Document:

exv10w1

 

Exhibit 10.1

JOINT VENTURE AGREEMENT BETWEEN

MYOHIONOW.COM, LLC AND

LAKES OHIO DEVELOPMENT, LLC

     This Joint Venture
Agreement (the “Agreement”) is entered into on
April 29, 2008,
between Lakes Ohio Development, LLC, a Minnesota limited liability company (“Lakes”) and
Myohionow.com, LLC, an Ohio limited liability company (“Myohionow”). Lakes and Myohionow are
sometimes each referred to as a Party and collectively referred to as the “Parties.”

RECITALS:

	A.	 	Myohionow has researched and prepared plans pertaining to placing a referendum on the
November 2008 Ohio statewide election ballot (“Ballot”) to approve an amendment to the Ohio
Constitution that would permit the development and operation of a casino in Clinton County,
Ohio.

	B.	 	Lakes has specific expertise in developing, financing, and operating casino resort
developments in the United States.

	C.	 	In light of the foregoing, the Parties desire to utilize their respective strengths by
establishing a joint venture through a new limited liability company to initially be jointly
owned by Lakes and Myohionow (“JV”), to develop and operate a casino resort enterprise of a
size and scope commensurate with the surrounding population base in Clinton County, Ohio by
performing their respective obligations as set forth herein.

     NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and undertakings
provided herein, the Parties agree as follows:

ARTICLE I

FORMATION OF THE JV

     Section 1.1 Organization. The Parties will operate the JV as through a new limited liability
company organized in the state of Ohio (“LLC”). The JV shall be registered in the state of Ohio
and its registered office shall be at 30195 Chagrin Blvd., Suite 300, Pepper Pike Place, Pepper
Pike, Ohio 44124-5703 c/o Jack Kurant. Organization of the LLC, including drafting of all
necessary documents, shall be performed by an attorney mutually selected by the Parties. The LLC’s
operating agreement (“Operating Agreement”) and other governing documents will include the
provisions of this Agreement to the extent appropriate.

     Section 1.2 Ownership. Subject to any dilution set forth in Article II and any transfer set
forth in Article V, the equity interest in the LLC (“Equity Interest”) will be owned initially 80%
by Lakes and 20% by Myohionow (“Member Percentages”). Such

 

 

Member Percentages may be adjusted upon agreement of the Parties or as otherwise required by
the LLC documents.

     Section 1.3 Purpose. The purpose of the JV will be to perform all tasks necessary to place on
the Ballot a referendum that will amend the Ohio Constitution to permit the development of a casino
resort in Clinton County, Ohio (the “Referendum”), and once approved, to plan, develop, finance and
operate a casino resort in Clinton County, Ohio (“Casino”) (the Referendum and Casino shall
collectively be referred to as the “Project”).

     Section 1.4 Name. The Parties agree that the JV shall operate under the name Blue Water Joint
Venture or such other name as chosen by the Board.

     Section 1.5 Operating Agreement. The Parties agree to execute, and cause any future Equity
Owners to execute, the Operating Agreement attached hereto as Schedule 1.5.

     Section 1.6 Acceptance. The Parties agree to cause the JV to accept and adopt this Agreement.

ARTICLE II

OWNERSHIP AND FUNDING OF THE JV

     Section 2.1 Initial Funding. The JV will be owned and funded as follows:

	 	2.1.1	 	The issuance of membership units of the JV shall be in
proportion to the Parties’ respective Member Percentages. Accordingly, Lakes
shall receive 8,000 membership units of the JV, and Myohionow shall receive
2,000 membership units of the JV. In the event that it is necessary to
provide an Equity Interest to the current owners of the land on which the
Casino will be developed in order to obtain the transfer of the land,
Myohionow shall be required to transfer part of its Equity Interest to obtain
such land transfer.
	 
	 	2.1.2	 	Lakes shall loan the JV up to $2,500,000 to reimburse the
Parties for reasonable, necessary and properly documented expenses pertaining
to the Project as incurred. All amounts loaned by Lakes shall be repaid as
set forth in Section 2.2.

     Section 2.2 Operating Deficits. Operating deficits of the JV beyond those provided for in the
initial loan or needs for additional working capital will be funded by the Parties in proportion to
their respective Capital Percentages. Unless otherwise agreed upon at the time of funding, such
deficits will be funded by loans from the Parties.

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     Section 2.3 Repayment of Loans from Parties. All loans made under Section 2.1 shall be
repaid, with simple interest accruing at a rate of 10% per annum from the date of advance, pro rata
to the Parties’ Member Percentage prior to any profit distribution to the Parties; provided,
however, that repayment of such loans shall be subordinate to any third party financing if such
subordination is required by such third party lender. Each Party agrees to execute and deliver any
other instrument, agreement, or document reasonably required by such third-party lender to affect
such subordination.

     Section 2.4 Loans from Third Parties to Finance Casino. Funds required to develop the Casino
as contemplated by the Business Plan may be obtained from third parties in such amounts and on the
terms and conditions as approved by the Board. If third parties require an Equity Interest to
provide financing for development of the Casino, the Parties shall be diluted pro rata to their
Member Percentage. For example, if a third party requires a 5% Equity Interest to finance the
development of Casino at a time when Lakes and Myohionow remain 80/20 owners, Lakes’s Member
Percentage would be reduced to 76% and Myohionow’s Member Percentage would be reduced to 19%.

     Section 2.5 Additional Capital Requirement. If a Party, and/or each of them, is required to
make equity investment(s) in the JV for any reason, the terms and conditions of such investment
(including the granting of Equity Interest therefor) shall be as if such investment was made by a
third party negotiated at arms length.

ARTICLE III

GOVERNANCE OF THE JV

     The Parties agree that the JV will be governed substantially as set forth below, and that
these governance provisions are for the direct benefit of the JV and its business. The Parties
further agree: (a) that the JV Articles will be structured to reflect this governance to the
fullest extent permitted under applicable law; and (b) that, in the event of a conflict between the
Articles and the following provisions, the following provisions will prevail to the extent such a
result is not directly contrary to applicable law or public policy.

     Section 3.1 Management Team. The day-to-day operations of the JV will be conducted by a Chief
Executive Officer (“CEO”) and its staff.

	 	3.1.1	 	CEO. The CEO and key management people will be appointed by
Lakes. The initial CEO of the JV shall be Lyle Berman.
	 
