Document:

Transfer Restriction Agreement

 Exhibit 10.4 
  
 Execution Version 
  
 TRANSFER RESTRICTION AGREEMENT 
  
 This Transfer Restriction Agreement (this “Agreement”) is made as of June 18, 2004 among Thomas J. Barrack, Jr. (“Mr.
Barrack”), Nicholas L. Ribis (“Mr. Ribis”, and together with Mr. Barrack, the “Coinvestment VoteCo Members”), Colony Resorts LVH Coinvestment VoteCo, LLC, a Delaware limited liability company
(“Coinvestment VoteCo”), and Colony Resorts LVH Co-Investment Partners, L.P. (“Co-Investment Partners”), a Delaware limited partnership. 
  
 RECITALS 
  
 WHEREAS, as of the date hereof (the “Closing Date”), Colony Resorts LVH Acquisitions, LLC, a Delaware limited liability company (the
“Company”) purchased (the “Acquisition”) substantially all of the assets of LVH Corporation, a Nevada corporation (“LVH”) pursuant to a Purchase and Sale Agreement dated as of December 24, 2003 (as
amended through the date hereof, the “Purchase Agreement”); 
  
 WHEREAS, the Company was authorized to issue membership units consisting of (i) Class A Membership Units (the “Class A Units”), and (ii) Class B Membership Units (the “Class B
Units” and, together with the Class A Units, the “Membership Units”); 
  
 WHEREAS, immediately prior to the Acquisition, Coinvestment VoteCo was the record owner of 0.90 Class A Units and no other Membership Units, and
Co-Investment Partners was the record owner of 900,000 Class B Units and no other Membership Units; 
  
 WHEREAS, from time to time, Coinvestment VoteCo may acquire additional Class A Units or other equity interests of the Company’s convertible into,
exchangeable for or otherwise providing Coinvestment VoteCo with the right to acquire Class A Units, and Co-Investment Partners may acquire additional Class B Units or other equity interests of the Company’s convertible into, exchangeable for
or otherwise providing Co-Investment Partners with the right to acquire Class B Units; 
  
 WHEREAS, the Coinvestment VoteCo Members are the record and beneficial owners of all the issued and outstanding limited liability company interests of Coinvestment VoteCo (the “Coinvestment VoteCo
Interests”); 
  
 WHEREAS, the parties hereto believe it
is desirable and in their mutual best interests to provide for procedures regarding the ownership of the Class A Units owned by Coinvestment VoteCo and the Coinvestment VoteCo Interests owned by the Coinvestment VoteCo Members; and 
  
 WHEREAS, the parties hereto further believe that the execution of this
Agreement will help facilitate the continuous, harmonious and effective management of Co-Investment Partners’ investment in the Company. 
  

 NOW, THEREFORE, in consideration of the recitals and the mutual covenants, promises, agreements,
representations and warranties of the parties hereto, the parties hereto hereby agree as follows: 
  
 Section 1. Certain Definitions. As used herein, the following terms have the respective meanings set forth below: 
  
 “Acquisition” has the meaning given to such term in the
recitals set forth above. 
  
 “Agreement” has the
meaning given to such term in the introduction hereof. 
  
 “Approved Purchaser” means a proposed purchaser of Membership Units or Membership Units Equivalents, who, in connection with its proposed purchase of Membership Units or Membership Units Equivalents, has obtained all
licenses, permits, registrations, authorizations, consents, waivers, orders, findings of suitability or other approvals required to be obtained from, and has made all filings, notices or declarations required to be made with, all Gaming Authorities
under all applicable Gaming Laws. 
  
 “Approved
Sale” has the meaning given to such term in Section 3(a) hereof. 
  
 “Approved Sale Date” has the meaning given to such term in Section 3(b) hereof. 
  
 “Call Notice” has the meaning given to such term in Section 3(b) hereof 
  
 “Class A Equivalents” means any securities of the Company convertible into, exchangeable for or otherwise
providing the holder thereof any right to acquire Class A Units. 
  
 “Class A Holder” means a holder of Class A Units or Class A Equivalents; provided that Co-Investment Partners shall not be considered a Class A Holder, regardless of whether Co-Investment Partners holds any Class A
Units. 
  
 “Class A Units” has the meaning given
to such term in the recitals set forth above. 
  
