&#148; shall mean any and all notes or other instruments of indebtedness with regard to the Casino Facilities
or the Company (including the Facility Loan, if any), and any mortgages, deeds of trust, loan agreements, credit agreements, security instruments, environmental indemnities or other loan documents executed in connection therewith. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Manager IP</B>&#148; has the meaning ascribed thereto in Section&nbsp;2.5(b). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Management Fees</B>&#148; has the meaning ascribed thereto in Section&nbsp;6.3(b). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Maryland Gaming Law</B>&#148; means Title 9, Subtitle 1A, Government Law Article, Annotated Code of Maryland and Title 12,
Criminal Law Article, Annotated Code of Maryland, and any amendments, modifications or additions to Maryland law concerning gaming activities. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">5 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Material Breach</B>&#148; has the meaning ascribed thereto in Section&nbsp;7.1(c)
and Section&nbsp;7.1(d). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Opening Date</B>&#148; means the first day that all or any part of the Casino Facilities is
open to the public. Manager and the Company agree that the project schedule shall include the anticipated Opening Date and that, upon the written request of the Company, the Company and the Manager shall execute and deliver written confirmation of
the actual Opening Date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Operating Standard</B>&#148; has the meaning ascribed thereto in Section&nbsp;3.1(d).
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Person</B>&#148; means any person or entity, whether an individual, trustee, corporation, general partnership,
limited partnership, limited liability company, limited liability partnership, joint stock company, trust, estate, unincorporated organization, business association, instrumentality, firm, joint venture, Governmental Authority, or otherwise.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Player Lists</B>&#148; means and includes any documents or records (and any copies thereof), electronic or
otherwise, including any player lists developed as part of a player&#146;s club, similar promotional or incentive program, tracking system or otherwise and any documents or records maintained solely for security purposes, created by or upon the
request of Manager, any Affiliate of Manager, the Company, or any Affiliate of the Company containing any information whatsoever concerning the players, customers, visitors or other individuals participating in the gaming operations or other
operations of the Casino, together with the information contained therein or otherwise known or developed by Manager or the Company (or any of their respective Affiliates and any of their respective Employees) in connection with the Casino, which
documents and records and information, shall be and remain, at all times, the sole property of the Company. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Pre-Opening Period</B>&#148; means the time period prior to the Opening Date. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Project Budget</B>&#148; means the budget for the construction and development of the Casino Facilities. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&#147;Project Employee Policies</B>&#148; has the meaning ascribed thereto in Section&nbsp;4.2. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Proposed Budget</B>&#148; has the meaning ascribed thereto in Section&nbsp;6.1(b). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Revenue Exclusions</B>&#148; means, collectively, any and all (i)&nbsp;gratuities to employees of the Casino Facilities paid
directly by the player or included as a service charge; (ii)&nbsp;amounts paid to or revenues generated by third parties in connection with catering inside or outside the Casino Facilities (including rental of equipment or other personal property);
(iii)&nbsp;sales taxes, excise taxes, gross receipts taxes, admission taxes, entertainment taxes, tourist taxes, use taxes or similar impositions collected directly from players, customers, tenants, licensees or concessionaires or included as part
of the sales price of any goods or services and remitted to the appropriate taxing authorities in the amount collected; (iv)&nbsp;accounts receivable written off as uncollectible, except to the extent amounts are subsequently collected or are
recovered by the sale of such accounts or otherwise; (v)&nbsp;proceeds of insurance (other than (A)&nbsp;business interruption insurance proceeds received by the Company after deducting therefrom all expenses
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">6 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
incurred in the adjustment or collection thereof and (B)&nbsp;any insurance proceeds received by the Company to reimburse it for any Costs of Operations actually incurred); (vi)&nbsp;proceeds of
awards received in condemnation (other than compensation received by the Company for loss of business to the extent attributable to the period in question after deducting therefrom all expenses incurred in obtaining such compensation);
(vii)&nbsp;proceeds of the sale or disposition of the Casino Facilities or any portion thereof or any capital assets or of the refinancing of the Casino Facilities or any portion thereof; (viii)&nbsp;amounts reimbursed by the Company to Manager or
otherwise advanced and deposited into a general operating account or other bank accounts used for the operation of the Casino Facilities; (ix)&nbsp;interest earned on any amounts deposited into any such bank accounts; any security deposits or
similar deposits (except as applied or forfeited); (x)&nbsp;credits or refunds to players, customers, tenants, licensees or concessionaires; (xi)&nbsp;any discounts to players for goods or services provided; (xii)&nbsp;any gain or loss on the
extinguishment of debt or any gain or loss on the sale of an asset not in the ordinary course of business or other extraordinary items; (xiii)&nbsp;all revenues and expenses that would be classified as non-operating for purposes of GAAP;
(xiv)&nbsp;revenues of tenants, licensees and concessionaires from their respective business operations at the Casino Facilities (other than any portion thereof received by the Company in the form of rents and fees pursuant to their respective
leases, licenses and concession agreements); (xv)&nbsp;complimentary services, items, goods, promotions, credits or discounts provided to any player, any permitted or awarded &#147;free play&#148; and credits, coupons and vouchers issued for
redemption by a player for use at the Casino; and (xvi)&nbsp;amounts paid by unrelated third-party tenants of the Casino Facility. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>State</B>&#148; means the State of Maryland. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Surviving
Obligations</B>&#148; means, collectively, (i)&nbsp;the obligation of Manager to pay to the Company any amounts under this Agreement which accrued prior to the date of the expiration or earlier termination of this Agreement, (ii)&nbsp;the obligation
of the Company to pay to Manager any amounts under this Agreement (including any Management Fees) which accrued prior to the date of the expiration or earlier termination of this Agreement, and (iii)&nbsp;any other obligations set forth herein that
expressly survive the expiration or earlier termination of this Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Terminating Party</B>&#148; has the
meaning ascribed thereto Section&nbsp;7.1(a). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Termination Report</B>&#148; has the meaning ascribed thereto
Section&nbsp;6.4(b). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Total Revenues</B>&#148; means all revenues (excluding the Revenue Exclusions and any non-cash
items) received by the Company from the operation of the Casino Facilities in accordance with GAAP. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Working
Capital&#148; means cash and receivables. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.2 <U>Other Interpretive Provisions</U>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">7 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) The words &#147;include,&#148; &#147;includes&#148; and &#147;including&#148; shall be
deemed to be followed by the phrase &#147;without limitation.&#148; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) Unless the context requires otherwise, (i)&nbsp;any
definition of or reference to any agreement, instrument or other document shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified, subject to applicable Legal
Requirements, if any, (ii)&nbsp;any reference herein to any Person shall be construed to include such Person&#146;s successors, personal representatives, heirs and permitted assigns, (iii)&nbsp;the words &#147;herein,&#148; &#147;hereof&#148; and
&#147;hereunder,&#148; and words of similar import when used in this Agreement (including in the Exhibits hereto), shall be construed to refer this Agreement in its entirety and not to any particular provision thereof, (iv)&nbsp;all references in
this Agreement to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement in which such references appear, and (v)&nbsp;any reference to any law shall include
all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented
from time to time. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) All recitals above and all Exhibits referenced herein are incorporated herein by this reference.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) No provisions of this Agreement shall be construed against or interpreted to the disadvantage of any party hereto by any
court or other governmental or judicial authority by reason of such party having or being deemed to have structured or drafted such provision. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLE 2 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Casino Site Selection; Construction </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.1 <U>Casino Site Selection</U>. The Casino Facilities shall be constructed on the land described in <B>Exhibit A</B>. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.2 <U>Development Services</U>. Manager and the Company agree that Manager shall provide certain development services as set forth in
the terms and conditions of <B>Exhibit B</B> attached hereto (&#147;<B>Development Services</B>&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3 Furnishings and
Equipment. Manager shall consult with and advise the Company with respect to the procurement and purchase of Furnishings and Equipment required to operate the Casino Facilities in conformity with the Operating Standard and the terms and conditions
of this Agreement, subject to compliance with the Project Budget. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.4 Advances for Costs of Construction. Nothing herein
contained shall obligate Manager to arrange for a Lender to advance any costs of the construction of the Casino Facilities, or make advances directly to the Company. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">8 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.5 <U>Title to Facility; Other Assets</U>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Except as prohibited by Maryland Gaming Laws, the Furnishings and Equipment, and all related improvements and assets shall be the sole
and exclusive property of the Company. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) During the term of this Agreement, the Casino Facilities shall at all times be
known as, operated, and promoted under a name selected by the Company. The Company shall control the use of the Casino Facilities name and any use of the Casino Facilities name shall inure to the benefit of the Company. In addition, the Company
shall control and have all right, title, and interest in the Casino Facilities name and in any other names, concepts or other forms of intellectual property (including but not limited to game and systems licenses and software, Player Lists and
related information, internal casino controls, developed game concepts, systems or other gaming or administrative improvement rights) to be used, or actually used, or associated with the Casino Facilities, or any part thereof and any use shall inure
to the benefit of the Company. The Company shall have the unlimited right to exploit these names, concepts and other forms of intellectual property, now or hereafter, solely in connection with the Casino Facilities. Manager hereby releases any
rights, including trademark and copyright, in and to all of the names, concepts and other forms of intellectual property to be (or which may be developed to be) used, actually used, or associated with the Casino Facilities. Notwithstanding anything
herein to the contrary, Manager shall retain all right, title and interest in any intellectual property used in connection with the Casino Facilities and developed by Manager (a)&nbsp;prior to the Effective Date, or (b)&nbsp;for use in its ordinary
and customary business operations and not specifically for use in connection with the Casino Facilities (the &#147;<B>Manager IP</B>&#148;). Manager hereby grants to Company a perpetual, nonexclusive, royalty-free license to use the Manager IP
(including any employee manuals, employee training systems and materials) in connection with the Casino Facilities. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)
Manager shall do and execute all and such further lawful and reasonable acts, conveyances and assurances for the better and more effective carrying out of the intents and purposes of this Section&nbsp;2.5, as the Company shall reasonably require
from time to time </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLE 3 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Authority and Duty of Manager </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.1 <U>Appointment and Operating
Standard</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Manager shall be deemed to be an independent contractor to the Company for all purposes under this agreement
including but not limited to providing the Development Services, and Manager shall not be the agent of the Company and shall not have authority to act on behalf of the Company except and only to the extent specifically so provided for in this
Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Subject to Section&nbsp;3.1(a) above, the Company hereby appoints the Manager as agent for and on account of
the Company during the term of this Agreement for purposes of providing the services and fulfilling the obligations required of Manager under this Agreement, subject to the terms and conditions hereof. Manager accepts such appointment as
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">9 </FONT></P>


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the manager of the Casino Facilities for the term of this Agreement on and subject to the terms and conditions set forth herein and agrees to manage the Casino Facilities, providing such services
as are set forth herein and such additional services as may be customarily provided by operators of other gaming facilities of similar size and scope. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(c) In connection with such appointment, the Manager is hereby granted the necessary power and authority to act in order to fulfill all of its responsibilities under this Agreement, subject to the terms
of this Agreement and subject to obtaining the Company&#146;s approval as and when required under the terms and conditions of this Agreement. Without limiting the generality of the foregoing, subject in each case to obtaining the Company&#146;s
approval, the Manager shall have, and the Company does hereby grant to the Manager, the power and authority, as agent for the Company, to exercise the rights of the Company under and to execute, amend or otherwise modify any contracts associated
with the operation of the Casino Facilities, including, without limitation, purchase orders, equipment and retail leases, and contracts for utilities, maintenance and repair services, and other services relating to the operation of the Casino
Facilities. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) Manager agrees to provide the Development Services and to manage the Casino Facilities in accordance with the
&#147;<B>Operating Standard</B>&#148;, which is defined as follows: (i)(A) in a commercially reasonable, prudent, diligent and professional and workmanlike manner and (B)&nbsp;at least at a level of service, operation and quality generally
associated with Casino Facilities similar in size and scope and geographical location to the Casino Facilities, (ii)&nbsp;in accordance with the terms and conditions of this Agreement and in conformity in all material respects with the then current
Approved Budget, (iii)&nbsp;in accordance with the requirements of any carrier having insurance on the Casino Facilities or any part thereof, (iv)&nbsp;in compliance with all Legal Requirements, including all reporting, security, systems and other
requirements imposed by the Maryland State Lottery Agency, or any other governmental agency with jurisdiction over the Casino Facilities, and (v)&nbsp;in a manner reasonably expected to protect and preserve the assets that comprise the Casino
Facilities. In its capacity, Manager shall deal at arm&#146;s length with all third parties and its Affiliates and the Affiliates of the Company. Manager may not enter into agreements with Affiliates of Manager without the prior written consent of
the Company (and, in such event, Manager shall have advised the Company of the contracting party&#146;s status as an Affiliate of Manager). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">3.2 <U>Limitations on Power and Authority</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) The exercise by the Manager of
its power and authority granted pursuant to Section&nbsp;3.1(b) as the Company&#146;s agent shall be limited as provided in this Section&nbsp;3.2 and in the budget provisions of Article 6. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Notwithstanding its appointment as the Company&#146;s agent pursuant to Section&nbsp;3.1(b): </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) The Manager shall have no power or authority to act for or represent the Company except as specified in this Agreement. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">10 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) The Manager shall have no power or authority to exercise the rights of the Company
under or to execute, amend or otherwise modify this Agreement on behalf of the Company, and the Company shall retain the sole and exclusive such power and authority with respect to this Agreement. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) Except as stated herein, the Manager shall have no power or authority, without the prior written approval of the Company in each
instance unless the specific transaction is described in the Approved Budget approved in writing by the Company, to (A)&nbsp;incur costs which are in excess of the expenditures to be agreed upon in the Approved Budget, (B)&nbsp;sell, encumber or
otherwise dispose of any Furnishings and Equipment or other personal property located in the Casino Facilities, except for inventory sold in the regular course of business and other items which must be replaced due to age, obsolescence, or wear and
tear, subject to the Approved Budget, or (C)&nbsp;subject to the Approved Budget, purchase any Furnishings and Equipment or other personal property or services from the Manager or any Affiliate of the Manager, if such purchase is to be included as a
Cost of Operations, unless such arrangement is specifically approved in writing by the Company. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) Except as specifically
authorized in this Article 3, the Manager shall not hold itself out to any third party as the agent or representative of the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">3.3 <U>Overall Responsibilities</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) The Manager&#146;s responsibilities
shall include, among other things, management of the Casino Facilities, provided that all such responsibilities shall be carried out in accordance with the Operating Standard. The Manager shall oversee all business and affairs in connection with the
day-to-day operation, management and maintenance of the Casino Facilities, including the establishment of operating days and hours, it being understood that the Company and the Manager intend that the Casino Facilities will be open 24 hours daily,
seven days a week, in accordance with the Operating Standard. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Without limiting the generality of the foregoing, the
Manager&#146;s responsibilities and duties under this Agreement shall include the following: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) The Manager shall use
reasonable measures for the orderly physical administration, management, and operation of the Casino Facilities; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) The
Manager shall comply with all applicable provisions of the Internal Revenue Code, including the prompt filing of any cash transaction reports and W-2G reports that may be required by the Internal Revenue Service of the United States; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.4 <U>Compliance with Laws</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) In managing the Casino Facilities, the Manager shall comply with all Legal Requirements. The Company agrees to cooperate with the Manager and aid the Manager in ensuring compliance with all such Legal
Requirements. Subject to the Approved Budget or subject to the approval of the Company as to an unbudgeted expenditure, Manager shall </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">11 </FONT></P>



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promptly remedy any violation of any such laws, rules, regulations, ordinances, compacts or other agreements which comes to its attention and shall give written notice to the Company in the event
that Manager or any Affiliate of Manager receives any notice issued by the applicable governmental authorities pursuant to the Gaming Laws which threatens suspension or revocation of the Company&#146;s license or may be reasonably interpreted to
prevent Manager from fulfilling its duties under this Agreement. Manager shall also promptly give written notice to the Company in the event that Manager or any Affiliate of Manager receives any notice (written or oral) from any governmental
authority relating to any of the other gaming facilities Manager manages with regard to compliance (or lack thereof) with any laws, regulations, orders, compacts, permits, licenses, rules or contracts or agreements regulating, authorizing or
otherwise applicable to gaming operations (including the ability to conduct such operations). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) The Company agrees to
cooperate with the Manager and the Manager agrees to take all appropriate steps and execute all appropriate applications and documents to obtain all licenses, approvals and permits required in connection with the Casino Facilities, including all
necessary approvals of Governmental Authorities of this Agreement and all liquor licenses for the contemplated beverage operations at the Casino Facilities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">3.5 <U>Security</U>. The Manager shall provide for appropriate security for the operation of the Casino Facilities in accordance with the Approved Budget. Upon agreement of the Company and the Manager,
any security officer may be bonded and insured in an amount commensurate with his or her enforcement duties and obligations. The cost of any charge for security and increased public safety services will constitute a Cost of Operations. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.6 <U>Accounting, Financial Records, and Audits</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) The Manager shall maintain full and accurate records and books of account for operations of gaming activities and related ancillary operations managed by the Manager and shall be made available for
immediate inspection and verification at all times. In addition, Manager shall not, at any time, prevent or hinder the Company&#146;s access to all gaming machines and related systems and system-produced gaming machine financial reports for any
applicable period (Manager shall, in addition, provide such reports promptly upon request of the Company). The books and records and all other records relating to or reflecting the operation of the Casino Facilities shall at all times be the
property of the Company. Upon any termination of this Agreement, all of such books and records forthwith shall be turned over to the Company so as to insure the orderly continuance of the operation of the Casino Facilities. The Company shall be
responsible for filing with the IRS all required year-end income tax returns, and Manager shall cooperate with and provide information requested by the Company&#146;s accountants in regard to the preparation by such accountants and filing by the
Company of such tax returns and any other income or other tax returns required by any governmental authority. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) During the
Pre-Opening Period, the Manager shall establish (subject to the Company&#146;s approval) and maintain satisfactory accounting systems and procedures that shall, at a minimum: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(i) include an adequate system of internal accounting controls; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">12 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) permit the preparation of financial statements in accordance with GAAP; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) be susceptible to audit; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(iv) permit the calculation of the Management Fees; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(v) provide for the
allocation of operating expenses or overhead expenses among the Company, the Manager and any other user of shared facilities or services. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The system of internal accounting controls will require the maintenance of records that, in reasonable detail: (w)&nbsp;accurately and fairly reflect the transactions and dispositions of the assets of the
Casino Facilities; (x)&nbsp;provide reasonable assurance that gaming transactions are recorded as necessary to permit preparation of Casino Facilities financial statements in accordance with GAAP, and receipts and expenditures of the Casino
Facilities are being made only in accordance with authorizations of Casino Facilities management; (y)&nbsp;provide reasonable assurance regarding prevention or untimely detection of unauthorized acquisition, use or disposition of the Casino
Facilities&#146; assets that could have a material effect on the Casino Facilities&#146; financial statements; and (z)&nbsp;provide reasonable assurance of continued compliance with the terms and conditions of all Control Agreements. Supporting
records and the agreed upon accounting system shall be sufficiently detailed to permit the calculation and payment of the Management Fees and to permit the performance of any fee or contribution computations required under applicable laws or
regulations. Manager shall promptly caused to be corrected any weaknesses in internal controls or errors in recordkeeping upon discovery. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(c) Total Revenues and other income and revenue of every kind resulting from the operation of the Casino Facilities will be calculated by the Manager for purposes of distribution daily and distribution
monthly, as the case may be, in accordance with Section&nbsp;6.3 and copies of such calculations shall be promptly supplied to the Company as required by Section&nbsp;6.2. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(d) All records shall be maintained so as to permit the preparation of financial statements in accordance with GAAP. The Manager shall furnish to the Company monthly financial reports in accordance with
Section&nbsp;6.2. Such reports shall provide reasonable detail as requested by the Company with respect to revenues and expenses of each profit center of the Casino Facilities. The Manager shall make, or cause to be made, any reports or
presentations to the Company as are requested, including any reports as may be required by the Lender or any Governmental Authorities. In connection therewith, Manager shall provide, or cause to be provided, to the Company, upon request, copies of