	 	3.1.2	 	CEO Duties. Subject to the provisions of this Section, the
CEO, or his designee (including the President), will have full power and
authority to conduct and manage the business of the JV and to undertake and
implement, on behalf of the JV, all decisions approved by the Board.

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     Section 3.2 Board of Governors.

	 	3.2.1	 	Composition. The JV will have a Board of Governors (the
“Board”) comprised of five (5) persons. Myohionow will designate two (2)
members, Lakes will designate three (3) members. The Board will elect the
Chairman who will be a designee of Lakes. Members of the Board shall be
designated by Notice and will serve until replaced by the Party so
designating. Each Party may designate an alternative governor to attend
meetings and exercise the powers of a regular Board Member appointed by such
Party, which alternative governor shall be appointed by the Board. Initial
Board Members shall be:

	 	 	 	Lakes Designated:

Lyle Berman, Chairman

Tim Cope

Damon Schramm

	 
	 	 	 	Myohionow Designated:

Rick Lertzman

Brad Pressman

	 	3.2.2	 	Routine Decisions by the Board. For all matters other than
those set forth in Section 3.2.3:

	 	3.2.2.1	 	meetings shall be held at least four times annually on a quarterly
basis and each member shall be given at least seven days’ written
notice of any meeting of the Board:
	 
	 	3.2.2.2	 	attendance in person at such a meeting, without written objection
to lack of sufficient notice, waives this notice requirement;
	 
	 	3.2.2.3	 	two-thirds of the members shall constitute a quorum;
	 
	 	3.2.2.4	 	the vote of a majority of all members present in person shall be
decisive;
	 
	 	3.2.2.5	 	whenever necessary under Ohio law, decisions of the Board shall be
confirmed by a general member meeting.

	 	3.2.3	 	Special Matters. With respect to each of the following
situations, the Board will not have the power to act unless all Board members
vote in favor of a resolution; and whenever necessary under Ohio law,
decisions of the Board shall be confirmed by a general member meeting.

	 	3.2.3.1	 	sale of substantially all of the assets of the JV;

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	 	3.2.3.2	 	authorization or approval of a merger, consolidation or a material
change in the capital structure (including the reclassification of
membership units) of the JV;
	 
	 	3.2.3.3	 	creation or incurrence of indebtedness for borrowed money if,
after giving effect to the creation of such indebtedness, the total
amount of the JV’s indebtedness for borrowed money will exceed
$2,500,000, except unsecured current liabilities incurred in the
ordinary course of business and loans pursuant to Section 2.1.3;
	 
	 	3.2.3.4	 	any amendment to the Articles or the Operating Agreement.

	 	3.2.4	 	Written Actions/Consents. Any action or consent that may be
taken or given at a meeting may be taken or given by written consent signed by
the number of Board Members of LLC Members that would be entitled to take such
action or give such consent at a meeting at which all Board Members or LLC
Members were present.

     Section 3.3 Parties’ Roles Generally. The Parties’ roles, responsibilities and obligations
shall be as follows:

	 	3.3.1	 	Myohionow. Myohionow shall be responsible for the following
tasks:

	 	3.3.1.1	 	Retention of a third party company (in consultation with Lakes)
that will obtain signatures for the petition required for the
Referendum;
	 
	 	3.3.1.2	 	Retention of legal counsel (in consultation with Lakes) required
to draft the Referendum and handle all other normal and customary
legal issues required for the Project;
	 
	 	3.3.1.3	 	Securing an option to purchase land on which the Casino will be
developed and, if necessary, transferring to the land owner(s) up to
2% Equity Interest from Myohionow’s Equity Interest;
	 
	 	3.3.1.4	 	Securing all regulatory licenses and permits necessary for
regulatory approval of the Project prior to the Ballot, and
cooperating and assisting Lakes with securing all regulatory licenses
and permits after the Ballot; and
	 
	 	3.3.1.5	 	Such other services as agreed upon by the parties.

	 	3.3.2	 	Lakes. Lakes shall be responsible for all services
reasonable and necessary to develop and operate the Casino, including all
financial and accounting decisions and record-keeping therefor, subsequent

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	 	 	 	to the approval of the Referendum. Lakes’s obligations hereunder shall be
conditioned on the successful adoption of the Referendum and amendment to
the Ohio Constitution that will permit the Casino to be developed, the JV
receiving all necessary permits required for develop and operation
thereof, and purchasing the land on which the Casino will be built.
Notwithstanding the foregoing, Lakes shall only be required to use
reasonable best efforts to obtain third party financing to finance the
development of the Casino, and in no event shall Lakes be required to
finance the development using its own funds.

     Section 3.4 Compensation.

	 	3.4.1	 	Myohionow. If and only if the Referendum is passed, the JV
shall advance Brad Pressman and Rick Lertzman each an annual sum of $125,000,
to be paid in equal monthly installments commencing on December 1, 2008, as an
advance of any profit distributions due and payable to Myohionow, the total
amount advanced of which shall be offset against the first such profit
distribution. If the first such profit distribution is insufficient to
reimburse the advances to date, the remaining amount shall be offset against
each successive profit distribution until the total amount advanced is
reimbursed in full. Such advances shall continue until the Casino opens for
public play.
	 
	 	3.4.2	 	Lakes. As compensation for Lakes’s management services
hereunder, Lakes shall receive one percent (1%) of Gross Total Revenues for
the prior calendar month, paid on the twentieth day of each calendar month for
the preceding month, for so long as this Agreement shall remain in effect
during the term hereof. “Gross Total Revenues” shall be Casino’s total
revenue from all gaming activities and total receipts from the sale or rental
of food, beverages, souvenirs, hotel facilities, equipment and all other goods
and services that are incidental to the operation of the Casino.

     Section 3.5 Member Meeting. The JV shall hold an annual member meeting each year at the
offices of the JV or at such other time and place as the Parties may agree, subject to the
requirements of Ohio law. A special member meeting can be held on seven days’ written notice at
the request of the Board. In all member votes, a majority in interest shall be decisive. A quorum
shall exist if owners of a majority of the Equity Interest are present.

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ARTICLE IV

CONDUCT OF THE JV

     Section 4.1 Business Plan. Lakes shall create a three-year business plan (the “Business Plan”)
which will be approved by the Board in accordance with Section 3.2.2 and will be implemented by the
management of the JV. The Business Plan will include, but will not be limited to, initial and
subsequent funding requirements, compensation, staffing of the JV, and responsibility of Parties.