 “Class B
Equivalents” means any securities of the Company convertible into, exchangeable for or otherwise providing the holder thereof any right to acquire Class B Units, which securities are substantially equivalent in designations, preferences,
limitations, restrictions and relative rights, but not as to voting, to a class or series of Class A Equivalents. 
  
 “Class B Units” has the meaning given to such term in the recitals set forth above. 
  
 “Co-Investment Partners” has the meaning given to such term
in the introduction hereof. 
  
 “Coinvestment
VoteCo” has the meaning given to such term in the introduction hereof. 
  
 “Coinvestment VoteCo Interest” has the meaning given to such term in the recitals set forth above. 
  

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 “Coinvestment VoteCo Member” has the meaning given to such term in the introduction
hereof. 
  
 “Colony Capital Advisory Committee”
means the advisory committee comprised of certain limited partners of Colony Capital Resorts LVH Co-Investment, L.P., the general partner of Co-Investment Partners. 
  
 “Company” has the meaning given to such term in the recitals set forth above. 
  
 “Corresponding Class A Equivalents” means, with respect to
any referenced Class B Equivalents, the Class A Equivalents that are substantially equivalent in designations, preferences, limitations, restrictions and relative rights, but not as to voting, to such specified Class B Equivalents. 
  
 “Corresponding Class B Equivalents” means, with respect to
any referenced Class A Equivalents, the Class B Equivalents that are substantially equivalent in designations, preferences, limitations, restrictions and relative rights, but not as to voting, to such specified Class A Equivalents. 
  
 “Gaming Authorities” means all governmental authorities or
agencies with regulatory control or jurisdiction over the gaming or gambling operations of the Company and its subsidiaries, including without limitation, the Nevada Gaming Commission. 
  
 “Gaming Laws” means any U.S. Federal, state, local or foreign statute, ordinance, rule, regulation, permit,
consent, approval, license, judgment, order, decree, injunction or other authorization governing or relating to the current or contemplated manufacturing, distribution, casino gambling and gaming activities and operations of the Company, including,
without limitation, the gaming laws and regulations of the State of Nevada. 
  
 “LVH” has the meaning given to such term in the recitals set forth above. 
  
 “Membership Units Equivalents” means the Class A Equivalents or Class B Equivalents of the Company. 
  
 “Membership Units” has the meaning given to such term in the
recitals set forth above. 
  
 “Mr. Barrack” has
the meaning given to such term in the introduction hereto. 
  
 “Mr. Ribis” has the meaning given to such term in the introduction hereto. 
  
 “Required Number” means the number of Class A Units or Class A Equivalents to be purchased by Co-Investment Partners from Coinvestment
VoteCo pursuant to the exercise by Co-Investment Partners of its option to purchase Class A Units or Class A Equivalents pursuant to the provisions of Section 3 hereof, in connection with an Approved Sale, as specified by Co-Investment Partners in a
Call Notice delivered by Co-Investment Partners to Coinvestment VoteCo; provided that unless otherwise approved by the Colony Capital Advisory Committee, such specified number shall be equal to the product of (i) the number of Class A

  

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 Units or Class A Equivalents, as applicable, held by Coinvestment VoteCo immediately prior to the consummation of such
Approved Sale times (ii) a fraction, the numerator of which is the number of Class B Units or Corresponding Class B Equivalents, as applicable, to be Transferred by Co-Investment Partners to such Approved Purchaser pursuant to such Approved Sale and
the denominator of which is the total number of Class B Units or Corresponding Class B Equivalents, as applicable, held by Co-Investment Partners immediately prior to consummation of such Approved Sale. 
  
 “Securities Act” means the Securities Act of 1933, as
amended. 
  
 “Transfer” means to voluntarily or
involuntarily sell, assign, exchange or in any other manner transfer with or without consideration, except pursuant to a distribution of equity interests by Co-Investment Partners to its partners. “Transferred” has the correlative meaning.

  
 Section 2. Restriction on Transfer. 
  
 (a) So long as Coinvestment VoteCo holds Class A Units or
Class A Equivalents, Coinvestment VoteCo shall not Transfer ownership of any or all such Membership Units or equivalents owned by it except as contemplated by Section 3 hereof. The Transfer of record or beneficial ownership of any Class A Units or
Class A Equivalents, by operation of law or otherwise, by or upon the direction or authorization of Coinvestment VoteCo shall be deemed invalid, null and void, and of no force or effect, unless such Transfer is made pursuant to the provisions of
Section 3 hereof. 
  