(i)&nbsp;bank statements, bank deposit slips and bank reconciliations, (ii)&nbsp;detailed cash receipts and disbursement records, (iii)&nbsp;detailed trial balance (if available), (iv)&nbsp;paid invoices, (v)&nbsp;summaries of adjusting journal
entries, (vi)&nbsp;supporting documentation for payroll, payroll taxes and employee benefits, and (vii)&nbsp;all other financial reports and/or information reasonably requested by the Company. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">13 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.7. <U>Cash Monitoring</U>. The Manager will promulgate (subject to the Company&#146;s
approval), and all parties and their respective employees, agents, and representatives will obey, operational policies with respect to the handling of cash, security systems, and access to cash cage, counting rooms, and other places where cash is
kept and handled. For purposes of this Agreement, cash shall include tokens, coupons, chips and other items which can be converted to cash by customers. Manager shall not, at any time, prevent or hinder authorized personnel of the Company in
monitoring and investigating systems for cash management implemented by the Manager and to verify daily revenues and all other revenues and income of any kind and nature of the Casino Facilities. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.8 <U>Bank Accounts, Reserve Funds and Permitted Investments</U>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Subject to the terms of the Control Agreements, the Company shall create an account or accounts at a commercial bank that is organized
under the laws of the United States of America or any state thereof, and is a member of the Federal Deposit Insurance Corporation. Manager shall deposit, or cause to be deposited, daily all revenues into such accounts. The Manager, with the approval
of the Company, shall also establish other segregated bank accounts for use in connection with the operation of the Casino Facilities (collectively, the &#147;<B>Project Accounts</B>&#148;), each of which must indicate the custodial nature of the
accounts. The Company shall have the right to control such accounts and to authorize deposits and withdrawals of any size, with regard thereto. The signatures of authorized representatives of the Manager shall be the only signatures required to make
withdrawals (by check or otherwise) from such accounts for single withdrawals of less than $500,000.00, provided that the monies withdrawn by the Manager are to be used only in accordance with the Approved Budget and only for the purposes set forth
herein. If the amount of any single withdrawal exceeds $500,000 (excluding amounts to be applied to payouts and prizes, transfers to any designated payroll accounts, taxes, cash for day-to-day operational purposes, or Management Fees), then the
signature of the Company&#146;s designated representative will also be required. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Unless instructed otherwise by the
Company, Manager agrees that it shall make, or cause to be made, timely transfers from the account or accounts established pursuant to Section&nbsp;3.8(a) of all funds needed to pay Costs of Operations and disbursements required pursuant to
Section&nbsp;6.3. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.9 <U>Enforcement of Rights.</U> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) The Manager shall be responsible for the handling of the defense, prosecution or settlement of civil disputes with third parties relating to gaming and other management activities conducted or
contracts executed by the Manager, as agent for the Company, including the selection of outside counsel, if necessary. All uninsured liabilities incurred or expenses incurred by the Company and the Manager or any of the employees, officers or
directors of any party in defending such claims by third parties or prosecuting claims against third parties shall be considered either Costs of Gaming Operations or Costs of Ancillary Operations, depending upon the circumstances and nature of the
claim. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">14 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) All claims brought against the Company or the Manager or any of the employees, officers
or directors of any party arising out of or relating to gaming or other ancillary operations conducted pursuant to this Agreement that may be settled and released for a total settlement amount of less than $200,000 may be paid and settled by the
Manager on behalf of the Company or the Manager in accordance with the Manager&#146;s good faith business judgment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.10
<U>Fire and Safety Services</U>. The Manager shall be responsible for obtaining adequate coverage for fire and safety services and may, in its discretion, have such services provided on a contractual basis by the local fire and police departments,
provided the costs of such services are in accordance with the Approved Budget. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.11 <U>Timely Payment of Costs of
Operations</U>. The Manager shall be responsible for paying, or causing to be paid, Costs of Operations on behalf of the Company from the general operating account or the Project Accounts, pursuant to procedures approved by Manager, so as to avoid
any late-payment penalties (except those incurred as a result of good faith payment disputes) to the extent funds of the Casino Facilities are available in accordance with the Approved Budget; provided, however, that payment of all such Costs of
Operations shall be solely the legal responsibility of the Company, subject to the terms and conditions of this Agreement. Manager agrees that in the event Costs of Operations are in excess of funds of the Casino Facilities, it shall promptly notify
Company of such deficiency. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.12 <U>Acquisition of Gaming and Other Equipment</U>. Subject to the provisions of
Section&nbsp;2.3 and 3.21 hereof, all acquisitions of Furnishings and Equipment for the Casino Facilities shall be purchased by the Manager as agent for the Company in accordance with the Approved Budget, on behalf of the Casino Facilities on a cash
on delivery basis, unless otherwise directed by the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.13 <U>Hours of Operation</U>. The Manager shall be responsible
for the establishment of operating days and hours. It is intended that the Casino Facilities shall be operated seven days per week and twenty-four hours per day, subject to any restrictions in the Legal Requirements. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.14 <U>Access to Operations</U>. Manager shall not take any action to block or hinder immediate access by the Company&#146;s designated
representative to (i)&nbsp;the Casino Facilities, including gaming machine and table software, for inspection and generation of reports on payouts and operations, (ii)&nbsp;reports of all gaming machine and gaming table software&#146;s compliance
with the Gaming Laws, and (iii)&nbsp;all books and records relating to the Casino Facilities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.15 <U>Increased Public Safety
Services</U>. Increased actual costs of law enforcement and police protection services required as a result of gaming activities in the Casino shall be paid as Costs of Operations in accordance with the Approved Budget. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.16 <U>Advertising</U>. The Manager shall oversee the contracting for and placing of advertising in accordance with the Approved Budget.
Advertising costs will be included in the operating budgets prepared in accordance with Article 6. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.17 <U>Certain Meetings</U>. To facilitate oversight of the activities conducted pursuant
to this Agreement and to maintain communication generally between the individuals who will be involved in supervising those activities, the Company or its designated representative and the Manager&#146;s principal individuals will meet at least
quarterly (or more often if requested by the Company) to review operations of the Casino Facilities and any current issues pertaining thereto. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">3.18 <U>Maintenance</U>. The Manager will cause the Casino Facilities to be repaired and maintained and operated in a clean, good and orderly condition, including interior and exterior cleaning, painting
and decorating, plumbing, carpentry, grounds and landscaping maintenance, snow and ice removal and such other maintenance and repair work as may be desirable. Repairs and maintenance will be paid in accordance with the Approved Budget as Costs of
Operations. Notwithstanding anything to the contrary contained in this Section, Manager shall not perform the foregoing services with respect to any repairs or improvements to the Casino Facilities, unless (a)&nbsp;the expenditure thereunder is
provided for in the Approved Budget, or (b)&nbsp;such repair or improvement is otherwise agreed to in writing by the Company. In addition, notwithstanding the Approved Budget, the Company may, from time to time, make such alterations, additions or
improvements (including structural changes) to the Casino Facilities and cause Furnishings and Equipment to be changed, upgraded, replaced or added, as the Company deems to be desirable and all as Costs of the Operations, and Manager shall cooperate
with the Company in such regard. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.19 <U>Term</U>. This Agreement shall become effective on the Effective Date and will
remain effective until terminated under Article 7 herein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.20 <U>Representatives</U>. To the extent any authorization,
consent or other approval of the Company is required under this Agreement and the Company shall have provided to the Manager a resolution naming any individual or individuals authorized to represent the Company for purposes of any such
authorization, consent or other approval, the Manager, absent actual knowledge that such individual or individuals are not so authorized, shall be entitled to rely on all decisions, authorizations, consents, and approvals provided by such individual
or individuals so named until such time as the Company shall deliver to the Manager an additional resolution revoking or otherwise modifying such authority. To the extent any authorization, consent or other approval of Manager is required under this
Agreement and Manager shall have provided to the Company a resolution naming any individual or individuals authorized to represent Manager for purposes of any such authorization, consent or other approval, the Company, absent actual knowledge that
such individual or individuals are not so authorized, shall be entitled to rely on all decisions, authorizations, consents, and approvals provided by such individual or individuals so named until such time as Manager shall deliver to the Company an
additional resolution revoking or otherwise modifying such authority. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.21 <U>Service Contracts; Purchase Orders</U>. Manager
shall assist, consult and advise the Company in the negotiation of service contracts and leases for Furnishings and Equipment reasonably necessary or desirable in connection with the operation of the Casino Facilities in the usual course of
business, pursuant to the Approved Budget. Manager shall assist, consult and advise the Company with respect to the purchase of all Furnishings and Equipment which in the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">16 </FONT></P>



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normal course of business are necessary and proper to maintain the Casino Facilities in accordance with the Operating Standard. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.22 <U>Taxes; Mortgages</U>. Manager shall, if and when requested by the Company to do so, (i)&nbsp;obtain and verify bills for real
estate and personal property taxes, improvement assessments and other like charges which are or may become liens against the Casino Facilities, and direct payment of such items in accordance with the Approved Budget in time to avoid penalty for late
payment and (ii)&nbsp;direct payments on account of any applicable provision of any Control Agreement and the amounts of such projected expenditures shall be included in the Approved Budget. Manager&#146;s responsibility for the foregoing shall be
limited to funds authorized in the Approved Budget and available in the general operating account. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLE 4
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Personnel Matters </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">4.1 <U>Employees</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) All employees involved with operation of the Casino
Facilities throughout the Casino Facilities subject to management by the Manager under this Agreement shall be employees of the Company. The Manager shall be responsible for (i)&nbsp;making recommendations to the Company as to the hiring, training,
promoting, supervising and firing of all employees and (ii)&nbsp;training employees in Core Positions, in each case as may be required to maintain the standard of quality of management and operation at the level consistent with the Operating
Standard, in accordance with Employment Laws and Project Employee Policies; provided, however, notwithstanding the foregoing, the employment, advancement and termination of employees in any of the Core Positions shall be subject to the mutual
approval of the Company and Manager. Prior to making a recommendation as to the hiring of any employees in any of the Core Positions, Manager shall deliver to the Company the candidate&#146;s resume and any other information reasonably requested by
the Company, including background check information, and shall provide the Company with an opportunity to interview such person, if requested by the Company. With regard to any requests for approvals concerning employees, the Company shall use
reasonable efforts to respond promptly. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) All salaries, wages, employee insurance, worker compensation premiums, employment