     Section 4.2 Facilities. The operating facility for the JV will be in Ohio, or such other
location as the Parties agree.

ARTICLE V

RESTRICTIONS ON TRANSFER OF INTERESTS IN THE JV

     Section 5.1 No Transfer Without Approval. Neither Lakes nor Myohionow may transfer any of its
Equity Interest in the JV to any third party (other than direct or indirect Controlled Affiliates)
without the prior written approval of the other Party. Notwithstanding the above, transfers to
Controlled Affiliates, or to a company with which the Party mergers or transfers 100% of its stock
or assets, may be made without approval provided that (i) such transfer constitutes all of the
transferor’s Equity Interest, (ii) the transferee agrees to be bound by this Agreement and the
Member Control Agreement, (iii) the transferor remains liable for all obligations imposed by this
Agreement; and (iv) the transferee undergoes a background investigation, the results of which are
satisfactory to Lakes (as the case may be). For purposes of this Agreement, a “Controlled
Affiliate” of a Party means (1) any person who is an owner of equity interest of a Party on the
date of execution; or (2) an entity which controls, is controlled by or is under common control
with, such Party; “control” means 100% ownership of both the voting power of, and the equity
interest in, an entity.

     Section 5.2 Optional Purchase Pursuant to Section 7.5.

	 	5.2.1	 	Optional Purchase Right. In the event that Myohionow, or
any other owner of any Equity Interest, is found to be an Unsuitable Owner, as
defined in Section 7.5 below, and cannot cure the Defect or chooses to cure
the Defect by transferring its Equity Interest to a third party, Lakes shall
have the option upon 30 days written notice to purchase such Unsuitable
Owner’s Equity Interest as set forth in this Section 5.2.
	 
	 	5.2.2	 	Unsuitable Owner Purchase Price. Within 30 days after the a
finding of an Unsuitable Owner pursuant to Section 7.5 below, the Parties will
then negotiate in good faith with respect to price. If the Parties cannot
agree upon price within 30 days, then the price will be equal to the fair
market value of the Unsuitable Owner’s Equity Interest as determined by an
investment banker with

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	 	 	 	recognized standing in the finance community and mutually acceptable to
the Parties. The parties will make the selection within 30 days after
failing to reach a purchase price and the banker shall notify the Parties
of the fair market value within 30 days thereafter. In the event the
Parties cannot agree on an investment banker, each Party will select one
banker within 30 days after failing to agree on a banker and the two
bankers will select a third banker, which third banker will conclusively
determine fair market value within 30 days after being selected. For the
purpose of this Section 5.2, the fair market value of the Unsuitable
Owner’s Equity Interest shall be the “Unsuitable Owner Purchase Price”.
The Unsuitable Owner Purchase Price shall be subject to regulatory
approval, if required

	 	5.2.3	 	Payment of Unsuitable Owner Purchase Price. Lakes shall pay
to the Unsuitable Owner the Unsuitable Owner Purchase Price over a three year
period, without interest, by making 36 equal monthly payments commencing on
the 30th day after the Unsuitable Owner Purchase Price is
determined under Section 5.2.2 herein.

ARTICLE VI

TERM AND TERMINATION OF THE JV

     Section 6.1 Term and Termination of the JV. Unless otherwise terminated as provided below,
the JV will be of perpetual duration. Subject to the provisions of Section 6.2, the JV will be
terminated:

	 	6.1.1	 	By Mutual Consent. At any time by the mutual consent of the
Parties;
	 
	 	6.1.2	 	For Breach. Upon the material breach, which is not cured
within 30 days after notice thereof, by a Party of its obligations to the JV
or otherwise under this Agreement, at the option of the non-breaching Party
exercised within ten days after the expiration of the 30-day cure period;
	 
	 	6.1.3	 	Bankruptcy. Automatically upon the filing of a voluntary
petition or answer admitting jurisdiction of the court and the material
allegations, or the consent to, an involuntary petition pursuant to or
purporting to be pursuant to any reorganization or insolvency law of any
jurisdiction, or an assignment for the benefit of creditors, or an application
for or consent to the appointment of a receiver or trustee of a substantial
part of the property of a Party hereto;

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	 	6.1.4	 	Adverse Regulatory Action. Upon an Adverse Regulatory
Action that triggers an Optional Purchase Right as set forth in Section 7.5.
	 
	 	6.1.5	 	Failure of Referendum. If the Referendum is not placed on
the Ballot or if the result of the Referendum does not amend the Ohio
Constitution to permit the development of the Casino.

     Section 6.2 Consequences of Termination.

	 	6.2.1	 	Purchase Option. Upon the occurrence of an event which
would cause the termination of the JV pursuant to Section 6.1 above, Lakes
will have the option, in lieu of proceeding with the dissolution of the JV, to
purchase Myohionow’s Equity Interest by giving written notice within 30 days
after the termination of the JV to Myohionow that it desires to purchase for
cash all of its Equity Interest.

	 	6.2.1.1	 	Purchase Price. The Parties will then negotiate in good faith
with respect to price. If the Parties cannot agree upon price within
30 days, then the price will be equal to the Unsuitable Owner
Purchase Price of the Equity Interests being purchased (the
“Termination Purchase Price”).
	 
	 	6.2.1.2	 	Payment of Termination Purchase Price. Lakes shall pay to
Myohionow the Termination Purchase Price over a three year period,
without interest, by making 36 equal monthly payments commencing on
the 30th day after the Termination Purchase Price is
determined under Section 5.2.2 herein.

Notwithstanding anything herein to the contrary, this purchase option will
not be available to Lakes if the termination is due to Lakes’s breach or
bankruptcy, pursuant to Section 6.1.2 or Section 6.1.3.

	 	6.2.2	 	Dissolution. If the above purchase option is not exercised
as provided for herein, the Parties will use their best efforts to dissolve
the JV and wind up its affairs in a manner designed to preserve the interests
of both Parties. Until the JV is completely dissolved, the Parties shall be
bound by all the provisions of this Agreement.

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	 	6.2.3	 	Damages. Nothing herein shall prejudice the rights of a
Party, in addition to the exercise of any other remedy hereunder, to recover
money damages for any breach by a Party of this Agreement or any Ancillary
Document (as defined).