 (b) No Coinvestment VoteCo
Member shall Transfer record or beneficial ownership of any or all Coinvestment VoteCo Interests owned by such Coinvestment VoteCo Member, unless such Transfer is approved in writing by the Colony Capital Advisory Committee. The Transfer of record
or beneficial ownership of any Coinvestment VoteCo Interests, by operation of law or otherwise, by or upon the direction or authorization of any Coinvestment VoteCo Member shall be deemed invalid, null and void, and of no force or effect, and the
transferee of any such Coinvestment VoteCo Interests shall not be entitled to vote such Coinvestment VoteCo Interests or receive distributions on such Coinvestment VoteCo Interests or have any other rights in or respecting such Coinvestment VoteCo
Interests, unless such Transfer is approved in writing by the Colony Capital Advisory Committee. 
  
 Section 3. Call Option. 
  
 (a) Right to Call Class A Units and Class A Equivalents. Notwithstanding any other provision hereof, on each occasion that
Co-Investment Partners proposes to Transfer (including, without limitation, by operation of law or pursuant to any merger, consolidation, reorganization or recapitalization) any of the Class B Units or Class B Equivalents held by it to an Approved
Purchaser (any such transaction, an “Approved Sale”), then Co-Investment Partners shall have an option, which, unless Co-Investment Partners otherwise receives approval from Gaming Authorities, Co-Investment Partners shall assign to
such Approved Purchaser (such Approved Purchaser or Co-Investment Partners, as applicable, hereinafter referred to as the “Optionholder”), to purchase from Coinvestment VoteCo upon such Approved Sale the Required Number of Class A
Units, in the case of an Approved Sale of Class 
  

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 B Units, or Corresponding Class A Equivalents, in the case of an Approved Sale of Class B Equivalents, at
a cash price per unit equal to the sum of (a) the amount in cash or fair market value of any other consideration originally paid by Coinvestment VoteCo for such Required Number of Class A Units or Corresponding Class A Equivalents, as applicable,
plus (b) the amount equivalent to a six percent (6%) annual rate of interest on such amount or fair market value, compounded annually, calculated from the date Coinvestment VoteCo acquired such Class A Units or Corresponding Class A Equivalents, as
applicable, on the basis of a 360-day year comprised of twelve 30-day months, to and excluding the Approved Sale Date. 
  
 (b) Call Notice. Prior to consummating any Approved Sale, if the Optionholder elects to exercise the options granted to it under
this Section 3, Co-Investment Partners shall provide each of the Class A Holders with a written notice (the “Call Notice”) not less than five (5) days prior to the proposed date of the Approved Sale (the “Approved Sale
Date”). The Call Notice shall state that the Optionholder is exercising its option to purchase Class A Units or Class A Equivalents pursuant to this Section 3 and shall set forth: (i) the name and address of the Optionholder, (ii) the
aggregate number of Class B Units and Class B Equivalents held of record by Co-Investment Partners as of the date of the Call Notice, (iii) the number of Class B Units or Class B Equivalents to be sold by Co-Investment Partners to the Approved
Purchaser pursuant to such Approved Sale, (iv) the Required Number of Class A Units or Class A Equivalents to be purchased by the Optionholder in connection with such Approved Sale, (v) the Approved Sale Date and (vi) the address for delivery of the
certificates representing the Class A Units or Class A Equivalents to be purchased by the Optionholder. 
  
 (c) Delivery of Certificates. On the Approved Sale Date, Coinvestment VoteCo shall deliver to the Optionholder the certificates for
the Class A Units or Class A Equivalents being sold by it to the Optionholder, duly endorsed for transfer with signatures guaranteed, in the manner and at the address indicated in the Call Notice against delivery of immediately available funds in
the amount of the purchase price for such Class A Units or Class A Equivalents. 
  