taxes, government exactions of any kind related to employment, benefits, and overhead related to the hiring, supervising, and discharge of employees, will be Costs of Operations, in accordance with and subject to the Approved Budget. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) Notwithstanding any other provision in this Agreement to the contrary, the Company shall indemnify and hold harmless Manager for any
and all claims, demands, obligations or liabilities, including reasonable attorneys&#146; fees, that may arise against Manager from or as a result of actions, inactions, or decisions made by the Company or Casino in connection with any personnel
matters. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.2 <U>Project Employee Policies</U>. The Manager shall prepare a draft of personnel policies and procedures (the
&#147;<B>Project Employee Policies</B>&#148;), including a job classification system </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">17 </FONT></P>



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with salary levels and scales and job descriptions (including duties), in accordance with all applicable Employment Laws and Gaming Laws, which policies and procedures shall be subject to
approval by the Company. The Project Employee Policies shall include a grievance procedure in order to establish fair and uniform standards for the Casino Facilities employees, which will include procedures for the resolution of disputes between the
Casino Facilities and Project employees. The Manager shall be responsible for administering the Project Employee Policies. Manager will not discriminate against any employee or applicant for employment because of race, creed, color, sex, age, or
national origin nor violate any applicable law, regulation or local ordinance governing employer obligations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.3 <U>Employee
Background Checks</U>. Manager shall be responsible for ensuring that a background investigation is conducted in compliance with all Legal Requirements including Employment Laws, to the extent applicable, on each applicant for employment as soon as
reasonably practicable. No individual whose prior activities, criminal record, if any, or reputation, habits and associations are known to pose a threat to the public interest, the effective regulation of gaming activities, or to the gaming licenses
of the Manager or the Casino, or to create or enhance the dangers of unsuitable, unfair, or illegal practices and methods and activities in the conduct of casino gaming activities, shall knowingly be recommended for employment by Manager or be
employed by the Company. The background investigation procedures shall be formulated by the Manager so as to ensure that personnel meet all applicable regulatory requirements imposed by the Maryland State Lottery Agency and to satisfy all Gaming
Laws. Any cost associated with obtaining such background investigations shall constitute a Cost of Operations subject to the Approved Budget. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLE 5 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Insurance </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1 <U>Duty to Maintain</U>. The Company (or the Manager, acting as agent for the Company, at the Company&#146;s sole discretion), shall
obtain and maintain, in accordance with and subject to the Approved Budget, insurance coverages in forms and amounts consistent with comparable facilities that will adequately protect the Company and the Manager, but in no case less than the amounts
set forth in this Article, or as required by any Lender requirements, Legal Requirements or Control Agreements, including the following coverages: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) <U>Workers&#146; Compensation</U>. Adequate workers&#146; compensation insurance in accordance with all applicable laws, including employer&#146;s liability insurance, in amounts consistent with
comparable facilities. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) <U>Commercial General Liability</U>. Commercial general liability insurance covering operations of
the Casino Facilities, including blanket contractual liability coverage, broad form property liability coverage, and personal injury coverage in a minimum amount of $1,000,000 per person/$3,000,000 per occurrence for bodily injury and $1,000,000 per
person/$3,000,000 per occurrence for property damage, with a maximum aggregate of $5,000,000. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">18 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) <U>Automobile</U>. Comprehensive automobile liability insurance covering operations of
the Casino Facilities, including all owned, hired and non-owned automobiles, trucks, buses, trailers, motorcycles or other equipment licensed for highway use with limits and coverage consistent with comparable facilities. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) <U>Property Insurance</U>. Replacement value all-risk casualty and extended hazard insurance in coverage amounts consistent with
comparable facilities that shall insure the Casino Facilities and any fixtures, improvements and contents located therein against loss or damage by fire, theft and vandalism. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(e) <U>Fidelity Bond</U>. Fidelity bonds on Casino Facilities employees in amounts consistent with comparable facilities. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(f) <U>Unemployment Insurance</U>. Unemployment compensation/disability insurance with respect to the Casino Facilities employees in amounts consistent with comparable facilities. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g) <U>Professional Liability Insurance</U>. Adequate professional liability insurance that covers the acts of the senior management of
the Company, Casino Facilities and Manager. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(h) <U>Employment Practice Liability</U>. Employment practice liability insurance
in amounts consistent with comparable facilities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.2 <U>The Manager to be Additional Insured</U>. Insurance policies
referred to in Sections 5.1(b) and (c)&nbsp;shall name the Manager as an additional insured. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.3 <U>Evidence of
Insurance</U>. From time to time as reasonably requested by the Company, the Manager shall supply to the Company and any necessary Governmental Authorities copies of the insurance policies required by this Article applicable to the Casino
Facilities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.4 <U>Insurance Proceeds</U>. The Company shall have sole discretion to determine how to apply any insurance
proceeds received with respect to the Casino Facilities, subject only to the terms and conditions of the Control Agreements; provided, however, that if there is any insurance recovery for a claim related to the operation of the Casino Facilities for
which either the Company or the Manager has previously paid from its own separate funds, then, to the extent of amounts paid by either of such parties, the insurance proceeds will be paid over to them and the balance shall be retained by the
Company. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLE 6 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Budgets, Operating Plans, Compensation and Reimbursement </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.1
<U>Projections and Budgets</U>. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Within sixty (60)&nbsp;days following Manager&#146;s receipt of the project budget
relating to the development and construction of the Casino Facilities, the Manager shall use its </FONT></P>
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best efforts to project expected revenues and expenses for the first two (2)&nbsp;years of the Manager&#146;s operation of the Casino Facilities. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) The Manager shall prepare an initial operating budget for the first Fiscal Year of Casino Facilities operations under its management
pursuant to this Agreement and submit the same to the Company for approval by the Company at least sixty (60)&nbsp;days prior to the anticipated Opening Date. Annual operating budgets shall be submitted by the Manager to the Company thereafter by no
later than thirty (30)&nbsp;days prior to the commencement of the next Fiscal Year. The proposed initial operating budget and each subsequent proposed annual operating budget (the &#147;<B>Proposed Budget</B>&#148;) shall be subject to approval or
disapproval by the Company within 30 days after receipt, such approval not to be unreasonably withheld. The Proposed Budget shall (i)&nbsp;set forth an estimated projection of all income and expenses for the ensuing Fiscal Year, projected revenue
and miscellaneous income, and (ii)&nbsp;be prepared based on the best then current information available to Manager and although not intended to be a guarantee thereof, shall constitute Manager&#146;s best efforts to accurately project levels of
revenue and expenditures. Manager shall review the Proposed Budget with the Company. The Company may approve or disapprove of any item on the Proposed Budget. Upon approval by the Company, the Proposed Budget, as and to the extent revised during the
review process, shall become the budget for the next full or partial Fiscal Year, as the case may be (together with the maintenance capital expenditure budget approved by the Company under Section&nbsp;6.1(d) below for the same period, collectively,
the &#147;<B>Approved Budget</B>&#148;). The Proposed Budget, as well as the Approved Budget shall provide for reserves if and to the extent required under any of the Control Agreements or otherwise directed by the Company. The Company and the
Manager recognize that adjustments may be proposed by Manager and, if approved by the Company, made, to previously Approved Budget from time to time during any Fiscal Year, to reflect the impact of unforeseen circumstances, financial constraints, or
other events. The Manager agrees to promptly inform the Company regarding any items of revenue or expense that are reasonably anticipated to cause a material change in the Cost of Operations or the performance of the Casino Facilities not in keeping
with the Approved Budget. The Manager shall operate the Casino Facilities and make expenditures in connection therewith in accordance with the Approved Budget. In the event the Company does not approve the Proposed Budget before commencement of the
Fiscal Year, the Approved Budget for the prior Fiscal Year shall be deemed to be in effect for that Fiscal Year until such time as the Company approves the Proposed Budget. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(c) Manager shall monitor the Approved Budget throughout the Fiscal Year and shall meet (on-site or by telephone) not less than one (1)&nbsp;time per calendar month with the Company for purposes of
reviewing Casino Facilities operations and to make any revisions to the Approved Budget as may be required by the Company to maintain or improve profits and margins as originally budgeted and projected. In addition, upon the request of either party,
from time to time, the other party shall meet (on-site or by telephone) with the requesting party to review and discuss the status of the Approved Budget as compared to the actual income and expenses of the Casino Facilities. To the extent
necessary, Manager shall prepare and deliver to the Company revised projections of the income and expenses for the Casino Facilities for the balance of the then current Fiscal Year and, to the extent approved by the Company, such revised projections
shall become part of the Approved Budget. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) At the same time that Manager prepares and submits any Proposed Budget to the Company,
Manager shall prepare and submit an annual summary of the estimated replacement and maintenance capital expenditures for the ensuing Fiscal Year to the Company for approval. The proposed capital expenditure budgets shall (i)&nbsp;include estimates
of (x)&nbsp;expenditures for Furnishings and Equipment, (y)&nbsp;expenditures for capital equipment not included in Furnishings and Equipment, and (z)&nbsp;expenditures for renovations, alterations, and rebuilding of the Casino Facilities, and
(ii)&nbsp;be subject to approval by the Company. Manager shall review said maintenance capital expenditure budgets with the Company. The Company may approve or disapprove of any item on such proposed budget. The Company and the Manager recognize
that mutually agreeable adjustments may be made to previously approved maintenance capital expenditure budgets from time to time during any Fiscal Year to reflect the impact of unforeseen circumstances, financial constraints, or other events. The
Manager agrees to promptly inform the Company and obtain the Company&#146;s approval regarding any projects or expenditures that are reasonably anticipated to cause a material change in the Cost of Operations not in keeping with the maintenance
capital expenditure budget previously approved by the Company. The Manager shall make maintenance capital expenditures in accordance with such approved maintenance capital expenditure budget. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.2 <U>Monthly Statements</U>. The Manager shall be responsible for preparation of monthly financial statements and shall furnish to the
Company&#146;s designated representative financial statements identifying, for each day for which such reports are normally available, the Total Revenues and all other revenues and income of any kind or nature attributable to operation of the Casino
Facilities on such day. Within twenty one (21)&nbsp;days after the end of each calendar month, the Manager shall provide verifiable financial statements in accordance with GAAP to the Company covering the preceding month&#146;s operation of the
Casino Facilities, including operating statements, balance sheets, income statements and statements reflecting the amounts computed to be distributed in accordance with Section&nbsp;6.3. Without limiting the generality of the foregoing, such monthly
financial statements shall also include (i)&nbsp;a profit and loss statement comparing actual results to both budget and the previous year&#146;s actual results (if available), for both the current month and Fiscal Year to date, (ii)&nbsp;a summary