ARTICLE VII

REGULATORY MATTERS AND INVALIDITY

     Section 7.1 Cooperation in Making Registrations and Other Government Filings. Myohionow
shall cooperate fully in assisting Lakes and the JV in making, whenever required or necessary,
registrations and other governmental filings including, but not limited to, filings for gaming
licenses or permits, securities filings or financing approvals.

     Section 7.2 Consequences of Invalidity. If for any reason whatsoever at any time, any
provision of this Agreement or any of the Ancillary Documents is or becomes invalid, illegal or
unenforceable, or is declared by any court of competent jurisdiction or any other competent
authority to be invalid, illegal or unenforceable or if such competent authority:

	 	7.2.1	 	refuses, or formally indicates an intention to refuse
authorization of, or exemption to, any of the provisions of or arrangements
contained in this Agreement or in any of the Ancillary Documents (in the case
of a refusal either by way of outright refusal or by way of requiring an
amendment or deletion of any provision of this Agreement or of any of the
Ancillary Documents and/or the inclusion of any new provision in this
Agreement or in the Ancillary Documents and/or the giving of undertakings as
to future conduct before such authorization or exemption can be granted); or
	 
	 	7.2.2	 	formally indicates that to continue to operate any provision
of this Agreement or of any of the Ancillary Documents may expose the Parties
to sanctions under any order, enactment or regulation, or requests any Party
to give undertakings as to future conduct in order that such party may not be
subject to such sanctions; and in all cases, whether initially or at the end
of any earlier period or periods of exemption (each of which circumstances
being referred to in this Article VII as a “Relevant Invalidity”), then in any
such case, at the request of either Party by notice or a series of notices to
that effect to the other (“Negotiation Notice”), the Parties will meet to
negotiate in good faith to agree upon valid, binding and enforceable
substitute provisions while at the same time reconsidering the other terms of
this Agreement and of any of the Ancillary Documents not so affected so as to
reestablish an appropriate balance of the commercial interests of the Parties
(“Substitute Provisions”).

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     Section 7.3 Failure to Agree on Substitute Provisions. If and to the extent that Substitute
Provisions are formally agreed in writing within 30 days of the service of a Negotiation Notice,
or such other period as may be formally agreed in writing between the Parties, then in that
respect the matter shall be deemed to be settled and such substitute provisions shall be deemed
part of this Agreement or of any of the Ancillary Documents. If, however, with respect of any
Relevant Invalidity no Substitute Provisions can be agreed within such period, then if any Party
considers on reasonable grounds that its commercial interests with regard to this Agreement
and/or any of the Ancillary Documents are materially and adversely affected as a consequence of
the Relevant Invalidity, it may submit such matter to arbitration pursuant rules set forth by the
American Arbitration Association.

     Section 7.4 Deferral of Determination of Adverse Effect. If any Party considers that it is
unable to assess the consequence of any Relevant Invalidity in the light of facts existing at the
time, that Party may defer commencement of an arbitration in respect of the provision or
provisions affected by such Relevant Invalidity until such time as it considers on reasonable
grounds that its commercial interests with regard to this Agreement and/or any of the Ancillary
Documents are materially and adversely affected in the light of events occurring subsequent to
communication of the finding of invalidity to the Parties. Notwithstanding the foregoing, a
Party must commence arbitration pursuant to Section 7.3 within 60 days of receipt of the
Negotiation Notice.

     Section 7.5 Adverse Regulatory Action. The Parties hereto acknowledge and agree that Lakes
conducts business in a highly regulated industry under privileged licenses issued by gaming
regulatory authorities. Lakes maintains compliance programs that have been established to
protect and preserve its name, reputation, integrity, and goodwill and to monitor compliance with
the requirements established by gaming regulatory authorities. Performance of this Agreement is
contingent upon both Parties compliance with the laws, regulations, and policies in jurisdictions
where business activity is conducted. Failure to comply with laws, regulations, and policies in
jurisdictions where business is conducted could result in termination of this Agreement, Optional
Purchase, or both. The Parties agree to cooperate with requests, inquiries, or investigations of
gaming regulatory agencies in connection with the performance of this Agreement. If Lakes
determines that any owner of any Equity Interest is an Unsuitable Owner, Lakes shall send the
Unsuitable Owner written notice of such unsuitability. The Unsuitable Owner shall have 90 days
to correct the cause of such unsuitability (the “Defect”) to the sole satisfaction of Lakes. If
the Unsuitable Owner cannot cure the Defect or chooses to cure the Defect by transferring its
Equity Interest to any third party, then Lakes may immediately terminate this Agreement and have
the option to purchase an Unsuitable Owner’s Equity Interest (if applicable) as set forth in
Section 5.2 above. For the purposes of this Agreement, an “Unsuitable Owner” is any party whose
ownership of an Equity Interest, or of being a party to this Agreement, could jeopardize the
gaming licenses or permits held by Lakes or the JV or for which they are applying, or their
status with any gaming regulatory authority or similar law enforcement authority. If this
Agreement is terminated, neither Party shall have any

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additional rights or obligations hereunder, except for those liabilities or debts incurred
prior to termination.

     Section 7.6 Cooperation of Background Investigations. All Parties agree to (a) undergo all
reasonable and necessary background due diligence investigation, including completing Lakes’s
standard background questionnaire, performed by Lakes from time to time, and (b) cooperate with
requests, inquiries, or investigations of gaming regulatory agencies in connection with the
performance of this Agreement.

ARTICLE VIII

MISCELLANEOUS PROVISIONS

     Section 8.1 Ancillary Documents; Interpretation. The Parties agree that, in the event of an
inconsistency or disagreement between this Agreement and any other agreement or document referred
to herein to be entered into in connection with the JV (each an “Ancillary Document” and,
collectively, the “Ancillary Documents”), to the extent permitted by law, this Agreement will be
deemed a part of the Operating Agreement and the terms of this Agreement shall prevail over any
contrary term in any of the Ancillary Documents.