 Section 4. Legends. Coinvestment VoteCo shall use its reasonable efforts to cause each certificate representing Class A Units or Class A Equivalents owned of record and beneficially by Coinvestment VoteCo to
contain the following legends: 
  
 THE SECURITIES
REPRESENTED BY THIS CERTIFICATE MAY NOT BE TRANSFERRED, SOLD, ASSIGNED, HYPOTHECATED OR OTHERWISE DISPOSED OF (A “TRANSFER”) EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF THE AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT DATED AS
OF JUNE 18, 2004. ANY TRANSFEREE OF THESE SECURITIES TAKES SUBJECT TO THE TERMS OF SUCH AGREEMENT, A COPY OF WHICH IS ON FILE WITH THE COMPANY. 
  
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) OR STATE
SECURITIES LAWS, AND NO TRANSFER OF THESE SECURITIES MAY BE MADE EXCEPT (A) PURSUANT TO AN EFFECTIVE 
  

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 REGISTRATION STATEMENT UNDER THE ACT, OR (B) PURSUANT TO AN EXEMPTION THEREFROM WITH
RESPECT TO WHICH THE COMPANY MAY, UPON REQUEST, REQUIRE A SATISFACTORY OPINION OF COUNSEL FOR THE HOLDER THAT SUCH TRANSFER IS EXEMPT FROM THE REQUIREMENTS OF THE ACT. 
  
 THE OWNERSHIP AND TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AND RESTRICTED
BY THE TERMS AND CONDITIONS OF A CERTAIN TRANSFER RESTRICTION AGREEMENT DATED JUNE 18, 2004. THE COMPANY WILL FURNISH A COPY OF SUCH TRANSFER RESTRICTION AGREEMENT WITHOUT CHARGE TO ANY MEMBER ON REQUEST. 
  
 Section 5. Recapitalization, etc.; After-Acquired Stock. 

 
 (a) The provisions of this Agreement (including any
calculation of ownership interests) shall apply to any and all equity interests of the Company or any capital stock, partnership interests or any other security evidencing ownership interests in any successor of the Company (whether by merger,
consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for, or in substitution of the Membership Units by reason of any stock dividend, split, reverse split, combination, recapitalization, liquidation,
reclassification, merger, consolidation or otherwise. 
  
 (b) Whenever Coinvestment VoteCo becomes the record or beneficial owner of any additional Class A Units, such units shall be subject to the terms of this Agreement and included in the definition of “Class A Units” hereunder.
Whenever Coinvestment VoteCo becomes the record or beneficial owner of any additional Class A Equivalents, such Class A Equivalents shall be subject to the terms of this Agreement and included in the definition of “Class A Equivalents”
hereunder. The certificates therefor shall be surrendered for legending in accordance with Section 4 of this Agreement, unless already so legended. 
  
 Section 6. Termination. This Agreement shall terminate upon the earlier of (a) Coinvestment VoteCo owning no Class A Units and no Class A
Equivalents or (b) Co-Investment Partners owning no Class B Units and no Class B Equivalents. 
  
 Section 7. Notices. Whenever notice is required to be given under the provisions of this Agreement, it shall be given in writing by hand-delivery, telefax, or United States registered or certified mail, return
receipt requested, and shall be deemed to have been transmitted on the date such notice is so delivered, transmitted or mailed, if addressed as set forth below or to such other addresses and fax numbers as any of the parties hereto by written notice
to the other parties hereto, may from time to time designate. 
  
 if to Mr. Barrack: 
  
 c/o Colony Capital, LLC 
 1999 Avenue of the Stars, Suite 1200 
 Los Angeles, California 90067 
  

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 if to Mr. Ribis: 
  
 c/o Colony Capital, LLC 
 660 Madison Avenue, Suite 1600 
 New York, New York 10021 
  
 if to Coinvestment VoteCo: 
  
 c/o Colony Capital, LLC 
 1999 Avenue of the Stars, Suite 1200 
 Los Angeles, California 90067 
 Attn: Mr. Barrack 
  
 if to Co-Investment Partners: 
  
 c/o
Colony Capital, LLC 
 1999 Avenue of the Stars, Suite 1200 
 Los Angeles, California 90067 
 Attn: Mr. Jonathan H. Grunzweig 
  
 Section 8. Additional Actions and Documents. Each party hereto shall take or cause to be taken such further actions and to execute and deliver such documents or instruments as may from time to time be reasonably necessary in order to
carry out the purposes of this Agreement. 
  