of operating expenses and net operating income, (iii)&nbsp;an accounting of all inflows and expenditures relating to any reserves, (iv)&nbsp;a comparison of capital expenditures to the then current capital budget, (v)&nbsp;working capital requests
(if any), and (vi)&nbsp;a narrative to include an executive summary and discussion of any variances from the Approved Budget with respect to such month or year to date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">6.3 <U>Distribution of Revenues</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%;padding-bottom:0px;"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Following the
Opening Date and continuing thereafter for the remainder of the term of this Agreement, all amounts on deposit in the general operating account, net of amounts for the Costs of Operations (including interest) in accordance with the Approved Budget
and required Working Capital, shall be disbursed on a monthly basis as set forth below, paid on or about the twentieth
(20</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;day of each calendar month for the preceding
month, Such amounts shall be disbursed in the following order of priority (subject to adjustment as determined by the Company): </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">21 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) Current principal and any other payments due on any obligations to repay funding (other
than interest included in Cost of Operations) provided by a Lender in connection the Facility Loan and/or equipping of the Casino Facilities; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(ii) Repayment of any Company Loan; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) Management Fees due the Manager under
Section&nbsp;6.3(b) below (provided that if the distribution under this subsection in any month is insufficient to fund such payment in full, the unpaid amount shall be deferred and paid under subsection (iii)&nbsp;below); </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv) Payment of amounts previously payable under subsection (ii)&nbsp;above, but payment of which was previously deferred (including,
with respect to any deferred Management Fees, interest accrued thereon at the Applicable Rate from the date on which such Management Fees and payments otherwise would have been due and payable); </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(v) Any indemnification or other obligations then owing by the Company to Manager under this Agreement and not paid as Costs of
Operations; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(vi) Any monthly capital replacement or other reserve contributions which have been created with the written
approval of the Company; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(vii) All remaining of such amounts deposited in the operating account shall be disbursed to the
Company at the same time the Management Fees are paid to the Manager. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) For so long as this Agreement shall remain in effect
during the term hereof and as provided for in this Agreement: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) As compensation for the Manager&#146;s management services
hereunder, for each Fiscal Year of the Casino Facilities operation, Manager shall be entitled to compensation equal to a monthly fee in the amount of two percent (2%)&nbsp;of Total Revenues commencing on the Opening Date payable on the first day of
each month (&#147;<B>Monthly Base Fee</B>&#148;), plus an monthly incentive fee equal to five percent (5%)&nbsp;of EBITDA calculated at the end of each month and based upon the audited financial statement of the Company (&#147;<B>Incentive
Fee</B>&#148;) (collectively, the &#147;<B>Management Fees</B>&#148;). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) In addition to the Management Fees described
above, the Manager shall also receive a one-time payment of $500,000.00 when the Company obtains a Facility Loan sufficient to proceed with the development of the Casino Facilities. This payment will be distributed to the Manager by the Company upon
closing of the Facility Loan. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) The Manager, on behalf of the Casino Facilities, is responsible for making the disbursements
from the general operating account, as contemplated by this Section&nbsp;6.3, to the appropriate parties. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">22 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.4 <U>Annual Audit; Termination Audit</U>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) For each Fiscal Year, the Company shall cause an audit to be conducted by an independent certified public accountant from a nationally
recognized accounting firm with more than five (5)&nbsp;years of experience in audits of gaming resort operations selected and approved by the Company and reasonably acceptable to the Manager, and on or before seventy five (75)&nbsp;days after the
end of such Fiscal Year, such accounting firm shall issue a report (an &#147;<B>Annual Report</B>&#148;) with financial statements in accordance with GAAP with respect to the operations of the Casino Facilities during such Fiscal Year (or portion
thereof in the case of the first Fiscal Year), including operating statements, balance sheets, income statements and statements reflecting the amounts computed to be distributed in accordance with Section&nbsp;6.3, such Annual Report to be approved
at an annual meeting to be held at a location mutually agreed upon by the Company and the Manager. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Following termination
of this Agreement in accordance with its terms, such accounting firm shall conduct an audit, and on or before ninety (90)&nbsp;days after the termination date shall issue a report (a &#147;<B>Termination Report</B>&#148;) setting forth the same
information as is required in the annual report, in each case with respect to the portion of the Fiscal Year ending on the termination date. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(c) If any such Annual Report or Termination Report reveals that the amounts paid to the Company or the Manager in accordance with Section&nbsp;6.3 above for the relevant period are different from the
amount that should have been paid to such party based upon the provisions of this Agreement, then to the extent either party received an overpayment, such party shall pay the amount of such overpayment to the other party within twenty five
(25)&nbsp;days after the receipt by the parties of such report, and to the extent either party was underpaid, such party shall receive a payment from the other party of the amount of such underpayment within ten (10)&nbsp;days after the receipt by
the parties of such report. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.5 <U>Collection of Revenues</U>. Manager shall use diligent efforts to collect and account to
the Company for all revenues and other charges which may become due the Company at any time from occupants or others for sales or services provided in connection with or for the use of the Casino Facilities or any portion thereof. In addition,
Manager shall collect and account to the Company for any income from miscellaneous services provided to occupants or the public, including restaurant income, parking income, occupant storage and coin-operated machines of all types. </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLE 7 </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Termination/Material Breach </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">7.1 <U>Termination for Material Breach</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Either the Company or the Manager
(the &#147;<B>Terminating Party</B>&#148;) may terminate this Agreement if the other commits or allows to be committed a Material Breach or a Material Breach with respect to the other occurs. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">23 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Except as otherwise expressly set forth herein, termination is not an exclusive remedy
for claims of a Material Breach, and the parties shall be entitled to other rights and remedies as may be available pursuant to the terms of this Agreement or under applicable law. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) For purposes of this Agreement, a &#147;<B>Material Breach</B>&#148; by or with respect to Manager is any of the following
circumstances: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) failure of Manager to perform any obligation under this Agreement in any material respect for reasons not
excused under Section&nbsp;9.5 hereof (Force Majeure), and failure to cure such breach within thirty (30)&nbsp;calendar days after receipt of written notice from the Company identifying the nature of the breach in specific detail and its intention
to terminate this Agreement; provided, however, that if the nature of such breach (but specifically excluding breaches curable by the payment of money) is such that it is not possible to cure such breach within thirty (30)&nbsp;days, such thirty-day
period shall be extended for so long as Manager shall be using diligent efforts to effect a cure thereof, but such period shall not be so extended for more than an additional sixty (60)&nbsp;days (<U>i.e.</U>, ninety (90)&nbsp;days in the
aggregate); </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) commission of theft or misappropriation, fraud, felony, and other similar acts if such act is detrimental to
the Casino Facilities, the act was committed by Manager or its Affiliate, or an employee or agent of Manager or its Affiliate, and the Casino Facilities are not made whole and the act is not remedied to Company&#146;s satisfaction within thirty
(30)&nbsp;calendar days after Company becoming aware of the offending act (with the understanding that Manager shall provide Company notice of all such offending acts within three (3)&nbsp;days of its becoming aware of any such incident if Company
has not first provided Manager notice related thereto); </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) the commission of gross negligence or willful misconduct in the
performance of its duties hereunder; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv) if Manager loses its Gaming License, commits an act that causes the Company to lose
its Gaming License (through revocation, suspension or other similar means), or is determined to be an &#147;unsuitable party&#148; for purposes of either party&#146;s Gaming License or is subject to any other determination or direction by any
governmental authority by which the Company&#146;s continuation of Manager as the manager of the Casino Facilities under this Agreement would put the Company&#146;s Gaming License at risk of revocation, suspension, termination or similar material
adverse effect, or if Manager&#146;s Gaming License is suspended; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(v) any representation or warranty made by the Manager
pursuant to Section&nbsp;9.9 proves to be false or erroneous in any material respect when made; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(vi) Manager&#146;s
bankruptcy (whether voluntary or involuntary) or placement into receivership of Manager; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) For purposes of this Agreement, a
&#147;<B>Material Breach</B>&#148; by or with respect to the Company is any of the following circumstances: </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">24 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) failure of the Company to perform any obligation under this Agreement in any material
respect for reasons not excused under Section&nbsp;9.5 hereof (Force Majeure) and failure to cure such breach within thirty (30)&nbsp;calendar days after receipt of written notice from the Manager identifying the nature of the breach in specific
detail and its intention to terminate this Agreement; provided, however, that if the nature of such breach (but specifically excluding breaches curable by the payment of money) is such that it is not possible to cure such breach within thirty
(30)&nbsp;days, such thirty-day period shall be extended for so long as the Company shall be using diligent efforts to effect a cure thereof, but such period shall not be so extended for more than an additional sixty (60)&nbsp;days (<U>i.e.</U>,
ninety (90)&nbsp;days in the aggregate); or </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) commission of theft or misappropriation, fraud, felony, and other similar
acts if such act is detrimental to the Casino Facilities and the act was committed by Company or its Affiliate, or an employee or agent of Company or its Affiliate and the Casino Facilities are not made whole and the act is not remedied to
Manager&#146;s satisfaction within thirty (30)&nbsp;calendar days after Manager becoming aware of the offending act (with the understanding that Company shall provide Manager notice of all such offending acts within three (3)&nbsp;days of its
becoming aware of any such incident if Manager has not first provided Company notice related thereto); </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) the commission
of gross negligence or willful misconduct in the performance of its duties hereunder; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv) if Company loses its Gaming
License, commits an act that causes the Manager to lose (through revocation, suspension or other similar means), or is determined to be an &#147;unsuitable party&#148; for purposes of either party&#146;s Gaming License or is subject to any other
determination or direction by any governmental authority by which the Company&#146;s continuation of owner of the Casino Facilities would put the Manager&#146;s or Gaming Facility&#146;s Gaming License at risk of revocation, suspension, termination
or similar material adverse effect, or if Company&#146;s Gaming License is suspended; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(v) any representation or warranty made
by the Company pursuant to Section&nbsp;9.10 proves to be false or erroneous in any material respect when made; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(vi)
Company&#146;s bankruptcy (whether voluntary or involuntary) or placement into receivership of Company . </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) Any final notice