     Section 8.2 Confidentiality and Public Announcements. The Parties agree that all data and
information relating to the JV or a Party, including but not limited to any information relating
to or provided under any Ancillary Document, Party’s or the JV’s trade secrets, know-how,
inventions, discoveries, improvements, technologies, business practices and methods, whether or
not patented, lists of suppliers, and information relating to the JVs financial statements,
customer identities and utilization patterns, needs and participation levels, potential
customers, suppliers, products, servicing methods, equipment, programs, analyses, profit margins
and cost data, shall be kept confidential by both Parties and shall not, whether prior to or
after the date hereof, be disclosed to any person, firm, or corporation, except to the extent
that such data or information is generally known to the trade or in the public domain. The
Parties, however, may provide the information to third parties (i) for the purpose of assisting
in the evaluation of the JV, its performance, or its operations, (ii) for the purpose of
determining the value of a Party’s Equity Interest in the JV, (iii) for the purpose of receiving
debt or equity investment; (iv) if required by any regulatory body; and (v) for any other purpose
consistent with the activities contemplated by this Agreement and the Ancillary Documents;
provided that in each case the disclosing Party takes at least the same degree of care as it
takes with respect to its own proprietary information of a similar nature, but in no event less
than reasonable care, to maintain the confidential nature of the information. The Parties may
also make any disclosures necessary to comply with applicable securities and other disclosure
laws. The Parties recognize and acknowledge that any breach by them of the foregoing provisions
of this section may cause irreparable harm to the other Party and the JV and, in the event of any
such breach, such other Party or the JV shall, in addition to all other remedies available to it,
at law or in equity, be entitled, if it so elects, to institute and prosecute proceedings in any
court of competent jurisdiction to enjoin such breaching

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Party from doing any act in violation of such provisions, and that such other Party or the
JV shall not be required to show actual monetary damages as a prerequisite to such relief. The
above provisions shall survive any termination of this Agreement and any dissolution of the JV
for a period of two years after such termination or dissolution.

     Each Party agrees not to make any public disclosure regarding the existence or the substance
of the transactions contemplated hereby without the prior approval of the other Party, except to
the extent that either Party reasonably determines that such disclosure is required by applicable
law or regulation.

     Section 8.3 Accounting and Fiscal Year. The JVs accounting methods will be in accordance
with generally accepted accounting principles. The JV shall adopt a fiscal year ending on the
Sunday closest to the last day of the calendar year.

     Section 8.4 Force Majeure. Where either Party is unable, wholly or in part, by reason of
force majeure to carry out its obligations under this Agreement, such obligations are suspended
so far as they are affected by the force majeure during the continuance thereof; provided that an
obligation to pay money is never excused by force majeure.

     The Party affected by the force majeure will give notice to the other Party of the particulars
of the situation and the probable extent to which it will be unable to, or delayed in, performing
its obligations under this Agreement, within ten days after the occurrence of the force majeure.

     For purposes of this section, “force majeure” means an act of God, strike, lockout or other
interference with work, war declared or undeclared, blockade, disturbance, lightning, fire,
earthquake, storm, flood or explosion; governmental or quasi-governmental restraint action,
expropriation, prohibition, intervention, direction or embargo; unavailability or delay in
availability of equipment or transport; inability or delay in obtaining governmental or
quasi-governmental approvals, consents, permits, licenses, authorities or allocations; and any
other cause whether of the kind specifically enumerated above, or otherwise which is not reasonably
within the control of the Party affected.

     Section 8.5 Further Assurances. Lakes and Myohionow agree to execute and deliver such other
instruments, agreements or documents and take such other action as may reasonably be necessary or
desirable to consummate the transactions contemplated by this Agreement.

     Section 8.6 Successors and Assigns. This Agreement will be binding upon and inure to the
benefit of the Parties and their respective successors and permitted assigns, but will not be
assignable or delegable by any Party without the prior written consent of the other Party, except
that either Party may assign, in whole or in part, its rights hereunder, subject to all
obligations hereunder, to a Controlled Affiliate in connection with any transfer of Equity
Interest in the JV permitted pursuant to Article

13

 

V; provided, however, that such assignment will not relieve that Party of any of its
obligations or liabilities hereunder.

     Section 8.7 Amendments, Supplements, Etc. This Agreement may be amended or supplemented at
any time by additional written agreements signed by both Parties, as may mutually be determined
by the Parties to be necessary, desirable or expedient to further the purposes of this Agreement
or to clarify the intention of the Parties.

     Section 8.8 Notices. All notices and other communications required or permitted hereunder
will be in writing and, unless otherwise provided in this Agreement, will be deemed to have been
duly given when delivered in person or one (1) business day after having been dispatched by
telegram or electronic facsimile transfer (confirmed in writing by mail simultaneously dispatched
with a copy of the senders machine printed facsimile confirmation) or (three) 3 business days
after having been dispatched by an internationally recognized overnight courier service to the
appropriate Party at the address specified below.

(a) If to Lakes, to:

      Lakes Ohio Development, LLC

      Attn: Damon E. Schramm, Esq.

      130 Cheshire Lane, Suite 101

      Minnetonka, Minnesota 55435

      Fax: 952.449.7068

(b) If to Myohionow to:

      Myohionow.com, LLC

      Attn: Rick Lertzman

      P.O. Box 24564

      Cleveland, Ohio 44124

     Section 8.9 Waiver. Waiver by either Party of a breach by the other Party of any obligation
or requirement contained in, or arising from, this Agreement does not operate as a waiver of
another or continuing breach by the other Party of the same, or any other, obligation or
requirement hereunder. Any waiver by either Party must be in writing, signed by the waiving
Party.

     Section 8.10 Entire Agreement. This Agreement and the Ancillary Documents represent the
understanding of the Parties with respect to the subject matter hereof and thereof and supersede
any other agreement, whether written or oral, that may have been made or entered into by Lakes or
Myohionow or their affiliates relating to the matters contemplated hereby.

14

 

     Section 8.11 No Strict Construction. The language used in this Agreement will be deemed to
be the language chosen by the Parties hereto to express their mutual intent, and no rule of
strict construction will be applied against either Party.

     Section 8.12 Severability. Subject to the provisions of Article VII, if any provision of
this Agreement or the application of any such provision to any person or circumstance is held
invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such
invalidity, illegality or unenforceability will not effect any other provision hereof.

     Section 8.13 Governing Law. This Agreement will be governed by and construed in accordance
with the substantive laws of the state of Minnesota without giving effect to the principles of
conflicts of law thereof. The venue of any court proceeding concerning this Agreement shall be
in the State of Minnesota.

     Section 8.14 Third Parties. Nothing in this Agreement express or implied is intended to
confer any right or remedy under or by reason of this Agreement on any person other than the
Parties, their respective heirs, representatives, successors and permitted assigns, affect or
discharge the obligation or liability of any third persons to any Party to this Agreement, or
give any third Party any right or subrogation or action over against any Party to this Agreement.