 Section 9.
Specific Performance. The parties hereto recognize that the provisions herein contained are of particular importance for the protection and promotion of their existing and future interests; that the Membership Units of the Company and the
Coinvestment VoteCo Interests will be closely held; and that the relationships of the parties to one another are and will be such that, in the event of any breach of this Agreement, a claim for monetary damages may not constitute an adequate remedy;
and that it may, therefore, be necessary for the protection of all of the parties hereto and for the effectuation of the provisions of this Agreement, in the event of a breach of this Agreement, to apply for specific performance thereof. It is,
accordingly, hereby agreed that no objection to the form of the action or to the form of relief prayed for in any proceeding for specific performance of this Agreement, shall be raised by any party hereto, in order that such relief may be obtained
by the party aggrieved. 
  
 Section 10. Construction.
Unless the context of this Agreement clearly requires otherwise, references to the plural include the singular, to the singular include the plural, to the male gender include the female and neuter genders and vice versa, and to the part include the
whole. The term “including” is not limiting. The words “hereof,” “herein,” “hereby,” “hereunder” and similar terms in this Agreement refer to this Agreement as a whole and not to any particular
provision of this Agreement. Section and clause references are to this Agreement unless otherwise specified. 
  

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 Section 11. Miscellaneous. 
  
 (a) No Waiver. No waiver or modification of any term or condition of this Agreement shall be
effective unless in writing signed by all the parties hereto. 
  
 (b) Severability. In case any of the provisions contained herein shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not
affect any other provision of this Agreement, but this Agreement shall be construed as if such invalid, illegal or unenforceable provision or provisions are not contained herein. 
  
 (c) Binding Effect. This Agreement shall be binding and inure to the benefit of the parties hereto,
their respective heirs, guardians, personal representatives, successors, successors in interest, and assigns. 
  
 (d) Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York.

  
 (e) Counterparts. This Agreement may
be executed in counterparts, (including by facsimile) each of which shall be an original, but all of which together shall constitute one document. 
  
 [THE BALANCE OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK] 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement under seal with the intent that this
be a sealed instrument, as of the day and year first above written. 
  

			
	/s/    Thomas J. Barrack, Jr.        
	THOMAS J. BARRACK, JR.

  

			
	 /s/    Nicholas L.
Ribis        

	NICHOLAS L. RIBIS

  

			
	 COLONY RESORTS LVH COINVESTMENT VOTECO, LLC

		
	By:	 	 /s/    Nicholas L.
Ribis        

	 	 	 Name: Nicholas L. Ribis
 Title:
Member

  

			
	 COLONY RESORTS LVH CO-INVESTMENT PARTNERS, L.P.

		
	By:	 	 COLONY CAPITAL RESORTS LVH CO-INVESTMENT, L.P
 its general partner

		
	 By:
	 	 COLONY RESORTS LVH CO-INVESTMENT GENPAR, LLC
 its general partner

	 By:
	 	 /s/    Thomas J. Barrack,
Jr.        

	 	 	 Name: Thomas J. Barrack, Jr.
 Title:
Sole Member

  
 [Signature Page
to Coinvestment VoteCo Transfer restriction Agreement]Stock Purchase Agreement

 Exhibit 10.5 
  
 COLONY RESORTS LVH ACQUISITIONS, LLC 
  
 SECURITIES PURCHASE AGREEMENT 
  
 June 18, 2004 
  
 Colony Resorts LVH Holdings, LLC 
 1999 Avenue of the Stars, Suite 1200 
 Los Angeles, California 90067 
  
 Attn: Thomas J. Barrack, Jr. 
  
 Colony Resorts LVH Holdings, LLC, a Delaware limited liability company (the
“Investor”) hereby agrees with Colony Resorts LVH Acquisitions, LLC., a Nevada limited liability company (the “Company”), as follows: 
  
 1. PURCHASE AND SALE OF SECURITIES 
  
 Subject to the terms and conditions hereof, the Company is selling to the Investor and the Investor is purchasing from the
Company the number of the Company’s Class B non-voting membership units (“Class B Membership Units”), set forth on Schedule I hereto (the “Securities”) for (i) the aggregate amount in cash set forth on Schedule
I hereto and (ii) the surrender of the Company’s Membership Units currently held by the Investor, which were acquired by the Investor prior to the date hereof as consideration for capital contributions to the Company in the aggregate amount of
$29,028,000 in cash. Such sale and purchase shall be effected by the Company delivering to the Investor duly endorsed certificates evidencing the Securities to be purchased or subscribed against delivery by the Investor to the Company of the
applicable amount set forth on Schedule I. All payments for Securities shall be made by check or wire transfer. Upon receipt of certificates evidencing the Securities, the Investor will execute all documentation reasonably necessary to make it a
party to the company’s Amended and Restated Limited Liability Company Agreement, dated of even date herewith (the “Limited Liability Company Agreement”), the form of which is attached as Exhibit A hereto. 
  