of termination hereunder shall be in writing detailing the reason the Terminating Party considers the Material Breach not to be cured and must be delivered to the other party before such termination becomes effective. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.2 <U>Termination of Lease with [Maryland Department of Natural Resources]</U>. In the event that the lease between the Company and the
[Maryland Department of Natural Resources] is terminated, the performance of this Agreement shall be automatically suspended effective upon the date that such lease is terminated, and either party shall have the right to terminate this Agreement
upon written notice to the other party. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">25 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.3. <U>Sale of Company</U>. In the event the Company merges or consolidates with an
unaffiliated company, or the Company sells its outstanding stock, or all or substantially all of its assets (&#147;<B>Sale Event</B>&#148;), this Agreement shall terminate on the date of closing of such Sale Event. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.4 <U>Involuntary Termination Due to Changes in Law</U>. In the event of any change in state or federal law that results in a final
determination by a Designated Court that this Agreement is unlawful, the Company and the Manager shall each use good-faith commercially reasonable efforts to amend this Agreement in a mutually satisfactory manner which will comply with the change in
applicable laws and not materially change the rights, duties and obligations of the parties hereunder. In the event such amendment cannot be legally effected following exhaustion of all such good-faith commercially reasonable efforts (including the
lapse of all legal proceedings and appeal periods without favorable results), performance of this Agreement shall be automatically suspended effective upon the date that performance of this Agreement becomes unlawful by such final determination, and
either party shall have the right to terminate this Agreement upon written notice to the other party. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.5 <U>Other Rights
upon Expiration or Termination; Ownership of Assets and Repayment of Obligations on Termination</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Following expiration
or earlier termination of this Agreement for any reason: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) As between the Manager and the Company, the Company will retain
full ownership of the Casino Facilities, the Furnishings and Equipment (to the extent allowed by Maryland Gaming Law) and its assets and all assets of the Casino Facilities (including the Casino, all plans and specifications therefor, and any
equipment, books and records, materials or furnishings therein the acquisition of which constituted Costs of Operations). </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) Whether such termination was voluntary or involuntary, the Company shall have the obligation to pay any unpaid Management Fees to
the extent accruing and attributable to any period prior to the expiration or earlier termination of this Agreement, which obligation shall survive the expiration or earlier termination of this Agreement. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) The Surviving Obligations shall survive expiration or earlier termination of this Agreement. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv) In the event of the expiration of the term or the termination of this Agreement for any reason, Manager shall cooperate with the
Company in the orderly transition of management of the Casino Facilities, and shall provide the Company or its designee prior to the expiration or termination with any and all books, records, documents, contracts, and all other information relating
to the Casino Facilities, whether such information shall be in electronic, hard copy or any other form. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.6 <U>Notice of
Termination</U>. In the event of a proposed termination pursuant to this Article, the Company shall provide notice of the termination to the Maryland State Lottery </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">26 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Agency or other appropriate Governmental Authorities within ten (10)&nbsp;days after the termination if and to the extent the Company reasonably determines that such notice is required under
applicable law. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.7 <U>Cessation of Gaming at the Casino</U>. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) If, during the term of this Agreement, the level or type of the gaming operations legally permitted at the Casino Facilities as of
the Effective Date cannot be lawfully conducted at the Casino Facilities by reason of the application of any legislation or court or administrative agency order or decree adopted or issued by a governmental entity having the authority to do so, such
gaming shall be discontinued as of the effective date of the legislation, order or decree; and the Manager shall, within sixty (60)&nbsp;days after such legislation, order or decree becomes effective, elect one of the following three options:
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) Suspend the term of this Agreement until such date on which such gaming at the Casino Facilities becomes lawful again
(during which period the term of the Agreement will be tolled until such gaming at the Casino Facilities becomes lawful again and can be recommenced operationally or the Company and the Manager mutually agree otherwise); or </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) Suspend the term of this Agreement until such date on which such gaming at the Casino Facilities becomes lawful again (during which
period the term of the Agreement will be tolled until such gaming at the Casino Facilities becomes lawful again and can be recommenced operationally at the Casino Facilities or the Company and the Manager mutually agree otherwise), and with the
prior approval of the Company (which approval shall not be unreasonably withheld), use the Casino Facilities for any other lawful purpose pursuant to a use agreement containing terms reasonably acceptable to the Manager and the Company; or
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) Terminate this Agreement, whereupon this Agreement shall terminate and of no further force and effect except with
respect to the duties, liabilities and obligations of the parties which arose or accrued prior to termination. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Manager
shall give Company written notice of the Manager&#146;s election within such sixty-day period. If the Manager elects to suspend the term of this Agreement under this Section&nbsp;7.6 (a)(i) or (ii)&nbsp;above, the Manager shall have the right (but
not the obligation) to reinstate this Agreement within ten (10)&nbsp;days after the date on which gaming becomes lawful. The Manager may exercise such right by giving Manager written notice of such reinstatement within said 10-day period after the
date on which gaming becomes lawful. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) If, during the term of this Agreement, the Casino Facilities or any portion thereof
is damaged by casualty or other occurrence or taken by eminent domain or similar proceedings to the extent, as reasonably determined by the Manager, that the level or type of the gaming operations conducted at the Casino Facilities as of the
Effective Date cannot be conducted at the Casino Facilities, the Manager shall elect one of the following two options: </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">27 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) suspend the term of this Agreement pending repair, restoration or reconstruction of the
Casino Facilities (during which period the term of the Agreement will be tolled until such gaming can again be conducted at the Casino Facilities or the Company and the Manager mutually agree otherwise), and arrange for such repair, restoration or
reconstruction; or </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%;padding-bottom:0px;"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) terminate this Agreement, such termination to be effective on the sixtieth
(60</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;day after written notice of termination shall
have been delivered to Manager, whereupon this Agreement shall terminate and of no further force and effect except with respect to the duties, liabilities and obligations of the parties which arose or accrued prior to termination. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Manager shall give Company written notice of the Manager election under this subsection within sixty (60)&nbsp;days after such
casualty or occurrence. The Company alone has the authority to submit, adjust and settle, on behalf of the Company, all insurance claims associated with the casualty or occurrence and conduct and settle or otherwise resolve any condemnation
proceedings; provided, however, that the Manager shall cooperate with the Company&#146;s efforts in such regard and assist in the preparation of any submissions. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(c) If for any reason either the Company, Manager or the Casino, as applicable, fails to obtain or loses its Gaming License(s) or any other governmental or quasi-governmental permits, licenses, approvals
or certificates under any applicable Legal Requirements required to operate the Casino, the Company or Manager shall have the right to terminate this Agreement upon written notice to the other party, whereupon this Agreement shall terminate and be
of no further force and effect except with respect to the duties, liabilities and obligations of the parties which arose or accrued prior to termination, unless such failure or loss arose out of or resulted from a Material Breach by the party
providing notice of termination (in which event Section&nbsp;7.1(b) hereof shall apply). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.8 <U>Cumulative Remedies</U>. All
rights or remedies of the Company or the Manager under this Agreement shall be cumulative and may be exercised singularly in any order or concurrently, at such party&#146;s option, and the exercise or enforcement of any such right or remedy shall
neither be a condition to nor bar to the exercise or enforcement of any other right or remedy. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.9 <U>PUNITIVE DAMAGES
WAIVER</U>. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT OR UNDER APPLICABLE LAW, IN ANY ARBITRATION, LAW SUIT, LEGAL ACTION OR PROCEEDING BETWEEN THE PARTIES ARISING FROM OR RELATING TO THIS AGREEMENT OR THE CASINO FACILITIES, THE
PARTIES UNCONDITIONALLY AND IRREVOCABLY WAIVE AND DISCLAIM, TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW ALL RIGHTS TO ANY PUNITIVE, EXEMPLARY, OR TREBLE DAMAGES, AND ACKNOWLEDGE AND AGREE THAT THE RIGHTS AND REMEDIES IN THIS AGREEMENT, AND
ALL OTHER RIGHTS AND REMEDIES AT LAW AND IN EQUITY, WILL BE ADEQUATE IN ALL CIRCUMSTANCES FOR ANY CLAIMS THE PARTIES MIGHT HAVE WITH RESPECT THERETO. THE WAIVER OF PUNITIVE, EXEMPLARY OR TREBLE DAMAGES SHALL NOT APPLY WITH RESPECT AMOUNTS PAYABLE TO
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">28 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
THIRD PARTIES UNDER THE INDEMNIFCATION PROVISIONS OF ARTICLE 8 BELOW. </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLE 8 </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Release and Indemnity </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">8.1 <U>Third-Party Claims</U>. Except as provided for in Sections 8.2 and 8.3 below, the Company shall not be entitled to recover from, and expressly releases, the Manager, its agents, directors,
officers, employees and Affiliates, and the Manager shall not be entitled to recover from, and expressly releases, the Company and its respective agents, directors, officers, employees and Affiliates, from or for any third-party damages, claims,
causes of action, losses and expenses of whatever kind or nature, including attorneys&#146; fees and expenses incurred in defending such claims, in connection with the lawful operation of the Casino Facilities in accordance with the terms of this
Agreement; and such claims, damages, losses or expenses (including attorneys fees) shall be considered Costs of Operations and shall be paid as incurred. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">8.2 <U>Indemnity from the Manager</U>. Notwithstanding Section&nbsp;8.1, the Manager shall upon request indemnify and hold the Company and its respective agents, directors, officers, employees and
Affiliates harmless against any and all damages, claims, losses or expenses of whatever kind or nature, including reasonable attorneys&#146; fees and expenses incurred in defending such claims, resulting from the gross negligence or willful or
criminal misconduct of the Manager or any Affiliate of Manager or their respective officers or directors of in connection with the Manager&#146;s performance of this Agreement (including any breach of this Agreement), and no such losses or expenses
to the extent paid by Manager shall be considered Costs of Operations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3 <U>Indemnity from the Company</U>. Notwithstanding
Section&nbsp;8.1, the Company shall upon request indemnify and hold the Manager, its agents, directors, officers, employees and Affiliates harmless against any and all damages, claims, losses or expenses of whatever kind or nature, including
reasonable attorneys&#146; fees and expenses incurred in defending such claims, resulting from the gross negligence or willful or criminal misconduct of the Company or any Affiliate of the Company (other than Manager and its Affiliates) or their
respective officers or directors in connection with the Company&#146;s performance of this Agreement (including any breach of this Agreement) and no such damages, losses or expenses shall be considered Costs of Operations. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.4 <U>Indemnity Against Unauthorized Debt and Liabilities</U>. Neither this Agreement nor its performance (a)&nbsp;creates or implies a
partnership between the Manager and the Company, or (b)&nbsp;authorizes the Company to act as agent for the Manager, or, except to the extent expressly provided herein, the Manager to act as agent for the Company. The Manager hereby agrees to