     Section 8.15 Titles and Headings. Titles and headings to sections herein are inserted for
convenience of reference only, and are not intended to be a part of or to affect the meaning or
interpretation of this Agreement.

     Section 8.16 Execution in Counterparts. This Agreement may be executed in two or more
counterparts, each of which will be deemed an original, but all of which together will constitute
one and the same agreement.

     Section 8.17 Power and Authority. Each of the Parties hereby acknowledges, represents and
warrants that it has full power and authority to enter into this Agreement and the Ancillary
Documents.

     Section 8.18 Independent Parties. In making and performing this Agreement, the parties
shall at all times act as independent entities and nothing contained in this Agreement shall be
construed or implied to create an agency, partnership or employer/employee relationship between
the parties. At no time shall either party make commitments or incur any charges or expenses for
or in the name of the other party.

     Section 8.19 Survival. The covenants and agreements made in this Agreement will survive any
termination of this Agreement.

[Remainder of page intentionally left blank]

15

 

     IN WITNESS WHEREOF, the Parties hereto have executed this Agreement the day and year first
above written.

	 	 	 	 	 
	 	LAKES OHIO DEVELOPMENT, LLC

 	 
	 	By:  	/s/ Damon Schramm
 	 
	 	 	Its: Secretary 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	MYOHIONOW.COM, LLC

 	 
	 	By:  	/s/ Brad Pressman
 	 
	 	 	Its: President 	 
	 	 	 	 
	 

16EX-10.47 Form of Restricted Stock Unit Agreement

 

EXHIBIT 10.47

BURGER KING HOLDINGS, INC.

2006 OMNIBUS INCENTIVE PLAN

RESTRICTED STOCK UNIT AWARD

     Unless defined in this Restricted Stock Unit Award Agreement (this “Award Agreement”),
capitalized terms will have the same meanings ascribed to them in the Burger King Holdings, Inc.
2006 Omnibus Incentive Plan (as it may be amended from time to time, the “Plan”).

     Pursuant to Section 8 of the Plan, you have been granted Restricted Stock Units (“RSUs”) on
the following terms and subject to the provisions of the Plan, which is incorporated herein by
reference. In the event of a conflict between the provisions of the Plan and this Award Agreement,
the provisions of the Plan will govern.

	 	 	 
	Total Number of RSUs:

	 	The number of Restricted Stock Units underlying this
award is available at www.benefits.ml.com under the
Grant Information section.
	 
	 	 
	Grant Date:

	 	The Grant Date is available at www.benefits.ml.com
	 
	 	 
	Vesting Schedule:

	 	3 Year Cliff

     By your electronic acceptance, you and the Company agree that this Award of RSUs is granted
under and governed by the terms and conditions of the Plan and the terms and conditions set forth
in the attached Exhibit A.

1

 

EXHIBIT A

TERMS AND CONDITIONS OF THE

RESTRICTED STOCK UNIT AWARD

No Payment for Shares.

     No payment is required for Shares that you receive under this Award.

Restricted Share Units.

     Each RSU represents a right to receive one Share. To the extent dividends are paid on Shares
while the RSUs remain outstanding, you shall receive an amount in cash for each of your vested and
unvested RSUs equal to the amount per share of the dividend, but such amount of cash or shares
shall not be paid out to you until settlement of the RSUs.

Termination.

     Except as set forth below in this section, upon termination of your employment for any reason,
you will forfeit all of your RSUs that are unvested at the time of termination without any
consideration due to you.

     In the event of involuntary termination of your employment (whether or not in breach of local
labor laws), your right to receive RSUs and vest under the Plan, if any, will terminate effective
as of the date that you are no longer actively employed and will not be extended by any notice
period mandated under local law (e.g., active employment would not include a period of “garden
leave” or similar period pursuant to local law); furthermore, in the event of involuntary
termination of employment (whether or not in breach of local labor laws), your right to receive
RSUs under this Award Agreement after termination of employment, if any, will be measured by the
date of termination of your active employment and will not be extended by any notice period
mandated under local law; the Committee shall have the exclusive discretion to determine when you
are no longer actively employed for purposes of this Award.

     In the event that a Change in Control occurs and, within twenty-four months following the date
of such Change in Control, your employment is terminated by the Company Without Cause (as defined
below), all RSUs that are unvested at the time of termination shall vest in full upon such
termination and be free of restrictions. Additionally, if you have an employment agreement with
the Company or one of its Affiliates that defines the term “Good Reason”, then in the event that a
Change in Control occurs and, within twenty-four months following the date of such Change in
Control, your employment is terminated by you for Good Reason (as defined in the employment
agreement), all RSUs that are unvested at the time of termination shall vest in full upon such
termination and be free of restrictions.

     In the event that there is a conflict between the terms of this Award Agreement regarding the
effect of a termination of employment on your Award and the terms of any employment agreement or
offer, promotion or confirmation letter with the Company or one of its Affiliates (“Employment
Agreement”), the terms of your Employment Agreement will govern.

     For purposes of this Award Agreement, the following terms shall have the following meanings:

     “Cause” means (i) a material breach by you of any of your obligations under any
written agreement with the Company or any of its Affiliates, (ii) a material violation by you of
any of the Company’s policies, procedures, rules and regulations applicable to employees generally
or to employees at your grade level, including without limitation, the Burger King Companies’ Code
of Business Ethics and Conduct, in each case, as they may be amended from time to time in the
Company’s sole discretion; (iii) the failure by you to reasonably and substantially perform your
duties to the Company or its Affiliates (other than as a result of physical or mental illness or
injury); (iv) your willful misconduct or gross negligence that has caused or is reasonably expected
to result in material injury to the business, reputation or prospects of the Company or any of its
Affiliates; (v) your fraud or misappropriation of funds; or (vi) the commission by you of a felony
or other serious crime involving moral turpitude; provided that if you are a party to an Employment
Agreement at the time of your termination of employment and such Employment Agreement contains a
different definition of “cause” (or any derivation thereof), the definition in such Employment
Agreement will control for purposes of this Award Agreement.