 2. REPRESENTATIONS AND WARRANTIES 
  
 Neither the Company nor any other Person makes any representation or warranty
herein with respect to the Securities or the business and operations of the Company except as follows: 
  
 (a) The Company represents and warrants that: 
  
 (i) Existence. The Company is a limited liability company duly organized, validly existing and in good standing under the laws of
the State of Nevada. 
  
 (ii) Authorization
and Enforceability. The Company has full power and authority and has taken all required action necessary to permit it to execute and deliver this 

 Agreement and to perform the terms hereof and to issue and deliver the Securities, and none of such
actions will violate any provision of the Certificate of Formation or the Limited Liability Company Agreement of the Company. This Agreement constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in
accordance with its terms. 
  
 (iii) Issuance
of Securities. Upon issuance the Securities will be validly issued and outstanding, fully paid and nonassessable, and shall represent 40% of the Class B Membership Units of the Company then issued and outstanding. 
  
 (iv) Capitalization. The equity capitalization of the
Company is as set forth on Exhibit B hereto. Other than as set forth on Exhibit B, there are no existing options, convertible securities, warrants, calls or commitments of any character relating to any unissued shares of capital stock
other than as contemplated in (i) the Limited Liability Company Agreement or (ii) the securities purchase agreements, dated even date herewith between the Company and Colony Resorts LVH VoteCo, LLC, Colony Resorts LVH Coinvstment VoteCo, LLC and
Colony Resorts LVH Co-Investment Partners, L.P. 
  
 (b) The Investor acknowledges and agrees that it is relying solely on its own knowledge of the business and operations of the Company and its own evaluation of the merits and risks of the investment contemplated by this Securities Purchase
Agreement (the “Agreement”). In addition, the Investor represents and warrants that: 
  
 (i) Offering Exemption. The Investor understands that the Securities have not been registered under the Securities Act, nor
qualified under any state securities laws, and that they are being offered and sold pursuant to an exemption from such registration and qualification based in part upon the representations of the Investor contained herein. 
  
 (ii) Knowledge of Offer. The Investor is familiar
with the business and operations of the Company and has been given the opportunity to obtain all information that it has requested regarding the Company’s business plans and prospects. 
  
 (iii) Knowledge and Experience; Ability to Bear Economic
Risks. The Investor has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the investment contemplated by this Agreement. The Investor is able to bear the economic risk of its
investment in the Company (including a complete loss of its investment). 
  
 (iv) Limitations on Disposition. The Investor recognizes that no public market exists for the Securities and no representation has been made to the Investor that such public market will exist in the future. The
Investor understands that the Investor must bear the economic risk of this investment indefinitely unless its Securities are registered pursuant to the Securities Act or an exemption from such registration is available, and unless the disposition of
such Securities is qualified under applicable state securities laws or an exemption from such qualification is available, except as provided in Article IX of the Limited Liability Company Agreement, the Company has no obligation or present intention
of so registering the Securities. The Investor further understands that there is no assurance that any exemption from the Securities Act will be available, or, if available, that such exemption will allow the Investor to 
  

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 Transfer any or all of the Securities, in the amounts, or at the time the Investor might propose. The
Investor understands at the present time that Rule 144 promulgated under the Securities Act by the Commission (“Rule 144”) is not applicable to sales of the Securities because they are not registered under Section 12 of the Exchange
Act (as hereinafter defined). The Investor further acknowledges that the Company is not presently under any obligation to register the Securities under Section 12 of the Exchange Act. 
  
 (v) Investment Purpose. The Investor is acquiring the Securities solely for its own account for
investment and not with a view toward the resale, Transfer, or distribution thereof, nor with any present intention of distributing the Securities. No other Person has any right with respect to or interest in the Securities to be purchased by the
Investor, nor has the Investor agreed to give any Person any such interest or right in the future. 
  