indemnify and hold the Company harmless from any third-party claims, actions and liabilities, including reasonable attorneys&#146; fees, on account of obligations or debts of the Manager or the Company that the Manager is not authorized to undertake
pursuant to the terms of this Agreement. The Company agrees to indemnify and hold the Manager harmless from any third-party claims, actions and liabilities on account of any of the separate obligations or debts of the Company that are not authorized
Costs of Gaming Operations pursuant to this Agreement. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">29 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLE 9 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Miscellaneous </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.1 <U>Assignment and Subcontractors</U>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Manager shall not assign this Agreement, in whole or in part, without the express prior written consent of the Company. For purposes
of this Agreement, any change in or any sale, conveyance, transfer or other disposition, whether voluntarily, involuntarily or otherwise, of the ownership interests in or substantially all the assets of Manager Parent shall not be deemed to be an
assignment hereunder. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) The Company may assign its rights and obligations under this Agreement at any time, without the
consent of Manager; provided however, that the Company shall notify Manager in writing of any such assignment at least thirty (30)&nbsp;days in advance thereof and any transfer or assignment of this Agreement by the Company shall include an express
assumption by the transferee or assignee of the Company&#146;s obligations hereunder and provided further than such transferee or assignee is either the purchaser, lessee or other transferee of all or substantially all of the Casino Facilities or an
Affiliate of the Company (provided, however, nothing herein shall restrict the Company from assigning this Agreement to any Lender as security or otherwise as contemplated in any of the Control Agreements). For purposes of this Agreement, any change
in, or any sale, conveyance, transfer or other disposition of, whether voluntarily, involuntarily or otherwise, the direct or indirect ownership interests in the Company resulting in a change in control of the Company shall be deemed to be an
assignment hereunder. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) Any assigning party engaging in a permitted assignment described above shall, and shall cause its
assignee, to execute and deliver to the other party such assignment and assumption agreements together with evidence of the due authorization, execution, delivery and enforceability of such assignment documents as may be reasonably requested. Any
attempted assignment or subcontracting without any consent and approval, to the extent such consent and approval is required hereunder, shall be void. Subject to the preceding requirements, this Agreement shall be binding upon and shall inure to the
benefit of the parties and their respective successors and permitted assigns. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.2 <U>Notices</U>. Any notice, consent or any
other communication permitted or required by this Agreement shall be in writing and shall be effective on the date sent and shall be delivered by personal service, via telecopier with reasonable evidence of transmission, express delivery or by
certified or registered mail, postage prepaid, return receipt requested, and, until written notice of a new address or addresses is given, shall be addressed as follows: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">If to the Company: </FONT></P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Evitts Resort, LLC</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">2314&nbsp;Annapolis&nbsp;Ridge&nbsp;Court</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Annapolis, MD 21401</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fax:
214.634.0097</FONT></P></TD>
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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">30 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">With a copy to: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">If to the Manager: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Timothy J. Cope </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">President/CFO </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lakes Entertainment, Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">130 Cheshire Lane </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Minnetonka, MN 55305 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fax: 952.449.9353 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">With a copy
to: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Damon E. Schramm </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Vice President &#150; General Counsel </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lakes Entertainment, Inc. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">130 Cheshire Lane </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Minnetonka, MN 55305 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Fax: 952.449.7068 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.3 <U>Amendments</U>. This Agreement may be amended only by
written instrument duly executed by all of the parties hereto and with any and all necessary regulatory approvals previously obtained. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">9.4 <U>Counterparts</U>. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same agreement. This
Agreement may be executed and delivered by telecopier or other facsimile or electronic mail transmission all with the same force and effect as if the same were a fully executed and delivered original manual counterpart. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.5 <U>Force Majeure</U>. No party shall be in default in performance due hereunder if such failure or performance is due to causes
beyond its reasonable control, including acts of God, war, terrorism, fires, floods, or accidents causing damage to or destruction of the Casino Facilities or property necessary to operate the Casino Facilities, or any other causes, contingencies,
or circumstances not subject to its reasonable control which prevent or hinder performance of this Agreement; provided, however, that the foregoing shall not excuse any obligations of the Company or any other Affiliate of the Company to make
monetary payments to the Manager or any Affiliate of the Manager as and when required hereunder. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">31 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.6 <U>Time is Material</U>. The parties agree that time is of the essence and the time and
schedule requirements set forth in this Agreement are material terms of this Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.7 <U>Further Assurances</U>. The
parties hereto agree to do all acts and deliver necessary documents as shall from time to time be reasonably required to carry out the terms and provisions of this Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">9.8 <U>Severability</U>. In the event that any provision of this Agreement is, by final order of a Designated Court or Governmental Authority, held to be illegal or void, the validity of the remaining
portions of this Agreement shall be enforced as if this Agreement did not contain such illegal or void clauses or provisions, and the parties shall use commercially reasonable efforts to negotiate an amendment to this Agreement which will comply
with the judicial order and maintain the originally contemplated rights, duties and obligations of the parties hereunder. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.9
<U>Representations and Warranties of the Manager</U>. The Manager hereby represents and warrants as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) This
Agreement has been duly authorized, executed and delivered by the Manager and constitutes a valid and binding obligation, enforceable against the Manager in accordance with its terms. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) The execution and delivery of this Agreement by Manager, the performance by the Manager of its obligations hereunder and the
consummation by the Manager of the transactions contemplated hereby will not violate any contract or agreement to which the Manager or any Affiliate of Manager is a party or any law, regulation, rule or ordinance or any order, judgment or decree of
any federal, state, or local court or require any regulatory approval beyond those contemplated herein. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) The Manager has
the full legal right, power and authority and has taken all action necessary to enter into this Agreement, to perform its obligations hereunder, and to consummate all other transactions contemplated by Agreement. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) The Manager has been validly formed and is in good standing as a corporation, partnership, limited liability company or other lawful
entity, as the case may be and is and shall remain qualified to do business in the State of Maryland during the term of this agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(e) Notwithstanding anything herein to the contrary, the parties hereto acknowledge that Manager has not yet been found suitable or obtained the necessary licensure from the Maryland State Lottery Agency.
Manager represents and warrants that it will obtain all licenses necessary to provide the management services as contemplated under this Agreement prior to the Opening Date. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">32 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.10 <U>Representations and Warranties of the Company</U>. The Company hereby represents and
warrants as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) This Agreement has been duly authorized, executed and delivered by the Company and constitutes a
valid and binding obligation, enforceable against the Company in accordance with its terms. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) The execution and delivery of
this Agreement by the Company, the performance by the Company of its obligations hereunder and the consummation by the Company of the transactions contemplated hereby will not violate any contract or agreement to which the Company or any Affiliate
of the Company is a party or any law, regulation, rule or ordinance or any order, judgment or decree of any federal, state, or local court or require any regulatory approval beyond those contemplated herein. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) The Company has the full legal right, power and authority and has taken all action necessary to enter into this Agreement, to perform
its obligations hereunder, and to consummate all other transactions contemplated by Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) The Company has been
validly formed and is in good standing as a corporation, partnership, limited liability company or other lawful entity, as the case may be. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">9.11 <U>Applicable Law</U>. This Agreement shall be interpreted and construed in accordance with the laws of the State (without regard to its conflict of laws provisions) and applicable federal laws.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.12 <U>Entire Agreement</U>. This Agreement, including all exhibits, represents the entire agreement between the parties and
supersedes all prior agreements relating to management of gaming and ancillary operations conducted by the Company at the Casino Facilities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">9.13 <U>No Partnership or Joint Venture; Limited Agency</U>. Nothing contained in this Agreement shall constitute or be construed to be or to create a partnership or joint venture between the Company, its
successors or assigns, and Manager, its successors or assigns. Manager shall act as an independent contractor with the limited powers of agency expressly authorized by the Company in this Agreement (which agency shall not be coupled with an
interest) and, in exercising such powers of agency, Manager shall be an agent of the Company solely for the purpose of performing the applicable management functions for the Company within the scope of this Agreement. This Agreement does not create
in Manager any interest in the Casino Facilities, including any of the Furnishings and Equipment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.14 <U>Approvals</U>.
Whenever pursuant to this Agreement, the Company exercises any right given to it to approve or disapprove or to provide or withhold consent, or any arrangement or term is to be satisfactory or acceptable to the Company, all such decisions,
directions and determinations made by the Company shall be reasonably made and not unduly withheld or delayed, except as otherwise expressly provided for in this Agreement, and shall be final and conclusive. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">33 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.15 <U>No Third-Party Beneficiaries</U>. This Agreement shall not confer any rights or
remedies on any Person other than (i)&nbsp;the parties and their respective successors and permitted assigns, and (ii)&nbsp;any indemnitee to the extent such indemnitee is expressly granted certain rights of defense and indemnification in this
Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.16 <U>Non-disclosure</U>. The parties agree not to divulge to third parties the terms of this Agreement or any
other proprietary or confidential information exchanged between the parties pursuant to or in connection with this Agreement, unless (i)&nbsp;the information is required to be disclosed pursuant to judicial order or Legal Requirements, (ii)&nbsp;the
information is at the time of disclosure already in the public domain through no fault of such party, or (iii)&nbsp;unless mutually agreed. This prohibition shall not apply to disclosures by either party to their attorneys, accountants, potential
Lenders or other professional advisers, or disclosure by the Manager or the Company to their respective Affiliates (provided that the Company and the Manager shall cause their respective Affiliates to comply with the terms of this Section).