     If you are terminated Without Cause and, within the twelve (12) month period subsequent to such
termination of employment, the Company determines that your employment could have been terminated
for Cause, subject to anything to the contrary that may be contained in your Employment Agreement
at the time of your termination of employment, your employment will, at the election of the
Company, be deemed to have been terminated for Cause, effective as of the date the events giving
rise to Cause occurred.

2

 

“Disability” means (i) a physical or mental condition entitling you to benefits under the long-term
disability policy of the Company covering you or (2) in the absence of any such plan, a physical or
mental condition rendering you unable to perform your duties for the Company or any of its
Affiliates for a period of six (6) consecutive months or longer; provided that if you are a party
to an Employment Agreement at the time of your termination of employment and such Employment
Agreement contains a different definition of “disability” (or any derivation thereof), the
definition in such Employment Agreement will control for purposes of this Award Agreement.

“Without Cause” means a termination of your employment other than by the Company for Cause, by you
for any reason, or due to your death or Disability (as defined above) ; provided that if you are a
party to an Employment Agreement at the time of your termination of employment and such Employment
Agreement contains a different definition of “without cause” (or any derivation thereof), the
definition in such Employment Agreement will control for purposes of this Award Agreement.

Settlement.

     Except to the extent that you have made a timely election to defer the receipt of Shares upon
vesting of this Award pursuant to such rules as have been established by the Committee, the Company
shall deliver to you Shares underlying those RSUs that vest in accordance with this Award Agreement
as soon as practicable following the relevant vesting date. You will have no rights of a
shareholder with respect to the RSUs until such Shares have been delivered to you.

Taxes.

     Regardless of any action the Company or your employer (the “Employer”) takes with respect to
any or all income tax, social insurance, payroll tax, payment on account or other tax-related
withholding (“Tax-Related Items”), you acknowledge that the ultimate liability for all Tax-Related
Items legally due by you is and remains your responsibility and that the Company and/or the
Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related
Items in connection with any aspect of the RSUs including the grant or vesting of the RSUs, the
subsequent sale of Shares acquired pursuant to such vesting and the receipt of any dividends; and
(2) do not commit to structure the terms of the grant or any aspect of the RSUs to reduce or
eliminate your liability for Tax-Related Items.

     Prior to settlement of the RSUs, you will pay or make adequate arrangements satisfactory to
the Company and/or the Employer to satisfy all withholding and payment on account obligations of
the Company and/or the Employer. In this regard, you authorize the Company and/or the Employer to
withhold all applicable Tax-Related Items legally payable by you from your wages or other cash
compensation paid to you by the Company and/or the Employer or from proceeds of the sale of Shares
issued upon settlement of the RSUs. Alternatively, or in addition, if permissible under local law,
the Company may (1) sell or arrange for the sale of Shares that you acquire to meet the withholding
obligation for Tax-Related Items, and/or (2) withhold in RSUs, provided that the Company only
withholds the amount of RSUs necessary to satisfy the minimum withholding amount. If the Company
or the Employer satisfies the obligation for Tax-Related Items by withholding a number of whole
RSUs as described herein, you will be deemed to have been issued the full number of RSUs subject to
this Award, notwithstanding that a number of the RSUs is held back solely for the purpose of paying
the Tax-Related Items due as a result of the vesting and settlement of the RSUs. Finally, you will
pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer
may be required to withhold as a result of your participation in the Plan or your receipt of RSUs
that cannot be satisfied by the means previously described. The Company may refuse to honor the
vesting and refuse to settle the RSUs if you fail to comply with your obligations in connection
with the Tax-Related Items as described in this section.

No Guarantee of Continued Service.

     You acknowledge and agree that the vesting of this Award as provided in this Award Agreement
is earned only by continuing as an employee at the will of the Company (not through the act of
being hired or being granted this Award). You further acknowledge and agree that this Award
Agreement, the transactions contemplated hereunder and the vesting and settlement terms do not
constitute an express or implied promise of continued employment for any period or at all and will
not interfere in any way with your right or the Company’s or any Affiliate’s right to dismiss you
from employment at any time or for any reason not prohibited by law and will not confer upon you
any right to continue your employment for any specified period of time.

Termination for Cause; Restrictive Covenants.

     In consideration for the grant of this Award and for other good and valuable consideration,
the sufficiency of which is acknowledged by you, you agree as follows:

3

 

     Upon (i) a termination of your employment for Cause, (ii) a retroactive termination of your
employment for Cause as permitted herein or under your Employment Agreement, (iii) a violation of
any post-termination restrictive covenant (including, without limitation, non-disclosure,
non-competition and/or non-solicitation) contained in your Employment Agreement or (iv) a violation
of any post-termination restrictive covenant (including, without limitation, non-disclosure,
non-competition and/or non-solicitation) contained in any separation or termination or similar
agreement you may enter into with the Company or one of its Affiliates in connection with your
termination of employment, any RSUs you then hold that have not been settled shall be immediately
forfeited and the Company may require that you repay (with interest or appreciation (if any), as
applicable, determined up to the date payment is made), and you shall promptly repay (in cash or in
Shares), to the Company, the Fair Market Value of any Shares (including Shares withheld for taxes)
received upon the settlement of RSUs during the period beginning on the date that is one year
before the date of your termination and ending on the first anniversary of the date of your
termination. The Fair Market Value of any such Shares shall be determined as of the date the RSUs
were settled.

Company’s Right of Offset.

     If you become entitled to a distribution of benefits under this Award, and if at such time you
have any outstanding debt, obligation, or other liability representing an amount owing to the
Company or any of its Affiliates, then the Company or its Affiliates, upon a determination by the
Committee, and to the extent permitted by applicable law, may offset such amount so owing against
the amount of benefits otherwise distributable. Such determination shall be made by the Committee.

Acknowledgment of Nature of Award. 