 (vi) Capacity. The Investor has full power and legal right to execute and deliver this Agreement and to perform its obligations
hereunder. 
  
 (vii) Accredited Investor.
The Investor is an “accredited investor” as such term is defined by the Securities Act. 
  
 3. INTERPRETATION OF THIS AGREEMENT 
  
 (a) Terms Defined. As used in this Agreement, the following terms have the respective meanings set forth below: 
  
 Exchange Act: the Securities Exchange Act of 1934, as
amended. 
  
 Person: an individual,
partnership, joint-stock company, corporation, limited liability company, trust or unincorporated organization, and a government or agency or political subdivision thereof. 
  
 Securities Act: the Securities Act of 1933, as amended. 
  
 Transfer: any sale, assignment, pledge,
hypothecation, or other disposition or encumbrance. 
  
 (b) Directly or Indirectly. Where any provision in this Agreement refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or
indirectly by such Person. 
  
 (c) Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts made and to be performed entirely within such State. 
  
 (d) Section Headings. The headings of the sections
and subsections of this Agreement are inserted for convenience only and shall not be deemed to constitute a part thereof. 
  

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 4. MISCELLANEOUS 
  
 (a) Notices. 
  
 (i) All communications under this Agreement shall be in writing and shall be delivered by hand or mailed by
overnight courier or by registered or certified mail, postage prepaid: 
  
 (A) if to the Company, at 3000 Paradise Road, Las Vegas, Nevada 89109, marked for attention of President, or at such other address as the Company may have furnished the Investor in writing; 
  
 (B) if to the Investor, at address listed above, or at such other address
as the Investor may have furnished the Company in writing. 
  
 (ii) Any notice so addressed shall be deemed to be given: if delivered by hand, on the date of such delivery; if mailed by courier, on the first business day following the date of such mailing; and if mailed by
registered or certified mail, on the third business day after the date of such mailing. 
  
 (b) Reproduction of Documents. This Agreement and all documents relating thereto, including, without limitation, (i) consents,
waivers and modifications which may hereafter be executed, (ii) documents received by the Investor pursuant hereto (except for certificates evidencing the Securities) and (iii) financial statements, certificates and other information previously or
hereafter furnished to the Investor, may be reproduced by the Investor by any photographic, photostatic, microfilm, microcard, miniature photographic or other similar process and the Investor may destroy any original document so reproduced. The
parties hereto agree and stipulate that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was
made by the Investor in the regular course of business) and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. 
  
 (c) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the
successors and assigns of each of the parties. 
  
 (d) Amendment and Waiver. This Agreement may be amended, and the observance of any term of this Agreement may be waived, with, and only with, the written consent of the Company and the Investor. 
  
 (e) Counterparts. This Agreement may be executed in
one or more counterparts (including by facsimile), each of which shall be deemed an original and all of which together shall be considered one and the same agreement. 
  
 [Signature Page Follows] 
  

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	 Very truly yours,

	
	 COLONY RESORTS LVH ACQUISITIONS, LLC

		
	 By:
	 	 /s/    Rodolfo
Prieto        

	 	 	Name:	 	Rodolfo Prieto
	 	 	Title:	 	Chief Executive Officer

  

					
	
	 ACCEPTED & AGREED:

	
	 COLONY RESORTS LVH HOLDINGS, LLC

		
	 By:
	 	 /s/    Thomas J. Barrack,
Jr.        

	 	 	Name:	 	Thomas J. Barrack, Jr.
	 	 	Title:	 	Chief Executive Officer and President

  
 [Signature Page to
Colony Holdings SPA] 

 SCHEDULE I 
  
 PURCHASES OF SECURITIES BY COLONY RESORTS LVH HOLDINGS, LLC 
  

									
	 Number of Class A
 Membership Units

	 	 Price per unit of Class A
 Membership Units

	 	 Number of Class B
 Membership Units

	 	 Price per Unit of Class B
 Membership Units

	 	 Total
 Consideration

	 0
	 	$100	 	600,000	 	$100	 	$60,000,000*

  

	*	Total consideration includes the surrender to the Company by the Investor of the Membership Units previously acquired by the Investor for $29,028,000 in cash.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00068-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00068-of-00352.parquet"}]]