Notwithstanding anything herein to the contrary, the disclosure restrictions shall not prohibit the Manager making any filings in compliance with federal or state securities laws as it deems legally necessary. </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLE 10 </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Dispute Resolution </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">10.1 <U>Disputes Between the Company and the Manager</U>. Except as provided in Section&nbsp;10.2, disputes between the Manager and either the Company with respect to this Agreement or a party&#146;s
performance hereunder shall be resolved by the following dispute resolution process: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) The parties shall use their best
efforts to settle the dispute. To this effect, they shall consult and negotiate with each other in good faith and, recognizing their mutual interests, attempt to reach a mutually satisfactory just and equitable solution. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) If the parties do not reach such a solution within ten (10)&nbsp;days after the initiation of such consultation and negotiation, then
any party to such dispute may, by written notice to the others, require such dispute to be settled by arbitration administered by the American Arbitration Association in accordance with the provisions of its Commercial Arbitration Rules in effect at
the time of submission. Notwithstanding any such provision to the contrary, (i)&nbsp;the question whether such dispute is arbitrable shall be a matter for binding arbitration by the arbitrators, such question shall not be determined by any court
and, in determining any such question, all doubts shall be resolved in favor of arbitrability, and (ii)&nbsp;discovery shall be permitted in accordance with the Federal Rules of Civil Procedure, subject to supervision as to scope and appropriateness
by the arbitrators. Unless the parties otherwise agree to in writing, arbitration proceedings shall be held in Baltimore, Maryland. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(c) The arbitration proceedings shall be conducted before a panel of three neutral arbitrators, all of whom shall be currently licensed attorneys, actively engaged in the practice of law for at least ten
(10)&nbsp;years, one of which shall have five (5)&nbsp;years of experience in the gaming industry. The arbitrator selected by the claimant and the arbitrator selected by respondent shall, within ten (10)&nbsp;days of their appointment, select a
third neutral arbitrator. In the event that they are unable to do so, the parties or their attorneys may request the American </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">34 </FONT></P>



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Arbitration Association to appoint the third neutral arbitrator. Prior to the commencement of hearings, each of the arbitrators appointed shall provide an oath or undertaking of impartiality. Any
arbitration proceeding held in connection with any dispute with respect to the this Agreement may be consolidated with any other arbitration proceeding involving the Manager, any Affiliate of Manager, the Company, or any other Affiliate of the
Company. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) Any arbitration award shall be in writing signed by each of the arbitrators, state the basis for the award, and
set forth in reasonable detail its findings of fact and law and the basis for the determination of the award form and amount. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) Except to the extent such enforcement will be inconsistent with a specific provision of this Agreement, arbitration awards made
pursuant to this Article 10 shall be enforceable in state or federal court under any applicable federal or state law governing the enforcement of arbitration awards. In addition to any basis for appeal stated in any applicable law governing the
enforcement of arbitration awards, a party to the arbitration may appeal an arbitration award on the basis that the arbitrator or arbitrators incorrectly decided a question of law in making the award, or the award was made in an arbitrary or
capricious manner or in manifest disregard of the factual evidence. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) Any party to an arbitration shall have the right to
seek and obtain a court order from a Designated Court requiring that the circumstances specified in the order be maintained pending completion of the arbitration proceedings, to the extent permitted by applicable law. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g) Judgment on any arbitration award may be entered in any Designated Court. The arbitrators shall not have the power to award punitive,
exemplary or consequential damages, or any damages excluded by or in excess of any damage limitations expressed in this Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(h) In the event that a dispute submitted to arbitration under this section involves the right of the Manager to continue to receive compensation under Section&nbsp;6.3, then any compensation which is
asserted to be due to the Manager during such dispute shall, if not paid to the Manager, be deposited into an interest-bearing escrow account. The documentation governing such escrow account shall be in form and substance acceptable to the Manager,
but in any event shall grant the Manager a perfected first priority security interest in such account. Funds so deposited shall be released to the Manager upon an arbitration award being issued in its favor; provided that, upon final conclusion of
such arbitration or agency administrative or judicial appeal, any portion of such escrowed funds not expressly awarded to the Manager shall be immediately released unconditionally to the Company. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding the foregoing provisions of this Section&nbsp;10.2, any party may file an action in a Designated Court for an equitable
remedy at any time. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.3 <U>Collection of Debt</U>. Notwithstanding anything in Section&nbsp;10.1 to the contrary, the
arbitration requirement does not limit, restrict or prohibit, and the Manager and any Affiliate of the Manager may commence a civil action in any Designated Court against the Company or</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">35 </FONT></P>



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any other Affiliate of the Company to collect sums of money due to the Manager or any Affiliate of the Manager. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">10.4 <U>Confidentiality</U>. Except as required by state or federal law, including but not limited to, reporting requirements imposed on publicly traded companies, each of the parties agrees that all
non-public information exchanged between the parties with respect to the operation of the Casino Facilities shall be kept confidential by each party and only disclosed to that party&#146;s legal counsel, accountants, financial advisors, Lenders or
as reasonably required to be disclosed in connection with the operation of the Casino Facilities. This confidentiality obligation shall survive the termination of this Agreement for a period of one (1)&nbsp;year. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the above written date. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">EVITTS RESORT, LLC</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">LAKES MARYLAND CASINO MANAGEMENT, LLC</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;William Correa</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;Damon Schramm</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Its:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Its:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Secretary</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">36 </FONT></P>



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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EXHIBIT A </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B></B>Those certain parcels of land consisting of approximately 260 acres in Rocky Gap State Park located in Flintstone, Maryland, which is currently owned by the state of Maryland.<B> </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">37 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EXHIBIT B TO MANAGEMENT AGREEMENT </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>DEVELOPMENT SERVICES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.1
This Exhibit is intended to, and shall, govern all work and services provided by Manager and all work and consulting services provided by the Manager for the Development Project (defined below), whether initiated or performed prior or subsequent to
the execution of the Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.2 As provided in greater detail throughout this Exhibit, Manager has been retained by the Company to advise
and assist the Company in connection with the development, design, construction and commissioning of the Casino Facilities for use as a Casino and the selection, acquisition and installation of Furnishings and Equipment (the &#147;<B>Development
Project</B>&#148;), including the following: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">consult, assist and advise the Company in the development of the Project Budget and the Project Schedule (each as defined herein), as well as the delineation of the
scope and nature of work on the Development Project; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">consult, assist and advise the Company in assessing and monitoring the pre-construction costs and schedule for the purpose of facilitating the performance and
completion of the Development Project within the time and budgetary limitations established as provided herein; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">consult, assist and advise the Company in the selection and acquisition of Furnishings and Equipment; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">consult, assess and monitor costs incurred on the Development Project for compliance with the Project Budget; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">consult, assess and monitor the construction on the Development Project for compliance with the design documents, the project schedule and the construction contracts;
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">perform such additional consulting services as may be reasonably requested. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">1.3 Manager shall not be responsible for the acts and/or omissions of the Company&#146;s contractors and/or other persons performing work on the Development Project that are not employed by or on behalf
of Manager. Manager shall have no responsibility pursuant to this Exhibit for design errors, omissions or inconsistencies committed by Architect or any engineer employed by the Company to design the Development Project. Any claims against Manager
for such acts or omissions shall be subject to the indemnification provisions in Article 8 herein. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">38 </FONT></P>


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<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>d236704dex991.htm
<DESCRIPTION>PRESS RELEASE DATED SEPTEMBER 26, 2011
<TEXT>
<HTML><HEAD>
<TITLE>Press Release dated September 26, 2011</TITLE>
</HEAD>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 99.1</B> </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>NEWS RELEASE</B></FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Lakes Entertainment, Inc.</B></FONT></P>
<P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>130&nbsp;Cheshire&nbsp;Lane,&nbsp;Suite&nbsp;101</B></FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Minnetonka, MN 55305</B></FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>952-449-9092</B></FONT></P>
<P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>952-449-9353 (fax)</B></FONT></P>
<P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>www.lakesentertainment.com</B></FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(NASDAQ:
LACO)</B></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>INVESTOR RELATIONS CONTACT: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Timothy Cope &#150; (952)&nbsp;449-7030 </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FOR IMMEDIATE RELEASE: </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">September&nbsp;26, 2011 </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>LAKES ENTERTAINMENT ANNOUNCES FORMATION OF JOINT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>VENTURE FOR POTENTIAL MARYLAND PROJECT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">MINNEAPOLIS &#150; September&nbsp;26, 2011 &#150;
Lakes Entertainment, Inc. (&#147;Lakes&#148;) (NASDAQ: LACO) announced that it entered into a joint venture with Addy Entertainment, LLC to form Evitts Resort, LLC (&#147;Joint Venture&#148;), which submitted a response to a request for proposal by
the State of Maryland Video Lottery Facility Location Commission (&#147;Commission&#148;) for a video lottery operation license (&#147;License&#148;) in Allegany County, Maryland. The Commission will evaluate applications and award the License to
operate a video lottery operation at the Rocky Gap Lodge&nbsp;&amp; Golf Resort in Cumberland, Maryland (&#147;the Resort&#148;). The License has an initial term of 15 years and is expected to be awarded in late 2011. Contemporaneous with the
execution of the joint venture agreement, Lakes entered into a Development Services and Management Agreement (the &#147;Management Agreement&#148;) with the Joint Venture to develop and manage the gaming facility and existing facilities at the
Resort, if the Joint Venture is awarded the License. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;The current facilities include a hotel, restaurants, convention center and Jack
Nicklaus Signature golf course. The plan the Joint Venture submitted provides for new construction of a 50,000 square foot gaming facility which will feature approximately 850 video lottery terminals, a number of food and beverage outlets, and a
retail component,&#148; said Timothy Cope, President and Chief Financial Officer of Lakes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;We believe the operating history of our
company, the proposed scope of the Resort project, and the related benefits that will be provided to the State of Maryland make our application worthy of selection,&#148; said Lyle Berman, Chairman and Chief Executive Officer of Lakes. &#147;We look
forward to working with officials from the Commission to bring to fruition this great plan for the County and State,&#148; added Mr.&nbsp;Berman. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">About Lakes Entertainment </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Lakes Entertainment, Inc. currently has development and management or financing agreements with two separate Tribes for casino operations in California, for a total of two separate casino sites. Lakes is
currently managing the Red Hawk Casino for the Shingle Springs Band of Miwok Indians. Lakes has an investment in Rock Ohio Ventures, LLC for their planned casino developments in Cincinnati and Cleveland, Ohio. Lakes is also involved in other
business activities, including the licensing of table games to Tribal and non-Tribal casinos. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt;padding-top:2px;padding-bottom:3px"> <P STYLE="margin-top:0px;margin-bottom:0px;padding-top:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. Certain information included in this press release (as well as information included in oral
statements or other written statements made or to be made by Lakes Entertainment, Inc.) contains statements that are forward-looking, such as statements relating to plans for future expansion and other business development activities as well as
other capital spending, financing sources and the effects of regulation (including gaming and tax regulation) and competition. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated
results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of the company. These risks and uncertainties include, but are not limited to, need for potential future
financing to meet Lakes&#146; development needs; those relating to the inability to complete or possible delays in completion of Lakes&#146; casino projects, including various regulatory approvals and numerous other conditions which must be
satisfied before completion of these projects; possible termination or adverse modification of management or development contracts; Lakes operates in a highly competitive industry; possible changes in regulations; reliance on continued positive
relationships with Indian tribes and repayment of amounts owed to Lakes by Indian tribes; possible need for future financing to meet Lakes&#146; expansion goals; risks of entry into new businesses; and reliance on Lakes&#146; management. For more
information, review the company&#146;s filings with the Securities and Exchange Commission. </FONT></P></div> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"># # # </FONT></P>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