In accepting this grant of an Award, you acknowledge that:

(a) the Plan is established voluntarily by the Company, it is discretionary in nature and may be
modified, amended, suspended or terminated by the Company at any time, as provided in the Plan;

(b) the grant of an Award is voluntary and occasional and does not create any contractual or other
right to receive future awards of RSUs, or benefits in lieu RSUs even if RSUs have been awarded
repeatedly in the past;

(c) all decisions with respect to future awards, if any, will be at the sole discretion of the
Company;

(d) your participation in the Plan is voluntary;

(e) this Award is an extraordinary item that does not constitute compensation of any kind for
services of any kind rendered to the Company or to the Employer and is outside the scope of your
employment contract, if any;

(f) this Award is not part of normal or expected compensation or salary for any purposes,
including, but not limited to, calculation of any severance, resignation, termination, redundancy,
end of service payments, bonuses, long-service awards, pension or retirement benefits or similar
payments;

(g) neither Award nor any provision of this Award Agreement, the Plan or the policies adopted
pursuant to the Plan confer upon you any right with respect to employment or continuation of
current employment, and in the event that the Employee is not an employee of the Company, RSUs
shall not be interpreted to form an employment contract or relationship with the Company;

(h) the future value of the underlying Shares is unknown and cannot be predicted with certainty;

(i) if you receive Shares, the value of such Shares acquired upon vesting and settlement of RSUs
may increase or decrease in value; and

(j) no claim or entitlement to compensation or damages arises from termination of this Award, and
no claim or entitlement to compensation or damages shall arise from any diminution in value of the
RSUs or Shares received upon vesting and settlement of the RSUs resulting from termination of your
employment by the Employer (for any reason whatsoever and whether or not in breach of local labor
laws) and you irrevocably release the Company and the Employer from any such claim that may arise;
if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to
have arisen, then, by signing this Award Agreement, you shall be deemed irrevocably to have waived
your entitlement to pursue such claim.

4

 

Data Privacy Notice and Consent.

     You hereby explicitly and unambiguously consent to the collection, use and transfer, in
electronic or other form, of your personal data as described in this Award Agreement by and among,
as applicable, the Employer, the Company, its Subsidiaries and its affiliates for the exclusive
purpose of implementing, administering and managing your participation in the Plan.

     You understand that the Company and the Employer may hold certain personal information about
you, including, but not limited to, your name, home address and telephone number, date of birth,
social insurance number or other identification number, salary, nationality, job title, any shares
of stock or directorships held in the Company, details of all RSUs or any other entitlement to
Shares awarded, canceled, vested, unvested or outstanding in your favor, for the purpose of
implementing, administering and managing the Plan (“Data”). You understand that Data may be
transferred to any third parties assisting in the implementation, administration and management of
the Plan, that these recipients may be located in the Employee’s country, or elsewhere, and that
the recipient’s country may have different data privacy laws and protections than your country.
You understand that you may request a list with the names and addresses of any potential recipients
of the Data by contacting your local human resources representative. You authorize the recipients
to receive, possess, use, retain and transfer the Data, in electronic or other form, for the
purposes of implementing, administering and managing your participation in the Plan, including any
requisite transfer of such Data as may be required to a broker, escrow agent or other third party
with whom the Shares received upon settlement of the RSUs may be deposited. You understand that
Data will be held only as long as is necessary to implement, administer and manage your
participation in the Plan. You understand that you may, at any time, view Data, request additional
information about the storage and processing of Data, require any necessary amendments to Data or
refuse or withdraw the consents herein, in any case without cost, by contacting in writing your
local human resources representative. You understand that refusal or withdrawal of consent may
affect your ability to participate in the Plan. For more information on the consequences of your
refusal to consent or withdrawal of consent, you understand that you may contact your local human
resources representative.

No Compensation Deferrals.

     Neither the Plan nor this Award Agreement is intended to provide for a deferral of
compensation that would subject the RSUs to taxation prior to the issuance of Shares as a result of
U.S. Internal Revenue Code Section 409A (“Section 409A”). Notwithstanding anything to the
contrary in the Plan or this Award Agreement, the Company reserves the right to revise this Award
Agreement as it deems necessary or advisable, in its sole discretion and without your consent, to
comply with Section 409A or to otherwise avoid imposition of any additional tax or income
recognition under Section 409A prior to the actual payment of Shares pursuant to this Award. If
you are subject to U.S. taxes, all RSUs that you are entitled to at vesting will be issued to you
within the period ending no later than the date that is 21/2 months from the end of (i) your tax year
that includes the applicable date of vesting, or (ii) the Company’s tax year that includes the
applicable date of vesting (which payment schedule is intended to comply with the “short-term
deferral” exemption from the application of Section 409A).

Securities Laws.

     By accepting this Award, you acknowledge that federal or local securities laws and/or the
Company’s policies regarding trading in its securities may limit or restrict your right to buy or
sell Shares, including, without limitation, sales of Shares acquired in connection with your RSUs.
You agree to comply with such securities law requirements and Company policies, as such laws and
policies are amended from time to time.

Entire Agreement; Dispute Resolution; Governing Law.

     The Plan, this Award Agreement and, to the extent applicable, your Employment Agreement,
constitute the entire agreement of the parties with respect to the subject matter hereof and
supersede in their entirety all prior undertakings and agreements of the Company and you with
respect to the subject matter hereof. This Award Agreement may not be modified in a manner that
adversely affects your rights heretofore granted under the Plan, except with your consent or to
comply with applicable law as provided for in Section 14 of the Plan. This Award Agreement is
governed by the laws of the State of Delaware without regard to its principles of conflict of laws.

     The Company and you agree that any dispute or controversy arising under or in connection with
this Award Agreement shall be resolved by final and binding arbitration before the American
Arbitration Association (“AAA”). The arbitration shall be conducted in accordance with AAA’s
National Rules for the Resolution of Employment Disputes then in effect at the time of the
arbitration. The arbitration shall be held in Miami, Florida.

5

 

     By signing this Award Agreement, you acknowledge receipt of a copy of the Plan and represent
that you are familiar with the terms and conditions of the Plan, and hereby accept this Award
subject to all provisions in this Award Agreement and in the Plan. You hereby agree to accept as
final, conclusive and binding all decisions or interpretations of the Committee upon any questions
arising under the Plan or this Award Agreement.

Electronic Delivery. 

     The Company may, in its sole discretion, decide to deliver any documents related to RSUs
awarded under the Plan or future RSUs that may be awarded under the Plan by electronic means or
request your consent to participate in the Plan by electronic means. You hereby consent to receive
such documents by electronic delivery and agree to participate in the Plan through an on-line or
electronic system established and maintained by the Company or another third party designated by
the Company.

Agreement Severable.

     In the event that any provision in this Award Agreement will be held invalid or unenforceable,
such provision will be severable from, and such invalidity or unenforceability will not be
construed to have any effect on, the remaining provisions of this Award Agreement.

Language.

     If you have received this Award Agreement or any other document related to the Plan translated
into a language other than English and if the translated version is different that the English
version, the English version will control.

6

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